Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 21, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ACCURIDE CORP | |
Entity Central Index Key | 817,979 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 48,242,482 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 27,831 | $ 29,759 | |
Customer receivables, net of allowance for doubtful accounts of $1,486 and $1,285 in 2016 and 2015, respectively | 63,712 | 58,866 | |
Other receivables | 6,813 | 7,114 | |
Inventories | 39,744 | 47,792 | |
Prepaid expenses and other current assets | 8,387 | 8,399 | |
Total current assets | 146,487 | 151,930 | |
PROPERTY, PLANT AND EQUIPMENT, net | 216,211 | 224,762 | |
OTHER ASSETS: | |||
Goodwill | 96,283 | 96,283 | |
Other intangible assets, net | 107,598 | 111,791 | |
Deferred financing costs, net of accumulated amortization of $3,283 and $3,073 in 2016 and 2015, respectively | 767 | 977 | |
Deferred income taxes | 834 | 741 | |
Pension asset | 14,932 | 12,060 | |
Other | 5,108 | 5,075 | |
TOTAL | 588,220 | 603,619 | |
CURRENT LIABILITIES: | |||
Accounts payable | 61,958 | 71,782 | |
Accrued payroll and compensation | 9,638 | 9,232 | |
Accrued interest payable | 12,384 | 12,521 | |
Accrued workers compensation | 3,765 | 3,133 | |
Short-term debt obligations | 10,192 | 10,286 | |
Accrued and other liabilities | 13,560 | 14,944 | |
Total current liabilities | 111,497 | 121,898 | |
LONG-TERM DEBT | 305,354 | 304,254 | |
DEFERRED INCOME TAXES | 13,302 | 13,133 | |
NON-CURRENT INCOME TAXES PAYABLE | 6,709 | 6,676 | |
OTHER POSTRETIREMENT BENEFIT PLAN LIABILITY | 50,576 | 49,734 | |
PENSION BENEFIT PLAN LIABILITY | 24,684 | 26,545 | |
OTHER LIABILITIES | 8,534 | 10,525 | |
COMMITMENTS AND CONTINGENCIES (Note 7) | |||
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, 48,244,474 and 47,953,555 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively, and additional paid-in-capital | 445,106 | 444,253 | |
Accumulated other comprehensive loss | (18,479) | (17,425) | |
Accumulated deficiency | (372,106) | (369,824) | |
Total Stockholders' Equity | 54,521 | 57,004 | |
Noncontrolling interests | 13,043 | 13,850 | |
Total Equity | 67,564 | $ 65,234 | 70,854 |
TOTAL | $ 588,220 | $ 603,619 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Customer receivables, allowance for doubtful accounts | $ 1,486 | $ 1,285 |
OTHER ASSETS: | ||
Deferred financing costs, accumulated amortization | $ 3,283 | $ 3,073 |
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) | 48,244,474 | 47,953,555 |
Common Stock, shares outstanding (in shares) | 48,244,474 | 47,953,555 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) [Abstract] | ||||
NET SALES | $ 164,116 | $ 185,380 | $ 325,058 | $ 369,039 |
COST OF GOODS SOLD | 140,858 | 159,474 | 286,501 | 322,202 |
GROSS PROFIT | 23,258 | 25,906 | 38,557 | 46,837 |
OPERATING EXPENSES: | ||||
Selling, general and administrative | 11,767 | 11,722 | 24,648 | 23,325 |
INCOME FROM OPERATIONS | 11,491 | 14,184 | 13,909 | 23,512 |
OTHER EXPENSE: | ||||
Interest expense, net | (8,405) | (8,354) | (16,806) | (16,704) |
Other income (loss), net | (497) | (84) | 564 | (1,256) |
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | 2,589 | 5,746 | (2,333) | 5,552 |
INCOME TAX EXPENSE (BENEFIT) | 455 | (378) | 756 | 8 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 2,134 | 6,124 | (3,089) | 5,544 |
DISCONTINUED OPERATIONS, NET OF TAX | 0 | 215 | 0 | 207 |
NET INCOME (LOSS) | 2,134 | 6,339 | (3,089) | 5,751 |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (328) | 0 | (807) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | 2,462 | 6,339 | (2,282) | 5,751 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Amounts reclassified from accumulated other comprehensive income | (305) | 17,566 | (1,054) | 18,840 |
COMPREHENSIVE INCOME (LOSS) | 2,157 | 23,905 | (3,336) | 24,591 |
Amounts attributable to stockholders: | ||||
Income (loss) from continuing operations, net of tax | 2,462 | 6,124 | (2,282) | 5,544 |
Discontinued operations, net of tax | 0 | 215 | 0 | 207 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | $ 2,462 | $ 6,339 | $ (2,282) | $ 5,751 |
Weighted average common shares outstanding-basic (in shares) | 48,307 | 47,991 | 48,204 | 47,907 |
Basic income (loss) per share-continuing operations (in dollars per share) | $ 0.05 | $ 0.13 | $ (0.05) | $ 0.12 |
Basic income per share-discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 |
Basic income (loss) per share (in dollars per share) | $ 0.05 | $ 0.13 | $ (0.05) | $ 0.12 |
Weighted average common shares outstanding-diluted (in shares) | 49,189 | 49,286 | 48,644 | 48,554 |
Diluted income (loss) per share-continuing operations (in dollars per share) | $ 0.05 | $ 0.13 | $ (0.05) | $ 0.12 |
Diluted income per share-discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 |
Diluted income (loss) per share (in dollars per share) | $ 0.05 | $ 0.13 | $ (0.05) | $ 0.12 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Common Stock and Additional Paid-in-Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficiency [Member] | Noncontrolling Interest [Member] | Total |
BALANCE at Dec. 31, 2014 | $ 442,631 | $ (49,638) | $ (362,190) | $ 0 | $ 30,803 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 0 | 0 | 5,751 | 0 | 5,751 |
Share-based compensation expense | 1,449 | 0 | 0 | 0 | 1,449 |
Tax impact of forfeited vested shares | (411) | 0 | 0 | 0 | (411) |
Other comprehensive income (loss), net of tax | 0 | 18,840 | 0 | 0 | 18,840 |
BALANCE at Jun. 30, 2015 | 443,669 | (30,798) | (356,439) | 0 | 56,432 |
BALANCE at Mar. 31, 2015 | 442,931 | (48,364) | (362,778) | 0 | 31,789 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 0 | 0 | 6,339 | 0 | 6,339 |
Share-based compensation expense | 786 | 0 | 0 | 0 | 786 |
Tax impact of forfeited vested shares | (48) | 0 | 0 | 0 | (48) |
Other comprehensive income (loss), net of tax | 0 | 17,566 | 0 | 0 | 17,566 |
BALANCE at Jun. 30, 2015 | 443,669 | (30,798) | (356,439) | 0 | 56,432 |
BALANCE at Dec. 31, 2015 | 444,253 | (17,425) | (369,824) | 13,850 | 70,854 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 0 | 0 | (2,282) | (807) | (3,089) |
Share-based compensation expense | 1,069 | 0 | 0 | 0 | 1,069 |
Tax impact of forfeited vested shares | (216) | 0 | 0 | 0 | (216) |
Other comprehensive income (loss), net of tax | 0 | (1,054) | 0 | 0 | (1,054) |
BALANCE at Jun. 30, 2016 | 445,106 | (18,479) | (372,106) | 13,043 | 67,564 |
BALANCE at Mar. 31, 2016 | 444,605 | (18,174) | (374,568) | 13,371 | 65,234 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 0 | 0 | 2,462 | (328) | 2,134 |
Share-based compensation expense | 455 | 0 | 0 | 0 | 455 |
Tax impact of forfeited vested shares | 46 | 0 | 0 | 0 | 46 |
Other comprehensive income (loss), net of tax | 0 | (305) | 0 | 0 | (305) |
BALANCE at Jun. 30, 2016 | $ 445,106 | $ (18,479) | $ (372,106) | $ 13,043 | $ 67,564 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (3,089) | $ 5,751 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation of property, plant and equipment | 18,164 | 16,930 |
Amortization - deferred financing costs and debt discount | 1,242 | 1,239 |
Amortization - other intangible assets | 4,193 | 4,079 |
Loss on disposal of assets | 57 | 98 |
Deferred income taxes | 5 | (463) |
Non-cash share-based compensation | 1,069 | 1,449 |
Changes in certain assets and liabilities: | ||
Receivables | (4,545) | (14,121) |
Inventories | 8,048 | 2,341 |
Prepaid expenses and other assets | (1,901) | (1,642) |
Accounts payable | (6,017) | 7,346 |
Accrued and other liabilities | (4,406) | (4,387) |
Net cash provided by operating activities | 12,820 | 18,620 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (13,477) | (9,244) |
Net cash used in investing activities | (13,477) | (9,244) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from revolver | 20,796 | 16,000 |
Payments on revolver | (20,754) | (23,000) |
Principal payments on capital leases | (1,313) | (1,288) |
Other | 0 | (14) |
Net cash used in financing activities | (1,271) | (8,302) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,928) | 1,074 |
CASH AND CASH EQUIVALENTS-Beginning of period | 29,759 | 29,773 |
CASH AND CASH EQUIVALENTS-End of period | 27,831 | 30,847 |
Supplemental cash flow information: | ||
Cash paid for interest | 15,659 | 15,394 |
Cash paid for income taxes | 410 | 1,629 |
Non-cash transactions: | ||
Purchases of property, plant and equipment in accounts payable | $ 2,484 | $ 4,168 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Basis of Presentation The results of operations for the six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016. The unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto disclosed in Accuride's Annual Report on Form 10-K for the year ended December 31, 2015. Noncontrolling Interest Management's Estimates and Assumptions Earnings Per Common Share Three Months Ended June 30, Six Months Ended June 30, (In thousands except per share data) 2016 2015 2016 2015 Numerator: Net income (loss) from continuing operations $ 2,462 $ 6,124 $ (2,282 ) $ 5,544 Net income from discontinued operations — 215 — 207 Net income (loss) $ 2,462 $ 6,339 $ (2,282 ) $ 5,751 Denominator: Weighted average shares outstanding – Basic 48,307 47,991 48,204 47,907 Weighted average shares outstanding – Diluted 49,189 49,286 48,644 48,554 Basic income (loss) per common share From continuing operations $ 0.05 $ 0.13 $ (0.05 ) $ 0.12 From discontinued operations — — — — Basic income (loss) per common share $ 0.05 $ 0.13 $ (0.05 ) $ 0.12 Diluted income (loss) per common share From continuing operations $ 0.05 $ 0.13 $ (0.05 ) $ 0.12 From discontinued operations — — — — Diluted income (loss) per common share $ 0.05 $ 0.13 $ (0.05 ) $ 0.12 As of June 30, 2016, there were options exercisable for 138,231 shares that were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. As of June 30, 2015, there were options exercisable for 144,095 shares that were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. Share-Based Compensation As of June 30, 2016, there was approximately $3.0 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 1.5 years. Income Tax We have assessed the need to maintain a valuation allowance for deferred tax assets based on an assessment of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. Due to our recent history of U.S. and Italian operating and taxable losses, the inconsistency of income, and the uncertainty of our financial outlook, we continue to maintain a full valuation allowance against our domestic deferred tax assets. Deferred tax assets in our foreign jurisdictions are more likely than not to be recognized, therefore, no valuation allowance has been recorded for these assets. New Accounting Pronouncements - Revenue from Contracts with Customers. Revenue from Contracts with Customers, On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date". On August 27, 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern On July 22, 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory On January 5, 2016, the FASB issued ASU 2016-01, Financial Instructions-Overall (Topic 825-10). On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842). On March 17, 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606). On March 30, 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensations (Topic 718). On April 14, 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date On May 9, 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument. Recent Accounting Adoptions – 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. On February 18, 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. On April 15, 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. On April 7, 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30 The Company has recently adopted ASU 2015-03. Accordingly, costs relating to obtaining the Senior Secured Notes ("the Notes"), which are capitalized and amortized over the term of the related debt using the effective interest method, have been reclassified to Long Term Debt in the accompanying condensed consolidated balance sheets. The prior year consolidated balance sheet has been adjusted to conform to the current year presentation, in accordance with the retroactive requirements of ASU 2015-03. These deferred financing costs net of accumulated amortization associated with the Notes as of June 30, 2016 and December 31, 2015 were $2.6 million and $3.1 million, respectively. At the June 18, 2015, EITF meeting, the SEC staff clarified that ASU 2015-03 does not address issuance costs associated with revolving-debt arrangements and announced that it would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing the costs ratably over the term of the revolving debt arrangement. Based in the SEC staff's comments, the Company has elected to recognize costs incurred in connection with the revolving ABL Credit Agreement as a deferred asset. These deferred financing costs are subsequently amortized over the life of the related debt using the effective interest method. Deferred financing costs net of accumulated amortization associated with the revolving ABL credit facility as of June 30, 2016 and December 31, 2015 were $0.8 million and $1.0 million, respectively. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | Note 2 - Acquisitions On November 3, 2015, Accuride subscribed to a controlling seventy percent (70%) ownership interest in Gianetti, an Italian manufacturer of steel wheels for heavy- and medium-duty commercial vehicles and motorcycles, in exchange for a commitment to invest €19.75 million ($21.8 million) in Gianetti. The remaining 30 percent ownership interest in Gianetti was retained by MW Italia S.r.l., a subsidiary of Coils Lamiere Nastri - C.L.N. S.p.A. Accuride contributed €3.75 million ($4.1 million) to Gianetti after closing and has agreed to invest the remaining commitments no later than as follows: €5.4 million ($5.9 million) in 2016, €9.1 million ($10.1 million) in 2017, and the remainder in 2018. Accuride will finance its remaining investment in Gianetti through general working capital and availability under its existing credit agreements. Gianetti's principle manufacturing and engineering facility is located in Ceriano Laghetto, near Milan, Italy. The Company acquired the controlling interest to expand into the European market under its "Grow" strategy. The results of operations have been included in the consolidated financial statements since the date of acquisition. The following summarizes the allocation of the purchase price (in thousands) to the fair value of the assets and liabilities acquired including noncontrolling interest: Accounts receivable $ 11,063 Inventory 6,571 Other current assets 41 Property, plant and equipment 21,124 Accounts payable (9,911 ) Short term debt (8,406 ) Other current liabilities (3,364 ) Severance indemnity (2,772 ) Long-term debt (66 ) Noncontrolling interest (14,280 ) Total consideration $ — The pro forma revenue and losses of the combined entity had the acquisition occurred on January 1, 2015 are as follows: Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 (In thousands) Revenue Net Income Revenue Net Income Supplemental pro forma financial information $ 196,377 $ 5,385 $ 388,423 $ 2,525 Pro forma financial information includes an adjustment for depreciation based on the step up value of property, plant and equipment. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Note 3 – Discontinued Operations The Company has recognized certain operating results related to its Imperial Group, sold in 2013, and Bostrom, sold in 2011, businesses in Discontinued Operations. The following table presents sales and income attributable to discontinued operations. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Net sales $ — $ — $ — $ — Loss from operations — (11 ) — (21 ) Other income — 226 — 228 Discontinued Operations $ — $ 215 $ — $ 207 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Inventories | Note 4 - Inventories Inventories at June 30, 2016 and December 31, 2015, on a first-in, first-out ("FIFO") basis, were as follows: (In thousands) June 30, 2016 December 31, 2015 Raw materials $ 9,772 $ 9,836 Work in process 12,536 14,135 Finished manufactured goods 17,436 23,821 Total inventories $ 39,744 $ 47,792 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 5 - Goodwill and Other Intangible Assets The gross goodwill is $163.5 million as of June 30, 2016 and December 31, 2015. The accumulated impairment is $67.3 million for the periods ended June 30, 2016 and December 31, 2015. As of June 30, 2016 and December 31, 2015, the accumulated impairment is related to our Gunite and Brillion reporting units. The carrying value of our goodwill at June 30, 2016 and December 31, 2015 of $96.3 million, related exclusively to our Wheels reporting unit. The changes in the carrying amount of other intangible assets for the period December 31, 2015 to June 30, 2016, by reportable segment, are as follows: (In thousands) Wheels Brillion Iron Works Gunite Total Balance as of December 31, 2015 $ 107,475 $ 2,330 $ 1,986 $ 111,791 Amortization (3,996 ) (83 ) (114 ) (4,193 ) Balance as of June 30, 2016 $ 103,479 $ 2,247 $ 1,872 $ 107,598 The changes in the carrying amount of other intangible assets for the period December 31, 2014 to June 30, 2015, by reportable segment, are as follows: (In thousands) Wheels Brillion Iron Works Gunite Total Balance as of December 31, 2014 $ 115,465 $ 2,498 $ — $ 117,963 Amortization (3,995 ) (84 ) — (4,079 ) Balance as of June 30, 2015 $ 111,470 $ 2,414 $ — $ 113,884 The summary of other intangible assets is as follows: As of June 30, 2016 As of December 31, 2015 (In thousands) Weighted Average Useful Lives Gross Amount Accumulated Amortization/ Impairment Carrying Amount Gross Amount Accumulated Amortization/ Impairment Carrying Amount Other intangible assets: Trade names — $ 25,200 $ — $ 25,200 $ 25,200 $ — $ 25,200 Technology 10.6 41,273 27,927 13,346 41,273 26,299 14,974 Customer relationships 16.8 127,304 58,252 69,052 127,304 55,687 71,617 Other intangible assets $ 193,777 $ 86,179 $ 107,598 $ 193,777 $ 81,986 $ 111,791 We estimate that our annual amortization expense for our other intangible assets for 2016 through 2020 will be approximately $16.8 million. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 6 Months Ended |
Jun. 30, 2016 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |
Pension and Other Postretirement Benefit Plans | Note 6 - Pension and Other Postretirement Benefit Plans Components of net periodic benefit cost for the six months ended June 30, 2016: For the Three Months Ended June 30, For the Six Months Ended June 30, Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) 2016 2015 2016 2015 2016 2015 2016 2015 Service cost-benefits earned during the period $ 181 $ 179 $ 69 $ 101 $ 356 $ 356 $ 138 $ 204 Interest cost on projected benefit obligation 1,869 2,370 502 754 3,738 4,724 953 1,614 Expected return on plan assets (2,723 ) (2,785 ) — — (5,462 ) (5,557 ) — — Amortization of prior service (credit) cost 11 11 (372 ) (93 ) 22 22 (743 ) (102 ) Amortization of loss 184 320 87 94 362 631 165 195 Total benefit cost charged (credited) to income $ (478 ) $ 95 $ 286 $ 856 $ (984 ) $ 176 $ 513 $ 1,911 As of June 30, 2016, $2.3 million has been contributed in 2016 to our sponsored pension plans. We presently anticipate contributing an additional $1.3 million to fund our pension plans during 2016 for a total of $3.6 million. Certain of our post-retirement benefit programs were re-measured as of May 31, 2015 to reflect post-65 health benefits transitioning from a self-insured plan to a Medicare Advantage Plan. The transition to the Medicare Advantage plan provides comparable benefits while taking advantage of certain government subsidies which help to manage the continually rising costs of medical and prescription drug coverage. The re-measurement resulted in a liability reduction of $17.9 million and corresponding gain in Accumulated Other Comprehensive Income. This re-measurement takes into account the impact of the anticipated future program cost savings and current interest rate environments. Starting in 2016, we refined the method to estimate the current service cost for pension and other postretirement benefits. Previously, the current service cost was estimated using a single weighted-average discount rate derived from the yield curve used to measure the defined benefit obligation at the beginning of the year. Under the refined method, different discount rates are derived from the same yield curve, reflecting the different timing of benefit payments for past service (the defined benefit obligation) and future service (the current service cost). Differentiating in this way represents a refinement in the basis of estimation applied in prior periods. This change does not affect the measurement of the total defined benefit obligation recorded on the consolidated balance sheet as of December 31, 2015 or any other period. The refinement compared to the previous method resulted in a decrease in the current service cost and interest components with an equal offset to actuarial gains (losses) with no net impact on the total benefit obligation. The refinement did not have a material impact on the June 30, 2016 consolidated statement of operations. This change is accounted for prospectively as a change in accounting estimate. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 7 – Commitments and 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 adverse effect on our consolidated financial condition or results of our operations and cash flows. 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 subject to joint and several liability without regard to fault or the legality of the original conduct 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 offsite disposal locations. Additionally, environmental remediation may be required to address soil and groundwater contamination identified at certain of our facilities. Although reserves had been previously held, remediation efforts have led to the Company not carrying any environmental reserves as of June 30, 2016. Management did not identify any environmental matters that represented loss contingencies for which the likelihood of incurrence was probable at the balance sheet date or in the future. 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 on our consolidated financial statements. 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 achieve compliance with emission limits 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 NESHAP, we could incur a liability that could have a material adverse effect on our consolidated financial statements. Management does not believe that the outcome of any currently pending environmental proceeding will have a material adverse effect on our consolidated financial statements. As of June 30, 2016, we had approximately 2,163 employees, of which 507 were salaried employees with the remainder paid hourly. Unions represent approximately 1,470 of our employees, which is approximately 68 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 2016 negotiations in Monterrey were completed prior to the expiration of our union contract. 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 25, 2019, respectively. The contract at our London, Ontario facility runs through March 12, 2018. No other collective bargaining agreements expire in 2016. Our contracts at Gianetti expire in October 2017. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Financial Instruments [Abstract] | |
Financial Instruments | Note 8– 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. We evaluate our hierarchy disclosures each quarter. 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, customer 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 based on market quotes, which we determined to be Level 1 inputs, at June 30, 2016 was $299.2 million compared to the carrying amount of $305.3 million. The fair value of our 9.5% senior secured notes based on market quotes, which we determined to be Level 1 inputs, at December 31, 2015 was approximately $263.8 million compared to the carrying amount of $304.3 million. As of June 30, 2016 and December 31, 2015 we had no other significant long-term financial instruments. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 9 – 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. The accounting policies of the reportable segments are the same as described in Note 1, Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the year ended December 31, 2015. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Net sales: Wheels $ 104,407 $ 114,356 $ 209,790 $ 222,692 Gunite 43,525 47,006 82,238 84,746 Brillion Iron Works 16,184 24,018 33,030 61,601 Consolidated total $ 164,116 $ 185,380 $ 325,058 $ 369,039 Operating income (loss): Wheels $ 14,965 $ 17,405 $ 26,115 $ 30,657 Gunite 6,827 7,338 9,886 10,079 Brillion Iron Works (2,824 ) (1,470 ) (6,193 ) 726 Corporate / Other (7,477 ) (9,089 ) (15,899 ) (17,950 ) Consolidated total $ 11,491 $ 14,184 $ 13,909 $ 23,512 Excluded from net sales above, are inter-segment sales from Brillion Iron Works to Gunite, as shown in the table below: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Inter-segment sales $ 1,132 $ 1,733 $ 2,001 $ 3,908 As of (In thousands) June 30, 2016 December 31, 2015 Total assets: Wheels $ 457,925 $ 469,405 Gunite 57,141 62,045 Brillion Iron Works 44,750 45,303 Corporate / Other 28,404 26,866 Consolidated total $ 588,220 $ 603,619 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt [Abstract] | |
Debt | Note 10 - Debt As of June 30, 2016, total debt was $315.5 million, consisting of $305.3 million of our outstanding 9.5% senior secured notes, net of discount and debt issuance costs, and $10.2 million in short term obligations related to our majority interest in Gianetti. As of June 30, 2016, Accuride had $27.8 million of cash plus $49.9 million in availability under its ABL Credit Facility for total liquidity of $77.7 million. As of December 31, 2015, total debt was $314.5 million, consisting of $304.3 million of our outstanding 9.5% senior secured notes, net of discount and debt issuance costs, and $10.3 million in short term obligations related to our majority interest in Gianetti. As of December 31, 2015, Accuride had $29.8 million of cash plus $46.8 million in availability under its ABL Credit Facility for total liquidity of $76.6 million. Our credit documents The 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 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 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 ABL Facility if utilization under the facility is greater than or equal to 50.0% of the total available commitments under the facility, or an unused line 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 applicable. |
Guarantor and Non-guarantor Fin
Guarantor and Non-guarantor Financial Statements | 6 Months Ended |
Jun. 30, 2016 | |
Guarantor and Non-guarantor Financial Statements [Abstract] | |
Guarantor and Non-guarantor Financial Statements | Note 11 – 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 CONSOLIDATING BALANCE SHEETS June 30, 2016 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 17,704 $ — $ 10,127 $ — $ 27,831 Customer and other receivables, net 47,589 15,818 13,595 (6,477 ) 70,525 Intercompany receivables 120,640 68,426 87,598 (276,664 ) — Inventories 14,496 16,312 8,939 (3 ) 39,744 Other current assets 6,324 1,178 885 — 8,387 Total current assets 206,753 101,734 121,144 (283,144 ) 146,487 Property, plant and equipment, net 75,230 90,288 50,693 — 216,211 Goodwill 96,283 — — — 96,283 Other intangible assets, net 105,351 2,247 — — 107,598 Investments in and advances to subsidiaries and affiliates 223,018 — — (223,018 ) — Deferred income taxes 37,662 — 834 (37,662 ) 834 Other non-current assets 2,599 345 17,863 — 20,807 TOTAL $ 746,896 $ 194,614 $ 190,534 $ (543,824 ) $ 588,220 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 12,802 $ 30,006 $ 19,150 $ — $ 61,958 Intercompany payables 246,816 — 29,851 (276,667 ) — Accrued payroll and compensation 1,955 4,618 3,065 — 9,638 Accrued interest payable 12,384 — — — 12,384 Accrued and other liabilities 10,114 9,617 14,263 (6,477 ) 27,517 Total current liabilities 284,071 44,241 66,329 (283,144 ) 111,497 Long term debt 305,220 — 134 — 305,354 Deferred and non-current income taxes 64,132 (5,805 ) (654 ) (37,662 ) 20,011 Other non-current liabilities 25,909 38,492 19,393 — 83,794 Stockholders' equity 67,564 117,686 105,332 (223,018 ) 67,564 TOTAL $ 746,896 $ 194,614 $ 190,534 $ (543,824 ) $ 588,220 December 31, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 12,127 $ — $ 17,632 $ — $ 29,759 Customer and other receivables, net 34,900 14,348 16,366 366 65,980 Intercompany receivables 123,479 67,504 58,430 (249,413 ) — Inventories 20,352 19,169 8,637 (366 ) 47,792 Other current assets 3,689 2,957 1,753 — 8,399 Total current assets 194,547 103,978 102,818 (249,413 ) 151,930 Property, plant and equipment, net 78,527 95,526 50,709 — 224,762 Goodwill 96,283 — — — 96,283 Other intangible assets, net 109,461 2,330 — — 111,791 Investments in and advances to subsidiaries and affiliates 221,676 — — (221,676 ) — Other non-current assets 2,806 345 15,702 — 18,853 TOTAL $ 703,300 $ 202,179 $ 169,229 $ (471,089 ) $ 603,619 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 18,239 $ 35,890 $ 17,653 $ — $ 71,782 Intercompany payables 239,042 — 10,371 (249,413 ) — Accrued payroll and compensation 1,485 5,448 2,299 — 9,232 Accrued interest payable 12,521 — — — 12,521 Accrued and other liabilities 4,549 8,792 15,022 — 28,363 Total current liabilities 275,836 50,130 45,345 (249,413 ) 121,898 Long term debt 304,188 — 66 — 304,254 Deferred and non-current income taxes 17,969 (4,754 ) (82 ) — 13,133 Other non-current liabilities 34,453 40,575 18,452 — 93,480 Stockholders' equity 70,854 116,228 105,448 (221,676 ) 70,854 TOTAL $ 703,300 $ 202,179 $ 169,229 $ (471,089 ) $ 603,619 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2016 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 115,998 $ 59,837 $ 36,550 $ (48,269 ) $ 164,116 Cost of goods sold 96,374 57,569 35,181 (48,266 ) 140,858 Gross profit (loss) 19,624 2,268 1,369 (3 ) 23,258 Operating expenses 11,216 14 537 — 11,767 Income (loss) from operations 8,408 2,254 832 (3 ) 11,491 Other income (expense): Interest income (expense), net (8,865 ) (37 ) 497 — (8,405 ) Equity in earnings of subsidiaries 3,377 — — (3,377 ) — Other expense, net 58 — (555 ) — (497 ) Income (loss) before income taxes 2,978 2,217 774 (3,380 ) 2,589 Income tax provision (benefit) 516 (490 ) 429 — 455 Net Income (loss) 2,462 2,707 345 (3,380 ) 2,134 Loss attributable to noncontrolling interest — — (328 ) — (328 ) Net income (loss) attributable to stockholders $ 2,462 $ 2,707 $ 673 $ (3,380 ) $ 2,462 Comprehensive income (loss) $ 2,157 $ 2,398 $ 730 $ (3,128 ) $ 2,157 Three Months Ended June 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 135,630 $ 78,921 $ 32,116 $ (61,287 ) $ 185,380 Cost of goods sold 123,642 67,974 28,737 (60,879 ) 159,474 Gross profit 11,988 10,947 3,379 (408 ) 25,906 Operating expenses 11,434 250 38 — 11,722 Income (loss) from operations 554 10,697 3,341 (408 ) 14,184 Other income (expense): Interest income (expense), net (8,754 ) (51 ) 451 — (8,354 ) Equity in earnings of subsidiaries 14,299 — — (14,299 ) — Other income (expense), net 290 — (374 ) — (84 ) Income (loss) before income taxes from continuing operations 6,389 10,646 3,418 (14,707 ) 5,746 Income tax provision (benefit) 50 (490 ) 62 — (378 ) Income (loss) from continuing operations 6,339 11,136 3,356 (14,707 ) 6,124 Discontinued operations, net of tax — — 215 — 215 Net income (loss) 6,339 11,136 3,571 (14,707 ) 6,339 Loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to stockholders $ 6,339 $ 11,136 $ 3,571 $ (14,707 ) $ 6,339 Comprehensive income (loss) $ 23,905 $ 28,034 $ 3,727 $ (31,761 ) $ 23,905 Six Months Ended June 30, 2016 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 227,642 $ 119,080 $ 70,433 $ (92,097 ) $ 325,058 Cost of goods sold 192,036 117,053 69,502 (92,090 ) 286,501 Gross profit (loss) 35,606 2,027 931 (7 ) 38,557 Operating expenses 23,516 (52 ) 1,184 — 24,648 Income (loss) from operations 12,090 2,079 (253 ) (7 ) 13,909 Other income (expense): Interest income (expense), net (17,762 ) (8 ) 964 — (16,806 ) Equity in earnings of subsidiaries 3,483 — — (3,483 ) — Other expense, net 472 — 92 — 564 Income (loss) before income taxes (1,717 ) 2,071 803 (3,490 ) (2,333 ) Income tax provision (benefit) 565 (490 ) 681 — 756 Net Income (loss) (2,282 ) 2,561 122 (3,490 ) (3,089 ) Loss attributable to noncontrolling interest — — (807 ) — (807 ) Net income (loss) attributable to stockholders $ (2,282 ) $ 2,561 $ 929 $ (3,490 ) $ (2,282 ) Comprehensive income (loss) $ (3,336 ) $ 1,948 $ 594 $ (2,542 ) $ (3,336 ) Six Months Ended June 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 255,129 $ 168,164 $ 63,886 $ (118,140 ) $ 369,039 Cost of goods sold 230,878 149,991 58,764 (117,431 ) 322,202 Gross profit 24,251 18,173 5,122 (709 ) 46,837 Operating expenses 22,737 504 84 — 23,325 Income (loss) from operations 1,514 17,669 5,038 (709 ) 23,512 Other income (expense): Interest income (expense), net (17,442 ) (105 ) 843 — (16,704 ) Equity in earnings of subsidiaries 21,912 — — (21,912 ) — Other income (expense), net (279 ) — (977 ) — (1,256 ) Income (loss) before income taxes from continuing operations 5,705 17,564 4,904 (22,621 ) 5,552 Income tax provision (benefit) (46 ) (347 ) 401 — 8 Income (loss) from continuing operations 5,751 17,911 4,503 (22,621 ) 5,544 Discontinued operations, net of tax — — 207 — 207 Net income (loss) 5,751 17,911 4,710 (22,621 ) 5,751 Loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to stockholders $ 5,751 $ 17,911 $ 4,710 $ (22,621 ) $ 5,751 Comprehensive income (loss) $ 24,591 $ 34,899 $ 6,028 $ (40,927 ) $ 24,591 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2016 (In thousands) Parent Company Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (2,282 ) $ 2,561 $ 122 $ (3,490 ) $ (3,089 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 6,518 9,330 2,316 — 18,164 Amortization – deferred financing costs 1,242 — — — 1,242 Amortization – other intangible assets 4,110 83 — — 4,193 Loss (gain) on disposal of assets 120 (157 ) 94 — 57 Deferred income taxes 495 (490 ) — — 5 Non-cash share-based compensation 1,069 — — — 1,069 Equity in earnings of subsidiaries and affiliates (3,483 ) — — 3,483 — Change in other operating items (22,072 ) 20,007 (6,763 ) 7 (8,821 ) Net cash provided by (used in) operating activities (14,283 ) 31,334 (4,231 ) — 12,820 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (4,750 ) (5,479 ) (3,248 ) — (13,477 ) Proceeds from notes receivable (1,578 ) (8,998 ) — 10,576 — Payments on notes receivable 17,131 1,580 — (18,711 ) — Net cash provided by (used in) investing activities 10,803 (12,897 ) (3,248 ) (8,135 ) (13,477 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable 30,234 7 2,728 (12,173 ) 20,796 Payments on notes payable (21,177 ) (17,131 ) (2,754 ) 20,308 (20,754 ) Principal payments on capital leases — (1,313 ) — — (1,313 ) Net cash provided by (used in) financing activities 9,057 (18,437 ) (26 ) 8,135 (1,271 ) Net increase (decrease) in cash and cash equivalents 5,577 — (7,505 ) — (1,928 ) Cash and cash equivalents, beginning of period 12,127 — 17,632 — 29,759 Cash and cash equivalents, end of period $ 17,704 $ — $ 10,127 $ — $ 27,831 Six Months Ended June 30, 2015 (In thousands) Parent Company Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 5,751 $ 17,911 $ 4,710 $ (22,621 ) $ 5,751 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 5,558 9,418 1,954 — 16,930 Amortization – deferred financing costs 1,239 — — — 1,239 Amortization – other intangible assets 3,995 84 — — 4,079 Loss (gain) on disposal of assets 123 37 (62 ) — 98 Deferred income taxes 27 (490 ) — — (463 ) Non-cash share-based compensation 1,449 — — — 1,449 Equity in earnings of subsidiaries and affiliates (21,912 ) — — 21,912 — Change in other operating items 18,869 (29,152 ) (889 ) 709 (10,463 ) Net cash provided by (used in) operating activities 15,099 (2,192 ) 5,713 — 18,620 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (4,776 ) (3,990 ) (478 ) — (9,244 ) Proceeds from notes receivable (48,107 ) (19,700 ) — 67,807 — Payment on notes receivable 67,829 46,892 — (114,721 ) — Net cash provided by (used in) investing activities 14,946 23,202 (478 ) (46,914 ) (9,244 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable 35,700 48,107 — (67,807 ) 16,000 Payments on notes payable (69,892 ) (67,829 ) — 114,721 (23,000 ) Principal payments on capital leases 3,164 (1,288 ) (3,164 ) — (1,288 ) Other (14 ) — — — (14 ) Net cash provided by (used in) financings activities (31,042 ) (21,010 ) (3,164 ) 46,914 (8,302 ) Net increase (decrease) in cash and cash equivalents (997 ) — 2,071 — 1,074 Cash and cash equivalents, beginning of period 22,710 — 7,063 — 29,773 Cash and cash equivalents, end of period $ 21,713 $ — $ 9,134 $ — $ 30,847 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) by Component | 6 Months Ended |
Jun. 30, 2016 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component | Note 12 – Changes in Accumulated Other Comprehensive Income (Loss) by Component (In thousands) Pension Plan Post Retirement Plan Foreign Exchange Total Balance as of April 1, 2016 $ (35,647 ) $ 17,384 $ 89 $ (18,174 ) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 184 87 — 271 Prior service costs (reclassified to salaries, wages, and benefits) 11 (372 ) — (361 ) Foreign currency translation (10 ) 165 (364 ) (209 ) Income Tax (Expense) or Benefit (4 ) (2 ) — (6 ) Other comprehensive income (loss), net of tax 181 (122 ) (364 ) (305 ) Balance as of June 30, 2016 $ (35,466 ) $ 17,262 $ (275 ) $ (18,479 ) (In thousands) Pension Plan Post Retirement Plan Foreign Exchange Total Balance as of January 1, 2016 $ (35,355 ) $ 17,855 $ 75 $ (17,425 ) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 362 165 — 527 Prior service costs (reclassified to salaries, wages, and benefits) 22 (743 ) — (721 ) Foreign currency translation (648 ) (65 ) (350 ) (1,063 ) Income Tax (Expense) or Benefit 153 50 — 203 Other comprehensive income (loss), net of tax (111 ) (593 ) (350 ) (1,054 ) Balance as of June 30, 2016 $ (35,466 ) $ 17,262 $ (275 ) $ (18,479 ) (In thousands) Pension Plan Post Retirement Plan Total Balance as of April 1, 2015 $ (39,209 ) $ (9,155 ) $ (48,364 ) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 320 94 414 Prior service costs (reclassified to salaries, wages, and benefits) 11 (93 ) (82 ) Foreign currency translation related to pension and postretirement plans (180 ) (51 ) (231 ) Remeasurements — 17,871 17,871 Income Tax (Expense) or Benefit 62 (468 ) (406 ) Other comprehensive income (loss), net of tax 213 17,353 17,566 Balance as of June 30, 2015 $ (38,996 ) $ 8,198 $ (30,798 ) (In thousands) Pension Plan Post Retirement Plan Total Balance as of January 1, 2015 $ (40,160 ) $ (9,478 ) $ (49,638 ) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 631 195 826 Prior service costs (reclassified to salaries, wages, and benefits) 22 (102 ) (80 ) Foreign currency translation related to pension and postretirement plans 705 270 975 Remeasurements — 17,871 17,871 Income Tax (Expense) or Benefit (194 ) (558 ) (752 ) Other comprehensive income (loss), net of tax 1,164 17,676 18,840 Balance as of June 30, 2015 $ (38,996 ) $ 8,198 $ (30,798 ) Certain of our post-retirement benefit programs were re-measured as of May 31, 2015 and October 1, 2015 to reflect post-65 health benefits transitioning from a self-insured plan to a Medicare Advantage Plan. The transition to the Medicare Advantage plan provides comparable benefits while taking advantage of certain government subsidies which help manage the continually rising costs of medical and prescription drug coverage. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The results of operations for the six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016. The unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto disclosed in Accuride's Annual Report on Form 10-K for the year ended December 31, 2015. |
Noncontrolling Interest | Noncontrolling Interest |
Management's Estimates and Assumptions | Management's Estimates and Assumptions |
Earnings Per Common Share | Earnings Per Common Share Three Months Ended June 30, Six Months Ended June 30, (In thousands except per share data) 2016 2015 2016 2015 Numerator: Net income (loss) from continuing operations $ 2,462 $ 6,124 $ (2,282 ) $ 5,544 Net income from discontinued operations — 215 — 207 Net income (loss) $ 2,462 $ 6,339 $ (2,282 ) $ 5,751 Denominator: Weighted average shares outstanding – Basic 48,307 47,991 48,204 47,907 Weighted average shares outstanding – Diluted 49,189 49,286 48,644 48,554 Basic income (loss) per common share From continuing operations $ 0.05 $ 0.13 $ (0.05 ) $ 0.12 From discontinued operations — — — — Basic income (loss) per common share $ 0.05 $ 0.13 $ (0.05 ) $ 0.12 Diluted income (loss) per common share From continuing operations $ 0.05 $ 0.13 $ (0.05 ) $ 0.12 From discontinued operations — — — — Diluted income (loss) per common share $ 0.05 $ 0.13 $ (0.05 ) $ 0.12 As of June 30, 2016, there were options exercisable for 138,231 shares that were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. As of June 30, 2015, there were options exercisable for 144,095 shares that were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. |
Share-Based Compensation | Share-Based Compensation As of June 30, 2016, there was approximately $3.0 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 1.5 years. |
Income Tax | Income Tax We have assessed the need to maintain a valuation allowance for deferred tax assets based on an assessment of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. Due to our recent history of U.S. and Italian operating and taxable losses, the inconsistency of income, and the uncertainty of our financial outlook, we continue to maintain a full valuation allowance against our domestic deferred tax assets. Deferred tax assets in our foreign jurisdictions are more likely than not to be recognized, therefore, no valuation allowance has been recorded for these assets. |
New Accounting Pronouncements | New Accounting Pronouncements - Revenue from Contracts with Customers. Revenue from Contracts with Customers, On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date". On August 27, 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern On July 22, 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory On January 5, 2016, the FASB issued ASU 2016-01, Financial Instructions-Overall (Topic 825-10). On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842). On March 17, 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606). On March 30, 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensations (Topic 718). On April 14, 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date On May 9, 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument. |
Recent Accounting Adoptions | Recent Accounting Adoptions – 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. On February 18, 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. On April 15, 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. On April 7, 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30 The Company has recently adopted ASU 2015-03. Accordingly, costs relating to obtaining the Senior Secured Notes ("the Notes"), which are capitalized and amortized over the term of the related debt using the effective interest method, have been reclassified to Long Term Debt in the accompanying condensed consolidated balance sheets. The prior year consolidated balance sheet has been adjusted to conform to the current year presentation, in accordance with the retroactive requirements of ASU 2015-03. These deferred financing costs net of accumulated amortization associated with the Notes as of June 30, 2016 and December 31, 2015 were $2.6 million and $3.1 million, respectively. At the June 18, 2015, EITF meeting, the SEC staff clarified that ASU 2015-03 does not address issuance costs associated with revolving-debt arrangements and announced that it would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing the costs ratably over the term of the revolving debt arrangement. Based in the SEC staff's comments, the Company has elected to recognize costs incurred in connection with the revolving ABL Credit Agreement as a deferred asset. These deferred financing costs are subsequently amortized over the life of the related debt using the effective interest method. Deferred financing costs net of accumulated amortization associated with the revolving ABL credit facility as of June 30, 2016 and December 31, 2015 were $0.8 million and $1.0 million, respectively. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Computation of Basic and Diluted Earnings per Common Share | Earnings Per Common Share Three Months Ended June 30, Six Months Ended June 30, (In thousands except per share data) 2016 2015 2016 2015 Numerator: Net income (loss) from continuing operations $ 2,462 $ 6,124 $ (2,282 ) $ 5,544 Net income from discontinued operations — 215 — 207 Net income (loss) $ 2,462 $ 6,339 $ (2,282 ) $ 5,751 Denominator: Weighted average shares outstanding – Basic 48,307 47,991 48,204 47,907 Weighted average shares outstanding – Diluted 49,189 49,286 48,644 48,554 Basic income (loss) per common share From continuing operations $ 0.05 $ 0.13 $ (0.05 ) $ 0.12 From discontinued operations — — — — Basic income (loss) per common share $ 0.05 $ 0.13 $ (0.05 ) $ 0.12 Diluted income (loss) per common share From continuing operations $ 0.05 $ 0.13 $ (0.05 ) $ 0.12 From discontinued operations — — — — Diluted income (loss) per common share $ 0.05 $ 0.13 $ (0.05 ) $ 0.12 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Acquisitions [Abstract] | |
Acquisition of Gianetti Route, S.r.l. | The following summarizes the allocation of the purchase price (in thousands) to the fair value of the assets and liabilities acquired including noncontrolling interest: Accounts receivable $ 11,063 Inventory 6,571 Other current assets 41 Property, plant and equipment 21,124 Accounts payable (9,911 ) Short term debt (8,406 ) Other current liabilities (3,364 ) Severance indemnity (2,772 ) Long-term debt (66 ) Noncontrolling interest (14,280 ) Total consideration $ — |
Pro Forma Revenue and Losses | The pro forma revenue and losses of the combined entity had the acquisition occurred on January 1, 2015 are as follows: Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 (In thousands) Revenue Net Income Revenue Net Income Supplemental pro forma financial information $ 196,377 $ 5,385 $ 388,423 $ 2,525 Pro forma financial information includes an adjustment for depreciation based on the step up value of property, plant and equipment. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations [Abstract] | |
Sales and Income Attributable to Discontinued Operations | The following table presents sales and income attributable to discontinued operations. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Net sales $ — $ — $ — $ — Loss from operations — (11 ) — (21 ) Other income — 226 — 228 Discontinued Operations $ — $ 215 $ — $ 207 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Inventories on a FIFO basis | Inventories at June 30, 2016 and December 31, 2015, on a first-in, first-out ("FIFO") basis, were as follows: (In thousands) June 30, 2016 December 31, 2015 Raw materials $ 9,772 $ 9,836 Work in process 12,536 14,135 Finished manufactured goods 17,436 23,821 Total inventories $ 39,744 $ 47,792 |
Goodwill and Other Intangible24
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Carrying Amount of Other Intangible Assets | The changes in the carrying amount of other intangible assets for the period December 31, 2015 to June 30, 2016, by reportable segment, are as follows: (In thousands) Wheels Brillion Iron Works Gunite Total Balance as of December 31, 2015 $ 107,475 $ 2,330 $ 1,986 $ 111,791 Amortization (3,996 ) (83 ) (114 ) (4,193 ) Balance as of June 30, 2016 $ 103,479 $ 2,247 $ 1,872 $ 107,598 The changes in the carrying amount of other intangible assets for the period December 31, 2014 to June 30, 2015, by reportable segment, are as follows: (In thousands) Wheels Brillion Iron Works Gunite Total Balance as of December 31, 2014 $ 115,465 $ 2,498 $ — $ 117,963 Amortization (3,995 ) (84 ) — (4,079 ) Balance as of June 30, 2015 $ 111,470 $ 2,414 $ — $ 113,884 |
Other Intangible Assets | The summary of other intangible assets is as follows: As of June 30, 2016 As of December 31, 2015 (In thousands) Weighted Average Useful Lives Gross Amount Accumulated Amortization/ Impairment Carrying Amount Gross Amount Accumulated Amortization/ Impairment Carrying Amount Other intangible assets: Trade names — $ 25,200 $ — $ 25,200 $ 25,200 $ — $ 25,200 Technology 10.6 41,273 27,927 13,346 41,273 26,299 14,974 Customer relationships 16.8 127,304 58,252 69,052 127,304 55,687 71,617 Other intangible assets $ 193,777 $ 86,179 $ 107,598 $ 193,777 $ 81,986 $ 111,791 |
Pension and Other Postretirem25
Pension and Other Postretirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost for the six months ended June 30, 2016: For the Three Months Ended June 30, For the Six Months Ended June 30, Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) 2016 2015 2016 2015 2016 2015 2016 2015 Service cost-benefits earned during the period $ 181 $ 179 $ 69 $ 101 $ 356 $ 356 $ 138 $ 204 Interest cost on projected benefit obligation 1,869 2,370 502 754 3,738 4,724 953 1,614 Expected return on plan assets (2,723 ) (2,785 ) — — (5,462 ) (5,557 ) — — Amortization of prior service (credit) cost 11 11 (372 ) (93 ) 22 22 (743 ) (102 ) Amortization of loss 184 320 87 94 362 631 165 195 Total benefit cost charged (credited) to income $ (478 ) $ 95 $ 286 $ 856 $ (984 ) $ 176 $ 513 $ 1,911 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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. The accounting policies of the reportable segments are the same as described in Note 1, Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the year ended December 31, 2015. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Net sales: Wheels $ 104,407 $ 114,356 $ 209,790 $ 222,692 Gunite 43,525 47,006 82,238 84,746 Brillion Iron Works 16,184 24,018 33,030 61,601 Consolidated total $ 164,116 $ 185,380 $ 325,058 $ 369,039 Operating income (loss): Wheels $ 14,965 $ 17,405 $ 26,115 $ 30,657 Gunite 6,827 7,338 9,886 10,079 Brillion Iron Works (2,824 ) (1,470 ) (6,193 ) 726 Corporate / Other (7,477 ) (9,089 ) (15,899 ) (17,950 ) Consolidated total $ 11,491 $ 14,184 $ 13,909 $ 23,512 Excluded from net sales above, are inter-segment sales from Brillion Iron Works to Gunite, as shown in the table below: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Inter-segment sales $ 1,132 $ 1,733 $ 2,001 $ 3,908 |
Assets by Segment | As of (In thousands) June 30, 2016 December 31, 2015 Total assets: Wheels $ 457,925 $ 469,405 Gunite 57,141 62,045 Brillion Iron Works 44,750 45,303 Corporate / Other 28,404 26,866 Consolidated total $ 588,220 $ 603,619 |
Guarantor and Non-guarantor F27
Guarantor and Non-guarantor Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Guarantor and Non-guarantor Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2016 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 17,704 $ — $ 10,127 $ — $ 27,831 Customer and other receivables, net 47,589 15,818 13,595 (6,477 ) 70,525 Intercompany receivables 120,640 68,426 87,598 (276,664 ) — Inventories 14,496 16,312 8,939 (3 ) 39,744 Other current assets 6,324 1,178 885 — 8,387 Total current assets 206,753 101,734 121,144 (283,144 ) 146,487 Property, plant and equipment, net 75,230 90,288 50,693 — 216,211 Goodwill 96,283 — — — 96,283 Other intangible assets, net 105,351 2,247 — — 107,598 Investments in and advances to subsidiaries and affiliates 223,018 — — (223,018 ) — Deferred income taxes 37,662 — 834 (37,662 ) 834 Other non-current assets 2,599 345 17,863 — 20,807 TOTAL $ 746,896 $ 194,614 $ 190,534 $ (543,824 ) $ 588,220 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 12,802 $ 30,006 $ 19,150 $ — $ 61,958 Intercompany payables 246,816 — 29,851 (276,667 ) — Accrued payroll and compensation 1,955 4,618 3,065 — 9,638 Accrued interest payable 12,384 — — — 12,384 Accrued and other liabilities 10,114 9,617 14,263 (6,477 ) 27,517 Total current liabilities 284,071 44,241 66,329 (283,144 ) 111,497 Long term debt 305,220 — 134 — 305,354 Deferred and non-current income taxes 64,132 (5,805 ) (654 ) (37,662 ) 20,011 Other non-current liabilities 25,909 38,492 19,393 — 83,794 Stockholders' equity 67,564 117,686 105,332 (223,018 ) 67,564 TOTAL $ 746,896 $ 194,614 $ 190,534 $ (543,824 ) $ 588,220 December 31, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 12,127 $ — $ 17,632 $ — $ 29,759 Customer and other receivables, net 34,900 14,348 16,366 366 65,980 Intercompany receivables 123,479 67,504 58,430 (249,413 ) — Inventories 20,352 19,169 8,637 (366 ) 47,792 Other current assets 3,689 2,957 1,753 — 8,399 Total current assets 194,547 103,978 102,818 (249,413 ) 151,930 Property, plant and equipment, net 78,527 95,526 50,709 — 224,762 Goodwill 96,283 — — — 96,283 Other intangible assets, net 109,461 2,330 — — 111,791 Investments in and advances to subsidiaries and affiliates 221,676 — — (221,676 ) — Other non-current assets 2,806 345 15,702 — 18,853 TOTAL $ 703,300 $ 202,179 $ 169,229 $ (471,089 ) $ 603,619 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 18,239 $ 35,890 $ 17,653 $ — $ 71,782 Intercompany payables 239,042 — 10,371 (249,413 ) — Accrued payroll and compensation 1,485 5,448 2,299 — 9,232 Accrued interest payable 12,521 — — — 12,521 Accrued and other liabilities 4,549 8,792 15,022 — 28,363 Total current liabilities 275,836 50,130 45,345 (249,413 ) 121,898 Long term debt 304,188 — 66 — 304,254 Deferred and non-current income taxes 17,969 (4,754 ) (82 ) — 13,133 Other non-current liabilities 34,453 40,575 18,452 — 93,480 Stockholders' equity 70,854 116,228 105,448 (221,676 ) 70,854 TOTAL $ 703,300 $ 202,179 $ 169,229 $ (471,089 ) $ 603,619 |
Condensed Consolidating Statements of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2016 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 115,998 $ 59,837 $ 36,550 $ (48,269 ) $ 164,116 Cost of goods sold 96,374 57,569 35,181 (48,266 ) 140,858 Gross profit (loss) 19,624 2,268 1,369 (3 ) 23,258 Operating expenses 11,216 14 537 — 11,767 Income (loss) from operations 8,408 2,254 832 (3 ) 11,491 Other income (expense): Interest income (expense), net (8,865 ) (37 ) 497 — (8,405 ) Equity in earnings of subsidiaries 3,377 — — (3,377 ) — Other expense, net 58 — (555 ) — (497 ) Income (loss) before income taxes 2,978 2,217 774 (3,380 ) 2,589 Income tax provision (benefit) 516 (490 ) 429 — 455 Net Income (loss) 2,462 2,707 345 (3,380 ) 2,134 Loss attributable to noncontrolling interest — — (328 ) — (328 ) Net income (loss) attributable to stockholders $ 2,462 $ 2,707 $ 673 $ (3,380 ) $ 2,462 Comprehensive income (loss) $ 2,157 $ 2,398 $ 730 $ (3,128 ) $ 2,157 Three Months Ended June 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 135,630 $ 78,921 $ 32,116 $ (61,287 ) $ 185,380 Cost of goods sold 123,642 67,974 28,737 (60,879 ) 159,474 Gross profit 11,988 10,947 3,379 (408 ) 25,906 Operating expenses 11,434 250 38 — 11,722 Income (loss) from operations 554 10,697 3,341 (408 ) 14,184 Other income (expense): Interest income (expense), net (8,754 ) (51 ) 451 — (8,354 ) Equity in earnings of subsidiaries 14,299 — — (14,299 ) — Other income (expense), net 290 — (374 ) — (84 ) Income (loss) before income taxes from continuing operations 6,389 10,646 3,418 (14,707 ) 5,746 Income tax provision (benefit) 50 (490 ) 62 — (378 ) Income (loss) from continuing operations 6,339 11,136 3,356 (14,707 ) 6,124 Discontinued operations, net of tax — — 215 — 215 Net income (loss) 6,339 11,136 3,571 (14,707 ) 6,339 Loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to stockholders $ 6,339 $ 11,136 $ 3,571 $ (14,707 ) $ 6,339 Comprehensive income (loss) $ 23,905 $ 28,034 $ 3,727 $ (31,761 ) $ 23,905 Six Months Ended June 30, 2016 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 227,642 $ 119,080 $ 70,433 $ (92,097 ) $ 325,058 Cost of goods sold 192,036 117,053 69,502 (92,090 ) 286,501 Gross profit (loss) 35,606 2,027 931 (7 ) 38,557 Operating expenses 23,516 (52 ) 1,184 — 24,648 Income (loss) from operations 12,090 2,079 (253 ) (7 ) 13,909 Other income (expense): Interest income (expense), net (17,762 ) (8 ) 964 — (16,806 ) Equity in earnings of subsidiaries 3,483 — — (3,483 ) — Other expense, net 472 — 92 — 564 Income (loss) before income taxes (1,717 ) 2,071 803 (3,490 ) (2,333 ) Income tax provision (benefit) 565 (490 ) 681 — 756 Net Income (loss) (2,282 ) 2,561 122 (3,490 ) (3,089 ) Loss attributable to noncontrolling interest — — (807 ) — (807 ) Net income (loss) attributable to stockholders $ (2,282 ) $ 2,561 $ 929 $ (3,490 ) $ (2,282 ) Comprehensive income (loss) $ (3,336 ) $ 1,948 $ 594 $ (2,542 ) $ (3,336 ) Six Months Ended June 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 255,129 $ 168,164 $ 63,886 $ (118,140 ) $ 369,039 Cost of goods sold 230,878 149,991 58,764 (117,431 ) 322,202 Gross profit 24,251 18,173 5,122 (709 ) 46,837 Operating expenses 22,737 504 84 — 23,325 Income (loss) from operations 1,514 17,669 5,038 (709 ) 23,512 Other income (expense): Interest income (expense), net (17,442 ) (105 ) 843 — (16,704 ) Equity in earnings of subsidiaries 21,912 — — (21,912 ) — Other income (expense), net (279 ) — (977 ) — (1,256 ) Income (loss) before income taxes from continuing operations 5,705 17,564 4,904 (22,621 ) 5,552 Income tax provision (benefit) (46 ) (347 ) 401 — 8 Income (loss) from continuing operations 5,751 17,911 4,503 (22,621 ) 5,544 Discontinued operations, net of tax — — 207 — 207 Net income (loss) 5,751 17,911 4,710 (22,621 ) 5,751 Loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to stockholders $ 5,751 $ 17,911 $ 4,710 $ (22,621 ) $ 5,751 Comprehensive income (loss) $ 24,591 $ 34,899 $ 6,028 $ (40,927 ) $ 24,591 |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2016 (In thousands) Parent Company Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (2,282 ) $ 2,561 $ 122 $ (3,490 ) $ (3,089 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 6,518 9,330 2,316 — 18,164 Amortization – deferred financing costs 1,242 — — — 1,242 Amortization – other intangible assets 4,110 83 — — 4,193 Loss (gain) on disposal of assets 120 (157 ) 94 — 57 Deferred income taxes 495 (490 ) — — 5 Non-cash share-based compensation 1,069 — — — 1,069 Equity in earnings of subsidiaries and affiliates (3,483 ) — — 3,483 — Change in other operating items (22,072 ) 20,007 (6,763 ) 7 (8,821 ) Net cash provided by (used in) operating activities (14,283 ) 31,334 (4,231 ) — 12,820 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (4,750 ) (5,479 ) (3,248 ) — (13,477 ) Proceeds from notes receivable (1,578 ) (8,998 ) — 10,576 — Payments on notes receivable 17,131 1,580 — (18,711 ) — Net cash provided by (used in) investing activities 10,803 (12,897 ) (3,248 ) (8,135 ) (13,477 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable 30,234 7 2,728 (12,173 ) 20,796 Payments on notes payable (21,177 ) (17,131 ) (2,754 ) 20,308 (20,754 ) Principal payments on capital leases — (1,313 ) — — (1,313 ) Net cash provided by (used in) financing activities 9,057 (18,437 ) (26 ) 8,135 (1,271 ) Net increase (decrease) in cash and cash equivalents 5,577 — (7,505 ) — (1,928 ) Cash and cash equivalents, beginning of period 12,127 — 17,632 — 29,759 Cash and cash equivalents, end of period $ 17,704 $ — $ 10,127 $ — $ 27,831 Six Months Ended June 30, 2015 (In thousands) Parent Company Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 5,751 $ 17,911 $ 4,710 $ (22,621 ) $ 5,751 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 5,558 9,418 1,954 — 16,930 Amortization – deferred financing costs 1,239 — — — 1,239 Amortization – other intangible assets 3,995 84 — — 4,079 Loss (gain) on disposal of assets 123 37 (62 ) — 98 Deferred income taxes 27 (490 ) — — (463 ) Non-cash share-based compensation 1,449 — — — 1,449 Equity in earnings of subsidiaries and affiliates (21,912 ) — — 21,912 — Change in other operating items 18,869 (29,152 ) (889 ) 709 (10,463 ) Net cash provided by (used in) operating activities 15,099 (2,192 ) 5,713 — 18,620 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (4,776 ) (3,990 ) (478 ) — (9,244 ) Proceeds from notes receivable (48,107 ) (19,700 ) — 67,807 — Payment on notes receivable 67,829 46,892 — (114,721 ) — Net cash provided by (used in) investing activities 14,946 23,202 (478 ) (46,914 ) (9,244 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable 35,700 48,107 — (67,807 ) 16,000 Payments on notes payable (69,892 ) (67,829 ) — 114,721 (23,000 ) Principal payments on capital leases 3,164 (1,288 ) (3,164 ) — (1,288 ) Other (14 ) — — — (14 ) Net cash provided by (used in) financings activities (31,042 ) (21,010 ) (3,164 ) 46,914 (8,302 ) Net increase (decrease) in cash and cash equivalents (997 ) — 2,071 — 1,074 Cash and cash equivalents, beginning of period 22,710 — 7,063 — 29,773 Cash and cash equivalents, end of period $ 21,713 $ — $ 9,134 $ — $ 30,847 |
Changes in Accumulated Other 28
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | (In thousands) Pension Plan Post Retirement Plan Foreign Exchange Total Balance as of April 1, 2016 $ (35,647 ) $ 17,384 $ 89 $ (18,174 ) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 184 87 — 271 Prior service costs (reclassified to salaries, wages, and benefits) 11 (372 ) — (361 ) Foreign currency translation (10 ) 165 (364 ) (209 ) Income Tax (Expense) or Benefit (4 ) (2 ) — (6 ) Other comprehensive income (loss), net of tax 181 (122 ) (364 ) (305 ) Balance as of June 30, 2016 $ (35,466 ) $ 17,262 $ (275 ) $ (18,479 ) (In thousands) Pension Plan Post Retirement Plan Foreign Exchange Total Balance as of January 1, 2016 $ (35,355 ) $ 17,855 $ 75 $ (17,425 ) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 362 165 — 527 Prior service costs (reclassified to salaries, wages, and benefits) 22 (743 ) — (721 ) Foreign currency translation (648 ) (65 ) (350 ) (1,063 ) Income Tax (Expense) or Benefit 153 50 — 203 Other comprehensive income (loss), net of tax (111 ) (593 ) (350 ) (1,054 ) Balance as of June 30, 2016 $ (35,466 ) $ 17,262 $ (275 ) $ (18,479 ) (In thousands) Pension Plan Post Retirement Plan Total Balance as of April 1, 2015 $ (39,209 ) $ (9,155 ) $ (48,364 ) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 320 94 414 Prior service costs (reclassified to salaries, wages, and benefits) 11 (93 ) (82 ) Foreign currency translation related to pension and postretirement plans (180 ) (51 ) (231 ) Remeasurements — 17,871 17,871 Income Tax (Expense) or Benefit 62 (468 ) (406 ) Other comprehensive income (loss), net of tax 213 17,353 17,566 Balance as of June 30, 2015 $ (38,996 ) $ 8,198 $ (30,798 ) (In thousands) Pension Plan Post Retirement Plan Total Balance as of January 1, 2015 $ (40,160 ) $ (9,478 ) $ (49,638 ) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 631 195 826 Prior service costs (reclassified to salaries, wages, and benefits) 22 (102 ) (80 ) Foreign currency translation related to pension and postretirement plans 705 270 975 Remeasurements — 17,871 17,871 Income Tax (Expense) or Benefit (194 ) (558 ) (752 ) Other comprehensive income (loss), net of tax 1,164 17,676 18,840 Balance as of June 30, 2015 $ (38,996 ) $ 8,198 $ (30,798 ) |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Numerator [Abstract] | |||||
Net income (loss) from continuing operations | $ 2,462 | $ 6,124 | $ (2,282) | $ 5,544 | |
Net income from discontinued operations | 0 | 215 | 0 | 207 | |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | $ 2,462 | $ 6,339 | $ (2,282) | $ 5,751 | |
Denominator [Abstract] | |||||
Weighted average shares outstanding - Basic (in shares) | 48,307 | 47,991 | 48,204 | 47,907 | |
Weighted average shares outstanding - Diluted (in shares) | 49,189 | 49,286 | 48,644 | 48,554 | |
Basic income (loss) per common share [Abstract] | |||||
From continuing operations (in dollars per share) | $ 0.05 | $ 0.13 | $ (0.05) | $ 0.12 | |
From discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | |
Basic income (loss) per share (in dollars per share) | 0.05 | 0.13 | (0.05) | 0.12 | |
Diluted income (loss) per common share [Abstract] | |||||
From continuing operations (in dollars per share) | 0.05 | 0.13 | (0.05) | 0.12 | |
From discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | |
Diluted income (loss) per share (in dollars per share) | $ 0.05 | $ 0.13 | $ (0.05) | $ 0.12 | |
Stock-Based Compensation [Abstract] | |||||
Share-based compensation expense recognized | $ 455 | $ 786 | $ 1,069 | $ 1,449 | |
Unrecognized pre-tax compensation expense related to share-based awards not yet vested | 3,000 | $ 3,000 | |||
Weighted-average period of recognition | 1 year 6 months | ||||
Options [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Options exercisable which were not included in computation of diluted earnings per share (in shares) | 138,231 | 144,095 | |||
Accounting Standards Update 2015-03 [Member] | 9.5% Senior Secured Notes [Member] | |||||
Recent Accounting Adoptions [Abstract] | |||||
Debt financing costs, net | 2,600 | $ 2,600 | $ 3,100 | ||
Accounting Standards Update 2015-03 [Member] | ABL Credit Facility [Member] | |||||
Recent Accounting Adoptions [Abstract] | |||||
Debt financing costs, net | $ 800 | $ 800 | $ 1,000 |
Acquisitions (Details)
Acquisitions (Details) - Gianetti Ruote, S.r.L. [Member] € in Thousands, $ in Thousands | Nov. 03, 2015USD ($) | Nov. 03, 2015EUR (€) | Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | Nov. 03, 2015EUR (€) |
Acquisition [Abstract] | |||||||
Percentage of voting interests acquired | 70.00% | 70.00% | |||||
Equity interests issued and issuable | $ 21,800 | € 19,750 | |||||
Minority interest retained | 30.00% | 30.00% | |||||
Contribution paid after closing | $ 4,100 | € 3,750 | |||||
Additional investment in 2016 | $ 5,900 | € 5,400 | |||||
Additional investment in 2017 | $ 10,100 | € 9,100 | |||||
Assets Acquired and Liabilities Assumed [Abstract] | |||||||
Accounts receivable | 11,063 | ||||||
Inventory | 6,571 | ||||||
Other current assets | 41 | ||||||
Property, plant and equipment | 21,124 | ||||||
Accounts payable | (9,911) | ||||||
Short-term debt | (8,406) | ||||||
Other current liabilities | (3,364) | ||||||
Severance indemnity | (2,772) | ||||||
Long-term debt | (66) | ||||||
Noncontrolling interest | (14,280) | ||||||
Total consideration | $ 0 | ||||||
Pro Forma Information [Abstract] | |||||||
Pro forma revenue | $ 196,377 | $ 388,423 | |||||
Pro forma net income | $ 5,385 | $ 2,525 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Discontinued Operations [Abstract] | ||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 |
Loss from operations | 0 | (11) | 0 | (21) |
Other income | 0 | 226 | 0 | 228 |
Discontinued operations | $ 0 | $ 215 | $ 0 | $ 207 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventories on a FIFO basis [Abstract] | ||
Raw materials | $ 9,772 | $ 9,836 |
Work in process | 12,536 | 14,135 |
Finished manufactured goods | 17,436 | 23,821 |
Total inventories | $ 39,744 | $ 47,792 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets, Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Goodwill [Abstract] | ||
Gross goodwill | $ 163,500 | $ 163,500 |
Goodwill | 96,283 | 96,283 |
Gunite and Brillion [Member] | ||
Goodwill [Abstract] | ||
Accumulated impairment | (67,300) | (67,300) |
Wheels [Member] | ||
Goodwill [Abstract] | ||
Goodwill | $ 96,283 | $ 96,283 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets, Carrying Amount of Other Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Other Intangible Assets [Roll Forward] | ||
Beginning balance | $ 111,791 | $ 117,963 |
Amortization | (4,193) | (4,079) |
Ending balance | 107,598 | 113,884 |
Wheels [Member] | ||
Other Intangible Assets [Roll Forward] | ||
Beginning balance | 107,475 | 115,465 |
Amortization | (3,996) | (3,995) |
Ending balance | 103,479 | 111,470 |
Brillion Iron Works [Member] | ||
Other Intangible Assets [Roll Forward] | ||
Beginning balance | 2,330 | 2,498 |
Amortization | (83) | (84) |
Ending balance | 2,247 | 2,414 |
Gunite [Member] | ||
Other Intangible Assets [Roll Forward] | ||
Beginning balance | 1,986 | 0 |
Amortization | (114) | 0 |
Ending balance | $ 1,872 | $ 0 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets, Other Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Other Intangible Assets [Abstract] | ||||
Gross amount | $ 193,777 | $ 193,777 | ||
Accumulated amortization/impairment | 86,179 | 81,986 | ||
Carrying amount | 107,598 | 111,791 | $ 113,884 | $ 117,963 |
Annual Amortization Expense [Abstract] | ||||
2,016 | 16,800 | |||
2,017 | 16,800 | |||
2,018 | 16,800 | |||
2,019 | 16,800 | |||
2,020 | 16,800 | |||
Trade Names [Member] | ||||
Other Intangible Assets [Abstract] | ||||
Gross amount | 25,200 | |||
Carrying amount | $ 25,200 | |||
Technology [Member] | ||||
Other Intangible Assets [Abstract] | ||||
Weighted average useful lives | 10 years 7 months 6 days | |||
Gross amount | $ 41,273 | 41,273 | ||
Accumulated amortization/impairment | 27,927 | 26,299 | ||
Carrying amount | $ 13,346 | 14,974 | ||
Customer Relationships [Member] | ||||
Other Intangible Assets [Abstract] | ||||
Weighted average useful lives | 16 years 9 months 18 days | |||
Gross amount | $ 127,304 | 127,304 | ||
Accumulated amortization/impairment | 58,252 | 55,687 | ||
Carrying amount | $ 69,052 | $ 71,617 |
Pension and Other Postretirem36
Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | May 31, 2015 | |
Components of Net Periodic Benefit Cost [Abstract] | |||||
Defined benefit plans employer contributions toward sponsored pension plans | $ 2,300 | ||||
Anticipated contribution during current fiscal year | 1,300 | ||||
Aggregate contribution towards sponsored pension plans | 3,600 | ||||
Reduction in post-retirement benefit liability due to remeasurement | $ (17,900) | ||||
Pension Benefits [Member] | |||||
Components of Net Periodic Benefit Cost [Abstract] | |||||
Service cost-benefits earned during the period | $ 181 | $ 179 | 356 | $ 356 | |
Interest cost on projected benefit obligation | 1,869 | 2,370 | 3,738 | 4,724 | |
Expected return on plan assets | (2,723) | (2,785) | (5,462) | (5,557) | |
Amortization of prior service (credit) cost | 11 | 11 | 22 | 22 | |
Amortization of loss | 184 | 320 | 362 | 631 | |
Total benefit cost charged (credited) to income | (478) | 95 | (984) | 176 | |
Other Benefits [Member] | |||||
Components of Net Periodic Benefit Cost [Abstract] | |||||
Service cost-benefits earned during the period | 69 | 101 | 138 | 204 | |
Interest cost on projected benefit obligation | 502 | 754 | 953 | 1,614 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization of prior service (credit) cost | (372) | (93) | (743) | (102) | |
Amortization of loss | 87 | 94 | 165 | 195 | |
Total benefit cost charged (credited) to income | $ 286 | $ 856 | $ 513 | $ 1,911 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Mar. 31, 2016USD ($)Employee |
Commitments and Contingencies [Abstract] | |
Environmental reserve | $ | $ 0 |
Total number of employees | 2,163 |
Number of salaried employees | 507 |
Employees represented by unions | 1,470 |
Percentage of employees represented by unions | 68.00% |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
9.5% senior secured notes, carrying value | $ 305.3 | $ 304.3 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
9.5% senior secured notes, fair value | $ 299.2 | $ 263.8 |
9.5% Senior Secured Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior secured notes, interest | 9.50% | 9.50% |
9.5% senior secured notes, carrying value | $ 305.3 | $ 304.3 |
Segment Reporting, Net Sales an
Segment Reporting, Net Sales and Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net Sales and Operating Income by Segment [Abstract] | ||||
Net sales | $ 164,116 | $ 185,380 | $ 325,058 | $ 369,039 |
Operating income (loss) | 11,491 | 14,184 | 13,909 | 23,512 |
Corporate / Other [Member] | ||||
Net Sales and Operating Income by Segment [Abstract] | ||||
Operating income (loss) | (7,477) | (9,089) | (15,899) | (17,950) |
Operating Segment [Member] | Wheels [Member] | ||||
Net Sales and Operating Income by Segment [Abstract] | ||||
Net sales | 104,407 | 114,356 | 209,790 | 222,692 |
Operating income (loss) | 14,965 | 17,405 | 26,115 | 30,657 |
Operating Segment [Member] | Gunite [Member] | ||||
Net Sales and Operating Income by Segment [Abstract] | ||||
Net sales | 43,525 | 47,006 | 82,238 | 84,746 |
Operating income (loss) | 6,827 | 7,338 | 9,886 | 10,079 |
Operating Segment [Member] | Brillion Iron Works [Member] | ||||
Net Sales and Operating Income by Segment [Abstract] | ||||
Net sales | 16,184 | 24,018 | 33,030 | 61,601 |
Operating income (loss) | (2,824) | (1,470) | (6,193) | 726 |
Inter-segment Sales [Member] | ||||
Net Sales and Operating Income by Segment [Abstract] | ||||
Net sales | $ 1,132 | $ 1,733 | $ 2,001 | $ 3,908 |
Segment Reporting, Assets (Deta
Segment Reporting, Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Reconciliation of Assets by Segment [Abstract] | ||
Total assets | $ 588,220 | $ 603,619 |
Wheels [Member] | ||
Reconciliation of Assets by Segment [Abstract] | ||
Total assets | 457,925 | 469,405 |
Gunite [Member] | ||
Reconciliation of Assets by Segment [Abstract] | ||
Total assets | 57,141 | 62,045 |
Brillion Iron Works [Member] | ||
Reconciliation of Assets by Segment [Abstract] | ||
Total assets | 44,750 | 45,303 |
Corporate / Other [Member] | ||
Reconciliation of Assets by Segment [Abstract] | ||
Total assets | $ 28,404 | $ 26,866 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt [Abstract] | ||||
Total debt | $ 315,500 | $ 314,500 | ||
Senior secured notes, net of discount | 305,300 | 304,300 | ||
Short-term debt obligations | 10,200 | 10,300 | ||
Cash and cash equivalents | 27,831 | 29,759 | $ 30,847 | $ 29,773 |
Total liquidity | 77,700 | 76,600 | ||
9.5% Senior Secured Notes [Member] | ||||
Debt [Abstract] | ||||
Senior secured notes, net of discount | $ 305,300 | $ 304,300 | ||
Senior secured notes, interest | 9.50% | 9.50% | ||
ABL Credit Facility [Member] | ||||
Debt [Abstract] | ||||
Availability under credit facility | $ 49,900 | $ 46,800 | ||
Excess availability of facility as a percentage of commitment to maintain fixed charge coverage ratio, minimum | 10.00% | |||
Minimum ratio of adjusted EBITDA | 1 | |||
Unused line fee if utilization under the facility is greater than or equal to 50% | 0.25% | |||
Unused line fee if utilization under the facility is less than 50.0% | 0.375% | |||
Utilization percentage of commitments | 50.00% | |||
ABL Credit Facility [Member] | Federal Funds Rate [Member] | ||||
Debt [Abstract] | ||||
Basis spread | 0.50% | |||
ABL Credit Facility [Member] | LIBOR and Agent's Prime Rate [Member] | ||||
Debt [Abstract] | ||||
Basis spread | 1.00% | |||
ABL Credit Facility [Member] | LIBOR [Member] | ||||
Debt [Abstract] | ||||
Basis spread | 3.25% | |||
ABL Credit Facility [Member] | Base Rate [Member] | ||||
Debt [Abstract] | ||||
Basis spread | 2.75% | |||
ABL Credit Facility [Member] | First-in Last-out Term Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||
Debt [Abstract] | ||||
Basis spread | 2.75% | |||
ABL Credit Facility [Member] | First-in Last-out Term Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||
Debt [Abstract] | ||||
Basis spread | 1.00% | |||
ABL Credit Facility [Member] | First-in Last-out Term Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||
Debt [Abstract] | ||||
Basis spread | 3.25% | |||
ABL Credit Facility [Member] | First-in Last-out Term Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||
Debt [Abstract] | ||||
Basis spread | 1.50% | |||
ABL Credit Facility [Member] | Swingline Loans [Member] | Maximum [Member] | ||||
Debt [Abstract] | ||||
Aggregate availability subject to certain conditions | $ 10,000 | |||
ABL Credit Facility [Member] | Letter of Credit [Member] | ||||
Debt [Abstract] | ||||
Aggregate availability subject to certain conditions | $ 20,000 | |||
ABL Credit Facility [Member] | Other Advances [Member] | Minimum [Member] | LIBOR [Member] | ||||
Debt [Abstract] | ||||
Basis spread | 1.75% | |||
ABL Credit Facility [Member] | Other Advances [Member] | Minimum [Member] | Base Rate [Member] | ||||
Debt [Abstract] | ||||
Basis spread | 0.00% | |||
ABL Credit Facility [Member] | Other Advances [Member] | Maximum [Member] | LIBOR [Member] | ||||
Debt [Abstract] | ||||
Basis spread | 2.25% | |||
ABL Credit Facility [Member] | Other Advances [Member] | Maximum [Member] | Base Rate [Member] | ||||
Debt [Abstract] | ||||
Basis spread | 0.50% |
Guarantor and Non-guarantor F42
Guarantor and Non-guarantor Financial Statements, Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Guarantor and Non-guarantor Financial Statements [Abstract] | ||||||
Percentage of ownership in domestic subsidiaries | 100.00% | |||||
ASSETS [Abstract] | ||||||
Cash and cash equivalents | $ 27,831 | $ 29,759 | $ 30,847 | $ 29,773 | ||
Customer and other receivables, net | 70,525 | 65,980 | ||||
Intercompany receivables | 0 | 0 | ||||
Inventories | 39,744 | 47,792 | ||||
Other current assets | 8,387 | 8,399 | ||||
Total current assets | 146,487 | 151,930 | ||||
Property, plant, and equipment, net | 216,211 | 224,762 | ||||
Goodwill | 96,283 | 96,283 | ||||
Other intangible assets, net | 107,598 | 111,791 | 113,884 | 117,963 | ||
Investments in and advances to subsidiaries and affiliates | 0 | 0 | ||||
Deferred income taxes | 834 | |||||
Other non-current assets | 20,807 | 18,853 | ||||
TOTAL | 588,220 | 603,619 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ||||||
Accounts payable | 61,958 | 71,782 | ||||
Intercompany payable | 0 | 0 | ||||
Accrued payroll and compensation | 9,638 | 9,232 | ||||
Accrued interest payable | 12,384 | 12,521 | ||||
Accrued and other liabilities | 27,517 | 28,363 | ||||
Total current liabilities | 111,497 | 121,898 | ||||
Long term debt | 305,354 | 304,254 | ||||
Deferred and non-current income taxes | 20,011 | 13,133 | ||||
Other non-current liabilities | 83,794 | 93,480 | ||||
Stockholders' equity | 67,564 | $ 65,234 | 70,854 | 56,432 | $ 31,789 | 30,803 |
TOTAL | 588,220 | 603,619 | ||||
Parent [Member] | ||||||
ASSETS [Abstract] | ||||||
Cash and cash equivalents | 17,704 | 12,127 | 21,713 | 22,710 | ||
Customer and other receivables, net | 47,589 | 34,900 | ||||
Intercompany receivables | 120,640 | 123,479 | ||||
Inventories | 14,496 | 20,352 | ||||
Other current assets | 6,324 | 3,689 | ||||
Total current assets | 206,753 | 194,547 | ||||
Property, plant, and equipment, net | 75,230 | 78,527 | ||||
Goodwill | 96,283 | 96,283 | ||||
Other intangible assets, net | 105,351 | 109,461 | ||||
Investments in and advances to subsidiaries and affiliates | 223,018 | 221,676 | ||||
Deferred income taxes | 37,662 | |||||
Other non-current assets | 2,599 | 2,806 | ||||
TOTAL | 746,896 | 703,300 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ||||||
Accounts payable | 12,802 | 18,239 | ||||
Intercompany payable | 246,816 | 239,042 | ||||
Accrued payroll and compensation | 1,955 | 1,485 | ||||
Accrued interest payable | 12,384 | 12,521 | ||||
Accrued and other liabilities | 10,114 | 4,549 | ||||
Total current liabilities | 284,071 | 275,836 | ||||
Long term debt | 305,220 | 304,188 | ||||
Deferred and non-current income taxes | 64,132 | 17,969 | ||||
Other non-current liabilities | 25,909 | 34,453 | ||||
Stockholders' equity | 67,564 | 70,854 | ||||
TOTAL | 746,896 | 703,300 | ||||
Guarantor Subsidiaries [Member] | ||||||
ASSETS [Abstract] | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Customer and other receivables, net | 15,818 | 14,348 | ||||
Intercompany receivables | 68,426 | 67,504 | ||||
Inventories | 16,312 | 19,169 | ||||
Other current assets | 1,178 | 2,957 | ||||
Total current assets | 101,734 | 103,978 | ||||
Property, plant, and equipment, net | 90,288 | 95,526 | ||||
Goodwill | 0 | 0 | ||||
Other intangible assets, net | 2,247 | 2,330 | ||||
Investments in and advances to subsidiaries and affiliates | 0 | 0 | ||||
Deferred income taxes | 0 | |||||
Other non-current assets | 345 | 345 | ||||
TOTAL | 194,614 | 202,179 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ||||||
Accounts payable | 30,006 | 35,890 | ||||
Intercompany payable | 0 | 0 | ||||
Accrued payroll and compensation | 4,618 | 5,448 | ||||
Accrued interest payable | 0 | 0 | ||||
Accrued and other liabilities | 9,617 | 8,792 | ||||
Total current liabilities | 44,241 | 50,130 | ||||
Long term debt | 0 | 0 | ||||
Deferred and non-current income taxes | (5,805) | (4,754) | ||||
Other non-current liabilities | 38,492 | 40,575 | ||||
Stockholders' equity | 117,686 | 116,228 | ||||
TOTAL | 194,614 | 202,179 | ||||
Non-guarantor Subsidiaries [Member] | ||||||
ASSETS [Abstract] | ||||||
Cash and cash equivalents | 10,127 | 17,632 | 9,134 | 7,063 | ||
Customer and other receivables, net | 13,595 | 16,366 | ||||
Intercompany receivables | 87,598 | 58,430 | ||||
Inventories | 8,939 | 8,637 | ||||
Other current assets | 885 | 1,753 | ||||
Total current assets | 121,144 | 102,818 | ||||
Property, plant, and equipment, net | 50,693 | 50,709 | ||||
Goodwill | 0 | 0 | ||||
Other intangible assets, net | 0 | 0 | ||||
Investments in and advances to subsidiaries and affiliates | 0 | 0 | ||||
Deferred income taxes | 834 | |||||
Other non-current assets | 17,863 | 15,702 | ||||
TOTAL | 190,534 | 169,229 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ||||||
Accounts payable | 19,150 | 17,653 | ||||
Intercompany payable | 29,851 | 10,371 | ||||
Accrued payroll and compensation | 3,065 | 2,299 | ||||
Accrued interest payable | 0 | 0 | ||||
Accrued and other liabilities | 14,263 | 15,022 | ||||
Total current liabilities | 66,329 | 45,345 | ||||
Long term debt | 134 | 66 | ||||
Deferred and non-current income taxes | (654) | (82) | ||||
Other non-current liabilities | 19,393 | 18,452 | ||||
Stockholders' equity | 105,332 | 105,448 | ||||
TOTAL | 190,534 | 169,229 | ||||
Eliminations [Member] | ||||||
ASSETS [Abstract] | ||||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | ||
Customer and other receivables, net | (6,477) | 366 | ||||
Intercompany receivables | (276,664) | (249,413) | ||||
Inventories | (3) | (366) | ||||
Other current assets | 0 | 0 | ||||
Total current assets | (283,144) | (249,413) | ||||
Property, plant, and equipment, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other intangible assets, net | 0 | 0 | ||||
Investments in and advances to subsidiaries and affiliates | (223,018) | (221,676) | ||||
Deferred income taxes | (37,662) | |||||
Other non-current assets | 0 | 0 | ||||
TOTAL | (543,824) | (471,089) | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ||||||
Accounts payable | 0 | 0 | ||||
Intercompany payable | (276,667) | (249,413) | ||||
Accrued payroll and compensation | 0 | 0 | ||||
Accrued interest payable | 0 | 0 | ||||
Accrued and other liabilities | (6,477) | 0 | ||||
Total current liabilities | (283,144) | (249,413) | ||||
Long term debt | 0 | 0 | ||||
Deferred and non-current income taxes | (37,662) | 0 | ||||
Other non-current liabilities | 0 | 0 | ||||
Stockholders' equity | (223,018) | (221,676) | ||||
TOTAL | $ (543,824) | $ (471,089) |
Guarantor and Non-guarantor F43
Guarantor and Non-guarantor Financial Statements, Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net sales | $ 164,116 | $ 185,380 | $ 325,058 | $ 369,039 |
Cost of goods sold | 140,858 | 159,474 | 286,501 | 322,202 |
GROSS PROFIT | 23,258 | 25,906 | 38,557 | 46,837 |
Operating expenses | 11,767 | 11,722 | 24,648 | 23,325 |
INCOME FROM OPERATIONS | 11,491 | 14,184 | 13,909 | 23,512 |
Other income (expense) [Abstract] | ||||
Interest income (expense), net | (8,405) | (8,354) | (16,806) | (16,704) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other income (expense), net | (497) | (84) | 564 | (1,256) |
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | 2,589 | 5,746 | (2,333) | 5,552 |
Income tax provision | 455 | (378) | 756 | 8 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 2,134 | 6,124 | (3,089) | 5,544 |
Discontinued operations, net of tax | 0 | 215 | 0 | 207 |
NET INCOME (LOSS) | 2,134 | 6,339 | (3,089) | 5,751 |
Loss attributable to noncontrolling interest | (328) | 0 | (807) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | 2,462 | 6,339 | (2,282) | 5,751 |
Comprehensive income (loss) | 2,157 | 23,905 | (3,336) | 24,591 |
Parent [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net sales | 115,998 | 135,630 | 227,642 | 255,129 |
Cost of goods sold | 96,374 | 123,642 | 192,036 | 230,878 |
GROSS PROFIT | 19,624 | 11,988 | 35,606 | 24,251 |
Operating expenses | 11,216 | 11,434 | 23,516 | 22,737 |
INCOME FROM OPERATIONS | 8,408 | 554 | 12,090 | 1,514 |
Other income (expense) [Abstract] | ||||
Interest income (expense), net | (8,865) | (8,754) | (17,762) | (17,442) |
Equity in earnings of subsidiaries | 3,377 | 14,299 | 3,483 | 21,912 |
Other income (expense), net | 58 | 290 | 472 | (279) |
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | 2,978 | 6,389 | (1,717) | 5,705 |
Income tax provision | 516 | 50 | 565 | (46) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 6,339 | 5,751 | ||
Discontinued operations, net of tax | 0 | 0 | ||
NET INCOME (LOSS) | 2,462 | 6,339 | (2,282) | 5,751 |
Loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | 2,462 | 6,339 | (2,282) | 5,751 |
Comprehensive income (loss) | 2,157 | 23,905 | (3,336) | 24,591 |
Guarantor Subsidiaries [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net sales | 59,837 | 78,921 | 119,080 | 168,164 |
Cost of goods sold | 57,569 | 67,974 | 117,053 | 149,991 |
GROSS PROFIT | 2,268 | 10,947 | 2,027 | 18,173 |
Operating expenses | 14 | 250 | (52) | 504 |
INCOME FROM OPERATIONS | 2,254 | 10,697 | 2,079 | 17,669 |
Other income (expense) [Abstract] | ||||
Interest income (expense), net | (37) | (51) | (8) | (105) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | 2,217 | 10,646 | 2,071 | 17,564 |
Income tax provision | (490) | (490) | (490) | (347) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 11,136 | 17,911 | ||
Discontinued operations, net of tax | 0 | 0 | ||
NET INCOME (LOSS) | 2,707 | 11,136 | 2,561 | 17,911 |
Loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | 2,707 | 11,136 | 2,561 | 17,911 |
Comprehensive income (loss) | 2,398 | 28,034 | 1,948 | 34,899 |
Non-guarantor Subsidiaries [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net sales | 36,550 | 32,116 | 70,433 | 63,886 |
Cost of goods sold | 35,181 | 28,737 | 69,502 | 58,764 |
GROSS PROFIT | 1,369 | 3,379 | 931 | 5,122 |
Operating expenses | 537 | 38 | 1,184 | 84 |
INCOME FROM OPERATIONS | 832 | 3,341 | (253) | 5,038 |
Other income (expense) [Abstract] | ||||
Interest income (expense), net | 497 | 451 | 964 | 843 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other income (expense), net | (555) | (374) | 92 | (977) |
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | 774 | 3,418 | 803 | 4,904 |
Income tax provision | 429 | 62 | 681 | 401 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 3,356 | 4,503 | ||
Discontinued operations, net of tax | 215 | 207 | ||
NET INCOME (LOSS) | 345 | 3,571 | 122 | 4,710 |
Loss attributable to noncontrolling interest | (328) | 0 | (807) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | 673 | 3,571 | 929 | 4,710 |
Comprehensive income (loss) | 730 | 3,727 | 594 | 6,028 |
Eliminations [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net sales | (48,269) | (61,287) | (92,097) | (118,140) |
Cost of goods sold | (48,266) | (60,879) | (92,090) | (117,431) |
GROSS PROFIT | (3) | (408) | (7) | (709) |
Operating expenses | 0 | 0 | 0 | 0 |
INCOME FROM OPERATIONS | (3) | (408) | (7) | (709) |
Other income (expense) [Abstract] | ||||
Interest income (expense), net | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | (3,377) | (14,299) | (3,483) | (21,912) |
Other income (expense), net | 0 | 0 | 0 | 0 |
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | (3,380) | (14,707) | (3,490) | (22,621) |
Income tax provision | 0 | 0 | 0 | 0 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (14,707) | (22,621) | ||
Discontinued operations, net of tax | 0 | 0 | ||
NET INCOME (LOSS) | (3,380) | (14,707) | (3,490) | (22,621) |
Loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | (3,380) | (14,707) | (3,490) | (22,621) |
Comprehensive income (loss) | $ (3,128) | $ (31,761) | $ (2,542) | $ (40,927) |
Guarantor and Non-guarantor F44
Guarantor and Non-guarantor Financial Statements, Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract] | ||||
Net income (loss) | $ 2,134 | $ 6,339 | $ (3,089) | $ 5,751 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities [Abstract] | ||||
Depreciation | 18,164 | 16,930 | ||
Amortization - deferred financing costs | 1,242 | 1,239 | ||
Amortization - other intangible assets | 4,193 | 4,079 | ||
Loss (gain) on disposal of assets | 57 | 98 | ||
Deferred income taxes | 5 | (463) | ||
Non-cash share-based compensation | 455 | 786 | 1,069 | 1,449 |
Equity in earnings of subsidiaries and affiliates | 0 | 0 | ||
Change in other operating items | (8,821) | (10,463) | ||
Net cash provided by operating activities | 12,820 | 18,620 | ||
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchases of property, plant and equipment | (13,477) | (9,244) | ||
Proceeds from notes receivable | 0 | 0 | ||
Payments on notes receivable | 0 | 0 | ||
Net cash used in investing activities | (13,477) | (9,244) | ||
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Proceeds from notes payable | 20,796 | 16,000 | ||
Payments on notes payable | (20,754) | (23,000) | ||
Principal payments on capital leases | (1,313) | (1,288) | ||
Other | (14) | |||
Net cash used in financing activities | (1,271) | (8,302) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,928) | 1,074 | ||
CASH AND CASH EQUIVALENTS-Beginning of period | 29,759 | 29,773 | ||
CASH AND CASH EQUIVALENTS-End of period | 27,831 | 30,847 | 27,831 | 30,847 |
Parent [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract] | ||||
Net income (loss) | 2,462 | 6,339 | (2,282) | 5,751 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities [Abstract] | ||||
Depreciation | 6,518 | 5,558 | ||
Amortization - deferred financing costs | 1,242 | 1,239 | ||
Amortization - other intangible assets | 4,110 | 3,995 | ||
Loss (gain) on disposal of assets | 120 | 123 | ||
Deferred income taxes | 495 | 27 | ||
Non-cash share-based compensation | 1,069 | 1,449 | ||
Equity in earnings of subsidiaries and affiliates | (3,483) | (21,912) | ||
Change in other operating items | (22,072) | 18,869 | ||
Net cash provided by operating activities | (14,283) | 15,099 | ||
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchases of property, plant and equipment | (4,750) | (4,776) | ||
Proceeds from notes receivable | (1,578) | (48,107) | ||
Payments on notes receivable | 17,131 | 67,829 | ||
Net cash used in investing activities | 10,803 | 14,946 | ||
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Proceeds from notes payable | 30,234 | 35,700 | ||
Payments on notes payable | (21,177) | (69,892) | ||
Principal payments on capital leases | 0 | 3,164 | ||
Other | (14) | |||
Net cash used in financing activities | 9,057 | (31,042) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 5,577 | (997) | ||
CASH AND CASH EQUIVALENTS-Beginning of period | 12,127 | 22,710 | ||
CASH AND CASH EQUIVALENTS-End of period | 17,704 | 21,713 | 17,704 | 21,713 |
Guarantor Subsidiaries [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract] | ||||
Net income (loss) | 2,707 | 11,136 | 2,561 | 17,911 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities [Abstract] | ||||
Depreciation | 9,330 | 9,418 | ||
Amortization - deferred financing costs | 0 | 0 | ||
Amortization - other intangible assets | 83 | 84 | ||
Loss (gain) on disposal of assets | (157) | 37 | ||
Deferred income taxes | (490) | (490) | ||
Non-cash share-based compensation | 0 | 0 | ||
Equity in earnings of subsidiaries and affiliates | 0 | 0 | ||
Change in other operating items | 20,007 | (29,152) | ||
Net cash provided by operating activities | 31,334 | (2,192) | ||
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchases of property, plant and equipment | (5,479) | (3,990) | ||
Proceeds from notes receivable | (8,998) | (19,700) | ||
Payments on notes receivable | 1,580 | 46,892 | ||
Net cash used in investing activities | (12,897) | 23,202 | ||
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Proceeds from notes payable | 7 | 48,107 | ||
Payments on notes payable | (17,131) | (67,829) | ||
Principal payments on capital leases | (1,313) | (1,288) | ||
Other | 0 | |||
Net cash used in financing activities | (18,437) | (21,010) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | ||
CASH AND CASH EQUIVALENTS-Beginning of period | 0 | 0 | ||
CASH AND CASH EQUIVALENTS-End of period | 0 | 0 | 0 | 0 |
Non-guarantor Subsidiaries [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract] | ||||
Net income (loss) | 345 | 3,571 | 122 | 4,710 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities [Abstract] | ||||
Depreciation | 2,316 | 1,954 | ||
Amortization - deferred financing costs | 0 | 0 | ||
Amortization - other intangible assets | 0 | 0 | ||
Loss (gain) on disposal of assets | 94 | (62) | ||
Deferred income taxes | 0 | 0 | ||
Non-cash share-based compensation | 0 | 0 | ||
Equity in earnings of subsidiaries and affiliates | 0 | 0 | ||
Change in other operating items | (6,763) | (889) | ||
Net cash provided by operating activities | (4,231) | 5,713 | ||
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchases of property, plant and equipment | (3,248) | (478) | ||
Proceeds from notes receivable | 0 | 0 | ||
Payments on notes receivable | 0 | 0 | ||
Net cash used in investing activities | (3,248) | (478) | ||
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Proceeds from notes payable | 2,728 | 0 | ||
Payments on notes payable | (2,754) | 0 | ||
Principal payments on capital leases | 0 | (3,164) | ||
Other | 0 | |||
Net cash used in financing activities | (26) | (3,164) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (7,505) | 2,071 | ||
CASH AND CASH EQUIVALENTS-Beginning of period | 17,632 | 7,063 | ||
CASH AND CASH EQUIVALENTS-End of period | 10,127 | 9,134 | 10,127 | 9,134 |
Eliminations [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract] | ||||
Net income (loss) | (3,380) | (14,707) | (3,490) | (22,621) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities [Abstract] | ||||
Depreciation | 0 | 0 | ||
Amortization - deferred financing costs | 0 | 0 | ||
Amortization - other intangible assets | 0 | 0 | ||
Loss (gain) on disposal of assets | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Non-cash share-based compensation | 0 | 0 | ||
Equity in earnings of subsidiaries and affiliates | 3,483 | 21,912 | ||
Change in other operating items | 7 | 709 | ||
Net cash provided by operating activities | 0 | 0 | ||
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchases of property, plant and equipment | 0 | 0 | ||
Proceeds from notes receivable | 10,576 | 67,807 | ||
Payments on notes receivable | (18,711) | (114,721) | ||
Net cash used in investing activities | (8,135) | (46,914) | ||
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Proceeds from notes payable | (12,173) | (67,807) | ||
Payments on notes payable | 20,308 | 114,721 | ||
Principal payments on capital leases | 0 | 0 | ||
Other | 0 | |||
Net cash used in financing activities | 8,135 | 46,914 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | ||
CASH AND CASH EQUIVALENTS-Beginning of period | 0 | 0 | ||
CASH AND CASH EQUIVALENTS-End of period | $ 0 | $ 0 | $ 0 | $ 0 |
Changes in Accumulated Other 45
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Balance | $ 57,004 | ||||
Income tax (expense) or benefit | $ (6) | $ (406) | 203 | $ (752) | |
Other comprehensive income (loss), net of tax | (305) | 17,566 | (1,054) | 18,840 | |
Balance | 54,521 | 54,521 | |||
Foreign Exchange [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Balance | 89 | 75 | |||
Other comprehensive income (loss), net of tax | (364) | (350) | |||
Balance | (275) | (275) | |||
Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Balance | (35,647) | (39,209) | (35,355) | (40,160) | |
Income tax (expense) or benefit | (4) | 62 | 153 | (194) | |
Other comprehensive income (loss), net of tax | 181 | 213 | (111) | 1,164 | |
Balance | (35,466) | (38,996) | (35,466) | (38,996) | |
Post Retirement Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Balance | 17,384 | (9,155) | 17,855 | (9,478) | |
Income tax (expense) or benefit | (2) | (468) | 50 | (558) | |
Other comprehensive income (loss), net of tax | (122) | 17,353 | (593) | 17,676 | |
Balance | 17,262 | 8,198 | 17,262 | 8,198 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Balance | (18,174) | (48,364) | (17,425) | (49,638) | |
Balance | (18,479) | (30,798) | (18,479) | (30,798) | |
Actuarial Costs [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | 271 | 414 | 527 | 826 |
Actuarial Costs [Member] | Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | 184 | 320 | 362 | 631 |
Actuarial Costs [Member] | Post Retirement Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | 87 | 94 | 165 | 195 |
Prior Service Costs [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | (361) | (82) | (721) | (80) |
Prior Service Costs [Member] | Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | 11 | 11 | 22 | 22 |
Prior Service Costs [Member] | Post Retirement Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | (372) | (93) | (743) | (102) |
Foreign Currency Translation [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | (209) | (231) | (1,063) | 975 | |
Foreign Currency Translation [Member] | Foreign Exchange [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | (364) | (350) | |||
Income tax (expense) or benefit | 0 | 0 | |||
Foreign Currency Translation [Member] | Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | (10) | (180) | (648) | 705 | |
Foreign Currency Translation [Member] | Post Retirement Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | $ 165 | (51) | $ (65) | 270 | |
Remeasurements [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | 17,871 | 17,871 | |||
Remeasurements [Member] | Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||
Remeasurements [Member] | Post Retirement Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | $ 17,871 | $ 17,871 | |||
[1] | Reclassified to salaries, wages, and benefits. |