Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Feb. 25, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ACCURIDE CORP | ||
Entity Central Index Key | 817979 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $230,955,071.64 | ||
Entity Common Stock, Shares Outstanding | 47,718,818 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $29,773 | $33,426 |
Customer receivables, net of allowance for doubtful accounts of $327 and $259 in 2014 and 2013, respectively | 56,271 | 51,382 |
Other receivables | 7,299 | 8,138 |
Inventories | 43,065 | 39,329 |
Deferred income taxes | 2,687 | 3,806 |
Prepaid expenses and other current assets | 10,785 | 11,894 |
Assets held for sale | 0 | 1,293 |
Total current assets | 149,880 | 149,268 |
PROPERTY, PLANT AND EQUIPMENT, net | 212,183 | 219,624 |
OTHER ASSETS: | ||
Goodwill | 100,697 | 100,697 |
Other intangible assets, net | 117,963 | 125,430 |
Deferred financing costs, net of accumulated amortization of $5,077 and $3,649 in 2014 and 2013, respectively | 5,012 | 6,440 |
Deferred income taxes | 1,289 | 503 |
Other | 11,398 | 9,815 |
TOTAL | 598,422 | 611,777 |
CURRENT LIABILITIES: | ||
Accounts payable | 56,452 | 47,527 |
Accrued payroll and compensation | 10,620 | 8,763 |
Accrued interest payable | 12,428 | 12,535 |
Accrued workers compensation | 3,137 | 4,373 |
Accrued and other liabilities | 14,434 | 16,801 |
Total current liabilities | 97,071 | 89,999 |
LONG-TERM DEBT | 323,234 | 330,183 |
DEFERRED INCOME TAXES | 14,837 | 17,528 |
NON-CURRENT INCOME TAXES PAYABLE | 6,534 | 8,367 |
OTHER POSTRETIREMENT BENEFIT PLAN LIABILITY | 82,157 | 70,584 |
PENSION BENEFIT PLAN LIABILITY | 32,348 | 20,687 |
OTHER LIABILITIES | 11,438 | 12,545 |
COMMITMENTS AND CONTINGENCIES (Notes 11 and 16) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred Stock, $0.01 par value; 10,000,000 shares authorized | 0 | 0 |
Common Stock, $0.01 par value; 80,000,000 shares authorized, 47,718,818 and 47,515,155 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively, and additional paid-in-capital | 442,631 | 440,479 |
Accumulated other comprehensive loss | -49,638 | -18,712 |
Accumulated deficiency | -362,190 | -359,883 |
Total stockholders' equity | 30,803 | 61,884 |
TOTAL | $598,422 | $611,777 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CURRENT ASSETS: | ||
Customer receivables, allowance for doubtful accounts | $327 | $259 |
OTHER ASSETS: | ||
Deferred financing costs, accumulated amortization | $5,077 | $3,649 |
STOCKHOLDERS' EQUITY: | ||
Preferred Stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common Stock, shares issued (in shares) | 47,718,818 | 47,515,155 |
Common Stock, shares outstanding (in shares) | 47,718,818 | 47,515,155 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS [Abstract] | |||
NET SALES | $705,178 | $642,883 | $794,634 |
COST OF GOODS SOLD | 631,700 | 598,927 | 743,633 |
GROSS PROFIT | 73,478 | 43,956 | 51,001 |
OPERATING EXPENSES: | |||
Selling, general and administrative | 40,840 | 45,188 | 56,499 |
Impairment of goodwill | 0 | 0 | 62,839 |
Impairment of other intangibles | 0 | 0 | 36,767 |
Impairment of property, plant and equipment | 0 | 0 | 34,126 |
INCOME (LOSS) FROM OPERATIONS | 32,638 | -1,232 | -139,230 |
OTHER EXPENSE: | |||
Interest expense, net | -33,713 | -35,027 | -34,938 |
Other loss, net | -3,506 | -320 | -864 |
LOSS BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | -4,581 | -36,579 | -175,032 |
INCOME TAX BENEFIT | -2,527 | -10,244 | -1,657 |
LOSS FROM CONTINUING OPERATIONS | -2,054 | -26,335 | -173,375 |
DISCONTINUED OPERATIONS, NET OF TAX | -253 | -11,978 | -4,632 |
NET LOSS | -2,307 | -38,313 | -178,007 |
OTHER COMPREHENSIVE INCOME (LOSS): | |||
Defined benefit plans (Note 8) | -32,217 | 49,879 | -19,772 |
Income tax (expense) benefit related to items of other comprehensive income | 1,291 | -16,757 | 2,360 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -30,926 | 33,122 | -17,412 |
COMPREHENSIVE LOSS | ($33,233) | ($5,191) | ($195,419) |
Weighted average common shares outstanding-basic (in shares) | 47,708 | 47,548 | 47,378 |
Basic loss per share - continuing operations (in dollars per share) | ($0.04) | ($0.56) | ($3.66) |
Basic loss per share - discontinued operations (in dollars per share) | ($0.01) | ($0.25) | ($0.10) |
Basic loss per share (in dollars per share) | ($0.05) | ($0.81) | ($3.76) |
Weighted average common shares outstanding-diluted (in shares) | 47,708 | 47,548 | 47,378 |
Diluted loss per share - continuing operations (in dollars per share) | ($0.04) | ($0.56) | ($3.66) |
Diluted loss per share - discontinued operations (in dollars per share) | ($0.01) | ($0.25) | ($0.10) |
Diluted loss per share (in dollars per share) | ($0.05) | ($0.81) | ($3.76) |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Common Stock and Additional Paid-in-Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficiency [Member] | Total |
In Thousands, unless otherwise specified | ||||
BALANCE at Dec. 31, 2011 | $435,368 | ($34,422) | ($143,563) | $257,383 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | 0 | 0 | -178,007 | -178,007 |
Share-based compensation expense | 3,119 | 0 | 0 | 3,119 |
Tax impact of forfeited vested shares | -210 | 0 | 0 | -210 |
Other comprehensive income (loss) | 0 | -17,412 | 0 | -17,412 |
BALANCE at Dec. 31, 2012 | 438,277 | -51,834 | -321,570 | 64,873 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | 0 | 0 | -38,313 | -38,313 |
Share-based compensation expense | 2,411 | 0 | 0 | 2,411 |
Tax impact of forfeited vested shares | -209 | 0 | 0 | -209 |
Other comprehensive income (loss) | 0 | 33,122 | 0 | 33,122 |
BALANCE at Dec. 31, 2013 | 440,479 | -18,712 | -359,883 | 61,884 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | 0 | 0 | -2,307 | -2,307 |
Share-based compensation expense | 2,456 | 0 | 0 | 2,456 |
Tax impact of forfeited vested shares | -304 | 0 | 0 | -304 |
Other comprehensive income (loss) | 0 | -30,926 | 0 | -30,926 |
BALANCE at Dec. 31, 2014 | $442,631 | ($49,638) | ($362,190) | $30,803 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | ($2,307) | ($38,313) | ($178,007) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation of property, plant and equipment | 33,735 | 35,579 | 48,134 |
Amortization - deferred financing costs and debt discount | 2,479 | 2,684 | 2,759 |
Amortization - other intangible assets | 8,138 | 8,750 | 10,981 |
Impairment of goodwill | 0 | 0 | 62,839 |
Impairment of other intangible assets | 0 | 0 | 36,767 |
Impairment of property, plant, and equipment | 0 | 0 | 34,126 |
Loss related to discontinued operations | 0 | 11,985 | 0 |
Gain related to discontinued operations | 0 | -2,000 | 0 |
Loss on disposal of assets | 392 | 680 | 875 |
Provision for deferred income taxes | -2,311 | -13,035 | -3,803 |
Non-cash stock-based compensation | 2,456 | 2,411 | 3,119 |
Non-cash change in warrant liability | 0 | 0 | 0 |
Changes in certain assets and liabilities: | |||
Receivables | -4,120 | -7,402 | 33,479 |
Inventories | -3,736 | 11,171 | 11,635 |
Prepaid expenses and other assets | -4,053 | -6,639 | 256 |
Accounts payable | 9,759 | 6,865 | -25,711 |
Accrued and other liabilities | -7,917 | -14,662 | -8,721 |
Net cash provided by (used in) operating activities | 32,515 | -1,926 | 28,728 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | -25,645 | -38,855 | -59,194 |
Proceeds from sale of discontinued operations | 0 | 32,000 | 1,000 |
Proceeds from sale of assets held for sale | 1,235 | 0 | 0 |
Purchase of intangible asset | -671 | 0 | 0 |
Proceeds from sale leaseback transactions | 0 | 14,944 | 0 |
Proceeds from sale of other assets | 70 | 0 | 0 |
Net cash provided by (used in) investing activities | -25,011 | 8,089 | -58,194 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Increase in revolving credit advance | 10,000 | 25,000 | 0 |
Decrease in revolving credit advance | -18,000 | -20,000 | 0 |
Principal payments on capital leases | -3,157 | -3,155 | -698 |
Deferred financing fees | 0 | -1,333 | 0 |
Net cash provided by financing activities | -11,157 | 512 | -698 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -3,653 | 6,675 | -30,164 |
CASH AND CASH EQUIVALENTS-Beginning of period | 33,426 | 26,751 | 56,915 |
CASH AND CASH EQUIVALENTS-End of period | 29,773 | 33,426 | 26,751 |
Supplemental cash flow information: | |||
Cash paid for interest | 31,239 | 32,011 | 31,822 |
Cash paid for income taxes | 1,565 | 2,219 | 225 |
Non-cash transactions: | |||
Purchases of property, plant and equipment in accounts payable | 2,393 | 3,227 | 13,074 |
Capital lease agreements | $0 | $0 | $14,964 |
Nature_of_Operations_Basis_of_
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |||||||||||||
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies | Note 1 – Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies | ||||||||||||
Nature of Operations – We are engaged primarily in the design, manufacture and distribution of components for trucks, trailers and certain military and construction vehicles. We sell our products primarily within North America and Latin America to original equipment manufacturers and to the aftermarket. | |||||||||||||
Basis of Presentation and Consolidation - The accompanying consolidated financial statements include the accounts of Accuride Corporation (the "Company") and its wholly-owned subsidiaries, including Accuride Canada, Inc. ("Accuride Canada"), Accuride Erie L.P. ("Accuride Erie"), Accuride EMI, LLC ("Accuride Camden"), Accuride de Mexico, S.A. de C.V. ("AdM"), AOT, Inc. ("AOT"), and Transportation Technologies Industries, Inc. ("TTI"). TTI's subsidiaries include Brillion Iron Works, Inc. ("Brillion") and Gunite Corporation ("Gunite"). All significant intercompany transactions have been eliminated. Certain operating results from prior periods have been reclassified to discontinued operations to reflect the sale of certain businesses. See Note 2 "Discontinued Operations" for further discussion. | |||||||||||||
On August 1, 2013, the Company announced the sale of substantially all of the assets, liabilities and business of its Imperial Group business to Wynnchurch Capital, Ltd. in partnership with Imperial Manufacturing, Inc. for $30.0 million, plus a contingent earn-out opportunity of up to $2.25 million. The sale resulted in the recognition of a $12.0 million loss, including a $2.5 million impairment charge on the assets retained, on our consolidated statement of operations, which is reclassified within Discontinued Operations. The sale included a working capital adjustment, plus a contingent payment of up to $2.25 million depending on Imperial's financial performance during calendar years 2013-2015. See Note 2 "Discontinued Operations" for further discussion. | |||||||||||||
Management's Estimates and Assumptions – The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Revenue Recognition – Revenue from product sales is recognized upon shipment whereupon title passes and we have no further obligations to the customer. Provisions for discounts and rebates to customers, and returns and other adjustments are provided for as a reduction of sales in the same period the related sales are recorded. | |||||||||||||
Cash and Cash Equivalents – Cash and cash equivalents include all highly liquid investments with original maturities of three months or less. The carrying value of these investments approximates fair value due to their short maturity. | |||||||||||||
Inventories – Inventories are stated at the lower of cost or market. Cost for substantially all inventories is determined by the first-in, first-out method ("FIFO"). We review inventory on hand and write down excess and obsolete inventory based on our assessment of future demand and historical experience. We also recognize abnormal items as current-period charges. Fixed production overhead costs are based on the normal capacity of the production facilities. | |||||||||||||
Property, Plant and Equipment – Property, plant and equipment is recorded at cost and is depreciated using the straight-line method over their expected useful lives. Generally, buildings and improvements have useful lives of 15-40 years, and factory machinery and equipment have useful lives of 10 years. Internal-use software is stated at cost less accumulated amortization and is amortized using the straight-line method over its estimated useful life of three years. Software assets are reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable over the remaining lives of the assets. During the software application development stage, capitalized costs include external consulting costs, cost of software licenses, and internal payroll and payroll-related costs for employees who are directly associated with a software project. | |||||||||||||
Deferred Financing Costs – Costs incurred in connection with the ABL Credit Agreement and issuance of our senior secured notes (see Note 7) were originally deferred and are being amortized over the life of the related debt using the effective interest method. | |||||||||||||
Goodwill – Goodwill represents the excess of the reorganization value of the Company over the fair value of net tangible assets and identifiable assets and liabilities resulting from the fresh-start reporting. See Note 4 for further discussion. | |||||||||||||
Intangible Assets – Identifiable intangible assets consist of trade names, technology and customer relationships. Indefinite lived intangibles assets (trade names) are not amortized. The lives for the definite-lived intangibles assets are reviewed to ensure recoverability whenever events or changes in economic circumstances indicate the carrying amount of such assets may not be recoverable. See Note 4 for further discussion. | |||||||||||||
Impairment – We evaluate our long-lived assets to be held and used and our amortizing intangible assets for impairment when events or changes in economic circumstances indicate the carrying amount of such assets may not be recoverable. Impairment is determined by comparison of the carrying amount of the asset to the undiscounted net cash flows expected to be generated by the related asset group. Long-lived assets to be disposed of are carried at the lower of cost or fair value less the costs of disposal. | |||||||||||||
Goodwill and our indefinite lived intangible assets (trade names) are reviewed for impairment annually or more frequently if impairment indicators exist. Impairment is determined for trade names by comparison of the carrying amount to the fair value, which is determined using an income approach (relief from royalty method). Impairment is determined for goodwill using the two-step approach. The first step is the estimation of fair value of each reporting unit, which is compared to the carrying value. If step one indicates that impairment potentially exists, the second step is performed to measure the amount of impairment, if any. Goodwill impairment exists when the implied fair value of goodwill is less than its carrying value. | |||||||||||||
Pension Plans – We have trusteed, non-contributory pension plans covering certain U.S. and Canadian employees. For certain plans, the benefits are based on career average salary and years of service and, for other plans, a fixed amount for each year of service. Our net periodic pension benefit costs are actuarially determined. Our funding policy provides that payments to the pension trusts shall be at least equal to the minimum legal funding requirements. | |||||||||||||
Postretirement Benefits Other Than Pensions – We have postretirement health care and life insurance benefit plans covering certain U.S. non-bargained and Canadian employees. We account for these benefits on an accrual basis and provide for the expected cost of such postretirement benefits accrued during the years employees render the necessary service. Our funding policy provides that payments to participants shall be at least equal to our cash basis obligation. | |||||||||||||
Postemployment Benefits Other Than Pensions – We have certain post-employment benefit plans, which provide severance benefits, covering certain U.S. and Canadian employees. We account for these benefits on an accrual basis. | |||||||||||||
Product Warranties – The Company provides product warranties in conjunction with certain product sales. Generally, sales are accompanied by a 1- to 5-year standard warranty. These warranties cover factors such as non-conformance to specifications and defects in material and workmanship. See Note 17 for a discussion of warranties. | |||||||||||||
Income Taxes – Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management's best assessment of estimated future taxes to be paid. We are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax expense. | |||||||||||||
Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, we begin with historical results, adjusted for the results of discontinued operations and changes in accounting policies, and incorporate assumptions including the amount of future state, federal and foreign pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax-planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates we are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, we consider three years of cumulative operating income (loss). | |||||||||||||
We have concluded that it is more likely than not that we will not realize the benefits of certain deferred tax assets, totaling $110 million, for which we have provided a valuation allowance. See Note 9 for a discussion of valuation allowances. | |||||||||||||
We record uncertain tax positions on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. We also recognize accrued interest expense and penalties related to the unrecognized tax benefits as additional tax expense. | |||||||||||||
Research and Development Costs – Expenditures relating to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred and are reported as a component of operating expenses in the consolidated statements of operations and comprehensive loss. The amount expensed in the years ended December 31, 2014, 2013 and 2012 totaled $5.6 million, $5.7 million and $6.6 million, respectively. | |||||||||||||
Foreign Currency – The assets and liabilities of Accuride Canada and AdM that are receivable or payable in cash are converted at current exchange rates, and inventories and other non-monetary assets and liabilities are converted at historical rates. Revenues and expenses are converted at average rates in effect for the period. The functional currencies of Accuride Canada and AdM have been determined to be the U.S. dollar. Accordingly, gains and losses resulting from conversion of such amounts, as well as gains and losses on foreign currency transactions, are included in operating results as "Other loss, net." For the years ended December 31, 2014, 2013, and 2012 we had aggregate net foreign currency losses of $4.1 million, $0.6 million and $1.1 million, respectively. | |||||||||||||
Concentrations of Credit Risk – Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, customer receivables, and derivative financial instruments. We place our cash and cash equivalents and execute derivatives with high quality financial institutions. Generally, we do not require collateral or other security to support customer receivables. | |||||||||||||
Derivative Financial Instruments – We periodically use derivative instruments to manage exposure to foreign currency, commodity prices, and interest rate risks. We do not enter into derivative financial instruments for trading or speculative purposes. The derivative instruments used by us include interest rate, foreign exchange, and commodity price instruments. All derivative instruments are recognized on the consolidated balance sheet at their estimated fair value. As of December 31, 2014 and 2013, there were no derivatives outstanding. | |||||||||||||
Foreign Exchange Instruments – At December 31, 2014, the notional amount of open foreign exchange forward contracts was $7.0 million. There were no open foreign exchange forward contracts as of December 31, 2013. | |||||||||||||
Earnings Per Share – Earnings per share are calculated as net income (loss) divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated by dividing net income (loss) by the weighted-average number of common shares outstanding plus common stock equivalents outstanding during the year. Employee stock options outstanding to acquire 144,095 and 165,197 shares in 2014 and 2013 respectively, were not included in the computation of diluted earnings per common share because the effect would be anti-dilutive. | |||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands except per share data) | 2014 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Net loss from continuing operations | $ | (2,054 | ) | $ | (26,335 | ) | $ | (173,375 | ) | ||||
Net loss from discontinued operations | (253 | ) | (11,978 | ) | (4,632 | ) | |||||||
Net loss | $ | (2,307 | ) | $ | (38,313 | ) | $ | (178,007 | ) | ||||
Denominator: | |||||||||||||
Weighted average shares outstanding – Basic | 47,708 | 47,548 | 47,378 | ||||||||||
Weighted average shares outstanding - Diluted | 47,708 | 47,548 | 47,378 | ||||||||||
Basic loss per common share: | |||||||||||||
From continuing operations | $ | (0.04 | ) | $ | (0.56 | ) | $ | (3.66 | ) | ||||
From discontinued operations | (0.01 | ) | (0.25 | ) | (0.10 | ) | |||||||
Basic loss per common share | $ | (0.05 | ) | $ | (0.81 | ) | $ | (3.76 | ) | ||||
Diluted loss per common share | |||||||||||||
From continuing operations | $ | (0.04 | ) | $ | (0.56 | ) | $ | (3.66 | ) | ||||
From discontinued operations | (0.01 | ) | (0.25 | ) | (0.10 | ) | |||||||
Diluted loss per common share | $ | (0.05 | ) | $ | (0.81 | ) | $ | (3.76 | ) | ||||
Stock Based Compensation – As described in Note 10, we maintain stock-based compensation plans which allow for the issuance of incentive stock options, or ISOs, as defined in section 422 of the Internal Revenue Code of 1986, as amended (the "Code"), non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights ("SARs"), deferred stock, dividend equivalent rights, performance awards and stock payments (referred to collectively as Awards), to officers, our key employees, and to members of the Board of Directors. We recognize compensation expense under the modified prospective method as a component of operating expenses. | |||||||||||||
On November 9, 2011, our Board of Directors adopted a Rights Agreement pursuant to which one purchase right was distributed as a dividend on each share of our common stock held of record as of the close of business on November 23, 2011. On November 7, 2012, our Board of Directors adopted an Amended and Restated Rights Agreement (the "Amended and Restated Rights | |||||||||||||
Agreement"), which modified the Original Rights Agreement by extending the term of the Original Rights Agreement to November 9, 2015, subject to stockholder approval at our 2013 annual meeting of stockholders, and making certain other adjustments. On December 19, 2012, our Board of Directors amended the Amended and Restated Rights Agreement by shortening the term to April 30, 2014, subject to stockholder approval at our 2013 Annual Meeting of stockholders. Our stockholders ratified the Amended and Restated Rights Agreement at our 2013 Annual Meeting. Pursuant to its terms, the Rights plan terminated on April 30, 2014, without the rights becoming exercisable. | |||||||||||||
New Accounting Pronouncements | |||||||||||||
On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue From Contracts With Customers. The amendments in this update create Topic 606, Revenue from Contracts with Customers, and supersede the revenue recognition requirements in Topic 605. The objective of the amendment is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards ("IFRS"). The amendment is effective for annual reporting periods beginning after December 15, 2016, and interim periods therein. Early adoption is not permitted. The Company is evaluating the effect, if any, on its financial statements. | |||||||||||||
On June 19, 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could Be Achieved after the Requisite Service Period. This Update is intended to resolve the diverse accounting treatment of those awards in practice. The amendment is effective for annual and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the effect, if any, on its financial statements. | |||||||||||||
On August 27, 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern. The amendments in this Update provide guidance in U.S. GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is evaluating the effect, if any, on its financial statements. | |||||||||||||
Recent Accounting Adoptions | |||||||||||||
In February 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The objective of the amendments in this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for those obligations addressed within existing guidance in U.S. GAAP. The amendment requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and an additional amount the reporting entity expects to pay on behalf of its co-obligors. The entity is required to disclose the nature and amount of the obligation as well as other information about those obligations. The Company adopted this ASU as of January 1, 2014. This adoption did not have an effect on our financial statements. | |||||||||||||
On July 18, 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Topic 740 does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The objective of the amendments in this update is to eliminate that diversity in practice. The Company adopted this ASU as of January 1, 2014. This adoption did not have an effect on our financial statements. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations [Abstract] | |||||||||||||
Discontinued Operations | Note 2 – Discontinued Operations | ||||||||||||
On August 1, 2013, the Company announced that it completed the sale of substantially all of the assets of its Imperial Group business to Imperial Group Manufacturing, Inc., a new company formed and capitalized by Wynnchurch Capital for total cash consideration of $30.0 million at closing, plus a contingent earn-out opportunity of up to $2.25 million. The sale was effective as of July 31, 2013. The sale resulted in recognition of a $12.0 million loss for the year ended December 31, 2013, which has been reclassified to discontinued operations. | |||||||||||||
Pursuant to the provisions of the purchase agreement, subject to certain limited exceptions, the purchaser purchased from Imperial all equipment, inventories, accounts receivable, deposits, prepaid expenses, intellectual property, contracts, real property interests, transferable permits and other intangibles related to the business and assumed Imperial's trade and vendor accounts payable and performance obligations under those contracts included in the purchased assets. The real property interests acquired by the purchaser include ownership of three plants located in Decatur, Texas, Dublin, Virginia and Chehalis, Washington and a leasehold interest in a plant located in Denton, Texas. Imperial retained ownership of its real property located in Portland, Tennessee and included a $2.5 million impairment charge for this property in the loss on sale. The Company leased the Portland, Tennessee facility to the purchaser from the closing date of the transaction through October 31, 2014. The future function of this facility is currently being evaluated. | |||||||||||||
In connection with these transactions, we have reclassified current and prior period operating results, including the gain/loss on the sale transactions, to discontinued operations. | |||||||||||||
The following table presents sales and income from operations attributable to Imperial, Fabco, Bostrom Seating and Brillion Farm. | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales | $ | — | $ | 70,965 | $ | 135,137 | |||||||
Loss from operations | (42 | ) | (1,758 | ) | (4,061 | ) | |||||||
Other income (expense) | (211 | ) | 1,765 | — | |||||||||
Income tax provision (benefit) | — | — | — | ||||||||||
Loss on sale | — | (11,985 | ) | (571 | ) | ||||||||
Discontinued operations | $ | (253 | ) | $ | (11,978 | ) | $ | (4,632 | ) | ||||
The loss related to the sale of Imperial as of July 31, 2013 was as follows: | |||||||||||||
(In thousands) | |||||||||||||
Proceeds from sale | $ | 30,000 | |||||||||||
Accounts receivable | 12,478 | ||||||||||||
Inventories | 10,692 | ||||||||||||
Prepaid expenses and other current assets | 63 | ||||||||||||
Property plant and equipment | 21,868 | ||||||||||||
Accounts payable | (8,672 | ) | |||||||||||
Net assets sold | 36,429 | ||||||||||||
Impairment of real estate | 2,540 | ||||||||||||
Other accrued fees and expenses | 3,016 | ||||||||||||
Net loss from sale | $ | (11,985 | ) |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventories [Abstract] | |||||||||
Inventories | Note 3 – Inventories | ||||||||
Inventories at December 31, 2014 and 2013, on a FIFO basis, were as follows: | |||||||||
(In thousands) | 31-Dec-14 | 31-Dec-13 | |||||||
Raw materials | $ | 8,244 | $ | 7,483 | |||||
Work in process | 14,073 | 12,996 | |||||||
Finished manufactured goods | 20,748 | 18,850 | |||||||
Total inventories | $ | 43,065 | $ | 39,329 |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | |||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Note 4 - Goodwill and Other Intangible Assets | ||||||||||||||||||||||||||||
The Company performs its annual assessment for impairment of goodwill at November 30 for all reporting units that have goodwill and tests these balances more frequently if indicators are present or changes in circumstances suggest that impairment may exist. The estimates and assumptions underlying the fair value calculations used in the Company's annual impairment tests are uncertain by their nature and can vary significantly from actual results. Factors that management must estimate include, but are not limited to, industry and market conditions, sales volume and pricing, raw material costs, capital expenditures, working capital changes, cost of capital, and tax rates. These factors are especially difficult to predict when U.S. and global financial markets are volatile. The estimates and assumptions used in its impairment tests are consistent with those the Company uses in its internal planning. These estimates and assumptions may change from period to period. If the Company uses different estimates and assumptions in the future, impairment charges may occur and could be material. | |||||||||||||||||||||||||||||
In performing the annual impairment test for goodwill, the Company utilizes the two-step approach. The first step under this guidance requires a comparison of the carrying value of the reporting units to the fair value of these reporting units. Only the Wheels and Brillion reporting units have Goodwill, therefore, the test only applies to those reporting units. The Company uses a blend of the income and market valuation approaches to determine the fair value of each reporting unit. The income approach calculates fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting these after-tax cash flows to a present value using a risk-adjusted discount rate and a market approach that uses guideline companies. The market approach uses financial measures from guideline companies to apply to the Company's reporting units' revenue and earnings. If the blended fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of a reporting unit exceeds its fair value, the Company performs the second step of the goodwill impairment test to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of a reporting unit's goodwill to its carrying value. | |||||||||||||||||||||||||||||
For 2014 and 2013, we evaluated the value of the goodwill and indefinite lived intangibles for each reporting units and determined there was no impairment indicator. In the most recent test for impairment, the Wheels reporting unit had 7 percent of value in excess of its carrying value. Considering the cyclical nature of the North American commercial vehicle industry and our other end-markets, along with other economic trends, the Company will continue to closely monitor the performance of the Wheels and Brillion reporting units for any indication of potential impairment triggering events. | |||||||||||||||||||||||||||||
For 2012, as a result of business developments in the Gunite reporting unit, including a loss of customer market share, evidence of declining aftermarket sales, overall reduced production levels of the commercial vehicle market, operating losses for the past several years, and recent declines in the Company's stock price to an amount below book value, the Gunite reporting unit failed the step one goodwill impairment test. As of December 31, 2012 the Company estimated the fair value of the Gunite reporting unit utilizing a discounted cash flow model as the Company believes it is the most reliable indicator of fair value. Therefore, the second step of the analysis was performed resulting in the Company recognizing goodwill impairment charges of $62.8 million in 2012. The Wheels and Brillion reporting units both passed the step one test. | |||||||||||||||||||||||||||||
The Company determines the fair value of other indefinite lived intangible assets, primarily trade names, using the relief-from-royalty method, an income based approach. The approach calculates fair value by applying royalty rates to the after tax cash flows attributable to the asset, and then discounting these after tax cash flows to a present value using a risk-adjusted discount rate. The calculated fair value is compared to the carrying value to determine if any impairment exists. Significant Level 3 inputs included in the valuation of trade names include the selected royalty rate and discount rate. | |||||||||||||||||||||||||||||
If events or circumstances change, a determination is made by management to ascertain whether certain indefinite lived intangibles such as customer relationships and technology have been impaired based on the sum of expected future undiscounted cash flows from operating activities. If the estimated net cash flows are less than the carrying amount of such assets, an impairment loss is recognized in an amount necessary to write down the assets to fair value as determined from expected future discounted cash flows. | |||||||||||||||||||||||||||||
For 2014 and 2013, we evaluated definite lived intangible assets for potential impairment indicators and determined there were none. | |||||||||||||||||||||||||||||
For 2012, we performed a recoverability test of the Gunite's definite lived intangible assets by using an undiscounted cash flow method. We first determined the asset group to be the Gunite reporting unit, which represents the lowest level of identifiable cash flows. Our test concluded that the Gunite asset group was not recoverable as the resulting undiscounted cash flows were less | |||||||||||||||||||||||||||||
than the carrying amount of the asset group. Accordingly, we estimated the fair value of the definite lived intangible assets to determine the impairment amount. Determining fair value is judgmental in nature and requires the use of significant estimates and assumptions, considered to be Level 3 inputs. | |||||||||||||||||||||||||||||
To determine the estimated fair value of customer relationships, the multi-period excess earnings method was used. This method is based on the concept that cash flows attributable to the assets analyzed are available after deducting costs associated with the business as well as a return on the assets employed in the generation of the cash flows. Significant Level 3 inputs for this valuation model include determining the attrition rate associated with customer revenues, contributory asset charges and required rates of return on tangible and intangible assets, as well as a discount rate for the cash flows. To determine the fair value of technology, the relief-from-royalty method described above was used. In applying this method to technology, significant Level 3 inputs include determining the technology obsolescence rate, a royalty rate, and an appropriate discount rate. | |||||||||||||||||||||||||||||
As a result of the fair value measurements for Gunite's trade names, customer relationships and technology, the Company recorded an impairment charge of these intangible assets totaling $36.8 million for the year ended December 31, 2012. | |||||||||||||||||||||||||||||
The following represents the carrying amount of goodwill, on a reportable segment basis: | |||||||||||||||||||||||||||||
(In thousands) | Wheels | Brillion | Total | ||||||||||||||||||||||||||
Iron Works | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 96,283 | $ | 4,414 | $ | 100,697 | |||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 96,283 | $ | 4,414 | $ | 100,697 | |||||||||||||||||||||||
The changes in the carrying amount of other intangible assets for the period December 31, 2012 to December 31, 2014 by reportable segment for the Company, are as follows: | |||||||||||||||||||||||||||||
(In thousands) | Wheels | Brillion | Corporate | Total | |||||||||||||||||||||||||
Iron Works | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 130,668 | $ | 2,833 | $ | 679 | $ | 134,180 | |||||||||||||||||||||
Additions | — | — | — | — | |||||||||||||||||||||||||
Amortization | (7,904 | ) | (167 | ) | (679 | ) | (8,750 | ) | |||||||||||||||||||||
Balance as of December 31, 2013 | $ | 122,764 | $ | 2,666 | $ | — | $ | 125,430 | |||||||||||||||||||||
Additions | 671 | — | — | 671 | |||||||||||||||||||||||||
Amortization | (7,970 | ) | (168 | ) | — | (8,138 | ) | ||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 115,465 | $ | 2,498 | $ | — | $ | 117,963 | |||||||||||||||||||||
The summary of goodwill and other intangible assets is as follows: | |||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||
(In thousands) | Weighted | Gross | Accumulated | Carrying | Gross | Accumulated | Carrying | ||||||||||||||||||||||
Average | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||||||
Useful | |||||||||||||||||||||||||||||
Lives | |||||||||||||||||||||||||||||
Goodwill | — | $ | 100,697 | $ | — | $ | 100,697 | $ | 100,697 | $ | — | $ | 100,697 | ||||||||||||||||
Other intangible assets: | |||||||||||||||||||||||||||||
Trade names | — | 25,200 | — | 25,200 | 25,200 | — | 25,200 | ||||||||||||||||||||||
Technology | 10 | 39,169 | 23,158 | 16,011 | 38,849 | 20,497 | 18,352 | ||||||||||||||||||||||
Customer relationships | 19.9 | 127,304 | 50,552 | 76,752 | 129,093 | 47,215 | 81,878 | ||||||||||||||||||||||
$ | 191,673 | $ | 73,710 | $ | 117,963 | $ | 193,142 | $ | 67,712 | $ | 125,430 | ||||||||||||||||||
We estimate that the annual aggregate intangible asset amortization expense for the Company will be approximately $8.1 million in 2015 through 2019. |
Assets_Held_for_Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2014 | |
Assets Held for sale [Abstract] | |
Assets Held for Sale | Note 5 – Assets Held for Sale |
At December 31, 2013, assets totaling $1.3 million were classified as held for sale. The assets consisted of a building and land related to the Elkhart, IN facility that our Gunite business exited in 2012. The sale of these assets was completed on February 24, 2014, net proceeds totaled $1.1 million. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | Note 6 - Property, Plant and Equipment | ||||||||
Property, plant and equipment at December 31, 2014 and 2013 consist of the following: | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Land and land improvements | $ | 15,859 | $ | 16,124 | |||||
Buildings | 63,245 | 63,242 | |||||||
Machinery and equipment | 284,447 | 259,697 | |||||||
Property, plant and equipment, gross | 363,551 | 339,063 | |||||||
Less: accumulated depreciation | 151,368 | 119,439 | |||||||
Property, plant and equipment, net | $ | 212,183 | $ | 219,624 | |||||
Depreciation expense for the years ended December 31, 2014, 2013, and 2012 was $33.7 million, $35.6 million and $48.1 million, respectively. | |||||||||
In 2012, the Company considered the impact of business developments in its Gunite reporting unit, including a loss of customer market share and evidence of declining aftermarket sales. In addition to the concerns with our Gunite business, the Company had also experienced a decline in its stock price to an amount below then current book value. These events triggered a long-lived asset impairment analysis for Gunite. | |||||||||
We performed a recoverability test of the Gunite's long-lived assets by using an undiscounted cash flow method. We first determined the asset group to be the Gunite reporting unit, which represents the lowest level of identifiable cash flows. Our test concluded that the Gunite asset group was not recoverable as the resulting undiscounted cash flows were less than the carrying amount of the asset group. Accordingly, we estimated the fair value of the long lived assets to determine the impairment amount. Determining fair value is judgmental in nature and requires the use of significant estimates and assumptions, considered to be Level 3 inputs. | |||||||||
To determine the estimated fair value of real and personal property, the market approach and cost approach were considered. The income approach was not considered as we concluded it was not feasible to allocate or attribute income to individual assets given our asset group determination to be the Gunite reporting unit. Under the cost approach, the determination of fair value considered the estimates of the cost to replace or reproduce assets of equal utility at current prices with adjustments in value for physical deterioration and functional obsolescence based on the condition of the assets. Under the market approach, the determination of fair value considered the market prices in transactions for similar assets and certain direct market values based on quoted prices from brokers and market professionals. For real estate, we concluded that the market approach was the most appropriate valuation method. For buildings, we concluded that the cost approach was the most appropriate valuation method. For personal property, we concluded that the cost approach, adjusted for an in-exchange or salvage premise, was the most appropriate method for determining fair value. | |||||||||
Significant Level 3 inputs for real estate and building measurements included location of the property, zoning, physical deterioration, functional obsolescence and external obsolescence. Significant Level 3 inputs for personal property included physical deterioration, functional obsolescence and economic obsolescence. | |||||||||
As a result of our fair value estimates, we adjusted the carrying amount of the Gunite's personal property to fair value and recorded asset impairment charges of $34.1 million in 2012. The fair value estimates for the Gunite personal property were based on a valuation premise that assumes the assets' highest and best use are different than their current use as a result of lower volume demands for Gunite's products due to the loss of customers in 2012, reduced production levels in the commercial vehicle market, and its declining aftermarket segments in North America. |
Debt
Debt | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt [Abstract] | |||||||||||||||||
Debt | Note 7 - Debt | ||||||||||||||||
As of December 31, 2014, total debt was $323.2 million consisting of $306.2 million of our outstanding 9.5% senior secured notes, net of discount, and a $17.0 million draw on our ABL facility. As of December 31, 2013, total debt was $330.2 million consisting of $305.2 million of our outstanding 9.5% senior secured notes, net of discount and a $25.0 million draw on our ABL facility. | |||||||||||||||||
The following table represents the average interest rate and average amount outstanding under our ABL facility as of the year ended December 31, 2014 and 2013: | |||||||||||||||||
Average interest | Average amount | ||||||||||||||||
rate for the year ended December 31, | outstanding for the year ended December 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
ABL Facility | 2.55 | % | 3.7 | % | $ | 31,002 | $ | 38,180 | |||||||||
On July 11, 2013, we entered into an Asset Based Loan ("New ABL Facility") Facility and used $45.3 million of borrowings under the New ABL Facility and cash on hand to repay all amounts outstanding under the Prior ABL Facility and to pay related fees and expenses. | |||||||||||||||||
Our debt consists of the following: | |||||||||||||||||
● | ABL Credit Agreement —On July 11, 2013, we entered into the New ABL Facility and used $45.3 million of borrowings under the New ABL Facility and cash on hand to repay all amounts outstanding under the Prior ABL Facility and to pay related fees and expenses. | ||||||||||||||||
The New ABL Facility is a senior secured asset based credit facility in an aggregate principal amount of up to $100.0 million, consisting of a $90.0 million revolving credit facility and a $10.0 million first-in last-out term facility, with the right, subject to certain conditions, to increase the availability under the facility by up to $50.0 million in the aggregate. The New ABL Facility currently matures on July 11, 2018, which may be extended pursuant under certain circumstances pursuant to the terms of the New ABL Facility. | |||||||||||||||||
The New ABL Facility provides for loans and letters of credit in an amount up to the aggregate availability under the facility, subject to meeting certain borrowing base conditions, with sub-limits of up to $10.0 million for swingline loans and $20.0 million for letters of credit. Borrowings under the New ABL Facility bear interest through maturity at a variable rate based upon, at our option, either LIBOR or the base rate (which is the greatest of one-half of 1.00% in excess of the federal funds rate, 1.00% in excess of the one-month LIBOR rate and the Agent's prime rate), plus, in each case, an applicable margin. The applicable margin for loans under the first-in last-out term facility that are (i) LIBOR loans ranges, based on the our average excess availability, from 2.75% to 3.25% per annum and (ii) base rate loans ranges, based on our average excess availability, from 1.00% to 1.50%. The applicable margin for other advances under the New ABL Facility that are (i) LIBOR loans ranges, based on our average excess availability, from 1.75% to 2.25% and (ii) base rate loans ranges, based on our average excess availability, from 0.00% to 0.50%. | |||||||||||||||||
We must also pay an unused line fee equal to 0.25% per annum to the lenders under the New ABL Facility if utilization under the facility is greater than or equal to 50.0% of the total available commitments under the facility and a commitment fee equal to 0.375% per annum if utilization under the facility is less than 50.0% of the total available commitments under the facility. Customary letter of credit fees are also payable, as necessary. | |||||||||||||||||
The obligations under the New ABL Facility are secured by (i) first-priority liens on substantially all of the Company's accounts receivable and inventories, subject to certain exceptions and permitted liens (the "ABL Priority Collateral") and (ii) second-priority liens on substantially all of the Company's owned real property and tangible and intangible assets other than the ABL Priority Collateral, including all of the outstanding capital stock of our domestic subsidiaries, subject to certain exceptions and permitted liens (the "Notes Priority Collateral"). | |||||||||||||||||
● | 9.5% Senior Secured Notes — On July 29, 2010, we issued $310.0 million aggregate principal amount of senior secured notes. Under the terms of the indenture governing the senior secured notes, the senior secured notes bear interest at a rate of 9.5% per year, paid semi-annually in February and August, and mature on August 1, 2018. Prior to maturity we may redeem the senior secured notes on the terms set forth in the indenture governing the senior secured notes. The senior secured notes are guaranteed by the Guarantors (see Note 17), and the senior secured notes and the related guarantees are secured by first | ||||||||||||||||
priority liens on the Notes Priority Collateral and second priority liens on the ABL Priority Collateral. Associated with the issuance of the senior secured notes, we recorded a discount of $3.8 million, which is being amortized over the life of the notes as a component of interest expense. | |||||||||||||||||
Restrictive Debt Covenants. Our credit documents (the New ABL Facility and the indentures governing the senior secured notes) contain operating covenants that limit the discretion of management with respect to certain business matters. These covenants place significant restrictions on, among other things, the ability to incur additional debt, to pay dividends, to create liens, to make certain payments and investments and to sell or otherwise dispose of assets and merge or consolidate with other entities. In addition, the New ABL Facility contains a financial covenant which requires us to maintain a fixed charge coverage ratio, which is when the excess availability is less than 10 percent of the total commitment under the New ABL Facility. Due to the amount of our excess availability (as calculated under the New ABL Facility), the Company is not currently in a compliance period and, we do not have to maintain a fixed charge coverage ratio, although this is subject to change. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Pension and Other Postretirement Benefit Plans [Abstract] | |||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | Note 8 - Pension and Other Postretirement Benefit Plans | ||||||||||||||||||||
We have funded noncontributory employee defined benefit pension plans that cover U.S. and Canadian employees (the "plans") who meet eligibility requirements. Employees covered under the U.S. salaried plan, who were hired prior to 2006, are eligible to participate upon the completion of one year of service and benefits are determined by their cash balance accounts, which are based on interest allocations they earned each year and pay allocations earned for years prior to 2009. Employees covered under the Canadian salaried plan are eligible to participate upon the completion of two years of service and benefits are based upon career average salary and years of service. Employees who are covered under the hourly plans are generally eligible to participate at the time of employment and benefits are generally based on a fixed amount for each year of service. U.S. employees are vested in the plans after five years of service; Canadian hourly employees are vested after two years of service. We use a December 31 measurement date for all of our plans. For the pension obligation as of December 31, 2014, the Company used the recently issued mortality tables. This change along with an increased discount rate increased our obligation. | |||||||||||||||||||||
In addition to providing pension benefits, we also have certain unfunded health care and life insurance programs for U.S. non-bargained and Canadian employees who meet certain eligibility requirements. These benefits are provided through contracts with insurance companies and health service providers. The coverage is provided on a non-contributory basis for certain groups of employees and on a contributory basis for other groups. | |||||||||||||||||||||
Obligations and Funded Status: | |||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||
Benefit obligation—beginning of period | $ | 232,901 | $ | 259,706 | $ | 74,933 | $ | 87,125 | |||||||||||||
Service cost | 1,088 | 1,156 | 340 | 528 | |||||||||||||||||
Interest cost | 10,764 | 10,320 | 3,670 | 3,467 | |||||||||||||||||
Actuarial losses (gains) | 31,205 | (12,102 | ) | 12,469 | (10,801 | ) | |||||||||||||||
Benefits paid | (14,421 | ) | (18,260 | ) | (4,295 | ) | (4,078 | ) | |||||||||||||
Foreign currency exchange rate changes | (10,679 | ) | (8,074 | ) | (1,780 | ) | (1,325 | ) | |||||||||||||
Curtailment | — | — | — | — | |||||||||||||||||
Plan amendment | — | — | 435 | (539 | ) | ||||||||||||||||
Incurred retiree drug subsidy reimbursements | — | — | 180 | 172 | |||||||||||||||||
Plan participant's contributions | 103 | 155 | 422 | 384 | |||||||||||||||||
Benefit obligation—end of period | $ | 250,961 | $ | 232,901 | $ | 86,374 | $ | 74,933 | |||||||||||||
Accumulated benefit obligation | $ | 250,745 | $ | 232,208 | $ | 86,374 | $ | 74,933 | |||||||||||||
Change in plan assets: | |||||||||||||||||||||
Fair value of assets—beginning of period | $ | 220,707 | $ | 203,268 | $ | — | $ | — | |||||||||||||
Actual return on plan assets | 21,939 | 33,625 | — | — | |||||||||||||||||
Employer contributions | 11,376 | 9,539 | 3,873 | 3,694 | |||||||||||||||||
Plan participant's contributions | 103 | 155 | 422 | 384 | |||||||||||||||||
Benefits paid | (14,421 | ) | (18,260 | ) | (4,295 | ) | (4,078 | ) | |||||||||||||
Foreign currency exchange rate changes | (11,572 | ) | (7,620 | ) | — | — | |||||||||||||||
Fair value of assets—end of period | 228,132 | 220,707 | — | — | |||||||||||||||||
Reconciliation of funded status: | |||||||||||||||||||||
Unfunded status | $ | (22,829 | ) | $ | (12,194 | ) | $ | (86,374 | ) | $ | (74,933 | ) | |||||||||
Amounts recorded in the consolidated balance sheets: | |||||||||||||||||||||
Prepaid benefit cost | $ | 9,518 | $ | 8,493 | $ | — | $ | — | |||||||||||||
Accrued benefit liability | (32,348 | ) | (20,687 | ) | (86,374 | ) | (74,933 | ) | |||||||||||||
Accumulated other comprehensive loss (income) | 35,621 | 15,201 | 6,507 | (5,292 | ) | ||||||||||||||||
Net amount recognized | $ | 12,791 | $ | 3,007 | (79,867 | ) | $ | (80,225 | ) | ||||||||||||
Amounts recorded in AOCI in the following fiscal year: | |||||||||||||||||||||
Amortization of prior service (credit) cost | $ | 44 | $ | 44 | $ | (35 | ) | $ | (35 | ) | |||||||||||
Amortization of net (gain)/loss | 1,304 | 201 | 443 | 322 | |||||||||||||||||
Total amortization | $ | 1,348 | $ | 245 | $ | 408 | $ | 287 | |||||||||||||
Components of Net Periodic Benefit Cost: | |||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Service cost-benefits earned during the period | $ | 1,088 | $ | 1,156 | $ | 1,785 | |||||||||||||||
Interest cost on projected benefit obligation | 10,764 | 10,320 | 11,198 | ||||||||||||||||||
Expected return on plan assets | (12,812 | ) | (11,726 | ) | (11,800 | ) | |||||||||||||||
Prior service cost (net) | 44 | 44 | 44 | ||||||||||||||||||
Other amortization (net) | 211 | 2,607 | 1,035 | ||||||||||||||||||
Total benefits cost (credited) charged to income | $ | (705 | ) | $ | 2,401 | $ | 2,262 | ||||||||||||||
Recognized in other comprehensive income (loss): | |||||||||||||||||||||
Amortization of net transition (asset) obligation | $ | — | $ | — | $ | (1,035 | ) | ||||||||||||||
Prior service (credit) cost | — | — | — | ||||||||||||||||||
Amortization of prior service (credit) cost | (44 | ) | (44 | ) | (44 | ) | |||||||||||||||
Change in net actuarial (gain) loss | 20,674 | (35,568 | ) | 16,052 | |||||||||||||||||
Amortization of net actuarial valuation (gain) loss | (211 | ) | (2,607 | ) | — | ||||||||||||||||
Amounts recognized in other comprehensive income | 20,419 | (38,219 | ) | 14,973 | |||||||||||||||||
Amounts recognized in total benefits charged to income and other comprehensive income | $ | 19,714 | $ | (35,818 | ) | $ | 17,235 | ||||||||||||||
Other Benefits | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Service cost-benefits earned during the period | $ | 340 | $ | 528 | $ | 478 | |||||||||||||||
Interest cost on projected benefit obligation | 3,670 | 3,467 | 3,999 | ||||||||||||||||||
Prior service cost (net) | (35 | ) | — | — | |||||||||||||||||
Other one-time charge | 435 | — | — | ||||||||||||||||||
Other amortization (net) | 299 | 114 | (34 | ) | |||||||||||||||||
Total benefits cost charged to income | $ | 4,709 | $ | 4,109 | $ | 4,443 | |||||||||||||||
Recognized in other comprehensive income (loss): | |||||||||||||||||||||
Amortization of net transition (asset) obligation | $ | 35 | $ | — | $ | 35 | |||||||||||||||
Change in net actuarial (gain) loss | 11,764 | (11,660 | ) | 4,764 | |||||||||||||||||
Amounts recognized in other comprehensive income | 11,799 | (11,660 | ) | 4,799 | |||||||||||||||||
Amounts recognized in total benefits charged to income and other comprehensive income | $ | 16,508 | $ | (7,551 | ) | $ | 9,242 | ||||||||||||||
Actuarial Assumptions: | |||||||||||||||||||||
Assumptions used to determine benefit obligations as of December 31 were as follows: | |||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Average discount rate | 3.99% | 4.77% | 4.14% | 4.85% | |||||||||||||||||
Rate of increase in future compensation levels | 3.00% | 3.00% | N/A | N/A | |||||||||||||||||
Assumptions used to determine net periodic benefit cost for the years ended December 31 were as follows: | |||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Average discount rate | 4.77% | 4.19% | 4.85% | 4.20% | |||||||||||||||||
Rate of increase in future compensation levels | 3.00% | 3.00% | N/A | N/A | |||||||||||||||||
Expected long-term rate of return on assets | 6.12% | 6.08% | N/A | N/A | |||||||||||||||||
The expected long-term rate of return on assets is determined primarily by looking at past performance. In addition, management considers the long-term performance characteristics of the asset mix. | |||||||||||||||||||||
Assumed health care cost trend rates at December 31 were as follows: | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Health care cost trend rate assumed for next year | 7.17% | 7.63% | |||||||||||||||||||
Rate to which the cost trend rate is assumed to decline | 4.81% | 4.82% | |||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2024 | 2022 | |||||||||||||||||||
The health care cost trend rate assumption has a significant effect on the amounts reported. A one-percentage point change in assumed health care cost trend rates would have the following effects on 2014: | |||||||||||||||||||||
1-Percentage- | 1-Percentage- | ||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||
Effect on total of service and interest cost | $ | 1,034 | $ | (556 | ) | ||||||||||||||||
Effect on postretirement benefit obligation | $ | 11,763 | $ | (9,498 | ) | ||||||||||||||||
Plan Assets: | |||||||||||||||||||||
Our pension plan weighted-average asset allocations by level within the fair value hierarchy at December 31, 2014, are presented in the table below. Our pension plan assets were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our Level 1 plan assets are valued using active trading prices as listed in the New York stock exchange and the Toronto stock exchange. Our Level 2 plan assets are securities for which the market is not considered to be active and are valued using observable inputs, which may include, among others, the use of adjusted market prices, last available bids or last available sales prices. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. For more information on a description of the fair value hierarchy, see Note 13. | |||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | % of | ||||||||||||||||
Total | |||||||||||||||||||||
Cash and cash equivalents | $ | 6,756 | $ | — | $ | — | $ | 6,756 | 3 | % | |||||||||||
Equity securities: | |||||||||||||||||||||
U.S. large-cap | 12,030 | 11,815 | — | 23,845 | 10 | % | |||||||||||||||
U.S. mid-cap | — | 13,255 | — | 13,255 | 6 | % | |||||||||||||||
U.S. small-cap | — | 4,426 | — | 4,426 | 2 | % | |||||||||||||||
U.S. indexed | — | 12,018 | — | 12,018 | 5 | % | |||||||||||||||
Canadian large-cap | 5,503 | — | — | 5,503 | 2 | % | |||||||||||||||
Canadian mid-cap | 2,002 | — | — | 2,002 | 1 | % | |||||||||||||||
Canadian small-cap | 167 | — | — | 167 | 0 | % | |||||||||||||||
Large growth | — | 6,381 | — | 6,381 | 3 | % | |||||||||||||||
Pooled equities | — | 9,516 | — | 9,516 | 4 | % | |||||||||||||||
International markets | — | 14,588 | — | 14,588 | 6 | % | |||||||||||||||
Fixed income securities: | |||||||||||||||||||||
Government bonds | 30,812 | 4,166 | — | 34,978 | 15 | % | |||||||||||||||
Corporate bonds | 60,121 | 34,576 | — | 94,697 | 42 | % | |||||||||||||||
Total assets at fair value | $ | 117,391 | $ | 110,741 | $ | — | 228,132 | $ | 100 | % | |||||||||||
% of fair value hierarchy | 51 | % | 49 | % | — | 100 | % | ||||||||||||||
Our pension plan weighted-average asset allocations by level within the fair value hierarchy at December 31, 2013, are presented in the following table: | |||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | % of Total | ||||||||||||||||
Cash and cash equivalents | $ | 8,314 | $ | — | $ | — | $ | 8,314 | 4 | % | |||||||||||
Equity securities: | |||||||||||||||||||||
U.S. large-cap | 21,639 | — | — | 21,639 | 10 | % | |||||||||||||||
U.S. mid-cap | — | 6,840 | — | 6,840 | 3 | % | |||||||||||||||
U.S. small-cap | — | 3,399 | — | 3,399 | 2 | % | |||||||||||||||
U.S. indexed | — | 18,954 | — | 18,954 | 9 | % | |||||||||||||||
Canadian large-cap | 27,574 | — | — | 27,574 | 12 | % | |||||||||||||||
Canadian mid-cap | 11,263 | — | — | 11,263 | 5 | % | |||||||||||||||
Large growth | — | 11,659 | — | 11,659 | 5 | % | |||||||||||||||
Pooled equities | 10,775 | 3,271 | — | 14,046 | 6 | % | |||||||||||||||
International markets | — | 26,545 | — | 26,545 | 12 | % | |||||||||||||||
Fixed income securities: | |||||||||||||||||||||
Government bonds | 11,185 | 10,754 | — | 21,939 | 10 | % | |||||||||||||||
Corporate bonds | 25,684 | 22,851 | — | 48,535 | 22 | % | |||||||||||||||
Total assets at fair value | $ | 116,434 | $ | 104,273 | $ | — | $ | 220,707 | 100 | % | |||||||||||
% of fair value hierarchy | 53 | % | 47 | % | — | 100 | % | ||||||||||||||
Our investment objectives are (1) to maintain the purchasing power of the current assets and all future contributions; (2) to maximize return within reasonable and prudent levels of risk; (3) to maintain an appropriate asset allocation policy that is compatible with the actuarial assumptions while still having the potential to produce positive real returns; and (4) to control costs of administering the plan and managing the investments. | |||||||||||||||||||||
Our desired investment result is a long-term rate of return on assets that is at least a 5% real rate of return, or 5% over inflation as measured by the Consumer Price Index for the U.S. plans. The target rate of return for the plans have been based upon the assumption that future real returns will approximate the long-term rates of return experienced for each asset class in our investment policy statement. Our investment guidelines are based upon an investment horizon of greater than five years, so that interim fluctuations should be viewed with appropriate perspective. Similarly, the Plans' strategic asset allocation is based on this long-term perspective. | |||||||||||||||||||||
We believe that the Plans' risk and liquidity posture are, in large part, a function of asset class mix. Our investment committee has reviewed the long-term performance characteristics of various asset classes, focusing on balancing the risks and rewards of market behavior. Based on this and the Plans' time horizon, risk tolerances, performance expectations and asset class preferences, the following two strategic asset allocations were derived for our U.S. plans. | |||||||||||||||||||||
Asset allocation for our Accuride Retirement Plan and Erie Hourly Pension Plan: | |||||||||||||||||||||
Lower | Strategic | Upper | |||||||||||||||||||
Limit | Allocation | Limit | |||||||||||||||||||
Domestic Large Capitalization Equities: | |||||||||||||||||||||
Value | 10% | 10% | 20% | ||||||||||||||||||
Growth | 10% | 13% | 20% | ||||||||||||||||||
Index-Passive | 15% | 20% | 25% | ||||||||||||||||||
Domestic Small Cap Equities | 2% | 10% | 10% | ||||||||||||||||||
International Equities | 5% | 11% | 15% | ||||||||||||||||||
Fixed Income: | |||||||||||||||||||||
Intermediate | 15% | 35% | 35% | ||||||||||||||||||
Asset allocation for remainder of our U.S. plans: | |||||||||||||||||||||
Lower | Strategic | Upper | |||||||||||||||||||
Limit | Allocation | Limit | |||||||||||||||||||
Domestic Large Capitalization Equities: | |||||||||||||||||||||
Value | 10% | 10% | 20% | ||||||||||||||||||
Growth | 10% | 10% | 20% | ||||||||||||||||||
Index-Passive | 15% | 17% | 25% | ||||||||||||||||||
Domestic Mid Cap Equities | 5% | 10% | 15% | ||||||||||||||||||
International Equities | 5% | 13% | 15% | ||||||||||||||||||
Fixed Income: | |||||||||||||||||||||
Intermediate | 15% | 35% | 35% | ||||||||||||||||||
Money Market | 1% | 5% | 10% | ||||||||||||||||||
The allocation of the fund is reviewed periodically. Should any of the strategic allocations extend beyond the suggested lower or upper limits, a portfolio rebalance may be appropriate. | |||||||||||||||||||||
While we use the same methodologies to manage the Canadian plans, the primary objective is to achieve a minimum rate of return of Consumer Price Index plus 3 over 4-year moving periods, and to obtain total fund rates of return that are in the top third over 4-year moving periods when compared to a representative sample of Canadian pension funds with similar asset mix characteristics. The asset mix for the Canadian pension fund is targeted as follows: | |||||||||||||||||||||
Minimum | Maximum | ||||||||||||||||||||
Total Equities | 14% | 20% | |||||||||||||||||||
Foreign Equities | 7% | 10% | |||||||||||||||||||
Bonds and Mortgages | 70% | 80% | |||||||||||||||||||
Short-Term | 0% | 0% | |||||||||||||||||||
Cash Flows—We expect to contribute approximately $8.3 million to our pension plans and $4.2 million to our other postretirement benefit plans in 2015. Pension and postretirement benefits (which include expected future service) are expected to be paid out of the respective plans as follows: | |||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | |||||||||||||||||||
2015 | $ | 14,029 | $ | 4,406 | |||||||||||||||||
2016 | $ | 14,067 | $ | 4,554 | |||||||||||||||||
2017 | $ | 13,890 | $ | 4,742 | |||||||||||||||||
2018 | $ | 14,037 | $ | 4,820 | |||||||||||||||||
2019 | $ | 14,099 | $ | 4,937 | |||||||||||||||||
2020 – 2024 (in total) | $ | 72,275 | $ | 25,766 | |||||||||||||||||
Other Plans—We also provide a 401(k) savings plan and a retirement contribution plan for substantially all U.S. salaried employees. Expenses recognized for the years ended December 31, 2014, 2013, and 2012 totaled $1.1 million, $1.3 million, and $1.4 million, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Income Taxes | Note 9 – Income Taxes | ||||||||||||
The components of income (loss) from continuing operations before income taxes, categorized based on the location of the taxing authorities were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
United States | $ | (13,326 | ) | $ | (46,121 | ) | $ | (177,894 | ) | ||||
Foreign | 8,745 | 9,542 | 2,862 | ||||||||||
Loss from continuing operations | $ | (4,581 | ) | $ | (36,579 | ) | $ | (175,032 | ) | ||||
The income tax provision (benefit) are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | (1,364 | ) | $ | 157 | $ | 313 | ||||||
State | 13 | (10 | ) | 400 | |||||||||
Foreign | 1,138 | 2,644 | 1,433 | ||||||||||
(213 | ) | 2,791 | 2,146 | ||||||||||
Deferred: | |||||||||||||
Federal | (3,625 | ) | (10,694 | ) | (43,749 | ) | |||||||
State | — | — | (19 | ) | |||||||||
Foreign | (139 | ) | (687 | ) | (2,232 | ) | |||||||
Valuation allowance | 1,450 | (1,654 | ) | 42,197 | |||||||||
(2,314 | ) | (13,035 | ) | (3,803 | ) | ||||||||
Total provision (benefit) | $ | (2,527 | ) | $ | (10,244 | ) | $ | (1,657 | ) | ||||
A reconciliation of the U.S. statutory tax rate to our effective tax rate is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory tax rate | -35.00% | -35.00% | -35.00% | ||||||||||
State and local income taxes | 0.30% | 0.00% | 0.20% | ||||||||||
Incremental foreign tax (benefit) | -15.50% | -2.10% | -0.10% | ||||||||||
Change in valuation allowance | 31.70% | 8.80% | 23.60% | ||||||||||
Goodwill impairment | 0.00% | 0.00% | 12.30% | ||||||||||
Permanent items | -29.40% | -0.50% | 2.90% | ||||||||||
Change in rate applied to deferred items | 30.50% | -0.10% | 0.00% | ||||||||||
Change in liability for unrecognized tax benefits | -40.10% | 0.20% | -0.50% | ||||||||||
Other items—net | 2.40% | 0.70% | -2.70% | ||||||||||
Effective tax rate | -55.10% | -28.00% | 0.70% | ||||||||||
Deferred income tax assets and liabilities comprised the following at December 31: | |||||||||||||
(In thousands) | 31-Dec-14 | 31-Dec-13 | |||||||||||
Deferred tax assets: | |||||||||||||
Postretirement and postemployment benefits | $ | 29,250 | $ | 23,837 | |||||||||
Accrued liabilities, reserves and other | 2,082 | 3,563 | |||||||||||
Debt transaction and refinancing costs | 2,665 | 2,650 | |||||||||||
Inventories | 1,621 | 1,628 | |||||||||||
Accrued compensation and benefits | 3,251 | 3,331 | |||||||||||
Worker's compensation | 1,279 | 1,599 | |||||||||||
Pension benefit | 9,377 | 6,529 | |||||||||||
State income taxes | 2,057 | 1,674 | |||||||||||
Tax credits | 3,737 | 3,717 | |||||||||||
Indirect effect of unrecognized tax benefits | 1,993 | 2,298 | |||||||||||
Loss carryforwards | 101,418 | 95,000 | |||||||||||
Valuation allowance | (110,120 | ) | (99,594 | ) | |||||||||
Total deferred tax assets | 48,610 | 46,232 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Asset basis and depreciation | (13,225 | ) | (11,403 | ) | |||||||||
Intangible assets | (46,246 | ) | (48,048 | ) | |||||||||
Total deferred tax liabilities | (59,471 | ) | (59,451 | ) | |||||||||
Net deferred tax liability | (10,861 | ) | (13,219 | ) | |||||||||
Current deferred tax asset | 2,687 | 3,806 | |||||||||||
Long-term deferred tax asset | 1,289 | 503 | |||||||||||
Long-term deferred income tax asset (liability)—net | $ | (14,837 | ) | $ | (17,528 | ) | |||||||
The Company has recorded a deferred tax asset reflecting a benefit of $88.0 million of federal loss carryforwards and $13.4 million of state loss carryforwards as of December 31, 2014. As a result of bankruptcy, the Company underwent an ownership change that subjects these losses to limitations pursuant to IRS Code Section 382. As a result of this limitation, a portion of the carryforwards may expire before being applied to reduce future income tax liabilities. These deferred tax assets will expire beginning 2016 through 2034. We have deferred tax assets for additional state tax credits which will expire beginning 2017 through 2026. We also have recorded deferred tax assets for federal tax credits which will expire beginning 2029. Realization of deferred tax assets is dependent upon taxable income within the carryforward periods available under the applicable tax laws. Although realization of deferred tax assets in excess of deferred tax liabilities is not certain, management has concluded that it is more likely than not the Company will realize the full benefit of deferred tax assets in foreign jurisdictions. However, during 2013 and 2014, management has concluded that it is more likely than not that we will not realize the full benefit of our U.S. federal and state deferred tax assets due to three cumulative years of net losses and changes of management's estimate of future earnings, and recorded a valuation allowance against the amounts that are not likely to be recognized as of 2013 and 2014. For the period ended December 31, 2014, the valuation allowance increased by $10.5 million, of which $1.5 million was attributable to continuing operations, and $9.0 million was attributable to attributes that have no effect on the Company's effective rate. For the period ended December 31, 2013, the valuation allowance decreased by $1.7 million, which is attributable to $3.2 million increase from continuing operations, a $4.4 million increase from discontinued operations, and a $9.3 million decrease related to attributes that have no effect on the Company's effective tax rate. | |||||||||||||
Income tax expense or benefit from continuing operations is generally determined without regard to other categories of earnings, such as discontinued operations and OCI. An exception is provided in ASC 740 when there is aggregate income from categories other than continuing operations and a loss from continuing operations in the current year. In this case, the tax benefit allocated to continuing operations is the amount by which the loss from continuing operations reduces the tax expenses recorded with respect to the other categories of earnings, even when a valuation allowance has been established against the deferred tax assets. In instances where a valuation allowance is established against current year losses, income from other sources, including unrealized gains from pension and post-retirement benefits recorded as a component of OCI, is considered when determining whether sufficient future taxable income exists to realize the deferred tax assets. As a result, for the year ended December 31, 2013, the Company recorded a tax expense of $12.6 million in OCI related to the unrealized gains on pension and post-retirement benefits, and recorded a corresponding tax benefit of $12.6 million in continuing operations. This treatment was not applicable for the year ended December 31, 2014 due to unrealized losses in the pension and post-retirement. | |||||||||||||
No provision has been made for U.S. income taxes related to undistributed earnings of our Canadian foreign subsidiary that we intend to permanently reinvest in order to finance capital improvements and/or expand operations either through the expansion of the current operations or the purchase of new operations. At December 31, 2014, Accuride Canada had $20.7 million of cumulative retained earnings. The Company distributes earnings for the Mexican foreign subsidiary and expects to distribute earnings annually. Therefore, deferred tax liabilities are recorded for undistributed earnings and profits. For 2013 and 2014, there are no undistributed earnings of our Mexican foreign subsidiary. | |||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of the period | $ | 3,526 | $ | 4,640 | $ | 7,033 | |||||||
Additions based on tax positions related to the current year | — | 5 | 4 | ||||||||||
Additions for tax positions of prior years | — | — | — | ||||||||||
Reductions for tax positions of prior years | (741 | ) | — | (800 | ) | ||||||||
Removal of penalties and interest | — | — | — | ||||||||||
Reductions due to lapse of statute of limitations | (160 | ) | (1,119 | ) | (1,597 | ) | |||||||
Settlements with taxing authorities | — | — | — | ||||||||||
Balance at end of period | $ | 2,625 | $ | 3,526 | $ | 4,640 | |||||||
The total amount of unrecognized tax benefits that would, if recognized, impact the effective income tax rate was approximately $2.6 million as of December 31, 2014. | |||||||||||||
We also recognize accrued interest expense and penalties related to the unrecognized tax benefits as additional tax expense, which is consistent with prior periods. The total amount of accrued interest and penalties was $3.1 million and $0.8 million respectively, as of December 31, 2014. A net decrease in interest of $0.5 million and a net decrease in penalties of $0.7 million was recognized in 2014. The total amount of accrued interest and penalties was approximately $3.6 million and $1.5 million, respectively, as of December 31, 2013. | |||||||||||||
As of December 31, 2014, we were open to examination in the U.S. federal tax jurisdiction for the 2011-2013 tax years, in Canada for the years of 2006-2013, and in Mexico for the years of 2008-2013. We were also open to examination in various state and local jurisdictions for the 2010-2013 tax years, none of which were individually material. Tax years 2007 - 2010 in the U.S. federal tax jurisdiction, and 1998-2010 in various state and local jurisdictions, remain open subject to the future utilization of net operating losses generated in those years. We believe that our accrual for tax liabilities is adequate for all open audit years. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. | |||||||||||||
The Company is not currently under any U.S. federal, state or local or non-U.S. income tax examinations and therefore does not anticipate significant increases or decreases in its remaining unrecognized tax benefits within the next twelve months. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Stock-Based Compensation Plans [Abstract] | |||||||||||||||
Stock-Based Compensation Plans | Note 10 – Stock-Based Compensation Plans | ||||||||||||||
On May 18, 2010, the Company authorized and granted 182,936 shares of Common Stock for issuance pursuant to individual restricted stock unit agreements with employees of the Company. The awards granted on May 18, 2010 vested in installments of 33%, 33%, and 34% over a three year period on the anniversary date of the grant, subject to continued service to the Company. On August 3, 2010, the Company authorized and granted 55,790 shares of Common Stock for issuance pursuant to individual restricted stock unit agreements with directors of the Company. The awards granted on August 3, 2010 vested on March 1, 2011 and March 1, 2014, subject to continued service to the Company as of those dates. | |||||||||||||||
In August 2010, we adopted the Accuride Corporation 2010 Incentive Award Plan (the "2010 Incentive Plan") and reserved 1,260,000 shares of Common Stock for issuance under the plan, plus such additional shares of Common Stock that the plan administrator deemed necessary to prevent unnecessary dilution upon issuance of shares pursuant to terms of our convertible notes due 2020, up to a maximum number shares of Common Stock such that the total number of shares available for issuance under the 2010 Incentive Plan would not exceed ten percent (10%) of the fully diluted shares outstanding from time to time calculated by adding the total shares issued and outstanding at any given time plus the number of shares issued upon conversion of any of the convertible notes at the time of such conversion. During 2010, we effectively converted all outstanding convertible notes to equity, and we subsequently amended the 2010 Incentive Plan to reserve 3,500,000 shares of Common Stock, for issuance under the 2010 Incentive Plan. | |||||||||||||||
On March 13, 2014, our Board of Directors adopted, subject to shareholder approval, the Second Amended and Restated 2010 Incentive Award Plan, which increased the number of shares of our common stock available for grants under the plan by 1,700,000 shares, extended the term of the plan until 2024, and made certain other adjustments. Our shareholders approved the Second Amended and Restated 2010 Incentive Award Plan at our Annual Meeting in April 2014, which resulted in a total of 5,200,000 shares of Common Stock being reserved for issuance under the plan. | |||||||||||||||
Service Options – In August, 2012, we granted stock options to certain officers and other key employees as consideration for service. Options granted generally vest ratably over a three year period and have 10-year contractual terms. The table below summarizes service option activity during the year ended December 31, 2014: | |||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||
of | Average | Average | Intrinsic | ||||||||||||
Options | Grant-date Fair | Remaining | Value | ||||||||||||
Value | Vesting | ||||||||||||||
Period | |||||||||||||||
Service options outstanding at December 31, 2013 | 165,197 | $ | — | ||||||||||||
Granted | — | — | |||||||||||||
Exercised | — | — | |||||||||||||
Forfeited | (21,102 | ) | $ | 8 | |||||||||||
Service options outstanding at December 31, 2014 | 144,095 | $ | 8 | 0.4 years | — | ||||||||||
Service options vested or expected to vest | 144,095 | $ | 8 | 0.4 years | — | ||||||||||
Service options exercisable at December 31, 2014 | — | $ | — | — | — | ||||||||||
There is no intrinsic value on service options outstanding due to the closing price on December 31, 2014 being lower than the strike price of the options. | |||||||||||||||
Restricted Stock Units ("RSUs") – We grant RSUs to certain officers and other key employees as consideration for service. The table below summarizes RSU activity during the year ended December 31, 2014: | |||||||||||||||
Number | Weighted | Weighted | |||||||||||||
of | Average | Average | |||||||||||||
RSUs | Grant-date | Remaining | |||||||||||||
Fair Value | Vesting Period | ||||||||||||||
RSUs unvested at December 31, 2013 | 887,958 | $ | 7.28 | ||||||||||||
Granted | 1,030,412 | 4.41 | |||||||||||||
Vested | (149,394 | ) | 6 | ||||||||||||
Forfeited | (257,202 | ) | 7.68 | ||||||||||||
RSUs unvested at December 31, 2014 | 1,511,774 | $ | 5.42 | — | |||||||||||
RSUs expected to vest | 1,041,001 | $ | - | 1.73 | |||||||||||
As of December 31, 2014, there was approximately $2.3 million of unrecognized pre-tax compensation expense related to share-based awards not yet vested that will be recognized over a weighted-average period of 1.7 years. The fair market value of our vested shares and shares expected to vest as of December 31, 2014 was $2.0 million and $5.9 million, respectively. | |||||||||||||||
Compensation expense for share-based compensation programs was recognized as a component of operating expenses as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||
Share-based compensation expense recognized | $ | 2,456 | $ | 2,411 | $ | 3,119 | |||||||||
In determining the estimated fair value of our stock option awards as of the grant date, we used the Black-Scholes option-pricing model with the assumptions illustrated in the table below: | |||||||||||||||
For the Year Ended December 31, | |||||||||||||||
2012 | |||||||||||||||
Expected Dividend Yield | 0 | % | |||||||||||||
Expected Volatility in Stock Price | 56.4 | % | |||||||||||||
Risk-Free Interest Rate | 0.9 | % | |||||||||||||
Expected Life of Stock Awards | 6 | ||||||||||||||
Weighted-Average Fair Value at Grant Date | $ | 4.19 | |||||||||||||
The expected volatility is based upon volatility of our common stock that has been traded for a period. The expected term of options granted is derived from historical exercise and termination patterns, and represents the period of time that options granted are expected to be outstanding. The risk-free rate used is based on the published U.S. Treasury yield curve in effect at the time of grant for instruments with a similar life. The dividend yield is based upon the most recently declared quarterly dividend as of the grant date. |
Commitments
Commitments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments [Abstract] | |||||
Commitments | Note 11 – Commitments | ||||
We lease certain plant, office space, and equipment for varying periods. Management expects that in the normal course of business, expiring leases will be renewed or replaced by other leases. Purchase commitments related to fixed assets at December 31, 2014 and 2013 totaled $12.5 million and $4.4 million, respectively. Capital lease commitments totaled $12.2 million and $13.6 million in 2014 and 2013 respectively. Rent expense for the years ended December 31, 2014, 2013, and 2012, was $5.8 million, $3.5 million, and $4.5 million respectively. Future minimum lease payments for all non-cancelable operating leases having a remaining term in excess of one year at December 31, 2014, are as follows: | |||||
(In thousands) | |||||
2015 | $ | 5,882 | |||
2016 | 6,377 | ||||
2017 | 5,102 | ||||
2018 | 3,514 | ||||
2019 | 2,636 | ||||
Thereafter | 2,142 | ||||
Total | $ | 25,653 |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Reporting | Note 12 – Segment Reporting | ||||||||||||||||||||||||
Based on our continual monitoring of the long-term economic characteristics, products and production processes, class of customer, and distribution methods of our operating segments, we have identified each of our operating segments below as reportable segments. We believe this segmentation is appropriate based upon operating decisions and performance assessments by our President and Chief Executive Officer, who is our chief operating decision maker. The accounting policies of the reportable segments are the same as described in Note 1, "Significant Accounting Policies". | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Net sales to external customers: | |||||||||||||||||||||||||
Wheels | $ | 402,146 | $ | 364,614 | $ | 414,340 | |||||||||||||||||||
Gunite | 171,263 | 168,988 | 221,974 | ||||||||||||||||||||||
Brillion Iron Works | 131,769 | 109,281 | 158,320 | ||||||||||||||||||||||
Consolidated total | $ | 705,178 | $ | 642,883 | $ | 794,634 | |||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||
Wheels | $ | 41,823 | $ | 30,883 | $ | 44,928 | |||||||||||||||||||
Gunite | 16,710 | 2,599 | (151,940 | ) | |||||||||||||||||||||
Brillion Iron Works | 4,523 | 1,027 | 11,969 | ||||||||||||||||||||||
Corporate / Other | (30,418 | ) | (35,741 | ) | (44,187 | ) | |||||||||||||||||||
Consolidated total | $ | 32,638 | $ | (1,232 | ) | $ | (139,230 | ) | |||||||||||||||||
Current and prior period operating results from Imperial Group were reclassified to discontinued operations during the year ended December 31, 2013. The reconciling item between operating income and income (loss) before income taxes from continuing operations includes net interest expense, other income (loss), and restructuring items. The reconciling item for years ended December 31, 2014, 2013, and 2012 was ($37.2) million, ($35.3) million and ($35.8) million, respectively. Excluded from net sales above, are inter-segment sales from Brillion Iron Works to Gunite, as shown in the table below: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Inter-segment sales | $ | 12,568 | $ | 15,987 | $ | 26,405 | |||||||||||||||||||
As of | |||||||||||||||||||||||||
(In thousands) | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||
Wheels | $ | 441,835 | $ | 452,271 | |||||||||||||||||||||
Gunite | 59,600 | 55,016 | |||||||||||||||||||||||
Brillion Iron Works | 55,226 | 52,547 | |||||||||||||||||||||||
Corporate / Other | 41,761 | 51,943 | |||||||||||||||||||||||
Consolidated total | $ | 598,422 | $ | 611,777 | |||||||||||||||||||||
Geographic Information—Net sales are attributed to geographic areas based on the country in which the product is sold. Our operations in the United States, Canada, and Mexico are summarized below: | |||||||||||||||||||||||||
For Year Ended Dec. 31, 2014 | United | Canada | Mexico | Eliminations | Combined | ||||||||||||||||||||
States | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Sales to unaffiliated customers—domestic | $ | 568,087 | $ | 57 | $ | 14,867 | $ | — | $ | 583,011 | |||||||||||||||
Sales to unaffiliated customers—export | 120,746 | — | 1,421 | — | 122,167 | ||||||||||||||||||||
Total | $ | 688,833 | $ | 57 | $ | 16,288 | $ | — | $ | 705,178 | |||||||||||||||
Long-lived assets | $ | 775,973 | $ | 32,065 | $ | 10,883 | $ | (370,379 | ) | $ | 448,542 | ||||||||||||||
For Year Ended Dec. 31, 2013 | United | Canada | Mexico | Eliminations | Combined | ||||||||||||||||||||
States | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Sales to unaffiliated customers—domestic | $ | 512,777 | $ | 77 | $ | 19,680 | $ | — | $ | 532,534 | |||||||||||||||
Sales to unaffiliated customers—export | 109,940 | — | 409 | — | 110,349 | ||||||||||||||||||||
Total | $ | 622,717 | $ | 77 | $ | 20,089 | $ | — | $ | 642,883 | |||||||||||||||
Long-lived assets | $ | 759,793 | $ | 31,291 | $ | 11,137 | $ | (339,712 | ) | $ | 462,509 | ||||||||||||||
For Year Ended Dec. 31, 2012 | United | Canada | Mexico | Eliminations | Combined | ||||||||||||||||||||
States | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Sales to unaffiliated customers—domestic | $ | 665,479 | $ | 14 | $ | 22,854 | $ | — | $ | 678,347 | |||||||||||||||
Sales to unaffiliated customers—export | 114,980 | — | 1,307 | — | 116,287 | ||||||||||||||||||||
Total | $ | 770,459 | $ | 14 | $ | 24,161 | $ | — | $ | 794,634 | |||||||||||||||
Long-lived assets | $ | 816,599 | $ | 26,880 | $ | 11,335 | $ | (339,712 | ) | $ | 515,102 | ||||||||||||||
The information for each of our geographic regions included sales to each of the three major customers in 2014 that each exceed 10% of total net sales. Sales to those customers are as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | Amount | % of | Amount | % of | Amount | % of | |||||||||||||||||||
Sales | Sales | Sales | |||||||||||||||||||||||
Customer one | $ | 99,382 | 14.1 | % | $ | 91,886 | 14.3 | % | $ | 123,459 | 15.5 | % | |||||||||||||
Customer two | 93,298 | 13.2 | % | 90,624 | 14.1 | % | 101,895 | 12.8 | % | ||||||||||||||||
Customer three | 74,275 | 10.5 | % | 59,749 | 9.3 | % | 64,855 | 8.2 | % | ||||||||||||||||
$ | 266,955 | 37.8 | % | $ | 242,259 | 37.7 | % | $ | 290,209 | 36.5 | % | ||||||||||||||
Sales by product grouping are as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | Amount | % of | Amount | % of | Amount | % of | |||||||||||||||||||
Sales | Sales | Sales | |||||||||||||||||||||||
Wheels | $ | 402,146 | 57 | % | $ | 364,614 | 56.7 | % | $ | 414,340 | 52.1 | % | |||||||||||||
Wheel-end components and assemblies | 171,263 | 24.3 | % | 168,988 | 26.3 | % | 221,974 | 27.9 | % | ||||||||||||||||
Ductile and gray iron castings | 131,769 | 18.7 | % | 109,281 | 17 | % | 158,320 | 20 | % | ||||||||||||||||
$ | 705,178 | 100 | % | $ | 642,883 | 100 | % | $ | 794,634 | 100 | % |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||
Dec. 31, 2014 | |||
Financial Instruments [Abstract] | |||
Financial Instruments | Note 13 – Financial Instruments | ||
We have determined the estimated fair value amounts of financial instruments using available market information and other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. A fair value hierarchy accounting standard exists for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). Determining which category an asset or liability falls within the hierarchy requires significant judgment. | |||
The hierarchy consists of three levels: | |||
Level 1 | Quoted market prices in active markets for identical assets or liabilities; | ||
Level 2 | Inputs other than Level 1 inputs that are either directly or indirectly observable; and | ||
Level 3 | Unobservable inputs developed using estimates and assumptions developed by us, which reflect those that a market participant would use. | ||
The carrying amounts of cash and cash equivalents, trade receivables, and accounts payable approximate fair value because of the relatively short maturity of these instruments. The fair value of our 9.5% senior secured notes are based on market quotes, which we determined to be Level 1 inputs, at December 31, 2014 was approximately $319.2 million compared to the carrying amount of $306.2 million and at December 31, 2013 was approximately $306.9 million compared to the carrying amount of $305.2 million. | |||
The Company believes the fair value of the outstanding borrowings of our ABL facility at December 31, 2014 and 2013 equals the carrying value of $17.0 million and $25.0 million, respectively. As of December 31, 2014 and 2013 we had no other remaining significant financial instruments. | |||
See Note 4, "Goodwill and Other Intangible Assets", and Note 6, "Property, Plant and Equipment", for a description of significant Level 3 inputs used in development of fair value of nonfinancial assets. |
Quarterly_Data_unaudited
Quarterly Data (unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Data (unaudited) [Abstract] | |||||||||||||||||||||
Quarterly Data (unaudited) | Note 14 – Quarterly Data (unaudited) | ||||||||||||||||||||
The following tables set forth certain quarterly income statement information for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||
2014 | |||||||||||||||||||||
(In thousands, except per share data) | Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Net sales | $ | 166,784 | $ | 181,575 | $ | 184,007 | $ | 172,812 | $ | 705,178 | |||||||||||
Cost of goods sold | 149,761 | 159,153 | 164,095 | 158,691 | 631,700 | ||||||||||||||||
Gross profit | 17,023 | 22,422 | 19,912 | 14,121 | 73,478 | ||||||||||||||||
Operating expenses | 10,454 | 10,118 | 9,868 | 10,400 | 40,840 | ||||||||||||||||
Income from operations | 6,569 | 12,304 | 10,044 | 3,721 | 32,638 | ||||||||||||||||
Interest expense, net | (8,420 | ) | (8,487 | ) | (8,444 | ) | (8,362 | ) | (33,713 | ) | |||||||||||
Other loss, net | (530 | ) | (169 | ) | (805 | ) | (2,002 | ) | (3,506 | ) | |||||||||||
Income tax provision (benefit) | 904 | (1,461 | ) | (410 | ) | (1,560 | ) | (2,527 | ) | ||||||||||||
Income (loss) from continuing operations | (3,285 | ) | 5,109 | 1,205 | (5,083 | ) | (2,054 | ) | |||||||||||||
Discontinued operations, net of tax | (288 | ) | 186 | (106 | ) | (45 | ) | (253 | ) | ||||||||||||
Net income (loss) | $ | (3,573 | ) | $ | 5,295 | $ | 1,099 | $ | (5,128 | ) | $ | (2,307 | ) | ||||||||
Basic income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | (0.07 | ) | $ | 0.11 | $ | 0.02 | $ | (0.10 | ) | $ | (0.04 | ) | ||||||||
Discontinued operations | (0.01 | ) | — | — | — | (0.01 | ) | ||||||||||||||
Total | $ | (0.08 | ) | $ | 0.11 | $ | 0.02 | $ | (0.10 | ) | $ | (0.05 | ) | ||||||||
Diluted income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | (0.07 | ) | $ | 0.11 | $ | 0.02 | $ | (0.10 | ) | $ | (0.04 | ) | ||||||||
Discontinued operations | (0.01 | ) | — | — | — | (0.01 | ) | ||||||||||||||
Total | $ | (0.08 | ) | $ | 0.11 | $ | 0.02 | $ | (0.10 | ) | $ | (0.05 | ) | ||||||||
2013 | |||||||||||||||||||||
(In thousands, except per share data) | Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Net sales | $ | 162,987 | $ | 179,941 | $ | 155,264 | $ | 144,691 | $ | 642,883 | |||||||||||
Cost of goods sold | 156,709 | 161,235 | 144,994 | 135,989 | 598,927 | ||||||||||||||||
Gross profit | 6,278 | 18,706 | 10,270 | 8,702 | 43,956 | ||||||||||||||||
Operating expenses | 11,075 | 12,747 | 10,995 | 10,371 | 45,188 | ||||||||||||||||
Income (loss) from operations | (4,797 | ) | 5,959 | (725 | ) | (1,669 | ) | (1,232 | ) | ||||||||||||
Interest expense, net | (8,694 | ) | (9,157 | ) | (8,711 | ) | (8,465 | ) | (35,027 | ) | |||||||||||
Other income, net | 145 | (441 | ) | 546 | (570 | ) | (320 | ) | |||||||||||||
Income tax provision (benefit) | 1,409 | 1,464 | (495 | ) | (12,622 | ) | (10,244 | ) | |||||||||||||
Income (loss) from continuing operations | (14,755 | ) | (5,103 | ) | (8,395 | ) | 1,918 | (26,335 | ) | ||||||||||||
Discontinued operations, net of tax | (1,192 | ) | (259 | ) | (10,220 | ) | (307 | ) | (11,978 | ) | |||||||||||
Net income (loss) | $ | (15,947 | ) | $ | (5,362 | ) | $ | (18,615 | ) | $ | 1,611 | $ | (38,313 | ) | |||||||
Basic income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | (0.31 | ) | $ | (0.11 | ) | $ | (0.18 | ) | $ | 0.04 | $ | (0.56 | ) | |||||||
Discontinued operations | (0.03 | ) | — | (0.21 | ) | (0.01 | ) | (0.25 | ) | ||||||||||||
Total | $ | (0.34 | ) | $ | (0.11 | ) | $ | (0.39 | ) | $ | 0.03 | $ | (0.81 | ) | |||||||
Diluted income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | (0.31 | ) | $ | (0.11 | ) | $ | (0.18 | ) | $ | 0.04 | $ | (0.56 | ) | |||||||
Discontinued operations | (0.03 | ) | — | (0.21 | ) | (0.01 | ) | (0.25 | ) | ||||||||||||
Total | $ | (0.34 | ) | $ | (0.11 | ) | $ | (0.39 | ) | $ | 0.03 | $ | (0.81 | ) |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||
Valuation and Qualifying Accounts | Note 15 – Valuation and Qualifying Accounts | ||||||||||||
The following table summarizes the changes in our valuation and qualifying accounts: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance—beginning of period | $ | 259 | $ | 549 | $ | 676 | |||||||
Charges(credits) to cost and expense | 92 | 139 | 267 | ||||||||||
Recoveries | — | 89 | (277 | ) | |||||||||
Write offs | (24 | ) | (366 | ) | (117 | ) | |||||||
Balance—end of period | $ | 327 | $ | 259 | $ | 549 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Contingencies [Abstract] | |
Contingencies | Note 16 - Contingencies |
We are from time to time involved in various legal proceedings of a character normally incidental to our business. We do not believe that the outcome of these proceedings will have a material effect on our consolidated financial statements. | |
In addition to environmental laws that regulate our ongoing operations, we are also subject to environmental remediation liability. Under the federal Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and analogous state laws, we may be liable as a result of the release or threatened release of hazardous materials into the environment regardless of when the release occurred. We are currently involved in several matters relating to the investigation and/or remediation of locations where we have arranged for the disposal of foundry wastes. Such matters include situations in which we have been named or are believed to be potentially responsible parties in connection with the contamination of these sites. Additionally, environmental remediation may be required to address soil and groundwater contamination identified at certain of our facilities. | |
As of December 31, 2014, we had an environmental reserve of approximately $1.5 million, related primarily to our foundry operations. This reserve is based on management's review of potential liabilities as well as cost estimates related thereto. Any expenditures required for us to comply with applicable environmental laws and/or pay for any remediation efforts will not be reduced or otherwise affected by the existence of the environmental reserve. Our environmental reserve may not be adequate to cover our future costs related to the sites associated with the environmental reserve, and any additional costs may have a material adverse effect on our business, results of operations or financial condition. The discovery of additional environmental issues, the modification of existing laws or regulations or the promulgation of new ones, more vigorous enforcement by regulators, the imposition of joint and several liability under CERCLA or analogous state laws, or other unanticipated events could also result in a material adverse effect. | |
The Iron and Steel Foundry National Emission Standard for Hazardous Air Pollutants ("NESHAP") was developed pursuant to Section 112(d) of the Clean Air Act and requires major sources of hazardous air pollutants to install controls representative of maximum achievable control technology. Based on currently available information, we do not anticipate material costs regarding ongoing compliance with the NESHAP; however if we are found to be out of compliance with the NESHAP, we could incur liability that could have a material adverse effect on our business, results of operations or financial condition. | |
At the Erie, Pennsylvania, facility, we have obtained an environmental insurance policy to provide coverage with respect to certain environmental liabilities. | |
Management does not believe that the outcome of any environmental proceedings will have a material adverse effect on our consolidated financial condition or results of operations. | |
As of December 31, 2014, we had approximately 2,247 employees, of which 497 were salaried employees with the remainder paid hourly. Unions represent approximately 1,512 of our employees, which is approximately 67 percent of our total employees. Each of our unionized facilities has a separate contract with the union that represents the workers employed at such facility. The union contracts expire at various times over the next few years with the exception of our union contract that covers the hourly employees at our Monterrey, Mexico, facility, which expires on an annual basis in January unless otherwise renewed. The 2015 negotiations in Monterrey were successfully completed prior to the expiration of our union contract. In 2012, we extended the labor contract at our London, Ontario facility through March 2018. In 2013, we successfully negotiated our collective bargaining agreement at our Brillion, Wisconsin facility, extending that agreement through June, 2018. | |
In 2014, we successfully negotiated new bargaining agreements for our Erie, Pennsylvania and Rockford, Illinois facilities, which will expire on September 3, 2018 and March 29, 2019, respectively. |
Product_Warranties
Product Warranties | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Product Warranties [Abstract] | |||||||||||||
Product Warranties | Note 17 – Product Warranties | ||||||||||||
The Company provides product warranties in conjunction with certain product sales. Generally, sales are accompanied by a 1- to 5-year standard warranty. These warranties cover factors such as non-conformance to specifications and defects in material and workmanship. | |||||||||||||
Estimated standard warranty costs are recorded in the period in which the related product sales occur. The warranty liability recorded at each balance sheet date in other current liabilities reflects the estimated number of months of warranty coverage outstanding for products delivered times the average of historical monthly warranty payments, as well as additional amounts for certain major warranty issues that exceed a normal claims level. | |||||||||||||
The following table summarizes product warranty activity recorded for years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance—beginning of period | $ | 301 | $ | 294 | $ | 797 | |||||||
Provision for new warranties | 66 | 249 | 568 | ||||||||||
Payments | (117 | ) | (258 | ) | (1,071 | ) | |||||||
Sale of certain assets and liabilities | (8 | ) | 16 | — | |||||||||
Balance—end of period | $ | 242 | $ | 301 | $ | 294 |
Guarantor_and_Nonguarantor_Fin
Guarantor and Non-guarantor Financial Statements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Guarantor and Non-guarantor Financial Statements [Abstract] | |||||||||||||||||||||
Guarantor and Non-guarantor Financial Statements | Note 18—Guarantor and Non-guarantor Financial Statements | ||||||||||||||||||||
Our senior secured notes are, jointly and severally, fully and unconditionally guaranteed, on a senior basis, by all of our existing and future 100% owned domestic subsidiaries ("Guarantor Subsidiaries"). The non-guarantor subsidiaries are our foreign subsidiaries and discontinued operations. The following condensed financial information illustrates the composition of the combined Guarantor Subsidiaries: | |||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 22,710 | $ | — | $ | 7,063 | $ | — | $ | 29,773 | |||||||||||
Accounts and other receivables, net | 35,630 | 20,994 | 6,543 | 403 | 63,570 | ||||||||||||||||
Intercompany receivable | 191,272 | 5,086 | 53,055 | (249,413 | ) | — | |||||||||||||||
Inventories | 18,693 | 21,352 | 3,423 | (403 | ) | 43,065 | |||||||||||||||
Other current assets | 4,970 | 3,386 | 5,116 | — | 13,472 | ||||||||||||||||
Total current assets | 273,275 | 50,818 | 75,200 | (249,413 | ) | 149,880 | |||||||||||||||
Property, plant, and equipment, net | 78,603 | 101,648 | 31,932 | — | 212,183 | ||||||||||||||||
Goodwill | 96,283 | 4,414 | — | — | 100,697 | ||||||||||||||||
Intangible assets, net | 115,465 | 2,498 | — | — | 117,963 | ||||||||||||||||
Investments in and advances to subsidiaries and affiliates | 128,372 | — | — | (128,372 | ) | — | |||||||||||||||
Other non-current assets | 3,118 | 3,774 | 10,807 | — | 17,699 | ||||||||||||||||
TOTAL | $ | 695,116 | $ | 163,152 | $ | 117,939 | $ | (377,785 | ) | $ | 598,422 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Accounts payable | $ | 15,209 | $ | 31,931 | $ | 9,312 | $ | — | $ | 56,452 | |||||||||||
Intercompany payable | 249,407 | — | 6 | (249,413 | ) | — | |||||||||||||||
Accrued payroll and compensation | 4,002 | 5,458 | 1,160 | — | 10,620 | ||||||||||||||||
Accrued interest payable | 12,428 | — | — | — | 12,428 | ||||||||||||||||
Accrued and other liabilities | 4,183 | 10,060 | 3,328 | — | 17,571 | ||||||||||||||||
Total current liabilities | 285,229 | 47,449 | 13,806 | (249,413 | ) | 97,071 | |||||||||||||||
Long term debt | 323,234 | — | — | — | 323,234 | ||||||||||||||||
Deferred and non-current income taxes | 41,775 | (20,736 | ) | 332 | — | 21,371 | |||||||||||||||
Other non-current liabilities | 14,075 | 93,245 | 18,623 | — | 125,943 | ||||||||||||||||
Stockholders' equity | 30,803 | 43,194 | 85,178 | (128,372 | ) | 30,803 | |||||||||||||||
TOTAL | $ | 695,116 | $ | 163,152 | $ | 117,939 | $ | (377,785 | ) | $ | 598,422 | ||||||||||
31-Dec-13 | |||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 31,018 | $ | — | $ | 2,408 | — | $ | 33,426 | ||||||||||||
Accounts and other receivables, net | 31,871 | 19,955 | 7,694 | — | 59,520 | ||||||||||||||||
Intercompany Receivable | — | 164,940 | 79,722 | (244,662 | ) | — | |||||||||||||||
Inventories | 16,858 | 20,759 | 2,022 | (310 | ) | 39,329 | |||||||||||||||
Other current assets | 7,159 | 4,357 | 5,477 | — | 16,993 | ||||||||||||||||
Total current assets | 86,906 | 210,011 | 97,323 | (244,972 | ) | 149,268 | |||||||||||||||
Property, plant, and equipment, net | 80,286 | 103,800 | 35,538 | — | 219,624 | ||||||||||||||||
Goodwill | 96,283 | 4,414 | — | — | 100,697 | ||||||||||||||||
Intangible assets, net | 122,764 | 2,666 | — | — | 125,430 | ||||||||||||||||
Investments in and advances to subsidiaries and affiliates | 128,059 | — | — | (128,059 | ) | — | |||||||||||||||
Other non-current assets | 5,971 | 1,791 | 8,996 | — | 16,758 | ||||||||||||||||
TOTAL | $ | 520,269 | $ | 322,682 | $ | 141,857 | $ | (373,031 | ) | $ | 611,777 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Accounts payable | $ | 12,092 | $ | 28,215 | $ | 7,220 | — | $ | 47,527 | ||||||||||||
Intercompany payable | 42,428 | 175,666 | 26,878 | (244,972 | ) | — | |||||||||||||||
Accrued payroll and compensation | 1,604 | 5,776 | 1,383 | — | 8,763 | ||||||||||||||||
Accrued interest payable | 12,535 | — | — | — | 12,535 | ||||||||||||||||
Accrued and other liabilities | 4,225 | 11,979 | 4,970 | — | 21,174 | ||||||||||||||||
Total current liabilities | 72,884 | 221,636 | 40,451 | (244,972 | ) | 89,999 | |||||||||||||||
Long term debt | 330,183 | — | — | — | 330,183 | ||||||||||||||||
Deferred and non-current income taxes | 36,970 | (19,108 | ) | (334 | ) | — | 17,528 | ||||||||||||||
Other non-current liabilities | 18,348 | 75,769 | 18,066 | — | 112,183 | ||||||||||||||||
Stockholders' equity | 61,884 | 44,385 | 83,674 | (128,059 | ) | 61,884 | |||||||||||||||
TOTAL | $ | 520,269 | $ | 322,682 | $ | 141,857 | $ | (373,031 | ) | $ | 611,777 | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Net sales | $ | 473,264 | $ | 313,242 | $ | 131,269 | $ | (212,597 | ) | $ | 705,178 | ||||||||||
Cost of goods sold | 426,969 | 293,644 | 121,939 | (210,852 | ) | 631,700 | |||||||||||||||
Gross profit | 46,295 | 19,598 | 9,330 | (1,745 | ) | 73,478 | |||||||||||||||
Operating expenses | 39,428 | 1,228 | 184 | — | 40,840 | ||||||||||||||||
Income (loss) from operations | 6,867 | 18,370 | 9,146 | (1,745 | ) | 32,638 | |||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense, net | (34,777 | ) | (226 | ) | 1,290 | — | (33,713 | ) | |||||||||||||
Equity in earnings of subsidiaries | 23,581 | — | — | (23,581 | ) | — | |||||||||||||||
Other income (expense), net | (2,571 | ) | 453 | (1,388 | ) | — | (3,506 | ) | |||||||||||||
Income (loss) before income taxes from continuing operations | (6,900 | ) | 18,597 | 9,048 | (25,326 | ) | (4,581 | ) | |||||||||||||
Income tax provision (benefit) | (4,593 | ) | 1,068 | 998 | — | (2,527 | ) | ||||||||||||||
Income (loss) from continuing operations | (2,307 | ) | 17,529 | 8,050 | (25,326 | ) | (2,054 | ) | |||||||||||||
Discontinued operations, net of tax | — | — | (253 | ) | — | (253 | ) | ||||||||||||||
Net income (loss) | $ | (2,307 | ) | $ | 17,529 | $ | 7,797 | $ | (25,326 | ) | $ | (2,307 | ) | ||||||||
Comprehensive income (loss) | $ | (33,233 | ) | $ | (19,022 | ) | $ | (2,521 | ) | $ | 21,543 | $ | (33,233 | ) | |||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Net sales | $ | 429,175 | $ | 288,220 | $ | 132,776 | $ | (207,288 | ) | $ | 642,883 | ||||||||||
Cost of goods sold | 403,996 | 277,955 | 123,535 | (206,559 | ) | 598,927 | |||||||||||||||
Gross profit | 25,179 | 10,265 | 9,241 | (729 | ) | 43,956 | |||||||||||||||
Operating expenses | 43,118 | 1,747 | 323 | — | 45,188 | ||||||||||||||||
Income (loss) from operations | (17,939 | ) | 8,518 | 8,918 | (729 | ) | (1,232 | ) | |||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense, net | (35,664 | ) | (800 | ) | 1,437 | — | (35,027 | ) | |||||||||||||
Equity in earnings of subsidiaries | 11,786 | — | — | (11,786 | ) | — | |||||||||||||||
Other income (expense), net | (259 | ) | 222 | (283 | ) | — | (320 | ) | |||||||||||||
Income (loss) before income taxes from continuing operations | (42,076 | ) | 7,940 | 10,072 | (12,515 | ) | (36,579 | ) | |||||||||||||
Income tax provision (benefit) | (3,763 | ) | (8,438 | ) | 1,957 | — | (10,244 | ) | |||||||||||||
Income (loss) from continuing operations | (38,313 | ) | 16,378 | 8,115 | (12,515 | ) | (26,335 | ) | |||||||||||||
Discontinued operations, net of tax | — | — | (11,978 | ) | — | (11,978 | ) | ||||||||||||||
Net income (loss) | $ | (38,313 | ) | $ | 16,378 | $ | (3,863 | ) | $ | (12,515 | ) | $ | (38,313 | ) | |||||||
Comprehensive income (loss) | $ | (5,191 | ) | $ | 32,012 | $ | 10,044 | $ | (42,056 | ) | $ | (5,191 | ) | ||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Net sales | $ | 438,350 | $ | 398,662 | $ | 146,620 | $ | (188,998 | ) | $ | 794,634 | ||||||||||
Cost of goods sold | 420,062 | 371,192 | 141,377 | (188,998 | ) | 743,633 | |||||||||||||||
Gross profit | 18,288 | 27,470 | 5,243 | — | 51,001 | ||||||||||||||||
Operating expenses | 16,384 | 173,557 | 290 | — | 190,231 | ||||||||||||||||
Income (loss) from operations | 1,904 | (146,087 | ) | 4,953 | — | (139,230 | ) | ||||||||||||||
Other income expense: | |||||||||||||||||||||
Interest expense, net | (34,672 | ) | (239 | ) | (27 | ) | — | (34,938 | ) | ||||||||||||
Equity in earnings of subsidiaries | (147,264 | ) | — | — | 147,264 | — | |||||||||||||||
Other income (expense), net | 1,167 | 243 | (2,274 | ) | — | (864 | ) | ||||||||||||||
Income (loss) before income taxes from continuing operations | (178,865 | ) | (146,083 | ) | 2,652 | 147,264 | (175,032 | ) | |||||||||||||
Income tax provision (benefit) | (858 | ) | — | (799 | ) | — | (1,657 | ) | |||||||||||||
Income (loss) from continuing operations | (178,007 | ) | (146,083 | ) | 3,451 | 147,264 | (173,375 | ) | |||||||||||||
Discontinued operations, net of tax | — | — | (4,632 | ) | — | (4,632 | ) | ||||||||||||||
Net income (loss) | $ | (178,007 | ) | $ | (146,083 | ) | $ | (1,181 | ) | $ | 147,264 | $ | (178,007 | ) | |||||||
Comprehensive income (loss) | $ | (195,419 | ) | $ | (153,548 | ) | $ | (8,663 | ) | $ | 162,211 | $ | (195,419 | ) | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | (2,307 | ) | $ | 17,529 | $ | 7,797 | $ | (25,326 | ) | $ | (2,307 | ) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Depreciation | 11,261 | 18,301 | 4,173 | — | 33,735 | ||||||||||||||||
Amortization – deferred financing costs | 2,479 | — | — | — | 2,479 | ||||||||||||||||
Amortization – other intangible assets | 7,970 | 168 | — | — | 8,138 | ||||||||||||||||
(Gain) loss on disposal of assets | 593 | (228 | ) | 27 | — | 392 | |||||||||||||||
Deferred income taxes | (3,097 | ) | 925 | (139 | ) | — | (2,311 | ) | |||||||||||||
Non-cash stock-based compensation | 2,456 | — | — | — | 2,456 | ||||||||||||||||
Equity in earnings of subsidiaries and affiliates | (24,923 | ) | — | — | 24,923 | — | |||||||||||||||
Change in other operating items | 57,454 | (62,615 | ) | (5,309 | ) | 403 | (10,067 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 51,886 | (25,920 | ) | 6,549 | — | 32,515 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchases of property, plant, and equipment | (10,151 | ) | (14,813 | ) | (681 | ) | — | (25,645 | ) | ||||||||||||
Proceeds from notes receivable | (628 | ) | (200,078 | ) | (39,249 | ) | 239,955 | — | |||||||||||||
Payment on notes receivable | (19,031 | ) | 162,777 | 38,036 | (181,782 | ) | — | ||||||||||||||
Other | (671 | ) | 1,305 | — | — | 634 | |||||||||||||||
Net cash provided by (used in) investing activities | (30,481 | ) | (50,809 | ) | (1,894 | ) | 58,173 | (25,011 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Payment on notes payable | (147,455 | ) | (52,327 | ) | — | 181,782 | (18,000 | ) | |||||||||||||
Proceeds from notes payable | 117,742 | 132,213 | — | (239,955 | ) | 10,000 | |||||||||||||||
Other | — | (3,157 | ) | — | — | (3,157 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | (29,713 | ) | 76,729 | — | (58,173 | ) | (11,157 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (8,308 | ) | — | 4,655 | — | (3,653 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 31,018 | — | 2,408 | — | 33,426 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 22,710 | $ | — | $ | 7,063 | $ | — | $ | 29,773 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | (38,313 | ) | $ | 16,378 | $ | (3,863 | ) | $ | (12,515 | ) | $ | (38,313 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Depreciation and impairment | 10,503 | 19,584 | 5,492 | — | 35,579 | ||||||||||||||||
Amortization – deferred financing costs | 2,684 | — | — | — | 2,684 | ||||||||||||||||
Amortization – other intangible assets | 8,583 | 167 | — | — | 8,750 | ||||||||||||||||
(Gain) loss on disposal of assets | 761 | 176 | 11,150 | — | 12,087 | ||||||||||||||||
Deferred income taxes | (3,910 | ) | (8,438 | ) | (687 | ) | — | (13,035 | ) | ||||||||||||
Non-cash stock-based compensation | 2,411 | — | — | — | 2,411 | ||||||||||||||||
Equity in earnings of subsidiaries and affiliates | (12,205 | ) | — | — | 12,205 | — | |||||||||||||||
Change in other operating items | 77,131 | (50,391 | ) | (39,139 | ) | 310 | (12,089 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 47,645 | (22,524 | ) | (27,047 | ) | — | (1,926 | ) | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchases of property, plant, and equipment | (15,283 | ) | (19,573 | ) | (3,999 | ) | — | (38,855 | ) | ||||||||||||
Proceeds from notes receivable | (73,047 | ) | (185,927 | ) | (39,204 | ) | 298,178 | — | |||||||||||||
Payment on notes receivable | 29,207 | 187,368 | 37,991 | (254,566 | ) | — | |||||||||||||||
Other | 14,944 | — | 32,000 | — | 46,944 | ||||||||||||||||
Net cash provided by (used in) investing activities | (44,179 | ) | (18,132 | ) | 26,788 | 43,612 | 8,089 | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Payment on notes payable | (245,359 | ) | (29,207 | ) | — | 254,566 | (20,000 | ) | |||||||||||||
Proceeds from notes payable | 250,131 | 73,047 | — | (298,178 | ) | 25,000 | |||||||||||||||
Other | (1,333 | ) | (3,155 | ) | — | — | (4,488 | ) | |||||||||||||
Net cash provided by (used in)financing activities | 3,439 | 40,685 | — | (43,612 | ) | 512 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 6,905 | 29 | (259 | ) | — | 6,675 | |||||||||||||||
Cash and cash equivalents, beginning of period | 24,113 | (29 | ) | 2,667 | — | 26,751 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 31,018 | $ | — | $ | 2,408 | $ | — | $ | 33,426 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | (178,007 | ) | $ | (146,083 | ) | $ | (1,181 | ) | $ | 147,264 | $ | (178,007 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Depreciation | 10,493 | 159,067 | 12,306 | — | 181,866 | ||||||||||||||||
Amortization – deferred financing costs | 2,759 | — | — | — | 2,759 | ||||||||||||||||
Amortization – other intangible assets | 8,616 | 2,365 | — | — | 10,981 | ||||||||||||||||
Loss on disposal of assets | (1,950 | ) | 2,718 | 107 | — | 875 | |||||||||||||||
Deferred income taxes | (1,571 | ) | — | (2,232 | ) | — | (3,803 | ) | |||||||||||||
Non-cash stock-based compensation | 3,119 | — | — | — | 3,119 | ||||||||||||||||
Equity in earnings of subsidiaries and affiliates | 147,264 | — | — | (147,264 | ) | — | |||||||||||||||
Change in other operating items | 35,877 | (19,495 | ) | (5,444 | ) | — | 10,938 | ||||||||||||||
Net cash provided by (used in) operating activities | 26,600 | (1,428 | ) | 3,556 | — | 28,728 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchases of property, plant, and equipment | (25,152 | ) | (24,200 | ) | (9,842 | ) | — | (59,194 | ) | ||||||||||||
Other | (37,823 | ) | 28,844 | 9,979 | — | 1,000 | |||||||||||||||
Net cash provided by (used in) investing activities | (62,975 | ) | 4,644 | 137 | — | (58,194 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Increase in revolving credit advance | 8,910 | — | (8,910 | ) | — | — | |||||||||||||||
Other | — | (698 | ) | — | — | (698 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 8,910 | (698 | ) | (8,910 | ) | — | (698 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (27,465 | ) | 2,518 | (5,217 | ) | — | (30,164 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 51,578 | (2,547 | ) | 7,884 | — | 56,915 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 24,113 | $ | (29 | ) | $ | 2,667 | $ | — | $ | 26,751 |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Loss) by Component | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Abstract] | ||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | Note 19 – Changes in Accumulated Other Comprehensive Income (Loss) by Component | |||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||
(In thousands) | Pension Plan | Post Retirement Plan | Total | |||||||||||
Accumulated other comprehensive loss as of December 31, 2012 | $ | (46,167 | ) | $ | (5,667 | ) | $ | (51,834 | ) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | 25,738 | 7,384 | 33,122 | |||||||||||
Accumulated other comprehensive loss as of December 31, 2013 | $ | (20,429 | ) | $ | 1,717 | $ | (18,712 | ) | ||||||
For the Year Ended December 31, 2014 | ||||||||||||||
(In thousands) | Pension Plan | Post Retirement Plan | Total | |||||||||||
Accumulated other comprehensive loss as of December 31, 2013 | $ | (20,429 | ) | $ | 1,717 | $ | (18,712 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (19,731 | ) | (11,195 | ) | (30,926 | ) | ||||||||
Accumulated other comprehensive income (loss) as of December 31, 2014 | $ | (40,160 | ) | $ | (9,478 | ) | $ | (49,638 | ) | |||||
Reclassifications out of Accumulated Other Comprehensive Income: | ||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||
(In thousands) | Pension Plan | Post Retirement Plan | Total | |||||||||||
Amortization of Pension and Postretirement Plan items | ||||||||||||||
Prior service costs | $ | 44 | $ | 539 | $ | 583 | (a) | |||||||
Actuarial gain | 35,568 | 11,007 | 46,575 | (a) | ||||||||||
Amortization of net actuarial gain | 2,607 | 114 | 2,721 | (a) | ||||||||||
Total before tax | 38,219 | 11,660 | 49,879 | |||||||||||
Tax (expense) benefit | (12,481 | ) | (4,276 | ) | (16,757 | ) | ||||||||
Total reclassified for the period | $ | 25,738 | $ | 7,384 | $ | 33,122 | ||||||||
For the Year Ended December 31, 2014 | ||||||||||||||
(In thousands) | Pension Plan | Post Retirement Plan | Total | |||||||||||
Amortization of Pension and Postretirement Plan items | ||||||||||||||
Prior service costs | $ | (44 | ) | $ | 34 | $ | (10 | ) | (a) | |||||
Actuarial gain | 20,674 | 12,063 | 32,737 | (a) | ||||||||||
Amortization of net actuarial gain | (211 | ) | (299 | ) | (510 | ) | (a) | |||||||
Total before tax | 20,419 | 11,798 | 32,217 | |||||||||||
Tax (expense) benefit | (688 | ) | (603 | ) | (1,291 | ) | ||||||||
Total reclassified for the period | $ | 19,731 | $ | 11,195 | $ | 30,926 | ||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension and post retirement plan costs. See Pension footnote, Note 8, for additional details. |
Nature_of_Operations_Basis_of_1
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |||||||||||||
Nature of Operations | Nature of Operations – We are engaged primarily in the design, manufacture and distribution of components for trucks, trailers and certain military and construction vehicles. We sell our products primarily within North America and Latin America to original equipment manufacturers and to the aftermarket. | ||||||||||||
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation - The accompanying consolidated financial statements include the accounts of Accuride Corporation (the "Company") and its wholly-owned subsidiaries, including Accuride Canada, Inc. ("Accuride Canada"), Accuride Erie L.P. ("Accuride Erie"), Accuride EMI, LLC ("Accuride Camden"), Accuride de Mexico, S.A. de C.V. ("AdM"), AOT, Inc. ("AOT"), and Transportation Technologies Industries, Inc. ("TTI"). TTI's subsidiaries include Brillion Iron Works, Inc. ("Brillion") and Gunite Corporation ("Gunite"). All significant intercompany transactions have been eliminated. Certain operating results from prior periods have been reclassified to discontinued operations to reflect the sale of certain businesses. See Note 2 "Discontinued Operations" for further discussion. | ||||||||||||
On August 1, 2013, the Company announced the sale of substantially all of the assets, liabilities and business of its Imperial Group business to Wynnchurch Capital, Ltd. in partnership with Imperial Manufacturing, Inc. for $30.0 million, plus a contingent earn-out opportunity of up to $2.25 million. The sale resulted in the recognition of a $12.0 million loss, including a $2.5 million impairment charge on the assets retained, on our consolidated statement of operations, which is reclassified within Discontinued Operations. The sale included a working capital adjustment, plus a contingent payment of up to $2.25 million depending on Imperial's financial performance during calendar years 2013-2015. See Note 2 "Discontinued Operations" for further discussion. | |||||||||||||
Management's Estimates and Assumptions | Management's Estimates and Assumptions – The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
Revenue Recognition | Revenue Recognition – Revenue from product sales is recognized upon shipment whereupon title passes and we have no further obligations to the customer. Provisions for discounts and rebates to customers, and returns and other adjustments are provided for as a reduction of sales in the same period the related sales are recorded. | ||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents – Cash and cash equivalents include all highly liquid investments with original maturities of three months or less. The carrying value of these investments approximates fair value due to their short maturity. | ||||||||||||
Inventories | Inventories – Inventories are stated at the lower of cost or market. Cost for substantially all inventories is determined by the first-in, first-out method ("FIFO"). We review inventory on hand and write down excess and obsolete inventory based on our assessment of future demand and historical experience. We also recognize abnormal items as current-period charges. Fixed production overhead costs are based on the normal capacity of the production facilities. | ||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment – Property, plant and equipment is recorded at cost and is depreciated using the straight-line method over their expected useful lives. Generally, buildings and improvements have useful lives of 15-40 years, and factory machinery and equipment have useful lives of 10 years. Internal-use software is stated at cost less accumulated amortization and is amortized using the straight-line method over its estimated useful life of three years. Software assets are reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable over the remaining lives of the assets. During the software application development stage, capitalized costs include external consulting costs, cost of software licenses, and internal payroll and payroll-related costs for employees who are directly associated with a software project. | ||||||||||||
Deferred Financing Costs | Deferred Financing Costs – Costs incurred in connection with the ABL Credit Agreement and issuance of our senior secured notes (see Note 7) were originally deferred and are being amortized over the life of the related debt using the effective interest method. | ||||||||||||
Goodwill | Goodwill – Goodwill represents the excess of the reorganization value of the Company over the fair value of net tangible assets and identifiable assets and liabilities resulting from the fresh-start reporting. See Note 4 for further discussion. | ||||||||||||
Intangible Assets | Intangible Assets – Identifiable intangible assets consist of trade names, technology and customer relationships. Indefinite lived intangibles assets (trade names) are not amortized. The lives for the definite-lived intangibles assets are reviewed to ensure recoverability whenever events or changes in economic circumstances indicate the carrying amount of such assets may not be recoverable. See Note 4 for further discussion. | ||||||||||||
Impairment | Impairment – We evaluate our long-lived assets to be held and used and our amortizing intangible assets for impairment when events or changes in economic circumstances indicate the carrying amount of such assets may not be recoverable. Impairment is determined by comparison of the carrying amount of the asset to the undiscounted net cash flows expected to be generated by the related asset group. Long-lived assets to be disposed of are carried at the lower of cost or fair value less the costs of disposal. | ||||||||||||
Goodwill and our indefinite lived intangible assets (trade names) are reviewed for impairment annually or more frequently if impairment indicators exist. Impairment is determined for trade names by comparison of the carrying amount to the fair value, which is determined using an income approach (relief from royalty method). Impairment is determined for goodwill using the two-step approach. The first step is the estimation of fair value of each reporting unit, which is compared to the carrying value. If step one indicates that impairment potentially exists, the second step is performed to measure the amount of impairment, if any. Goodwill impairment exists when the implied fair value of goodwill is less than its carrying value. | |||||||||||||
Pension Plans | Pension Plans – We have trusteed, non-contributory pension plans covering certain U.S. and Canadian employees. For certain plans, the benefits are based on career average salary and years of service and, for other plans, a fixed amount for each year of service. Our net periodic pension benefit costs are actuarially determined. Our funding policy provides that payments to the pension trusts shall be at least equal to the minimum legal funding requirements. | ||||||||||||
Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions – We have postretirement health care and life insurance benefit plans covering certain U.S. non-bargained and Canadian employees. We account for these benefits on an accrual basis and provide for the expected cost of such postretirement benefits accrued during the years employees render the necessary service. Our funding policy provides that payments to participants shall be at least equal to our cash basis obligation. | ||||||||||||
Postemployment Benefits Other Than Pensions | Postemployment Benefits Other Than Pensions – We have certain post-employment benefit plans, which provide severance benefits, covering certain U.S. and Canadian employees. We account for these benefits on an accrual basis. | ||||||||||||
Product Warranties | Product Warranties – The Company provides product warranties in conjunction with certain product sales. Generally, sales are accompanied by a 1- to 5-year standard warranty. These warranties cover factors such as non-conformance to specifications and defects in material and workmanship. See Note 17 for a discussion of warranties. | ||||||||||||
Income Taxes | Income Taxes – Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management's best assessment of estimated future taxes to be paid. We are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax expense. | ||||||||||||
Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, we begin with historical results, adjusted for the results of discontinued operations and changes in accounting policies, and incorporate assumptions including the amount of future state, federal and foreign pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax-planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates we are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, we consider three years of cumulative operating income (loss). | |||||||||||||
We have concluded that it is more likely than not that we will not realize the benefits of certain deferred tax assets, totaling $110 million, for which we have provided a valuation allowance. See Note 9 for a discussion of valuation allowances. | |||||||||||||
We record uncertain tax positions on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. We also recognize accrued interest expense and penalties related to the unrecognized tax benefits as additional tax expense. | |||||||||||||
Research and Development Costs | Research and Development Costs – Expenditures relating to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred and are reported as a component of operating expenses in the consolidated statements of operations and comprehensive loss. The amount expensed in the years ended December 31, 2014, 2013 and 2012 totaled $5.6 million, $5.7 million and $6.6 million, respectively. | ||||||||||||
Foreign Currency | Foreign Currency – The assets and liabilities of Accuride Canada and AdM that are receivable or payable in cash are converted at current exchange rates, and inventories and other non-monetary assets and liabilities are converted at historical rates. Revenues and expenses are converted at average rates in effect for the period. The functional currencies of Accuride Canada and AdM have been determined to be the U.S. dollar. Accordingly, gains and losses resulting from conversion of such amounts, as well as gains and losses on foreign currency transactions, are included in operating results as "Other loss, net." For the years ended December 31, 2014, 2013, and 2012 we had aggregate net foreign currency losses of $4.1 million, $0.6 million and $1.1 million, respectively. | ||||||||||||
Concentrations of Credit Risk | Concentrations of Credit Risk – Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, customer receivables, and derivative financial instruments. We place our cash and cash equivalents and execute derivatives with high quality financial institutions. Generally, we do not require collateral or other security to support customer receivables. | ||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments – We periodically use derivative instruments to manage exposure to foreign currency, commodity prices, and interest rate risks. We do not enter into derivative financial instruments for trading or speculative purposes. The derivative instruments used by us include interest rate, foreign exchange, and commodity price instruments. All derivative instruments are recognized on the consolidated balance sheet at their estimated fair value. As of December 31, 2014 and 2013, there were no derivatives outstanding. | ||||||||||||
Foreign Exchange Instruments | Foreign Exchange Instruments – At December 31, 2014, the notional amount of open foreign exchange forward contracts was $7.0 million. There were no open foreign exchange forward contracts as of December 31, 2013. | ||||||||||||
Earnings Per Share | Earnings Per Share – Earnings per share are calculated as net income (loss) divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated by dividing net income (loss) by the weighted-average number of common shares outstanding plus common stock equivalents outstanding during the year. Employee stock options outstanding to acquire 144,095 and 165,197 shares in 2014 and 2013 respectively, were not included in the computation of diluted earnings per common share because the effect would be anti-dilutive. | ||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands except per share data) | 2014 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Net loss from continuing operations | $ | (2,054 | ) | $ | (26,335 | ) | $ | (173,375 | ) | ||||
Net loss from discontinued operations | (253 | ) | (11,978 | ) | (4,632 | ) | |||||||
Net loss | $ | (2,307 | ) | $ | (38,313 | ) | $ | (178,007 | ) | ||||
Denominator: | |||||||||||||
Weighted average shares outstanding – Basic | 47,708 | 47,548 | 47,378 | ||||||||||
Weighted average shares outstanding - Diluted | 47,708 | 47,548 | 47,378 | ||||||||||
Basic loss per common share: | |||||||||||||
From continuing operations | $ | (0.04 | ) | $ | (0.56 | ) | $ | (3.66 | ) | ||||
From discontinued operations | (0.01 | ) | (0.25 | ) | (0.10 | ) | |||||||
Basic loss per common share | $ | (0.05 | ) | $ | (0.81 | ) | $ | (3.76 | ) | ||||
Diluted loss per common share | |||||||||||||
From continuing operations | $ | (0.04 | ) | $ | (0.56 | ) | $ | (3.66 | ) | ||||
From discontinued operations | (0.01 | ) | (0.25 | ) | (0.10 | ) | |||||||
Diluted loss per common share | $ | (0.05 | ) | $ | (0.81 | ) | $ | (3.76 | ) | ||||
Stock Based Compensation | Stock Based Compensation – As described in Note 10, we maintain stock-based compensation plans which allow for the issuance of incentive stock options, or ISOs, as defined in section 422 of the Internal Revenue Code of 1986, as amended (the "Code"), non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights ("SARs"), deferred stock, dividend equivalent rights, performance awards and stock payments (referred to collectively as Awards), to officers, our key employees, and to members of the Board of Directors. We recognize compensation expense under the modified prospective method as a component of operating expenses. | ||||||||||||
On November 9, 2011, our Board of Directors adopted a Rights Agreement pursuant to which one purchase right was distributed as a dividend on each share of our common stock held of record as of the close of business on November 23, 2011. On November 7, 2012, our Board of Directors adopted an Amended and Restated Rights Agreement (the "Amended and Restated Rights | |||||||||||||
Agreement"), which modified the Original Rights Agreement by extending the term of the Original Rights Agreement to November 9, 2015, subject to stockholder approval at our 2013 annual meeting of stockholders, and making certain other adjustments. On December 19, 2012, our Board of Directors amended the Amended and Restated Rights Agreement by shortening the term to April 30, 2014, subject to stockholder approval at our 2013 Annual Meeting of stockholders. Our stockholders ratified the Amended and Restated Rights Agreement at our 2013 Annual Meeting. Pursuant to its terms, the Rights plan terminated on April 30, 2014, without the rights becoming exercisable. | |||||||||||||
New Accounting Pronouncements | New Accounting Pronouncements | ||||||||||||
On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue From Contracts With Customers. The amendments in this update create Topic 606, Revenue from Contracts with Customers, and supersede the revenue recognition requirements in Topic 605. The objective of the amendment is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards ("IFRS"). The amendment is effective for annual reporting periods beginning after December 15, 2016, and interim periods therein. Early adoption is not permitted. The Company is evaluating the effect, if any, on its financial statements. | |||||||||||||
On June 19, 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could Be Achieved after the Requisite Service Period. This Update is intended to resolve the diverse accounting treatment of those awards in practice. The amendment is effective for annual and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the effect, if any, on its financial statements. | |||||||||||||
On August 27, 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern. The amendments in this Update provide guidance in U.S. GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is evaluating the effect, if any, on its financial statements. | |||||||||||||
Recent Accounting Adoptions | Recent Accounting Adoptions | ||||||||||||
In February 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The objective of the amendments in this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for those obligations addressed within existing guidance in U.S. GAAP. The amendment requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and an additional amount the reporting entity expects to pay on behalf of its co-obligors. The entity is required to disclose the nature and amount of the obligation as well as other information about those obligations. The Company adopted this ASU as of January 1, 2014. This adoption did not have an effect on our financial statements. | |||||||||||||
On July 18, 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Topic 740 does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The objective of the amendments in this update is to eliminate that diversity in practice. The Company adopted this ASU as of January 1, 2014. This adoption did not have an effect on our financial statements. |
Nature_of_Operations_Basis_of_2
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |||||||||||||
Computation of basic and diluted earnings per common share | Earnings Per Share – Earnings per share are calculated as net income (loss) divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated by dividing net income (loss) by the weighted-average number of common shares outstanding plus common stock equivalents outstanding during the year. Employee stock options outstanding to acquire 144,095 and 165,197 shares in 2014 and 2013 respectively, were not included in the computation of diluted earnings per common share because the effect would be anti-dilutive. | ||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands except per share data) | 2014 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Net loss from continuing operations | $ | (2,054 | ) | $ | (26,335 | ) | $ | (173,375 | ) | ||||
Net loss from discontinued operations | (253 | ) | (11,978 | ) | (4,632 | ) | |||||||
Net loss | $ | (2,307 | ) | $ | (38,313 | ) | $ | (178,007 | ) | ||||
Denominator: | |||||||||||||
Weighted average shares outstanding – Basic | 47,708 | 47,548 | 47,378 | ||||||||||
Weighted average shares outstanding - Diluted | 47,708 | 47,548 | 47,378 | ||||||||||
Basic loss per common share: | |||||||||||||
From continuing operations | $ | (0.04 | ) | $ | (0.56 | ) | $ | (3.66 | ) | ||||
From discontinued operations | (0.01 | ) | (0.25 | ) | (0.10 | ) | |||||||
Basic loss per common share | $ | (0.05 | ) | $ | (0.81 | ) | $ | (3.76 | ) | ||||
Diluted loss per common share | |||||||||||||
From continuing operations | $ | (0.04 | ) | $ | (0.56 | ) | $ | (3.66 | ) | ||||
From discontinued operations | (0.01 | ) | (0.25 | ) | (0.10 | ) | |||||||
Diluted loss per common share | $ | (0.05 | ) | $ | (0.81 | ) | $ | (3.76 | ) |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations [Abstract] | |||||||||||||
Sales and income from operations attributable to discontinued operations | The following table presents sales and income from operations attributable to Imperial, Fabco, Bostrom Seating and Brillion Farm. | ||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales | $ | — | $ | 70,965 | $ | 135,137 | |||||||
Loss from operations | (42 | ) | (1,758 | ) | (4,061 | ) | |||||||
Other income (expense) | (211 | ) | 1,765 | — | |||||||||
Income tax provision (benefit) | — | — | — | ||||||||||
Loss on sale | — | (11,985 | ) | (571 | ) | ||||||||
Discontinued operations | $ | (253 | ) | $ | (11,978 | ) | $ | (4,632 | ) | ||||
Loss related to sale of assets | The loss related to the sale of Imperial as of July 31, 2013 was as follows: | ||||||||||||
(In thousands) | |||||||||||||
Proceeds from sale | $ | 30,000 | |||||||||||
Accounts receivable | 12,478 | ||||||||||||
Inventories | 10,692 | ||||||||||||
Prepaid expenses and other current assets | 63 | ||||||||||||
Property plant and equipment | 21,868 | ||||||||||||
Accounts payable | (8,672 | ) | |||||||||||
Net assets sold | 36,429 | ||||||||||||
Impairment of real estate | 2,540 | ||||||||||||
Other accrued fees and expenses | 3,016 | ||||||||||||
Net loss from sale | $ | (11,985 | ) |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventories [Abstract] | |||||||||
Inventories on a FIFO basis | Inventories at December 31, 2014 and 2013, on a FIFO basis, were as follows: | ||||||||
(In thousands) | 31-Dec-14 | 31-Dec-13 | |||||||
Raw materials | $ | 8,244 | $ | 7,483 | |||||
Work in process | 14,073 | 12,996 | |||||||
Finished manufactured goods | 20,748 | 18,850 | |||||||
Total inventories | $ | 43,065 | $ | 39,329 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | |||||||||||||||||||||||||||||
Carrying amount of goodwill on a reportable segment basis | The following represents the carrying amount of goodwill, on a reportable segment basis: | ||||||||||||||||||||||||||||
(In thousands) | Wheels | Brillion | Total | ||||||||||||||||||||||||||
Iron Works | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 96,283 | $ | 4,414 | $ | 100,697 | |||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 96,283 | $ | 4,414 | $ | 100,697 | |||||||||||||||||||||||
Carrying amount of other intangible assets by reportable segment | The changes in the carrying amount of other intangible assets for the period December 31, 2012 to December 31, 2014 by reportable segment for the Company, are as follows: | ||||||||||||||||||||||||||||
(In thousands) | Wheels | Brillion | Corporate | Total | |||||||||||||||||||||||||
Iron Works | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 130,668 | $ | 2,833 | $ | 679 | $ | 134,180 | |||||||||||||||||||||
Additions | — | — | — | — | |||||||||||||||||||||||||
Amortization | (7,904 | ) | (167 | ) | (679 | ) | (8,750 | ) | |||||||||||||||||||||
Balance as of December 31, 2013 | $ | 122,764 | $ | 2,666 | $ | — | $ | 125,430 | |||||||||||||||||||||
Additions | 671 | — | — | 671 | |||||||||||||||||||||||||
Amortization | (7,970 | ) | (168 | ) | — | (8,138 | ) | ||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 115,465 | $ | 2,498 | $ | — | $ | 117,963 | |||||||||||||||||||||
Summary of goodwill and other intangible assets | The summary of goodwill and other intangible assets is as follows: | ||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||
(In thousands) | Weighted | Gross | Accumulated | Carrying | Gross | Accumulated | Carrying | ||||||||||||||||||||||
Average | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||||||
Useful | |||||||||||||||||||||||||||||
Lives | |||||||||||||||||||||||||||||
Goodwill | — | $ | 100,697 | $ | — | $ | 100,697 | $ | 100,697 | $ | — | $ | 100,697 | ||||||||||||||||
Other intangible assets: | |||||||||||||||||||||||||||||
Trade names | — | 25,200 | — | 25,200 | 25,200 | — | 25,200 | ||||||||||||||||||||||
Technology | 10 | 39,169 | 23,158 | 16,011 | 38,849 | 20,497 | 18,352 | ||||||||||||||||||||||
Customer relationships | 19.9 | 127,304 | 50,552 | 76,752 | 129,093 | 47,215 | 81,878 | ||||||||||||||||||||||
$ | 191,673 | $ | 73,710 | $ | 117,963 | $ | 193,142 | $ | 67,712 | $ | 125,430 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, plant and equipment | Property, plant and equipment at December 31, 2014 and 2013 consist of the following: | ||||||||
(In thousands) | 2014 | 2013 | |||||||
Land and land improvements | $ | 15,859 | $ | 16,124 | |||||
Buildings | 63,245 | 63,242 | |||||||
Machinery and equipment | 284,447 | 259,697 | |||||||
Property, plant and equipment, gross | 363,551 | 339,063 | |||||||
Less: accumulated depreciation | 151,368 | 119,439 | |||||||
Property, plant and equipment, net | $ | 212,183 | $ | 219,624 |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt [Abstract] | |||||||||||||||||
Average interest rate and average amount outstanding under ABL facility | The following table represents the average interest rate and average amount outstanding under our ABL facility as of the year ended December 31, 2014 and 2013: | ||||||||||||||||
Average interest | Average amount | ||||||||||||||||
rate for the year ended December 31, | outstanding for the year ended December 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
ABL Facility | 2.55 | % | 3.7 | % | $ | 31,002 | $ | 38,180 |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Pension and Other Postretirement Benefit Plans [Abstract] | |||||||||||||||||||||
Obligations and funded status | Obligations and Funded Status: | ||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||
Benefit obligation—beginning of period | $ | 232,901 | $ | 259,706 | $ | 74,933 | $ | 87,125 | |||||||||||||
Service cost | 1,088 | 1,156 | 340 | 528 | |||||||||||||||||
Interest cost | 10,764 | 10,320 | 3,670 | 3,467 | |||||||||||||||||
Actuarial losses (gains) | 31,205 | (12,102 | ) | 12,469 | (10,801 | ) | |||||||||||||||
Benefits paid | (14,421 | ) | (18,260 | ) | (4,295 | ) | (4,078 | ) | |||||||||||||
Foreign currency exchange rate changes | (10,679 | ) | (8,074 | ) | (1,780 | ) | (1,325 | ) | |||||||||||||
Curtailment | — | — | — | — | |||||||||||||||||
Plan amendment | — | — | 435 | (539 | ) | ||||||||||||||||
Incurred retiree drug subsidy reimbursements | — | — | 180 | 172 | |||||||||||||||||
Plan participant's contributions | 103 | 155 | 422 | 384 | |||||||||||||||||
Benefit obligation—end of period | $ | 250,961 | $ | 232,901 | $ | 86,374 | $ | 74,933 | |||||||||||||
Accumulated benefit obligation | $ | 250,745 | $ | 232,208 | $ | 86,374 | $ | 74,933 | |||||||||||||
Change in plan assets: | |||||||||||||||||||||
Fair value of assets—beginning of period | $ | 220,707 | $ | 203,268 | $ | — | $ | — | |||||||||||||
Actual return on plan assets | 21,939 | 33,625 | — | — | |||||||||||||||||
Employer contributions | 11,376 | 9,539 | 3,873 | 3,694 | |||||||||||||||||
Plan participant's contributions | 103 | 155 | 422 | 384 | |||||||||||||||||
Benefits paid | (14,421 | ) | (18,260 | ) | (4,295 | ) | (4,078 | ) | |||||||||||||
Foreign currency exchange rate changes | (11,572 | ) | (7,620 | ) | — | — | |||||||||||||||
Fair value of assets—end of period | 228,132 | 220,707 | — | — | |||||||||||||||||
Reconciliation of funded status: | |||||||||||||||||||||
Unfunded status | $ | (22,829 | ) | $ | (12,194 | ) | $ | (86,374 | ) | $ | (74,933 | ) | |||||||||
Amounts recorded in the consolidated balance sheets: | |||||||||||||||||||||
Prepaid benefit cost | $ | 9,518 | $ | 8,493 | $ | — | $ | — | |||||||||||||
Accrued benefit liability | (32,348 | ) | (20,687 | ) | (86,374 | ) | (74,933 | ) | |||||||||||||
Accumulated other comprehensive loss (income) | 35,621 | 15,201 | 6,507 | (5,292 | ) | ||||||||||||||||
Net amount recognized | $ | 12,791 | $ | 3,007 | (79,867 | ) | $ | (80,225 | ) | ||||||||||||
Amounts recorded in AOCI in the following fiscal year: | |||||||||||||||||||||
Amortization of prior service (credit) cost | $ | 44 | $ | 44 | $ | (35 | ) | $ | (35 | ) | |||||||||||
Amortization of net (gain)/loss | 1,304 | 201 | 443 | 322 | |||||||||||||||||
Total amortization | $ | 1,348 | $ | 245 | $ | 408 | $ | 287 | |||||||||||||
Components of net periodic benefit cost | Components of Net Periodic Benefit Cost: | ||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Service cost-benefits earned during the period | $ | 1,088 | $ | 1,156 | $ | 1,785 | |||||||||||||||
Interest cost on projected benefit obligation | 10,764 | 10,320 | 11,198 | ||||||||||||||||||
Expected return on plan assets | (12,812 | ) | (11,726 | ) | (11,800 | ) | |||||||||||||||
Prior service cost (net) | 44 | 44 | 44 | ||||||||||||||||||
Other amortization (net) | 211 | 2,607 | 1,035 | ||||||||||||||||||
Total benefits cost (credited) charged to income | $ | (705 | ) | $ | 2,401 | $ | 2,262 | ||||||||||||||
Recognized in other comprehensive income (loss): | |||||||||||||||||||||
Amortization of net transition (asset) obligation | $ | — | $ | — | $ | (1,035 | ) | ||||||||||||||
Prior service (credit) cost | — | — | — | ||||||||||||||||||
Amortization of prior service (credit) cost | (44 | ) | (44 | ) | (44 | ) | |||||||||||||||
Change in net actuarial (gain) loss | 20,674 | (35,568 | ) | 16,052 | |||||||||||||||||
Amortization of net actuarial valuation (gain) loss | (211 | ) | (2,607 | ) | — | ||||||||||||||||
Amounts recognized in other comprehensive income | 20,419 | (38,219 | ) | 14,973 | |||||||||||||||||
Amounts recognized in total benefits charged to income and other comprehensive income | $ | 19,714 | $ | (35,818 | ) | $ | 17,235 | ||||||||||||||
Other Benefits | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Service cost-benefits earned during the period | $ | 340 | $ | 528 | $ | 478 | |||||||||||||||
Interest cost on projected benefit obligation | 3,670 | 3,467 | 3,999 | ||||||||||||||||||
Prior service cost (net) | (35 | ) | — | — | |||||||||||||||||
Other one-time charge | 435 | — | — | ||||||||||||||||||
Other amortization (net) | 299 | 114 | (34 | ) | |||||||||||||||||
Total benefits cost charged to income | $ | 4,709 | $ | 4,109 | $ | 4,443 | |||||||||||||||
Recognized in other comprehensive income (loss): | |||||||||||||||||||||
Amortization of net transition (asset) obligation | $ | 35 | $ | — | $ | 35 | |||||||||||||||
Change in net actuarial (gain) loss | 11,764 | (11,660 | ) | 4,764 | |||||||||||||||||
Amounts recognized in other comprehensive income | 11,799 | (11,660 | ) | 4,799 | |||||||||||||||||
Amounts recognized in total benefits charged to income and other comprehensive income | $ | 16,508 | $ | (7,551 | ) | $ | 9,242 | ||||||||||||||
Assumptions used to determine benefit obligations and net periodic benefit cost | Assumptions used to determine benefit obligations as of December 31 were as follows: | ||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Average discount rate | 3.99% | 4.77% | 4.14% | 4.85% | |||||||||||||||||
Rate of increase in future compensation levels | 3.00% | 3.00% | N/A | N/A | |||||||||||||||||
Assumptions used to determine net periodic benefit cost for the years ended December 31 were as follows: | |||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Average discount rate | 4.77% | 4.19% | 4.85% | 4.20% | |||||||||||||||||
Rate of increase in future compensation levels | 3.00% | 3.00% | N/A | N/A | |||||||||||||||||
Expected long-term rate of return on assets | 6.12% | 6.08% | N/A | N/A | |||||||||||||||||
Assumed health care cost trend rates | Assumed health care cost trend rates at December 31 were as follows: | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Health care cost trend rate assumed for next year | 7.17% | 7.63% | |||||||||||||||||||
Rate to which the cost trend rate is assumed to decline | 4.81% | 4.82% | |||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2024 | 2022 | |||||||||||||||||||
Effect of one-percentage-point change in assumed health care cost trend rates | The health care cost trend rate assumption has a significant effect on the amounts reported. A one-percentage point change in assumed health care cost trend rates would have the following effects on 2014: | ||||||||||||||||||||
1-Percentage- | 1-Percentage- | ||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||
Effect on total of service and interest cost | $ | 1,034 | $ | (556 | ) | ||||||||||||||||
Effect on postretirement benefit obligation | $ | 11,763 | $ | (9,498 | ) | ||||||||||||||||
Allocation of plan assets | Our pension plan weighted-average asset allocations by level within the fair value hierarchy at December 31, 2014, are presented in the table below. Our pension plan assets were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our Level 1 plan assets are valued using active trading prices as listed in the New York stock exchange and the Toronto stock exchange. Our Level 2 plan assets are securities for which the market is not considered to be active and are valued using observable inputs, which may include, among others, the use of adjusted market prices, last available bids or last available sales prices. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. For more information on a description of the fair value hierarchy, see Note 13. | ||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | % of | ||||||||||||||||
Total | |||||||||||||||||||||
Cash and cash equivalents | $ | 6,756 | $ | — | $ | — | $ | 6,756 | 3 | % | |||||||||||
Equity securities: | |||||||||||||||||||||
U.S. large-cap | 12,030 | 11,815 | — | 23,845 | 10 | % | |||||||||||||||
U.S. mid-cap | — | 13,255 | — | 13,255 | 6 | % | |||||||||||||||
U.S. small-cap | — | 4,426 | — | 4,426 | 2 | % | |||||||||||||||
U.S. indexed | — | 12,018 | — | 12,018 | 5 | % | |||||||||||||||
Canadian large-cap | 5,503 | — | — | 5,503 | 2 | % | |||||||||||||||
Canadian mid-cap | 2,002 | — | — | 2,002 | 1 | % | |||||||||||||||
Canadian small-cap | 167 | — | — | 167 | 0 | % | |||||||||||||||
Large growth | — | 6,381 | — | 6,381 | 3 | % | |||||||||||||||
Pooled equities | — | 9,516 | — | 9,516 | 4 | % | |||||||||||||||
International markets | — | 14,588 | — | 14,588 | 6 | % | |||||||||||||||
Fixed income securities: | |||||||||||||||||||||
Government bonds | 30,812 | 4,166 | — | 34,978 | 15 | % | |||||||||||||||
Corporate bonds | 60,121 | 34,576 | — | 94,697 | 42 | % | |||||||||||||||
Total assets at fair value | $ | 117,391 | $ | 110,741 | $ | — | 228,132 | $ | 100 | % | |||||||||||
% of fair value hierarchy | 51 | % | 49 | % | — | 100 | % | ||||||||||||||
Our pension plan weighted-average asset allocations by level within the fair value hierarchy at December 31, 2013, are presented in the following table: | |||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | % of Total | ||||||||||||||||
Cash and cash equivalents | $ | 8,314 | $ | — | $ | — | $ | 8,314 | 4 | % | |||||||||||
Equity securities: | |||||||||||||||||||||
U.S. large-cap | 21,639 | — | — | 21,639 | 10 | % | |||||||||||||||
U.S. mid-cap | — | 6,840 | — | 6,840 | 3 | % | |||||||||||||||
U.S. small-cap | — | 3,399 | — | 3,399 | 2 | % | |||||||||||||||
U.S. indexed | — | 18,954 | — | 18,954 | 9 | % | |||||||||||||||
Canadian large-cap | 27,574 | — | — | 27,574 | 12 | % | |||||||||||||||
Canadian mid-cap | 11,263 | — | — | 11,263 | 5 | % | |||||||||||||||
Large growth | — | 11,659 | — | 11,659 | 5 | % | |||||||||||||||
Pooled equities | 10,775 | 3,271 | — | 14,046 | 6 | % | |||||||||||||||
International markets | — | 26,545 | — | 26,545 | 12 | % | |||||||||||||||
Fixed income securities: | |||||||||||||||||||||
Government bonds | 11,185 | 10,754 | — | 21,939 | 10 | % | |||||||||||||||
Corporate bonds | 25,684 | 22,851 | — | 48,535 | 22 | % | |||||||||||||||
Total assets at fair value | $ | 116,434 | $ | 104,273 | $ | — | $ | 220,707 | 100 | % | |||||||||||
% of fair value hierarchy | 53 | % | 47 | % | — | 100 | % | ||||||||||||||
Asset allocation | Asset allocation for our Accuride Retirement Plan and Erie Hourly Pension Plan: | ||||||||||||||||||||
Lower | Strategic | Upper | |||||||||||||||||||
Limit | Allocation | Limit | |||||||||||||||||||
Domestic Large Capitalization Equities: | |||||||||||||||||||||
Value | 10% | 10% | 20% | ||||||||||||||||||
Growth | 10% | 13% | 20% | ||||||||||||||||||
Index-Passive | 15% | 20% | 25% | ||||||||||||||||||
Domestic Small Cap Equities | 2% | 10% | 10% | ||||||||||||||||||
International Equities | 5% | 11% | 15% | ||||||||||||||||||
Fixed Income: | |||||||||||||||||||||
Intermediate | 15% | 35% | 35% | ||||||||||||||||||
Asset allocation for remainder of our U.S. plans: | |||||||||||||||||||||
Lower | Strategic | Upper | |||||||||||||||||||
Limit | Allocation | Limit | |||||||||||||||||||
Domestic Large Capitalization Equities: | |||||||||||||||||||||
Value | 10% | 10% | 20% | ||||||||||||||||||
Growth | 10% | 10% | 20% | ||||||||||||||||||
Index-Passive | 15% | 17% | 25% | ||||||||||||||||||
Domestic Mid Cap Equities | 5% | 10% | 15% | ||||||||||||||||||
International Equities | 5% | 13% | 15% | ||||||||||||||||||
Fixed Income: | |||||||||||||||||||||
Intermediate | 15% | 35% | 35% | ||||||||||||||||||
Money Market | 1% | 5% | 10% | ||||||||||||||||||
Target allocation of plan assets | While we use the same methodologies to manage the Canadian plans, the primary objective is to achieve a minimum rate of return of Consumer Price Index plus 3 over 4-year moving periods, and to obtain total fund rates of return that are in the top third over 4-year moving periods when compared to a representative sample of Canadian pension funds with similar asset mix characteristics. The asset mix for the Canadian pension fund is targeted as follows: | ||||||||||||||||||||
Minimum | Maximum | ||||||||||||||||||||
Total Equities | 14% | 20% | |||||||||||||||||||
Foreign Equities | 7% | 10% | |||||||||||||||||||
Bonds and Mortgages | 70% | 80% | |||||||||||||||||||
Short-Term | 0% | 0% | |||||||||||||||||||
Pension and postretirement future benefits expected to be paid | Cash Flows—We expect to contribute approximately $8.3 million to our pension plans and $4.2 million to our other postretirement benefit plans in 2015. Pension and postretirement benefits (which include expected future service) are expected to be paid out of the respective plans as follows: | ||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | |||||||||||||||||||
2015 | $ | 14,029 | $ | 4,406 | |||||||||||||||||
2016 | $ | 14,067 | $ | 4,554 | |||||||||||||||||
2017 | $ | 13,890 | $ | 4,742 | |||||||||||||||||
2018 | $ | 14,037 | $ | 4,820 | |||||||||||||||||
2019 | $ | 14,099 | $ | 4,937 | |||||||||||||||||
2020 – 2024 (in total) | $ | 72,275 | $ | 25,766 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Components of earnings from continuing operations | The components of income (loss) from continuing operations before income taxes, categorized based on the location of the taxing authorities were as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
United States | $ | (13,326 | ) | $ | (46,121 | ) | $ | (177,894 | ) | ||||
Foreign | 8,745 | 9,542 | 2,862 | ||||||||||
Loss from continuing operations | $ | (4,581 | ) | $ | (36,579 | ) | $ | (175,032 | ) | ||||
Income tax provisions (benefits) | The income tax provision (benefit) are as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | (1,364 | ) | $ | 157 | $ | 313 | ||||||
State | 13 | (10 | ) | 400 | |||||||||
Foreign | 1,138 | 2,644 | 1,433 | ||||||||||
(213 | ) | 2,791 | 2,146 | ||||||||||
Deferred: | |||||||||||||
Federal | (3,625 | ) | (10,694 | ) | (43,749 | ) | |||||||
State | — | — | (19 | ) | |||||||||
Foreign | (139 | ) | (687 | ) | (2,232 | ) | |||||||
Valuation allowance | 1,450 | (1,654 | ) | 42,197 | |||||||||
(2,314 | ) | (13,035 | ) | (3,803 | ) | ||||||||
Total provision (benefit) | $ | (2,527 | ) | $ | (10,244 | ) | $ | (1,657 | ) | ||||
Reconciliation of the U.S. statutory tax rate to effective tax rate | A reconciliation of the U.S. statutory tax rate to our effective tax rate is as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory tax rate | -35.00% | -35.00% | -35.00% | ||||||||||
State and local income taxes | 0.30% | 0.00% | 0.20% | ||||||||||
Incremental foreign tax (benefit) | -15.50% | -2.10% | -0.10% | ||||||||||
Change in valuation allowance | 31.70% | 8.80% | 23.60% | ||||||||||
Goodwill impairment | 0.00% | 0.00% | 12.30% | ||||||||||
Permanent items | -29.40% | -0.50% | 2.90% | ||||||||||
Change in rate applied to deferred items | 30.50% | -0.10% | 0.00% | ||||||||||
Change in liability for unrecognized tax benefits | -40.10% | 0.20% | -0.50% | ||||||||||
Other items—net | 2.40% | 0.70% | -2.70% | ||||||||||
Effective tax rate | -55.10% | -28.00% | 0.70% | ||||||||||
Deferred income tax assets and liabilities | Deferred income tax assets and liabilities comprised the following at December 31: | ||||||||||||
(In thousands) | 31-Dec-14 | 31-Dec-13 | |||||||||||
Deferred tax assets: | |||||||||||||
Postretirement and postemployment benefits | $ | 29,250 | $ | 23,837 | |||||||||
Accrued liabilities, reserves and other | 2,082 | 3,563 | |||||||||||
Debt transaction and refinancing costs | 2,665 | 2,650 | |||||||||||
Inventories | 1,621 | 1,628 | |||||||||||
Accrued compensation and benefits | 3,251 | 3,331 | |||||||||||
Worker's compensation | 1,279 | 1,599 | |||||||||||
Pension benefit | 9,377 | 6,529 | |||||||||||
State income taxes | 2,057 | 1,674 | |||||||||||
Tax credits | 3,737 | 3,717 | |||||||||||
Indirect effect of unrecognized tax benefits | 1,993 | 2,298 | |||||||||||
Loss carryforwards | 101,418 | 95,000 | |||||||||||
Valuation allowance | (110,120 | ) | (99,594 | ) | |||||||||
Total deferred tax assets | 48,610 | 46,232 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Asset basis and depreciation | (13,225 | ) | (11,403 | ) | |||||||||
Intangible assets | (46,246 | ) | (48,048 | ) | |||||||||
Total deferred tax liabilities | (59,471 | ) | (59,451 | ) | |||||||||
Net deferred tax liability | (10,861 | ) | (13,219 | ) | |||||||||
Current deferred tax asset | 2,687 | 3,806 | |||||||||||
Long-term deferred tax asset | 1,289 | 503 | |||||||||||
Long-term deferred income tax asset (liability)—net | $ | (14,837 | ) | $ | (17,528 | ) | |||||||
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits are as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of the period | $ | 3,526 | $ | 4,640 | $ | 7,033 | |||||||
Additions based on tax positions related to the current year | — | 5 | 4 | ||||||||||
Additions for tax positions of prior years | — | — | — | ||||||||||
Reductions for tax positions of prior years | (741 | ) | — | (800 | ) | ||||||||
Removal of penalties and interest | — | — | — | ||||||||||
Reductions due to lapse of statute of limitations | (160 | ) | (1,119 | ) | (1,597 | ) | |||||||
Settlements with taxing authorities | — | — | — | ||||||||||
Balance at end of period | $ | 2,625 | $ | 3,526 | $ | 4,640 |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Stock-Based Compensation Plans [Abstract] | |||||||||||||||
Summary of service option activity | Service Options – In August, 2012, we granted stock options to certain officers and other key employees as consideration for service. Options granted generally vest ratably over a three year period and have 10-year contractual terms. The table below summarizes service option activity during the year ended December 31, 2014: | ||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||
of | Average | Average | Intrinsic | ||||||||||||
Options | Grant-date Fair | Remaining | Value | ||||||||||||
Value | Vesting | ||||||||||||||
Period | |||||||||||||||
Service options outstanding at December 31, 2013 | 165,197 | $ | — | ||||||||||||
Granted | — | — | |||||||||||||
Exercised | — | — | |||||||||||||
Forfeited | (21,102 | ) | $ | 8 | |||||||||||
Service options outstanding at December 31, 2014 | 144,095 | $ | 8 | 0.4 years | — | ||||||||||
Service options vested or expected to vest | 144,095 | $ | 8 | 0.4 years | — | ||||||||||
Service options exercisable at December 31, 2014 | — | $ | — | — | — | ||||||||||
Restricted stock activity | Restricted Stock Units ("RSUs") – We grant RSUs to certain officers and other key employees as consideration for service. The table below summarizes RSU activity during the year ended December 31, 2014: | ||||||||||||||
Number | Weighted | Weighted | |||||||||||||
of | Average | Average | |||||||||||||
RSUs | Grant-date | Remaining | |||||||||||||
Fair Value | Vesting Period | ||||||||||||||
RSUs unvested at December 31, 2013 | 887,958 | $ | 7.28 | ||||||||||||
Granted | 1,030,412 | 4.41 | |||||||||||||
Vested | (149,394 | ) | 6 | ||||||||||||
Forfeited | (257,202 | ) | 7.68 | ||||||||||||
RSUs unvested at December 31, 2014 | 1,511,774 | $ | 5.42 | — | |||||||||||
RSUs expected to vest | 1,041,001 | $ | - | 1.73 | |||||||||||
Compensation expense recognized for share-based compensation programs | Years Ended December 31, | ||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||
Share-based compensation expense recognized | $ | 2,456 | $ | 2,411 | $ | 3,119 | |||||||||
Assumption used with Black Scholes option-pricing model | In determining the estimated fair value of our stock option awards as of the grant date, we used the Black-Scholes option-pricing model with the assumptions illustrated in the table below: | ||||||||||||||
For the Year Ended December 31, | |||||||||||||||
2012 | |||||||||||||||
Expected Dividend Yield | 0 | % | |||||||||||||
Expected Volatility in Stock Price | 56.4 | % | |||||||||||||
Risk-Free Interest Rate | 0.9 | % | |||||||||||||
Expected Life of Stock Awards | 6 | ||||||||||||||
Weighted-Average Fair Value at Grant Date | $ | 4.19 |
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments [Abstract] | |||||
Future minimum lease payments for all non-cancelable operating leases | We lease certain plant, office space, and equipment for varying periods. Management expects that in the normal course of business, expiring leases will be renewed or replaced by other leases. Purchase commitments related to fixed assets at December 31, 2014 and 2013 totaled $12.5 million and $4.4 million, respectively. Capital lease commitments totaled $12.2 million and $13.6 million in 2014 and 2013 respectively. Rent expense for the years ended December 31, 2014, 2013, and 2012, was $5.8 million, $3.5 million, and $4.5 million respectively. Future minimum lease payments for all non-cancelable operating leases having a remaining term in excess of one year at December 31, 2014, are as follows: | ||||
(In thousands) | |||||
2015 | $ | 5,882 | |||
2016 | 6,377 | ||||
2017 | 5,102 | ||||
2018 | 3,514 | ||||
2019 | 2,636 | ||||
Thereafter | 2,142 | ||||
Total | $ | 25,653 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Net sales and operating income by segment | Based on our continual monitoring of the long-term economic characteristics, products and production processes, class of customer, and distribution methods of our operating segments, we have identified each of our operating segments below as reportable segments. We believe this segmentation is appropriate based upon operating decisions and performance assessments by our President and Chief Executive Officer, who is our chief operating decision maker. The accounting policies of the reportable segments are the same as described in Note 1, "Significant Accounting Policies". | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Net sales to external customers: | |||||||||||||||||||||||||
Wheels | $ | 402,146 | $ | 364,614 | $ | 414,340 | |||||||||||||||||||
Gunite | 171,263 | 168,988 | 221,974 | ||||||||||||||||||||||
Brillion Iron Works | 131,769 | 109,281 | 158,320 | ||||||||||||||||||||||
Consolidated total | $ | 705,178 | $ | 642,883 | $ | 794,634 | |||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||
Wheels | $ | 41,823 | $ | 30,883 | $ | 44,928 | |||||||||||||||||||
Gunite | 16,710 | 2,599 | (151,940 | ) | |||||||||||||||||||||
Brillion Iron Works | 4,523 | 1,027 | 11,969 | ||||||||||||||||||||||
Corporate / Other | (30,418 | ) | (35,741 | ) | (44,187 | ) | |||||||||||||||||||
Consolidated total | $ | 32,638 | $ | (1,232 | ) | $ | (139,230 | ) | |||||||||||||||||
Current and prior period operating results from Imperial Group were reclassified to discontinued operations during the year ended December 31, 2013. The reconciling item between operating income and income (loss) before income taxes from continuing operations includes net interest expense, other income (loss), and restructuring items. The reconciling item for years ended December 31, 2014, 2013, and 2012 was ($37.2) million, ($35.3) million and ($35.8) million, respectively. Excluded from net sales above, are inter-segment sales from Brillion Iron Works to Gunite, as shown in the table below: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Inter-segment sales | $ | 12,568 | $ | 15,987 | $ | 26,405 | |||||||||||||||||||
Assets by segment | As of | ||||||||||||||||||||||||
(In thousands) | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||
Wheels | $ | 441,835 | $ | 452,271 | |||||||||||||||||||||
Gunite | 59,600 | 55,016 | |||||||||||||||||||||||
Brillion Iron Works | 55,226 | 52,547 | |||||||||||||||||||||||
Corporate / Other | 41,761 | 51,943 | |||||||||||||||||||||||
Consolidated total | $ | 598,422 | $ | 611,777 | |||||||||||||||||||||
Geographic information | Geographic Information—Net sales are attributed to geographic areas based on the country in which the product is sold. Our operations in the United States, Canada, and Mexico are summarized below: | ||||||||||||||||||||||||
For Year Ended Dec. 31, 2014 | United | Canada | Mexico | Eliminations | Combined | ||||||||||||||||||||
States | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Sales to unaffiliated customers—domestic | $ | 568,087 | $ | 57 | $ | 14,867 | $ | — | $ | 583,011 | |||||||||||||||
Sales to unaffiliated customers—export | 120,746 | — | 1,421 | — | 122,167 | ||||||||||||||||||||
Total | $ | 688,833 | $ | 57 | $ | 16,288 | $ | — | $ | 705,178 | |||||||||||||||
Long-lived assets | $ | 775,973 | $ | 32,065 | $ | 10,883 | $ | (370,379 | ) | $ | 448,542 | ||||||||||||||
For Year Ended Dec. 31, 2013 | United | Canada | Mexico | Eliminations | Combined | ||||||||||||||||||||
States | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Sales to unaffiliated customers—domestic | $ | 512,777 | $ | 77 | $ | 19,680 | $ | — | $ | 532,534 | |||||||||||||||
Sales to unaffiliated customers—export | 109,940 | — | 409 | — | 110,349 | ||||||||||||||||||||
Total | $ | 622,717 | $ | 77 | $ | 20,089 | $ | — | $ | 642,883 | |||||||||||||||
Long-lived assets | $ | 759,793 | $ | 31,291 | $ | 11,137 | $ | (339,712 | ) | $ | 462,509 | ||||||||||||||
For Year Ended Dec. 31, 2012 | United | Canada | Mexico | Eliminations | Combined | ||||||||||||||||||||
States | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Sales to unaffiliated customers—domestic | $ | 665,479 | $ | 14 | $ | 22,854 | $ | — | $ | 678,347 | |||||||||||||||
Sales to unaffiliated customers—export | 114,980 | — | 1,307 | — | 116,287 | ||||||||||||||||||||
Total | $ | 770,459 | $ | 14 | $ | 24,161 | $ | — | $ | 794,634 | |||||||||||||||
Long-lived assets | $ | 816,599 | $ | 26,880 | $ | 11,335 | $ | (339,712 | ) | $ | 515,102 | ||||||||||||||
Sales to major customers | The information for each of our geographic regions included sales to each of the three major customers in 2014 that each exceed 10% of total net sales. Sales to those customers are as follows: | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | Amount | % of | Amount | % of | Amount | % of | |||||||||||||||||||
Sales | Sales | Sales | |||||||||||||||||||||||
Customer one | $ | 99,382 | 14.1 | % | $ | 91,886 | 14.3 | % | $ | 123,459 | 15.5 | % | |||||||||||||
Customer two | 93,298 | 13.2 | % | 90,624 | 14.1 | % | 101,895 | 12.8 | % | ||||||||||||||||
Customer three | 74,275 | 10.5 | % | 59,749 | 9.3 | % | 64,855 | 8.2 | % | ||||||||||||||||
$ | 266,955 | 37.8 | % | $ | 242,259 | 37.7 | % | $ | 290,209 | 36.5 | % | ||||||||||||||
Sales by product grouping | Sales by product grouping are as follows: | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | Amount | % of | Amount | % of | Amount | % of | |||||||||||||||||||
Sales | Sales | Sales | |||||||||||||||||||||||
Wheels | $ | 402,146 | 57 | % | $ | 364,614 | 56.7 | % | $ | 414,340 | 52.1 | % | |||||||||||||
Wheel-end components and assemblies | 171,263 | 24.3 | % | 168,988 | 26.3 | % | 221,974 | 27.9 | % | ||||||||||||||||
Ductile and gray iron castings | 131,769 | 18.7 | % | 109,281 | 17 | % | 158,320 | 20 | % | ||||||||||||||||
$ | 705,178 | 100 | % | $ | 642,883 | 100 | % | $ | 794,634 | 100 | % |
Quarterly_Data_unaudited_Table
Quarterly Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Data (unaudited) [Abstract] | |||||||||||||||||||||
Quarterly income statement information | The following tables set forth certain quarterly income statement information for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||
2014 | |||||||||||||||||||||
(In thousands, except per share data) | Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Net sales | $ | 166,784 | $ | 181,575 | $ | 184,007 | $ | 172,812 | $ | 705,178 | |||||||||||
Cost of goods sold | 149,761 | 159,153 | 164,095 | 158,691 | 631,700 | ||||||||||||||||
Gross profit | 17,023 | 22,422 | 19,912 | 14,121 | 73,478 | ||||||||||||||||
Operating expenses | 10,454 | 10,118 | 9,868 | 10,400 | 40,840 | ||||||||||||||||
Income from operations | 6,569 | 12,304 | 10,044 | 3,721 | 32,638 | ||||||||||||||||
Interest expense, net | (8,420 | ) | (8,487 | ) | (8,444 | ) | (8,362 | ) | (33,713 | ) | |||||||||||
Other loss, net | (530 | ) | (169 | ) | (805 | ) | (2,002 | ) | (3,506 | ) | |||||||||||
Income tax provision (benefit) | 904 | (1,461 | ) | (410 | ) | (1,560 | ) | (2,527 | ) | ||||||||||||
Income (loss) from continuing operations | (3,285 | ) | 5,109 | 1,205 | (5,083 | ) | (2,054 | ) | |||||||||||||
Discontinued operations, net of tax | (288 | ) | 186 | (106 | ) | (45 | ) | (253 | ) | ||||||||||||
Net income (loss) | $ | (3,573 | ) | $ | 5,295 | $ | 1,099 | $ | (5,128 | ) | $ | (2,307 | ) | ||||||||
Basic income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | (0.07 | ) | $ | 0.11 | $ | 0.02 | $ | (0.10 | ) | $ | (0.04 | ) | ||||||||
Discontinued operations | (0.01 | ) | — | — | — | (0.01 | ) | ||||||||||||||
Total | $ | (0.08 | ) | $ | 0.11 | $ | 0.02 | $ | (0.10 | ) | $ | (0.05 | ) | ||||||||
Diluted income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | (0.07 | ) | $ | 0.11 | $ | 0.02 | $ | (0.10 | ) | $ | (0.04 | ) | ||||||||
Discontinued operations | (0.01 | ) | — | — | — | (0.01 | ) | ||||||||||||||
Total | $ | (0.08 | ) | $ | 0.11 | $ | 0.02 | $ | (0.10 | ) | $ | (0.05 | ) | ||||||||
2013 | |||||||||||||||||||||
(In thousands, except per share data) | Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Net sales | $ | 162,987 | $ | 179,941 | $ | 155,264 | $ | 144,691 | $ | 642,883 | |||||||||||
Cost of goods sold | 156,709 | 161,235 | 144,994 | 135,989 | 598,927 | ||||||||||||||||
Gross profit | 6,278 | 18,706 | 10,270 | 8,702 | 43,956 | ||||||||||||||||
Operating expenses | 11,075 | 12,747 | 10,995 | 10,371 | 45,188 | ||||||||||||||||
Income (loss) from operations | (4,797 | ) | 5,959 | (725 | ) | (1,669 | ) | (1,232 | ) | ||||||||||||
Interest expense, net | (8,694 | ) | (9,157 | ) | (8,711 | ) | (8,465 | ) | (35,027 | ) | |||||||||||
Other income, net | 145 | (441 | ) | 546 | (570 | ) | (320 | ) | |||||||||||||
Income tax provision (benefit) | 1,409 | 1,464 | (495 | ) | (12,622 | ) | (10,244 | ) | |||||||||||||
Income (loss) from continuing operations | (14,755 | ) | (5,103 | ) | (8,395 | ) | 1,918 | (26,335 | ) | ||||||||||||
Discontinued operations, net of tax | (1,192 | ) | (259 | ) | (10,220 | ) | (307 | ) | (11,978 | ) | |||||||||||
Net income (loss) | $ | (15,947 | ) | $ | (5,362 | ) | $ | (18,615 | ) | $ | 1,611 | $ | (38,313 | ) | |||||||
Basic income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | (0.31 | ) | $ | (0.11 | ) | $ | (0.18 | ) | $ | 0.04 | $ | (0.56 | ) | |||||||
Discontinued operations | (0.03 | ) | — | (0.21 | ) | (0.01 | ) | (0.25 | ) | ||||||||||||
Total | $ | (0.34 | ) | $ | (0.11 | ) | $ | (0.39 | ) | $ | 0.03 | $ | (0.81 | ) | |||||||
Diluted income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | (0.31 | ) | $ | (0.11 | ) | $ | (0.18 | ) | $ | 0.04 | $ | (0.56 | ) | |||||||
Discontinued operations | (0.03 | ) | — | (0.21 | ) | (0.01 | ) | (0.25 | ) | ||||||||||||
Total | $ | (0.34 | ) | $ | (0.11 | ) | $ | (0.39 | ) | $ | 0.03 | $ | (0.81 | ) |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||
Summary of changes in valuation and qualifying accounts | The following table summarizes the changes in our valuation and qualifying accounts: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance—beginning of period | $ | 259 | $ | 549 | $ | 676 | |||||||
Charges(credits) to cost and expense | 92 | 139 | 267 | ||||||||||
Recoveries | — | 89 | (277 | ) | |||||||||
Write offs | (24 | ) | (366 | ) | (117 | ) | |||||||
Balance—end of period | $ | 327 | $ | 259 | $ | 549 |
Product_Warranties_Tables
Product Warranties (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Product Warranties [Abstract] | |||||||||||||
Product warranty activity | The following table summarizes product warranty activity recorded for years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance—beginning of period | $ | 301 | $ | 294 | $ | 797 | |||||||
Provision for new warranties | 66 | 249 | 568 | ||||||||||
Payments | (117 | ) | (258 | ) | (1,071 | ) | |||||||
Sale of certain assets and liabilities | (8 | ) | 16 | — | |||||||||
Balance—end of period | $ | 242 | $ | 301 | $ | 294 |
Guarantor_and_Nonguarantor_Fin1
Guarantor and Non-guarantor Financial Statements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Guarantor and Non-guarantor Financial Statements [Abstract] | |||||||||||||||||||||
Condensed Consolidated Balance Sheets | Our senior secured notes are, jointly and severally, fully and unconditionally guaranteed, on a senior basis, by all of our existing and future 100% owned domestic subsidiaries ("Guarantor Subsidiaries"). The non-guarantor subsidiaries are our foreign subsidiaries and discontinued operations. The following condensed financial information illustrates the composition of the combined Guarantor Subsidiaries: | ||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 22,710 | $ | — | $ | 7,063 | $ | — | $ | 29,773 | |||||||||||
Accounts and other receivables, net | 35,630 | 20,994 | 6,543 | 403 | 63,570 | ||||||||||||||||
Intercompany receivable | 191,272 | 5,086 | 53,055 | (249,413 | ) | — | |||||||||||||||
Inventories | 18,693 | 21,352 | 3,423 | (403 | ) | 43,065 | |||||||||||||||
Other current assets | 4,970 | 3,386 | 5,116 | — | 13,472 | ||||||||||||||||
Total current assets | 273,275 | 50,818 | 75,200 | (249,413 | ) | 149,880 | |||||||||||||||
Property, plant, and equipment, net | 78,603 | 101,648 | 31,932 | — | 212,183 | ||||||||||||||||
Goodwill | 96,283 | 4,414 | — | — | 100,697 | ||||||||||||||||
Intangible assets, net | 115,465 | 2,498 | — | — | 117,963 | ||||||||||||||||
Investments in and advances to subsidiaries and affiliates | 128,372 | — | — | (128,372 | ) | — | |||||||||||||||
Other non-current assets | 3,118 | 3,774 | 10,807 | — | 17,699 | ||||||||||||||||
TOTAL | $ | 695,116 | $ | 163,152 | $ | 117,939 | $ | (377,785 | ) | $ | 598,422 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Accounts payable | $ | 15,209 | $ | 31,931 | $ | 9,312 | $ | — | $ | 56,452 | |||||||||||
Intercompany payable | 249,407 | — | 6 | (249,413 | ) | — | |||||||||||||||
Accrued payroll and compensation | 4,002 | 5,458 | 1,160 | — | 10,620 | ||||||||||||||||
Accrued interest payable | 12,428 | — | — | — | 12,428 | ||||||||||||||||
Accrued and other liabilities | 4,183 | 10,060 | 3,328 | — | 17,571 | ||||||||||||||||
Total current liabilities | 285,229 | 47,449 | 13,806 | (249,413 | ) | 97,071 | |||||||||||||||
Long term debt | 323,234 | — | — | — | 323,234 | ||||||||||||||||
Deferred and non-current income taxes | 41,775 | (20,736 | ) | 332 | — | 21,371 | |||||||||||||||
Other non-current liabilities | 14,075 | 93,245 | 18,623 | — | 125,943 | ||||||||||||||||
Stockholders' equity | 30,803 | 43,194 | 85,178 | (128,372 | ) | 30,803 | |||||||||||||||
TOTAL | $ | 695,116 | $ | 163,152 | $ | 117,939 | $ | (377,785 | ) | $ | 598,422 | ||||||||||
31-Dec-13 | |||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 31,018 | $ | — | $ | 2,408 | — | $ | 33,426 | ||||||||||||
Accounts and other receivables, net | 31,871 | 19,955 | 7,694 | — | 59,520 | ||||||||||||||||
Intercompany Receivable | — | 164,940 | 79,722 | (244,662 | ) | — | |||||||||||||||
Inventories | 16,858 | 20,759 | 2,022 | (310 | ) | 39,329 | |||||||||||||||
Other current assets | 7,159 | 4,357 | 5,477 | — | 16,993 | ||||||||||||||||
Total current assets | 86,906 | 210,011 | 97,323 | (244,972 | ) | 149,268 | |||||||||||||||
Property, plant, and equipment, net | 80,286 | 103,800 | 35,538 | — | 219,624 | ||||||||||||||||
Goodwill | 96,283 | 4,414 | — | — | 100,697 | ||||||||||||||||
Intangible assets, net | 122,764 | 2,666 | — | — | 125,430 | ||||||||||||||||
Investments in and advances to subsidiaries and affiliates | 128,059 | — | — | (128,059 | ) | — | |||||||||||||||
Other non-current assets | 5,971 | 1,791 | 8,996 | — | 16,758 | ||||||||||||||||
TOTAL | $ | 520,269 | $ | 322,682 | $ | 141,857 | $ | (373,031 | ) | $ | 611,777 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Accounts payable | $ | 12,092 | $ | 28,215 | $ | 7,220 | — | $ | 47,527 | ||||||||||||
Intercompany payable | 42,428 | 175,666 | 26,878 | (244,972 | ) | — | |||||||||||||||
Accrued payroll and compensation | 1,604 | 5,776 | 1,383 | — | 8,763 | ||||||||||||||||
Accrued interest payable | 12,535 | — | — | — | 12,535 | ||||||||||||||||
Accrued and other liabilities | 4,225 | 11,979 | 4,970 | — | 21,174 | ||||||||||||||||
Total current liabilities | 72,884 | 221,636 | 40,451 | (244,972 | ) | 89,999 | |||||||||||||||
Long term debt | 330,183 | — | — | — | 330,183 | ||||||||||||||||
Deferred and non-current income taxes | 36,970 | (19,108 | ) | (334 | ) | — | 17,528 | ||||||||||||||
Other non-current liabilities | 18,348 | 75,769 | 18,066 | — | 112,183 | ||||||||||||||||
Stockholders' equity | 61,884 | 44,385 | 83,674 | (128,059 | ) | 61,884 | |||||||||||||||
TOTAL | $ | 520,269 | $ | 322,682 | $ | 141,857 | $ | (373,031 | ) | $ | 611,777 | ||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Net sales | $ | 473,264 | $ | 313,242 | $ | 131,269 | $ | (212,597 | ) | $ | 705,178 | ||||||||||
Cost of goods sold | 426,969 | 293,644 | 121,939 | (210,852 | ) | 631,700 | |||||||||||||||
Gross profit | 46,295 | 19,598 | 9,330 | (1,745 | ) | 73,478 | |||||||||||||||
Operating expenses | 39,428 | 1,228 | 184 | — | 40,840 | ||||||||||||||||
Income (loss) from operations | 6,867 | 18,370 | 9,146 | (1,745 | ) | 32,638 | |||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense, net | (34,777 | ) | (226 | ) | 1,290 | — | (33,713 | ) | |||||||||||||
Equity in earnings of subsidiaries | 23,581 | — | — | (23,581 | ) | — | |||||||||||||||
Other income (expense), net | (2,571 | ) | 453 | (1,388 | ) | — | (3,506 | ) | |||||||||||||
Income (loss) before income taxes from continuing operations | (6,900 | ) | 18,597 | 9,048 | (25,326 | ) | (4,581 | ) | |||||||||||||
Income tax provision (benefit) | (4,593 | ) | 1,068 | 998 | — | (2,527 | ) | ||||||||||||||
Income (loss) from continuing operations | (2,307 | ) | 17,529 | 8,050 | (25,326 | ) | (2,054 | ) | |||||||||||||
Discontinued operations, net of tax | — | — | (253 | ) | — | (253 | ) | ||||||||||||||
Net income (loss) | $ | (2,307 | ) | $ | 17,529 | $ | 7,797 | $ | (25,326 | ) | $ | (2,307 | ) | ||||||||
Comprehensive income (loss) | $ | (33,233 | ) | $ | (19,022 | ) | $ | (2,521 | ) | $ | 21,543 | $ | (33,233 | ) | |||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Net sales | $ | 429,175 | $ | 288,220 | $ | 132,776 | $ | (207,288 | ) | $ | 642,883 | ||||||||||
Cost of goods sold | 403,996 | 277,955 | 123,535 | (206,559 | ) | 598,927 | |||||||||||||||
Gross profit | 25,179 | 10,265 | 9,241 | (729 | ) | 43,956 | |||||||||||||||
Operating expenses | 43,118 | 1,747 | 323 | — | 45,188 | ||||||||||||||||
Income (loss) from operations | (17,939 | ) | 8,518 | 8,918 | (729 | ) | (1,232 | ) | |||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense, net | (35,664 | ) | (800 | ) | 1,437 | — | (35,027 | ) | |||||||||||||
Equity in earnings of subsidiaries | 11,786 | — | — | (11,786 | ) | — | |||||||||||||||
Other income (expense), net | (259 | ) | 222 | (283 | ) | — | (320 | ) | |||||||||||||
Income (loss) before income taxes from continuing operations | (42,076 | ) | 7,940 | 10,072 | (12,515 | ) | (36,579 | ) | |||||||||||||
Income tax provision (benefit) | (3,763 | ) | (8,438 | ) | 1,957 | — | (10,244 | ) | |||||||||||||
Income (loss) from continuing operations | (38,313 | ) | 16,378 | 8,115 | (12,515 | ) | (26,335 | ) | |||||||||||||
Discontinued operations, net of tax | — | — | (11,978 | ) | — | (11,978 | ) | ||||||||||||||
Net income (loss) | $ | (38,313 | ) | $ | 16,378 | $ | (3,863 | ) | $ | (12,515 | ) | $ | (38,313 | ) | |||||||
Comprehensive income (loss) | $ | (5,191 | ) | $ | 32,012 | $ | 10,044 | $ | (42,056 | ) | $ | (5,191 | ) | ||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Net sales | $ | 438,350 | $ | 398,662 | $ | 146,620 | $ | (188,998 | ) | $ | 794,634 | ||||||||||
Cost of goods sold | 420,062 | 371,192 | 141,377 | (188,998 | ) | 743,633 | |||||||||||||||
Gross profit | 18,288 | 27,470 | 5,243 | — | 51,001 | ||||||||||||||||
Operating expenses | 16,384 | 173,557 | 290 | — | 190,231 | ||||||||||||||||
Income (loss) from operations | 1,904 | (146,087 | ) | 4,953 | — | (139,230 | ) | ||||||||||||||
Other income expense: | |||||||||||||||||||||
Interest expense, net | (34,672 | ) | (239 | ) | (27 | ) | — | (34,938 | ) | ||||||||||||
Equity in earnings of subsidiaries | (147,264 | ) | — | — | 147,264 | — | |||||||||||||||
Other income (expense), net | 1,167 | 243 | (2,274 | ) | — | (864 | ) | ||||||||||||||
Income (loss) before income taxes from continuing operations | (178,865 | ) | (146,083 | ) | 2,652 | 147,264 | (175,032 | ) | |||||||||||||
Income tax provision (benefit) | (858 | ) | — | (799 | ) | — | (1,657 | ) | |||||||||||||
Income (loss) from continuing operations | (178,007 | ) | (146,083 | ) | 3,451 | 147,264 | (173,375 | ) | |||||||||||||
Discontinued operations, net of tax | — | — | (4,632 | ) | — | (4,632 | ) | ||||||||||||||
Net income (loss) | $ | (178,007 | ) | $ | (146,083 | ) | $ | (1,181 | ) | $ | 147,264 | $ | (178,007 | ) | |||||||
Comprehensive income (loss) | $ | (195,419 | ) | $ | (153,548 | ) | $ | (8,663 | ) | $ | 162,211 | $ | (195,419 | ) | |||||||
Condensed Consolidated Statements of Cash Flows | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | (2,307 | ) | $ | 17,529 | $ | 7,797 | $ | (25,326 | ) | $ | (2,307 | ) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Depreciation | 11,261 | 18,301 | 4,173 | — | 33,735 | ||||||||||||||||
Amortization – deferred financing costs | 2,479 | — | — | — | 2,479 | ||||||||||||||||
Amortization – other intangible assets | 7,970 | 168 | — | — | 8,138 | ||||||||||||||||
(Gain) loss on disposal of assets | 593 | (228 | ) | 27 | — | 392 | |||||||||||||||
Deferred income taxes | (3,097 | ) | 925 | (139 | ) | — | (2,311 | ) | |||||||||||||
Non-cash stock-based compensation | 2,456 | — | — | — | 2,456 | ||||||||||||||||
Equity in earnings of subsidiaries and affiliates | (24,923 | ) | — | — | 24,923 | — | |||||||||||||||
Change in other operating items | 57,454 | (62,615 | ) | (5,309 | ) | 403 | (10,067 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 51,886 | (25,920 | ) | 6,549 | — | 32,515 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchases of property, plant, and equipment | (10,151 | ) | (14,813 | ) | (681 | ) | — | (25,645 | ) | ||||||||||||
Proceeds from notes receivable | (628 | ) | (200,078 | ) | (39,249 | ) | 239,955 | — | |||||||||||||
Payment on notes receivable | (19,031 | ) | 162,777 | 38,036 | (181,782 | ) | — | ||||||||||||||
Other | (671 | ) | 1,305 | — | — | 634 | |||||||||||||||
Net cash provided by (used in) investing activities | (30,481 | ) | (50,809 | ) | (1,894 | ) | 58,173 | (25,011 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Payment on notes payable | (147,455 | ) | (52,327 | ) | — | 181,782 | (18,000 | ) | |||||||||||||
Proceeds from notes payable | 117,742 | 132,213 | — | (239,955 | ) | 10,000 | |||||||||||||||
Other | — | (3,157 | ) | — | — | (3,157 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | (29,713 | ) | 76,729 | — | (58,173 | ) | (11,157 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (8,308 | ) | — | 4,655 | — | (3,653 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 31,018 | — | 2,408 | — | 33,426 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 22,710 | $ | — | $ | 7,063 | $ | — | $ | 29,773 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | (38,313 | ) | $ | 16,378 | $ | (3,863 | ) | $ | (12,515 | ) | $ | (38,313 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Depreciation and impairment | 10,503 | 19,584 | 5,492 | — | 35,579 | ||||||||||||||||
Amortization – deferred financing costs | 2,684 | — | — | — | 2,684 | ||||||||||||||||
Amortization – other intangible assets | 8,583 | 167 | — | — | 8,750 | ||||||||||||||||
(Gain) loss on disposal of assets | 761 | 176 | 11,150 | — | 12,087 | ||||||||||||||||
Deferred income taxes | (3,910 | ) | (8,438 | ) | (687 | ) | — | (13,035 | ) | ||||||||||||
Non-cash stock-based compensation | 2,411 | — | — | — | 2,411 | ||||||||||||||||
Equity in earnings of subsidiaries and affiliates | (12,205 | ) | — | — | 12,205 | — | |||||||||||||||
Change in other operating items | 77,131 | (50,391 | ) | (39,139 | ) | 310 | (12,089 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 47,645 | (22,524 | ) | (27,047 | ) | — | (1,926 | ) | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchases of property, plant, and equipment | (15,283 | ) | (19,573 | ) | (3,999 | ) | — | (38,855 | ) | ||||||||||||
Proceeds from notes receivable | (73,047 | ) | (185,927 | ) | (39,204 | ) | 298,178 | — | |||||||||||||
Payment on notes receivable | 29,207 | 187,368 | 37,991 | (254,566 | ) | — | |||||||||||||||
Other | 14,944 | — | 32,000 | — | 46,944 | ||||||||||||||||
Net cash provided by (used in) investing activities | (44,179 | ) | (18,132 | ) | 26,788 | 43,612 | 8,089 | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Payment on notes payable | (245,359 | ) | (29,207 | ) | — | 254,566 | (20,000 | ) | |||||||||||||
Proceeds from notes payable | 250,131 | 73,047 | — | (298,178 | ) | 25,000 | |||||||||||||||
Other | (1,333 | ) | (3,155 | ) | — | — | (4,488 | ) | |||||||||||||
Net cash provided by (used in)financing activities | 3,439 | 40,685 | — | (43,612 | ) | 512 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 6,905 | 29 | (259 | ) | — | 6,675 | |||||||||||||||
Cash and cash equivalents, beginning of period | 24,113 | (29 | ) | 2,667 | — | 26,751 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 31,018 | $ | — | $ | 2,408 | $ | — | $ | 33,426 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | (178,007 | ) | $ | (146,083 | ) | $ | (1,181 | ) | $ | 147,264 | $ | (178,007 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Depreciation | 10,493 | 159,067 | 12,306 | — | 181,866 | ||||||||||||||||
Amortization – deferred financing costs | 2,759 | — | — | — | 2,759 | ||||||||||||||||
Amortization – other intangible assets | 8,616 | 2,365 | — | — | 10,981 | ||||||||||||||||
Loss on disposal of assets | (1,950 | ) | 2,718 | 107 | — | 875 | |||||||||||||||
Deferred income taxes | (1,571 | ) | — | (2,232 | ) | — | (3,803 | ) | |||||||||||||
Non-cash stock-based compensation | 3,119 | — | — | — | 3,119 | ||||||||||||||||
Equity in earnings of subsidiaries and affiliates | 147,264 | — | — | (147,264 | ) | — | |||||||||||||||
Change in other operating items | 35,877 | (19,495 | ) | (5,444 | ) | — | 10,938 | ||||||||||||||
Net cash provided by (used in) operating activities | 26,600 | (1,428 | ) | 3,556 | — | 28,728 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchases of property, plant, and equipment | (25,152 | ) | (24,200 | ) | (9,842 | ) | — | (59,194 | ) | ||||||||||||
Other | (37,823 | ) | 28,844 | 9,979 | — | 1,000 | |||||||||||||||
Net cash provided by (used in) investing activities | (62,975 | ) | 4,644 | 137 | — | (58,194 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Increase in revolving credit advance | 8,910 | — | (8,910 | ) | — | — | |||||||||||||||
Other | — | (698 | ) | — | — | (698 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 8,910 | (698 | ) | (8,910 | ) | — | (698 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (27,465 | ) | 2,518 | (5,217 | ) | — | (30,164 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 51,578 | (2,547 | ) | 7,884 | — | 56,915 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 24,113 | $ | (29 | ) | $ | 2,667 | $ | — | $ | 26,751 |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Abstract] | ||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated Other Comprehensive Income (Loss) by Component | |||||||||||||
Year Ended December 31, 2013 | ||||||||||||||
(In thousands) | Pension Plan | Post Retirement Plan | Total | |||||||||||
Accumulated other comprehensive loss as of December 31, 2012 | $ | (46,167 | ) | $ | (5,667 | ) | $ | (51,834 | ) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | 25,738 | 7,384 | 33,122 | |||||||||||
Accumulated other comprehensive loss as of December 31, 2013 | $ | (20,429 | ) | $ | 1,717 | $ | (18,712 | ) | ||||||
For the Year Ended December 31, 2014 | ||||||||||||||
(In thousands) | Pension Plan | Post Retirement Plan | Total | |||||||||||
Accumulated other comprehensive loss as of December 31, 2013 | $ | (20,429 | ) | $ | 1,717 | $ | (18,712 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (19,731 | ) | (11,195 | ) | (30,926 | ) | ||||||||
Accumulated other comprehensive income (loss) as of December 31, 2014 | $ | (40,160 | ) | $ | (9,478 | ) | $ | (49,638 | ) | |||||
Reclassifications out of Accumulated Other Comprehensive Income | Reclassifications out of Accumulated Other Comprehensive Income: | |||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||
(In thousands) | Pension Plan | Post Retirement Plan | Total | |||||||||||
Amortization of Pension and Postretirement Plan items | ||||||||||||||
Prior service costs | $ | 44 | $ | 539 | $ | 583 | (a) | |||||||
Actuarial gain | 35,568 | 11,007 | 46,575 | (a) | ||||||||||
Amortization of net actuarial gain | 2,607 | 114 | 2,721 | (a) | ||||||||||
Total before tax | 38,219 | 11,660 | 49,879 | |||||||||||
Tax (expense) benefit | (12,481 | ) | (4,276 | ) | (16,757 | ) | ||||||||
Total reclassified for the period | $ | 25,738 | $ | 7,384 | $ | 33,122 | ||||||||
For the Year Ended December 31, 2014 | ||||||||||||||
(In thousands) | Pension Plan | Post Retirement Plan | Total | |||||||||||
Amortization of Pension and Postretirement Plan items | ||||||||||||||
Prior service costs | $ | (44 | ) | $ | 34 | $ | (10 | ) | (a) | |||||
Actuarial gain | 20,674 | 12,063 | 32,737 | (a) | ||||||||||
Amortization of net actuarial gain | (211 | ) | (299 | ) | (510 | ) | (a) | |||||||
Total before tax | 20,419 | 11,798 | 32,217 | |||||||||||
Tax (expense) benefit | (688 | ) | (603 | ) | (1,291 | ) | ||||||||
Total reclassified for the period | $ | 19,731 | $ | 11,195 | $ | 30,926 | ||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension and post retirement plan costs. See Pension footnote, Note 8, for additional details. |
Nature_of_Operations_Basis_of_3
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Aug. 01, 2013 | Jun. 20, 2011 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Transaction | sqft | |||||||||||||
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | ||||||||||||||
Purchase price (cash consideration) | $22,400,000 | |||||||||||||
Area of manufacturing facility acquired | 80,000 | |||||||||||||
Sales price of discontinued operation | 30,000,000 | |||||||||||||
Contingent earn-out | 2,250,000 | |||||||||||||
Loss from sale of discontinued operation | 0 | 11,985,000 | 571,000 | |||||||||||
Impairment charge included in the loss from sale of discontinued operation | 2,500,000 | |||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||
Duration of cash and cash equivalents included in liquid investments maximum | 3 days | |||||||||||||
Income Taxes [Abstract] | ||||||||||||||
Number of years considered for cumulative operating income loss | 3 years | |||||||||||||
Likelihood percentage (in hundredths) | 50.00% | 50.00% | ||||||||||||
Valuation allowance | -110,120,000 | -99,594,000 | -110,120,000 | -99,594,000 | ||||||||||
Product Warranties [Abstract] | ||||||||||||||
Product warranty description | Generally, sales are accompanied by a 1- to 5-year standard warranty. These warranties cover factors such as non-conformance to specifications and defects in material and workmanship. | |||||||||||||
Research and Development Costs [Abstract] | ||||||||||||||
Research and development costs | 5,600,000 | 5,700,000 | 6,600,000 | |||||||||||
Foreign Currency [Abstract] | ||||||||||||||
Foreign currency loss | 4,100,000 | 600,000 | 1,100,000 | |||||||||||
Derivative [Line Items] | ||||||||||||||
Notional amount | 7,000,000 | 7,000,000 | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Options and warrants exercisable which were not included in computation of diluted earnings per share (in shares) | 144,095 | |||||||||||||
Numerator [Abstract] | ||||||||||||||
Net loss from continuing operations | -5,083,000 | 1,205,000 | 5,109,000 | -3,285,000 | 1,918,000 | -8,395,000 | -5,103,000 | -14,755,000 | -2,054,000 | -26,335,000 | -173,375,000 | |||
Net income (loss) from discontinuing operations | -45,000 | -106,000 | 186,000 | -288,000 | -307,000 | -10,220,000 | -259,000 | -1,192,000 | -253,000 | -11,978,000 | -4,632,000 | |||
NET LOSS | -5,128,000 | 1,099,000 | 5,295,000 | -3,573,000 | 1,611,000 | -18,615,000 | -5,362,000 | -15,947,000 | -2,307,000 | -38,313,000 | -178,007,000 | |||
Denominator [Abstract] | ||||||||||||||
Weighted average shares outstanding - Basic (in shares) | 47,708,000 | 47,548,000 | 47,378,000 | |||||||||||
Weighted average shares outstanding - Diluted (in shares) | 47,708,000 | 47,548,000 | 47,378,000 | |||||||||||
Basic loss per common share: | ||||||||||||||
Basic loss per share - continuing operations (in dollars per share) | ($0.10) | $0.02 | $0.11 | ($0.07) | $0.04 | ($0.18) | ($0.11) | ($0.31) | ($0.04) | ($0.56) | ($3.66) | |||
Basic loss per share - discontinued operations (in dollars per share) | $0 | $0 | $0 | ($0.01) | ($0.01) | ($0.21) | $0 | ($0.03) | ($0.01) | ($0.25) | ($0.10) | |||
Basic loss per share (in dollars per share) | ($0.10) | $0.02 | $0.11 | ($0.08) | $0.03 | ($0.39) | ($0.11) | ($0.34) | ($0.05) | ($0.81) | ($3.76) | |||
Diluted loss per common share | ||||||||||||||
Diluted loss per common share - continuing operations (in dollars per share) | ($0.10) | $0.02 | $0.11 | ($0.07) | $0.04 | ($0.18) | ($0.11) | ($0.31) | ($0.04) | ($0.56) | ($3.66) | |||
Diluted loss per common share - discontinued operations (in dollars per share) | $0 | $0 | $0 | ($0.01) | ($0.01) | ($0.21) | $0 | ($0.03) | ($0.01) | ($0.25) | ($0.10) | |||
Diluted loss per share (in dollars per share) | ($0.10) | $0.02 | $0.11 | ($0.08) | $0.03 | ($0.39) | ($0.11) | ($0.34) | ($0.05) | ($0.81) | ($3.76) | |||
Stock-Based Compensation [Abstract] | ||||||||||||||
Number of purchase right distributed as dividend | 1 | 1 | ||||||||||||
Shares on exercise of right | one one-hundredth of a share of our Series A Junior Participating Preferred Stock | |||||||||||||
Junior participating preferred stock purchase price (in dollars per share) | $30 | $30 | ||||||||||||
Period for exercise of right | 10 days | |||||||||||||
Percentage of beneficial ownership considered for exercise of right (in hundredths) | 20.00% | |||||||||||||
Market price of shares as number of times of purchase price of right | 2 | |||||||||||||
Options [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Options and warrants exercisable which were not included in computation of diluted earnings per share (in shares) | 0 | 165,197 | 2,205,882 | |||||||||||
Foreign Exchange Forward Contracts [Member] | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Notional amount | $0 | $0 | $0 | $0 | ||||||||||
Building and Improvements [Member] | Minimum [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Useful lives | 15 years | |||||||||||||
Building and Improvements [Member] | Maximum [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Useful lives | 40 years | |||||||||||||
Machinery and Equipment [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Useful lives | 10 years | |||||||||||||
Internal Use Software [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Useful lives | 3 years |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
Aug. 01, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Dec. 31, 2011 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Sales price of discontinued operation | $30,000,000 | |||||
Contingent earn-out | 2,250,000 | |||||
Impairment charge included in the loss from sale of discontinued operation | 2,500,000 | |||||
Discontinued operations [Abstract] | ||||||
Net sales | 0 | 70,965,000 | 135,137,000 | |||
Income (loss) from operations | -42,000 | -1,758,000 | -4,061,000 | |||
Other Income (Expense) | -211,000 | 1,765,000 | 0 | |||
Income tax provision (benefit) | 0 | 0 | 0 | |||
Loss on sale | 0 | -11,985,000 | -571,000 | |||
Discontinued operations | -253,000 | -11,978,000 | -4,632,000 | |||
Imperial Group [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Contingent earn-out | 2,250,000 | |||||
Number of plants | 3 | |||||
Impairment charge included in the loss from sale of discontinued operation | 2,500,000 | |||||
Term of lease | 2 years | |||||
Lease renewal period | 1 year | |||||
Rental income per year | 75,000 | |||||
Discontinued operations [Abstract] | ||||||
Proceeds from sale | 30,000,000 | |||||
Accounts receivable | 12,478,000 | |||||
Inventories | 10,692,000 | |||||
Prepaid expenses and other current assets | 63,000 | |||||
Property, plant, and equipment | 21,868,000 | |||||
Accounts payable | -8,672,000 | |||||
Net assets sold | 36,429,000 | |||||
Impairment of real estate | 2,540,000 | |||||
Other accrued fees and expenses | 3,016,000 | |||||
Net loss from sale | -11,985,000 | |||||
Fabco Automotive [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Sales price of discontinued operation | 35,000,000 | |||||
Contingent earn-out | 2,000,000 | |||||
Discontinued operations [Abstract] | ||||||
Income (loss) from operations | 6,300,000 | |||||
Transaction fees | 2,100,000 | |||||
Bostrom Seating [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Sales price of discontinued operation | 8,800,000 | |||||
Discontinued operations [Abstract] | ||||||
Income (loss) from operations | 300,000 | |||||
Cash held in escrow | 1,000,000 | |||||
Escrow period (in years) | 1 year | |||||
Proceeds from escrow deposit | $1,000,000 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories on a FIFO basis [Abstract] | ||
Raw materials | $8,244 | $7,483 |
Work in process | 14,073 | 12,996 |
Finished manufactured goods | 20,748 | 18,850 |
Total inventories | $43,065 | $39,329 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill by reportable segment [Abstract] | |||
Goodwill | $100,697,000 | $100,697,000 | $100,697,000 |
Impairment of goodwill | 0 | 0 | 62,839,000 |
Impairment of customer relationships and technology | 36,800,000 | ||
Other intangible assets by reportable segment [Roll Forward] | |||
Beginning Balance | 125,430,000 | 134,180,000 | |
Additions | 671,000 | 0 | |
Amortization | -8,138,000 | -8,750,000 | -10,981,000 |
Ending Balance | 117,963,000 | 125,430,000 | 134,180,000 |
Goodwill [Abstract] | |||
Gross Amount | 100,697,000 | 100,697,000 | |
Accumulated Amortization | 0 | 0 | |
Carrying Amount | 100,697,000 | 100,697,000 | 100,697,000 |
Other intangible assets [Abstract] | |||
Gross Amount | 191,673,000 | 193,142,000 | |
Accumulated Amortization | 73,710,000 | 67,712,000 | |
Carrying Amount | 117,963,000 | 125,430,000 | 134,180,000 |
Amortization expense, Maturity [Abstract] | |||
Estimated amortization expense for other intangible assets, 2015 | 8,100,000 | ||
Estimated amortization expense for other intangible assets, 2016 | 8,100,000 | ||
Estimated amortization expense for other intangible assets, 2017 | 8,100,000 | ||
Estimated amortization expense for other intangible assets, 2018 | 8,100,000 | ||
Estimated amortization expense for other intangible assets, 2019 | 8,100,000 | ||
Trade names [Member] | |||
Other intangible assets by reportable segment [Roll Forward] | |||
Beginning Balance | 25,200,000 | ||
Ending Balance | 25,200,000 | ||
Other intangible assets [Abstract] | |||
Weighted Average Useful Lives | 0 years | ||
Gross Amount | 25,200,000 | 25,200,000 | |
Accumulated Amortization | 0 | 0 | |
Carrying Amount | 25,200,000 | ||
Technology [Member] | |||
Other intangible assets by reportable segment [Roll Forward] | |||
Beginning Balance | 18,352,000 | ||
Ending Balance | 16,011,000 | ||
Other intangible assets [Abstract] | |||
Weighted Average Useful Lives | 10 years | ||
Gross Amount | 39,169,000 | 38,849,000 | |
Accumulated Amortization | 23,158,000 | 20,497,000 | |
Carrying Amount | 16,011,000 | ||
Customer relationships [Member] | |||
Other intangible assets by reportable segment [Roll Forward] | |||
Beginning Balance | 81,878,000 | ||
Ending Balance | 76,752,000 | ||
Other intangible assets [Abstract] | |||
Weighted Average Useful Lives | 19 years 10 months 24 days | ||
Gross Amount | 127,304,000 | 129,093,000 | |
Accumulated Amortization | 50,552,000 | 47,215,000 | |
Carrying Amount | 76,752,000 | ||
Wheels [Member] | |||
Goodwill by reportable segment [Abstract] | |||
Goodwill | 96,283,000 | 96,283,000 | 96,283,000 |
Other intangible assets by reportable segment [Roll Forward] | |||
Beginning Balance | 122,764,000 | 130,668,000 | |
Additions | 671,000 | 0 | |
Amortization | -7,970,000 | -7,904,000 | |
Ending Balance | 115,465,000 | 122,764,000 | |
Goodwill [Abstract] | |||
Carrying Amount | 96,283,000 | 96,283,000 | 96,283,000 |
Other intangible assets [Abstract] | |||
Carrying Amount | 115,465,000 | 122,764,000 | |
Brillion Iron Works [Member] | |||
Goodwill by reportable segment [Abstract] | |||
Goodwill | 4,414,000 | 4,414,000 | 4,414,000 |
Other intangible assets by reportable segment [Roll Forward] | |||
Beginning Balance | 2,666,000 | 2,833,000 | |
Additions | 0 | 0 | |
Amortization | -168,000 | -167,000 | |
Ending Balance | 2,498,000 | 2,666,000 | |
Goodwill [Abstract] | |||
Carrying Amount | 4,414,000 | 4,414,000 | 4,414,000 |
Other intangible assets [Abstract] | |||
Carrying Amount | 2,498,000 | 2,666,000 | |
Corporate / Other [Member] | |||
Other intangible assets by reportable segment [Roll Forward] | |||
Beginning Balance | 0 | 679,000 | |
Additions | 0 | 0 | |
Amortization | 0 | -679,000 | |
Ending Balance | 0 | 0 | |
Other intangible assets [Abstract] | |||
Carrying Amount | $0 | $0 |
Assets_Held_for_Sale_Details
Assets Held for Sale (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Assets Held for sale [Abstract] | ||
Assets held for sale | $1,293,000 | $0 |
Net proceeds | $1,100,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | $363,551 | $339,063 | |
Less: accumulated depreciation | 151,368 | 119,439 | |
Property, plant and equipment, net | 212,183 | 219,624 | |
Depreciation | 33,735 | 35,579 | 48,134 |
Asset impairment charges | 34,126 | ||
Land and Land Improvements [Member] | |||
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | 15,859 | 16,124 | |
Buildings [Member] | |||
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | 63,245 | 63,242 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | $284,447 | $259,697 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Jul. 29, 2010 | Dec. 31, 2013 | Jul. 11, 2013 | |
Debt Instrument [Line Items] | ||||
Total debt | $323,234,000 | $330,183,000 | ||
9.5% senior secured notes, net of discount | 306,200,000 | 305,200,000 | ||
Interest rate (in hundredths) | 9.50% | 9.50% | ||
Excess availability under line of credit for fixed charge coverage ratio | 10,000,000 | 10,000,000 | ||
Excess availability under line of credit as percentage of aggregate commitments (in hundredths) | 10.00% | 10.00% | ||
9.5% senior secured notes [Member] | ||||
Debt Instrument [Line Items] | ||||
9.5% senior secured notes, net of discount | 306,234,000,000 | 305,200,000 | ||
Interest rate (in hundredths) | 9.50% | 9.50% | ||
Refinancing of debt | 310,000,000 | |||
Unamortized discount | 3,766,000,000 | |||
Prior ABL Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Average interest rate (in hundredths) | 2.55% | 3.70% | ||
Average amount outstanding | 31,002,000 | 38,180,000 | ||
Aggregate availability subject to certain conditions | 100,000,000 | |||
Credit facility principal amount | 75,000,000 | |||
Maturity date | 29-Jul-14 | |||
Commitment fee if utilization within limit (in hundredths) | 0.75% | |||
Commitment fee if utilization more than limit (in hundredths) | 0.50% | |||
Utilization percentage of commitments (in hundredths) | 50.00% | |||
New ABL Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowed amount from credit facility | 17,000,000,000 | 25,000,000 | 45,300,000 | |
Interest rate terms | Borrowings under the New ABL Facility bear interest through maturity at a variable rate based upon, at our option, either LIBOR or the base rate (which is the greatest of one-half of 1.00% in excess of the federal funds rate, 1.00% in excess of the one-month LIBOR rate and the Agentbs prime rate), plus, in each case, an applicable margin. | |||
Excess availability of facility to maintain fixed charge coverage ratio, minimum | 10,000,000 | |||
Credit facility principal amount | 100,000,000 | |||
Increased availability under the facility | 25,000,000 | |||
Maturity date | 11-Jul-18 | |||
Commitment fee if utilization within limit (in hundredths) | 0.25% | |||
Commitment fee if utilization more than limit (in hundredths) | 0.38% | |||
Utilization percentage of commitments (in hundredths) | 50.00% | |||
New ABL Facility [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread (in hundredths) | 2.75% | |||
New ABL Facility [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread (in hundredths) | 3.50% | |||
Letter of credit [Member] | Prior ABL Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate availability subject to certain conditions | 10,000,000 | |||
Letter of credit [Member] | New ABL Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate availability subject to certain conditions | 20,000,000 | |||
Revolving Credit Facility [Member] | New ABL Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility principal amount | 90,000,000 | |||
First In Last Out Term Facility [Member] | New ABL Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility principal amount | 10,000,000 | |||
Increased availability under the facility | 50,000,000 | |||
First In Last Out Term Facility [Member] | New ABL Facility [Member] | LIBOR [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread (in hundredths) | 2.75% | |||
First In Last Out Term Facility [Member] | New ABL Facility [Member] | LIBOR [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread (in hundredths) | 3.25% | |||
First In First Out Term Facility [Member] | New ABL Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread (in hundredths) | 1.00% | |||
First In First Out Term Facility [Member] | New ABL Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread (in hundredths) | 1.50% | |||
Swingline Loans [Member] | Prior ABL Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate availability subject to certain conditions | 25,000,000 | |||
Swingline Loans [Member] | New ABL Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate availability subject to certain conditions | $10,000,000 | |||
Other Advances [Member] | New ABL Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread (in hundredths) | 0.00% | |||
Other Advances [Member] | New ABL Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread (in hundredths) | 0.50% | |||
Other Advances [Member] | New ABL Facility [Member] | LIBOR [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread (in hundredths) | 1.75% | |||
Other Advances [Member] | New ABL Facility [Member] | LIBOR [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread (in hundredths) | 2.25% |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Transaction | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-beginning of period | $220,707,000 | ||
Fair value of assets-end of period | 228,132,000 | 220,707,000 | |
Assumed health care cost trend rates [Abstract] | |||
Health care cost trend rate assumed for next year (in hundredths) | 7.17% | 7.63% | |
Rate to which the cost trend rate is assumed to decline (in hundredths) | 4.81% | 4.82% | |
Year that the rate reaches the ultimate trend rate | 2024 | 2022 | |
Effect of one-percentage point change in assumed health care cost trend rates [Abstract] | |||
1- Percentage Point Increase, Effect on total of service and interest cost | 1,034,000 | ||
1- Percentage Point Decrease, Effect on total of service and interest cost | -556,000 | ||
1- Percentage Point Increase, Effect on postretirement benefit obligation | 11,763,000 | ||
1- Percentage Point Decrease, Effect on postretirement benefit obligation | -9,498,000 | ||
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 228,132,000 | 220,707,000 | |
% of Total (in hundredths) | 100.00% | 100.00% | |
% of fair value hierarchy (in hundredths) | 100.00% | 100.00% | |
Real rate of return (in hundredths) | 5.00% | ||
Percentage over inflation (in hundredths) | 5.00% | ||
Minimum period for investment horizon | 5 years | ||
Number of strategic asset allocations | 2 | ||
Asset allocation [Abstract] | |||
Primary objective | the primary objective is to achieve a minimum rate of return of Consumer Price Index plus 3 | ||
Moving period | 4 years | ||
Other Plans [Abstract] | |||
Defined contribution plan, expenses recognized | 1,100,000 | 1,300,000 | 1,400,000 |
Cash and cash equivalents [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 6,756,000 | 8,314,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 6,756,000 | 8,314,000 | |
% of Total (in hundredths) | 3.00% | 4.00% | |
U.S. large-cap [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 23,845,000 | 21,639,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 23,845,000 | 21,639,000 | |
% of Total (in hundredths) | 10.00% | 10.00% | |
U.S. mid-cap [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 13,255,000 | 6,840,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 13,255,000 | 6,840,000 | |
% of Total (in hundredths) | 6.00% | 3.00% | |
U.S. small-cap [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 4,426,000 | 3,399,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 4,426,000 | 3,399,000 | |
% of Total (in hundredths) | 2.00% | 2.00% | |
US indexed [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 12,018,000 | 18,954,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 12,018,000 | 18,954,000 | |
% of Total (in hundredths) | 5.00% | 9.00% | |
Canadian large cap equity securities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 5,503,000 | 27,574,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 5,503,000 | 27,574,000 | |
% of Total (in hundredths) | 2.00% | 12.00% | |
Canadian mid cap equity securities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 2,002,000 | 11,263,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 2,002,000 | 11,263,000 | |
% of Total (in hundredths) | 1.00% | 5.00% | |
Canadian small cap equity securities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 167,000 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 167,000 | 0 | |
% of Total (in hundredths) | 0.00% | 0.00% | |
Large growth [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 6,381,000 | 11,659,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 6,381,000 | 11,659,000 | |
% of Total (in hundredths) | 3.00% | 5.00% | |
Pooled equities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 9,516,000 | 14,046,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 9,516,000 | 14,046,000 | |
% of Total (in hundredths) | 4.00% | 6.00% | |
International markets [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 14,588,000 | 26,545,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 14,588,000 | 26,545,000 | |
% of Total (in hundredths) | 6.00% | 12.00% | |
Government bonds [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 34,978,000 | 21,939,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 34,978,000 | 21,939,000 | |
% of Total (in hundredths) | 15.00% | 10.00% | |
Corporate bonds [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 94,697,000 | 48,535,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 94,697,000 | 48,535,000 | |
% of Total (in hundredths) | 42.00% | 22.00% | |
Equity Securities [Member] | |||
Targeted assets mix [Abstract] | |||
Minimum (in hundredths) | 14.00% | ||
Maximum (in hundredths) | 20.00% | ||
Foreign Equities [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 5.00% | ||
Strategic Allocation (in hundredths) | 11.00% | ||
Upper Limit (in hundredths) | 15.00% | ||
Targeted assets mix [Abstract] | |||
Minimum (in hundredths) | 7.00% | ||
Maximum (in hundredths) | 10.00% | ||
Bonds and Mortgages [Member] | |||
Targeted assets mix [Abstract] | |||
Minimum (in hundredths) | 70.00% | ||
Maximum (in hundredths) | 80.00% | ||
Short-Term [Member] | |||
Targeted assets mix [Abstract] | |||
Minimum (in hundredths) | 0.00% | ||
Maximum (in hundredths) | 0.00% | ||
Domestic large capitalization growth equities [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 10.00% | ||
Strategic Allocation (in hundredths) | 13.00% | ||
Upper Limit (in hundredths) | 20.00% | ||
Domestic large capitalization index passive equities. [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 15.00% | ||
Strategic Allocation (in hundredths) | 20.00% | ||
Upper Limit (in hundredths) | 25.00% | ||
Domestic Large Capitalization Value Equities [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 10.00% | ||
Strategic Allocation (in hundredths) | 10.00% | ||
Upper Limit (in hundredths) | 20.00% | ||
Domestic Small Cap Equities [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 2.00% | ||
Strategic Allocation (in hundredths) | 10.00% | ||
Upper Limit (in hundredths) | 10.00% | ||
Fixed income intermediate [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 15.00% | ||
Strategic Allocation (in hundredths) | 35.00% | ||
Upper Limit (in hundredths) | 35.00% | ||
Level 1 [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 117,391,000 | 116,434,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 117,391,000 | 116,434,000 | |
% of fair value hierarchy (in hundredths) | 51.00% | 53.00% | |
Level 1 [Member] | Cash and cash equivalents [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 6,756,000 | 8,314,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 6,756,000 | 8,314,000 | |
Level 1 [Member] | U.S. large-cap [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 12,030,000 | 21,639,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 12,030,000 | 21,639,000 | |
Level 1 [Member] | U.S. mid-cap [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | U.S. small-cap [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | US indexed [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Canadian large cap equity securities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 5,503,000 | 27,574,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 5,503,000 | 27,574,000 | |
Level 1 [Member] | Canadian mid cap equity securities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 2,002,000 | 11,263,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 2,002,000 | 11,263,000 | |
Level 1 [Member] | Canadian small cap equity securities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 167,000 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 167,000 | 0 | |
Level 1 [Member] | Large growth [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Pooled equities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 10,775,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 10,775,000 | |
Level 1 [Member] | International markets [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Government bonds [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 30,812,000 | 11,185,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 30,812,000 | 11,185,000 | |
Level 1 [Member] | Corporate bonds [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 60,121,000 | 25,684,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 60,121,000 | 25,684,000 | |
Level 2 [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 110,741,000 | 104,273,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 110,741,000 | 104,273,000 | |
% of fair value hierarchy (in hundredths) | 49.00% | 47.00% | |
Level 2 [Member] | Cash and cash equivalents [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | U.S. large-cap [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 11,815,000 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 11,815,000 | 0 | |
Level 2 [Member] | U.S. mid-cap [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 13,255,000 | 6,840,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 13,255,000 | 6,840,000 | |
Level 2 [Member] | U.S. small-cap [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 4,426,000 | 3,399,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 4,426,000 | 3,399,000 | |
Level 2 [Member] | US indexed [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 12,018,000 | 18,954,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 12,018,000 | 18,954,000 | |
Level 2 [Member] | Canadian large cap equity securities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Canadian mid cap equity securities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Canadian small cap equity securities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Large growth [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 6,381,000 | 11,659,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 6,381,000 | 11,659,000 | |
Level 2 [Member] | Pooled equities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 9,516,000 | 3,271,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 9,516,000 | 3,271,000 | |
Level 2 [Member] | International markets [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 14,588,000 | 26,545,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 14,588,000 | 26,545,000 | |
Level 2 [Member] | Government bonds [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 4,166,000 | 10,754,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 4,166,000 | 10,754,000 | |
Level 2 [Member] | Corporate bonds [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 34,576,000 | 22,851,000 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 34,576,000 | 22,851,000 | |
Level 3 [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
% of fair value hierarchy (in hundredths) | 0.00% | 0.00% | |
Level 3 [Member] | Cash and cash equivalents [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | U.S. large-cap [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | U.S. mid-cap [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | U.S. small-cap [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | US indexed [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Canadian large cap equity securities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Canadian mid cap equity securities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Canadian small cap equity securities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Large growth [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Pooled equities [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | International markets [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Government bonds [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Corporate bonds [Member] | |||
Change in plan assets [Roll Forward] | |||
Fair value of assets-end of period | 0 | 0 | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation-beginning of period | 232,901,000 | 259,706,000 | |
Service cost | 1,088,000 | 1,156,000 | 1,785,000 |
Interest cost | 10,764,000 | 10,320,000 | 11,198,000 |
Actuarial losses (gains) | 31,205,000 | -12,102,000 | |
Benefits paid | -14,421,000 | -18,260,000 | |
Foreign currency exchange rate changes | -10,679,000 | -8,074,000 | |
Curtailment | 0 | 0 | |
Plan Amendment | 0 | 0 | |
Incurred retiree drug subsidy reimbursements | 0 | 0 | |
Plan participant's contribution | 103,000 | 155,000 | |
Benefit obligation-end of period | 250,961,000 | 232,901,000 | 259,706,000 |
Accumulated benefit obligation | 250,745,000 | 232,208,000 | |
Change in plan assets [Roll Forward] | |||
Fair value of assets-beginning of period | 220,707,000 | 203,268,000 | |
Actual return on plan assets | 21,939,000 | 33,625,000 | |
Employer contributions | 11,376,000 | 9,539,000 | |
Plan participant's contribution | 103,000 | 155,000 | |
Benefits paid | -14,421,000 | -18,260,000 | |
Foreign currency exchange rate changes | -11,572,000 | -7,620,000 | |
Fair value of assets-end of period | 228,132,000 | 220,707,000 | 203,268,000 |
Reconciliation of funded status [Abstract] | |||
Unfunded status | -22,829,000 | -12,194,000 | |
Amounts recorded in the consolidated balance sheets [Abstract] | |||
Prepaid benefit cost | 9,518,000 | 8,493,000 | |
Accrued benefit liability | -32,348,000 | -20,687,000 | |
Accumulated other comprehensive loss (income) | 35,621,000 | 15,201,000 | |
Net amount recognized | 12,791,000 | 3,007,000 | |
Amounts recorded in AOCI in the following fiscal year [Abstract] | |||
Amortization of prior service (credit) cost | 44,000 | 44,000 | |
Amortization of net (gain)/loss | 1,304,000 | 201,000 | |
Total amortization | 1,348,000 | 245,000 | |
Components of net periodic benefit cost [Abstract] | |||
Service cost-benefits earned during the period | 1,088,000 | 1,156,000 | 1,785,000 |
Interest cost on projected benefit obligation | 10,764,000 | 10,320,000 | 11,198,000 |
Expected return on plan assets | -12,812,000 | -11,726,000 | -11,800,000 |
Prior service cost (net) | 44,000 | 44,000 | 44,000 |
Other amortization (net) | 211,000 | 2,607,000 | 1,035,000 |
Total benefits cost charged to income | -705,000 | 2,401,000 | 2,262,000 |
Recognized in other comprehensive income (loss) [Abstract] | |||
Amortization of net transition (asset) obligation | 0 | 0 | -1,035,000 |
Prior service (credit) cost | 0 | 0 | 0 |
Amortization of prior service (credit) cost | -44,000 | -44,000 | -44,000 |
Change in net actuarial (gain) loss | 20,674,000 | -35,568,000 | 16,052,000 |
Amount of net actuarial valuation (gain) loss | -211,000 | -2,607,000 | 0 |
Amounts recognized in other comprehensive income | 20,419,000 | -38,219,000 | 14,973,000 |
Amounts recognized in total benefits charged to income and other comprehensive income | 19,714,000 | -35,818,000 | 17,235,000 |
Assumptions used to determine benefit obligations [Abstract] | |||
Average discount rate (in hundredths) | 3.99% | 4.77% | |
Rate of increase in future compensation levels (in hundredths) | 3.00% | 3.00% | |
Assumptions used to determine net periodic benefit cost [Abstract] | |||
Average discount rate (in hundredths) | 4.77% | 4.19% | |
Rate of increase in future compensation levels (in hundredths) | 3.00% | 3.00% | |
Expected long-term rate of return on assets (in hundredths) | 6.12% | 6.08% | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 228,132,000 | 220,707,000 | 203,268,000 |
Pension and postretirement benefits, Expected payments [Abstract] | |||
2014 | 14,029,000 | ||
2015 | 14,067,000 | ||
2016 | 13,890,000 | ||
2017 | 14,037,000 | ||
2018 | 14,099,000 | ||
2019 - 2023 (in total) | 72,275,000 | ||
Anticipated contribution during next year | 8,300,000 | ||
U.S plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan period of service for eligibility (in years) | 1 year | ||
Defined benefit plans period of service of vesting of hourly employees (in years) | 5 years | ||
U.S plan [Member] | Foreign Equities [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 5.00% | ||
Strategic Allocation (in hundredths) | 13.00% | ||
Upper Limit (in hundredths) | 15.00% | ||
U.S plan [Member] | Domestic large capitalization growth equities [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 10.00% | ||
Strategic Allocation (in hundredths) | 10.00% | ||
Upper Limit (in hundredths) | 20.00% | ||
U.S plan [Member] | Domestic large capitalization index passive equities. [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 15.00% | ||
Strategic Allocation (in hundredths) | 17.00% | ||
Upper Limit (in hundredths) | 25.00% | ||
U.S plan [Member] | Domestic Large Capitalization Value Equities [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 10.00% | ||
Strategic Allocation (in hundredths) | 10.00% | ||
Upper Limit (in hundredths) | 20.00% | ||
U.S plan [Member] | Domestic Small Cap Equities [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 5.00% | ||
Strategic Allocation (in hundredths) | 10.00% | ||
Upper Limit (in hundredths) | 15.00% | ||
U.S plan [Member] | Fixed income intermediate [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 15.00% | ||
Strategic Allocation (in hundredths) | 35.00% | ||
Upper Limit (in hundredths) | 35.00% | ||
U.S plan [Member] | Money Market Funds [Member] | |||
Asset allocation [Abstract] | |||
Lower Limit (in hundredths) | 1.00% | ||
Strategic Allocation (in hundredths) | 5.00% | ||
Upper Limit (in hundredths) | 10.00% | ||
Canadian plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan period of service for eligibility (in years) | 2 years | ||
Defined benefit plans period of service of vesting of hourly employees (in years) | 2 years | ||
Other Benefits [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation-beginning of period | 74,933,000 | 87,125,000 | |
Service cost | 340,000 | 528,000 | 478,000 |
Interest cost | 3,670,000 | 3,467,000 | 3,999,000 |
Actuarial losses (gains) | 12,469,000 | -10,801,000 | |
Benefits paid | -4,295,000 | -4,078,000 | |
Foreign currency exchange rate changes | -1,780,000 | -1,325,000 | |
Curtailment | 0 | 0 | |
Plan Amendment | 435,000 | -539,000 | |
Incurred retiree drug subsidy reimbursements | 180,000 | 172,000 | |
Plan participant's contribution | 422,000 | 384,000 | |
Benefit obligation-end of period | 86,374,000 | 74,933,000 | 87,125,000 |
Accumulated benefit obligation | 86,374,000 | 74,933,000 | |
Change in plan assets [Roll Forward] | |||
Fair value of assets-beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 3,873,000 | 3,694,000 | |
Plan participant's contribution | 422,000 | 384,000 | |
Benefits paid | -4,295,000 | -4,078,000 | |
Foreign currency exchange rate changes | 0 | 0 | |
Fair value of assets-end of period | 0 | 0 | 0 |
Reconciliation of funded status [Abstract] | |||
Unfunded status | -86,374,000 | -74,933,000 | |
Amounts recorded in the consolidated balance sheets [Abstract] | |||
Prepaid benefit cost | 0 | 0 | |
Accrued benefit liability | -86,374,000 | -74,933,000 | |
Accumulated other comprehensive loss (income) | 6,507,000 | -5,292,000 | |
Net amount recognized | -79,867,000 | -80,225,000 | |
Amounts recorded in AOCI in the following fiscal year [Abstract] | |||
Amortization of prior service (credit) cost | -35,000 | -35,000 | |
Amortization of net (gain)/loss | 443,000 | 322,000 | |
Total amortization | 408,000 | 287,000 | |
Components of net periodic benefit cost [Abstract] | |||
Service cost-benefits earned during the period | 340,000 | 528,000 | 478,000 |
Interest cost on projected benefit obligation | 3,670,000 | 3,467,000 | 3,999,000 |
Prior service cost (net) | -35,000 | 0 | 0 |
Other one-time charges | 435,000 | 0 | 0 |
Other amortization (net) | 299,000 | 114,000 | -34,000 |
Total benefits cost charged to income | 4,709,000 | 4,109,000 | 4,443,000 |
Recognized in other comprehensive income (loss) [Abstract] | |||
Amortization of net transition (asset) obligation | 35,000 | 0 | 35,000 |
Change in net actuarial (gain) loss | 11,764,000 | -11,660,000 | 4,764,000 |
Amounts recognized in other comprehensive income | 11,799,000 | -11,660,000 | 4,799,000 |
Amounts recognized in total benefits charged to income and other comprehensive income | 16,508,000 | -7,551,000 | 9,242,000 |
Assumptions used to determine benefit obligations [Abstract] | |||
Average discount rate (in hundredths) | 4.14% | 4.85% | |
Assumptions used to determine net periodic benefit cost [Abstract] | |||
Average discount rate (in hundredths) | 4.85% | 4.20% | |
Defined benefit plan assets at value by hierarchy [Abstract] | |||
Fair value of plan assets | 0 | 0 | 0 |
Pension and postretirement benefits, Expected payments [Abstract] | |||
2014 | 4,406,000 | ||
2015 | 4,554,000 | ||
2016 | 4,742,000 | ||
2017 | 4,820,000 | ||
2018 | 4,937,000 | ||
2019 - 2023 (in total) | 25,766,000 | ||
Anticipated contribution during next year | $4,200,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings from continuing operations before income taxes [Abstract] | |||||||||||
United States | ($13,326,000) | ($46,121,000) | ($177,894,000) | ||||||||
Foreign | 8,745,000 | 9,542,000 | 2,862,000 | ||||||||
Loss from continuing operations | -4,581,000 | -36,579,000 | -175,032,000 | ||||||||
Current [Abstract] | |||||||||||
Federal | -1,364,000 | 157,000 | 313,000 | ||||||||
State | 13,000 | -10,000 | 400,000 | ||||||||
Foreign | 1,138,000 | 2,644,000 | 1,433,000 | ||||||||
Total | -213,000 | 2,791,000 | 2,146,000 | ||||||||
Deferred [Abstract] | |||||||||||
Federal | -3,625,000 | -10,694,000 | -43,749,000 | ||||||||
State | 0 | 0 | -19,000 | ||||||||
Foreign | -139,000 | -687,000 | -2,232,000 | ||||||||
Valuation allowance | 1,450,000 | -1,654,000 | 42,197,000 | ||||||||
Total | -2,314,000 | -13,035,000 | -3,803,000 | ||||||||
Total provision (benefit) | -1,560,000 | -410,000 | -1,461,000 | 904,000 | -12,622,000 | -495,000 | 1,464,000 | 1,409,000 | -2,527,000 | -10,244,000 | -1,657,000 |
Reconciliation of the U.S. statutory tax rate to effective tax rate [Abstract] | |||||||||||
Statutory tax rate (in hundredths) | -35.00% | -35.00% | -35.00% | ||||||||
State and local income taxes (in hundredths) | 0.30% | 0.00% | 0.20% | ||||||||
Incremental foreign tax (benefit) (in hundredths) | -15.50% | -2.10% | -0.10% | ||||||||
Change in valuation allowance (in hundredths) | 31.70% | 8.80% | 23.60% | ||||||||
Goodwill impairment (in hundredths) | 0.00% | 0.00% | 12.30% | ||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | -29.40% | -0.50% | 2.90% | ||||||||
Change in rate applied to deferred items | 30.50% | -0.10% | 0.00% | ||||||||
Change in liability for unrecognized tax benefits (in hundredths) | -40.10% | 0.20% | -0.50% | ||||||||
Other items-net (in hundredths) | 2.40% | 0.70% | -2.70% | ||||||||
Effective tax rate (in hundredths) | -55.10% | -28.00% | 0.70% | ||||||||
Deferred tax assets [Abstract] | |||||||||||
Postretirement and postemployment benefits | 29,250,000 | 23,837,000 | 29,250,000 | 23,837,000 | |||||||
Accrued liabilities, reserves and other | 2,082,000 | 3,563,000 | 2,082,000 | 3,563,000 | |||||||
Debt transaction and refinancing costs | 2,665,000 | 2,650,000 | 2,665,000 | 2,650,000 | |||||||
Inventories | 1,621,000 | 1,628,000 | 1,621,000 | 1,628,000 | |||||||
Accrued compensation and benefits | 3,251,000 | 3,331,000 | 3,251,000 | 3,331,000 | |||||||
Worker's compensation | 1,279,000 | 1,599,000 | 1,279,000 | 1,599,000 | |||||||
Pension benefit | 9,377,000 | 6,529,000 | 9,377,000 | 6,529,000 | |||||||
State income taxes | 2,057,000 | 1,674,000 | 2,057,000 | 1,674,000 | |||||||
Tax credits | 3,737,000 | 3,717,000 | 3,737,000 | 3,717,000 | |||||||
Indirect effect of unrecognized tax benefits | 1,993,000 | 2,298,000 | 1,993,000 | 2,298,000 | |||||||
Loss carryforwards | 101,418,000 | 95,000,000 | 101,418,000 | 95,000,000 | |||||||
Valuation allowance | -110,120,000 | -99,594,000 | -110,120,000 | -99,594,000 | |||||||
Total deferred tax assets | 48,610,000 | 46,232,000 | 48,610,000 | 46,232,000 | |||||||
Deferred tax liabilities [Abstract] | |||||||||||
Asset basis and depreciation | -13,225,000 | -11,403,000 | -13,225,000 | -11,403,000 | |||||||
Intangible assets | -46,246,000 | -48,048,000 | -46,246,000 | -48,048,000 | |||||||
Total deferred tax liabilities | -59,471,000 | -59,451,000 | -59,471,000 | -59,451,000 | |||||||
Net deferred tax liability | -10,861,000 | -13,219,000 | -10,861,000 | -13,219,000 | |||||||
Current deferred tax asset | 2,687,000 | 3,806,000 | 2,687,000 | 3,806,000 | |||||||
Long-term deferred tax asset | 1,289,000 | 503,000 | 1,289,000 | 503,000 | |||||||
Long-term deferred income tax asset (liability) - net | -14,837,000 | -17,528,000 | -14,837,000 | -17,528,000 | |||||||
Federal loss carryforwards | 88,000,000 | 88,000,000 | |||||||||
State loss carryforwards | 13,400,000 | 13,400,000 | |||||||||
Number of cumulative years of net losses | 3 years | 3 years | |||||||||
Valuation allowance (decrease) increase | -10,500,000 | -1,700,000 | 45,900,000 | ||||||||
Valuation allowance change in amount attributable to continuing operations | 1,500,000 | 3,200,000 | 42,200,000 | ||||||||
Valuation allowance change in amount attributable to discontinuing operations | 0 | 4,400,000 | 3,700,000 | ||||||||
Valuation allowance increased (decreased) attributable to OCI | -9,000,000 | -9,300,000 | |||||||||
Tax expense in OCI related for unrealized gains on pension and post-retirement benefits | 0 | ||||||||||
Income tax benefit from continuing operations for pension and post-retirement benefits | 12,600,000 | ||||||||||
Increase of current deferred tax assets | 12,600,000 | ||||||||||
Cumulative retained earnings | -362,190,000 | -359,883,000 | -362,190,000 | -359,883,000 | |||||||
Reconciliation of unrecognized tax benefits [Roll Forward] | |||||||||||
Balance at beginning of the period | 3,526,000 | 4,640,000 | 3,526,000 | 4,640,000 | 7,033,000 | ||||||
Additions based on tax positions related to the current year | 0 | 5,000 | 4,000 | ||||||||
Additions for tax positions of prior years | 0 | 0 | 0 | ||||||||
Reductions for tax positions of prior years | -741,000 | 0 | -800,000 | ||||||||
Removal of penalties and interest | 0 | 0 | 0 | ||||||||
Reductions due to lapse of statute of limitations | -160,000 | -1,119,000 | -1,597,000 | ||||||||
Settlements with taxing authorities | 0 | 0 | 0 | ||||||||
Balance at end of period | 2,625,000 | 3,526,000 | 2,625,000 | 3,526,000 | 4,640,000 | ||||||
Unrecognized tax benefits that would, if recognized, impact the effective income tax rate | 2,600,000 | 3,400,000 | 2,600,000 | 3,400,000 | |||||||
Unrecognized tax benefits that would, if recognized, impact the other accounts | 0 | 100,000 | 0 | 100,000 | |||||||
Unrecognized tax benefits, accrued interest | 3,100,000 | 3,600,000 | 3,100,000 | 3,600,000 | |||||||
Unrecognized tax benefits, accrued penalties | 800,000 | 1,500,000 | 800,000 | 1,500,000 | |||||||
Recognized increase (decrease) in interest | -500,000 | 200,000 | |||||||||
Recognized increase (decrease) in penalties | -700,000 | 0 | |||||||||
U.S. Federal Tax Jurisdiction [Member] | |||||||||||
Reconciliation of unrecognized tax benefits [Roll Forward] | |||||||||||
Open tax years | 2011-2013 | ||||||||||
Tax years remain open subject to the future utilization of net operating losses | 2007 - 2010 | ||||||||||
State and Local Jurisdictions [Member] | |||||||||||
Reconciliation of unrecognized tax benefits [Roll Forward] | |||||||||||
Open tax years | 2010-2013 | ||||||||||
Tax years remain open subject to the future utilization of net operating losses | 1998-2010 | ||||||||||
Accuride Canada Inc. [Member] | |||||||||||
Deferred tax liabilities [Abstract] | |||||||||||
Cumulative retained earnings | $20,700,000 | $20,700,000 | |||||||||
Canada [Member] | U.S. Federal Tax Jurisdiction [Member] | |||||||||||
Reconciliation of unrecognized tax benefits [Roll Forward] | |||||||||||
Open tax years | 2006-2013 | ||||||||||
Mexico [Member] | U.S. Federal Tax Jurisdiction [Member] | |||||||||||
Reconciliation of unrecognized tax benefits [Roll Forward] | |||||||||||
Open tax years | 2008-2013 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2010 | 31-May-10 | 18-May-10 | |
Compensation expense for share-based compensation programs [Abstract] | ||||||
Share-based compensation expense | $2,456,000 | $2,411,000 | $3,119,000 | |||
Assumption used with Black Scholes option-pricing model [Abstract] | ||||||
Expected Dividend Yield (in hundredths) | 0.00% | |||||
Expected Volatility in Stock Price (in hundredths) | 56.40% | |||||
Risk-Free Interest Rate (in hundredths) | 0.90% | |||||
Expected Life of Stock Awards | 6 years | |||||
Weighted-Average Fair Value at Grant Date (in dollars per share) | $4.19 | |||||
2010 Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reserved shares for issuance (in shares) | 1,260,000 | |||||
Percentage of fully diluted shares outstanding (in hundredths) | 10.00% | |||||
Common shares reserved after amendment (in shares) | 3,500,000 | |||||
Compensation expense for share-based compensation programs [Abstract] | ||||||
Unrecognized pre-tax compensation expense | 2,300,000 | |||||
Weighted-average period of recognition | 1 year 8 months 12 days | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock granted pursuant to individual restricted stock unit agreements (in shares) | 1,030,412 | 55,790 | 182,936 | |||
Vesting percentage year one (in hundredths) | 33.00% | |||||
Vesting percentage year two (in hundredths) | 33.00% | |||||
Vesting percentage year three (in hundredths) | 34.00% | |||||
Vesting period | 3 years | |||||
Shares to be vested and issued on vesting date March 1, 2011 (in shares) | 30,429 | |||||
Shares to be vested and issued on vesting date March 1, 2014 (in shares) | 25,361 | |||||
Number of RSU's [Roll Forward] | ||||||
RSUs unvested at December 31, 2013 (in shares) | 887,958 | |||||
Granted (in shares) | 1,030,412 | 55,790 | 182,936 | |||
Vested (in shares) | -149,394 | |||||
Forfeited (in shares) | -257,202 | |||||
RSUs unvested at December 31, 2014 (in shares) | 1,511,774 | |||||
RSUs expected to vest (in shares) | 1,041,001 | |||||
Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
RSUs unvested at December 31, 2013 (in dollars per share) | $7.28 | |||||
Granted (in dollars per share) | $4.41 | |||||
Vested (in dollars per share) | $6 | |||||
Forfeited (in dollars per share) | $7.68 | |||||
RSUs unvested at December 31, 2014 (in dollars per share) | $5.42 | |||||
RSUs expected to vest (in dollars per share) | $0 | |||||
Weighted Average Remaining Vesting Period [Abstract] | ||||||
RSUs unvested at December 31, 2014 | 0 years | |||||
RSUs expected to vest | 1 year 8 months 23 days | |||||
Compensation expense for share-based compensation programs [Abstract] | ||||||
Fair market value of vested shares | 2,000,000 | |||||
Fair market value of vested and expected to shares | 5,900,000 | |||||
Service Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Contractual terms stock option | 10 years | |||||
Number of service options [Roll Forward] | ||||||
Service options outstanding at December 31, 2013 (in shares) | 165,197 | |||||
Granted (in shares) | 0 | |||||
Exercised (in shares) | 0 | |||||
Forfeited (in shares) | -21,102 | |||||
Service options outstanding at December 31, 2014 (in shares) | 144,095 | |||||
Service options vested or expected to vest (in shares) | 144,095 | |||||
Service options exercisable at December 31, 2014 (in shares) | 0 | |||||
Weighted Average Grant-date Fair Value [Roll Forward] | ||||||
Service options outstanding at December 31, 2013 (in dollars per share) | $0 | |||||
Granted (in dollars per share) | $0 | |||||
Exercised (in dollars per share) | $0 | |||||
Forfeited (in dollars per share) | $8 | |||||
Service options outstanding at December 31, 2014 (in dollars per share) | $8 | |||||
Service options vested or expected to vest (in dollars per share) | $8 | |||||
Service options exercisable at December 31, 2014 (in dollars per share) | $0 | |||||
Weighted Average Remaining Vesting period [Abstract] | ||||||
Service options outstanding at December 31, 2014 | 0 years 4 months 24 days | |||||
Service options vested or expected to vest | 0 years 4 months 24 days | |||||
Service options exercisable at December 31, 2014 | 0 years | |||||
Aggregate Intrinsic Value [Abstract] | ||||||
Service options outstanding at December 31, 2014 | 0 | |||||
Service options vested or expected to vest | 0 | |||||
Service options exercisable at December 31, 2014 | $0 |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments [Abstract] | |||
Purchase commitments related to fixed assets | $12,500,000 | $4,400,000 | |
Capital lease commitments | 12,200,000 | 13,600,000 | |
Rent expenses | 5,800,000 | 3,500,000 | 4,500,000 |
Future minimum lease payments for all non-cancelable operating leases [Abstract] | |||
2015 | 5,882,000 | ||
2016 | 6,377,000 | ||
2017 | 5,102,000 | ||
2018 | 3,514,000 | ||
2019 | 2,636,000 | ||
Thereafter | 2,142,000 | ||
Total | $25,653,000 |
Segment_Reporting_Net_Sales_Op
Segment Reporting, Net Sales, Operating Income and Assets by Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net sales and operating income by segment [Abstract] | |||||||||||
Net sales | $172,812,000 | $184,007,000 | $181,575,000 | $166,784,000 | $144,691,000 | $155,264,000 | $179,941,000 | $162,987,000 | $705,178,000 | $642,883,000 | $794,634,000 |
Operating income (loss) | 3,721,000 | 10,044,000 | 12,304,000 | 6,569,000 | -1,669,000 | -725,000 | 5,959,000 | -4,797,000 | 32,638,000 | -1,232,000 | -139,230,000 |
Net interest expense, other income (loss) and restructuring items | -37,200,000 | -35,300,000 | -35,800,000 | ||||||||
Total assets | 598,422,000 | 611,777,000 | 598,422,000 | 611,777,000 | |||||||
Wheels [Member] | |||||||||||
Net sales and operating income by segment [Abstract] | |||||||||||
Net sales | 402,146,000 | 364,614,000 | 414,340,000 | ||||||||
Operating income (loss) | 41,823,000 | 30,883,000 | 44,928,000 | ||||||||
Total assets | 441,835,000 | 452,271,000 | 441,835,000 | 452,271,000 | |||||||
Gunite [Member] | |||||||||||
Net sales and operating income by segment [Abstract] | |||||||||||
Net sales | 171,263,000 | 168,988,000 | 221,974,000 | ||||||||
Operating income (loss) | 16,710,000 | 2,599,000 | -151,940,000 | ||||||||
Total assets | 59,600,000 | 55,016,000 | 59,600,000 | 55,016,000 | |||||||
Brillion Iron Works [Member] | |||||||||||
Net sales and operating income by segment [Abstract] | |||||||||||
Net sales | 131,769,000 | 109,281,000 | 158,320,000 | ||||||||
Operating income (loss) | 4,523,000 | 1,027,000 | 11,969,000 | ||||||||
Total assets | 55,226,000 | 52,547,000 | 55,226,000 | 52,547,000 | |||||||
Corporate / Other [Member] | |||||||||||
Net sales and operating income by segment [Abstract] | |||||||||||
Operating income (loss) | -30,418,000 | -35,741,000 | -44,187,000 | ||||||||
Total assets | 41,761,000 | 51,943,000 | 41,761,000 | 51,943,000 | |||||||
Inter-segment sales [Member] | |||||||||||
Net sales and operating income by segment [Abstract] | |||||||||||
Net sales | $12,568,000 | $15,987,000 | $26,405,000 |
Segment_Reporting_Geographic_I
Segment Reporting, Geographic Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net sales [Abstract] | |||||||||||
Total | $172,812,000 | $184,007,000 | $181,575,000 | $166,784,000 | $144,691,000 | $155,264,000 | $179,941,000 | $162,987,000 | $705,178,000 | $642,883,000 | $794,634,000 |
Long-lived assets | 448,542,000 | 462,509,000 | 448,542,000 | 462,509,000 | 515,102,000 | ||||||
Domestic Sales [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Sales to unaffiliated customers | 583,011,000 | 532,534,000 | 678,347,000 | ||||||||
Export Sales [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Sales to unaffiliated customers | 122,167,000 | 110,349,000 | 116,287,000 | ||||||||
Eliminations [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Total | 0 | 0 | 0 | ||||||||
Long-lived assets | -370,379,000 | -339,712,000 | -370,379,000 | -339,712,000 | -339,712,000 | ||||||
Eliminations [Member] | Domestic Sales [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Sales to unaffiliated customers | 0 | 0 | 0 | ||||||||
Eliminations [Member] | Export Sales [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Sales to unaffiliated customers | 0 | 0 | 0 | ||||||||
United States [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Total | 688,833,000 | 622,717,000 | 770,459,000 | ||||||||
Long-lived assets | 775,973,000 | 759,793,000 | 775,973,000 | 759,793,000 | 816,599,000 | ||||||
United States [Member] | Domestic Sales [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Sales to unaffiliated customers | 568,087,000 | 512,777,000 | 665,479,000 | ||||||||
United States [Member] | Export Sales [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Sales to unaffiliated customers | 120,746,000 | 109,940,000 | 114,980,000 | ||||||||
Canada [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Total | 57,000 | 77,000 | 14,000 | ||||||||
Long-lived assets | 32,065,000 | 31,291,000 | 32,065,000 | 31,291,000 | 26,880,000 | ||||||
Canada [Member] | Domestic Sales [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Sales to unaffiliated customers | 57,000 | 77,000 | 14,000 | ||||||||
Canada [Member] | Export Sales [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Sales to unaffiliated customers | 0 | 0 | 0 | ||||||||
Mexico [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Total | 16,288,000 | 20,089,000 | 24,161,000 | ||||||||
Long-lived assets | 10,883,000 | 11,137,000 | 10,883,000 | 11,137,000 | 11,335,000 | ||||||
Mexico [Member] | Domestic Sales [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Sales to unaffiliated customers | 14,867,000 | 19,680,000 | 22,854,000 | ||||||||
Mexico [Member] | Export Sales [Member] | |||||||||||
Net sales [Abstract] | |||||||||||
Sales to unaffiliated customers | $1,421,000 | $409,000 | $1,307,000 |
Segment_Reporting_Sales_to_Maj
Segment Reporting, Sales to Major Customers (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Revenue By Major Customers By Reporting Segments [Abstract] | |||
Number of major customers | 3 | ||
Minimum percentage of sales for major customer (in hundredths) | 10.00% | ||
Sales by customers [Member] | |||
Revenue, Major Customer [Line Items] | |||
Amount | $266,955,000 | $242,259,000 | $290,209,000 |
% of Sales (in hundredths) | 37.80% | 37.70% | 36.50% |
Sales by product grouping [Member] | |||
Revenue, Major Customer [Line Items] | |||
% of Sales (in hundredths) | 100.00% | 100.00% | 100.00% |
Customer One [Member] | Sales by customers [Member] | |||
Revenue, Major Customer [Line Items] | |||
Amount | 99,382,000 | 91,886,000 | 123,459,000 |
% of Sales (in hundredths) | 14.10% | 14.30% | 15.50% |
Customer Two [Member] | Sales by customers [Member] | |||
Revenue, Major Customer [Line Items] | |||
Amount | 93,298,000 | 90,624,000 | 101,895,000 |
% of Sales (in hundredths) | 13.20% | 14.10% | 12.80% |
Customer Three [Member] | Sales by customers [Member] | |||
Revenue, Major Customer [Line Items] | |||
Amount | $74,275,000 | $59,749,000 | $64,855,000 |
% of Sales (in hundredths) | 10.50% | 9.30% | 8.20% |
Segment_Reporting_Sales_by_Pro
Segment Reporting, Sales by Product Grouping (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Sales by product grouping [Abstract] | |||||||||||
Net sales | $172,812 | $184,007 | $181,575 | $166,784 | $144,691 | $155,264 | $179,941 | $162,987 | $705,178 | $642,883 | $794,634 |
Sales by customers [Member] | |||||||||||
Sales by product grouping [Abstract] | |||||||||||
% of Sales (in hundredths) | 37.80% | 37.70% | 36.50% | ||||||||
Sales by product grouping [Member] | |||||||||||
Sales by product grouping [Abstract] | |||||||||||
Net sales | 705,178 | 642,883 | 794,634 | ||||||||
% of Sales (in hundredths) | 100.00% | 100.00% | 100.00% | ||||||||
Wheels [Member] | Sales by product grouping [Member] | |||||||||||
Sales by product grouping [Abstract] | |||||||||||
Net sales | 402,146 | 364,614 | 414,340 | ||||||||
% of Sales (in hundredths) | 57.00% | 56.70% | 52.10% | ||||||||
Wheel end components and assemblies [Member] | Sales by product grouping [Member] | |||||||||||
Sales by product grouping [Abstract] | |||||||||||
Net sales | 171,263 | 168,988 | 221,974 | ||||||||
% of Sales (in hundredths) | 24.30% | 26.30% | 27.90% | ||||||||
Ductile and gray iron castings [Member] | Sales by product grouping [Member] | |||||||||||
Sales by product grouping [Abstract] | |||||||||||
Net sales | $131,769 | $109,281 | $158,320 | ||||||||
% of Sales (in hundredths) | 18.70% | 17.00% | 20.00% |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior secured notes, interest (in hundredths) | 9.50% | 9.50% |
9.5% senior secured notes, carrying value | $306.20 | $305.20 |
Fair value of ABL facility | 17 | 25 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
9.5% senior secured notes, fair value | $319.20 | $306.90 |
Quarterly_Data_unaudited_Detai
Quarterly Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Data (unaudited) [Abstract] | |||||||||||
Net sales | $172,812 | $184,007 | $181,575 | $166,784 | $144,691 | $155,264 | $179,941 | $162,987 | $705,178 | $642,883 | $794,634 |
Cost of goods sold | 158,691 | 164,095 | 159,153 | 149,761 | 135,989 | 144,994 | 161,235 | 156,709 | 631,700 | 598,927 | 743,633 |
GROSS PROFIT | 14,121 | 19,912 | 22,422 | 17,023 | 8,702 | 10,270 | 18,706 | 6,278 | 73,478 | 43,956 | 51,001 |
Operating expenses | 10,400 | 9,868 | 10,118 | 10,454 | 10,371 | 10,995 | 12,747 | 11,075 | 40,840 | 45,188 | 190,231 |
INCOME (LOSS) FROM OPERATIONS | 3,721 | 10,044 | 12,304 | 6,569 | -1,669 | -725 | 5,959 | -4,797 | 32,638 | -1,232 | -139,230 |
Interest expense, net | -8,362 | -8,444 | -8,487 | -8,420 | -8,465 | -8,711 | -9,157 | -8,694 | -33,713 | -35,027 | -34,938 |
Other loss, net | -2,002 | -805 | -169 | -530 | -570 | 546 | -441 | 145 | -3,506 | -320 | -864 |
Income tax provision (benefit) | -1,560 | -410 | -1,461 | 904 | -12,622 | -495 | 1,464 | 1,409 | -2,527 | -10,244 | -1,657 |
LOSS FROM CONTINUING OPERATIONS | -5,083 | 1,205 | 5,109 | -3,285 | 1,918 | -8,395 | -5,103 | -14,755 | -2,054 | -26,335 | -173,375 |
Discontinued operations, net of tax | -45 | -106 | 186 | -288 | -307 | -10,220 | -259 | -1,192 | -253 | -11,978 | -4,632 |
NET LOSS | ($5,128) | $1,099 | $5,295 | ($3,573) | $1,611 | ($18,615) | ($5,362) | ($15,947) | ($2,307) | ($38,313) | ($178,007) |
Basic income (loss) per share [Abstract] | |||||||||||
Continuing operations (in dollars per share) | ($0.10) | $0.02 | $0.11 | ($0.07) | $0.04 | ($0.18) | ($0.11) | ($0.31) | ($0.04) | ($0.56) | ($3.66) |
Discontinued operations (in dollars per share) | $0 | $0 | $0 | ($0.01) | ($0.01) | ($0.21) | $0 | ($0.03) | ($0.01) | ($0.25) | ($0.10) |
Basic loss per share (in dollars per share) | ($0.10) | $0.02 | $0.11 | ($0.08) | $0.03 | ($0.39) | ($0.11) | ($0.34) | ($0.05) | ($0.81) | ($3.76) |
Diluted income (loss) per share [Abstract] | |||||||||||
Continuing operations (in dollars per share) | ($0.10) | $0.02 | $0.11 | ($0.07) | $0.04 | ($0.18) | ($0.11) | ($0.31) | ($0.04) | ($0.56) | ($3.66) |
Discontinued operations (in dollars per share) | $0 | $0 | $0 | ($0.01) | ($0.01) | ($0.21) | $0 | ($0.03) | ($0.01) | ($0.25) | ($0.10) |
Diluted loss per share (in dollars per share) | ($0.10) | $0.02 | $0.11 | ($0.08) | $0.03 | ($0.39) | ($0.11) | ($0.34) | ($0.05) | ($0.81) | ($3.76) |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Changes in valuation and qualifying accounts [Roll Forward] | |||
Balance - beginning of period | $259 | $549 | $676 |
Charges(credits) to cost and expense | 92 | 139 | 267 |
Recoveries | 0 | 89 | -277 |
Write-Offs | -24 | -366 | -117 |
Balance - end of period | $327 | $259 | $549 |
Contingencies_Details
Contingencies (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | Employee |
Contingencies [Abstract] | |
Environmental reserve | $1.50 |
Total number of employees | 2,247 |
Number of salaried employees | 497 |
Employees represented by unions | 1,512 |
Percentage of employees represented by unions (in hundredths) | 67.00% |
Product_Warranties_Details
Product Warranties (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Product Warranties [Line Items] | ||||
Product recall campaign, recognized charges | $700,000 | |||
Brake drum quality issue, recognized charges | 2,500,000 | |||
Product warranty activity [Roll Forward] | ||||
Balance-beginning of period | 301,000 | 294,000 | 797,000 | |
Provision for new warranties | 66,000 | 249,000 | 568,000 | |
Payments | -117,000 | -258,000 | -1,071,000 | |
Sale of certain assets and liabilities | -8,000 | 16,000 | 0 | |
Balance-end of period | $242,000 | $301,000 | $294,000 | $797,000 |
Minimum [Member] | ||||
Product Warranties [Line Items] | ||||
Product warranty period, minimum | 1 year | |||
Maximum [Member] | ||||
Product Warranties [Line Items] | ||||
Product warranty period, minimum | 5 years |
Guarantor_and_Nonguarantor_Fin2
Guarantor and Non-guarantor Financial Statements, Condensed Consolidated Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Guarantor and Non-guarantor Financial Statements [Abstract] | ||||
Percentage of ownership in domestic subsidiaries (in hundredths) | 100.00% | |||
ASSETS | ||||
Cash and cash equivalents | $29,773 | $33,426 | $26,751 | $56,915 |
Accounts and other receivables, net | 63,570 | 59,520 | ||
Intercompany receivable | 0 | 0 | ||
Inventories | 43,065 | 39,329 | ||
Other current assets | 13,472 | 16,993 | ||
Total current assets | 149,880 | 149,268 | ||
Property, plant, and equipment, net | 212,183 | 219,624 | ||
Goodwill | 100,697 | 100,697 | 100,697 | |
Intangible assets, net | 117,963 | 125,430 | 134,180 | |
Investments in and advances to subsidiaries and affiliates | 0 | 0 | ||
Other non-current assets | 17,699 | 16,758 | ||
TOTAL | 598,422 | 611,777 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 56,452 | 47,527 | ||
Intercompany payable | 0 | 0 | ||
Accrued payroll and compensation | 10,620 | 8,763 | ||
Accrued interest payable | 12,428 | 12,535 | ||
Accrued and other liabilities | 17,571 | 21,174 | ||
Total current liabilities | 97,071 | 89,999 | ||
Long term debt | 323,234 | 330,183 | ||
Deferred and non-current income taxes | 21,371 | 17,528 | ||
Other non-current liabilities | 125,943 | 112,183 | ||
Stockholders' equity | 30,803 | 61,884 | 64,873 | 257,383 |
TOTAL | 598,422 | 611,777 | ||
Eliminations [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and other receivables, net | 403 | 0 | ||
Intercompany receivable | -249,413 | -244,662 | ||
Inventories | -403 | -310 | ||
Other current assets | 0 | 0 | ||
Total current assets | -249,413 | -244,972 | ||
Property, plant, and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Investments in and advances to subsidiaries and affiliates | -128,372 | -128,059 | ||
Other non-current assets | 0 | 0 | ||
TOTAL | -377,785 | -373,031 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 0 | 0 | ||
Intercompany payable | -249,413 | -244,972 | ||
Accrued payroll and compensation | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Accrued and other liabilities | 0 | 0 | ||
Total current liabilities | -249,413 | -244,972 | ||
Long term debt | 0 | 0 | ||
Deferred and non-current income taxes | 0 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Stockholders' equity | -128,372 | -128,059 | ||
TOTAL | -377,785 | -373,031 | ||
Parent [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 22,710 | 31,018 | 24,113 | 51,578 |
Accounts and other receivables, net | 35,630 | 31,871 | ||
Intercompany receivable | 191,272 | 0 | ||
Inventories | 18,693 | 16,858 | ||
Other current assets | 4,970 | 7,159 | ||
Total current assets | 273,275 | 86,906 | ||
Property, plant, and equipment, net | 78,603 | 80,286 | ||
Goodwill | 96,283 | 96,283 | ||
Intangible assets, net | 115,465 | 122,764 | ||
Investments in and advances to subsidiaries and affiliates | 128,372 | 128,059 | ||
Other non-current assets | 3,118 | 5,971 | ||
TOTAL | 695,116 | 520,269 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 15,209 | 12,092 | ||
Intercompany payable | 249,407 | 42,428 | ||
Accrued payroll and compensation | 4,002 | 1,604 | ||
Accrued interest payable | 12,428 | 12,535 | ||
Accrued and other liabilities | 4,183 | 4,225 | ||
Total current liabilities | 285,229 | 72,884 | ||
Long term debt | 323,234 | 330,183 | ||
Deferred and non-current income taxes | 41,775 | 36,970 | ||
Other non-current liabilities | 14,075 | 18,348 | ||
Stockholders' equity | 30,803 | 61,884 | ||
TOTAL | 695,116 | 520,269 | ||
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | -29 | -2,547 |
Accounts and other receivables, net | 20,994 | 19,955 | ||
Intercompany receivable | 5,086 | 164,940 | ||
Inventories | 21,352 | 20,759 | ||
Other current assets | 3,386 | 4,357 | ||
Total current assets | 50,818 | 210,011 | ||
Property, plant, and equipment, net | 101,648 | 103,800 | ||
Goodwill | 4,414 | 4,414 | ||
Intangible assets, net | 2,498 | 2,666 | ||
Investments in and advances to subsidiaries and affiliates | 0 | 0 | ||
Other non-current assets | 3,774 | 1,791 | ||
TOTAL | 163,152 | 322,682 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 31,931 | 28,215 | ||
Intercompany payable | 0 | 175,666 | ||
Accrued payroll and compensation | 5,458 | 5,776 | ||
Accrued interest payable | 0 | 0 | ||
Accrued and other liabilities | 10,060 | 11,979 | ||
Total current liabilities | 47,449 | 221,636 | ||
Long term debt | 0 | 0 | ||
Deferred and non-current income taxes | -20,736 | -19,108 | ||
Other non-current liabilities | 93,245 | 75,769 | ||
Stockholders' equity | 43,194 | 44,385 | ||
TOTAL | 163,152 | 322,682 | ||
Non-guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 7,063 | 2,408 | 2,667 | 7,884 |
Accounts and other receivables, net | 6,543 | 7,694 | ||
Intercompany receivable | 53,055 | 79,722 | ||
Inventories | 3,423 | 2,022 | ||
Other current assets | 5,116 | 5,477 | ||
Total current assets | 75,200 | 97,323 | ||
Property, plant, and equipment, net | 31,932 | 35,538 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Investments in and advances to subsidiaries and affiliates | 0 | 0 | ||
Other non-current assets | 10,807 | 8,996 | ||
TOTAL | 117,939 | 141,857 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 9,312 | 7,220 | ||
Intercompany payable | 6 | 26,878 | ||
Accrued payroll and compensation | 1,160 | 1,383 | ||
Accrued interest payable | 0 | 0 | ||
Accrued and other liabilities | 3,328 | 4,970 | ||
Total current liabilities | 13,806 | 40,451 | ||
Long term debt | 0 | 0 | ||
Deferred and non-current income taxes | 332 | -334 | ||
Other non-current liabilities | 18,623 | 18,066 | ||
Stockholders' equity | 85,178 | 83,674 | ||
TOTAL | $117,939 | $141,857 |
Guarantor_and_Nonguarantor_Fin3
Guarantor and Non-guarantor Financial Statements, Condensed Consolidated Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||
Net sales | $172,812 | $184,007 | $181,575 | $166,784 | $144,691 | $155,264 | $179,941 | $162,987 | $705,178 | $642,883 | $794,634 |
Cost of goods sold | 158,691 | 164,095 | 159,153 | 149,761 | 135,989 | 144,994 | 161,235 | 156,709 | 631,700 | 598,927 | 743,633 |
GROSS PROFIT | 14,121 | 19,912 | 22,422 | 17,023 | 8,702 | 10,270 | 18,706 | 6,278 | 73,478 | 43,956 | 51,001 |
Operating expenses | 10,400 | 9,868 | 10,118 | 10,454 | 10,371 | 10,995 | 12,747 | 11,075 | 40,840 | 45,188 | 190,231 |
INCOME (LOSS) FROM OPERATIONS | 3,721 | 10,044 | 12,304 | 6,569 | -1,669 | -725 | 5,959 | -4,797 | 32,638 | -1,232 | -139,230 |
Other income (expense): | |||||||||||
Interest expense, net | -33,713 | -35,027 | -34,938 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Other income (expense), net | -3,506 | -320 | -864 | ||||||||
LOSS BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | -4,581 | -36,579 | -175,032 | ||||||||
Income tax provision (benefit) | -1,560 | -410 | -1,461 | 904 | -12,622 | -495 | 1,464 | 1,409 | -2,527 | -10,244 | -1,657 |
LOSS FROM CONTINUING OPERATIONS | -5,083 | 1,205 | 5,109 | -3,285 | 1,918 | -8,395 | -5,103 | -14,755 | -2,054 | -26,335 | -173,375 |
Discontinued operations, net of tax | -45 | -106 | 186 | -288 | -307 | -10,220 | -259 | -1,192 | -253 | -11,978 | -4,632 |
NET LOSS | -5,128 | 1,099 | 5,295 | -3,573 | 1,611 | -18,615 | -5,362 | -15,947 | -2,307 | -38,313 | -178,007 |
Comprehensive income (loss) | -33,233 | -5,191 | -195,419 | ||||||||
Eliminations [Member] | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||
Net sales | -212,597 | -207,288 | -188,998 | ||||||||
Cost of goods sold | -210,852 | -206,559 | -188,998 | ||||||||
GROSS PROFIT | -1,745 | -729 | 0 | ||||||||
Operating expenses | 0 | 0 | 0 | ||||||||
INCOME (LOSS) FROM OPERATIONS | -1,745 | -729 | 0 | ||||||||
Other income (expense): | |||||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | -23,581 | -11,786 | 147,264 | ||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||
LOSS BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | -25,326 | -12,515 | 147,264 | ||||||||
Income tax provision (benefit) | 0 | 0 | 0 | ||||||||
LOSS FROM CONTINUING OPERATIONS | -25,326 | -12,515 | 147,264 | ||||||||
Discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
NET LOSS | -25,326 | -12,515 | 147,264 | ||||||||
Comprehensive income (loss) | 21,543 | -42,056 | 162,211 | ||||||||
Parent [Member] | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||
Net sales | 473,264 | 429,175 | 438,350 | ||||||||
Cost of goods sold | 426,969 | 403,996 | 420,062 | ||||||||
GROSS PROFIT | 46,295 | 25,179 | 18,288 | ||||||||
Operating expenses | 39,428 | 43,118 | 16,384 | ||||||||
INCOME (LOSS) FROM OPERATIONS | 6,867 | -17,939 | 1,904 | ||||||||
Other income (expense): | |||||||||||
Interest expense, net | -34,777 | -35,664 | -34,672 | ||||||||
Equity in earnings of subsidiaries | 23,581 | 11,786 | -147,264 | ||||||||
Other income (expense), net | -2,571 | -259 | 1,167 | ||||||||
LOSS BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | -6,900 | -42,076 | -178,865 | ||||||||
Income tax provision (benefit) | -4,593 | -3,763 | -858 | ||||||||
LOSS FROM CONTINUING OPERATIONS | -2,307 | -38,313 | -178,007 | ||||||||
Discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
NET LOSS | -2,307 | -38,313 | -178,007 | ||||||||
Comprehensive income (loss) | -33,233 | -5,191 | -195,419 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||
Net sales | 313,242 | 288,220 | 398,662 | ||||||||
Cost of goods sold | 293,644 | 277,955 | 371,192 | ||||||||
GROSS PROFIT | 19,598 | 10,265 | 27,470 | ||||||||
Operating expenses | 1,228 | 1,747 | 173,557 | ||||||||
INCOME (LOSS) FROM OPERATIONS | 18,370 | 8,518 | -146,087 | ||||||||
Other income (expense): | |||||||||||
Interest expense, net | -226 | -800 | -239 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Other income (expense), net | 453 | 222 | 243 | ||||||||
LOSS BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | 18,597 | 7,940 | -146,083 | ||||||||
Income tax provision (benefit) | 1,068 | -8,438 | 0 | ||||||||
LOSS FROM CONTINUING OPERATIONS | 17,529 | 16,378 | -146,083 | ||||||||
Discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
NET LOSS | 17,529 | 16,378 | -146,083 | ||||||||
Comprehensive income (loss) | -19,022 | 32,012 | -153,548 | ||||||||
Non-guarantor Subsidiaries [Member] | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||
Net sales | 131,269 | 132,776 | 146,620 | ||||||||
Cost of goods sold | 121,939 | 123,535 | 141,377 | ||||||||
GROSS PROFIT | 9,330 | 9,241 | 5,243 | ||||||||
Operating expenses | 184 | 323 | 290 | ||||||||
INCOME (LOSS) FROM OPERATIONS | 9,146 | 8,918 | 4,953 | ||||||||
Other income (expense): | |||||||||||
Interest expense, net | 1,290 | 1,437 | -27 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Other income (expense), net | -1,388 | -283 | -2,274 | ||||||||
LOSS BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | 9,048 | 10,072 | 2,652 | ||||||||
Income tax provision (benefit) | 998 | 1,957 | -799 | ||||||||
LOSS FROM CONTINUING OPERATIONS | 8,050 | 8,115 | 3,451 | ||||||||
Discontinued operations, net of tax | -253 | -11,978 | -4,632 | ||||||||
NET LOSS | 7,797 | -3,863 | -1,181 | ||||||||
Comprehensive income (loss) | ($2,521) | $10,044 | ($8,663) |
Guarantor_and_Nonguarantor_Fin4
Guarantor and Non-guarantor Financial Statements, Condensed Consolidated Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | ($2,307) | ($38,313) | ($178,007) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and impairment | 33,735 | 35,579 | 181,866 |
Amortization - deferred financing costs and debt discount | 2,479 | 2,684 | 2,759 |
Amortization - other intangible assets | 8,138 | 8,750 | 10,981 |
(Gain) loss on disposal of assets | 392 | 12,087 | 875 |
Deferred income taxes | -2,311 | -13,035 | -3,803 |
Non-cash stock-based compensation | 2,456 | 2,411 | 3,119 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Change in other operating items | -10,067 | -12,089 | 10,938 |
Net cash provided by (used in) operating activities | 32,515 | -1,926 | 28,728 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | -25,645 | -38,855 | -59,194 |
Proceeds from notes receivable | 0 | 0 | |
Payments on notes receivable | 0 | 0 | |
Other | 634 | 46,944 | 1,000 |
Net cash provided by (used in) investing activities | -25,011 | 8,089 | -58,194 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments of notes payable | -18,000 | -20,000 | 0 |
Proceeds from notes payable | 10,000 | 25,000 | 0 |
Other | -3,157 | -4,488 | -698 |
Increase in revolving credit advance | 0 | ||
Net cash provided by financing activities | -11,157 | 512 | -698 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -3,653 | 6,675 | -30,164 |
CASH AND CASH EQUIVALENTS-Beginning of period | 33,426 | 26,751 | 56,915 |
CASH AND CASH EQUIVALENTS-End of period | 29,773 | 33,426 | 26,751 |
Eliminations [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | -25,326 | -12,515 | 147,264 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and impairment | 0 | 0 | 0 |
Amortization - deferred financing costs and debt discount | 0 | 0 | 0 |
Amortization - other intangible assets | 0 | 0 | 0 |
(Gain) loss on disposal of assets | 0 | 0 | 0 |
Deferred income taxes | 0 | 0 | 0 |
Non-cash stock-based compensation | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 24,923 | 12,205 | -147,264 |
Change in other operating items | 403 | 310 | 0 |
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | 0 | 0 | 0 |
Proceeds from notes receivable | 239,955 | 298,178 | |
Payments on notes receivable | -181,782 | -254,566 | |
Other | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 58,173 | 43,612 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments of notes payable | 181,782 | 254,566 | |
Proceeds from notes payable | -239,955 | -298,178 | |
Other | 0 | 0 | 0 |
Increase in revolving credit advance | 0 | ||
Net cash provided by financing activities | -58,173 | -43,612 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS-Beginning of period | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS-End of period | 0 | 0 | 0 |
Parent [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | -2,307 | -38,313 | -178,007 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and impairment | 11,261 | 10,503 | 10,493 |
Amortization - deferred financing costs and debt discount | 2,479 | 2,684 | 2,759 |
Amortization - other intangible assets | 7,970 | 8,583 | 8,616 |
(Gain) loss on disposal of assets | 593 | 761 | -1,950 |
Deferred income taxes | -3,097 | -3,910 | -1,571 |
Non-cash stock-based compensation | 2,456 | 2,411 | 3,119 |
Equity in earnings of subsidiaries | -24,923 | -12,205 | 147,264 |
Change in other operating items | 57,454 | 77,131 | 35,877 |
Net cash provided by (used in) operating activities | 51,886 | 47,645 | 26,600 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | -10,151 | -15,283 | -25,152 |
Proceeds from notes receivable | -628 | -73,047 | |
Payments on notes receivable | -19,031 | 29,207 | |
Other | -671 | 14,944 | -37,823 |
Net cash provided by (used in) investing activities | -30,481 | -44,179 | -62,975 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments of notes payable | -147,455 | -245,359 | |
Proceeds from notes payable | 117,742 | 250,131 | |
Other | 0 | -1,333 | 0 |
Increase in revolving credit advance | 8,910 | ||
Net cash provided by financing activities | -29,713 | 3,439 | 8,910 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -8,308 | 6,905 | -27,465 |
CASH AND CASH EQUIVALENTS-Beginning of period | 31,018 | 24,113 | 51,578 |
CASH AND CASH EQUIVALENTS-End of period | 22,710 | 31,018 | 24,113 |
Guarantor Subsidiaries [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 17,529 | 16,378 | -146,083 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and impairment | 18,301 | 19,584 | 159,067 |
Amortization - deferred financing costs and debt discount | 0 | 0 | 0 |
Amortization - other intangible assets | 168 | 167 | 2,365 |
(Gain) loss on disposal of assets | -228 | 176 | 2,718 |
Deferred income taxes | 925 | -8,438 | 0 |
Non-cash stock-based compensation | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Change in other operating items | -62,615 | -50,391 | -19,495 |
Net cash provided by (used in) operating activities | -25,920 | -22,524 | -1,428 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | -14,813 | -19,573 | -24,200 |
Proceeds from notes receivable | -200,078 | -185,927 | |
Payments on notes receivable | 162,777 | 187,368 | |
Other | 1,305 | 0 | 28,844 |
Net cash provided by (used in) investing activities | -50,809 | -18,132 | 4,644 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments of notes payable | -52,327 | -29,207 | |
Proceeds from notes payable | 132,213 | 73,047 | |
Other | -3,157 | -3,155 | -698 |
Increase in revolving credit advance | 0 | ||
Net cash provided by financing activities | 76,729 | 40,685 | -698 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 29 | 2,518 |
CASH AND CASH EQUIVALENTS-Beginning of period | 0 | -29 | -2,547 |
CASH AND CASH EQUIVALENTS-End of period | 0 | 0 | -29 |
Non-guarantor Subsidiaries [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 7,797 | -3,863 | -1,181 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and impairment | 4,173 | 5,492 | 12,306 |
Amortization - deferred financing costs and debt discount | 0 | 0 | 0 |
Amortization - other intangible assets | 0 | 0 | 0 |
(Gain) loss on disposal of assets | 27 | 11,150 | 107 |
Deferred income taxes | -139 | -687 | -2,232 |
Non-cash stock-based compensation | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Change in other operating items | -5,309 | -39,139 | -5,444 |
Net cash provided by (used in) operating activities | 6,549 | -27,047 | 3,556 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | -681 | -3,999 | -9,842 |
Proceeds from notes receivable | -39,249 | -39,204 | |
Payments on notes receivable | 38,036 | 37,991 | |
Other | 0 | 32,000 | 9,979 |
Net cash provided by (used in) investing activities | -1,894 | 26,788 | 137 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments of notes payable | 0 | 0 | |
Proceeds from notes payable | 0 | 0 | |
Other | 0 | 0 | 0 |
Increase in revolving credit advance | -8,910 | ||
Net cash provided by financing activities | 0 | 0 | -8,910 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,655 | -259 | -5,217 |
CASH AND CASH EQUIVALENTS-Beginning of period | 2,408 | 2,667 | 7,884 |
CASH AND CASH EQUIVALENTS-End of period | $7,063 | $2,408 | $2,667 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Accumulated other comprehensive loss, beginning balance | ($18,712) | ($18,712) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 32,217 | -49,879 | 19,772 | |||||||||
Accumulated other comprehensive income (loss), ending balance | -49,638 | -18,712 | -49,638 | -18,712 | ||||||||
Amortization of Pension and Postretirement Plan items | ||||||||||||
Tax (expense) benefit | 1,560 | 410 | 1,461 | -904 | 12,622 | 495 | -1,464 | -1,409 | 2,527 | 10,244 | 1,657 | |
NET LOSS | -5,128 | 1,099 | 5,295 | -3,573 | 1,611 | -18,615 | -5,362 | -15,947 | -2,307 | -38,313 | -178,007 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Amortization of Pension and Postretirement Plan items | ||||||||||||
Prior service costs | -10 | [1] | 583 | |||||||||
Actuarial gain | 32,737 | [1] | 46,575 | |||||||||
Amortization of net actuarial gain | -510 | [1] | 2,721 | |||||||||
Total before tax | 32,217 | 49,879 | ||||||||||
Tax (expense) benefit | -1,291 | -16,757 | ||||||||||
NET LOSS | 30,926 | 33,122 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension Plan [Member] | ||||||||||||
Amortization of Pension and Postretirement Plan items | ||||||||||||
Prior service costs | -44 | 44 | ||||||||||
Actuarial gain | 20,674 | 35,568 | ||||||||||
Amortization of net actuarial gain | -211 | 2,607 | ||||||||||
Total before tax | 20,419 | 38,219 | ||||||||||
Tax (expense) benefit | -688 | -12,481 | ||||||||||
NET LOSS | 19,731 | 25,738 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Post Retirement Plan [Member] | ||||||||||||
Amortization of Pension and Postretirement Plan items | ||||||||||||
Prior service costs | 34 | 539 | ||||||||||
Actuarial gain | 12,063 | 11,007 | ||||||||||
Amortization of net actuarial gain | -299 | 114 | ||||||||||
Total before tax | 11,798 | 11,660 | ||||||||||
Tax (expense) benefit | -603 | -4,276 | ||||||||||
NET LOSS | 11,195 | 7,384 | ||||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Accumulated other comprehensive income (loss), ending balance | -49,638 | -18,712 | -49,638 | -18,712 | -51,834 | |||||||
Accumulated Defined Benefit Plans Adjustment [Member] | Pension Plan [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Accumulated other comprehensive income (loss), ending balance | -40,160 | -20,429 | -40,160 | -20,429 | -46,167 | |||||||
Accumulated Defined Benefit Plans Adjustment [Member] | Post Retirement Plan [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Accumulated other comprehensive income (loss), ending balance | -9,478 | 1,717 | -9,478 | 1,717 | -5,667 | |||||||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | -30,926 | 33,122 | ||||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension Plan [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | -19,731 | 25,738 | ||||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Post Retirement Plan [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ($11,195) | $7,384 | ||||||||||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension |