Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | FOSTER L B CO | ||
Entity Central Index Key | 352,825 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 94,386,134 | ||
Entity Common Stock, Shares Outstanding | 10,320,130 | ||
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 ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 30,363 | $ 33,312 |
Accounts receivable - net | 66,632 | 78,487 |
Inventories - net | 83,243 | 96,396 |
Prepaid income tax | 14,166 | 1,131 |
Other current assets | 5,200 | 5,148 |
Total current assets | 199,604 | 214,474 |
Property, plant and equipment - net | 103,973 | 126,745 |
Other assets: | ||
Goodwill | 18,932 | 81,752 |
Other intangibles - net | 63,519 | 134,927 |
Deferred tax assets | 0 | 226 |
Investments | 4,031 | 5,321 |
Other assets | 2,964 | 3,215 |
Total assets | 393,023 | 566,660 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 37,744 | 55,804 |
Deferred revenue | 7,597 | 6,934 |
Accrued payroll and employee benefits | 7,497 | 10,255 |
Accrued warranty | 10,154 | 8,755 |
Current maturities of long-term debt | 10,386 | 1,335 |
Other accrued liabilities | 8,953 | 8,563 |
Total current liabilities | 82,331 | 91,646 |
Long-term debt | 149,179 | 167,419 |
Deferred tax liabilities | 11,371 | 8,926 |
Other long-term liabilities | 16,891 | 15,837 |
Stockholders' equity: | ||
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at December 31, 2016 and December 31, 2015, 11,115,779; shares outstanding at December 31, 2016 and December 31, 2015, 10,312,625 and 10,221,006, respectively | 111 | 111 |
Paid-in capital | 44,098 | 46,681 |
Retained earnings | 133,667 | 276,571 |
Treasury stock - at cost, common stock, shares at December 31, 2016 and December 31, 2015, 803,154 and 894,773, respectively | (19,336) | (22,591) |
Accumulated other comprehensive loss | (25,289) | (17,940) |
Total stockholders' equity | 133,251 | 282,832 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 393,023 | $ 566,660 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets | ||
Common stock, par value | $ 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 | 10,312,625 | 10,221,006 |
Treasury stock shares - at cost, common stock | 803,154 | 894,773 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Operations | |||
Sales of goods | $ 415,375 | $ 537,214 | $ 561,899 |
Sales of services | 68,139 | 87,309 | 45,293 |
Total net sales | 483,514 | 624,523 | 607,192 |
Cost of goods sold | 331,437 | 420,169 | 449,964 |
Cost of services sold | 61,721 | 70,701 | 35,637 |
Total cost of sales | 393,158 | 490,870 | 485,601 |
Gross profit | 90,356 | 133,653 | 121,591 |
Selling and administrative expenses | 85,976 | 92,648 | 79,814 |
Amortization expense | 9,575 | 12,245 | 4,695 |
Asset impairments | 135,884 | 80,337 | 0 |
Interest expense | 6,551 | 4,378 | 512 |
Interest income | (228) | (206) | (530) |
Equity in loss (income) of nonconsolidated investments | 1,290 | 413 | (1,282) |
Other income | (1,523) | (5,585) | (678) |
Total operating expenses | 237,525 | 184,230 | 82,531 |
(Loss) income before income taxes | (147,169) | (50,577) | 39,060 |
Income tax (benefit) expense | (5,509) | (6,132) | 13,404 |
Net (loss) income | $ (141,660) | $ (44,445) | $ 25,656 |
Basic (loss) earnings per common share | $ (13.79) | $ (4.33) | $ 2.51 |
Diluted (loss) earnings per common share | (13.79) | (4.33) | 2.48 |
Dividends paid per common share | $ 0.12 | $ 0.16 | $ 0.13 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Comprehensive (Loss) Income | |||
Net (loss) income | $ (141,660) | $ (44,445) | $ 25,656 |
Other comprehensive loss, net of tax: | |||
Foreign currency translation adjustment | (5,896) | (6,947) | (4,863) |
Unrealized loss on cash flow hedges, net of tax expense (benefit) of ($54) and ($76) | (83) | (121) | 0 |
Pension and post-retirement benefit plans benefit (expense), net of tax expense (benefit): ($491), $208, and ($1,383) | (1,671) | 631 | (2,631) |
Reclassification of pension liability adjustments to earnings, net of tax expense of $135, $160 and $63 | 301 | 389 | 185 |
Other comprehensive loss, net of tax | (7,349) | (6,048) | (7,309) |
Comprehensive (loss) income | $ (149,009) | $ (50,493) | $ 18,347 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Comprehensive (Loss) Income | |||
Unrealized loss on cash flow hedges, tax benefit | $ (54) | $ (76) | |
Pension liability adjustments, tax (benefit) expense | (491) | 208 | $ (1,383) |
Reclassification of pension liability adjustments to earnings, tax expense | $ 135 | $ 160 | $ 63 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ (141,660) | $ (44,445) | $ 25,656 |
Adjustments to reconcile net loss to cash provided by operating activities: | |||
Deferred income taxes | 3,375 | (14,582) | (2,914) |
Depreciation | 13,917 | 14,429 | 7,882 |
Amortization | 9,575 | 12,245 | 4,695 |
Asset impairments | 135,884 | 80,337 | 0 |
Equity loss (income) and remeasurement gain | 1,290 | (167) | (1,282) |
Loss on sales and disposals of property, plant, and equipment | 202 | (2,064) | 21 |
Share-based compensation | 1,346 | 1,471 | 3,007 |
Excess income tax deficiency (benefit) from share-based compensation | 332 | (253) | (336) |
Change in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 11,959 | 31,223 | 15,311 |
Inventories | 10,479 | 4,331 | (9,872) |
Other current assets | 1,380 | 3,248 | (1,004) |
Prepaid income tax | (13,035) | 1,134 | 2,530 |
Other noncurrent assets | 59 | (909) | (386) |
Dividends from LB Pipe & Coupling Products, LLC | 0 | 90 | 630 |
Accounts payable | (16,005) | (17,204) | 16,285 |
Deferred revenue | 984 | (2,279) | 591 |
Accrued payroll and employee benefits | (2,676) | (5,136) | 2,542 |
Other current liabilities | 1,432 | (4,189) | 2,732 |
Other liabilities | (433) | (1,108) | 651 |
Net cash provided by operating activities | 18,405 | 56,172 | 66,739 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from the sale of property, plant, and equipment | 969 | 5,339 | 184 |
Capital expenditures on property, plant and equipment | (7,664) | (14,913) | (17,056) |
Acquisitions, net of cash acquired | 0 | (196,001) | (80,797) |
Capital contributions to equity method investment | 1,235 | 0 | 82 |
Net cash used by investing activities | (7,930) | (205,575) | (97,751) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of debt | (155,427) | (161,068) | (125) |
Proceeds from debt | 146,243 | 301,063 | 24,516 |
Proceeds from exercise of stock options and stock awards | 0 | 68 | 131 |
Financing fees | (1,417) | (1,670) | (473) |
Treasury stock acquisitions | (342) | (2,701) | (985) |
Cash dividends on common stock paid to shareholders | (1,244) | (1,656) | (1,345) |
Excess income tax (deficiency) benefit from share-based compensation | (332) | 253 | 336 |
Net cash (used) provided by financing activities | (12,519) | 134,289 | 22,055 |
Effect of exchange rate changes on cash and cash equivalents | (905) | (3,598) | (3,642) |
Net decrease in cash and cash equivalents | (2,949) | (18,712) | (12,599) |
Cash and cash equivalents at beginning of period | 33,312 | 52,024 | 64,623 |
Cash and cash equivalents at end of period | 30,363 | 33,312 | 52,024 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | 4,855 | 3,674 | 362 |
Income taxes paid | 3,942 | 7,835 | 14,617 |
Capital expenditures funded through financing agreements | $ 0 | $ 288 | $ 1,981 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total |
Balance, at Dec. 31, 2013 | $ 111 | $ 47,239 | $ 298,361 | $ (24,731) | $ (4,583) | $ 316,397 |
Net (loss) income | 25,656 | 25,656 | ||||
Other comprehensive loss, net of tax: | ||||||
Pension liability adjustment | (2,446) | (2,446) | ||||
Foreign currency translation adjustment | (4,863) | (4,863) | ||||
Unrealized derivative loss on cash flow hedges | 0 | |||||
Issuance of common shares, net of shares withheld for taxes | (2,467) | 1,613 | (854) | |||
Stock based compensation and related excess tax benefit/deficiency | 3,343 | 3,343 | ||||
Cash dividends on common stock paid to shareholders | (1,345) | (1,345) | ||||
Balance, at Dec. 31, 2014 | 111 | 48,115 | 322,672 | (23,118) | (11,892) | 335,888 |
Net (loss) income | (44,445) | (44,445) | ||||
Other comprehensive loss, net of tax: | ||||||
Pension liability adjustment | 1,020 | 1,020 | ||||
Foreign currency translation adjustment | (6,947) | (6,947) | ||||
Unrealized derivative loss on cash flow hedges | (121) | (121) | ||||
Purchase of common shares for treasury | (1,587) | (1,587) | ||||
Issuance of common shares, net of shares withheld for taxes | (3,158) | 2,114 | (1,044) | |||
Stock based compensation and related excess tax benefit/deficiency | 1,724 | 1,724 | ||||
Cash dividends on common stock paid to shareholders | (1,656) | (1,656) | ||||
Balance, at Dec. 31, 2015 | 111 | 46,681 | 276,571 | (22,591) | (17,940) | 282,832 |
Net (loss) income | (141,660) | (141,660) | ||||
Other comprehensive loss, net of tax: | ||||||
Pension liability adjustment | (1,370) | (1,370) | ||||
Foreign currency translation adjustment | (5,896) | (5,896) | ||||
Unrealized derivative loss on cash flow hedges | (83) | (83) | ||||
Purchase of common shares for treasury | (67) | (67) | ||||
Issuance of common shares, net of shares withheld for taxes | (3,597) | 3,322 | (275) | |||
Stock based compensation and related excess tax benefit/deficiency | 1,014 | 1,014 | ||||
Cash dividends on common stock paid to shareholders | (1,244) | (1,244) | ||||
Balance, at Dec. 31, 2016 | $ 111 | $ 44,098 | $ 133,667 | $ (19,336) | $ (25,289) | $ 133,251 |
Consolidated Statements Of Sto9
Consolidated Statements Of Stockholders' Equity (Parentheticals) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Purchase of common shares for Treasury | 5,000 | 80,512 | |
Common shares issued, net shares withheld for taxes | 96,619 | 59,113 | 53,884 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. ļ»æ Summary of Significant Accounting Policies ļ»æ Basis of financial statement presentation ļ»æ The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, ventures, and partnerships in which a controlling interest is held. Inter-company transactions and accounts have been eliminated. The Company utilizes the equity method of accounting for companies where its ownership is less than or equal to 50% and significant influence exists. ļ»æ Cash and cash equivalents ļ»æ The Company considers cash and other instruments with maturities of three months or less, when purchased, to be cash and cash equivalents . The Company invests available funds in a manner to maximize returns, preserve investment principal, and maintain liquidity while seeking the highest yield available. ļ»æ Cash and cash equivalents held in non-domestic accounts were approximately $ 29,400 and $ 29,700 at December 31, 2016 and 2015, respectively. Included in non-domestic cash equivalents are investments in bank term deposits of approximately $16 and $ 1,939 at December 31, 2016 and 2015, respectively. The carrying amounts approximated fair value because of the short maturity of the instruments. ļ»æ Inventories ļ»æ Certain inventories are valued at the lower of the last-in, first-out (āLIFOā) cost or market. Approximately 47 % in 2016 and 43 % in 2015 of the Companyās inventory is valued at average cost or market, whichever is lower. Slow-moving inventory is reviewed and adjusted regularly, based upon product knowledge, physical inventory observation, and the age of the inventory. ļ»æ Property, plant, and equipment ļ»æ Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of 5 to 40 years for buildings and 2 to 10 years for machinery and equipment. Leasehold improvements are amortized over 3 to 13 years, which represent the lives of the respective leases or the lives of the improvements, whichever is shorter. Depreciation expense is recorded within ācost of salesā and āselling and administrativeā expenses based upon the particular assetās use. The Company reviews a long-lived asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company impaired $14,956 of property, plant and equipment related to the test and inspection services division within the Tubular and Energy Services segment during the year ended December 31, 2016. There were no material asset impairments recorded for the years ended December 31, 2015 and 2014. ļ»æ Maintenance, repairs, and minor renewals are charged to operations as incurred. Major renewals and betterments that substantially extend the useful life of the property are capitalized at cost. Upon sale or other disposition of assets, the costs and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in income. ļ»æ Allowance for doubtful accounts ļ»æ The allowance for doubtful accounts is recorded to reflect the ultimate realization of the Companyās accounts receivable and includes assessment of the probability of collection and the credit-worthiness of certain customers. Reserves for uncollectible accounts are recorded as part of selling and administrative expenses on the Consolidated Statements of Operations. The Company reviews its accounts receivable aging and calculates an allowance through application of historic reserve factors to overdue receivables. This calculation is supplemented by specific account reviews performed by the Companyās credit department. As necessary, the application of the Companyās allowance rates to specific customers is reviewed and adjusted to more accurately reflect the credit risk inherent within that customer relationship. ļ»æ Investments ļ»æ Investments in companies in which the Company has the ability to exert significant influence, but not control, over operating and financial policies (generally 20% to 50% ownership) are accounted for using the equity method. Under the equity method, investments are initially recorded at cost and adjusted for dividends and undistributed earnings and losses. The equity method of accounting requires a company to recognize a loss in the value of an equity method investment that is other than a temporary decline. ļ»æ Goodwill and other intangible assets ļ»æ Goodwill is tested annually for impairment or more often if there are indicators of impairment. The goodwill impairment test involves comparing the fair value of a reporting unit to its carrying value, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, a second step is required to measure the goodwill impairment loss. This step compares the implied fair value of the reporting unitās goodwill to the carrying amount of that goodwill. If the carrying amount of the goodwill exceeds the implied fair value of the goodwill, an impairment loss equal to the excess is recorded as a component of operations. The Company performs its annual impairment tests as of October 1 st . ļ»æ During 2016 and 2015, the Company identified certain triggering events that indicated an interim impairment test was required. As a result of the Companyās assessment, the Company recorded goodwill impairment of $61,142 and $80,337 during 2016 and 2015, respectively. The 2016 charges related to the full impairment of the Chemtec Energy Services (āChemtecā) and Protective Coatings divisions goodwill within the Tubular and Energy Services segment resulting from the Chemtec acquisition in 2014 and the 2013 acquisition of Ball Winch, LLC and a partial impairment of the Rail Technologies division goodwill within the Rail Products and Services segments, respectively. The 2015 impairment charge related to the goodwill resulting from the acquisition of IOS (or ātest and inspection servicesā) and Chemtec within the Tubular and Energy Services segment. The measurement of goodwill impairment is a Level 3 fair value measurement, since the primary assumptions, including estimates of future revenue growth, gross margin, and EBITDA margin, are not market observable and require management to make judgements regarding future outcomes. Additional information concerning the impairments is set forth in Note 4 Goodwill and Other Intangible Assets, to the financial statements. No additional charges were recorded as a result of the 2016 annual impairment test. No goodwill impairment was recognized during 2014 . ļ»æ The Company has no indefinite-lived intangible assets. The Company reviews a long-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. All intangible assets are amortized over their useful lives ranging from 5 to 25 years, with a total weighted average amortization period of approximately 15 years, at December 31, 2016. During the year ended December 31, 2016, the Company recorded a definite-lived intangible asset impairment of $59,786 related to Chemtec and test and inspection services within the Tubular and Energy Services segment. There were no definite-lived intangible asset impairments during the years ended December 31, 2015 and 2014. See Note 4 Goodwill and Other Intangible Assets for additional information regarding the Companyās intangible assets. ļ»æ Environmental remediation and compliance ļ»æ Environmental remediation costs are accrued when the liability is probable and costs are estimable. Environmental compliance costs, which principally include the disposal of waste generated by routine operations, are expensed as incurred. Capitalized environmental costs, when appropriate, are depreciated over their useful life. Reserves are not reduced by potential claims for recovery and are not discounted. Claims for recovery are recognized as agreements are reached with third parties or as amounts are received. Reserves are periodically reviewed throughout the year and adjusted to reflect current remediation progress, prospective estimates of required activity, and other factors that may be relevant, including changes in technology or regulations. See Note 19 Commitments and Contingent Liabilities, for additional information regarding the Companyās outstanding environmental and litigation reserves. Earnings per share ļ»æ Basic earnings per share is calculated by dividing net income by the weighted average of common shares outstanding during the year. Diluted earnings per share is calculated by using the weighted average of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options and restricted stock utilizing the treasury stock method. ļ»æ Revenue recognition ļ»æ The Companyās revenues are comprised of product and service sales as well as products and services provided under long-term contracts. For product and service sales, the Company recognizes revenue when the following criteria have been satisfied : persuasive evidence of a sales arrangement exists ; product delivery and transfer of title to the customer has occurred or services have been rendered ; the price is fixed or determinable ; and collectability is reasonably assured. Generally, product title passes to the customer upon shipment. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at its physical location. Revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Shipping and handling costs are included in cost of goods sold. ļ»æ Revenues for products and services under long-term contracts are recognized using the percentage-of-completion method. Sales and gross profit are recognized as work is performed based upon the proportion of actual costs incurred to estimated total project costs. Sales and gross profit are adjusted prospectively for revisions in estimated total project costs and contract values. For certain products and services, the percentage of completion is based upon actual labor costs as a percentage of estimated total labor costs. At the time a loss contract becomes known, the entire amount of the estimated loss is recognized in the Consolidated Statement s of Operations. Costs in excess of billings are classified as work-in-process inventory. Projects with billings in excess of costs are recorded within deferred revenue. ļ»æ Revenue recognition involves judgments, including assessments of expected returns, the likelihood of nonpayment, and estimates of expected costs and profits on long-term contracts. In determining when to recognize revenue, the Company analyzes various factors, including the specifics of the transaction, historical experience, creditworthiness of the customer, and current market and economic conditions. Changes in judgments on these factors could impact the timing and amount of revenue recognized with a resulting impact on the timing and amount of associated income. ļ»æ Deferred revenue ļ»æ Deferred revenue 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 with respect to which the Company has significantly fulfilled its obligations, but due to the Companyās continuing involvement with the project, revenue is precluded from being recognized until title, ownership, and risk of loss have passed to the customer. Fair value of financial instruments ļ»æ The Companyās financial instruments consist of cash equivalents, accounts receivable, accounts payable, interest rate swap agreements, and debt. ļ»æ The carrying amounts of the Companyās financial instruments at December 31, 2016 and 2015 approximate fair value. See Note 18 Fair Value Measurements, for additional information. ļ»æ Stock-based compensation ļ»æ The Company applies the provisions of FASB ASC 718, āCompensation ā Stock Compensation,ā to account for the Companyās share-based compensation. Under the guidance, share-based compensation cost is measured at the grant date based on the calculated fair value of the award. The expense is recognized over the employeesā requisite service period, generally the vesting period of the award. See Note 15 Share-based Compensation, for additional information. ļ»æ Product warranty ļ»æ The Company maintains a current warranty liability for the repair or replacement of defective products. For certain manufactured products, an accrual is made on a monthly basis as a percentage of cost of sales based upon historical experience. For long-lived construction products, a warranty is established when the claim is known and quantifiable. The product warranty accrual is periodically adjusted based on the identification or resolution of known individual product warranty claims or due to changes in the Companyās historical warranty experience. At December 31, 2016 and 2015, the product warranty reserve was $ 10,154 and $ 8,755 , respectively. See Note 19 Commitments and Contingencies for additional information regarding the product warranty. Income taxes ļ»æ Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax laws and rates expected to be in effect when such differences are recovered or settled. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date of the change. ļ»æ The Company makes judgments regarding the recognition of deferred tax assets and the future realization of these assets. As prescribed by FASB ASC 740 āIncome Taxesā and applicable guidance, valuation allowances must be provided for those deferred tax assets for which it is more likely than not (a likelihood more than 50%) that some portion or all of the deferred tax assets will not be realized. The guidance requires the Company to evaluate positive and negative evidence regarding the recoverability of deferred tax assets. The d etermination of whether the positive evidence outweighs the negative evidence and quantification of the valuation allowance requires the Company to make estimates and judgments of future financial results. ļ»æ The Company evaluates all tax positions taken on its federal, state, and foreign tax filings to determine if the position is more likely than not to be sustained upon examination. For positions that meet the more likely than not to be sustained criteria, the largest amount of benefit to be realized upon ultimate settlement is determined on a cumulative probability basis. A previously recognized tax position is derecognized when it is subsequently determined that a tax position no longer meets the more likely than not threshold to be sustained. The evaluation of the sustainability of a tax position and the expected tax benefit is based on judgment, historical experience, and various other assumptions. Actual results could differ from those estimates upon subsequent resolution of identified matters. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. ļ»æ Foreign currency translation ļ»æ The assets and liabilities of our foreign subsidiaries are measured using the local currency as the functional currency and are translated into U.S. dollars at exchange rates as of the balance sheet date. Income statement amounts are translated at the weighted-average rates of exchange during the year. The translation adjustment is accumulated as a separate component of accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in determining net income. Included in net income for the years ended December 31, 2016, 2015, and 2014 were foreign currency transaction (losses) gains of approximately ($12), $1,616 , and $422 , respectively. Research and development ļ»æ The Company expenses research and development costs as costs are incurred. For the years ended December 31, 2016, 2015, and 2014, research and development expenses were $ 3,511 , $ 3,937, and $ 3,096 , respectively, and were principally related to the Companyās friction management and railroad monitoring system products. ļ»æ Use of estimates ļ»æ The preparation of financial statements in conformity with U.S. generally accepted accounting principles (āGAAPā) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. ļ»æ Recently issued accounting guidance In March 2016, the FASB issued ASU No. 2016-09, āCompensationāStock Compensation (Topic 718).ā This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation, and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The adoption of this new guidance is not expected to have a material impact on the Companyās financial position and results of operations. ļ»æ In May 2014, the FASB issued Accounting Standards Update (āASUā) 2014-09, āRevenue from Contracts with Customers (Topic 606)ā (āASU 2014-09ā), which supersedes the revenue recognition requirements in ASC 605, āRevenue Recognition.ā 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, 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, 2017, including interim periods within that reporting period. The Company continues to evaluate the impacts that this standard will have on the Company's financial statements. The Company anticipates using the modified retrospective approach at adoption as it relates to ASU 2014-09. In February 2016, the FASB issued ASU 2016-02, āLeases (Topic 842)ā. The new accounting requirements include the accounting for, presentation of, and classification of leases. The guidance will result in most leases being capitalized as a right of use asset with a related liability on our balance sheets. The requirements of the new standard are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. The Company is in the process of analyzing the impact of ASU 2016-02 on our financial position and results of operations. The Company has a significant number of leases, and, as a result, expects this guidance to have a material impact on its consolidated balance sheet, the impact of which is currently being evaluated. In October 2016, the FASB issued ASU No. 2016-16, āIncome Taxes ā Intra-Entity Transfers of Assets Other Than Inventory (Topic 740),ā which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The ASU is effective on January 1, 2018 with early adoption permitted. The Company continues to evaluate the impact this standard will have on the Companyās financial statements. In January 2017, the FASB issued ASU 2017-04, āIntangibles ā Goodwill and Other (Topic 350),ā which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, an entity will recognize an impairment charge for the amount by which the carrying value exceeds the fair value. This standard is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is evaluating its implementation approach and assessing the impact of ASU 2017-04 on our financial position and results of operations. Recently adopted accounting guidance In August 2014, the FASB issued ASU 2014-15, āPresentation of Financial Statements ā Going Concern (Subtopic 205-40)ā. This standard requires management to assess an entityās ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. The standard is effective for annual reporting periods, and interim periods therein, ending after December 15, 2016. Accordingly, the Company has adopted this ASU and evaluated the Companyās ability to continue as a going concern as well as the need for related footnote disclosure. The Company has concluded no disclosure is necessary regarding the entityās ability to continue as a going concern. ļ»æ |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Business Segments [Abstract] | |
Business Segments | Note 2. ļ»æ Business Segments ļ»æ The Company is a leading manufacturer and distributor of products and services for transportation and energy infrastructure. 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 that is subject to evaluation by the Companyās chief operating decision maker in deciding how to allocate resources. Each segment is evaluated based upon its segment profit contribution to the Companyās consolidated results. ļ»æ The Company markets its products directly in all major industrial areas of the United States, Canada, and Europe, primarily through an internal sales force. ļ»æ The Companyās Rail Products and Services segment provides a full line of new and used rail, trackwork, and accessories to railroads, mines, and other customers in the rail industry. The Rail segment also designs and produces insulated rail joints, power rail, track fasteners, concrete railroad ties, coverboards, and special accessories for mass transit and other rail systems. In addition, the Rail Products and Services segment engineers, manufactures, and assembles friction management products and railway wayside data collection and management systems. ļ»æ The Companyās Construction Products segment sells and rents steel sheet piling, H-bearing pile, and other piling products for foundation and earth retention requirements. The Companyās Fabricated Bridge Products division sells bridge decking, bridge railing, structural steel fabrications, expansion joints, bridge forms, and other products for highway construction and repair. The concrete products businesses produce precast concrete buildings and a variety of specialty precast concrete products. ļ»æ The Companyās Tubular and Energy Services segment provides pipe coatings for natural gas pipelines and utilities, upstream test and inspection services, and precision measurement systems for the oil and gas market, and produces threaded pipe products for the oil and gas markets as well as industrial water well and irrigation markets. ļ»æ The following table illustrates net sales, profit (loss), assets, depreciation/amortization, and expenditures for long-lived assets of the Company by segment for the years ended or at December 31, 2016, 2015, and 2014. Segment profit is the earnings from operations before income taxes and includes internal cost of capital charges for net assets used in the segment at a rate of generally 1% per month excluding recently acquired businesses. The internal cost of capital charges are eliminated during the consolidation process. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies except that the Company accounts for inventory on a First-In, First-Out (āFIFOā) basis at the segment level compared to a Last-In, First-Out (āLIFOā) basis at the consolidated level . ļ»æ ļ»æ ļ»æ ļ»æ 2016 ļ»æ Expenditures ļ»æ Net Segment Segment Depreciation/ for Long-Lived ļ»æ Sales Profit (Loss) * Assets Amortization Assets ļ»æ ļ»æ Rail Products and Services $ 239,127 $ (26,228) $ 174,049 $ 7,276 $ 856 ļ»æ Construction Products 145,602 8,189 81,074 2,256 687 ļ»æ Tubular and Energy Services 98,785 (116,126) 100,006 12,644 3,810 ļ»æ Total $ 483,514 $ (134,165) $ 355,129 $ 22,176 $ 5,353 ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2015 ļ»æ Expenditures ļ»æ Net Segment Segment Depreciation/ for Long-Lived ļ»æ Sales Profit (Loss) ** Assets Amortization Assets ļ»æ ļ»æ Rail Products and Services $ 328,982 $ 27,037 $ 241,222 $ 8,098 $ 4,273 ļ»æ Construction Products 176,394 12,958 86,335 2,720 1,260 ļ»æ Tubular and Energy Services 119,147 (81,344) 216,715 14,857 4,303 ļ»æ Total $ 624,523 $ (41,349) $ 544,272 $ 25,675 $ 9,836 ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2014 ļ»æ Expenditures ļ»æ Net Segment Segment Depreciation/ for Long-Lived ļ»æ Sales Profit Assets Amortization Assets ļ»æ ļ»æ Rail Products and Services $ 374,615 $ 30,093 $ 239,951 $ 6,153 $ 5,115 ļ»æ Construction Products 178,847 13,106 102,978 2,232 3,343 ļ»æ Tubular and Energy Services 53,730 5,350 130,289 3,208 6,988 ļ»æ Total $ 607,192 $ 48,549 $ 473,218 $ 11,593 $ 15,446 ļ»æ * - Segment loss includes impairment of goodwill, definite-lived intangible assets and property, plant and equipment as further described in Note 4 Goodwill and Other Intangible Assets and Note 7 Property, Plant and Equipment. ** - Segment loss includes impairment of goodwill as further described in Note 4 Goodwill and Other Intangible Assets. ļ»æ During 2016, 2015, and 2014, no single customer accounted for more than 10% of the Companyās consolidated net sales. Sales between segments are immaterial. Reconciliations of reportable segment net sales, profits, assets, depreciation/amortization, and expenditures for long-lived assets to the Companyās consolidated totals are as follows for the years ended and as of December 31: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ ļ»æ ļ»æ (Loss) income from Operations: ļ»æ Total for reportable segments $ (134,165) $ (41,349) $ 48,549 ļ»æ Adjustment of inventory to LIFO 2,643 2,468 738 ļ»æ Unallocated interest income 87 206 530 ļ»æ Unallocated equity in (loss) income of nonconsolidated investments (1,290) (413) 1,282 ļ»æ Unallocated corporate amounts (14,444) (11,489) (12,039) ļ»æ (Loss) income from operations, before income taxes $ (147,169) $ (50,577) $ 39,060 ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ Assets: ļ»æ Total for reportable segments $ 355,129 $ 544,272 $ 473,218 ļ»æ Unallocated corporate assets 41,072 28,209 26,788 ļ»æ LIFO (3,178) (5,821) (8,289) ļ»æ Total assets $ 393,023 $ 566,660 $ 491,717 ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ Depreciation/Amortization: ļ»æ Total for reportable segments $ 22,176 $ 25,675 $ 11,593 ļ»æ Other 1,316 999 984 ļ»æ Total $ 23,492 $ 26,674 $ 12,577 ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ Expenditures for Long-Lived Assets: ļ»æ Total for reportable segments $ 5,353 $ 9,836 $ 15,446 ļ»æ Expenditures funded through financing agreements - 288 1,981 ļ»æ Other expenditures 2,311 5,077 1,610 ļ»æ Total $ 7,664 $ 15,201 $ 19,037 ļ»æ The following table summarizes the Companyās sales by major geographic region in which the Company has operations for the years ended December 31: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ United States $ 390,930 $ 522,404 $ 498,025 ļ»æ United Kingdom 37,188 26,817 22,625 ļ»æ Canada 30,644 40,545 39,375 ļ»æ Other 24,752 34,757 47,167 ļ»æ $ 483,514 $ 624,523 $ 607,192 ļ»æ The following table summarizes the Companyās long-lived assets by geographic region at December 31: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ United States $ 96,650 $ 118,053 $ 66,905 ļ»æ Canada 5,445 6,186 7,440 ļ»æ Other 1,878 2,506 457 ļ»æ $ 103,973 $ 126,745 $ 74,802 ļ»æ The following table summarizes the Companyās sales by major product line: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ Rail Technologies products $ 90,469 $ 98,237 $ 109,053 ļ»æ Rail distribution products 83,236 126,277 139,529 ļ»æ Piling products 70,535 94,853 111,182 ļ»æ Concrete products 54,514 52,044 36,396 ļ»æ Precision measurement systems 42,830 36,048 - ļ»æ Allegheny Rail Products 24,102 35,155 45,008 ļ»æ Upstream test and inspection services 20,765 35,906 - ļ»æ CXT concrete tie products 16,288 35,740 52,562 ļ»æ Other products 80,775 110,263 113,462 ļ»æ $ 483,514 $ 624,523 $ 607,192 ļ»æ |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | Note 3. ļ»æ Acquisitions TEW Plus, Ltd On November 23, 2015 , the Company acquired the 75% balance of the remaining shares of TEW Plus, Ltd (āTew Plusā) for $2,130 , net of cash acquired . Headquartered in Nottingham, UK, Tew Plus provides telecommunications and security systems to the railway and commercial markets. Their offerings include full installation services including: design, project management, survey, and commissioning along with future maintenance. The results of Tew Plusā operations are included within the Rail Products and Services segment from the date of acquisition. Inspection Oilfield Services On March 13, 2015 , the Company acquired IOS Holdings, Inc. (āIOSā) for $167,404 , net of cash acquired and a net working capital receivable adjustment of $2,363 . The purchase agreement includes an earn-out provision for the seller to generate an additional $60,000 of proceeds upon achieving certain levels of EBITDA during the three - year period beginning on January 1, 2015. The Company has not accrued an estimated earn-out obligation based upon a probability weighted valuation model of the projected EBITDA results, which indicates that the minimum target will not be achieved. Approximately $7,600 of the purchase price relates to amounts held in escrow to satisfy potential indemnity claims made under the purchase agreement. Headquartered in Houston, TX, IOS is a leading independent provider of tubular management services with operations in every significant oil and gas producing region in the continental United States. The acquisition is included within our Tubular and Energy Services segment from the date of acquisition. See Note 4 Goodwill and Other Intangible Assets, with respect to an impairment of the goodwill related to this acquisition. TEW Holdings, Ltd On January 13, 2015 , the Company acquired TEW Holdings, Ltd (āTewā) for $26,467 , net of cash acquired, working capital, and net debt adjustments totaling $4,200 . The purchase price includes approximately $600 which is held in escrow to satisfy potential indemnity claims made under the purchase agreement. Headquartered in Nottingham, UK, Tew provides application engineering solutions primarily to the rail market and other major industries. The results of Tewās operations are included within the Rail Products and Services segment from the date of acquisition. Chemtec Energy Services, L.L.C. On December 30, 2014 , the Company acquired Chemtec Energy Services, LLC (āChemtecā) for $66,719 , net of cash received, which is inclusive of $1,867 related to working capital adjustments. The cash payment included $5,000 that is held in escrow to satisfy potential indemnity claims made under the purchase agreement. Headquartered in Willis, TX, Chemtec is a domestic manufacturer and turnkey provider of blending, injection, and metering equipment for the oil and gas industry. The acquired business is included within our Tubular and Energy Services segment. See Note 4 Goodwill and Other Intangible Assets, with respect to an impairment of the goodwill related to this acquisition. FWO On October 29, 2014 , the Company acquired assets of FWO , a business of Balfour Beatty Rail GmbH for $1,103 , inclusive of a $161 post-closing working capital receivable adjustment. Headquartered in Germany, FWO is engaged in the electronic track lubrication and maintenance business and has been included in our Rail Products and Services segment. Carr Concrete On July 7, 2014 , the Company acquired assets of Carr Concrete Corporation (āCarrā) for $12,480 , inclusive of a $189 post-closing purchase price adjustment. Carr is a pro vider of pre-stressed and precast specialty concrete products located in Waverly, WV. Included within the purchase price is $1,000 that is held in escrow to satisfy potential indemnity claims made under the purchase agreement. The results of Carrās operations are included in our Construction Products segment. Acquisition Summary Each transaction was accounted for under the acquisition method of accounting under U.S. generally accepted accounting principles , which requires an acquiring entity to recognize, with limited exceptions, all of the assets acquired and liabilities assumed in a transaction at fair value as of the acquisition date. Goodwill primarily represents the value paid for each acquisitionās enhancement to the Companyās product and service offerings and capabilities, as well as a premium payment related to the ability to control the acquired assets. The Company has concluded that intangible assets and goodwill values resulting from the Chemtec, FWO, and Carr transactions are deductible for tax purposes. No acquisition-related costs were incurred during the year ended December 31, 2016. The Company incurred $760 and $2,240 of acquisition-related costs that are included in the results of operations within selling and administrative costs for the years ended December 31, 2015 and 2014. ļ»æ The following unaudited pro forma consolidated income statement presents the Companyās results as if the acquisitions of IOS, Tew, and Chemtec had occurred on January 1, 2014. The 2015 pro forma results include the impact of the current year impairment of goodwill as further described in Note 4. ļ»æ ļ»æ ļ»æ ļ»æ Twelve months ended ļ»æ December, 31 ļ»æ 2015 2014 ļ»æ Net sales $ 640,596 $ 806,384 ļ»æ Gross profit 138,123 183,163 ļ»æ Net (loss) income (44,399) 41,745 ļ»æ Diluted (loss) earnings per share ļ»æ As Reported $ (4.33) $ 2.48 ļ»æ Pro forma $ (4.32) $ 4.04 ļ»æ The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition : ļ»æ ļ»æ ļ»æ Allocation of Purchase Price November 23, 2015 - Tew Plus March 13, 2015 - IOS January 13, 2015 - Tew December 30, 2014 - Chemtec October 29, 2014 - FWO July 7, 2014 - Carr ļ»æ Current assets $ 4,420 $ 19,877 $ 12,125 $ 15,528 $ 131 $ 3,180 ļ»æ Other assets - 708 - - - 45 ļ»æ Property, plant, and equipment 47 51,453 * 2,398 4,705 - 7,648 ļ»æ Goodwill 822 69,908 * 8,772 22,302 * 971 1,936 ļ»æ Other intangibles 1,074 50,354 * 14,048 33,130 419 1,348 ļ»æ Liabilities assumed (3,597) (23,596) (6,465) (6,756) (418) (1,677) ļ»æ Total $ 2,766 $ 168,704 $ 30,878 $ 68,909 $ 1,103 $ 12,480 ļ»æ * - See Note 4 Goodwill and Other Intangible Assets, and Note 7 Property, Plant, and Equipment, with respect to an impairment of property, plant , and equipment, intangible asset s, and goodwill related to this acquisition. ļ»æ The following table summarizes the estimates of the fair values and amortizable lives of the identifiable intangible assets acquired: ļ»æ ļ»æ ļ»æ ļ»æ Intangible Asset November 23, 2015 - Tew Plus March 13, 2015 - IOS January 13, 2015 - Tew December 30, 2014 - Chemtec October 29, 2014 - FWO July 7, 2014 - Carr ļ»æ ļ»æ Trade name $ - $ 2,641 $ 870 $ 3,149 $ - $ 613 ļ»æ Customer relationships 817 41,171 10,035 23,934 34 524 ļ»æ Technology 203 4,364 2,480 4,930 341 87 ļ»æ Non-competition agreements 54 2,178 663 1,117 44 124 ļ»æ Total identified intangible assets $ 1,074 $ 50,354 ** $ 14,048 $ 33,130 $ 419 $ 1,348 ļ»æ ** - See Note 4 Goodwill and Other Intangible Assets, with respect to an impairment of intangible assets related to this acquisition . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | ļ»æ Note 4. ļ»æ Goodwill and Other Intangible Assets ļ»æ The following table represents the goodwill balance by reportable segment: ļ»æ ļ»æ ļ»æ ļ»æ Rail Products and Services Construction Products Tubular and Energy Services Total ļ»æ ļ»æ Balance at December 31, 2014: $ 38,956 $ 5,147 $ 38,846 $ 82,949 ļ»æ Acquisitions 9,594 - 69,908 79,502 ļ»æ Foreign currency translation impact (362) - - (362) ļ»æ Impairment charges - - (80,337) (80,337) ļ»æ 48,188 5,147 108,754 162,089 ļ»æ Accumulated impairment losses - - (80,337) (80,337) ļ»æ Balance at December 31, 2015: 48,188 5,147 28,417 81,752 ļ»æ Foreign currency translation impact (1,524) - - (1,524) ļ»æ Disposition (154) - - (154) ļ»æ Impairment charges (32,725) - (28,417) (61,142) ļ»æ 46,510 5,147 108,754 160,411 ļ»æ Accumulated impairment losses (32,725) - (108,754) (141,479) ļ»æ Balance at December 31, 2016: $ 13,785 $ 5,147 $ - $ 18,932 The Company performs goodwill impairment tests annually during the fourth quarter, and also performs interim goodwill impairment tests if it is determined that it is more likely than not that the fair value of a reporting unit is less than the carrying amount. 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. During the current year, various reporting units underperformed against their projections and revised their forecasts downward. The revised forecasts, which were primarily attributable to weakness in the rail and energy markets, indicated longer recovery horizons than we previously projected. In connection with the revisions to the longer term projections and a substantial decline in market capitalization, the Company concluded that these qualitative factors indicated that there was a more likely than not risk that the carrying value of goodwill exceeded its fair value. As a result of the Companyās qualitative review, with the assistance of an independent valuation firm, the Company performed a quantitative interim test for impairment of goodwill as of June 1, 2016. The valuation included the use of both the income and market approaches. Greater weighting was applied to the income approach since the Company believes it is the most reliable indication of value as it captures forecasted revenues and earnings for the reporting units in the projection period that the market approach may not directly incorporate. In addition, a lack of comparable market transactions in recent months has limited the availability of information necessary for the market approach. The results of the test indicated that the Rail Technologies (within the Rail Products and Services segment), Chemtec (or āprecision measurement systemsā), and protective coatings (Chemtec and protective coatings are within the Tubular and Energy Services segment) reporting unitsā respective fair values were less than their carrying value. All other reporting units that maintain goodwill substantially exceeded their carrying value and were not at risk of impairment. As a result of the continued weakness in the commodity cycles impacting the energy and rail markets, the near term projections of the Rail Technologies, Chemtec and protective coatings reporting units have deteriorated and the expected future growth of the se reporting units was determined to be insufficient to support the carrying values. The Company determined the implied fair values of the Rail Technologies, Chemtec, and protective coatings reporting units by using level 3 unobservable inputs, which incorporated assumptions that we believe would be a reasonable market participantās view in a hypothetical purchase, to develop the discounted cash flows of the respective reporting units. Significant level 3 inputs included estimates of future revenue growth, gross margin and earnings before interest, taxes, depreciation and amortization (āEBITDAā). The resulting fair values of each reporting unit were allocated to the assets and liabilities of the respective reporting unit as if each reporting unit had been acquired in business combinations as of the test date and the fair value was the purchase price paid to acquire each reporting unit. The results of the step 2 analysis indicated that the carrying amounts of the goodwill of Rail Technologies, Chemtec, and protective coatings exceeded the implied fair values of that goodwill. Accordingly, the Company recognized a non-cash goodwill impairment of $61,142, which represented the full impairment of goodwill within the Chemtec and protective coatings reporting units and approximately 68 % of Rail Technologies goodwill. No additional impairments were triggered as a result of the Companyās 2016 annual impairment test. At December 31, 2016, approximately $13,785 of the Companyās goodwill balance is allocated to the Rail Technologies reporting unit within the Rail Products and Services reportable segment. In 2015, the Company compared the implied fair values of the IOS and Chemtec goodwill amounts to the carrying amounts of that goodwill. The fair values of the IOS and Chemtec reporting units were allocated to all of the assets and liabilities of the respective reporting unit as if IOS and Chemtec had been acquired in business combinations as of the test date and the fair value was the purchase price paid to acquire each reporting unit. As a result of this valuation, it was determined that the carrying amounts of IOSās and Chemtecās goodwill exceeded the implied fair values of that goodwill. The Company recognized a non-cash goodwill impairment charge of $80,337 to write down the carrying values to the implied fair values, of which $69,908 represent ed the full carrying value of goodwill related to the IOS acquisition and the remaining $10,429 relate d to the Chemtec reporting unit. No additional impairments were triggered as a result of the Companyās 2015 annual impairment test. ļ»æ The following table represents the gross definite-lived intangible assets balance by reportable segment at December 31: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ Rail Products and Services $ 56,476 $ 59,226 ļ»æ Construction Products 1,348 1,348 ļ»æ Tubular and Energy Services 29,179 98,166 ļ»æ $ 87,003 $ 158,740 ļ»æ During the year ended December 31, 2016, the Company performed recoverability tests on reporting units when it was more likely than not that the carrying value of the long-lived asset group would not be recoverable. The results of our testing indicated that the long-lived assets related to the IOS and Chemtec divisions, within the Tubular and Energy Services segment, had carrying values in excess of the asset groupsā fair value. Based upon level 3 unobservable inputs, the Company incorporated assumptions that it believes would be a reasonable market participantās view in a hypothetical purchase, to develop the discounted cash flows. Significant level 3 inputs included estimates of future revenue growth, gross margin and EBITDA. As a result of the analysis, the Company recorded a $42,982 non-cash impairment of definite-lived intangible assets related to the IOS division and a $16,804 non-cash impairment of definite-lived intangible assets related to the Chemtec division. There were no definite-lived intangible asset impairments recorded during the years ended December 31, 2015 or 2014. ļ»æ The components of the Companyās intangible assets are as follows at: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ December 31, 2016 ļ»æ Weighted Average Gross Net ļ»æ Amortization Period Carrying Accumulated Carrying ļ»æ In Years Value Amortization Amount ļ»æ ļ»æ Non-compete agreements 5 $ 4,219 $ (2,217) $ 2,002 ļ»æ Patents 10 373 (143) 230 ļ»æ Customer relationships 18 36,843 (6,582) 30,261 ļ»æ Trademarks and trade names 14 10,018 (3,238) 6,780 ļ»æ Technology 14 35,550 (11,304) 24,246 ļ»æ $ 87,003 $ (23,484) $ 63,519 ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ December 31, 2015 ļ»æ Weighted Average Gross Net ļ»æ Amortization Period Carrying Accumulated Carrying ļ»æ In Years Value Amortization Amount ļ»æ ļ»æ Non-compete agreements 4 $ 6,984 $ (2,495) $ 4,489 ļ»æ Patents 10 378 (124) 254 ļ»æ Customer relationships 16 94,338 (8,441) 85,897 ļ»æ Supplier relationships 5 350 (335) 15 ļ»æ Trademarks and trade names 13 14,252 (3,025) 11,227 ļ»æ Technology 13 42,438 (9,393) 33,045 ļ»æ $ 158,740 $ (23,813) $ 134,927 ļ»æ Intangible assets are amortized over their useful lives ranging from 5 to 25 years, with a total weighted average amortization period of approximately 15 years. Amortization expense for the years ended December 31, 2016, 2015, and 2014 was $ 9,575 , $ 12,245 , and $ 4,695 , respectively. ļ»æ Estimated amortization expense for the years 2017 and thereafter is as follows: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ Amortization Expense ļ»æ 2017 $ 7,042 ļ»æ 2018 6,937 ļ»æ 2019 6,203 ļ»æ 2020 5,845 ļ»æ 2021 5,771 ļ»æ 2022 and thereafter 31,721 ļ»æ $ 63,519 ļ»æ |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable [Abstract] | |
Accounts Receivable | ļ»æ Note 5. ļ»æ Accounts Receivable ļ»æ Accounts receivable at December 31, 2016 and 2015 are summarized as follows: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Trade $ 64,707 $ 79,100 ļ»æ Allowance for doubtful accounts (1,417) (1,485) ļ»æ 63,290 77,615 ļ»æ Other 3,342 872 ļ»æ $ 66,632 $ 78,487 ļ»æ The Companyās customers are principally in the transportation and energy infrastructure sectors. At December 31, 2016 and 2015, trade receivables, net of allowance for doubtful accounts, from customers were as follows: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Rail Products and Services $ 29,552 $ 43,155 ļ»æ Construction Products 20,531 20,489 ļ»æ Tubular and Energy Services 13,207 13,971 ļ»æ $ 63,290 $ 77,615 ļ»æ ļ»æ Credit is extended based upon an evaluation of the customerās financial condition and, while collateral is not required, the Company periodically receives surety bonds that guarantee payment. Credit terms are consistent with industry standards and practices. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Inventories | Note 6. Inventory ļ»æ Inventories at December 31, 2016 and 2015 are summarized in the following table: ļ»æ ļ»æ ļ»æ ļ»æ December 31, December 31, ļ»æ 2016 2015 ļ»æ ļ»æ Finished goods $ 46,673 $ 62,547 ļ»æ Work-in-process 21,716 20,178 ļ»æ Raw materials 18,032 19,492 ļ»æ Total inventories at current costs 86,421 102,217 ļ»æ Less: LIFO reserve (3,178) (5,821) ļ»æ $ 83,243 $ 96,396 ļ»æ At December 31, 2016 and 2015, the LIFO carrying value of inventories for book purposes exceeded the LIFO value for tax purposes by approximately $ 8,925 and $5,046 , respectively. At December 31, 2016, 2015, and 2014 liquidation of certain LIFO inventory layers carried at costs that were higher than the costs of current purchases resulted in increases in cost of goods sold of $1,304 , $115 and $ 6 , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 7. ļ»æ Property, Plant, and Equipment ļ»æ Property, plant, and equipment at December 31, 2016 and 2015 consist of the following: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ Land $ 14,826 $ 17,054 ļ»æ Improvements to land and leaseholds 17,408 16,590 ļ»æ Buildings 33,910 39,366 ļ»æ Machinery and equipment, including equipment under capitalized leases 118,060 118,677 ļ»æ Construction in progress 1,291 11,844 ļ»æ 185,495 203,531 ļ»æ ļ»æ Less accumulated depreciation and amortization, including accumulated amortization of capitalized leases 81,522 76,786 ļ»æ $ 103,973 $ 126,745 ļ»æ During the year ended December 31, 2016, the Company performed recoverability tests on reporting units when it was more likely than not that the carrying value of the long-lived asset group would not be recoverable. The results of our testing indicated that the long-lived assets related to the IOS business, within the Tubular and Energy Services segment, had carrying values in excess of the asset groupsā fair value. Based upon level 3 unobservable inputs, the Company incorporated assumptions that it believes would be a reasonable market participantās view in a hypothetical purchase, to develop the discounted cash flows. Significant level 3 inputs included estimates of future revenue growth, gross margin, and EBITDA. As a result of the analysis, the Company recorded a $14,956 non-cash impairment of property, plant and equipment related to the IOS business. There were no impairments of property, plant and equipment recorded during the years ended December 31, 2015 or 2014. ļ»æ Depreciation expense, including amortization of assets under capital leases, for the years ended December 31, 2016, 2015, and 2014 amounted to $ 13,917 , $ 14,429 and $ 7,882 , respectively. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Investments | Note 8. ļ»æ Investments ļ»æ The Company is a member of a joint venture, L B Pipe and Coupling Products, LLC (āLB Pipe JVā), in which it maintains a 45 % ownership interest. LB Pipe 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 . ļ»æ Under applicable guidance for variable interest entities in ASC 810, āConsolidation,ā the Company determined that LB Pipe 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 LB Pipe JV. Accordingly, the Company concluded that the equity method of accounting remains appropriate . ļ»æ During the years ended December 31, 2016 and 2015, each of the LB Pipe JV members received proportional distributions from LB Pipe JV. The Companyās 45% ownership interest resulted in cash distributions of $90 during 2015. There were no changes to the membersā ownership interests as a result of the distribution. During 2016, the Company and the other 45% member each executed a revolving line of credit with LB Pipe JV with an available limit of $1,350 . The Company and the other 45% member each loaned $1,235 to LB Pipe JV in an effort to maintain compliance with LB Pipe JVās debt covenants with an unaffiliated bank. The Companyās loan with LB Pipe JV matures on December 15, 2017. ļ»æ The Company recorded equity in the (loss) income of LB Pipe JV of approximately ($1,345 ) , ( $ 410) and $1,286 for the years ended December 31, 2016, 2015, and 2014, respectively. ļ»æ At December 31, 2016 and 2015, the Company had a nonconsolidated equity method investment of $3,902 and $5,246 , respectively, in LB Pipe JV and other investments totaling $129 and $75 at December 31, 2016 and 2015, respectively. The Company performed recoverability tests over its nonconsolidated equity method investments and concluded that the fair values exceeded the carrying values and no impairment was recorded by the Company during the years ended December 31, 2016, 2015 or 2014. The Companyās exposure to loss results from its capital contributions, net of the Companyās share of LB Pipe JVās income or loss, itās revolving line of credit, and its net investment in the direct financing lease covering the facility used by LB Pipe JV for its operations. The carrying amounts with the maximum exposure to loss of the Company at December 31, 2016 and 2015, respectively, are as follows: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ LB Pipe JV equity method investment $ 3,902 $ 5,246 ļ»æ Revolving line of credit 1,235 - ļ»æ Net investment in direct financing lease 871 995 ļ»æ $ 6,008 $ 6,241 ļ»æ The Company is leasing five acres of land and two facilities to LB Pipe JV through June 30, 2019, with a 5.5-year renewal period. The current monthly lease payments, including interest, approximate $17 , with a balloon payment of approximately $488 , which is required to be paid 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 . ļ»æ The following is a schedule of the direct financing minimum lease payments for the years 2017 and thereafter : ļ»æ ļ»æ ļ»æ ļ»æ Minimum Lease Payments ļ»æ 2017 $ 140 ļ»æ 2018 150 ļ»æ 2019 581 ļ»æ $ 871 ļ»æ ļ»æ As a result of the November 23, 2015 acquisition of Tew Plus, the Company remeasured its 25% equity investment in Tew Plus resulting in other income of $580 for the period ended December 31, 2015. Refer to Note 20, āOther Income,ā for additional information on the gain. |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Revenue [Abstract] | |
Deferred Revenue | Note 9. ļ»æ Deferred Revenue ļ»æ Deferred revenue of $7,597 and $6,934 at December 31, 2016 and 201 5 , 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 with respect to which the Company has significantly fulfilled its obligations, but due to the Companyās continuing involvement with the project, revenue is precluded from being recognized until title, ownership, and risk of loss have passed to the customer. |
Long-Term Debt and Related Matt
Long-Term Debt and Related Matters | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt and Related Matters [Abstract] | |
Long-Term Debt and Related Matters | Note 10. ļ»æ Long-Term Debt and Related Matters ļ»æ Long-term debt at December 31, 2016 and 2015 consists of the following: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ ļ»æ Revolving credit facility with an interest rate of 4.22% at December 31, 2016 and 2.10% at December 31, 2015. $ 127,073 $ 165,000 ļ»æ Term loan payable in quarterly installments through January 1, 2020 with an interest rate of 3.92% at December 31, 2016 30,000 - ļ»æ Financing agreement payable in installments through July 1, 2017 with an interest rate of 3.00% at December 31, 2016 534 1,247 ļ»æ Lease obligations payable in installments through 2019 with a weighted average interest rate of 3.10% at December 31, 2016 and 3.09% December 31, 2015 1,958 2,507 ļ»æ Total 159,565 168,754 ļ»æ Less current maturities 10,386 1,335 ļ»æ Long-term portion $ 149,179 $ 167,419 ļ»æ The maturities of long-term debt are as follows: ļ»æ ļ»æ ļ»æ ļ»æ December 31, 2016 ļ»æ 2017 $ 10,386 ļ»æ 2018 9,820 ļ»æ 2019 9,734 ļ»æ 2020 129,625 ļ»æ 2021 - ļ»æ 2022 and thereafter - ļ»æ Total $ 159,565 ļ»æ ļ»æ ļ»æ Borrowings ļ»æ United States On November 7, 2016, the Company, its domestic subsidiaries, and certain of its Canadian subsidiaries entered into the Second Amendment (the āSecond Amendmentā) to the Second Amended and Restated Credit Agreement dated March 13, 2015 and as amended by the First Amendment dated June 29, 2016 (the āAmended and Restated Credit Agreementā), with PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company. This Second Amendment modifies the Amended and Restated Credit Agreement which had a maximum revolving credit line of $275,000 . The Second Amendment reduces the permitted revolving credit borrowings to $195,000 and provides for additional term loan borrowing of $30,000 . The term loan will be subject to quarterly straight line amortization until fully paid off upon the final payment on January 1, 2020 . Furthermore, certain matters, including excess cash flow, asset sales, and equity issuances, trigger mandatory prepayments to the Term Loan. Term Loan borrowings will not be available to draw upon once they have been repaid. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Second Amendment or Amended and Restated Credit Agreement, as applicable. The Second Amendment further provides for modifications to the financial covenants as defined in the Amended and Restated Credit Agreement. The Second Amendment calls for the elimination of the Maximum Leverage Ratio covenant through the quarter ended June 30, 2018. After that period, the Maximum Gross Leverage Ratio covenant will be reinstated to require a maximum ratio of 4.25 Consolidated Indebtedness to 1.00 Gross Leverage for the quarter ended September 30, 2018, and 3.75 to 1.00 for all periods thereafter until the maturity date of the credit facility. The Second Amendment also includes a Minimum Last Twelve Months EBITDA covenant (āMinimum EBITDAā). For the quarter ending December 31, 2016 through the quarter ending June 30, 2017, the Minimum EBITDA must be at least $18,500 . For each quarter thereafter, through the quarter ended June 30, 2018, the Minimum EBITDA requirement will increase by various increments. At June 30, 2018, the Minimum EBITDA requirement will be $31,000 . After the quarter ended June 30, 2018, the Minimum EBITDA covenant will be eliminated through the maturity of the credit agreement. The Second Amendment also includes a Minimum Fixed Charge Coverage Ratio covenant. The covenant represents the ratio of the Companyās fixed charges to the last twelve months of EBITDA, and is required to be a minimum of 1.00 to 1.00 through the quarter ended December 31, 2017 and 1.25 to 1.00 for each quarter thereafter through the maturity of the credit facility. The final financial covenant included in the Second Amendment is a Minimum Liquidity covenant which calls for a minimum of $25,000 in undrawn availability on the revolving credit loan at all times through the quarter ended June 30, 2018. The Second Amendment includes several changes to certain non-financial covenants as defined in the Credit Agreement. Through the maturity date of the loan, the Company is now prohibited from making any future acquisitions. The limitation on permitted annual distributions of dividends or redemptions of the Companyās stock has been decreased from $4,000 to $1,700 . The aggregate limitation on loans to and investments in non-loan parties was decreased from $10,000 to $5,000 . Furthermore, the limitation on asset sales has been decreased from $25,000 annually with a carryover of up to $15,000 from the prior year to $25,000 in the aggregate through the maturity date of the credit facility. At December 31, 2016, the Company was in compliance with the covenants in the Second Amendment. The Second Amendment provides for the elimination of the three lowest tiers of the pricing grid that had previously been defined in the First Amendment. Upon execution of the Second Amendment through the quarter ended March 31, 2018, the Company will be locked into the highest tier of the pricing grid which provides for pricing of the prime rate plus 225 basis points on base rate loans and the applicable LIBOR rate plus 325 basis points on euro rate loans. For each quarter after March 31, 2018 and through the maturity date of the credit facility, the Companyās position on the pricing grid will be governed by a Minimum Net Leverage ratio which is the ratio of Consolidated Indebtedness less cash on hand in excess of $15,000 to EBITDA. If, after March 31, 2018 the Minimum Net Leverage ratio positions the Company on the lowest tier of the pricing grid, pricing will be the prime rate plus 150 basis points on base rate loans or the applicable LIBOR rate plus 250 basis points on euro rate loans. At December 31, 2016 and 2015, the Company had outstanding letters of credit of approximately $425 and $ 526 , respectively. ļ»æ United Kingdom ļ»æ A subsidiary of the Company has a credit facility with NatWest Bank for its United Kingdom operations that includes an overdraft availability of Ā£ 1,500 pounds sterling (approximately $ 1,852 at December 31, 2016). This credit facility supports the United Kingdomās 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 institutionās base rate plus 2.50% . Outstanding performance bonds reduce availability under this credit facility. There were no outstanding borrowings under this credit facility at December 31, 2016, however, there were $ 202 in outstanding guarantees (as defined in the underlying agreement) at December 31, 2016. This credit facility was renewed and amended during the fourth quarter of 2016 with all underlying terms and conditions remaining unchanged as a result of the renewal. It is the Companyās intention to renew this credit facility with NatWest Bank during the annual review in 2017. ļ»æ The United Kingdom loan agreements contain certain financial covenants that require the subsidiary to maintain senior interest and cash flow coverage ratios. The subsidiary was in compliance with these financial covenants at December 31, 2016 a nd 2015. The subsidiary had available borrowing capacity of $1,650 and $ 2,194 at December 31, 2016 and 2015, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 11. ļ»æ Stockholdersā Equity ļ»æ The Company had authorized shares of 20,000,000 in common stock with 11,115,779 shares issued at December 31, 2016 and 2015. The common stock has a par value of $ 0.01 per share and the Company paid dividends of $ 0.04 per share for each of the first three quarters of 2016 and suspended the dividend during the fourth quarter of 2016. ļ»æ At December 31, 2016 and 2015, the Company had authorized shares of 5,000,000 in preferred stock. No preferred stock has been issued. No par value has been assigned to the preferred stock. ļ»æ On December 4, 2013, the Companyās Board of Directors authorized the purchase of up to $15,000 in shares of its common stock through a share repurchase program at prevailing market prices or privately negotiated transactions. The Company repurchased 80,512 shares, for an aggregate price of $1,587 , during 2015 under the repurchase program. On December 9, 2015, the Board of Directors authorized the repurchase of up to $30,000 of the Companyās common shares until December 31, 2017 . This authorization became effective January 1, 2016 and replaces the prior authorization. The Second Amendment limits the amount of common shares that the Company can repurchase at this time. The Company repurchased 5,000 shares, for an aggregate price of $67 , during 2016 under the repurchase program. ļ»æ At December 31, 2016 and 2015, the Company withheld 20,186 and 25,340 shares for approximately $275 and $1,114 , respectively, from employees to pay their withholding taxes in connection with the exercise and/or vesting of stock options and restricted stock awards. ļ»æ Cash dividends of $1,244 , $ 1,656 and $1,345 were declared and paid in 2016, 2015, and 2014, respectively. ļ»æ ļ»æ ļ»æ Common Stock ļ»æ Share Activity Treasury Outstanding ļ»æ (Number of Shares) ļ»æ Balance at end of 2013 927,258 10,188,521 ļ»æ Issued for share-based compensation plans (53,884) 53,884 ļ»æ Balance at end of 2014 873,374 10,242,405 ļ»æ Issued for share-based compensation plans (59,113) 59,113 ļ»æ Repurchased common shares 80,512 (80,512) ļ»æ Balance at end of 2015 894,773 10,221,006 ļ»æ Issued for share-based compensation plans (96,619) 96,619 ļ»æ Repurchased common shares 5,000 (5,000) ļ»æ Balance at end of 2016 803,154 10,312,625 ļ»æ |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 12. ļ»æ Accumulated Other Comprehensive Loss ļ»æ The components of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2016 and 2015, are as follows: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Pension and post-retirement benefit plan adjustments $ (4,439) $ (3,069) ļ»æ Unrealized loss on interest rate swap contracts (204) (121) ļ»æ Foreign currency translation adjustments (20,646) (14,750) ļ»æ $ (25,289) $ (17,940) ļ»æ Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non U.S. subsidiaries. See Note 14 Income Taxes. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Note 13. ļ»æ Earnings Per Common Share (Share amounts in thousands) ļ»æ The following table sets forth the computation of basic and diluted earnings per common share for the three years ended December 31: ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ Numerator for basic and diluted (loss) earnings per common share - ļ»æ (Loss) income available to common stockholders: ļ»æ Net (loss) income $ (141,660) $ (44,445) $ 25,656 ļ»æ Denominator: ļ»æ Weighted average shares outstanding 10,273 10,254 10,225 ļ»æ Denominator for basic earnings per common share 10,273 10,254 10,225 ļ»æ Effect of dilutive securities: ļ»æ Employee stock options - - 6 ļ»æ Other stock compensation plans - - 101 ļ»æ Dilutive potential common shares - - 107 ļ»æ Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions 10,273 10,254 10,332 ļ»æ Basic (loss) earnings per common share $ (13.79) $ (4.33) $ 2.51 ļ»æ Diluted (loss) earnings per common share $ (13.79) $ (4.33) $ 2.48 ļ»æ Dividends paid per common share $ 0.12 $ 0.16 $ 0.13 ļ»æ There were 143 and 130 anti-dilutive shares in 2016 and 2015, respectively. There were no antidilutive shares in 2014. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | Note 14. ļ»æ Income Taxes ļ»æ (Loss) income before income taxes, as shown in the accompanying consolidated statements of operations, includes the following components: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ ļ»æ Domestic $ (151,027) $ (55,061) $ 30,766 ļ»æ Foreign 3,858 4,484 8,294 ļ»æ (Loss) income from operations, before income taxes $ (147,169) $ (50,577) $ 39,060 ļ»æ Significant components of the provision for income taxes are as follows: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ Current: ļ»æ Federal $ (9,980) $ 5,571 $ 11,488 ļ»æ State (487) 1,540 1,491 ļ»æ Foreign 1,583 1,339 3,339 ļ»æ Total current (8,884) 8,450 16,318 ļ»æ Deferred: ļ»æ Federal 2,555 (12,016) (2,321) ļ»æ State 706 (2,014) (122) ļ»æ Foreign 114 (552) (471) ļ»æ Total deferred 3,375 (14,582) (2,914) ļ»æ Total income tax (benefit) expense $ (5,509) $ (6,132) $ 13,404 ļ»æ The reconciliation of income tax computed at statutory rates to income tax (benefit) expense is as follows: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ Amount Percent Amount Percent Amount Percent ļ»æ Statutory rate $ (51,509) 35.0 % $ (17,702) 35.0 % $ 13,671 35.0 % ļ»æ Foreign tax rate differential (485) 0.3 (419) 0.8 (870) (2.2) ļ»æ State income taxes, net of federal benefit (2,893) 2.0 (159) 0.3 1,065 2.7 ļ»æ Non-deductible goodwill impairment 11,448 (7.8) 12,737 (25.2) - - ļ»æ Non-deductible expenses 262 (0.2) 452 (0.9) 708 1.8 ļ»æ Domestic production activities deduction 700 (0.5) (507) 1.0 (851) (2.2) ļ»æ Change in liability for unrecognized tax benefits 42 - (198) 0.4 (327) (0.8) ļ»æ Change in permanent reinvestment assertion 7,932 (5.4) - - - - ļ»æ Change in valuation allowance 29,719 (20.2) - - - - ļ»æ Other (725) 0.5 (336) 0.7 8 - ļ»æ Total income tax (benefit) expense / Effective rate $ (5,509) 3.7 % $ (6,132) 12.1 % $ 13,404 34.3 % ļ»æ Significant components of the Companyās deferred tax assets and liabilities at December 31, 2016 and 2015 are as follows: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Deferred tax assets: ļ»æ Goodwill and other intangibles $ 32,699 $ 1,354 ļ»æ Pension and post-retirement liability 2,186 1,801 ļ»æ Warranty reserve 3,633 3,153 ļ»æ Deferred compensation 1,227 2,275 ļ»æ Accounts receivable 516 622 ļ»æ Contingent liabilities 2,336 2,087 ļ»æ Long-term insurance reserves 567 655 ļ»æ Net operating loss / tax credit carryforwards 1,384 1,006 ļ»æ Other 1,107 949 ļ»æ Total deferred tax assets 45,655 13,902 ļ»æ Less: valuation allowance (29,719) - ļ»æ Net deferred tax assets 15,936 13,902 ļ»æ ļ»æ Deferred tax liabilities: ļ»æ Goodwill and other intangibles $ (6,087) $ (7,155) ļ»æ Depreciation (10,586) (14,134) ļ»æ Unremitted earnings of foreign subsidiaries (7,932) - ļ»æ Inventories (1,506) - ļ»æ Investment in LB Pipe joint venture (756) (572) ļ»æ Other (440) (741) ļ»æ Total deferred tax liabilities (27,307) (22,602) ļ»æ Net deferred tax liabilites $ (11,371) $ (8,700) ļ»æ Each quarter, management reviews operations and liquidity needs in each jurisdiction to assess the Companyās intent to reinvest foreign earnings outside of the United States. In 2016, management determined that cash balances of its Canadian and United Kingdom subsidiaries exceeded our projected capital needs. As a result, we do not intend for $23,000 of unremitted foreign earnings of our Canadian and United Kingdom subsidiaries to be permanently reinvested outside of the United States and accrued additional deferred U.S. income taxes and foreign withholding taxes of $7,932 . ļ»æ At December 31, 2016, the Company has not recorded deferred U.S. income taxes or foreign withholding taxes on $ 34,841 of undistributed earnings of its foreign subsidiaries. It is managementās intent and practice to indefinitely reinvest such earnings outside of the United States. Determination of the amount of any unrecognized deferred income tax liability associated with these undistributed earnings is not practicable because of the complexities of the hypothetical calculation. ļ»æ A valuation allowance is required to be established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company has considered all available evidence, both positive and negative, in assessing the need for a valuation allowance in each jurisdiction. ļ»æ The negative evidence considered in evaluating U.S. deferred tax assets included cumulative financial losses over the three-year period ended December 31, 2016, the inability to achieve forecasted results in 2016 and 2015, and recent declines in revenue. Positive evidence considered included the composition and reversal patterns of existing taxable and deductible temporary differences between financial reporting and tax, the composition of financial losses, and taxable income available to absorb the carryback of current year taxable losses. Cumulative financial losses over the three-year period ended December 31, 2016 were a significant piece of objective negative evidence, and typically limit a Companyās ability to consider other subjective evidence. Based on our evaluation, a valuation allowance of $29,719 was recorded at December 31, 2016 to recognize only the amount of deferred tax assets more likely than not to be realized. The amount of deferred tax assets considered realizable, however, could be adjusted if objective negative evidence in the form of cumulative financial losses is no longer present, and additional weight is given to subjective evidence such as our projections for growth. At December 31, 2016 and 2015, the tax benefit of net operating loss carryforwards available fo r state income tax purposes was $1,378 and $324 , respectively. The state net operating loss carryforwards will expire in various years through 2036 . We believe it is more likely than not that the tax benefit from state operating loss carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance of $1,378 against deferred tax assets related to state operating loss carryforwards at December 31, 2016. ļ»æ The Company has foreign tax credit carryforwards in the amount of $244 that will expire in 2022 through 202 4 . We believe it is more likely than not that the tax benefit from foreign tax credit carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance of $244 against deferred tax assets related to foreign tax credit carryforwards at December 31, 2016. In addition, the Company has not accrued tax benefits for unborn foreign tax credits that may be available upon repatriation of excess cash by its Canadian and United Kingdom subsidiaries. ļ»æ At December 31, 2016, the Company has foreign net operating loss carryforwards in Brazil and Germany of $311 and $424 , respectively, which may be carried forward indefinitely. Both jurisdictions incurred cumulative financial losses over the three-year period ended December 31, 2016 and have projected future taxable losses. We believe it is more likely than not that the tax benefit from these loss carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance of $274 , collectively, against deferred tax assets in Brazil and Germany at December 31, 2016. ļ»æ The determination to record or not record a valuation allowance involves management judgement, based on the consideration of positive and negative evidence available at the time of the assessment. Management will continue to assess the realization of its deferred tax assets based upon future evidence, and may record adjustments to valuation allowances against deferred tax assets in future periods, as appropriate, that could materially impact net income. ļ»æ The following table provides a reconciliation of unrecognized tax benefits at December 31, 2016 and 2015: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ ļ»æ Unrecognized tax benefits at beginning of period: $ 582 $ 1,013 ļ»æ Increases based on tax positions for prior periods 37 147 ļ»æ Decreases related to settlements with taxing authorities - (578) ļ»æ Balance at end of period $ 619 $ 582 ļ»æ The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $ 619 at December 31, 2016. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. At December 31, 2016 and 2015, the Company had accrued interest and penalties related to unrecognized tax benefits of $ 464 and $443 , respectively . At December 31, 2016, the Company does not expect any material increases or decreases to its unrecognized tax benefits within the next 12 months. Ultimate realization of this decrease is dependent upon the occurrence of certain events, including the completion of audits by tax authorities and expiration of statutes of limitations. ļ»æ ļ»æ The Company files income tax returns in the United States and in various state, local and foreign jurisdictions. The Company is subject to federal income tax examinations for the period 2013 and forward. With respect to the state, local, and foreign filings, certain entities of the Company are subject to income tax examinations for the periods 2012 and forward. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Share-based Compensation | Note 15. ļ»æ Share-based Compensation ļ»æ The Company applies the provisions of FASB ASC 718, Compensation ā Stock Compensation , to account for the Companyās 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 employeesā requisite service period. The Company recorded share-based compensation expense of $ 1,346 , $ 1,471 and $ 3,007 for the years ended December 31, 2016, 2015, and 2014, respectively, related to fully-vested stock awards, restricted stock awards, and performance unit awards. At December 31, 2016, unrecognized compensation expense for awards the Company expects to vest approximated $1,550 . The Company will recognize this expense over the upcoming 3.7 year period through August 2020. ļ»æ Shares issued as a result of vested stock-based compensation generally will be from previously issued shares that have been reacquired by the Company and held as Treasury stock or authorized but previously unissued common stock. ļ»æ The Company realized reductions in excess tax benefits of $332 for the year ended December 31, 2016 and excess tax benefits for the tax deduction from share-based compensation of $253 and $336 for the years ended December 31, 2015 and 2014, respectively. This excess tax benefit is included in cash flows from financing activities in the Consolidated Statements of Cash Flows. ļ»æ At December 31, 2016, the Company had stock awards issued pursuant to the 2006 Omnibus Incentive Plan , as amended and restated in May 2016 (āOmnibus Planā). The Omnibus Plan allows for the issuance of 1,270,000 shares of common stock through the granting of stock options or stock awards (including performance units convertible into stock) to key employees and directors at no less than 100% of fair market value on the date of the grant. The Omnibus Plan provides for the granting of ānonqualified optionsā with a duration of not more than ten years from the date of grant. The Omnibus Plan also provides that, unless otherwise set forth in the option agreement, stock options are exercisable in installments of up to 25% annually beginning one year from the date of grant. No stock options have been granted under the Omnibus Plan and, as such, there was no share-based compensation expense related to stock options recorded in 2016 , 2015 , or 2014. ļ»æ Stock Option Awards ļ»æ No stock options were outstanding during the year ended December 31, 2016. Certain information for the years ended December 31, 2015 and 2014 relative to employee stock options is summarized as follows: ļ»æ ļ»æ ļ»æ ļ»æ 2015 2014 ļ»æ Number of shares under the plans: ļ»æ Outstanding and exercisable at beginning of year 7,500 18,750 ļ»æ Granted - - ļ»æ Canceled - - ļ»æ Exercised (7,500) (11,250) ļ»æ Outstanding and exercisable at end of year - 7,500 ļ»æ The weighted average exercise price per share of the stock options exercised in 2015 and 2014 were $9.08 , and $ 11.67 , respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2015 and 2014 was $ 253 and $ 426 , respectively. ļ»æ Fully-Vested Stock Awards ļ»æ Non-employee directors are automatically awarded fully vested shares of the Companyās common stock on each date the non-employee directors are elected at the annual shareholdersā meeting to serve as directors. ļ»æ The non-employee directors were granted a total of 59,598 , 14,000, and 10,182 fully-vested shares for the years ended December 31, 2016, 2015, and 2014, respectively. Compensation expense recorded by the Company related to fully-vested stock awards to non-employee directors was approximately $ 698 , $ 534, and $ 488 for the years ended December 31, 2016, 2015, and 2014, respectively. ļ»æ The weighted average fair value of all the fully-vested stock grants awarded was $ 11.72 , $ 38.15, and $ 47.94 per share for 2016, 2015, and 2014, respectively. ļ»æ Restricted Stock Awards and Performance Unit Awards ļ»æ Under the 2006 Omnibus Plan, the Company grants eligible employees restricted stock and performance unit awards. The forfeitable restricted stock awards granted prior to March 2015 generally time-vest after a four - year period, and those granted subsequent to March 2015 generally time-vest ratably over a three -year period, unless indicated otherwise by the underlying restricted stock agreement. Performance unit awards are offered annually under separate three -year long-term incentive programs. Performance units are subject to forfeiture and will be converted into common stock of the Company based upon the Companyās performance relative to performance measures and conversion multiples as defined in the underlying program. If the Companyās 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. ļ»æ The following table summarizes the restricted stock award and performance unit award activity for the three-year periods ended December 31, 2016, 2015, and 2014: ļ»æ ļ»æ ļ»æ Restricted Performance Weighted Average ļ»æ Stock Stock Grant Date ļ»æ Units Units Fair Value ļ»æ Outstanding at January 1, 2014 129,726 61,651 $ 34.00 ļ»æ Granted 19,051 34,652 44.07 ļ»æ Vested (40,540) (13,588) 34.59 ļ»æ Adjustment for incentive awards not expected to vest - (7,845) 43.59 ļ»æ Canceled - (2,880) 44.13 ļ»æ Outstanding at December 31, 2014 108,237 71,990 $ 36.25 ļ»æ Granted 29,656 41,114 44.93 ļ»æ Vested (39,076) (23,877) 32.35 ļ»æ Adjustment for incentive awards not expected to vest - (53,228) 43.26 ļ»æ Canceled (5,000) - 44.84 ļ»æ Outstanding at December 31, 2015 93,817 35,999 $ 39.66 ļ»æ Granted 48,283 129,844 12.50 ļ»æ Vested (56,807) - 28.45 ļ»æ Adjustment for incentive awards not expected to vest - (93,103) 24.79 ļ»æ Canceled (6,021) (9,050) 18.82 ļ»æ Outstanding at December 31, 2016 79,272 63,690 $ 21.66 ļ»æ Performance units are subject to forfeiture and will be converted into common stock of the Company based upon the Companyās performance relative to performance measures and conversion multiples as defined in the underlying plan. The aggregate fair value in the above table is based upon achieving 100% of the performance targets as defined in the underlying plan. ļ»æ Excluding the fully-vested stock awards granted to non-employee directors, the Company recorded share-based compensation expense of $ 648 , $ 937, and $ 2,519 , respectively, for the periods ended December 31, 2016, 2015, and 2014 related to restricted stock and performance unit awards. ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ Number of shares available for future grant: ļ»æ Beginning of year 407,307 469,840 513,280 ļ»æ End of year 675,447 407,307 469,840 ļ»æ |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Retirement Plans [Abstract] | |
Retirement Plans | ļ»æ Note 16. ļ»æ Retirement Plans ļ»æ The Company has seven retirement plans that cover its hourly and salaried employees in the United States: three defined benefit plans ( one active / two frozen) and f our defined contribution plans. Employees are eligible to participate in the appropriate plan based on employment classification. The Company's contributions to the defined benefit and defined contribution plans are governed by the Employee Retirement Income Security Act of 1974 (āERISAā) and the Companyās policy and investment guidelines of the applicable plan. The Companyās policy is to contribute at least the minimum in accordance with the funding standards of ERISA. ļ»æ 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 two defined contribution plans and a defined benefit plan. These plans are discussed in further detail below . ļ»æ United States Defined Benefit Plans ļ»æ The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plans, as of December 31, 2016 and 2015: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Changes in benefit obligation: ļ»æ Benefit obligation at beginning of year $ 17,759 $ 18,925 ļ»æ Service cost 36 38 ļ»æ Interest cost 746 742 ļ»æ Actuarial loss (gain) 534 (1,148) ļ»æ Benefits paid (834) (798) ļ»æ Benefit obligation at end of year $ 18,241 $ 17,759 ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ Change to plan assets: ļ»æ Fair value of assets at beginning of year $ 14,235 $ 15,205 ļ»æ Actual gain (loss) on plan assets 779 (172) ļ»æ Employer contribution - - ļ»æ Benefits paid (834) (798) ļ»æ Fair value of assets at end of year 14,180 14,235 ļ»æ Funded status at end of year $ (4,061) $ (3,524) ļ»æ ļ»æ ļ»æ ļ»æ Amounts recognized in the consolidated balance sheet consist of: ļ»æ Other long-term liabilities $ (4,061) $ (3,524) ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ Amounts recognized in accumulated other comprehensive income consist of: ļ»æ Net loss $ 4,186 $ 3,993 ļ»æ The actuarial loss included in accumulated other comprehensive loss that will be recognized in net periodic pension cost during 2017 is $130 , before taxes. Net periodic pension costs for the three years ended December 31, 2016 are as follows: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ Components of net periodic benefit cost: ļ»æ Service cost $ 36 $ 38 $ 23 ļ»æ Interest cost 746 742 771 ļ»æ Expected return on plan assets (717) (816) (968) ļ»æ Amortization of prior service cost - 3 1 ļ»æ Recognized net actuarial loss 276 275 65 ļ»æ Net periodic pension cost (income) $ 341 $ 242 $ (108) ļ»æ The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ Discount rate 4.3 % 4.3 % 4.0 % ļ»æ Expected rate of return on plan assets 5.2 % 5.2 % 5.5 % ļ»æ ļ»æ The expected long-term rate of return is based on numerous factors including the target asset allocation for plan assets, historical rate of return, long-term inflation assumptions, and current and projected market conditions. The decline in the expected rate of return on plan assets reflects a shift in the Plansā investment strategy toward a higher focus on fixed income investments. ļ»æ Amounts applicable to the Companyās pension plans with accumulated benefit obligations in excess of plan assets are as follows at December 31: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Projected benefit obligation $ 18,241 $ 17,759 ļ»æ Accumulated benefit obligation 18,241 17,759 ļ»æ Fair value of plan assets 14,180 14,235 ļ»æ Plan assets consist primarily of various fixed income and equity investments. The Companyās primary investment objective is to provide long-term growth of capital while accepting a moderate level of risk. The investments are limited to cash and cash equivalents, bonds, preferred stocks, and common stocks. The investment target ranges and actual allocation of pension plan assets by major category at December 31, 2016 and 2015 are as follows : ļ»æ ļ»æ ļ»æ ļ»æ Target 2016 2015 ļ»æ Asset Category ļ»æ Cash and cash equivalents 0 - 10 % 5 % 9 % ļ»æ Total fixed income funds 25 - 50 33 35 ļ»æ Total mutual funds and equities 50 - 70 62 56 ļ»æ Total 100 % 100 % ļ»æ In accordance with the fair value disclosure requirements of FASB ASC 820, āFair Value Measurements and Disclosures,ā the following assets were measured at fair value on a recurring basis at December 31, 2016 and 2015. Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 18 Fair Value Measurements . ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Asset Category ļ»æ Cash and cash equivalents $ 660 $ 1,248 ļ»æ Fixed income funds ļ»æ Corporate bonds 4,767 4,926 ļ»æ Total fixed income funds 4,767 4,926 ļ»æ Equity funds and equities ļ»æ Mutual funds 8,753 8,061 ļ»æ Common stock - - ļ»æ Total mutual funds and equities 8,753 8,061 ļ»æ Total $ 14,180 $ 14,235 ļ»æ Cash equivalents. The Company uses quoted market prices to determine the fair value of these investments in interest-bearing cash accounts 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. ļ»æ Fixed income funds. Investments within the fixed income funds category consist of fixed income corporate debt. The Company uses quoted market prices to determine the fair value of these fixed income funds. These instruments consist of exchange-traded government and corporate bonds and are classified in Level 1 of the fair value hierarchy. ļ»æ Equity funds and equities. The valuation of investments in registered investment companies is based on the underlying investments in securities. Securities traded on security exchanges are valued at the latest quoted sales price. Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the average of the last reported bid and ask quotations. These investments are classified in Level 1 of the fair value hierarchy. ļ»æ The Company currently does not anticipate contributions to its United States defined benefit plans in 2017. ļ»æ The following benefit payments are expected to be paid: ļ»æ ļ»æ ļ»æ ļ»æ Pension ļ»æ Benefits ļ»æ ļ»æ 2017 $ 894 ļ»æ 2018 905 ļ»æ 2019 972 ļ»æ 2020 1,013 ļ»æ 2021 1,078 ļ»æ Years 2022-2026 5,647 ļ»æ United Kingdom Defined Benefit Plan ļ»æ The Portec Rail Products (UK) Limited Pension Plan covers certain current employees, former employees, and retirees. The plan has been frozen to new entrants since April 1, 1997 and also covers the former employees of a merged plan after January 2002. Benefits under the plan were based on years of service and eligible compensation during defined periods of service. Our funding policy for the plan is to make minimum annual contributions required by applicable regulations . ļ»æ The funded status of the United Kingdom defined benefit plan at December 31, 2016 and 2015 is as follows: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Changes in benefit obligation: ļ»æ Benefit obligation at beginning of year $ 7,862 $ 8,797 ļ»æ Interest cost 259 295 ļ»æ Actuarial (gain) loss 1,532 (416) ļ»æ Benefits paid (273) (339) ļ»æ Foreign currency exchange rate changes (1,276) (475) ļ»æ Benefit obligation at end of year $ 8,104 $ 7,862 ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ Change to plan assets: ļ»æ Fair value of assets at beginning of year $ 6,661 $ 6,757 ļ»æ Actual gain on plan assets 265 307 ļ»æ Employer contribution 253 302 ļ»æ Benefits paid (273) (339) ļ»æ Foreign currency exchange rate changes (1,080) (366) ļ»æ Fair value of assets at end of year 5,826 6,661 ļ»æ Funded status at end of year $ (2,278) $ (1,201) ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ Amounts recognized in the consolidated balance sheet consist of: ļ»æ Other long-term liabilities $ (2,278) $ (1,201) ļ»æ ļ»æ ļ»æ Amounts recognized in accumulated other comprehensive income consist of: ļ»æ Net loss $ 2,015 $ 706 ļ»æ Prior service cost 53 85 ļ»æ $ 2,068 $ 791 ļ»æ Net periodic pension costs for the three years ended December 31 are as follows: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ Components of net periodic benefit cost: ļ»æ Interest cost $ 259 $ 295 $ 360 ļ»æ Expected return on plan assets (290) (324) (370) ļ»æ Amortization of transition obligation - - (50) ļ»æ Amortization of prior service cost 17 27 30 ļ»æ Recognized net actuarial loss 275 225 185 ļ»æ Net periodic pension cost $ 261 $ 223 $ 155 ļ»æ The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ Discount rate 2.7 % 4.0 % 3.6 % ļ»æ Expected rate of return on plan assets 4.4 % 5.2 % 5.0 % ļ»æ Amounts applicable to the Companyās pension plans with accumulated benefit obligations in excess of plan assets are as follows at December 31: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Projected benefit obligation $ 8,104 $ 7,862 ļ»æ Accumulated benefit obligation 8,104 7,862 ļ»æ Fair value of plan assets 5,826 6,661 ļ»æ The Company has estimated the long-term rate of return on plan assets based primarily on historical returns on plan assets, adjusted for changes in target portfolio allocations, and recent changes in long-term interest rates based on publicly available information. ļ»æ Plan assets are invested by the trustees in accordance with a written statement of investment principles. This statement permits investment in equities, corporate bonds, United Kingdom government securities, commercial property, and cash, based on certain target allocation percentages. Asset allocation is primarily based on a strategy to provide steady growth without undue fluctuations. The target asset allocation percentages for 2016 are as follows: ļ»æ ļ»æ ļ»æ ļ»æ Portec Rail ļ»æ Plan ļ»æ Equity securities Up to 100% ļ»æ Commercial property Not to exceed 50% ļ»æ U.K. Government securities Not to exceed 50% ļ»æ Cash Up to 100% ļ»æ Plan assets held within the Portec Rail Plan consist of cash and marketable securities that have been classified as Level 1 of the fair value hierarchy. All other plan assets have been classified as Level 2 of the fair value hierarchy. ļ»æ The plan assets by category for the two years ended December 31, 2016 and 2015 are as follows: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ Asset Category ļ»æ Cash and cash equivalents $ 707 $ 242 ļ»æ Equity securities 2,617 2,656 ļ»æ Bonds 1,347 1,301 ļ»æ Other 1,155 2,462 ļ»æ Total $ 5,826 $ 6,661 ļ»æ United Kingdom regulations require trustees to adopt a prudent approach to funding required contributions to defined benefit pension plans. The Company anticipates making contributions of $ 231 to the Portec Rail Plan during 2017. ļ»æ The following estimated future benefits payments are expected to be paid under the Portec Rail Plan: ļ»æ ļ»æ ļ»æ ļ»æ Pension ļ»æ Benefits ļ»æ ļ»æ 2017 $ 219 ļ»æ 2018 238 ļ»æ 2019 252 ļ»æ 2020 268 ļ»æ 2021 274 ļ»æ Years 2022-2026 1,750 ļ»æ Other Post-Retirement Benefit Plan ļ»æ Rail Technologies' operation near Montreal, Quebec, Canada, maintains a post-retirement benefit plan, which provides retiree life insurance, health care benefits, and, for a closed group of employees, dental care. Retiring employees with a minimum of 10 years of service are eligible for the plan benefits. The plan is not funded. Cost of benefits earned by employees is charged to expense as services are rendered. The expense related to this plan was not material for 2016 or 2015. Rail Technologies' accrued benefit obligation was $ 909 and $ 823 as of December 31, 2016 and 2015, respectively. This obligation is recognized within other long-term liabilities. Benefit payments anticipated for 2017 are not material. ļ»æ The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ Discount rate 4.0 % 4.2 % ļ»æ Weighted average health care trend rate 5.1 % 5.0 % ļ»æ ļ»æ The weighted average health care rate trends downward to an ultimate rate of 4.4 % in 2035. ļ»æ Defined Contribution Plans ļ»æ The Company sponsors eight 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. ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ Twelve Months Ended ļ»æ December 31, ļ»æ 2016 2015 2014 ļ»æ ļ»æ United States $ 1,813 $ 2,434 $ 2,425 ļ»æ Canada 225 226 227 ļ»æ United Kingdom 376 494 158 ļ»æ $ 2,414 $ 3,154 $ 2,810 ļ»æ |
Rental And Lease Information
Rental And Lease Information | 12 Months Ended |
Dec. 31, 2016 | |
Rental and Lease Information [Abstract] | |
Rental and Lease Information | Note 17. ļ»æ Rental and Lease Information ļ»æ The Company has capital and operating leases for certain plant facilities, office facilities, and equipment. Rental expense for the years ended December 31, 2016, 2015, and 2014 amounted to $ 4,864 , $ 4,611, and $ 3,062 , respectively. Generally, land and building leases include escalation clauses. ļ»æ The following is a schedule, by year, of the future minimum payments under capital and operating leases, together with the present value of the net minimum payments at December 31, 2016: ļ»æ ļ»æ ļ»æ ļ»æ Capital Operating ļ»æ Year ending December 31, Leases Leases ļ»æ ļ»æ 2017 $ 626 $ 4,292 ļ»æ 2018 589 2,883 ļ»æ 2019 503 2,109 ļ»æ 2020 240 1,784 ļ»æ 2021 - 1,511 ļ»æ 2022 and thereafter - 6,538 ļ»æ Total minimum lease payments 1,958 $ 19,117 ļ»æ Less amount representing interest 114 ļ»æ Total present value of minimum payments with interest rates ranging from 2.95% to 4.25% $ 1,844 ļ»æ Assets recorded under capital leases are as follows for the years ended December 31, 2016 and 2015: ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ ļ»æ Machinery and equipment at cost $ 3,152 $ 3,157 ļ»æ Less accumulated amortization 829 450 ļ»æ Net capital lease assets $ 2,323 $ 2,707 ļ»æ |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 18. ļ»æ Fair Value Measurements ļ»æ 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 Companyās 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. ļ»æ 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. ļ»æ The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. ļ»æ The Company has an established process for determining fair value for its financial assets and liabilities, principally cash and cash equivalents and interest rate swaps. 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 section describes 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 . ļ»æ Cash equivalents. Included within āCash and cash equivalentsā are investments in non-domestic term deposits. The carrying amounts approximate fair value because of the short maturity of the instruments. ļ»æ LIBOR-Based interest rate swaps. To reduce the impact of interest rate changes on outstanding variable-rate debt, the Company entered into forward starting LIBOR-based interest rate swaps with notional values totaling $50,000. The swaps will become effective in February 2017 at which point they will effectively convert a portion of the debt from variable to fixed-rate borrowings during the term of the swap contract. The fair value of the interest rate swaps is based on market-observable forward interest rates and represents the estimated amount that the Company would pay to terminate the agreements. As such, the swap agreements have been classified as Level 2 within the fair value hierarchy. ļ»æ The following assets of the Company were measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2016 and December 31, 2015: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ Fair Value Measurements at Reporting Date Using Fair Value Measurements at Reporting Date Using ļ»æ ļ»æ December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) ļ»æ ļ»æ Term deposits $ 16 $ 16 $ - $ - $ 1,939 $ 1,939 $ - $ - ļ»æ Total assets $ 16 $ 16 $ - $ - $ 1,939 $ 1,939 $ - $ - ļ»æ Interest rate swaps $ 334 $ - $ 334 $ - $ 196 $ - $ 196 $ - ļ»æ Total liabilities $ 334 $ - $ 334 $ - $ 196 $ - $ 196 $ - ļ»æ Information regarding the fair value disclosures associated with the assets of the Companyās defined benefit plans can be found in Note 16 Retirement Plans. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | ļ»æ Note 19. ļ»æ Commitments and Contingent Liabilities ļ»æ 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 that is adjusted on a monthly basis as a percentage of cost of sales. This product warranty accrual is periodically adjusted based on the identification or resolution of known individual product warranty claims. ļ»æ The following table sets forth the Companyās product warranty accrual: ļ»æ ļ»æ ļ»æ ļ»æ Warranty Liability ļ»æ Balance at December 31, 2015 $ 8,755 ļ»æ Additions to warranty liability 2,524 ļ»æ Warranty liability utilized (1,125) ļ»æ Balance at December 31, 2016 $ 10,154 ļ»æ Included within the above table are concrete tie warranty reserves of approximately $ 7,574 and $ 7,544 , respectively, at December 31, 2016 and 2015. For the periods ended December 31, 2016, 2015, and 2014, the Company recorded approximately $ 2 04 , $ 972 and $ 9,854 , respectively, in pre-tax concrete tie warranty charges within āCost of Goods Soldā in the Companyās Rail Products and Services segment primarily related to concrete ties manufactured at the Companyās former Grand Island, NE facility. During the year ended December 31, 2016, the Company recorded approximately $1,224 in pre-tax warranty charges within āCost of Goods Soldā in the Companyās Rail Products and Services segment related to transit products project. ļ»æ UPRR Warranty Claims ļ»æ On July 12, 2011, UPRR notified (the āUPRR Noticeā) the Company and its subsidiary, CXT Incorporated (āCXTā), of a warranty claim under CXTās 2005 supply contract relating to the sale of pre-stressed concrete railroad ties to UPRR. UPRR asserted that a significant percentage of concrete ties manufactured in 2006 through 2011 at CXTās 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 1998 and 2011 from the Grand Island, NE facility, approximately 1.6 million ties were sold during the period UPRR had claimed nonconformance. The 2005 contract called for each concrete tie which failed to conform to the specifications or had a material defect in workmanship to be replaced with 1.5 new concrete ties, provided, that, within five years of the sale of a concrete tie, UPRR notified CXT of such failure to conform or such defect in workmanship. The UPRR Notice did not specify how many ties manufactured during this period were defective nor the exact nature of the alleged workmanship defect. Following the UPRR Notice, the Company worked with material scientists and pre-stressed concrete experts to test a representative sample of Grand Island, NE concrete ties and assess warranty claims for certain concrete ties made in its Grand Island, NE facility between 1998 and 2011. The Company discontinued manufacturing operations in Grand Island, NE in early 2011. ļ»æ 2012 ļ»æ During 2012, the Company completed sufficient testing and analysis to further understand this matter. Based upon testing results and expert analysis, the Company believed it discovered conditions, which largely related to the 2006 to 2007 manufacturing period, that can shorten the life of the concrete ties produced during this period. During the fourth quarter of 2012 and first quarter of 2013, the Company reached agreement with UPRR on several matters including a tie rating process for the Company and UPRR to work together to identify, prioritize, and replace defective ties that meet the criteria for replacement. This process applies to the ties the Company shipped to UPRR from its Grand Island, NE facility from 1998 to 2011. During most of this period, the Companyās warranty policy for UPRR carried a 5-year warranty with a 1.5:1 replacement ratio for any defective ties. In order to accommodate UPRR and other customer concerns, the Company also reverted to a previously used warranty policy providing a 15-year warranty with a 1:1 replacement ratio. This change provided an additional 10 years of warranty protection. In the amended 2005 supply agreement, the Company and UPRR also extended the supply of Tucson ties by five years and agreed on a cash payment of $12,000 to UPRR as compensation for concrete ties already replaced by UPRR during the investigation period. During 2012, as a result of the testing that the Company conducted on concrete ties manufactured at its former Grand Island, NE facility and the developments related to UPRR and other customer matters, the Company recorded pre-tax warranty charges of $22,000 in āCost of Goods Soldā within its Rail Products and Services segment based on the Companyās estimate of the number of defective concrete ties that will ultimately require replacement during the applicable warranty periods. ļ»æ 2013 ļ»æ Throughout 2013, at UPRRās request and under the terms of the amended 2005 supply agreement, the Company provided warranty replacement concrete ties for use across certain UPRR subdivisions. The Company attempted to reconcile the quantity of warranty claims for ties replaced and obtain supporting detail for the ties removed. The Company believes that UPRR did not replace concrete ties in accordance with the amended agreement and has not furnished adequate documentation throughout the replacement process in these subdivisions to support its full warranty claim. Based on the information received by the Company to date, the Company believes that a significant number of ties which UPRR replaced in these subdivisions did not meet the criteria to be covered as warranty replacement ties under the amended 2005 supply agreement. The disagreement related to the 2013 warranty replacement activity includes approximately 170,000 ties where the Company provided detailed documentation supporting our position with reason codes that detail why these ties are not eligible for a warranty claim. ļ»æ In late November 2013, the Company received notice from UPRR asserting a material breach of the amended 2005 supply agreement. UPRRās notice asserted that the failure to honor its claims for warranty ties in these subdivisions was a material breach. Following receipt of this notice, the Company provided information to UPRR to refute UPRRās claim of breach and included the reconciliation of warranty claims supported by substantial findings from the Companyās track observation team, all within the 90-day cure period. The Company also proposed further discussions to reach agreement on reconciliation for 2013 replacement activities and future replacement activities and a recommended process that will ensure future replacement activities are done with appropriate documentation and per the terms of the amended 2005 supply agreement. ļ»æ 2014 ļ»æ During the first quarter of 2014, the Company further responded within the 90-day cure period to UPRRās claim and presented a reconciliation for the subdivisions at issue. This proposed reconciliation was based on empirical data and visual observation from Company employees that were present during the replacement process for a substantial majority of the concrete ties replaced. The Company spent considerable time documenting facts related to concrete tie condition and track condition to assess whether the ties replaced met the criteria to be eligible for replacement under the terms of the amended 2005 supply agreement. During 2014, the Company increased its accrual by an additional $8,766 based on revised estimates of ties to be replaced based upon scientific testing and other analysis, adjusted for ties already provided to UPRR. The Company continued to work with UPRR to identify, replace, and reconcile defective ties related to the warranty claim in accordance with the amended 2005 supply agreement. The Company and UPRR met during the third quarter of 2014 to evaluate each otherās position in an effort to work towards agreement on the unreconciled 2013 and 2014 replacement activity as well as the standards and practices to be implemented for future replacement activity and warranty tie replacement. In November and December of 2014, the Company received additional notices from UPRR asserting that ties manufactured in 2000 were defective and again asserting material breaches of the amended 2005 supply agreement relating to warranty tie replacements as well as certain new ties provided to UPRR being out of specification. At December 31, 2014, the Company and UPRR had not been able to reconcile the disagreement related to the 2013 and 2014 warranty replacement activity. The disagreement relating to the 2014 warranty replacement activity includes approximately 90,100 ties that the Company believes are not warranty-eligible. ļ»æ 2015 ļ»æ On January 23, 2015, UPRR filed a Complaint and Demand for Jury Trial in the District Court for Douglas County, NE against the Company and its subsidiary, CXT, asserting, among other matters, that the Company breached its express warranty, breached an implied covenant of good faith and fair dealing, and anticipatorily repudiated its warranty obligations, and that UPRRās exclusive and limited remedy provisions in the supply agreement have failed of their essential purpose which entitles UPRR to recover all incidental and consequential damages. The Complaint seeks to cancel all duties of UPRR under the contract, to adjudge the Company as having no remaining rights under the contracts, and to recover damages in an amount to be determined at trial for the value of unfulfilled warranty replacement ties and ties likely to become warranty eligible, for costs of cover for replacement ties, and for various incidental and consequential damages. The amended 2005 supply agreement provides that UPRRās exclusive remedy is to receive a replacement tie that meets the contract specifications for each tie that failed to meet the contract specifications or otherwise contained a material defect provided that the Company receives written notice of such failure or defect within 15 years after that tie was produced. The amended 2005 supply agreement provides that the Companyās warranty does not apply to ties that (a) have been repaired or altered without the Companyās written consent in such a way as to affect the stability or reliability thereof, (b) have been subject to misuse, negligence, or accident, or (c) have been improperly maintained or used contrary to the specifications for which such ties were produced. The amended 2005 supply agreement also continues to provide that the Companyās warranty is in lieu of all other express or implied warranties and that neither party shall be subject to or liable for any incidental or consequential damages to the other party. The dispute is largely based on (1) claims submitted that the Company believes are for ties claimed for warranty replacement that are inaccurately under concrete tie rating guidelines and procedures agreed to in 2012 and incorporated by amendment to the 2005 supply agreement rated and are not the responsibility of the Company and claims that do not meet the criteria of a warranty replacement and (2) UPRRās assertion, which the Company vigorously disputes, that UPRR in future years will be entitled to warranty replacement ties for virtually all of the Grand Island ties. Many thousands of Grand Island ties have been performing in track for over ten years. In addition, a significant amount of Grand Island ties were rated by both parties in the excellent category of the rating system. In June 2015, UPRR delivered an additional notice alleging deficiencies in certain ties produced in the Companyās Tucson and Spokane locations and other claimed material breaches which the Company contends are unfounded. The Company again responded to UPRR that it was not in material breach of the amended 2005 supply agreement relating to warranty tie replacements and that the ties in question complied with the specifications provided by UPRR. On June 16 and 17, 2015, UPRR issued formal notice of the termination of the concrete tie supply agreement as well as the termination of the lease agreement at the Tucson, AZ production facility and rejection and revocation of its prior acceptance of certain ties manufactured at the Companyās Spokane, WA production facility. Since that time, UPRR has discontinued submitting purchase orders to the Company for shipment of warranty replacement ties. ļ»æ On May 29, 2015, the Company and CXT filed an Answer, Affirmative Defenses and Counterclaims in response to the Complaint, denying liability to UPRR. As a result of UPRRās subsequent June 16-17, 2015 actions and certain related conduct, the Company on October 5, 2015 amended the pending Answer, Affirmative Defenses and Counterclaims to add, among other things, assertions that UPRRās conduct in question was wrongful and unjustified and constituted additional grounds for the affirmative defenses to UPRRās claims and also for the Companyās counterclaims. ļ»æ 2016 - 2017 By Scheduling Order dated June 29, 2016, an August 31, 2017 deadline for the completion of fact discovery was established with trial to proceed at some future date after October 30, 2017, and UPRR filed an amended notice of trial to commence on October 30, 2017. Subsequently, by Second Amended Scheduling Order dated February 22, 2017, a March 30, 2018 deadline for completion of discovery has been established with trial to proceed at some future date after June 1, 2018. During 2016 and the first three months of 2017 , the parties continued to conduct discovery. The Company intends to continue to engage in discussions in an effort to resolve the UPRR matter. However, we cannot predict that such discussions will be successful, or that the results of the litigation with UPRR, or any settlement or judgment amounts, will reasonably approximate our estimated accruals for loss contingencies. Future potential costs pertaining to UPRRās claims and the outcome of the UPRR litigation could result in a material adverse effect on our results of operations, financial condition, and cash flows. As a result of the preliminary status of the litigation and the uncertainty of any potential judgment, an estimate of any additional loss, or a range of loss, associated with this litigation cannot be made based upon currently available information. ļ»æ Other Legal Matters ļ»æ In September 2015, the Company was notified of a collective action complaint by current and former test and inspection services employees to recover unpaid overtime wages and other damages under the Fair Labor Standards Act. The parties commenced court-ordered mediation on October 17, 2016. In December 2016, the Company reached an agreement in principle to settle the claim for $900 and no admission of liability, subject to negotiation of a settlement agreement and approval by the court, which is expected to occur in the first half of 2017. For the year ended December 31, 2016, the Company recorded within āSelling and administrative expensesā in the Companyās Tubular and Energy Services segment a pre-tax charge of approximately $900 related to the anticipated settlement of this claim. ļ»æ In December 2016, the Company recorded a pre-tax warranty charge within āCost of Goods Soldā within its Rail Products and Services segment of approximately $1,224 with respect to allegedly defective product s provided in connection with a transit project. The Company intends to pursue recovery through its supply chain with respect to product cost and labor charges. ļ»æ The Company is also subject to other legal proceedings and claims that arise in the ordinary course of its business. The amounts currently reserved are immaterial to our financial position and liquidity and the estimate of additional loss exposure is immaterial to our results of operations. ļ»æ Environmental Matters ļ»æ The Company is subject to national, state, foreign, and/or local laws and regulations relating to the protection of the environment. The Company is monitoring its potential environmental exposure related to current and former facilities. The Companyās 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. ļ»æ The following table sets forth the Companyās undiscounted environmental obligation: ļ»æ ļ»æ ļ»æ ļ»æ Environmental liability ļ»æ ļ»æ Balance at December 31, 2015 $ 6,640 ļ»æ Additions to environmental obligations 379 ļ»æ Environmental obligations utilized (749) ļ»æ Balance at December 31, 2016 $ 6,270 ļ»æ |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2016 | |
Other Income [Abstract] | |
Other Income | Note 20. ļ»æ Other Income ļ»æ The following table summarizes the Companyās other income for the three years ended December 31, 2016, 2015, and 2014. ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ Gain on Tucson, AZ asset sale (a) $ - $ (2,279) $ - ļ»æ Foreign currency losses (gains) 12 (1,616) (422) ļ»æ Remeasurement gain on equity method investment (b) - (580) - ļ»æ Legal settlement gain (c) - (460) - ļ»æ Other (1,535) (650) (256) ļ»æ $ (1,523) $ (5,585) $ (678) ļ»æ a) On December 23, 2015, the Company sold certain assets related to the former Tucson, AZ precast concrete tie facility for $2,750 resulting in a pre-tax gain on sale of $2,279 . b) On November 23, 2015, the Company acquired the remaining 75% of shares of Tew Plus resulting in a gain of $580, which is recorded within other income as of December 31, 2015. The gain is included in equity loss (income) and remeasurement gain within the Consolidated Statements of Cash Flows. c) During the fourth quarter of 2015 the Company received $460 from the Steel Antitrust Settlement Fund related to a claim regarding steel purchased by the Company between 2005 and 2007. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information (Unaudited) [Abstract] | |
Quarterly Financial Information (Unaudited) | Note 21. ļ»æ Quarterly Financial Information (Unaudited) ļ»æ As more fully described in Note 3, āAcquisitions,ā the Company acquired Tew, Tew Plus, and IOS during 2015. The results of the subsidiaryās operations are included from the acquisition dates. ļ»æ Quarterly financial information for the years ended December 31, 2016 and 2015 is presented below: ļ»æ ļ»æ ļ»æ ļ»æ 2016 ļ»æ First Second Third Fourth ļ»æ Quarter Quarter (1) Quarter (2) Quarter (3) ļ»æ ļ»æ ļ»æ Net sales $ 126,310 $ 135,994 $ 114,644 $ 106,566 ļ»æ Gross profit $ 23,960 $ 27,813 $ 19,803 $ 18,779 ļ»æ Net loss $ (2,832) $ (91,996) $ (5,982) $ (40,851) ļ»æ Basic loss per common share $ (0.28) $ (8.96) $ (0.58) $ (3.97) ļ»æ Diluted loss per common share $ (0.28) $ (8.96) $ (0.58) $ (3.97) ļ»æ Dividends paid per common share $ 0.04 $ 0.04 $ 0.04 $ - ļ»æ Differences between the sum of quarterly results and the Consolidated Statements of Operations are due to rounding. ļ»æ (1) - Second quarter 2016 includes $128,938 impairment of assets related to the Chemtec, Protective Coatings, IOS and Rail Technologies product groups. (2) ā Third quarter 2016 includes $6,946 related to the finalization of the impairment analysis of the Chemtec and Rail Technologies product groups. (3) ā Fourth quarter 2016 includes deferred U.S. income taxes and foreign withholding taxes of $7,932 on unremitted foreign earnings and a valuation allowance of $29,719 against deferred tax assets. ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2015 ļ»æ First Second Third Fourth ļ»æ Quarter Quarter Quarter (1) Quarter (2) ļ»æ ļ»æ ļ»æ Net sales $ 137,907 $ 171,419 $ 176,059 $ 139,138 ļ»æ Gross profit $ 30,653 $ 37,089 $ 36,038 $ 29,872 ļ»æ Net income (loss) $ 4,285 $ 5,362 $ (57,422) $ 3,328 ļ»æ Basic earnings (loss) per common share $ 0.42 $ 0.52 $ (5.60) $ 0.33 ļ»æ Diluted earnings (loss) per common share $ 0.41 $ 0.52 $ (5.60) $ 0.32 ļ»æ Dividends paid per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 ļ»æ (1) - Third quarter 2015 includes $80,337 impairment of goodwill related to the IOS and Chemtec reporting units. (2) - Fourth quarter 2015 includes $2,279 pre-tax gain on sale of Tucson, AZ concrete tie facility . |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ L. B. FOSTER COMPANY AND SUBSIDIARIES ļ»æ ļ»æ SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS ļ»æ FOR THE YEARS ENDED DECEMBER 31, 2016, 2015, AND 2014 ļ»æ ļ»æ Additions ļ»æ Balance at Charged to Balance ļ»æ Beginning Costs and at End ļ»æ of Year Expenses Deductions (1) of Year ļ»æ ļ»æ 2016 ļ»æ Deducted from assets to which they apply: ļ»æ Allowance for doubtful accounts $ 1,485 $ 982 $ 1,050 $ 1,417 ļ»æ Valuation allowance for deferred tax assets $ - $ 29,719 $ - $ 29,719 ļ»æ ļ»æ 2015 ļ»æ Deducted from assets to which they apply: ļ»æ Allowance for doubtful accounts $ 1,036 $ 1,113 $ 664 $ 1,485 ļ»æ ļ»æ 2014 ļ»æ Deducted from assets to which they apply: ļ»æ Allowance for doubtful accounts $ 1,099 $ 462 $ 525 $ 1,036 ļ»æ ļ»æ (1) Notes and accounts receivable written off as uncollectible. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of presentation [Policy Text Block] | Basis of financial statement presentation ļ»æ The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, ventures, and partnerships in which a controlling interest is held. Inter-company transactions and accounts have been eliminated. The Company utilizes the equity method of accounting for companies where its ownership is less than or equal to 50% and significant influence exists. |
Cash and cash equivalents [Policy Text Block] | Cash and cash equivalents ļ»æ The Company considers cash and other instruments with maturities of three months or less, when purchased, to be cash and cash equivalents . The Company invests available funds in a manner to maximize returns, preserve investment principal, and maintain liquidity while seeking the highest yield available. ļ»æ Cash and cash equivalents held in non-domestic accounts were approximately $ 29,400 and $ 29,700 at December 31, 2016 and 2015, respectively. Included in non-domestic cash equivalents are investments in bank term deposits of approximately $16 and $ 1,939 at December 31, 2016 and 2015, respectively. The carrying amounts approximated fair value because of the short maturity of the instruments. ļ»æ |
Inventories [Policy Text Block] | Inventories ļ»æ Certain inventories are valued at the lower of the last-in, first-out (āLIFOā) cost or market. Approximately 47 % in 2016 and 43 % in 2015 of the Companyās inventory is valued at average cost or market, whichever is lower. Slow-moving inventory is reviewed and adjusted regularly, based upon product knowledge, physical inventory observation, and the age of the inventory. |
Property, plant and equipment [Policy Text Block] | Property, plant, and equipment ļ»æ Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of 5 to 40 years for buildings and 2 to 10 years for machinery and equipment. Leasehold improvements are amortized over 3 to 13 years, which represent the lives of the respective leases or the lives of the improvements, whichever is shorter. Depreciation expense is recorded within ācost of salesā and āselling and administrativeā expenses based upon the particular assetās use. The Company reviews a long-lived asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company impaired $14,956 of property, plant and equipment related to the test and inspection services division within the Tubular and Energy Services segment during the year ended December 31, 2016. There were no material asset impairments recorded for the years ended December 31, 2015 and 2014. ļ»æ Maintenance, repairs, and minor renewals are charged to operations as incurred. Major renewals and betterments that substantially extend the useful life of the property are capitalized at cost. Upon sale or other disposition of assets, the costs and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in income. |
Allowance for doubtful accounts [Policy Text Block] | Allowance for doubtful accounts ļ»æ The allowance for doubtful accounts is recorded to reflect the ultimate realization of the Companyās accounts receivable and includes assessment of the probability of collection and the credit-worthiness of certain customers. Reserves for uncollectible accounts are recorded as part of selling and administrative expenses on the Consolidated Statements of Operations. The Company reviews its accounts receivable aging and calculates an allowance through application of historic reserve factors to overdue receivables. This calculation is supplemented by specific account reviews performed by the Companyās credit department. As necessary, the application of the Companyās allowance rates to specific customers is reviewed and adjusted to more accurately reflect the credit risk inherent within that customer relationship. |
Investments [Policy Text Block] | Investments ļ»æ Investments in companies in which the Company has the ability to exert significant influence, but not control, over operating and financial policies (generally 20% to 50% ownership) are accounted for using the equity method. Under the equity method, investments are initially recorded at cost and adjusted for dividends and undistributed earnings and losses. The equity method of accounting requires a company to recognize a loss in the value of an equity method investment that is other than a temporary decline. |
Goodwill and other intangible assets [Policy Text Block] | Goodwill and other intangible assets ļ»æ Goodwill is tested annually for impairment or more often if there are indicators of impairment. The goodwill impairment test involves comparing the fair value of a reporting unit to its carrying value, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, a second step is required to measure the goodwill impairment loss. This step compares the implied fair value of the reporting unitās goodwill to the carrying amount of that goodwill. If the carrying amount of the goodwill exceeds the implied fair value of the goodwill, an impairment loss equal to the excess is recorded as a component of operations. The Company performs its annual impairment tests as of October 1 st . ļ»æ During 2016 and 2015, the Company identified certain triggering events that indicated an interim impairment test was required. As a result of the Companyās assessment, the Company recorded goodwill impairment of $61,142 and $80,337 during 2016 and 2015, respectively. The 2016 charges related to the full impairment of the Chemtec Energy Services (āChemtecā) and Protective Coatings divisions goodwill within the Tubular and Energy Services segment resulting from the Chemtec acquisition in 2014 and the 2013 acquisition of Ball Winch, LLC and a partial impairment of the Rail Technologies division goodwill within the Rail Products and Services segments, respectively. The 2015 impairment charge related to the goodwill resulting from the acquisition of IOS (or ātest and inspection servicesā) and Chemtec within the Tubular and Energy Services segment. The measurement of goodwill impairment is a Level 3 fair value measurement, since the primary assumptions, including estimates of future revenue growth, gross margin, and EBITDA margin, are not market observable and require management to make judgements regarding future outcomes. Additional information concerning the impairments is set forth in Note 4 Goodwill and Other Intangible Assets, to the financial statements. No additional charges were recorded as a result of the 2016 annual impairment test. No goodwill impairment was recognized during 2014 . ļ»æ The Company has no indefinite-lived intangible assets. The Company reviews a long-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. All intangible assets are amortized over their useful lives ranging from 5 to 25 years, with a total weighted average amortization period of approximately 15 years, at December 31, 2016. During the year ended December 31, 2016, the Company recorded a definite-lived intangible asset impairment of $59,786 related to Chemtec and test and inspection services within the Tubular and Energy Services segment. There were no definite-lived intangible asset impairments during the years ended December 31, 2015 and 2014. See Note 4 Goodwill and Other Intangible Assets for additional information regarding the Companyās intangible assets. |
Environmental remediation and compliance [Policy Text Block] | Environmental remediation and compliance ļ»æ Environmental remediation costs are accrued when the liability is probable and costs are estimable. Environmental compliance costs, which principally include the disposal of waste generated by routine operations, are expensed as incurred. Capitalized environmental costs, when appropriate, are depreciated over their useful life. Reserves are not reduced by potential claims for recovery and are not discounted. Claims for recovery are recognized as agreements are reached with third parties or as amounts are received. Reserves are periodically reviewed throughout the year and adjusted to reflect current remediation progress, prospective estimates of required activity, and other factors that may be relevant, including changes in technology or regulations. See Note 19 Commitments and Contingent Liabilities, for additional information regarding the Companyās outstanding environmental and litigation reserves. |
Earnings per share [Policy Text Block] | Earnings per share ļ»æ Basic earnings per share is calculated by dividing net income by the weighted average of common shares outstanding during the year. Diluted earnings per share is calculated by using the weighted average of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options and restricted stock utilizing the treasury stock method. |
Revenue recognition | Revenue recognition ļ»æ The Companyās revenues are comprised of product and service sales as well as products and services provided under long-term contracts. For product and service sales, the Company recognizes revenue when the following criteria have been satisfied : persuasive evidence of a sales arrangement exists ; product delivery and transfer of title to the customer has occurred or services have been rendered ; the price is fixed or determinable ; and collectability is reasonably assured. Generally, product title passes to the customer upon shipment. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at its physical location. Revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Shipping and handling costs are included in cost of goods sold. |
Revenue recognition - Percentage of Completion Method [Policy Text Block] | Revenues for products and services under long-term contracts are recognized using the percentage-of-completion method. Sales and gross profit are recognized as work is performed based upon the proportion of actual costs incurred to estimated total project costs. Sales and gross profit are adjusted prospectively for revisions in estimated total project costs and contract values. For certain products and services, the percentage of completion is based upon actual labor costs as a percentage of estimated total labor costs. At the time a loss contract becomes known, the entire amount of the estimated loss is recognized in the Consolidated Statement s of Operations. Costs in excess of billings are classified as work-in-process inventory. Projects with billings in excess of costs are recorded within deferred revenue. ļ»æ Revenue recognition involves judgments, including assessments of expected returns, the likelihood of nonpayment, and estimates of expected costs and profits on long-term contracts. In determining when to recognize revenue, the Company analyzes various factors, including the specifics of the transaction, historical experience, creditworthiness of the customer, and current market and economic conditions. Changes in judgments on these factors could impact the timing and amount of revenue recognized with a resulting impact on the timing and amount of associated income. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | ļ»æ Deferred revenue ļ»æ Deferred revenue 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 with respect to which the Company has significantly fulfilled its obligations, but due to the Companyās continuing involvement with the project, revenue is precluded from being recognized until title, ownership, and risk of loss have passed to the customer. |
Fair value of financial instruments [Policy Text Block] | Fair value of financial instruments ļ»æ The Companyās financial instruments consist of cash equivalents, accounts receivable, accounts payable, interest rate swap agreements, and debt. ļ»æ The carrying amounts of the Companyās financial instruments at December 31, 2016 and 2015 approximate fair value. See Note 18 Fair Value Measurements, for additional information. |
Stock-based compensation [Policy Text Block] | Stock-based compensation ļ»æ The Company applies the provisions of FASB ASC 718, āCompensation ā Stock Compensation,ā to account for the Companyās share-based compensation. Under the guidance, share-based compensation cost is measured at the grant date based on the calculated fair value of the award. The expense is recognized over the employeesā requisite service period, generally the vesting period of the award. See Note 15 Share-based Compensation, for additional information. |
Product Warranty [Policy Text Block] | Product warranty ļ»æ The Company maintains a current warranty liability for the repair or replacement of defective products. For certain manufactured products, an accrual is made on a monthly basis as a percentage of cost of sales based upon historical experience. For long-lived construction products, a warranty is established when the claim is known and quantifiable. The product warranty accrual is periodically adjusted based on the identification or resolution of known individual product warranty claims or due to changes in the Companyās historical warranty experience. At December 31, 2016 and 2015, the product warranty reserve was $ 10,154 and $ 8,755 , respectively. See Note 19 Commitments and Contingencies for additional information regarding the product warranty. |
Income Taxes [Policy Text Block] | Income taxes ļ»æ Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax laws and rates expected to be in effect when such differences are recovered or settled. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date of the change. ļ»æ The Company makes judgments regarding the recognition of deferred tax assets and the future realization of these assets. As prescribed by FASB ASC 740 āIncome Taxesā and applicable guidance, valuation allowances must be provided for those deferred tax assets for which it is more likely than not (a likelihood more than 50%) that some portion or all of the deferred tax assets will not be realized. The guidance requires the Company to evaluate positive and negative evidence regarding the recoverability of deferred tax assets. The d etermination of whether the positive evidence outweighs the negative evidence and quantification of the valuation allowance requires the Company to make estimates and judgments of future financial results. ļ»æ The Company evaluates all tax positions taken on its federal, state, and foreign tax filings to determine if the position is more likely than not to be sustained upon examination. For positions that meet the more likely than not to be sustained criteria, the largest amount of benefit to be realized upon ultimate settlement is determined on a cumulative probability basis. A previously recognized tax position is derecognized when it is subsequently determined that a tax position no longer meets the more likely than not threshold to be sustained. The evaluation of the sustainability of a tax position and the expected tax benefit is based on judgment, historical experience, and various other assumptions. Actual results could differ from those estimates upon subsequent resolution of identified matters. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. |
Foreign Currency Translation [Policy Text Block] | Foreign currency translation ļ»æ The assets and liabilities of our foreign subsidiaries are measured using the local currency as the functional currency and are translated into U.S. dollars at exchange rates as of the balance sheet date. Income statement amounts are translated at the weighted-average rates of exchange during the year. The translation adjustment is accumulated as a separate component of accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in determining net income. Included in net income for the years ended December 31, 2016, 2015, and 2014 were foreign currency transaction (losses) gains of approximately ($12), $1,616 , and $422 , respectively. |
Research and development [Policy Text Block] | Research and development ļ»æ The Company expenses research and development costs as costs are incurred. For the years ended December 31, 2016, 2015, and 2014, research and development expenses were $ 3,511 , $ 3,937, and $ 3,096 , respectively, and were principally related to the Companyās friction management and railroad monitoring system products. ļ»æ |
Use of estimates [Policy Text Block] | Use of estimates ļ»æ The preparation of financial statements in conformity with U.S. generally accepted accounting principles (āGAAPā) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Recently issued or adopted accounting guidance [Policy Text Block] | Recently issued accounting guidance In March 2016, the FASB issued ASU No. 2016-09, āCompensationāStock Compensation (Topic 718).ā This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation, and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The adoption of this new guidance is not expected to have a material impact on the Companyās financial position and results of operations. ļ»æ In May 2014, the FASB issued Accounting Standards Update (āASUā) 2014-09, āRevenue from Contracts with Customers (Topic 606)ā (āASU 2014-09ā), which supersedes the revenue recognition requirements in ASC 605, āRevenue Recognition.ā 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, 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, 2017, including interim periods within that reporting period. The Company continues to evaluate the impacts that this standard will have on the Company's financial statements. The Company anticipates using the modified retrospective approach at adoption as it relates to ASU 2014-09. In February 2016, the FASB issued ASU 2016-02, āLeases (Topic 842)ā. The new accounting requirements include the accounting for, presentation of, and classification of leases. The guidance will result in most leases being capitalized as a right of use asset with a related liability on our balance sheets. The requirements of the new standard are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. The Company is in the process of analyzing the impact of ASU 2016-02 on our financial position and results of operations. The Company has a significant number of leases, and, as a result, expects this guidance to have a material impact on its consolidated balance sheet, the impact of which is currently being evaluated. In October 2016, the FASB issued ASU No. 2016-16, āIncome Taxes ā Intra-Entity Transfers of Assets Other Than Inventory (Topic 740),ā which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The ASU is effective on January 1, 2018 with early adoption permitted. The Company continues to evaluate the impact this standard will have on the Companyās financial statements. In January 2017, the FASB issued ASU 2017-04, āIntangibles ā Goodwill and Other (Topic 350),ā which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, an entity will recognize an impairment charge for the amount by which the carrying value exceeds the fair value. This standard is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is evaluating its implementation approach and assessing the impact of ASU 2017-04 on our financial position and results of operations. Recently adopted accounting guidance In August 2014, the FASB issued ASU 2014-15, āPresentation of Financial Statements ā Going Concern (Subtopic 205-40)ā. This standard requires management to assess an entityās ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. The standard is effective for annual reporting periods, and interim periods therein, ending after December 15, 2016. Accordingly, the Company has adopted this ASU and evaluated the Companyās ability to continue as a going concern as well as the need for related footnote disclosure. The Company has concluded no disclosure is necessary regarding the entityās ability to continue as a going concern. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 ļ»æ Expenditures ļ»æ Net Segment Segment Depreciation/ for Long-Lived ļ»æ Sales Profit (Loss) * Assets Amortization Assets ļ»æ ļ»æ Rail Products and Services $ 239,127 $ (26,228) $ 174,049 $ 7,276 $ 856 ļ»æ Construction Products 145,602 8,189 81,074 2,256 687 ļ»æ Tubular and Energy Services 98,785 (116,126) 100,006 12,644 3,810 ļ»æ Total $ 483,514 $ (134,165) $ 355,129 $ 22,176 $ 5,353 ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2015 ļ»æ Expenditures ļ»æ Net Segment Segment Depreciation/ for Long-Lived ļ»æ Sales Profit (Loss) ** Assets Amortization Assets ļ»æ ļ»æ Rail Products and Services $ 328,982 $ 27,037 $ 241,222 $ 8,098 $ 4,273 ļ»æ Construction Products 176,394 12,958 86,335 2,720 1,260 ļ»æ Tubular and Energy Services 119,147 (81,344) 216,715 14,857 4,303 ļ»æ Total $ 624,523 $ (41,349) $ 544,272 $ 25,675 $ 9,836 ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2014 ļ»æ Expenditures ļ»æ Net Segment Segment Depreciation/ for Long-Lived ļ»æ Sales Profit Assets Amortization Assets ļ»æ ļ»æ Rail Products and Services $ 374,615 $ 30,093 $ 239,951 $ 6,153 $ 5,115 ļ»æ Construction Products 178,847 13,106 102,978 2,232 3,343 ļ»æ Tubular and Energy Services 53,730 5,350 130,289 3,208 6,988 ļ»æ Total $ 607,192 $ 48,549 $ 473,218 $ 11,593 $ 15,446 ļ»æ * - Segment loss includes impairment of goodwill, definite-lived intangible assets and property, plant and equipment as further described in Note 4 Goodwill and Other Intangible Assets and Note 7 Property, Plant and Equipment. ** - Segment loss includes impairment of goodwill as further described in Note 4 Goodwill and Other Intangible Assets. ļ»æ |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ļ»æ ļ»æ (Loss) income from Operations: ļ»æ Total for reportable segments $ (134,165) $ (41,349) $ 48,549 ļ»æ Adjustment of inventory to LIFO 2,643 2,468 738 ļ»æ Unallocated interest income 87 206 530 ļ»æ Unallocated equity in (loss) income of nonconsolidated investments (1,290) (413) 1,282 ļ»æ Unallocated corporate amounts (14,444) (11,489) (12,039) ļ»æ (Loss) income from operations, before income taxes $ (147,169) $ (50,577) $ 39,060 ļ»æ |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ļ»æ ļ»æ ļ»æ Assets: ļ»æ Total for reportable segments $ 355,129 $ 544,272 $ 473,218 ļ»æ Unallocated corporate assets 41,072 28,209 26,788 ļ»æ LIFO (3,178) (5,821) (8,289) ļ»æ Total assets $ 393,023 $ 566,660 $ 491,717 ļ»æ |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | ļ»æ ļ»æ ļ»æ ļ»æ Depreciation/Amortization: ļ»æ Total for reportable segments $ 22,176 $ 25,675 $ 11,593 ļ»æ Other 1,316 999 984 ļ»æ Total $ 23,492 $ 26,674 $ 12,577 ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ Expenditures for Long-Lived Assets: ļ»æ Total for reportable segments $ 5,353 $ 9,836 $ 15,446 ļ»æ Expenditures funded through financing agreements - 288 1,981 ļ»æ Other expenditures 2,311 5,077 1,610 ļ»æ Total $ 7,664 $ 15,201 $ 19,037 ļ»æ |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The following table summarizes the Companyās sales by major geographic region in which the Company has operations for the years ended December 31: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ United States $ 390,930 $ 522,404 $ 498,025 ļ»æ United Kingdom 37,188 26,817 22,625 ļ»æ Canada 30,644 40,545 39,375 ļ»æ Other 24,752 34,757 47,167 ļ»æ $ 483,514 $ 624,523 $ 607,192 ļ»æ The following table summarizes the Companyās long-lived assets by geographic region at December 31: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ United States $ 96,650 $ 118,053 $ 66,905 ļ»æ Canada 5,445 6,186 7,440 ļ»æ Other 1,878 2,506 457 ļ»æ $ 103,973 $ 126,745 $ 74,802 ļ»æ |
Schedule of Revenues by Major Product Line [Table Text Block] | The following table summarizes the Companyās sales by major product line: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ Rail Technologies products $ 90,469 $ 98,237 $ 109,053 ļ»æ Rail distribution products 83,236 126,277 139,529 ļ»æ Piling products 70,535 94,853 111,182 ļ»æ Concrete products 54,514 52,044 36,396 ļ»æ Precision measurement systems 42,830 36,048 - ļ»æ Allegheny Rail Products 24,102 35,155 45,008 ļ»æ Upstream test and inspection services 20,765 35,906 - ļ»æ CXT concrete tie products 16,288 35,740 52,562 ļ»æ Other products 80,775 110,263 113,462 ļ»æ $ 483,514 $ 624,523 $ 607,192 ļ»æ |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | ļ»æ ļ»æ ļ»æ Twelve months ended ļ»æ December, 31 ļ»æ 2015 2014 ļ»æ Net sales $ 640,596 $ 806,384 ļ»æ Gross profit 138,123 183,163 ļ»æ Net (loss) income (44,399) 41,745 ļ»æ Diluted (loss) earnings per share ļ»æ As Reported $ (4.33) $ 2.48 ļ»æ Pro forma $ (4.32) $ 4.04 ļ»æ |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ļ»æ ļ»æ Allocation of Purchase Price November 23, 2015 - Tew Plus March 13, 2015 - IOS January 13, 2015 - Tew December 30, 2014 - Chemtec October 29, 2014 - FWO July 7, 2014 - Carr ļ»æ Current assets $ 4,420 $ 19,877 $ 12,125 $ 15,528 $ 131 $ 3,180 ļ»æ Other assets - 708 - - - 45 ļ»æ Property, plant, and equipment 47 51,453 * 2,398 4,705 - 7,648 ļ»æ Goodwill 822 69,908 * 8,772 22,302 * 971 1,936 ļ»æ Other intangibles 1,074 50,354 * 14,048 33,130 419 1,348 ļ»æ Liabilities assumed (3,597) (23,596) (6,465) (6,756) (418) (1,677) ļ»æ Total $ 2,766 $ 168,704 $ 30,878 $ 68,909 $ 1,103 $ 12,480 ļ»æ |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ļ»æ ļ»æ ļ»æ Intangible Asset November 23, 2015 - Tew Plus March 13, 2015 - IOS January 13, 2015 - Tew December 30, 2014 - Chemtec October 29, 2014 - FWO July 7, 2014 - Carr ļ»æ ļ»æ Trade name $ - $ 2,641 $ 870 $ 3,149 $ - $ 613 ļ»æ Customer relationships 817 41,171 10,035 23,934 34 524 ļ»æ Technology 203 4,364 2,480 4,930 341 87 ļ»æ Non-competition agreements 54 2,178 663 1,117 44 124 ļ»æ Total identified intangible assets $ 1,074 $ 50,354 ** $ 14,048 $ 33,130 $ 419 $ 1,348 ļ»æ |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of Goodwill [Table Text Block] | ļ»æ ļ»æ ļ»æ Rail Products and Services Construction Products Tubular and Energy Services Total ļ»æ ļ»æ Balance at December 31, 2014: $ 38,956 $ 5,147 $ 38,846 $ 82,949 ļ»æ Acquisitions 9,594 - 69,908 79,502 ļ»æ Foreign currency translation impact (362) - - (362) ļ»æ Impairment charges - - (80,337) (80,337) ļ»æ 48,188 5,147 108,754 162,089 ļ»æ Accumulated impairment losses - - (80,337) (80,337) ļ»æ Balance at December 31, 2015: 48,188 5,147 28,417 81,752 ļ»æ Foreign currency translation impact (1,524) - - (1,524) ļ»æ Disposition (154) - - (154) ļ»æ Impairment charges (32,725) - (28,417) (61,142) ļ»æ 46,510 5,147 108,754 160,411 ļ»æ Accumulated impairment losses (32,725) - (108,754) (141,479) ļ»æ Balance at December 31, 2016: $ 13,785 $ 5,147 $ - $ 18,932 ļ»æ |
Schedule of Intangible Assets [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ Rail Products and Services $ 56,476 $ 59,226 ļ»æ Construction Products 1,348 1,348 ļ»æ Tubular and Energy Services 29,179 98,166 ļ»æ $ 87,003 $ 158,740 ļ»æ |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ļ»æ ļ»æ ļ»æ December 31, 2016 ļ»æ Weighted Average Gross Net ļ»æ Amortization Period Carrying Accumulated Carrying ļ»æ In Years Value Amortization Amount ļ»æ ļ»æ Non-compete agreements 5 $ 4,219 $ (2,217) $ 2,002 ļ»æ Patents 10 373 (143) 230 ļ»æ Customer relationships 18 36,843 (6,582) 30,261 ļ»æ Trademarks and trade names 14 10,018 (3,238) 6,780 ļ»æ Technology 14 35,550 (11,304) 24,246 ļ»æ $ 87,003 $ (23,484) $ 63,519 ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ December 31, 2015 ļ»æ Weighted Average Gross Net ļ»æ Amortization Period Carrying Accumulated Carrying ļ»æ In Years Value Amortization Amount ļ»æ ļ»æ Non-compete agreements 4 $ 6,984 $ (2,495) $ 4,489 ļ»æ Patents 10 378 (124) 254 ļ»æ Customer relationships 16 94,338 (8,441) 85,897 ļ»æ Supplier relationships 5 350 (335) 15 ļ»æ Trademarks and trade names 13 14,252 (3,025) 11,227 ļ»æ Technology 13 42,438 (9,393) 33,045 ļ»æ $ 158,740 $ (23,813) $ 134,927 ļ»æ |
Schedule of Expected Amortization Expense [Table Text Block] | ļ»æ ļ»æ ļ»æ Amortization Expense ļ»æ 2017 $ 7,042 ļ»æ 2018 6,937 ļ»æ 2019 6,203 ļ»æ 2020 5,845 ļ»æ 2021 5,771 ļ»æ 2022 and thereafter 31,721 ļ»æ $ 63,519 ļ»æ |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule Of Accounts Receivable, Net [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Trade $ 64,707 $ 79,100 ļ»æ Allowance for doubtful accounts (1,417) (1,485) ļ»æ 63,290 77,615 ļ»æ Other 3,342 872 ļ»æ $ 66,632 $ 78,487 ļ»æ |
Operating Segments [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule Of Accounts Receivable, Net [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Rail Products and Services $ 29,552 $ 43,155 ļ»æ Construction Products 20,531 20,489 ļ»æ Tubular and Energy Services 13,207 13,971 ļ»æ $ 63,290 $ 77,615 ļ»æ |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Schedule of Inventory Of Continuing Operations [Table Text Block] | ļ»æ ļ»æ ļ»æ December 31, December 31, ļ»æ 2016 2015 ļ»æ ļ»æ Finished goods $ 46,673 $ 62,547 ļ»æ Work-in-process 21,716 20,178 ļ»æ Raw materials 18,032 19,492 ļ»æ Total inventories at current costs 86,421 102,217 ļ»æ Less: LIFO reserve (3,178) (5,821) ļ»æ $ 83,243 $ 96,396 ļ»æ |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ Land $ 14,826 $ 17,054 ļ»æ Improvements to land and leaseholds 17,408 16,590 ļ»æ Buildings 33,910 39,366 ļ»æ Machinery and equipment, including equipment under capitalized leases 118,060 118,677 ļ»æ Construction in progress 1,291 11,844 ļ»æ 185,495 203,531 ļ»æ ļ»æ Less accumulated depreciation and amortization, including accumulated amortization of capitalized leases 81,522 76,786 ļ»æ $ 103,973 $ 126,745 ļ»æ |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Schedule Of Carrying Amount And Maximum Loss Exposure Of Equity Investments [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ LB Pipe JV equity method investment $ 3,902 $ 5,246 ļ»æ Revolving line of credit 1,235 - ļ»æ Net investment in direct financing lease 871 995 ļ»æ $ 6,008 $ 6,241 ļ»æ |
Schedule of Direct Financing Future Minimum Lease Payments for Capital Leases [Table Text Block] | ļ»æ ļ»æ ļ»æ Minimum Lease Payments ļ»æ 2017 $ 140 ļ»æ 2018 150 ļ»æ 2019 581 ļ»æ $ 871 ļ»æ |
Long-Term Debt and Related Ma40
Long-Term Debt and Related Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt and Related Matters [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ ļ»æ Revolving credit facility with an interest rate of 4.22% at December 31, 2016 and 2.10% at December 31, 2015. $ 127,073 $ 165,000 ļ»æ Term loan payable in quarterly installments through January 1, 2020 with an interest rate of 3.92% at December 31, 2016 30,000 - ļ»æ Financing agreement payable in installments through July 1, 2017 with an interest rate of 3.00% at December 31, 2016 534 1,247 ļ»æ Lease obligations payable in installments through 2019 with a weighted average interest rate of 3.10% at December 31, 2016 and 3.09% December 31, 2015 1,958 2,507 ļ»æ Total 159,565 168,754 ļ»æ Less current maturities 10,386 1,335 ļ»æ Long-term portion $ 149,179 $ 167,419 ļ»æ |
Schedule of Maturities of Long-term Debt [Table Text Block] | ļ»æ ļ»æ ļ»æ December 31, 2016 ļ»æ 2017 $ 10,386 ļ»æ 2018 9,820 ļ»æ 2019 9,734 ļ»æ 2020 129,625 ļ»æ 2021 - ļ»æ 2022 and thereafter - ļ»æ Total $ 159,565 ļ»æ |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | ļ»æ ļ»æ ļ»æ Common Stock ļ»æ Share Activity Treasury Outstanding ļ»æ (Number of Shares) ļ»æ Balance at end of 2013 927,258 10,188,521 ļ»æ Issued for share-based compensation plans (53,884) 53,884 ļ»æ Balance at end of 2014 873,374 10,242,405 ļ»æ Issued for share-based compensation plans (59,113) 59,113 ļ»æ Repurchased common shares 80,512 (80,512) ļ»æ Balance at end of 2015 894,773 10,221,006 ļ»æ Issued for share-based compensation plans (96,619) 96,619 ļ»æ Repurchased common shares 5,000 (5,000) ļ»æ Balance at end of 2016 803,154 10,312,625 ļ»æ |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Pension and post-retirement benefit plan adjustments $ (4,439) $ (3,069) ļ»æ Unrealized loss on interest rate swap contracts (204) (121) ļ»æ Foreign currency translation adjustments (20,646) (14,750) ļ»æ $ (25,289) $ (17,940) ļ»æ |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Common Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ Numerator for basic and diluted (loss) earnings per common share - ļ»æ (Loss) income available to common stockholders: ļ»æ Net (loss) income $ (141,660) $ (44,445) $ 25,656 ļ»æ Denominator: ļ»æ Weighted average shares outstanding 10,273 10,254 10,225 ļ»æ Denominator for basic earnings per common share 10,273 10,254 10,225 ļ»æ Effect of dilutive securities: ļ»æ Employee stock options - - 6 ļ»æ Other stock compensation plans - - 101 ļ»æ Dilutive potential common shares - - 107 ļ»æ Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions 10,273 10,254 10,332 ļ»æ Basic (loss) earnings per common share $ (13.79) $ (4.33) $ 2.51 ļ»æ Diluted (loss) earnings per common share $ (13.79) $ (4.33) $ 2.48 ļ»æ Dividends paid per common share $ 0.12 $ 0.16 $ 0.13 ļ»æ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Deferred tax assets: ļ»æ Goodwill and other intangibles $ 32,699 $ 1,354 ļ»æ Pension and post-retirement liability 2,186 1,801 ļ»æ Warranty reserve 3,633 3,153 ļ»æ Deferred compensation 1,227 2,275 ļ»æ Accounts receivable 516 622 ļ»æ Contingent liabilities 2,336 2,087 ļ»æ Long-term insurance reserves 567 655 ļ»æ Net operating loss / tax credit carryforwards 1,384 1,006 ļ»æ Other 1,107 949 ļ»æ Total deferred tax assets 45,655 13,902 ļ»æ Less: valuation allowance (29,719) - ļ»æ Net deferred tax assets 15,936 13,902 ļ»æ ļ»æ Deferred tax liabilities: ļ»æ Goodwill and other intangibles $ (6,087) $ (7,155) ļ»æ Depreciation (10,586) (14,134) ļ»æ Unremitted earnings of foreign subsidiaries (7,932) - ļ»æ Inventories (1,506) - ļ»æ Investment in LB Pipe joint venture (756) (572) ļ»æ Other (440) (741) ļ»æ Total deferred tax liabilities (27,307) (22,602) ļ»æ Net deferred tax liabilites $ (11,371) $ (8,700) ļ»æ |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ Current: ļ»æ Federal $ (9,980) $ 5,571 $ 11,488 ļ»æ State (487) 1,540 1,491 ļ»æ Foreign 1,583 1,339 3,339 ļ»æ Total current (8,884) 8,450 16,318 ļ»æ Deferred: ļ»æ Federal 2,555 (12,016) (2,321) ļ»æ State 706 (2,014) (122) ļ»æ Foreign 114 (552) (471) ļ»æ Total deferred 3,375 (14,582) (2,914) ļ»æ Total income tax (benefit) expense $ (5,509) $ (6,132) $ 13,404 ļ»æ |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ ļ»æ Domestic $ (151,027) $ (55,061) $ 30,766 ļ»æ Foreign 3,858 4,484 8,294 ļ»æ (Loss) income from operations, before income taxes $ (147,169) $ (50,577) $ 39,060 ļ»æ |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ ļ»æ Amount Percent Amount Percent Amount Percent ļ»æ Statutory rate $ (51,509) 35.0 % $ (17,702) 35.0 % $ 13,671 35.0 % ļ»æ Foreign tax rate differential (485) 0.3 (419) 0.8 (870) (2.2) ļ»æ State income taxes, net of federal benefit (2,893) 2.0 (159) 0.3 1,065 2.7 ļ»æ Non-deductible goodwill impairment 11,448 (7.8) 12,737 (25.2) - - ļ»æ Non-deductible expenses 262 (0.2) 452 (0.9) 708 1.8 ļ»æ Domestic production activities deduction 700 (0.5) (507) 1.0 (851) (2.2) ļ»æ Change in liability for unrecognized tax benefits 42 - (198) 0.4 (327) (0.8) ļ»æ Change in permanent reinvestment assertion 7,932 (5.4) - - - - ļ»æ Change in valuation allowance 29,719 (20.2) - - - - ļ»æ Other (725) 0.5 (336) 0.7 8 - ļ»æ Total income tax (benefit) expense / Effective rate $ (5,509) 3.7 % $ (6,132) 12.1 % $ 13,404 34.3 % ļ»æ |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ ļ»æ Unrecognized tax benefits at beginning of period: $ 582 $ 1,013 ļ»æ Increases based on tax positions for prior periods 37 147 ļ»æ Decreases related to settlements with taxing authorities - (578) ļ»æ Balance at end of period $ 619 $ 582 ļ»æ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Summary of Stock Option Activity [Table Text Block] | ļ»æ ļ»æ ļ»æ 2015 2014 ļ»æ Number of shares under the plans: ļ»æ Outstanding and exercisable at beginning of year 7,500 18,750 ļ»æ Granted - - ļ»æ Canceled - - ļ»æ Exercised (7,500) (11,250) ļ»æ Outstanding and exercisable at end of year - 7,500 ļ»æ |
Schedule of Nonvested Share Activity [Table Text Block] | ļ»æ ļ»æ Restricted Performance Weighted Average ļ»æ Stock Stock Grant Date ļ»æ Units Units Fair Value ļ»æ Outstanding at January 1, 2014 129,726 61,651 $ 34.00 ļ»æ Granted 19,051 34,652 44.07 ļ»æ Vested (40,540) (13,588) 34.59 ļ»æ Adjustment for incentive awards not expected to vest - (7,845) 43.59 ļ»æ Canceled - (2,880) 44.13 ļ»æ Outstanding at December 31, 2014 108,237 71,990 $ 36.25 ļ»æ Granted 29,656 41,114 44.93 ļ»æ Vested (39,076) (23,877) 32.35 ļ»æ Adjustment for incentive awards not expected to vest - (53,228) 43.26 ļ»æ Canceled (5,000) - 44.84 ļ»æ Outstanding at December 31, 2015 93,817 35,999 $ 39.66 ļ»æ Granted 48,283 129,844 12.50 ļ»æ Vested (56,807) - 28.45 ļ»æ Adjustment for incentive awards not expected to vest - (93,103) 24.79 ļ»æ Canceled (6,021) (9,050) 18.82 ļ»æ Outstanding at December 31, 2016 79,272 63,690 $ 21.66 ļ»æ |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ Number of shares available for future grant: ļ»æ Beginning of year 407,307 469,840 513,280 ļ»æ End of year 675,447 407,307 469,840 ļ»æ ļ»æ |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Costs of Retirement Plans [Table Text Block] | ļ»æ ļ»æ ļ»æ Twelve Months Ended ļ»æ December 31, ļ»æ 2016 2015 2014 ļ»æ ļ»æ United States $ 1,813 $ 2,434 $ 2,425 ļ»æ Canada 225 226 227 ļ»æ United Kingdom 376 494 158 ļ»æ $ 2,414 $ 3,154 $ 2,810 ļ»æ |
Other Post-Retirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Assumptions Used [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ Discount rate 4.0 % 4.2 % ļ»æ Weighted average health care trend rate 5.1 % 5.0 % ļ»æ |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Changes in benefit obligation: ļ»æ Benefit obligation at beginning of year $ 17,759 $ 18,925 ļ»æ Service cost 36 38 ļ»æ Interest cost 746 742 ļ»æ Actuarial loss (gain) 534 (1,148) ļ»æ Benefits paid (834) (798) ļ»æ Benefit obligation at end of year $ 18,241 $ 17,759 ļ»æ |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | ļ»æ ļ»æ ļ»æ Change to plan assets: ļ»æ Fair value of assets at beginning of year $ 14,235 $ 15,205 ļ»æ Actual gain (loss) on plan assets 779 (172) ļ»æ Employer contribution - - ļ»æ Benefits paid (834) (798) ļ»æ Fair value of assets at end of year 14,180 14,235 ļ»æ Funded status at end of year $ (4,061) $ (3,524) ļ»æ |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ļ»æ ļ»æ ļ»æ Amounts recognized in the consolidated balance sheet consist of: ļ»æ Other long-term liabilities $ (4,061) $ (3,524) ļ»æ |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | ļ»æ ļ»æ ļ»æ Amounts recognized in accumulated other comprehensive income consist of: ļ»æ Net loss $ 4,186 $ 3,993 ļ»æ |
Schedule of Net Benefit Costs [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ Components of net periodic benefit cost: ļ»æ Service cost $ 36 $ 38 $ 23 ļ»æ Interest cost 746 742 771 ļ»æ Expected return on plan assets (717) (816) (968) ļ»æ Amortization of prior service cost - 3 1 ļ»æ Recognized net actuarial loss 276 275 65 ļ»æ Net periodic pension cost (income) $ 341 $ 242 $ (108) ļ»æ |
Schedule of Assumptions Used [Table Text Block] | The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ Discount rate 4.3 % 4.3 % 4.0 % ļ»æ Expected rate of return on plan assets 5.2 % 5.2 % 5.5 % ļ»æ |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Projected benefit obligation $ 18,241 $ 17,759 ļ»æ Accumulated benefit obligation 18,241 17,759 ļ»æ Fair value of plan assets 14,180 14,235 ļ»æ |
Schedule of Allocation of Plan Assets [Table Text Block] | ļ»æ ļ»æ ļ»æ Target 2016 2015 ļ»æ Asset Category ļ»æ Cash and cash equivalents 0 - 10 % 5 % 9 % ļ»æ Total fixed income funds 25 - 50 33 35 ļ»æ Total mutual funds and equities 50 - 70 62 56 ļ»æ Total 100 % 100 % ļ»æ In accordance with the fair value disclosure requirements of FASB ASC 820, āFair Value Measurements and Disclosures,ā the following assets were measured at fair value on a recurring basis at December 31, 2016 and 2015. Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 18 Fair Value Measurements . ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Asset Category ļ»æ Cash and cash equivalents $ 660 $ 1,248 ļ»æ Fixed income funds ļ»æ Corporate bonds 4,767 4,926 ļ»æ Total fixed income funds 4,767 4,926 ļ»æ Equity funds and equities ļ»æ Mutual funds 8,753 8,061 ļ»æ Common stock - - ļ»æ Total mutual funds and equities 8,753 8,061 ļ»æ Total $ 14,180 $ 14,235 ļ»æ |
Schedule of Expected Benefit Payments [Table Text Block] | ļ»æ ļ»æ ļ»æ Pension ļ»æ Benefits ļ»æ ļ»æ 2017 $ 894 ļ»æ 2018 905 ļ»æ 2019 972 ļ»æ 2020 1,013 ļ»æ 2021 1,078 ļ»æ Years 2022-2026 5,647 ļ»æ |
UNITED KINGDOM | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Changes in benefit obligation: ļ»æ Benefit obligation at beginning of year $ 7,862 $ 8,797 ļ»æ Interest cost 259 295 ļ»æ Actuarial (gain) loss 1,532 (416) ļ»æ Benefits paid (273) (339) ļ»æ Foreign currency exchange rate changes (1,276) (475) ļ»æ Benefit obligation at end of year $ 8,104 $ 7,862 ļ»æ |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | ļ»æ ļ»æ ļ»æ Change to plan assets: ļ»æ Fair value of assets at beginning of year $ 6,661 $ 6,757 ļ»æ Actual gain on plan assets 265 307 ļ»æ Employer contribution 253 302 ļ»æ Benefits paid (273) (339) ļ»æ Foreign currency exchange rate changes (1,080) (366) ļ»æ Fair value of assets at end of year 5,826 6,661 ļ»æ Funded status at end of year $ (2,278) $ (1,201) ļ»æ |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | ļ»æ ļ»æ ļ»æ ļ»æ Amounts recognized in the consolidated balance sheet consist of: ļ»æ Other long-term liabilities $ (2,278) $ (1,201) ļ»æ ļ»æ ļ»æ Amounts recognized in accumulated other comprehensive income consist of: ļ»æ Net loss $ 2,015 $ 706 ļ»æ Prior service cost 53 85 ļ»æ $ 2,068 $ 791 ļ»æ |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension costs for the three years ended December 31 are as follows: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ Components of net periodic benefit cost: ļ»æ Interest cost $ 259 $ 295 $ 360 ļ»æ Expected return on plan assets (290) (324) (370) ļ»æ Amortization of transition obligation - - (50) ļ»æ Amortization of prior service cost 17 27 30 ļ»æ Recognized net actuarial loss 275 225 185 ļ»æ Net periodic pension cost $ 261 $ 223 $ 155 ļ»æ |
Schedule of Assumptions Used [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ Discount rate 2.7 % 4.0 % 3.6 % ļ»æ Expected rate of return on plan assets 4.4 % 5.2 % 5.0 % ļ»æ |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ Projected benefit obligation $ 8,104 $ 7,862 ļ»æ Accumulated benefit obligation 8,104 7,862 ļ»æ Fair value of plan assets 5,826 6,661 ļ»æ |
Schedule of Allocation of Plan Assets [Table Text Block] | ļ»æ ļ»æ ļ»æ Portec Rail ļ»æ Plan ļ»æ Equity securities Up to 100% ļ»æ Commercial property Not to exceed 50% ļ»æ U.K. Government securities Not to exceed 50% ļ»æ Cash Up to 100% ļ»æ Plan assets held within the Portec Rail Plan consist of cash and marketable securities that have been classified as Level 1 of the fair value hierarchy. All other plan assets have been classified as Level 2 of the fair value hierarchy. ļ»æ The plan assets by category for the two years ended December 31, 2016 and 2015 are as follows: ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ Asset Category ļ»æ Cash and cash equivalents $ 707 $ 242 ļ»æ Equity securities 2,617 2,656 ļ»æ Bonds 1,347 1,301 ļ»æ Other 1,155 2,462 ļ»æ Total $ 5,826 $ 6,661 ļ»æ |
Schedule of Expected Benefit Payments [Table Text Block] | ļ»æ ļ»æ ļ»æ Pension ļ»æ Benefits ļ»æ ļ»æ 2017 $ 219 ļ»æ 2018 238 ļ»æ 2019 252 ļ»æ 2020 268 ļ»æ 2021 274 ļ»æ Years 2022-2026 1,750 ļ»æ |
Rental And Lease Information (T
Rental And Lease Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Rental and Lease Information [Abstract] | |
Schedule Of Future Minimum Payments Under Capital And Operating Leases [Table Text Block] | ļ»æ ļ»æ ļ»æ Capital Operating ļ»æ Year ending December 31, Leases Leases ļ»æ ļ»æ 2017 $ 626 $ 4,292 ļ»æ 2018 589 2,883 ļ»æ 2019 503 2,109 ļ»æ 2020 240 1,784 ļ»æ 2021 - 1,511 ļ»æ 2022 and thereafter - 6,538 ļ»æ Total minimum lease payments 1,958 $ 19,117 ļ»æ Less amount representing interest 114 ļ»æ Total present value of minimum payments with interest rates ranging from 2.95% to 4.25% $ 1,844 ļ»æ |
Schedule of Capital Leased Assets [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 ļ»æ ļ»æ ļ»æ Machinery and equipment at cost $ 3,152 $ 3,157 ļ»æ Less accumulated amortization 829 450 ļ»æ Net capital lease assets $ 2,323 $ 2,707 ļ»æ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ļ»æ ļ»æ ļ»æ Fair Value Measurements at Reporting Date Using Fair Value Measurements at Reporting Date Using ļ»æ ļ»æ December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) ļ»æ ļ»æ Term deposits $ 16 $ 16 $ - $ - $ 1,939 $ 1,939 $ - $ - ļ»æ Total assets $ 16 $ 16 $ - $ - $ 1,939 $ 1,939 $ - $ - ļ»æ Interest rate swaps $ 334 $ - $ 334 $ - $ 196 $ - $ 196 $ - ļ»æ Total liabilities $ 334 $ - $ 334 $ - $ 196 $ - $ 196 $ - ļ»æ |
Commitments and Contingent Li49
Commitments and Contingent Liabilites (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingent Liabilities [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | ļ»æ ļ»æ ļ»æ Warranty Liability ļ»æ Balance at December 31, 2015 $ 8,755 ļ»æ Additions to warranty liability 2,524 ļ»æ Warranty liability utilized (1,125) ļ»æ Balance at December 31, 2016 $ 10,154 ļ»æ |
Environmental Loss Contingencies [Table Text Block] | ļ»æ ļ»æ Environmental liability ļ»æ ļ»æ Balance at December 31, 2015 $ 6,640 ļ»æ Additions to environmental obligations 379 ļ»æ Environmental obligations utilized (749) ļ»æ Balance at December 31, 2016 $ 6,270 ļ»æ |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income [Abstract] | |
Other Income [Table Text Block] | ļ»æ ļ»æ ļ»æ 2016 2015 2014 ļ»æ Gain on Tucson, AZ asset sale (a) $ - $ (2,279) $ - ļ»æ Foreign currency losses (gains) 12 (1,616) (422) ļ»æ Remeasurement gain on equity method investment (b) - (580) - ļ»æ Legal settlement gain (c) - (460) - ļ»æ Other (1,535) (650) (256) ļ»æ $ (1,523) $ (5,585) $ (678) ļ»æ |
Quarterly Financial Informati51
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information (Unaudited) [Abstract] | |
Quarterly Financial Information [Table Text Block] | Quarterly financial information for the years ended December 31, 2016 and 2015 is presented below: ļ»æ ļ»æ ļ»æ ļ»æ 2016 ļ»æ First Second Third Fourth ļ»æ Quarter Quarter (1) Quarter (2) Quarter (3) ļ»æ ļ»æ ļ»æ Net sales $ 126,310 $ 135,994 $ 114,644 $ 106,566 ļ»æ Gross profit $ 23,960 $ 27,813 $ 19,803 $ 18,779 ļ»æ Net loss $ (2,832) $ (91,996) $ (5,982) $ (40,851) ļ»æ Basic loss per common share $ (0.28) $ (8.96) $ (0.58) $ (3.97) ļ»æ Diluted loss per common share $ (0.28) $ (8.96) $ (0.58) $ (3.97) ļ»æ Dividends paid per common share $ 0.04 $ 0.04 $ 0.04 $ - ļ»æ Differences between the sum of quarterly results and the Consolidated Statements of Operations are due to rounding. ļ»æ (1) - Second quarter 2016 includes $128,938 impairment of assets related to the Chemtec, Protective Coatings, IOS and Rail Technologies product groups. (2) ā Third quarter 2016 includes $6,946 related to the finalization of the impairment analysis of the Chemtec and Rail Technologies product groups. (3) ā Fourth quarter 2016 includes deferred U.S. income taxes and foreign withholding taxes of $7,932 on unremitted foreign earnings and a valuation allowance of $29,719 against deferred tax assets. ļ»æ ļ»æ ļ»æ ļ»æ ļ»æ 2015 ļ»æ First Second Third Fourth ļ»æ Quarter Quarter Quarter (1) Quarter (2) ļ»æ ļ»æ ļ»æ Net sales $ 137,907 $ 171,419 $ 176,059 $ 139,138 ļ»æ Gross profit $ 30,653 $ 37,089 $ 36,038 $ 29,872 ļ»æ Net income (loss) $ 4,285 $ 5,362 $ (57,422) $ 3,328 ļ»æ Basic earnings (loss) per common share $ 0.42 $ 0.52 $ (5.60) $ 0.33 ļ»æ Diluted earnings (loss) per common share $ 0.41 $ 0.52 $ (5.60) $ 0.32 ļ»æ Dividends paid per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 ļ»æ |
Summary Of Significant Accoun52
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Percentage of Weighted Average Cost Inventory | 47.00% | 43.00% | ||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | ||
Goodwill, Impairment Loss | $ 128,938 | $ 61,142 | 80,337 | 0 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 0 | |||
Impairment of Intangible Assets, Finite-lived | 59,786 | 0 | 0 | |
Product warranty reserves | 10,154 | 8,755 | ||
Foreign currency transaction gains | (12) | 1,616 | 422 | |
Research and Development Expense | 3,511 | 3,937 | $ 3,096 | |
Non-Domestic [Member] | ||||
Certificates of Deposit, at Carrying Value | 16 | 1,939 | ||
Cash, Cash Equivalents, and Short-term Investments | $ 29,400 | $ 29,700 | ||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||
Maximum [Member] | Buildings [Member] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Maximum [Member] | Leasehold Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 13 years | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Minimum [Member] | Buildings [Member] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Minimum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Minimum [Member] | Leasehold Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Weighted Average [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Capital Charges Rate | 1.00% | ||
Segment Reporting, Factors Used to Identify Entity's Reportable Segments | The Company is a leading manufacturer and distributor of products and services for transportation and energy infrastructure. 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 that is subject to evaluation by the Company's chief operating decision maker in deciding how to allocate resources. Each segment is evaluated based upon its segment profit contribution to the Company's consolidated results. The Company markets its products directly in all major industrial areas of the United States, Canada, and Europe, primarily through an internal sales force.The Company's Rail Products and Services segment provides a full line of new and used rail, trackwork, and accessories to railroads, mines, and other customers in the rail industry. The Rail segment also designs and produces insulated rail joints, power rail, track fasteners, concrete railroad ties, coverboards, and special accessories for mass transit and other rail systems. In addition, the Rail Products and Services segment engineers, manufactures, and assembles friction management products and railway wayside data collection and management systems. The Company's Construction Products segment sells and rents steel sheet piling, H-bearing pile, and other piling products for foundation and earth retention requirements. The Company's Fabricated Bridge Products division sells bridge decking, bridge railing, structural steel fabrications, expansion joints, bridge forms, and other products for highway construction and repair. The concrete products businesses produce precast concrete buildings and a variety of specialty precast concrete products.The Company's Tubular and Energy Services segment provides pipe coatings for natural gas pipelines and utilities, upstream test and inspection services, and precision measurement systems for the oil and gas market, and produces threaded pipe products for the oil and gas markets as well as industrial water well and irrigation markets. | ||
Segment Reporting, Measurement for Transactions Between Reportable Segments | The following table illustrates net sales, profit (loss), assets, depreciation/amortization, and expenditures for long-lived assets of the Company by segment for the years ended or at December 31, 2016, 2015, and 2014. Segment profit is the earnings from operations before income taxes and includes internal cost of capital charges for net assets used in the segment at a rate of generally 1% per month excluding recently acquired businesses. The internal cost of capital charges are eliminated during the consolidation process. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies except that the Company accounts for inventory on a First-In, First-Out ("FIFO") basis at the segment level compared to a Last-In, First-Out ("LIFO") basis at the consolidated level | ||
Customer 1 - 10% of Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 0 | $ 0 | $ 0 |
Business Segments (Reconciliati
Business Segments (Reconciliation of Significant Reconciling Items) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 483,514 | $ 624,523 | $ 607,192 | |
Assets | 393,023 | 566,660 | 491,717 | |
Depreciation and amortization | 23,492 | 26,674 | 12,577 | |
Expenditures for Long-Lived Assets | 7,664 | 15,201 | 19,037 | |
Rail Products and Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 239,127 | 328,982 | 374,615 | |
Segment Profit (Loss) | (26,228) | [1] | 27,037 | 30,093 |
Assets | 174,049 | 241,222 | 239,951 | |
Depreciation and amortization | 7,276 | 8,098 | 6,153 | |
Expenditures for Long-Lived Assets | 856 | 4,273 | 5,115 | |
Construction Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 145,602 | 176,394 | 178,847 | |
Segment Profit (Loss) | 8,189 | [1] | 12,958 | 13,106 |
Assets | 81,074 | 86,335 | 102,978 | |
Depreciation and amortization | 2,256 | 2,720 | 2,232 | |
Expenditures for Long-Lived Assets | 687 | 1,260 | 3,343 | |
Tubular and Energy Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 98,785 | 119,147 | 53,730 | |
Segment Profit (Loss) | (116,126) | [1],[2] | (81,344) | 5,350 |
Assets | 100,006 | 216,715 | 130,289 | |
Depreciation and amortization | 12,644 | 14,857 | 3,208 | |
Expenditures for Long-Lived Assets | 3,810 | 4,303 | 6,988 | |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 483,514 | 624,523 | 607,192 | |
Segment Profit (Loss) | (134,165) | [1] | (41,349) | 48,549 |
Assets | 355,129 | 544,272 | 473,218 | |
Depreciation and amortization | 22,176 | 25,675 | 11,593 | |
Expenditures for Long-Lived Assets | $ 5,353 | $ 9,836 | $ 15,446 | |
[1] | Segment loss includes impairment of goodwill, definite-lived intangible assets and property, plant and equipment as further described in Note 4 Goodwill and Other Intangible Assets and Note 7 Property, Plant and Equipment. | |||
[2] | Segment loss includes impairment of goodwill as further described in Note 4 Goodwill and Other Intangible Assets. |
Business Segments (Schedule Of
Business Segments (Schedule Of Reporting Sement Data To Consolidated Totals From Continuing Ops) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Equity in loss of nonconsolidated investment | $ (1,290) | $ (413) | $ 1,282 |
Income (loss) from continuing operations, before income taxes | (147,169) | (50,577) | 39,060 |
Assets | 393,023 | 566,660 | 491,717 |
Depreciation and amortization | 23,492 | 26,674 | 12,577 |
Expenditures for Long-Lived Assets | 7,664 | 15,201 | 19,037 |
Net sales | 483,514 | 624,523 | 607,192 |
Long-lived assets of continuing operating activities | 103,973 | 126,745 | 74,802 |
Payments to Acquire Property, Plant, and Equipment | 7,664 | 14,913 | 17,056 |
Rail distribution products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 90,469 | 98,237 | 109,053 |
Rail Technologies products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 83,236 | 126,277 | 139,529 |
Piling Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 70,535 | 94,853 | 111,182 |
Concrete products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 54,514 | 52,044 | 36,396 |
Test and inspection services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 42,830 | 36,048 | 0 |
CXT concrete tie products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 24,102 | 35,155 | 45,008 |
Allegheny Rail Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 20,765 | 35,906 | 0 |
Other products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 80,775 | 110,263 | 113,462 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 390,930 | 522,404 | 498,025 |
Long-lived assets of continuing operating activities | 96,650 | 118,053 | 66,905 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 37,188 | 26,817 | 22,625 |
Long-lived assets of continuing operating activities | 5,445 | 6,186 | 7,440 |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 30,644 | 40,545 | 39,375 |
Other - Seg Reporting [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 24,752 | 34,757 | 47,167 |
Long-lived assets of continuing operating activities | 1,878 | 2,506 | 457 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations, before income taxes | (134,165) | (41,349) | 48,549 |
Assets | 355,129 | 544,272 | 473,218 |
Depreciation and amortization | 22,176 | 25,675 | 11,593 |
Expenditures for Long-Lived Assets | 5,353 | 9,836 | 15,446 |
Net sales | 483,514 | 624,523 | 607,192 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Unallocated interest income | 87 | 206 | 530 |
Equity in loss of nonconsolidated investment | (1,290) | (413) | 1,282 |
Unallocated corporate amounts | (14,444) | (11,489) | (12,039) |
Assets | 41,072 | 28,209 | 26,788 |
Depreciation and amortization | 1,316 | 999 | 984 |
Expenditures for Long-Lived Assets | 2,311 | 5,077 | 1,610 |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Inventory, LIFO Reserve, Effect on Income, Net | 2,643 | 2,468 | 738 |
Assets | $ (3,178) | (5,821) | (8,289) |
Expenditures for Long-Lived Assets | $ 288 | $ 1,981 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Nov. 23, 2015 | Mar. 13, 2015 | Jan. 13, 2015 | Dec. 30, 2014 | Oct. 29, 2014 | Jul. 07, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 196,001 | $ 80,797 | ||||||
Business Acquisition, Transaction Costs | $ 760 | $ 2,240 | |||||||
TEW Plus LTD [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Nov. 23, 2015 | ||||||||
Business Acquisition, Name of Acquired Entity | TEW Plus, Ltd ("Tew Plus") | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 2,130 | ||||||||
Inspection Oilfield Services (IOS) [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Mar. 13, 2015 | ||||||||
Business Acquisition, Name of Acquired Entity | IOS Holdings, Inc. ("IOS") | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 167,404 | ||||||||
Working capital adjustment | 2,363 | ||||||||
Earn out provision | 60,000 | ||||||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | $ 7,600 | ||||||||
TEW Holdings, LTD [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Jan. 13, 2015 | ||||||||
Business Acquisition, Name of Acquired Entity | TEW Holdings, Ltd ("Tew") | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 26,467 | ||||||||
Working capital adjustment | 4,200 | ||||||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | $ 600 | ||||||||
Chemtec Energy Services, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Dec. 30, 2014 | ||||||||
Business Acquisition, Name of Acquired Entity | Chemtec Energy Services, LLC ("Chemtec") | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 66,719 | ||||||||
Working capital adjustment | 1,867 | ||||||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | $ 5,000 | ||||||||
FWO [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Oct. 29, 2014 | ||||||||
Business Acquisition, Name of Acquired Entity | FWO | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,103 | ||||||||
Working capital adjustment | $ 161 | ||||||||
Carr Concrete [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Jul. 7, 2014 | ||||||||
Business Acquisition, Name of Acquired Entity | Carr Concrete Corporation ("Carr") | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 12,480 | ||||||||
Working capital adjustment | 189 | ||||||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | $ 1,000 |
Acquisitions (Pro Forma Income
Acquisitions (Pro Forma Income Statements) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [3] | Mar. 31, 2016 | Dec. 31, 2015 | [4] | Sep. 30, 2015 | [5] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||||||||||||||||
Diluted (loss) earnings per share As Reported | $ (3.97) | $ (0.58) | $ (8.96) | $ (0.28) | $ 0.32 | $ (5.60) | $ 0.52 | $ 0.41 | $ (13.79) | $ (4.33) | $ 2.48 | |||||
Pro Forma [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Net sales | $ 640,596 | $ 806,384 | ||||||||||||||
Gross profit | 138,123 | 183,163 | ||||||||||||||
Net (loss) income | $ (44,399) | $ 41,745 | ||||||||||||||
Dilutive (loss) earnings per share Pro forma | $ (4.32) | $ 4.04 | ||||||||||||||
[1] | Fourth quarter 2016 includes deferred U.S. income taxes and foreign withholding taxes of $7,932 on unremitted foreign earnings and a valuation allowance of $29,719 against deferred tax assets. | |||||||||||||||
[2] | Third quarter 2016 includes $6,946 | |||||||||||||||
[3] | Second quarter 2016 includes $128,938 impairment of assets related to the Chemtec, Protective Coatings, IOS and Rail Technologies product groups. | |||||||||||||||
[4] | Fourth quarter 2015 includes $2,279 pre-tax gain on sale of Tucson, AZ concrete tie facility. | |||||||||||||||
[5] | Third quarter 2015 includes $80,337 impairment of goodwill related to the IOS and Chemtec reporting units. |
Acquisitions (Allocation of Pur
Acquisitions (Allocation of Purchase Price) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 23, 2015 | Mar. 13, 2015 | Jan. 13, 2015 | Dec. 31, 2014 | Dec. 30, 2014 | Oct. 29, 2014 | Jul. 07, 2014 | |
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 18,932 | $ 81,752 | $ 82,949 | |||||||
TEW Plus LTD [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Current assets | $ 4,420 | |||||||||
Other assets | 0 | |||||||||
Property, plant and equipment | 47 | |||||||||
Goodwill | [1] | 822 | ||||||||
Other intangibles | 1,074 | |||||||||
Liabilities assumed | (3,597) | |||||||||
Total | $ 2,766 | |||||||||
Inspection Oilfield Services (IOS) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Current assets | $ 19,877 | |||||||||
Other assets | 708 | |||||||||
Property, plant and equipment | [1] | 51,453 | ||||||||
Goodwill | [1] | 69,908 | ||||||||
Other intangibles | [1],[2] | 50,354 | ||||||||
Liabilities assumed | (23,596) | |||||||||
Total | $ 168,704 | |||||||||
TEW Holdings, LTD [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Current assets | $ 12,125 | |||||||||
Other assets | 0 | |||||||||
Property, plant and equipment | 2,398 | |||||||||
Goodwill | [1] | 8,772 | ||||||||
Other intangibles | 14,048 | |||||||||
Liabilities assumed | (6,465) | |||||||||
Total | $ 30,878 | |||||||||
Chemtec Energy Services, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Current assets | $ 15,528 | |||||||||
Other assets | 0 | |||||||||
Property, plant and equipment | 4,705 | |||||||||
Goodwill | [1] | 22,302 | ||||||||
Other intangibles | 33,130 | |||||||||
Liabilities assumed | (6,756) | |||||||||
Total | $ 68,909 | |||||||||
FWO [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Current assets | $ 131 | |||||||||
Other assets | 0 | |||||||||
Property, plant and equipment | 0 | |||||||||
Goodwill | [1] | 971 | ||||||||
Other intangibles | 419 | |||||||||
Liabilities assumed | (418) | |||||||||
Total | $ 1,103 | |||||||||
Carr Concrete [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Current assets | $ 3,180 | |||||||||
Other assets | 45 | |||||||||
Property, plant and equipment | 7,648 | |||||||||
Goodwill | [1] | 1,936 | ||||||||
Other intangibles | 1,348 | |||||||||
Liabilities assumed | (1,677) | |||||||||
Total | $ 12,480 | |||||||||
[1] | See Note 4 Goodwill and Other Intangible Assets, and Note 7 Property, Plant, and Equipment, with respect to an impairment of property, plant, and equipment, intangible assets, and goodwill related to this acquisition. | |||||||||
[2] | See Note 4 Goodwill and Other Intangible Assets, with respect to an impairment of intangible assets related to this acquisition. |
Acquisitions (Identifiable Inta
Acquisitions (Identifiable Intangible Assets Acquired) (Details) - USD ($) $ in Thousands | Nov. 23, 2015 | Mar. 13, 2015 | Jan. 13, 2015 | Dec. 30, 2014 | Oct. 29, 2014 | Jul. 07, 2014 | |
TEW Plus LTD [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | $ 1,074 | ||||||
TEW Plus LTD [Member] | Trade name [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 0 | ||||||
TEW Plus LTD [Member] | Customer relationships [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 817 | ||||||
TEW Plus LTD [Member] | Technology [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 203 | ||||||
TEW Plus LTD [Member] | Non-competition agreements [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | $ 54 | ||||||
Inspection Oilfield Services (IOS) [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | [1],[2] | $ 50,354 | |||||
Inspection Oilfield Services (IOS) [Member] | Trade name [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 2,641 | ||||||
Inspection Oilfield Services (IOS) [Member] | Customer relationships [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 41,171 | ||||||
Inspection Oilfield Services (IOS) [Member] | Technology [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 4,364 | ||||||
Inspection Oilfield Services (IOS) [Member] | Non-competition agreements [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | $ 2,178 | ||||||
TEW Holdings, LTD [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | $ 14,048 | ||||||
TEW Holdings, LTD [Member] | Trade name [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 870 | ||||||
TEW Holdings, LTD [Member] | Customer relationships [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 10,035 | ||||||
TEW Holdings, LTD [Member] | Technology [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 2,480 | ||||||
TEW Holdings, LTD [Member] | Non-competition agreements [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | $ 663 | ||||||
Chemtec Energy Services, LLC [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | $ 33,130 | ||||||
Chemtec Energy Services, LLC [Member] | Trade name [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 3,149 | ||||||
Chemtec Energy Services, LLC [Member] | Customer relationships [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 23,934 | ||||||
Chemtec Energy Services, LLC [Member] | Technology [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 4,930 | ||||||
Chemtec Energy Services, LLC [Member] | Non-competition agreements [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | $ 1,117 | ||||||
FWO [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | $ 419 | ||||||
FWO [Member] | Trade name [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 0 | ||||||
FWO [Member] | Customer relationships [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 34 | ||||||
FWO [Member] | Technology [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 341 | ||||||
FWO [Member] | Non-competition agreements [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | $ 44 | ||||||
Carr Concrete [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | $ 1,348 | ||||||
Carr Concrete [Member] | Trade name [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 613 | ||||||
Carr Concrete [Member] | Customer relationships [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 524 | ||||||
Carr Concrete [Member] | Technology [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | 87 | ||||||
Carr Concrete [Member] | Non-competition agreements [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair value estimate of acquired identifiable intangible assets | $ 124 | ||||||
[1] | See Note 4 Goodwill and Other Intangible Assets, and Note 7 Property, Plant, and Equipment, with respect to an impairment of property, plant, and equipment, intangible assets, and goodwill related to this acquisition. | ||||||
[2] | See Note 4 Goodwill and Other Intangible Assets, with respect to an impairment of intangible assets related to this acquisition. |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill, Impairment Loss | $ 128,938 | $ 61,142 | $ 80,337 | $ 0 |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | ||
Impairment of Intangible Assets, Finite-lived | 59,786 | 0 | 0 | |
Finite-Lived Intangible Assets, Gross | 87,003 | 158,740 | ||
Amortization of Intangible Assets | $ 9,575 | 12,245 | $ 4,695 | |
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 | 15 years | |||
Rail Products and Services [Member] | ||||
Goodwill, Impairment Loss | $ 32,725 | 0 | ||
Finite-Lived Intangible Assets, Gross | 56,476 | 59,226 | ||
Construction Products [Member] | ||||
Goodwill, Impairment Loss | 0 | 0 | ||
Finite-Lived Intangible Assets, Gross | 1,348 | 1,348 | ||
Tubular and Energy Services [Member] | ||||
Goodwill, Impairment Loss | 28,417 | 80,337 | ||
Finite-Lived Intangible Assets, Gross | 29,179 | $ 98,166 | ||
Inspection Oilfield Services (IOS) [Member] | ||||
Goodwill, Impairment Loss | 69,908 | |||
Chemtec Energy Services, LLC [Member] | ||||
Goodwill, Impairment Loss | $ 10,429 |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||||||
Goodwill, Beginning Balance | $ 81,752 | $ 82,949 | ||||
Goodwill, Gross | $ 160,411 | $ 162,089 | ||||
Acquisitions | 79,502 | |||||
Foreign currency translation impact | (1,524) | (362) | ||||
Disposition | (154) | |||||
Impairment charges | $ (128,938) | (61,142) | (80,337) | $ 0 | ||
Accumulated impairment losses | (141,479) | (80,337) | ||||
Goodwill, Total | 81,752 | 82,949 | 82,949 | 18,932 | 81,752 | |
Rail Products and Services [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Beginning Balance | 48,188 | 38,956 | ||||
Goodwill, Gross | 46,510 | 48,188 | ||||
Acquisitions | 9,594 | |||||
Foreign currency translation impact | (1,524) | (362) | ||||
Disposition | (154) | |||||
Impairment charges | (32,725) | 0 | ||||
Accumulated impairment losses | (32,725) | 0 | ||||
Goodwill, Total | 48,188 | 38,956 | 38,956 | 13,785 | 48,188 | |
Construction Products [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Beginning Balance | 5,147 | 5,147 | ||||
Goodwill, Gross | 5,147 | 5,147 | ||||
Acquisitions | 0 | |||||
Foreign currency translation impact | 0 | 0 | ||||
Disposition | 0 | |||||
Impairment charges | 0 | 0 | ||||
Accumulated impairment losses | 0 | 0 | ||||
Goodwill, Total | 5,147 | 5,147 | 5,147 | 5,147 | 5,147 | |
Tubular and Energy Services [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Beginning Balance | 28,417 | 38,846 | ||||
Goodwill, Gross | 108,754 | 108,754 | ||||
Acquisitions | 69,908 | |||||
Foreign currency translation impact | 0 | 0 | ||||
Disposition | 0 | |||||
Impairment charges | (28,417) | (80,337) | ||||
Accumulated impairment losses | (108,754) | (80,337) | ||||
Goodwill, Total | $ 28,417 | $ 38,846 | $ 38,846 | $ 0 | $ 28,417 |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 87,003 | $ 158,740 |
Accumulated Amortization | (23,484) | (23,813) |
Net Carrying Amount | 63,519 | 134,927 |
Non-competition agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 4,219 | 6,984 |
Accumulated Amortization | (2,217) | (2,495) |
Net Carrying Amount | 2,002 | 4,489 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 373 | 378 |
Accumulated Amortization | (143) | (124) |
Net Carrying Amount | 230 | 254 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 36,843 | 94,338 |
Accumulated Amortization | (6,582) | (8,441) |
Net Carrying Amount | 30,261 | 85,897 |
Supplier relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 350 | |
Accumulated Amortization | (335) | |
Net Carrying Amount | 15 | |
Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 10,018 | 14,252 |
Accumulated Amortization | (3,238) | (3,025) |
Net Carrying Amount | 6,780 | 11,227 |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 35,550 | 42,438 |
Accumulated Amortization | (11,304) | (9,393) |
Net Carrying Amount | $ 24,246 | $ 33,045 |
Weighted Average [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period In Years | 15 years | |
Weighted Average [Member] | Non-competition agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period In Years | 5 years | 4 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 | 18 years | 16 years |
Weighted Average [Member] | Supplier relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period In Years | 5 years | |
Weighted Average [Member] | Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period In Years | 14 years | 13 years |
Weighted Average [Member] | Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period In Years | 14 years | 13 years |
Goodwill and Other Intangible63
Goodwill and Other Intangible Assets (Schedule of Expected Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill and Other Intangible Assets [Abstract] | ||
2,017 | $ 7,042 | |
2,018 | 6,937 | |
2,019 | 6,203 | |
2,020 | 5,845 | |
2,021 | 5,771 | |
2022 and thereafter | 31,721 | |
Net Carrying Amount | $ 63,519 | $ 134,927 |
Accounts Receivable (Accounts R
Accounts Receivable (Accounts Receivable Of Continuing Operations) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Receivable [Abstract] | ||
Trade | $ 64,707 | $ 79,100 |
Allowance for doubtful accounts | (1,417) | (1,485) |
Accounts receivable, net, current, total | 63,290 | 77,615 |
Other | 3,342 | 872 |
Total accounts and other receivables | $ 66,632 | $ 78,487 |
Accounts Receivable (Segment Tr
Accounts Receivable (Segment Trade Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net - segment | $ 63,290 | $ 77,615 |
Rail Products and Services [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net - segment | 29,552 | 43,155 |
Construction Products [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net - segment | 20,531 | 20,489 |
Tubular and Energy Services [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net - segment | $ 13,207 | $ 13,971 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Inventories [Abstract] | |||
Finished goods | $ 46,673 | $ 62,547 | |
Work-in-process | 21,716 | 20,178 | |
Raw materials | 18,032 | 19,492 | |
Total inventories at current costs | 86,421 | 102,217 | |
Less: LIFO reserve | (3,178) | (5,821) | |
Inventory | 83,243 | 96,396 | |
Excess of Book LIFO Over Tax LIFO | 8,925 | 5,046 | |
Effect Of Inventory Liquidation On Cost Of Good Sold, Increase/(Decrease) | $ 1,304 | $ 115 | $ 6 |
Property, Plant and Equipment67
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment - gross | $ 185,495 | $ 203,531 | |
Less accumulated depreciation and amortization, including accumulated amortization of capitalized leases | 81,522 | 76,786 | |
Total property, plant and equipment, net | 103,973 | 126,745 | |
Tangible Asset Impairment Charges | 14,956 | 0 | $ 0 |
Depreciation and amortization | 13,917 | 14,429 | $ 7,882 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment - gross | 14,826 | 17,054 | |
Improvements To Land And Leaseholds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment - gross | 17,408 | 16,590 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment - gross | 33,910 | 39,366 | |
Machinery And Equipment, Including Equipment Under Capitalized Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment - gross | 118,060 | 118,677 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment - gross | $ 1,291 | $ 11,844 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | Nov. 23, 2015USD ($) | Dec. 31, 2016USD ($)aproperty | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity Investments | $ 4,031 | $ 5,321 | |||
Equity in Income/(Loss) of Nonconsolidated Investment | (1,290) | (413) | $ 1,282 | ||
Other income | [1] | 580 | 0 | ||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0 | 90 | 630 | ||
TEW Plus LTD [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||
Other income | $ 580 | ||||
LB Pipe JV [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Investments | $ 3,902 | 5,246 | |||
Equity Method Investment, Ownership Percentage | 45.00% | ||||
Equity Method Investment, Description of Principal Activities | The Company is a member of a joint venture, L B Pipe and Coupling Products, LLC ("LB Pipe JV"), in which it maintains a 45% ownership interest. LB Pipe 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 | $ (1,345) | (410) | $ 1,286 | ||
Line of credit, maximum lending capacity | 1,350 | ||||
Other equity investments [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Investments | $ 129 | $ 75 | |||
Capital Leased Land [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Area of Land | a | 5 | ||||
Capital Leased Assets, Number of Units | property | 2 | ||||
Capital Leases, Monthly Rent | $ 17 | ||||
Capital Leases Balloon Payment In Direct Financing Leases | $ 488 | ||||
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 LB Pipe 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 LB Pipe JV. Accordingly, the Company concluded that the equity method of accounting remains appropriate | ||||
[1] | On November 23, 2015, the Company acquired the remaining 75% of shares of Tew Plus resulting in a gain of $580, which is recorded within other income as of December 31, 2015. The gain is included in equity loss (income) and remeasurement gain within the Consolidated Statements of Cash Flows. |
Investments (Schedule Of Carryi
Investments (Schedule Of Carrying Amount And Maximum Loss Exposure Of Equity Investments) (Details) - LB Pipe JV [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Maximum exposure to loss | $ 6,008 | $ 6,241 |
LB Pipe JV equity method investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum exposure to loss | 3,902 | 5,246 |
Loan receivable [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum exposure to loss | 1,235 | |
Net investment in direct financing lease [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum exposure to loss | $ 871 | $ 995 |
Investments (Schedule of Direct
Investments (Schedule of Direct Financing Future Minimum Lease Payments for Capital Leases Table) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Investments [Abstract] | |
2,017 | $ 140 |
2,018 | 150 |
2,019 | 581 |
Capital Leases, Future Minimum Payments Receivable, Total | $ 871 |
Deferred Revenue (Details)
Deferred Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Revenue [Abstract] | ||
Deferred Revenue, Current | $ 7,597 | $ 6,934 |
Long-Term Debt and Related Ma72
Long-Term Debt and Related Matters (Schedule Of Long-Term Debt Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long-Term Debt and Related Matters [Abstract] | ||
Revolving credit facility with an interest rate of 4.16% at December 31, 2016 and 2.10% at December 31, 2015. | $ 127,073 | $ 165,000 |
Term loan payable in quarterly installments through January 1, 2020 with an interest rate of 3.92% at December 31, 2016 | 30,000 | 0 |
Financing agreement payable in installments through July 1, 2017 with an interest rate of 3.00% at December 31, 2015 | 534 | 1,247 |
Lease obligations payable in installments through 2019 with a weighted average interest rate of 3.10% at December 31, 2016 and 3.09% December 31, 2015 | 1,958 | 2,507 |
Total | 159,565 | 168,754 |
Less current maturities | 10,386 | 1,335 |
Long-term debt | $ 149,179 | $ 167,419 |
Line of Credit Facility, Interest Rate at Period End | 4.22% | 2.10% |
Accounts Payable, Interest-bearing, Interest Rate | 3.00% | |
Long-term Debt, Weighted Average Interest Rate | 3.10% | 3.09% |
Debt Instrument, Imputed Interest Rate at End of Period | 3.92% |
Long-Term Debt and Related Ma73
Long-Term Debt and Related Matters (Schedule Of Long-Term Debt Maturities Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long-Term Debt and Related Matters [Abstract] | ||
2,017 | $ 10,386 | |
2,018 | 9,820 | |
2,019 | 9,734 | |
2,020 | 129,625 | |
2,021 | 0 | |
2022 and thereafter | 0 | |
Total | $ 159,565 | $ 168,754 |
Long-Term Debt and Related Ma74
Long-Term Debt and Related Matters (Narrative - United States) (Details) $ / shares in Units, $ in Thousands | Nov. 07, 2016USD ($) | Jun. 29, 2016USD ($) | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016$ / shares | [2] | Jun. 30, 2016$ / shares | [3] | Mar. 31, 2016$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015$ / shares | [5] | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014$ / shares | ||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Term loan payable in quarterly installments through January 1, 2020 with an interest rate of 3.92% at December 31, 2016 | $ 30,000 | $ 0 | $ 30,000 | $ 0 | ||||||||||||||
Dividends paid per common share | $ / shares | $ 0 | [1] | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | [4] | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.12 | $ 0.16 | $ 0.13 | |||||
Line of Credit Facility, Amount Outstanding | $ 127,073 | $ 165,000 | $ 127,073 | $ 165,000 | ||||||||||||||
Letter of Credit [Member] | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Line of Credit Facility, Amount Outstanding | $ 425 | $ 526 | $ 425 | $ 526 | ||||||||||||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company [Member] | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 195,000 | $ 275,000 | ||||||||||||||||
Line of Credit Facility, Interest Rate Description | The Second Amendment provides for the elimination of the three lowest tiers of the pricing grid that had previously been defined in the First Amendment.Ā Upon execution of the Second Amendment through the quarter ended March 31, 2018, the Company will be locked into the highest tier of the pricing grid which provides for pricing of the prime rate plus 225 basis points on base rate loans and the applicable LIBOR rate plus 325 basis points on euro rate loans. For each quarter after March 31, 2018 and through the maturity date of the credit facility, the Company's position on the pricing grid will be governed by a Minimum Net Leverage ratio which is the ratio of Consolidated IndebtednessĀ less cash on hand in excess of $15,000 to EBITDA. If, after March 31, 2018 the Minimum Net Leverage ratio positions the Company on the lowest tier of the pricing grid, pricing will be the prime rate plus 150 basis points on base rate loans or the applicable LIBOR rate plus 250 basis points on euro rate loans. | |||||||||||||||||
Debt Instrument, Restrictive Covenants | The Second Amendment further provides for modifications to the financial covenants as defined in the Amended and Restated Credit Agreement.Ā The Second Amendment calls for the elimination of the Maximum Leverage Ratio covenant through the quarter ended June 30, 2018.Ā After that period, the Maximum Gross Leverage Ratio covenant will be reinstated to require a maximum ratio of 4.25 Consolidated Indebtedness to 1.00 Gross Leverage for the quarter ended September 30, 2018, and 3.75 to 1.00 for all periods thereafter until the maturity date of the credit facility.Ā The Second Amendment also includes a Minimum Last Twelve Months EBITDA covenant ("Minimum EBITDA").Ā For the quarter ending December 31, 2016 through the quarter ending June 30, 2017, the Minimum EBITDA must be at least $18,500.Ā For each quarter thereafter, through the quarter ended June 30, 2018, the Minimum EBITDA requirement will increase by various increments.Ā At June 30, 2018, the Minimum EBITDA requirement will be $31,000.Ā After the quarter ended June 30, 2018, the Minimum EBITDA covenant will be eliminated through the maturity of the credit agreement.Ā The Second Amendment also includes a Minimum Fixed Charge Coverage Ratio covenant.Ā The covenant represents the ratio of the Company's fixed charges to the last twelve months of EBITDA, and is required to be a minimum of 1.00 to 1.00 through the quarter ended December 31, 2017 and 1.25 to 1.00 for each quarter thereafter through the maturity of the credit facility.Ā The final financial covenant included in the Second Amendment is a Minimum Liquidity covenant which calls for a minimum of $25,000 in undrawn availability on the revolving credit loan at all times through the quarter ended June 30, 2018.The Second Amendment includes several changes to certain non-financial covenants as defined in the Credit Agreement.Ā Through the maturity date of the loan, the Company is now prohibited from making any future acquisitions.Ā The limitation on permitted annual distributions of dividends or redemptions of the Company's stock has been decreased from $4,000 to $1,700.Ā The aggregate limitation on loans to and investments in non-loan parties was decreased from $10,000 to $5,000.Ā Furthermore, the limitation on asset sales has been decreased from $25,000 annually with a carryover of up to $15,000 from the prior year to $25,000 in the aggregate through the maturity date of the credit facility. | |||||||||||||||||
Leverage ratio in effect for the seventh quarter of a credit agreement | 4.25 | |||||||||||||||||
Leverage ratio in effect for the eighth quarter and remainder of a credit agreement | 3.75 | |||||||||||||||||
Maximum dividends, distributions, or redemptions allowed | $ 1,700 | 4,000 | ||||||||||||||||
Loans and advances limit | 5,000 | 10,000 | ||||||||||||||||
Maximum asset sales allowed | $ 25,000 | 25,000 | ||||||||||||||||
Carryover of asset sales allowed | $ 15,000 | |||||||||||||||||
Line of Credit Facility, Dividend Restrictions | The limitation on permitted annual distributions of dividends or redemptions of the Company's stock has been decreased from $4,000 to $1,700. | |||||||||||||||||
Line of Credit Facility, Covenant Compliance | At December 31, 2016, the Company was in compliance with the covenants in the Second Amendment. | |||||||||||||||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company [Member] | Minimum [Member] | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
EBITDA required | $ 18,500 | |||||||||||||||||
EBITDA required for seventh quarter | $ 31,000 | |||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||
Fixed charge coverage ratio after fifth quarter | 1.25 | |||||||||||||||||
Liquidity covenant | $ 25,000 | |||||||||||||||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company [Member] | Euro-rate [Member] | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company [Member] | Base Rate [Member] | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||||||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company [Member] | Base Rate [Member] | Minimum [Member] | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||||||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company [Member] | Base Rate [Member] | Maximum [Member] | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company [Member] | Term loan [Member] | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Term loan payable in quarterly installments through January 1, 2020 with an interest rate of 3.92% at December 31, 2016 | $ 30,000 | |||||||||||||||||
Debt Instrument, Maturity Date | Jan. 1, 2020 | |||||||||||||||||
[1] | Fourth quarter 2016 includes deferred U.S. income taxes and foreign withholding taxes of $7,932 on unremitted foreign earnings and a valuation allowance of $29,719 against deferred tax assets. | |||||||||||||||||
[2] | Third quarter 2016 includes $6,946 | |||||||||||||||||
[3] | Second quarter 2016 includes $128,938 impairment of assets related to the Chemtec, Protective Coatings, IOS and Rail Technologies product groups. | |||||||||||||||||
[4] | Fourth quarter 2015 includes $2,279 pre-tax gain on sale of Tucson, AZ concrete tie facility. | |||||||||||||||||
[5] | Third quarter 2015 includes $80,337 impairment of goodwill related to the IOS and Chemtec reporting units. |
Long-Term Debt and Related Ma75
Long-Term Debt and Related Matters (Narrative - United Kingdom) (Details) Ā£ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016GBP (Ā£) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Amount Outstanding | $ 127,073 | $ 165,000 | |
NatWest Bank [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||
NatWest Bank [Member] | Foreign Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | Ā£ 1,500 | 1,852 | |
Line of Credit Facility, Collateral | This credit facility supports the United Kingdom's working capital requirements and is collateralized by substantially all of the assets of its United Kingdom operations. | ||
Line of Credit Facility, Description | A subsidiary of the Company has a credit facility with NatWest Bank for its United Kingdom operations that includes an overdraft availability of Ā£1,500 pounds sterling (approximately $1,852 at December 31, 2016). This credit facility supports the United Kingdom's working capital requirements and is collateralized by substantially all of the assets of its United Kingdom operations | ||
Line of Credit Facility, Interest Rate Description | . The interest rate on this facility is the financial institution's base rate plus 2.50%. | ||
Line of Credit Facility, Covenant Terms | The United Kingdom loan agreements contain certain financial covenants that require the subsidiary to maintain senior interest and cash flow coverage ratios. The subsidiary was in compliance with these financial covenants at December 31, 2016 and 2015. | ||
Line of Credit Facility, Amount Outstanding | 0 | ||
Line of Credit Facility, Current Borrowing Capacity | 1,650 | $ 2,194 | |
NatWest Bank Outstanding Guarantees [Member] | Foreign Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Amount Outstanding | $ 202 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [3] | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | [5] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 09, 2015 | Dec. 04, 2013 | |||
Class of Stock [Line Items] | ||||||||||||||||||
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||||||
Common Stock, Shares, Issued | 11,115,779 | 11,115,779 | 11,115,779 | 11,115,779 | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0 | [1] | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | [4] | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.12 | $ 0.16 | $ 0.13 | |||||
Treasury Stock, Shares, Acquired | 5,000 | 80,512 | ||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 67 | $ 1,587 | ||||||||||||||||
Payments for Repurchase of Common Stock | $ 342 | $ 2,701 | $ 985 | |||||||||||||||
Stock Repurchase Program Expiration Date | Dec. 31, 2017 | |||||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 20,186 | 25,340 | ||||||||||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 275 | $ 1,114 | ||||||||||||||||
Dividends, Common Stock, Cash | $ 1,244 | $ 1,656 | $ 1,345 | |||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||||||||
Common Stock, Shares, Issued | 11,115,779 | 11,115,779 | 11,115,779 | |||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||||||||||||
Treasury Stock, Shares, Acquired | 5,000 | 80,512 | ||||||||||||||||
Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | ||||||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | 0 | ||||||||||||||
Preferred Stock, No Par Value | $ 0 | $ 0 | ||||||||||||||||
December 2013 Share Repurchase Program [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 15,000 | |||||||||||||||||
December 2015 Share Repurchase Program [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 30,000 | |||||||||||||||||
[1] | Fourth quarter 2016 includes deferred U.S. income taxes and foreign withholding taxes of $7,932 on unremitted foreign earnings and a valuation allowance of $29,719 against deferred tax assets. | |||||||||||||||||
[2] | Third quarter 2016 includes $6,946 | |||||||||||||||||
[3] | Second quarter 2016 includes $128,938 impairment of assets related to the Chemtec, Protective Coatings, IOS and Rail Technologies product groups. | |||||||||||||||||
[4] | Fourth quarter 2015 includes $2,279 pre-tax gain on sale of Tucson, AZ concrete tie facility. | |||||||||||||||||
[5] | Third quarter 2015 includes $80,337 impairment of goodwill related to the IOS and Chemtec reporting units. |
Stockholders' Equity (Rollforwa
Stockholders' Equity (Rollforward Of Common Stock Table) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||
Treasury Stock, Shares, Beginning Balance | 894,773 | ||
Balance (Outstanding Shares), Beginning | 10,221,006 | ||
Purchased through share repurchase program (Treasury) | 5,000 | 80,512 | |
Treasury Stock, Shares, Ending Balance | 803,154 | 894,773 | |
Balance (Outstanding Shares), Ending | 10,312,625 | 10,221,006 | |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Treasury Stock, Shares, Beginning Balance | 894,773 | 873,374 | 927,258 |
Balance (Outstanding Shares), Beginning | 10,221,006 | 10,242,405 | 10,188,521 |
Issued for stock-based compensation plans (Treasury) | (96,619) | (59,113) | (53,884) |
Issued for stock-based compensation plans (Outstanding) | 96,619 | 59,113 | 53,884 |
Purchased through share repurchase program (Treasury) | 5,000 | 80,512 | |
Purchased through share repurchase program (Outstanding) | (5,000) | (80,512) | |
Treasury Stock, Shares, Ending Balance | 803,154 | 894,773 | 873,374 |
Balance (Outstanding Shares), Ending | 10,312,625 | 10,221,006 | 10,242,405 |
Accumulated Other Comprehensi78
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Pension and post-retirement benefit plan adjustments | $ (4,439) | $ (3,069) |
Unrealized loss on interest rate swap contracts | (204) | (121) |
Foreign currency translation adjustments | (20,646) | (14,750) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ (25,289) | $ (17,940) |
Earning Per Common Share (Sched
Earning Per Common Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [3] | Mar. 31, 2016 | Dec. 31, 2015 | [4] | Sep. 30, 2015 | [5] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Common Share [Abstract] | ||||||||||||||||
Net (loss) income | $ (40,851) | $ (5,982) | $ (91,996) | $ (2,832) | $ 3,328 | $ (57,422) | $ 5,362 | $ 4,285 | $ (141,660) | $ (44,445) | $ 25,656 | |||||
Weighted average shares outstanding | 10,273,000 | 10,254,000 | 10,225,000 | |||||||||||||
Denominator for basic earnings per common share | 10,273,000 | 10,254,000 | 10,225,000 | |||||||||||||
Employee stock options | 0 | 6,000 | ||||||||||||||
Other stock compensation plans | 0 | 101,000 | ||||||||||||||
Dilutive potential common shares | 0 | 107,000 | ||||||||||||||
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversions | 10,273,000 | 10,254,000 | 10,332,000 | |||||||||||||
Basic (loss) earnings per common share | $ (3.97) | $ (0.58) | $ (8.96) | $ (0.28) | $ 0.33 | $ (5.60) | $ 0.52 | $ 0.42 | $ (13.79) | $ (4.33) | $ 2.51 | |||||
Diluted (loss) earnings per common share | (3.97) | (0.58) | (8.96) | (0.28) | 0.32 | (5.60) | 0.52 | 0.41 | (13.79) | (4.33) | 2.48 | |||||
Dividends paid per common share | $ 0 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.12 | $ 0.16 | $ 0.13 | |||||
Antidilutive shares excluded from computation of earnings per share | 143 | 130 | 0 | |||||||||||||
[1] | Fourth quarter 2016 includes deferred U.S. income taxes and foreign withholding taxes of $7,932 on unremitted foreign earnings and a valuation allowance of $29,719 against deferred tax assets. | |||||||||||||||
[2] | Third quarter 2016 includes $6,946 | |||||||||||||||
[3] | Second quarter 2016 includes $128,938 impairment of assets related to the Chemtec, Protective Coatings, IOS and Rail Technologies product groups. | |||||||||||||||
[4] | Fourth quarter 2015 includes $2,279 pre-tax gain on sale of Tucson, AZ concrete tie facility. | |||||||||||||||
[5] | Third quarter 2015 includes $80,337 impairment of goodwill related to the IOS and Chemtec reporting units. |
Income Taxes (Income Before Inc
Income Taxes (Income Before Income Tax Domestic And Foreign Components Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Domestic | $ (151,027) | $ (55,061) | $ 30,766 |
Foreign | 3,858 | 4,484 | 8,294 |
(Loss) income before income taxes | $ (147,169) | $ (50,577) | $ 39,060 |
Income Taxes (Significant Compo
Income Taxes (Significant Components Of The Provision For Income Taxes Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Federal | $ (9,980) | $ 5,571 | $ 11,488 |
State | (487) | 1,540 | 1,491 |
Foreign | 1,583 | 1,339 | 3,339 |
Total current | (8,884) | 8,450 | 16,318 |
Federal | 2,555 | (12,016) | (2,321) |
State | 706 | (2,014) | (122) |
Foreign | 114 | (552) | (471) |
Total deferred | 3,375 | (14,582) | (2,914) |
Total income tax (benefit) expense | $ (5,509) | $ (6,132) | $ 13,404 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Tax Rates) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Statutory rate, Percent | 35.00% | 35.00% | 35.00% |
Foreign tax rate differential, Percent | 0.30% | 0.80% | (2.20%) |
State income tax, net of federal benefit, Percent | 2.00% | 0.30% | 2.70% |
Non-deductible goodwill impairment, Percent | (7.80%) | (25.20%) | 0.00% |
Nondeductible expenses, Percent | (0.20%) | (0.90%) | 1.80% |
Domestic production activities deduction, Percent | (0.50%) | 1.00% | (2.20%) |
Change in liability for unrecognized tax benefits, Percent | 0.40% | (0.80%) | |
Change in permanent reinvestment assertion, Percent | (5.40%) | 0.00% | 0.00% |
Change in valuation allowance, Percent | (20.20%) | 0.00% | 0.00% |
Other, Percent | 0.50% | 0.70% | 0.00% |
Effective income tax rate, total | 3.70% | 12.10% | 34.30% |
Statutory rate, Amount | $ (51,509) | $ (17,702) | $ 13,671 |
Foreign tax rate differential, Amount | (485) | (419) | (870) |
State income taxes, net of federal benefit, Amount | (2,893) | (159) | 1,065 |
Non-deductible goodwill impairment, Amount | 11,448 | 12,737 | |
Non-deductible expenses, Amount | 262 | 452 | 708 |
Domestic production activities deduction, Amount | 700 | (507) | (851) |
Change in liability for unrecognized tax benefits, Amount | 42 | (198) | (327) |
Change in permanent reinvestment assertion, Amount | 7,932 | ||
Change in valuation allowance, Amount | 29,719 | ||
Other, Amount | (725) | (336) | 8 |
Total income tax (benefit) expense | $ (5,509) | $ (6,132) | $ 13,404 |
Income Taxes (Significant Com83
Income Taxes (Significant Components Of Deferred Tax Liabilities And Assets Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Goodwill and other intangibles | $ 32,699 | $ 1,354 |
Pension and post-retirement liability | 2,186 | 1,801 |
Warranty reserve | 3,633 | 3,153 |
Deferred compensation | 1,227 | 2,275 |
Accounts receivable | 516 | 622 |
Contingent liabilities | 2,336 | 2,087 |
Long-term insurance reserves | 567 | 655 |
Net operating loss / tax credit carryforwards | 1,384 | 1,006 |
Other | 1,107 | 949 |
Total deferred tax assets | 45,655 | 13,902 |
Less: valuation allowance | (29,719) | |
Net deferred tax assets | 15,936 | 13,902 |
Goodwill and other intangibles | (6,087) | (7,155) |
Depreciation | (10,586) | (14,134) |
Unremitted earnings of foreign subsidiary | (7,932) | |
Inventories | (1,506) | |
Investment in LB Pipe joint venture | (756) | (572) |
Other | (440) | (741) |
Total deferred tax liabilities | (27,307) | (22,602) |
Net deferred tax liability | $ (11,371) | $ (8,700) |
Income Taxes (Unrecorded Deferr
Income Taxes (Unrecorded Deferred Income Taxes On Undistributed Earnings Of Foreign Subsidiaries) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Taxes [Abstract] | |
Foreign Earnings Repatriated | $ 23,000 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 7,932 |
Undistributed Earnings of Foreign Subsidiaries | $ 34,841 |
Income Taxes (Operating Loss Ca
Income Taxes (Operating Loss Carryforwards) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 1,378 | |
Operating Loss Carryforwards, Valuation Allowance | 274 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 244 | |
Foreign Tax Authority [Member] | Minimum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2022 | |
Foreign Tax Authority [Member] | Maximum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2024 | |
Foreign Tax Authority [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 311 | |
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 424 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 324 | |
State and Local Jurisdiction [Member] | Maximum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2036 |
Income Taxes (Reconciliation 86
Income Taxes (Reconciliation Of Unrecognized Tax Benefits Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits at beginning of period | $ 582 | $ 1,013 |
Increases based on tax positions for prior periods | 37 | 147 |
Decreases related to settlements with taxing authorities | (578) | |
Balance at end of period | 619 | 582 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 619 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 464 | $ 443 |
Internal Revenue Service (IRS) [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Year | 2,013 | |
State and Local Jurisdiction [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Year | 2,012 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 1,346 | $ 1,471 | $ 3,007 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,550 | ||
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 | $ (332) | 253 | 336 |
Stock Issued During Period, Value, New Issues | $ (275) | $ (1,044) | $ (854) |
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 7,500 | 11,250 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 9.08 | $ 11.67 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 253 | $ 426 | |
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 | 48,283 | 29,656 | 19,051 |
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 | 129,844 | 41,114 | 34,652 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Restricted Stock And Performance Shares Combined [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 648 | $ 937 | $ 2,519 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.50 | $ 44.93 | $ 44.07 |
Granted to Non-Employee Directors [Member] | Fully-Vested Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 698 | $ 534 | $ 488 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.72 | $ 38.15 | $ 47.94 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 59,598 | 14,000 | 10,182 |
The Omnibus Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 0 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,270,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Description | The Omnibus Plan allows for the issuance of 1,270,000 shares of common stock through the granting of stock options or stock awards (including performance units convertible into stock) to key employees and directors at no less than 100% of fair market value on the date of the grant. The Omnibus Plan provides for the granting of "nonqualified options" with a duration of not more than ten years from the date of grant. | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | The Omnibus Plan also provides that, unless otherwise set forth in the option agreement, stock options are exercisable in installments of up to 25% annually beginning one year from the date of grant. | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
March 2015 [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Share-based Compensation (Summa
Share-based Compensation (Summary of Stock Option Activity) (Details) - Equity Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding and Exercisable, Beginning of Period | 7,500 | 18,750 |
Shares, Granted | 0 | 0 |
Shares, Canceled | 0 | 0 |
Shares, Exercised | (7,500) | (11,250) |
Shares, Outstanding and Exercisable, End of Period | 0 | 7,500 |
Weighted Average Exercise Price, Exercised | $ 9.08 | $ 11.67 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock and Performance Unit Awards) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested Shares, Outstanding, Beginning Balance | 93,817 | 108,237 | 129,726 |
Granted | 48,283 | 29,656 | 19,051 |
Vested | (56,807) | (39,076) | (40,540) |
Adjustment for incentive awards not expected to vest | 0 | 0 | 0 |
Canceled | (6,021) | (5,000) | 0 |
Nonvested Shares, Outstanding, Ending Balance | 79,272 | 93,817 | 108,237 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested Shares, Outstanding, Beginning Balance | 35,999 | 71,990 | 61,651 |
Granted | 129,844 | 41,114 | 34,652 |
Vested | 0 | (23,877) | (13,588) |
Adjustment for incentive awards not expected to vest | (93,103) | (53,228) | 7,845 |
Canceled | (9,050) | 0 | (2,880) |
Nonvested Shares, Outstanding, Ending Balance | 63,690 | 35,999 | 71,990 |
Restricted Stock And Performance Shares Combined [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested Shares, Beginning Balance, Weighted Average Grant Date Fair Value | $ 39.66 | $ 36.25 | $ 34 |
Granted, Weighted Average Grant Date Fair Value | 12.50 | 44.93 | 44.07 |
Vested, Weighted Average Grant Date Fair Value | 28.45 | 32.35 | 34.59 |
Adjustment for incentive awards not expected to vest, Weighted Average Grant Date Fair Value | 24.79 | 43.26 | 43.59 |
Canceled, Weighted Average Grant Date Fair Value | 18.82 | 44.84 | 44.13 |
Nonvested Shares, Ending Balance, Weighted Average Grant Date Fair Value | $ 21.66 | $ 39.66 | $ 36.25 |
Number of shares available for grant - Beginning, | 407,307 | 469,840 | 513,280 |
Number of shares available for grant - Ending, | 675,447 | 407,307 | 469,840 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)agreement | Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
General Discussion of Pension and Other Postretirement Benefits | The Company has seven retirement plans that cover its hourly and salaried employees in the United States: three defined benefit plans (one active / two frozen) and four defined contribution plans. Employees are eligible to participate in the appropriate plan based on employment classification. The Company's contributions to the defined benefit and defined contribution plans are governed by the Employee Retirement Income Security Act of 1974 ("ERISA") and the Company's policy and investment guidelines of the applicable plan. The Company's policy is to contribute at least the minimum in accordance with the funding standards of ERISA.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 two defined contribution plans and a defined benefit plan. These plans are discussed in further detail below | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ | $ 130 | |
Description of Postemployment Benefits | The Company sponsors eight 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 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ | $ 0 | |
Number of retirement plans | 7 | |
Defined Benefit Plan Number | 3 | |
Active Defined Benefit Plan Number | 1 | |
Inactive Defined Benefit Plan Number | 2 | |
Defined Contribution Plan Number | 4 | |
Defined Benefit Plan, Contributions by Employer | $ | $ 0 | |
CANADA | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Contribution Plan Number | 2 | |
Post-retirement benefit plan number | 1 | |
UNITED KINGDOM | ||
Defined Benefit Plan Disclosure [Line Items] | ||
General Discussion of Pension and Other Postretirement Benefits | The Portec Rail Products (UK) Limited Pension Plan covers certain current employees, former employees, and retirees. The plan has been frozen to new entrants since AprilĀ 1, 1997 and also covers the former employees of a merged plan after January 2002. Benefits under the plan were based on years of service and eligible compensation during defined periods of service. Our funding policy for the plan is to make minimum annual contributions required by applicable regulations | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ | $ 231 | |
Defined Benefit Plan Number | 1 | |
Defined Contribution Plan Number | 2 | |
Defined Benefit Plan, Contributions by Employer | $ | $ 253 | $ 302 |
Retirement Plans (Schedule of B
Retirement Plans (Schedule of Benefit Obligation, Fair Value of Assets, and Funded Status of the Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 17,759 | $ 18,925 | |
Service cost | 36 | 38 | $ 23 |
Interest cost | 746 | 742 | 771 |
Actuarial (gain) loss | 534 | (1,148) | |
Benefits paid | (834) | (798) | |
Benefit obligation at end of year | 18,241 | 17,759 | 18,925 |
Fair value of assets at beginning of year | 14,235 | 15,205 | |
Actual gain (loss) on plan assets | 779 | (172) | |
Employer contribution | 0 | ||
Fair value of assets at end of year | 14,180 | 14,235 | 15,205 |
Funded status at end of year | (4,061) | (3,524) | |
Amounts recognized in the consolidated balance sheet consist of: Other long-term liabilities | (4,061) | (3,524) | |
Amounts recognized in accumulated other comprehensive income consist of: Net loss | 4,186 | 3,993 | |
UNITED KINGDOM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 7,862 | 8,797 | |
Interest cost | 259 | 295 | 360 |
Actuarial (gain) loss | 1,532 | (416) | |
Benefits paid | (273) | (339) | |
Foreign currency exchange rate changes | (1,276) | (475) | |
Benefit obligation at end of year | 8,104 | 7,862 | 8,797 |
Fair value of assets at beginning of year | 6,661 | 6,757 | |
Actual gain (loss) on plan assets | 265 | 307 | |
Employer contribution | 253 | 302 | |
Foreign currency exchange rate changes | (1,080) | (366) | |
Fair value of assets at end of year | 5,826 | 6,661 | $ 6,757 |
Funded status at end of year | (2,278) | (1,201) | |
Amounts recognized in the consolidated balance sheet consist of: Other long-term liabilities | (2,278) | (1,201) | |
Amounts recognized in accumulated other comprehensive income consist of: Net loss | 2,015 | 706 | |
Amounts recognized in accumulated other comprehensive income consist of: Prior service cost | 53 | 85 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax, Total | $ 2,068 | $ 791 |
Retirement Plans (Schedule Of N
Retirement Plans (Schedule Of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 36 | $ 38 | $ 23 |
Interest cost | 746 | 742 | 771 |
Expected return on plan assets | (717) | (816) | (968) |
Amortization of prior service cost and transition amount | 3 | 1 | |
Recognized net actuarial loss | (276) | (275) | (65) |
Net periodic pension cost | $ 341 | $ 242 | $ (108) |
Net periodic benefit costs: Discount rate | 4.30% | 4.30% | 4.00% |
Net periodic benefit costs: Expected return on plan assets | 5.20% | 5.20% | 5.50% |
Projected benefit obligation | $ 18,241 | $ 17,759 | $ 18,925 |
Accumulated benefit obligation | 18,241 | 17,759 | |
Fair value of plan assets | 14,180 | 14,235 | 15,205 |
UNITED KINGDOM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 259 | 295 | 360 |
Expected return on plan assets | (290) | (324) | (370) |
Amortization of transition amount | 0 | (50) | |
Amortization of prior service cost and transition amount | 17 | 27 | 30 |
Recognized net actuarial loss | (275) | (225) | (185) |
Net periodic pension cost | $ 261 | $ 223 | $ 155 |
Projected benefit obligation: Discount rate | 2.70% | 4.00% | 3.60% |
Net periodic benefit costs: Expected return on plan assets | 4.40% | 5.20% | 5.00% |
Projected benefit obligation | $ 8,104 | $ 7,862 | $ 8,797 |
Accumulated benefit obligation | 8,104 | 7,862 | |
Fair value of plan assets | $ 5,826 | $ 6,661 | $ 6,757 |
Retirement Plans (Defined Contr
Retirement Plans (Defined Contribution Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Description of Defined Contribution Pension and Other Postretirement Plans | The Company sponsors eight 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. | ||
Defined Contribution Plan, Cost Recognized | $ 2,414 | $ 3,154 | $ 2,810 |
UNITED STATES | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 1,813 | 2,434 | 2,425 |
UNITED KINGDOM | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 376 | 494 | 158 |
Montreal Benefit Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 225 | $ 226 | $ 227 |
Retirement Plans (Information A
Retirement Plans (Information About Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Policies and Strategies Narrative Description | Plan assets consist primarily of various fixed income and equity investments. The Company's primary investment objective is to provide long-term growth of capital while accepting a moderate level of risk. The investments are limited to cash and cash equivalents, bonds, preferred stocks, and common stocks. The investment target ranges and actual allocation of pension plan assets by major category at December 31, 2016 and 2015 are as follows | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | |
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques | In accordance with the fair value disclosure requirements of FASB ASC 820, "Fair Value Measurements and Disclosures," the following assets were measured at fair value on a recurring basis at December 31, 2016 and 2015. Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 18 Fair Value Measurements | ||
Fair value of plan assets | $ 14,180 | $ 14,235 | $ 15,205 |
UNITED STATES | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | Cash and cash equivalents | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 10.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | 9.00% | |
Fair value of plan assets | $ 660 | $ 1,248 | |
UNITED STATES | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | Total fixed income funds | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 25.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 50.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 33.00% | 35.00% | |
Fair value of plan assets | $ 4,767 | $ 4,926 | |
UNITED STATES | Corporate Bond Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 4,767 | $ 4,926 | |
UNITED STATES | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | Total mutual funds and equities | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 50.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 70.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 62.00% | 56.00% | |
Fair value of plan assets | $ 8,753 | $ 8,061 | |
UNITED STATES | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,753 | 8,061 | |
UNITED STATES | Asset Allocations, Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | ||
UNITED KINGDOM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Policies and Strategies Narrative Description | Plan assets are invested by the trustees in accordance with a written statement of investment principles. This statement permits investment in equities, corporate bonds, United Kingdom government securities, commercial property, and cash, based on certain target allocation percentages. Asset allocation is primarily based on a strategy to provide steady growth without undue fluctuations. The target asset allocation percentages for 2016 are as follows: | ||
Fair value of plan assets | $ 5,826 | 6,661 | $ 6,757 |
UNITED KINGDOM | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | Cash | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 100.00% | ||
Fair value of plan assets | $ 707 | 242 | |
UNITED KINGDOM | Municipal Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | U.K. Government securities | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 50.00% | ||
Fair value of plan assets | $ 1,347 | 1,301 | |
UNITED KINGDOM | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | Equity securities | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 100.00% | ||
Fair value of plan assets | $ 2,617 | 2,656 | |
UNITED KINGDOM | Commercial Property [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | Commercial property | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 50.00% | ||
Fair value of plan assets | $ 1,155 | $ 2,462 |
Retirement Plans (Benefit Payme
Retirement Plans (Benefit Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, 2017 | $ 894 |
Defined Benefit Plan, Expected Future Benefit Payments, 2018 | 905 |
Defined Benefit Plan, Expected Future Benefit Payments, 2019 | 972 |
Defined Benefit Plan, Expected Future Benefit Payments, 2020 | 1,013 |
Defined Benefit Plan, Expected Future Benefit Payments, 2021 | 1,078 |
Defined Benefit Plan, Expected Future Benefit Payments, Years 2022-2026 | 5,647 |
UNITED KINGDOM | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, 2017 | 219 |
Defined Benefit Plan, Expected Future Benefit Payments, 2018 | 238 |
Defined Benefit Plan, Expected Future Benefit Payments, 2019 | 252 |
Defined Benefit Plan, Expected Future Benefit Payments, 2020 | 268 |
Defined Benefit Plan, Expected Future Benefit Payments, 2021 | 274 |
Defined Benefit Plan, Expected Future Benefit Payments, Years 2022-2026 | $ 1,750 |
Retirement Plans (Other Post-Re
Retirement Plans (Other Post-Retirement Retirement Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
General Discussion of Pension and Other Postretirement Benefits | The Company has seven retirement plans that cover its hourly and salaried employees in the United States: three defined benefit plans (one active / two frozen) and four defined contribution plans. Employees are eligible to participate in the appropriate plan based on employment classification. The Company's contributions to the defined benefit and defined contribution plans are governed by the Employee Retirement Income Security Act of 1974 ("ERISA") and the Company's policy and investment guidelines of the applicable plan. The Company's policy is to contribute at least the minimum in accordance with the funding standards of ERISA.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 two defined contribution plans and a defined benefit plan. These plans are discussed in further detail below | ||
Other Post-Retirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
General Discussion of Pension and Other Postretirement Benefits | Rail Technologies' operation near Montreal, Quebec, Canada, maintains a post-retirement benefit plan, which provides retiree life insurance, health care benefits, and, for a closed group of employees, dental care. Retiring employees with a minimum of 10 years of service are eligible for the plan benefits. The plan is not funded. Cost of benefits earned by employees is charged to expense as services are rendered. The expense related to this plan was not material for 2016 or 2015. Rail Technologies' accrued benefit obligation was $909 and $823 as of December 31, 2016 and 2015, respectively. This obligation is recognized within other long-term liabilities. Benefit payments anticipated for 2017 are not material. | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $ 909 | $ 823 | |
Projected benefit obligation: Discount rate | 4.00% | 4.20% | |
Weighted average health care trend rate | 5.10% | 5.00% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.40% | ||
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $ 4,061 | $ 3,524 | |
UNITED KINGDOM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
General Discussion of Pension and Other Postretirement Benefits | The Portec Rail Products (UK) Limited Pension Plan covers certain current employees, former employees, and retirees. The plan has been frozen to new entrants since AprilĀ 1, 1997 and also covers the former employees of a merged plan after January 2002. Benefits under the plan were based on years of service and eligible compensation during defined periods of service. Our funding policy for the plan is to make minimum annual contributions required by applicable regulations | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $ 2,278 | $ 1,201 | |
Projected benefit obligation: Discount rate | 2.70% | 4.00% | 3.60% |
Rental And Lease Information (N
Rental And Lease Information (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Rental and Lease Information [Abstract] | |||
Rent Expense | $ 4,864 | $ 4,611 | $ 3,062 |
Rental And Lease Information (F
Rental And Lease Information (Future Minimum Lease Payment Table) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Capital Lease, 2017 | $ 626 |
Capital Lease, 2018 | 589 |
Capital Lease, 2019 | 503 |
Capital Lease, 2020 | 240 |
Capital Lease, 2021 | 0 |
Capital Lease, 2022 and thereafter | 0 |
Capital Leases, Total minimum lease payments | 1,958 |
Less amount representing interest | 114 |
Total present value of minimum payments with interest rates ranging from 3.00% to 5.25% | 1,844 |
Operating Lease, 2017 | 4,292 |
Operating Lease, 2018 | 2,883 |
Operating Lease, 2019 | 2,109 |
Operating Lease, 2020 | 1,784 |
Operating Lease, 2021 | 1,511 |
Operating Lease, 2022 and thereafter | 6,538 |
Operating Leases, Total minimum lease payments | $ 19,117 |
Minimum [Member] | |
Debt Instrument, Interest Rate, Stated Percentage Rate | 2.95% |
Maximum [Member] | |
Debt Instrument, Interest Rate, Stated Percentage Rate | 4.25% |
Rental And Lease Information (A
Rental And Lease Information (Assets Recorded Under Capital Leases Table) (Details) - Machinery and Equipment [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Leased Assets [Line Items] | ||
Machinery and equipment at cost | $ 3,152 | $ 3,157 |
Less accumulated amortization | 829 | 450 |
Net capital lease assets | $ 2,323 | $ 2,707 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | $ 16 | $ 1,939 |
Interest rate swap | 334 | 196 |
Total Liabilities | 334 | 196 |
Non domestic bank certificates of deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 16 | 1,939 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 16 | 1,939 |
Interest rate swap | 0 | 0 |
Total Liabilities | 0 | 0 |
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 | 16 | 1,939 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Interest rate swap | 334 | 196 |
Total Liabilities | 334 | 196 |
Fair Value, Inputs, Level 2 [Member] | Non domestic bank certificates of deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Interest rate swap | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Non domestic bank certificates of deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 0 | $ 0 |
Commitments and Contingent L101
Commitments and Contingent Liabilites (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Product Liability Contingency [Line Items] | |||||
Standard Product Warranty Accrual | $ 10,154 | $ 10,154 | $ 8,755 | ||
Accrual for Environmental Loss Contingencies | 6,270 | 6,270 | 6,640 | ||
Reserve for Concrete Ties [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Litigation Settlement, Amount | $ 12,000 | ||||
Product Warranty Expense | 204 | 972 | $ 9,854 | $ 22,000 | |
Standard Product Warranty Accrual | 7,574 | $ 7,574 | $ 7,544 | ||
Collective Action Complaint [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Litigation Settlement, Amount | 900 | ||||
Transit Products [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Product Warranty Expense | $ 1,224 |
Commitments and Contingent L102
Commitments and Contingent Liabilities (Schedule of Product Warranty Liability) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Commitments and Contingent Liabilities [Abstract] | |
Balance, Beginning | $ 8,755 |
Additions to warranty liability | 2,524 |
Warranty liability utilized | (1,125) |
Balance, Ending | $ 10,154 |
Commitments and Contingent L103
Commitments and Contingent Liabilities (Environmental Liability) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Commitments and Contingent Liabilities [Abstract] | |
Environmental liability, beginning balance | $ 6,640 |
Additions to environmental obligations | 379 |
Environmental obligations utilized | (749) |
Environmental liability, ending balance | $ 6,270 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Thousands | Dec. 23, 2015 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 23, 2015 | |||
Gain on Tucson, AZ asset sale (a) | $ (6,946) | $ (2,279) | [1] | $ 0 | [1] | ||||
Foreign currency losses (gains) | $ 12 | (1,616) | (422) | ||||||
Remeasurement gain on equity method investment (b) | [2] | (580) | 0 | ||||||
Legal settlement gain (c) | [3] | (460) | 0 | ||||||
Other | (1,535) | (650) | (256) | ||||||
Other income | $ (1,523) | $ (5,585) | $ (678) | ||||||
Proceeds from Sale of Property Held-for-sale | $ 2,750 | ||||||||
TEW Plus LTD [Member] | |||||||||
Business Combination, Step Acquisition, Equity Interest Remaining in Acquiree, Percentage | 75.00% | ||||||||
[1] | On December 23, 2015, the Company sold certain assets related to the former Tucson, AZ precast concrete tie facility for $2,750 resulting in a pre-tax gain on sale of $2,279. | ||||||||
[2] | On November 23, 2015, the Company acquired the remaining 75% of shares of Tew Plus resulting in a gain of $580, which is recorded within other income as of December 31, 2015. The gain is included in equity loss (income) and remeasurement gain within the Consolidated Statements of Cash Flows. | ||||||||
[3] | During the fourth quarter of 2015 the Company received $460 from the Steel Antitrust Settlement Fund related to a claim regarding steel purchased by the Company between 2005 and 2007. |
Quarterly Financial Informat105
Quarterly Financial Information (Unaudited) (Tables) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||||||
Net sales | $ 106,566 | [1] | $ 114,644 | [2] | $ 135,994 | [3] | $ 126,310 | $ 139,138 | [4] | $ 176,059 | [5] | $ 171,419 | $ 137,907 | $ 415,375 | $ 537,214 | $ 561,899 | ||
Gross profit | 18,779 | [1] | 19,803 | [2] | 27,813 | [3] | 23,960 | 29,872 | [4] | 36,038 | [5] | 37,089 | 30,653 | 90,356 | 133,653 | 121,591 | ||
Net (loss) income | $ (40,851) | [1] | $ (5,982) | [2] | $ (91,996) | [3] | $ (2,832) | $ 3,328 | [4] | $ (57,422) | [5] | $ 5,362 | $ 4,285 | $ (141,660) | $ (44,445) | $ 25,656 | ||
Basic (loss) earnings per common share | $ (3.97) | [1] | $ (0.58) | [2] | $ (8.96) | [3] | $ (0.28) | $ 0.33 | [4] | $ (5.60) | [5] | $ 0.52 | $ 0.42 | $ (13.79) | $ (4.33) | $ 2.51 | ||
Diluted (loss) earnings per common share | (3.97) | [1] | (0.58) | [2] | (8.96) | [3] | (0.28) | 0.32 | [4] | (5.60) | [5] | 0.52 | 0.41 | (13.79) | (4.33) | 2.48 | ||
Dividends paid per common share | $ 0 | [1] | $ 0.04 | [2] | $ 0.04 | [3] | $ 0.04 | $ 0.04 | [4] | $ 0.04 | [5] | $ 0.04 | $ 0.04 | $ 0.12 | $ 0.16 | $ 0.13 | ||
Goodwill, Impairment Loss | $ 128,938 | $ 61,142 | $ 80,337 | $ 0 | ||||||||||||||
Pre-tax gain on sale of facility | $ 6,946 | $ 2,279 | [6] | $ 0 | [6] | |||||||||||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 7,932 | 7,932 | ||||||||||||||||
Deferred Tax Assets, Valuation Allowance | $ 29,719 | $ 29,719 | ||||||||||||||||
Tucson, AZ [Member] | ||||||||||||||||||
Pre-tax gain on sale of facility | $ 2,279 | |||||||||||||||||
Precise Structural Products Business [Member] | ||||||||||||||||||
Goodwill, Impairment Loss | $ 80,337 | |||||||||||||||||
[1] | Fourth quarter 2016 includes deferred U.S. income taxes and foreign withholding taxes of $7,932 on unremitted foreign earnings and a valuation allowance of $29,719 against deferred tax assets. | |||||||||||||||||
[2] | Third quarter 2016 includes $6,946 | |||||||||||||||||
[3] | Second quarter 2016 includes $128,938 impairment of assets related to the Chemtec, Protective Coatings, IOS and Rail Technologies product groups. | |||||||||||||||||
[4] | Fourth quarter 2015 includes $2,279 pre-tax gain on sale of Tucson, AZ concrete tie facility. | |||||||||||||||||
[5] | Third quarter 2015 includes $80,337 impairment of goodwill related to the IOS and Chemtec reporting units. | |||||||||||||||||
[6] | On December 23, 2015, the Company sold certain assets related to the former Tucson, AZ precast concrete tie facility for $2,750 resulting in a pre-tax gain on sale of $2,279. |
Valuation and Qualifying Acc106
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | $ 1,485 | $ 1,036 | $ 1,099 | |
Additions Charged to Costs and Expenses | 982 | 1,113 | 462 | |
Deductions | [1] | 1,050 | 664 | 525 |
Balance at End of Year | 1,417 | $ 1,485 | $ 1,036 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Additions Charged to Costs and Expenses | 29,719 | |||
Balance at End of Year | $ 29,719 | |||
[1] | Notes and accounts receivable written off as uncollectible. |