Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 29, 2013 |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'DCO | ' | ' |
Entity Registrant Name | 'DUCOMMUN INC /DE/ | ' | ' |
Entity Central Index Key | '0000030305 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 10,837,654 | ' |
Entity Public Float | ' | ' | $215 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net Sales | $736,650 | $747,037 | $580,914 |
Cost of Goods | ' | ' | ' |
Cost of goods sold | 602,024 | 605,585 | 474,978 |
Forward loss provision | 5,234 | 0 | 0 |
Asset impairments | 6,975 | 0 | 0 |
Total cost of goods | 614,233 | 605,585 | 474,978 |
Gross Profit | 122,417 | 141,452 | 105,936 |
Selling, General and Administrative Expenses | 84,849 | 86,639 | 85,790 |
Goodwill Impairment | 0 | 0 | 54,273 |
Operating Income (Loss) | 37,568 | 54,813 | -34,127 |
Interest Expense | 29,918 | 32,798 | 18,198 |
Income (Loss) Before Taxes | 7,650 | 22,015 | -52,325 |
Income Tax (Benefit) Expense | -1,693 | 5,578 | -4,742 |
Net Income (Loss) | $9,343 | $16,437 | ($47,583) |
Earnings (Loss) Per Share | ' | ' | ' |
Basic earnings (loss) per share (in dollars per share) | $0.87 | $1.55 | ($4.52) |
Diluted earnings (loss) per share (in dollars per share) | $0.86 | $1.55 | ($4.52) |
Weighted-Average Number of Common Shares Outstanding | ' | ' | ' |
Basic (in shares) | 10,695 | 10,580 | 10,536 |
Diluted (in shares) | 10,852 | 10,628 | 10,536 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net Income (Loss) | $9,343 | $16,437 | ($47,583) |
Pension Adjustments | ' | ' | ' |
Amortization of actuarial loss included in net income (loss), net of tax benefit of $408, $427 and $160 for 2013, 2012 and 2011, respectively | 685 | 720 | 270 |
Actuarial gain (loss) arising during the period, net of tax expense (benefit) of $1,737, ($300) and $(2,663) for 2013, 2012 and 2011, respectively | 2,921 | -863 | -4,493 |
Other Comprehensive Income (Loss) | 3,606 | -143 | -4,223 |
Comprehensive Income (Loss) | $12,949 | $16,294 | ($51,806) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Amortization of actuarial loss included in net income (loss), tax expense (benefit) | ($408) | ($427) | ($160) |
Actuarial gain (loss) arising during the period, tax expense (benefit) | $1,737 | ($300) | ($2,663) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $48,814 | $46,537 |
Accounts receivable (less allowance for doubtful accounts of $489 and $566) | 91,909 | 97,300 |
Inventories | 140,507 | 148,318 |
Production cost of contracts | 11,599 | 17,960 |
Deferred income taxes | 10,850 | 5,474 |
Other current assets | 27,085 | 13,997 |
Total Current Assets | 330,764 | 329,586 |
Property and Equipment, Net | 96,090 | 98,383 |
Goodwill | 161,940 | 161,940 |
Intangibles, Net | 165,465 | 176,356 |
Other Assets | 9,940 | 13,824 |
Total Assets | 764,199 | 780,089 |
Current Liabilities | ' | ' |
Current portion of long-term debt | 25 | 3,042 |
Accounts payable | 58,111 | 52,578 |
Accrued liabilities | 45,453 | 50,184 |
Total Current Liabilities | 103,589 | 105,804 |
Long-Term Debt, Less Current Portion | 332,677 | 362,702 |
Deferred Income Taxes | 68,489 | 65,355 |
Other Long-Term Liabilities | 19,750 | 23,553 |
Total Liabilities | 524,505 | 557,414 |
Commitments and Contingencies (Notes 11, 14) | ' | ' |
Shareholders’ Equity | ' | ' |
Common stock - $0.01 par value; authorized 35,000,000 shares; issued 10,960,054 shares in 2013 and 10,738,065 shares in 2012 | 110 | 107 |
Treasury stock, at cost - held in treasury 143,300 shares in 2013 and 2012 | -1,924 | -1,924 |
Additional paid-in capital | 70,542 | 66,475 |
Retained earnings | 174,828 | 165,485 |
Accumulated other comprehensive loss | -3,862 | -7,468 |
Total Shareholders’ Equity | 239,694 | 222,675 |
Total Liabilities and Shareholders’ Equity | $764,199 | $780,089 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $489 | $566 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 35,000,000 | 35,000,000 |
Common stock, shares issued | 10,960,054 | 10,738,065 |
Treasury stock shares, held in treasury | 143,300 | 143,300 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2010 | $254,185 | $106 | ($1,924) | $61,684 | $197,421 | ($3,102) |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | 10,507,143 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | -47,583 | ' | ' | ' | -47,583 | ' |
Other comprehensive income (loss), net of tax | -4,223 | ' | ' | ' | ' | -4,223 |
Cash dividends | -790 | ' | ' | ' | -790 | ' |
Stock options exercised (in shares) | 79,937 | 96,605 | ' | ' | ' | ' |
Stock options exercised | 1,553 | 1 | ' | 1,552 | ' | ' |
Stock repurchased related to the exercise of stock options (in shares) | ' | -63,185 | ' | ' | ' | ' |
Stock repurchased related to the exercise of stock options | -1,497 | ' | ' | -1,497 | ' | ' |
Stock-based compensation | 2,363 | ' | ' | 2,363 | ' | ' |
Income tax benefit (shortfall) related to the exercise of nonqualified stock options | 276 | ' | ' | 276 | ' | ' |
Ending Balance at Dec. 31, 2011 | 204,284 | 107 | -1,924 | 64,378 | 149,048 | -7,325 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | 10,540,563 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 16,437 | ' | ' | ' | 16,437 | ' |
Other comprehensive income (loss), net of tax | -143 | ' | ' | ' | ' | -143 |
Stock options exercised (in shares) | 0 | 69,498 | ' | ' | ' | ' |
Stock options exercised | 0 | 0 | ' | 0 | ' | ' |
Stock repurchased related to the exercise of stock options (in shares) | ' | -15,296 | ' | ' | ' | ' |
Stock repurchased related to the exercise of stock options | -186 | ' | ' | -186 | ' | ' |
Stock-based compensation | 1,959 | ' | ' | 1,959 | ' | ' |
Income tax benefit (shortfall) related to the exercise of nonqualified stock options | 324 | ' | ' | 324 | ' | ' |
Ending Balance at Dec. 31, 2012 | 222,675 | 107 | -1,924 | 66,475 | 165,485 | -7,468 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 10,594,765 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 9,343 | ' | ' | ' | 9,343 | ' |
Other comprehensive income (loss), net of tax | 3,606 | ' | ' | ' | ' | 3,606 |
Stock options exercised (in shares) | 437,937 | 487,163 | ' | ' | ' | ' |
Stock options exercised | 8,775 | 5 | ' | 8,770 | ' | ' |
Stock repurchased related to the exercise of stock options (in shares) | ' | -265,174 | ' | ' | ' | ' |
Stock repurchased related to the exercise of stock options | -6,807 | -2 | ' | -6,805 | ' | ' |
Stock-based compensation | 2,438 | ' | ' | 2,438 | ' | ' |
Income tax benefit (shortfall) related to the exercise of nonqualified stock options | -336 | ' | ' | -336 | ' | ' |
Ending Balance at Dec. 31, 2013 | $239,694 | $110 | ($1,924) | $70,542 | $174,828 | ($3,862) |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 10,816,754 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Provided by (Used in) Operating Activities: | ' | ' | ' |
Net Income (Loss) | $9,343 | $16,437 | ($47,583) |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities | ' | ' | ' |
Depreciation and amortization | 30,926 | 29,413 | 21,458 |
Asset impairments | 6,975 | 0 | 0 |
Impairment of goodwill | 0 | 0 | 54,273 |
Stock-based compensation expense | 2,438 | 1,959 | 2,363 |
Deferred income taxes | -2,242 | -142 | -6,652 |
(Recovery of) provision for doubtful accounts | -77 | 78 | -3 |
Other decrease (increase) | 6,223 | 2,391 | -22 |
Changes in Assets and Liabilities: | ' | ' | ' |
Accounts receivable decrease (increase) | 5,468 | -1,204 | -3,990 |
Inventories decrease (increase) | 7,811 | 6,185 | -4,828 |
Production cost of contracts increase | -5,101 | -1,324 | -3,451 |
Other assets (increase) decrease | -11,192 | 6,846 | 602 |
Accounts payable increase (decrease) | 4,533 | -8,097 | -12,323 |
Accrued and other liabilities decrease | -9,143 | -5,008 | -2,846 |
Net Cash Provided by (Used in) Operating Activities | 45,962 | 47,534 | -3,002 |
Cash Flows from Investing Activities | ' | ' | ' |
Purchases of property and equipment | -12,403 | -15,813 | -14,536 |
Acquisitions of businesses, net of cash acquired | 0 | 0 | -325,715 |
Proceeds from sales of assets | 139 | 31 | 470 |
Net Cash Used in Investing Activities | -12,264 | -15,782 | -339,781 |
Cash Flows from Financing Activities | ' | ' | ' |
Repayment of term loan and other debt | -33,024 | -26,478 | -1,276 |
Borrowings of senior notes and term loan | 0 | 0 | 390,000 |
Cash dividends paid | 0 | 0 | -790 |
Debt issue cost paid | -365 | 0 | -14,025 |
Net cash effect of exercise related to stock options | 1,968 | -186 | 55 |
Net Cash (Used in) Provided by Financing Activities | -31,421 | -26,664 | 373,964 |
Net Increase in Cash and Cash Equivalents | 2,277 | 5,088 | 31,181 |
Cash and Cash Equivalents at Beginning of Year | 46,537 | 41,449 | 10,268 |
Cash and Cash Equivalents at End of Year | 48,814 | 46,537 | 41,449 |
Supplemental Disclosures of Cash Flow Information | ' | ' | ' |
Interest paid | 27,614 | 31,505 | 5,950 |
Taxes paid | $7,835 | $1,953 | $4,512 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
Basis of Presentation | |||||||||||||
The consolidated financial statements include the accounts of Ducommun Incorporated and its subsidiaries (“Ducommun”, the “Company”, “we”, “us” or “our”), after eliminating intercompany balances and transactions. We have included the results of operations of acquired companies from the date of acquisition. | |||||||||||||
Our fiscal quarters end on the Saturday closest to the end of March, June and September for the first three fiscal quarters of each year, and ends on December 31 for our fourth fiscal quarter. | |||||||||||||
In the opinion of management, all adjustments, consisting of recurring accruals, have been made that are necessary to fairly state our consolidated financial position, results of operations, comprehensive income (loss) and cash flows in accordance with accounting principles generally accepted in the United States of America (“GAAP”). | |||||||||||||
Use of Estimates | |||||||||||||
Certain amounts and disclosures included in the consolidated financial statements required management to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | |||||||||||||
Reclassifications | |||||||||||||
Certain prior period amounts have been reclassified to conform to the current year presentation. | |||||||||||||
Description of Business | |||||||||||||
We are a leading global provider of engineering and manufacturing services for high-performance products and high-cost-of failure applications used primarily in the aerospace, defense industrial, natural resources, medical and other industries. Our subsidiaries are organized into two strategic businesses; Ducommun LaBarge Technologies and Ducommun AeroStructures, each of which is a reportable operating segment. Concurrent with the acquisition of LaBarge Inc. in June 2011, Ducommun LaBarge Technologies (“DLT”) was formed by the combination of our former Ducommun Technologies segment (“DTI”) and LaBarge Inc. (See Note 2). DLT designs, engineers and manufactures high-reliability products used in worldwide technology-driven markets including aerospace and defense, natural resources, industrial and medical and other end-use markets. DLT’s product offerings range from prototype development to complex assemblies. Ducommun AeroStructures (“DAS”) designs, engineers and manufactures large, complex contoured aerospace structural components and assemblies and supplies composite and metal bonded structures and assemblies. DAS’s products are used on commercial aircraft, military fixed-wing aircraft and military and commercial rotary-wing aircraft. All reportable operating segments follow the same accounting principles. | |||||||||||||
Cash Equivalents | |||||||||||||
Cash equivalents consist of highly liquid instruments purchased with original maturities of three months or less. These assets are valued at cost, which approximates fair value, which we classify as Level 1. See Fair Value below. | |||||||||||||
Revenue Recognition | |||||||||||||
Except as described below, we recognize revenue, including revenue from products sold under long-term contracts, when persuasive evidence of an arrangement exists, the price is fixed or determinable, collection is reasonably assured and delivery of products has occurred or services have been rendered. | |||||||||||||
We have a significant number of contracts for which net sales are accounted for under the percentage-of-completion method using the units of delivery as the measure of completion. The percentage-of-completion method requires the use of assumptions and estimates related to the contract value, the total cost at completion, and measurement of progress toward completion. These contracts are primarily fixed-price contracts that vary widely in terms of size, length of performance period and expected gross profit margins. | |||||||||||||
We also recognize revenue on the sale of services (including prototype products) based on the type of contract: time and materials, cost-plus reimbursement and firm-fixed price. Revenue is recognized (i) on time and materials contracts as time is spent at hourly rates, which are negotiated with customers, plus the cost of any allowable materials and out-of-pocket expenses, (ii) on cost-plus reimbursement contracts based on direct and indirect costs incurred plus a negotiated profit calculated as a percentage of cost, a fixed amount or a performance-based award fee, and (iii) on fixed-price contracts on the percentage-of-completion method measured by the percentage of costs incurred to estimated total costs. | |||||||||||||
Provision for Estimated Losses on Contracts | |||||||||||||
We record provisions for the total anticipated losses on contracts considering total estimated costs to complete the contract compared to total anticipated revenues in the period in which such losses are identified. In the fourth quarter of 2013, we recorded a charge in the DAS segment for the estimated cost to complete of $5.2 million, consisting of $3.9 million for the Embraer Legacy 450/500 aircraft contracts, and $1.3 million for the Boeing 777 wing tip contract. The charges result from difficulties in achieving previously anticipated cost reductions, including delays in transferring work to our lower-cost Guaymas, Mexico facility. The charge for the Embraer Legacy 450/500 contracts also reflects estimated cost overruns for customer driven changes on both the development and production phases of the contracts, for which we have asserted claims with Embraer. Recognition of additional losses in future periods continues to be a risk and will depend upon numerous factors, including our sales forecast, our ability to achieve forecasted cost reductions and our ability to resolve claims and assertions with our customers. The $5.2 million charge was recorded as part of cost of goods sold in the Company’s results of operations. The charge increased accrued liabilities by $4.2 million and other long-term liabilities by $1.0 million on our balance sheet. | |||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
We maintain an allowance for doubtful accounts for estimated losses from the inability of customers to make required payments. The allowance for doubtful accounts is evaluated periodically based on the aging of accounts receivable, the financial condition of customers and their payment history, historical write-off experience and other assumptions, such as current assessment of economic conditions. | |||||||||||||
Inventory Valuation | |||||||||||||
Inventories are stated at the lower of cost or market, cost being determined on a first-in, first-out basis. Market value for raw materials is based on replacement costs, and is based on net realizable value for other inventory classifications. Inventoried costs include raw materials, outside processing, direct labor and allocated overhead, adjusted for any abnormal amounts of idle facility expense, freight, handling costs, and wasted materials (spoilage) incurred. Costs under long-term contracts are accumulated into, and removed from, inventory on the same basis as other contracts. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. We maintain an allowance for potentially excess and obsolete inventories and inventories that are carried at costs that are higher than their estimated net realizable values. In the fourth quarter of 2013, we recorded a charge of $1.9 million in the DAS segment for the Embraer Legacy 450/500 aircraft contracts. The charge result from difficulties in achieving previously anticipated cost reductions, and estimated cost overruns driven by customer changes for both the development and production phases of the contracts. | |||||||||||||
Out of Period Adjustments | |||||||||||||
During the fourth quarter of 2013, we determined that approximately $5.0 million in deferred income tax assets on the 2012 consolidated balance sheet should have been reduced with an offsetting decrease of approximately $2.5 million in accrued liabilities and a decrease of approximately $2.5 million in deferred income tax liabilities. We assessed the materiality of these errors and concluded they were immaterial to currently reported annual amounts and previously reported annual and interim amounts. However, we have revised our consolidated financial statements for the prior annual and interim periods in this Form 10-K. | |||||||||||||
During the third quarter of 2013, we determined that approximately $1.1 million of inventory had not been valued correctly at our DLT operating segment for periods originating in 2010 through the second quarter of 2013. The errors were attributed to the following quarters; $0.3 million in Q2 2010, $0.5 million in Q2 2011, $0.1 million in Q4 2012, $0.1 million in Q1 2013 and $0.1 million in Q2 2013. We assessed the materiality of these errors and concluded they were immaterial to currently reported annual amounts and previously reported annual and interim amounts. We corrected the errors in the third quarter of 2013 and recorded a $1.1 million charge for inventory reserves for the DLT operating segment and did not restate our consolidated financial statements for the prior annual or interim periods. | |||||||||||||
During the fourth quarter of 2012, we determined that approximately $0.4 million of operating expenses originating in 2005 through 2012 had been accrued in error. We assessed the materiality of this accrual reversal and concluded it was immaterial to currently reported annual amounts and previously reported annual and interim amounts. We corrected the error in the fourth quarter and did not restate our consolidated financial statements for the prior annual or interim periods. | |||||||||||||
During the first quarter of 2012, we determined that approximately $0.4 million of engineering research and development costs had been capitalized in error in inventory in prior periods. We assessed the materiality of this error and concluded it was immaterial to currently reported annual amounts and previously reported annual and interim amounts. We corrected the error in the first quarter of 2012 and did not restate our consolidated financial statements for the prior annual or interim periods. | |||||||||||||
Production Cost of Contracts | |||||||||||||
Production cost of contracts includes non-recurring production costs, such as design and engineering costs, and tooling and other special-purpose machinery necessary to build parts as specified in a contract. Production costs of contracts are recorded to cost of goods sold using the units of delivery method. We review long-lived assets within production costs of contracts for impairment on an annual basis (in the fourth quarter for us) or when events or changes in circumstances indicate that the carrying value of our long-lived assets may not be recoverable. An impairment charge is recognized when the carrying value of an asset exceeds the projected undiscounted future cash flows expected from its use and disposal. In the fourth quarter of 2013, we recorded an impairment charge in the DAS segment on production costs of contracts of $7.0 million, consisting of $5.7 million for the Embraer Legacy 450/500 aircraft contracts, and $1.3 million for the Boeing 777 wing tip contract. The impairment charge reflects a determination that the production cost of contracts for the Boeing 777 wing tip contract and the Embraer Legacy 450/500 contracts are not recoverable since these contracts are estimated to be unprofitable during their remaining terms. The impairment charge represents the entire remaining balance of production cost of contracts for these contracts. The $7.0 million charge was recorded as part of cost of goods sold in the Company’s results of operations and a reduction in production cost of contracts on the Company’s balance sheet. As of December 31, 2013 and 2012, production costs of contracts were $11.6 million and $18.0 million, respectively. | |||||||||||||
Property and Equipment and Depreciation | |||||||||||||
Property and equipment, including assets recorded under capital leases, are recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, or the lease term if shorter for leasehold improvements. Repairs and maintenance are charged to expense as incurred. We evaluate long-lived assets for recoverability considering undiscounted cash flows, when significant changes in conditions occur, and recognize impairment losses if any, based upon the fair value of the assets. | |||||||||||||
Fair Value | |||||||||||||
Assets and liabilities that are measured, recorded or disclosed at fair value on a recurring basis are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1, the highest level, refers to the values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant observable inputs. Level 3, the lowest level, includes fair values estimated using significant unobservable inputs. | |||||||||||||
Goodwill and Indefinite-Lived Intangible Asset | |||||||||||||
Goodwill is tested for impairment utilizing a two-step method. In the first step, we determine the fair value of the reporting unit using expected future discounted cash flows and market valuation approaches considering comparable Company revenue and Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) multiples. If the carrying value of the reporting unit exceeds its fair value, we then perform the second step of the impairment test to measure the amount of the impairment loss, if any. The second step requires fair valuation of all the reporting unit’s assets and liabilities in a manner similar to a purchase price allocation, with any residual fair value being allocated to goodwill. This residual fair value of goodwill is then compared to its carrying value to determine impairment. An impairment charge will be recognized only when the estimated fair value of a reporting unit, including goodwill, is less than its carrying value. | |||||||||||||
We review our indefinite-lived intangible asset for impairment on an annual basis or when events or changes in circumstances indicate that the carrying value of our intangible asset may not be recoverable. We may first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. Impairment indicators include, but are not limited to, cost factors, financial performance, adverse legal or regulatory developments, industry and market conditions and general economic conditions. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, we would recognize an impairment loss in the amount of such excess. | |||||||||||||
Income Taxes | |||||||||||||
Deferred tax assets and liabilities are recognized, using enacted tax rates, for the expected future tax consequences of temporary differences between the book and tax bases of recorded assets and liabilities, operating losses and tax credit carryforwards. Deferred tax assets are evaluated quarterly and are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||||||||||
Tax positions taken or expected to be taken in a tax return are recognized when it is more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. | |||||||||||||
Litigation and Commitments | |||||||||||||
In the normal course of business, we are defendants in certain litigation, claims and inquiries, including matters relating to environmental laws. In addition, we make various commitments and incur contingent liabilities. Management’s estimates regarding contingent liabilities could differ from actual results. | |||||||||||||
Environmental Liabilities | |||||||||||||
Environmental liabilities are recorded when environmental assessments and/or remedial efforts are probable and costs can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or our commitment to a formal plan of action. Further, we review and update our environmental accruals as circumstances change and/or additional information is obtained that reasonably could be expected to have a meaningful effect on the outcome of a matter or the estimated cost thereof. | |||||||||||||
Accounting for Stock-Based Compensation | |||||||||||||
We measure and recognize compensation expense for share-based payment transactions in the financial statements at their estimated fair value. The expense is measured at the grant date, based on the calculated fair value of the share-based award, and is recognized over the requisite service period (generally the vesting period of the equity award). The fair value of the awards are determined using the Black-Scholes valuation model, which requires assumptions and judgments regarding stock price volatility, risk-free interest rates, expected options terms, and options that are expected to be forfeited. Management’s estimates could differ from actual results. | |||||||||||||
Other Intangible Assets | |||||||||||||
We amortize purchased other intangible assets with finite lives over the estimated economic lives of the assets, ranging from three to eighteen years generally using the straight-line method. The value of other intangibles acquired through business combinations has been estimated using present value techniques which involve estimates of future cash flows. We evaluate other intangible assets for recoverability considering undiscounted cash flows, when significant changes in conditions occur, and recognizes impairment losses, if any, based upon the estimated fair value of the assets. | |||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding in each period. Diluted earnings per share are computed by dividing income available to common shareholders plus income associated with dilutive securities by the weighted-average number of common shares outstanding, plus any potential dilutive shares that could be issued if exercised or converted into common stock in each period. | |||||||||||||
The net earnings (loss), weighted-average number of common shares outstanding used to compute earnings per share were as follows: | |||||||||||||
(In thousands, except per share data) | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net earnings (loss) (a) | $ | 9,343 | $ | 16,437 | $ | (47,583 | ) | ||||||
Weighted-average number of common shares outstanding | |||||||||||||
Basic weighted-average common shares outstanding (b) | 10,695 | 10,580 | 10,536 | ||||||||||
Dilutive potential common shares | 157 | 48 | — | ||||||||||
Diluted weighted-average common shares outstanding (c) | 10,852 | 10,628 | 10,536 | ||||||||||
Earnings (Loss) per share | |||||||||||||
Basic (a/b) | $ | 0.87 | $ | 1.55 | $ | (4.52 | ) | ||||||
Diluted (a/c) | $ | 0.86 | $ | 1.55 | $ | (4.52 | ) | ||||||
Potentially dilutive stock options and stock units to purchase common stock, as shown below, were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive. However, these shares may be potentially dilutive common shares in the future. | |||||||||||||
(In thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Stock options and stock units | 410 | 983 | 706 | ||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||
Accumulated other comprehensive loss, as reflected in the consolidated balance sheets under the equity section, was composed of cumulative pension and retirement liability adjustments, net of tax. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
New Accounting Guidance Adopted in 2013 | |||||||||||||
In December 2013, the Financial Accounting Standards Board (the “FASB”) issued guidance to include the definition of a public business entity for future use in GAAP. The amendment does not affect existing requirements and does not have an actual effective date. We adopted this new guidance upon issuance but the adoption did not have any effect on our consolidated financial statements. | |||||||||||||
In February 2013, the FASB issued guidance to improve the reporting of reclassifications out of accumulated other comprehensive income/loss. The new guidance requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income/loss on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, cross-reference to other disclosures that provide additional detail is required. Early adoption is permitted. We adopted this new guidance effective January 1, 2013. This guidance affects disclosures only. | |||||||||||||
In January 2013, the FASB issued guidance clarifying the scope of disclosures about offsetting assets and liabilities and requires retrospective application for all periods presented. We adopted this new guidance effective January 1, 2013. The adoption of this new guidance did not have any effect on our condensed consolidated financial statements. In December 2011, the FASB issued guidance enhancing disclosure requirements about the nature of an entity’s right to offset and related arrangements associated with its financial instruments and derivative instruments. The new guidance requires the disclosure of the gross amounts subject to rights of set-off, amounts offset in accordance with the accounting standards followed, and the related net exposure. The new guidance requires retrospective application for all comparable periods presented. We adopted this new guidance effective January 1, 2013. The adoption of this new guidance did not have any effect on our condensed consolidated financial statements. | |||||||||||||
New Accounting Guidance Not Yet Adopted | |||||||||||||
In July 2013, the FASB issued guidance that requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. This guidance will be effective for fiscal years beginning after December 15, 2013, which will be our fiscal year 2014, with early adoption permitted. We currently expect the adoption of this guidance will reduce deferred tax assets by approximately $2.1 million. | |||||||||||||
In February 2013, the FASB issued guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, except for obligations addressed within existing guidance in GAAP. The new guidance will be effective for us beginning January 1, 2014. Early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on our condensed consolidated financial statements. |
Acquisition
Acquisition | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisition | ' | ||||
Acquisitions | |||||
On June 28, 2011, we completed the acquisition of all the outstanding stock of LaBarge, Inc. (“LaBarge”), a publicly-owned company based in St. Louis, Missouri, that designs, engineers and manufactures high-reliability electronic products used in worldwide technology-driven markets including aerospace and defense, natural resources, industrial and medical and other end-use markets for $325.3 million (net of cash acquired and excluding acquisition costs) (the “LaBarge Acquisition”). The LaBarge Acquisition was funded by internally generated cash and $390.0 million of long-term debt. See Note 7, “Long-Term Debt,” for additional information. For the twelve months ended December 31, 2011, our consolidated operating expenses included $16.1 million of expenses related to the LaBarge Acquisition and interest expense included the write-off of $0.8 million of unamortized financing costs, as a result of our debt refinancing related to the LaBarge Acquisition. The LaBarge Acquisition diversified our end-use markets, expanded our product offerings and provided other benefits. | |||||
The following table presents our unaudited pro forma consolidated operating results for 2011, as if the LaBarge Acquisition had occurred as of January 1, 2011: | |||||
(In thousands) | |||||
Year Ended December 31, | |||||
2011 | |||||
Net sales | $ | 744,366 | |||
Net loss | $ | (39,737 | ) | ||
Basic loss per share | $ | (3.77 | ) | ||
Diluted loss per share | $ | (3.77 | ) | ||
The pro forma information is not necessarily indicative of the actual results that would have been achieved had the LaBarge Acquisition occurred on January 1, 2011, or the results that may be achieved in the future. | |||||
We acquired certain assets of Foam Matrix in the first quarter of 2011 for $0.4 million, which we accounted for as an asset purchase. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consisted of the following: | |||||||||
(In thousands) | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Raw materials and supplies | $ | 75,985 | $ | 84,545 | |||||
Work in process | 62,115 | 67,132 | |||||||
Finished goods | 11,580 | 13,031 | |||||||
149,680 | 164,708 | ||||||||
Less progress payments | 9,173 | 16,390 | |||||||
Total | $ | 140,507 | $ | 148,318 | |||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property and Equipment, Net | ' | ||||||||||
Property and Equipment, Net | |||||||||||
Property and equipment, net consisted of the following: | |||||||||||
(In thousands) | Range of | ||||||||||
December 31, | Estimated | ||||||||||
2013 | 2012 | Useful Lives | |||||||||
Land | $ | 14,669 | $ | 14,643 | |||||||
Buildings and improvements | 44,971 | 45,816 | 5 - 40 Years | ||||||||
Machinery and equipment | 128,344 | 121,033 | 2 - 20 Years | ||||||||
Furniture and equipment | 26,088 | 26,181 | 2 - 10 Years | ||||||||
Construction in progress | 9,085 | 7,142 | |||||||||
223,157 | 214,815 | ||||||||||
Less accumulated depreciation | 127,067 | 116,432 | |||||||||
Total | $ | 96,090 | $ | 98,383 | |||||||
Depreciation expense was $15.6 million, $15.9 million and $12.1 million, for the years ended December 31, 2013, 2012 and 2011, respectively. Depreciation expense increased in 2012 compared to 2011 due to the LaBarge Acquisition. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||||
Goodwill and Indefinite-Lived Intangible Asset | ||||||||||||||||||||||||||
The carrying amounts of goodwill, by operating segment, for the years ended December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Ducommun | Ducommun | Consolidated | ||||||||||||||||||||||||
AeroStructures | LaBarge | Ducommun | ||||||||||||||||||||||||
Technologies | ||||||||||||||||||||||||||
Gross goodwill | $ | 57,243 | $ | 184,970 | $ | 242,213 | ||||||||||||||||||||
Accumulated goodwill impairment | — | (80,273 | ) | (80,273 | ) | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 57,243 | $ | 104,697 | $ | 161,940 | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 57,243 | $ | 104,697 | $ | 161,940 | ||||||||||||||||||||
We performed our annual goodwill impairment test during the fourth quarter of 2013. During 2013 and 2012, we identified no goodwill impairment. In the fourth quarter of 2011, we recorded a goodwill impairment charge of $54.3 million for the DLT internal reporting unit, driven by a decline in our market value, which has since recovered, and a softening defense market. As of December 31, 2013, the date of the most recent annual impairment test, the DAS, DLT, and Miltec internal reporting units had $57.2 million, $96.3 million, and $8.4 million of recorded goodwill, respectively. As of December 31, 2013, the fair value of the DAS, DLT and Miltec internal reporting units exceeded their carrying values by approximately 12%, 11% and 15%, respectively. | ||||||||||||||||||||||||||
We performed our annual indefinite-lived intangible asset impairment test during the fourth quarter of 2013. As a result, no impairment was identified as of December 31, 2013 nor have we previously identified any impairment related to this asset. The trade-name indefinite-lived intangible asset was $32.9 million as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||||
Other intangible assets are related to acquisitions. Other intangible assets with finite lives are amortized on the straight-line method over periods ranging from three to eighteen years. The fair value of other intangible assets was determined by management and consisted of the following: | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||
Wtd. Avg Life | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||||
Finite-lived assets | ||||||||||||||||||||||||||
Customer relationships | 18 | $ | 164,500 | $ | 33,853 | $ | 130,647 | $ | 164,500 | $ | 23,460 | $ | 141,040 | |||||||||||||
Trade names | 10 | 3,400 | 2,720 | 680 | 3,400 | 2,380 | 1,020 | |||||||||||||||||||
Contract renewal | 14 | 1,845 | 967 | 878 | 1,845 | 835 | 1,010 | |||||||||||||||||||
Technology | 15 | 400 | 78 | 322 | 400 | 51 | 349 | |||||||||||||||||||
Total | $ | 170,145 | $ | 37,618 | $ | 132,527 | $ | 170,145 | $ | 26,726 | $ | 143,419 | ||||||||||||||
The carrying amount of other intangible assets by operating segment as of December 31, 2013 and 2012 was as follows: | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||
Amortization | Carrying | Amortization | Carrying | |||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||
Other intangible assets | ||||||||||||||||||||||||||
Ducommun AeroStructures | $ | 19,300 | $ | 11,330 | $ | 7,970 | $ | 19,300 | $ | 9,084 | $ | 10,216 | ||||||||||||||
Ducommun LaBarge Technologies | 150,845 | 26,288 | 124,557 | 150,845 | 17,642 | 133,203 | ||||||||||||||||||||
Total | $ | 170,145 | $ | 37,618 | $ | 132,527 | $ | 170,145 | $ | 26,726 | $ | 143,419 | ||||||||||||||
Amortization expense of other intangible assets was $10.9 million, $11.5 million and $7.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization expense of other intangibles increased in 2012 compared to 2011 due to the LaBarge Acquisition. Future amortization expense by operating segment is expected to be as follows: | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Ducommun | Ducommun | Consolidated | ||||||||||||||||||||||||
AeroStructures | LaBarge | Ducommun | ||||||||||||||||||||||||
Technologies | ||||||||||||||||||||||||||
2014 | $ | 1,717 | $ | 8,644 | $ | 10,361 | ||||||||||||||||||||
2015 | 1,386 | 8,646 | 10,032 | |||||||||||||||||||||||
2016 | 1,123 | 8,304 | 9,427 | |||||||||||||||||||||||
2017 | 907 | 8,306 | 9,213 | |||||||||||||||||||||||
2018 | 737 | 8,305 | 9,042 | |||||||||||||||||||||||
Thereafter | 2,100 | 82,352 | 84,452 | |||||||||||||||||||||||
$ | 7,970 | $ | 124,557 | $ | 132,527 | |||||||||||||||||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Accrued Liabilities | |||||||||
The components of accrued liabilities consisted of the following: | |||||||||
(In thousands) | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Accrued compensation | $ | 19,929 | $ | 25,828 | |||||
Accrued income tax and sales tax | 1,451 | 1,280 | |||||||
Customer deposits | 3,236 | 5,653 | |||||||
Interest payable | 8,965 | 8,972 | |||||||
Provision for forward loss reserves | 4,825 | 531 | |||||||
Other | 7,047 | 7,920 | |||||||
Total | $ | 45,453 | $ | 50,184 | |||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
Long-term debt and the current period interest rates were as follows: | |||||||||
(In thousands) | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Senior unsecured notes (fixed 9.75%) | $ | 200,000 | $ | 200,000 | |||||
Senior secured term loan (floating 4.75%) | 132,625 | 162,625 | |||||||
Promissory note (fixed 5.0%) and other debt (fixed 5.41%) | 77 | 3,119 | |||||||
Total Debt | 332,702 | 365,744 | |||||||
Less current portion | 25 | 3,042 | |||||||
Total long-term debt | $ | 332,677 | $ | 362,702 | |||||
Weighted-average interest rate | 7.76 | % | 7.82 | % | |||||
Future long-term debt payments at December 31, 2013 were as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 25 | |||||||
2015 | 26 | ||||||||
2016 | 26 | ||||||||
2017 | 132,625 | ||||||||
2018 | 200,000 | ||||||||
Total | $ | 332,702 | |||||||
In 2013, we made voluntary principal prepayments of $30.0 million on our senior secured term loan as discussed below. At December 31, 2013, we had $58.4 million of available borrowing capacity, as discussed below. | |||||||||
Senior Secured Term Loan and Senior Secured Revolving Credit Facility (“Credit Facilities”) | |||||||||
We obtained our senior secured term loan (“Term Loan”), which matures on June 30, 2017, and entered into a $60.0 million senior secured revolving credit facility (“Revolving Credit Facility”), which matures on June 28, 2016, in connection with the LaBarge Acquisition. The Credit Facilities provides the option of choosing the London Interbank Offered Rate (“LIBOR” rate), or the Alternate Base Rate. The LIBOR rate may be for a one-, two-, three- or six-month period chosen by us. The payment of interest coincides with the LIBOR period we select. | |||||||||
On March 28, 2013, we executed an amendment to our Credit Facilities which completed a repricing of our Term Loan and Revolving Credit Facility. The repricing reduced the interest rate spread on the Term Loan and Revolving Credit Facility by 50 basis points and the interest rate floor by 25 basis points under the LIBOR rate or the Alternate Base Rate. The LIBOR rate has a floor of 1.00% plus 3.75%. The Alternate Base Rate has a floor of 2.00% plus 2.75%. The Alternate Base Rate is the greater of the (a) Prime rate and (b) Federal Funds rate plus 0.5%. In connection with this repricing, we recognized $0.5 million of financing and legal costs which were included in selling, general and administrative expenses in the first quarter of 2013. | |||||||||
The Term Loan required quarterly principal payments of $0.5 million beginning on September 30, 2011 and mandatory prepayment of certain amounts of excess cash flow on an annual basis beginning 2012. In 2012, we made voluntary principal prepayments of $25.0 million on our Term Loan and eliminated all required quarterly principal payments going forward. | |||||||||
The Credit Facilities are collaterized by substantially all of our assets and contain minimum Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and maximum leverage covenants under certain circumstances, as well as annual limitations on capital expenditures and limitation on future disposition of property, investments, acquisitions, repurchase of stock, dividends, and outside indebtedness. In the event that a certain minimum amount is borrowed and outstanding under the Revolving Credit Facility, for so long as any such amount is outstanding, we will be required to comply with a total leverage ratio. Furthermore, our consolidated EBITDA, as defined by these Credit Facilities, as of the end of any fiscal quarter on a trailing four-quarter basis is not permitted to be less than $50.0 million. At December 31, 2013, we were in compliance with all covenants. At December 31, 2013, there were no amounts outstanding that would have triggered the leverage covenant. However, we would have been in compliance with such leverage covenant. | |||||||||
On October 18, 2013, we executed an amendment to our Credit Facilities which increases the maximum leverage ratio, as defined, by 0.75 in all future periods. | |||||||||
At December 31, 2013, we had $58.4 million of unused borrowing capacity under the Revolving Credit Facility after deducting $1.6 million for standby letters of credit. Upon the satisfaction of certain conditions, including but not limited to, the agreement of lenders to provide such facilities or commitments, we also have the option to add one or more incremental term loan facilities or increase commitments under our Credit Facility by an aggregate amount of up to $75.0 million. | |||||||||
Senior Unsecured Notes | |||||||||
In connection with the LaBarge Acquisition, we issued $200.0 million of senior unsecured notes (the “Notes”) with interest of 9.75% per annum, payable semi-annually on January 15 and July 15 of each year, beginning in 2012. The Notes become callable on July 15, 2015 and mature on July 15, 2018, at which time the entire principal amount is due. | |||||||||
Upon a change of control, as defined, we will be required to offer to purchase all of the Notes then outstanding for cash at 101% of the principal amount plus accrued and unpaid interest, if any, on the date of purchase on the Notes. A change of control under the indenture governing the Notes may also result in an event of default under our Credit Facilities which may cause the acceleration of indebtedness outstanding thereunder, in which case, proceeds of collateral pledged to secure borrowings thereunder would be used to repay such borrowings before we repay the Notes. | |||||||||
Promissory Note | |||||||||
On December 23, 2013, we paid our $3.0 million promissory note issued in connection with the 2008 acquisition of DAS-New York, according to terms. | |||||||||
Fair Value of Long-Term Debt | |||||||||
The carrying amount of long-term debt approximates fair value, except for the Notes for which the fair value was $223.0 million. Fair value was estimated using Level 2 inputs, based on the terms of the related debt, recent transactions and estimates using interest rates currently available to us for debt with similar terms and remaining maturities. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Shareholders' Equity | ' |
Shareholders’ Equity | |
We are authorized to issue five million shares of preferred stock. At December 31, 2013 and 2012, no preferred shares were issued or outstanding. |
Stock_Options
Stock Options | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Stock Options | ' | |||||||||||||||||||||
Stock Options | ||||||||||||||||||||||
We have two stock incentive plans. Stock awards may be made to directors, officers and key employees under the stock incentive plans on terms determined by the Compensation Committee of the Board of Directors or, with respect to directors, on terms determined by the Board of Directors. Stock options have been and may be granted to directors, officers and key employees under the stock plans at prices not less than 100% of the market value on the date of grant, and expire not more than ten years from the date of grant. The option price and number of shares are subject to adjustment under certain dilutive circumstances. | ||||||||||||||||||||||
We apply fair value accounting for stock-based compensation based on the grant-date fair value estimated using a Black-Scholes valuation model. We recognize compensation expense, net of an estimated forfeiture rate, on a straight-line basis over the requisite service period of the award. We have one award population with an option vesting term of four years. We estimate the forfeiture rate based on our historic experience, attempting to determine any discernible activity patterns. The expected life computation is based on historic exercise patterns and post-vesting termination behavior. The risk-free interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is derived from historical volatility of our common stock. We suspended payments of dividends after the first quarter of 2011. | ||||||||||||||||||||||
The following table presents the weighted-average assumptions used to estimate the fair value of the share based payment awards granted in the periods presented: | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Risk-free interest rate | 1.44 | % | 0.59 | % | 1.47 | % | ||||||||||||||||
Expected volatility | 53.89 | % | 57.05 | % | 42.28 | % | ||||||||||||||||
Expected life in months | 66 | 66 | 66 | |||||||||||||||||||
Weighted-average fair value of grants | $ | 10.95 | $ | 4.95 | $ | 8.84 | ||||||||||||||||
Option activity during the three years ended December 31, 2013 was as follows: | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Number | Weighted- | Number | Weighted- | Number | Weighted- | |||||||||||||||||
of Shares | Average | of Shares | Average | of Shares | Average | |||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||
Outstanding at January 1, | 1,026,588 | $ | 18.69 | 978,688 | $ | 20.89 | 929,850 | $ | 20.65 | |||||||||||||
Options granted | 190,500 | 22.42 | 222,100 | 9.81 | 224,000 | 21.61 | ||||||||||||||||
Options exercised | (437,937 | ) | 20.05 | — | — | (79,937 | ) | 19.42 | ||||||||||||||
Options forfeited | (77,150 | ) | 22.35 | (174,200 | ) | 19.7 | (95,225 | ) | 21.55 | |||||||||||||
Outstanding at December 31, | 702,001 | $ | 18.46 | 1,026,588 | $ | 18.69 | 978,688 | $ | 20.89 | |||||||||||||
Exerciseable at December 31, | 245,750 | $ | 19.74 | 568,985 | $ | 21.46 | 530,262 | $ | 21.52 | |||||||||||||
Available for grant at December 31, | 111,343 | 78,350 | 230,950 | |||||||||||||||||||
As of December 31, 2013, total unrecognized compensation cost (before tax benefits) related to stock options of $2.5 million is expected to be recognized over a weighted-average period of 2.8 years. The total options vested and expected to vest in the future are 702,001 shares with a weighted-average exercise price of $18.46 and a weighted-average remaining contractual term of 4.6 years. The aggregate intrinsic value for these options is approximately $8.0 million. Total options exercisable are 245,750 shares with a weighted-average exercise price of $19.74, a weighted-average remaining contractual term of 2.8 years and an aggregate intrinsic value of approximately $2.5 million. | ||||||||||||||||||||||
Cash received from options exercised and stocks surrendered in the years ended December 31, 2013, 2012 and 2011 was $8.8 million, zero and $1.6 million, respectively. The tax benefit realized for the tax deductions from options exercised from the share-based payment awards was $1.4 million, $0.3 million and $0.3 million for the three years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||
Changes in nonvested stock options for the year ended December 31, 2013 were as follows: | ||||||||||||||||||||||
Number | Weighted- | |||||||||||||||||||||
of Shares | Average | |||||||||||||||||||||
Grant Date | ||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||
Per Share | ||||||||||||||||||||||
Nonvested at January 1, 2013 | 457,603 | $ | 6.49 | |||||||||||||||||||
Granted | 190,500 | 10.95 | ||||||||||||||||||||
Vested | (161,527 | ) | 6.69 | |||||||||||||||||||
Forfeited | (30,325 | ) | 7.11 | |||||||||||||||||||
Nonvested at December 31, 2013 | 456,251 | $ | 8.24 | |||||||||||||||||||
The aggregate intrinsic value of stock options represents the amount by which the market price of our common stock exceeds the exercise price of the stock option. The aggregate intrinsic value of stock options exercised for the years ended December 31, 2013, 2012 and 2011 was $3.7 million, $0.8 million and $0.7 million, respectively. Total fair value of options expensed was $2.4 million, $2.3 million and $2.4 million, before tax benefits, for the years ended December 31, 2013 , 2012 and 2011, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
Employee Benefit Plans | |||||||||||||||||
Supplemental Retirement Plans | |||||||||||||||||
We have three unfunded supplemental retirement plans. The first plan was suspended in 1986, but continues to cover certain former executives. The second plan was suspended in 1997, but continues to cover certain current and retired directors. The third plan covers certain current and retired employees and further employee contributions to this plan were suspended on August 5, 2011. The liability for the third plan and interest thereon is included in accrued employee compensation and long-term liabilities and was $0.4 million and $2.0 million, respectively, at December 31, 2013 and $0.3 million and $2.1 million, respectively, at December 31, 2012. The accumulated benefit obligations of the other two plans at December 31, 2013 and December 31, 2012 were both $1.1 million and are included in accrued liabilities. | |||||||||||||||||
Defined Contribution 401(K) Plans | |||||||||||||||||
We sponsor, for all our employees, two 401(k) defined contribution plans.The first plan covers all employees, other than employees at our Miltec subsidiary, and allows the employees to make annual voluntary contributions not to exceed the lesser of an amount equal to 25% of their compensation or limits established by the Internal Revenue Code. Under this plan, we generally provide a match equal to 50% of the employee’s contributions up to the first 6% of compensation, except for union employees who are not eligible to receive the match. The second plan covers only the employees at our Miltec subsidiary, and in 2013 the provisions of the Miltec plan were changed to be the same as our other plan. Prior to 2013, the Miltec plan allowed employees to make annual voluntary contributions not to exceed the lesser of an amount equal to 100% of their compensation or limits established by the Internal Revenue Code. Under this plan, Miltec generally (i) provided a match equal to 100% of the employee’s contributions up to the first 5% of compensation, (ii) contributions of 3% of an employee’s compensation annually, and (iii) contributions, at our discretion of 0% to 7% of an employee’s compensation annually. Our provision for matching and profit sharing contributions for the three years ended December 31, 2013, 2012 and 2011 was approximately $3.1 million, $3.8 million and $3.4 million, respectively. | |||||||||||||||||
Other Plans | |||||||||||||||||
We have a defined benefit pension plan covering certain hourly employees of a subsidiary (“Pension Plan”). Pension plan benefits are generally determined on the basis of the retiree’s age and length of service. Assets of this defined benefit pension plan are composed primarily of fixed income and equity securities. We also have a retirement plan covering certain current and retired employees (the "LaBarge Retirement Plan"). | |||||||||||||||||
The components of net periodic pension cost for both plans are as follows: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Service cost | $ | 843 | $ | 749 | $ | 523 | |||||||||||
Interest cost | 1,160 | 1,167 | 1,043 | ||||||||||||||
Expected return on plan assets | (1,222 | ) | (1,060 | ) | (1,053 | ) | |||||||||||
Amortization of actuarial losses | 1,093 | 1,147 | 430 | ||||||||||||||
Net periodic pension cost | $ | 1,874 | $ | 2,003 | $ | 943 | |||||||||||
The components of the reclassifications of net actuarial losses from accumulated other comprehensive loss to net income for 2013 were as follows: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | |||||||||||||||||
Amortization of actuarial loss - total before tax (1) | $ | 1,093 | |||||||||||||||
Tax benefit | (408 | ) | |||||||||||||||
Net of tax | $ | 685 | |||||||||||||||
-1 | The amortization expense is included in the computation of periodic pension cost and is a decrease to net income upon reclassification from accumulated other comprehensive loss. | ||||||||||||||||
The estimated net actuarial loss for both plans that will be amortized from accumulated other comprehensive loss into net periodic cost during 2014 is $0.4 million. | |||||||||||||||||
The obligations and funded status of both plans are as follows: | |||||||||||||||||
(In thousands) | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Change in benefit obligation(1) | |||||||||||||||||
Beginning benefit obligation (January 1) | $ | 31,142 | $ | 28,605 | |||||||||||||
Service cost | 843 | 749 | |||||||||||||||
Interest cost | 1,160 | 1,167 | |||||||||||||||
Actuarial (gain) loss | (3,372 | ) | 1,633 | ||||||||||||||
Benefits paid | (1,335 | ) | (1,012 | ) | |||||||||||||
Ending benefit obligation (December 31) | $ | 28,438 | $ | 31,142 | |||||||||||||
Change in plan assets | |||||||||||||||||
Beginning fair value of plan assets (January 1) | $ | 14,687 | $ | 11,945 | |||||||||||||
Return on assets | 2,509 | 1,513 | |||||||||||||||
Employer contribution | 2,506 | 2,241 | |||||||||||||||
Benefits paid | (1,335 | ) | (1,012 | ) | |||||||||||||
Ending fair value of plan assets (December 31) | $ | 18,367 | $ | 14,687 | |||||||||||||
Funded status (under funded) | $ | (10,071 | ) | $ | (16,455 | ) | |||||||||||
Amounts recognized in the consolidated balance sheet | |||||||||||||||||
Current liabilities | $ | 497 | $ | 672 | |||||||||||||
Non-current liabilities | $ | 9,574 | $ | 15,783 | |||||||||||||
Unrecognized loss included in accumulated other comprehensive loss | |||||||||||||||||
Beginning unrecognized loss, before tax (January 1) | $ | 11,934 | $ | 11,902 | |||||||||||||
Amortization | (1,093 | ) | (1,147 | ) | |||||||||||||
Liability (gain) loss | (3,372 | ) | 1,633 | ||||||||||||||
Asset (gain) loss | (1,286 | ) | (454 | ) | |||||||||||||
Ending unrecognized loss, before tax (December 31) | $ | 6,183 | $ | 11,934 | |||||||||||||
Tax impact | (2,321 | ) | (4,466 | ) | |||||||||||||
Unrecognized loss included in accumulated other comprehensive loss, net of tax | $ | 3,862 | $ | 7,468 | |||||||||||||
Prepaid benefit cost included in other assets | $ | 1,135 | $ | 913 | |||||||||||||
Accrued benefit cost included in other liabilities | $ | 5,024 | $ | 5,433 | |||||||||||||
-1 | Projected benefit obligation equals the accumulated benefit obligation for the plans. | ||||||||||||||||
On December 31, 2013, our annual measurement date, the accumulated benefit obligation exceeded the fair value of the plans assets by $10.1 million. Such excess is referred to as an unfunded accumulated benefit obligation. We recorded unrecognized loss included in accumulated other comprehensive loss, net of tax at December 31, 2013 and 2012 of $3.9 million and $7.5 million, respectively, which decreased shareholders’ equity and was included in other long-term liabilities. This charge to shareholders’ equity represents a net loss not yet recognized as pension expense. This charge did not affect reported earnings, and would be decreased or be eliminated if either interest rates increase or market performance and plan returns improve or contributions cause the Pension Plan to return to fully funded status. | |||||||||||||||||
Our Pension Plan asset allocations at December 31, 2013 and 2012, by asset category, were as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Equity securities | 78 | % | 74 | % | |||||||||||||
Cash and equivalents | 4 | % | 20 | % | |||||||||||||
Debt securities | 18 | % | 6 | % | |||||||||||||
Total(1) | 100 | % | 100 | % | |||||||||||||
-1 | Our overall investment strategy is to achieve an asset allocation within the following ranges to achieve an appropriate rate of return relative to risk. | ||||||||||||||||
Cash | 0-25% | ||||||||||||||||
Fixed income securities | 0-50% | ||||||||||||||||
Equities | 50-95% | ||||||||||||||||
Pension Plan assets consist primarily of listed stocks and bonds and do not include any of the Company’s securities. The return on assets assumption reflects the average rate of return expected on funds invested or to be invested to provide for the benefits included in the projected benefit obligation. We select the return on asset assumption by considering our current and target asset allocation. We consider information from various external investment managers, forward-looking information regarding expected returns by asset class and our own judgment when determining the expected returns. | |||||||||||||||||
(In thousands) | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash and other investments | $ | 716 | $ | — | $ | — | $ | 716 | |||||||||
Fixed income securities | 3,328 | — | — | 3,328 | |||||||||||||
Equities(1) | 10,674 | 3,649 | — | 14,323 | |||||||||||||
Total | $ | 14,718 | $ | 3,649 | $ | — | $ | 18,367 | |||||||||
(In thousands) | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash and other investments | $ | 2,905 | $ | — | $ | — | $ | 2,905 | |||||||||
Fixed income securities | — | 860 | — | 860 | |||||||||||||
Equities(1) | 8,441 | 2,481 | — | 10,922 | |||||||||||||
Total | $ | 11,346 | $ | 3,341 | $ | — | $ | 14,687 | |||||||||
-1 | Represents mutual funds and commingled accounts which invest primarily in equities, but may also hold fixed income securities, cash and other investments. | ||||||||||||||||
The valuation techniques used to determine fair value are as follows. Commingled funds with publicly quoted prices and active trading are classified as Level 1 investments. For commingled funds that are not publicly traded and have ongoing subscription and redemption activity, the fair value of the investment is the net asset value (“NAV”) per share, derived from the underlying securities’ quoted prices in active markets. These funds are classified as Level 2 investments. | |||||||||||||||||
The assumptions used to determine the benefit obligations and expense for our two plans are presented in the tables below. The expected long-term return on assets, noted below, represents an estimate of long-term returns on investment portfolios consisting of a mixture of fixed income and equity securities. We consider long-term rates of return in which we expect our two plans to be invested. The estimated cash flows from the plans for all future years are determined based on the plans’ population at the measurement date. Each year’s cash flow is discounted back to the measurement date based on the yield for the year of bonds in the published CitiGroup Pension Discount Curve. The discount rate chosen is the single rate that provides the same present value as the individually discounted cash flows. | |||||||||||||||||
The weighted-average assumptions used to determine the net periodic benefit costs under the two plans were as follows: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate used to determine pension expense | |||||||||||||||||
Pension Plan | 4 | % | 4.3 | % | 5.5 | % | |||||||||||
LaBarge Retirement Plan | 3.1 | % | 3.75 | % | 4.75 | % | |||||||||||
The weighted-average assumptions used to determine the benefit obligations under the two plans were as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate used to determine value of obligations | |||||||||||||||||
Pension Plan | 4.75 | % | 4 | % | 4.3 | % | |||||||||||
LaBarge Retirement Plan | 4 | % | 3.1 | % | 3.75 | % | |||||||||||
Long-term rate of return - Pension Plan only | 8 | % | 8.5 | % | 8.5 | % | |||||||||||
The following benefit payments under both plans, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Pension Plan | LaBarge | ||||||||||||||||
Retirement | |||||||||||||||||
Plan | |||||||||||||||||
2014 | $ | 957 | $ | 497 | |||||||||||||
2015 | 1,045 | 496 | |||||||||||||||
2016 | 1,072 | 493 | |||||||||||||||
2017 | 1,113 | 486 | |||||||||||||||
2018 | 1,201 | 476 | |||||||||||||||
Thereafter | 6,854 | 2,110 | |||||||||||||||
Our funding policy is to contribute cash to our plans so that the minimum contribution requirements established by government funding and taxing authorities are met. We expect to make contributions of $2.0 million to the plans in 2014. |
Indemnifications
Indemnifications | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Guarantees and Indemnifications [Abstract] | ' |
Indemnifications | ' |
Indemnifications | |
We have made guarantees and indemnities under which we may be required to make payments to a guaranteed or indemnified party, in relation to certain transactions, including revenue transactions in the ordinary course of business. In connection with certain facility leases, we have indemnified our lessors for certain claims arising from the facility or the lease. We indemnify our directors and officers to the maximum extent permitted under the laws of the State of Delaware. | |
However, we have a directors and officers insurance policy that may reduce our exposure in certain circumstances and may enable us to recover a portion of future amounts that may be payable, if any. The duration of the guarantees and indemnities varies and, in many cases is indefinite but subject to statute of limitations. The majority of guarantees and indemnities do not provide any limitations of the maximum potential future payments we could be obligated to make. Historically, payments related to these guarantees and indemnities have been immaterial. We estimate the fair value of our indemnification obligations as insignificant based on this history and insurance coverage and have, therefore, not recorded any liability for these guarantees and indemnities in the accompanying consolidated balance sheets. |
Leases
Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Leases | ' | |||
Leases | ||||
We lease certain facilities and equipment for periods ranging from one to nine years. The leases generally are renewable and provide for the payment of property taxes, insurance and other costs relative to the property. Rental expense in 2013, 2012 and 2011 was $7.9 million, $8.2 million and $7.3 million, respectively. Future minimum rental payments under operating leases having initial or remaining non-cancelable terms in excess of one year at December 31, 2013 were as follows: | ||||
(In thousands) | ||||
2014 | $ | 5,954 | ||
2015 | 5,156 | |||
2016 | 3,590 | |||
2017 | 1,651 | |||
2018 | 620 | |||
Thereafter | 486 | |||
Total | $ | 17,457 | ||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Our pre-tax income attributable to foreign operations is not material. The provision for income tax (benefit) expense consisted of the following: | |||||||||||||
(In thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current tax (benefit) expense | |||||||||||||
Federal | $ | (2,357 | ) | $ | 2,624 | $ | 2,133 | ||||||
State | 432 | (579 | ) | (223 | ) | ||||||||
(1,925 | ) | 2,045 | 1,910 | ||||||||||
Deferred tax (benefit) expense | |||||||||||||
Federal | 576 | 4,420 | (6,044 | ) | |||||||||
State | (344 | ) | (887 | ) | (608 | ) | |||||||
232 | 3,533 | (6,652 | ) | ||||||||||
Income tax (benefit) expense | $ | (1,693 | ) | $ | 5,578 | $ | (4,742 | ) | |||||
Deferred tax (liabilities) assets were composed of the following: | |||||||||||||
(In thousands) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Accrued expenses | $ | 428 | $ | 221 | |||||||||
Allowance for doubtful accounts | 183 | 177 | |||||||||||
Contract overrun reserves | 2,178 | 139 | |||||||||||
Deferred compensation | 141 | 164 | |||||||||||
Employment-related reserves | 2,982 | 2,657 | |||||||||||
Environmental reserves | 778 | 762 | |||||||||||
Federal tax credit carryforwards | 3,290 | 2,454 | |||||||||||
Inventory reserves | 5,519 | 1,942 | |||||||||||
Pension obligation | 2,297 | 4,445 | |||||||||||
Prepaid insurance | (666 | ) | 406 | ||||||||||
State net operating loss carryforwards | 995 | 818 | |||||||||||
State tax credit carryforwards | 3,887 | 3,253 | |||||||||||
Stock-based compensation | 3,077 | 4,012 | |||||||||||
Workers’ compensation | 121 | 35 | |||||||||||
Other | 1,355 | 1,208 | |||||||||||
26,565 | 22,693 | ||||||||||||
Depreciation | (6,182 | ) | (5,424 | ) | |||||||||
Goodwill | (8,819 | ) | (5,764 | ) | |||||||||
Intangibles | (62,777 | ) | (66,015 | ) | |||||||||
Unbilled receivables | (1,409 | ) | (1,251 | ) | |||||||||
Valuation allowance | (5,017 | ) | (4,120 | ) | |||||||||
Net deferred tax liabilities | $ | (57,639 | ) | $ | (59,881 | ) | |||||||
We have federal tax credit carryforwards of $3.3 million, which begin to expire in 2032. We have recorded benefits for those carryforwards expected to be utilized on tax returns filed in the future. | |||||||||||||
We have state tax credit carryforwards of $5.9 million, which begin to expire in 2017, and state net operating losses of $24.4 million, which begin to expire in 2016. We have recorded benefits for those carryforwards expected to be utilized on tax returns filed in the future. | |||||||||||||
We have established a valuation allowance for items that are not expected to provide future tax benefits. We believe it is more likely than not that we will generate sufficient taxable income to realize the benefit of the remaining deferred tax assets. | |||||||||||||
The principal reasons for the variation between the expected and effective tax rates were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35.00% | 35.00% | -35.00% | ||||||||||
State income taxes (net of federal benefit) | 2 | -2.8 | -2.2 | ||||||||||
Acquisition costs | — | — | 2 | ||||||||||
Benefit of qualified domestic production activities | -12.8 | -2.7 | -0.5 | ||||||||||
Benefit of research and development tax credits | -59.5 | -4.3 | -2.6 | ||||||||||
Goodwill impairment | — | — | 28.8 | ||||||||||
Increase in valuation allowance | 1.2 | 9.9 | — | ||||||||||
Non deductible book expenses | 2.2 | 0.6 | 0.2 | ||||||||||
Recognition of deferred tax assets | 11 | — | — | ||||||||||
Reduction of state effective tax rate | — | -7 | — | ||||||||||
Reduction of tax reserves | — | -4 | — | ||||||||||
Unremitted (losses) earnings of foreign subsidiary | -0.9 | 0.8 | 0.3 | ||||||||||
Other | -0.3 | -0.2 | -0.1 | ||||||||||
Effective income tax (benefit) rate | -22.10% | 25.30% | -9.10% | ||||||||||
The deduction for qualified domestic production activities is treated as a “special deduction” which has no effect on deferred tax assets and liabilities existing at the enactment date. Rather, the impact of this deduction is reported in our rate reconciliation. | |||||||||||||
We recorded an income tax benefit of $1.7 million (an effective tax benefit of 22.1%) in 2013, compared to an income tax expense of $5.6 million (an effective tax rate of 25.3%) in 2012. | |||||||||||||
The effective tax rate for 2013 included $2.0 million of 2012 federal research and development tax credit benefits recognized in the first quarter of 2013 as a result of the American Taxpayer Relief Act of 2012 (the “Act”), passed in January 2013. This Act includes an extension of the federal research and development tax credit for the amounts paid or incurred after December 31, 2011 and before January 1, 2014. We recognized total federal research and development tax credit benefits of $4.5 million in 2013. The effective tax rate for 2012 included no federal research and development tax credit benefits. The 2012 tax rate was impacted by a charge for a valuation allowance for state research and development tax credits of $2.2 million, partially offset by a $1.6 million tax benefit as a result of the LaBarge Acquisition, which allowed us to file state consolidated tax returns in 2012. The $2.2 million valuation allowance was the result of new state legislation passed in the fourth quarter of 2012. The new legislation reduces the amount of our income apportioned to California, thus reducing our ability to realize the benefits of the state research and development tax credits previously recorded. Currently, the federal research and development tax credit benefits have not been extended into 2014. We cannot predict whether such an extension will be granted. | |||||||||||||
We record the interest and penalty charge, if any, with respect to uncertain tax positions as a component of tax expense. During the three years ended December 31, 2013, 2012 and 2011, we recognized approximately zero, $(0.1) million and $0.1 million in interest expense (benefit) related to uncertain tax positions. We had approximately $0.1 million of interest and penalties accrued at both December 31, 2013 and 2012. | |||||||||||||
Our total amount of unrecognized tax benefits was approximately $2.6 million and $1.7 million at December 31, 2013 and 2012, respectively. Most of these amounts, if recognized, would affect the annual income tax rate. It is reasonably possible that the unrecognized tax benefits could be reduced by $0.2 million in the next twelve months. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: | |||||||||||||
(In thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Balance at January 1, | $ | 1,656 | $ | 2,194 | |||||||||
Additions based on tax positions related to the current year | 668 | 214 | |||||||||||
Additions for tax positions for prior years | 538 | 68 | |||||||||||
Reductions for tax positions for prior years | (265 | ) | (820 | ) | |||||||||
Balance at December 31, | $ | 2,597 | $ | 1,656 | |||||||||
Federal income tax returns after 2009, California franchise (income) tax returns after 2009 and other state income tax returns after 2009 are subject to examination. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Ducommun is a defendant in a lawsuit entitled United States of America ex rel Taylor Smith, Jeannine Prewitt and James Ailes v. The Boeing Company and Ducommun Inc., filed in the United States District Court for the District of Kansas (the “District Court”). The lawsuit is a qui tam action brought by three former The Boeing Company (“Boeing”) employees (“Relators”) against Boeing and Ducommun on behalf of the United States of America for violations of the United States False Claims Act. The lawsuit alleges that Ducommun sold unapproved parts to Boeing which were installed by Boeing in aircraft ultimately sold to the United States Government and that Boeing and Ducommun submitted or caused to be submitted false claims for payment relating to 21 aircraft sold by Boeing to the United States Government. The lawsuit seeks damages in an amount equal to three times the amount of damages the United States Government sustained because of the defendants’ actions, plus a civil penalty of $10 thousand for each false claim made on or before September 28, 1999, and $11 thousand for each false claim made on or after September 28, 1999, together with attorneys’ fees and costs. The Relators claim that the United States Government sustained damages of $1.6 billion (the contract purchase price of 21 aircraft) or, alternatively, $851 million (the alleged diminished value and increased maintenance cost of the 21 aircraft. After investigating the allegations, the United States Government has declined to intervene in the lawsuit. Ducommun and Boeing have filed motions for summary judgment to dismiss the lawsuit. The motions for summary judgment are pending before the District Court. Ducommun intends to defend itself vigorously against the lawsuit. Ducommun, at this time, is unable to estimate what, if any, liability it may have in connection with the lawsuit. | |
DAS has been directed by California environmental agencies to investigate and take corrective action for groundwater contamination at its facilities located in El Mirage and Monrovia, California. Based on currently available information, Ducommun has established a reserve for its estimated liability for such investigation and corrective action of approximately $1.5 million at December 31, 2013, which is reflected in other long-term liabilities on its consolidated balance sheet. | |
DAS also faces liability as a potentially responsible party for hazardous waste disposed at landfills located in Casmalia and West Covina, California. DAS and other companies and government entities have entered into consent decrees with respect to these landfills with the United States Environmental Protection Agency and/or California environmental agencies under which certain investigation, remediation and maintenance activities are being performed. Based on currently available information, Ducommun preliminarily estimates that the range of its future liabilities in connection with the landfill located in West Covina, California is between approximately $0.4 million and $3.1 million. Ducommun has established a reserve for its estimated liability, in connection with the West Covina landfill of approximately $0.4 million at December 31, 2013, which is reflected in other long-term liabilities on its consolidated balance sheet. Ducommun’s ultimate liability in connection with these matters will depend upon a number of factors, including changes in existing laws and regulations, the design and cost of construction, operation and maintenance activities, and the allocation of liability among potentially responsible parties. | |
In the normal course of business, Ducommun and its subsidiaries are defendants in certain other litigation, claims and inquiries, including matters relating to environmental laws. In addition, Ducommun makes various commitments and incurs contingent liabilities. While it is not feasible to predict the outcome of these matters, Ducommun does not presently expect that any sum it may be required to pay in connection with these matters would have a material adverse effect on its consolidated financial position, results of operations or cash flows. |
Major_Customers_and_Concentrat
Major Customers and Concentrations of Credit Risk | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disclosure of Major Customers and Concentrations of Credit Risk [Abstract] | ' | |||||||||
Major Customers and Concentrations of Credit Risk | ' | |||||||||
Major Customers and Concentrations of Credit Risk | ||||||||||
We provide proprietary products and services to the Department of Defense and various United States Government agencies, and most of the aerospace and aircraft manufacturers who receive contracts directly from the U.S. Government as an original equipment manufacturer (“prime manufacturers”). In addition, we also service technology-driven markets in the industrial, natural resources and medical and other end-use markets. As a result, we have significant net sales to certain customers. Sales to Boeing and Raytheon Company (“Raytheon”) were approximately ten percent or greater of total net sales for 2013. Accounts receivable were diversified over a number of different commercial, military and space programs and were made by both operating segments. Net sales to our top ten customers, including Boeing and Raytheon, represented the following percentages of total net sales: | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Boeing | 18 | % | 17 | % | 19 | % | ||||
Raytheon | 10 | % | 7 | % | 9 | % | ||||
Top ten customers | 57 | % | 54 | % | 58 | % | ||||
Boeing and Raytheon represented the following percentages of total accounts receivable: | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Boeing | 12 | % | 12 | % | ||||||
Raytheon | 8 | % | 10 | % | ||||||
In 2013, 2012 and 2011, sales to foreign customers worldwide, based upon the location of the customer, were $66.0 million, $52.1 million and $50.9 million, respectively. We have manufacturing facilities in Thailand and Mexico. The amounts of revenues, profitability and identifiable long-lived assets attributable to foreign sales activity were not material when compared with the revenue, profitability and identifiable assets attributed to United States domestic operations during 2013, 2012 and 2011. We had no sales to a foreign country greater than 3% of total sales in 2013, 2012 and 2011. We are not subject to any significant foreign currency risks since all sales are made in United States dollars. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Business Segment Information | ' | ||||||||||||
Business Segment Information | |||||||||||||
We supply products and services primarily to the aerospace and defense industries. Our subsidiaries are organized into two strategic businesses, DAS and DLT, each of which is a reportable operating segment. | |||||||||||||
Financial information by reportable operating segment was as follows: | |||||||||||||
(In thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net Sales | |||||||||||||
DAS | $ | 315,232 | $ | 309,982 | $ | 292,759 | |||||||
DLT | 421,418 | 437,055 | 288,155 | ||||||||||
Total Net Sales | $ | 736,650 | $ | 747,037 | $ | 580,914 | |||||||
Segment Operating Income (Loss) (1) | |||||||||||||
DAS (5) | $ | 18,122 | $ | 28,792 | $ | 25,798 | |||||||
DLT (2)(3) | 36,181 | 40,698 | (33,390 | ) | |||||||||
54,303 | 69,490 | (7,592 | ) | ||||||||||
Corporate General and Administrative Expenses (1)(2)(4) | (16,735 | ) | (14,677 | ) | (26,535 | ) | |||||||
Operating Income (Loss) | $ | 37,568 | $ | 54,813 | $ | (34,127 | ) | ||||||
Depreciation and Amortization Expenses | |||||||||||||
DAS | $ | 12,406 | $ | 10,313 | $ | 9,953 | |||||||
DLT | 18,346 | 18,934 | 11,445 | ||||||||||
Corporate Administration | 174 | 166 | 60 | ||||||||||
Total Depreciation and Amortization Expenses | $ | 30,926 | $ | 29,413 | $ | 21,458 | |||||||
Capital Expenditures | |||||||||||||
DAS | $ | 8,287 | $ | 7,950 | $ | 8,798 | |||||||
DLT | 5,000 | 7,809 | 5,454 | ||||||||||
Corporate Administration | 116 | 54 | 284 | ||||||||||
Total Capital Expenditures | $ | 13,403 | $ | 15,813 | $ | 14,536 | |||||||
-1 | Includes cost not allocated to either the DLT or DAS operating segments. | ||||||||||||
-2 | The 2012 and 2011 periods include merger-related transaction costs of $0.3 million and $12.4 million, respectively, in Corporate General and Administrative Expenses related to the LaBarge Acquisition. In addition, the 2012 and 2011 periods include $0.4 million and $3.7 million, respectively, in DLT resulting from a change-in-control provision for certain key executives and employees arising in connection with the LaBarge Acquisition. | ||||||||||||
-3 | Includes approximately $54.3 million of goodwill impairment expense in 2011. | ||||||||||||
-4 | The 2013, 2012 and 2011 periods include $1.2 million, $0.6 million and $0.5 million, respectively, of workers' compensation insurance expenses included in gross profit and not allocated to the operating segments. | ||||||||||||
-5 | The 2013 period includes $14.1 million in charges related to fourth quarter asset impairment charges of $5.7 million on the Embraer Legacy 450/500 contracts and $1.3 million on the Boeing 777 wing tip contract; forward loss reserves of $3.9 million on the Embraer Legacy 450/500 contracts and $1.3 million on the Boeing 777 wing tip contract; and inventory write-offs of $1.9 million on the Embraer Legacy 450/500 contracts. | ||||||||||||
Segment assets include assets directly identifiable with each segment. Corporate assets include assets not specifically identified with a business segment, including cash. The following table summarizes our segment assets for 2013 and 2012: | |||||||||||||
(In thousands) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Total Assets | |||||||||||||
DAS | $ | 241,502 | $ | 248,326 | |||||||||
DLT | 444,224 | 465,217 | |||||||||||
Corporate Administration | 78,473 | 66,546 | |||||||||||
Total Assets | $ | 764,199 | $ | 780,089 | |||||||||
Goodwill and Intangibles | |||||||||||||
DAS | $ | 65,213 | $ | 67,459 | |||||||||
DLT | 262,192 | 270,837 | |||||||||||
Total Goodwill and Intangibles | $ | 327,405 | $ | 338,296 | |||||||||
Supplemental_Quarterly_Financi
Supplemental Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Supplementary Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||||||||||||||
Supplemental Quarterly Financial Data (Unaudited) | |||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
31-Dec | 28-Sep | 29-Jun | 30-Mar | 31-Dec | 1-Oct | 30-Jun | 31-Mar | ||||||||||||||||||||||||||
Net Sales | $ | 187,975 | $ | 181,288 | $ | 191,472 | $ | 175,915 | $ | 193,892 | $ | 184,097 | $ | 184,705 | $ | 184,343 | |||||||||||||||||
Gross Profit | 19,944 | 32,304 | 37,316 | 32,853 | 35,450 | 35,580 | 35,951 | 34,471 | |||||||||||||||||||||||||
(Loss) Income Before Taxes | (6,980 | ) | 4,550 | 7,601 | 2,479 | 6,618 | 5,999 | 5,778 | 3,620 | ||||||||||||||||||||||||
Income Tax (Benefit) Expense | (2,476 | ) | (86 | ) | 2,097 | (1,228 | ) | 3,183 | 894 | 271 | 1,230 | ||||||||||||||||||||||
Net (Loss) Income | $ | (4,504 | ) | $ | 4,636 | $ | 5,504 | $ | 3,707 | $ | 3,435 | $ | 5,105 | $ | 5,507 | $ | 2,390 | ||||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||||||||||||||||||
Basic (loss) earnings per share | $ | (0.42 | ) | $ | 0.43 | $ | 0.52 | $ | 0.35 | $ | 0.32 | $ | 0.48 | $ | 0.52 | $ | 0.23 | ||||||||||||||||
Diluted (loss) earnings per share | $ | (0.42 | ) | $ | 0.42 | $ | 0.51 | $ | 0.35 | $ | 0.32 | $ | 0.48 | $ | 0.52 | $ | 0.23 | ||||||||||||||||
In the fourth quarter of 2013, we recorded charges of $14.1 million in the DAS segment related to the Embraer Legacy 450/500 and Boeing 777 wing tip contracts. The charges were comprised of asset impairment charges of $5.7 million on the Embraer Legacy 450/500 contracts and $1.3 million on the Boeing 777 wing tip contract; forward loss reserves of 3.9 million on the Embraer Legacy 450/500 contracts and $1.3 million on the Boeing 777 wing tip contract; and inventory write-offs of $1.9 million on the Embraer Legacy 450/500 contracts. | |||||||||||||||||||||||||||||||||
In the first quarter of 2013, we recognized an income tax benefit of $2.0 million related to the extension of federal research and development tax credit benefits under the American Taxpayer Relief Act of 2012. | |||||||||||||||||||||||||||||||||
In the fourth quarter of 2012, we recorded an income tax valuation allowance of $2.2 million related to unused California state research and development income tax credits upon passage of new state legislation during the quarter. | |||||||||||||||||||||||||||||||||
In the second quarter of 2012, we recognized an income tax benefit of $1.6 million as a result of the LaBarge Acquisition, which allowed us to file state consolidated tax returns in 2012. |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Valuation And Qualifying Accounts | ' | ||||||||||||||||||||
DUCOMMUN INCORPORATED | |||||||||||||||||||||
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | Charged to | Charged to Other | Deductions | Balance at End | ||||||||||||||||
Beginning | Costs and | Accounts | of Period | ||||||||||||||||||
of Period | Expenses | ||||||||||||||||||||
2013 | |||||||||||||||||||||
Allowance for | $ | 566 | $ | 430 | $ | — | $ | 507 | $ | 489 | |||||||||||
Doubtful Accounts | |||||||||||||||||||||
Valuation Allowance on Deferred Tax Assets | 4,120 | 999 | — | 102 | 5,017 | ||||||||||||||||
2012 | |||||||||||||||||||||
Allowance for | $ | 488 | $ | 115 | $ | — | $ | 37 | $ | 566 | |||||||||||
Doubtful Accounts | |||||||||||||||||||||
Valuation Allowance on Deferred Tax Assets | 2,008 | 2,182 | — | 70 | 4,120 | ||||||||||||||||
2011 | |||||||||||||||||||||
Allowance for | $ | 415 | $ | 126 | $ | 76 | $ | 129 | $ | 488 | |||||||||||
Doubtful Accounts(1) | |||||||||||||||||||||
Valuation Allowance on Deferred Tax Assets | 1,323 | 685 | — | — | 2,008 | ||||||||||||||||
-1 | The approximately $0.1 million charged to other accounts was related to acquisitions. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The consolidated financial statements include the accounts of Ducommun Incorporated and its subsidiaries (“Ducommun”, the “Company”, “we”, “us” or “our”), after eliminating intercompany balances and transactions. We have included the results of operations of acquired companies from the date of acquisition. | |
Our fiscal quarters end on the Saturday closest to the end of March, June and September for the first three fiscal quarters of each year, and ends on December 31 for our fourth fiscal quarter. | |
In the opinion of management, all adjustments, consisting of recurring accruals, have been made that are necessary to fairly state our consolidated financial position, results of operations, comprehensive income (loss) and cash flows in accordance with accounting principles generally accepted in the United States of America (“GAAP”). | |
Use of Estimates | ' |
Use of Estimates | |
Certain amounts and disclosures included in the consolidated financial statements required management to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | |
Description of Business | ' |
Description of Business | |
We are a leading global provider of engineering and manufacturing services for high-performance products and high-cost-of failure applications used primarily in the aerospace, defense industrial, natural resources, medical and other industries. Our subsidiaries are organized into two strategic businesses; Ducommun LaBarge Technologies and Ducommun AeroStructures, each of which is a reportable operating segment. Concurrent with the acquisition of LaBarge Inc. in June 2011, Ducommun LaBarge Technologies (“DLT”) was formed by the combination of our former Ducommun Technologies segment (“DTI”) and LaBarge Inc. (See Note 2). DLT designs, engineers and manufactures high-reliability products used in worldwide technology-driven markets including aerospace and defense, natural resources, industrial and medical and other end-use markets. DLT’s product offerings range from prototype development to complex assemblies. Ducommun AeroStructures (“DAS”) designs, engineers and manufactures large, complex contoured aerospace structural components and assemblies and supplies composite and metal bonded structures and assemblies. DAS’s products are used on commercial aircraft, military fixed-wing aircraft and military and commercial rotary-wing aircraft. All reportable operating segments follow the same accounting principles. | |
Cash Equivalents | ' |
Cash Equivalents | |
Cash equivalents consist of highly liquid instruments purchased with original maturities of three months or less. These assets are valued at cost, which approximates fair value, which we classify as Level 1. See Fair Value below. | |
Revenue Recognition | ' |
Revenue Recognition | |
Except as described below, we recognize revenue, including revenue from products sold under long-term contracts, when persuasive evidence of an arrangement exists, the price is fixed or determinable, collection is reasonably assured and delivery of products has occurred or services have been rendered. | |
We have a significant number of contracts for which net sales are accounted for under the percentage-of-completion method using the units of delivery as the measure of completion. The percentage-of-completion method requires the use of assumptions and estimates related to the contract value, the total cost at completion, and measurement of progress toward completion. These contracts are primarily fixed-price contracts that vary widely in terms of size, length of performance period and expected gross profit margins. | |
We also recognize revenue on the sale of services (including prototype products) based on the type of contract: time and materials, cost-plus reimbursement and firm-fixed price. Revenue is recognized (i) on time and materials contracts as time is spent at hourly rates, which are negotiated with customers, plus the cost of any allowable materials and out-of-pocket expenses, (ii) on cost-plus reimbursement contracts based on direct and indirect costs incurred plus a negotiated profit calculated as a percentage of cost, a fixed amount or a performance-based award fee, and (iii) on fixed-price contracts on the percentage-of-completion method measured by the percentage of costs incurred to estimated total costs. | |
Provision for Estimated Losses on Contracts | ' |
Provision for Estimated Losses on Contracts | |
We record provisions for the total anticipated losses on contracts considering total estimated costs to complete the contract compared to total anticipated revenues in the period in which such losses are identified. | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts | |
We maintain an allowance for doubtful accounts for estimated losses from the inability of customers to make required payments. The allowance for doubtful accounts is evaluated periodically based on the aging of accounts receivable, the financial condition of customers and their payment history, historical write-off experience and other assumptions, such as current assessment of economic conditions. | |
Inventory Valuation | ' |
Inventory Valuation | |
Inventories are stated at the lower of cost or market, cost being determined on a first-in, first-out basis. Market value for raw materials is based on replacement costs, and is based on net realizable value for other inventory classifications. Inventoried costs include raw materials, outside processing, direct labor and allocated overhead, adjusted for any abnormal amounts of idle facility expense, freight, handling costs, and wasted materials (spoilage) incurred. Costs under long-term contracts are accumulated into, and removed from, inventory on the same basis as other contracts. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. We maintain an allowance for potentially excess and obsolete inventories and inventories that are carried at costs that are higher than their estimated net realizable values. | |
Out of Period Adjustments | ' |
Out of Period Adjustments | |
During the fourth quarter of 2013, we determined that approximately $5.0 million in deferred income tax assets on the 2012 consolidated balance sheet should have been reduced with an offsetting decrease of approximately $2.5 million in accrued liabilities and a decrease of approximately $2.5 million in deferred income tax liabilities. We assessed the materiality of these errors and concluded they were immaterial to currently reported annual amounts and previously reported annual and interim amounts. However, we have revised our consolidated financial statements for the prior annual and interim periods in this Form 10-K. | |
During the third quarter of 2013, we determined that approximately $1.1 million of inventory had not been valued correctly at our DLT operating segment for periods originating in 2010 through the second quarter of 2013. The errors were attributed to the following quarters; $0.3 million in Q2 2010, $0.5 million in Q2 2011, $0.1 million in Q4 2012, $0.1 million in Q1 2013 and $0.1 million in Q2 2013. We assessed the materiality of these errors and concluded they were immaterial to currently reported annual amounts and previously reported annual and interim amounts. We corrected the errors in the third quarter of 2013 and recorded a $1.1 million charge for inventory reserves for the DLT operating segment and did not restate our consolidated financial statements for the prior annual or interim periods. | |
During the fourth quarter of 2012, we determined that approximately $0.4 million of operating expenses originating in 2005 through 2012 had been accrued in error. We assessed the materiality of this accrual reversal and concluded it was immaterial to currently reported annual amounts and previously reported annual and interim amounts. We corrected the error in the fourth quarter and did not restate our consolidated financial statements for the prior annual or interim periods. | |
During the first quarter of 2012, we determined that approximately $0.4 million of engineering research and development costs had been capitalized in error in inventory in prior periods. We assessed the materiality of this error and concluded it was immaterial to currently reported annual amounts and previously reported annual and interim amounts. We corrected the error in the first quarter of 2012 and did not restate our consolidated financial statements for the prior annual or interim periods. | |
Production Cost of Contracts | ' |
Production Cost of Contracts | |
Production cost of contracts includes non-recurring production costs, such as design and engineering costs, and tooling and other special-purpose machinery necessary to build parts as specified in a contract. Production costs of contracts are recorded to cost of goods sold using the units of delivery method. We review long-lived assets within production costs of contracts for impairment on an annual basis (in the fourth quarter for us) or when events or changes in circumstances indicate that the carrying value of our long-lived assets may not be recoverable. An impairment charge is recognized when the carrying value of an asset exceeds the projected undiscounted future cash flows expected from its use and disposal. In the fourth quarter of 2013, we recorded an impairment charge in the DAS segment on production costs of contracts of $7.0 million, consisting of $5.7 million for the Embraer Legacy 450/500 aircraft contracts, and $1.3 million for the Boeing 777 wing tip contract. The impairment charge reflects a determination that the production cost of contracts for the Boeing 777 wing tip contract and the Embraer Legacy 450/500 contracts are not recoverable since these contracts are estimated to be unprofitable during their remaining terms. The impairment charge represents the entire remaining balance of production cost of contracts for these contracts. The $7.0 million charge was recorded as part of cost of goods sold in the Company’s results of operations and a reduction in production cost of contracts on the Company’s balance sheet. As of December 31, 2013 and 2012, production costs of contracts were $11.6 million and $18.0 million, respectively. | |
Property and Equipment and Depreciation | ' |
Property and Equipment and Depreciation | |
Property and equipment, including assets recorded under capital leases, are recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, or the lease term if shorter for leasehold improvements. Repairs and maintenance are charged to expense as incurred. We evaluate long-lived assets for recoverability considering undiscounted cash flows, when significant changes in conditions occur, and recognize impairment losses if any, based upon the fair value of the assets. | |
Fair Value | ' |
Fair Value | |
Assets and liabilities that are measured, recorded or disclosed at fair value on a recurring basis are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1, the highest level, refers to the values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant observable inputs. Level 3, the lowest level, includes fair values estimated using significant unobservable inputs. | |
Goodwill | ' |
Goodwill and Indefinite-Lived Intangible Asset | |
Goodwill is tested for impairment utilizing a two-step method. In the first step, we determine the fair value of the reporting unit using expected future discounted cash flows and market valuation approaches considering comparable Company revenue and Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) multiples. If the carrying value of the reporting unit exceeds its fair value, we then perform the second step of the impairment test to measure the amount of the impairment loss, if any. The second step requires fair valuation of all the reporting unit’s assets and liabilities in a manner similar to a purchase price allocation, with any residual fair value being allocated to goodwill. This residual fair value of goodwill is then compared to its carrying value to determine impairment. An impairment charge will be recognized only when the estimated fair value of a reporting unit, including goodwill, is less than its carrying value. | |
We review our indefinite-lived intangible asset for impairment on an annual basis or when events or changes in circumstances indicate that the carrying value of our intangible asset may not be recoverable. We may first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. Impairment indicators include, but are not limited to, cost factors, financial performance, adverse legal or regulatory developments, industry and market conditions and general economic conditions. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, we would recognize an impairment loss in the amount of such excess. | |
Income Taxes | ' |
Income Taxes | |
Deferred tax assets and liabilities are recognized, using enacted tax rates, for the expected future tax consequences of temporary differences between the book and tax bases of recorded assets and liabilities, operating losses and tax credit carryforwards. Deferred tax assets are evaluated quarterly and are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |
Tax positions taken or expected to be taken in a tax return are recognized when it is more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. | |
Litigation and Commitments | ' |
Litigation and Commitments | |
In the normal course of business, we are defendants in certain litigation, claims and inquiries, including matters relating to environmental laws. In addition, we make various commitments and incur contingent liabilities. Management’s estimates regarding contingent liabilities could differ from actual results. | |
Environmental Liabilities | ' |
Environmental Liabilities | |
Environmental liabilities are recorded when environmental assessments and/or remedial efforts are probable and costs can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or our commitment to a formal plan of action. Further, we review and update our environmental accruals as circumstances change and/or additional information is obtained that reasonably could be expected to have a meaningful effect on the outcome of a matter or the estimated cost thereof. | |
Accounting for Stock-Based Compensation | ' |
Accounting for Stock-Based Compensation | |
We measure and recognize compensation expense for share-based payment transactions in the financial statements at their estimated fair value. The expense is measured at the grant date, based on the calculated fair value of the share-based award, and is recognized over the requisite service period (generally the vesting period of the equity award). The fair value of the awards are determined using the Black-Scholes valuation model, which requires assumptions and judgments regarding stock price volatility, risk-free interest rates, expected options terms, and options that are expected to be forfeited. Management’s estimates could differ from actual results. | |
Other Intangible Assets | ' |
Other Intangible Assets | |
We amortize purchased other intangible assets with finite lives over the estimated economic lives of the assets, ranging from three to eighteen years generally using the straight-line method. The value of other intangibles acquired through business combinations has been estimated using present value techniques which involve estimates of future cash flows. We evaluate other intangible assets for recoverability considering undiscounted cash flows, when significant changes in conditions occur, and recognizes impairment losses, if any, based upon the estimated fair value of the assets. | |
Earnings per Share | ' |
Earnings Per Share | |
Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding in each period. Diluted earnings per share are computed by dividing income available to common shareholders plus income associated with dilutive securities by the weighted-average number of common shares outstanding, plus any potential dilutive shares that could be issued if exercised or converted into common stock in each period. | |
Comprehensive Income | ' |
Accumulated Other Comprehensive Loss | |
Accumulated other comprehensive loss, as reflected in the consolidated balance sheets under the equity section, was composed of cumulative pension and retirement liability adjustments, net of tax. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
New Accounting Guidance Adopted in 2013 | |
In December 2013, the Financial Accounting Standards Board (the “FASB”) issued guidance to include the definition of a public business entity for future use in GAAP. The amendment does not affect existing requirements and does not have an actual effective date. We adopted this new guidance upon issuance but the adoption did not have any effect on our consolidated financial statements. | |
In February 2013, the FASB issued guidance to improve the reporting of reclassifications out of accumulated other comprehensive income/loss. The new guidance requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income/loss on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, cross-reference to other disclosures that provide additional detail is required. Early adoption is permitted. We adopted this new guidance effective January 1, 2013. This guidance affects disclosures only. | |
In January 2013, the FASB issued guidance clarifying the scope of disclosures about offsetting assets and liabilities and requires retrospective application for all periods presented. We adopted this new guidance effective January 1, 2013. The adoption of this new guidance did not have any effect on our condensed consolidated financial statements. In December 2011, the FASB issued guidance enhancing disclosure requirements about the nature of an entity’s right to offset and related arrangements associated with its financial instruments and derivative instruments. The new guidance requires the disclosure of the gross amounts subject to rights of set-off, amounts offset in accordance with the accounting standards followed, and the related net exposure. The new guidance requires retrospective application for all comparable periods presented. We adopted this new guidance effective January 1, 2013. The adoption of this new guidance did not have any effect on our condensed consolidated financial statements. | |
New Accounting Guidance Not Yet Adopted | |
In July 2013, the FASB issued guidance that requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. This guidance will be effective for fiscal years beginning after December 15, 2013, which will be our fiscal year 2014, with early adoption permitted. We currently expect the adoption of this guidance will reduce deferred tax assets by approximately $2.1 million. | |
In February 2013, the FASB issued guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, except for obligations addressed within existing guidance in GAAP. The new guidance will be effective for us beginning January 1, 2014. Early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on our condensed consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Weighted Average Number of Shares Outstanding Used to Compute Earnings Per Share | ' | ||||||||||||
The net earnings (loss), weighted-average number of common shares outstanding used to compute earnings per share were as follows: | |||||||||||||
(In thousands, except per share data) | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net earnings (loss) (a) | $ | 9,343 | $ | 16,437 | $ | (47,583 | ) | ||||||
Weighted-average number of common shares outstanding | |||||||||||||
Basic weighted-average common shares outstanding (b) | 10,695 | 10,580 | 10,536 | ||||||||||
Dilutive potential common shares | 157 | 48 | — | ||||||||||
Diluted weighted-average common shares outstanding (c) | 10,852 | 10,628 | 10,536 | ||||||||||
Earnings (Loss) per share | |||||||||||||
Basic (a/b) | $ | 0.87 | $ | 1.55 | $ | (4.52 | ) | ||||||
Diluted (a/c) | $ | 0.86 | $ | 1.55 | $ | (4.52 | ) | ||||||
Weighted Average Number of Shares Outstanding Excluded from Computation of Diluted Earnings | ' | ||||||||||||
Potentially dilutive stock options and stock units to purchase common stock, as shown below, were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive. However, these shares may be potentially dilutive common shares in the future. | |||||||||||||
(In thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Stock options and stock units | 410 | 983 | 706 | ||||||||||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Pro Forma Consolidated Operating Results | ' | ||||
The following table presents our unaudited pro forma consolidated operating results for 2011, as if the LaBarge Acquisition had occurred as of January 1, 2011: | |||||
(In thousands) | |||||
Year Ended December 31, | |||||
2011 | |||||
Net sales | $ | 744,366 | |||
Net loss | $ | (39,737 | ) | ||
Basic loss per share | $ | (3.77 | ) | ||
Diluted loss per share | $ | (3.77 | ) |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories consisted of the following: | |||||||||
(In thousands) | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Raw materials and supplies | $ | 75,985 | $ | 84,545 | |||||
Work in process | 62,115 | 67,132 | |||||||
Finished goods | 11,580 | 13,031 | |||||||
149,680 | 164,708 | ||||||||
Less progress payments | 9,173 | 16,390 | |||||||
Total | $ | 140,507 | $ | 148,318 | |||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Summary of Property and Equipment | ' | ||||||||||
Property and equipment, net consisted of the following: | |||||||||||
(In thousands) | Range of | ||||||||||
December 31, | Estimated | ||||||||||
2013 | 2012 | Useful Lives | |||||||||
Land | $ | 14,669 | $ | 14,643 | |||||||
Buildings and improvements | 44,971 | 45,816 | 5 - 40 Years | ||||||||
Machinery and equipment | 128,344 | 121,033 | 2 - 20 Years | ||||||||
Furniture and equipment | 26,088 | 26,181 | 2 - 10 Years | ||||||||
Construction in progress | 9,085 | 7,142 | |||||||||
223,157 | 214,815 | ||||||||||
Less accumulated depreciation | 127,067 | 116,432 | |||||||||
Total | $ | 96,090 | $ | 98,383 | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||||
The carrying amounts of goodwill, by operating segment, for the years ended December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Ducommun | Ducommun | Consolidated | ||||||||||||||||||||||||
AeroStructures | LaBarge | Ducommun | ||||||||||||||||||||||||
Technologies | ||||||||||||||||||||||||||
Gross goodwill | $ | 57,243 | $ | 184,970 | $ | 242,213 | ||||||||||||||||||||
Accumulated goodwill impairment | — | (80,273 | ) | (80,273 | ) | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 57,243 | $ | 104,697 | $ | 161,940 | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 57,243 | $ | 104,697 | $ | 161,940 | ||||||||||||||||||||
Other Intangible Assets | ' | |||||||||||||||||||||||||
The fair value of other intangible assets was determined by management and consisted of the following: | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||
Wtd. Avg Life | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||||
Finite-lived assets | ||||||||||||||||||||||||||
Customer relationships | 18 | $ | 164,500 | $ | 33,853 | $ | 130,647 | $ | 164,500 | $ | 23,460 | $ | 141,040 | |||||||||||||
Trade names | 10 | 3,400 | 2,720 | 680 | 3,400 | 2,380 | 1,020 | |||||||||||||||||||
Contract renewal | 14 | 1,845 | 967 | 878 | 1,845 | 835 | 1,010 | |||||||||||||||||||
Technology | 15 | 400 | 78 | 322 | 400 | 51 | 349 | |||||||||||||||||||
Total | $ | 170,145 | $ | 37,618 | $ | 132,527 | $ | 170,145 | $ | 26,726 | $ | 143,419 | ||||||||||||||
The carrying amount of other intangible assets by operating segment as of December 31, 2013 and 2012 was as follows: | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||
Amortization | Carrying | Amortization | Carrying | |||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||
Other intangible assets | ||||||||||||||||||||||||||
Ducommun AeroStructures | $ | 19,300 | $ | 11,330 | $ | 7,970 | $ | 19,300 | $ | 9,084 | $ | 10,216 | ||||||||||||||
Ducommun LaBarge Technologies | 150,845 | 26,288 | 124,557 | 150,845 | 17,642 | 133,203 | ||||||||||||||||||||
Total | $ | 170,145 | $ | 37,618 | $ | 132,527 | $ | 170,145 | $ | 26,726 | $ | 143,419 | ||||||||||||||
Summary of Future Amortization Expense | ' | |||||||||||||||||||||||||
Future amortization expense by operating segment is expected to be as follows: | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Ducommun | Ducommun | Consolidated | ||||||||||||||||||||||||
AeroStructures | LaBarge | Ducommun | ||||||||||||||||||||||||
Technologies | ||||||||||||||||||||||||||
2014 | $ | 1,717 | $ | 8,644 | $ | 10,361 | ||||||||||||||||||||
2015 | 1,386 | 8,646 | 10,032 | |||||||||||||||||||||||
2016 | 1,123 | 8,304 | 9,427 | |||||||||||||||||||||||
2017 | 907 | 8,306 | 9,213 | |||||||||||||||||||||||
2018 | 737 | 8,305 | 9,042 | |||||||||||||||||||||||
Thereafter | 2,100 | 82,352 | 84,452 | |||||||||||||||||||||||
$ | 7,970 | $ | 124,557 | $ | 132,527 | |||||||||||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Summary of Accrued Liabilities | ' | ||||||||
The components of accrued liabilities consisted of the following: | |||||||||
(In thousands) | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Accrued compensation | $ | 19,929 | $ | 25,828 | |||||
Accrued income tax and sales tax | 1,451 | 1,280 | |||||||
Customer deposits | 3,236 | 5,653 | |||||||
Interest payable | 8,965 | 8,972 | |||||||
Provision for forward loss reserves | 4,825 | 531 | |||||||
Other | 7,047 | 7,920 | |||||||
Total | $ | 45,453 | $ | 50,184 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long Term Debt Summary | ' | ||||||||
Long-term debt and the current period interest rates were as follows: | |||||||||
(In thousands) | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Senior unsecured notes (fixed 9.75%) | $ | 200,000 | $ | 200,000 | |||||
Senior secured term loan (floating 4.75%) | 132,625 | 162,625 | |||||||
Promissory note (fixed 5.0%) and other debt (fixed 5.41%) | 77 | 3,119 | |||||||
Total Debt | 332,702 | 365,744 | |||||||
Less current portion | 25 | 3,042 | |||||||
Total long-term debt | $ | 332,677 | $ | 362,702 | |||||
Weighted-average interest rate | 7.76 | % | 7.82 | % | |||||
Future Long Term Debt Payments | ' | ||||||||
Future long-term debt payments at December 31, 2013 were as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 25 | |||||||
2015 | 26 | ||||||||
2016 | 26 | ||||||||
2017 | 132,625 | ||||||||
2018 | 200,000 | ||||||||
Total | $ | 332,702 | |||||||
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Assumptions Used for Estimating Fair Value of Share Based Payments | ' | |||||||||||||||||||||
The following table presents the weighted-average assumptions used to estimate the fair value of the share based payment awards granted in the periods presented: | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Risk-free interest rate | 1.44 | % | 0.59 | % | 1.47 | % | ||||||||||||||||
Expected volatility | 53.89 | % | 57.05 | % | 42.28 | % | ||||||||||||||||
Expected life in months | 66 | 66 | 66 | |||||||||||||||||||
Weighted-average fair value of grants | $ | 10.95 | $ | 4.95 | $ | 8.84 | ||||||||||||||||
Summary of Option Activity | ' | |||||||||||||||||||||
Option activity during the three years ended December 31, 2013 was as follows: | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Number | Weighted- | Number | Weighted- | Number | Weighted- | |||||||||||||||||
of Shares | Average | of Shares | Average | of Shares | Average | |||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||
Outstanding at January 1, | 1,026,588 | $ | 18.69 | 978,688 | $ | 20.89 | 929,850 | $ | 20.65 | |||||||||||||
Options granted | 190,500 | 22.42 | 222,100 | 9.81 | 224,000 | 21.61 | ||||||||||||||||
Options exercised | (437,937 | ) | 20.05 | — | — | (79,937 | ) | 19.42 | ||||||||||||||
Options forfeited | (77,150 | ) | 22.35 | (174,200 | ) | 19.7 | (95,225 | ) | 21.55 | |||||||||||||
Outstanding at December 31, | 702,001 | $ | 18.46 | 1,026,588 | $ | 18.69 | 978,688 | $ | 20.89 | |||||||||||||
Exerciseable at December 31, | 245,750 | $ | 19.74 | 568,985 | $ | 21.46 | 530,262 | $ | 21.52 | |||||||||||||
Available for grant at December 31, | 111,343 | 78,350 | 230,950 | |||||||||||||||||||
Changes in Nonvested Stock Options | ' | |||||||||||||||||||||
Changes in nonvested stock options for the year ended December 31, 2013 were as follows: | ||||||||||||||||||||||
Number | Weighted- | |||||||||||||||||||||
of Shares | Average | |||||||||||||||||||||
Grant Date | ||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||
Per Share | ||||||||||||||||||||||
Nonvested at January 1, 2013 | 457,603 | $ | 6.49 | |||||||||||||||||||
Granted | 190,500 | 10.95 | ||||||||||||||||||||
Vested | (161,527 | ) | 6.69 | |||||||||||||||||||
Forfeited | (30,325 | ) | 7.11 | |||||||||||||||||||
Nonvested at December 31, 2013 | 456,251 | $ | 8.24 | |||||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Pension Cost | ' | ||||||||||||||||
The components of net periodic pension cost for both plans are as follows: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Service cost | $ | 843 | $ | 749 | $ | 523 | |||||||||||
Interest cost | 1,160 | 1,167 | 1,043 | ||||||||||||||
Expected return on plan assets | (1,222 | ) | (1,060 | ) | (1,053 | ) | |||||||||||
Amortization of actuarial losses | 1,093 | 1,147 | 430 | ||||||||||||||
Net periodic pension cost | $ | 1,874 | $ | 2,003 | $ | 943 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The components of the reclassifications of net actuarial losses from accumulated other comprehensive loss to net income for 2013 were as follows: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | |||||||||||||||||
Amortization of actuarial loss - total before tax (1) | $ | 1,093 | |||||||||||||||
Tax benefit | (408 | ) | |||||||||||||||
Net of tax | $ | 685 | |||||||||||||||
-1 | The amortization expense is included in the computation of periodic pension cost and is a decrease to net income upon reclassification from accumulated other comprehensive loss. | ||||||||||||||||
Obligation and Funded Status of Defined Benefit Pension Plan and Retirement Plan | ' | ||||||||||||||||
The obligations and funded status of both plans are as follows: | |||||||||||||||||
(In thousands) | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Change in benefit obligation(1) | |||||||||||||||||
Beginning benefit obligation (January 1) | $ | 31,142 | $ | 28,605 | |||||||||||||
Service cost | 843 | 749 | |||||||||||||||
Interest cost | 1,160 | 1,167 | |||||||||||||||
Actuarial (gain) loss | (3,372 | ) | 1,633 | ||||||||||||||
Benefits paid | (1,335 | ) | (1,012 | ) | |||||||||||||
Ending benefit obligation (December 31) | $ | 28,438 | $ | 31,142 | |||||||||||||
Change in plan assets | |||||||||||||||||
Beginning fair value of plan assets (January 1) | $ | 14,687 | $ | 11,945 | |||||||||||||
Return on assets | 2,509 | 1,513 | |||||||||||||||
Employer contribution | 2,506 | 2,241 | |||||||||||||||
Benefits paid | (1,335 | ) | (1,012 | ) | |||||||||||||
Ending fair value of plan assets (December 31) | $ | 18,367 | $ | 14,687 | |||||||||||||
Funded status (under funded) | $ | (10,071 | ) | $ | (16,455 | ) | |||||||||||
Amounts recognized in the consolidated balance sheet | |||||||||||||||||
Current liabilities | $ | 497 | $ | 672 | |||||||||||||
Non-current liabilities | $ | 9,574 | $ | 15,783 | |||||||||||||
Unrecognized loss included in accumulated other comprehensive loss | |||||||||||||||||
Beginning unrecognized loss, before tax (January 1) | $ | 11,934 | $ | 11,902 | |||||||||||||
Amortization | (1,093 | ) | (1,147 | ) | |||||||||||||
Liability (gain) loss | (3,372 | ) | 1,633 | ||||||||||||||
Asset (gain) loss | (1,286 | ) | (454 | ) | |||||||||||||
Ending unrecognized loss, before tax (December 31) | $ | 6,183 | $ | 11,934 | |||||||||||||
Tax impact | (2,321 | ) | (4,466 | ) | |||||||||||||
Unrecognized loss included in accumulated other comprehensive loss, net of tax | $ | 3,862 | $ | 7,468 | |||||||||||||
Prepaid benefit cost included in other assets | $ | 1,135 | $ | 913 | |||||||||||||
Accrued benefit cost included in other liabilities | $ | 5,024 | $ | 5,433 | |||||||||||||
-1 | Projected benefit obligation equals the accumulated benefit obligation for the plans. | ||||||||||||||||
Company's Pension Plan Asset Allocation, by Asset Category | ' | ||||||||||||||||
Our Pension Plan asset allocations at December 31, 2013 and 2012, by asset category, were as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Equity securities | 78 | % | 74 | % | |||||||||||||
Cash and equivalents | 4 | % | 20 | % | |||||||||||||
Debt securities | 18 | % | 6 | % | |||||||||||||
Total(1) | 100 | % | 100 | % | |||||||||||||
-1 | Our overall investment strategy is to achieve an asset allocation within the following ranges to achieve an appropriate rate of return relative to risk | ||||||||||||||||
Asset Allocation Target | ' | ||||||||||||||||
Cash | 0-25% | ||||||||||||||||
Fixed income securities | 0-50% | ||||||||||||||||
Equities | 50-95% | ||||||||||||||||
Summary of Return on Plan Asset | ' | ||||||||||||||||
(In thousands) | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash and other investments | $ | 716 | $ | — | $ | — | $ | 716 | |||||||||
Fixed income securities | 3,328 | — | — | 3,328 | |||||||||||||
Equities(1) | 10,674 | 3,649 | — | 14,323 | |||||||||||||
Total | $ | 14,718 | $ | 3,649 | $ | — | $ | 18,367 | |||||||||
(In thousands) | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash and other investments | $ | 2,905 | $ | — | $ | — | $ | 2,905 | |||||||||
Fixed income securities | — | 860 | — | 860 | |||||||||||||
Equities(1) | 8,441 | 2,481 | — | 10,922 | |||||||||||||
Total | $ | 11,346 | $ | 3,341 | $ | — | $ | 14,687 | |||||||||
-1 | Represents mutual funds and commingled accounts which invest primarily in equities, but may also hold fixed income securities, cash and other investments. | ||||||||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost | ' | ||||||||||||||||
The weighted-average assumptions used to determine the net periodic benefit costs under the two plans were as follows: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate used to determine pension expense | |||||||||||||||||
Pension Plan | 4 | % | 4.3 | % | 5.5 | % | |||||||||||
LaBarge Retirement Plan | 3.1 | % | 3.75 | % | 4.75 | % | |||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligation | ' | ||||||||||||||||
The weighted-average assumptions used to determine the benefit obligations under the two plans were as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate used to determine value of obligations | |||||||||||||||||
Pension Plan | 4.75 | % | 4 | % | 4.3 | % | |||||||||||
LaBarge Retirement Plan | 4 | % | 3.1 | % | 3.75 | % | |||||||||||
Long-term rate of return - Pension Plan only | 8 | % | 8.5 | % | 8.5 | % | |||||||||||
Expected Future Benefit Payments Under Pension Plans | ' | ||||||||||||||||
The following benefit payments under both plans, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Pension Plan | LaBarge | ||||||||||||||||
Retirement | |||||||||||||||||
Plan | |||||||||||||||||
2014 | $ | 957 | $ | 497 | |||||||||||||
2015 | 1,045 | 496 | |||||||||||||||
2016 | 1,072 | 493 | |||||||||||||||
2017 | 1,113 | 486 | |||||||||||||||
2018 | 1,201 | 476 | |||||||||||||||
Thereafter | 6,854 | 2,110 | |||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Future Minimum Rental Payments Under Operating Leases | ' | |||
Future minimum rental payments under operating leases having initial or remaining non-cancelable terms in excess of one year at December 31, 2013 were as follows: | ||||
(In thousands) | ||||
2014 | $ | 5,954 | ||
2015 | 5,156 | |||
2016 | 3,590 | |||
2017 | 1,651 | |||
2018 | 620 | |||
Thereafter | 486 | |||
Total | $ | 17,457 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Summary of Provision for Income Tax Expense (Benefit) | ' | ||||||||||||
The provision for income tax (benefit) expense consisted of the following: | |||||||||||||
(In thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current tax (benefit) expense | |||||||||||||
Federal | $ | (2,357 | ) | $ | 2,624 | $ | 2,133 | ||||||
State | 432 | (579 | ) | (223 | ) | ||||||||
(1,925 | ) | 2,045 | 1,910 | ||||||||||
Deferred tax (benefit) expense | |||||||||||||
Federal | 576 | 4,420 | (6,044 | ) | |||||||||
State | (344 | ) | (887 | ) | (608 | ) | |||||||
232 | 3,533 | (6,652 | ) | ||||||||||
Income tax (benefit) expense | $ | (1,693 | ) | $ | 5,578 | $ | (4,742 | ) | |||||
Summary of Deferred Tax Assets (Liabilities) | ' | ||||||||||||
Deferred tax (liabilities) assets were composed of the following: | |||||||||||||
(In thousands) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Accrued expenses | $ | 428 | $ | 221 | |||||||||
Allowance for doubtful accounts | 183 | 177 | |||||||||||
Contract overrun reserves | 2,178 | 139 | |||||||||||
Deferred compensation | 141 | 164 | |||||||||||
Employment-related reserves | 2,982 | 2,657 | |||||||||||
Environmental reserves | 778 | 762 | |||||||||||
Federal tax credit carryforwards | 3,290 | 2,454 | |||||||||||
Inventory reserves | 5,519 | 1,942 | |||||||||||
Pension obligation | 2,297 | 4,445 | |||||||||||
Prepaid insurance | (666 | ) | 406 | ||||||||||
State net operating loss carryforwards | 995 | 818 | |||||||||||
State tax credit carryforwards | 3,887 | 3,253 | |||||||||||
Stock-based compensation | 3,077 | 4,012 | |||||||||||
Workers’ compensation | 121 | 35 | |||||||||||
Other | 1,355 | 1,208 | |||||||||||
26,565 | 22,693 | ||||||||||||
Depreciation | (6,182 | ) | (5,424 | ) | |||||||||
Goodwill | (8,819 | ) | (5,764 | ) | |||||||||
Intangibles | (62,777 | ) | (66,015 | ) | |||||||||
Unbilled receivables | (1,409 | ) | (1,251 | ) | |||||||||
Valuation allowance | (5,017 | ) | (4,120 | ) | |||||||||
Net deferred tax liabilities | $ | (57,639 | ) | $ | (59,881 | ) | |||||||
Principle Reasons for Variation Between Expected and Effective Tax Rate | ' | ||||||||||||
The principal reasons for the variation between the expected and effective tax rates were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35.00% | 35.00% | -35.00% | ||||||||||
State income taxes (net of federal benefit) | 2 | -2.8 | -2.2 | ||||||||||
Acquisition costs | — | — | 2 | ||||||||||
Benefit of qualified domestic production activities | -12.8 | -2.7 | -0.5 | ||||||||||
Benefit of research and development tax credits | -59.5 | -4.3 | -2.6 | ||||||||||
Goodwill impairment | — | — | 28.8 | ||||||||||
Increase in valuation allowance | 1.2 | 9.9 | — | ||||||||||
Non deductible book expenses | 2.2 | 0.6 | 0.2 | ||||||||||
Recognition of deferred tax assets | 11 | — | — | ||||||||||
Reduction of state effective tax rate | — | -7 | — | ||||||||||
Reduction of tax reserves | — | -4 | — | ||||||||||
Unremitted (losses) earnings of foreign subsidiary | -0.9 | 0.8 | 0.3 | ||||||||||
Other | -0.3 | -0.2 | -0.1 | ||||||||||
Effective income tax (benefit) rate | -22.10% | 25.30% | -9.10% | ||||||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: | |||||||||||||
(In thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Balance at January 1, | $ | 1,656 | $ | 2,194 | |||||||||
Additions based on tax positions related to the current year | 668 | 214 | |||||||||||
Additions for tax positions for prior years | 538 | 68 | |||||||||||
Reductions for tax positions for prior years | (265 | ) | (820 | ) | |||||||||
Balance at December 31, | $ | 2,597 | $ | 1,656 | |||||||||
Major_Customers_and_Concentrat1
Major Customers and Concentrations of Credit Risk (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disclosure of Major Customers and Concentrations of Credit Risk [Abstract] | ' | |||||||||
Sales to Major Customers | ' | |||||||||
Net sales to our top ten customers, including Boeing and Raytheon, represented the following percentages of total net sales: | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Boeing | 18 | % | 17 | % | 19 | % | ||||
Raytheon | 10 | % | 7 | % | 9 | % | ||||
Top ten customers | 57 | % | 54 | % | 58 | % | ||||
Receivables from Customers | ' | |||||||||
Boeing and Raytheon represented the following percentages of total accounts receivable: | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Boeing | 12 | % | 12 | % | ||||||
Raytheon | 8 | % | 10 | % |
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Financial Information by Reportable Segment | ' | ||||||||||||
Financial information by reportable operating segment was as follows: | |||||||||||||
(In thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net Sales | |||||||||||||
DAS | $ | 315,232 | $ | 309,982 | $ | 292,759 | |||||||
DLT | 421,418 | 437,055 | 288,155 | ||||||||||
Total Net Sales | $ | 736,650 | $ | 747,037 | $ | 580,914 | |||||||
Segment Operating Income (Loss) (1) | |||||||||||||
DAS (5) | $ | 18,122 | $ | 28,792 | $ | 25,798 | |||||||
DLT (2)(3) | 36,181 | 40,698 | (33,390 | ) | |||||||||
54,303 | 69,490 | (7,592 | ) | ||||||||||
Corporate General and Administrative Expenses (1)(2)(4) | (16,735 | ) | (14,677 | ) | (26,535 | ) | |||||||
Operating Income (Loss) | $ | 37,568 | $ | 54,813 | $ | (34,127 | ) | ||||||
Depreciation and Amortization Expenses | |||||||||||||
DAS | $ | 12,406 | $ | 10,313 | $ | 9,953 | |||||||
DLT | 18,346 | 18,934 | 11,445 | ||||||||||
Corporate Administration | 174 | 166 | 60 | ||||||||||
Total Depreciation and Amortization Expenses | $ | 30,926 | $ | 29,413 | $ | 21,458 | |||||||
Capital Expenditures | |||||||||||||
DAS | $ | 8,287 | $ | 7,950 | $ | 8,798 | |||||||
DLT | 5,000 | 7,809 | 5,454 | ||||||||||
Corporate Administration | 116 | 54 | 284 | ||||||||||
Total Capital Expenditures | $ | 13,403 | $ | 15,813 | $ | 14,536 | |||||||
-1 | Includes cost not allocated to either the DLT or DAS operating segments. | ||||||||||||
-2 | The 2012 and 2011 periods include merger-related transaction costs of $0.3 million and $12.4 million, respectively, in Corporate General and Administrative Expenses related to the LaBarge Acquisition. In addition, the 2012 and 2011 periods include $0.4 million and $3.7 million, respectively, in DLT resulting from a change-in-control provision for certain key executives and employees arising in connection with the LaBarge Acquisition. | ||||||||||||
-3 | Includes approximately $54.3 million of goodwill impairment expense in 2011. | ||||||||||||
-4 | The 2013, 2012 and 2011 periods include $1.2 million, $0.6 million and $0.5 million, respectively, of workers' compensation insurance expenses included in gross profit and not allocated to the operating segments. | ||||||||||||
Segment Assets | ' | ||||||||||||
Corporate assets include assets not specifically identified with a business segment, including cash. The following table summarizes our segment assets for 2013 and 2012: | |||||||||||||
(In thousands) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Total Assets | |||||||||||||
DAS | $ | 241,502 | $ | 248,326 | |||||||||
DLT | 444,224 | 465,217 | |||||||||||
Corporate Administration | 78,473 | 66,546 | |||||||||||
Total Assets | $ | 764,199 | $ | 780,089 | |||||||||
Goodwill and Intangibles | |||||||||||||
DAS | $ | 65,213 | $ | 67,459 | |||||||||
DLT | 262,192 | 270,837 | |||||||||||
Total Goodwill and Intangibles | $ | 327,405 | $ | 338,296 | |||||||||
Supplemental_Quarterly_Financi1
Supplemental Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
31-Dec | 28-Sep | 29-Jun | 30-Mar | 31-Dec | 1-Oct | 30-Jun | 31-Mar | ||||||||||||||||||||||||||
Net Sales | $ | 187,975 | $ | 181,288 | $ | 191,472 | $ | 175,915 | $ | 193,892 | $ | 184,097 | $ | 184,705 | $ | 184,343 | |||||||||||||||||
Gross Profit | 19,944 | 32,304 | 37,316 | 32,853 | 35,450 | 35,580 | 35,951 | 34,471 | |||||||||||||||||||||||||
(Loss) Income Before Taxes | (6,980 | ) | 4,550 | 7,601 | 2,479 | 6,618 | 5,999 | 5,778 | 3,620 | ||||||||||||||||||||||||
Income Tax (Benefit) Expense | (2,476 | ) | (86 | ) | 2,097 | (1,228 | ) | 3,183 | 894 | 271 | 1,230 | ||||||||||||||||||||||
Net (Loss) Income | $ | (4,504 | ) | $ | 4,636 | $ | 5,504 | $ | 3,707 | $ | 3,435 | $ | 5,105 | $ | 5,507 | $ | 2,390 | ||||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||||||||||||||||||
Basic (loss) earnings per share | $ | (0.42 | ) | $ | 0.43 | $ | 0.52 | $ | 0.35 | $ | 0.32 | $ | 0.48 | $ | 0.52 | $ | 0.23 | ||||||||||||||||
Diluted (loss) earnings per share | $ | (0.42 | ) | $ | 0.42 | $ | 0.51 | $ | 0.35 | $ | 0.32 | $ | 0.48 | $ | 0.52 | $ | 0.23 | ||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | Jul. 09, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | Maximum | Minimum | Ducommun AeroStructures | Ducommun LaBarge Technologies | Ducommun LaBarge Technologies | Ducommun LaBarge Technologies | Ducommun LaBarge Technologies | Ducommun LaBarge Technologies | Ducommun LaBarge Technologies | Embraer Legacy 400/500 | Boeing 777 | Accrued Liabilities | Other Long-term Liabilities | Restatement Adjustment | |||||
Ducommun AeroStructures | Ducommun AeroStructures | ||||||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalent maturity period | ' | 'three months or less | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward loss provision | ' | $5,234,000 | $0 | $0 | ' | ' | ' | $5,200,000 | ' | ' | ' | ' | ' | ' | $3,900,000 | $1,300,000 | ' | ' | ' |
Provision for forward loss reserves | 531,000 | 4,825,000 | 531,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | 1,000,000 | ' |
Inventory write-down | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' |
Deferred income taxes | -5,474,000 | -10,850,000 | -5,474,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,000,000 |
Accrued liabilities | -50,184,000 | -45,453,000 | -50,184,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 |
Deferred Income Taxes | -65,355,000 | -68,489,000 | -65,355,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 |
Quantifying misstatement in current year financial statements, amount | 400,000 | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 100,000 | 100,000 | 100,000 | 500,000 | 300,000 | ' | ' | ' | ' | ' |
Inventory capitalized cost | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairments | ' | 6,975,000 | 0 | 0 | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | 5,700,000 | 1,300,000 | ' | ' | ' |
Production cost of contracts | 17,960,000 | 11,599,000 | 17,960,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit percentage | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life of intangible assets | ' | ' | ' | ' | ' | '18 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in deferred tax assets | ' | ($2,100,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Weighted Average Number of Shares Outstanding Used to Compute Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) (a) | ($4,504) | $4,636 | $5,504 | $3,707 | $3,435 | $5,105 | $5,507 | $2,390 | $9,343 | $16,437 | ($47,583) |
Weighted-average number of common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted-average common shares outstanding (b) | ' | ' | ' | ' | ' | ' | ' | ' | 10,695 | 10,580 | 10,536 |
Dilutive potential common shares | ' | ' | ' | ' | ' | ' | ' | ' | 157 | 48 | 0 |
Diluted weighted-average common shares outstanding (c) | ' | ' | ' | ' | ' | ' | ' | ' | 10,852 | 10,628 | 10,536 |
Earnings (Loss) Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.42) | $0.43 | $0.52 | $0.35 | $0.32 | $0.48 | $0.52 | $0.23 | $0.87 | $1.55 | ($4.52) |
Diluted (in dollars per share) | ($0.42) | $0.42 | $0.51 | $0.35 | $0.32 | $0.48 | $0.52 | $0.23 | $0.86 | $1.55 | ($4.52) |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Weighted Average Number of Shares Outstanding Excluded from Computation of Diluted Earnings (Detail) (Stock Options And Restricted Stock Units) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options And Restricted Stock Units | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Stock options and stock units | 410 | 983 | 706 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 28, 2011 | Dec. 31, 2011 | Apr. 02, 2011 |
La Barge | La Barge | Foam Matrix | |
Business Acquisition [Line Items] | ' | ' | ' |
Business acquired, net of cash acquired and excluding acquisition costs | $325.30 | ' | ' |
Acquisition funded of debt | 390 | ' | ' |
Acquisition expenses | ' | 16.1 | ' |
Unamortized financing cost write off | ' | 0.8 | ' |
Assets acquired | ' | ' | $0.40 |
Acquisition_Pro_Forma_Consolid
Acquisition - Pro Forma Consolidated Operating Results (Detail) (La Barge, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 |
La Barge | ' |
Business Acquisition, Pro Forma Information [Line Items] | ' |
Net sales | $744,366 |
Net loss | ($39,737) |
Basic loss per share (in dollars per share) | ($3.77) |
Diluted loss per share (in dollars per share) | ($3.77) |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and supplies | $75,985 | $84,545 |
Work in process | 62,115 | 67,132 |
Finished goods | 11,580 | 13,031 |
Inventory, Gross, Total | 149,680 | 164,708 |
Less progress payments | 9,173 | 16,390 |
Total | $140,507 | $148,318 |
Property_and_Equipment_Net_Sum
Property and Equipment, Net - Summary of Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | ||
Building Improvements | Machinery and Equipment | Furniture and Fixtures | Building Improvements | Machinery and Equipment | Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Land | $14,669 | $14,643 | ' | ' | ' | ' | ' | ' |
Buildings and improvements | 44,971 | 45,816 | ' | ' | ' | ' | ' | ' |
Machinery and equipment | 128,344 | 121,033 | ' | ' | ' | ' | ' | ' |
Furniture and equipment | 26,088 | 26,181 | ' | ' | ' | ' | ' | ' |
Construction in progress | 9,085 | 7,142 | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross, Total | 223,157 | 214,815 | ' | ' | ' | ' | ' | ' |
Less accumulated depreciation | 127,067 | 116,432 | ' | ' | ' | ' | ' | ' |
Total | $96,090 | $98,383 | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | ' | '5 years | '2 years | '2 years | '40 years | '20 years | '10 years |
Property_and_Equipment_Net_Pro
Property and Equipment, Net - Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation expense | $15.60 | $15.90 | $12.10 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Gross goodwill | ' | $242,213 |
Accumulated goodwill impairment | ' | -80,273 |
Goodwill | 161,940 | 161,940 |
Ducommun AeroStructures | ' | ' |
Goodwill [Line Items] | ' | ' |
Gross goodwill | ' | 57,243 |
Goodwill | 57,243 | 57,243 |
Ducommun LaBarge Technologies | ' | ' |
Goodwill [Line Items] | ' | ' |
Gross goodwill | ' | 184,970 |
Accumulated goodwill impairment | ' | -80,273 |
Goodwill | $104,697 | $104,697 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum | Maximum | Ducommun AeroStructures | Ducommun AeroStructures | La Barge | La Barge | Miltec | Trade Name Indefinite Life [Member] | Trade Name Indefinite Life [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment loss | $0 | $0 | $54,273,000 | ' | ' | ' | ' | $54,300,000 | ' | ' | ' | ' |
Goodwill | 161,940,000 | 161,940,000 | ' | ' | ' | 57,243,000 | 57,243,000 | ' | 96,300,000 | 8,400,000 | ' | ' |
Percentage exceeded from carrying value | ' | ' | ' | ' | ' | 12.00% | ' | ' | 11.00% | 15.00% | ' | ' |
Indefinite-lived intangible asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,900,000 | 32,900,000 |
Acquired intangible assets amortization period | ' | ' | ' | '3 years | '18 years | ' | ' | ' | ' | ' | ' | ' |
Amortization expense of intangible asset | $10,900,000 | $11,500,000 | $7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Carrying Amount of Other Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $170,145 | $170,145 |
Accumulated Amortization | 37,618 | 26,726 |
Net Carrying Amount | 132,527 | 143,419 |
Ducommun AeroStructures | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 19,300 | 19,300 |
Accumulated Amortization | 11,330 | 9,084 |
Net Carrying Amount | 7,970 | 10,216 |
Ducommun LaBarge Technologies | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 150,845 | 150,845 |
Accumulated Amortization | 26,288 | 17,642 |
Net Carrying Amount | 124,557 | 133,203 |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated useful life of intangible assets | '18 years | ' |
Gross Carrying Amount | 164,500 | 164,500 |
Accumulated Amortization | 33,853 | 23,460 |
Net Carrying Amount | 130,647 | 141,040 |
Trade names | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated useful life of intangible assets | '10 years | ' |
Gross Carrying Amount | 3,400 | 3,400 |
Accumulated Amortization | 2,720 | 2,380 |
Net Carrying Amount | 680 | 1,020 |
Contract renewal | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated useful life of intangible assets | '14 years | ' |
Gross Carrying Amount | 1,845 | 1,845 |
Accumulated Amortization | 967 | 835 |
Net Carrying Amount | 878 | 1,010 |
Technology | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated useful life of intangible assets | '15 years | ' |
Gross Carrying Amount | 400 | 400 |
Accumulated Amortization | 78 | 51 |
Net Carrying Amount | $322 | $349 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Future Amortization Expense of Other Intangible Assets (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2014 | $10,361 |
2015 | 10,032 |
2016 | 9,427 |
2017 | 9,213 |
2018 | 9,042 |
Thereafter | 84,452 |
Finite Lived Intangible Assets, Amortization Expense, Net, Total | 132,527 |
Ducommun AeroStructures | ' |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2014 | 1,717 |
2015 | 1,386 |
2016 | 1,123 |
2017 | 907 |
2018 | 737 |
Thereafter | 2,100 |
Finite Lived Intangible Assets, Amortization Expense, Net, Total | 7,970 |
Ducommun LaBarge Technologies | ' |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2014 | 8,644 |
2015 | 8,646 |
2016 | 8,304 |
2017 | 8,306 |
2018 | 8,305 |
Thereafter | 82,352 |
Finite Lived Intangible Assets, Amortization Expense, Net, Total | $124,557 |
Accrued_Liabilities_Summary_of
Accrued Liabilities - Summary of Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued compensation | $19,929 | $25,828 |
Accrued income tax and sales tax | 1,451 | 1,280 |
Customer deposits | 3,236 | 5,653 |
Interest payable | 8,965 | 8,972 |
Provision for forward loss reserves | 4,825 | 531 |
Other | 7,047 | 7,920 |
Total | $45,453 | $50,184 |
Long_Term_Debt_Summary_Detail
Long Term Debt - Summary (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long Term Debt [Line Items] | ' | ' |
Total Debt | $332,702 | $365,744 |
Less current portion | 25 | 3,042 |
Total long-term debt | 332,677 | 362,702 |
Weighted-average interest rate | 7.76% | 7.82% |
Senior Unsecured Notes | ' | ' |
Long Term Debt [Line Items] | ' | ' |
Long-Term Debt | 200,000 | 200,000 |
Senior Secured Term Loan | ' | ' |
Long Term Debt [Line Items] | ' | ' |
Long-Term Debt | 132,625 | 162,625 |
Promissory note and Other Debt | ' | ' |
Long Term Debt [Line Items] | ' | ' |
Long-Term Debt | $77 | $3,119 |
Long_Term_Debt_Summary_Parenth
Long Term Debt - Summary (Parenthetical) (Detail) | Dec. 31, 2013 |
Senior Unsecured Notes | ' |
Long Term Debt [Line Items] | ' |
Fixed rate, note | 9.75% |
Senior Secured Term Loan | ' |
Long Term Debt [Line Items] | ' |
Floating rate, note | 4.75% |
Promissory Note | ' |
Long Term Debt [Line Items] | ' |
Fixed rate, note | 5.00% |
Other Debt | ' |
Long Term Debt [Line Items] | ' |
Fixed rate, note | 5.41% |
LongTerm_Debt_Future_LongTerm_
Long-Term Debt - Future Long-Term Debt Payment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' | ' |
Total Debt | $332,702 | $365,744 |
Long-term Debt | ' | ' |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' | ' |
2014 | 25 | ' |
2015 | 26 | ' |
2016 | 26 | ' |
2017 | 132,625 | ' |
2018 | 200,000 | ' |
Total Debt | $332,702 | ' |
LongTerm_Debt_Additional_infor
Long-Term Debt - Additional information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
Mar. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 18, 2013 | Mar. 28, 2013 | Dec. 31, 2013 | Mar. 28, 2013 | Mar. 28, 2013 | Mar. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 23, 2013 | |
Maximum | LIBOR | Alternate Base Rate | Alternate Base Rate | Voluntary Principal Pre-Payments | Senior Unsecured Notes | Senior Secured Term Loan | Senior Secured Term Loan | Revolving Credit Facility | Promissory Notes | |||||||
Federal Funds Rate | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal pre-payment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,000,000 | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | 58,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' |
Interest rate, reduction | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate floor, reduction | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, floor rate | ' | ' | ' | ' | ' | ' | ' | 1.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis points | ' | ' | ' | ' | ' | ' | ' | 3.75% | 2.75% | 0.50% | ' | ' | ' | ' | ' | ' |
Financing and legal costs | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum quarterly principal payment amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 25,000,000 | ' | ' |
EBITDA adjusted | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum leverage ratio | ' | ' | ' | ' | 0.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused borrowing capacity | ' | 58,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding standby letters of credit | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase credit facility | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.75% | ' | ' | ' | ' |
Purchase price percent equal to principal amount plus accrued and unpaid interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' |
Repayments of debt | ' | 33,024,000 | 26,478,000 | 1,276,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 |
Fair value debt | ' | $223,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Stock_Options_Additional_Infor
Stock Options - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of incentive plans | 2 | ' | ' |
Option vesting term | '4 years | ' | ' |
Unrecognized compensation cost related to stock option | $2.50 | ' | ' |
Weighted average period | '2 years 9 months 18 days | ' | ' |
Options vested | 702,001 | ' | ' |
Weighted average exercise price | $18.46 | ' | ' |
Weighted average contractual term | '4 years 7 months 6 days | ' | ' |
Aggregate intrinsic value | 8 | ' | ' |
Options exercisable | 245,750 | 568,985 | 530,262 |
Options exercisable, Weighted average exercise price | $19.74 | $21.46 | $21.52 |
Option exercisable, Weighted average remaining contractual term | '2 years 9 months 18 days | ' | ' |
Option exercisable, aggregate intrinsic value | 2.5 | ' | ' |
Cash received from the exercise of options | 8.8 | 0 | 1.6 |
Tax benefits realized for the tax deductions from options exercised | 1.4 | 0.3 | 0.3 |
Aggregate intrinsic value of stock options exercised | 3.7 | 0.8 | 0.7 |
Total fair value of options expensed before tax benefits | $2.40 | $2.30 | $2.40 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of market value | 100.00% | ' | ' |
Stock options exercisable period maximum | '10 years | ' | ' |
Stock_Options_Assumptions_Used
Stock Options - Assumptions Used for Estimating Fair Value of Share Based Payment Award (Detail) (Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 1.44% | 0.59% | 1.47% |
Expected volatility | 53.89% | 57.05% | 42.28% |
Expected life in months | '66 months | '66 months | '66 months |
Weighted-average fair value of grants | $10.95 | $4.95 | $8.84 |
Stock_Options_Option_Activity_
Stock Options - Option Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Number of Shares | ' | ' | ' |
Outstanding Beginning Balance | 1,026,588 | 978,688 | 929,850 |
Options granted | 190,500 | 222,100 | 224,000 |
Options exercised | -437,937 | 0 | -79,937 |
Options forfeited | -77,150 | -174,200 | -95,225 |
Outstanding Ending Balance | 702,001 | 1,026,588 | 978,688 |
Exercisable at end of period | 245,750 | 568,985 | 530,262 |
Available for grant at December 31 | 111,343 | 78,350 | 230,950 |
Weighted-Average Exercise Price | ' | ' | ' |
Beginning Balance | $18.69 | $20.89 | $20.65 |
Options granted | $22.42 | $9.81 | $21.61 |
Options exercised | $20.05 | $0 | $19.42 |
Options forfeited | $22.35 | $19.70 | $21.55 |
Ending Balance | $18.45 | $18.69 | $20.89 |
Exercisable at end of period | $19.74 | $21.46 | $21.52 |
Stock_Options_Changes_in_Nonve
Stock Options - Changes in Nonvested Stock Options (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Number of Shares | ' |
Nonvested beginning balance | 457,603 |
Granted | 190,500 |
Vested | -161,527 |
Forfeited | -30,325 |
Nonvested ending balance | 456,251 |
Weighted- Average Grant Date Fair Value Per Share | ' |
Nonvested beginning balance | $6.49 |
Granted | $10.95 |
Vested | $6.69 |
Forfeited | $7.11 |
Nonvested ending balance | $8.24 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |
CompensationPlan | Third Plan | Third Plan | First plan covers all employees, other than employees of Miltec | Second plan covers only the employees at the Company's Miltec | Minimum | Maximum | Scenario, Forecast [Member] | |||
Deferred Compensation Plan | Deferred Compensation Plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of unfunded supplemental retirement plans | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability for LaBarge Deferred Compensation Plan | ' | ' | ' | $400,000 | $300,000 | ' | ' | ' | ' | ' |
Interest on LaBarge Deferred Compensation Plan | ' | ' | ' | 2,000,000 | 2,100,000 | ' | ' | ' | ' | ' |
Accumulated benefit obligations | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of company sponsored 401(K) defined contribution plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution by employee towards defined benefit plan | ' | ' | ' | ' | ' | 25.00% | 100.00% | ' | ' | ' |
Contribution by employer towards defined benefit plan | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Employee contribution compensation limit | ' | ' | ' | ' | ' | 6.00% | 5.00% | ' | ' | ' |
Percent of annual compensation | 3.00% | ' | ' | ' | ' | ' | ' | 0.00% | 7.00% | ' |
Provision for matching and profit sharing contribution | 3,100,000 | 3,800,000 | 3,400,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated net actuarial loss for the defined benefit pension plan | 685,000 | 720,000 | 270,000 | ' | ' | ' | ' | ' | ' | 400,000 |
Accumulated benefit obligation | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension liability | 3,900,000 | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated employer Contribution to pension plan | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Pension Cost for Defined Benefit Pension Plan and Retirement Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Service cost | $843 | $749 | $523 |
Interest cost | 1,160 | 1,167 | 1,043 |
Expected return on plan assets | -1,222 | -1,060 | -1,053 |
Amortization of actuarial losses | 1,093 | 1,147 | 430 |
Net periodic pension cost | $1,874 | $2,003 | $943 |
Employee_Benefit_Plans_Reclass
Employee Benefit Plans - Reclassifications from Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | |
Amortization of actuarial loss and prior service costs-total before tax | $1,093 | [1] | ' | ' |
Tax benefit | -408 | -427 | -160 | |
Net of tax | $685 | $720 | $270 | |
[1] | The amortization expense is included in the computation of periodic pension cost and is a decrease to net income upon reclassification from accumulated other comprehensive loss. |
Employee_Benefit_Plans_Obligat
Employee Benefit Plans - Obligation and Funded Status of Defined Benefit Pension Plan and Retirement Plan (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Change in benefit obligation | ' | ' | ' | ||
Service cost | $843 | $749 | $523 | ||
Interest cost | 1,160 | 1,167 | 1,043 | ||
Change in plan assets | ' | ' | ' | ||
Fair value of plan assets at beginning of year | 14,687 | ' | ' | ||
Fair value of plan assets at end of year | 18,367 | 14,687 | ' | ||
Unrecognized loss included in accumulated other comprehensive loss | ' | ' | ' | ||
Amortization | 1,093 | 1,147 | 430 | ||
Defined Benefit Pension and Other Postretirement Plans | ' | ' | ' | ||
Change in benefit obligation | ' | ' | ' | ||
Benefit obligation at beginning of year | 31,142 | [1] | 28,605 | [1] | ' |
Service cost | 843 | [1] | 749 | [1] | ' |
Interest cost | 1,160 | [1] | 1,167 | [1] | ' |
Actuarial (gain) loss | -3,372 | [1] | 1,633 | [1] | ' |
Benefits paid | -1,335 | [1] | -1,012 | [1] | ' |
Ending benefit obligation (December 31) | 28,438 | 31,142 | [1] | ' | |
Change in plan assets | ' | ' | ' | ||
Fair value of plan assets at beginning of year | 14,687 | 11,945 | ' | ||
Return on assets | 2,509 | 1,513 | ' | ||
Employer contribution | 2,506 | 2,241 | ' | ||
Benefits paid | -1,335 | [1] | -1,012 | [1] | ' |
Fair value of plan assets at end of year | 18,367 | 14,687 | ' | ||
Funded status (under funded) | -10,071 | -16,455 | ' | ||
Amounts recognized in the consolidated balance sheet | ' | ' | ' | ||
Current liabilities | 497 | 672 | ' | ||
Non-current liabilities | 9,574 | 15,783 | ' | ||
Unrecognized loss included in accumulated other comprehensive loss | ' | ' | ' | ||
Unrecognized loss before tax, beginning balance | 11,934 | 11,902 | ' | ||
Amortization | -1,093 | -1,147 | ' | ||
Liability (gain) loss | -3,372 | 1,633 | ' | ||
Asset (gain) loss | -1,286 | -454 | ' | ||
Unrecognized loss before tax, ending balance | 6,183 | 11,934 | ' | ||
Tax impact | -2,321 | -4,466 | ' | ||
Unrecognized loss included in accumulated other comprehensive loss, net of tax | 3,862 | 7,468 | ' | ||
Prepaid benefit cost included in other assets | 1,135 | 913 | ' | ||
Accrued benefit cost included in other liabilities | $5,024 | $5,433 | ' | ||
[1] | Projected benefit obligation equals the accumulated benefit obligation for the plans. |
Employee_Benefit_Plans_Pension
Employee Benefit Plans - Pension Plan Asset Allocations (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Contribution Benefit Plans [Line Items] | ' | ' | ||
Plan Assets | 100.00% | [1] | 100.00% | [1] |
Equity securities | ' | ' | ||
Defined Contribution Benefit Plans [Line Items] | ' | ' | ||
Plan Assets | 78.00% | 74.00% | ||
Cash and equivalents | ' | ' | ||
Defined Contribution Benefit Plans [Line Items] | ' | ' | ||
Plan Assets | 4.00% | 20.00% | ||
Debt securities | ' | ' | ||
Defined Contribution Benefit Plans [Line Items] | ' | ' | ||
Plan Assets | 18.00% | 6.00% | ||
[1] | Our overall investment strategy is to achieve an asset allocation within the following ranges to achieve an appropriate rate of return relative to risk |
Employee_Benefit_Plans_Asset_A
Employee Benefit Plans - Asset Allocation Ranges (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Cash | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Minimum % | 0.00% |
Maximum % | 25.00% |
Fixed income securities | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Minimum % | 0.00% |
Maximum % | 50.00% |
Equity securities | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Minimum % | 50.00% |
Maximum % | 95.00% |
Employee_Benefit_Plans_Return_
Employee Benefit Plans - Return on Current and Target Asset Allocation (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Pension plan assets | $18,367 | $14,687 | ||
Cash and other investments | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Pension plan assets | 716 | 2,905 | ||
Fixed income securities | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Pension plan assets | 3,328 | 860 | ||
Equity securities | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Pension plan assets | 14,323 | [1] | 10,922 | [1] |
Level 1 | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Pension plan assets | 14,718 | 11,346 | ||
Level 1 | Cash and other investments | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Pension plan assets | 716 | 2,905 | ||
Level 1 | Fixed income securities | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Pension plan assets | 3,328 | ' | ||
Level 1 | Equity securities | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Pension plan assets | 10,674 | [1] | 8,441 | [1] |
Level 2 | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Pension plan assets | 3,649 | 3,341 | ||
Level 2 | Fixed income securities | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Pension plan assets | ' | 860 | ||
Level 2 | Equity securities | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Pension plan assets | $3,649 | [1] | $2,481 | [1] |
[1] | Represents mutual funds and commingled accounts which invest primarily in equities, but may also hold fixed income securities, cash and other investments. |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans - Weighted-average Assumptions Used to Determine Benefit Obligations (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Plan | ' | ' | ' |
Discount rate used to determine pension expense : | ' | ' | ' |
Discount rate | 4.00% | 4.30% | 5.50% |
Discount rate used to determine value of obligations | ' | ' | ' |
Discount rate | 4.75% | 4.00% | 4.30% |
Long term rate of return | 8.00% | 8.50% | 8.50% |
Retirement Plan | La Barge | ' | ' | ' |
Discount rate used to determine pension expense : | ' | ' | ' |
Discount rate | 3.10% | 3.75% | 4.75% |
Discount rate used to determine value of obligations | ' | ' | ' |
Discount rate | 4.00% | 3.10% | 3.75% |
Employee_Benefit_Plans_Future_
Employee Benefit Plans - Future Benefit Payments Under Pension Plans (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Plans | ' |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | ' |
2014 | $957 |
2015 | 1,045 |
2016 | 1,072 |
2017 | 1,113 |
2018 | 1,201 |
Thereafter | 6,854 |
Retirement Plan | La Barge | ' |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | ' |
2014 | 497 |
2015 | 496 |
2016 | 493 |
2017 | 486 |
2018 | 476 |
Thereafter | $2,110 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Lease term, Minimum | '1 year | ' | ' |
Lease term, Maximum | '9 years | ' | ' |
Lease rental expense | $7.90 | $8.20 | $7.30 |
Leases_Rental_Payments_Under_O
Leases - Rental Payments Under Operating Lease (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $5,954 |
2015 | 5,156 |
2016 | 3,590 |
2017 | 1,651 |
2018 | 620 |
Thereafter | 486 |
Total | $17,457 |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Provision (Benefit) for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ($2,357) | $2,624 | $2,133 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 432 | -579 | -223 |
Current Income Tax Expense (Benefit), Total | ' | ' | ' | ' | ' | ' | ' | ' | -1,925 | 2,045 | 1,910 |
Deferred tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 576 | 4,420 | -6,044 |
State | ' | ' | ' | ' | ' | ' | ' | ' | -344 | -887 | -608 |
Deferred Income Tax Expense (Benefit), Total | ' | ' | ' | ' | ' | ' | ' | ' | 232 | 3,533 | -6,652 |
Income tax (benefit) expense | ($2,476) | ($86) | $2,097 | ($1,228) | $3,183 | $894 | $271 | $1,230 | ($1,693) | $5,578 | ($4,742) |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Income Taxes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Accrued expenses | $428 | $221 |
Allowance for doubtful accounts | 183 | 177 |
Contract overrun reserves | 2,178 | 139 |
Deferred compensation | 141 | 164 |
Employment-related reserves | 2,982 | 2,657 |
Environmental reserves | 778 | 762 |
Federal tax credit carryforwards | 3,290 | 2,454 |
Inventory reserves | 5,519 | 1,942 |
Pension obligation | 2,297 | 4,445 |
Prepaid insurance | -666 | 406 |
State net operating loss carryforwards | 995 | 818 |
State tax credit carryforwards | 3,887 | 3,253 |
Stock-based compensation | 3,077 | 4,012 |
Workers’ compensation | 121 | 35 |
Other | 1,355 | 1,208 |
Deferred Tax Assets, Net of Valuation Allowance, Total | 26,565 | 22,693 |
Depreciation | -6,182 | -5,424 |
Goodwill | -8,819 | -5,764 |
Intangibles | -62,777 | -66,015 |
Unbilled receivables | -1,409 | -1,251 |
Valuation allowance | -5,017 | -4,120 |
Net deferred tax liabilities | ($57,639) | ($59,881) |
Income_Taxes_Variation_Between
Income Taxes - Variation Between Expected and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory federal income tax rate | 35.00% | 35.00% | -35.00% |
State income taxes (net of federal benefit) | 2.00% | -2.80% | -2.20% |
Acquisition costs | 0.00% | 0.00% | 2.00% |
Benefit of qualified domestic production activities | -12.80% | -2.70% | -0.50% |
Benefit of research and development tax credits | -59.50% | -4.30% | -2.60% |
Goodwill impairment | 0.00% | 0.00% | 28.80% |
Increase in valuation allowance | 1.20% | 9.90% | 0.00% |
Non deductible book expenses | 2.20% | 0.60% | 0.20% |
Recognition of deferred tax assets | 11.00% | 0.00% | 0.00% |
Reduction of state effective tax rate | 0.00% | -7.00% | 0.00% |
Reduction of tax reserves | 0.00% | -4.00% | 0.00% |
Unremitted (losses) earnings of foreign subsidiary | -0.90% | 0.80% | 0.30% |
Other | -0.30% | -0.20% | -0.10% |
Effective income tax (benefit) rate | -22.10% | 25.30% | -9.10% |
Income_Taxes_Schedule_of_Chang
Income Taxes - Schedule of Changes in Unrecognized Tax Benefit (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Beginning Balance | $1,656 | $2,194 |
Additions based on tax positions related to the current year | 668 | 214 |
Additions for tax positions for prior years | 538 | 68 |
Reductions for tax positions for prior years | -265 | -820 |
Ending Balance | $2,597 | $1,656 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal tax credit carryforwards | $3,290,000 | ' | ' | ' | $2,454,000 | ' | ' | ' | $3,290,000 | $2,454,000 | ' |
State tax credit carryforwards | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' |
State net operating loss | 24,400,000 | ' | ' | ' | ' | ' | ' | ' | 24,400,000 | ' | ' |
Income tax expense (benefit) | -2,476,000 | -86,000 | 2,097,000 | -1,228,000 | 3,183,000 | 894,000 | 271,000 | 1,230,000 | -1,693,000 | 5,578,000 | -4,742,000 |
Effective income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | -22.10% | 25.30% | -9.10% |
Tax credits for the year | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | 4,500,000 | 2,200,000 | ' |
Interest expense (benefit) related to uncertain tax positions | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -100,000 | 100,000 |
Interest and penalties accrued | 100,000 | ' | ' | ' | 100,000 | ' | ' | ' | 100,000 | 100,000 | ' |
Unrecognized tax benefits | 2,597,000 | ' | ' | ' | 1,656,000 | ' | ' | ' | 2,597,000 | 1,656,000 | 2,194,000 |
Unrecognized tax benefits, reductions | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' |
La Barge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | -1,600,000 | ' | ' | ' | ' |
Federal Research and Development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | ' | ' | ' | -2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Federal Tax Credit Carryforward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal tax credit carryforwards | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | $3,300,000 | ' | ' |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
AirCraft | |
Loss Contingencies [Line Items] | ' |
Number of Boeing aircraft subject to lawsuit | 21 |
Scenario 1 | ' |
Loss Contingencies [Line Items] | ' |
Estimate of possible loss | 1,600,000,000 |
Scenario 2 | ' |
Loss Contingencies [Line Items] | ' |
Estimate of possible loss | 851,000,000 |
For each false claim made on or before September 28, 1999 | ' |
Loss Contingencies [Line Items] | ' |
Civil penalty | 10,000 |
For each false claim made on or after September 28, 1999 | ' |
Loss Contingencies [Line Items] | ' |
Civil penalty | 11,000 |
Ducommun AeroStructures | El Mirage and Monrovia, California | ' |
Loss Contingencies [Line Items] | ' |
Reserve for estimated liability | 1,500,000 |
Ducommun AeroStructures | Casmalia and West Covina, California | ' |
Loss Contingencies [Line Items] | ' |
Reserve for estimated liability | 400,000 |
Possible Loss, minimum | 400,000 |
Possible Loss, maximum | 3,100,000 |
Major_Customers_and_Concentrat2
Major Customers and Concentrations of Credit Risk- Sales to Major Customers (Detail) (Customer Concentration Risk, Sales Revenue, Net) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Boeing | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Sales | 18.00% | 17.00% | 19.00% |
Raytheon | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Sales | 10.00% | 7.00% | 9.00% |
Top ten customers | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Sales | 57.00% | 54.00% | 58.00% |
Major_Customers_and_Concentrat3
Major Customers and Concentrations of Credit Risk - Receivables from Customers (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Boeing | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Trade receivables | $0.12 | $0.12 |
Raytheon | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Trade receivables | $0.08 | $0.10 |
Major_Customers_and_Concentrat4
Major Customers and Concentrations of Credit Risk - Additional Information (Detail) (Foreign Customers Worldwide, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Concentration Risk [Line Items] | ' | ' | ' |
Sales | $66 | $52.10 | $50.90 |
Maximum | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percentage of sales | 3.00% | 3.00% | 3.00% |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
Goodwill Impairment | $0 | $0 | $54,273 |
Ducommun LaBarge Technologies | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill Impairment | ' | ' | $54,300 |
Business_Segment_Information_F
Business Segment Information - Financial Information by Reportable Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Sales | $187,975 | $181,288 | $191,472 | $175,915 | $193,892 | $184,097 | $184,705 | $184,343 | $736,650 | $747,037 | $580,914 | ||||
Segment Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 54,303 | [1] | 69,490 | [1] | -7,592 | [1] | |
Corporate General and Administrative Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -16,735 | [1],[2],[3] | -14,677 | [1],[2],[3] | -26,535 | [1],[2],[3] | |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 37,568 | 54,813 | -34,127 | ||||
Depreciation and Amortization Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 30,926 | 29,413 | 21,458 | ||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 13,403 | 15,813 | 14,536 | ||||
Ducommun AeroStructures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 315,232 | 309,982 | 292,759 | ||||
Segment Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 18,122 | [1],[4] | 28,792 | [1],[4] | 25,798 | [1],[4] | |
Operating Income (Loss) | 14,100 | [1],[4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and Amortization Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 12,406 | 10,313 | 9,953 | ||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 8,287 | 7,950 | 8,798 | ||||
Ducommun LaBarge Technologies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 421,418 | 437,055 | 288,155 | ||||
Segment Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 36,181 | [1],[2],[5] | 40,698 | [1],[2],[5] | -33,390 | [1],[2],[5] | |
Depreciation and Amortization Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 18,346 | 18,934 | 11,445 | ||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 7,809 | 5,454 | ||||
Corporate Administration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Depreciation and Amortization Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 174 | 166 | 60 | ||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $116 | $54 | $284 | ||||
[1] | Includes cost not allocated to either the DLT or DAS operating segments. | ||||||||||||||
[2] | The 2012 and 2011 periods include merger-related transaction costs of $0.3 million and $12.4 million, respectively, in Corporate General and Administrative Expenses related to the LaBarge Acquisition. In addition, the 2012 and 2011 periods include $0.4 million and $3.7 million, respectively, in DLT resulting from a change-in-control provision for certain key executives and employees arising in connection with the LaBarge Acquisition. | ||||||||||||||
[3] | The 2013, 2012 and 2011 periods include $1.2 million, $0.6 million and $0.5 million, respectively, of workers' compensation insurance expenses included in gross profit and not allocated to the operating segments. | ||||||||||||||
[4] | The 2013 period includes $14.1 million in charges related to fourth quarter asset impairment charges of $5.7 million on the Embraer Legacy 450/500 contracts and $1.3 million on the Boeing 777 wing tip contract; forward loss reserves of $3.9 million on the Embraer Legacy 450/500 contracts and $1.3 million on the Boeing 777 wing tip contract; and inventory write-offs of $1.9 million on the Embraer Legacy 450/500 contracts. | ||||||||||||||
[5] | Includes approximately $54.3 million of goodwill impairment expense in 2011. |
Business_Segment_Information_F1
Business Segment Information - Financial Information by Reportable Segment (Parenthetical) (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||
Ducommun LaBarge Technologies | Ducommun LaBarge Technologies | Ducommun AeroStructures | Embraer Legacy 400/500 | Boeing 777 | |||||
Ducommun AeroStructures | Ducommun AeroStructures | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Business acquisition, transaction costs | ' | ' | ' | $300,000 | $12,400,000 | ' | ' | ' | |
Business acquisition, transaction costs, change-in-control provision | ' | ' | ' | 400,000 | 3,700,000 | ' | ' | ' | |
Goodwill impairment loss | 0 | 0 | 54,273,000 | ' | 54,300,000 | ' | ' | ' | |
Workers' compensation expense | 1,200,000 | 600,000 | 500,000 | ' | ' | ' | ' | ' | |
Operating income (loss) | 37,568,000 | 54,813,000 | -34,127,000 | ' | ' | 14,100,000 | [1],[2] | ' | ' |
Asset impairments | 6,975,000 | 0 | 0 | ' | ' | 7,000,000 | 5,700,000 | 1,300,000 | |
Forward loss provision | 5,234,000 | 0 | 0 | ' | ' | 5,200,000 | 3,900,000 | 1,300,000 | |
Inventory write-down | ' | ' | ' | ' | ' | ' | $1,900,000 | ' | |
[1] | Includes cost not allocated to either the DLT or DAS operating segments. | ||||||||
[2] | The 2013 period includes $14.1 million in charges related to fourth quarter asset impairment charges of $5.7 million on the Embraer Legacy 450/500 contracts and $1.3 million on the Boeing 777 wing tip contract; forward loss reserves of $3.9 million on the Embraer Legacy 450/500 contracts and $1.3 million on the Boeing 777 wing tip contract; and inventory write-offs of $1.9 million on the Embraer Legacy 450/500 contracts. |
Business_Segment_Information_S
Business Segment Information - Segment Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | $764,199 | $780,089 |
Goodwill and Intangibles | 327,405 | 338,296 |
Ducommun AeroStructures | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 241,502 | 248,326 |
Goodwill and Intangibles | 65,213 | 67,459 |
Ducommun LaBarge Technologies | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 444,224 | 465,217 |
Goodwill and Intangibles | 262,192 | 270,837 |
Corporate Administration | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | $78,473 | $66,546 |
Supplemental_Quarterly_Financi2
Supplemental Quarterly Financial Data (Unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $187,975 | $181,288 | $191,472 | $175,915 | $193,892 | $184,097 | $184,705 | $184,343 | $736,650 | $747,037 | $580,914 |
Gross Profit | 19,944 | 32,304 | 37,316 | 32,853 | 35,450 | 35,580 | 35,951 | 34,471 | 122,417 | 141,452 | 105,936 |
(Loss) Income Before Taxes | -6,980 | 4,550 | 7,601 | 2,479 | 6,618 | 5,999 | 5,778 | 3,620 | 7,650 | 22,015 | -52,325 |
Income Tax (Benefit) Expense | -2,476 | -86 | 2,097 | -1,228 | 3,183 | 894 | 271 | 1,230 | -1,693 | 5,578 | -4,742 |
Net Income (Loss) | ($4,504) | $4,636 | $5,504 | $3,707 | $3,435 | $5,105 | $5,507 | $2,390 | $9,343 | $16,437 | ($47,583) |
Earnings (Loss) Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings (loss) per share (in dollars per share) | ($0.42) | $0.43 | $0.52 | $0.35 | $0.32 | $0.48 | $0.52 | $0.23 | $0.87 | $1.55 | ($4.52) |
Diluted earnings (loss) per share (in dollars per share) | ($0.42) | $0.42 | $0.51 | $0.35 | $0.32 | $0.48 | $0.52 | $0.23 | $0.86 | $1.55 | ($4.52) |
Supplemental_Quarterly_Financi3
Supplemental Quarterly Financial Data (Unaudited) - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | $6,975,000 | $0 | $0 |
Forward loss provision | ' | ' | ' | ' | ' | ' | ' | ' | 5,234,000 | 0 | 0 |
Income tax expense (benefit) | -2,476,000 | -86,000 | 2,097,000 | -1,228,000 | 3,183,000 | 894,000 | 271,000 | 1,230,000 | -1,693,000 | 5,578,000 | -4,742,000 |
Tax credits for the year | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | 4,500,000 | 2,200,000 | ' |
La Barge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | -1,600,000 | ' | ' | ' | ' |
Ducommun AeroStructures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairments | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward loss provision | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Research and Development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | ' | ' | ' | -2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Embraer Legacy 400/500 | Ducommun AeroStructures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairments | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward loss provision | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory write-down | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Boeing 777 | Ducommun AeroStructures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairments | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward loss provision | $1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet1
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Allowance for Doubtful Accounts | ' | ' | ' | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |
Balance at Beginning of Period | $566 | $488 | $415 | |
Additions Charged to Costs and Expenses | 430 | 115 | 126 | |
Additions Charged to Other Accounts | ' | ' | 76 | [1] |
Deductions | 507 | 37 | 129 | |
Balance at End of Period | 489 | 566 | 488 | |
Valuation Allowance of Deferred Tax Assets | ' | ' | ' | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |
Balance at Beginning of Period | 4,120 | 2,008 | 1,323 | |
Additions Charged to Costs and Expenses | 999 | 2,182 | 685 | |
Deductions | 102 | 70 | ' | |
Balance at End of Period | $5,017 | $4,120 | $2,008 | |
[1] | The approximately $0.1 million charged to other accounts was related to acquisitions. |