Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 25, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'FOSTER L B CO | ' |
Entity Central Index Key | '0000352825 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 10,351,381 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Trading Symbol | 'fstr | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $87,555 | $64,623 |
Accounts receivable - net | 94,496 | 98,437 |
Inventories - net | 84,617 | 76,956 |
Current deferred tax assets | 461 | 461 |
Prepaid income tax | 674 | 4,741 |
Other current assets | 4,486 | 2,000 |
Current assets of discontinued operations | 19 | 149 |
Total current assets | 272,308 | 247,367 |
Property, plant and equipment, net | 53,979 | 50,109 |
Goodwill | 57,781 | 57,781 |
Other intangibles - net | 49,556 | 51,846 |
Investments | 4,896 | 5,090 |
Other assets | 1,432 | 1,461 |
Total Assets | 439,952 | 413,654 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 59,413 | 46,620 |
Deferred revenue | 8,345 | 5,715 |
Accrued payroll and employee benefits | 7,081 | 8,927 |
Accrued warranty | 9,594 | 7,483 |
Current maturities of long-term debt | 109 | 31 |
Current deferred tax liabilities | 179 | 179 |
Other accrued liabilities | 6,005 | 6,501 |
Liabilities of discontinued operations | ' | 26 |
Total Current Liabilities | 90,726 | 75,482 |
Long-term debt | 289 | 25 |
Deferred tax liabilities | 11,404 | 11,798 |
Other long-term liabilities | 9,815 | 9,952 |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock, par value $.01, authorized 20,000,000 shares; shares issued at June 30, 2014 and December 31, 2013, 11,115,779; shares outstanding at June 30, 2014 and December 31, 2013, 10,238,906 and 10,188,521 | 111 | 111 |
Paid-in capital | 47,045 | 47,239 |
Retained earnings | 308,252 | 298,361 |
Treasury stock - at cost, common stock, shares at June 30, 2014 and December 31, 2013 876,873 and 927,258 | -23,242 | -24,731 |
Accumulated other comprehensive loss | -4,448 | -4,583 |
Total stockholders' equity | 327,718 | 316,397 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $439,952 | $413,654 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Consolidated Balance Sheets | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common stock, issued shares | 11,115,779 | 11,115,779 |
Common Stock, Shares, Outstanding | 10,238,906 | 10,188,521 |
Treasury stock shares - at cost, Common Stock | 876,873 | 927,258 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements of Operations | ' | ' | ' | ' |
Net sales | $166,832 | $149,936 | $278,246 | $279,257 |
Cost of goods sold | 136,132 | 120,761 | 223,419 | 225,234 |
Gross profit | 30,700 | 29,175 | 54,827 | 54,023 |
Selling and administrative expenses | 19,599 | 17,951 | 37,624 | 35,081 |
Amortization expense | 1,172 | 700 | 2,313 | 1,401 |
Interest expense | 126 | 125 | 249 | 258 |
Interest income | -147 | -139 | -291 | -345 |
Equity in income of nonconsolidated investment | -142 | -420 | -346 | -596 |
Other income | -115 | -137 | -250 | -315 |
Total Operating Expenses | 20,493 | 18,080 | 39,299 | 35,484 |
Income from continuing operations before income taxes | 10,207 | 11,095 | 15,528 | 18,539 |
Income tax expense | 3,359 | 3,838 | 5,031 | 6,331 |
Income from continuing operations | 6,848 | 7,257 | 10,497 | 12,208 |
Discontinued operations: | ' | ' | ' | ' |
Income from discontinued operations before income taxes | 23 | 62 | 23 | 23 |
Income tax expense | 9 | 24 | 9 | 9 |
Income from discontinued operations | 14 | 38 | 14 | 14 |
Net income | $6,862 | $7,295 | $10,511 | $12,222 |
Basic earnings per common share: | ' | ' | ' | ' |
From continuing operations | $0.67 | $0.71 | $1.03 | $1.20 |
From discontinued operations | $0 | $0 | $0 | $0 |
Basic earnings per common share | $0.67 | $0.72 | $1.03 | $1.20 |
Diluted earnings per common share: | ' | ' | ' | ' |
From continuing operations | $0.66 | $0.71 | $1.02 | $1.19 |
From discontinued operations | $0 | $0 | $0 | $0 |
Diluted earnings per common share | $0.67 | $0.71 | $1.02 | $1.19 |
Dividends paid per common share | $0.03 | $0.03 | $0.06 | $0.06 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | $6,862 | $7,295 | $10,511 | $12,222 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 1,795 | -1,447 | 45 | -3,270 |
Reclassification of pension liability adjustments to earnings, net of tax expense: $26, $36 and $47, $72 | 49 | 70 | 90 | 139 |
Other comprehensive income (loss), net of tax | 1,844 | -1,377 | 135 | -3,131 |
Comprehensive income | $8,706 | $5,918 | $10,646 | $9,091 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Reclassification of pension liability adjustments to earnings, tax | $26 | $36 | $47 | $72 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Income from continuing operations | $10,497 | $12,208 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ' | ' |
Deferred income taxes | -419 | -444 |
Depreciation and amortization | 5,988 | 4,741 |
Equity in income of nonconsolidated investment | -346 | -596 |
Loss on sales and disposals of property, plant, and equipment | 12 | 49 |
Share-based compensation | 1,799 | 1,091 |
Excess tax benefit from share-based compensation | -283 | -133 |
Change in operating assets and liabilities, net of acquisitions: | ' | ' |
Accounts receivable | 4,184 | -19,700 |
Inventories | -7,595 | 7,994 |
Other current assets | -1,799 | -840 |
Prepaid income tax | 3,035 | -2,711 |
Other noncurrent assets | 107 | 148 |
Dividends from LB Pipe & Coupling Products, LLC | 540 | 468 |
Accounts payable | 13,091 | 2,214 |
Deferred revenue | 2,560 | 2,483 |
Accrued payroll and employee benefits | -1,857 | -2,766 |
Other current liabilities | 2,005 | -4,274 |
Other liabilities | 60 | -454 |
Net cash provided (used) by continuing operating activities | 31,579 | -522 |
Net cash provided by discontinued operations | 109 | 229 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Proceeds from the sale of property, plant, and equipment | 184 | ' |
Capital expenditures on property, plant and equipment | -7,682 | -3,126 |
Acquisition of business | -495 | ' |
Net cash used by continuing investing activities | -7,993 | -3,126 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayments of other long-term debt | -54 | -24 |
Proceeds from other long-term debt | 316 | ' |
Proceeds from exercise of stock options and stock awards | 131 | ' |
Treasury stock acquisitions | -918 | -610 |
Cash dividends on common stock paid to shareholders | -620 | -620 |
Excess income tax benefit from share-based compensation | 283 | 133 |
Net cash used by continuing financing activities | -862 | -1,121 |
Effect of exchange rate changes on cash and cash equivalents | 99 | -2,246 |
Net increase (decrease) in cash and cash equivalents | 22,932 | -6,786 |
Cash and cash equivalents at beginning of period | 64,623 | 101,464 |
Cash and cash equivalents at end of period | 87,555 | 94,678 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Interest paid | 177 | 175 |
Income taxes paid | $2,954 | $8,558 |
Financial_Statements
Financial Statements | 6 Months Ended |
Jun. 30, 2014 | |
Financial Statements [Abstract] | ' |
FINANCIAL STATEMENTS | ' |
1. FINANCIAL STATEMENTS | |
(Dollars in thousands, except share data) | |
Basis of Presentation | |
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all estimates and adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. However, actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. Amounts included in the balance sheet as of December 31, 2013 were derived from our audited balance sheet. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In this Quarterly Report on Form 10-Q, references to “Foster,” “we,” “us,” “our,” and the “Company” refer collectively to L.B. Foster and its consolidated subsidiaries. | |
Recently issued accounting standards | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606),” (“ASU 2014-09”), which supersedes the revenue recognition requirements in Accounting Standards Codification 605, “Revenue Recognition.” ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. We are currently evaluating the impact of ASU 2014-09 on our financial position and results of operations. | |
Business_Segments
Business Segments | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Segments [Abstract] | ' | ||||||||
BUSINESS SEGMENTS | ' | ||||||||
2. BUSINESS SEGMENTS | |||||||||
The Company is a leading manufacturer, fabricator, and distributor of products and services for rail, construction, energy, and utility markets. The Company is organized and evaluated by product group, which is the basis for identifying reportable segments. Each segment represents a revenue-producing component of the Company for which separate financial information is produced internally and is subject to evaluation by the Company’s chief operating decision maker in deciding how to allocate resources. Each segment is evaluated based upon their contribution to the Company’s consolidated results based upon segment profit. | |||||||||
The following tables illustrate revenues and profits from continuing operations of the Company by segment for the periods indicated: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
30-Jun-14 | 30-Jun-14 | ||||||||
Net | Segment | Net | Segment | ||||||
Sales | Profit | Sales | Profit | ||||||
Rail Products | $ | 107,484 | $ | 6,836 | $ | 180,980 | $ | 12,152 | |
Construction Products | 41,810 | 3,371 | 69,193 | 4,587 | |||||
Tubular Products | 17,538 | 2,726 | 28,073 | 3,312 | |||||
Total | $ | 166,832 | $ | 12,933 | $ | 278,246 | $ | 20,051 | |
Three Months Ended | Six Months Ended | ||||||||
30-Jun-13 | 30-Jun-13 | ||||||||
Net | Segment | Net | Segment | ||||||
Sales | Profit | Sales | Profit | ||||||
Rail Products | $ | 90,892 | $ | 5,835 | $ | 172,291 | $ | 12,036 | |
Construction Products | 43,697 | 2,056 | 80,508 | 2,518 | |||||
Tubular Products | 15,347 | 4,547 | 26,458 | 7,154 | |||||
Total | $ | 149,936 | $ | 12,438 | $ | 279,257 | $ | 21,708 | |
Segment profits from continuing operations, as shown above, include internal cost of capital charges for assets used in the segment at a rate of generally 1% per month. There has been no change in the measurement of segment profit from continuing operations from December 31, 2013. The internal cost of capital charges are eliminated during the consolidation process. | |||||||||
The following table provides a reconciliation of reportable segment net profit from continuing operations to the Company’s consolidated total: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Income for reportable segments | $ | 12,933 | $ | 12,438 | $ | 20,051 | $ | 21,708 | |
Interest expense | -126 | -125 | -249 | -258 | |||||
Interest income | 147 | 139 | 291 | 345 | |||||
Other income | 115 | 137 | 250 | 315 | |||||
LIFO income (expense) | 202 | -14 | 198 | -254 | |||||
Equity in income of nonconsolidated investment | 142 | 420 | 346 | 596 | |||||
Corporate expense, cost of capital elimination, and other unallocated charges | -3,206 | -1,900 | -5,359 | -3,913 | |||||
Income from continuing operations before income taxes | $ | 10,207 | $ | 11,095 | $ | 15,528 | $ | 18,539 | |
Acquisitions
Acquisitions | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Acquisitions [Abstract] | ' | |||||
ACQUISITION | ' | |||||
3. ACQUISITIONS | ||||||
During the prior year, the Company acquired substantially all of the assets and liabilities of Ball Winch, LLC (Ball Winch). Cash payments totaling $37,500 were made during 2013 and a post-closing working capital adjustment of $495 was paid in February 2014 resulting in a total purchase price of $37,995. Included within the purchase price was $3,300 which is held in escrow to satisfy any indemnity claims under the purchase agreement. The results of operations for Ball Winch are included in the Company’s Tubular segment for the six months ended June 30, 2014. | ||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition: | ||||||
7-Nov-13 | ||||||
Allocation of Purchase Price | Ball Winch Fair Value | |||||
Current assets | $ | 1,857 | ||||
Other assets | 64 | |||||
Property, plant, and equipment | 5,555 | |||||
Goodwill | 16,544 | |||||
Other intangibles | 14,682 | |||||
Current liabilities | -707 | |||||
Total | $ | 37,995 | ||||
The following table summarizes the estimates of the fair values and amortizable lives of the identifiable intangible assets acquired: | ||||||
Intangible Asset | 7-Nov-13 | Weighted Average Amortizable Life (years) | ||||
Ball Winch Fair Value | ||||||
Trade name | $ | 723 | 0.5 | 0.5 | ||
Technology | 11,129 | 7.5 | 7.5 | |||
Non-competition agreements | 2,830 | 1.0 | 1.0 | |||
Total identified intangible assets | $ | 14,682 | ||||
The Company continues to evaluate certain current liabilities assumed in the Ball Winch acquisition. If new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected their measurement, the Company will retrospectively adjust the amounts recognized as of the acquisition date. | ||||||
The Company has concluded that intangible assets and goodwill values resulting from this transaction will be deductible for tax purposes. | ||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | |||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||
4. GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||
The carrying amount of goodwill at June 30, 2014 and December 31, 2013 was $57,781, of which $38,026 is attributable to the Company's Rail Products segment, $3,211 to the Construction Products segment, and $16,544 to the Tubular Products segment. | ||||||||
The Company performs goodwill impairment tests at least annually. Qualitative factors are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than the carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test on an interim measurement date. No goodwill impairment test was required in connection with these evaluations for the six months ended June 30, 2014. The Company performs its annual evaluation of the carrying value of its goodwill during the fourth quarter. | ||||||||
As of June 30, 2014 and December 31, 2013, gross identified intangible assets of $44,455 are attributable to the Company’s Rail Products segment, $1,830 are attributable to the Construction Products segment, and $14,682 are attributable to the Tubular Products segment. | ||||||||
The components of the Company’s intangible assets are as follows: | ||||||||
30-Jun-14 | ||||||||
Weighted Average | Gross | Net | ||||||
Amortization Period | Carrying | Accumulated | Carrying | |||||
In Years | Value | Amortization | Amount | |||||
Non-compete agreements | 5 | $ | 2,860 | $ | -403 | $ | 2,457 | |
Patents | 10 | 639 | -228 | 411 | ||||
Customer relationships | 23 | 19,960 | -4,118 | 15,842 | ||||
Supplier relationships | 5 | 350 | -248 | 102 | ||||
Trademarks and trade names | 16 | 7,003 | -1,587 | 5,416 | ||||
Technology | 15 | 30,155 | -4,827 | 25,328 | ||||
$ | 60,967 | $ | -11,411 | $ | 49,556 | |||
31-Dec-13 | ||||||||
Weighted Average | Gross | Net | ||||||
Amortization Period | Carrying | Accumulated | Carrying | |||||
In Years | Value | Amortization | Amount | |||||
Non-compete agreements | 5 | $ | 2,860 | $ | -117 | $ | 2,743 | |
Patents | 10 | 639 | -201 | 438 | ||||
Customer relationships | 23 | 19,960 | -3,575 | 16,385 | ||||
Supplier relationships | 5 | 350 | -213 | 137 | ||||
Trademarks and trade names | 16 | 7,003 | -1,334 | 5,669 | ||||
Technology | 15 | 30,155 | -3,681 | 26,474 | ||||
$ | 60,967 | $ | -9,121 | $ | 51,846 | |||
Intangible assets are amortized over their useful lives ranging from 5 to 25 years, with a total weighted average amortization period of approximately 17 years. Amortization expense from continuing operations for the three-month periods ended June 30, 2014 and 2013 was $1,172 and $700, respectively. Amortization expense from continuing operations for the six-month periods ended June 30, 2014 and 2013 was $2,313 and $1,401, respectively. | ||||||||
Estimated amortization expense from continuing operations for the remainder of 2014 and the years 2015 and thereafter is as follows: | ||||||||
Amortization Expense | ||||||||
2014 | $ | 2,306 | ||||||
2015 | 4,337 | |||||||
2016 | 4,177 | |||||||
2017 | 4,178 | |||||||
2018 | 4,073 | |||||||
2019 and thereafter | 30,485 | |||||||
$ | 49,556 | |||||||
Accounts_Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2014 | |
Accounts Receivable [Abstract] | ' |
ACCOUNTS RECEIVABLE | ' |
5. ACCOUNTS RECEIVABLE | |
Credit is extended based upon an evaluation of the customer’s financial condition and while collateral is not required, the Company often receives surety bonds that guarantee payment. Credit terms are consistent with industry standards and practices. Trade accounts receivable from continuing operations at June 30, 2014 and December 31, 2013 have been | |
reduced by an allowance for doubtful accounts of $1,137 and $1,099, respectively. | |
Inventories
Inventories | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Inventories [Abstract] | ' | ||||
INVENTORIES | ' | ||||
6. INVENTORIES | |||||
Inventories of continuing operations of the Company at June 30, 2014 and December 31, 2013 are summarized in the following table: | |||||
June 30, | December 31, | ||||
2014 | 2013 | ||||
Finished goods | $ | 63,124 | $ | 55,166 | |
Work-in-process | 11,247 | 11,332 | |||
Raw materials | 19,075 | 19,485 | |||
Total inventories at current costs | 93,446 | 85,983 | |||
Less: LIFO reserve | -8,829 | -9,027 | |||
$ | 84,617 | $ | 76,956 | ||
Inventories of the Company’s continuing operations are generally valued at the lower of last-in, first-out (LIFO) cost or market. Other inventories of the Company are valued at average cost or market, whichever is lower. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time. Interim LIFO calculations are based on management’s estimates of expected year-end levels and costs. | |||||
Investments
Investments | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Investments [Abstract] | ' | ||||
INVESTMENTS | ' | ||||
7. INVESTMENTS | |||||
The Company is a member of a joint venture, LB Pipe & Coupling Products, LLC (JV), in which it maintains a 45% ownership interest. The JV manufactures, markets, and sells various precision coupling products for the energy, utility, and construction markets and is scheduled to terminate on June 30, 2019. | |||||
Under applicable guidance for variable interest entities in ASC 810, “Consolidation,” the Company determined that the JV is a variable interest entity. The Company concluded that it is not the primary beneficiary of the variable interest entity, as the Company does not have a controlling financial interest and does not have the power to direct the activities that most significantly impact the economic performance of the JV. Accordingly, the Company concluded that the equity method of accounting remains appropriate. | |||||
As of June 30, 2014 and December 31, 2013, the Company had a nonconsolidated equity method investment of $4,896 and $5,090, respectively. | |||||
The Company recorded equity in the income of the JV of approximately $142 and $420 for the three months ended June 30, 2014 and 2013, respectively. For the six months ended June 30, 2014 and 2013, the Company recorded equity in the income of the JV of approximately $346 and $596, respectively. During the three months ended June 30, 2014 and 2013 the Company received cash distributions of $450 and $90, respectively. Cash distributions of $540 and $468 were received for the six months ended June 30, 2014 and 2013. There were no changes to the Company’s 45% ownership interest as a result of the proportional distribution. | |||||
The Company’s exposure to loss results from its capital contributions, net of the Company’s share of the JV’s income or loss, and its net investment in the direct financing lease covering the facility used by the JV for its operations. The carrying amounts with the maximum exposure to loss of the Company at June 30, 2014 and December 31, 2013, respectively, are as follows: | |||||
June 30, | December 31, | ||||
2014 | 2013 | ||||
Equity method investment | $ | 4,896 | $ | 5,090 | |
Net investment in direct financing lease | 1,170 | 1,224 | |||
$ | 6,066 | $ | 6,314 | ||
The Company is leasing five acres of land and two facilities to the JV through June 30, 2019, with a 5.5 year renewal period. In November 2012, the Company executed the first amendment to its lease with the JV. The amendment included the addition of a second facility built by the Company that is now leased to the JV. As a result of the amendment, monthly rent over the term of the lease increased by approximately $7. The current monthly lease payments approximate $17, with a balloon payment of approximately $488, which is required to be paid either at the termination of the lease, allocated over the renewal period, or during the initial term of the lease. This lease qualifies as a direct financing lease under the applicable guidance in ASC 840-30, “Leases.” The Company maintained a net investment in this direct financing lease of approximately $1,170 and $1,224 at June 30, 2014 and December 31, 2013, respectively. | |||||
The following is a schedule of the direct financing minimum lease payments for the remainder of 2014 and the years 2015 and thereafter: | |||||
Minimum Lease Payments | |||||
2014 | $ | 60 | |||
2015 | 122 | ||||
2016 | 131 | ||||
2017 | 140 | ||||
2018 | 150 | ||||
2019 and thereafter | 567 | ||||
$ | 1,170 | ||||
Deferred_Revenue
Deferred Revenue | 6 Months Ended |
Jun. 30, 2014 | |
Deferred Revenue [Abstract] | ' |
DEFERRED REVENUE | ' |
8. DEFERRED REVENUE | |
Deferred revenue of $8,345 and $5,715 as of June 30, 2014 and December 31, 2013, respectively, consists of customer payments received for which the revenue recognition criteria have not yet been met as well as billings in excess of costs on percentage of completion projects. Advanced payments from customers typically relate to contracts that the Company has significantly fulfilled its obligations and the customers have paid, but due to the Company’s continuing involvement with the material, revenue is precluded from being recognized until title passes to the customer. | |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2014 | |
Borrowings [Abstract] | ' |
BORROWINGS | ' |
9. BORROWINGS | |
United States | |
On May 2, 2011, the Company, its domestic subsidiaries, and certain of its Canadian subsidiaries entered into a new $125,000 Revolving Credit Facility Credit Agreement (Credit Agreement) with PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., and Citizens Bank of Pennsylvania. This Credit Agreement replaced a prior revolving credit facility with a maximum credit line of $90,000 and a $20,000 term loan. The Credit Agreement provides for a five-year, unsecured revolving credit facility that permits borrowing up to $125,000 for the U.S. borrowers and a sublimit of the equivalent of $15,000 U.S. dollars that is available to the Canadian borrowers. Provided no event of default exists, the Credit Agreement contains a provision that provides for an increase in the revolver facility of $50,000 that can be allocated to existing or new lenders if the Company’s borrowing requirements should increase. The Credit Agreement includes a sublimit of $20,000 for the issuance of trade and standby letters of credit. | |
Borrowings under the Credit Agreement will bear interest at rates based upon either the base rate or LIBOR-based rate plus applicable margins. Applicable margins are dictated by the ratio of the Company’s indebtedness less cash on hand to the Company’s consolidated EBITDA, as defined in the underlying Credit Agreement. The base rate is the highest of (a) PNC Bank’s prime rate, (b) the Federal Funds Rate plus 0.50% or (c) the daily LIBOR rate, as defined in the underlying Credit Agreement, plus 1.00%. The base rate spread ranges from 0.00% to 1.00%. LIBOR-based rates are determined by dividing the published LIBOR rate by a number equal to 1.00 minus the percentage prescribed by the Federal Reserve for determining the maximum reserve requirements with respect to any Eurocurrency funding by banks on such day. The LIBOR-based rate spread ranges from 1.00% to 2.00%. | |
The Credit Agreement includes two financial covenants: (a) the Leverage Ratio, defined as the Company’s Indebtedness less cash on hand divided by the Company’s consolidated EBITDA, which must not exceed 3.00 to 1.00 and (b) Minimum Interest Coverage, defined as consolidated EBITDA less Capital Expenditures divided by consolidated interest expense, which must be no less than 3.00 to 1.00. | |
The Credit Agreement permits the Company to pay dividends and distributions and make redemptions with respect to its stock provided no event of default or potential default (as defined in the Credit Agreement) has occurred prior to or after giving effect to the dividend, distribution, or redemption. Dividends, distributions, and redemptions are capped at $15,000 per year when funds are drawn on the facility. If no drawings on the facility exist, dividends, distributions, and redemptions in excess of $15,000 per year are subjected to a limitation of $75,000 in the aggregate. The $75,000 aggregate limitation also includes certain loans, investments, and acquisitions. The Company is permitted to acquire the stock or assets of other entities with limited restrictions, provided that the Leverage Ratio does not exceed 2.50 to 1.00 after giving effect to the acquisition. | |
Other restrictions exist at all times including, but not limited to, limitation of the Company’s sale of assets, other indebtedness incurred by either the borrowers or the non-borrower subsidiaries of the Company, guarantees, and liens. | |
As of June 30, 2014, the Company was in compliance with the Credit Agreement’s covenants. | |
The Company had no outstanding borrowings under the revolving credit facility at June 30, 2014 or December 31, 2013 and had available borrowing capacity of $121,959 at June 30, 2014. | |
Letters of Credit | |
At June 30, 2014, the Company had outstanding letters of credit of approximately $3,041. | |
United Kingdom | |
A subsidiary of the Company has a working capital facility with NatWest Bank for its United Kingdom operations which includes an overdraft availability of £1,500 pounds sterling (approximately $2,566 at June 30, 2014). This credit facility supports the subsidiary’s working capital requirements and is collateralized by substantially all of the assets of its United Kingdom operations. The interest rate on this facility is the financial institution’s base rate plus 1.50%. Outstanding performance bonds reduce availability under this credit facility. The subsidiary of the Company had no outstanding borrowings under this credit facility as of June 30, 2014. There was approximately $31 and $60 in outstanding guarantees (as defined in the underlying agreement) at June 30, 2014 and December 31, 2013, respectively. This credit facility was renewed during the third quarter of 2013 with no significant changes to the underlying terms or conditions in the facility. During July 2014, the Company extended this facility from its original expiration of July 2014 to September 2014. | |
The United Kingdom loan agreements contain certain financial covenants that require that subsidiary to maintain senior interest and cash flow coverage ratios. The subsidiary was in compliance with these financial covenants as of June 30, 2014. The subsidiary had available borrowing capacity of $2,535 at June 30, 2014. | |
Discontinued_Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2014 | |
Discontinued Operations [Abstract] | ' |
DISCONTINUED OPERATIONS | ' |
10. DISCONTINUED OPERATIONS | |
The Company maintained current assets from discontinued operations of $19 and $149 as of June 30, 2014 and December 31, 2013, respectively. The Company also maintained current liabilities of $26 as of December 31, 2013. Sales from the discontinued businesses were not material to the three and six months ended June 30, 2014 and 2013. | |
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Common Share [Abstract] | ' | ||||||||
EARNINGS PER COMMON SHARE | ' | ||||||||
11. EARNINGS PER COMMON SHARE | |||||||||
The following table sets forth the computation of basic and diluted earnings per common share: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Numerator for basic and diluted earnings per common share - | |||||||||
Income available to common stockholders: | |||||||||
Income from continuing operations | $ | 6,848 | $ | 7,257 | $ | 10,497 | $ | 12,208 | |
Income from discontinued operations | 14 | 38 | 14 | 14 | |||||
Net income | $ | 6,862 | $ | 7,295 | $ | 10,511 | $ | 12,222 | |
Denominator: | |||||||||
Weighted average shares | 10,223 | 10,173 | 10,210 | 10,165 | |||||
Denominator for basic earnings per common share | 10,223 | 10,173 | 10,210 | 10,165 | |||||
Effect of dilutive securities: | |||||||||
Employee stock options | 6 | 12 | 7 | 12 | |||||
Other stock compensation plans | 80 | 68 | 92 | 61 | |||||
Dilutive potential common shares | 86 | 80 | 99 | 73 | |||||
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversions | 10,309 | 10,253 | 10,309 | 10,238 | |||||
Basic earnings per common share: | |||||||||
Continuing operations | $ | 0.67 | $ | 0.71 | $ | 1.03 | $ | 1.20 | |
Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Basic earnings per common share | $ | 0.67 | $ | 0.72 | $ | 1.03 | $ | 1.20 | |
Diluted earnings per common share: | |||||||||
Continuing operations | $ | 0.66 | $ | 0.71 | $ | 1.02 | $ | 1.19 | |
Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Diluted earnings per common share | $ | 0.67 | $ | 0.71 | $ | 1.02 | $ | 1.19 | |
Dividends paid per common share | $ | 0.03 | $ | 0.03 | $ | 0.06 | $ | 0.06 | |
There have been no changes to the February 2013 Board of Directors authorization of the $0.03 per common share regular quarterly dividend. | |||||||||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Stock-based Compensation [Abstract] | ' | ||||||||
STOCK-BASED COMPENSATION | ' | ||||||||
12. STOCK-BASED COMPENSATION | |||||||||
The Company applies the provisions of FASB ASC 718, “Compensation – Stock Compensation,” to account for the Company’s share-based compensation. Share-based compensation cost is measured at the grant date based on the calculated fair value of the award and is recognized over the employees’ requisite service period. The Company recorded stock compensation expense of $1,224 and $460 for the three-month periods ended June 30, 2014 and 2013, respectively, related to restricted stock awards and performance unit awards. Stock compensation expense of $1,799 and $1,091 was recorded for the six-month periods ended June 30, 2014 and 2013, respectively. As of June 30, 2014, unrecognized compensation expense for awards the Company expects to vest approximated $3,995. The Company will recognize this expense over the upcoming 3.7 year period through February 2018. | |||||||||
Shares issued as a result of vested stock-based compensation generally will be from previously issued shares which have been reacquired by the Company and held as Treasury shares or authorized but previously unissued common stock. | |||||||||
The excess income tax benefit realized for the tax deduction from stock-based compensation approximated $283 and $133 for the six months ended June 30, 2014 and 2013, respectively. This excess income tax benefit is included in cash flows from financing activities in the Condensed Consolidated Statements of Cash Flows. | |||||||||
Stock Option Awards | |||||||||
A summary of the option activity as of June 30, 2014 is presented below. | |||||||||
Weighted | Aggregate | ||||||||
Weighted | Average | Intrinsic | |||||||
Average | Remaining | Value | |||||||
Exercise | Contractual | (Dollars in | |||||||
Shares | Price | Term | thousands) | ||||||
Outstanding and Exercisable at January 1, 2014 | 18,750 | $ | 10.64 | 1.3 | |||||
Granted | - | - | - | ||||||
Canceled | - | - | - | ||||||
Exercised | -11,250 | 11.67 | - | ||||||
Outstanding and Exercisable at June 30, 2014 | 7,500 | $ | 9.08 | 0.8 | $ | 338 | |||
At June 30, 2014, common stock options outstanding and exercisable under the Company’s equity plans had option prices ranging from $8.97 to $9.29, with a weighted average exercise price of $9.08. At June 30, 2013, common stock options outstanding and exercisable under the Company’s equity plans had option prices ranging from $7.81 to $14.77, with a weighted average exercise price of $10.41 per share. | |||||||||
The total intrinsic value of stock options outstanding and exercisable at June 30, 2013 was $737. | |||||||||
The weighted average remaining contractual life of the stock options outstanding at June 30, 2014 and 2013 was 0.8 and 1.7 years, respectively. | |||||||||
There were 11,250 stock options with a weighted average exercise price per share of $11.67 exercised during the three and six-month periods ended June 30, 2014. No stock options were exercised during the three and six-month periods ending June 30, 2013. | |||||||||
Restricted Stock Awards and Performance Unit Awards | |||||||||
Under the amended and restated 2006 Omnibus Plan, the Company grants eligible employees restricted stock and performance unit awards. The forfeitable Restricted Stock Awards generally time-vest after a four year holding period, unless indicated otherwise by the underlying Restricted Stock Agreement. Performance Unit Awards are offered annually under separate three-year long-term incentive plans. Performance units are subject to forfeiture and will be converted into common stock of the Company based upon the Company’s performance relative to performance measures and conversion multiples as defined in the underlying plan. If the Company’s estimate of the number of performance stock awards expected to vest changes in a subsequent accounting period, cumulative compensation expense could increase or decrease. The change will be recognized in the current period for the vested shares and would change future expense over the remaining vesting period. | |||||||||
The following table summarizes the Restricted Stock Award and Performance Unit Award activity for the period ended June 30, 2014: | |||||||||
Weighted | |||||||||
Average | |||||||||
Restricted | Performance | Grant | |||||||
Stock | Stock | Date | |||||||
Units | Units | Fair Value | |||||||
Outstanding at January 1, 2014 | 129,726 | 61,651 | $ | 34.00 | |||||
Granted | 19,051 | 34,652 | 44.07 | ||||||
Vested | -36,302 | -13,588 | 33.96 | ||||||
Adjustment for incentive awards expected to vest | - | -9,608 | 43.72 | ||||||
Canceled | - | -2,880 | 44.13 | ||||||
Outstanding at June 30, 2014 | 112,475 | 70,227 | $ | 36.30 | |||||
Retirement_Plans
Retirement Plans | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Retirement Plans [Abstract] | ' | ||||||||
RETIREMENT PLANS | ' | ||||||||
13. RETIREMENT PLANS | |||||||||
Retirement Plans | |||||||||
The Company has five retirement plans which cover its hourly and salaried employees in the United States: three defined benefit plans (one active / two frozen) and two defined contribution plans. Employees are eligible to participate in the appropriate plan based on employment classification. The Company's funding to the defined benefit and defined contribution plans are governed by the Employee Retirement Income Security Act of 1974 (ERISA), applicable plan policy and investment guidelines. The Company’s policy is to contribute at least the minimum in accordance with the funding standards of ERISA. | |||||||||
The Company’s subsidiary, L.B. Foster Rail Technologies, Inc. (Rail Technologies), maintains two defined contribution plans for its employees in Canada, as well as a post-retirement benefit plan. In the United Kingdom, Rail Technologies maintains both a defined contribution plan and a defined benefit plan. | |||||||||
United States Defined Benefit Plans | |||||||||
Net periodic pension costs for the United States defined benefit pension plans for the three and six-month periods ended June 30, 2014 and 2013 are as follows: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Service cost | $ | 6 | $ | 9 | $ | 12 | $ | 17 | |
Interest cost | 192 | 176 | 385 | 353 | |||||
Expected return on plan assets | -242 | -214 | -484 | -428 | |||||
Recognized net actuarial loss | 17 | 53 | 33 | 106 | |||||
Net periodic pension (income) cost | $ | -27 | $ | 24 | $ | -54 | $ | 48 | |
The Company expects to contribute approximately $448 to its United States defined benefit plans in 2014. Contributions of $149 were made during the six months ended June 30, 2014. | |||||||||
United Kingdom Defined Benefit Plans | |||||||||
Net periodic pension costs for the United Kingdom defined benefit pension plan for the three and six-month periods ended June 30, 2014 and 2013 are as follows: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Interest cost | $ | 101 | $ | 80 | $ | 200 | $ | 160 | |
Expected return on plan assets | -95 | -68 | -189 | -136 | |||||
Amortization of transition amount | -7 | -11 | -14 | -22 | |||||
Recognized net actuarial loss | 50 | 53 | 100 | 106 | |||||
Net periodic pension cost | $ | 49 | $ | 54 | $ | 97 | $ | 108 | |
United Kingdom regulations require trustees to adopt a prudent approach to funding required contributions to defined benefit pension plans. Employer contributions of $298 are anticipated to the United Kingdom L.B. Foster Rail Technologies, Inc. pension plan during 2014. For the six months ended June 30, 2014, the Company contributed approximately $154 to the plan. | |||||||||
Defined Contribution Plans | |||||||||
The Company sponsors five defined contribution plans for hourly and salaried employees across our domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans. | |||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Salaried Plan | $ | 523 | $ | 495 | $ | 1,079 | $ | 944 | |
Union Plan | 22 | 19 | 39 | 35 | |||||
Montreal Plan | 20 | 25 | 45 | 60 | |||||
United Kingdom Plan | 30 | 35 | 68 | 68 | |||||
Burnaby Plan | 36 | 34 | 75 | 77 | |||||
$ | 631 | $ | 608 | $ | 1,306 | $ | 1,184 | ||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||
14. FAIR VALUE MEASUREMENTS | |||||||||
The Company determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below. | |||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |||||||||
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. | |||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | |||||||||
The Company has an established process for determining fair value for its financial assets and liabilities, principally cash and cash equivalents and at times foreign currency exchange contracts. Fair value is based on quoted market prices, where available. If quoted market prices are not available, fair value is based on assumptions that use as inputs market-based parameters. The following sections describe the valuation methodologies used by the Company to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate the description includes details of the key inputs to the valuations and any significant assumptions. | |||||||||
Cash equivalents. Included within “Cash and cash equivalents” are investments in money market funds with various underlying securities all of which maintain AAA credit ratings. Also included within cash equivalents are our highly liquid investments in non-domestic bank term deposits. The Company uses quoted market prices to determine the fair value of these investments and they are classified in Level 1 of the fair value hierarchy. The carrying amounts approximate fair value because of the short maturity of the instruments. | |||||||||
The following assets and liabilities of the Company were measured at fair value on a recurring basis subject to the disclosure requirements of ASC Topic 820 at June 30, 2014 and December 31, 2013: | |||||||||
Fair Value Measurements at | |||||||||
Reporting Date Using | |||||||||
Quoted Prices in | Significant | ||||||||
Active Markets | Other | Significant | |||||||
for Identical | Observable | Unobservable | |||||||
June 30, | Assets | Inputs | Inputs | ||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||
Assets | |||||||||
Domestic money market funds | $ | 35,510 | $ | 35,510 | $ | - | $ | - | |
Non domestic bank term deposits | 30,207 | 30,207 | - | - | |||||
Cash equivalents at fair value | 65,717 | 65,717 | - | - | |||||
Total Assets | $ | 65,717 | $ | 65,717 | $ | - | $ | - | |
Fair Value Measurements at | |||||||||
Reporting Date Using | |||||||||
Quoted Prices in | Significant | ||||||||
Active Markets | Other | Significant | |||||||
for Identical | Observable | Unobservable | |||||||
December 31, | Assets | Inputs | Inputs | ||||||
2013 | (Level 1) | (Level 2) | (Level 3) | ||||||
Assets | |||||||||
Domestic money market funds | $ | 18,276 | $ | 18,276 | $ | - | $ | - | |
Non domestic bank term deposits | 32,947 | 32,947 | - | - | |||||
Cash equivalents at fair value | 51,223 | 51,223 | - | - | |||||
Total Assets | $ | 51,223 | $ | 51,223 | $ | - | $ | - | |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitments and Contingent Liabilities [Abstract] | ' | ||
COMMITMENTS AND CONTINGENT LIABILITIES | ' | ||
15. COMMITMENTS AND CONTINGENT LIABILITIES | |||
Product Liability Claims | |||
The Company is subject to product warranty claims that arise in the ordinary course of its business. For certain manufactured products, the Company maintains a product warranty accrual which is adjusted on a monthly basis as a percentage of cost of sales. The product warranty accrual is continually reviewed and periodically adjusted based on the identification or resolution of known individual product warranty claims. The following table sets forth the Company’s continuing operations product warranty accrual: | |||
Warranty Liability | |||
Balance at December 31, 2013 | $ | 7,483 | |
Additions to warranty liability | 5,286 | ||
Warranty liability utilized | -3,175 | ||
Balance at June 30, 2014 | $ | 9,594 | |
Included within the above table are concrete tie warranty reserves of approximately $8,537 and $6,462 as of June 30, 2014 and December 31, 2013, respectively. Increases to the warranty reserve relate to the Company’s standard warranty accrual which is based upon historical claims experience, an incremental $608 reserve related to a transit project warranty issue, and a $4,000 charge related to the UPRR warranty claim as more fully described below. The incremental adjustment to the transit project addresses a previously established reserve that is nearing completion. Reductions to the reserve balance primarily relate to warranty claims satisfied through the replacement of concrete ties during the six-month period ended June 30, 2014. | |||
UPRR Warranty Claim | |||
In July 2012, the UPRR notified the Company and its subsidiary, CXT Incorporated (CXT), of a warranty claim under CXT’s 2005 supply contract relating to the sale of pre-stressed concrete railroad ties to the UPRR. The UPRR asserted that a significant percentage of concrete ties manufactured in 2006 through 2011 at CXT’s former Grand Island, NE facility failed to meet contract specifications, had workmanship defects, and were cracking and failing prematurely. Of the 3.0 million ties manufactured between 1999 and 2011 from the Grand Island, NE facility, approximately 1.6 million relate to concrete ties sold to the UPRR during the period of their claim. | |||
During 2012, as a result of testing and analysis conducted, including with UPRR, on concrete ties manufactured at its former Grand Island, NE facility, the Company reached an agreement with UPRR to amend the 2005 supply contract (2012 amended supply agreement) and, among other matters, reverted to a previously used warranty policy of a 15 year warranty with a 1:1 replacement ratio for all ties sold to UPRR (during most of the period of UPRR’s original claim the warranty policy was a 5 year warranty with a 1.5:1 replacement ratio for any defective ties) and established a process to identify, prioritize, and replace ties that meet the criteria for replacement. | |||
The Company provided warranty replacement ties to UPRR during 2013 for ties which UPRR removed and asserted qualified for warranty replacement. However, the Company believed a significant number of ties replaced by UPRR did not meet the warranty replacement criteria and so informed UPRR. UPRR has claimed that the Company is in breach of the 2012 amended supply agreement for various reasons. The Company has denied UPRR’s claim that it is in material breach of the 2012 amended supply agreement. | |||
As of June 30, 2014, the Company and the UPRR have not been able to reconcile the disagreement related to the 2013 warranty replacement activity. The disagreement includes approximately 170,000 ties. In the event the UPRR continues to replace ties and assert warranty claims on an ongoing basis in the same manner as 2013, the Company is likely to have a disagreement relating to the number of ties eligible for warranty claim in future periods as well. The Company and the UPRR have not performed a reconciliation of the 2014 warranty replacement activity during the current year. | |||
The Company continues to work with UPRR to identify, replace, and reconcile defective ties related to the warranty claim in accordance with the 2012 amended supply agreement. During the third quarter of 2014, the Company and UPRR will be working together to evaluate each other’s position in an effort to work towards agreement on the unreconciled 2013 and 2014 replacement activity as well as on the standards and practices to be implemented for future replacement activity and warranty tie replacement. | |||
In the event that the Company and UPRR do not reach agreement regarding the 2013 and 2014 replacement activity and future activity and is found to be in material breach of the 2012 amended supply agreement, the UPRR may seek damages from the Company and/or terminate the agreement. | |||
During 2012, the Company recorded pre-tax warranty charges of $22,000 in “Cost of Goods Sold” within its Rail Products segment. The accrual was based on the Company’s estimate of the number of defective concrete ties that will ultimately require replacement during the applicable warranty periods at an average cost of fifty dollars per concrete tie. Subsequently, in the second quarter of 2014, the Company increased its accrual by an additional $4,000 based on recent estimates of ties to be replaced. The concrete tie warranty reserve is the best estimate of the expected value of defective ties that will be replaced as a result of observation and analysis of ties in track. While the Company believes this is a reasonable estimate of these potential warranty claims, these estimates could change due to the receipt of new information and future events. The Company will continue to assess the adequacy of its product warranty reserve as additional information becomes available. There can be no assurance at this point that future potential costs pertaining to these claims or other potential future claims will not have a material impact on the Company’s financial condition or results of operations. | |||
Environmental and Legal Proceedings | |||
The Company is subject to national, state, foreign, provincial, and/or local laws and regulations relating to the protection of the environment. The Company’s efforts to comply with environmental regulations may have an adverse effect on its future earnings. In the opinion of management, compliance with the present environmental protection laws will not have a material adverse effect on the financial condition, results of operations, cash flows, competitive position, or capital expenditures of the Company. | |||
The Company is also subject to legal proceedings and claims that arise in the ordinary course of its business. In the opinion of management, the amount of ultimate liability with respect to these actions will not materially affect the financial condition or liquidity of the Company. The resolution, in any reporting period, of one or more of these matters could have a material effect on the Company’s results of operations for that period. | |||
As of June 30, 2014 and December 31, 2013, the Company maintained environmental and litigation reserves approximating $2,163 and $2,190, respectively. | |||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Taxes [Abstract] | ' |
INCOME TAXES | ' |
16. INCOME TAXES | |
The Company’s effective income tax rate from continuing operations for the three and six months ended June 30, 2014 was 32.9% and 32.4%, respectively and 34.6% and 34.1% for the three and six months ended June 30, 2013, respectively. The Company’s effective income tax rate for the three and six months ended June 30, 2014 differed from the federal statutory rate of 35% primarily due to the recognition of previously unrecognized state tax benefits. | |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
17. SUBSEQUENT EVENTS | |
On July 7, 2014, the Company entered into an Asset Purchase Agreement (“APA”) to acquire and assume substantially all of the assets and liabilities of Carr Concrete Corporation (Carr) for approximately $12,300. Carr is a provider of pre-stressed and precast concrete products located in Waverly, WV and the transaction was funded with cash on hand. Included within the purchase price is $1,000 which will be held in escrow to satisfy any indemnity claims under the APA. The purchase price could increase or decrease as a result of the post-closing purchase price adjustment which is based upon a net working capital target of $2,678 as of the closing date. Approximately $100 of acquisition-related costs are included in the results of operations for the six months ended June 30, 2014. The Company has concluded that all intangible assets and goodwill resulting from this transaction will be deductible for tax purposes. | |
Management evaluated all other activity of the Company and concluded that no subsequent events have occurred that would require recognition in the Condensed Consolidated Financial Statements or disclosure in the Notes to the Condensed Consolidated Financial Statements. | |
Financial_Statements_Policy
Financial Statements (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
Financial Statements [Abstract] | ' |
Basis of Presentation [Policy Text Block] | ' |
Basis of Presentation | |
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all estimates and adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. However, actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. Amounts included in the balance sheet as of December 31, 2013 were derived from our audited balance sheet. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In this Quarterly Report on Form 10-Q, references to “Foster,” “we,” “us,” “our,” and the “Company” refer collectively to L.B. Foster and its consolidated subsidiaries. | |
Recently issued accounting standards [Policy Text Block] | ' |
Recently issued accounting standards | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606),” (“ASU 2014-09”), which supersedes the revenue recognition requirements in Accounting Standards Codification 605, “Revenue Recognition.” ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. We are currently evaluating the impact of ASU 2014-09 on our financial position and results of operations. | |
Inventories_Policies
Inventories (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Inventories [Abstract] | ' |
Inventory, Policy [Policy Text Block] | ' |
Inventories of the Company’s continuing operations are generally valued at the lower of last-in, first-out (LIFO) cost or market. Other inventories of the Company are valued at average cost or market, whichever is lower. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time. Interim LIFO calculations are based on management’s estimates of expected year-end levels and costs. | |
Deferred_Revenue_Policy
Deferred Revenue (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
Deferred Revenue [Abstract] | ' |
Deferred Revenue [Policy Text Block] | ' |
Advanced payments from customers typically relate to contracts that the Company has significantly fulfilled its obligations and the customers have paid, but due to the Company’s continuing involvement with the material, revenue is precluded from being recognized until title passes to the customer. | |
StockBased_Compensation_Policy
Stock-Based Compensation (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
Stock-based Compensation [Abstract] | ' |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
The Company applies the provisions of FASB ASC 718, “Compensation – Stock Compensation,” to account for the Company’s share-based compensation. Share-based compensation cost is measured at the grant date based on the calculated fair value of the award and is recognized over the employees’ requisite service period. | |
Fair_Value_Measurements_Polici
Fair Value Measurements (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value Measurements [Abstract] | ' |
Fair Value Measurement, Policy [Policy Text Block] | ' |
The Company determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below. | |
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. | |
Level 3: Unobservable inputs that are not corroborated by market data. | |
The Company has an established process for determining fair value for its financial assets and liabilities, principally cash and cash equivalents and at times foreign currency exchange contracts. Fair value is based on quoted market prices, where available. If quoted market prices are not available, fair value is based on assumptions that use as inputs market-based parameters. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash equivalents. Included within “Cash and cash equivalents” are investments in money market funds with various underlying securities all of which maintain AAA credit ratings. Also included within cash equivalents are our highly liquid investments in non-domestic bank term deposits. The Company uses quoted market prices to determine the fair value of these investments and they are classified in Level 1 of the fair value hierarchy. The carrying amounts approximate fair value because of the short maturity of the instruments. | |
Business_Segments_Tables
Business Segments (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Segments [Abstract] | ' | ||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | ||||||||
Three Months Ended | Six Months Ended | ||||||||
30-Jun-14 | 30-Jun-14 | ||||||||
Net | Segment | Net | Segment | ||||||
Sales | Profit | Sales | Profit | ||||||
Rail Products | $ | 107,484 | $ | 6,836 | $ | 180,980 | $ | 12,152 | |
Construction Products | 41,810 | 3,371 | 69,193 | 4,587 | |||||
Tubular Products | 17,538 | 2,726 | 28,073 | 3,312 | |||||
Total | $ | 166,832 | $ | 12,933 | $ | 278,246 | $ | 20,051 | |
Three Months Ended | Six Months Ended | ||||||||
30-Jun-13 | 30-Jun-13 | ||||||||
Net | Segment | Net | Segment | ||||||
Sales | Profit | Sales | Profit | ||||||
Rail Products | $ | 90,892 | $ | 5,835 | $ | 172,291 | $ | 12,036 | |
Construction Products | 43,697 | 2,056 | 80,508 | 2,518 | |||||
Tubular Products | 15,347 | 4,547 | 26,458 | 7,154 | |||||
Total | $ | 149,936 | $ | 12,438 | $ | 279,257 | $ | 21,708 | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | ||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Income for reportable segments | $ | 12,933 | $ | 12,438 | $ | 20,051 | $ | 21,708 | |
Interest expense | -126 | -125 | -249 | -258 | |||||
Interest income | 147 | 139 | 291 | 345 | |||||
Other income | 115 | 137 | 250 | 315 | |||||
LIFO income (expense) | 202 | -14 | 198 | -254 | |||||
Equity in income of nonconsolidated investment | 142 | 420 | 346 | 596 | |||||
Corporate expense, cost of capital elimination, and other unallocated charges | -3,206 | -1,900 | -5,359 | -3,913 | |||||
Income from continuing operations before income taxes | $ | 10,207 | $ | 11,095 | $ | 15,528 | $ | 18,539 | |
Acquisitions_Tables
Acquisitions (Tables) (L.B. Foster Ball Winch, Inc. [Member]) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
L.B. Foster Ball Winch, Inc. [Member] | ' | |||||
Business Acquisition [Line Items] | ' | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||
7-Nov-13 | ||||||
Allocation of Purchase Price | Ball Winch Fair Value | |||||
Current assets | $ | 1,857 | ||||
Other assets | 64 | |||||
Property, plant, and equipment | 5,555 | |||||
Goodwill | 16,544 | |||||
Other intangibles | 14,682 | |||||
Current liabilities | -707 | |||||
Total | $ | 37,995 | ||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | |||||
Intangible Asset | 7-Nov-13 | Weighted Average Amortizable Life (years) | ||||
Ball Winch Fair Value | ||||||
Trade name | $ | 723 | 0.5 | 0.5 | ||
Technology | 11,129 | 7.5 | 7.5 | |||
Non-competition agreements | 2,830 | 1.0 | 1.0 | |||
Total identified intangible assets | $ | 14,682 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | |||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||
30-Jun-14 | ||||||||
Weighted Average | Gross | Net | ||||||
Amortization Period | Carrying | Accumulated | Carrying | |||||
In Years | Value | Amortization | Amount | |||||
Non-compete agreements | 5 | $ | 2,860 | $ | -403 | $ | 2,457 | |
Patents | 10 | 639 | -228 | 411 | ||||
Customer relationships | 23 | 19,960 | -4,118 | 15,842 | ||||
Supplier relationships | 5 | 350 | -248 | 102 | ||||
Trademarks and trade names | 16 | 7,003 | -1,587 | 5,416 | ||||
Technology | 15 | 30,155 | -4,827 | 25,328 | ||||
$ | 60,967 | $ | -11,411 | $ | 49,556 | |||
31-Dec-13 | ||||||||
Weighted Average | Gross | Net | ||||||
Amortization Period | Carrying | Accumulated | Carrying | |||||
In Years | Value | Amortization | Amount | |||||
Non-compete agreements | 5 | $ | 2,860 | $ | -117 | $ | 2,743 | |
Patents | 10 | 639 | -201 | 438 | ||||
Customer relationships | 23 | 19,960 | -3,575 | 16,385 | ||||
Supplier relationships | 5 | 350 | -213 | 137 | ||||
Trademarks and trade names | 16 | 7,003 | -1,334 | 5,669 | ||||
Technology | 15 | 30,155 | -3,681 | 26,474 | ||||
$ | 60,967 | $ | -9,121 | $ | 51,846 | |||
Schedule of Expected Amortization Expense [Table Text Block] | ' | |||||||
Amortization Expense | ||||||||
2014 | $ | 2,306 | ||||||
2015 | 4,337 | |||||||
2016 | 4,177 | |||||||
2017 | 4,178 | |||||||
2018 | 4,073 | |||||||
2019 and thereafter | 30,485 | |||||||
$ | 49,556 | |||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Inventories [Abstract] | ' | ||||
Schedule of Inventory Of Continuing Operations [Table Text Block] | ' | ||||
June 30, | December 31, | ||||
2014 | 2013 | ||||
Finished goods | $ | 63,124 | $ | 55,166 | |
Work-in-process | 11,247 | 11,332 | |||
Raw materials | 19,075 | 19,485 | |||
Total inventories at current costs | 93,446 | 85,983 | |||
Less: LIFO reserve | -8,829 | -9,027 | |||
$ | 84,617 | $ | 76,956 | ||
Investments_Tables
Investments (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Investments [Abstract] | ' | ||||
Schedule of Variable Interest Entities [Table Text Block] | ' | ||||
June 30, | December 31, | ||||
2014 | 2013 | ||||
Equity method investment | $ | 4,896 | $ | 5,090 | |
Net investment in direct financing lease | 1,170 | 1,224 | |||
$ | 6,066 | $ | 6,314 | ||
Schedule of Direct Financing Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||
Minimum Lease Payments | |||||
2014 | $ | 60 | |||
2015 | 122 | ||||
2016 | 131 | ||||
2017 | 140 | ||||
2018 | 150 | ||||
2019 and thereafter | 567 | ||||
$ | 1,170 | ||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Common Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Numerator for basic and diluted earnings per common share - | |||||||||
Income available to common stockholders: | |||||||||
Income from continuing operations | $ | 6,848 | $ | 7,257 | $ | 10,497 | $ | 12,208 | |
Income from discontinued operations | 14 | 38 | 14 | 14 | |||||
Net income | $ | 6,862 | $ | 7,295 | $ | 10,511 | $ | 12,222 | |
Denominator: | |||||||||
Weighted average shares | 10,223 | 10,173 | 10,210 | 10,165 | |||||
Denominator for basic earnings per common share | 10,223 | 10,173 | 10,210 | 10,165 | |||||
Effect of dilutive securities: | |||||||||
Employee stock options | 6 | 12 | 7 | 12 | |||||
Other stock compensation plans | 80 | 68 | 92 | 61 | |||||
Dilutive potential common shares | 86 | 80 | 99 | 73 | |||||
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversions | 10,309 | 10,253 | 10,309 | 10,238 | |||||
Basic earnings per common share: | |||||||||
Continuing operations | $ | 0.67 | $ | 0.71 | $ | 1.03 | $ | 1.20 | |
Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Basic earnings per common share | $ | 0.67 | $ | 0.72 | $ | 1.03 | $ | 1.20 | |
Diluted earnings per common share: | |||||||||
Continuing operations | $ | 0.66 | $ | 0.71 | $ | 1.02 | $ | 1.19 | |
Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Diluted earnings per common share | $ | 0.67 | $ | 0.71 | $ | 1.02 | $ | 1.19 | |
Dividends paid per common share | $ | 0.03 | $ | 0.03 | $ | 0.06 | $ | 0.06 | |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Stock-based Compensation [Abstract] | ' | ||||||||
Summary of Stock Option Activity [Table Text Block] | ' | ||||||||
Weighted | Aggregate | ||||||||
Weighted | Average | Intrinsic | |||||||
Average | Remaining | Value | |||||||
Exercise | Contractual | (Dollars in | |||||||
Shares | Price | Term | thousands) | ||||||
Outstanding and Exercisable at January 1, 2014 | 18,750 | $ | 10.64 | 1.3 | |||||
Granted | - | - | - | ||||||
Canceled | - | - | - | ||||||
Exercised | -11,250 | 11.67 | - | ||||||
Outstanding and Exercisable at June 30, 2014 | 7,500 | $ | 9.08 | 0.8 | $ | 338 | |||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||
The following table summarizes the Restricted Stock Award and Performance Unit Award activity for the period ended June 30, 2014: | |||||||||
Weighted | |||||||||
Average | |||||||||
Restricted | Performance | Grant | |||||||
Stock | Stock | Date | |||||||
Units | Units | Fair Value | |||||||
Outstanding at January 1, 2014 | 129,726 | 61,651 | $ | 34.00 | |||||
Granted | 19,051 | 34,652 | 44.07 | ||||||
Vested | -36,302 | -13,588 | 33.96 | ||||||
Adjustment for incentive awards expected to vest | - | -9,608 | 43.72 | ||||||
Canceled | - | -2,880 | 44.13 | ||||||
Outstanding at June 30, 2014 | 112,475 | 70,227 | $ | 36.30 | |||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | ' | ||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Salaried Plan | $ | 523 | $ | 495 | $ | 1,079 | $ | 944 | |
Union Plan | 22 | 19 | 39 | 35 | |||||
Montreal Plan | 20 | 25 | 45 | 60 | |||||
United Kingdom Plan | 30 | 35 | 68 | 68 | |||||
Burnaby Plan | 36 | 34 | 75 | 77 | |||||
$ | 631 | $ | 608 | $ | 1,306 | $ | 1,184 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Service cost | $ | 6 | $ | 9 | $ | 12 | $ | 17 | |
Interest cost | 192 | 176 | 385 | 353 | |||||
Expected return on plan assets | -242 | -214 | -484 | -428 | |||||
Recognized net actuarial loss | 17 | 53 | 33 | 106 | |||||
Net periodic pension (income) cost | $ | -27 | $ | 24 | $ | -54 | $ | 48 | |
United Kingdom Benefit Plans [Member] | ' | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Interest cost | $ | 101 | $ | 80 | $ | 200 | $ | 160 | |
Expected return on plan assets | -95 | -68 | -189 | -136 | |||||
Amortization of transition amount | -7 | -11 | -14 | -22 | |||||
Recognized net actuarial loss | 50 | 53 | 100 | 106 | |||||
Net periodic pension cost | $ | 49 | $ | 54 | $ | 97 | $ | 108 | |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||
Fair Value Measurements at | |||||||||
Reporting Date Using | |||||||||
Quoted Prices in | Significant | ||||||||
Active Markets | Other | Significant | |||||||
for Identical | Observable | Unobservable | |||||||
June 30, | Assets | Inputs | Inputs | ||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||
Assets | |||||||||
Domestic money market funds | $ | 35,510 | $ | 35,510 | $ | - | $ | - | |
Non domestic bank term deposits | 30,207 | 30,207 | - | - | |||||
Cash equivalents at fair value | 65,717 | 65,717 | - | - | |||||
Total Assets | $ | 65,717 | $ | 65,717 | $ | - | $ | - | |
Fair Value Measurements at | |||||||||
Reporting Date Using | |||||||||
Quoted Prices in | Significant | ||||||||
Active Markets | Other | Significant | |||||||
for Identical | Observable | Unobservable | |||||||
December 31, | Assets | Inputs | Inputs | ||||||
2013 | (Level 1) | (Level 2) | (Level 3) | ||||||
Assets | |||||||||
Domestic money market funds | $ | 18,276 | $ | 18,276 | $ | - | $ | - | |
Non domestic bank term deposits | 32,947 | 32,947 | - | - | |||||
Cash equivalents at fair value | 51,223 | 51,223 | - | - | |||||
Total Assets | $ | 51,223 | $ | 51,223 | $ | - | $ | - | |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilites (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitments and Contingent Liabilities [Abstract] | ' | ||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||
Warranty Liability | |||
Balance at December 31, 2013 | $ | 7,483 | |
Additions to warranty liability | 5,286 | ||
Warranty liability utilized | -3,175 | ||
Balance at June 30, 2014 | $ | 9,594 | |
Business_Segments_Narrative_De
Business Segments (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Business Segments [Abstract] | ' |
Capital Charges Rate | 1.00% |
Segment Reporting, Measurement for Transactions Between Reportable Segments | 'Segment profits from continuing operations, as shown above, include internal cost of capital charges for assets used in the segment at a rate of generally 1% per month. There has been no change in the measurement of segment profit from continuing operations from December 31, 2013. The internal cost of capital charges are eliminated during the consolidation process. |
Business_Segments_Reconciliati
Business Segments (Reconciliation of Significant Reconciling Items) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $166,832 | $149,936 | $278,246 | $279,257 | ' |
Segment Profit | 12,933 | 12,438 | 20,051 | 21,708 | ' |
Assets | 439,952 | ' | 439,952 | ' | 413,654 |
Depreciation and amortization | ' | ' | 5,988 | 4,741 | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | 7,682 | 3,126 | ' |
Rail Products Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 107,484 | 90,892 | 180,980 | 172,291 | ' |
Segment Profit | 6,836 | 5,835 | 12,152 | 12,036 | ' |
Construction Products Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 41,810 | 43,697 | 69,193 | 80,508 | ' |
Segment Profit | 3,371 | 2,056 | 4,587 | 2,518 | ' |
Tubular Products Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 17,538 | 15,347 | 28,073 | 26,458 | ' |
Segment Profit | $2,726 | $4,547 | $3,312 | $7,154 | ' |
Business_Segments_Reconciliati1
Business Segments (Reconciliation of Operating Profit (Loss) from Segments to Consolidated) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Business Segments [Abstract] | ' | ' | ' | ' |
Income for reportable segments | $12,933 | $12,438 | $20,051 | $21,708 |
Interest expense | -126 | -125 | -249 | -258 |
Interest income | 147 | 139 | 291 | 345 |
Other income | 115 | 137 | 250 | 315 |
LIFO income (expense) | 202 | -14 | 198 | -254 |
Equity in income of nonconsolidated investment | 142 | 420 | 346 | 596 |
Corporate expense, cost of capital elimination and other unallocated charges | -3,206 | -1,900 | -5,359 | -3,913 |
Income from continuing operations before income taxes | $10,207 | $11,095 | $15,528 | $18,539 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ' | ' |
Payments for Previous Acquisition | $495 | ' |
L.B. Foster Ball Winch, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Name of Acquired Entity | ' | 'Ball Winch, LLC (Ball Winch). |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 37,500 |
Business Combination, Indemnification Assets, Amount as of Acquisition Date | ' | 3,300 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | 37,995 |
Payments for Previous Acquisition | $495 | ' |
Acquisitions_Allocation_of_Pur
Acquisitions (Allocation of Purchase Price) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $57,781 | $57,781 |
L.B. Foster Ball Winch, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Current assets | ' | 1,857 |
Other assets | ' | 64 |
Property, plant and equipment | ' | 5,555 |
Goodwill | ' | 16,544 |
Other intangibles | ' | 14,682 |
Current liabilities | ' | -707 |
Total | ' | $37,995 |
Acquisitions_Identifiable_Inta
Acquisitions (Identifiable Intangible Assets Acquired) (Details) (L.B. Foster Ball Winch, Inc. [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets Acquired | $14,682 |
Trade name [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets Acquired | 723 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '6 months |
Technology [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets Acquired | 11,129 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '7 years 6 months |
Non-compete agreements [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets Acquired | $2,830 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '1 year |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Goodwill | $57,781 | ' | $57,781 | ' | $57,781 |
Finite-Lived Intangible Assets, Gross | 60,967 | ' | 60,967 | ' | 60,967 |
Intangible Assets, Net (Excluding Goodwill) | 49,556 | ' | 49,556 | ' | 51,846 |
Amortization of Intangible Assets | 1,172 | 700 | 2,313 | 1,401 | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '25 years | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '5 years | ' | ' |
Weighted Average [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '17 years | ' | ' |
Rail Products Segment [Member] | ' | ' | ' | ' | ' |
Goodwill | 38,026 | ' | 38,026 | ' | 38,026 |
Finite-Lived Intangible Assets, Gross | 44,455 | ' | 44,455 | ' | 44,455 |
Construction Products Segment [Member] | ' | ' | ' | ' | ' |
Goodwill | 3,211 | ' | 3,211 | ' | 3,211 |
Finite-Lived Intangible Assets, Gross | 1,830 | ' | 1,830 | ' | 1,830 |
Tubular Products Segments [Member] | ' | ' | ' | ' | ' |
Goodwill | 16,544 | ' | 16,544 | ' | 16,544 |
Finite-Lived Intangible Assets, Gross | $14,682 | ' | $14,682 | ' | $14,682 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 60,967 | 60,967 |
Accumulated Amortization | -11,411 | -9,121 |
Net Carrying Amount | 49,556 | 51,846 |
Non-compete agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 2,860 | 2,860 |
Accumulated Amortization | -403 | -117 |
Net Carrying Amount | 2,457 | 2,743 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 639 | 639 |
Accumulated Amortization | -228 | -201 |
Net Carrying Amount | 411 | 438 |
Customer relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 19,960 | 19,960 |
Accumulated Amortization | -4,118 | -3,575 |
Net Carrying Amount | 15,842 | 16,385 |
Supplier relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 350 | 350 |
Accumulated Amortization | -248 | -213 |
Net Carrying Amount | 102 | 137 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 7,003 | 7,003 |
Accumulated Amortization | -1,587 | -1,334 |
Net Carrying Amount | 5,416 | 5,669 |
Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 30,155 | 30,155 |
Accumulated Amortization | -4,827 | -3,681 |
Net Carrying Amount | 25,328 | 26,474 |
Weighted Average [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period In Years | '17 years | ' |
Weighted Average [Member] | Non-compete agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period In Years | '5 years | '5 years |
Weighted Average [Member] | Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period In Years | '10 years | '10 years |
Weighted Average [Member] | Customer relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period In Years | '23 years | '23 years |
Weighted Average [Member] | Supplier relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period In Years | '5 years | '5 years |
Weighted Average [Member] | Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period In Years | '16 years | '16 years |
Weighted Average [Member] | Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period In Years | '15 years | '15 years |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Schedule of Expected Amortization Expense) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Other Intangible Assets [Abstract] | ' | ' |
2014 | $2,306 | ' |
2015 | 4,337 | ' |
2016 | 4,177 | ' |
2017 | 4,178 | ' |
2018 | 4,073 | ' |
2019 and thereafter | 30,485 | ' |
Net Carrying Amount | $49,556 | $51,846 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable | $1,137 | $1,099 |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventory) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $63,124 | $55,166 |
Work-in-process | 11,247 | 11,332 |
Raw materials | 19,075 | 19,485 |
Total inventories at current costs | 93,446 | 85,983 |
Less: LIFO reserve | -8,829 | -9,027 |
Inventory | $84,617 | $76,956 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Equity Investments | $4,896 | ' | $4,896 | ' | $5,090 |
Equity Method Investment, Ownership Percentage | 45.00% | ' | 45.00% | ' | ' |
Equity Method Investment, Description of Principal Activities | ' | ' | 'The Company is a member of a joint venture, LB Pipe & Coupling Products, LLC (JV), in which it maintains a 45% ownership interest. The JV manufactures, markets, and sells various precision coupling products for the energy, utility, and construction markets and is scheduled to terminate on June 30, 2019. | ' | ' |
Equity in Income/(Loss) of Nonconsolidated Investment | 142 | 420 | 346 | 596 | ' |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 450 | 90 | 540 | 468 | ' |
Capital Leases, Monthly Rent | ' | ' | 17 | ' | ' |
Capital Leases Balloon Payment In Direct Financing Leases | 488 | ' | 488 | ' | ' |
Capital Leases, Net Investment in Direct Financing Leases | 1,170 | ' | 1,170 | ' | 1,224 |
Capital Leased Land [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Area of Land | 5 | ' | 5 | ' | ' |
Capital Leased Assets, Number of Units | 2 | ' | 2 | ' | ' |
Capital Lease Length Of Renewal Term | ' | ' | '5 years 6 months | ' | ' |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Variable Interest Entity, Methodology for Determining Whether Entity is Primary Beneficiary | ' | ' | 'Under applicable guidance for variable interest entities in ASC 810, "Consolidation," the Company determined that the JV is a variable interest entity. The Company concluded that it is not the primary beneficiary of the variable interest entity, as the Company does not have a controlling financial interest and does not have the power to direct the activities that most significantly impact the economic performance of the JV. Accordingly, the Company concluded that the equity method of accounting remains appropriate. | ' | ' |
Increase as a result of the amendment [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Capital Leases, Monthly Rent | ' | ' | $7 | ' | ' |
Investments_Schedule_Of_Carryi
Investments (Schedule Of Carrying Amount And Maximum Loss Exposure Of Equity Investments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Equity method investment | $4,896 | $5,090 |
Net investment in direct financing lease | 1,170 | 1,224 |
Maximum exposure to loss | $6,066 | $6,314 |
Investments_Schedule_of_Direct
Investments (Schedule of Direct Financing Future Minimum Lease Payments for Capital Leases Table) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Investments [Abstract] | ' |
Current | $60 |
Year Two | 122 |
Year Three | 131 |
Year Four | 140 |
Year Five | 150 |
Year Six and thereafter | 567 |
Capital Leases, Future Minimum Payments Receivable, Total | $1,170 |
Deferred_Revenue_Details
Deferred Revenue (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Revenue [Abstract] | ' | ' |
Deferred Revenue, Current | $8,345 | $5,715 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Foreign Line of Credit [Member] | PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A. and Citizens Bank of Pennsylvania [Member] | PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A. and Citizens Bank of Pennsylvania [Member] | PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A. and Citizens Bank of Pennsylvania [Member] | NatWest Bank [Member] | NatWest Bank [Member] | NatWest Bank Outstanding Guarantees [Member] | NatWest Bank Outstanding Guarantees [Member] |
USD ($) | Letter of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $15,000 | ' | $125,000 | ' | $2,566 | £ 1,500 | ' | ' |
Line of Credit Facility, Description | ' | ' | 'This Credit Agreement replaced a prior revolving credit facility with a maximum credit line of $90,000 and a $20,000 term loan. | ' | ' | ' | ' | ' |
Line of Credit Facility, Borrowing Capacity, Description | ' | ' | 'The Credit Agreement provides for a five-year, unsecured revolving credit facility that permits borrowing up to $125,000 for the U.S. borrowers and a sublimit of the equivalent of $15,000 U.S. dollars that is available to the Canadian borrowers. | ' | ' | ' | ' | ' |
Line of Credit Facility, Provision for Increase in Capacity | ' | ' | 50,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, Capacity Available for Trade Purchases | ' | ' | 20,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | ' | ' | 'Borrowings under the Credit Agreement will bear interest at rates based upon either the base rate or LIBOR-based rate plus applicable margins. Applicable margins are dictated by the ratio of the Company's indebtedness less cash on hand to the Company's consolidated EBITDA, as defined in the underlying Credit Agreement. The base rate is the highest of (a) PNC Bank's prime rate, (b) the Federal Funds Rate plus 0.50% or (c) the daily LIBOR rate, as defined in the underlying Credit Agreement, plus 1.00%. The base rate spread ranges from 0.00% to 1.00%. LIBOR-based rates are determined by dividing the published LIBOR rate by a number equal to 1.00 minus the percentage prescribed by the Federal Reserve for determining the maximum reserve requirements with respect to any Eurocurrency funding by banks on such day. The LIBOR-based rate spread ranges from 1.00% to 2.00%. | ' | '. The interest rate on this facility is the financial institution's base rate plus 1.50%. | '. The interest rate on this facility is the financial institution's base rate plus 1.50%. | ' | ' |
Line of Credit Facility, Covenant Terms | ' | ' | 'The Credit Agreement includes two financial covenants: (a) the Leverage Ratio, defined as the Company's Indebtedness less cash on hand divided by the Company's consolidated EBITDA, which must not exceed 3.00 to 1.00 and (b) Minimum Interest Coverage, defined as consolidated EBITDA less Capital Expenditures divided by consolidated interest expense, which must be no less than 3.00 to 1.00. | ' | ' | ' | ' | ' |
Line of Credit Facility, Dividend Restrictions | ' | ' | 'The Credit Agreement permits the Company to pay dividends and distributions and make redemptions with respect to its stock provided no event of default or potential default (as defined in the Credit Agreement) has occurred prior to or after giving effect to the dividend, distribution, or redemption. Dividends, distributions, and redemptions are capped at $15,000 per year when funds are drawn on the facility. If no drawings on the facility exist, dividends, distributions, and redemptions in excess of $15,000 per year are subjected to a limitation of $75,000 in the aggregate. The $75,000 aggregate limitation also includes certain loans, investments, and acquisitions. The Company is permitted to acquire the stock or assets of other entities with limited restrictions, provided that the Leverage Ratio does not exceed 2.50 to 1.00 after giving effect to the acquisition. | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | 3,041 | 0 | 0 | ' | ' | 31 | 60 |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | $121,959 | ' | $2,535 | ' | ' | ' |
Line of Credit Facility, Collateral | ' | ' | ' | ' | 'This credit facility supports the subsidiary's working capital requirements and is collateralized by substantially all of the assets of its United Kingdom operations. | 'This credit facility supports the subsidiary's working capital requirements and is collateralized by substantially all of the assets of its United Kingdom operations. | ' | ' |
Line of Credit Facility, Asset Restrictions | ' | ' | 'Other restrictions exist at all times including, but not limited to, limitation of the Company's sale of assets, other indebtedness incurred by either the borrowers or the non-borrower subsidiaries of the Company, guarantees, and liens. | ' | ' | ' | ' | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Discontinued Operations [Abstract] | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Current | $19 | $149 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | ' | $26 |
Earning_Per_Common_Share_Sched
Earning Per Common Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Common Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations | $6,848 | $7,257 | $10,497 | $12,208 |
Income from discontinued operations | 14 | 38 | 14 | 14 |
Net income | $6,862 | $7,295 | $10,511 | $12,222 |
Weighted average shares | 10,223 | 10,173 | 10,210 | 10,165 |
Denominator for basic earnings per common share | 10,223 | 10,173 | 10,210 | 10,165 |
Employee stock options | 6 | 12 | 7 | 12 |
Other stock compensation plans | 80 | 68 | 92 | 61 |
Dilutive potential common shares | 86 | 80 | 99 | 73 |
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversions | 10,309 | 10,253 | 10,309 | 10,238 |
Basic earnings per common share: From continuing operations | $0.67 | $0.71 | $1.03 | $1.20 |
Basic earnings per common share: From discontinued operations | $0 | $0 | $0 | $0 |
Basic earnings per common share | $0.67 | $0.72 | $1.03 | $1.20 |
Diluted earnings per common share: From continuing operations | $0.66 | $0.71 | $1.02 | $1.19 |
Diluted earnings per common share: From discontinued operations | $0 | $0 | $0 | $0 |
Diluted earnings per common share | $0.67 | $0.71 | $1.02 | $1.19 |
Common Stock, Dividends, Per Share, Cash Paid | $0.03 | $0.03 | $0.06 | $0.06 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based compensation | $1,224 | $460 | $1,799 | $1,091 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 3,995 | ' | 3,995 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '3 years 8 months 12 days | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | 283 | 133 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $338 | $737 | $338 | $737 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '9 months 18 days | '1 year 8 months 12 days | '1 year 3 months 18 days |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | ' | $11.67 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | ' | ' | $33.96 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $44.07 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $9.08 | ' | $9.08 | ' | $10.64 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 0 | 11,250 | 0 | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 19,051 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | 36,302 | ' | ' |
Performance Shares [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 34,652 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | 13,588 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $8.97 | $7.81 | $8.97 | $7.81 | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $9.29 | $14.77 | $9.29 | $14.77 | ' |
Weighted Average [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $9.08 | $10.41 | $9.08 | $10.41 | ' |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Stock Option Activity) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Stock-based Compensation [Abstract] | ' | ' | ' | ' |
Shares, Outstanding and Exercisable, Beginning of Period | ' | 18,750 | ' | ' |
Shares, Exercised | 0 | -11,250 | 0 | ' |
Shares, Outstanding and Exercisable, End of Period | ' | 7,500 | ' | 18,750 |
Weighted Average Exercise Price, Outstanding and Exercisable at Beginning of Year | ' | $10.64 | ' | ' |
Weighted Average Exercise Price, Exercised | ' | $11.67 | ' | ' |
Weighted Average Exercise Price, Outstanding and Exercisable at End of Period | ' | $9.08 | ' | $10.64 |
Weighted Average Remaining Contractual Term, Outstanding and Exercisable, Beginning | ' | '9 months 18 days | '1 year 8 months 12 days | '1 year 3 months 18 days |
Weighted Average Remaining Contractual Term, Outstanding and Exercisable, Ending | ' | '9 months 18 days | '1 year 8 months 12 days | '1 year 3 months 18 days |
Aggregate Intrinsic Value, Outstanding and Exercisable at End of Period | $737 | $338 | $737 | ' |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock and Performance Unit Awards) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested Shares, Beginning Balance, Weighted Average Grant Date Fair Value | $34 |
Granted, Weighted Average Grant Date Fair Value | $44.07 |
Vested, Weighted Average Grant Date Fair Value | $33.96 |
Adjustment for incentive awards expected to vest, Weighted Average Grant Date Fair Value | $43.72 |
Canceled, Weighted Average Grant Date Fair Value | $44.13 |
Nonvested Shares, Ending Balance, Weighted Average Grant Date Fair Value | $36.30 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested Shares, Outstanding, Beginning Balance | 129,726 |
Granted | 19,051 |
Vested | -36,302 |
Nonvested Shares, Outstanding, Ending Balance | 112,475 |
Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested Shares, Outstanding, Beginning Balance | 61,651 |
Granted | 34,652 |
Vested | -13,588 |
Adjustment for incentive awards expected to vest | -9,608 |
Canceled | -2,880 |
Nonvested Shares, Outstanding, Ending Balance | 70,227 |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
contract | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Number of retirement plans | ' | ' | 5 | ' |
Defined Benefit Plan Number | ' | ' | 3 | ' |
Active Defined Benefit Plan Number | ' | ' | 1 | ' |
Inactive Defined Benefit Plan Number | ' | ' | 2 | ' |
Defined Contribution Plan Number | ' | ' | 2 | ' |
Defined Contribution Plan, Cost Recognized | $631 | $608 | $1,306 | $1,184 |
Salaried Benefit Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 523 | 495 | 1,079 | 944 |
Union Benefit Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 22 | 19 | 39 | 35 |
Canadian Employees [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan Number | ' | ' | 2 | ' |
United Kingdom Benefit Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | 298 | ' |
Defined Benefit Plan, Contributions by Employer | ' | ' | 154 | ' |
Defined Contribution Plan, Cost Recognized | 30 | 35 | 68 | 68 |
Kelsan Benefit Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Description of Postemployment Benefits | ' | ' | 'The Company sponsors five defined contribution plans for hourly and salaried employees across our domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans. | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | 448 | ' |
Defined Benefit Plan, Contributions by Employer | ' | ' | $149 | ' |
Retirement_Plans_Schedule_Of_N
Retirement Plans (Schedule Of Net Periodic Benefit Costs) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $6 | $9 | $12 | $17 |
Interest cost | 192 | 176 | 385 | 353 |
Expected return on plan assets | -242 | -214 | -484 | -428 |
Recognized net actuarial loss | 17 | 53 | 33 | 106 |
Net periodic benefit (income) cost | -27 | 24 | -54 | 48 |
United Kingdom Benefit Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | 101 | 80 | 200 | 160 |
Expected return on plan assets | -95 | -68 | -189 | -136 |
Amortization of transition amount | -7 | -11 | -14 | -22 |
Recognized net actuarial loss | 50 | 53 | 100 | 106 |
Net periodic benefit (income) cost | $49 | $54 | $97 | $108 |
Retirement_Plans_Defined_Contr
Retirement Plans (Defined Contribution Plans) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $631 | $608 | $1,306 | $1,184 |
Salaried Benefit Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 523 | 495 | 1,079 | 944 |
Union Benefit Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 22 | 19 | 39 | 35 |
Montreal Benefit Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 20 | 25 | 45 | 60 |
United Kingdom Benefit Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 30 | 35 | 68 | 68 |
Burnaby Benefit Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $36 | $34 | $75 | $77 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | $65,717 | $51,223 |
Total Assets | 65,717 | 51,223 |
Domestic money market funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 35,510 | 18,276 |
Non domestic bank certificates of deposit [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 30,207 | 32,947 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 65,717 | 51,223 |
Total Assets | 65,717 | 51,223 |
Fair Value, Inputs, Level 1 [Member] | Domestic money market funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 35,510 | 18,276 |
Fair Value, Inputs, Level 1 [Member] | Non domestic bank certificates of deposit [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | $30,207 | $32,947 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilites (Narrative) (Details) (USD $) | 156 Months Ended | 6 Months Ended | 12 Months Ended | 156 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2011 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2011 |
item | Reserve for Concrete Ties [Member] | Reserve for Concrete Ties [Member] | Reserve for Environmental Costs [Member] | Reserve for Environmental Costs [Member] | Transit Products [Member] | The UPRR [Member] | The UPRR [Member] | The UPRR [Member] | |||
item | item | ||||||||||
Product Liability Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concrete Ties Manufactured | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 |
Number of Concrete Ties Excluded from Warranty | ' | ' | ' | ' | ' | ' | ' | ' | 170,000 | ' | ' |
Product Warranty Expense | ' | ' | ' | ' | ' | ' | ' | $608 | $4,000 | $22,000 | ' |
Standard Product Warranty Accrual | ' | 9,594 | 7,483 | 8,537 | 6,462 | ' | ' | ' | ' | ' | ' |
Estimated Litigation Liability | ' | ' | ' | ' | ' | $2,163 | $2,190 | ' | ' | ' | ' |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities (Schedule of Product Warranty Liability) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Commitments and Contingent Liabilities [Abstract] | ' |
Balance, Beginning | $7,483 |
Additions to warranty liability | 5,286 |
Warranty liability utilized | -3,175 |
Balance, Ending | $9,594 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Income Tax Rates) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Effective income tax rate | 32.90% | 34.60% | 32.40% | 34.10% |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (Carr Concrete Corporation [Member], Subsequent Event [Member], USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Carr Concrete Corporation [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Business Acquisition, Effective Date of Acquisition | 7-Jul-14 |
Business Acquisition, Name of Acquired Entity | 'Carr Concrete Corporation (Carr) |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $12,300 |
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 1,000 |
Business Acquisition, Net Working Capital Target | 2,678 |
Business Acquisition, Transaction Costs | $100 |