Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 02, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | Black Diamond, Inc. | |
Entity Central Index Key | 913,277 | |
Trading Symbol | bde | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 32,787,671 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash | $ 26,273 | $ 29,788 |
Marketable securities | 9,235 | 9,902 |
Accounts receivable, less allowance for doubtful accounts of $250 and $461, respectively | 30,115 | 27,754 |
Inventories | 54,280 | 56,789 |
Prepaid and other current assets | 4,956 | 5,274 |
Income tax receivable | 1,786 | 5,323 |
Deferred income taxes | 2 | 2,482 |
Assets held for sale | 60,105 | 21,248 |
Total current assets | 186,752 | 158,560 |
Property and equipment, net | 11,626 | 12,235 |
Definite lived intangible assets, net | 11,296 | 12,558 |
Indefinite lived intangible assets | 22,738 | 22,993 |
Goodwill | 29,327 | 29,628 |
Deferred income taxes | 41 | 37,904 |
Other long-term assets | 2,276 | 2,732 |
Non-current assets held for sale | 38,930 | |
Total assets | 264,056 | 315,540 |
Current liabilities | ||
Accounts payable and accrued liabilities | 21,576 | 24,672 |
Deferred income taxes | 77 | 26 |
Liabilities held for sale | 16,734 | 7,842 |
Total current liabilities | 38,387 | 32,540 |
Long-term debt | 19,731 | 18,559 |
Deferred income taxes | 5,973 | |
Other long-term liabilities | 2,412 | 2,142 |
Non-current liabilities held for sale | 5,106 | |
Total liabilities | $ 66,503 | $ 58,347 |
Stockholders' Equity | ||
Preferred stock, $.0001 par value; 5,000 shares authorized; none issued | ||
Common stock, $.0001 par value; 100,000 shares authorized; 32,884 and 32,801 issued and 32,788 and 32,704 outstanding | $ 3 | $ 3 |
Additional paid in capital | 484,478 | 482,985 |
Accumulated deficit | (278,438) | (223,197) |
Treasury stock, at cost | (186) | (186) |
Accumulated other comprehensive (loss) income | (8,304) | (2,412) |
Total stockholders' equity | 197,553 | 257,193 |
Total liabilities and stockholders' equity | $ 264,056 | $ 315,540 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Condensed Consolidated Balance Sheets | ||
Allowance for doubtful accounts | $ 250 | $ 461 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 32,884,000 | 32,801,000 |
Common stock, shares outstanding | 32,788,000 | 32,704,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Sales | ||||
Domestic sales | $ 17,185 | $ 17,640 | $ 51,992 | $ 46,176 |
International sales | 22,071 | 26,430 | 59,198 | 66,168 |
Total sales | 39,256 | 44,070 | 111,190 | 112,344 |
Cost of goods sold | 25,113 | 26,728 | 71,711 | 70,834 |
Gross profit | 14,143 | 17,342 | 39,479 | 41,510 |
Operating expenses | ||||
Selling, general and administrative | 14,243 | 15,945 | 43,470 | 46,488 |
Restructuring charge | 696 | 2,180 | 2,572 | 2,590 |
Transaction costs | 39 | 446 | ||
Total operating expenses | 14,978 | 18,125 | 46,488 | 49,078 |
Operating loss | (835) | (783) | (7,009) | (7,568) |
Other expense | ||||
Interest expense, net | (705) | (650) | (2,073) | (1,808) |
Other, net | 696 | (774) | 346 | (626) |
Total other expense, net | (9) | (1,424) | (1,727) | (2,434) |
Loss before income tax | (844) | (2,207) | (8,736) | (10,002) |
Income tax expense (benefit) | 48,382 | (1,045) | 46,075 | (3,503) |
Loss from continuing operations | (49,226) | (1,162) | (54,811) | (6,499) |
Discontinued operations, net of tax | 1,107 | 21,565 | (430) | 20,592 |
Net (loss) income | (48,119) | 20,403 | (55,241) | 14,093 |
Other comprehensive loss, net of tax: | ||||
Unrealized loss on marketable securities | (439) | (424) | ||
Foreign currency translation adjustment | (1,063) | (5,026) | (4,647) | (7,209) |
Unrealized (loss) income on hedging activities | (932) | 1,651 | (821) | 1,783 |
Other comprehensive loss | (2,434) | (3,375) | (5,892) | (5,426) |
Comprehensive (loss) income | $ (50,553) | $ 17,028 | $ (61,133) | $ 8,667 |
Loss from continuing operations per share: | ||||
Basic | $ (1.50) | $ (0.04) | $ (1.67) | $ (0.20) |
Diluted | (1.50) | (0.04) | (1.67) | (0.20) |
Net (loss) income per share: | ||||
Basic | (1.47) | 0.63 | (1.69) | 0.43 |
Diluted | $ (1.47) | $ 0.63 | $ (1.69) | $ 0.43 |
Weighted average shares outstanding: | ||||
Basic | 32,776 | 32,585 | 32,735 | 32,525 |
Diluted | 32,776 | 32,585 | 32,735 | 32,525 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Cash Flows From Operating Activities: | |||||
Net (loss) income | $ (48,119) | $ 20,403 | $ (55,241) | $ 14,093 | |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||||
Depreciation of property and equipment | 2,730 | 3,357 | |||
Amortization of intangible assets | 1,829 | 2,495 | |||
Impairment of long-lived assets | 2,028 | ||||
Gain on sale of discontinued operation | (39,491) | ||||
Accretion of notes payable | 1,133 | 985 | |||
Loss on disposition of assets | 55 | 18 | |||
Gain from removal of accumulated translation adjustment | (606) | ||||
Stock-based compensation | 1,229 | 1,387 | |||
Deferred income taxes | 47,139 | 15,161 | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (678) | (12,312) | |||
Inventories | (3,674) | (24,962) | |||
Prepaid and other current assets | (669) | 1,846 | |||
Accounts payable and accrued liabilities | (1,519) | 2,988 | |||
Income taxes | 3,774 | ||||
Other | (397) | 1,407 | |||
Net cash used in operating activities | (4,895) | (31,000) | |||
Cash Flows From Investing Activities: | |||||
Proceeds from the sale of Gregory Mountain Products | 81,140 | ||||
Proceeds from disposition of property and equipment | 276 | 4 | |||
Purchase of property and equipment | (2,314) | (2,399) | |||
Net cash (used in) provided by investing activities | (2,038) | 78,745 | |||
Cash Flows From Financing Activities: | |||||
Net proceeds from (repayments of) revolving credit facilities | 2,276 | (3,125) | |||
Repayments of long-term debt | (21) | (9,438) | |||
Proceeds from issuance of long-term debt | 44 | ||||
Purchase of treasury stock | (184) | ||||
Proceeds from exercise of stock options | 264 | 1,303 | |||
Excess tax benefits from share-based payment arrangements | 1,701 | ||||
Net cash provided by (used in) financing activities | 2,563 | (9,743) | |||
Effect of foreign exchange rates on cash | (136) | 313 | |||
Change in cash | (4,506) | 38,315 | |||
Cash, beginning of period | 31,034 | 4,478 | $ 4,478 | ||
Cash, end of period | $ 26,528 | $ 42,793 | 26,528 | 42,793 | $ 31,034 |
Supplemental Disclosure of Cash Flow Information: | |||||
Cash (received) paid for income taxes | (5,217) | 450 | |||
Cash paid for interest | 1,010 | 1,700 | |||
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | |||||
Property and equipment purchased with accounts payable | $ 280 | $ 120 |
Nature Of Operations And Summar
Nature Of Operations And Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
Nature Of Operations And Summary Of Significant Accounting Policies | NOT E 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements of Black Diamond, Inc. and subsidiaries (“Black Diamond” or the “Company,” which may be referred to as “we,” “us” or “our”) as of and for the three and nine months ended September 30, 2015 and 2014, have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments , except otherwise disclossed ) necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. The results of the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be obtained for the year ending December 31, 2015. These interim financial statements should be read in conjunction with the Company's audited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the Securities and Exchange Commission (the “Commission”). On July 23, 2014, the Company and Gregory Mountain Products, LLC (“Gregory” or “GMP”), its then wholly-owned subsidiary, completed the sale of certain assets to Samsonite LLC (“Samsonite”) comprising Gregory’s business of designing, manufacturing, marketing, distributing and selling technical, alpine, backpacking, hiking, mountaineering and active trail products and accessories as well as outdoor-inspired lifestyle bags (the “Business”) pursuant to the terms of that certain Asset Purchase Agreement (the “GMP Purchase Agreement”), dated as of June 18, 2014, by and among the Company, Gregory and Samsonite. Under the terms of the GMP Purchase Agreement, Samsonite paid $84,135 in cash for Gregory’s assets comprising the Business and assumed certain specified liabilities (the “GMP Sale”). The activities of Gregory have been segregated and reported as discontinued operations for all periods presented. See Note 2. Discontinued Operations to the notes to the unaudited condensed consolidated financial statements. On October 7, 2015, the Company and the Company’s wholly owned subsidiary, Ember Scandinavia AB (“Ember”), sold (“POC Disposition”) their respective equity interests in POC USA, LLC and POC Sweden AB (collectively, “POC”) comprising POC’s business of designing, manufacturing, marketing, distributing and selling advanced-design helmets, body armor, goggles, eyewear, gloves, and apparel for action or “gravity sports,” such as skiing, snowboarding, and cycling pursuant to a Purchase Agreement (the “POC Purchase Agreement”) dated as of October 7, 2015, by and among the Company and Ember, as sellers, and Dainese S.p.A. and Dainese U.S.A., Inc. (collectively “Dainese”), as purchasers. Under the terms of the POC Purchase Agreement, Dainese paid $65,000 in cash (before purchase price adjustments of $(440) relating to net working capital and net debt) for the POC Disposition. The assets and liabilities of POC have been segregated and reported as held for sale as of September 30, 2015 and December 31, 2014. Furthermore, the activities of POC have been segregated and reported as discontinued operations for all periods presented. See Note 2. Discontinued Operations to the notes to the unaudited condensed consolidated financial statements. Nature of Business Black Diamond is a global leader in designing, manufacturing and marketing innovative active outdoor performance equipment and apparel for climbing, mountaineering, backpacking, skiing, and a wide range of other year-round outdoor recreation activities. Our principal brands include Black Diamond® and PIEPS™ and are targeted not only to the demanding requirements of core climbers and skiers, but also to the more general outdoor performance enthusiasts and consumers interested in outdoor-inspired gear for their backcountry and urban activities. Our Black Diamond® and PIEPS™ brands are iconic in the active outdoor industry and linked intrinsically with the modern history of these sports. We believe our brands are synonymous with the performance, innovation, durability and safety that the outdoor and action sports communities rely on and embrace in their active lifestyle. On March 16, 2015, the Company announced that it engaged Rothschild Inc. and Robert W. Baird & Co., Incorporated as financial advisors to lead an exploration of a full range of strategic alternatives, including a sale of the entire Company and the potential sales of the Company’s Black Diamond Equipment (including PIEPS) and POC brands in two separate transactions. On October 8, 2015, the Company announced the completion of the POC Disposition resulting in the conclusion of the Company’s review of strategic alternatives. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The more significant estimates relate to derivatives, revenue recognition, income taxes, and valuation of long-lived assets, goodwill, and other intangible assets. Certain costs are estimated for the full year and allocated to interim periods based on estimates of time expired, benefit received, or activity associated with the interim period. We base our estimates on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. During the nine months ended September 30, 2015, the Company adopted Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . Accounting Pronouncements Issued Not Yet Adopted In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted, but not before the original effective date (periods beginning after December 15, 2016). The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . This guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition of the award. A reporting entity should apply existing guidance in Accounting Standards Codification Topic 718, Compensation-Stock Compensation , as it relates to such awards. The guidance is effective for fiscal years beginning after December 15, 2015, and may be applied prospectively or retrospectively. Early adoption is permitted. We do not believe the adoption of this guidance will have a significant impact on the Company’s consolidated statements and related disclosures. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. The guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. We do not believe the adoption of this guidance will have a significant impact on the Company’s consolidated statements and related disclosures. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) , which eliminates the concept of extraordinary items from U.S. GAAP as part of its simplification initiative. The ASU does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in their occurrence. The ASU is effective for interim and annual periods in fiscal years beginning after December 15, 2015. The ASU allows prospective or retrospective application. Early adoption is permitted. We do not believe the adoption of this guidance will have a significant impact on the Company’s consolidated statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which intends to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. We do not believe the adoption of this guidance will have a significant impact on the Company’s consolidated statements and related disclosures. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory , which changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value for entities that do not measure inventory using the last-in, first-out or retail inventory method. The ASU also eliminates the requirement for these entities to consider replacement cost or net realizable value less an approximately normal profit margin when measuring inventory. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. The ASU requires prospective adoption and permits early adoption. The Company is currently evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial statements and related disclosures. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | NOTE 2. DISCONTINUED OPERATIONS As discussed above, during the year ended December 31, 2014, the Company and Gregory, its then wholly-owned subsidiary, completed the GMP Sale pursuant to the terms of the GMP Purchase Agreement. The Company received $84,135 in cash for the GMP Sale and paid $2,995 in transaction fees for net proceeds of $81,140 . The Company recognized a pre-tax gain on such sale of $39,491 and tax expense of $19,424 . Additionally, as discussed above, on October 7, 2015, the Company sold POC to Dainese and the assets and liabilities of POC are classified as held for sale as of September 30, 2015 and December 31, 2014 . As the POC Disposition was completed during our fourth fiscal quarter of 2015 , we expect to recognize a gain on the POC Disposition during the three months ending December 31, 2015. The carrying amounts of the assets and liabilities of POC were classified as held for sale in our condensed consolidated balance sheet. The asset and liability balances as of September 30, 2015 were classified as current as we anticipated the sale of these assets and liabilities within a one year period. The carrying amounts were as follows: September 30, 2015 December 31, 2014 Cash $ $ Accounts receivable Inventories Prepaid and other current assets Income tax receivable - Deferred income taxes Total current assets held for sale Property and equipment, net Other intangible assets, net Indefinite lived intangible assets Goodwill Deferred income taxes - Other long-term assets Total assets held for sale $ $ Accounts payable and accrued liabilities $ $ Income tax payable - Current portion of long-term debt Total current liabilities held for sale Long-term debt - Deferred income taxes Total liabilities held for sale $ $ Summarized results of discontinued operations for both GMP and POC are as follows: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Sales $ $ $ $ Cost of goods sold Selling, general and administrative Transaction costs Interest expense, net Other, net Income (loss) from operations of discontinued operations Gain on sale of discontinued operations - - Income (loss) before taxes Income tax expense (benefit) Income (loss) from discontinued operations, net of tax $ $ $ $ In connection with the GMP Sale, all interest related to outstanding debt that was required to be repaid pursuant to the terms of the Company’s amended and restated loan agreement with Zions First National Bank (the “Lender”) is allocated to discontinued operations in our condensed consolidated financial statements. Summarized condensed cash flow information for both GMP and POC discontinued operations are as follows: Nine Months Ended September 30, 2015 September 30, 2014 Depreciation of property and equipment Amortization of intangible assets Stock-based compensation Purchase of property and equipment |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Inventories | NOTE 3. INVENTORIES Inventories, as of September 30, 2015 and December 31, 2014, were as follows: September 30, 2015 December 31, 2014 Finished goods $ $ Work-in-process Raw materials and supplies $ $ |
Property And Equipment
Property And Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | NOTE 4. PROPERTY AND EQUIPMENT Property and equipment, net as of September 30, 2015 and December 31, 2014, were as follows: September 30, 2015 December 31, 2014 Land $ $ Building and improvements Furniture and fixtures Computer hardware and software Machinery and equipment Construction in progress Less accumulated depreciation $ $ |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | NOTE 5. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill There was a decrease in goodwill during the nine months ended September 3 0 , 2015, from $ 29,628 to $ 29,327, due to the impact of foreign currency exchange rates. In conjunction with the POC Disposition, there was a decrease in the Company’s market capitalization which was determined to be a triggering event for potential goodwill impairment. Accordingly, the Company performed a goodwill impairment analysis. The Company utilized the market capitalization, plus a reasonable control premium in the performance of its impairment test. The market capitalization was based upon the outstanding shares as of September 30, 2015 and the average market share price for three days including and following the announcement of the POC Disposition. It was determined that the fair value exceeded the carrying value. Based on the results of the Company’s impairment tests completed during the third quarter, the Company determined that goodwill was not impaired. If the market capitalization decreases in the future, a reasonable possibility exists that goodwill could be impaired and that such impairment may be material to the financial statements. The following table summarizes the changes in goodwill: Balance at December 31, 2014 $ Impact of foreign currency exchange rates Balance at September 30, 2015 $ Indefinite Lived Intangible Assets The Company owns certain tradenames and trademarks which provide Black Diamond Equipment, Ltd. (“Black Diamond Equipment” or “BDEL”) and PIEPS Holding GmbH and its subsidiaries (collectively, “PIEPS”) with the exclusive and perpetual rights to manufacture and sell their respective products. There was a decrease in tradenames and trademarks during the nine months ended September 30 , 2015, due to the impact of foreign currency exchange rates. The following table summarizes the changes in indefinite lived intangible assets: Balance at December 31, 2014 $ Impact of foreign currency exchange rates Balance at September 30, 2015 $ Other Intangible Assets, net Intangible assets such as certain customer relationships, core technologies and product technologies are amortizable over their estimated useful lives. There was a decrease in gross other intangible assets subject to amortization during the nine months ended September 3 0 , 2015 due to the impact of foreign currency exchange rates. The following table summarizes the changes in gross other intangible assets: Gross balance at December 31, 2014 $ Impact of foreign currency exchange rates Gross balance at September 30, 2015 $ Other intangible assets, net of amortization as of September 30 , 2015 and December 31, 2014, were as follows: September 30, 2015 December 31, 2014 Customer lists and relationships $ $ Product technologies Core technologies Less accumulated amortization $ $ |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | NOTE 6. LONG-TERM DEBT Long-term debt, net as of September 30, 2015 and December 31, 2014, was as follows: September 30, 2015 December 31, 2014 Revolving credit facilities (a) $ - $ - Foreign credit facilities (b) - - 5% Senior Subordinated Notes due 2017 (refer to Note 16) Term notes (c) Less current portion - - $ $ (a) As of September 30, 2015, the Company had drawn $ 0 on a $ 20,000 revolving credit facility with the Lender with a maturity date of April 1, 2017. (b) The Company’s foreign subsidiaries have a revolving credit facility with a financial institution which matures on January 31, 2016. As of September 30, 2015 and December 31, 2014, the revolving credit facility had a balance of $5,831 and $3,844 , respectively, and is included in liabilities held for sale. (c) Various term loans are payable to financial institutions and a government entity with interest rates ranging from 0.75 % to 5.50 % and monthly installments ranging from $ 0 to $ 2 . The notes mature between January 2016 and March 2017, and are secured by certain equipment. As of September 30, 2015 and December 31, 2014, $10 and $34 , respectively, is included in liabilities held for sale. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Other Long-Term Liabilities [Abstract] | |
Other Long-Term Liabilities | NOTE 7. OTHER LONG-TERM LIABILITIES Other long-term liabilities were $ 2,412 and $ 2,142 as of September 30, 2015 and December 31, 2014, respectively, with $ 2,169 and $ 2,131 of the balance as of September 30, 2015 and December 31, 2014, respectively, relating to a pension liability with respect to the benefit plan maintained for the benefit of the Company’s employees in Switzerland that, under U.S. GAAP, is considered to be a defined benefit plan. The Company also has an insurance policy whereby any underfunded amounts related to the pension liability are expected to be recoverable. The Company has recorded a receivable of $ 2,169 and $ 2,131 as other long-term assets for the underfunded amount as of September 30, 2015 and December 31, 2014, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | NOTE 8. DERIVATIVE FINANCIAL INSTRUMENTS The Company’s primary exchange rate risk management objective is to mitigate the uncertainty of anticipated cash flows attributable to changes in foreign currency exchange rates. The Company primarily focuses on mitigating changes in cash flows resulting from sales denominated in currencies other than the U.S. dollar. The Company manages this risk primarily by using currency forward and option contracts. If the anticipated transactions are deemed probable, the resulting relationships are formally designated as cash flow hedges. At September 30, 2015, the Company’s derivative contracts had a remaining maturity of less than one year. The counterparty to these transactions had both long-term and short-term investment grade credit ratings. The maximum net exposure of the Company’s credit risk to the counterparty is generally limited to the aggregate unrealized loss of all contracts with that counterparty. At September 30, 2015 there was no such exposure to the counterparty. The Company’s exposure of counterparty credit risk is limited to the aggregate unrealized gain of $3,150 on all contracts at September 30, 2015. The Company’s derivative counterparty has strong credit ratings and as a result, the Company does not require collateral to facilitate transactions. The Company held the following contracts designated as hedged instruments as of September 30, 2015 and December 31, 2014: September 30, 2015 Notional Latest Amount Maturity Foreign exchange contracts - Canadian Dollars 5,858 February 2016 Foreign exchange contracts - British Pounds 1,180 February 2016 Foreign exchange contracts - Euros 18,866 February 2016 Foreign exchange contracts - Swiss Francs 12,724 February 2016 December 31, 2014 Notional Latest Amount Maturity Foreign exchange contracts - Canadian Dollars 12,053 February 2016 Foreign exchange contracts - British Pounds 2,739 February 2016 Foreign exchange contracts - Euros 36,673 February 2016 Foreign exchange contracts - Swiss Francs 31,344 February 2016 The Company accounts for these contracts as cash flow hedges and tests effectiveness by determining whether changes in the expected cash flow of the derivative offset, within a range, changes in the expected cash flow of the hedged item. For contracts that qualify as effective hedge instruments, the effective portion of gains and losses resulting from changes in fair value of the instruments are included in accumulated other comprehensive loss and reclassified to sales in the period the underlying hedge d item is recognized in earnings. Gains (losses) of $ 1,530 and $ 332 were reclassified to sales during the three months ended September 30, 2015 and 2014, respectively, and $4,126 and $(218) were reclassified to sales during the nine months ended September 30, 2015 and 2014, respectively. Gains (losses) of $76 and $(31) were reclassified to discontinued operations, net of tax, during the three months ended September 30, 2015 and 2014, respectively, and $183 and $(76) were reclassified to discontinued operations, net of tax, during the nine months ended September 30, 2015 and 2014, respectively. As of December 31, 2014, the Company reported an accumulated derivative instrument gain of $ 1,891 . During the nine months ended September 30, 2015, the Company reported accumulated other comprehensive loss of $ 821 , as a result of the change in fair value of these contracts and reclassifications to sales and discontinued operations as discussed above, resulting in an accumulated derivative instrument gain of $ 1,070 reported as of September 30, 2015. The following table presents the balance sheet classification and fair value of derivative instruments as of September 30, 2015 and December 31, 2014: Classification September 30, 2015 December 31, 2014 Derivative instruments in asset positions: Forward exchange contracts Prepaid and other current assets $ $ Forward exchange contracts Assets held for sale $ $ Forward exchange contracts Other long-term assets $ - $ Derivative instruments in liability positions: Forward exchange contracts Accounts payable and accrued liabilities $ - $ Forward exchange contracts Other long-term liabilities $ - $ |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | NOTE 9. ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive (loss) income (“AOCI”) primarily consists of unrealized losses in our marketable securities, foreign currency translation adjustments and changes in our forward foreign exchange contracts. The components of AOCI, net of tax, were as follows: Unrealized Losses on Marketable Securities Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Cash Flow Hedges Total Balance as of December 31, 2014 $ $ $ $ Other comprehensive (loss) income before reclassifications Amounts reclassified from other comprehensive income (loss) - Net current period other comprehensive loss Balance as of September 30, 2015 $ $ $ $ The effects on net loss of amounts reclassified from unrealized gains on cash flow hedges for foreign exchange contracts and foreign currency translation adjustments for the three and nine months ended September 30, 2015, were as follows: Gains reclassified from AOCI to the Consolidated Statement of Comprehensive Loss Affected line item in the Condensed Consolidated Statement of Comprehensive Loss For the Three Months Ended September 30, 2015 For the Nine Months Ended September 30, 2015 Foreign exchange contracts: Sales $ $ Less: Income tax expense Discontinued operations, net of tax Amount reclassified, net of tax $ $ Foreign currency translation adjustments: Other, net $ $ Total reclassificaitons from AOCI $ $ The Company’s policy is to classify reclassifications of cumulative foreign currency translation from AOCI to Other, net. |
Fair Value Of Measurements
Fair Value Of Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Of Measurements [Abstract] | |
Fair Value Of Measurements | NOTE 10. FAIR VALUE MEASUREMENTS We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1- inputs to the valuation methodology are quoted market prices for identical assets or liabilities in active markets. Level 2- inputs to the valuation methodology include quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 3- inputs to the valuation methodology are based on prices or valuation techniques that are unobservable. Assets and liabilities measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 Level 1 Level 2 Level 3 Total Assets Marketable securities $ $ - $ - $ Forward exchange contracts - - $ $ $ - $ Liabilities Forward exchange contracts $ - $ - $ - $ - $ - $ - $ - $ - December 31, 2014 Level 1 Level 2 Level 3 Total Assets Marketable securities $ $ - $ - $ Forward exchange contracts - - $ $ $ - $ Liabilities Forward exchange contracts $ - $ $ - $ $ - $ $ - $ The carrying value of cash, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values due to the short-term nature and liquidity of these financial instruments. Marketable securities are recorded at fair value based on quoted market prices. Derivative financial instruments are recorded at fair value based on current market pricing models. The Company estimates that, based on current market conditions, the fair value of its long-term debt obligations under its revolving credit facility and senior subordinated notes payable approximate the carrying values at September 30, 2015 and December 31, 2014. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 11. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed by dividing earnings (loss) by the weighted average number of common shares outstanding during each period. Diluted earnings (loss) per share is computed by dividing earnings (loss) by the total of the weighted average number of shares of common stock outstanding during each period, plus the effect of dilutive outstanding stock options and unvested restricted stock grants. Potentially dilutive securities are excluded from the computation of diluted earnings per share if their effect is anti-dilutive to loss from continuing operations. The following table is a reconciliation of basic and diluted shares of common stock outstanding used in the calculation of earnings per share: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Weighted average shares outstanding - basic Effect of dilutive stock awards - - - - Weighted average shares outstanding - diluted Loss from continuing operations per share: Basic $ $ $ $ Diluted Income (loss) from discontinued operations per share: Basic $ $ $ $ Diluted Net (loss) income per share: Basic $ $ $ $ Diluted For the three months ended September 30, 2015 and 2014, equity awards of 2,995 and 3,705 , respectively, and for the nine months ended September 30, 2015 and 2014, equity awards of 3,241 and 3,567 , respectively, were outstanding and anti-dilutive and therefore not included in the calculation of loss per share for these periods. |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation Plan [Abstract] | |
Stock-Based Compensation Plan | NOTE 12. STOCK-BASED COMPENSATION PLAN Under the Company’s 2005 Stock Incentive Plan (the “2005 Plan”), the Company’s Board of Directors (the “Board of Directors”) had flexibility to determine the type and amount of awards to be granted to eligible participants, who must be employees, directors, officers or consultants of the Company or its subsidiaries. The 2005 Plan allowed for grants of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and restricted units. The aggregate number of shares of common stock that could be granted through awards under the 2005 Plan to any employee in any calendar year could not exceed 500 shares. The 2005 Plan continued in effect until June 2015 when it expired in accordance with its terms. During the nine months ended September 30, 2015, the Company issued 10 stock options under the 2005 Plan to employees of the Company, which options granted will vest in three installments as follows: 4 shall vest on December 31, 2016, and the remaining shares shall vest equally on December 31, 2017 and December 31, 2018. For computing the fair value of the stock-based awards, the fair value of each option grant has been estimated as of the date of grant using the Black-Scholes option-pricing model with the following assumptions: Options Granted During the Nine Months Ended September 30, 2015 Number of options 10 Option vesting period 4 Years Grant price $6.67 Dividend yield 0.00% Expected volatility (a) 53.00% Risk-free interest rate 1.86% Expected life (years) (b) 6.45 Weighted average fair value $3.53 (a) Since the Company’s historical volatility was not representative of the ongoing future business, the Company’s expected volatility was based on a combination of the Company’s historical volatility and the historical volatility of a peer group of companies within similar industries and similar size as the Company. (b) Because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for these grants, the Company utilized the simplified method in developing an estimate of the expected term of these options. Using these assumptions, the fair value of all stock options granted during the nine months ended September 30, 2015 was $ 35 , which is being recognized over the vesting period of the options. The total non-cash stock compensation expense for continuing operations related to restricted stock, stock options and stock awards recorded by the Company for the three months ended September 30, 2015 and 2014 was $126 and $715 , respectively, and for the nine months ended September 30, 2015 and 2014 was $1,028 and $1,038 , respectively. The fair value of unvested restricted stock awards is determined based on the market price of our shares of common stock on the grant date or using the Monte-Carlo pricing model. As of September 30, 2015, there were 638 unvested stock options and unrecognized compensation cost of $ 1,412 related to unvested stock options, as well as 310 unvested restricted stock awards and unrecognized compensation cost of $57 related to unvested restricted stock awards. As of September 30, 2015, the Company has unvested restricted stock awards which vest based upon satisfaction of a performance condition. Achievement of the performance condition is currently not considered probable. Consequently, the Company has not recorded compensation costs associated with the performance condition awards. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring [Abstract] | |
Restructuring | NOTE 13. RESTRUCTURING The Company initiated a restructuring plan in 2014 (“2014 Plan”) to realign resources within the organization and anticipates completing the plan in 2015. During the three and nine months ended September 30, 2015 , we incurred restructuring charges of $427 and $2,303 , respectively, related to the 2014 Plan. During the three and nine months ended September 30, 2014, we incurred restructuring charges of $2,180 and $2,590 . Restructuring charges of $700 were incurred during the nine months ended September 30, 2015, which related to the write-off of inventory that was distinguishable and directly attributable to the Company’s 2014 Plan and not as a result of external market factors associated with the ongoing business. We have incurred $5,886 of cumulative restructuring charges since the commencement of the 2014 Plan. We estimate that we will incur restructuring costs related to employee-related costs and facility exit costs during the remainder of 2015. As part of the conclusion of the Company’s review of strategic alternatives, the Company initiated restructuring activities in efforts to further realign resources within the organization (“2015 Plan”) and anticipates completing the plan in 2016. During the three and nine months ended September 30, 2015, we incurred restructuring charges of $269 related to the 2015 Plan. There were no costs incurred related to the 2015 Plan during 2014. We have incurred $269 of cumulative restructuring charges since the commencement of the 2015 Plan. The following table summarizes the restructuring charges, payments and the remaining accrual related to employee termination costs and facility exit costs. 2014 Plan 2015 Plan Balance at December 31, 2014 $ $ - Charges to expense: Employee termination benefits Inventory write-off - Other costs - Total restructuring charges Cash payments and non-cash charges: Cash payments - Inventory write-off - Balance at September 30, 2015 $ $ As of September 30, 2015, termination costs and restructuring costs remained in accrued liabilities and are expected to be paid during the remainder of 2015. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | NOTE 14. COMMITMENTS AND CONTINGENCIES The Company is involved in various legal disputes and other legal proceedings that arise from time to time in the ordinary course of business. Based on currently available information, the Company does not believe that it is reasonably possible that the disposition of any of the legal disputes the Company or its subsidiaries is currently involved in will have a material adverse effect upon the Company’s consolidated financial condition, results of operations or cash flows. There is a reasonable possibility of loss from contingencies in excess of the amounts accrued by the Company in the accompanying condensed consolidated balance sheets; however, the actual amounts of such possible losses cannot currently be reasonably estimated by the Company at this time. It is possible that, as additional information becomes available, the impact on the Company could have a different effect. The Company leases office, warehouse and distribution space under non-cancelable operating leases. As leases expire, it can be expected that, in the normal course of business, certain leases will be renewed or replaced. Certain lease agreements include escalating rents over the lease terms. The Company expenses rent on a straight-line basis over the lease term which commences on the date the Company has the right to control the property. The cumulative expense recognized on a straight-line basis in excess of the cumulative payments is included in accounts payable and accrued liabilities and other long-term liabilities in the accompanying condensed consolidated balance sheets. Total rent expense for continuing operations of the Company for the three months ended September 30, 2015 and 2014 was $352 and $483 , respectively, and for the nine months ended September 30, 2015 and 2014 was $1,195 and $1,469 , respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 15. INCOME TAXES The Company’s foreign operations that are considered to be permanently reinvested have statutory tax rates of 25%. As of December 31, 2014, the Company’s gross deferred tax asset was $ 73,465 . The Company had recorded a valuation allowance of $16,081 , resulting in a net deferred tax asset of $ 57,384 , before deferred tax liabilities of $21,644 . The Company provided a valuation allowance against a portion of the net deferred tax assets as of December 31, 2014, because the ultimate realization of those assets did not meet the more likely than not criteria. In assessing the realizability of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and net operating loss and credit carryforwards expire. The estimates and judgments associated with the Company’s valuation allowance on deferred tax assets are considered critical due to the amount of deferred tax assets recorded by the Company on its consolidated balance sheet and the judgment required in determining the Company’s future taxable income. The need for a valuation allowance is reassessed at each interim reporting period. During the three months ended September 30, 2015, the Company recorded an increase to its valuation allowance of $49,194 . The change in valuation allowance resulted in a discrete charge to income tax expense of $48,335 for the three and nine months ended September 30, 2015. Certain events and circumstances transpired during the three months ended September 30, 2015, which caused the Company to conclude that the realization of some portion of its deferred tax assets does not satisfy the more-likely-than-not threshold. As a result of the POC Disposition that occurred on October 7, 2015, the assets and liabilities of POC have been segregated and reported as held for sale as of September 30, 2015 and December 31, 2014. The POC Disposition removed a substantial portion of the Company’s projected future taxable income. Additionally, during the three months ended September 30, 2015, the Company made the decision to scale back its apparel initiative and announced a realignment of resources. The totality of these events and circumstances impedes management’s ability to forecast future long-term taxable income to the extent that it does not meet the more likely than not threshold. As of December 31, 2014, the Company had net operating loss, research and experimentation credit and alternative minimum tax credit carryforwards for U.S. federal income tax purposes of $ 167,303 ($ 294 relates to excess tax benefits related to share based payment compensation, which will not be recorded until an income tax payable exists), $ 1,337 and $ 56 , respectively. To the extent the Company has future taxable income, the Company believes its U.S. Federal net operating loss (“NOL”) will substantially offset its future U.S. Federal income taxes, excluding the amount subject to U.S. Federal Alternative Minimum Tax (“AMT”). AMT is calculated as 20 % of AMT income. For purposes of AMT, a maximum of 90 % of income is offset by available NOLs. NOLs available to offset taxable income, subject to compliance with Section 382 of the Internal Revenue Code, as amended (the “Code”) begin to expire based upon the following schedule: Net Operating Loss Carryforward Expiration Dates December 31, 2014 Expiration Dates December 31, Net Operating Loss Amount 2021 $ 2022 2023 2024 2025 and beyond Total Excess stock based payment tax deductions After limitations $ |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 16. RELATED PARTY TRANSACTIONS 5% Unsecured Subordinated Notes due May 28, 2017 As part of the consideration payable to the stockholders of Gregory when the Company acquired Gregory, the Company issued $ 14,517 , $ 7,539 , and $554 in 5 % Unsecured Subordinated Notes due May 28, 2017 (the “Merger Consideration Subordinated Notes”) to Kanders GMP Holdings, LLC, Schiller Gregory Investment Company, LLC, and five former employees of Gregory, respectively. Mr. Warren B. Kanders, the Company’s Executive Chairman and a member of its Board of Directors, is a majority member and a trustee of the manager of Kanders GMP Holdings, LLC. The sole manager of Schiller Gregory Investment Company, LLC is Mr. Robert R. Schiller, the Company’s Executive Vice Chairman and a member of its Board of Directors. The principal terms of the Merger Consideration Subordinated Notes are as follows: (i) the principal amount is due and payable on May 28, 2017 and is prepayable by the Company at any time; (ii) interest will accrue on the principal amount at the rate of 5% per annum and shall be payable quarterly in cash; (iii) the default interest rate shall accrue at the rate of 10 % per annum during the occurrence of an event of default; and (iv) events of default, which can only be triggered with the consent of Kanders GMP Holdings, LLC, are: (a) the default by the Company on any payment due under a Merger Consideration Subordinated Note; (b) the Company’s failure to perform or observe any other material covenant or agreement contained in the Merger Consideration Subordinated Notes; or (c) the Company’s instituting or becoming subject to a proceeding under the Bankruptcy Code (as defined in the Merger Consideration Subordinated Notes). The Merger Consideration Subordinated Notes are junior to all senior indebtedness of the Company, except that payments of interest continue to be made under the Merger Consideration Subordinated Notes as long as no event of default exists under any senior indebtedness. Given the below market interest rate for comparably secured notes and the relative illiquidity of the Merger Consideration Subordinated Notes, we have discounted the notes to $8,640 , $4,487 and $316 , respectively, at the date of acquisition. We are accreting the discount on the Merger Consideration Subordinated Notes to interest expense using the effective interest method over the term of the Merger Consideration Subordinated Notes. On April 7, 2011, Schiller Gregory Investment Company, LLC transferred its Merger Consideration Subordinated Note in equal amounts to the Robert R. Schiller Cornerstone Trust and the Deborah Schiller 2005 Revocable Trust. On June 24, 2013, the Robert R. Schiller Cornerstone Trust dated September 9, 2010 transferred its Merger Consideration Subordinated Note in the amount of $3,769 to the Robert R. Schiller 2013 Cornerstone Trust dated June 24, 2013. During the three and nine months ended September 30, 2015, $181 and $544 in interest was paid to Kanders GMP Holdings, LLC, respectively, and $95 and $283 in interest, respectively, was paid to the Robert R. Schiller 2013 Cornerstone Trust and the Deborah Schiller 2005 Revocable Trust pursuant to the outstanding Merger Consideration Subordinated Notes. On May 29, 2012 and August 13, 2012, five former employees of Gregory exercised certain sales rights and sold Merger Consideration Subordinated Notes in the aggregate principal amount of approximately $ 365 to Kanders GMP Holdings, LLC and in the aggregate principal amount of approximately $ 189 to Schiller Gregory Investment Company, LLC. During the three and nine months ended September 30, 2015, $5 and $14 in interest was paid to Kanders GMP Holdings, LLC, respectively, and $2 and $7 in interest, respectively, was paid to Schiller Gregory Investment Company, LLC, pursuant to these outstanding Merger Consideration Subordinated Notes. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 17. SUBSEQUENT EVENT Peter Metcalf Mr. Peter Metcalf provided the Company with notice, which became effective on November 5, 2015, that he will voluntarily terminate his Employment Agreement, dated as of June 5, 2013, with the Company and will retire as the Company’s Chief Executive Officer effective as of December 31, 2015. In connection therewith, Mr. Metcalf has provided a general release of the Company, and will not compete with the Company for a period of five years after the effective date of his retirement as the Company’s Chief Executive Officer. Amendment No. 1 to Second Amended and Restated Loan Agreement On November 9, 2015, the Company together with its direct and indirect domestic subsidiaries entered into a first amendment (the “Amendment”) to the second amended and restated loan agreement dated as of October 31, 2014 (the “Loan Agreement”) with the Lender. Pursuant to the Amendment the minimum net worth financial covenant required to be maintained by the Company and each of its domestic wholly-owned subsidiaries for the year ending December 31, 2015 was reduced from $240,000 to $170,000 with an annual increase of $2,000 for each fiscal year thereafter, and certain additional changes were also made to the Loan Agreement. |
Nature Of Operations And Summ23
Nature Of Operations And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Organization | The accompanying unaudited condensed consolidated financial statements of Black Diamond, Inc. and subsidiaries (“Black Diamond” or the “Company,” which may be referred to as “we,” “us” or “our”) as of and for the three and nine months ended September 30, 2015 and 2014, have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments , except otherwise disclossed ) necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. The results of the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be obtained for the year ending December 31, 2015. These interim financial statements should be read in conjunction with the Company's audited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the Securities and Exchange Commission (the “Commission”). On July 23, 2014, the Company and Gregory Mountain Products, LLC (“Gregory” or “GMP”), its then wholly-owned subsidiary, completed the sale of certain assets to Samsonite LLC (“Samsonite”) comprising Gregory’s business of designing, manufacturing, marketing, distributing and selling technical, alpine, backpacking, hiking, mountaineering and active trail products and accessories as well as outdoor-inspired lifestyle bags (the “Business”) pursuant to the terms of that certain Asset Purchase Agreement (the “GMP Purchase Agreement”), dated as of June 18, 2014, by and among the Company, Gregory and Samsonite. Under the terms of the GMP Purchase Agreement, Samsonite paid $84,135 in cash for Gregory’s assets comprising the Business and assumed certain specified liabilities (the “GMP Sale”). The activities of Gregory have been segregated and reported as discontinued operations for all periods presented. See Note 2. Discontinued Operations to the notes to the unaudited condensed consolidated financial statements. On October 7, 2015, the Company and the Company’s wholly owned subsidiary, Ember Scandinavia AB (“Ember”), sold (“POC Disposition”) their respective equity interests in POC USA, LLC and POC Sweden AB (collectively, “POC”) comprising POC’s business of designing, manufacturing, marketing, distributing and selling advanced-design helmets, body armor, goggles, eyewear, gloves, and apparel for action or “gravity sports,” such as skiing, snowboarding, and cycling pursuant to a Purchase Agreement (the “POC Purchase Agreement”) dated as of October 7, 2015, by and among the Company and Ember, as sellers, and Dainese S.p.A. and Dainese U.S.A., Inc. (collectively “Dainese”), as purchasers. Under the terms of the POC Purchase Agreement, Dainese paid $65,000 in cash (before purchase price adjustments of $(440) relating to net working capital and net debt) for the POC Disposition. The assets and liabilities of POC have been segregated and reported as held for sale as of September 30, 2015 and December 31, 2014. Furthermore, the activities of POC have been segregated and reported as discontinued operations for all periods presented. See Note 2. Discontinued Operations to the notes to the unaudited condensed consolidated financial statements. |
Nature Of Business | Nature of Business Black Diamond is a global leader in designing, manufacturing and marketing innovative active outdoor performance equipment and apparel for climbing, mountaineering, backpacking, skiing, and a wide range of other year-round outdoor recreation activities. Our principal brands include Black Diamond® and PIEPS™ and are targeted not only to the demanding requirements of core climbers and skiers, but also to the more general outdoor performance enthusiasts and consumers interested in outdoor-inspired gear for their backcountry and urban activities. Our Black Diamond® and PIEPS™ brands are iconic in the active outdoor industry and linked intrinsically with the modern history of these sports. We believe our brands are synonymous with the performance, innovation, durability and safety that the outdoor and action sports communities rely on and embrace in their active lifestyle. On March 16, 2015, the Company announced that it engaged Rothschild Inc. and Robert W. Baird & Co., Incorporated as financial advisors to lead an exploration of a full range of strategic alternatives, including a sale of the entire Company and the potential sales of the Company’s Black Diamond Equipment (including PIEPS) and POC brands in two separate transactions. On October 8, 2015, the Company announced the completion of the POC Disposition resulting in the conclusion of the Company’s review of strategic alternatives. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The more significant estimates relate to derivatives, revenue recognition, income taxes, and valuation of long-lived assets, goodwill, and other intangible assets. Certain costs are estimated for the full year and allocated to interim periods based on estimates of time expired, benefit received, or activity associated with the interim period. We base our estimates on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. |
Recent Accounting Pronouncements | Accounting Pronouncements Issued Not Yet Adopted In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted, but not before the original effective date (periods beginning after December 15, 2016). The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . This guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition of the award. A reporting entity should apply existing guidance in Accounting Standards Codification Topic 718, Compensation-Stock Compensation , as it relates to such awards. The guidance is effective for fiscal years beginning after December 15, 2015, and may be applied prospectively or retrospectively. Early adoption is permitted. We do not believe the adoption of this guidance will have a significant impact on the Company’s consolidated statements and related disclosures. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. The guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. We do not believe the adoption of this guidance will have a significant impact on the Company’s consolidated statements and related disclosures. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) , which eliminates the concept of extraordinary items from U.S. GAAP as part of its simplification initiative. The ASU does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in their occurrence. The ASU is effective for interim and annual periods in fiscal years beginning after December 15, 2015. The ASU allows prospective or retrospective application. Early adoption is permitted. We do not believe the adoption of this guidance will have a significant impact on the Company’s consolidated statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which intends to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. We do not believe the adoption of this guidance will have a significant impact on the Company’s consolidated statements and related disclosures. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory , which changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value for entities that do not measure inventory using the last-in, first-out or retail inventory method. The ASU also eliminates the requirement for these entities to consider replacement cost or net realizable value less an approximately normal profit margin when measuring inventory. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. The ASU requires prospective adoption and permits early adoption. The Company is currently evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial statements and related disclosures. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations [Abstract] | |
Summarized Discontinued Operations of Financial Statements | September 30, 2015 December 31, 2014 Cash $ $ Accounts receivable Inventories Prepaid and other current assets Income tax receivable - Deferred income taxes Total current assets held for sale Property and equipment, net Other intangible assets, net Indefinite lived intangible assets Goodwill Deferred income taxes - Other long-term assets Total assets held for sale $ $ Accounts payable and accrued liabilities $ $ Income tax payable - Current portion of long-term debt Total current liabilities held for sale Long-term debt - Deferred income taxes Total liabilities held for sale $ $ Summarized results of discontinued operations for both GMP and POC are as follows: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Sales $ $ $ $ Cost of goods sold Selling, general and administrative Transaction costs Interest expense, net Other, net Income (loss) from operations of discontinued operations Gain on sale of discontinued operations - - Income (loss) before taxes Income tax expense (benefit) Income (loss) from discontinued operations, net of tax $ $ $ $ In connection with the GMP Sale, all interest related to outstanding debt that was required to be repaid pursuant to the terms of the Company’s amended and restated loan agreement with Zions First National Bank (the “Lender”) is allocated to discontinued operations in our condensed consolidated financial statements. Summarized condensed cash flow information for both GMP and POC discontinued operations are as follows: Nine Months Ended September 30, 2015 September 30, 2014 Depreciation of property and equipment Amortization of intangible assets Stock-based compensation Purchase of property and equipment |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Inventories | September 30, 2015 December 31, 2014 Finished goods $ $ Work-in-process Raw materials and supplies $ $ |
Property And Equipment (Tables)
Property And Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | September 30, 2015 December 31, 2014 Land $ $ Building and improvements Furniture and fixtures Computer hardware and software Machinery and equipment Construction in progress Less accumulated depreciation $ $ |
Goodwill And Other Intangible27
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Schedule Of Goodwill | Balance at December 31, 2014 $ Impact of foreign currency exchange rates Balance at September 30, 2015 $ |
Schedule Of Indefinite Lived Intangible Assets | Balance at December 31, 2014 $ Impact of foreign currency exchange rates Balance at September 30, 2015 $ |
Schedule Of Definite Lived Intangible Assets, Net | Gross balance at December 31, 2014 $ Impact of foreign currency exchange rates Gross balance at September 30, 2015 $ |
Schedule Of Intangible Assets, Net Of Amortization | September 30, 2015 December 31, 2014 Customer lists and relationships $ $ Product technologies Core technologies Less accumulated amortization $ $ |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Long-Term Debt [Abstract] | |
Components Of Long-Term Debt | September 30, 2015 December 31, 2014 Revolving credit facilities (a) $ - $ - Foreign credit facilities (b) - - 5% Senior Subordinated Notes due 2017 (refer to Note 16) Term notes (c) Less current portion - - $ $ |
Derivative Financial Instrume29
Derivative Financial Instruments - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Financial Instruments [Abstract] | |
Schedule Of Contracts Designated As Hedged Instruments | September 30, 2015 Notional Latest Amount Maturity Foreign exchange contracts - Canadian Dollars 5,858 February 2016 Foreign exchange contracts - British Pounds 1,180 February 2016 Foreign exchange contracts - Euros 18,866 February 2016 Foreign exchange contracts - Swiss Francs 12,724 February 2016 December 31, 2014 Notional Latest Amount Maturity Foreign exchange contracts - Canadian Dollars 12,053 February 2016 Foreign exchange contracts - British Pounds 2,739 February 2016 Foreign exchange contracts - Euros 36,673 February 2016 Foreign exchange contracts - Swiss Francs 31,344 February 2016 |
Schedule Of Derivative Instruments Fair Value And Balance Sheet Classification | Classification September 30, 2015 December 31, 2014 Derivative instruments in asset positions: Forward exchange contracts Prepaid and other current assets $ $ Forward exchange contracts Assets held for sale $ $ Forward exchange contracts Other long-term assets $ - $ Derivative instruments in liability positions: Forward exchange contracts Accounts payable and accrued liabilities $ - $ Forward exchange contracts Other long-term liabilities $ - $ |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Components Of Accumulated Other Comprehensive Income | Unrealized Losses on Marketable Securities Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Cash Flow Hedges Total Balance as of December 31, 2014 $ $ $ $ Other comprehensive (loss) income before reclassifications Amounts reclassified from other comprehensive income (loss) - Net current period other comprehensive loss Balance as of September 30, 2015 $ $ $ $ |
Reclassification Out Of Accumulated Other Comprehensive Income | Gains reclassified from AOCI to the Consolidated Statement of Comprehensive Loss Affected line item in the Condensed Consolidated Statement of Comprehensive Loss For the Three Months Ended September 30, 2015 For the Nine Months Ended September 30, 2015 Foreign exchange contracts: Sales $ $ Less: Income tax expense Discontinued operations, net of tax Amount reclassified, net of tax $ $ Foreign currency translation adjustments: Other, net $ $ Total reclassificaitons from AOCI $ $ |
Fair Value Of Measurements - (T
Fair Value Of Measurements - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Of Measurements [Abstract] | |
Schedule Of Assets And Liabilities Measured On A Recurring Basis | September 30, 2015 Level 1 Level 2 Level 3 Total Assets Marketable securities $ $ - $ - $ Forward exchange contracts - - $ $ $ - $ Liabilities Forward exchange contracts $ - $ - $ - $ - $ - $ - $ - $ - December 31, 2014 Level 1 Level 2 Level 3 Total Assets Marketable securities $ $ - $ - $ Forward exchange contracts - - $ $ $ - $ Liabilities Forward exchange contracts $ - $ $ - $ $ - $ $ - $ |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Reconciliation Of Basic And Diluted Shares Of Common Stock Outstanding Used In Calculation Of Earnings Per Share | Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Weighted average shares outstanding - basic Effect of dilutive stock awards - - - - Weighted average shares outstanding - diluted Loss from continuing operations per share: Basic $ $ $ $ Diluted Income (loss) from discontinued operations per share: Basic $ $ $ $ Diluted Net (loss) income per share: Basic $ $ $ $ Diluted |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation Plan [Abstract] | |
Schedule Of Valuation Assumptions Used In Computing Fair Value Of Stock-Based Awards | Options Granted During the Nine Months Ended September 30, 2015 Number of options 10 Option vesting period 4 Years Grant price $6.67 Dividend yield 0.00% Expected volatility (a) 53.00% Risk-free interest rate 1.86% Expected life (years) (b) 6.45 Weighted average fair value $3.53 (a) Since the Company’s historical volatility was not representative of the ongoing future business, the Company’s expected volatility was based on a combination of the Company’s historical volatility and the historical volatility of a peer group of companies within similar industries and similar size as the Company. (b) Because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for these grants, the Company utilized the simplified method in developing an estimate of the expected term of these options. |
Restructuring - (Tables)
Restructuring - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring [Abstract] | |
Schedule of Restructuring and Related Costs | 2014 Plan 2015 Plan Balance at December 31, 2014 $ $ - Charges to expense: Employee termination benefits Inventory write-off - Other costs - Total restructuring charges Cash payments and non-cash charges: Cash payments - Inventory write-off - Balance at September 30, 2015 $ $ |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Summary Of Tax Credit Carryforwards | Net Operating Loss Carryforward Expiration Dates December 31, 2014 Expiration Dates December 31, Net Operating Loss Amount 2021 $ 2022 2023 2024 2025 and beyond Total Excess stock based payment tax deductions After limitations $ |
Nature Of Operations And Summ36
Nature Of Operations And Summary Of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Oct. 07, 2015 | Dec. 31, 2014 | Jul. 23, 2014 |
Gregory Mountain Products, Inc. [Member] | |||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 84,135 | $ 84,135 | |
Subsequent Event [Member] | POC [Member] | |||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 65,000 | ||
Disposal Group, Including Discontinued Operation, Purchase Price Adjustment | $ (440) |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2014 | Jul. 23, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 81,140 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 39,491 | ||
Gregory Mountain Products, Inc. [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 84,135 | $ 84,135 | |
Discontinued Operation, Transaction Fees | 2,995 | ||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 81,140 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 39,491 | ||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | $ 19,424 |
Discontinued Operations (Summar
Discontinued Operations (Summarized Discontinued Operations of Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total current assets held for sale | $ 60,105 | $ 21,248 |
Total curent liabilities held for sale | 16,734 | 7,842 |
POC [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash | 255 | 1,246 |
Accounts reveivable | 8,899 | 10,980 |
Inventories | 13,685 | 7,692 |
Prepaid and other current assets | 1,070 | 837 |
Income Tax receivable | 10 | |
Deferred income taxes | 756 | 483 |
Total current assets held for sale | 24,665 | 21,248 |
Property and equipment, net | 1,525 | 1,525 |
Other intangible assets, net | 10,599 | 12,354 |
Indefinite lived intangible assets | 11,683 | 12,607 |
Goodwill | 11,449 | 12,355 |
Deferred income taxes | 127 | |
Other long-term assets | 57 | 89 |
Total assets held for sale | 60,105 | 60,178 |
Accounts payable and accrued liabilities | 5,679 | 3,967 |
Income tax payable | 237 | |
Current portion of long-term debt | 5,841 | 3,875 |
Total curent liabilities held for sale | 11,757 | 7,842 |
Long-term Debt | 3 | |
Deferred income taxes | 4,977 | 5,103 |
Total liabilities held for sale | $ 16,734 | $ 12,948 |
Discontinued Operations (Summ39
Discontinued Operations (Summarized Discontinued Operations of Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of discontinued operations | $ 39,491 | |||
Income (loss) from discontinued operations, net | $ 1,107 | $ 21,565 | $ (430) | 20,592 |
GMP and POC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales | 10,826 | 12,866 | 24,234 | 42,055 |
Cost of goods sold | (5,278) | (6,567) | (12,167) | (22,853) |
Selling, general and administrative | (3,547) | (5,000) | (11,606) | (16,953) |
Transaction costs | (847) | (1,680) | (1,428) | (2,995) |
Interest expense, net | (33) | (89) | (62) | (781) |
Other, net | 29 | 3,201 | 220 | 3,217 |
Income (loss) from operations of discontinued operations | 1,150 | 2,731 | (809) | 1,690 |
Gain on sale of discontinued operations | 39,491 | 39,491 | ||
Income (loss) before taxes | 1,150 | 42,222 | (809) | 41,181 |
Income tax expense (benefit) | 43 | 20,657 | (379) | 20,589 |
Income (loss) from discontinued operations, net | $ 1,107 | $ 21,565 | $ (430) | $ 20,592 |
Discontinued Operations (Summ40
Discontinued Operations (Summarized Discontinued Operations of Cash Flows) (Details) - GMP and POC [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation of property and equipment | $ 414 | $ 440 |
Amoritzation of intangible assets | 852 | 1,430 |
Stock-based compensation | 201 | 349 |
Purchase of property and equipment | $ (578) | $ (682) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Finished goods | $ 44,272 | $ 45,776 |
Work-in-process | 1,926 | 1,177 |
Raw materials and supplies | 8,082 | 9,836 |
Inventories | $ 54,280 | $ 56,789 |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property And Equipment [Abstract] | ||
Land | $ 2,850 | $ 2,850 |
Buildings and improvements | 4,055 | 3,835 |
Furniture and fixtures | 3,458 | 3,598 |
Computer hardware and software | 4,976 | 4,907 |
Machinery and equipment | 9,927 | 9,265 |
Construction in progress | 571 | 533 |
Property and equipment, gross | 25,837 | 24,988 |
Less accumulated depreciation | (14,211) | (12,753) |
Property and equipment | $ 11,626 | $ 12,235 |
Goodwill And Other Intangible43
Goodwill And Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Goodwill And Other Intangible Assets [Abstract] | ||
Goodwill | $ 29,327 | $ 29,628 |
Goodwill And Other Intangible44
Goodwill And Other Intangible Assets (Schedule Of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill And Other Intangible Assets [Abstract] | |
Beginning Balance | $ 29,628 |
Impact of foreign currency exchange rates | (301) |
Ending Balance | $ 29,327 |
Goodwill And Other Intangible45
Goodwill And Other Intangible Assets (Schedule Of Indefinite Lived Intangible Assets) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Acquisitions [Abstract] | |
Balance at December 31, 2014 | $ 22,993 |
Impact of foreign currency exchange rates | (255) |
Balance at September 30, 2015 | $ 22,738 |
Goodwill And Other Intangible46
Goodwill And Other Intangible Assets (Schedule Of Definite Lived Intangible Assets, Net) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Acquisitions [Abstract] | |
Gross balance at December 31, 2014 | $ 17,633 |
Impact of foreign currency exchange rates | (367) |
Gross balance at September 30, 2015 | $ 17,266 |
Goodwill And Other Intangible47
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets, Net Of Amortization) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 17,266 | $ 17,633 |
Less accumulated amortization | (5,970) | (5,075) |
Intangible assets, net | 11,296 | 12,558 |
Customer Lists And Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 14,101 | 14,306 |
Product Technologies [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 2,218 | 2,380 |
Core Technologies [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 947 | $ 947 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | May. 28, 2010 | Sep. 30, 2015 | Dec. 31, 2014 |
Line Of Credit Facility And Long Term Debt [Line Items] | |||
Subordinated Debt | $ 19,624 | $ 18,491 | |
Subordinated Borrowing, Interest Rate | 5.00% | ||
Credit facility maximum borrowing capacity | 20,000 | ||
Revolving Credit Facility [Member] | |||
Line Of Credit Facility And Long Term Debt [Line Items] | |||
Line of credit facility, amount outstanding | 0 | ||
Foreign Credit Facility [Member] | |||
Line Of Credit Facility And Long Term Debt [Line Items] | |||
Liabilities held for sale | 5,831 | 3,844 | |
Government Entity And Other Financial Institutions [Member] | |||
Line Of Credit Facility And Long Term Debt [Line Items] | |||
Liabilities held for sale | $ 10 | $ 34 | |
Interest rate range, minimum | 0.75% | ||
Interest rate range, maximum | 5.50% | ||
Minimum [Member] | Government Entity And Other Financial Institutions [Member] | |||
Line Of Credit Facility And Long Term Debt [Line Items] | |||
Monthly payments | $ 0 | ||
Maximum [Member] | Government Entity And Other Financial Institutions [Member] | |||
Line Of Credit Facility And Long Term Debt [Line Items] | |||
Monthly payments | $ 2 |
Long-Term Debt (Components Of L
Long-Term Debt (Components Of Long-Term Debt) (Details) - USD ($) $ in Thousands | May. 28, 2010 | Sep. 30, 2015 | Dec. 31, 2014 |
Line Of Credit Facility And Long Term Debt [Line Items] | |||
5% Senior Subordinated Notes due 2017 (refer to Note 16) | $ 19,624 | $ 18,491 | |
Term note | 107 | 68 | |
Total carrying amount of long-term debt | 19,731 | 18,559 | |
Long-term debt, net | 19,731 | $ 18,559 | |
Unsecured Subordinated Notes, interest rate | 5.00% | ||
Revolving Credit Facility [Member] | |||
Line Of Credit Facility And Long Term Debt [Line Items] | |||
Credit facility | $ 0 |
Other Long-Term Liabilites (Nar
Other Long-Term Liabilites (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Liabilities, Other than Long-term Debt, Noncurrent | ||
Other long-term liabilities | $ 2,412 | $ 2,142 |
Defined benefit pension plan | 2,169 | 2,131 |
Insurance settlements receivable | $ 2,169 | $ 2,131 |
Derivative Financial Instrume51
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Maximum net exposure to counterparty | $ 3,150 | ||||
Sales | $ 39,256 | $ 44,070 | 111,190 | $ 112,344 | |
Discontinued operations, net of tax | 1,107 | 21,565 | (430) | 20,592 | |
Accumulated derivative instrument gain | (1,070) | (1,070) | $ (1,891) | ||
Adjustment to accumulated other comprehensive income | (932) | 1,651 | (821) | 1,783 | |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Cash Flow Hedges [Member] | |||||
Sales | 1,530 | 332 | 4,126 | (218) | |
Discontinued operations, net of tax | $ 76 | $ (31) | $ 183 | $ (76) |
Derivative Financial Instrume52
Derivative Financial Instruments (Schedule Of Contracts Designated As Hedged Instruments) (Details) € in Thousands, £ in Thousands, SFr in Thousands, CAD in Thousands | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2015CHF (SFr) | Dec. 31, 2014CHF (SFr) | Sep. 30, 2015EUR (€) | Sep. 30, 2015CAD | Sep. 30, 2015GBP (£) | Dec. 31, 2014EUR (€) | Dec. 31, 2014CAD | Dec. 31, 2014GBP (£) | |
Canadian Dollars [Member] | ||||||||
Foreign Exchange Contracts [Line Items] | ||||||||
Foreign exchange contracts, Notional Amount | CAD | CAD 5,858 | CAD 12,053 | ||||||
Derivative, Maturity Date | Feb. 1, 2016 | Feb. 1, 2016 | ||||||
British Pounds [Member] | ||||||||
Foreign Exchange Contracts [Line Items] | ||||||||
Foreign exchange contracts, Notional Amount | £ 1,180 | £ 2,739 | ||||||
Derivative, Maturity Date | Feb. 1, 2016 | Feb. 1, 2016 | ||||||
Euros [Member] | ||||||||
Foreign Exchange Contracts [Line Items] | ||||||||
Foreign exchange contracts, Notional Amount | € | € 18,866 | € 36,673 | ||||||
Derivative, Maturity Date | Feb. 1, 2016 | Feb. 1, 2016 | ||||||
Swiss Francs [Member] | ||||||||
Foreign Exchange Contracts [Line Items] | ||||||||
Foreign exchange contracts, Notional Amount | SFr | SFr 12,724 | SFr 31,344 | ||||||
Derivative, Maturity Date | Feb. 1, 2016 | Feb. 1, 2016 |
Derivative Financial Instrume53
Derivative Financial Instruments (Schedule Of Derivative Instruments Fair Value And Balance Sheet Classification) (Details) - Forward exchange contracts [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets Held-for-Sale [Member] | ||
Derivative instruments in asset positions, Forward exchange contracts | $ 329 | $ 158 |
Prepaid And Other Current Assets [Member] | ||
Derivative instruments in asset positions, Forward exchange contracts | $ 2,821 | 2,908 |
Other Long-Term Assets [Member] | ||
Derivative instruments in asset positions, Forward exchange contracts | 446 | |
Accounts Payable And Accrued Liabilities [Member] | ||
Derivative instruments in liability positions, Forward exchange contracts | 79 | |
Other Long-Term Liabilities [Member] | ||
Derivative instruments in liability positions, Forward exchange contracts | $ 11 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Components Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance as of December 31, 2014 | $ (2,412) | |||
Other comprehensive income (loss) before reclassifications | (2,479) | |||
Amounts reclassified from other comprehensive income (loss) | (3,413) | |||
Net current period other comprehensive income (loss) | $ (2,434) | $ (3,375) | (5,892) | $ (5,426) |
Balance as of September 30, 2015 | (8,304) | (8,304) | ||
Unrealized losses on Marketable Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance as of December 31, 2014 | (59) | |||
Other comprehensive income (loss) before reclassifications | (424) | |||
Net current period other comprehensive income (loss) | (424) | |||
Balance as of September 30, 2015 | (483) | (483) | ||
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance as of December 31, 2014 | (4,244) | |||
Other comprehensive income (loss) before reclassifications | (4,041) | |||
Amounts reclassified from other comprehensive income (loss) | (606) | |||
Net current period other comprehensive income (loss) | (4,647) | |||
Balance as of September 30, 2015 | (8,891) | (8,891) | ||
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance as of December 31, 2014 | 1,891 | |||
Other comprehensive income (loss) before reclassifications | 1,986 | |||
Amounts reclassified from other comprehensive income (loss) | (2,807) | |||
Net current period other comprehensive income (loss) | (821) | |||
Balance as of September 30, 2015 | $ 1,070 | $ 1,070 |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Income (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Sales | $ 39,256 | $ 44,070 | $ 111,190 | $ 112,344 |
Less: Income tax expense | 48,382 | (1,045) | 46,075 | (3,503) |
Discontinued operations, net of tax | 1,107 | 21,565 | (430) | 20,592 |
Total reclassificaitons from AOCI | 3,413 | |||
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassificaitons from AOCI | 2,807 | |||
Foreign Currency Translation Adjustments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassificaitons from AOCI | 606 | |||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassificaitons from AOCI | 1,655 | 3,413 | ||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Sales | 1,530 | 332 | 4,126 | (218) |
Less: Income tax expense | 557 | 1,502 | ||
Discontinued operations, net of tax | 76 | $ (31) | 183 | $ (76) |
Total reclassificaitons from AOCI | 1,049 | 2,807 | ||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Foreign Currency Translation Adjustments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other, net | $ 606 | $ 606 |
Fair Value Of Measurements (Det
Fair Value Of Measurements (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | $ 9,235 | $ 9,902 | |
Forward exchange contract, asset, fair value | 3,150 | 3,512 | |
Forward exchange contract, liability, fair value | 90 | ||
Assets fair value | 12,385 | 13,414 | |
Liabilities Fair Value | 90 | ||
Impairment of Long-Lived Assets to be Disposed of | $ 2,028 | ||
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | $ 9,235 | $ 9,902 | |
Forward exchange contract, asset, fair value | |||
Forward exchange contract, liability, fair value | |||
Assets fair value | $ 9,235 | $ 9,902 | |
Liabilities Fair Value | |||
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Forward exchange contract, asset, fair value | $ 3,150 | $ 3,512 | |
Forward exchange contract, liability, fair value | 90 | ||
Assets fair value | $ 3,150 | 3,512 | |
Liabilities Fair Value | $ 90 | ||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | |||
Forward exchange contract, asset, fair value | |||
Forward exchange contract, liability, fair value | |||
Assets fair value | |||
Liabilities Fair Value |
Earnings Per Share - (Narrative
Earnings Per Share - (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, number of shares | 2,995 | 3,705 | 3,241 | 3,567 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Reconciliation Of Basic And Diluted Shares Of Common Stock Outstanding Used In Calculation Of Earnings Per Share) (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted average number of shares outstanding - basic | 32,776 | 32,585 | 32,735 | 32,525 |
Effect of dilutive stock awards | ||||
Weighted average number of shares outstanding - diluted | 32,776 | 32,585 | 32,735 | 32,525 |
Loss from continuing operations per share, Basic | $ (1.50) | $ (0.04) | $ (1.67) | $ (0.20) |
Loss from continuing operations per share, Diluted | (1.50) | (0.04) | (1.67) | (0.20) |
Income (loss) from discontinued operations per share, Basic | 0.03 | 0.67 | (0.02) | 0.63 |
Income (loss) from discontinued operations per share, Diluted | 0.03 | 0.67 | (0.02) | 0.63 |
Basic net (loss) income per share | (1.47) | 0.63 | (1.69) | 0.43 |
Diluted net (loss) income per share | $ (1.47) | $ 0.63 | $ (1.69) | $ 0.43 |
Stock-Based Compensation Plan59
Stock-Based Compensation Plan (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares of common stock that may be granted through awards to any employee in any calendar year | 500 | |||
Number of stock options issued under a plan | 10 | |||
Stock options granted fair value | $ 35 | |||
Allocated Share-based Compensation Expense | $ 126 | $ 715 | 1,028 | $ 1,038 |
Unrecognized compensation cost related to unvested stock options | $ 1,412 | $ 1,412 | ||
Unvested restricted stock awards | 310 | 310 | ||
Unvested stock options | 638 | 638 | ||
Unrecognized compensation cost related to unvested restricted stock awards | $ 57 | $ 57 | ||
Vesting On December 31, 2016 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock options | 4 | 4 |
Stock-Based Compensation Plan60
Stock-Based Compensation Plan (Schedule Of Valuation Assumptions Used In Computing Fair Value Of Stock-Based Awards) (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Stock-Based Compensation Plan [Abstract] | |
Options granted | shares | 10 |
Vesting period | 4 years |
Grant price | $ 6.67 |
Dividend yield | 0.00% |
Expected Volatility | 53.00% |
Risk-free interest rate | 1.86% |
Expected life (years) | 6 years 5 months 12 days |
Weighted average fair value | $ 3.53 |
Restructuring - (Narrative) (De
Restructuring - (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 696 | $ 2,180 | $ 2,572 | $ 2,590 | |
Impairment of Long-Lived Assets to be Disposed of | 2,028 | ||||
2014 Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 427 | $ 2,180 | 2,303 | $ 2,590 | |
Inventory write-off | 700 | ||||
Cumulative restructuring charges | $ 5,886 | ||||
2015 Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 269 | ||||
Cumulative restructuring charges | $ 269 |
Restructuring - (Schedule of Re
Restructuring - (Schedule of Restructuring and Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 696 | $ 2,180 | $ 2,572 | $ 2,590 |
2014 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 199 | |||
Restructuring charges | 427 | $ 2,180 | 2,303 | $ 2,590 |
Cash payments | (1,543) | |||
Inventory write-off | (700) | |||
Restructuring Reserve, Ending Balance | 259 | $ 259 | ||
2015 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | ||||
Restructuring charges | $ 269 | |||
Restructuring Reserve, Ending Balance | $ 269 | 269 | ||
Employee Severance [Member] | 2014 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1,252 | |||
Employee Severance [Member] | 2015 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 269 | |||
Inventory Write-Off [Member] | 2014 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 700 | |||
Other Restructuring [Member] | 2014 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 351 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Commitments And Contingencies [Abstract] | ||||
Total rent expense | $ 352 | $ 483 | $ 1,195 | $ 1,469 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Gross deferred tax asset | $ 73,465 | ||
Valuation allowance | 16,081 | ||
Net deferred tax asset | 57,384 | ||
Deferred tax liabilities, gross | 21,644 | ||
Change in valuation allowance for deferred income taxes | $ 49,194 | ||
Charge to income tax from valuation allowance | $ 48,335 | ||
Net operating loss carryforwards for U.S. federal income tax purposes | 167,303 | ||
Tax windfall | 294 | ||
Research and experimentation credit carryforwards | 1,337 | ||
Alternative minimum tax credit carryforwards | $ 56 | ||
AMT percentage | 20.00% | ||
Maximum percentage of income offset by available NOLs | 90.00% | ||
Net operating loss carryforwards, net of limitations | $ 167,009 |
Income Taxes (Summary Of Tax Cr
Income Taxes (Summary Of Tax Credit Carryforwards) (Details) $ in Thousands | Dec. 31, 2014USD ($) |
Tax Credit Carryforward [Line Items] | |
Total net operating loss amount | $ 167,303 |
Tax windfall | (294) |
After limitations | 167,009 |
Operating loss carryforward expiration year 2021 | |
Tax Credit Carryforward [Line Items] | |
Net operating loss amount | 32,428 |
Operating loss carryforward expiration year 2022 | |
Tax Credit Carryforward [Line Items] | |
Net operating loss amount | 115,000 |
Operating loss carryforward expiration year 2023 | |
Tax Credit Carryforward [Line Items] | |
Net operating loss amount | 5,712 |
Operating loss carryforward expiration year 2024 | |
Tax Credit Carryforward [Line Items] | |
Net operating loss amount | 3,566 |
Operating loss carryforward expiration year 2025 and beyond | |
Tax Credit Carryforward [Line Items] | |
Net operating loss amount | $ 10,597 |
Related Party Transactions - (N
Related Party Transactions - (Narrative) (Details) - USD ($) $ in Thousands | May. 28, 2010 | Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Jun. 24, 2013 | May. 29, 2012 |
Related Party Transactions [Line Items] | ||||||
Subordinated Debt | $ 19,624 | $ 19,624 | $ 18,491 | |||
5% Unsecured Subordinated Notes | 19,624 | 19,624 | $ 18,491 | |||
Subordinated debt interest rate | 5.00% | |||||
Kanders GMP Holdings, LLC [Member] | ||||||
Related Party Transactions [Line Items] | ||||||
Subordinated Debt | $ 14,517 | $ 365 | ||||
Interest paid on transferred subordinated note | 181 | 544 | ||||
Interest paid on Gregory employees subordinated notes | 5 | 14 | ||||
5% Unsecured Subordinated Notes | 14,517 | 365 | ||||
Discounted subordinated notes | 8,640 | |||||
Schiller Gregory Investment Company, LLC [Member] | ||||||
Related Party Transactions [Line Items] | ||||||
Subordinated Debt | 7,539 | 189 | ||||
Interest paid on Gregory employees subordinated notes | 2 | 7 | ||||
5% Unsecured Subordinated Notes | 7,539 | $ 189 | ||||
Discounted subordinated notes | 4,487 | |||||
Former Employees [Member] | ||||||
Related Party Transactions [Line Items] | ||||||
Subordinated Debt | 554 | |||||
5% Unsecured Subordinated Notes | 554 | |||||
Discounted subordinated notes | $ 316 | |||||
Robert R. Schiller 2013 Cornerstone Trust and the Deborah Schiller 2005 Revocable Trust [Member] | ||||||
Related Party Transactions [Line Items] | ||||||
Interest paid on transferred subordinated note | $ 95 | $ 283 | ||||
Robert R. Schiller 2013 Cornerstone Trust [Member] | ||||||
Related Party Transactions [Line Items] | ||||||
Subordinated Debt | $ 3,769 | |||||
5% Unsecured Subordinated Notes | $ 3,769 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands | Nov. 09, 2015 | Sep. 30, 2015 |
Line Of Credit Facility And Long Term Debt [Line Items] | ||
Minimum net worth financial covenant | $ 240,000 | |
Subsequent Event [Member] | ||
Line Of Credit Facility And Long Term Debt [Line Items] | ||
Minimum net worth financial covenant | $ 170,000 | |
Minimum net worth financial covenant, annual increase | $ 2,000 |