Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'AMCOL INTERNATIONAL CORP | ' |
Entity Central Index Key | '0000813621 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 32,443,588 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $38.10 | $40 |
Accounts receivable, net | 226.3 | 202.7 |
Inventories | 154.4 | 153.8 |
Prepaid expenses | 24 | 17 |
Assets held-for-sale | 14.5 | 0.2 |
Income taxes receivable | 17.4 | 7 |
Available-for-sale securities | 9.1 | 0 |
Deferred income taxes | 6.7 | 7 |
Other | 0.8 | 1.8 |
Total current assets | 491.3 | 429.5 |
Property, plant, equipment, and mineral rights and reserves: | ' | ' |
Land | 10.8 | 13 |
Mineral rights | 5.1 | 48.6 |
Depreciable assets | 557.7 | 552 |
Gross property, plant and equipment | 573.6 | 613.6 |
Accumulated depreciation and depletion | -318.6 | -311.7 |
Net property, plant and equipment | 255 | 301.9 |
Goodwill | 68.6 | 70.2 |
Intangible assets, net | 28.9 | 33.9 |
Investment in and advances to affiliates and joint ventures | 34.5 | 27.8 |
Available-for-sale securities | 0 | 14.6 |
Deferred income taxes | 5.3 | 7.4 |
Other assets | 27.4 | 25.3 |
Total noncurrent assets | 419.7 | 481.1 |
Total Assets | 911 | 910.6 |
Current liabilities: | ' | ' |
Accounts payable | 58.3 | 51.1 |
Accrued income taxes | 12.5 | 5 |
Accrued liabilities | 64.4 | 58.4 |
Total current liabilities | 135.2 | 114.5 |
Noncurrent liabilities: | ' | ' |
Long-term debt | 270.9 | 248.8 |
Pension liabilities | 38.1 | 37.5 |
Deferred compensation | 10.9 | 9.4 |
Deferred income taxes | 1.6 | 12.8 |
Other long-term liabilities | 19.5 | 22.5 |
Total noncurrent liabilities | 341 | 331 |
Shareholders' Equity: | ' | ' |
Common stock | 0.3 | 0.3 |
Additional paid in capital | 115.5 | 105.1 |
Retained earnings | 343 | 355.2 |
Accumulated other comprehensive income (loss) | -20.2 | 0.8 |
Total AMCOL shareholders' equity | 438.6 | 461.4 |
Noncontrolling interest | -3.8 | 3.7 |
Total equity | 434.8 | 465.1 |
Total Liabilities and Shareholders' Equity | $911 | $910.60 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Continuing Operations | ' | ' | ' | ' |
Net sales | $263.50 | $249.20 | $755.20 | $731.80 |
Cost of sales | 246.1 | 180.5 | 605 | 527.1 |
Gross profit | 17.4 | 68.7 | 150.2 | 204.7 |
Selling, general and administrative expenses | 42 | 40.3 | 133.6 | 124.9 |
Operating profit (loss) | -24.6 | 28.4 | 16.6 | 79.8 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -2.6 | -2.6 | -7.6 | -8 |
Other, net | -0.8 | 0 | -2 | -2.7 |
Total other income (expense), net | -3.4 | -2.6 | -9.6 | -10.7 |
Income (loss) before income taxes and income from affiliates and joint ventures | -28 | 25.8 | 7 | 69.1 |
Income tax expense (benefit) | -4.8 | 7.6 | 5 | 19.2 |
Income (loss) before income from affiliates and joint ventures | -23.2 | 18.2 | 2 | 49.9 |
Income from affiliates and joint ventures | 0.7 | 1 | 2.5 | 3.4 |
Income (loss) from continuing operations | -22.5 | 19.2 | 4.5 | 53.3 |
Discontinued Operations | ' | ' | ' | ' |
Income (loss) on discontinued operations | -4.1 | -0.2 | -4 | 0.6 |
Net income (loss) | -26.6 | 19 | 0.5 | 53.9 |
Net income (loss) attributable to noncontrolling interests | -6.8 | 0 | -6.8 | -0.2 |
Net income (loss) attributable to AMCOL shareholders | -19.8 | 19 | 7.3 | 54.1 |
Weighted average common shares outstanding (in shares) | 32,516,744 | 32,071,202 | 32,438,002 | 32,024,603 |
Weighted average common and common equivalent shares outstanding (in shares) | 32,516,744 | 32,452,878 | 32,741,329 | 32,340,239 |
Amounts attributable to AMCOL shareholders | ' | ' | ' | ' |
Income (loss) from continuing operations, net of tax | -15.7 | 19.2 | 11.3 | 53.5 |
Discontinued operations, net of tax | -4.1 | -0.2 | -4 | 0.6 |
Net income (loss) | ($19.80) | $19 | $7.30 | $54.10 |
Basic earnings (loss) per share | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ($0.48) | $0.60 | $0.34 | $1.67 |
Discontinued operations (in dollars per share) | ($0.13) | ($0.01) | ($0.12) | $0.02 |
Net income (loss) (in dollars per share) | ($0.61) | $0.59 | $0.22 | $1.69 |
Diluted earnings (loss) per share | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ($0.48) | $0.60 | $0.34 | $1.65 |
Discontinued operations (in dollars per share) | ($0.13) | ($0.01) | ($0.12) | $0.02 |
Net income (loss) (in dollars per share) | ($0.61) | $0.59 | $0.22 | $1.67 |
Dividends declared per share (in dollars per share) | $0.20 | $0.20 | $0.60 | $0.56 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($26.60) | $19 | $0.50 | $53.90 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 1.3 | 7.8 | -19.4 | 4.3 |
Unrealized gain (loss) on available-for-sale securities | -1.6 | 4.9 | -4.3 | 4.1 |
Unrealized gain (loss) on interest rate swap agreements | 0.2 | 0 | 1.4 | 0 |
Pension adjustment | 0.2 | 0.2 | 0.6 | 0.6 |
Total other comprehensive income (loss), net of tax | 0.1 | 12.9 | -21.7 | 9 |
Total comprehensive income (loss) including noncontrolling interests | -26.5 | 31.9 | -21.2 | 62.9 |
Less: Net income (loss) attributable to noncontrolling interests | -6.8 | 0 | -6.8 | -0.2 |
Less: Foreign currency translation adjustments attributable to noncontrolling interests | -0.2 | 0 | -0.7 | -0.1 |
Total comprehensive income (loss) attributable to noncontrolling interests | -7 | 0 | -7.5 | -0.3 |
Total comprehensive income (loss) attributable to AMCOL shareholders | ($19.50) | $31.90 | ($13.70) | $63.20 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (USD $) | Total | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock [Member] | Treasury Stock [Member] | Paid-in Capital [Member] | Noncontrolling Interest [Member] |
In Millions | |||||||
Balance at Dec. 31, 2011 | $394.90 | $314.30 | ($14.70) | $0.30 | ($3.40) | $94.30 | $4.10 |
Net income (loss) | 53.9 | 54.1 | ' | ' | ' | ' | -0.2 |
Cash dividends | -11.5 | -11.5 | ' | ' | ' | ' | ' |
Issuance of shares pursuant to employee stock compensation plans | 3.9 | ' | ' | ' | 2.1 | 1.8 | ' |
Tax benefit from employee stock compensation plans | -0.1 | ' | ' | ' | ' | -0.1 | ' |
Vesting of common stock in connection with employee stock compensation plans | 3.1 | ' | ' | ' | ' | 3.1 | ' |
Other comprehensive income (loss) | 9 | ' | 9.1 | ' | ' | ' | -0.1 |
Contribution from noncontrolling partner | 0.1 | ' | ' | ' | ' | 0.1 | ' |
Balance at Sep. 30, 2012 | 453.3 | 356.9 | -5.6 | 0.3 | -1.3 | 99.2 | 3.8 |
Balance at Dec. 31, 2012 | 465.1 | 355.2 | 0.8 | 0.3 | 0 | 105.1 | 3.7 |
Net income (loss) | 0.5 | 7.3 | ' | ' | ' | ' | -6.8 |
Cash dividends | -19.5 | -19.5 | ' | ' | ' | ' | ' |
Issuance of shares pursuant to employee stock compensation plans | 6.5 | ' | ' | ' | ' | 6.5 | ' |
Tax benefit from employee stock compensation plans | -0.2 | ' | ' | ' | ' | -0.2 | ' |
Vesting of common stock in connection with employee stock compensation plans | 4 | ' | ' | ' | ' | 4 | ' |
Other comprehensive income (loss) | -21.7 | ' | -21 | ' | ' | ' | -0.7 |
Contribution from noncontrolling partner | 0.1 | ' | ' | ' | ' | 0.1 | ' |
Balance at Sep. 30, 2013 | $434.80 | $343 | ($20.20) | $0.30 | $0 | $115.50 | ($3.80) |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flow from operating activities: | ' | ' |
Net income | $0.50 | $53.90 |
Adjustments to reconcile from net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation, depletion, and amortization | 37.7 | 33.3 |
Asset impairment charge | 59.7 | 0.8 |
Other non-cash items | -6 | 4.5 |
Changes in assets and liabilities, net of effects of acquisitions: | ' | ' |
Decrease (increase) in current assets | -57.6 | -42.6 |
Decrease (increase) in noncurrent assets | -2.5 | 0 |
Increase (decrease) in current liabilities | 22.9 | 17.1 |
Increase (decrease) in noncurrent liabilities | 1.6 | 5.2 |
Net cash provided by (used in) operating activities | 56.3 | 72.2 |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -66.3 | -54.2 |
(Increase) decrease in investments in and advances (to) from affiliates and joint ventures | -4.8 | 0.2 |
Proceeds from sale of land and depreciable assets | 4.2 | 1.5 |
Acquisition of businesses, net of cash acquired | -1.8 | 0 |
Other | 1.9 | 1.9 |
Net cash (used in) investing activities | -66.8 | -50.6 |
Cash flow from financing activities: | ' | ' |
Net change in outstanding debt | 22.2 | -16.8 |
Net proceeds from stock compensation activity | 6.5 | 4.8 |
Dividends paid | -19.4 | -17.2 |
Excess tax benefits from stock-based compensation | 0.2 | 0.2 |
Contribution from noncontrolling partner | 0.1 | 0.1 |
Net cash provided by (used in) financing activities | 9.6 | -28.9 |
Effect of foreign currency rate changes on cash | -1 | 0.9 |
Net increase (decrease) in cash and cash equivalents | -1.9 | -6.4 |
Cash and cash equivalents at beginning of period | 40 | 24.1 |
Cash and cash equivalents at end of period | $38.10 | $17.70 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||
Note 1:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Company Operations | |||||||||
We, AMCOL International Corporation (the "Company"), are a leading producer and marketer of diverse specialty materials with a core expertise in minerals and polymer science. Â Through five business segments, performance materials, construction technologies, energy services, transportation, and corporate, we create solutions that enhance the quality, efficiency and sustainability of our customers' products and services in a growing global marketplace. | |||||||||
Our performance materials segment is a leading supplier of bentonite related products. | |||||||||
Our construction technologies segment provides products for non-residential construction, environmental and infrastructure projects worldwide. | |||||||||
 Our energy services segment offers a range of patented and non-patented technologies, products and services for both upstream and downstream oil and gas production. | |||||||||
Our transportation segment, which serves our domestic subsidiaries as well as third parties, is a dry van and flatbed carrier and freight brokerage service provider. | |||||||||
Our corporate segment includes the elimination of intersegment sales as well as certain expenses associated with research and development, management, employee benefits and information technology activities for our Company. Â Approximately 69% and 73% of the revenue elimination in the nine months ended September 30, 2013 and 2012, respectively, and 68% and 73% of the revenue elimination in the three months ended September 30, 2013 and 2012, respectively, represents elimination of shipping revenues between our transportation segment and its domestic sister companies. | |||||||||
A significant portion of the products sold by our performance materials segment and, to a lesser extent, our construction technologies segment, utilize a mineral called bentonite. Â Bentonite has several valuable characteristics, including its ability to bind, swell, adsorb, control rheology, soften fabrics, and have its surface modified through chemical and physical reactions. We also develop applications for other specialty minerals, most significantly chromite and leonardite. | |||||||||
We earn revenues from the sale of finished products, provision of services, rental of equipment, and charges for shipping goods and materials to customers. Â Our service revenues are derived primarily from our construction technologies, energy services, and transportation segments; our transportation segment is purely service based. | |||||||||
The composition of our revenues by segment is as follows: | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Performance materials | 48 | % | 50 | % | |||||
Construction technologies | 21 | % | 24 | % | |||||
Energy services | 30 | % | 25 | % | |||||
Transportation | 5 | % | 5 | % | |||||
Intersegment sales | -4 | % | -4 | % | |||||
100 | % | 100 | % | ||||||
Further discussion of our segment information is included in Note 4, "Business Segment Information." | |||||||||
Basis of Presentation | |||||||||
The financial information included herein has been prepared by management, and other than the condensed consolidated balance sheet as of December 31, 2012, is unaudited. Â The condensed consolidated balance sheet as of December 31, 2012 has been derived from, but does not include all of the disclosures contained in, the audited consolidated financial statements for the year ended December 31, 2012. Â The information furnished herein includes all adjustments that are, in our opinion, necessary for a fair presentation of our results of operations and cash flows for the interim periods ended September 30, 2013 and 2012, and our financial position as of September 30, 2013, and all such adjustments are of a normal and recurring nature. Â The accompanying condensed consolidated financial information should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2012. | |||||||||
Certain items in the prior year's condensed consolidated financial statements contained herein and notes thereto have been reclassified to conform to the condensed consolidated financial statement presentation for the three and nine months ended September 30, 2013. Â These reclassifications did not have a material impact on our financial statements. | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("US GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Â Actual results may differ from those estimates. | |||||||||
The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year for a variety of reasons, including the seasonality of both our construction technologies segment, which varies due to the seasonal nature of the construction industry, and our energy services segment, which varies due to seasonal weather patterns in its various geographic markets. | |||||||||
Recently Adopted and Recently Issued Accounting Guidance | |||||||||
Adopted: | |||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-02 codified in Accounting Standards Codification ("ASC") Topic 220 – Comprehensive Income which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income.  This ASU requires entities to disclose additional information about reclassification adjustments, including changes in accumulated other comprehensive income balances by component and significant items reclassified out of accumulated other comprehensive income.  Other than additional disclosure requirements, the adoption of this ASU on January 1, 2013 had no impact on our financial statements. | |||||||||
In July 2012, the FASB issued ASU 2012-02, codified in ASC Topic 350 – Intangibles – Goodwill and Other.  This ASU gives entities the option to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that an indefinite-lived intangible asset is impaired.  If impairment is indicated, the fair value of the indefinite-lived intangible asset should be determined and the quantitative impairment test should be performed by comparing the fair value with the carrying value in accordance with subtopic 350-30.  If impairment is not indicated, the entity is not required to take further action.  The adoption of this ASU on January 1, 2013 had no impact on our financial statements. | |||||||||
Issued: | |||||||||
In March 2013, the FASB issued ASU 2013-05 codified in ASC Topic 830 – Foreign Currency Matters. This ASU clarifies the applicable guidance relating to a parent entity's accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. A parent entity is required to release any related cumulative foreign currency translation adjustment from accumulated other comprehensive income into net income in the following circumstances: (i) a parent entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided; (ii) a partial sale of an equity method investment that is a foreign entity; (iii) a partial sale of an equity method investment that is not a foreign entity whereby the partial sale represents a complete or substantially complete liquidation of the foreign entity that held the equity method investment; and (iv) the sale of an investment in a foreign entity. This ASU will become effective for us on January 1, 2014. The impact of this ASU on our financial statements will be considered in the event we initiate any of the transactions described above. |
EARNINGS_LOSS_PER_SHARE
EARNINGS (LOSS) PER SHARE | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
Note 2:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â EARNINGS (LOSS) PER SHARE | |||||||||||||||||
               The following table provides further share information used in calculating our earnings (loss) per share for the periods presented herein.  Basic earnings (loss) per share was calculated by dividing net income (loss) attributable to AMCOL shareholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share was calculated by dividing net income (loss) attributable to AMCOL shareholders by the weighted average common shares outstanding after consideration of the dilutive effect of stock compensation awards outstanding during each period. | |||||||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average number of common shares outstanding | 32,438,002 | 32,024,603 | 32,516,744 | 32,071,202 | |||||||||||||
Dilutive impact of stock based compensation | 303,327 | 315,636 | - | 381,676 | |||||||||||||
Weighted average number of common and common equivalent shares outstanding for the period | 32,741,329 | 32,340,239 | 32,516,744 | 32,452,878 | |||||||||||||
Number of common shares outstanding at the end of the period | 32,439,479 | 31,959,139 | 32,439,479 | 31,959,139 | |||||||||||||
Weighted average number of anti-dilutive shares excluded from the computation of diluted earnings per share | 268,437 | 635,738 | 493,773 | 276,753 | |||||||||||||
ADDITIONAL_BALANCE_SHEET_INFOR
ADDITIONAL BALANCE SHEET INFORMATION | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
ADDITIONAL BALANCE SHEET INFORMATION [Abstract] | ' | ||||||||
ADDITIONAL BALANCE SHEET INFORMATION | ' | ||||||||
Note 3:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â ADDITIONAL BALANCE SHEET INFORMATION | |||||||||
Our inventories at September 30, 2013 and December 31, 2012 are comprised of the following components: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Crude stockpile inventories | $ | 49.3 | $ | 60.8 | |||||
In-process and finished goods inventories | 80.6 | 70.5 | |||||||
Other raw material, container, and supplies inventories | 24.5 | 22.5 | |||||||
$ | 154.4 | $ | 153.8 | ||||||
We mine various minerals using a surface mining process that requires the removal of overburden. Â In certain areas and under various governmental regulations, we are obligated to restore the land comprising each mining site to its original condition at the completion of the mining activity. Â We include an estimate of this reclamation liability in our condensed consolidated balance sheets; it is adjusted to reflect the passage of time, current activities, and changes in estimated future cash outflows. Â A reconciliation of the activity within our reclamation liability is as follows: | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 9.5 | $ | 9.3 | |||||
Settlement of obligations | (2.3 | ) | (3.1 | ) | |||||
Liabilities incurred and accretion expense | 1.8 | 3.8 | |||||||
Foreign currency | (0.6 | ) | (0.1 | ) | |||||
Balance at end of period | $ | 8.4 | $ | 9.9 |
BUSINESS_SEGMENT_INFORMATION
BUSINESS SEGMENT INFORMATION | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
BUSINESS SEGMENT INFORMATION [Abstract] | ' | ||||||||||||||||
BUSINESS SEGMENT INFORMATION | ' | ||||||||||||||||
Note 4:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â BUSINESS SEGMENT INFORMATION | |||||||||||||||||
As previously mentioned, we operate in five segments. Â We determine our operating segments based on the discrete financial information that is regularly evaluated by our chief operating decision maker, our President and Chief Executive Officer, in deciding how to allocate resources and in assessing performance. Â Intersegment sales are not material and are eliminated in the corporate segment. Â Our reportable measure of profit or loss for each segment is operating profit, which is defined as net sales less cost of sales and selling, general and administrative expenses related to a segment's operations. Â The costs deducted to arrive at operating profit do not include several items, such as net interest expense or income tax expense. Â Segment assets are those assets used within each segment. Â Corporate assets include assets used in the operation of this segment as well as those used by or shared amongst our segments, including certain cash and cash equivalents, fixed assets, assets associated with certain employee benefit plans, and other miscellaneous assets. | |||||||||||||||||
The following tables set forth certain financial information by segment: | |||||||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales: | |||||||||||||||||
Performance materials | $ | 362.7 | $ | 362.6 | $ | 126.1 | $ | 116.7 | |||||||||
Construction technologies | 161.6 | 173 | 62.8 | 60.6 | |||||||||||||
Energy services | 223.6 | 185.5 | 72.8 | 69.1 | |||||||||||||
Transportation | 34.4 | 33.5 | 12.7 | 10.7 | |||||||||||||
Intersegment sales | (27.1 | ) | (22.8 | ) | (10.9 | ) | (7.9 | ) | |||||||||
Total | $ | 755.2 | $ | 731.8 | $ | 263.5 | $ | 249.2 | |||||||||
Operating profit (loss): | |||||||||||||||||
Performance materials | $ | 2.6 | $ | 61.2 | $ | (32.1 | ) | $ | 18.4 | ||||||||
Construction technologies | 10.3 | 14.3 | 9.3 | 7 | |||||||||||||
Energy services | 20.8 | 20.4 | 3.8 | 7.9 | |||||||||||||
Transportation | 1 | 0.7 | 0.5 | 0.2 | |||||||||||||
Corporate | (18.1 | ) | (16.8 | ) | (6.1 | ) | (5.1 | ) | |||||||||
Total | $ | 16.6 | $ | 79.8 | $ | (24.6 | ) | $ | 28.4 | ||||||||
As of Sep. 30, 2013 | As of Dec. 31, 2012 | ||||||||||||||||
Assets: | |||||||||||||||||
Performance materials | $ | 392.4 | $ | 454 | |||||||||||||
Construction technologies | 172.3 | 157.6 | |||||||||||||||
Energy services | 248.9 | 225.8 | |||||||||||||||
Transportation | 4.2 | 4 | |||||||||||||||
Corporate | 93.2 | 69.2 | |||||||||||||||
Total | $ | 911 | $ | 910.6 | |||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Depreciation, depletion and amortization: | |||||||||||||||||
Performance materials | $ | 14.9 | $ | 14.5 | $ | 5.2 | $ | 5 | |||||||||
Construction technologies | 4 | 4 | 1.3 | 1.3 | |||||||||||||
Energy services | 16.1 | 12.6 | 6 | 4.4 | |||||||||||||
Transportation | 0.1 | 0.1 | - | 0.1 | |||||||||||||
Corporate | 2.6 | 2.1 | 0.9 | 0.7 | |||||||||||||
Total | $ | 37.7 | $ | 33.3 | $ | 13.4 | $ | 11.5 | |||||||||
Capital expenditures: | |||||||||||||||||
Performance materials | $ | 18.9 | $ | 20.7 | $ | 8.4 | $ | 9.9 | |||||||||
Construction technologies | 2.1 | 7.9 | 1.5 | 1.6 | |||||||||||||
Energy services | 35.4 | 20.8 | 8.3 | 7.8 | |||||||||||||
Transportation | 0.2 | - | 0.1 | - | |||||||||||||
Corporate | 9.7 | 4.8 | 3.9 | 2.7 | |||||||||||||
Total | $ | 66.3 | $ | 54.2 | $ | 22.2 | $ | 22 | |||||||||
Research and development (income) expense: | |||||||||||||||||
Performance materials | $ | 4.3 | $ | 3.9 | $ | 1.5 | $ | 1.2 | |||||||||
Construction technologies | 2.1 | 1.8 | 0.7 | 0.6 | |||||||||||||
Energy services | 1.6 | 1.2 | 0.6 | 0.4 | |||||||||||||
Corporate | - | (0.1 | ) | - | - | ||||||||||||
Total | $ | 8.5 | $ | 6.2 | $ | 3.2 | $ | 2 | |||||||||
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ' | ||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||
Note 5:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â EMPLOYEE BENEFIT PLANS | |||||||||||||||||
We have a defined benefit pension plan covering substantially all of our domestic employees hired before January 1, 2004. Â We also sponsor a supplementary pension plan that provides benefits in excess of qualified plan limitations for certain employees. Â Pension cost for both of our plans is comprised of : | |||||||||||||||||
Defined Benefit Pension Plan | Supplementary Pension Plan | ||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 1.3 | $ | 1.3 | $ | 0.3 | $ | 0.2 | |||||||||
Interest cost | 2 | 2 | 0.4 | 0.4 | |||||||||||||
Expected return on plan assets | (2.2 | ) | (1.9 | ) | - | - | |||||||||||
Amortization of acturial loss | 0.7 | 0.7 | 0.2 | 0.1 | |||||||||||||
Net periodic benefit cost | $ | 1.8 | $ | 2.1 | $ | 0.9 | $ | 0.7 | |||||||||
Defined Benefit Pension Plan | Supplementary Pension Plan | ||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 0.4 | $ | 0.4 | $ | 0.1 | $ | - | |||||||||
Interest cost | 0.7 | 0.7 | 0.1 | 0.2 | |||||||||||||
Expected return on plan assets | (0.7 | ) | (0.6 | ) | - | - | |||||||||||
Amortization of acturial loss | 0.2 | 0.2 | 0.1 | - | |||||||||||||
Net periodic benefit cost | $ | 0.6 | $ | 0.7 | $ | 0.3 | $ | 0.2 | |||||||||
As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2012, we expect to contribute $1.2 to the defined benefit pension plan in 2013, of which $0.9 was contributed in the nine months ended September 30, 2013. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2013 | |
INCOME TAXES [Abstract] | ' |
INCOME TAXES | ' |
Note 6:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â INCOME TAXES | |
Our effective tax rate for the nine months ended September 30, 2013 and 2012 was 71.4% and 27.8%, respectively.  For 2013 and 2012, the rate differs from the U.S. federal statutory rate of 35.0% due to depletion deductions and differences in local tax rates on the income from our foreign subsidiaries. Additionally, for the nine months ended September 30, 2013, the effective tax rate includes the establishment of a valuation allowance of $2.5 for deferred tax assets in certain foreign entities, primarily related to the performance of our South African operations.  For 2013, the effective tax rate is also negatively impacted by jurisdictions with losses for which a tax benefit cannot be recognized.  Due to changes in the mix of income and losses amongst jurisdictions, we changed 2013's estimated annual effective tax rate (absent discrete items) from 27.6% to 41.2%. | |
In the normal course of business, we are subject to examination by taxing authorities throughout the world.  With few exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2008.  The United States Internal Revenue Service ("IRS") has examined our federal income tax returns for all years through 2009. |
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract] | ' | |||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | |||||||||||||||||
Note 7:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||||||||
As a multinational corporation with operations throughout the world, we are subject to certain market risks. We use a variety of practices to manage these market risks, including, when considered appropriate, derivative financial instruments. We use derivative financial instruments only for risk management and not for trading or speculative purposes. | ||||||||||||||||||
The following table sets forth the fair values of our derivative instruments and where they are recorded within our condensed consolidated balance sheet: | ||||||||||||||||||
Fair Value as of | ||||||||||||||||||
Liability Derivatives | Balance Sheet Location | 30-Sep-13 | 31-Dec-12 | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest rate swaps | Other long-term liabilities | $ | (5.9 | ) | $ | (8.4 | ) | |||||||||||
Interest rate swaps | Accrued liabilities | (0.5 | ) | - | ||||||||||||||
Cash flow hedges | ||||||||||||||||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest rate swaps, net of tax | $ | 1.4 | $ | - | $ | 0.2 | $ | - | ||||||||||
We use interest rate swaps to manage floating interest rate risk on debt securities. Â Interest rate differentials are paid or received on these arrangements over the life of the swap. Â As of September 30, 2013 and 2012, we had interest rate swaps outstanding which effectively hedge the variable interest rate on $30.0 of our senior notes to a fixed rate of 5.6% per annum and $33.0 of our borrowings under our revolving credit agreement to a fixed rate of 3.3% per annum, plus credit spread. | ||||||||||||||||||
Other | ||||||||||||||||||
We are exposed to potential gains or losses from foreign currency fluctuations affecting net investments and earnings denominated in foreign currencies. Â We are particularly sensitive to currency exchange rate fluctuations for the following currencies: British pound sterling (GBP), Chinese renminbi (CYN), Danish kroner (DKK), Â Euro, India rupee (INR), Malaysian ringgit (MYR), Norwegian krone (NOK), Polish Zloty (PLN), South African rand (ZAR), Swiss franc (SEK), and Thai baht (THB). Â When considered appropriate, we enter into foreign exchange derivative contracts to mitigate the risk of fluctuations on these exposures. | ||||||||||||||||||
We have not designated our foreign currency derivative contracts for hedge accounting treatment and therefore, changes in fair value of these contracts are recorded in earnings as follows: | ||||||||||||||||||
Amount of Gain or (Loss) Recognized in Income on Derivatives | ||||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivatives | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign currency exchange contracts | Other, net | $ | (2.8 | ) | $ | - | $ | (1.9 | ) | $ | (0.3 | ) | ||||||
We did not have any significant foreign exchange derivative instruments outstanding as of September 30, 2013 or December 31, 2012. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
Note 8:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â FAIR VALUE MEASUREMENTS | |||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Â Our calculation of the fair value of derivative instruments includes several assumptions. Â The fair value hierarchy prioritizes these input assumptions in the following three broad levels: | |||||||||||||||||
Level 1 – Values are based on quoted prices (unadjusted) in active markets for identical assets or liabilities we have the ability to access at the measurement date. | |||||||||||||||||
Level 2 – Values are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and model based valuations for which all significant inputs are observable in the market. | |||||||||||||||||
Level 3 – Values are based on model based techniques that use unobservable inputs for the asset or liability. These inputs reflect our beliefs about the assumptions market participants would use in pricing the asset or liability. | |||||||||||||||||
The following tables categorize our fair value instruments, measured on a recurring basis, according to the assumptions used to calculate those values: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Description | Asset / (Liability) Balance at | ||||||||||||||||
9/30/13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Interest rate swaps | $ | (6.4 | ) | $ | - | $ | (6.4 | ) | $ | - | |||||||
Available-for-sale securities | 9.1 | 9.1 | - | - | |||||||||||||
Deferred compensation plan assets | 10.9 | - | 10.9 | - | |||||||||||||
Supplementary pension plan assets | 8.9 | - | 8.9 | - | |||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Description | Asset / (Liability) Balance at | ||||||||||||||||
12/31/12 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Interest rate swaps | $ | (8.4 | ) | $ | - | $ | (8.4 | ) | $ | - | |||||||
Available-for-sale securities | 14.6 | 14.6 | - | - | |||||||||||||
Deferred compensation plan assets | 9.4 | - | 9.4 | - | |||||||||||||
Supplementary pension plan assets | 8.2 | - | 8.2 | - | |||||||||||||
Interest rate swaps are valued using discounted cash flows. Â The key input used is the LIBOR swap rate, which is observable at commonly quoted intervals for the full term of the swap. Â Available-for-sale securities are valued using quoted market prices. Â Deferred compensation and supplemental pension plan assets are valued using quoted prices for similar assets in active markets. | |||||||||||||||||
The carrying value of our long-term debt approximates its fair value as the interest rate is near the current market rate yield. Â The fair value of our long-term debt is determined using current applicable rates for similar instruments as of the balance sheet date. Â The fair value of long-term debt for disclosure purpose is a Level 3 liability within the fair value category. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ' | ||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | ||||||||||||||||||||||||
Note 9:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
The following tables summarize the changes in other comprehensive income (loss) by component: | |||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | Net-Of-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net-Of-Tax Amount | ||||||||||||||||||||
Foreign currency translation adjustment | $ | (19.4 | ) | $ | - | $ | (19.4 | ) | $ | 4.3 | $ | - | $ | 4.3 | |||||||||||
Unrealized gain (loss) on available-for-sale securities | (5.5 | ) | 1.2 | (4.3 | ) | 4.1 | - | 4.1 | |||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||||||||||
Unrealized gain (loss) arising during period | 0.5 | (0.2 | ) | 0.3 | (1.8 | ) | 0.7 | (1.1 | ) | ||||||||||||||||
Reclassification of net (gain) loss to net income | 1.8 | (0.7 | ) | 1.1 | 1.8 | (0.7 | ) | 1.1 | |||||||||||||||||
Pension plans: | |||||||||||||||||||||||||
Reclassification of net acturial loss to net income | 0.9 | (0.3 | ) | 0.6 | 0.9 | (0.3 | ) | 0.6 | |||||||||||||||||
Total other comprehensive income (loss) | $ | (21.7 | ) | $ | - | $ | (21.7 | ) | $ | 9.3 | $ | (0.3 | ) | $ | 9 | ||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | Net-Of-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net-Of-Tax Amount | ||||||||||||||||||||
Foreign currency translation adjustment | $ | 1.3 | $ | - | $ | 1.3 | $ | 7.8 | $ | - | $ | 7.8 | |||||||||||||
Unrealized gain (loss) on available-for-sale securities | (1.6 | ) | - | (1.6 | ) | 4.9 | - | 4.9 | |||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||||||||||
Unrealized gain (loss) arising during period | (0.3 | ) | 0.1 | (0.2 | ) | (0.6 | ) | 0.3 | (0.3 | ) | |||||||||||||||
Reclassification of net (gain) loss to net income | 0.6 | (0.2 | ) | 0.4 | 0.6 | (0.3 | ) | 0.3 | |||||||||||||||||
Pension plans: | |||||||||||||||||||||||||
Reclassification of net acturial loss to net income | 0.3 | (0.1 | ) | 0.2 | 0.3 | (0.1 | ) | 0.2 | |||||||||||||||||
Total other comprehensive income (loss) | $ | 0.3 | $ | (0.2 | ) | $ | 0.1 | $ | 13 | $ | (0.1 | ) | $ | 12.9 | |||||||||||
The following table summarizes the additions to and reclassifications out of accumulated other comprehensive income (loss) attributable to the Company and the affected line items in the condensed consolidated statement of operations: | |||||||||||||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Affected Line Item in the Statement Where Net Income (Loss)Â is Presented | |||||||||||||||||||||
Reclassification of net (gain) loss on interest rate swaps: | Â Â Â Â Â Â Â Â | ||||||||||||||||||||||||
Pre-tax amount | $ | 1.8 | $ | 1.8 | $ | 0.6 | $ | 0.6 | Â Interest expense, net | ||||||||||||||||
Tax | (0.7 | ) | (0.7 | ) | (0.2 | ) | (0.3 | ) | Â Income tax expense | ||||||||||||||||
Net of tax | 1.1 | 1.1 | 0.4 | 0.3 | Â Â Â | ||||||||||||||||||||
                  | |||||||||||||||||||||||||
Amortization of pension items: | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | ||||||||||||||||||||||||
Net acturial loss, pre-tax amount | 0.9 | 0.9 | 0.3 | 0.3 | Â Components of net periodic benefit cost (see Employee Benefit Plans note for details) | ||||||||||||||||||||
Tax | (0.3 | ) | (0.3 | ) | (0.1 | ) | (0.1 | ) | Â Income tax expense | ||||||||||||||||
Net of tax | 0.6 | 0.6 | 0.2 | 0.2 | Â Â Â | ||||||||||||||||||||
                  | |||||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 1.7 | $ | 1.7 | $ | 0.6 | $ | 0.5 | Â Â Â |
REORGANIZATION_CHARGES
REORGANIZATION CHARGES | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
REORGANIZING CHARGES [Abstract] | ' | ||||||||
REORGANIZING CHARGES | ' | ||||||||
Note 10:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â REORGANIZING CHARGES | |||||||||
Our results for the three and nine months ended September 30, 2013 include certain expenses associated with reorganizing our operations. These reorganization efforts mainly relate to our operations in Europe to close or reorganize certain offices there, improve our cost structure, and increase operating efficiencies. The following table outlines the amount of expenses, where they were recognized in our condensed consolidated statements of income, and the segments they relate to: | |||||||||
Nine Months Ended September 30, 2013 | Performance Materials | Construction Technologies | |||||||
Cost of sales line: | |||||||||
Employee termination and other benefits | $ | 0.1 | $ | 0.7 | |||||
Selling, general and administrative expenses line: | |||||||||
Employee termination and other benefits | 0.6 | 2.5 | |||||||
Non-cash impairment charges (1) | - | 0.6 | |||||||
Total | $ | 0.7 | $ | 3.8 | |||||
(1)Â Â Â Â Â Â Â Â Â Â Â Â Non-cash impairment charges relate to write-down of certain assets held-for-sale to their estimated fair values based on a third-party appraisal (a Level 2 fair value input). | |||||||||
Three Months Ended September 30, 2013 | Performance Materials | Construction Technologies | |||||||
Cost of sales line: | |||||||||
Employee termination and other benefits | $ | 0.1 | $ | - | |||||
Selling, general and administrative expenses line: | |||||||||
Employee termination and other benefits | - | (0.1 | ) | ||||||
Total | $ | 0.1 | $ | (0.1 | ) | ||||
At September 30, 2013, we had $0.5 included within accrued liabilities within our condensed consolidated balance sheets for cash expenditures needed to satisfy remaining obligations under these reorganization initiatives. Â We expect to pay these amounts by the end of 2013. |
IMPAIRMENTS
IMPAIRMENTS | 9 Months Ended |
Sep. 30, 2013 | |
IMPAIRMENTS [Abstract] | ' |
IMPAIRMENTS | ' |
Note 11:Â Â Â Â Â Â Â Â Â IMPAIRMENTS | |
Health nad Beauty Operations: | |
During the third quarter of 2013, we committed to divest our health and beauty (HBS) operations within our performance materials segment and adjusted the carrying value of HBS's net assets held-for-sale to their $12.0 fair value less cost to sell (see Note 12 for further details). The fair value adjustment  resulted in impairment charges of $1.8, $1.1, and $1.3; relating to HBS's goodwill, intangible assets, and property, plant and equipment, respectively. | |
As required by ASC Topic 350 - Intangibles - Goodwill and Other, we completed an interim test for goodwill and intangible assets for HBS's operations during the third quarter of 2013. In the first step of the goodwill impairment evaluation, we compared the fair value of HBS based on an observable Level 2 fair value input with its carrying amount, which suggested the goodwill was impaired. Â In performing the second step of impairment test, we determined that the implied fair value of goodwill was lower than carrying amount, and recorded an impairment loss of $1.8. | |
The $1.1 impairment charge for intangible assets relates to trademarks and developed technology, and was assessed using the relief from royalty rate method (Level 3 fair value input). Critical assumptions used in conducting these tests included applicable market royalty rates and discount rates as well as the future performance of these assets.  | |
The $1.3 impairment charge relating to HBS's plant, property and equipment was assessed using cost method adjusted for age and deterioration (Level 3 fair value input). | |
South Africa: | |
              During the quarter ended September 30, 2013, our performance materials segment recorded an impairment charge of $52.3 to record a write down of mineral rights ($36.0) and depreciable assets ($16.3) from their carrying value to their estimated fair values.  Fair value for mineral rights was assessed using discounted cash flow approach (Level 3 fair value input) and for depreciable assets using a combination of mass appraisal technique and market approach technique (Level 2 fair value input). The impairment charge relates to a significant adverse change in the business climate experienced by our South African chromite operations.  Specifically, recently developed overcapacity in the supply of chromite has impacted our pricing and ability to grow market share in the foundry grade market which required us to perform a review of recoverability in the third quarter of 2013.  Based on that evaluation, we determined the long-lived assets that produce chromite were not recoverable on a gross cash flow analysis. The impairment charge is recorded within our condensed consolidated statements of operations within cost of sales ($52.2) and selling, general and administrative expense ($0.1). |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
DISCONTINUED OPERATIONS [Abstract] | ' | ||||||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||||||
Note 12: Â Â Â Â Â Â Â Â DISCONTINUED OPERATIONS | |||||||||||||||||
           In September 2013 we committed to divest our health and beauty (HBS) operations within our performance materials segment. The results of these operations have been reclassified and recorded net of income tax within Income (loss) on discontinued operations within our condensed consolidated statements of operations. | |||||||||||||||||
The following table presents amounts of HBS's net sales and pretax income reported in discontinued operations during the three and nine months ended September 30, 2013: | |||||||||||||||||
HBS | Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Sales | $ | 11.4 | $ | 14.7 | $ | 3.7 | $ | 4.3 | |||||||||
Pre-tax income | (5.3 | )Â | 0.8 | (6.1 | )Â | (0.4 | )Â | ||||||||||
           In accordance with ASC Topic 360, Impairment and Disposal of Long Lived Assets, the assets of HBS met the held for sale criteria and we adjusted the carrying value of HBS's net asset held-for-sale to their fair value less cost to sell, $12.0. This fair value adjustment resulted in a $6.6 loss, of which $4.2 related to impairment charges against HBS's long-lived assets (see Note 11) and $2.44 related to establishing a valuation allowance against HBS's net assets.  The total loss of $6.6, offset by a $2.4 income tax benefit, for the three and nine months ended September 30, 2013 is recorded within Income (loss) on discontinued operations within our condensed consolidated statements of operations. |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
CONTINGENCIES [Abstract] | ' |
CONTINGENCIES | ' |
Note 13:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CONTINGENCIES | |
We are party to a number of lawsuits arising in the normal course of business. Â Our energy services segment is party to two lawsuits in Louisiana, one of which alleges damages of $30 and the other of $9. Â We do not believe that any of the aforementioned pending litigation will have a material adverse effect on our consolidated financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||
Company Operations | ' | ||||||||
Company Operations | |||||||||
We, AMCOL International Corporation (the "Company"), are a leading producer and marketer of diverse specialty materials with a core expertise in minerals and polymer science. Â Through five business segments, performance materials, construction technologies, energy services, transportation, and corporate, we create solutions that enhance the quality, efficiency and sustainability of our customers' products and services in a growing global marketplace. | |||||||||
Our performance materials segment is a leading supplier of bentonite related products. | |||||||||
Our construction technologies segment provides products for non-residential construction, environmental and infrastructure projects worldwide. | |||||||||
 Our energy services segment offers a range of patented technologies, products and services for both upstream and downstream oil and gas production. | |||||||||
Our transportation segment, which serves our domestic subsidiaries as well as third parties, is a dry van and flatbed carrier and freight brokerage service provider. | |||||||||
Our corporate segment includes the elimination of intersegment sales as well as certain expenses associated with research and development, management, employee benefits and information technology activities for our Company. Â Approximately 69% and 73% of the revenue elimination in the nine months ended September 30, 2012 and 2011, respectively, and 68% and 73% of the revenue elimination in the three months ended September 30, 2013 and 2012, respectively, represents elimination of shipping revenues between our transportation segment and its domestic sister companies. | |||||||||
A significant portion of the products sold by our performance materials segment and, to a lesser extent, our construction technologies segment, utilize a mineral called bentonite. Â Bentonite has several valuable characteristics, including its ability to bind, swell, adsorb, control rheology, soften fabrics, and have its surface modified through chemical and physical reactions. We also develop applications for other specialty minerals, most significantly chromite and leonardite. | |||||||||
We earn revenues from the sale of finished products, provision of services, rental of equipment, and charges for shipping goods and materials to customers. Â Our service revenues are derived primarily from our construction technologies, energy services, and transportation segments; our transportation segment is purely service based. | |||||||||
The composition of our revenues by segment is as follows: | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Performance materials | 48 | % | 50 | % | |||||
Construction technologies | 21 | % | 24 | % | |||||
Energy services | 30 | % | 25 | % | |||||
Transportation | 5 | % | 5 | % | |||||
Intersegment sales | -4 | % | -4 | % | |||||
100 | % | 100 | % | ||||||
Further discussion of our segment information is included in Note 4, "Business Segment Information." | |||||||||
Basis of Presentation | ' | ||||||||
Basis of Presentation | |||||||||
The financial information included herein has been prepared by management, and other than the condensed consolidated balance sheet as of December 31, 2012, is unaudited. Â The condensed consolidated balance sheet as of December 31, 2012 has been derived from, but does not include all of the disclosures contained in, the audited consolidated financial statements for the year ended December 31, 2012. Â The information furnished herein includes all adjustments that are, in our opinion, necessary for a fair presentation of our results of operations and cash flows for the interim periods ended September 30, 2013 and 2012, and our financial position as of September 30, 2013, and all such adjustments are of a normal and recurring nature. Â The accompanying condensed consolidated financial information should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2012. | |||||||||
Certain items in the prior year's condensed consolidated financial statements contained herein and notes thereto have been reclassified to conform to the condensed consolidated financial statement presentation for the three and nine months ended September 30, 2013. Â These reclassifications did not have a material impact on our financial statements. | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("US GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Â Actual results may differ from those estimates. | |||||||||
The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year for a variety of reasons, including the seasonality of both our construction technologies segment, which varies due to the seasonal nature of the construction industry, and our energy services segment, which varies due to seasonal weather patterns in its various geographic markets. | |||||||||
Recently Adopted and Recently Issued Accounting Guidance | ' | ||||||||
Recently Adopted and Recently Issued Accounting Guidance | |||||||||
Adopted: | |||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-02 codified in Accounting Standards Codification ("ASC") Topic 220 – Comprehensive Income which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income.  This ASU requires entities to disclose additional information about reclassification adjustments, including changes in accumulated other comprehensive income balances by component and significant items reclassified out of accumulated other comprehensive income.  Other than additional disclosure requirements, the adoption of this ASU on January 1, 2013 had no impact on our financial statements. | |||||||||
In July 2012, the FASB issued ASU 2012-02, codified in ASC Topic 350 – Intangibles – Goodwill and Other.  This ASU gives entities the option to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that an indefinite-lived intangible asset is impaired.  If impairment is indicated, the fair value of the indefinite-lived intangible asset should be determined and the quantitative impairment test should be performed by comparing the fair value with the carrying value in accordance with subtopic 350-30.  If impairment is not indicated, the entity is not required to take further action.  The adoption of this ASU on January 1, 2013 had no impact on our financial statements. | |||||||||
Issued: | |||||||||
In March 2013, the FASB issued ASU 2013-05 codified in ASC Topic 830 – Foreign Currency Matters. This ASU clarifies the applicable guidance relating to a parent entity's accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. A parent entity is required to release any related cumulative foreign currency translation adjustment from accumulated other comprehensive income into net income in the following circumstances: (i) a parent entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided; (ii) a partial sale of an equity method investment that is a foreign entity; (iii) a partial sale of an equity method investment that is not a foreign entity whereby the partial sale represents a complete or substantially complete liquidation of the foreign entity that held the equity method investment; and (iv) the sale of an investment in a foreign entity. This ASU will become effective for us on January 1, 2014. The impact of this ASU on our financial statements will be considered in the event we initiate any of the transactions described above. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||
Revenue by segment | ' | ||||||||
The composition of our revenues by segment is as follows: | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Performance materials | 48 | % | 50 | % | |||||
Construction technologies | 21 | % | 24 | % | |||||
Energy services | 30 | % | 25 | % | |||||
Transportation | 5 | % | 5 | % | |||||
Intersegment sales | -4 | % | -4 | % | |||||
100 | % | 100 | % | ||||||
EARNINGS_LOSS_PER_SHARE_Tables
EARNINGS (LOSS) PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||||||||||
Share information used in computing earnings per share | ' | ||||||||||||||||
               The following table provides further share information used in calculating our earnings per share for the periods presented herein.  Basic earnings per share was calculated by dividing net income attributable to AMCOL shareholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share was calculated by dividing net income attributable to AMCOL shareholders by the weighted average common shares outstanding after consideration of the dilutive effect of stock compensation awards outstanding during each period. | |||||||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average number of common shares outstanding | 32,438,002 | 32,024,603 | 32,516,744 | 32,071,202 | |||||||||||||
Dilutive impact of stock based compensation | 303,327 | 315,636 | - | 381,676 | |||||||||||||
Weighted average number of common and common equivalent shares outstanding for the period | 32,741,329 | 32,340,239 | 32,516,744 | 32,452,878 | |||||||||||||
Number of common shares outstanding at the end of the period | 32,439,479 | 31,959,139 | 32,439,479 | 31,959,139 | |||||||||||||
Weighted average number of anti-dilutive shares excluded from the computation of diluted earnings per share | 268,437 | 635,738 | 493,773 | 276,753 |
ADDITIONAL_BALANCE_SHEET_INFOR1
ADDITIONAL BALANCE SHEET INFORMATION (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
ADDITIONAL BALANCE SHEET INFORMATION [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Our inventories at September 30, 2013 and December 31, 2012 are comprised of the following components: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Crude stockpile inventories | $ | 49.3 | $ | 60.8 | |||||
In-process and finished goods inventories | 80.6 | 70.5 | |||||||
Other raw material, container, and supplies inventories | 24.5 | 22.5 | |||||||
$ | 154.4 | $ | 153.8 | ||||||
Reclamation liability | ' | ||||||||
We mine various minerals using a surface mining process that requires the removal of overburden. Â In certain areas and under various governmental regulations, we are obligated to restore the land comprising each mining site to its original condition at the completion of the mining activity. Â We include an estimate of this reclamation liability in our condensed consolidated balance sheets; it is adjusted to reflect the passage of time, current activities, and changes in estimated future cash outflows. Â A reconciliation of the activity within our reclamation liability is as follows: | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 9.5 | $ | 9.3 | |||||
Settlement of obligations | (2.3 | ) | (3.1 | ) | |||||
Liabilities incurred and accretion expense | 1.8 | 3.8 | |||||||
Foreign currency | (0.6 | ) | (0.1 | ) | |||||
Balance at end of period | $ | 8.4 | $ | 9.9 |
BUSINESS_SEGMENT_INFORMATION_T
BUSINESS SEGMENT INFORMATION (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
BUSINESS SEGMENT INFORMATION [Abstract] | ' | ||||||||||||||||
Financial information by segment | ' | ||||||||||||||||
The following tables set forth certain financial information by segment: | |||||||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales: | |||||||||||||||||
Performance materials | $ | 362.7 | $ | 362.6 | $ | 126.1 | $ | 116.7 | |||||||||
Construction technologies | 161.6 | 173 | 62.8 | 60.6 | |||||||||||||
Energy services | 223.6 | 185.5 | 72.8 | 69.1 | |||||||||||||
Transportation | 34.4 | 33.5 | 12.7 | 10.7 | |||||||||||||
Intersegment sales | (27.1 | ) | (22.8 | ) | (10.9 | ) | (7.9 | ) | |||||||||
Total | $ | 755.2 | $ | 731.8 | $ | 263.5 | $ | 249.2 | |||||||||
Operating profit (loss): | |||||||||||||||||
Performance materials | $ | 2.6 | $ | 61.2 | $ | (32.1 | ) | $ | 18.4 | ||||||||
Construction technologies | 10.3 | 14.3 | 9.3 | 7 | |||||||||||||
Energy services | 20.8 | 20.4 | 3.8 | 7.9 | |||||||||||||
Transportation | 1 | 0.7 | 0.5 | 0.2 | |||||||||||||
Corporate | (18.1 | ) | (16.8 | ) | (6.1 | ) | (5.1 | ) | |||||||||
Total | $ | 16.6 | $ | 79.8 | $ | (24.6 | ) | $ | 28.4 | ||||||||
As of Sep. 30, 2013 | As of Dec. 31, 2012 | ||||||||||||||||
Assets: | |||||||||||||||||
Performance materials | $ | 392.4 | $ | 454 | |||||||||||||
Construction technologies | 172.3 | 157.6 | |||||||||||||||
Energy services | 248.9 | 225.8 | |||||||||||||||
Transportation | 4.2 | 4 | |||||||||||||||
Corporate | 93.2 | 69.2 | |||||||||||||||
Total | $ | 911 | $ | 910.6 | |||||||||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Depreciation, depletion and amortization: | |||||||||||||||||
Performance materials | $ | 14.9 | $ | 14.5 | $ | 5.2 | $ | 5 | |||||||||
Construction technologies | 4 | 4 | 1.3 | 1.3 | |||||||||||||
Energy services | 16.1 | 12.6 | 6 | 4.4 | |||||||||||||
Transportation | 0.1 | 0.1 | - | 0.1 | |||||||||||||
Corporate | 2.6 | 2.1 | 0.9 | 0.7 | |||||||||||||
Total | $ | 37.7 | $ | 33.3 | $ | 13.4 | $ | 11.5 | |||||||||
Capital expenditures: | |||||||||||||||||
Performance materials | $ | 18.9 | $ | 20.7 | $ | 8.4 | $ | 9.9 | |||||||||
Construction technologies | 2.1 | 7.9 | 1.5 | 1.6 | |||||||||||||
Energy services | 35.4 | 20.8 | 8.3 | 7.8 | |||||||||||||
Transportation | 0.2 | - | 0.1 | - | |||||||||||||
Corporate | 9.7 | 4.8 | 3.9 | 2.7 | |||||||||||||
Total | $ | 66.3 | $ | 54.2 | $ | 22.2 | $ | 22 | |||||||||
Research and development (income) expense: | |||||||||||||||||
Performance materials | $ | 4.3 | $ | 3.9 | $ | 1.5 | $ | 1.2 | |||||||||
Construction technologies | 2.1 | 1.8 | 0.7 | 0.6 | |||||||||||||
Energy services | 1.6 | 1.2 | 0.6 | 0.4 | |||||||||||||
Corporate | - | (0.1 | ) | - | - | ||||||||||||
Total | $ | 8.5 | $ | 6.2 | $ | 3.2 | $ | 2 |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ' | ||||||||||||||||
Summary of net periodic pension cost | ' | ||||||||||||||||
We have a defined benefit pension plan covering substantially all of our domestic employees hired before January 1, 2004. Â We also sponsor a supplementary pension plan that provides benefits in excess of qualified plan limitations for certain employees. Â Pension cost for both of our plans is comprised of : | |||||||||||||||||
Defined Benefit Pension Plan | Supplementary Pension Plan | ||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 1.3 | $ | 1.3 | $ | 0.3 | $ | 0.2 | |||||||||
Interest cost | 2 | 2 | 0.4 | 0.4 | |||||||||||||
Expected return on plan assets | (2.2 | ) | (1.9 | ) | - | - | |||||||||||
Amortization of acturial loss | 0.7 | 0.7 | 0.2 | 0.1 | |||||||||||||
Net periodic benefit cost | $ | 1.8 | $ | 2.1 | $ | 0.9 | $ | 0.7 | |||||||||
Defined Benefit Pension Plan | Supplementary Pension Plan | ||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 0.4 | $ | 0.4 | $ | 0.1 | $ | - | |||||||||
Interest cost | 0.7 | 0.7 | 0.1 | 0.2 | |||||||||||||
Expected return on plan assets | (0.7 | ) | (0.6 | ) | - | - | |||||||||||
Amortization of acturial loss | 0.2 | 0.2 | 0.1 | - | |||||||||||||
Net periodic benefit cost | $ | 0.6 | $ | 0.7 | $ | 0.3 | $ | 0.2 |
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract] | ' | |||||||||||||||||
Fair value of derivative instruments in the Balance Sheet | ' | |||||||||||||||||
The following table sets forth the fair values of our derivative instruments and where they are recorded within our condensed consolidated balance sheet: | ||||||||||||||||||
Fair Value as of | ||||||||||||||||||
Liability Derivatives | Balance Sheet Location | 30-Sep-13 | 31-Dec-12 | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest rate swaps | Other long-term liabilities | $ | (5.9 | ) | $ | (8.4 | ) | |||||||||||
Interest rate swaps | Accrued liabilities | (0.5 | ) | - | ||||||||||||||
Summary of cash flow hedges | ' | |||||||||||||||||
Cash flow hedges | ||||||||||||||||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives | ||||||||||||||||||
(Effective Portion) | ||||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest rate swaps, net of tax | $ | 1.4 | $ | - | $ | 0.2 | $ | - | ||||||||||
Changes in fair value of foreign exchange contracts | ' | |||||||||||||||||
We have not designated our foreign currency derivative contracts for hedge accounting treatment and therefore, changes in fair value of these contracts are recorded in earnings as follows: | ||||||||||||||||||
Amount of Gain or (Loss) Recognized in Income on Derivatives | ||||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivatives | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign currency exchange contracts | Other, net | $ | (2.8 | ) | $ | - | $ | (1.9 | ) | $ | (0.3 | ) | ||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||||||||||
Summary of fair value instruments | ' | ||||||||||||||||
The following tables categorize our fair value instruments, measured on a recurring basis, according to the assumptions used to calculate those values: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Description | Asset / (Liability) Balance at | ||||||||||||||||
9/30/13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Interest rate swaps | $ | (6.4 | ) | $ | - | $ | (6.4 | ) | $ | - | |||||||
Available-for-sale securities | 9.1 | 9.1 | - | - | |||||||||||||
Deferred compensation plan assets | 10.9 | - | 10.9 | - | |||||||||||||
Supplementary pension plan assets | 8.9 | - | 8.9 | - | |||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Description | Asset / (Liability) Balance at | ||||||||||||||||
12/31/12 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Interest rate swaps | $ | (8.4 | ) | $ | - | $ | (8.4 | ) | $ | - | |||||||
Available-for-sale securities | 14.6 | 14.6 | - | - | |||||||||||||
Deferred compensation plan assets | 9.4 | - | 9.4 | - | |||||||||||||
Supplementary pension plan assets | 8.2 | - | 8.2 | - |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ' | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | ' | ||||||||||||||||||||||||
The following tables summarize the changes in other comprehensive income (loss) by component: | |||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | Net-Of-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net-Of-Tax Amount | ||||||||||||||||||||
Foreign currency translation adjustment | $ | (19.4 | ) | $ | - | $ | (19.4 | ) | $ | 4.3 | $ | - | $ | 4.3 | |||||||||||
Unrealized gain (loss) on available-for-sale securities | (5.5 | ) | 1.2 | (4.3 | ) | 4.1 | - | 4.1 | |||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||||||||||
Unrealized gain (loss) arising during period | 0.5 | (0.2 | ) | 0.3 | (1.8 | ) | 0.7 | (1.1 | ) | ||||||||||||||||
Reclassification of net (gain) loss to net income | 1.8 | (0.7 | ) | 1.1 | 1.8 | (0.7 | ) | 1.1 | |||||||||||||||||
Pension plans: | |||||||||||||||||||||||||
Reclassification of net acturial loss to net income | 0.9 | (0.3 | ) | 0.6 | 0.9 | (0.3 | ) | 0.6 | |||||||||||||||||
Total other comprehensive income (loss) | $ | (21.7 | ) | $ | - | $ | (21.7 | ) | $ | 9.3 | $ | (0.3 | ) | $ | 9 | ||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | Net-Of-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net-Of-Tax Amount | ||||||||||||||||||||
Foreign currency translation adjustment | $ | 1.3 | $ | - | $ | 1.3 | $ | 7.8 | $ | - | $ | 7.8 | |||||||||||||
Unrealized gain (loss) on available-for-sale securities | (1.6 | ) | - | (1.6 | ) | 4.9 | - | 4.9 | |||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||||||||||
Unrealized gain (loss) arising during period | (0.3 | ) | 0.1 | (0.2 | ) | (0.6 | ) | 0.3 | (0.3 | ) | |||||||||||||||
Reclassification of net (gain) loss to net income | 0.6 | (0.2 | ) | 0.4 | 0.6 | (0.3 | ) | 0.3 | |||||||||||||||||
Pension plans: | |||||||||||||||||||||||||
Reclassification of net acturial loss to net income | 0.3 | (0.1 | ) | 0.2 | 0.3 | (0.1 | ) | 0.2 | |||||||||||||||||
Total other comprehensive income (loss) | $ | 0.3 | $ | (0.2 | ) | $ | 0.1 | $ | 13 | $ | (0.1 | ) | $ | 12.9 | |||||||||||
Reclassification out of accumulated other comprehensive income | ' | ||||||||||||||||||||||||
The following table summarizes the additions to and reclassifications out of accumulated other comprehensive income (loss) attributable to the Company and the affected line items in the condensed consolidated statement of operations: | |||||||||||||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Affected Line Item in the Statement Where Net Income (Loss)Â is Presented | |||||||||||||||||||||
Reclassification of net (gain) loss on interest rate swaps: | Â Â Â Â Â Â Â Â | ||||||||||||||||||||||||
Pre-tax amount | $ | 1.8 | $ | 1.8 | $ | 0.6 | $ | 0.6 | Â Interest expense, net | ||||||||||||||||
Tax | (0.7 | ) | (0.7 | ) | (0.2 | ) | (0.3 | ) | Â Income tax expense | ||||||||||||||||
Net of tax | 1.1 | 1.1 | 0.4 | 0.3 | Â Â Â | ||||||||||||||||||||
                  | |||||||||||||||||||||||||
Amortization of pension items: | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | ||||||||||||||||||||||||
Net acturial loss, pre-tax amount | 0.9 | 0.9 | 0.3 | 0.3 | Â Components of net periodic benefit cost (see Employee Benefit Plans note for details) | ||||||||||||||||||||
Tax | (0.3 | ) | (0.3 | ) | (0.1 | ) | (0.1 | ) | Â Income tax expense | ||||||||||||||||
Net of tax | 0.6 | 0.6 | 0.2 | 0.2 | Â Â Â | ||||||||||||||||||||
                  | |||||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 1.7 | $ | 1.7 | $ | 0.6 | $ | 0.5 | Â Â Â |
REORGANIZATION_CHARGES_Tables
REORGANIZATION CHARGES (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
REORGANIZING CHARGES [Abstract] | ' | ||||||||
REORGANIZING CHARGES | ' | ||||||||
Our results for the three and nine months ended September 30, 2013 include certain expenses associated with reorganizing our operations. These reorganization efforts mainly relate to our operations in Europe to close or reorganize certain offices there, improve our cost structure, and increase operating efficiencies. The following table outlines the amount of expenses, where they were recognized in our condensed consolidated statements of income, and the segments they relate to: | |||||||||
Nine Months Ended September 30, 2013 | Performance Materials | Construction Technologies | |||||||
Cost of sales line: | |||||||||
Employee termination and other benefits | $ | 0.1 | $ | 0.7 | |||||
Selling, general and administrative expenses line: | |||||||||
Employee termination and other benefits | 0.6 | 2.5 | |||||||
Non-cash impairment charges (1) | - | 0.6 | |||||||
Total | $ | 0.7 | $ | 3.8 | |||||
(1)Â Â Â Â Â Â Â Â Â Â Â Â Non-cash impairment charges relate to write-down of certain assets held-for-sale to their estimated fair values based on a third-party appraisal (a Level 2 fair value input). | |||||||||
Three Months Ended September 30, 2013 | Performance Materials | Construction Technologies | |||||||
Cost of sales line: | |||||||||
Employee termination and other benefits | $ | 0.1 | $ | - | |||||
Selling, general and administrative expenses line: | |||||||||
Employee termination and other benefits | - | (0.1 | ) | ||||||
Total | $ | 0.1 | $ | (0.1 | ) |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
DISCONTINUED OPERATIONS [Abstract] | ' | ||||||||||||||||
Net sales and pretax income reported in discontinued operations | ' | ||||||||||||||||
The following table presents amounts of HBS's net sales and pretax income reported in discontinued operations during the three and nine months ended September 30, 2013: | |||||||||||||||||
HBS | Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Sales | $ | 11.4 | $ | 14.7 | $ | 3.7 | $ | 4.3 | |||||||||
Pre-tax income | (5.3 | )Â | 0.8 | (6.1 | )Â | (0.4 | )Â |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue by segment [Abstract] | ' | ' |
Percentage of revenue by segment (in hundredths) | 100.00% | 100.00% |
Performance Materials [Member] | ' | ' |
Revenue by segment [Abstract] | ' | ' |
Percentage of revenue by segment (in hundredths) | 48.00% | 50.00% |
Construction Technologies [Member] | ' | ' |
Revenue by segment [Abstract] | ' | ' |
Percentage of revenue by segment (in hundredths) | 21.00% | 24.00% |
Energy Services [Member] | ' | ' |
Revenue by segment [Abstract] | ' | ' |
Percentage of revenue by segment (in hundredths) | 30.00% | 25.00% |
Transportation [Member] | ' | ' |
Revenue by segment [Abstract] | ' | ' |
Percentage of revenue by segment (in hundredths) | 5.00% | 5.00% |
Intersegment Sales [Member] | ' | ' |
Revenue by segment [Abstract] | ' | ' |
Percentage of revenue by segment (in hundredths) | -4.00% | -4.00% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment | ||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Number of Operating Segments | ' | ' | 5 | ' |
Percentage of revenue elimination (in hundredths) | 68.00% | 73.00% | 69.00% | 73.00% |
EARNINGS_LOSS_PER_SHARE_Detail
EARNINGS (LOSS) PER SHARE (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Reconciliation between basic and diluted earnings per share [Abstract] | ' | ' | ' | ' |
Weighted average number of common shares outstanding (in shares) | 32,516,744 | 32,071,202 | 32,438,002 | 32,024,603 |
Dilutive impact of stock based compensation (in shares) | 0 | 381,676 | 303,327 | 315,636 |
Weighted average number of common and common equivalent shares outstanding for the period (in shares) | 32,516,744 | 32,452,878 | 32,741,329 | 32,340,239 |
Number of common shares outstanding at the end of the period (in shares) | 32,439,479 | 31,959,139 | 32,439,479 | 31,959,139 |
Weighted average number of anti-dilutive shares excluded from the computation of diluted earnings per share (in shares) | 493,773 | 276,753 | 268,437 | 635,738 |
ADDITIONAL_BALANCE_SHEET_INFOR2
ADDITIONAL BALANCE SHEET INFORMATION (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Crude stockpile inventories | $49.30 | $60.80 |
In-process and finished goods inventories | 80.6 | 70.5 |
Other raw material, container, and supplies inventories | 24.5 | 22.5 |
Total | $154.40 | $153.80 |
ADDITIONAL_BALANCE_SHEET_INFOR3
ADDITIONAL BALANCE SHEET INFORMATION (Details 1) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Reclamation liability [Abstract] | ' | ' |
Balance at beginning of period | $9.50 | $9.30 |
Settlement of obligations | -2.3 | -3.1 |
Liabilities incurred and accretion expense | 1.8 | 3.8 |
Foreign currency | -0.6 | -0.1 |
Balance at end of period | $8.40 | $9.90 |
BUSINESS_SEGMENT_INFORMATION_D
BUSINESS SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment | |||||
BUSINESS SEGMENT INFORMATION [Abstract] | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | 5 | ' | ' |
Segment disclosure [Abstract] | ' | ' | ' | ' | ' |
Net sales | $263.50 | $249.20 | $755.20 | $731.80 | ' |
Operating profit (loss) | -24.6 | 28.4 | 16.6 | 79.8 | ' |
Assets | 911 | ' | 911 | ' | 910.6 |
Depreciation, depletion, and amortization | 13.4 | 11.5 | 37.7 | 33.3 | ' |
Capital expenditures | 22.2 | 22 | 66.3 | 54.2 | ' |
Research and development (income) expense | 3.2 | 2 | 8.5 | 6.2 | ' |
Intersegments Eliminations [Member] | ' | ' | ' | ' | ' |
Segment disclosure [Abstract] | ' | ' | ' | ' | ' |
Net sales | -10.9 | -7.9 | -27.1 | -22.8 | ' |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment disclosure [Abstract] | ' | ' | ' | ' | ' |
Operating profit (loss) | -6.1 | -5.1 | -18.1 | -16.8 | ' |
Assets | 93.2 | ' | 93.2 | ' | 69.2 |
Depreciation, depletion, and amortization | 0.9 | 0.7 | 2.6 | 2.1 | ' |
Capital expenditures | 3.9 | 2.7 | 9.7 | 4.8 | ' |
Research and development (income) expense | 0 | 0 | 0 | -0.1 | ' |
Performance Materials [Member] | ' | ' | ' | ' | ' |
Segment disclosure [Abstract] | ' | ' | ' | ' | ' |
Net sales | 126.1 | 116.7 | 362.7 | 362.6 | ' |
Operating profit (loss) | -32.1 | 18.4 | 2.6 | 61.2 | ' |
Assets | 392.4 | ' | 392.4 | ' | 454 |
Depreciation, depletion, and amortization | 5.2 | 5 | 14.9 | 14.5 | ' |
Capital expenditures | 8.4 | 9.9 | 18.9 | 20.7 | ' |
Research and development (income) expense | 1.5 | 1.2 | 4.3 | 3.9 | ' |
Construction Technologies [Member] | ' | ' | ' | ' | ' |
Segment disclosure [Abstract] | ' | ' | ' | ' | ' |
Net sales | 62.8 | 60.6 | 161.6 | 173 | ' |
Operating profit (loss) | 9.3 | 7 | 10.3 | 14.3 | ' |
Assets | 172.3 | ' | 172.3 | ' | 157.6 |
Depreciation, depletion, and amortization | 1.3 | 1.3 | 4 | 4 | ' |
Capital expenditures | 1.5 | 1.6 | 2.1 | 7.9 | ' |
Research and development (income) expense | 0.7 | 0.6 | 2.1 | 1.8 | ' |
Energy Services [Member] | ' | ' | ' | ' | ' |
Segment disclosure [Abstract] | ' | ' | ' | ' | ' |
Net sales | 72.8 | 69.1 | 223.6 | 185.5 | ' |
Operating profit (loss) | 3.8 | 7.9 | 20.8 | 20.4 | ' |
Assets | 248.9 | ' | 248.9 | ' | 225.8 |
Depreciation, depletion, and amortization | 6 | 4.4 | 16.1 | 12.6 | ' |
Capital expenditures | 8.3 | 7.8 | 35.4 | 20.8 | ' |
Research and development (income) expense | 0.6 | 0.4 | 1.6 | 1.2 | ' |
Transportation [Member] | ' | ' | ' | ' | ' |
Segment disclosure [Abstract] | ' | ' | ' | ' | ' |
Net sales | 12.7 | 10.7 | 34.4 | 33.5 | ' |
Operating profit (loss) | 0.5 | 0.2 | 1 | 0.7 | ' |
Assets | 4.2 | ' | 4.2 | ' | 4 |
Depreciation, depletion, and amortization | 0 | 0.1 | 0.1 | 0.1 | ' |
Capital expenditures | $0.10 | $0 | $0.20 | $0 | ' |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Pension Plan [Member] | ' | ' | ' | ' |
Summary of net periodic pension cost [Abstract] | ' | ' | ' | ' |
Service cost | $0.40 | $0.40 | $1.30 | $1.30 |
Interest cost | 0.7 | 0.7 | 2 | 2 |
Expected return on plan assets | -0.7 | -0.6 | -2.2 | -1.9 |
Amortization of actuarial loss | 0.2 | 0.2 | 0.7 | 0.7 |
Net periodic benefit cost | 0.6 | 0.7 | 1.8 | 2.1 |
Supplementary Pension Plan [Member] | ' | ' | ' | ' |
Summary of net periodic pension cost [Abstract] | ' | ' | ' | ' |
Service cost | 0.1 | 0 | 0.3 | 0.2 |
Interest cost | 0.1 | 0.2 | 0.4 | 0.4 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial loss | 0.1 | 0 | 0.2 | 0.1 |
Net periodic benefit cost | $0.30 | $0.20 | $0.90 | $0.70 |
EMPLOYEE_BENEFIT_PLANS_Details1
EMPLOYEE BENEFIT PLANS, (Details Textual) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Employee Benefit Plans (Textual) [Abstract] | ' | ' |
Contribution to defined benefit pension plan | ' | $1.20 |
Company contribution | $0.90 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes (Textual) [Abstract] | ' | ' |
Effective tax rate (in hundredths) | 71.40% | 27.80% |
U.S federal statutory rate (in hundredths) | 35.00% | 35.00% |
Valuation allowance for deferred tax assets in certain foreign entities | $2.50 | ' |
Estimated annual effective tax rate (absent discrete items) | 71.40% | 27.80% |
DERIVATIVE_INSTRUMENTS_AND_HED2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) (Derivatives Designated As Hedging Instruments [Member], Interest Rate Swaps [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Long-Term Liabilities [Member] | ' | ' |
Liability Derivatives [Abstract] | ' | ' |
Fair value of Derivative liability | ($5.90) | ($8.40) |
Accrued Liabilities [Member] | ' | ' |
Liability Derivatives [Abstract] | ' | ' |
Fair value of Derivative liability | ($0.50) | $0 |
DERIVATIVE_INSTRUMENTS_AND_HED3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 1) (Interest Rate Swaps [Member], Derivatives in Cash Flow Hedging Relationships [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Rate Swaps [Member] | Derivatives in Cash Flow Hedging Relationships [Member] | ' | ' | ' | ' |
Summary of Cash Flow Hedges [Abstract] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized OCI on Derivatives, net of tax (Effective Portion) | $0.20 | $0 | $1.40 | $0 |
DERIVATIVE_INSTRUMENTS_AND_HED4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details 2) (Foreign Exchange Derivative Instruments [Member], Derivatives Not Designated as Hedging Instruments [Member], Other, Net [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Foreign Exchange Derivative Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other, Net [Member] | ' | ' | ' | ' |
Changes in fair value of foreign exchange contracts [Abstract] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Income on Derivatives | ($1.90) | ($0.30) | ($2.80) | $0 |
DERIVATIVE_INSTRUMENTS_AND_HED5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details Textual) (Interest Rate Swaps [Member], USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||
Senior Notes [Member] | ' | ' |
Derivative Instruments and Hedging Activities (Textual) [Abstract] | ' | ' |
Debt instrument outstanding | $30 | $30 |
Interest Rate (in hundredths) | 5.60% | 5.60% |
Borrowings [Member] | ' | ' |
Derivative Instruments and Hedging Activities (Textual) [Abstract] | ' | ' |
Debt instrument outstanding | $33 | $33 |
Interest Rate (in hundredths) | 3.30% | 3.30% |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Interest Rate Swaps [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Interest rate swaps | ($6.40) | ($8.40) |
Interest Rate Swaps [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Interest rate swaps | 0 | 0 |
Interest Rate Swaps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Interest rate swaps | -6.4 | -8.4 |
Interest Rate Swaps [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Interest rate swaps | 0 | 0 |
Available-for-sale Securities [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Available-for-sale securities | 9.1 | 14.6 |
Available-for-sale Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Available-for-sale securities | 9.1 | 14.6 |
Available-for-sale Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Available-for-sale securities | 0 | 0 |
Available-for-sale Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Available-for-sale securities | 0 | 0 |
Deferred Compensation Plan Assets [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Other assets, fair value disclosure | 10.9 | 9.4 |
Deferred Compensation Plan Assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Other assets, fair value disclosure | 0 | 0 |
Deferred Compensation Plan Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Other assets, fair value disclosure | 10.9 | 9.4 |
Deferred Compensation Plan Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Other assets, fair value disclosure | 0 | 0 |
Supplementary Pension Plan Assets [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Other assets, fair value disclosure | 8.9 | 8.2 |
Supplementary Pension Plan Assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Other assets, fair value disclosure | 0 | 0 |
Supplementary Pension Plan Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Other assets, fair value disclosure | 8.9 | 8.2 |
Supplementary Pension Plan Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Summary of fair value instruments | ' | ' |
Other assets, fair value disclosure | $0 | $0 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pre-Tax Amount [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment | $1.30 | $7.80 | ($19.40) | $4.30 |
Unrealized gain (loss) on available-for-sale securities | -1.6 | 4.9 | -5.5 | 4.1 |
Interest rate swap agreements, Unrealized gain (loss) arising during period | -0.3 | -0.6 | 0.5 | -1.8 |
Reclassification of net (gain) loss to on interest rate swaps, pre-tax amount | 0.6 | 0.6 | 1.8 | 1.8 |
Pension plans, Reclassification of net actuarial loss to net income | 0.3 | 0.3 | 0.9 | 0.9 |
Total other comprehensive income (loss), Pre-Tax Amount | 0.3 | 13 | -21.7 | 9.3 |
Tax (Expense) Benefit [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 |
Unrealized gain (loss) on available-for-sale securities | 0 | 0 | 1.2 | 0 |
Interest rate swap agreements, Unrealized gain (loss) arising during period | 0.1 | 0.3 | -0.2 | 0.7 |
Interest rate swap agreements, Reclassification of net (gain) loss to net income | -0.2 | -0.3 | -0.7 | -0.7 |
Pension plans, Reclassification of net actuarial loss to net income | -0.1 | -0.1 | -0.3 | -0.3 |
Total other comprehensive income (loss), Tax (Expense) Benefit | -0.2 | -0.1 | 0 | -0.3 |
Net-Of-Tax Amount [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment | 1.3 | 7.8 | -19.4 | 4.3 |
Unrealized gain (loss) on available-for-sale securities | -1.6 | 4.9 | -4.3 | 4.1 |
Interest rate swap agreements, Unrealized gain (loss) arising during period | -0.2 | -0.3 | 0.3 | -1.1 |
Interest rate swap agreements, Reclassification of net (gain) loss to net income | 0.4 | 0.3 | 1.1 | 1.1 |
Pension plans, Reclassification of net actuarial loss to net income | 0.2 | 0.2 | 0.6 | 0.6 |
Total other comprehensive income (loss), net of tax | 0.1 | 12.9 | -21.7 | 9 |
Schedule Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Reclassification of net (gain) loss to on interest rate swaps, pre-tax amount | 0.6 | 0.6 | 1.8 | 1.8 |
Reclassification of net (gain) loss to on interest rate swaps, tax | -0.2 | -0.3 | -0.7 | -0.7 |
Reclassification of net (gain) loss to on interest rate swaps, net of tax | 0.4 | 0.3 | 1.1 | 1.1 |
Net actuarial loss, pre-tax amount | 0.3 | 0.3 | 0.9 | 0.9 |
Amortization of pension items, Tax | -0.1 | -0.1 | -0.3 | -0.3 |
Amortization of pension items, Net of tax | 0.2 | 0.2 | 0.6 | 0.6 |
Total reclassifications for the period, net of tax | $0.60 | $0.50 | $1.70 | $1.70 |
REORGANIZATION_CHARGES_Details
REORGANIZATION CHARGES (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Other charges liability | ' | $0.50 | |
Performance Materials [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Reorganizing charges | 0.1 | 0.7 | |
Performance Materials [Member] | Employee Termination and Other Benefits [Member] | Cost of Sales [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Reorganizing charges | 0.1 | 0.1 | |
Performance Materials [Member] | Employee Termination and Other Benefits [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Reorganizing charges | 0 | 0.6 | |
Performance Materials [Member] | Non-Cash Impairment Charges [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Reorganizing charges | ' | 0 | [1] |
Construction Technologies [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Reorganizing charges | -0.1 | 3.8 | |
Construction Technologies [Member] | Employee Termination and Other Benefits [Member] | Cost of Sales [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Reorganizing charges | 0 | 0.7 | |
Construction Technologies [Member] | Employee Termination and Other Benefits [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Reorganizing charges | -0.1 | 2.5 | |
Construction Technologies [Member] | Non-Cash Impairment Charges [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Reorganizing charges | ' | $0.60 | [1] |
[1] | Non-cash impairment charges relate to write-down of certain assets held-for-sale to their estimated fair values based on a third-party appraisal (a Level 2 fair value input). |
IMPAIRMENTS_Details
IMPAIRMENTS (Details) (USD $) | 9 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
South Africa [Member] | South Africa [Member] | South Africa [Member] | South Africa [Member] | Performance Materials [Member] | Health and Beauty (HBS) [Member] | Health and Beauty (HBS) [Member] | Health and Beauty (HBS) [Member] | Health and Beauty (HBS) [Member] | |||
Depreciable Assets [Member] | Write down on Mineral Rights [Member] | Cost of Sales [Member] | Selling, General and Administrative Expenses [Member] | South Africa [Member] | Goodwill [Member] | Intangible Assets [Member] | Property, plant and equipment [Member] | ||||
Impairments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets held-for-sale | ' | ' | ' | ' | ' | ' | ' | $12 | ' | ' | ' |
Impairment Charges | $59.70 | $0.80 | ($16.30) | ($36) | $52.20 | ($0.10) | $52.30 | ' | $1.80 | $1.10 | $1.30 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (Health and Beauty (HBS) [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Health and Beauty (HBS) [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net Sales | $3.70 | $4.30 | $11.40 | $14.70 |
Pre-tax income | -6.1 | -0.4 | -5.3 | 0.8 |
Assets held-for-sale | 12 | ' | 12 | ' |
Fair value adjustment | ' | ' | 6.6 | ' |
Impairment charges against long-lived assets | ' | ' | 4.2 | ' |
Net asset valuation allowance | ' | ' | 2.44 | ' |
Tax effect on impairment charge | $2.40 | ' | $2.40 | ' |
CONTINGENCIES_Details
CONTINGENCIES (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Lawsuit | |
Loss Contingencies [Line Items] | ' |
Number of lawsuits alleging damages | 2 |
Area of operation | 'Louisiana |
Lawsuit alleges damages | $30 |
Other [Member] | ' |
Loss Contingencies [Line Items] | ' |
Lawsuit alleges damages | $9 |