Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'LIBBEY INC | ' |
Entity Central Index Key | '0000902274 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 21,298,288 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $204,386 | $209,150 | $597,766 | $606,226 |
Freight billed to customers | 924 | 1,015 | 2,447 | 2,482 |
Total revenues | 205,310 | 210,165 | 600,213 | 608,708 |
Cost of sales | 165,405 | 158,956 | 460,614 | 458,096 |
Gross profit | 39,905 | 51,209 | 139,599 | 150,612 |
Selling, general and administrative expenses | 25,519 | 26,887 | 81,551 | 82,391 |
Special charges | 390 | 0 | 4,619 | 0 |
Income from operations | 13,996 | 24,322 | 53,429 | 68,221 |
Loss on redemption of debt | 0 | 0 | -2,518 | -31,075 |
Other income (expense) | -706 | -195 | -1,090 | -359 |
Earnings before interest and income taxes | 13,290 | 24,127 | 49,821 | 36,787 |
Interest expense | 7,706 | 8,720 | 24,267 | 29,085 |
Income before income taxes | 5,584 | 15,407 | 25,554 | 7,702 |
Provision for income taxes | 835 | 546 | 6,380 | 2,343 |
Net income | $4,749 | $14,861 | $19,174 | $5,359 |
Net income per share: | ' | ' | ' | ' |
Basic | $0.22 | $0.71 | $0.90 | $0.26 |
Diluted | $0.21 | $0.70 | $0.87 | $0.25 |
Dividends per share | $0 | $0 | $0 | $0 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $4,749 | $14,861 | $19,174 | $5,359 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Pension and other postretirement benefit adjustments, net of tax | 3,577 | 3,028 | 12,660 | 9,865 |
Change in fair value of derivative instruments, net of tax | -27 | 1,545 | 509 | 3,022 |
Foreign currency translation adjustments | 4,528 | 2,196 | 3,938 | -483 |
Other comprehensive income, net of tax | 8,078 | 6,769 | 17,107 | 12,404 |
Comprehensive income | $12,827 | $21,630 | $36,281 | $17,763 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash and cash equivalents | $29,466 | $67,208 |
Accounts receivable - net | 91,611 | 80,850 |
Inventories - net | 173,394 | 157,549 |
Prepaid and other current assets | 23,145 | 12,997 |
Total current assets | 317,616 | 318,604 |
Pension asset | 11,129 | 10,196 |
Purchased intangible assets - net | 19,517 | 20,222 |
Goodwill | 167,162 | 166,572 |
Deferred income taxes | 9,807 | 9,830 |
Derivative asset | 0 | 298 |
Other assets | 14,931 | 18,300 |
Total other assets | 222,546 | 225,418 |
Property, plant and equipment - net | 254,498 | 258,154 |
Total assets | 794,660 | 802,176 |
Liabilities and Shareholders' Equity: | ' | ' |
Accounts payable | 60,767 | 65,712 |
Salaries and wages | 29,560 | 41,405 |
Accrued liabilities | 56,088 | 42,863 |
Accrued income taxes | 0 | 2,282 |
Pension liability (current portion) | 596 | 613 |
Non-pension postretirement benefits (current portion) | 4,739 | 4,739 |
Derivative liability | 193 | 420 |
Deferred income taxes | 3,219 | 3,213 |
Long-term debt due within one year | 15,146 | 4,583 |
Total current liabilities | 170,308 | 165,830 |
Long-term debt | 406,998 | 461,884 |
Pension liability | 61,297 | 60,909 |
Non-pension postretirement benefits | 67,304 | 71,468 |
Deferred income taxes | 6,975 | 7,537 |
Other long-term liabilities | 13,021 | 10,072 |
Total liabilities | 725,903 | 777,700 |
Shareholders' equity: | ' | ' |
Common stock, par value $.01 per share, 50,000,000 shares authorized, 21,284,538 shares issued at September 30, 2013 (20,835,489 shares issued in 2012) | 213 | 209 |
Capital in excess of par value | 321,373 | 313,377 |
Retained deficit | -128,896 | -148,070 |
Accumulated other comprehensive loss | -123,933 | -141,040 |
Total shareholders' equity | 68,757 | 24,476 |
Total liabilities and shareholders' equity | $794,660 | $802,176 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Parenthetical (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 21,284,538 | 20,835,489 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' | ' | ' |
Net income | $4,749 | $14,861 | $19,174 | $5,359 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' | ' |
Depreciation and amortization | 11,773 | 10,073 | 34,170 | 30,897 |
Loss on asset sales and disposals | 481 | 127 | 514 | 294 |
Change in accounts receivable | 732 | -6,023 | -10,147 | -6,497 |
Change in inventories | 3,722 | -3,006 | -14,770 | -25,097 |
Change in accounts payable | 318 | -7,499 | -5,999 | -12,087 |
Accrued interest and amortization of discounts and finance fees | 7,266 | 8,186 | 7,876 | 532 |
Call premium on senior notes | ' | ' | 1,350 | 23,602 |
Write-off of finance fee & discounts on senior notes and ABL | ' | ' | 1,168 | 10,975 |
Pension & non-pension postretirement benefits | 3,118 | 1,241 | 8,322 | -81,338 |
Restructuring charges | -797 | 0 | 2,858 | 0 |
Accrued liabilities & prepaid expenses | 3,533 | 9,770 | -13,052 | 7,742 |
Income taxes | -2,106 | -921 | -6,285 | -1,041 |
Share-based compensation expense | 990 | 601 | 3,299 | 2,466 |
Other operating activities | 988 | 479 | 2,994 | 563 |
Net cash provided by (used in) operating activities | 34,767 | 27,889 | 31,472 | -43,630 |
Investing activities: | ' | ' | ' | ' |
Additions to property, plant and equipment | -10,381 | -5,412 | -30,152 | -17,244 |
Proceeds from asset sales and other | 73 | 131 | 81 | 550 |
Net cash (used in) investing activities | -10,308 | -5,281 | -30,071 | -16,694 |
Financing activities: | ' | ' | ' | ' |
Borrowings on ABL credit facility | 12,400 | 0 | 42,800 | 0 |
Repayments on ABL credit facility | -22,200 | 0 | -42,800 | 0 |
Other repayments | -4,397 | -9,551 | -4,511 | -19,513 |
Other borrowings | 6,094 | 1,234 | 6,094 | 1,234 |
Proceeds from (payments on) 6.875% senior notes | ' | ' | -45,000 | 450,000 |
Payments on 10% senior notes | ' | ' | 0 | -360,000 |
Call premium on senior notes | ' | ' | -1,350 | -23,602 |
Stock options exercised | 2,059 | 253 | 5,107 | 293 |
Debt issuance costs and other | 0 | -880 | 0 | -13,034 |
Net cash provided by (used in) financing activities | -6,044 | -8,944 | -39,660 | 35,378 |
Effect of exchange rate fluctuations on cash | 507 | 106 | 517 | 2 |
Increase (decrease) in cash | 18,922 | 13,770 | -37,742 | -24,944 |
Cash at beginning of period | 10,544 | 19,577 | 67,208 | 58,291 |
Cash at end of period | 29,466 | 33,347 | 29,466 | 33,347 |
Supplemental disclosure of cash flows information: | ' | ' | ' | ' |
Cash paid during the period for interest | 271 | 376 | 16,119 | 28,601 |
Cash paid during the period for income taxes | $2,280 | $875 | $10,095 | $2,066 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows Parenthetical (Subsidiary, Libbey Glass [Member], Senior Notes [Member]) | Sep. 30, 2013 | Jun. 29, 2012 |
Subsidiary, Libbey Glass [Member] | Senior Notes [Member] | ' | ' |
Interest rate | 6.88% | 10.00% |
Description_of_the_Business
Description of the Business | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of the Business | ' |
Description of the Business | |
Libbey is a leading global manufacturer and marketer of glass tableware products. We believe we have the largest manufacturing, distribution and service network among glass tableware manufacturers in the Western Hemisphere, in addition to supplying to key markets throughout the world. We produce glass tableware in five countries and sell to customers in over 100 countries. We design and market, under our Libbey®, Crisa®, Royal Leerdam®, World® Tableware, Syracuse® China and Crisal Glass® brand names (among others), an extensive line of high-quality glass tableware, ceramic dinnerware, metal flatware, hollowware and serveware items for sale primarily in the foodservice, retail and business-to-business markets. Our sales force presents our products to the global marketplace in a coordinated fashion. We own and operate two glass tableware manufacturing plants in the United States as well as glass tableware manufacturing plants in the Netherlands (Libbey Holland), Portugal (Libbey Portugal), China (Libbey China) and Mexico (Libbey Mexico). In addition, we import products from overseas in order to complement our line of manufactured items. The combination of manufacturing and procurement allows us to compete in the global tableware market by offering an extensive product line at competitive prices. | |
Our website can be found at www.libbey.com. We make available, free of charge, at this website all of our reports filed or furnished pursuant to Section 13(a) or 15(d) of Securities Exchange Act of 1934, including our annual report on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K, as well as amendments to those reports. These reports are made available on our website as soon as reasonably practicable after their filing with, or furnishing to, the Securities and Exchange Commission and can also be found at www.sec.gov. | |
Our shares are traded on the NYSE MKT exchange under the ticker symbol LBY. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Significant Accounting Policies | ' | ||||||||||||||||
Significant Accounting Policies | |||||||||||||||||
See our Form 10-K for the year ended December 31, 2012 for a description of significant accounting policies not listed below. | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The Condensed Consolidated Financial Statements include Libbey Inc. and its majority-owned subsidiaries (collectively, Libbey or the Company). Our fiscal year end is December 31st. All material intercompany accounts and transactions have been eliminated. The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ materially from management’s estimates. | |||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||
Net sales in our Condensed Consolidated Statements of Operations include revenue earned when products are shipped and title and risk of loss have passed to the customer. Revenue is recorded net of returns, discounts and incentives offered to customers. Cost of sales includes cost to manufacture and/or purchase products, warehouse, shipping and delivery costs and other costs. | |||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments directly recorded to a separate component of accumulated other comprehensive loss. Income and expense accounts are translated at average exchange rates during the year. The effect of exchange rate changes on transactions denominated in currencies other than the functional currency is recorded in other income (expense). | |||||||||||||||||
Income Taxes | |||||||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax attribute carry-forwards. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Financial Accounting Standards Board Accounting Standards Codification™ (FASB ASC) Topic 740, “Income Taxes,” requires that a valuation allowance be recorded when it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are determined separately for each tax jurisdiction in which we conduct our operations or otherwise incur taxable income or losses. In the United States, Portugal and the Netherlands, we have recorded valuation allowances against our deferred income tax assets. See note 6 for further discussion. | |||||||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||
We account for stock-based compensation expense in accordance with FASB ASC Topic 718, “Compensation — Stock Compensation,” and FASB ASC Topic 505-50, “Equity — Equity-Based Payments to Non-Employees”. Stock-based compensation cost is measured based on the fair value of the equity instruments issued. FASB ASC Topics 718 and 505-50 apply to all of our outstanding unvested stock-based payment awards. Stock-based compensation expense charged to the Condensed Consolidated Statements of Operations is as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock-based compensation expense | $ | 990 | $ | 601 | $ | 3,299 | $ | 2,466 | |||||||||
New Accounting Standards | |||||||||||||||||
In February 2013, the FASB issued Accounting Standards Update 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02). ASU 2013-02 requires companies to present, either in a note or parenthetically on the face of the financial statements, the effect of amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. This update is effective for interim and annual reporting periods beginning after December 15, 2012. Required interim disclosures have been made in our Condensed Consolidated Financial Statements at September 30, 2013. |
Balance_Sheet_Details
Balance Sheet Details | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Balance Sheet Details [Abstract] | ' | |||||||
Balance Sheet Details | ' | |||||||
Balance Sheet Details | ||||||||
The following table provides detail of selected balance sheet items: | ||||||||
(dollars in thousands) | September 30, 2013 | December 31, 2012 | ||||||
Accounts receivable: | ||||||||
Trade receivables | $ | 90,225 | $ | 79,624 | ||||
Other receivables | 1,386 | 1,226 | ||||||
Total accounts receivable, less allowances of $5,898 and $5,703 | $ | 91,611 | $ | 80,850 | ||||
Inventories: | ||||||||
Finished goods | $ | 155,354 | $ | 139,888 | ||||
Work in process | 1,826 | 1,188 | ||||||
Raw materials | 4,080 | 4,828 | ||||||
Repair parts | 10,690 | 10,283 | ||||||
Operating supplies | 1,444 | 1,362 | ||||||
Total inventories, less allowances of $4,452 and $4,091 | $ | 173,394 | $ | 157,549 | ||||
Prepaid and other current assets: | ||||||||
Value added tax | $ | 6,667 | $ | 3,850 | ||||
Prepaid expenses | 8,099 | 5,036 | ||||||
Deferred and prepaid income taxes | 8,194 | 4,070 | ||||||
Derivative asset | 185 | 41 | ||||||
Total prepaid and other current assets | $ | 23,145 | $ | 12,997 | ||||
Other assets: | ||||||||
Deposits | $ | 1,951 | $ | 936 | ||||
Finance fees — net of amortization | 10,929 | 13,539 | ||||||
Other assets | 2,051 | 3,825 | ||||||
Total other assets | $ | 14,931 | $ | 18,300 | ||||
Accrued liabilities: | ||||||||
Accrued incentives | $ | 24,485 | $ | 17,783 | ||||
Workers compensation | 6,802 | 7,128 | ||||||
Medical liabilities | 3,870 | 3,537 | ||||||
Interest | 10,169 | 3,732 | ||||||
Commissions payable | 1,166 | 1,478 | ||||||
Contingency liability | — | 2,719 | ||||||
Restructuring liability | 867 | — | ||||||
Other accrued liabilities | 8,729 | 6,486 | ||||||
Total accrued liabilities | $ | 56,088 | $ | 42,863 | ||||
Other long-term liabilities: | ||||||||
Deferred liability | $ | 7,088 | $ | 5,591 | ||||
Derivative liability | 1,636 | — | ||||||
Other long-term liabilities | 4,297 | 4,481 | ||||||
Total other long-term liabilities | $ | 13,021 | $ | 10,072 | ||||
Borrowings
Borrowings | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Borrowings | ' | ||||||||||
Borrowings | |||||||||||
Borrowings consist of the following: | |||||||||||
(dollars in thousands) | Interest Rate | Maturity Date | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||||
Borrowings under ABL Facility | floating | May 18, 2017 | $ | — | $ | — | |||||
Senior Secured Notes | 6.88% | -1 | May 15, 2020 | 405,000 | 450,000 | ||||||
Promissory Note | 6.00% | October, 2013 to September, 2016 | 738 | 903 | |||||||
RMB Loan Contract | floating | January, 2014 | 9,780 | 9,522 | |||||||
RMB Working Capital Loan | floating | September, 2014 | 5,135 | — | |||||||
BES Euro Line | floating | December, 2013 | — | 4,362 | |||||||
AICEP Loan | 0.00% | January, 2016 to July 30, 2018 | 2,348 | 1,272 | |||||||
Total borrowings | 423,001 | 466,059 | |||||||||
Plus — carrying value adjustment on debt related to the Interest Rate Agreement (1) | (857 | ) | 408 | ||||||||
Total borrowings — net | 422,144 | 466,467 | |||||||||
Less — long term debt due within one year | 15,146 | 4,583 | |||||||||
Total long-term portion of borrowings — net | $ | 406,998 | $ | 461,884 | |||||||
_____________________________ | |||||||||||
-1 | See Interest Rate Agreement under “Senior Secured Notes” below and in note 9. | ||||||||||
Amended and Restated ABL Credit Agreement | |||||||||||
Libbey Glass and Libbey Europe entered into an Amended and Restated Credit Agreement, dated as of February 8, 2010 and amended as of April 29, 2011 and May 18, 2012 (as amended, the ABL Facility), with a group of four financial institutions. The ABL Facility provides for borrowings of up to $100.0 million, subject to certain borrowing base limitations, reserves and outstanding letters of credit. | |||||||||||
All borrowings under the ABL Facility are secured by: | |||||||||||
• | a first-priority security interest in substantially all of the existing and future personal property of Libbey Glass and its domestic subsidiaries (Credit Agreement Priority Collateral); | ||||||||||
• | a first-priority security interest in: | ||||||||||
• | 100 percent of the stock of Libbey Glass and 100 percent of the stock of substantially all of Libbey Glass’s present and future direct and indirect domestic subsidiaries; | ||||||||||
• | 100 percent of the non-voting stock of substantially all of Libbey Glass’s first-tier present and future foreign subsidiaries; and | ||||||||||
• | 65 percent of the voting stock of substantially all of Libbey Glass’s first-tier present and future foreign subsidiaries | ||||||||||
• | a first priority security interest in substantially all proceeds and products of the property and assets described above; and | ||||||||||
• | a second-priority security interest in substantially all of the owned real property, equipment and fixtures in the United States of Libbey Glass and its domestic subsidiaries, subject to certain exceptions and permitted liens (Notes Priority Collateral). | ||||||||||
Additionally, borrowings by Libbey Europe under the ABL Facility are secured by: | |||||||||||
• | a first-priority lien on substantially all of the existing and future real and personal property of Libbey Europe and its Dutch subsidiaries; and | ||||||||||
• | a first-priority security interest in: | ||||||||||
• | 100 percent of the stock of Libbey Europe and 100 percent of the stock of substantially all of the Dutch subsidiaries; and | ||||||||||
• | 100 percent (or a lesser percentage in certain circumstances) of the outstanding stock issued by the first-tier foreign subsidiaries of Libbey Europe and its Dutch subsidiaries. | ||||||||||
Swingline borrowings are limited to $15.0 million, with swingline borrowings for Libbey Europe being limited to the US equivalent of $7.5 million. Loans comprising each CBFR (CB Floating Rate) Borrowing, including each Swingline Loan, bear interest at the CB Floating Rate plus the Applicable Rate, and euro-denominated swingline borrowings (Eurocurrency Loans) bear interest calculated at the Netherlands swingline rate, as defined in the ABL Facility. The Applicable Rates for CBFR Loans and Eurocurrency Loans vary depending on our aggregate remaining availability. The Applicable Rates for CBFR Loans and Eurocurrency Loans were 0.50 percent and 1.50 percent, respectively, at September 30, 2013. Libbey pays a quarterly Commitment Fee, as defined by the ABL Facility, on the total credit provided under the ABL Facility. The Commitment Fee was 0.375 percent at September 30, 2013. No compensating balances are required by the Agreement. The Agreement does not require compliance with a fixed charge coverage ratio covenant unless aggregate unused availability falls below $10.0 million. If our aggregate unused ABL availability were to fall below $10.0 million, the fixed charge coverage ratio requirement would be 1:00 to 1:00. Libbey Glass and Libbey Europe have the option to increase the ABL Facility by $25.0 million. There were no Libbey Glass or Libbey Europe borrowings under the facility at September 30, 2013 or at December 31, 2012. Interest is payable on the last day of the interest period, which can range from one month to six months depending on the maturity of each individual borrowing on the facility. | |||||||||||
The borrowing base under the ABL Facility is determined by a monthly analysis of the eligible accounts receivable and inventory. The borrowing base is the sum of (a) 85 percent of eligible accounts receivable and (b) the lesser of (i) 85 percent of the net orderly liquidation value (NOLV) of eligible inventory, (ii) 65 percent of eligible inventory, or (iii) $75.0 million. | |||||||||||
The available total borrowing base is offset by rent reserves totaling $0.7 million and natural gas reserves totaling $0.2 million as of September 30, 2013. The ABL Facility also provides for the issuance of $30.0 million of letters of credit, which are applied against the $100.0 million limit. At September 30, 2013, we had $8.7 million in letters of credit outstanding under the ABL Facility. Remaining unused availability under the ABL Facility was $82.9 million at September 30, 2013, compared to $68.6 million under the ABL Facility at December 31, 2012. | |||||||||||
Senior Secured Notes | |||||||||||
On May 18, 2012, Libbey Glass closed its offering of the $450.0 million Senior Secured Notes. The notes offering was issued at par and had related fees of approximately $13.2 million. These fees will be amortized to interest expense over the life of the notes. | |||||||||||
The Senior Secured Notes were issued pursuant to an Indenture, dated May 18, 2012 (Notes Indenture), between Libbey Glass, the Company, the domestic subsidiaries of Libbey Glass listed as guarantors therein (Subsidiary Guarantors and together with the Company, Guarantors), and The Bank of New York Mellon Trust Company, N.A., as trustee (Notes Trustee) and collateral agent. Under the terms of the Notes Indenture, the Senior Secured Notes bear interest at a rate of 6.875 percent per year and will mature on May 15, 2020. Although the Notes Indenture does not contain financial covenants, the Notes Indenture contains other covenants that restrict the ability of Libbey Glass and the Guarantors to, among other things: | |||||||||||
• | incur, assume or guarantee additional indebtedness; | ||||||||||
• | pay dividends, make certain investments or other restricted payments; | ||||||||||
• | create liens; | ||||||||||
• | enter into affiliate transactions; | ||||||||||
• | merge or consolidate, or otherwise dispose of all or substantially all the assets of Libbey Glass and the Guarantors; and | ||||||||||
• | transfer or sell assets. | ||||||||||
The Notes Indenture provides for customary events of default. In the case of an event of default arising from bankruptcy or insolvency as defined in the Notes Indenture, all outstanding Senior Secured Notes will become due and payable immediately without further action or notice. If any other event of default under the Notes Indenture occurs or is continuing, the Notes Trustee or holders of at least 25 percent in aggregate principal amount of the then outstanding Senior Secured Notes may declare all the Senior Secured Notes to be due and payable immediately. | |||||||||||
The Senior Secured Notes and the related guarantees under the Notes Indenture are secured by (i) first priority liens on the Notes Priority Collateral and (ii) second priority liens on the Credit Agreement Priority Collateral. | |||||||||||
Prior to May 15, 2015, we may redeem in the aggregate up to 35 percent of the Senior Secured Notes with the net cash proceeds of one or more equity offerings at a redemption price of 106.875 percent of the principal amount, provided that at least 65 percent of the original principal amount of the Senior Secured Notes must remain outstanding after each redemption and that each redemption occurs within 90 days of the closing of the equity offering. In addition, prior to May 15, 2015, but not more than once in any twelve-month period, we may redeem up to 10 percent of the Senior Secured Notes at a redemption price of 103 percent plus accrued and unpaid interest. The Senior Secured Notes are redeemable at our option, in whole or in part, at any time on or after May 15, 2015 at set redemption prices together with accrued and unpaid interest. | |||||||||||
On May 7, 2013, Libbey Glass redeemed an aggregate principal amount of $45.0 million of the Senior Secured Notes in accordance with the terms of the Notes Indenture. Pursuant to the terms of the Notes Indenture, the redemption price for the Senior Secured Notes was 103 percent of the principal amount of the redeemed Senior Secured Notes, plus accrued and unpaid interest. At completion of the redemption, the aggregate principal amount of the Senior Secured Notes outstanding was $405.0 million. In conjunction with this redemption, we recorded $2.5 million of expense, representing $1.3 million for an early call premium and $1.2 million for the write off of a pro rata amount of financing fees. | |||||||||||
For the nine months ended September 30, 2012, loss on redemption of debt included charges of $23.6 million for an early call premium and $11.0 million for the write off of the remaining financing fees and discounts from the former Senior Secured Notes. | |||||||||||
We had an Interest Rate Agreement (Old Rate Agreement) in place through April 18, 2012 with respect to $80.0 million of our former Senior Secured Notes as a means to manage our fixed to variable interest rate ratio. The Old Rate Agreement effectively converted this portion of our long-term borrowings from fixed rate debt to variable rate debt. The variable interest rate for our borrowings related to the Old Rate Agreement at April 18, 2012, excluding applicable fees, was 7.79 percent. Total remaining Senior Secured Notes not covered by the Old Rate Agreement had a fixed interest rate of 10.0 percent per year. On April 18, 2012, the swap was called at fair value. We received proceeds of $3.6 million. During the second quarter of 2012, $0.1 million of the carrying value adjustment on debt related to the Old Rate Agreement was amortized into interest expense. Upon the refinancing of the former Senior Secured Notes, the remaining unamortized balance of $3.5 million of the carrying value adjustment on debt related to the Old Rate Agreement was recognized as a gain in the loss on redemption of debt on the Condensed Consolidated Statements of Operations. | |||||||||||
On June 18, 2012, we entered into an Interest Rate Agreement (New Rate Agreement) with respect to $45.0 million of our Senior Secured Notes as a means to manage our fixed to variable interest rate ratio. The New Rate Agreement effectively converts this portion of our long-term borrowings from fixed rate debt to variable rate debt. Prior to May 15, 2015, but not more than once in any twelve-month period, the counterparty may call up to 10 percent of the New Rate Agreement at a call price of 103 percent. The New Rate Agreement is callable at the counterparty’s option, in whole or in part, at any time on or after May 15, 2015 at set call premiums. The variable interest rate for our borrowings related to the New Rate Agreement at September 30, 2013, excluding applicable fees, is 5.5 percent. The New Rate Agreement expires on May 15, 2020. Total remaining Senior Secured Notes not covered by the New Rate Agreement have a fixed interest rate of 6.875 percent per year through May 15, 2020. If the counterparty to this New Rate Agreement were to fail to perform, this New Rate Agreement would no longer afford us a variable rate. However, we do not anticipate non-performance by the counterparty. The interest rate swap counterparty was rated A+, as of September 30, 2013, by Standard and Poor’s. | |||||||||||
The fair market value and related carrying value adjustment are as follows: | |||||||||||
(dollars in thousands) | September 30, 2013 | December 31, 2012 | |||||||||
Fair market value of Rate Agreements - asset (liability) | $ | (1,613 | ) | $ | 298 | ||||||
Adjustment to increase (decrease) carrying value of the related long-term debt | $ | (857 | ) | $ | 408 | ||||||
The fair value of the Old and New Rate Agreements are based on the market standard methodology of netting the discounted expected future fixed cash receipts and the discounted future variable cash payments. The variable cash payments are based on an expectation of future interest rates derived from observed market interest rate forward curves. See note 9 for further discussion and the net impact recorded on the Condensed Consolidated Statements of Operations. | |||||||||||
Promissory Note | |||||||||||
In September 2001, we issued a $2.7 million promissory note at an interest rate of 6.0 percent in connection with the purchase of our Laredo, Texas warehouse facility. At September 30, 2013, we had $0.7 million outstanding on the promissory note. Principal and interest with respect to the promissory note are paid monthly. | |||||||||||
Notes Payable | |||||||||||
We have an overdraft line of credit for a maximum of €1.0 million. At September 30, 2013, there were no borrowings under the facility, which has an interest rate of 5.80 percent. Interest with respect to the note is paid monthly. | |||||||||||
RMB Loan Contract | |||||||||||
On January 23, 2006, Libbey Glassware (China) Co., Ltd. (Libbey China), an indirect wholly owned subsidiary of Libbey Inc., entered into an RMB Loan Contract (RMB Loan Contract) with China Construction Bank Corporation Langfang Economic Development Area Sub-Branch (CCB). Pursuant to the RMB Loan Contract, CCB agreed to lend to Libbey China RMB 250.0 million, or the equivalent of approximately $40.8 million, for the construction of our production facility in China and the purchase of related equipment, materials and services. The loan has a term of eight years and bears interest at a variable rate as announced by the People’s Bank of China. As of the date of the initial advance under the Loan Contract, the annual interest rate was 5.51 percent, and as of September 30, 2013, the annual interest rate was 5.90 percent. As of September 30, 2013, the outstanding balance was RMB 60.0 million (approximately $9.8 million) which is due on January 20, 2014. Interest is payable quarterly. The obligations of Libbey China are secured by a guarantee executed by Libbey Inc. for the benefit of CCB and a mortgage lien on the Libbey China facility. | |||||||||||
RMB Working Capital Loan | |||||||||||
On September 2, 2013, Libbey China entered into a RMB 31.5 million (approximately $5.1 million) working capital loan with CCB to cover seasonal working capital needs. The 364-day loan matures on September 1, 2014, and bears interest at a variable rate as announced by the People's Bank of China. The annual interest rate was 6.3% at September 30, 2013, and interest is paid monthly. The obligation is secured by a mortgage lien on the Libbey China facility. | |||||||||||
BES Euro Line | |||||||||||
In January 2007, Crisal (Libbey Portugal) entered into a seven-year €11.0 million line of credit (approximately $14.9 million) with Banco Espírito Santo, S.A. (BES). On August 14, 2013, Libbey Portugal pre-paid the final €3.3 million (approximately $4.5 million) principal payment along with accrued and unpaid interest on its BES Euro Line. | |||||||||||
AICEP Loan | |||||||||||
In July 2012, Libbey Portugal entered into a loan agreement with Agencia para Investmento Comercio Externo de Portugal, EPE (AICEP), the Portuguese Agency for investment and external trade. The amount of the loan is €1.7 million (approximately $2.3 million) at September 30, 2013, and has an interest rate of 0.0 percent. Semi-annual installments of principal are due beginning in January 2016 through the maturity date in July 2018. | |||||||||||
Fair Value of Borrowings | |||||||||||
The fair value of our debt has been calculated based on quoted market prices (Level 1 in the fair value hierarchy) for the same or similar issues. Our $405.0 million Senior Secured Notes had an estimated fair value of $423.2 million at September 30, 2013. At December 31, 2012, the $450.0 million outstanding Senior Secured Notes had an estimated fair value of $488.3 million. The fair value of the remainder of our debt approximates carrying value at September 30, 2013 and December 31, 2012 due to variable rates. | |||||||||||
Capital Resources and Liquidity | |||||||||||
Historically, cash flows generated from operations, cash on hand and our borrowing capacity under our ABL Facility have enabled us to meet our cash requirements, including capital expenditures and working capital requirements. At September 30, 2013, we had no borrowings under our ABL Facility and $8.7 million in letters of credit issued under that facility. As a result, we had $82.9 million of unused availability remaining under the ABL Facility at September 30, 2013. In addition, at September 30, 2013, we had $29.5 million of cash on hand. | |||||||||||
Based on our operating plans and current forecast expectations, we anticipate that our level of cash on hand, cash flows from operations and borrowing capacity under our ABL Facility will provide sufficient cash availability to meet our ongoing liquidity needs. | |||||||||||
On August 14, 2013, Libbey Portugal pre-paid the final €3.3 million (approximately $4.5 million) principal payment along with accrued and unpaid interest on its BES Euro Line. On October 10, 2013, Libbey China made a RMB 30.0 million (approximately $4.9 million) pre-payment of principal on the RMB Loan Contract using cash on hand. The remaining RMB 30.0 million (approximately $4.9 million) loan principal balance matures January 2014. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring Charges | ' | |||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||
Capacity Realignment | ||||||||||||||||||||
In February 2013, we announced our plans to discontinue production of certain glassware in North America and reduce manufacturing capacity at our Shreveport, Louisiana, manufacturing facility. As a result, on May 30, 2013, we ceased production of certain glassware in North America, discontinued the use of a furnace at our Shreveport, Louisiana, manufacturing plant and began relocating a portion of the production from the idled furnace to our Toledo, Ohio, and Monterrey, Mexico, locations. These activities are all within the Americas segment and are expected to be completed during the first quarter of 2014. In connection with this plan, we expect to incur pretax charges in the range of approximately $8.0 million to $10.0 million. This estimate consists of: (i) up to $4.0 million in fixed asset impairment charges, (ii) up to $2.0 million in severance and other employee related costs and (iii) up to $4.0 million in production transfer expenses. We expect approximately $5.5 million of the pretax charge to result in cash expenditures. For the three and nine months ended September 30, 2013, we recorded a pretax charge of $0.4 million and $6.3 million, respectively. These charges included employee termination costs, fixed asset impairment charges, production transfer cost and depreciation expense. Employee termination costs include severance, medical benefits and outplacement services for the terminated employees. The write-down of fixed assets is to adjust certain machinery and equipment to the estimated fair market value. | ||||||||||||||||||||
The following table summarizes the pretax charge incurred for the three and nine months ended September 30, 2013: | ||||||||||||||||||||
(dollars in thousands) | Three months ended September 30, 2013 | Nine months ended September 30, 2013 | ||||||||||||||||||
Accelerated depreciation | $ | — | $ | 1,699 | ||||||||||||||||
Included in cost of sales | — | 1,699 | ||||||||||||||||||
Employee termination cost & other | (23 | ) | 1,887 | |||||||||||||||||
Fixed asset write-down | — | 1,992 | ||||||||||||||||||
Production transfer expenses | 413 | 740 | ||||||||||||||||||
Included in special charges | 390 | 4,619 | ||||||||||||||||||
Total pretax charge | $ | 390 | $ | 6,318 | ||||||||||||||||
The following is the capacity realignment reserve activity for the nine months ended September 30, 2013: | ||||||||||||||||||||
(dollars in thousands) | Reserve | Total | Cash | Non-cash Utilization | Reserve | |||||||||||||||
Balance at | Charge to Earnings | (payments) receipts | Balance at | |||||||||||||||||
1-Jan-13 | 30-Sep-13 | |||||||||||||||||||
Accelerated depreciation | $ | — | $ | 1,699 | $ | — | $ | (1,699 | ) | $ | — | |||||||||
Employee termination cost & other | — | 1,887 | (1,020 | ) | — | 867 | ||||||||||||||
Fixed asset write-down | — | 1,992 | — | (1,992 | ) | — | ||||||||||||||
Production transfer expenses | — | 740 | (740 | ) | — | — | ||||||||||||||
Total | $ | — | $ | 6,318 | $ | (1,760 | ) | $ | (3,691 | ) | $ | 867 | ||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
Our effective tax rate was 25.0 percent for the nine months ended September 30, 2013, compared to 30.4 percent for the nine months ended September 30, 2012. Our effective tax rate differs from the United States statutory tax rate primarily due to valuation allowances, earnings in countries with differing statutory tax rates, accruals related to uncertain tax positions and tax planning structures. At September 30, 2013 and December 31, 2012, we had $1.0 million and $1.5 million, respectively, of gross unrecognized tax benefits, exclusive of interest and penalties. During the three months ended September 30, 2013, we recorded no additional income tax benefit. During the nine months ended September 30, 2013, we recorded an income tax benefit, exclusive of interest and penalties, of $0.5 million due to the reversal of an accrual for an uncertain tax position that expired under the statute of limitations. | ||||||||||||||||
FASB ASC 740-20, "Income Taxes - Intraperiod Tax Allocation," requires that the provision for income taxes be allocated between continuing operations and other categories of earnings (such as discontinued operations or other comprehensive income) for each tax jurisdiction. In periods in which there is a year-to-date pre-tax loss from continuing operations and pre-tax income in other categories of earnings, the tax provision is first allocated to the other categories of earnings. A related tax benefit is then recorded in continuing operations. A tax benefit of $4.2 million was recorded in our income tax provision for the nine months ended September 30, 2012. There was no similar benefit recorded for the three months ended September 30, 2012 or the three and nine months ended September 30, 2013. | ||||||||||||||||
Our current and future provision for income taxes for 2013 is impacted by valuation allowances. In the United States, the Netherlands and Portugal, we have recorded valuation allowances against our deferred income tax assets. In assessing the need for recording or releasing a valuation allowance, we weigh all available positive and negative evidence. Examples of the evidence we consider are cumulative losses in recent years, losses expected in early future years, a history of potential tax benefits expiring unused, prudent and feasible tax planning strategies that could be implemented, and whether there was an unusual, infrequent or extraordinary item to be considered. Based on our analysis of all available evidence, we intend to maintain these allowances until it is more likely than not that the deferred income tax assets will be realized. We will continue to monitor and assess the need for these allowances quarterly in each jurisdiction. | ||||||||||||||||
Income tax payments consisted of the following: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Total income tax payments, net of refunds | $ | 2,715 | $ | 1,366 | $ | 12,254 | $ | 3,981 | ||||||||
Less: credits or offsets | 435 | 491 | 2,159 | 1,915 | ||||||||||||
Cash paid, net | $ | 2,280 | $ | 875 | $ | 10,095 | $ | 2,066 | ||||||||
Cash paid for income taxes has increased for the three and nine months ended September 30, 2013 due to net operating loss carryforwards being fully utilized in 2012 in China, timing of payments in Mexico, and payments for federal Alternative Minimum Tax and state income tax where net operating loss carryforwards cannot be fully utilized. |
Pension_and_Nonpension_Postret
Pension and Non-pension Postretirement Benefits | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension and Non-pension Postretirement Benefits | ' | |||||||||||||||||||||||
Pension and Non-pension Postretirement Benefits | ||||||||||||||||||||||||
We have pension plans covering the majority of our employees. Benefits generally are based on compensation for salaried employees and job grade and length of service for hourly employees. Our policy is to fund pension plans such that sufficient assets will be available to meet future benefit requirements. In addition, we have an unfunded supplemental employee retirement plan (SERP) that covers certain salaried U.S.-based employees of Libbey hired before January 1, 2006. The U.S. pension plans cover the salaried U.S.-based employees of Libbey hired before January 1, 2006 and most hourly U.S.-based employees (excluding employees hired at Shreveport after 2008 and at Toledo after September 30, 2010). Effective January 1, 2013, we ceased annual company contribution credits to the cash balance accounts in our Libbey U.S. Salaried Pension Plan and SERP. The non-U.S. pension plans cover the employees of our wholly owned subsidiaries in the Netherlands and Mexico. The plan in Mexico is not funded. | ||||||||||||||||||||||||
The components of our net pension expense, including the SERP, are as follows: | ||||||||||||||||||||||||
Three months ended September 30, | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 1,184 | $ | 1,543 | $ | 729 | $ | 118 | $ | 1,913 | $ | 1,661 | ||||||||||||
Interest cost | 3,582 | 3,702 | 1,271 | 1,327 | 4,853 | 5,029 | ||||||||||||||||||
Expected return on plan assets | (5,571 | ) | (4,939 | ) | (547 | ) | (596 | ) | (6,118 | ) | (5,535 | ) | ||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service cost | 293 | 494 | 65 | 70 | 358 | 564 | ||||||||||||||||||
Loss | 2,095 | 1,302 | 223 | 149 | 2,318 | 1,451 | ||||||||||||||||||
Settlement charge | 424 | — | 336 | 93 | 760 | 93 | ||||||||||||||||||
Curtailment charge (credit) | — | (125 | ) | — | — | — | (125 | ) | ||||||||||||||||
Pension expense | $ | 2,007 | $ | 1,977 | $ | 2,077 | $ | 1,161 | $ | 4,084 | $ | 3,138 | ||||||||||||
Nine months ended September 30, | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 3,554 | $ | 4,468 | $ | 2,137 | $ | 1,108 | $ | 5,691 | $ | 5,576 | ||||||||||||
Interest cost | 10,564 | 11,548 | 3,722 | 3,761 | 14,286 | 15,309 | ||||||||||||||||||
Expected return on plan assets | (16,775 | ) | (13,885 | ) | (1,524 | ) | (1,786 | ) | (18,299 | ) | (15,671 | ) | ||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service cost | 879 | 1,537 | 187 | 198 | 1,066 | 1,735 | ||||||||||||||||||
Loss | 6,445 | 4,822 | 676 | 408 | 7,121 | 5,230 | ||||||||||||||||||
Settlement charge | 1,139 | 457 | 336 | 93 | 1,475 | 550 | ||||||||||||||||||
Curtailment charge (credit) | — | (125 | ) | — | — | — | (125 | ) | ||||||||||||||||
Pension expense | $ | 5,806 | $ | 8,822 | $ | 5,534 | $ | 3,782 | $ | 11,340 | $ | 12,604 | ||||||||||||
During the three and nine months ended September 30, 2013, we incurred pension settlement charges totaling $0.8 million and $1.5 million, respectively. The pension settlement charges were triggered by excess lump sum distributions that required us to record unrecognized gains and losses in our pension plan accounts. We have contributed $1.2 million and $4.0 million of cash into our pension plans for the three and nine months ended September 30, 2013, respectively. Pension contributions for the remainder of 2013 are estimated to be $1.8 million. | ||||||||||||||||||||||||
We provide certain retiree health care and life insurance benefits covering our U.S and Canadian salaried and non-union hourly employees hired before January 1, 2004 and a majority of our union hourly employees (excluding employees hired at Shreveport after 2008 and at Toledo after September 30, 2010). Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. Effective January 1, 2013, we ended our existing healthcare benefit for salaried retirees age 65 and older and are now providing a Retiree Health Reimbursement Arrangement (RHRA) that supports retirees in purchasing a Medicare plan that meets their needs. Also effective January 1, 2013, we reduced the maximum life insurance benefit for salaried retirees to $10,000. Benefits for most hourly retirees are determined by collective bargaining. The U.S. non-pension postretirement plans cover the hourly and salaried U.S.-based employees of Libbey (excluding those mentioned above). The non-U.S. non-pension postretirement plans cover the retirees and active employees of Libbey who are located in Canada. The postretirement benefit plans are not funded. | ||||||||||||||||||||||||
The provision for our non-pension postretirement benefit expense consists of the following: | ||||||||||||||||||||||||
Three months ended September 30, | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 298 | $ | 368 | $ | — | $ | — | $ | 298 | $ | 368 | ||||||||||||
Interest cost | 655 | 857 | 29 | 28 | 684 | 885 | ||||||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service cost | 35 | 105 | — | — | 35 | 105 | ||||||||||||||||||
Loss / (gain) | 214 | 229 | — | — | 214 | 229 | ||||||||||||||||||
Non-pension postretirement benefit expense | $ | 1,202 | $ | 1,559 | $ | 29 | $ | 28 | $ | 1,231 | $ | 1,587 | ||||||||||||
Nine months ended September 30, | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 893 | $ | 1,103 | $ | 1 | $ | 1 | $ | 894 | $ | 1,104 | ||||||||||||
Interest cost | 1,966 | 2,570 | 83 | 80 | 2,049 | 2,650 | ||||||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service cost | 105 | 316 | — | — | 105 | 316 | ||||||||||||||||||
Loss / (gain) | 643 | 687 | — | (1 | ) | 643 | 686 | |||||||||||||||||
Non-pension postretirement benefit expense | $ | 3,607 | $ | 4,676 | $ | 84 | $ | 80 | $ | 3,691 | $ | 4,756 | ||||||||||||
Our 2013 estimate of non-pension cash payments is $4.7 million, and we have paid $0.9 million and $3.1 million for the three and nine months ended September 30, 2013, respectively. |
Net_Income_per_Share_of_Common
Net Income per Share of Common Stock | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income per Share of Common Stock | ' | |||||||||||||||
Net Income per Share of Common Stock | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(dollars in thousands, except earnings per share) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Numerators for earnings per share: | ||||||||||||||||
Net income that is available to common shareholders | $ | 4,749 | $ | 14,861 | $ | 19,174 | $ | 5,359 | ||||||||
Denominator for basic earnings per share: | ||||||||||||||||
Weighted average shares outstanding | 21,492,625 | 20,896,291 | 21,300,212 | 20,834,742 | ||||||||||||
Denominator for diluted earnings per share: | ||||||||||||||||
Effect of stock options and restricted stock units | 730,697 | 464,195 | 629,200 | 432,535 | ||||||||||||
Adjusted weighted average shares and assumed conversions | 22,223,322 | 21,360,486 | 21,929,412 | 21,267,277 | ||||||||||||
Basic earnings per share | $ | 0.22 | $ | 0.71 | $ | 0.9 | $ | 0.26 | ||||||||
Diluted earnings per share | $ | 0.21 | $ | 0.7 | $ | 0.87 | $ | 0.25 | ||||||||
When applicable, diluted shares outstanding include the dilutive impact of restricted stock units. Diluted shares also include the impact of in-the-money employee stock options, which are calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the tax-effected proceeds that hypothetically would be received from the exercise of all in-the-money options are assumed to be used to repurchase shares. |
Derivatives
Derivatives | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivatives | ' | |||||||||||||||||
Derivatives | ||||||||||||||||||
We utilize derivative financial instruments to hedge certain interest rate risks associated with our long-term debt, commodity price risks associated with forecasted future natural gas requirements and foreign exchange rate risks associated with transactions denominated in a currency other than the U.S. dollar. Most of these derivatives, except for the foreign currency contracts and a portion of our interest rate swap, qualify for hedge accounting since the hedges are highly effective, and we have designated and documented contemporaneously the hedging relationships involving these derivative instruments. While we intend to continue to meet the conditions for hedge accounting, if hedges do not qualify as highly effective or if we do not believe that forecasted transactions would occur, the changes in the fair value of the derivatives used as hedges would be reflected in our earnings. All of these contracts were accounted for under FASB ASC 815 “Derivatives and Hedging.” | ||||||||||||||||||
Fair Values | ||||||||||||||||||
The following table provides the fair values of our derivative financial instruments for the periods presented: | ||||||||||||||||||
Asset Derivatives: | ||||||||||||||||||
(dollars in thousands) | September 30, 2013 | December 31, 2012 | ||||||||||||||||
Derivatives designated as hedging | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||
instruments under FASB ASC 815: | ||||||||||||||||||
Interest rate contract | Derivative asset | $ | — | Derivative asset | $ | 298 | ||||||||||||
Total designated | — | 298 | ||||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||
instruments under FASB ASC 815: | ||||||||||||||||||
Currency contracts | Prepaid and other current assets | 185 | Prepaid and other current assets | 41 | ||||||||||||||
Total undesignated | 185 | 41 | ||||||||||||||||
Total | $ | 185 | $ | 339 | ||||||||||||||
Liability Derivatives: | ||||||||||||||||||
(dollars in thousands) | September 30, 2013 | December 31, 2012 | ||||||||||||||||
Derivatives designated as hedging | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||
instruments under FASB ASC 815: | ||||||||||||||||||
Natural gas contracts | Derivative liability | $ | 193 | Derivative liability | $ | 420 | ||||||||||||
Natural gas contracts | Other long-term liabilities | 23 | Other long-term liabilities | — | ||||||||||||||
Interest rate contract | Other long-term liabilities | 1,451 | Other long-term liabilities | — | ||||||||||||||
Total designated | 1,667 | 420 | ||||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||
instruments under FASB ASC 815: | ||||||||||||||||||
Interest rate contract | Other long-term liabilities | 162 | Other long-term liabilities | — | ||||||||||||||
Total undesignated | 162 | — | ||||||||||||||||
Total | $ | 1,829 | $ | 420 | ||||||||||||||
Interest Rate Swaps as Fair Value Hedges | ||||||||||||||||||
On June 18, 2012, we entered into an interest rate swap agreement (New Rate Agreement) with a notional amount of $45.0 million that has a maturity date in 2020. The New Rate Agreement was executed in order to convert a portion of the Senior Secured Notes fixed rate debt into floating rate debt and maintain a capital structure containing fixed and floating rate debt. | ||||||||||||||||||
Upon the refinancing of the former Senior Secured Notes, the remaining unamortized balance of the carrying value adjustment on debt related to the Old Rate Agreement was recognized as a gain in the loss on redemption of debt on the Condensed Consolidated Statements of Operations. Refer to the Borrowings footnote for further discussion. | ||||||||||||||||||
$40.5 million of our fixed-to-floating interest rate swap is designated and qualifies as a fair value hedge. The change in the fair value of the derivative instrument related to the future cash flows (gain or loss on the derivative) and the offsetting change in the fair value of the hedged long-term debt attributable to the hedged risk are recognized in current earnings. We include the gain or loss on the hedged long-term debt, along with the offsetting loss or gain on the related interest rate swap, in other income (expense), on the Condensed Consolidated Statements of Operations. | ||||||||||||||||||
As of July 1, 2013, we de-designated 10 percent, or $4.5 million, of our New Rate Agreement. As a result, the mark-to-market of the $4.5 million portion of the New Rate Agreement is recorded in other income (expense) on the Condensed Consolidated Statement of Operations. For the three months and nine months ended September 30, 2013, the mark-to-market adjustment was expense of ($0.2) million. | ||||||||||||||||||
The following table provides a summary of the gain (loss) recognized on the Condensed Consolidated Statements of Operations from the designated portion of our New Rate Agreement: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest rate swap - designated | $ | 330 | $ | 582 | $ | (1,749 | ) | $ | 243 | |||||||||
Related long-term debt | (245 | ) | (1,248 | ) | 1,265 | 2,839 | ||||||||||||
Net impact | $ | 85 | $ | (666 | ) | $ | (484 | ) | $ | 3,082 | ||||||||
The gain or loss on the hedged long-term debt netted with the offsetting gain or loss on the related designated interest rate swap was recorded on the Condensed Consolidated Statements of Operations as follows: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Loss on redemption of debt | $ | — | $ | — | $ | — | $ | 3,502 | ||||||||||
Other income (expense) | 85 | (666 | ) | (484 | ) | (420 | ) | |||||||||||
Net impact | $ | 85 | $ | (666 | ) | $ | (484 | ) | $ | 3,082 | ||||||||
Commodity Futures Contracts Designated as Cash Flow Hedges | ||||||||||||||||||
We use commodity futures contracts related to forecasted future North American natural gas requirements. The objective of these futures contracts is to limit the fluctuations in prices paid due to price movements in the underlying commodity. We consider our forecasted natural gas requirements in determining the quantity of natural gas to hedge. We combine the forecasts with historical observations to establish the percentage of forecast eligible to be hedged, typically ranging from 40 percent to 70 percent of our anticipated requirements, up to eighteen months in the future. The fair values of these instruments are determined from market quotes. As of September 30, 2013, we had commodity contracts for 1,620,000 million British Thermal Units (BTUs) of natural gas. At December 31, 2012, we had commodity contracts for 2,400,000 million BTUs of natural gas. | ||||||||||||||||||
All of our natural gas derivatives qualify and are designated as cash flow hedges at September 30, 2013. Hedge accounting is applied only when the derivative is deemed to be highly effective at offsetting changes in fair values or anticipated cash flows of the hedged item or transaction. For hedged forecasted transactions, hedge accounting is discontinued if the forecasted transaction is no longer probable to occur, and any previously deferred gains or losses would be recorded to earnings immediately. Changes in the effective portion of the fair value of these hedges are recorded in other comprehensive income (loss). The ineffective portion of the change in the fair value of a derivative designated as a cash flow hedge is recognized in current earnings. As the natural gas contracts mature, the accumulated gains (losses) for the respective contracts are reclassified from accumulated other comprehensive loss to current expense in cost of sales in our Condensed Consolidated Statements of Operations. We recognized in the nine months ended September 30, 2013 $0.3 million of ineffectiveness in other income (expense) in the Condensed Consolidated Statements of Operations for certain contracts at our Mexico facility. This ineffectiveness was related to a change in pricing caused by the Mexican government instituting a fixed surcharge. The ineffectiveness is not expected to continue so we have continued to consider the contracts effective as appropriate under FASB ASC 815 "Derivatives and Hedging." We paid (received) additional cash of $1.1 million and $4.3 million in the three and nine months ended September 30, 2012, respectively, (comparable 2013 amounts were immaterial), due to the difference between the fixed unit rate of our natural gas contracts and the variable unit rate of our natural gas cost from suppliers. Based on our current valuation, we estimate that accumulated losses currently carried in accumulated other comprehensive loss that will be reclassified into earnings over the next twelve months will result in $0.2 million of loss in our Condensed Consolidated Statements of Operations. | ||||||||||||||||||
The following table provides a summary of the effective portion of derivative gain (loss) recognized in other comprehensive income (loss): | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Derivatives in Cash Flow Hedging relationships: | ||||||||||||||||||
Natural gas contracts | $ | (78 | ) | $ | 682 | $ | 512 | $ | (836 | ) | ||||||||
Total | $ | (78 | ) | $ | 682 | $ | 512 | $ | (836 | ) | ||||||||
The following table provides a summary of the effective portion of derivative gain (loss) reclassified from accumulated other comprehensive loss to the Condensed Consolidated Statements of Operations: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Derivative: | Location: | |||||||||||||||||
Natural gas contracts | Cost of sales | $ | 26 | $ | (1,088 | ) | $ | 32 | $ | (4,284 | ) | |||||||
Total impact on net income (loss) | $ | 26 | $ | (1,088 | ) | $ | 32 | $ | (4,284 | ) | ||||||||
Currency Contracts | ||||||||||||||||||
Our foreign currency exposure arises from transactions denominated in a currency other than the U.S. dollar primarily associated with our Canadian dollar denominated accounts receivable. We enter into a series of foreign currency contracts to sell Canadian dollars. As of September 30, 2013 and December 31, 2012, we had contracts for C$4.3 million and C$14.8 million, respectively. The fair values of these instruments are determined from market quotes. The values of these derivatives will change over time as cash receipts and payments are made and as market conditions change. | ||||||||||||||||||
Gains (losses) on derivatives that were not designated as hedging instruments are recorded in current earnings as follows: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Derivative: | Location: | |||||||||||||||||
Currency contracts | Other income (expense) | $ | (273 | ) | $ | (190 | ) | $ | 144 | $ | (220 | ) | ||||||
Total | $ | (273 | ) | $ | (190 | ) | $ | 144 | $ | (220 | ) | |||||||
We do not believe we are exposed to more than a nominal amount of credit risk in our interest rate swap, natural gas hedges and currency contracts as the counterparties are established financial institutions. The counterparty for the New Rate Agreement is rated A+ and the counterparties for the other derivative agreements are rated BBB+ or better as of September 30, 2013, by Standard and Poor’s. |
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||
Accumulated other comprehensive loss, net of tax, is as follows: | |||||||||||||||||
Three months ended September 30, 2013 | Foreign Currency Translation | Derivative Instruments | Pension and Other Postretirement Benefits | Total | |||||||||||||
(dollars in thousands) | Accumulated | ||||||||||||||||
Comprehensive Loss | |||||||||||||||||
Balance on June 30, 2013 | $ | (2,231 | ) | $ | 1,025 | $ | (130,805 | ) | $ | (132,011 | ) | ||||||
Other comprehensive income (loss) | 4,528 | (78 | ) | 760 | 5,210 | ||||||||||||
Currency impact | — | — | (33 | ) | (33 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss): | |||||||||||||||||
Amortization of actuarial loss (1) | — | — | 2,532 | 2,532 | |||||||||||||
Amortization of prior service cost (1) | — | — | 393 | 393 | |||||||||||||
Cost of sales | — | (26 | ) | — | (26 | ) | |||||||||||
Current-period other comprehensive income (loss) | 4,528 | (104 | ) | 3,652 | 8,076 | ||||||||||||
Tax effect | — | 77 | (75 | ) | 2 | ||||||||||||
Balance on September 30, 2013 | $ | 2,297 | $ | 998 | $ | (127,228 | ) | $ | (123,933 | ) | |||||||
Nine months ended September 30, 2013 | Foreign Currency Translation | Derivative Instruments | Pension and Other Postretirement Benefits | Total | |||||||||||||
(dollars in thousands) | Accumulated | ||||||||||||||||
Comprehensive Loss | |||||||||||||||||
Balance on December 31, 2012 | $ | (1,641 | ) | $ | 489 | $ | (139,888 | ) | $ | (141,040 | ) | ||||||
Other comprehensive income (loss) | 3,938 | 512 | 3,819 | 8,269 | |||||||||||||
Currency impact | — | — | (108 | ) | (108 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss): | |||||||||||||||||
Amortization of actuarial loss (1) | — | — | 7,764 | 7,764 | |||||||||||||
Amortization of prior service cost (1) | — | — | 1,171 | 1,171 | |||||||||||||
Cost of sales | — | (32 | ) | — | (32 | ) | |||||||||||
Current-period other comprehensive income (loss) | 3,938 | 480 | 12,646 | 17,064 | |||||||||||||
Tax effect | — | 29 | 14 | 43 | |||||||||||||
Balance on September 30, 2013 | $ | 2,297 | $ | 998 | $ | (127,228 | ) | $ | (123,933 | ) | |||||||
___________________________ | |||||||||||||||||
(1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost within the cost of sales and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. |
Condensed_Consolidated_Guarant
Condensed Consolidated Guarantor Financial Statements | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidated Guarantor Financial Statements | ' | |||||||||||||||||||||||
Condensed Consolidated Guarantor Financial Statements | ||||||||||||||||||||||||
Libbey Glass is a direct, 100 percent owned subsidiary of Libbey Inc. and is the issuer of the Senior Secured Notes. The obligations of Libbey Glass under the Senior Secured Notes are fully and unconditionally and jointly and severally guaranteed by Libbey Inc. and by certain indirect, 100 percent owned domestic subsidiaries of Libbey Inc., as described below. All are related parties that are included in the Condensed Consolidated Financial Statements for the three months and nine months ended September 30, 2013 and September 30, 2012. | ||||||||||||||||||||||||
At September 30, 2013, December 31, 2012 and September 30, 2012, Libbey Inc.’s indirect, 100 percent owned domestic subsidiaries were Syracuse China Company, World Tableware Inc., LGA4 Corp., LGA3 Corp., The Drummond Glass Company, LGC Corp., Libbey.com LLC, LGFS Inc., and LGAC LLC (collectively, Subsidiary Guarantors). The following tables contain Condensed Consolidating Financial Statements of (a) the parent, Libbey Inc., (b) the issuer, Libbey Glass, (c) the Subsidiary Guarantors, (d) the indirect subsidiaries of Libbey Inc. that are not Subsidiary Guarantors (collectively, Non-Guarantor Subsidiaries), (e) the consolidating elimination entries, and (f) the consolidated totals. | ||||||||||||||||||||||||
Libbey Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net sales | $ | — | $ | 96,699 | $ | 20,926 | $ | 104,251 | $ | (17,490 | ) | $ | 204,386 | |||||||||||
Freight billed to customers | — | 170 | 212 | 542 | — | 924 | ||||||||||||||||||
Total revenues | — | 96,869 | 21,138 | 104,793 | (17,490 | ) | 205,310 | |||||||||||||||||
Cost of sales | — | 79,960 | 15,840 | 87,095 | (17,490 | ) | 165,405 | |||||||||||||||||
Gross profit | — | 16,909 | 5,298 | 17,698 | — | 39,905 | ||||||||||||||||||
Selling, general and administrative expenses | — | 13,476 | 3,103 | 8,940 | — | 25,519 | ||||||||||||||||||
Special charges | — | 373 | — | 17 | — | 390 | ||||||||||||||||||
Income (loss) from operations | — | 3,060 | 2,195 | 8,741 | — | 13,996 | ||||||||||||||||||
Other income (expense) | — | (238 | ) | (4 | ) | (464 | ) | — | (706 | ) | ||||||||||||||
Earnings (loss) before interest and income taxes | — | 2,822 | 2,191 | 8,277 | — | 13,290 | ||||||||||||||||||
Interest expense | — | 5,704 | — | 2,002 | — | 7,706 | ||||||||||||||||||
Income (loss) before income taxes | — | (2,882 | ) | 2,191 | 6,275 | — | 5,584 | |||||||||||||||||
Provision (benefit) for income taxes | — | 452 | 81 | 302 | — | 835 | ||||||||||||||||||
Net income (loss) | — | (3,334 | ) | 2,110 | 5,973 | — | 4,749 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 4,749 | 8,083 | — | — | (12,832 | ) | — | |||||||||||||||||
Net income (loss) | $ | 4,749 | $ | 4,749 | $ | 2,110 | $ | 5,973 | $ | (12,832 | ) | $ | 4,749 | |||||||||||
Comprehensive income (loss) | $ | 12,827 | $ | 12,827 | $ | 2,031 | $ | 1,641 | $ | (16,499 | ) | $ | 12,827 | |||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net sales | $ | — | $ | 104,840 | $ | 20,210 | $ | 104,166 | $ | (20,066 | ) | $ | 209,150 | |||||||||||
Freight billed to customers | — | 140 | 158 | 717 | — | 1,015 | ||||||||||||||||||
Total revenues | — | 104,980 | 20,368 | 104,883 | (20,066 | ) | 210,165 | |||||||||||||||||
Cost of sales | — | 79,164 | 14,483 | 85,375 | (20,066 | ) | 158,956 | |||||||||||||||||
Gross profit | — | 25,816 | 5,885 | 19,508 | — | 51,209 | ||||||||||||||||||
Selling, general and administrative expenses | — | 17,261 | 1,495 | 8,131 | — | 26,887 | ||||||||||||||||||
Special charges | — | — | — | — | — | — | ||||||||||||||||||
Income (loss) from operations | — | 8,555 | 4,390 | 11,377 | — | 24,322 | ||||||||||||||||||
Other income (expense) | — | (541 | ) | 9 | 337 | — | (195 | ) | ||||||||||||||||
Earnings (loss) before interest and income taxes | — | 8,014 | 4,399 | 11,714 | — | 24,127 | ||||||||||||||||||
Interest expense | — | 6,719 | — | 2,001 | — | 8,720 | ||||||||||||||||||
Income (loss) before income taxes | — | 1,295 | 4,399 | 9,713 | — | 15,407 | ||||||||||||||||||
Provision (benefit) for income taxes | — | (1,536 | ) | — | 2,082 | — | 546 | |||||||||||||||||
Net income (loss) | — | 2,831 | 4,399 | 7,631 | — | 14,861 | ||||||||||||||||||
Equity in net income (loss) of subsidiaries | 14,861 | 12,030 | — | — | (26,891 | ) | — | |||||||||||||||||
Net income (loss) | $ | 14,861 | $ | 14,861 | $ | 4,399 | $ | 7,631 | $ | (26,891 | ) | $ | 14,861 | |||||||||||
Comprehensive income (loss) | $ | 21,630 | $ | 21,630 | $ | 4,522 | $ | 10,244 | $ | (36,396 | ) | $ | 21,630 | |||||||||||
Libbey Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net sales | $ | — | $ | 285,035 | $ | 61,342 | $ | 293,122 | $ | (41,733 | ) | $ | 597,766 | |||||||||||
Freight billed to customers | — | 401 | 640 | 1,406 | — | 2,447 | ||||||||||||||||||
Total revenues | — | 285,436 | 61,982 | 294,528 | (41,733 | ) | 600,213 | |||||||||||||||||
Cost of sales | — | 209,165 | 46,340 | 246,842 | (41,733 | ) | 460,614 | |||||||||||||||||
Gross profit | — | 76,271 | 15,642 | 47,686 | — | 139,599 | ||||||||||||||||||
Selling, general and administrative expenses | — | 46,721 | 8,256 | 26,574 | — | 81,551 | ||||||||||||||||||
Special charges | — | 4,602 | — | 17 | — | 4,619 | ||||||||||||||||||
Income (loss) from operations | — | 24,948 | 7,386 | 21,095 | — | 53,429 | ||||||||||||||||||
Other income (expense) | — | (2,745 | ) | (16 | ) | (847 | ) | — | (3,608 | ) | ||||||||||||||
Earnings (loss) before interest and income taxes | — | 22,203 | 7,370 | 20,248 | — | 49,821 | ||||||||||||||||||
Interest expense | — | 18,120 | — | 6,147 | — | 24,267 | ||||||||||||||||||
Income (loss) before income taxes | — | 4,083 | 7,370 | 14,101 | — | 25,554 | ||||||||||||||||||
Provision (benefit) for income taxes | — | 1,152 | 230 | 4,998 | — | 6,380 | ||||||||||||||||||
Net income (loss) | — | 2,931 | 7,140 | 9,103 | — | 19,174 | ||||||||||||||||||
Equity in net income (loss) of subsidiaries | 19,174 | 16,243 | — | — | (35,417 | ) | — | |||||||||||||||||
Net income (loss) | $ | 19,174 | $ | 19,174 | $ | 7,140 | $ | 9,103 | $ | (35,417 | ) | $ | 19,174 | |||||||||||
Comprehensive income (loss) | $ | 36,281 | $ | 36,281 | $ | 7,030 | $ | 4,441 | $ | (47,752 | ) | $ | 36,281 | |||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net sales | $ | — | $ | 308,017 | $ | 57,420 | $ | 294,175 | $ | (53,386 | ) | $ | 606,226 | |||||||||||
Freight billed to customers | — | 436 | 532 | 1,514 | — | 2,482 | ||||||||||||||||||
Total revenues | — | 308,453 | 57,952 | 295,689 | (53,386 | ) | 608,708 | |||||||||||||||||
Cost of sales | — | 229,083 | 41,838 | 240,561 | (53,386 | ) | 458,096 | |||||||||||||||||
Gross profit | — | 79,370 | 16,114 | 55,128 | — | 150,612 | ||||||||||||||||||
Selling, general and administrative expenses | — | 52,685 | 4,897 | 24,809 | — | 82,391 | ||||||||||||||||||
Special charges | — | — | — | — | — | — | ||||||||||||||||||
Income (loss) from operations | — | 26,685 | 11,217 | 30,319 | — | 68,221 | ||||||||||||||||||
Other income (expense) | — | (31,503 | ) | 2 | 67 | — | (31,434 | ) | ||||||||||||||||
Earnings (loss) before interest and income taxes | — | (4,818 | ) | 11,219 | 30,386 | — | 36,787 | |||||||||||||||||
Interest expense | — | 22,593 | — | 6,492 | — | 29,085 | ||||||||||||||||||
Income (loss) before income taxes | — | (27,411 | ) | 11,219 | 23,894 | — | 7,702 | |||||||||||||||||
Provision (benefit) for income taxes | — | (3,972 | ) | 131 | 6,184 | — | 2,343 | |||||||||||||||||
Net income (loss) | — | (23,439 | ) | 11,088 | 17,710 | — | 5,359 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 5,359 | 28,798 | — | — | (34,157 | ) | — | |||||||||||||||||
Net income (loss) | $ | 5,359 | $ | 5,359 | $ | 11,088 | $ | 17,710 | $ | (34,157 | ) | $ | 5,359 | |||||||||||
Comprehensive income (loss) | $ | 17,763 | $ | 17,763 | $ | 11,575 | $ | 18,120 | $ | (47,458 | ) | $ | 17,763 | |||||||||||
Libbey Inc. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
September 30, 2013 (unaudited) | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Cash and equivalents | $ | — | $ | 6,217 | $ | 52 | $ | 23,197 | $ | — | $ | 29,466 | ||||||||||||
Accounts receivable — net | — | 38,967 | 5,551 | 47,093 | — | 91,611 | ||||||||||||||||||
Inventories — net | — | 60,035 | 21,295 | 92,064 | — | 173,394 | ||||||||||||||||||
Other current assets | — | 19,638 | 2,284 | 17,630 | (16,407 | ) | 23,145 | |||||||||||||||||
Total current assets | — | 124,857 | 29,182 | 179,984 | (16,407 | ) | 317,616 | |||||||||||||||||
Other non-current assets | — | 18,806 | — | 21,251 | (4,190 | ) | 35,867 | |||||||||||||||||
Investments in and advances to subsidiaries | 68,757 | 372,239 | 197,806 | (40,632 | ) | (598,170 | ) | — | ||||||||||||||||
Goodwill and purchased intangible assets — net | — | 27,423 | 12,347 | 146,909 | — | 186,679 | ||||||||||||||||||
Total other assets | 68,757 | 418,468 | 210,153 | 127,528 | (602,360 | ) | 222,546 | |||||||||||||||||
Property, plant and equipment — net | — | 64,876 | 288 | 189,334 | — | 254,498 | ||||||||||||||||||
Total assets | $ | 68,757 | $ | 608,201 | $ | 239,623 | $ | 496,846 | $ | (618,767 | ) | $ | 794,660 | |||||||||||
Accounts payable | $ | — | $ | 12,330 | $ | 2,118 | $ | 46,319 | $ | — | $ | 60,767 | ||||||||||||
Accrued and other current liabilities | — | 56,489 | 22,473 | 28,767 | (13,334 | ) | 94,395 | |||||||||||||||||
Notes payable and long-term debt due within one year | — | 231 | — | 14,915 | — | 15,146 | ||||||||||||||||||
Total current liabilities | — | 69,050 | 24,591 | 90,001 | (13,334 | ) | 170,308 | |||||||||||||||||
Long-term debt | — | 404,655 | — | 2,343 | — | 406,998 | ||||||||||||||||||
Other long-term liabilities | — | 91,818 | 9,432 | 51,537 | (4,190 | ) | 148,597 | |||||||||||||||||
Total liabilities | — | 565,523 | 34,023 | 143,881 | (17,524 | ) | 725,903 | |||||||||||||||||
Total shareholders’ equity (deficit) | 68,757 | 42,678 | 205,600 | 352,965 | (601,243 | ) | 68,757 | |||||||||||||||||
Total liabilities and shareholders’ equity (deficit) | $ | 68,757 | $ | 608,201 | $ | 239,623 | $ | 496,846 | $ | (618,767 | ) | $ | 794,660 | |||||||||||
Libbey Inc. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Cash and equivalents | $ | — | $ | 43,558 | $ | 70 | $ | 23,580 | $ | — | $ | 67,208 | ||||||||||||
Accounts receivable — net | — | 33,987 | 3,560 | 43,303 | — | 80,850 | ||||||||||||||||||
Inventories — net | — | 52,627 | 18,477 | 86,445 | — | 157,549 | ||||||||||||||||||
Other current assets | — | 17,931 | 810 | 10,446 | (16,190 | ) | 12,997 | |||||||||||||||||
Total current assets | — | 148,103 | 22,917 | 163,774 | (16,190 | ) | 318,604 | |||||||||||||||||
Other non-current assets | — | 22,373 | 54 | 20,387 | (4,190 | ) | 38,624 | |||||||||||||||||
Investments in and advances to subsidiaries | 24,476 | 384,414 | 194,316 | (35,962 | ) | (567,244 | ) | — | ||||||||||||||||
Goodwill and purchased intangible assets — net | — | 26,833 | 12,347 | 147,614 | — | 186,794 | ||||||||||||||||||
Total other assets | 24,476 | 433,620 | 206,717 | 132,039 | (571,434 | ) | 225,418 | |||||||||||||||||
Property, plant and equipment — net | — | 72,780 | 298 | 185,076 | — | 258,154 | ||||||||||||||||||
Total assets | $ | 24,476 | $ | 654,503 | $ | 229,932 | $ | 480,889 | $ | (587,624 | ) | $ | 802,176 | |||||||||||
Accounts payable | $ | — | $ | 15,339 | $ | 2,854 | $ | 47,519 | $ | — | $ | 65,712 | ||||||||||||
Accrued and other current liabilities | — | 63,674 | 20,194 | 27,857 | (16,190 | ) | 95,535 | |||||||||||||||||
Notes payable and long-term debt due within one year | — | 221 | — | 4,362 | — | 4,583 | ||||||||||||||||||
Total current liabilities | — | 79,234 | 23,048 | 79,738 | (16,190 | ) | 165,830 | |||||||||||||||||
Long-term debt | — | 451,090 | — | 10,794 | — | 461,884 | ||||||||||||||||||
Other long-term liabilities | — | 94,434 | 9,691 | 50,051 | (4,190 | ) | 149,986 | |||||||||||||||||
Total liabilities | — | 624,758 | 32,739 | 140,583 | (20,380 | ) | 777,700 | |||||||||||||||||
Total shareholders’ equity (deficit) | 24,476 | 29,745 | 197,193 | 340,306 | (567,244 | ) | 24,476 | |||||||||||||||||
Total liabilities and shareholders’ equity (deficit) | $ | 24,476 | $ | 654,503 | $ | 229,932 | $ | 480,889 | $ | (587,624 | ) | $ | 802,176 | |||||||||||
Libbey Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net income (loss) | $ | 4,749 | $ | 4,749 | $ | 2,110 | $ | 5,973 | $ | (12,832 | ) | $ | 4,749 | |||||||||||
Depreciation and amortization | — | 2,921 | 13 | 8,839 | — | 11,773 | ||||||||||||||||||
Other operating activities | (4,749 | ) | 12,531 | (2,122 | ) | (247 | ) | 12,832 | 18,245 | |||||||||||||||
Net cash provided by (used in) operating activities | — | 20,201 | 1 | 14,565 | — | 34,767 | ||||||||||||||||||
Additions to property, plant & equipment | — | (2,620 | ) | (4 | ) | (7,757 | ) | — | (10,381 | ) | ||||||||||||||
Other investing activities | — | 1 | — | 72 | — | 73 | ||||||||||||||||||
Net cash (used in) investing activities | — | (2,619 | ) | (4 | ) | (7,685 | ) | — | (10,308 | ) | ||||||||||||||
Net borrowings (repayments) | — | (9,856 | ) | — | 1,753 | — | (8,103 | ) | ||||||||||||||||
Other financing activities | — | 2,059 | — | — | — | 2,059 | ||||||||||||||||||
Net cash provided by (used in) financing activities | — | (7,797 | ) | — | 1,753 | — | (6,044 | ) | ||||||||||||||||
Exchange effect on cash | — | — | — | 507 | — | 507 | ||||||||||||||||||
Increase (decrease) in cash | — | 9,785 | (3 | ) | 9,140 | — | 18,922 | |||||||||||||||||
Cash at beginning of period | — | (3,568 | ) | 55 | 14,057 | — | 10,544 | |||||||||||||||||
Cash at end of period | $ | — | $ | 6,217 | $ | 52 | $ | 23,197 | $ | — | $ | 29,466 | ||||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net income (loss) | $ | 14,861 | $ | 14,861 | $ | 4,399 | $ | 7,631 | $ | (26,891 | ) | $ | 14,861 | |||||||||||
Depreciation and amortization | — | 3,143 | 17 | 6,913 | — | 10,073 | ||||||||||||||||||
Other operating activities | (14,861 | ) | 159 | (4,328 | ) | (4,906 | ) | 26,891 | 2,955 | |||||||||||||||
Net cash provided by (used in) operating activities | — | 18,163 | 88 | 9,638 | — | 27,889 | ||||||||||||||||||
Additions to property, plant & equipment | — | (1,478 | ) | — | (3,934 | ) | — | (5,412 | ) | |||||||||||||||
Other investing activities | — | — | — | 131 | — | 131 | ||||||||||||||||||
Net cash (used in) investing activities | — | (1,478 | ) | — | (3,803 | ) | — | (5,281 | ) | |||||||||||||||
Net borrowings (repayments) | — | (53 | ) | — | (8,264 | ) | — | (8,317 | ) | |||||||||||||||
Other financing activities | — | (627 | ) | — | — | — | (627 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | — | (680 | ) | — | (8,264 | ) | — | (8,944 | ) | |||||||||||||||
Exchange effect on cash | — | — | — | 106 | — | 106 | ||||||||||||||||||
Increase (decrease) in cash | — | 16,005 | 88 | (2,323 | ) | — | 13,770 | |||||||||||||||||
Cash at beginning of period | — | (211 | ) | 66 | 19,722 | — | 19,577 | |||||||||||||||||
Cash at end of period | $ | — | $ | 15,794 | $ | 154 | $ | 17,399 | $ | — | $ | 33,347 | ||||||||||||
Libbey Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net income (loss) | $ | 19,174 | $ | 19,174 | $ | 7,140 | $ | 9,103 | $ | (35,417 | ) | $ | 19,174 | |||||||||||
Depreciation and amortization | — | 11,646 | 46 | 22,478 | — | 34,170 | ||||||||||||||||||
Other operating activities | (19,174 | ) | (20,066 | ) | (7,169 | ) | (10,880 | ) | 35,417 | (21,872 | ) | |||||||||||||
Net cash provided by (used in) operating activities | — | 10,754 | 17 | 20,701 | — | 31,472 | ||||||||||||||||||
Additions to property, plant & equipment | — | (6,689 | ) | (35 | ) | (23,428 | ) | — | (30,152 | ) | ||||||||||||||
Other investing activities | — | 2 | — | 79 | — | 81 | ||||||||||||||||||
Net cash (used in) investing activities | — | (6,687 | ) | (35 | ) | (23,349 | ) | — | (30,071 | ) | ||||||||||||||
Net borrowings (repayments) | — | (45,165 | ) | — | 1,748 | — | (43,417 | ) | ||||||||||||||||
Other financing activities | — | 3,757 | — | — | — | 3,757 | ||||||||||||||||||
Net cash provided by (used in) financing activities | — | (41,408 | ) | — | 1,748 | — | (39,660 | ) | ||||||||||||||||
Exchange effect on cash | — | — | — | 517 | — | 517 | ||||||||||||||||||
Increase (decrease) in cash | — | (37,341 | ) | (18 | ) | (383 | ) | — | (37,742 | ) | ||||||||||||||
Cash at beginning of period | — | 43,558 | 70 | 23,580 | — | 67,208 | ||||||||||||||||||
Cash at end of period | $ | — | $ | 6,217 | $ | 52 | $ | 23,197 | $ | — | $ | 29,466 | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net income (loss) | $ | 5,359 | $ | 5,359 | $ | 11,088 | $ | 17,710 | $ | (34,157 | ) | $ | 5,359 | |||||||||||
Depreciation and amortization | — | 10,150 | 54 | 20,693 | — | 30,897 | ||||||||||||||||||
Other operating activities | (5,359 | ) | (86,674 | ) | (11,143 | ) | (10,867 | ) | 34,157 | (79,886 | ) | |||||||||||||
Net cash provided by (used in) operating activities | — | (71,165 | ) | (1 | ) | 27,536 | — | (43,630 | ) | |||||||||||||||
Additions to property, plant & equipment | — | (5,792 | ) | — | (11,452 | ) | — | (17,244 | ) | |||||||||||||||
Other investing activities | — | — | — | 550 | — | 550 | ||||||||||||||||||
Net cash (used in) investing activities | — | (5,792 | ) | — | (10,902 | ) | — | (16,694 | ) | |||||||||||||||
Net borrowings (repayments) | — | 89,845 | — | (18,124 | ) | — | 71,721 | |||||||||||||||||
Other financing activities | — | (36,343 | ) | — | — | — | (36,343 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | — | 53,502 | — | (18,124 | ) | — | 35,378 | |||||||||||||||||
Exchange effect on cash | — | — | — | 2 | — | 2 | ||||||||||||||||||
Increase (decrease) in cash | — | (23,455 | ) | (1 | ) | (1,488 | ) | — | (24,944 | ) | ||||||||||||||
Cash at beginning of period | — | 39,249 | 155 | 18,887 | — | 58,291 | ||||||||||||||||||
Cash at end of period | $ | — | $ | 15,794 | $ | 154 | $ | 17,399 | $ | — | $ | 33,347 | ||||||||||||
Segments
Segments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segments | ' | |||||||||||||||
Segments | ||||||||||||||||
Effective January 1, 2013, we revised our reporting segments to align with our previously announced regionally focused organizational structure, which we believe enables us to better serve customers across the globe. Under this structure, we now report financial results for the Americas; Europe, the Middle East and Africa (EMEA); and Other. In addition, sales and segment EBIT reflect end market reporting pursuant to which sales and related costs are included in segment EBIT based on the geographical destination of the sale. The revised segment results do not affect any previously reported consolidated financial results. Our two reportable segments are defined below. Our operating segments that do not meet the criteria for reportable segments are disclosed as Other. | ||||||||||||||||
Americas—includes worldwide sales of manufactured and sourced glass tableware having an end market destination in North and South America. | ||||||||||||||||
EMEA—includes worldwide sales of manufactured and sourced glass tableware having an end market destination in Europe, the Middle East and Africa. | ||||||||||||||||
Other —includes worldwide sales of manufactured and sourced glass tableware having an end market destination in Asia Pacific and worldwide sales of sourced ceramic dinnerware, metal tableware, hollowware, and serveware. | ||||||||||||||||
Our measure of profit for our reportable segments is Segment Earnings before Interest and Taxes (Segment EBIT) and excludes amounts related to certain items we consider not representative of ongoing operations as well as certain retained corporate costs. We use Segment EBIT, along with net sales and selected cash flow information, to evaluate performance and to allocate resources. Segment EBIT for reportable segments includes an allocation of some corporate expenses based on the costs of services performed. | ||||||||||||||||
Certain activities not related to any particular reportable segment are reported within retained corporate costs. These costs include certain headquarter, administrative and facility costs, and other costs that are global in nature and are not allocable to the reporting segments. | ||||||||||||||||
The accounting policies of the reportable segments are the same as those described in note 2. We do not have any customers who represent 10 percent or more of total sales. Inter-segment sales are consummated at arm’s length and are reflected at end market reporting below. | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Sales: | ||||||||||||||||
Americas | $ | 141,390 | $ | 146,169 | $ | 406,740 | $ | 424,428 | ||||||||
EMEA | 35,491 | 34,454 | 107,714 | 98,969 | ||||||||||||
Other | 27,505 | 28,527 | 83,312 | 82,829 | ||||||||||||
Consolidated | $ | 204,386 | $ | 209,150 | $ | 597,766 | $ | 606,226 | ||||||||
Segment EBIT: | ||||||||||||||||
Americas | $ | 20,580 | $ | 27,020 | $ | 71,230 | $ | 73,708 | ||||||||
EMEA | (258 | ) | 1,804 | (1,172 | ) | 1,526 | ||||||||||
Other | 202 | 5,378 | 8,366 | 16,011 | ||||||||||||
Total Segment EBIT | $ | 20,524 | $ | 34,202 | $ | 78,424 | $ | 91,245 | ||||||||
Reconciliation of Segment EBIT to Net Income: | ||||||||||||||||
Segment EBIT | $ | 20,524 | $ | 34,202 | $ | 78,424 | $ | 91,245 | ||||||||
Retained corporate costs | (3,647 | ) | (6,289 | ) | (14,074 | ) | (19,597 | ) | ||||||||
Loss on redemption of debt (note 4) | — | — | (2,518 | ) | (31,075 | ) | ||||||||||
Severance | — | (3,911 | ) | — | (3,911 | ) | ||||||||||
Pension settlement and curtailment | (760 | ) | 125 | (1,475 | ) | 125 | ||||||||||
Furnace malfunction | (2,437 | ) | — | (2,437 | ) | — | ||||||||||
Restructuring charges (note 5) | (390 | ) | — | (6,318 | ) | — | ||||||||||
Abandoned property (note 15) | — | — | (1,781 | ) | — | |||||||||||
Interest expense | (7,706 | ) | (8,720 | ) | (24,267 | ) | (29,085 | ) | ||||||||
Income taxes | (835 | ) | (546 | ) | (6,380 | ) | (2,343 | ) | ||||||||
Net income | $ | 4,749 | $ | 14,861 | $ | 19,174 | $ | 5,359 | ||||||||
Depreciation & Amortization: | ||||||||||||||||
Americas | $ | 5,975 | $ | 6,045 | $ | 19,824 | $ | 18,248 | ||||||||
EMEA | 2,930 | 2,375 | 7,923 | 7,389 | ||||||||||||
Other | 2,587 | 1,325 | 5,377 | 4,156 | ||||||||||||
Corporate | 281 | 328 | 1,046 | 1,104 | ||||||||||||
Consolidated | $ | 11,773 | $ | 10,073 | $ | 34,170 | $ | 30,897 | ||||||||
Capital Expenditures: | ||||||||||||||||
Americas | $ | 4,231 | $ | 3,839 | $ | 18,140 | $ | 12,262 | ||||||||
EMEA | 1,307 | 942 | 4,348 | 2,960 | ||||||||||||
Other | 3,955 | 152 | 5,610 | 1,175 | ||||||||||||
Corporate | 888 | 479 | 2,054 | 847 | ||||||||||||
Consolidated | $ | 10,381 | $ | 5,412 | $ | 30,152 | $ | 17,244 | ||||||||
(dollars in thousands) | 30-Sep-13 | 31-Dec-12 | ||||||||||||||
Segment Assets(1): | ||||||||||||||||
Americas | $ | 169,667 | $ | 150,923 | ||||||||||||
EMEA | 49,715 | 49,981 | ||||||||||||||
Other | 45,623 | 37,495 | ||||||||||||||
Consolidated | $ | 265,005 | $ | 238,399 | ||||||||||||
______________________________ | ||||||||||||||||
(1) Segment assets are defined as net accounts receivable plus net inventory. |
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value | ' | |||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs used in measuring fair value into three broad levels as follows: | ||||||||||||||||||||||||||||||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||
• | Level 2 — Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. | |||||||||||||||||||||||||||||||
• | Level 3 — Unobservable inputs based on our own assumptions. | |||||||||||||||||||||||||||||||
Fair Value at | Fair Value at | |||||||||||||||||||||||||||||||
Asset / (Liability) | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Commodity futures natural gas contracts | $ | — | $ | (216 | ) | $ | — | $ | (216 | ) | $ | — | $ | (420 | ) | $ | — | $ | (420 | ) | ||||||||||||
Currency contracts | — | 185 | — | 185 | — | 41 | — | 41 | ||||||||||||||||||||||||
Interest rate agreement | — | (1,613 | ) | — | (1,613 | ) | — | 298 | — | 298 | ||||||||||||||||||||||
Net derivative asset (liability) | $ | — | $ | (1,644 | ) | $ | — | $ | (1,644 | ) | $ | — | $ | (81 | ) | $ | — | $ | (81 | ) | ||||||||||||
The fair values of our commodity futures natural gas contracts and currency contracts are determined using observable market inputs. The fair value of our interest rate agreement is based on the market standard methodology of netting the discounted expected future fixed cash receipts and the discounted future variable cash payments. The variable cash payments are based on an expectation of future interest rates derived from observed market interest rate forward curves. Since these inputs are observable in active markets over the terms that the instruments are held, the derivatives are classified as Level 2 in the hierarchy. We also evaluate Company and counterparty risk in determining fair values. The commodity futures natural gas contracts, interest rate agreements and currency contracts are hedges of either recorded assets or liabilities or anticipated transactions. Changes in values of the underlying hedged assets and liabilities or anticipated transactions are not reflected in the above table. | ||||||||||||||||||||||||||||||||
The total derivative position is recorded on the Condensed Consolidated Balance Sheets as follows: | ||||||||||||||||||||||||||||||||
Asset / (Liability) | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Prepaid and other current assets | $ | 185 | $ | 41 | ||||||||||||||||||||||||||||
Derivative asset | — | 298 | ||||||||||||||||||||||||||||||
Derivative liability | (193 | ) | (420 | ) | ||||||||||||||||||||||||||||
Other long-term liabilities | (1,636 | ) | — | |||||||||||||||||||||||||||||
Net derivative asset (liability) | $ | (1,644 | ) | $ | (81 | ) |
Other_Income_Expense
Other Income (Expense) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Other Income (Expense) | ' | |||||||||||||||
Other Income (Expense) | ||||||||||||||||
Items included in other income (expense) in the Condensed Consolidated Statements of Operations are as follows: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Gain (loss) on currency translation | $ | (636 | ) | $ | (374 | ) | $ | (438 | ) | $ | (765 | ) | ||||
Hedge ineffectiveness | (78 | ) | (666 | ) | (923 | ) | (436 | ) | ||||||||
Other non-operating income (expense) | 8 | 845 | 271 | 842 | ||||||||||||
Other income (expense) | $ | (706 | ) | $ | (195 | ) | $ | (1,090 | ) | $ | (359 | ) |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Legal Proceedings | |
From time to time, we are identified as a "potentially responsible party" (PRP) under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) and/or similar state laws that impose liability without regard to fault for costs and damages relating to the investigation and clean-up of contamination resulting from releases or threatened releases of hazardous substances. We are also subject to similar laws in some of the countries where our facilities are located. Our environmental, health, and safety department monitors compliance with applicable laws on a global basis. | |
On October 30, 2009, the United States Environmental Protection Agency ("US EPA") designated Syracuse China Company ("Syracuse China"), our wholly-owned subsidiary, as one of eight PRPs with respect to the Lower Ley Creek sub-site of the Onondaga Lake Superfund site located near the ceramic dinnerware manufacturing facility that Syracuse China operated from 1995 to 2009 in Syracuse, New York. As a PRP, we may be required to pay a share of the costs of investigation and clean-up of the Lower Ley Creek sub-site. | |
Although US EPA has completed its Remedial Investigation (RI), US EPA has not yet issued a Feasibility Study (FS), Risk Assessment (RA) or Proposed Remedial Action Plan (PRAP) with respect to the Lower Ley Creek sub-site. Accordingly, the nature of any plan of remediation, and the costs of any such plan of remediation, are not yet known. Additionally, it is not yet known whether amounts previously recovered by US EPA are adequate to cover the costs associated with any such plan of remediation, nor is it known how any excess costs may be allocated among the PRPs. | |
Depending on the results of the FS, RA and PRAP, it is reasonably possible that Syracuse China may be required to record a liability related to remediation costs at the Ley Creek sub-site. As of September 30, 2013, the possible loss or range of loss is not reasonably estimable. To the extent that Syracuse China may have liability with respect to this sub-site and to the extent that the liability arose prior to our 1995 acquisition of the Syracuse China assets, the liability would be subject to the indemnification provisions contained in the Asset Purchase Agreement between the Company and The Pfaltzgraff Co. (now known as TPC-York, Inc. ("TPC York")) and certain of its subsidiaries. Accordingly, Syracuse China has notified TPC York of its claim for indemnification under the Asset Purchase Agreement. Although we cannot predict the ultimate impact of this proceeding, we believe that the outcome will not have a material impact on our financial condition, results of operations or liquidity. | |
Abandoned Property Audit | |
We have completed an unclaimed property audit. The property subject to review in this audit process generally included unclaimed wages, vendor payments and customer refunds. State escheat laws generally require entities to report and remit abandoned and unclaimed property. Failure to timely report and remit the property can result in assessments that include interest and penalties, in addition to the payment of the escheat liability itself. At the completion of the audit in the three months ended June 30, 2013, we paid $4.5 million, which resulted in additional expense of $1.8 million in selling, general and administrative expenses on the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2013. Expense of $2.7 million was recorded in the third quarter of 2011 and accrued at December 31, 2012. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation [Policy Text Block] | ' |
Basis of Presentation | |
The Condensed Consolidated Financial Statements include Libbey Inc. and its majority-owned subsidiaries (collectively, Libbey or the Company). Our fiscal year end is December 31st. All material intercompany accounts and transactions have been eliminated. The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ materially from management’s estimates. | |
Revenue Recognition and Cost of Sales [Policy Text Block] | ' |
Condensed Consolidated Statements of Operations | |
Net sales in our Condensed Consolidated Statements of Operations include revenue earned when products are shipped and title and risk of loss have passed to the customer. Revenue is recorded net of returns, discounts and incentives offered to customers. Cost of sales includes cost to manufacture and/or purchase products, warehouse, shipping and delivery costs and other costs. | |
Foreign Currency Translation [Policy Text Block] | ' |
Foreign Currency Translation | |
Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments directly recorded to a separate component of accumulated other comprehensive loss. Income and expense accounts are translated at average exchange rates during the year. The effect of exchange rate changes on transactions denominated in currencies other than the functional currency is recorded in other income (expense). | |
Income Taxes [Policy Text Block] | ' |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax attribute carry-forwards. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Financial Accounting Standards Board Accounting Standards Codification™ (FASB ASC) Topic 740, “Income Taxes,” requires that a valuation allowance be recorded when it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are determined separately for each tax jurisdiction in which we conduct our operations or otherwise incur taxable income or losses. In the United States, Portugal and the Netherlands, we have recorded valuation allowances against our deferred income tax assets. See note 6 for further discussion. | |
In assessing the need for recording or releasing a valuation allowance, we weigh all available positive and negative evidence. Examples of the evidence we consider are cumulative losses in recent years, losses expected in early future years, a history of potential tax benefits expiring unused, prudent and feasible tax planning strategies that could be implemented, and whether there was an unusual, infrequent or extraordinary item to be considered. | |
FASB ASC 740-20, "Income Taxes - Intraperiod Tax Allocation," requires that the provision for income taxes be allocated between continuing operations and other categories of earnings (such as discontinued operations or other comprehensive income) for each tax jurisdiction. In periods in which there is a year-to-date pre-tax loss from continuing operations and pre-tax income in other categories of earnings, the tax provision is first allocated to the other categories of earnings. | |
Stock-Based Compensation [Policy Text Block] | ' |
Stock-Based Compensation Expense | |
We account for stock-based compensation expense in accordance with FASB ASC Topic 718, “Compensation — Stock Compensation,” and FASB ASC Topic 505-50, “Equity — Equity-Based Payments to Non-Employees”. Stock-based compensation cost is measured based on the fair value of the equity instruments issued. FASB ASC Topics 718 and 505-50 apply to all of our outstanding unvested stock-based payment awards. | |
New Accounting Standards [Policy Text Block] | ' |
New Accounting Standards | |
In February 2013, the FASB issued Accounting Standards Update 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02). ASU 2013-02 requires companies to present, either in a note or parenthetically on the face of the financial statements, the effect of amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. This update is effective for interim and annual reporting periods beginning after December 15, 2012. Required interim disclosures have been made in our Condensed Consolidated Financial Statements at September 30, 2013. | |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | ' |
We have pension plans covering the majority of our employees. Benefits generally are based on compensation for salaried employees and job grade and length of service for hourly employees. Our policy is to fund pension plans such that sufficient assets will be available to meet future benefit requirements. In addition, we have an unfunded supplemental employee retirement plan (SERP) that covers certain salaried U.S.-based employees of Libbey hired before January 1, 2006. The U.S. pension plans cover the salaried U.S.-based employees of Libbey hired before January 1, 2006 and most hourly U.S.-based employees (excluding employees hired at Shreveport after 2008 and at Toledo after September 30, 2010). Effective January 1, 2013, we ceased annual company contribution credits to the cash balance accounts in our Libbey U.S. Salaried Pension Plan and SERP. The non-U.S. pension plans cover the employees of our wholly owned subsidiaries in the Netherlands and Mexico. The plan in Mexico is not funded. | |
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | ' |
We provide certain retiree health care and life insurance benefits covering our U.S and Canadian salaried and non-union hourly employees hired before January 1, 2004 and a majority of our union hourly employees (excluding employees hired at Shreveport after 2008 and at Toledo after September 30, 2010). Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. Effective January 1, 2013, we ended our existing healthcare benefit for salaried retirees age 65 and older and are now providing a Retiree Health Reimbursement Arrangement (RHRA) that supports retirees in purchasing a Medicare plan that meets their needs. Also effective January 1, 2013, we reduced the maximum life insurance benefit for salaried retirees to $10,000. Benefits for most hourly retirees are determined by collective bargaining. The U.S. non-pension postretirement plans cover the hourly and salaried U.S.-based employees of Libbey (excluding those mentioned above). The non-U.S. non-pension postretirement plans cover the retirees and active employees of Libbey who are located in Canada. The postretirement benefit plans are not funded. | |
Earnings Per Share [Policy Text Block] | ' |
When applicable, diluted shares outstanding include the dilutive impact of restricted stock units. Diluted shares also include the impact of in-the-money employee stock options, which are calculated based on the average share price for each fiscal period using the treasury stock method. | |
Derivatives [Policy Text Block] | ' |
Derivatives | |
We utilize derivative financial instruments to hedge certain interest rate risks associated with our long-term debt, commodity price risks associated with forecasted future natural gas requirements and foreign exchange rate risks associated with transactions denominated in a currency other than the U.S. dollar. Most of these derivatives, except for the foreign currency contracts and a portion of our interest rate swap, qualify for hedge accounting since the hedges are highly effective, and we have designated and documented contemporaneously the hedging relationships involving these derivative instruments. While we intend to continue to meet the conditions for hedge accounting, if hedges do not qualify as highly effective or if we do not believe that forecasted transactions would occur, the changes in the fair value of the derivatives used as hedges would be reflected in our earnings. All of these contracts were accounted for under FASB ASC 815 “Derivatives and Hedging.” | |
Segment Reporting [Policy Text Block] | ' |
Effective January 1, 2013, we revised our reporting segments to align with our previously announced regionally focused organizational structure, which we believe enables us to better serve customers across the globe. Under this structure, we now report financial results for the Americas; Europe, the Middle East and Africa (EMEA); and Other. In addition, sales and segment EBIT reflect end market reporting pursuant to which sales and related costs are included in segment EBIT based on the geographical destination of the sale. The revised segment results do not affect any previously reported consolidated financial results. Our two reportable segments are defined below. Our operating segments that do not meet the criteria for reportable segments are disclosed as Other. | |
Americas—includes worldwide sales of manufactured and sourced glass tableware having an end market destination in North and South America. | |
EMEA—includes worldwide sales of manufactured and sourced glass tableware having an end market destination in Europe, the Middle East and Africa. | |
Other —includes worldwide sales of manufactured and sourced glass tableware having an end market destination in Asia Pacific and worldwide sales of sourced ceramic dinnerware, metal tableware, hollowware, and serveware. | |
Our measure of profit for our reportable segments is Segment Earnings before Interest and Taxes (Segment EBIT) and excludes amounts related to certain items we consider not representative of ongoing operations as well as certain retained corporate costs. We use Segment EBIT, along with net sales and selected cash flow information, to evaluate performance and to allocate resources. Segment EBIT for reportable segments includes an allocation of some corporate expenses based on the costs of services performed. | |
Certain activities not related to any particular reportable segment are reported within retained corporate costs. These costs include certain headquarter, administrative and facility costs, and other costs that are global in nature and are not allocable to the reporting segments. | |
The accounting policies of the reportable segments are the same as those described in note 2. We do not have any customers who represent 10 percent or more of total sales. Inter-segment sales are consummated at arm’s length and are reflected at end market reporting below. | |
Fair Value [Policy Text Block] | ' |
The fair values of our commodity futures natural gas contracts and currency contracts are determined using observable market inputs. The fair value of our interest rate agreement is based on the market standard methodology of netting the discounted expected future fixed cash receipts and the discounted future variable cash payments. The variable cash payments are based on an expectation of future interest rates derived from observed market interest rate forward curves. Since these inputs are observable in active markets over the terms that the instruments are held, the derivatives are classified as Level 2 in the hierarchy. We also evaluate Company and counterparty risk in determining fair values. The commodity futures natural gas contracts, interest rate agreements and currency contracts are hedges of either recorded assets or liabilities or anticipated transactions. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
Stock-based compensation expense charged to the Condensed Consolidated Statements of Operations is as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock-based compensation expense | $ | 990 | $ | 601 | $ | 3,299 | $ | 2,466 | |||||||||
Balance_Sheet_Details_Tables
Balance Sheet Details (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Balance Sheet Details [Abstract] | ' | |||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | ' | |||||||
The following table provides detail of selected balance sheet items: | ||||||||
(dollars in thousands) | September 30, 2013 | December 31, 2012 | ||||||
Accounts receivable: | ||||||||
Trade receivables | $ | 90,225 | $ | 79,624 | ||||
Other receivables | 1,386 | 1,226 | ||||||
Total accounts receivable, less allowances of $5,898 and $5,703 | $ | 91,611 | $ | 80,850 | ||||
Inventories: | ||||||||
Finished goods | $ | 155,354 | $ | 139,888 | ||||
Work in process | 1,826 | 1,188 | ||||||
Raw materials | 4,080 | 4,828 | ||||||
Repair parts | 10,690 | 10,283 | ||||||
Operating supplies | 1,444 | 1,362 | ||||||
Total inventories, less allowances of $4,452 and $4,091 | $ | 173,394 | $ | 157,549 | ||||
Prepaid and other current assets: | ||||||||
Value added tax | $ | 6,667 | $ | 3,850 | ||||
Prepaid expenses | 8,099 | 5,036 | ||||||
Deferred and prepaid income taxes | 8,194 | 4,070 | ||||||
Derivative asset | 185 | 41 | ||||||
Total prepaid and other current assets | $ | 23,145 | $ | 12,997 | ||||
Other assets: | ||||||||
Deposits | $ | 1,951 | $ | 936 | ||||
Finance fees — net of amortization | 10,929 | 13,539 | ||||||
Other assets | 2,051 | 3,825 | ||||||
Total other assets | $ | 14,931 | $ | 18,300 | ||||
Accrued liabilities: | ||||||||
Accrued incentives | $ | 24,485 | $ | 17,783 | ||||
Workers compensation | 6,802 | 7,128 | ||||||
Medical liabilities | 3,870 | 3,537 | ||||||
Interest | 10,169 | 3,732 | ||||||
Commissions payable | 1,166 | 1,478 | ||||||
Contingency liability | — | 2,719 | ||||||
Restructuring liability | 867 | — | ||||||
Other accrued liabilities | 8,729 | 6,486 | ||||||
Total accrued liabilities | $ | 56,088 | $ | 42,863 | ||||
Other long-term liabilities: | ||||||||
Deferred liability | $ | 7,088 | $ | 5,591 | ||||
Derivative liability | 1,636 | — | ||||||
Other long-term liabilities | 4,297 | 4,481 | ||||||
Total other long-term liabilities | $ | 13,021 | $ | 10,072 | ||||
Borrowings_Tables
Borrowings (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||
Borrowings consist of the following: | |||||||||||
(dollars in thousands) | Interest Rate | Maturity Date | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||||
Borrowings under ABL Facility | floating | May 18, 2017 | $ | — | $ | — | |||||
Senior Secured Notes | 6.88% | -1 | May 15, 2020 | 405,000 | 450,000 | ||||||
Promissory Note | 6.00% | October, 2013 to September, 2016 | 738 | 903 | |||||||
RMB Loan Contract | floating | January, 2014 | 9,780 | 9,522 | |||||||
RMB Working Capital Loan | floating | September, 2014 | 5,135 | — | |||||||
BES Euro Line | floating | December, 2013 | — | 4,362 | |||||||
AICEP Loan | 0.00% | January, 2016 to July 30, 2018 | 2,348 | 1,272 | |||||||
Total borrowings | 423,001 | 466,059 | |||||||||
Plus — carrying value adjustment on debt related to the Interest Rate Agreement (1) | (857 | ) | 408 | ||||||||
Total borrowings — net | 422,144 | 466,467 | |||||||||
Less — long term debt due within one year | 15,146 | 4,583 | |||||||||
Total long-term portion of borrowings — net | $ | 406,998 | $ | 461,884 | |||||||
_____________________________ | |||||||||||
-1 | See Interest Rate Agreement under “Senior Secured Notes” below and in note 9. | ||||||||||
Schedule of Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||
The fair market value and related carrying value adjustment are as follows: | |||||||||||
(dollars in thousands) | September 30, 2013 | December 31, 2012 | |||||||||
Fair market value of Rate Agreements - asset (liability) | $ | (1,613 | ) | $ | 298 | ||||||
Adjustment to increase (decrease) carrying value of the related long-term debt | $ | (857 | ) | $ | 408 | ||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Summary of Pretax Charge | ' | |||||||||||||||||||
The following table summarizes the pretax charge incurred for the three and nine months ended September 30, 2013: | ||||||||||||||||||||
(dollars in thousands) | Three months ended September 30, 2013 | Nine months ended September 30, 2013 | ||||||||||||||||||
Accelerated depreciation | $ | — | $ | 1,699 | ||||||||||||||||
Included in cost of sales | — | 1,699 | ||||||||||||||||||
Employee termination cost & other | (23 | ) | 1,887 | |||||||||||||||||
Fixed asset write-down | — | 1,992 | ||||||||||||||||||
Production transfer expenses | 413 | 740 | ||||||||||||||||||
Included in special charges | 390 | 4,619 | ||||||||||||||||||
Total pretax charge | $ | 390 | $ | 6,318 | ||||||||||||||||
Capacity Realignment Reserve Activity | ' | |||||||||||||||||||
The following is the capacity realignment reserve activity for the nine months ended September 30, 2013: | ||||||||||||||||||||
(dollars in thousands) | Reserve | Total | Cash | Non-cash Utilization | Reserve | |||||||||||||||
Balance at | Charge to Earnings | (payments) receipts | Balance at | |||||||||||||||||
1-Jan-13 | 30-Sep-13 | |||||||||||||||||||
Accelerated depreciation | $ | — | $ | 1,699 | $ | — | $ | (1,699 | ) | $ | — | |||||||||
Employee termination cost & other | — | 1,887 | (1,020 | ) | — | 867 | ||||||||||||||
Fixed asset write-down | — | 1,992 | — | (1,992 | ) | — | ||||||||||||||
Production transfer expenses | — | 740 | (740 | ) | — | — | ||||||||||||||
Total | $ | — | $ | 6,318 | $ | (1,760 | ) | $ | (3,691 | ) | $ | 867 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Income Tax Payments [Table Text Block] | ' | |||||||||||||||
Income tax payments consisted of the following: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Total income tax payments, net of refunds | $ | 2,715 | $ | 1,366 | $ | 12,254 | $ | 3,981 | ||||||||
Less: credits or offsets | 435 | 491 | 2,159 | 1,915 | ||||||||||||
Cash paid, net | $ | 2,280 | $ | 875 | $ | 10,095 | $ | 2,066 | ||||||||
Pension_and_Nonpension_Postret1
Pension and Non-pension Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and SERP [Member] | ' | |||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||||||||||||
The components of our net pension expense, including the SERP, are as follows: | ||||||||||||||||||||||||
Three months ended September 30, | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 1,184 | $ | 1,543 | $ | 729 | $ | 118 | $ | 1,913 | $ | 1,661 | ||||||||||||
Interest cost | 3,582 | 3,702 | 1,271 | 1,327 | 4,853 | 5,029 | ||||||||||||||||||
Expected return on plan assets | (5,571 | ) | (4,939 | ) | (547 | ) | (596 | ) | (6,118 | ) | (5,535 | ) | ||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service cost | 293 | 494 | 65 | 70 | 358 | 564 | ||||||||||||||||||
Loss | 2,095 | 1,302 | 223 | 149 | 2,318 | 1,451 | ||||||||||||||||||
Settlement charge | 424 | — | 336 | 93 | 760 | 93 | ||||||||||||||||||
Curtailment charge (credit) | — | (125 | ) | — | — | — | (125 | ) | ||||||||||||||||
Pension expense | $ | 2,007 | $ | 1,977 | $ | 2,077 | $ | 1,161 | $ | 4,084 | $ | 3,138 | ||||||||||||
Nine months ended September 30, | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 3,554 | $ | 4,468 | $ | 2,137 | $ | 1,108 | $ | 5,691 | $ | 5,576 | ||||||||||||
Interest cost | 10,564 | 11,548 | 3,722 | 3,761 | 14,286 | 15,309 | ||||||||||||||||||
Expected return on plan assets | (16,775 | ) | (13,885 | ) | (1,524 | ) | (1,786 | ) | (18,299 | ) | (15,671 | ) | ||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service cost | 879 | 1,537 | 187 | 198 | 1,066 | 1,735 | ||||||||||||||||||
Loss | 6,445 | 4,822 | 676 | 408 | 7,121 | 5,230 | ||||||||||||||||||
Settlement charge | 1,139 | 457 | 336 | 93 | 1,475 | 550 | ||||||||||||||||||
Curtailment charge (credit) | — | (125 | ) | — | — | — | (125 | ) | ||||||||||||||||
Pension expense | $ | 5,806 | $ | 8,822 | $ | 5,534 | $ | 3,782 | $ | 11,340 | $ | 12,604 | ||||||||||||
Non-Pension Postretirement Benefit Plans [Member] | ' | |||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||||||||||||
The provision for our non-pension postretirement benefit expense consists of the following: | ||||||||||||||||||||||||
Three months ended September 30, | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 298 | $ | 368 | $ | — | $ | — | $ | 298 | $ | 368 | ||||||||||||
Interest cost | 655 | 857 | 29 | 28 | 684 | 885 | ||||||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service cost | 35 | 105 | — | — | 35 | 105 | ||||||||||||||||||
Loss / (gain) | 214 | 229 | — | — | 214 | 229 | ||||||||||||||||||
Non-pension postretirement benefit expense | $ | 1,202 | $ | 1,559 | $ | 29 | $ | 28 | $ | 1,231 | $ | 1,587 | ||||||||||||
Nine months ended September 30, | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 893 | $ | 1,103 | $ | 1 | $ | 1 | $ | 894 | $ | 1,104 | ||||||||||||
Interest cost | 1,966 | 2,570 | 83 | 80 | 2,049 | 2,650 | ||||||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service cost | 105 | 316 | — | — | 105 | 316 | ||||||||||||||||||
Loss / (gain) | 643 | 687 | — | (1 | ) | 643 | 686 | |||||||||||||||||
Non-pension postretirement benefit expense | $ | 3,607 | $ | 4,676 | $ | 84 | $ | 80 | $ | 3,691 | $ | 4,756 | ||||||||||||
Net_Income_per_Share_of_Common1
Net Income per Share of Common Stock (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(dollars in thousands, except earnings per share) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Numerators for earnings per share: | ||||||||||||||||
Net income that is available to common shareholders | $ | 4,749 | $ | 14,861 | $ | 19,174 | $ | 5,359 | ||||||||
Denominator for basic earnings per share: | ||||||||||||||||
Weighted average shares outstanding | 21,492,625 | 20,896,291 | 21,300,212 | 20,834,742 | ||||||||||||
Denominator for diluted earnings per share: | ||||||||||||||||
Effect of stock options and restricted stock units | 730,697 | 464,195 | 629,200 | 432,535 | ||||||||||||
Adjusted weighted average shares and assumed conversions | 22,223,322 | 21,360,486 | 21,929,412 | 21,267,277 | ||||||||||||
Basic earnings per share | $ | 0.22 | $ | 0.71 | $ | 0.9 | $ | 0.26 | ||||||||
Diluted earnings per share | $ | 0.21 | $ | 0.7 | $ | 0.87 | $ | 0.25 | ||||||||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Derivative Assets and Liabilities at Fair Value [Table Text Block] | ' | |||||||||||||||||
The following table provides the fair values of our derivative financial instruments for the periods presented: | ||||||||||||||||||
Asset Derivatives: | ||||||||||||||||||
(dollars in thousands) | September 30, 2013 | December 31, 2012 | ||||||||||||||||
Derivatives designated as hedging | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||
instruments under FASB ASC 815: | ||||||||||||||||||
Interest rate contract | Derivative asset | $ | — | Derivative asset | $ | 298 | ||||||||||||
Total designated | — | 298 | ||||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||
instruments under FASB ASC 815: | ||||||||||||||||||
Currency contracts | Prepaid and other current assets | 185 | Prepaid and other current assets | 41 | ||||||||||||||
Total undesignated | 185 | 41 | ||||||||||||||||
Total | $ | 185 | $ | 339 | ||||||||||||||
Liability Derivatives: | ||||||||||||||||||
(dollars in thousands) | September 30, 2013 | December 31, 2012 | ||||||||||||||||
Derivatives designated as hedging | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||
instruments under FASB ASC 815: | ||||||||||||||||||
Natural gas contracts | Derivative liability | $ | 193 | Derivative liability | $ | 420 | ||||||||||||
Natural gas contracts | Other long-term liabilities | 23 | Other long-term liabilities | — | ||||||||||||||
Interest rate contract | Other long-term liabilities | 1,451 | Other long-term liabilities | — | ||||||||||||||
Total designated | 1,667 | 420 | ||||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||
instruments under FASB ASC 815: | ||||||||||||||||||
Interest rate contract | Other long-term liabilities | 162 | Other long-term liabilities | — | ||||||||||||||
Total undesignated | 162 | — | ||||||||||||||||
Total | $ | 1,829 | $ | 420 | ||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||||||
The following table provides a summary of the gain (loss) recognized on the Condensed Consolidated Statements of Operations from the designated portion of our New Rate Agreement: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest rate swap - designated | $ | 330 | $ | 582 | $ | (1,749 | ) | $ | 243 | |||||||||
Related long-term debt | (245 | ) | (1,248 | ) | 1,265 | 2,839 | ||||||||||||
Net impact | $ | 85 | $ | (666 | ) | $ | (484 | ) | $ | 3,082 | ||||||||
The gain or loss on the hedged long-term debt netted with the offsetting gain or loss on the related designated interest rate swap was recorded on the Condensed Consolidated Statements of Operations as follows: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Loss on redemption of debt | $ | — | $ | — | $ | — | $ | 3,502 | ||||||||||
Other income (expense) | 85 | (666 | ) | (484 | ) | (420 | ) | |||||||||||
Net impact | $ | 85 | $ | (666 | ) | $ | (484 | ) | $ | 3,082 | ||||||||
The following table provides a summary of the effective portion of derivative gain (loss) reclassified from accumulated other comprehensive loss to the Condensed Consolidated Statements of Operations: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Derivative: | Location: | |||||||||||||||||
Natural gas contracts | Cost of sales | $ | 26 | $ | (1,088 | ) | $ | 32 | $ | (4,284 | ) | |||||||
Total impact on net income (loss) | $ | 26 | $ | (1,088 | ) | $ | 32 | $ | (4,284 | ) | ||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||
The following table provides a summary of the effective portion of derivative gain (loss) recognized in other comprehensive income (loss): | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Derivatives in Cash Flow Hedging relationships: | ||||||||||||||||||
Natural gas contracts | $ | (78 | ) | $ | 682 | $ | 512 | $ | (836 | ) | ||||||||
Total | $ | (78 | ) | $ | 682 | $ | 512 | $ | (836 | ) | ||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | |||||||||||||||||
Gains (losses) on derivatives that were not designated as hedging instruments are recorded in current earnings as follows: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Derivative: | Location: | |||||||||||||||||
Currency contracts | Other income (expense) | $ | (273 | ) | $ | (190 | ) | $ | 144 | $ | (220 | ) | ||||||
Total | $ | (273 | ) | $ | (190 | ) | $ | 144 | $ | (220 | ) | |||||||
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Accumulated other comprehensive loss, net of tax, is as follows: | |||||||||||||||||
Three months ended September 30, 2013 | Foreign Currency Translation | Derivative Instruments | Pension and Other Postretirement Benefits | Total | |||||||||||||
(dollars in thousands) | Accumulated | ||||||||||||||||
Comprehensive Loss | |||||||||||||||||
Balance on June 30, 2013 | $ | (2,231 | ) | $ | 1,025 | $ | (130,805 | ) | $ | (132,011 | ) | ||||||
Other comprehensive income (loss) | 4,528 | (78 | ) | 760 | 5,210 | ||||||||||||
Currency impact | — | — | (33 | ) | (33 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss): | |||||||||||||||||
Amortization of actuarial loss (1) | — | — | 2,532 | 2,532 | |||||||||||||
Amortization of prior service cost (1) | — | — | 393 | 393 | |||||||||||||
Cost of sales | — | (26 | ) | — | (26 | ) | |||||||||||
Current-period other comprehensive income (loss) | 4,528 | (104 | ) | 3,652 | 8,076 | ||||||||||||
Tax effect | — | 77 | (75 | ) | 2 | ||||||||||||
Balance on September 30, 2013 | $ | 2,297 | $ | 998 | $ | (127,228 | ) | $ | (123,933 | ) | |||||||
Nine months ended September 30, 2013 | Foreign Currency Translation | Derivative Instruments | Pension and Other Postretirement Benefits | Total | |||||||||||||
(dollars in thousands) | Accumulated | ||||||||||||||||
Comprehensive Loss | |||||||||||||||||
Balance on December 31, 2012 | $ | (1,641 | ) | $ | 489 | $ | (139,888 | ) | $ | (141,040 | ) | ||||||
Other comprehensive income (loss) | 3,938 | 512 | 3,819 | 8,269 | |||||||||||||
Currency impact | — | — | (108 | ) | (108 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss): | |||||||||||||||||
Amortization of actuarial loss (1) | — | — | 7,764 | 7,764 | |||||||||||||
Amortization of prior service cost (1) | — | — | 1,171 | 1,171 | |||||||||||||
Cost of sales | — | (32 | ) | — | (32 | ) | |||||||||||
Current-period other comprehensive income (loss) | 3,938 | 480 | 12,646 | 17,064 | |||||||||||||
Tax effect | — | 29 | 14 | 43 | |||||||||||||
Balance on September 30, 2013 | $ | 2,297 | $ | 998 | $ | (127,228 | ) | $ | (123,933 | ) | |||||||
___________________________ | |||||||||||||||||
(1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost within the cost of sales and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. |
Condensed_Consolidated_Guarant1
Condensed Consolidated Guarantor Financial Statements (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Schedule of Condensed Income Statement [Table Text Block] | ' | |||||||||||||||||||||||
The following tables contain Condensed Consolidating Financial Statements of (a) the parent, Libbey Inc., (b) the issuer, Libbey Glass, (c) the Subsidiary Guarantors, (d) the indirect subsidiaries of Libbey Inc. that are not Subsidiary Guarantors (collectively, Non-Guarantor Subsidiaries), (e) the consolidating elimination entries, and (f) the consolidated totals. | ||||||||||||||||||||||||
Libbey Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net sales | $ | — | $ | 96,699 | $ | 20,926 | $ | 104,251 | $ | (17,490 | ) | $ | 204,386 | |||||||||||
Freight billed to customers | — | 170 | 212 | 542 | — | 924 | ||||||||||||||||||
Total revenues | — | 96,869 | 21,138 | 104,793 | (17,490 | ) | 205,310 | |||||||||||||||||
Cost of sales | — | 79,960 | 15,840 | 87,095 | (17,490 | ) | 165,405 | |||||||||||||||||
Gross profit | — | 16,909 | 5,298 | 17,698 | — | 39,905 | ||||||||||||||||||
Selling, general and administrative expenses | — | 13,476 | 3,103 | 8,940 | — | 25,519 | ||||||||||||||||||
Special charges | — | 373 | — | 17 | — | 390 | ||||||||||||||||||
Income (loss) from operations | — | 3,060 | 2,195 | 8,741 | — | 13,996 | ||||||||||||||||||
Other income (expense) | — | (238 | ) | (4 | ) | (464 | ) | — | (706 | ) | ||||||||||||||
Earnings (loss) before interest and income taxes | — | 2,822 | 2,191 | 8,277 | — | 13,290 | ||||||||||||||||||
Interest expense | — | 5,704 | — | 2,002 | — | 7,706 | ||||||||||||||||||
Income (loss) before income taxes | — | (2,882 | ) | 2,191 | 6,275 | — | 5,584 | |||||||||||||||||
Provision (benefit) for income taxes | — | 452 | 81 | 302 | — | 835 | ||||||||||||||||||
Net income (loss) | — | (3,334 | ) | 2,110 | 5,973 | — | 4,749 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 4,749 | 8,083 | — | — | (12,832 | ) | — | |||||||||||||||||
Net income (loss) | $ | 4,749 | $ | 4,749 | $ | 2,110 | $ | 5,973 | $ | (12,832 | ) | $ | 4,749 | |||||||||||
Comprehensive income (loss) | $ | 12,827 | $ | 12,827 | $ | 2,031 | $ | 1,641 | $ | (16,499 | ) | $ | 12,827 | |||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net sales | $ | — | $ | 104,840 | $ | 20,210 | $ | 104,166 | $ | (20,066 | ) | $ | 209,150 | |||||||||||
Freight billed to customers | — | 140 | 158 | 717 | — | 1,015 | ||||||||||||||||||
Total revenues | — | 104,980 | 20,368 | 104,883 | (20,066 | ) | 210,165 | |||||||||||||||||
Cost of sales | — | 79,164 | 14,483 | 85,375 | (20,066 | ) | 158,956 | |||||||||||||||||
Gross profit | — | 25,816 | 5,885 | 19,508 | — | 51,209 | ||||||||||||||||||
Selling, general and administrative expenses | — | 17,261 | 1,495 | 8,131 | — | 26,887 | ||||||||||||||||||
Special charges | — | — | — | — | — | — | ||||||||||||||||||
Income (loss) from operations | — | 8,555 | 4,390 | 11,377 | — | 24,322 | ||||||||||||||||||
Other income (expense) | — | (541 | ) | 9 | 337 | — | (195 | ) | ||||||||||||||||
Earnings (loss) before interest and income taxes | — | 8,014 | 4,399 | 11,714 | — | 24,127 | ||||||||||||||||||
Interest expense | — | 6,719 | — | 2,001 | — | 8,720 | ||||||||||||||||||
Income (loss) before income taxes | — | 1,295 | 4,399 | 9,713 | — | 15,407 | ||||||||||||||||||
Provision (benefit) for income taxes | — | (1,536 | ) | — | 2,082 | — | 546 | |||||||||||||||||
Net income (loss) | — | 2,831 | 4,399 | 7,631 | — | 14,861 | ||||||||||||||||||
Equity in net income (loss) of subsidiaries | 14,861 | 12,030 | — | — | (26,891 | ) | — | |||||||||||||||||
Net income (loss) | $ | 14,861 | $ | 14,861 | $ | 4,399 | $ | 7,631 | $ | (26,891 | ) | $ | 14,861 | |||||||||||
Comprehensive income (loss) | $ | 21,630 | $ | 21,630 | $ | 4,522 | $ | 10,244 | $ | (36,396 | ) | $ | 21,630 | |||||||||||
Libbey Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net sales | $ | — | $ | 285,035 | $ | 61,342 | $ | 293,122 | $ | (41,733 | ) | $ | 597,766 | |||||||||||
Freight billed to customers | — | 401 | 640 | 1,406 | — | 2,447 | ||||||||||||||||||
Total revenues | — | 285,436 | 61,982 | 294,528 | (41,733 | ) | 600,213 | |||||||||||||||||
Cost of sales | — | 209,165 | 46,340 | 246,842 | (41,733 | ) | 460,614 | |||||||||||||||||
Gross profit | — | 76,271 | 15,642 | 47,686 | — | 139,599 | ||||||||||||||||||
Selling, general and administrative expenses | — | 46,721 | 8,256 | 26,574 | — | 81,551 | ||||||||||||||||||
Special charges | — | 4,602 | — | 17 | — | 4,619 | ||||||||||||||||||
Income (loss) from operations | — | 24,948 | 7,386 | 21,095 | — | 53,429 | ||||||||||||||||||
Other income (expense) | — | (2,745 | ) | (16 | ) | (847 | ) | — | (3,608 | ) | ||||||||||||||
Earnings (loss) before interest and income taxes | — | 22,203 | 7,370 | 20,248 | — | 49,821 | ||||||||||||||||||
Interest expense | — | 18,120 | — | 6,147 | — | 24,267 | ||||||||||||||||||
Income (loss) before income taxes | — | 4,083 | 7,370 | 14,101 | — | 25,554 | ||||||||||||||||||
Provision (benefit) for income taxes | — | 1,152 | 230 | 4,998 | — | 6,380 | ||||||||||||||||||
Net income (loss) | — | 2,931 | 7,140 | 9,103 | — | 19,174 | ||||||||||||||||||
Equity in net income (loss) of subsidiaries | 19,174 | 16,243 | — | — | (35,417 | ) | — | |||||||||||||||||
Net income (loss) | $ | 19,174 | $ | 19,174 | $ | 7,140 | $ | 9,103 | $ | (35,417 | ) | $ | 19,174 | |||||||||||
Comprehensive income (loss) | $ | 36,281 | $ | 36,281 | $ | 7,030 | $ | 4,441 | $ | (47,752 | ) | $ | 36,281 | |||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net sales | $ | — | $ | 308,017 | $ | 57,420 | $ | 294,175 | $ | (53,386 | ) | $ | 606,226 | |||||||||||
Freight billed to customers | — | 436 | 532 | 1,514 | — | 2,482 | ||||||||||||||||||
Total revenues | — | 308,453 | 57,952 | 295,689 | (53,386 | ) | 608,708 | |||||||||||||||||
Cost of sales | — | 229,083 | 41,838 | 240,561 | (53,386 | ) | 458,096 | |||||||||||||||||
Gross profit | — | 79,370 | 16,114 | 55,128 | — | 150,612 | ||||||||||||||||||
Selling, general and administrative expenses | — | 52,685 | 4,897 | 24,809 | — | 82,391 | ||||||||||||||||||
Special charges | — | — | — | — | — | — | ||||||||||||||||||
Income (loss) from operations | — | 26,685 | 11,217 | 30,319 | — | 68,221 | ||||||||||||||||||
Other income (expense) | — | (31,503 | ) | 2 | 67 | — | (31,434 | ) | ||||||||||||||||
Earnings (loss) before interest and income taxes | — | (4,818 | ) | 11,219 | 30,386 | — | 36,787 | |||||||||||||||||
Interest expense | — | 22,593 | — | 6,492 | — | 29,085 | ||||||||||||||||||
Income (loss) before income taxes | — | (27,411 | ) | 11,219 | 23,894 | — | 7,702 | |||||||||||||||||
Provision (benefit) for income taxes | — | (3,972 | ) | 131 | 6,184 | — | 2,343 | |||||||||||||||||
Net income (loss) | — | (23,439 | ) | 11,088 | 17,710 | — | 5,359 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 5,359 | 28,798 | — | — | (34,157 | ) | — | |||||||||||||||||
Net income (loss) | $ | 5,359 | $ | 5,359 | $ | 11,088 | $ | 17,710 | $ | (34,157 | ) | $ | 5,359 | |||||||||||
Comprehensive income (loss) | $ | 17,763 | $ | 17,763 | $ | 11,575 | $ | 18,120 | $ | (47,458 | ) | $ | 17,763 | |||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | ' | |||||||||||||||||||||||
September 30, 2013 (unaudited) | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Cash and equivalents | $ | — | $ | 6,217 | $ | 52 | $ | 23,197 | $ | — | $ | 29,466 | ||||||||||||
Accounts receivable — net | — | 38,967 | 5,551 | 47,093 | — | 91,611 | ||||||||||||||||||
Inventories — net | — | 60,035 | 21,295 | 92,064 | — | 173,394 | ||||||||||||||||||
Other current assets | — | 19,638 | 2,284 | 17,630 | (16,407 | ) | 23,145 | |||||||||||||||||
Total current assets | — | 124,857 | 29,182 | 179,984 | (16,407 | ) | 317,616 | |||||||||||||||||
Other non-current assets | — | 18,806 | — | 21,251 | (4,190 | ) | 35,867 | |||||||||||||||||
Investments in and advances to subsidiaries | 68,757 | 372,239 | 197,806 | (40,632 | ) | (598,170 | ) | — | ||||||||||||||||
Goodwill and purchased intangible assets — net | — | 27,423 | 12,347 | 146,909 | — | 186,679 | ||||||||||||||||||
Total other assets | 68,757 | 418,468 | 210,153 | 127,528 | (602,360 | ) | 222,546 | |||||||||||||||||
Property, plant and equipment — net | — | 64,876 | 288 | 189,334 | — | 254,498 | ||||||||||||||||||
Total assets | $ | 68,757 | $ | 608,201 | $ | 239,623 | $ | 496,846 | $ | (618,767 | ) | $ | 794,660 | |||||||||||
Accounts payable | $ | — | $ | 12,330 | $ | 2,118 | $ | 46,319 | $ | — | $ | 60,767 | ||||||||||||
Accrued and other current liabilities | — | 56,489 | 22,473 | 28,767 | (13,334 | ) | 94,395 | |||||||||||||||||
Notes payable and long-term debt due within one year | — | 231 | — | 14,915 | — | 15,146 | ||||||||||||||||||
Total current liabilities | — | 69,050 | 24,591 | 90,001 | (13,334 | ) | 170,308 | |||||||||||||||||
Long-term debt | — | 404,655 | — | 2,343 | — | 406,998 | ||||||||||||||||||
Other long-term liabilities | — | 91,818 | 9,432 | 51,537 | (4,190 | ) | 148,597 | |||||||||||||||||
Total liabilities | — | 565,523 | 34,023 | 143,881 | (17,524 | ) | 725,903 | |||||||||||||||||
Total shareholders’ equity (deficit) | 68,757 | 42,678 | 205,600 | 352,965 | (601,243 | ) | 68,757 | |||||||||||||||||
Total liabilities and shareholders’ equity (deficit) | $ | 68,757 | $ | 608,201 | $ | 239,623 | $ | 496,846 | $ | (618,767 | ) | $ | 794,660 | |||||||||||
Libbey Inc. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Cash and equivalents | $ | — | $ | 43,558 | $ | 70 | $ | 23,580 | $ | — | $ | 67,208 | ||||||||||||
Accounts receivable — net | — | 33,987 | 3,560 | 43,303 | — | 80,850 | ||||||||||||||||||
Inventories — net | — | 52,627 | 18,477 | 86,445 | — | 157,549 | ||||||||||||||||||
Other current assets | — | 17,931 | 810 | 10,446 | (16,190 | ) | 12,997 | |||||||||||||||||
Total current assets | — | 148,103 | 22,917 | 163,774 | (16,190 | ) | 318,604 | |||||||||||||||||
Other non-current assets | — | 22,373 | 54 | 20,387 | (4,190 | ) | 38,624 | |||||||||||||||||
Investments in and advances to subsidiaries | 24,476 | 384,414 | 194,316 | (35,962 | ) | (567,244 | ) | — | ||||||||||||||||
Goodwill and purchased intangible assets — net | — | 26,833 | 12,347 | 147,614 | — | 186,794 | ||||||||||||||||||
Total other assets | 24,476 | 433,620 | 206,717 | 132,039 | (571,434 | ) | 225,418 | |||||||||||||||||
Property, plant and equipment — net | — | 72,780 | 298 | 185,076 | — | 258,154 | ||||||||||||||||||
Total assets | $ | 24,476 | $ | 654,503 | $ | 229,932 | $ | 480,889 | $ | (587,624 | ) | $ | 802,176 | |||||||||||
Accounts payable | $ | — | $ | 15,339 | $ | 2,854 | $ | 47,519 | $ | — | $ | 65,712 | ||||||||||||
Accrued and other current liabilities | — | 63,674 | 20,194 | 27,857 | (16,190 | ) | 95,535 | |||||||||||||||||
Notes payable and long-term debt due within one year | — | 221 | — | 4,362 | — | 4,583 | ||||||||||||||||||
Total current liabilities | — | 79,234 | 23,048 | 79,738 | (16,190 | ) | 165,830 | |||||||||||||||||
Long-term debt | — | 451,090 | — | 10,794 | — | 461,884 | ||||||||||||||||||
Other long-term liabilities | — | 94,434 | 9,691 | 50,051 | (4,190 | ) | 149,986 | |||||||||||||||||
Total liabilities | — | 624,758 | 32,739 | 140,583 | (20,380 | ) | 777,700 | |||||||||||||||||
Total shareholders’ equity (deficit) | 24,476 | 29,745 | 197,193 | 340,306 | (567,244 | ) | 24,476 | |||||||||||||||||
Total liabilities and shareholders’ equity (deficit) | $ | 24,476 | $ | 654,503 | $ | 229,932 | $ | 480,889 | $ | (587,624 | ) | $ | 802,176 | |||||||||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | ' | |||||||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net income (loss) | $ | 4,749 | $ | 4,749 | $ | 2,110 | $ | 5,973 | $ | (12,832 | ) | $ | 4,749 | |||||||||||
Depreciation and amortization | — | 2,921 | 13 | 8,839 | — | 11,773 | ||||||||||||||||||
Other operating activities | (4,749 | ) | 12,531 | (2,122 | ) | (247 | ) | 12,832 | 18,245 | |||||||||||||||
Net cash provided by (used in) operating activities | — | 20,201 | 1 | 14,565 | — | 34,767 | ||||||||||||||||||
Additions to property, plant & equipment | — | (2,620 | ) | (4 | ) | (7,757 | ) | — | (10,381 | ) | ||||||||||||||
Other investing activities | — | 1 | — | 72 | — | 73 | ||||||||||||||||||
Net cash (used in) investing activities | — | (2,619 | ) | (4 | ) | (7,685 | ) | — | (10,308 | ) | ||||||||||||||
Net borrowings (repayments) | — | (9,856 | ) | — | 1,753 | — | (8,103 | ) | ||||||||||||||||
Other financing activities | — | 2,059 | — | — | — | 2,059 | ||||||||||||||||||
Net cash provided by (used in) financing activities | — | (7,797 | ) | — | 1,753 | — | (6,044 | ) | ||||||||||||||||
Exchange effect on cash | — | — | — | 507 | — | 507 | ||||||||||||||||||
Increase (decrease) in cash | — | 9,785 | (3 | ) | 9,140 | — | 18,922 | |||||||||||||||||
Cash at beginning of period | — | (3,568 | ) | 55 | 14,057 | — | 10,544 | |||||||||||||||||
Cash at end of period | $ | — | $ | 6,217 | $ | 52 | $ | 23,197 | $ | — | $ | 29,466 | ||||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net income (loss) | $ | 14,861 | $ | 14,861 | $ | 4,399 | $ | 7,631 | $ | (26,891 | ) | $ | 14,861 | |||||||||||
Depreciation and amortization | — | 3,143 | 17 | 6,913 | — | 10,073 | ||||||||||||||||||
Other operating activities | (14,861 | ) | 159 | (4,328 | ) | (4,906 | ) | 26,891 | 2,955 | |||||||||||||||
Net cash provided by (used in) operating activities | — | 18,163 | 88 | 9,638 | — | 27,889 | ||||||||||||||||||
Additions to property, plant & equipment | — | (1,478 | ) | — | (3,934 | ) | — | (5,412 | ) | |||||||||||||||
Other investing activities | — | — | — | 131 | — | 131 | ||||||||||||||||||
Net cash (used in) investing activities | — | (1,478 | ) | — | (3,803 | ) | — | (5,281 | ) | |||||||||||||||
Net borrowings (repayments) | — | (53 | ) | — | (8,264 | ) | — | (8,317 | ) | |||||||||||||||
Other financing activities | — | (627 | ) | — | — | — | (627 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | — | (680 | ) | — | (8,264 | ) | — | (8,944 | ) | |||||||||||||||
Exchange effect on cash | — | — | — | 106 | — | 106 | ||||||||||||||||||
Increase (decrease) in cash | — | 16,005 | 88 | (2,323 | ) | — | 13,770 | |||||||||||||||||
Cash at beginning of period | — | (211 | ) | 66 | 19,722 | — | 19,577 | |||||||||||||||||
Cash at end of period | $ | — | $ | 15,794 | $ | 154 | $ | 17,399 | $ | — | $ | 33,347 | ||||||||||||
Libbey Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net income (loss) | $ | 19,174 | $ | 19,174 | $ | 7,140 | $ | 9,103 | $ | (35,417 | ) | $ | 19,174 | |||||||||||
Depreciation and amortization | — | 11,646 | 46 | 22,478 | — | 34,170 | ||||||||||||||||||
Other operating activities | (19,174 | ) | (20,066 | ) | (7,169 | ) | (10,880 | ) | 35,417 | (21,872 | ) | |||||||||||||
Net cash provided by (used in) operating activities | — | 10,754 | 17 | 20,701 | — | 31,472 | ||||||||||||||||||
Additions to property, plant & equipment | — | (6,689 | ) | (35 | ) | (23,428 | ) | — | (30,152 | ) | ||||||||||||||
Other investing activities | — | 2 | — | 79 | — | 81 | ||||||||||||||||||
Net cash (used in) investing activities | — | (6,687 | ) | (35 | ) | (23,349 | ) | — | (30,071 | ) | ||||||||||||||
Net borrowings (repayments) | — | (45,165 | ) | — | 1,748 | — | (43,417 | ) | ||||||||||||||||
Other financing activities | — | 3,757 | — | — | — | 3,757 | ||||||||||||||||||
Net cash provided by (used in) financing activities | — | (41,408 | ) | — | 1,748 | — | (39,660 | ) | ||||||||||||||||
Exchange effect on cash | — | — | — | 517 | — | 517 | ||||||||||||||||||
Increase (decrease) in cash | — | (37,341 | ) | (18 | ) | (383 | ) | — | (37,742 | ) | ||||||||||||||
Cash at beginning of period | — | 43,558 | 70 | 23,580 | — | 67,208 | ||||||||||||||||||
Cash at end of period | $ | — | $ | 6,217 | $ | 52 | $ | 23,197 | $ | — | $ | 29,466 | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||||||
(dollars in thousands) | Libbey | Libbey | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||||
Inc. | Glass | Guarantors | Guarantor | |||||||||||||||||||||
(Parent) | (Issuer) | Subsidiaries | ||||||||||||||||||||||
Net income (loss) | $ | 5,359 | $ | 5,359 | $ | 11,088 | $ | 17,710 | $ | (34,157 | ) | $ | 5,359 | |||||||||||
Depreciation and amortization | — | 10,150 | 54 | 20,693 | — | 30,897 | ||||||||||||||||||
Other operating activities | (5,359 | ) | (86,674 | ) | (11,143 | ) | (10,867 | ) | 34,157 | (79,886 | ) | |||||||||||||
Net cash provided by (used in) operating activities | — | (71,165 | ) | (1 | ) | 27,536 | — | (43,630 | ) | |||||||||||||||
Additions to property, plant & equipment | — | (5,792 | ) | — | (11,452 | ) | — | (17,244 | ) | |||||||||||||||
Other investing activities | — | — | — | 550 | — | 550 | ||||||||||||||||||
Net cash (used in) investing activities | — | (5,792 | ) | — | (10,902 | ) | — | (16,694 | ) | |||||||||||||||
Net borrowings (repayments) | — | 89,845 | — | (18,124 | ) | — | 71,721 | |||||||||||||||||
Other financing activities | — | (36,343 | ) | — | — | — | (36,343 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | — | 53,502 | — | (18,124 | ) | — | 35,378 | |||||||||||||||||
Exchange effect on cash | — | — | — | 2 | — | 2 | ||||||||||||||||||
Increase (decrease) in cash | — | (23,455 | ) | (1 | ) | (1,488 | ) | — | (24,944 | ) | ||||||||||||||
Cash at beginning of period | — | 39,249 | 155 | 18,887 | — | 58,291 | ||||||||||||||||||
Cash at end of period | $ | — | $ | 15,794 | $ | 154 | $ | 17,399 | $ | — | $ | 33,347 | ||||||||||||
Segments_Tables
Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Reconciliation from Segment Totals to Consolidated [Table Text Block] | ' | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Sales: | ||||||||||||||||
Americas | $ | 141,390 | $ | 146,169 | $ | 406,740 | $ | 424,428 | ||||||||
EMEA | 35,491 | 34,454 | 107,714 | 98,969 | ||||||||||||
Other | 27,505 | 28,527 | 83,312 | 82,829 | ||||||||||||
Consolidated | $ | 204,386 | $ | 209,150 | $ | 597,766 | $ | 606,226 | ||||||||
Segment EBIT: | ||||||||||||||||
Americas | $ | 20,580 | $ | 27,020 | $ | 71,230 | $ | 73,708 | ||||||||
EMEA | (258 | ) | 1,804 | (1,172 | ) | 1,526 | ||||||||||
Other | 202 | 5,378 | 8,366 | 16,011 | ||||||||||||
Total Segment EBIT | $ | 20,524 | $ | 34,202 | $ | 78,424 | $ | 91,245 | ||||||||
Reconciliation of Segment EBIT to Net Income: | ||||||||||||||||
Segment EBIT | $ | 20,524 | $ | 34,202 | $ | 78,424 | $ | 91,245 | ||||||||
Retained corporate costs | (3,647 | ) | (6,289 | ) | (14,074 | ) | (19,597 | ) | ||||||||
Loss on redemption of debt (note 4) | — | — | (2,518 | ) | (31,075 | ) | ||||||||||
Severance | — | (3,911 | ) | — | (3,911 | ) | ||||||||||
Pension settlement and curtailment | (760 | ) | 125 | (1,475 | ) | 125 | ||||||||||
Furnace malfunction | (2,437 | ) | — | (2,437 | ) | — | ||||||||||
Restructuring charges (note 5) | (390 | ) | — | (6,318 | ) | — | ||||||||||
Abandoned property (note 15) | — | — | (1,781 | ) | — | |||||||||||
Interest expense | (7,706 | ) | (8,720 | ) | (24,267 | ) | (29,085 | ) | ||||||||
Income taxes | (835 | ) | (546 | ) | (6,380 | ) | (2,343 | ) | ||||||||
Net income | $ | 4,749 | $ | 14,861 | $ | 19,174 | $ | 5,359 | ||||||||
Depreciation & Amortization: | ||||||||||||||||
Americas | $ | 5,975 | $ | 6,045 | $ | 19,824 | $ | 18,248 | ||||||||
EMEA | 2,930 | 2,375 | 7,923 | 7,389 | ||||||||||||
Other | 2,587 | 1,325 | 5,377 | 4,156 | ||||||||||||
Corporate | 281 | 328 | 1,046 | 1,104 | ||||||||||||
Consolidated | $ | 11,773 | $ | 10,073 | $ | 34,170 | $ | 30,897 | ||||||||
Capital Expenditures: | ||||||||||||||||
Americas | $ | 4,231 | $ | 3,839 | $ | 18,140 | $ | 12,262 | ||||||||
EMEA | 1,307 | 942 | 4,348 | 2,960 | ||||||||||||
Other | 3,955 | 152 | 5,610 | 1,175 | ||||||||||||
Corporate | 888 | 479 | 2,054 | 847 | ||||||||||||
Consolidated | $ | 10,381 | $ | 5,412 | $ | 30,152 | $ | 17,244 | ||||||||
(dollars in thousands) | 30-Sep-13 | 31-Dec-12 | ||||||||||||||
Segment Assets(1): | ||||||||||||||||
Americas | $ | 169,667 | $ | 150,923 | ||||||||||||
EMEA | 49,715 | 49,981 | ||||||||||||||
Other | 45,623 | 37,495 | ||||||||||||||
Consolidated | $ | 265,005 | $ | 238,399 | ||||||||||||
______________________________ | ||||||||||||||||
(1) Segment assets are defined as net accounts receivable plus net inventory. |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Fair Value at | Fair Value at | |||||||||||||||||||||||||||||||
Asset / (Liability) | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Commodity futures natural gas contracts | $ | — | $ | (216 | ) | $ | — | $ | (216 | ) | $ | — | $ | (420 | ) | $ | — | $ | (420 | ) | ||||||||||||
Currency contracts | — | 185 | — | 185 | — | 41 | — | 41 | ||||||||||||||||||||||||
Interest rate agreement | — | (1,613 | ) | — | (1,613 | ) | — | 298 | — | 298 | ||||||||||||||||||||||
Net derivative asset (liability) | $ | — | $ | (1,644 | ) | $ | — | $ | (1,644 | ) | $ | — | $ | (81 | ) | $ | — | $ | (81 | ) | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The total derivative position is recorded on the Condensed Consolidated Balance Sheets as follows: | ||||||||||||||||||||||||||||||||
Asset / (Liability) | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Prepaid and other current assets | $ | 185 | $ | 41 | ||||||||||||||||||||||||||||
Derivative asset | — | 298 | ||||||||||||||||||||||||||||||
Derivative liability | (193 | ) | (420 | ) | ||||||||||||||||||||||||||||
Other long-term liabilities | (1,636 | ) | — | |||||||||||||||||||||||||||||
Net derivative asset (liability) | $ | (1,644 | ) | $ | (81 | ) |
Other_Income_Expense_Tables
Other Income (Expense) (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | ' | |||||||||||||||
Items included in other income (expense) in the Condensed Consolidated Statements of Operations are as follows: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Gain (loss) on currency translation | $ | (636 | ) | $ | (374 | ) | $ | (438 | ) | $ | (765 | ) | ||||
Hedge ineffectiveness | (78 | ) | (666 | ) | (923 | ) | (436 | ) | ||||||||
Other non-operating income (expense) | 8 | 845 | 271 | 842 | ||||||||||||
Other income (expense) | $ | (706 | ) | $ | (195 | ) | $ | (1,090 | ) | $ | (359 | ) |
Description_of_the_Business_De
Description of the Business (Details) | Sep. 30, 2013 |
country | |
Production Operations [Member] | ' |
Description of Business [Line Items] | ' |
Number of countries in which entity operates | 5 |
Sales Operations [Member] | Minimum [Member] | ' |
Description of Business [Line Items] | ' |
Number of countries in which entity operates | 100 |
United States | ' |
Description of Business [Line Items] | ' |
Number of glass tableware manufacturing plants | 2 |
Significant_Accounting_Policie3
Significant Accounting Policies (Stock-based Compensation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Stock-based compensation expense | $990 | $601 | $3,299 | $2,466 |
Balance_Sheet_Details_Details
Balance Sheet Details (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts receivable: | ' | ' |
Accounts receivable | $91,611 | $80,850 |
Allowance for doubtful accounts | 5,898 | 5,703 |
Inventories: | ' | ' |
Finished goods | 155,354 | 139,888 |
Work in process | 1,826 | 1,188 |
Raw materials | 4,080 | 4,828 |
Repair parts | 10,690 | 10,283 |
Operating supplies | 1,444 | 1,362 |
Total inventories, less allowances of $4,452 and $4,091 | 173,394 | 157,549 |
Inventory allowances | 4,452 | 4,091 |
Prepaid and other current assets: | ' | ' |
Value added tax | 6,667 | 3,850 |
Prepaid expenses | 8,099 | 5,036 |
Deferred and prepaid income taxes | 8,194 | 4,070 |
Derivative asset | 185 | 41 |
Total prepaid and other current assets | 23,145 | 12,997 |
Other assets: | ' | ' |
Deposits | 1,951 | 936 |
Finance fees - net of amortization | 10,929 | 13,539 |
Other assets | 2,051 | 3,825 |
Total other assets | 14,931 | 18,300 |
Accrued liabilities: | ' | ' |
Accrued incentives | 24,485 | 17,783 |
Workers compensation | 6,802 | 7,128 |
Medical liabilities | 3,870 | 3,537 |
Interest | 10,169 | 3,732 |
Commissions payable | 1,166 | 1,478 |
Contingency liability | 0 | 2,719 |
Restructuring liability | 867 | 0 |
Other accrued liabilities | 8,729 | 6,486 |
Total accrued liabilities | 56,088 | 42,863 |
Other long-term liabilities: | ' | ' |
Deferred liability | 7,088 | 5,591 |
Derivative liability | 1,636 | 0 |
Other long-term liabilities | 4,297 | 4,481 |
Total other long-term liabilities | 13,021 | 10,072 |
Trade receivables [Member] | ' | ' |
Accounts receivable: | ' | ' |
Accounts receivable | 90,225 | 79,624 |
Other receivables [Member] | ' | ' |
Accounts receivable: | ' | ' |
Accounts receivable | $1,386 | $1,226 |
Borrowings_Debt_Schedule_Detai
Borrowings (Debt Schedule) (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 29, 2012 | Oct. 10, 2013 | Oct. 10, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | USD ($) | USD ($) | Warehouse Promissory Note [Member] | Warehouse Promissory Note [Member] | Subsidiaries, Libbey Glass and Libbey Europe [Member] | Subsidiaries, Libbey Glass and Libbey Europe [Member] | Subsidiary, Libbey Glass [Member] | Subsidiary, Libbey Glass [Member] | Subsidiary, Libbey Glass [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey Portugal [Member] | Subsidiary, Libbey Portugal [Member] | Subsidiary, Libbey Portugal [Member] | Subsidiary, Libbey Portugal [Member] | Loans Payable [Member] | Loans Payable [Member] | ||
Promissory Note [Member] | Promissory Note [Member] | ABL Facility [Member] | ABL Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | RMB Loan Contract [Member] | RMB Loan Contract [Member] | RMB Loan Contract [Member] | RMB Loan Contract [Member] | RMB Loan Contract [Member] | BES Euro Line [Member] | BES Euro Line [Member] | AICEP Loan [Member] | AICEP Loan [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | |||||
USD ($) | USD ($) | Line of Credit [Member] | Line of Credit [Member] | USD ($) | USD ($) | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Line of Credit [Member] | Line of Credit [Member] | Loans Payable [Member] | Loans Payable [Member] | RMB Working Capital Loan [Member] | RMB Working Capital Loan [Member] | ||||||
USD ($) | USD ($) | USD ($) | CNY | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest rate | ' | ' | 6.00% | ' | ' | ' | 6.88% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 6.30% | ' | ||
Total borrowings | $423,001 | $466,059 | $738 | $903 | $0 | $0 | $405,000 | $450,000 | ' | $4,900 | 30,000 | $9,780 | 60,000 | $9,522 | $0 | $4,362 | $2,348 | $1,272 | $5,135 | $0 | ||
Plus -- carrying value adjustment on debt related to the Interest Rate Agreement (1) | -857 | [1] | 408 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total borrowings -- net | 422,144 | 466,467 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Less -- long-term debt due within one year | 15,146 | 4,583 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total long-term portion of borrowings -- net | $406,998 | $461,884 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | See Interest Rate Agreement under bSenior Secured Notesb below and in note 9. |
Borrowings_ABL_Credit_Agreemen
Borrowings (ABL Credit Agreement Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
ABL Facility [Member] | Subsidiaries, Libbey Glass and Libbey Europe [Member] | Subsidiaries, Libbey Glass and Libbey Europe [Member] | Subsidiaries, Libbey Glass and Libbey Europe [Member] | Subsidiary, Libbey Glass [Member] | Subsidiary, Libbey Glass [Member] | Subsidiaries, Present and Future Direct and Indirect Domestic Subsidiaries of Libbey Glass [Member] | Subsidiaries, First-tier Present and Future Foreign Subsidiaries of Libbey Glass [Member] | Subsidiary, Libbey Europe [Member] | Subsidiary, Libbey Europe [Member] | Subsidiaries, Dutch Subsidiaries of Libbey Europe [Member] | CB Floating Rate [Member] | Netherlands Swing Line Rate [Member] | Line of Credit [Member] | Line of Credit [Member] | Maximum [Member] | ||||
Line of Credit [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | Line of Credit, Swingline [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | Line of Credit, Swingline [Member] | ABL Facility [Member] | Line of Credit, Swingline [Member] | Line of Credit, Swingline [Member] | Subsidiaries, Libbey Glass and Libbey Europe [Member] | Subsidiaries, Libbey Glass and Libbey Europe [Member] | Subsidiaries, First-Tier Subsidiaries of Libbey Europe and its Dutch Subsidiaries [Member] | ||||
Line of Credit [Member] | Line of Credit [Member] | Letter of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | |||||
entity | Line of Credit [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of financial institutions participating | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | $100,000,000 | ' | $30,000,000 | ' | $15,000,000 | ' | ' | ' | $7,500,000 | ' | ' | ' | ' | ' | ' |
Security, percent of entity stock | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | 100.00% |
Security, percent of entity stock, non-voting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Security, percent of entity stock, voting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.50% | ' | ' | ' |
Commitment fee percentage | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant terms, conditional minimum fixed charge coverage ratio | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant, fixed charge coverage ratio, unused borrowing capacity below which covenant is applicable | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional available borrowing capacity | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total borrowings | 423,001,000 | ' | 466,059,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Interest period, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 month | ' | ' |
Interest period, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' |
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | 8,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base, component of sum, % of eligible accounts receivable | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base, alternative component of sum, % of NOLV of eligible inventory | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base, alternative component of sum, % of eligible inventory | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base, alternative component of sum, amount | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base, amount of rent reserves offset | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base, amount of natrual gas reserves offset | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, remaining borrowing capacity | ' | ' | ' | ' | 82,900,000 | 68,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of finance fee & discounts on senior notes and ABL | $1,168,000 | $10,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Senior_Secured_Note
Borrowings (Senior Secured Notes Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | 7-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 29, 2012 | 18-May-12 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Subsidiary, Libbey Glass [Member] | Subsidiary, Libbey Glass [Member] | Subsidiary, Libbey Glass [Member] | Subsidiary, Libbey Glass [Member] | Subsidiary, Libbey Glass [Member] | Prior to May 15, 2015 [Member] | Redeemable With Proceeds of Equity Offerings [Member] | Minimum [Member] | Maximum [Member] | ||||
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Subsidiary, Libbey Glass [Member] | Prior to May 15, 2015 [Member] | Subsidiary, Libbey Glass [Member] | Prior to May 15, 2015 [Member] | ||||
Senior Notes [Member] | Subsidiary, Libbey Glass [Member] | Senior Notes [Member] | Subsidiary, Libbey Glass [Member] | |||||||||
Senior Notes [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | $450,000,000 | ' | ' | ' | ' |
Deferred finance costs, gross | ' | ' | ' | ' | 13,200,000 | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | 6.88% | ' | 10.00% | ' | ' | ' | ' | ' |
Debtholders eligible to declare notes due and payable immediately, qualifying % of contemporaneous notes outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' |
Redeemable portion of notes, % | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | 10.00% |
Redemption price, % of principal | ' | ' | ' | 103.00% | ' | ' | ' | ' | 103.00% | 106.88% | ' | ' |
Portion of original principal amount that must remain outstanding after each redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' |
Deadline for redemption after equity offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' |
Minimum time period between redemptions | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' |
Redeemed notes, face amount | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Long-term and Short-term, Gross | 423,001,000 | ' | 466,059,000 | ' | 405,000,000 | 450,000,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Expense | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Call Premium | ' | ' | ' | 1,300,000 | 23,600,000 | ' | ' | ' | ' | ' | ' | ' |
Write Off Of Finance Fees And Discounts On Debt | $1,168,000 | $10,975,000 | ' | $1,200,000 | $11,000,000 | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Interest_Rate_Swap_
Borrowings (Interest Rate Swap Narrative) (Details) (USD $) | Sep. 30, 2013 | Jun. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Apr. 18, 2012 | Apr. 17, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Subsidiary, Libbey Glass [Member] | Subsidiary, Libbey Glass [Member] | Prior to May 15, 2015 [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] |
Senior Notes [Member] | Senior Notes [Member] | Subsidiary, Libbey Glass [Member] | Interest rate agreements [Member] | Old Rate Agreement [Member] | Old Rate Agreement [Member] | Old Rate Agreement [Member] | New Rate Agreement [Member] | New Rate Agreement [Member] | Interest Expense [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | |
Senior Notes [Member] | Prior to May 15, 2015 [Member] | Interest rate agreements [Member] | Interest rate agreements [Member] | Interest rate agreements [Member] | Interest rate agreements [Member] | Interest rate agreements [Member] | Old Rate Agreement [Member] | New Rate Agreement [Member] | Loss on Redemption of Debt [Member] | New Rate Agreement [Member] | |||
Subsidiary, Libbey Glass [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Prior to May 15, 2015 [Member] | Interest rate agreements [Member] | Interest rate agreements [Member] | Old Rate Agreement [Member] | Interest rate agreements [Member] | |||||
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Interest rate agreements [Member] | Prior to May 15, 2015 [Member] | |||||||||
Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, notional amount | ' | ' | ' | ' | ' | ' | $80 | $45 | ' | ' | $40.50 | ' | ' |
Derivative, variable interest rate | ' | ' | ' | ' | ' | 7.79% | ' | 5.50% | ' | ' | ' | ' | ' |
Interest rate | 6.88% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from termination of hedge | ' | ' | ' | ' | 3.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on carrying value adjustment on debt related to interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | $3.50 | ' |
Minimum time period between redemptions | ' | ' | '12 months | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of derivative callable by counterparty, % | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Call price of derivative, % of principal | ' | ' | ' | ' | ' | ' | ' | ' | 103.00% | ' | ' | ' | ' |
Borrowings_Interest_Rate_Swap_1
Borrowings (Interest Rate Swap on Senior Secured Notes) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Fair market value of Rate Agreements - asset (liability) | ($1,644) | ($81) | ||
Adjustment to (decrease) increase the carrying value of the related long-term debt | -857 | [1] | 408 | [1] |
Derivative asset [Member] | Interest rate agreements [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Fair market value of Rate Agreements - asset (liability) | ($1,613) | $298 | ||
[1] | See Interest Rate Agreement under bSenior Secured Notesb below and in note 9. |
Borrowings_Other_Borrowings_Na
Borrowings (Other Borrowings Narrative) (Details) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2001 | Jan. 23, 2006 | Jan. 23, 2006 | Oct. 10, 2013 | Oct. 10, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 14, 2013 | Aug. 14, 2013 | Jan. 31, 2007 | Jan. 31, 2007 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 02, 2013 | Sep. 02, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Warehouse Promissory Note [Member] | Warehouse Promissory Note [Member] | Warehouse Promissory Note [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey Portugal [Member] | Subsidiary, Libbey Portugal [Member] | Subsidiary, Libbey Portugal [Member] | Subsidiary, Libbey Portugal [Member] | Subsidiary, Libbey Portugal [Member] | Subsidiary, Libbey Portugal [Member] | Subsidiary, Libbey Portugal [Member] | Subsidiary, Libbey Portugal [Member] | Subsidiary, Libbey Portugal [Member] | Notes Payable [Member] | Notes Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | |
Promissory Note [Member] | Promissory Note [Member] | Promissory Note [Member] | RMB Loan Contract [Member] | RMB Loan Contract [Member] | RMB Loan Contract [Member] | RMB Loan Contract [Member] | RMB Loan Contract [Member] | RMB Loan Contract [Member] | RMB Loan Contract [Member] | BES Euro Line [Member] | BES Euro Line [Member] | BES Euro Line [Member] | BES Euro Line [Member] | BES Euro Line [Member] | BES Euro Line [Member] | AICEP Loan [Member] | AICEP Loan [Member] | AICEP Loan [Member] | USD ($) | EUR (€) | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | Subsidiary, Libbey China [Member] | |||||||||
USD ($) | USD ($) | USD ($) | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | RMB Working Capital Loan [Member] | RMB Working Capital Loan [Member] | RMB Working Capital Loan [Member] | RMB Working Capital Loan [Member] | |||||||||||
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,700,000 | $40,800,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,300,000 | € 1,700,000 | ' | ' | ' | ' | $5,100,000 | 31,500,000 | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | 6.30% | ' | ' | ' |
Total borrowings | 423,001,000 | ' | 423,001,000 | ' | ' | 466,059,000 | ' | ' | 738,000 | 903,000 | ' | ' | ' | 4,900,000 | 30,000,000 | 9,780,000 | 60,000,000 | 9,522,000 | ' | ' | ' | ' | 0 | 4,362,000 | 2,348,000 | ' | 1,272,000 | 0 | ' | 5,135,000 | ' | ' | 0 |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,900,000 | 11,000,000 | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' |
Line of credit facility, interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.80% | 5.80% | ' | ' | ' | ' |
Debt instrument, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | '8 years | ' | ' | ' | ' | ' | ' | ' | '7 years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.51% | 5.51% | ' | ' | 5.90% | 5.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Lines of Credit | 22,200,000 | 0 | 42,800,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash on hand | 29,466,000 | 33,347,000 | 29,466,000 | 33,347,000 | 10,544,000 | 67,208,000 | 19,577,000 | 58,291,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemed notes, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,900,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Fair_Value_of_Borro
Borrowings (Fair Value of Borrowings) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Total borrowings | $423,001,000 | $466,059,000 |
Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, fair value | 423,200,000 | 488,300,000 |
Subsidiary, Libbey Glass [Member] | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total borrowings | $405,000,000 | $450,000,000 |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | $390,000 | $0 | $4,619,000 | $0 |
Americas [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 390,000 | ' | 6,318,000 | ' |
Americas [Member] | Employee Termination Cost and Other [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | -23,000 | ' | 1,887,000 | ' |
Americas [Member] | Production Transfer Expenses [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 413,000 | ' | 740,000 | ' |
Scenario, Forecast [Member] | Minimum [Member] | Americas [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 8,000,000 | ' | ' | ' |
Scenario, Forecast [Member] | Maximum [Member] | Americas [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 10,000,000 | ' | ' | ' |
Expected pre-tax charge to result in cash expenditures | 5,500,000 | ' | ' | ' |
Scenario, Forecast [Member] | Maximum [Member] | Americas [Member] | Asset Impairment Charges [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Fixed asset impairment charges | 4,000,000 | ' | ' | ' |
Scenario, Forecast [Member] | Maximum [Member] | Americas [Member] | Employee Termination Cost and Other [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and other | 2,000,000 | ' | ' | ' |
Scenario, Forecast [Member] | Maximum [Member] | Americas [Member] | Production Transfer Expenses [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Production transfer expenses | $4,000,000 | ' | ' | ' |
Restructuring_Charges_Summary_
Restructuring Charges (Summary of Pretax Charge) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | $390 | $0 | $4,619 | $0 |
Americas [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 390 | ' | 6,318 | ' |
Americas [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | ' | 1,699 | ' |
Americas [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | Special Charges (Income) [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 390 | ' | 4,619 | ' |
Americas [Member] | Accelerated Depreciation [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | ' | 1,699 | ' |
Americas [Member] | Employee Termination Cost and Other [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | -23 | ' | 1,887 | ' |
Americas [Member] | Fixed Asset Write-down [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | ' | 1,992 | ' |
Americas [Member] | Production Transfer Expenses [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | $413 | ' | $740 | ' |
Restructuring_Charges_Capacity
Restructuring Charges (Capacity Realignment Reserve Activity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Reserve balance at January 1, 2013 | ' | ' | $0 | ' |
Total charge to earnings | 390 | 0 | 4,619 | 0 |
Reserve balance at September 30, 2013 | 867 | ' | 867 | ' |
Americas [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Reserve balance at January 1, 2013 | ' | ' | 0 | ' |
Total charge to earnings | 390 | ' | 6,318 | ' |
Cash (payments) receipts | ' | ' | -1,760 | ' |
Non-cash Utilization | ' | ' | -3,691 | ' |
Reserve balance at September 30, 2013 | 867 | ' | 867 | ' |
Americas [Member] | Accelerated Depreciation [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Reserve balance at January 1, 2013 | ' | ' | 0 | ' |
Total charge to earnings | 0 | ' | 1,699 | ' |
Cash (payments) receipts | ' | ' | 0 | ' |
Non-cash Utilization | ' | ' | -1,699 | ' |
Reserve balance at September 30, 2013 | 0 | ' | 0 | ' |
Americas [Member] | Employee Termination Cost and Other [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Reserve balance at January 1, 2013 | ' | ' | 0 | ' |
Total charge to earnings | -23 | ' | 1,887 | ' |
Cash (payments) receipts | ' | ' | -1,020 | ' |
Non-cash Utilization | ' | ' | 0 | ' |
Reserve balance at September 30, 2013 | 867 | ' | 867 | ' |
Americas [Member] | Fixed Asset Write-down [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Reserve balance at January 1, 2013 | ' | ' | 0 | ' |
Total charge to earnings | 0 | ' | 1,992 | ' |
Cash (payments) receipts | ' | ' | 0 | ' |
Non-cash Utilization | ' | ' | -1,992 | ' |
Reserve balance at September 30, 2013 | 0 | ' | 0 | ' |
Americas [Member] | Production Transfer Expenses [Member] | Discontinuation of Certain Glassware Production in North America and Reduction of Capacity of Shreveport Facility [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Reserve balance at January 1, 2013 | ' | ' | 0 | ' |
Total charge to earnings | 413 | ' | 740 | ' |
Cash (payments) receipts | ' | ' | -740 | ' |
Non-cash Utilization | ' | ' | 0 | ' |
Reserve balance at September 30, 2013 | $0 | ' | $0 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Effective income tax rate, continuing operations | ' | ' | 25.00% | 30.40% | ' |
Gross unrecognized tax benefits, net of interest and penalties | $1,000,000 | ' | $1,000,000 | ' | $1,500,000 |
Tax benefit recognized due to expiration of statute of limitations | 0 | ' | 500,000 | ' | ' |
Income tax expense (benefit), intraperiod tax allocation | 0 | 0 | 0 | -4,200,000 | ' |
Total income tax payments, net of refunds | 2,715,000 | 1,366,000 | 12,254,000 | 3,981,000 | ' |
Less: credits or offsets | 435,000 | 491,000 | 2,159,000 | 1,915,000 | ' |
Cash paid, net | $2,280,000 | $875,000 | $10,095,000 | $2,066,000 | ' |
Pension_and_Nonpension_Postret2
Pension and Non-pension Postretirement Benefits (Net Benefit Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 02, 2013 | |
Amortization of unrecognized: | ' | ' | ' | ' | ' |
Settlement charge | $760,000 | ($125,000) | $1,475,000 | ($125,000) | ' |
Defined Benefit Pension Plans and SERP [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | 1,913,000 | 1,661,000 | 5,691,000 | 5,576,000 | ' |
Interest cost | 4,853,000 | 5,029,000 | 14,286,000 | 15,309,000 | ' |
Expected return on plan assets | -6,118,000 | -5,535,000 | -18,299,000 | -15,671,000 | ' |
Amortization of unrecognized: | ' | ' | ' | ' | ' |
Prior service cost | 358,000 | 564,000 | 1,066,000 | 1,735,000 | ' |
Loss / (gain) | 2,318,000 | 1,451,000 | 7,121,000 | 5,230,000 | ' |
Settlement charge | 760,000 | 93,000 | 1,475,000 | 550,000 | ' |
Curtailment charge (credit) | 0 | -125,000 | 0 | -125,000 | ' |
Pension expense or non-pension postretirement benefit expense | 4,084,000 | 3,138,000 | 11,340,000 | 12,604,000 | ' |
Defined Benefit Plan, Contributions [Abstract] | ' | ' | ' | ' | ' |
Employer contributions made to defined benefit plans | 1,200,000 | ' | 4,000,000 | ' | ' |
Estimated employer contributions to defined benefit plans in remainder of 2013 | 1,800,000 | ' | ' | ' | ' |
U.S. Plans [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | 1,184,000 | 1,543,000 | 3,554,000 | 4,468,000 | ' |
Interest cost | 3,582,000 | 3,702,000 | 10,564,000 | 11,548,000 | ' |
Expected return on plan assets | -5,571,000 | -4,939,000 | -16,775,000 | -13,885,000 | ' |
Amortization of unrecognized: | ' | ' | ' | ' | ' |
Prior service cost | 293,000 | 494,000 | 879,000 | 1,537,000 | ' |
Loss / (gain) | 2,095,000 | 1,302,000 | 6,445,000 | 4,822,000 | ' |
Settlement charge | 424,000 | 0 | 1,139,000 | 457,000 | ' |
Curtailment charge (credit) | 0 | -125,000 | 0 | -125,000 | ' |
Pension expense or non-pension postretirement benefit expense | 2,007,000 | 1,977,000 | 5,806,000 | 8,822,000 | ' |
Non-U.S. Plans [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | 729,000 | 118,000 | 2,137,000 | 1,108,000 | ' |
Interest cost | 1,271,000 | 1,327,000 | 3,722,000 | 3,761,000 | ' |
Expected return on plan assets | -547,000 | -596,000 | -1,524,000 | -1,786,000 | ' |
Amortization of unrecognized: | ' | ' | ' | ' | ' |
Prior service cost | 65,000 | 70,000 | 187,000 | 198,000 | ' |
Loss / (gain) | 223,000 | 149,000 | 676,000 | 408,000 | ' |
Settlement charge | 336,000 | 93,000 | 336,000 | 93,000 | ' |
Curtailment charge (credit) | 0 | 0 | 0 | 0 | ' |
Pension expense or non-pension postretirement benefit expense | 2,077,000 | 1,161,000 | 5,534,000 | 3,782,000 | ' |
Non-Pension Postretirement Benefit Plans [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | 298,000 | 368,000 | 894,000 | 1,104,000 | ' |
Interest cost | 684,000 | 885,000 | 2,049,000 | 2,650,000 | ' |
Amortization of unrecognized: | ' | ' | ' | ' | ' |
Prior service cost | 35,000 | 105,000 | 105,000 | 316,000 | ' |
Loss / (gain) | 214,000 | 229,000 | 643,000 | 686,000 | ' |
Pension expense or non-pension postretirement benefit expense | 1,231,000 | 1,587,000 | 3,691,000 | 4,756,000 | ' |
Defined Benefit Plan, Contributions [Abstract] | ' | ' | ' | ' | ' |
Employer contributions made to defined benefit plans | 900,000 | ' | 3,100,000 | ' | ' |
Estimated employer contributions to defined benefit plans in year 2013 | 4,700,000 | ' | ' | ' | ' |
Retirees subject to health reimbursement arrangement, minimum age | ' | ' | ' | ' | '65 years |
Life insurance benefit, maximum | ' | ' | ' | ' | 10,000 |
U.S. Plans [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | 298,000 | 368,000 | 893,000 | 1,103,000 | ' |
Interest cost | 655,000 | 857,000 | 1,966,000 | 2,570,000 | ' |
Amortization of unrecognized: | ' | ' | ' | ' | ' |
Prior service cost | 35,000 | 105,000 | 105,000 | 316,000 | ' |
Loss / (gain) | 214,000 | 229,000 | 643,000 | 687,000 | ' |
Pension expense or non-pension postretirement benefit expense | 1,202,000 | 1,559,000 | 3,607,000 | 4,676,000 | ' |
Non-U.S. Plans [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | 0 | 0 | 1,000 | 1,000 | ' |
Interest cost | 29,000 | 28,000 | 83,000 | 80,000 | ' |
Amortization of unrecognized: | ' | ' | ' | ' | ' |
Prior service cost | 0 | 0 | 0 | 0 | ' |
Loss / (gain) | 0 | 0 | 0 | -1,000 | ' |
Pension expense or non-pension postretirement benefit expense | $29,000 | $28,000 | $84,000 | $80,000 | ' |
Net_Income_per_Share_of_Common2
Net Income per Share of Common Stock (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerators for earnings per share: | ' | ' | ' | ' |
Net income that is available to common shareholders | $4,749 | $14,861 | $19,174 | $5,359 |
Denominator for basic earnings per share: | ' | ' | ' | ' |
Weighted average shares outstanding | 21,492,625 | 20,896,291 | 21,300,212 | 20,834,742 |
Denominator for diluted earnings per share: | ' | ' | ' | ' |
Effect of stock options and restricted stock units | 730,697 | 464,195 | 629,200 | 432,535 |
Adjusted weighted average shares and assumed conversions | 22,223,322 | 21,360,486 | 21,929,412 | 21,267,277 |
Basic earnings per share | $0.22 | $0.71 | $0.90 | $0.26 |
Diluted earnings per share | $0.21 | $0.70 | $0.87 | $0.25 |
Derivatives_Narrative_Commodit
Derivatives (Narrative - Commodity Future Contracts) (Details) (Cash Flow Hedging [Member], Natural gas contracts [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
MMBTU | MMBTU | |||
Derivative [Line Items] | ' | ' | ' | ' |
Natural gas contracts, notional amounts (in millions of BTUs) | ' | 1,620,000 | ' | 2,400,000 |
Loss on cash flow hedge ineffectiveness | ' | $0.30 | ' | ' |
Derivative, additional cash paid (received) on settlement of hedge | 1.1 | ' | 4.3 | ' |
Cash flow hedge loss to be reclassified within 12 months | ' | $0.20 | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Forecast of anticipated requirements, percentage of forecast eligible for hedging | ' | 40.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Forecast of anticipated requirements, percentage of forecast eligible for hedging | ' | 70.00% | ' | ' |
Forecast of commodity requirements, maximum length of time used | ' | '18 months | ' | ' |
Derivatives_Fair_Value_of_Deri
Derivatives (Fair Value of Derivative Assets and Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, derivative asset | $185 | $339 |
Fair value, derivative liability | 1,829 | 420 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, derivative asset | 0 | 298 |
Fair value, derivative liability | 1,667 | 420 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, derivative asset | 185 | 41 |
Fair value, derivative liability | 162 | 0 |
Interest rate agreements [Member] | Designated as Hedging Instrument [Member] | Derivative Asset [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, derivative asset | 0 | 298 |
Interest rate agreements [Member] | Designated as Hedging Instrument [Member] | Other Long-Term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, derivative liability | 1,451 | 0 |
Interest rate agreements [Member] | Not Designated as Hedging Instrument [Member] | Other Long-Term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, derivative liability | 162 | 0 |
Natural gas contracts [Member] | Designated as Hedging Instrument [Member] | Derivative Liability, Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, derivative liability | 193 | 420 |
Natural gas contracts [Member] | Designated as Hedging Instrument [Member] | Other Long-Term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, derivative liability | 23 | 0 |
Currency contracts [Member] | Not Designated as Hedging Instrument [Member] | Prepaid and other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, derivative asset | $185 | $41 |
Derivatives_Gain_Loss_on_Inter
Derivatives (Gain Loss on Interest Rate Swaps Included in Earnings) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 02, 2013 | Jul. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Interest rate agreements [Member] | Interest rate agreements [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | New Rate Agreement [Member] | New Rate Agreement [Member] | New Rate Agreement [Member] | New Rate Agreement [Member] | |
Other Income (Expense) [Member] | Other Income (Expense) [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Loss on Redemption of Debt [Member] | Loss on Redemption of Debt [Member] | Loss on Redemption of Debt [Member] | Loss on Redemption of Debt [Member] | Other Income (Expense) [Member] | Other Income (Expense) [Member] | Other Income (Expense) [Member] | Other Income (Expense) [Member] | Interest rate agreements [Member] | Interest rate agreements [Member] | Interest rate agreements [Member] | Interest rate agreements [Member] | Interest rate agreements [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |
Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Interest rate agreements [Member] | Interest rate agreements [Member] | Designated as Hedging Instrument [Member] | ||||||||
Fair Value Hedging [Member] | Interest rate agreements [Member] | |||||||||||||||||||||
Fair Value Hedging [Member] | ||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45,000,000 | $40,500,000 |
Derivative, notional amount de-designated, percent of total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' |
Derivative, notional amount de-designated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' |
Income (expense) on de-designated derivative | -200,000 | -162,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -330,000 | -582,000 | 1,749,000 | -243,000 | ' | ' | ' | ' |
Related long-term debt | ' | ' | -245,000 | -1,248,000 | 1,265,000 | 2,839,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net impact on Condensed Consolidated Statements of Operations | ' | ' | $85,000 | ($666,000) | ($484,000) | $3,082,000 | $0 | $0 | $0 | $3,502,000 | $85,000 | ($666,000) | ($484,000) | ($420,000) | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_Effective_Portion_
Derivatives (Effective Portion of Derivative Gain Loss) (Details) (Designated as Hedging Instrument [Member], Cash Flow Hedging [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Effective portion of derivative gain (loss) recognized in other comprehensive income (loss) | ($78) | $682 | $512 | ($836) |
Effective portion of derivative gain (loss) reclassified from accumulated other comprehensive loss into income | 26 | -1,088 | 32 | -4,284 |
Natural gas contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Effective portion of derivative gain (loss) recognized in other comprehensive income (loss) | -78 | 682 | 512 | -836 |
Natural gas contracts [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Effective portion of derivative gain (loss) reclassified from accumulated other comprehensive loss into income | $26 | ($1,088) | $32 | ($4,284) |
Derivatives_Gains_and_Losses_o
Derivatives (Gains and Losses on Derivatives that were Not Designated as Hedging Instruments) (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | Other Income (Expense) [Member] | Other Income (Expense) [Member] | Other Income (Expense) [Member] | Other Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |
Currency contracts [Member] | Currency contracts [Member] | Currency contracts [Member] | Currency contracts [Member] | Currency contracts [Member] | Currency contracts [Member] | |||||
USD ($) | USD ($) | USD ($) | USD ($) | CAD | CAD | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, notional amount | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | 14,800,000 |
Gain (loss) on derivatives not designated as hedging instruments | ($273,000) | ($190,000) | $144,000 | ($220,000) | ($273,000) | ($190,000) | $144,000 | ($220,000) | ' | ' |
Comprehensive_Income_Loss_Sche
Comprehensive Income (Loss) (Schedule of AOCI) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | ||
Change in Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Beginning balance | ($132,011) | ($141,040) | ||
Other comprehensive income (loss) | 5,210 | 8,269 | ||
Currency impact | -33 | -108 | ||
Amounts reclassified from accumulated other comprehensive income (loss): | ' | ' | ||
Amortization of actuarial loss (1) | 2,532 | [1] | 7,764 | [1] |
Amortization of prior service cost (1) | 393 | [1] | 1,171 | [1] |
Cost of sales | -26 | -32 | ||
Current-period other comprehensive income (loss) | 8,076 | 17,064 | ||
Tax effect | 2 | 43 | ||
Balance on September 30, 2013 | -123,933 | -123,933 | ||
Foreign Currency Translation [Member] | ' | ' | ||
Change in Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Beginning balance | -2,231 | -1,641 | ||
Other comprehensive income (loss) | 4,528 | 3,938 | ||
Amounts reclassified from accumulated other comprehensive income (loss): | ' | ' | ||
Current-period other comprehensive income (loss) | 4,528 | 3,938 | ||
Tax effect | 0 | 0 | ||
Balance on September 30, 2013 | 2,297 | 2,297 | ||
Derivative Instruments [Member] | ' | ' | ||
Change in Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Beginning balance | 1,025 | 489 | ||
Other comprehensive income (loss) | -78 | 512 | ||
Amounts reclassified from accumulated other comprehensive income (loss): | ' | ' | ||
Cost of sales | -26 | -32 | ||
Current-period other comprehensive income (loss) | -104 | 480 | ||
Tax effect | 77 | 29 | ||
Balance on September 30, 2013 | 998 | 998 | ||
Pension and Other Postretirement Benefits [Member] | ' | ' | ||
Change in Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Beginning balance | -130,805 | -139,888 | ||
Other comprehensive income (loss) | 760 | 3,819 | ||
Currency impact | -33 | -108 | ||
Amounts reclassified from accumulated other comprehensive income (loss): | ' | ' | ||
Amortization of actuarial loss (1) | 2,532 | [1] | 7,764 | [1] |
Amortization of prior service cost (1) | 393 | [1] | 1,171 | [1] |
Current-period other comprehensive income (loss) | 3,652 | 12,646 | ||
Tax effect | -75 | 14 | ||
Balance on September 30, 2013 | ($127,228) | ($127,228) | ||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost within the cost of sales and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. |
Condensed_Consolidated_Guarant2
Condensed Consolidated Guarantor Financial Statements (Narrative) (Details) | Sep. 30, 2013 |
Libbey Glass (Issuer) [Member] | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' |
Subsidiary, ownership percentage | 100.00% |
Subsidiary Guarantors [Member] | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' |
Subsidiary, ownership percentage | 100.00% |
Condensed_Consolidated_Guarant3
Condensed Consolidated Guarantor Financial Statements (Statements of Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' |
Net sales | $204,386 | $209,150 | $597,766 | $606,226 |
Freight billed to customers | 924 | 1,015 | 2,447 | 2,482 |
Total revenues | 205,310 | 210,165 | 600,213 | 608,708 |
Cost of sales | 165,405 | 158,956 | 460,614 | 458,096 |
Gross profit | 39,905 | 51,209 | 139,599 | 150,612 |
Selling, general and administrative expenses | 25,519 | 26,887 | 81,551 | 82,391 |
Special charges | 390 | 0 | 4,619 | 0 |
Income from operations | 13,996 | 24,322 | 53,429 | 68,221 |
Other income (expense) | -706 | -195 | -3,608 | -31,434 |
Earnings before interest and income taxes | 13,290 | 24,127 | 49,821 | 36,787 |
Interest expense | 7,706 | 8,720 | 24,267 | 29,085 |
Income before income taxes | 5,584 | 15,407 | 25,554 | 7,702 |
Provision for income taxes | 835 | 546 | 6,380 | 2,343 |
Net income (loss) | 4,749 | 14,861 | 19,174 | 5,359 |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 4,749 | 14,861 | 19,174 | 5,359 |
Comprehensive income (loss) | 12,827 | 21,630 | 36,281 | 17,763 |
Libbey Inc. (Parent) [Member] | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Freight billed to customers | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Special charges | 0 | 0 | 0 | 0 |
Income from operations | 0 | 0 | 0 | 0 |
Other income (expense) | 0 | 0 | 0 | 0 |
Earnings before interest and income taxes | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Income before income taxes | 0 | 0 | 0 | 0 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 0 |
Equity in net income (loss) of subsidiaries | 4,749 | 14,861 | 19,174 | 5,359 |
Net income | 4,749 | 14,861 | 19,174 | 5,359 |
Comprehensive income (loss) | 12,827 | 21,630 | 36,281 | 17,763 |
Libbey Glass (Issuer) [Member] | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' |
Net sales | 96,699 | 104,840 | 285,035 | 308,017 |
Freight billed to customers | 170 | 140 | 401 | 436 |
Total revenues | 96,869 | 104,980 | 285,436 | 308,453 |
Cost of sales | 79,960 | 79,164 | 209,165 | 229,083 |
Gross profit | 16,909 | 25,816 | 76,271 | 79,370 |
Selling, general and administrative expenses | 13,476 | 17,261 | 46,721 | 52,685 |
Special charges | 373 | 0 | 4,602 | 0 |
Income from operations | 3,060 | 8,555 | 24,948 | 26,685 |
Other income (expense) | -238 | -541 | -2,745 | -31,503 |
Earnings before interest and income taxes | 2,822 | 8,014 | 22,203 | -4,818 |
Interest expense | 5,704 | 6,719 | 18,120 | 22,593 |
Income before income taxes | -2,882 | 1,295 | 4,083 | -27,411 |
Provision for income taxes | 452 | -1,536 | 1,152 | -3,972 |
Net income (loss) | -3,334 | 2,831 | 2,931 | -23,439 |
Equity in net income (loss) of subsidiaries | 8,083 | 12,030 | 16,243 | 28,798 |
Net income | 4,749 | 14,861 | 19,174 | 5,359 |
Comprehensive income (loss) | 12,827 | 21,630 | 36,281 | 17,763 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' |
Net sales | 20,926 | 20,210 | 61,342 | 57,420 |
Freight billed to customers | 212 | 158 | 640 | 532 |
Total revenues | 21,138 | 20,368 | 61,982 | 57,952 |
Cost of sales | 15,840 | 14,483 | 46,340 | 41,838 |
Gross profit | 5,298 | 5,885 | 15,642 | 16,114 |
Selling, general and administrative expenses | 3,103 | 1,495 | 8,256 | 4,897 |
Special charges | 0 | 0 | 0 | 0 |
Income from operations | 2,195 | 4,390 | 7,386 | 11,217 |
Other income (expense) | -4 | 9 | -16 | 2 |
Earnings before interest and income taxes | 2,191 | 4,399 | 7,370 | 11,219 |
Interest expense | 0 | 0 | 0 | 0 |
Income before income taxes | 2,191 | 4,399 | 7,370 | 11,219 |
Provision for income taxes | 81 | 0 | 230 | 131 |
Net income (loss) | 2,110 | 4,399 | 7,140 | 11,088 |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 2,110 | 4,399 | 7,140 | 11,088 |
Comprehensive income (loss) | 2,031 | 4,522 | 7,030 | 11,575 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' |
Net sales | 104,251 | 104,166 | 293,122 | 294,175 |
Freight billed to customers | 542 | 717 | 1,406 | 1,514 |
Total revenues | 104,793 | 104,883 | 294,528 | 295,689 |
Cost of sales | 87,095 | 85,375 | 246,842 | 240,561 |
Gross profit | 17,698 | 19,508 | 47,686 | 55,128 |
Selling, general and administrative expenses | 8,940 | 8,131 | 26,574 | 24,809 |
Special charges | 17 | 0 | 17 | 0 |
Income from operations | 8,741 | 11,377 | 21,095 | 30,319 |
Other income (expense) | -464 | 337 | -847 | 67 |
Earnings before interest and income taxes | 8,277 | 11,714 | 20,248 | 30,386 |
Interest expense | 2,002 | 2,001 | 6,147 | 6,492 |
Income before income taxes | 6,275 | 9,713 | 14,101 | 23,894 |
Provision for income taxes | 302 | 2,082 | 4,998 | 6,184 |
Net income (loss) | 5,973 | 7,631 | 9,103 | 17,710 |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 5,973 | 7,631 | 9,103 | 17,710 |
Comprehensive income (loss) | 1,641 | 10,244 | 4,441 | 18,120 |
Eliminations [Member] | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' |
Net sales | -17,490 | -20,066 | -41,733 | -53,386 |
Freight billed to customers | 0 | 0 | 0 | 0 |
Total revenues | -17,490 | -20,066 | -41,733 | -53,386 |
Cost of sales | -17,490 | -20,066 | -41,733 | -53,386 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Special charges | 0 | 0 | 0 | 0 |
Income from operations | 0 | 0 | 0 | 0 |
Other income (expense) | 0 | 0 | 0 | 0 |
Earnings before interest and income taxes | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Income before income taxes | 0 | 0 | 0 | 0 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 0 |
Equity in net income (loss) of subsidiaries | -12,832 | -26,891 | -35,417 | -34,157 |
Net income | -12,832 | -26,891 | -35,417 | -34,157 |
Comprehensive income (loss) | ($16,499) | ($36,396) | ($47,752) | ($47,458) |
Condensed_Consolidated_Guarant4
Condensed Consolidated Guarantor Financial Statements (Balance Sheets) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $29,466 | $10,544 | $67,208 | $33,347 | $19,577 | $58,291 |
Accounts receivable - net | 91,611 | ' | 80,850 | ' | ' | ' |
Inventories - net | 173,394 | ' | 157,549 | ' | ' | ' |
Other current assets | 23,145 | ' | 12,997 | ' | ' | ' |
Total current assets | 317,616 | ' | 318,604 | ' | ' | ' |
Other non-current assets | 35,867 | ' | 38,624 | ' | ' | ' |
Investments in and advances to subsidiaries | 0 | ' | 0 | ' | ' | ' |
Goodwill and purchased intangible assets - net | 186,679 | ' | 186,794 | ' | ' | ' |
Total other assets | 222,546 | ' | 225,418 | ' | ' | ' |
Property, plant and equipment - net | 254,498 | ' | 258,154 | ' | ' | ' |
Total assets | 794,660 | ' | 802,176 | ' | ' | ' |
Accounts payable | 60,767 | ' | 65,712 | ' | ' | ' |
Accrued and other current liabilities | 94,395 | ' | 95,535 | ' | ' | ' |
Notes payable and long-term debt due within one year | 15,146 | ' | 4,583 | ' | ' | ' |
Total current liabilities | 170,308 | ' | 165,830 | ' | ' | ' |
Long-term debt | 406,998 | ' | 461,884 | ' | ' | ' |
Other long-term liabilities | 148,597 | ' | 149,986 | ' | ' | ' |
Total liabilities | 725,903 | ' | 777,700 | ' | ' | ' |
Total shareholders' equity (deficit) | 68,757 | ' | 24,476 | ' | ' | ' |
Total liabilities and shareholders' equity | 794,660 | ' | 802,176 | ' | ' | ' |
Libbey Inc. (Parent) [Member] | ' | ' | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts receivable - net | 0 | ' | 0 | ' | ' | ' |
Inventories - net | 0 | ' | 0 | ' | ' | ' |
Other current assets | 0 | ' | 0 | ' | ' | ' |
Total current assets | 0 | ' | 0 | ' | ' | ' |
Other non-current assets | 0 | ' | 0 | ' | ' | ' |
Investments in and advances to subsidiaries | 68,757 | ' | 24,476 | ' | ' | ' |
Goodwill and purchased intangible assets - net | 0 | ' | 0 | ' | ' | ' |
Total other assets | 68,757 | ' | 24,476 | ' | ' | ' |
Property, plant and equipment - net | 0 | ' | 0 | ' | ' | ' |
Total assets | 68,757 | ' | 24,476 | ' | ' | ' |
Accounts payable | 0 | ' | 0 | ' | ' | ' |
Accrued and other current liabilities | 0 | ' | 0 | ' | ' | ' |
Notes payable and long-term debt due within one year | 0 | ' | 0 | ' | ' | ' |
Total current liabilities | 0 | ' | 0 | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' | ' | ' |
Other long-term liabilities | 0 | ' | 0 | ' | ' | ' |
Total liabilities | 0 | ' | 0 | ' | ' | ' |
Total shareholders' equity (deficit) | 68,757 | ' | 24,476 | ' | ' | ' |
Total liabilities and shareholders' equity | 68,757 | ' | 24,476 | ' | ' | ' |
Libbey Glass (Issuer) [Member] | ' | ' | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 6,217 | -3,568 | 43,558 | 15,794 | -211 | 39,249 |
Accounts receivable - net | 38,967 | ' | 33,987 | ' | ' | ' |
Inventories - net | 60,035 | ' | 52,627 | ' | ' | ' |
Other current assets | 19,638 | ' | 17,931 | ' | ' | ' |
Total current assets | 124,857 | ' | 148,103 | ' | ' | ' |
Other non-current assets | 18,806 | ' | 22,373 | ' | ' | ' |
Investments in and advances to subsidiaries | 372,239 | ' | 384,414 | ' | ' | ' |
Goodwill and purchased intangible assets - net | 27,423 | ' | 26,833 | ' | ' | ' |
Total other assets | 418,468 | ' | 433,620 | ' | ' | ' |
Property, plant and equipment - net | 64,876 | ' | 72,780 | ' | ' | ' |
Total assets | 608,201 | ' | 654,503 | ' | ' | ' |
Accounts payable | 12,330 | ' | 15,339 | ' | ' | ' |
Accrued and other current liabilities | 56,489 | ' | 63,674 | ' | ' | ' |
Notes payable and long-term debt due within one year | 231 | ' | 221 | ' | ' | ' |
Total current liabilities | 69,050 | ' | 79,234 | ' | ' | ' |
Long-term debt | 404,655 | ' | 451,090 | ' | ' | ' |
Other long-term liabilities | 91,818 | ' | 94,434 | ' | ' | ' |
Total liabilities | 565,523 | ' | 624,758 | ' | ' | ' |
Total shareholders' equity (deficit) | 42,678 | ' | 29,745 | ' | ' | ' |
Total liabilities and shareholders' equity | 608,201 | ' | 654,503 | ' | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 52 | 55 | 70 | 154 | 66 | 155 |
Accounts receivable - net | 5,551 | ' | 3,560 | ' | ' | ' |
Inventories - net | 21,295 | ' | 18,477 | ' | ' | ' |
Other current assets | 2,284 | ' | 810 | ' | ' | ' |
Total current assets | 29,182 | ' | 22,917 | ' | ' | ' |
Other non-current assets | 0 | ' | 54 | ' | ' | ' |
Investments in and advances to subsidiaries | 197,806 | ' | 194,316 | ' | ' | ' |
Goodwill and purchased intangible assets - net | 12,347 | ' | 12,347 | ' | ' | ' |
Total other assets | 210,153 | ' | 206,717 | ' | ' | ' |
Property, plant and equipment - net | 288 | ' | 298 | ' | ' | ' |
Total assets | 239,623 | ' | 229,932 | ' | ' | ' |
Accounts payable | 2,118 | ' | 2,854 | ' | ' | ' |
Accrued and other current liabilities | 22,473 | ' | 20,194 | ' | ' | ' |
Notes payable and long-term debt due within one year | 0 | ' | 0 | ' | ' | ' |
Total current liabilities | 24,591 | ' | 23,048 | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' | ' | ' |
Other long-term liabilities | 9,432 | ' | 9,691 | ' | ' | ' |
Total liabilities | 34,023 | ' | 32,739 | ' | ' | ' |
Total shareholders' equity (deficit) | 205,600 | ' | 197,193 | ' | ' | ' |
Total liabilities and shareholders' equity | 239,623 | ' | 229,932 | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 23,197 | 14,057 | 23,580 | 17,399 | 19,722 | 18,887 |
Accounts receivable - net | 47,093 | ' | 43,303 | ' | ' | ' |
Inventories - net | 92,064 | ' | 86,445 | ' | ' | ' |
Other current assets | 17,630 | ' | 10,446 | ' | ' | ' |
Total current assets | 179,984 | ' | 163,774 | ' | ' | ' |
Other non-current assets | 21,251 | ' | 20,387 | ' | ' | ' |
Investments in and advances to subsidiaries | -40,632 | ' | -35,962 | ' | ' | ' |
Goodwill and purchased intangible assets - net | 146,909 | ' | 147,614 | ' | ' | ' |
Total other assets | 127,528 | ' | 132,039 | ' | ' | ' |
Property, plant and equipment - net | 189,334 | ' | 185,076 | ' | ' | ' |
Total assets | 496,846 | ' | 480,889 | ' | ' | ' |
Accounts payable | 46,319 | ' | 47,519 | ' | ' | ' |
Accrued and other current liabilities | 28,767 | ' | 27,857 | ' | ' | ' |
Notes payable and long-term debt due within one year | 14,915 | ' | 4,362 | ' | ' | ' |
Total current liabilities | 90,001 | ' | 79,738 | ' | ' | ' |
Long-term debt | 2,343 | ' | 10,794 | ' | ' | ' |
Other long-term liabilities | 51,537 | ' | 50,051 | ' | ' | ' |
Total liabilities | 143,881 | ' | 140,583 | ' | ' | ' |
Total shareholders' equity (deficit) | 352,965 | ' | 340,306 | ' | ' | ' |
Total liabilities and shareholders' equity | 496,846 | ' | 480,889 | ' | ' | ' |
Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts receivable - net | 0 | ' | 0 | ' | ' | ' |
Inventories - net | 0 | ' | 0 | ' | ' | ' |
Other current assets | -16,407 | ' | -16,190 | ' | ' | ' |
Total current assets | -16,407 | ' | -16,190 | ' | ' | ' |
Other non-current assets | -4,190 | ' | -4,190 | ' | ' | ' |
Investments in and advances to subsidiaries | -598,170 | ' | -567,244 | ' | ' | ' |
Goodwill and purchased intangible assets - net | 0 | ' | 0 | ' | ' | ' |
Total other assets | -602,360 | ' | -571,434 | ' | ' | ' |
Property, plant and equipment - net | 0 | ' | 0 | ' | ' | ' |
Total assets | -618,767 | ' | -587,624 | ' | ' | ' |
Accounts payable | 0 | ' | 0 | ' | ' | ' |
Accrued and other current liabilities | -13,334 | ' | -16,190 | ' | ' | ' |
Notes payable and long-term debt due within one year | 0 | ' | 0 | ' | ' | ' |
Total current liabilities | -13,334 | ' | -16,190 | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' | ' | ' |
Other long-term liabilities | -4,190 | ' | -4,190 | ' | ' | ' |
Total liabilities | -17,524 | ' | -20,380 | ' | ' | ' |
Total shareholders' equity (deficit) | -601,243 | ' | -567,244 | ' | ' | ' |
Total liabilities and shareholders' equity | ($618,767) | ' | ($587,624) | ' | ' | ' |
Condensed_Consolidated_Guarant5
Condensed Consolidated Guarantor Financial Statements (Cash Flow Statements) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' |
Net income (loss) | $4,749 | $14,861 | $19,174 | $5,359 |
Depreciation and amortization | 11,773 | 10,073 | 34,170 | 30,897 |
Other operating activities | 18,245 | 2,955 | -21,872 | -79,886 |
Net cash provided by (used in) operating activities | 34,767 | 27,889 | 31,472 | -43,630 |
Additions to property, plant and equipment | -10,381 | -5,412 | -30,152 | -17,244 |
Other investing activities | 73 | 131 | 81 | 550 |
Net cash (used in) investing activities | -10,308 | -5,281 | -30,071 | -16,694 |
Net borrowings (repayments) | -8,103 | -8,317 | -43,417 | 71,721 |
Other financing activities | 2,059 | -627 | 3,757 | -36,343 |
Net cash provided by (used in) financing activities | -6,044 | -8,944 | -39,660 | 35,378 |
Exchange effect on cash | 507 | 106 | 517 | 2 |
Increase (decrease) in cash | 18,922 | 13,770 | -37,742 | -24,944 |
Cash at beginning of period | 10,544 | 19,577 | 67,208 | 58,291 |
Cash at end of period | 29,466 | 33,347 | 29,466 | 33,347 |
Libbey Inc. (Parent) [Member] | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' |
Net income (loss) | 4,749 | 14,861 | 19,174 | 5,359 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other operating activities | -4,749 | -14,861 | -19,174 | -5,359 |
Net cash provided by (used in) operating activities | 0 | 0 | 0 | 0 |
Additions to property, plant and equipment | 0 | 0 | 0 | 0 |
Other investing activities | 0 | 0 | 0 | 0 |
Net cash (used in) investing activities | 0 | 0 | 0 | 0 |
Net borrowings (repayments) | 0 | 0 | 0 | 0 |
Other financing activities | 0 | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 | 0 | 0 |
Exchange effect on cash | 0 | 0 | 0 | 0 |
Increase (decrease) in cash | 0 | 0 | 0 | 0 |
Cash at beginning of period | 0 | 0 | 0 | 0 |
Cash at end of period | 0 | 0 | 0 | 0 |
Libbey Glass (Issuer) [Member] | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' |
Net income (loss) | 4,749 | 14,861 | 19,174 | 5,359 |
Depreciation and amortization | 2,921 | 3,143 | 11,646 | 10,150 |
Other operating activities | 12,531 | 159 | -20,066 | -86,674 |
Net cash provided by (used in) operating activities | 20,201 | 18,163 | 10,754 | -71,165 |
Additions to property, plant and equipment | -2,620 | -1,478 | -6,689 | -5,792 |
Other investing activities | 1 | 0 | 2 | 0 |
Net cash (used in) investing activities | -2,619 | -1,478 | -6,687 | -5,792 |
Net borrowings (repayments) | -9,856 | -53 | -45,165 | 89,845 |
Other financing activities | 2,059 | -627 | 3,757 | -36,343 |
Net cash provided by (used in) financing activities | -7,797 | -680 | -41,408 | 53,502 |
Exchange effect on cash | 0 | 0 | 0 | 0 |
Increase (decrease) in cash | 9,785 | 16,005 | -37,341 | -23,455 |
Cash at beginning of period | -3,568 | -211 | 43,558 | 39,249 |
Cash at end of period | 6,217 | 15,794 | 6,217 | 15,794 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' |
Net income (loss) | 2,110 | 4,399 | 7,140 | 11,088 |
Depreciation and amortization | 13 | 17 | 46 | 54 |
Other operating activities | -2,122 | -4,328 | -7,169 | -11,143 |
Net cash provided by (used in) operating activities | 1 | 88 | 17 | -1 |
Additions to property, plant and equipment | -4 | 0 | -35 | 0 |
Other investing activities | 0 | 0 | 0 | 0 |
Net cash (used in) investing activities | -4 | 0 | -35 | 0 |
Net borrowings (repayments) | 0 | 0 | 0 | 0 |
Other financing activities | 0 | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 | 0 | 0 |
Exchange effect on cash | 0 | 0 | 0 | 0 |
Increase (decrease) in cash | -3 | 88 | -18 | -1 |
Cash at beginning of period | 55 | 66 | 70 | 155 |
Cash at end of period | 52 | 154 | 52 | 154 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' |
Net income (loss) | 5,973 | 7,631 | 9,103 | 17,710 |
Depreciation and amortization | 8,839 | 6,913 | 22,478 | 20,693 |
Other operating activities | -247 | -4,906 | -10,880 | -10,867 |
Net cash provided by (used in) operating activities | 14,565 | 9,638 | 20,701 | 27,536 |
Additions to property, plant and equipment | -7,757 | -3,934 | -23,428 | -11,452 |
Other investing activities | 72 | 131 | 79 | 550 |
Net cash (used in) investing activities | -7,685 | -3,803 | -23,349 | -10,902 |
Net borrowings (repayments) | 1,753 | -8,264 | 1,748 | -18,124 |
Other financing activities | 0 | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 1,753 | -8,264 | 1,748 | -18,124 |
Exchange effect on cash | 507 | 106 | 517 | 2 |
Increase (decrease) in cash | 9,140 | -2,323 | -383 | -1,488 |
Cash at beginning of period | 14,057 | 19,722 | 23,580 | 18,887 |
Cash at end of period | 23,197 | 17,399 | 23,197 | 17,399 |
Eliminations [Member] | ' | ' | ' | ' |
Consolidating Guarantor Non-Guarantor Financials [Line Items] | ' | ' | ' | ' |
Net income (loss) | -12,832 | -26,891 | -35,417 | -34,157 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other operating activities | 12,832 | 26,891 | 35,417 | 34,157 |
Net cash provided by (used in) operating activities | 0 | 0 | 0 | 0 |
Additions to property, plant and equipment | 0 | 0 | 0 | 0 |
Other investing activities | 0 | 0 | 0 | 0 |
Net cash (used in) investing activities | 0 | 0 | 0 | 0 |
Net borrowings (repayments) | 0 | 0 | 0 | 0 |
Other financing activities | 0 | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 | 0 | 0 |
Exchange effect on cash | 0 | 0 | 0 | 0 |
Increase (decrease) in cash | 0 | 0 | 0 | 0 |
Cash at beginning of period | 0 | 0 | 0 | 0 |
Cash at end of period | $0 | $0 | $0 | $0 |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
segment | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||
Number of reportable segments | 2 | ' | ' | ' | ' | |||
Net Sales: | ' | ' | ' | ' | ' | |||
Net sales | $204,386 | $209,150 | $597,766 | $606,226 | ' | |||
Segment EBIT: | ' | ' | ' | ' | ' | |||
Segment EBIT | 20,524 | 34,202 | 78,424 | 91,245 | ' | |||
Reconciliation of Segment EBIT to Net Income: | ' | ' | ' | ' | ' | |||
Retained corporate costs | -3,647 | -6,289 | -14,074 | -19,597 | ' | |||
Gain (loss) on redemption of debt (note 4) | 0 | 0 | -2,518 | -31,075 | ' | |||
Severance | 0 | -3,911 | 0 | -3,911 | ' | |||
Pension settlement and curtailment | -760 | 125 | -1,475 | 125 | ' | |||
Furnace malfunction | -2,437 | 0 | -2,437 | 0 | ' | |||
Restructuring charges (note 5) | -390 | 0 | -6,318 | 0 | ' | |||
Abandoned property (note 15) | 0 | 0 | -1,781 | 0 | ' | |||
Interest expense | -7,706 | -8,720 | -24,267 | -29,085 | ' | |||
Income taxes | -835 | -546 | -6,380 | -2,343 | ' | |||
Net income | 4,749 | 14,861 | 19,174 | 5,359 | ' | |||
Depreciation & Amortization: | ' | ' | ' | ' | ' | |||
Depreciation and amortization | 11,773 | 10,073 | 34,170 | 30,897 | ' | |||
Capital Expenditures: | ' | ' | ' | ' | ' | |||
Capital Expenditures | 10,381 | 5,412 | 30,152 | 17,244 | ' | |||
Segment Assets(1): | ' | ' | ' | ' | ' | |||
Segment assets | 265,005 | [1] | ' | 265,005 | [1] | ' | 238,399 | [1] |
Americas [Member] | ' | ' | ' | ' | ' | |||
Net Sales: | ' | ' | ' | ' | ' | |||
Net sales | 141,390 | 146,169 | 406,740 | 424,428 | ' | |||
Segment EBIT: | ' | ' | ' | ' | ' | |||
Segment EBIT | 20,580 | 27,020 | 71,230 | 73,708 | ' | |||
Depreciation & Amortization: | ' | ' | ' | ' | ' | |||
Depreciation and amortization | 5,975 | 6,045 | 19,824 | 18,248 | ' | |||
Capital Expenditures: | ' | ' | ' | ' | ' | |||
Capital Expenditures | 4,231 | 3,839 | 18,140 | 12,262 | ' | |||
Segment Assets(1): | ' | ' | ' | ' | ' | |||
Segment assets | 169,667 | [1] | ' | 169,667 | [1] | ' | 150,923 | [1] |
EMEA [Member] | ' | ' | ' | ' | ' | |||
Net Sales: | ' | ' | ' | ' | ' | |||
Net sales | 35,491 | 34,454 | 107,714 | 98,969 | ' | |||
Segment EBIT: | ' | ' | ' | ' | ' | |||
Segment EBIT | -258 | 1,804 | -1,172 | 1,526 | ' | |||
Depreciation & Amortization: | ' | ' | ' | ' | ' | |||
Depreciation and amortization | 2,930 | 2,375 | 7,923 | 7,389 | ' | |||
Capital Expenditures: | ' | ' | ' | ' | ' | |||
Capital Expenditures | 1,307 | 942 | 4,348 | 2,960 | ' | |||
Segment Assets(1): | ' | ' | ' | ' | ' | |||
Segment assets | 49,715 | [1] | ' | 49,715 | [1] | ' | 49,981 | [1] |
Other [Member] | ' | ' | ' | ' | ' | |||
Net Sales: | ' | ' | ' | ' | ' | |||
Net sales | 27,505 | 28,527 | 83,312 | 82,829 | ' | |||
Segment EBIT: | ' | ' | ' | ' | ' | |||
Segment EBIT | 202 | 5,378 | 8,366 | 16,011 | ' | |||
Depreciation & Amortization: | ' | ' | ' | ' | ' | |||
Depreciation and amortization | 2,587 | 1,325 | 5,377 | 4,156 | ' | |||
Capital Expenditures: | ' | ' | ' | ' | ' | |||
Capital Expenditures | 3,955 | 152 | 5,610 | 1,175 | ' | |||
Segment Assets(1): | ' | ' | ' | ' | ' | |||
Segment assets | 45,623 | [1] | ' | 45,623 | [1] | ' | 37,495 | [1] |
Corporate [Member] | ' | ' | ' | ' | ' | |||
Depreciation & Amortization: | ' | ' | ' | ' | ' | |||
Depreciation and amortization | 281 | 328 | 1,046 | 1,104 | ' | |||
Capital Expenditures: | ' | ' | ' | ' | ' | |||
Capital Expenditures | $888 | $479 | $2,054 | $847 | ' | |||
[1] | Segment assets are defined as net accounts receivable plus net inventory. |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | ($1,644) | ($81) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | -1,644 | -81 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | -1,644 | -81 |
Commodity futures natural gas contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | 0 | 0 |
Commodity futures natural gas contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | -216 | -420 |
Commodity futures natural gas contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | 0 | 0 |
Commodity futures natural gas contracts [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | -216 | -420 |
Currency contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | 0 | 0 |
Currency contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | 185 | 41 |
Currency contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | 0 | 0 |
Currency contracts [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | 185 | 41 |
Interest rate agreements [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | 0 | 0 |
Interest rate agreements [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | -1,613 | 298 |
Interest rate agreements [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | 0 | 0 |
Interest rate agreements [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net derivative asset (liability) | ($1,613) | $298 |
Fair_Value_Balance_Sheet_Locat
Fair Value (Balance Sheet Location) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Net derivative asset (liability) | ($1,644) | ($81) |
Prepaid and other current assets [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets, fair value | 185 | 41 |
Derivative asset [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets, fair value | 0 | 298 |
Derivative liability [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities, fair value | -193 | -420 |
Other long-term liabilities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities, fair value | ($1,636) | $0 |
Other_Income_Expense_Details
Other Income (Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Component of Other Income (Expense), Nonoperating [Line Items] | ' | ' | ' | ' |
Other income (expense) | ($706) | ($195) | ($1,090) | ($359) |
Gain (loss) on currency translation [Member] | ' | ' | ' | ' |
Component of Other Income (Expense), Nonoperating [Line Items] | ' | ' | ' | ' |
Other income (expense) | -636 | -374 | -438 | -765 |
Hedge ineffectiveness | ' | ' | ' | ' |
Component of Other Income (Expense), Nonoperating [Line Items] | ' | ' | ' | ' |
Other income (expense) | -78 | -666 | -923 | -436 |
Other non-operating income (expense) [Member] | ' | ' | ' | ' |
Component of Other Income (Expense), Nonoperating [Line Items] | ' | ' | ' | ' |
Other income (expense) | $8 | $845 | $271 | $842 |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Contingency payments | ' | $4,500,000 | ' | ' | ' | ' |
Contingency expense | 0 | ' | 0 | 1,781,000 | 0 | ' |
Contingency liability | 0 | ' | ' | 0 | ' | 2,719,000 |
Selling, General and Administrative Expense [Member] | ' | ' | ' | ' | ' | ' |
Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Contingency expense | ' | ' | ' | $1,800,000 | ' | ' |