Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 27, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'OLYMPIC STEEL INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 10,965,459 | ' |
Entity Public Float | ' | ' | $222,115,114 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000917470 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Net sales | $1,263,331 | $1,383,701 | $1,261,872 | ||
Costs and expenses | ' | ' | ' | ||
Cost of materials sold (excludes items shown separately below) | 999,207 | 1,113,852 | 1,008,462 | ||
Warehouse and processing | 84,332 | 84,389 | 72,429 | ||
Administrative and general | 68,520 | 68,253 | 59,156 | ||
Distribution | 35,076 | 35,009 | 28,489 | ||
Selling | 24,905 | 27,635 | 24,943 | ||
Occupancy | 9,395 | 8,671 | 7,879 | ||
Depreciation | 21,352 | 19,971 | 15,602 | ||
Amortization | 889 | 889 | 444 | ||
Goodwill impairment | ' | 6,583 | ' | ||
Total costs and expenses | 1,243,676 | 1,365,252 | 1,217,404 | ||
Operating income | 19,655 | [1] | 18,449 | [2] | 44,468 |
Asset impairment charge of joint venture real estate | ' | -36 | -953 | ||
Other income (loss), net | -28 | 83 | -77 | ||
Income before interest and income taxes | 19,627 | 18,496 | 43,438 | ||
Interest and other expense on debt | 6,703 | 8,357 | 5,953 | ||
Income before income taxes | 12,924 | 10,139 | 37,485 | ||
Income tax provision | 5,277 | 7,862 | 12,515 | ||
Net income | 7,647 | 2,277 | 24,970 | ||
Net gain (loss) on interest rate hedge, net of tax ($89) in 2013 and $362 in 2012 | 142 | -579 | ' | ||
Total comprehensive income | $7,789 | $1,698 | $24,970 | ||
Net income per share - basic (in Dollars per share) | $0.69 | $0.21 | $2.28 | ||
Weighted average shares outstanding - basic (in Shares) | 11,065 | 10,989 | 10,937 | ||
Net income per share - diluted (in Dollars per share) | $0.69 | $0.21 | $2.28 | ||
Weighted average shares outstanding - diluted (in Shares) | 11,074 | 10,995 | 10,951 | ||
[1] | Operating income includes $3,572 of LIFO income. | ||||
[2] | Operating income includes $6,583 of goodwill impairment charges related to the Company's flat products Southern region in the 4th quarter of 2012. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net loss on interest rate hedge, net of tax | ($89) | $362 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $3,186 | $7,782 |
Accounts receivable, net | 115,288 | 112,841 |
Inventories, net (includes LIFO debit of $3,572 as of December 31, 2013) | 286,371 | 290,023 |
Prepaid expenses and other | 12,786 | 11,731 |
Total current assets | 417,631 | 422,377 |
Property and equipment, at cost | 361,368 | 347,935 |
Accumulated depreciation | -170,484 | -151,608 |
Net property and equipment | 190,884 | 196,327 |
Goodwill | 40,787 | 40,787 |
Intangible assets, net | 34,535 | 35,424 |
Other long-term assets | 13,512 | 11,079 |
Total assets | 697,349 | 705,994 |
Liabilities | ' | ' |
Current portion of long-term debt | 13,090 | 15,282 |
Accounts payable | 126,012 | 101,471 |
Accrued payroll | 10,723 | 10,705 |
Other accrued liabilities | 15,808 | 14,984 |
Total current liabilities | 165,633 | 142,442 |
Credit facility revolver | 146,075 | 177,575 |
Long-term debt | 40,104 | 48,854 |
Other long-term liabilities | 13,445 | 11,410 |
Deferred income taxes | 33,476 | 35,856 |
Total liabilities | 398,733 | 416,137 |
Shareholders' Equity | ' | ' |
Preferred stock, without par value, 5,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, without par value, 20,000 shares authorized, 10,964 and 10,942 shares issued and outstanding | 124,118 | 122,272 |
Accumulated other comprehensive loss | -437 | -579 |
Retained earnings | 174,935 | 168,164 |
Total shareholders' equity | 298,616 | 289,857 |
Total liabilities and shareholders' equity | $697,349 | $705,994 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
LIFO debit (in Dollars) | $3,572 | ' |
Preferred stock, without par value (in Dollars per share) | $0 | $0 |
Preferred stock,shares authorized | 5,000 | 5,000 |
Preferred stock, no shares issued | 0 | 0 |
Preferred stock, no shares outstanding | 0 | 0 |
Common stock, without par value (in Dollars per share) | $0 | $0 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 10,964 | 10,964 |
Common stock, shares outstanding | 10,942 | 10,942 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from (used for) operating activities: | ' | ' | ' |
Net income | $7,647 | $2,277 | $24,970 |
Adjustments to reconcile net income to net cash from operating activities - | ' | ' | ' |
Depreciation and amortization | 23,582 | 22,156 | 16,730 |
Purchase price inventory adjustment | ' | ' | 1,153 |
Goodwill impairment | ' | 6,583 | ' |
Asset impairment of joint venture real estate | ' | 36 | 953 |
(Gain) loss on disposition of property and equipment | 169 | -198 | 121 |
Stock-based compensation | 1,724 | 2,342 | 806 |
Other long-term assets | -3,771 | -1,619 | 840 |
Other long-term liabilities | 2,265 | 1,251 | 3,235 |
Long-term deferred income taxes | -2,469 | -1,358 | 8,582 |
29,147 | 31,470 | 57,390 | |
Changes in working capital: | ' | ' | ' |
Accounts receivable | -2,447 | 9,738 | -17,342 |
Inventories | 3,652 | -12,258 | -26,064 |
Prepaid expenses and other | -1,055 | 1,345 | 2,304 |
Accounts payable | 9,282 | -2,828 | 8,671 |
Change in outstanding checks | 15,259 | -126 | 4,034 |
Accrued payroll and other accrued liabilities | 843 | 400 | -13,153 |
25,534 | -3,729 | -41,550 | |
Net cash from operating activities | 54,681 | 27,741 | 15,840 |
Cash flows from (used for) investing activities: | ' | ' | ' |
Acquisition of Chicago Tube and Iron, net of cash acquired | ' | ' | -148,759 |
Capital expenditures | -16,098 | -23,373 | -39,487 |
Proceeds From Sale Of Assets | 20 | 486 | 29 |
Cash flows from (used for) financing activities: | ' | ' | ' |
Credit facility revolver borrowings | 423,232 | 535,360 | 576,474 |
Credit facility revolver repayments | -454,732 | -528,190 | -461,304 |
Principal payments under capital lease obligations | -1,407 | -170 | -65 |
Term loan borrowings | ' | ' | 70,000 |
Term loan repayments | -8,750 | -8,749 | -3,646 |
Industrial revenue bond repayments | -785 | -755 | ' |
Credit facility fees and expenses | -3 | -1,212 | -4,220 |
Proceeds from exercise of stock options (including tax benefits) and employee stock purchases | 122 | 114 | 34 |
Dividends paid | -876 | -873 | -872 |
Net cash from (used for) financing activities | -43,199 | -4,475 | 176,401 |
Cash and cash equivalents: | ' | ' | ' |
Net change | -4,596 | 379 | 5,911 |
Beginning balance | 7,782 | 7,403 | 1,492 |
Ending balance | 3,186 | 7,782 | 7,403 |
Asset Held for Sale [Member] | ' | ' | ' |
Cash flows from (used for) investing activities: | ' | ' | ' |
Proceeds From Sale Of Assets | ' | ' | 1,887 |
Net cash used for investing activities | ($16,078) | ($22,887) | ($186,330) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands | ||||
Balance at Dec. 31, 2010 | $118,976 | $142,662 | ' | $261,638 |
Net income | ' | 24,970 | ' | 24,970 |
Payment of dividends | ' | -872 | ' | -872 |
Exercise of stock options and employee stock purchases | 34 | ' | ' | 34 |
Stock-based compensation | 806 | ' | ' | 806 |
Balance at Dec. 31, 2011 | 119,816 | 166,760 | ' | 286,576 |
Net income | ' | 2,277 | ' | 2,277 |
Payment of dividends | ' | -873 | ' | -873 |
Exercise of stock options and employee stock purchases | 114 | ' | ' | 114 |
Stock-based compensation | 2,342 | ' | ' | 2,342 |
Change in fair value of interest rate hedge | ' | ' | -579 | -579 |
Balance at Dec. 31, 2012 | 122,272 | 168,164 | -579 | 289,857 |
Net income | ' | 7,647 | ' | 7,647 |
Payment of dividends | ' | -876 | ' | -876 |
Exercise of stock options and employee stock purchases | 122 | ' | ' | 122 |
Stock-based compensation | 1,724 | ' | ' | 1,724 |
Change in fair value of interest rate hedge | ' | ' | 142 | 142 |
Balance at Dec. 31, 2013 | $124,118 | $174,935 | ($437) | $298,616 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parentheticals) (Common Stock [Member]) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Common Stock [Member] | ' | ' | ' |
Number of shares for exercise of stock options and employee stock purchases | 12 | 36 | 6 |
Disclosure_of_Supplemental_Cas
Disclosure of Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash paid during the period | |||||||||||||
Interest paid | $ | 5,537 | $ | 7,295 | $ | 5,081 | |||||||
Income taxes paid | $ | 7,556 | $ | 6,940 | $ | 9,159 | |||||||
Details of acquisition | |||||||||||||
Fair value of CTI assets acquired | $ | - | $ | - | $ | 217,015 | |||||||
Fair value of CTI liabilities acquired | - | - | 57,159 | ||||||||||
Cash paid | - | - | 159,856 | ||||||||||
Less: Cash acquired | - | - | 11,097 | ||||||||||
Net cash paid for CTI acquisition | $ | - | $ | - | $ | 148,759 | |||||||
The Company incurred a capital lease obligation of $1.6 million when it entered into a lease for its warehouse in Streetsboro, Ohio during the third quarter of 2011. This non-cash transaction has been excluded from the Consolidated Statements of Cash Flows for the year ended December 31, 2011. In April 2013, the Company purchased the facility in Streetsboro, Ohio for $1.4 million. The capital lease obligation of $1.4 million was included in “Current portion of long-term debt” on the accompanying Consolidated Balance Sheets as of December 31, 2012. |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
1. Summary of Significant Accounting Policies: | |
Nature of Business | |
The Company is a leading U.S. metals service center specializing in the processing and distribution of large volumes of carbon, coated, aluminum and stainless steel, flat-rolled coil, sheet and plate products and tubular and pipe products from facilities throughout the United States. Commencing with the July 1, 2011 acquisition of Chicago Tube and Iron Company (CTI), the Company operates in two reportable segments; flat products and tubular and pipe products. Through its flat products segment, the Company sells and distributes large volumes of processed carbon, coated, aluminum and stainless flat-rolled sheet, coil and plate products. Through its tubular and pipe products segment, the Company distributes metals tubing, pipe, bar, valve and fittings and the fabrication of pressure parts supplied to various industrial markets. | |
Principles of Consolidation and Basis of presentation | |
The accompanying consolidated financial statements include the accounts of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, the Company or Olympic), after elimination of intercompany accounts and transactions. Investment in the Company’s joint venture was accounted for under the equity method. | |
Reclassifications and revisions | |
Certain prior year amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year's presentation. | |
During 2013, the Company revised the presentation of the Industrial Revenue Bond (IRB) indebtedness to current portion of long-term debt on its Consolidated Balance Sheets with a conforming change to the prior period presentation because the IRB is remarketed on an annual basis. The effect of this revision had no impact on total liabilities, but it revised the total current liabilities as of December 31, 2012 from $138.1 million to $142.4 million. | |
In addition, during 2013, the Company revised the presentation of stock-based compensation from cash flows from financing activities to cash flows from operating activities. The effect of this revision had no impact on total cash flows, but it revised the Net cash from (used for) financing activities from ($4.1 million) for the year ended December 31, 2012 to ($4.5 million) and revised the Net cash from (used for) operating activities for the year ended December 31, 2012 from $27.4 million to $27.7 million. | |
Accounting Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Concentration Risks | |
The Company is a major customer of flat-rolled coil and plate and tubular and pipe steel for many of its principal suppliers, but is not dependent on any one supplier. The Company purchased approximately 42%, 44%, and 50% of its total steel requirements from its three largest suppliers in 2013, 2012 and 2011, respectively. | |
The Company has a diversified customer and geographic base, which reduces the inherent risk and cyclicality of its business. The concentration of net sales to the Company’s top 20 customers approximated 30%, 31% and 32% of consolidated net sales in 2013, 2012 and 2011, respectively. In addition, the Company’s largest customer accounted for approximately 5%, 4% and 4% of consolidated net sales in 2013, 2012 and 2011, respectively. Sales to industrial machinery and equipment manufacturers and their fabricators accounted for 50%, 50% and 52% of consolidated net sales in 2013, 2012 and 2011, respectively. | |
Cash and Cash Equivalents | |
Cash equivalents consist of short-term highly liquid investments, with a three month or less maturity, which are readily convertible into cash. | |
Fair Market Value | |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the liability in an orderly transaction between market participants on the measurement date. Valuation techniques must maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company applies a fair value hierarchy that is based on three levels of inputs, of which the first two are considered observable and the last unobservable, as follows: | |
Level 1 – Quoted prices in active markets for identical assets or liabilities. | |
Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
Financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and the credit facility revolver, are stated at their carrying value, which is a reasonable estimate of fair value. The fair value of marketable securities is based on quoted market prices. | |
Accounts Receivable | |
The Company’s allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has identified. Estimations are based upon a calculated percentage of accounts receivable, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. | |
Inventories | |
Inventories are stated at the lower of cost or market and include the costs of purchased metals, inbound freight, external processing and applicable labor and overhead costs. Costs of our flat products segment’s inventories, including flat-rolled sheet, coil and plate products are determined using the specific identification method. | |
As a result of the acquisition of CTI, certain of the Company’s tubular and pipe products inventory is stated under the last-in, first-out (LIFO) method. At December 31, 2013 and December 31, 2012, approximately $43.9 million, or 15.3% of consolidated inventory, and $46.7 million, or 16.1% of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of CTI’s inventory is determined using a weighted average rolling first-in, first-out (FIFO) method. | |
On the Consolidated Statements of Comprehensive Income, “Cost of materials sold (exclusive of items shown separately below)” consists of the cost of purchased metals, inbound and internal transfer freight, external processing costs, and LIFO income. | |
Property and Equipment, and Depreciation | |
Property and equipment are stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ranging from two to 30 years. The Company capitalizes the costs of obtaining or developing internal-use software, including directly related payroll costs. The Company amortizes those costs over five years, beginning when the software is ready for its intended use. | |
Goodwill and Other Intangible Assets | |
Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired. We perform an annual impairment test of goodwill for our Integrity Stainless and CTI operations and indefinite-lived intangible assets for our CTI operation in the fourth quarter, or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. Events or changes in circumstances that could trigger an impairment review include significant nonperformance relative to the expected historical or projected future operating results, significant changes in the manner of the use of the acquired assets or the strategy for the overall business or significant negative industry or economic trends. Management uses judgment to determine whether to use a qualitative analysis or a quantitative fair value measurement for each of the Company’s reporting units that carry goodwill. | |
If a quantitative fair value measurement is used, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. Goodwill is tested by comparing the fair value of each reporting unit with its carrying value. If the carrying value of the reporting unit exceeds its fair value, the implied value of goodwill is compared to its carrying value and impairment is recognized to the extent that the carrying value exceeds the implied fair value. | |
We estimate the fair value of goodwill and other indefinite-lived intangible assets using a discounted cash flow methodology, an income approach, and a publicly traded companies guideline method, a market approach. Management’s assumptions used for the calculations are based on historical results, projected financial information and recent economic events. Actual results could differ from these estimates under different assumptions or conditions which could adversely affect the reported value of goodwill. | |
Income Taxes | |
The Company, on its consolidated balance sheets, records as an offset to the estimated effect of temporary differences between the tax basis of assets and liabilities and the reported amounts in its consolidated balance sheets, the tax effect of operating loss and tax credit carryforwards. If the Company determines that it will not be able to fully realize a deferred tax asset, it will record a valuation allowance to reduce such deferred tax asset to its realizable value. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense. | |
Revenue Recognition | |
For both direct and toll shipments, revenue is recognized when title and risk of loss is transferred, which generally occurs upon delivery to our customers. Given the proximity of the Company’s customers to its facilities, substantially all of the Company’s sales are shipped and received within one day. Sales returns and allowances are treated as reductions to sales and are provided for based on historical experience and current estimates and are immaterial to the consolidated financial statements. | |
The engineered products produced by CTI typically take several months to produce due to their size and complexity. Substantially all projects are completed within six months. The Company may request advance payments from customers during the production of these products. These payments are included in current short-term liabilities on the Company’s Consolidated Balance Sheet. Due to their short-term nature, the Company uses the units of delivery method to account for these contracts. Revenue for the contracts is recognized when the product is shipped and title of the product transfers to the customers. Revenues for these engineered products accounted for approximately 1.9%, 1.3% and 1.0% of our net sales during 2013, 2012 and 2011, respectively. | |
Shipping and Handling Fees and Costs | |
Amounts charged to customers for shipping and other transportation are included in net sales. The distribution expense line on the accompanying Consolidated Statements of Comprehensive Income is entirely comprised of all shipping and other transportation costs incurred by the Company in shipping goods to its customers. | |
Impairment | |
The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include significant underperformance relative to the expected historical or projected future operating results, significant changes in the manner of the use of the acquired assets or the strategy for the overall business or significant negative industry or economic trends. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. Based on the Company’s analysis in 2013 and 2012, there were no impairments of the long-lived assets. | |
Purchase Price Accounting | |
Business combinations are accounted for using the purchase method of accounting. This method requires the Company to record assets and liabilities of the business acquired at their estimated fair market values as of the acquisition date. Any excess of the cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. The Company uses valuation specialists, where necessary, to perform appraisals and assist in the determination of the fair values of the assets acquired and liabilities assumed. These valuations require management to make estimates and assumptions that are critical in determining the fair values of the assets and liabilities. | |
Stock-Based Compensation | |
The Company records compensation expense for stock options issued to employees and directors. The Company has elected to use the modified prospective transition method where compensation expense is recorded prospectively. For additional information, see Note 13, Equity Plans. | |
Impact of Recently Issued Accounting Pronouncements | |
In July 2012, the Financial Accounting Standards Board issued ASU No. 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment.” This ASU intends to align impairment testing guidance among long-lived asset categories. This ASU allows the assessment based on qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired prior to determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles—Goodwill and Other—General Intangibles Other than Goodwill. The provisions of this ASU is required to be applied to the interim and annual tests performed for fiscal years beginning after September 15, 2012. The Company adopted this standard during 2012 and the adoption had no material impact to the Company’s financial statements. | |
In February 2013, the Financial Accounting Standards Board issued ASU No. 2013-02, “Other Comprehensive Income.” This ASU intends to improve the reporting of reclassifications out of accumulated other comprehensive income by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. The Company adopted this standard during 2013 and the adoption had no material impact to the Company’s financial statements. | |
In July 2013, the Financial Accounting Standards Board issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU No. 2013-11 requires an entity to present unrecognized tax benefits as a reduction to deferred tax assets when a net operating loss carryforward, similar tax loss or a tax credit carryforward exists, with limited exceptions. ASU No. 2013-11 is effective for fiscal years beginning on or after December 15, 2013, and for interim periods within those fiscal years. The Company adopted this standard during 2013 and the adoption had no material impact to the Company’s financial statements. |
Note_2_Acquisition_of_Chicago_
Note 2 - Acquisition of Chicago Tube and Iron Company | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
2. Acquisition of Chicago Tube and Iron Company: | |
On July 1, 2011, the Company acquired all of the outstanding common shares of CTI pursuant to the terms of an Agreement and Plan of Merger (the “Merger Agreement”) dated May 18, 2011. CTI stocks, processes and fabricates metal tubing, pipe, bar, valves and fittings and pressure parts at nine operating facilities located primarily throughout the Midwestern United States. The Company paid goodwill in conjunction with the acquisition, as CTI enhanced the Company’s commercial opportunities by adding new product offerings to an expanded customer base and by increasing our distribution footprint. | |
Concurrent to entering into the Merger Agreement, the Company also entered into the McNeeley Purchase Agreement, dated as of May 18, 2011 (the “McNeeley Purchase Agreement”), with Dr. McNeeley. Pursuant to the terms of the McNeeley Purchase Agreement, the Company agreed to pay $5 million to Dr. McNeeley (the “McNeeley Payment”) as a condition precedent to the Company’s acquisition of CTI. | |
The McNeeley Payment was made at the date of closing of the acquisition and there were no additional employment or performance contingencies tied to the McNeeley Payment. Although Dr. McNeeley entered into a post-acquisition employment agreement with CTI (as a subsidiary of the Company), Dr. McNeeley could have terminated such employment at any time after the closing (or not have remained a CTI employee) and still have retained the McNeeley Payment. Pursuant to the accounting guidance in ASC 805-10-55-25, the McNeeley Payment was accounted for as additional consideration and part of the purchase price because there are no requirements for continuing employment, and Dr. McNeeley’s post-acquisition compensation is at a reasonable level to that of other key employees and specifically identified in his employment agreement. | |
The Company paid total cash consideration of $159.9 million, consisting of a base purchase price of $150 million, plus the closing cash, working capital and the McNeeley Payments totaling approximately $9.9 million. In addition, the Company assumed approximately $5.9 million of indebtedness and acquired $11.1 million of cash from CTI. Olympic funded its acquisition of CTI primarily with borrowings under its asset-based credit facility. During 2011, the Company incurred $919 thousand of direct acquisition-related costs, which are included in “Administrative and general” in the Consolidated Statement of Operations for the year ended December 31, 2011. |
Note_3_Accounts_Receivable
Note 3 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2013 | |
Receivables [Abstract] | ' |
Financing Receivables [Text Block] | ' |
3. Accounts Receivable: | |
Accounts receivable are presented net of allowances for doubtful accounts and unissued credits of $3.2 million and $2.8 million as of December 31, 2013 and 2012, respectively. Bad debt expense totaled $83 thousand in 2013, $322 thousand in 2012 and $1.1 million in 2011. | |
The Company’s allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has identified. Estimations are based upon a calculated percentage of accounts receivable, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of its allowance for doubtful accounts. |
Note_4_Inventories
Note 4 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
4. Inventories: | |||||||||
Inventories consisted of the following: | |||||||||
As of December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Unprocessed | $ | 219,401 | $ | 215,526 | |||||
Processed and finished | 66,970 | 74,497 | |||||||
Totals | $ | 286,371 | $ | 290,023 | |||||
The Company values certain of its tubular and pipe products inventory at the LIFO method. At December 31, 2013 and December 31, 2012, approximately $43.9 million, or 15.3% of consolidated inventory, and $46.7 million, or 16.1% of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of the tubular and pipe products inventory is determined using a weighted average rolling first-in, first-out (FIFO) method. | |||||||||
In the first quarter of 2013, the Company made an out-of-period adjustment to record previously unrecognized LIFO income of $1.9 million, which resulted in an increase to after-tax income of $1.2 million. The Company determined that this adjustment was not material to its current or prior period consolidated financial statements. | |||||||||
During 2013, the Company recorded an additional $1.7 million of LIFO income as a result of the continued decline of metals pricing in 2013. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold. | |||||||||
If the FIFO method had been in use, inventories would have been $3.6 million lower than reported at December 31, 2013. |
Note_5_Property_and_Equipment
Note 5 - Property and Equipment | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||||||||
5. Property and Equipment: | ||||||||||||||
Property and equipment consists of the following: | ||||||||||||||
(in thousands) | Depreciable | December 31, | December 31, | |||||||||||
Lives | 2013 | 2012 | ||||||||||||
Land | - | $ | 16,193 | $ | 16,193 | |||||||||
Land improvements | 5 | - | 10 | 2,650 | 2,241 | |||||||||
Buildings and improvements | 7 | - | 30 | 132,299 | 126,438 | |||||||||
Machinery and equipment | 2 | - | 15 | 172,671 | 167,752 | |||||||||
Furniture and fixtures | 3 | - | 7 | 6,422 | 6,283 | |||||||||
Computer software and equipment | 2 | - | 5 | 25,844 | 25,351 | |||||||||
Vehicles | 2 | - | 5 | 1,220 | 1,257 | |||||||||
Construction in progress | - | 4,069 | 2,420 | |||||||||||
361,368 | 347,935 | |||||||||||||
Less accumulated depreciation | (170,484 | ) | (151,608 | ) | ||||||||||
Net property and equipment | $ | 190,884 | $ | 196,327 | ||||||||||
Leasehold improvements are included with buildings and improvements and are depreciated over the life of the lease or seven years, whichever is less. | ||||||||||||||
Construction in progress, as of December 31, 2013, primarily consisted of payments for additional processing equipment at our existing facilities that was not yet placed into service. |
Note_6_Intangible_Assets
Note 6 - Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||
6. Intangible Assets: | |||||||||||||
Intangible assets, net, consisted of the following as of December 31, 2013 and 2012: | |||||||||||||
31-Dec-13 | |||||||||||||
(in thousands) | Gross Carrying | Accumulated | Intangible Assets, | ||||||||||
Amount | Amortization | Net | |||||||||||
Customer relationships - subject to amortization | $ | 13,332 | $ | (2,222 | ) | $ | 11,110 | ||||||
Trade name - not subject to amortization | 23,425 | - | 23,425 | ||||||||||
$ | 36,757 | $ | (2,222 | ) | $ | 34,535 | |||||||
31-Dec-12 | |||||||||||||
(in thousands) | Gross Carrying | Accumulated | Intangible Assets, | ||||||||||
Amount | Amortization | Net | |||||||||||
Customer relationships - subject to amortization | $ | 13,332 | $ | (1,333 | ) | $ | 11,999 | ||||||
Trade name - not subject to amortization | 23,425 | - | 23,425 | ||||||||||
$ | 36,757 | $ | (1,333 | ) | $ | 35,424 | |||||||
All of the Company’s intangible assets were recorded in connection with its July 1, 2011 acquisition of CTI (See Note 2). The intangible assets noted above were evaluated on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology. The useful life of the CTI trade name was determined to be indefinite primarily due to its history and reputation in the marketplace, the Company’s expectation that the CTI trade name will continue to be used throughout the life of CTI, and the conclusion that there are currently no other factors identified that would limit its useful life. The useful life of the CTI customer relationships was determined to be fifteen years, based primarily on the consistent and predictable revenue source associated with the existing CTI customer base, the present value of which extends through the fifteen year amortization period. The Company will continue to evaluate the useful life assigned to our amortizable customer relationships in future periods. | |||||||||||||
The Company estimates that amortization expense for its intangible assets subject to amortization will be $0.9 million per year in each of the next five years. |
Note_7_Goodwill
Note 7 - Goodwill | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||
Goodwill Disclosure [Text Block] | ' | ||||||||||||
7. Goodwill: | |||||||||||||
Goodwill, by reportable segment, is as follows as of December 31, 2013 and 2012: | |||||||||||||
(in thousands) | Flat Products | Tubular and | Total | ||||||||||
Pipe Products | |||||||||||||
Balance as of December 31, 2011 | $ | 7,083 | $ | 40,171 | $ | 47,254 | |||||||
CTI acquisition | - | 116 | 116 | ||||||||||
Impairment of Southern Region | (6,583 | ) | - | (6,583 | ) | ||||||||
Balance as of December 31, 2012 | $ | 500 | $ | 40,287 | $ | 40,787 | |||||||
Acquisitions | - | - | - | ||||||||||
Impairments | - | - | - | ||||||||||
Balance as of December 31, 2013 | $ | 500 | $ | 40,287 | $ | 40,787 | |||||||
The goodwill is not deductible for income tax purposes. The goodwill represents the excess of cost over the fair value of net tangible and intangible assets acquired. The Company paid goodwill in conjunction with the acquisitions, as they enhance the Company’s commercial opportunities by adding new product offerings to an expanded customer base and by increasing our distribution footprint. | |||||||||||||
In accordance with the Accounting Standards Codification, on an annual basis, an impairment test of goodwill is performed in the fourth quarter or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. Events or changes in circumstances that could trigger an impairment review include significant nonperformance relative to the expected historical or projected future operating results, significant changes in the manner of the use of the acquired assets or the strategy for the overall business or significant negative industry or economic trends. | |||||||||||||
During the fourth quarter of 2012, the Company engaged an independent third party valuation expert to assist with the completion of the annual goodwill impairment testing pursuant to Accounting Standards Codification (ASC) Topic 350-20-35, “Goodwill – Subsequent measurement.” During the step-two impairment analysis of the Flat products segment’s Southern region, the carrying value of the assets exceed the fair value of the entity which resulted in total impairment of the goodwill related to the Southern region. The deteriorating steel market conditions in the second half of 2012 resulted in the Southern region having lower cash flows in the second half of the year than previously projected, which also led to decreased cash flow projections for the next five years. As a result, the entire $6.6 million of goodwill related to the Southern region was impaired at December 31, 2012. | |||||||||||||
The Company completed its annual impairment review of goodwill during the fourth quarter of 2013 and noted no impairment. The Company is not aware of any triggering events which would require a goodwill impairment test as of December 31, 2013. |
Note_8_Investments_in_Joint_Ve
Note 8 - Investments in Joint Ventures | 12 Months Ended |
Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' |
8. Investments in Joint Ventures: | |
The Company and the United States Steel Corporation each owned 50% of Olympic Laser Processing (OLP), a company that produced laser welded sheet steel blanks for the automotive industry. OLP ceased operations in 2006. During 2012, the real estate associated with OLP was sold, resulting in a pre-tax loss on sale to the Company of $36 thousand, and the joint venture was dissolved in December 2012. |
Note_9_Debt
Note 9 - Debt | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
9. Debt: | |||||||||||||||||||||||||||||
The Company’s debt is comprised of the following components: | |||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||
Asset-based revolving credit facility expiring June 30, 2016 | $ | 146,075 | $ | 177,575 | |||||||||||||||||||||||||
Term loan due June 30, 2016 | 48,854 | 57,604 | |||||||||||||||||||||||||||
Industrial revenue bonds due April 1, 2018 | 4,340 | 5,125 | |||||||||||||||||||||||||||
Capital lease | - | 1,407 | |||||||||||||||||||||||||||
Total debt | 199,269 | 241,711 | |||||||||||||||||||||||||||
Less current amount | (13,090 | ) | (15,282 | ) | |||||||||||||||||||||||||
Total long-term debt | $ | 186,179 | $ | 226,429 | |||||||||||||||||||||||||
In March 2012, the Company amended its existing asset-based credit facility (ABL Credit Facility). The amendment provided, among other things: (i) a reduction in the applicable margin for loans under the Company’s Loan and Security Agreement; (ii) additional revolving commitments to the borrowers in an aggregate principal amount of $50 million, which additional revolving commitments do not impact the borrowers’ incremental facilities; and (iii) permits certain transactions among the borrowers and Metales de Olympic, S. de R.L. de C.V., an indirect subsidiary of the Company. The amended ABL Credit Facility consisted of a revolving credit line of $315 million and a $64 million term loan, with monthly principal payments. At December 31, 2013, the term loan balance was $49 million. Revolver borrowings are limited to the lesser of a borrowing base, comprised of eligible receivables and inventories, or $315 million in the aggregate. The ABL Credit Facility matures on June 30, 2016. | |||||||||||||||||||||||||||||
The ABL Credit Facility requires the Company to comply with various covenants, the most significant of which include: (i) until maturity of the ABL Credit Facility, if any commitments or obligations are outstanding and the Company’s availability is less than 12.5% of the aggregate amount of revolver commitments ($39.4 million at December 31, 2013), then the Company must maintain a ratio of EBITDA minus certain capital expenditures and cash taxes paid to fixed charges of at least 1.10 to 1.00 for the most recent twelve fiscal month period; (ii) limitations on dividend payments; (iii) restrictions on additional indebtedness; and (iv) limitations on investments and joint ventures. Effective with the March 2012 amendment, the Company has the option to borrow under its revolver based on the agent’s base rate plus a premium ranging from 0.00% to 0.50% or the London Interbank Offered Rate (LIBOR) plus a premium ranging from 1.50% to 2.00%. The interest rate under the term loan is based on the agent’s base rate plus a premium ranging from 0.25% to 0.75% or LIBOR plus a premium ranging from 1.75% to 2.25%. The premiums for the revolver and term loan are based on revolver utilization. | |||||||||||||||||||||||||||||
As of December 31, 2013, the Company was in compliance with its covenants and had approximately $99.2 million of availability under the ABL Credit Facility. | |||||||||||||||||||||||||||||
As of December 31, 2013, $3.4 million of bank financing fees were included in “Prepaid expenses and other” and “Other long-term assets” on the accompanying Consolidated Balance Sheets. The financing fees are being amortized over the remaining term of the ABL Credit Facility. The amortization of $1.3 million, $1.3 million and $684 thousand for 2013, 2012 and 2011 respectively, is included in “Interest and other expense on debt” on the accompanying Consolidated Statements of Comprehensive Income. | |||||||||||||||||||||||||||||
In June 2012, the Company entered into a forward starting fixed rate interest rate hedge that commenced June 2013, in order to eliminate the variability of cash interest payments on $53.2 million of the outstanding LIBOR-based borrowings under the ABL Credit Facility. The hedge matures on June 1, 2016 and the notional amount is reduced monthly by the principal payments on the term loan. The balance as of December 31, 2013 was $48.9 million. The interest rate hedge fixed the rate at 1.21% plus a premium ranging from 1.75% to 2.25%. Although the Company is exposed to credit loss in the event of nonperformance by the other parties to the interest rate hedge agreement, the Company anticipates performance by the counterparties. | |||||||||||||||||||||||||||||
As part of the CTI acquisition, the Company assumed approximately $5.9 million of IRB indebtedness issued through the Stanly County, North Carolina Industrial Revenue and Pollution Control Authority. The bond matures in April 2018, with the option to provide principal payments annually on April 1st. As of December 31, 2013 $4.3 million was outstanding on the IRB. The IRB is remarketed annually and is included in “Current portion of long-term debt” on the accompanying Consolidated Balance Sheets. Interest is payable monthly, with a variable rate that resets weekly. As security for payment of the bonds, the Company obtained a direct pay letter of credit issued by JPMorgan Chase Bank, N.A. The letter of credit reduces annually by the optional principal repayment amount. The interest rate at December 31, 2013 was 0.15% for the IRB debt. | |||||||||||||||||||||||||||||
The Company entered into an interest rate swap agreement to reduce the impact of changes in interest rates on the IRB. At December 31, 2013, the effect of the swap agreement on the bond was to fix the rate at 3.46%. The swap agreement matures April 2018, but the notional amount is reduced annually by the amount of the optional principal payments on the bond. Although the Company is exposed to credit loss in the event of nonperformance by the other parties to the interest rate swap agreement, the Company anticipates performance by the counterparties. | |||||||||||||||||||||||||||||
In April 2013, the Company purchased a facility in Streetsboro, Ohio for $1.4 million that was previously financed under a capital lease agreement. The capital lease obligation of $1.4 million was included in “Current portion of long-term debt” on the accompanying Consolidated Balance Sheets as of December 31, 2012. | |||||||||||||||||||||||||||||
Scheduled Debt Maturities, Interest, Debt Carrying Values | |||||||||||||||||||||||||||||
The Company’s principal payments over the next five years and thereafter are detailed in the table below: | |||||||||||||||||||||||||||||
(in thousands) | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Revolver | $ | - | $ | - | $ | 146,075 | $ | - | $ | - | $ | - | $ | 146,075 | |||||||||||||||
Term loan | 8,750 | 8,750 | 31,354 | - | - | - | 48,854 | ||||||||||||||||||||||
Industrial revenue bond | 810 | 840 | 865 | 895 | 930 | - | 4,340 | ||||||||||||||||||||||
Total principal payments | $ | 9,560 | $ | 9,590 | $ | 178,294 | $ | 895 | $ | 930 | $ | - | $ | 199,269 | |||||||||||||||
The ABL Credit Facility includes a $70 million term loan that is collateralized by the Company’s real estate and equipment. The term loan matures on June 30, 2016. Under the ABL Credit Facility the Company is required to make monthly term loan payments of $729 thousand. The interest rate under the term loan is based on the agent’s base rate plus a premium ranging from 0.25% to 0.75% or LIBOR plus a premium ranging from 1.75% to 2.25%. | |||||||||||||||||||||||||||||
The overall effective interest rate for all debt, exclusive of deferred financing fees and deferred commitment fees, amounted to 2.3%, 2.7% and 3.1% in 2013, 2012 and 2011, respectively. Interest paid totaled $5.5 million, $7.3 million and $5.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Average total debt outstanding was $219.2 million, $254.2 million and $165.0 million in 2013, 2012 and 2011, respectively. |
Note_10_Derivative_Instruments
Note 10 - Derivative Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||
10. Derivative Instruments: | |||||||||||||
Nickel swaps | |||||||||||||
During 2013, 2012 and 2011, the Company entered into nickel swaps indexed to the London Metal Exchange (LME) price of nickel with third-party brokers. The nickel swaps are treated as derivatives for accounting purposes. The Company entered into the swaps to mitigate its customers’ risk of volatility in the price of nickel. The outstanding nickel swaps settle on a monthly basis from January 2014 through May 2016 with the broker at maturity. The economic benefit or loss arising from the changes in fair value of the swaps is contractually passed through to the customer. The primary risk associated with the nickel swaps is the ability of customers or third-party brokers to honor their agreements with the Company related to derivative instruments. If the customer or third-party brokers are unable to honor their agreements, the Company’s risk of loss is the fair value of the nickel swap. | |||||||||||||
While these derivatives are intended to help the Company manage risk, they have not been designated as hedging instruments. The periodic changes in fair value of the nickel and embedded customer derivative instruments are included in “Cost of materials sold” in the Consolidated Statements of Comprehensive Income. We recognize derivative positions with both the customer and the third party and we classify cash settlement amounts associated with them as part of “Cost of materials sold” in the Consolidated Statements of Comprehensive Income. The embedded customer derivatives are included in “Accounts receivable, net”, and the swaps are included in “Other accrued liabilities” on the Consolidated Balance Sheets at December 31, 2013 and 2012. | |||||||||||||
Interest rate swap | |||||||||||||
CTI entered into an interest rate swap to reduce the impact of changes in interest rates on its IRB. The swap agreement matures April 2018, the same time as the IRB, but the notional amount is reduced annually by the optional principal payments on the IRB. Although the Company is exposed to credit loss in the event of nonperformance by the other parties to the interest rate swap agreement, the Company anticipates performance by the counterparties. The interest rate swap is not treated as a hedging instrument for accounting purposes. | |||||||||||||
The periodic changes in fair value of the interest rate swap and cash settlement amounts associated with the interest rate swap are included in “Interest and other expense on debt” in the Consolidated Statements of Comprehensive Income. | |||||||||||||
Fixed rate interest rate hedge | |||||||||||||
In June 2012, the Company entered into a forward starting fixed rate interest rate hedge that commenced June 2013 in order to eliminate the variability of cash interest payments on $53.2 million of the outstanding LIBOR-based borrowings under the ABL Credit Facility. The balance as of December 31, 2013 was $48.9 million. The hedge matures on June 1, 2016 and the notional amount is reduced monthly by the principal payments on the term loan. The interest rate hedge fixed the rate at 1.21% plus a premium ranging from 1.75% to 2.25%. Although the Company is exposed to credit loss in the event of nonperformance by the other parties to the interest rate hedge agreement, the Company anticipates performance by the counterparties. The fixed interest rate hedge is accounted for as a cash flow hedging instrument for accounting purposes. | |||||||||||||
The table below shows the total net gain or (loss) recognized in the Company’s Consolidated Statements of Comprehensive Income of the derivatives for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Net Gain (Loss) Recognized | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Interest rate swap (CTI) | $ | (167 | ) | $ | (46 | ) | $ | (68 | ) | ||||
Fixed interst rate swap (ABL) | (309 | ) | - | - | |||||||||
Nickel swaps | (1,037 | ) | (113 | ) | (208 | ) | |||||||
Embedded customer derivatives | 1,037 | 113 | 208 | ||||||||||
Total gain (loss) | $ | (476 | ) | $ | (46 | ) | $ | (68 | ) | ||||
Note_11_Fair_Value_of_Assets_a
Note 11 - Fair Value of Assets and Liabilities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
11. Fair Value of Assets and Liabilities: | |||||||||||||||||
The Company’s financial instruments include cash and cash equivalents, short-term trade receivables, derivative instruments, accounts payable and debt instruments. For short-term instruments, other than those required to be reported at fair value on a recurring basis and for which additional disclosures are included below, management concluded the historical carrying value is a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization. | |||||||||||||||||
During 2013 and 2012, there were no transfers of financial assets between Levels 1, 2 or 3 fair value measurements. There have been no changes in the methodologies used at December 31, 2013 and December 31, 2012. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value as of December 31, 2013 and December 31, 2012: | |||||||||||||||||
Nickel swaps and embedded customer derivatives – Determined by using inputs that include the price of nickel indexed to the LME. The fair value is determined based on quoted market prices and reflects the estimated amounts the Company would pay or receive to terminate the nickel swaps. | |||||||||||||||||
Interest rate swap – Based on the present value of the expected future cash flows, considering the risks involved, and using discount rates appropriate for the maturity date. Market observable Level 2 inputs are used to determine the present value of future cash flows. | |||||||||||||||||
The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company: | |||||||||||||||||
Value of Items Recorded at Fair Value | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | |||||||||||||||||
Embedded customer derivatives | $ | - | $ | 614 | $ | - | $ | 614 | |||||||||
Total assets at fair value | $ | - | $ | 614 | $ | - | $ | 614 | |||||||||
Liabilities: | |||||||||||||||||
Nickel swaps | $ | - | $ | 614 | $ | - | $ | 614 | |||||||||
Interest rate swap | - | 279 | - | 279 | |||||||||||||
Fixed interest rate swap | - | 710 | - | 710 | |||||||||||||
Total liabilities at fair value | $ | - | $ | 1,603 | $ | - | $ | 1,600 | |||||||||
Value of Items Not Recorded at Fair Value | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: | |||||||||||||||||
Debt | |||||||||||||||||
IRB | $ | 4,340 | $ | - | $ | - | $ | 4,340 | |||||||||
Term loan | - | 48,854 | - | 48,854 | |||||||||||||
Revolver | - | 146,075 | - | 146,075 | |||||||||||||
Total liabilities not recorded at fair value | $ | 4,340 | $ | 194,929 | $ | - | $ | 199,269 | |||||||||
The value of the items not recorded at fair value represent the carrying value of the liabilities. | |||||||||||||||||
Value of Items Recorded at Fair Value | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | |||||||||||||||||
Embedded customer derivatives | $ | - | $ | 113 | $ | - | $ | 113 | |||||||||
Total assets at fair value | $ | - | $ | 113 | $ | - | $ | 113 | |||||||||
Liabilities: | |||||||||||||||||
Nickel swaps | $ | - | $ | 168 | $ | - | $ | 168 | |||||||||
Interest rate swap | - | 446 | - | 446 | |||||||||||||
Fixed interest rate swap | 941 | 941 | |||||||||||||||
Total liabilities at fair value | $ | - | $ | 1,555 | $ | - | $ | 1,555 | |||||||||
Value of Items Not Recorded at Fair Value | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: | |||||||||||||||||
Debt | |||||||||||||||||
IRB | $ | 5,125 | $ | - | $ | - | $ | 5,125 | |||||||||
Term loan | - | 57,604 | - | 57,604 | |||||||||||||
Revolver | - | 177,575 | - | 177,575 | |||||||||||||
Total liabilities not recorded at fair value | $ | 5,125 | $ | 235,179 | $ | - | $ | 240,304 | |||||||||
The value of the items not recorded at fair value represents the carrying value of the liabilities. | |||||||||||||||||
The fair value of the IRB is determined using Level 1 inputs. The carrying value and the fair value of the IRB that qualify as financial instruments were $4.3 million and $5.1 million, respectively, at December 31, 2013 and 2012. | |||||||||||||||||
The fair values of the revolver and term loan are determined using Level 2 inputs. The carrying values of the revolver and the term loan were $146.1 million and $48.9 million, respectively, at December 31, 2013. The carrying value of the revolver and the term loan were $177.6 million and $57.6 million, respectively, at December 31, 2012. The Level 2 fair value of the Company's long-term debt was estimated using prevailing market interest rates on debt with similar creditworthiness, terms and maturities. |
Note_12_Accumulated_Other_Comp
Note 12 - Accumulated Other Comprehensive Loss: | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Other Comprehensive Income, Noncontrolling Interest [Text Block] | ' |
12. Accumulated Other Comprehensive Loss: | |
In June 2012, the Company entered into a forward starting fixed rate interest rate hedge commencing July 2013 in order to eliminate the variability of cash interest payments on $53.2 million of the outstanding LIBOR-based borrowings under the ABL Credit Facility. The hedge matures on June 1, 2016 and the notional amount is reduced monthly by the principal payments on the term loan. The balance as of December 31, 2013 was $48.9 million. The fixed rate interest rate hedge is accounted for as a cash flow hedging instrument for accounting purposes. The fair value of the interest rate hedge is included in “Accumulated other comprehensive loss” on the Consolidated Balance Sheets. The fair value of the interest rate hedge was $437 thousand, net of tax of $273 thousand at December 31, 2013 and $579 thousand, net of tax of $362 thousand at December 31, 2012. |
Note_13_Equity_Plans
Note 13 - Equity Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
13. Equity Plans: | |||||||||||||||||
Stock Options | |||||||||||||||||
The following table summarizes stock-based award activity during the year ended December 31, 2013: | |||||||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate Intrinsic | ||||||||||||||
Options | Exercise Price | Remaining | Value | ||||||||||||||
Contractual Term (years) | (in thousands) | ||||||||||||||||
Outstanding at December 31, 2012 | 40,339 | $ | 21.79 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (11,667 | ) | 7.33 | ||||||||||||||
Canceled | (1,500 | ) | 32.63 | ||||||||||||||
Outstanding at December 31, 2013 | 27,172 | $ | 27.4 | 2.6 | $ | 117 | |||||||||||
Exercisable at December 31, 2013 | 27,172 | $ | 27.4 | 2.6 | $ | 117 | |||||||||||
There were 11,667 stock options exercised during 2013 and 4,168 stock options exercised during 2012. No stock options were exercised during 2011. The total intrinsic value of stock options exercised during the years ended December 31, 2013 and 2012 was $218 thousand and $56 thousand, respectively. Net cash proceeds from the exercise of stock options, exclusive of income tax benefits, were $86 thousand and $34 thousand for the years ended December 31, 2013 and 2012, respectively. Income tax benefits of $83 thousand and $21 thousand were realized from stock option exercises during the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
Pursuant to the Olympic Steel 2007 Omnibus Incentive Plan (Plan), the Company may grant stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and other stock- and cash-based awards to employees and Directors of, and consultants to, the Company and its affiliates. Under the Plan, 500,000 shares of common stock are available for equity grants. | |||||||||||||||||
On each of January 2, 2013, January 3, 2012 and March 1, 2011, the Compensation Committee of the Company’s Board of Directors approved the grant of 1,800 restricted stock units (RSUs) to each non-employee Director. Subject to the terms of the Plan and the RSU agreement, the RSUs vest after one year of service (from the date of grant). The RSUs are not converted into shares of common stock until the Director either resigns or is terminated from the Board of Directors. | |||||||||||||||||
The fair value of each RSU was estimated to be the closing price of the Company’s common stock on the date of the grant, which was $23.41, $25.55 and $26.91 for the grants on January 2, 2013, January 3, 2012 and March 1, 2011, respectively. | |||||||||||||||||
In 2011, the Compensation Committee for the Company’s Board of Directors approved changes to the Senior Management Compensation Program to include an equity component in order to encourage more ownership of common stock by the senior management. Beginning in 2011, the Senior Management Compensation Program imposed stock ownership requirements upon the participants. Each participant is required to own at least 750 shares of common stock for each year that the participant participates in the Senior Management Compensation Program. Any participant that fails to meet the stock ownership requirements will be ineligible to receive any equity awards under the Company’s equity compensation plans, including the Plan, until the participant satisfies the ownership requirements. To assist participants in meeting the stock ownership requirements, on an annual basis, if a participant purchases 500 shares of common stock on the open market, the Company will award that participant 250 shares of common stock. During 2013 and 2012, the Company matched 8,500 and 7,250 shares, respectively. Additionally, any participant who continues to comply with the stock ownership requirements as of the five-year, 10-year, 15-year, 20-year and 25-year anniversaries of the participant’s participation in the Senior Management Compensation Program will receive a restricted stock unit award with a dollar value of $25 thousand, $50 thousand, $75 thousand, $100 thousand and $100 thousand, respectively. Restricted stock unit awards will convert into the right to receive shares of common stock upon a participant’s retirement, or earlier upon the executive’s death or disability or upon a change in control of the Company. | |||||||||||||||||
In recognition of their performance and dedicated years of service, on December 31, 2011, the Compensation Committee of the Board of Directors granted 81,475 RSUs to Messrs. Siegal, Wolfort and Marabito. The RSUs have a vesting period of five years and will be fully vested on December 31, 2016. Except in limited circumstances, the RSUs will not convert into shares of common stock until the retirements of Messrs. Siegal, Wolfort and Marabito, respectively. These RSU’s are not a part of the 2011 Senior Management Compensation Program discussed above. The fair value of each RSU was estimated to be the closing price of the common stock on the date of the grant, which was $23.32 on December 31, 2011. | |||||||||||||||||
Stock-based compensation expense recognized on RSUs is summarized in the following table: | |||||||||||||||||
For the years ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
RSU expense before taxes | $ | 936 | $ | 1,238 | $ | 726 | |||||||||||
RSU expense after taxes | $ | 554 | $ | 278 | $ | 484 | |||||||||||
Impact per basic share | $ | 0.05 | $ | 0.03 | $ | 0.04 | |||||||||||
Impact per diluted share | $ | 0.05 | $ | 0.03 | $ | 0.04 | |||||||||||
All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. | |||||||||||||||||
The following table summarizes the activity related to RSUs for the twelve months ended December 31, 2013: | |||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | |||||||||||||||
Outstanding at December 31, 2012 | 192,819 | $ | 26.22 | ||||||||||||||
Granted | 38,214 | 21.5 | |||||||||||||||
Converted into shares | - | - | |||||||||||||||
Forfeited | (75 | ) | 23.32 | ||||||||||||||
Outstanding at December 31, 2013 | 230,958 | $ | 25.44 | $ | 977 | ||||||||||||
Vested at December 31, 2013 | 178,679 | $ | 25.92 | $ | 735 | ||||||||||||
Of the RSUs granted in 2013 and 2012, 28,341 and 31,243, respectively, were used to fund supplemental executive retirement plan contributions. There was no intrinsic value for the RSUs that were converted into shares in 2012. There were no RSUs converted into shares during 2013 or 2011. | |||||||||||||||||
All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. |
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
14. Commitments and Contingencies: | |||||||||||||||||||||||||||||
Operating Leases | |||||||||||||||||||||||||||||
The Company leases certain warehouses, sales offices, machinery and equipment and vehicles under long-term operating lease agreements. The leases expire at various dates through 2023. In some cases the leases include options to extend. Rent and lease expense was $7.5 million, $7.7 million and $6.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
The future annual minimum lease payments as of December 31, 2013 are as follows: | |||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
Lease payments | $ | 5,654 | $ | 4,682 | $ | 4,157 | $ | 3,355 | $ | 2,562 | $ | 3,312 | $ | 23,722 | |||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||
The Company is party to various legal actions that it believes are ordinary in nature and incidental to the operation of its business. In the opinion of management, the outcome of the proceedings to which the Company is currently a party will not have a material adverse effect upon its results of operations, financial condition or cash flows. | |||||||||||||||||||||||||||||
In the normal course of business, the Company periodically enters into agreements that incorporate indemnification provisions. While the maximum amount to which the Company may be exposed under such agreements cannot be estimated, it is the opinion of management that these indemnifications are not expected to have a material adverse effect on the Company’s results of operations or financial condition. | |||||||||||||||||||||||||||||
At December 31, 2013, approximately 333 of the hourly plant personnel are represented by ten separate collective bargaining units. The table below shows the expiration dates of the collective bargaining agreements. | |||||||||||||||||||||||||||||
Facility | Expiration date | ||||||||||||||||||||||||||||
Duluth, Minnesota | 21-Dec-14 | ||||||||||||||||||||||||||||
Locust, North Carolina | 4-Mar-15 | ||||||||||||||||||||||||||||
Romeoville, Illinois | 31-May-15 | ||||||||||||||||||||||||||||
Minneapolis coil, Minnesota | 30-Sep-15 | ||||||||||||||||||||||||||||
Indianapolis, Indiana | 29-Jan-16 | ||||||||||||||||||||||||||||
Minneapolis plate, Minnesota | 31-Mar-17 | ||||||||||||||||||||||||||||
Detroit, Michigan | 31-Aug-17 | ||||||||||||||||||||||||||||
St. Paul, Minnesota | 25-May-18 | ||||||||||||||||||||||||||||
Milan, Illinois | 12-Aug-18 | ||||||||||||||||||||||||||||
Kansas City, Missouri | 18-Nov-18 | ||||||||||||||||||||||||||||
Note_15_Income_Taxes
Note 15 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
15. Income Taxes: | |||||||||||||
The components of the Company’s provision (benefit) for income taxes from continuing operations were as follows: | |||||||||||||
As of December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 6,207 | $ | 8,058 | $ | 4,375 | |||||||
State and local | 1,265 | 1,021 | 115 | ||||||||||
7,472 | 9,079 | 4,490 | |||||||||||
Deferred | (2,195 | ) | (1,217 | ) | 8,025 | ||||||||
Income tax provision | $ | 5,277 | $ | 7,862 | $ | 12,515 | |||||||
The components of the Company’s deferred income taxes at December 31 are as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Inventory (excluding LIFO reserve) | $ | 2,588 | $ | 2,039 | |||||||||
Net operating loss and tax credit carryforwards | 3,044 | 3,167 | |||||||||||
Allowance for doubtful accounts | 585 | 615 | |||||||||||
Accrued expenses | 7,459 | 7,592 | |||||||||||
Other | 83 | 102 | |||||||||||
13,759 | 13,515 | ||||||||||||
Valuation reserve | (1,298 | ) | (1,200 | ) | |||||||||
Total deferred tax assets | 12,461 | 12,315 | |||||||||||
Deferred tax liabilities: | |||||||||||||
LIFO reserve | (6,213 | ) | (5,417 | ) | |||||||||
Property and equipment | (24,339 | ) | (26,962 | ) | |||||||||
Intangibles | (15,259 | ) | (15,416 | ) | |||||||||
Other | (24 | ) | - | ||||||||||
Total deferred tax liabilities | (45,835 | ) | (47,795 | ) | |||||||||
Deferred tax liabilities, net | $ | (33,374 | ) | $ | (35,480 | ) | |||||||
The deferred tax liability decreased by $88 thousand related to the interest rate swap. | |||||||||||||
The following table summarizes the activity related to the Company’s gross unrecognized tax benefits: | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance as of January 1 | $ | 112 | $ | 75 | $ | 2,005 | |||||||
Decreases related to prior year tax positions | (37 | ) | - | - | |||||||||
Increases related to current year tax positions | 25 | 61 | 24 | ||||||||||
Decreases related to lapsing of statute of limitations | (25 | ) | (24 | ) | (1,954 | ) | |||||||
Balance as of December 31 | $ | 75 | $ | 112 | $ | 75 | |||||||
It is expected that the amount of unrecognized tax benefits will not materially change in the next twelve months. The tax years 2010 through 2012 remain open to examination by major taxing jurisdictions to which the Company is subject. | |||||||||||||
The Company recognized interest related to uncertain tax positions in income tax expense. As of December 31, 2013 and December 31, 2012, the Company had approximately $4 thousand and $5 thousand of gross accrued interest related to uncertain tax positions, respectively. | |||||||||||||
The following table reconciles the U.S. federal statutory rate to the Company’s effective tax rate: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State and local taxes, net of federal benefit | 3 | % | 6.9 | % | 4.1 | % | |||||||
Goodwill impairment | - | 22.7 | % | - | |||||||||
Valuation allowance | - | 8.5 | % | - | |||||||||
Sec. 199 manufacturing deduction | (4.2 | %) | (4.7 | %) | (1.0 | %) | |||||||
Meals and entertainment | 3.3 | % | 4.5 | % | 1.2 | % | |||||||
Change in unrecognized tax benefits | (0.2 | %) | - | (5.8 | %) | ||||||||
All other, net | 3.9 | % | 4.6 | % | (0.1 | %) | |||||||
Effective income tax rate | 40.8 | % | 77.5 | % | 33.4 | % | |||||||
Income taxes paid in 2013, 2012 and 2011 totaled $7.6 million, $6.9 million and $9.2 million, respectively. Some subsidiaries of the Company’s consolidated group file state tax returns on a separate company basis and have state net operating loss carryforwards expiring over the next seven to 20 years. A valuation allowance is recorded to reduce certain deferred tax assets to the amount that is more likely than not to be realized. |
Note_16_Shares_Outstanding_and
Note 16 - Shares Outstanding and Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
16. Shares Outstanding and Earnings Per Share: | |||||||||||||
Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Weighted average basic shares outstanding | 11,065 | 10,989 | 10,937 | ||||||||||
Assumed exercise of stock options and issuance of stock awards | 9 | 6 | 14 | ||||||||||
Weighted average diluted shares outstanding | 11,074 | 10,995 | 10,951 | ||||||||||
Net income | $ | 7,647 | $ | 2,277 | $ | 24,970 | |||||||
Basic earnings per share | $ | 0.69 | $ | 0.21 | $ | 2.28 | |||||||
Diluted earnings per share | $ | 0.69 | $ | 0.21 | $ | 2.28 | |||||||
Anti-dilutive securities outstanding | 201 | 194 | 61 | ||||||||||
Note_17_Segment_Information
Note 17 - Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
17. Segment Information: | |||||||||||||
The Company follows the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments. The management approach defines operating segments along the lines used by the Company’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions. Our CODM evaluates performance and allocates resources based primarily on operating income (loss). Our operating segments are based on internal management reporting. | |||||||||||||
The Company operates in two reportable segments: flat products and tubular and pipe products. Through its flat products segment, the Company sells and distributes large volumes of processed carbon, coated, aluminum and stainless flat-rolled sheet, coil and plate products. Through its tubular and pipe products segment, the Company distributes metal tubing, pipe, bar, valve and fittings and fabricates pressure parts supplied to various industrial markets. | |||||||||||||
Commencing with the first quarter of 2013, corporate expenses are reported as a separate line item in the segment reporting. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., both segments), including payroll expenses for certain personnel, expenses related to being a publicly traded entity such as board of directors expenses, audit expenses, and various other professional fees. Prior to 2013, these expenses were included in the flat products segment’s operating results. The 2012 and 2011 financial information below has been revised to reflect the new reporting structure. | |||||||||||||
The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income before income taxes for the years ended December 31, 2013, 2012 and 2011. The Company assesses the performance of the segments based on operating income. | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net sales | |||||||||||||
Flat products | $ | 1,026,769 | $ | 1,138,063 | $ | 1,143,708 | |||||||
Tubular and pipe products | 236,562 | 245,638 | 118,164 | ||||||||||
Total net sales | $ | 1,263,331 | $ | 1,383,701 | $ | 1,261,872 | |||||||
Depreciation and amortization | |||||||||||||
Flat products | $ | 16,883 | $ | 16,065 | $ | 13,800 | |||||||
Tubular and pipe products | 5,308 | 4,795 | 2,246 | ||||||||||
Corporate | 50 | - | - | ||||||||||
Total depreciation and amortization | $ | 22,241 | $ | 20,860 | $ | 16,046 | |||||||
Operating income | |||||||||||||
Flat products | $ | 12,106 | $ | 7,030 | $ | 44,302 | |||||||
Tubular and pipe products | 14,981 | 17,997 | 7,206 | ||||||||||
Corporate | (7,432 | ) | (6,578 | ) | (7,040 | ) | |||||||
Total operating income | $ | 19,655 | $ | 18,449 | $ | 44,468 | |||||||
Asset impairment charge of joint venture real estate | - | (36 | ) | (953 | ) | ||||||||
Other income (loss), net | (28 | ) | 83 | (77 | ) | ||||||||
Income before interest and income taxes | 19,627 | 18,496 | 43,438 | ||||||||||
Interest and other expense on debt | 6,703 | 8,357 | 5,953 | ||||||||||
Income before income taxes | $ | 12,924 | $ | 10,139 | $ | 37,485 | |||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Capital expenditures | |||||||||||||
Flat products | $ | 3,794 | $ | 17,004 | $ | 38,849 | |||||||
Tubular and pipe products | 11,616 | 6,369 | 638 | ||||||||||
Corporate | 688 | - | - | ||||||||||
Total capital expenditures | $ | 16,098 | $ | 23,373 | $ | 39,487 | |||||||
Goodwill | |||||||||||||
Flat products | $ | 500 | $ | 500 | |||||||||
Tubular and pipe products | 40,287 | 40,287 | |||||||||||
Total goodwill | $ | 40,787 | $ | 40,787 | |||||||||
Assets | |||||||||||||
Flat products | $ | 473,397 | $ | 480,487 | |||||||||
Tubular and pipe products | 223,314 | 225,507 | |||||||||||
Corporate | 638 | - | |||||||||||
Total assets | $ | 697,349 | $ | 705,994 | |||||||||
There were no material revenue transactions between the flat products and tubular and pipe products segments for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
The Company sells certain products internationally, primarily in Canada, Puerto Rico and Mexico. International sales have been immaterial to the consolidated financial results and to the individual segment’s results. |
Note_18_Retirement_Plans
Note 18 - Retirement Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
18. Retirement Plans: | |
The Company’s retirement plans consist of a 401(k) plan covering certain non-union employees, two separate 401(k) plans covering all union employees, two profit sharing plans, a multi-employer pension plan covering certain CTI employees and a supplemental executive retirement plan (SERP) covering certain executive officers of the Company. | |
The 401(k) retirement plans allow eligible employees to contribute up to the statutory maximum. The Company’s non-union 401(k) matching contribution is determined annually by the Board of Directors and is based on a percentage of eligible employees’ earnings and contributions. For the non-union 401(k) retirement plan, the Company matched one-half of each eligible employee’s contribution, limited to the first 6% of eligible compensation. | |
For the 401(k) retirement plan at our CTI locations, the Company matched one-half of each eligible employee’s first 3% of eligible compensation and 20% of the next 3% of eligible compensation. | |
All union employees now participate in the profit-sharing plan on a discretionary basis, like all non-union employees. Company contributions to the non-union profit-sharing plan are discretionary amounts as determined annually by the Board of Directors. | |
In 2005, the Board of Directors adopted the SERP. Contributions to the SERP are based on: (i) a portion of the participants’ compensation multiplied by 13%; and (ii) for certain participants a portion of the participants’ compensation multiplied by a factor which is contingent upon the Company’s return on invested capital. Benefits are subject to a vesting schedule of up to five years. | |
The Company, through its CTI subsidiary, contributes to one multiemployer pension plan – the Plumbing and Heating Wholesalers Retirement Income Plan for the Benefit of the Shopmen’s Division of Pipe Fitters’ Association Local Union 597, EIN 36-6511016, Plan Number 001 (the Multiemployer Plan). The risks of participating in the Multiemployer Plan are different from a single-employer plan in that 1) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, 2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers, and 3) if CTI chooses to stop participating in the Multiemployer Plan, CTI may be required to pay the plan an amount based on the unfunded status of the plan, referred to as a withdrawal liability. | |
The most recent Pension Protection Act zone status available is for the plan year beginning January 1, 2013, and the Multiemployer Plan’s actuary has certified that the Multiemployer Plan is neither in critical status nor endangered status and that it is in the green zone. The zone status is based on information that CTI received from the Multiemployer Plan and is certified by the Multiemployer Plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded. | |
CTI contributes to the Multiemployer Plan under the terms of a collective bargaining agreement that covers certain of its union employees, and which expires May 31, 2015. CTI contributions to the Multiemployer Plan were immaterial for the years ended December 31, 2013 and 2012. | |
Retirement plan expense, which includes all Company 401(k), profit-sharing, SERP defined contributions and the Multiemployer Plan, amounted to $2.2 million, $2.1 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Note_19_RelatedParty_Transacti
Note 19 - Related-Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
19. Related-Party Transactions: | |
The Company’s Chief Executive Officer owns 50% of a related entity that owns one of the Cleveland warehouses and leases it to the Company at a fair market value annual rental of $204 thousand. The lease expires on December 31, 2018 with four five-year renewal options. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at Beginning | Charged to | Charged to | Deductions | Balance at | ||||||||||||||||
of Period | Costs and | Other | End of | ||||||||||||||||||
Expenses | Accounts | Period | |||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,310 | $ | 1,125 | $ | 213 | $ | (921 | ) | $ | 1,727 | ||||||||||
Tax valuation reserve | $ | 412 | $ | - | $ | - | $ | (11 | ) | $ | 401 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,727 | $ | 322 | $ | - | $ | (452 | ) | $ | 1,597 | ||||||||||
Tax valuation reserve | $ | 401 | $ | 799 | $ | - | $ | - | $ | 1,200 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,597 | $ | 83 | $ | - | $ | (161 | ) | $ | 1,519 | ||||||||||
Tax valuation reserve | $ | 1,200 | $ | 98 | $ | - | $ | - | $ | 1,298 | |||||||||||
Schedule_III_Supplemental_Fina
Schedule III Supplemental Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
2013 | 1st | 2nd | 3rd | 4th | Year | ||||||||||||||||
Net sales | $ | 338,064 | $ | 330,804 | $ | 303,990 | $ | 290,473 | $ | 1,263,331 | |||||||||||
Operating income (a) | 9,581 | 6,024 | 4,174 | (124 | ) | 19,655 | |||||||||||||||
Income (loss) before income taxes | 7,906 | 4,315 | 2,484 | (1,781 | ) | 12,924 | |||||||||||||||
Net income (loss) | $ | 5,163 | $ | 2,525 | $ | 1,340 | $ | (1,381 | ) | $ | 7,647 | ||||||||||
Basic net income (loss) per share | $ | 0.47 | $ | 0.23 | $ | 0.12 | $ | (0.12 | ) | $ | 0.69 | ||||||||||
Weighted average shares outstanding - basic | 11,034 | 11,062 | 11,066 | 11,075 | 11,065 | ||||||||||||||||
Diluted net income (loss) per share | $ | 0.47 | $ | 0.23 | $ | 0.12 | $ | (0.12 | ) | $ | 0.69 | ||||||||||
Weighted average shares outstanding - diluted | 11,042 | 11,072 | 11,077 | 11,075 | 11,074 | ||||||||||||||||
Market price of common stock: (c) | |||||||||||||||||||||
High | $ | 25.39 | $ | 26.83 | $ | 29.48 | $ | 31.68 | $ | 31.68 | |||||||||||
Low | 18.52 | 19.54 | 24.46 | 24.56 | 18.52 | ||||||||||||||||
2012 | 1st | 2nd | 3rd | 4th | Year | ||||||||||||||||
Net sales | $ | 382,052 | $ | 367,365 | $ | 342,560 | $ | 291,724 | $ | 1,383,701 | |||||||||||
Operating income (b) | 12,263 | 9,744 | 4,624 | (8,182 | ) | 18,449 | |||||||||||||||
Income before income taxes | 10,189 | 7,566 | 2,555 | (10,171 | ) | 10,139 | |||||||||||||||
Net income | $ | 6,230 | $ | 4,526 | $ | 1,639 | $ | (10,118 | ) | $ | 2,277 | ||||||||||
Basic net income per share | $ | 0.57 | $ | 0.41 | $ | 0.15 | $ | (0.92 | ) | $ | 0.21 | ||||||||||
Weighted average shares outstanding - basic | 10,988 | 10,960 | 10,961 | 10,993 | 10,989 | ||||||||||||||||
Diluted net income per share | $ | 0.57 | $ | 0.41 | $ | 0.15 | $ | (0.92 | ) | $ | 0.21 | ||||||||||
Weighted average shares outstanding - diluted | 10,997 | 10,989 | 10,967 | 10,993 | 10,995 | ||||||||||||||||
Market price of common stock: (c) | |||||||||||||||||||||
High | $ | 28.31 | $ | 25.02 | $ | 19.2 | $ | 22.21 | $ | 28.31 | |||||||||||
Low | 21.78 | 15 | 14.77 | 16.61 | 14.77 | ||||||||||||||||
(a) | Operating income includes $3,572 of LIFO income. | ||||||||||||||||||||
(b) | Operating income includes $6,583 of goodwill impairment charges related to the Company's flat products Southern region in the 4th quarter of 2012. | ||||||||||||||||||||
(c) | Represents the high and low sales prices of our common stock as reported by the Nasdaq Global Select Market. | ||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
Nature of Business | |
The Company is a leading U.S. metals service center specializing in the processing and distribution of large volumes of carbon, coated, aluminum and stainless steel, flat-rolled coil, sheet and plate products and tubular and pipe products from facilities throughout the United States. Commencing with the July 1, 2011 acquisition of Chicago Tube and Iron Company (CTI), the Company operates in two reportable segments; flat products and tubular and pipe products. Through its flat products segment, the Company sells and distributes large volumes of processed carbon, coated, aluminum and stainless flat-rolled sheet, coil and plate products. Through its tubular and pipe products segment, the Company distributes metals tubing, pipe, bar, valve and fittings and the fabrication of pressure parts supplied to various industrial markets. | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation and Basis of presentation | |
The accompanying consolidated financial statements include the accounts of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, the Company or Olympic), after elimination of intercompany accounts and transactions. Investment in the Company’s joint venture was accounted for under the equity method. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Reclassifications and revisions | |
Certain prior year amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year's presentation. | |
During 2013, the Company revised the presentation of the Industrial Revenue Bond (IRB) indebtedness to current portion of long-term debt on its Consolidated Balance Sheets with a conforming change to the prior period presentation because the IRB is remarketed on an annual basis. The effect of this revision had no impact on total liabilities, but it revised the total current liabilities as of December 31, 2012 from $138.1 million to $142.4 million. | |
In addition, during 2013, the Company revised the presentation of stock-based compensation from cash flows from financing activities to cash flows from operating activities. The effect of this revision had no impact on total cash flows, but it revised the Net cash from (used for) financing activities from ($4.1 million) for the year ended December 31, 2012 to ($4.5 million) and revised the Net cash from (used for) operating activities for the year ended December 31, 2012 from $27.4 million to $27.7 million. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Accounting Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' |
Concentration Risks | |
The Company is a major customer of flat-rolled coil and plate and tubular and pipe steel for many of its principal suppliers, but is not dependent on any one supplier. The Company purchased approximately 42%, 44%, and 50% of its total steel requirements from its three largest suppliers in 2013, 2012 and 2011, respectively. | |
The Company has a diversified customer and geographic base, which reduces the inherent risk and cyclicality of its business. The concentration of net sales to the Company’s top 20 customers approximated 30%, 31% and 32% of consolidated net sales in 2013, 2012 and 2011, respectively. In addition, the Company’s largest customer accounted for approximately 5%, 4% and 4% of consolidated net sales in 2013, 2012 and 2011, respectively. Sales to industrial machinery and equipment manufacturers and their fabricators accounted for 50%, 50% and 52% of consolidated net sales in 2013, 2012 and 2011, respectively. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents | |
Cash equivalents consist of short-term highly liquid investments, with a three month or less maturity, which are readily convertible into cash | |
Fair Value Measurement, Policy [Policy Text Block] | ' |
Fair Market Value | |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the liability in an orderly transaction between market participants on the measurement date. Valuation techniques must maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company applies a fair value hierarchy that is based on three levels of inputs, of which the first two are considered observable and the last unobservable, as follows: | |
Level 1 – Quoted prices in active markets for identical assets or liabilities. | |
Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
Financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and the credit facility revolver, are stated at their carrying value, which is a reasonable estimate of fair value. The fair value of marketable securities is based on quoted market prices. | |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' |
Accounts Receivable | |
The Company’s allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has identified. Estimations are based upon a calculated percentage of accounts receivable, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories | |
Inventories are stated at the lower of cost or market and include the costs of purchased metals, inbound freight, external processing and applicable labor and overhead costs. Costs of our flat products segment’s inventories, including flat-rolled sheet, coil and plate products are determined using the specific identification method. | |
As a result of the acquisition of CTI, certain of the Company’s tubular and pipe products inventory is stated under the last-in, first-out (LIFO) method. At December 31, 2013 and December 31, 2012, approximately $43.9 million, or 15.3% of consolidated inventory, and $46.7 million, or 16.1% of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of CTI’s inventory is determined using a weighted average rolling first-in, first-out (FIFO) method. | |
On the Consolidated Statements of Comprehensive Income, “Cost of materials sold (exclusive of items shown separately below)” consists of the cost of purchased metals, inbound and internal transfer freight, external processing costs, and LIFO income. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property and Equipment, and Depreciation | |
Property and equipment are stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ranging from two to 30 years. The Company capitalizes the costs of obtaining or developing internal-use software, including directly related payroll costs. The Company amortizes those costs over five years, beginning when the software is ready for its intended use. | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' |
Goodwill and Other Intangible Assets | |
Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired. We perform an annual impairment test of goodwill for our Integrity Stainless and CTI operations and indefinite-lived intangible assets for our CTI operation in the fourth quarter, or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. Events or changes in circumstances that could trigger an impairment review include significant nonperformance relative to the expected historical or projected future operating results, significant changes in the manner of the use of the acquired assets or the strategy for the overall business or significant negative industry or economic trends. Management uses judgment to determine whether to use a qualitative analysis or a quantitative fair value measurement for each of the Company’s reporting units that carry goodwill. | |
If a quantitative fair value measurement is used, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. Goodwill is tested by comparing the fair value of each reporting unit with its carrying value. If the carrying value of the reporting unit exceeds its fair value, the implied value of goodwill is compared to its carrying value and impairment is recognized to the extent that the carrying value exceeds the implied fair value. | |
We estimate the fair value of goodwill and other indefinite-lived intangible assets using a discounted cash flow methodology, an income approach, and a publicly traded companies guideline method, a market approach. Management’s assumptions used for the calculations are based on historical results, projected financial information and recent economic events. Actual results could differ from these estimates under different assumptions or conditions which could adversely affect the reported value of goodwill. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
The Company, on its consolidated balance sheets, records as an offset to the estimated effect of temporary differences between the tax basis of assets and liabilities and the reported amounts in its consolidated balance sheets, the tax effect of operating loss and tax credit carryforwards. If the Company determines that it will not be able to fully realize a deferred tax asset, it will record a valuation allowance to reduce such deferred tax asset to its realizable value. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition | |
For both direct and toll shipments, revenue is recognized when title and risk of loss is transferred, which generally occurs upon delivery to our customers. Given the proximity of the Company’s customers to its facilities, substantially all of the Company’s sales are shipped and received within one day. Sales returns and allowances are treated as reductions to sales and are provided for based on historical experience and current estimates and are immaterial to the consolidated financial statements. | |
The engineered products produced by CTI typically take several months to produce due to their size and complexity. Substantially all projects are completed within six months. The Company may request advance payments from customers during the production of these products. These payments are included in current short-term liabilities on the Company’s Consolidated Balance Sheet. Due to their short-term nature, the Company uses the units of delivery method to account for these contracts. Revenue for the contracts is recognized when the product is shipped and title of the product transfers to the customers. Revenues for these engineered products accounted for approximately 1.9%, 1.3% and 1.0% of our net sales during 2013, 2012 and 2011, respectively. | |
Shipping and Handling Cost, Policy [Policy Text Block] | ' |
Shipping and Handling Fees and Costs | |
Amounts charged to customers for shipping and other transportation are included in net sales. The distribution expense line on the accompanying Consolidated Statements of Comprehensive Income is entirely comprised of all shipping and other transportation costs incurred by the Company in shipping goods to its customers. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Impairment | |
The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include significant underperformance relative to the expected historical or projected future operating results, significant changes in the manner of the use of the acquired assets or the strategy for the overall business or significant negative industry or economic trends. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. Based on the Company’s analysis in 2013 and 2012, there were no impairments of the long-lived assets. | |
Business Combinations Policy [Policy Text Block] | ' |
Purchase Price Accounting | |
Business combinations are accounted for using the purchase method of accounting. This method requires the Company to record assets and liabilities of the business acquired at their estimated fair market values as of the acquisition date. Any excess of the cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. The Company uses valuation specialists, where necessary, to perform appraisals and assist in the determination of the fair values of the assets acquired and liabilities assumed. These valuations require management to make estimates and assumptions that are critical in determining the fair values of the assets and liabilities. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation | |
The Company records compensation expense for stock options issued to employees and directors. The Company has elected to use the modified prospective transition method where compensation expense is recorded prospectively. For additional information, see Note 13, Equity Plans. |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
As of December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Unprocessed | $ | 219,401 | $ | 215,526 | |||||
Processed and finished | 66,970 | 74,497 | |||||||
Totals | $ | 286,371 | $ | 290,023 |
Note_5_Property_and_Equipment_
Note 5 - Property and Equipment (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||
(in thousands) | Depreciable | December 31, | December 31, | |||||||||||
Lives | 2013 | 2012 | ||||||||||||
Land | - | $ | 16,193 | $ | 16,193 | |||||||||
Land improvements | 5 | - | 10 | 2,650 | 2,241 | |||||||||
Buildings and improvements | 7 | - | 30 | 132,299 | 126,438 | |||||||||
Machinery and equipment | 2 | - | 15 | 172,671 | 167,752 | |||||||||
Furniture and fixtures | 3 | - | 7 | 6,422 | 6,283 | |||||||||
Computer software and equipment | 2 | - | 5 | 25,844 | 25,351 | |||||||||
Vehicles | 2 | - | 5 | 1,220 | 1,257 | |||||||||
Construction in progress | - | 4,069 | 2,420 | |||||||||||
361,368 | 347,935 | |||||||||||||
Less accumulated depreciation | (170,484 | ) | (151,608 | ) | ||||||||||
Net property and equipment | $ | 190,884 | $ | 196,327 |
Note_6_Intangible_Assets_Table
Note 6 - Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | ' | ||||||||||||
31-Dec-13 | |||||||||||||
(in thousands) | Gross Carrying | Accumulated | Intangible Assets, | ||||||||||
Amount | Amortization | Net | |||||||||||
Customer relationships - subject to amortization | $ | 13,332 | $ | (2,222 | ) | $ | 11,110 | ||||||
Trade name - not subject to amortization | 23,425 | - | 23,425 | ||||||||||
$ | 36,757 | $ | (2,222 | ) | $ | 34,535 | |||||||
31-Dec-12 | |||||||||||||
(in thousands) | Gross Carrying | Accumulated | Intangible Assets, | ||||||||||
Amount | Amortization | Net | |||||||||||
Customer relationships - subject to amortization | $ | 13,332 | $ | (1,333 | ) | $ | 11,999 | ||||||
Trade name - not subject to amortization | 23,425 | - | 23,425 | ||||||||||
$ | 36,757 | $ | (1,333 | ) | $ | 35,424 |
Note_7_Goodwill_Tables
Note 7 - Goodwill (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||
(in thousands) | Flat Products | Tubular and | Total | ||||||||||
Pipe Products | |||||||||||||
Balance as of December 31, 2011 | $ | 7,083 | $ | 40,171 | $ | 47,254 | |||||||
CTI acquisition | - | 116 | 116 | ||||||||||
Impairment of Southern Region | (6,583 | ) | - | (6,583 | ) | ||||||||
Balance as of December 31, 2012 | $ | 500 | $ | 40,287 | $ | 40,787 | |||||||
Acquisitions | - | - | - | ||||||||||
Impairments | - | - | - | ||||||||||
Balance as of December 31, 2013 | $ | 500 | $ | 40,287 | $ | 40,787 |
Note_9_Debt_Tables
Note 9 - Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||
Asset-based revolving credit facility expiring June 30, 2016 | $ | 146,075 | $ | 177,575 | |||||||||||||||||||||||||
Term loan due June 30, 2016 | 48,854 | 57,604 | |||||||||||||||||||||||||||
Industrial revenue bonds due April 1, 2018 | 4,340 | 5,125 | |||||||||||||||||||||||||||
Capital lease | - | 1,407 | |||||||||||||||||||||||||||
Total debt | 199,269 | 241,711 | |||||||||||||||||||||||||||
Less current amount | (13,090 | ) | (15,282 | ) | |||||||||||||||||||||||||
Total long-term debt | $ | 186,179 | $ | 226,429 | |||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Revolver | $ | - | $ | - | $ | 146,075 | $ | - | $ | - | $ | - | $ | 146,075 | |||||||||||||||
Term loan | 8,750 | 8,750 | 31,354 | - | - | - | 48,854 | ||||||||||||||||||||||
Industrial revenue bond | 810 | 840 | 865 | 895 | 930 | - | 4,340 | ||||||||||||||||||||||
Total principal payments | $ | 9,560 | $ | 9,590 | $ | 178,294 | $ | 895 | $ | 930 | $ | - | $ | 199,269 |
Note_10_Derivative_Instruments1
Note 10 - Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Net Gain (Loss) Recognized | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Interest rate swap (CTI) | $ | (167 | ) | $ | (46 | ) | $ | (68 | ) | ||||
Fixed interst rate swap (ABL) | (309 | ) | - | - | |||||||||
Nickel swaps | (1,037 | ) | (113 | ) | (208 | ) | |||||||
Embedded customer derivatives | 1,037 | 113 | 208 | ||||||||||
Total gain (loss) | $ | (476 | ) | $ | (46 | ) | $ | (68 | ) |
Note_11_Fair_Value_of_Assets_a1
Note 11 - Fair Value of Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Value of Items Recorded at Fair Value | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | |||||||||||||||||
Embedded customer derivatives | $ | - | $ | 614 | $ | - | $ | 614 | |||||||||
Total assets at fair value | $ | - | $ | 614 | $ | - | $ | 614 | |||||||||
Liabilities: | |||||||||||||||||
Nickel swaps | $ | - | $ | 614 | $ | - | $ | 614 | |||||||||
Interest rate swap | - | 279 | - | 279 | |||||||||||||
Fixed interest rate swap | - | 710 | - | 710 | |||||||||||||
Total liabilities at fair value | $ | - | $ | 1,603 | $ | - | $ | 1,600 | |||||||||
Value of Items Recorded at Fair Value | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | |||||||||||||||||
Embedded customer derivatives | $ | - | $ | 113 | $ | - | $ | 113 | |||||||||
Total assets at fair value | $ | - | $ | 113 | $ | - | $ | 113 | |||||||||
Liabilities: | |||||||||||||||||
Nickel swaps | $ | - | $ | 168 | $ | - | $ | 168 | |||||||||
Interest rate swap | - | 446 | - | 446 | |||||||||||||
Fixed interest rate swap | 941 | 941 | |||||||||||||||
Total liabilities at fair value | $ | - | $ | 1,555 | $ | - | $ | 1,555 | |||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||
Value of Items Not Recorded at Fair Value | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: | |||||||||||||||||
Debt | |||||||||||||||||
IRB | $ | 4,340 | $ | - | $ | - | $ | 4,340 | |||||||||
Term loan | - | 48,854 | - | 48,854 | |||||||||||||
Revolver | - | 146,075 | - | 146,075 | |||||||||||||
Total liabilities not recorded at fair value | $ | 4,340 | $ | 194,929 | $ | - | $ | 199,269 | |||||||||
Value of Items Not Recorded at Fair Value | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: | |||||||||||||||||
Debt | |||||||||||||||||
IRB | $ | 5,125 | $ | - | $ | - | $ | 5,125 | |||||||||
Term loan | - | 57,604 | - | 57,604 | |||||||||||||
Revolver | - | 177,575 | - | 177,575 | |||||||||||||
Total liabilities not recorded at fair value | $ | 5,125 | $ | 235,179 | $ | - | $ | 240,304 |
Note_13_Equity_Plans_Tables
Note 13 - Equity Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate Intrinsic | ||||||||||||||
Options | Exercise Price | Remaining | Value | ||||||||||||||
Contractual Term (years) | (in thousands) | ||||||||||||||||
Outstanding at December 31, 2012 | 40,339 | $ | 21.79 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (11,667 | ) | 7.33 | ||||||||||||||
Canceled | (1,500 | ) | 32.63 | ||||||||||||||
Outstanding at December 31, 2013 | 27,172 | $ | 27.4 | 2.6 | $ | 117 | |||||||||||
Exercisable at December 31, 2013 | 27,172 | $ | 27.4 | 2.6 | $ | 117 | |||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
For the years ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
RSU expense before taxes | $ | 936 | $ | 1,238 | $ | 726 | |||||||||||
RSU expense after taxes | $ | 554 | $ | 278 | $ | 484 | |||||||||||
Impact per basic share | $ | 0.05 | $ | 0.03 | $ | 0.04 | |||||||||||
Impact per diluted share | $ | 0.05 | $ | 0.03 | $ | 0.04 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | |||||||||||||||
Outstanding at December 31, 2012 | 192,819 | $ | 26.22 | ||||||||||||||
Granted | 38,214 | 21.5 | |||||||||||||||
Converted into shares | - | - | |||||||||||||||
Forfeited | (75 | ) | 23.32 | ||||||||||||||
Outstanding at December 31, 2013 | 230,958 | $ | 25.44 | $ | 977 | ||||||||||||
Vested at December 31, 2013 | 178,679 | $ | 25.92 | $ | 735 |
Note_14_Commitments_and_Contin1
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
Lease payments | $ | 5,654 | $ | 4,682 | $ | 4,157 | $ | 3,355 | $ | 2,562 | $ | 3,312 | $ | 23,722 |
Note_15_Income_Taxes_Tables
Note 15 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
As of December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 6,207 | $ | 8,058 | $ | 4,375 | |||||||
State and local | 1,265 | 1,021 | 115 | ||||||||||
7,472 | 9,079 | 4,490 | |||||||||||
Deferred | (2,195 | ) | (1,217 | ) | 8,025 | ||||||||
Income tax provision | $ | 5,277 | $ | 7,862 | $ | 12,515 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Inventory (excluding LIFO reserve) | $ | 2,588 | $ | 2,039 | |||||||||
Net operating loss and tax credit carryforwards | 3,044 | 3,167 | |||||||||||
Allowance for doubtful accounts | 585 | 615 | |||||||||||
Accrued expenses | 7,459 | 7,592 | |||||||||||
Other | 83 | 102 | |||||||||||
13,759 | 13,515 | ||||||||||||
Valuation reserve | (1,298 | ) | (1,200 | ) | |||||||||
Total deferred tax assets | 12,461 | 12,315 | |||||||||||
Deferred tax liabilities: | |||||||||||||
LIFO reserve | (6,213 | ) | (5,417 | ) | |||||||||
Property and equipment | (24,339 | ) | (26,962 | ) | |||||||||
Intangibles | (15,259 | ) | (15,416 | ) | |||||||||
Other | (24 | ) | - | ||||||||||
Total deferred tax liabilities | (45,835 | ) | (47,795 | ) | |||||||||
Deferred tax liabilities, net | $ | (33,374 | ) | $ | (35,480 | ) | |||||||
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block] | ' | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance as of January 1 | $ | 112 | $ | 75 | $ | 2,005 | |||||||
Decreases related to prior year tax positions | (37 | ) | - | - | |||||||||
Increases related to current year tax positions | 25 | 61 | 24 | ||||||||||
Decreases related to lapsing of statute of limitations | (25 | ) | (24 | ) | (1,954 | ) | |||||||
Balance as of December 31 | $ | 75 | $ | 112 | $ | 75 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State and local taxes, net of federal benefit | 3 | % | 6.9 | % | 4.1 | % | |||||||
Goodwill impairment | - | 22.7 | % | - | |||||||||
Valuation allowance | - | 8.5 | % | - | |||||||||
Sec. 199 manufacturing deduction | (4.2 | %) | (4.7 | %) | (1.0 | %) | |||||||
Meals and entertainment | 3.3 | % | 4.5 | % | 1.2 | % | |||||||
Change in unrecognized tax benefits | (0.2 | %) | - | (5.8 | %) | ||||||||
All other, net | 3.9 | % | 4.6 | % | (0.1 | %) | |||||||
Effective income tax rate | 40.8 | % | 77.5 | % | 33.4 | % |
Note_16_Shares_Outstanding_and1
Note 16 - Shares Outstanding and Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Weighted average basic shares outstanding | 11,065 | 10,989 | 10,937 | ||||||||||
Assumed exercise of stock options and issuance of stock awards | 9 | 6 | 14 | ||||||||||
Weighted average diluted shares outstanding | 11,074 | 10,995 | 10,951 | ||||||||||
Net income | $ | 7,647 | $ | 2,277 | $ | 24,970 | |||||||
Basic earnings per share | $ | 0.69 | $ | 0.21 | $ | 2.28 | |||||||
Diluted earnings per share | $ | 0.69 | $ | 0.21 | $ | 2.28 | |||||||
Anti-dilutive securities outstanding | 201 | 194 | 61 |
Note_17_Segment_Information_Ta
Note 17 - Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net sales | |||||||||||||
Flat products | $ | 1,026,769 | $ | 1,138,063 | $ | 1,143,708 | |||||||
Tubular and pipe products | 236,562 | 245,638 | 118,164 | ||||||||||
Total net sales | $ | 1,263,331 | $ | 1,383,701 | $ | 1,261,872 | |||||||
Depreciation and amortization | |||||||||||||
Flat products | $ | 16,883 | $ | 16,065 | $ | 13,800 | |||||||
Tubular and pipe products | 5,308 | 4,795 | 2,246 | ||||||||||
Corporate | 50 | - | - | ||||||||||
Total depreciation and amortization | $ | 22,241 | $ | 20,860 | $ | 16,046 | |||||||
Operating income | |||||||||||||
Flat products | $ | 12,106 | $ | 7,030 | $ | 44,302 | |||||||
Tubular and pipe products | 14,981 | 17,997 | 7,206 | ||||||||||
Corporate | (7,432 | ) | (6,578 | ) | (7,040 | ) | |||||||
Total operating income | $ | 19,655 | $ | 18,449 | $ | 44,468 | |||||||
Asset impairment charge of joint venture real estate | - | (36 | ) | (953 | ) | ||||||||
Other income (loss), net | (28 | ) | 83 | (77 | ) | ||||||||
Income before interest and income taxes | 19,627 | 18,496 | 43,438 | ||||||||||
Interest and other expense on debt | 6,703 | 8,357 | 5,953 | ||||||||||
Income before income taxes | $ | 12,924 | $ | 10,139 | $ | 37,485 | |||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Capital expenditures | |||||||||||||
Flat products | $ | 3,794 | $ | 17,004 | $ | 38,849 | |||||||
Tubular and pipe products | 11,616 | 6,369 | 638 | ||||||||||
Corporate | 688 | - | - | ||||||||||
Total capital expenditures | $ | 16,098 | $ | 23,373 | $ | 39,487 | |||||||
Goodwill | |||||||||||||
Flat products | $ | 500 | $ | 500 | |||||||||
Tubular and pipe products | 40,287 | 40,287 | |||||||||||
Total goodwill | $ | 40,787 | $ | 40,787 | |||||||||
Assets | |||||||||||||
Flat products | $ | 473,397 | $ | 480,487 | |||||||||
Tubular and pipe products | 223,314 | 225,507 | |||||||||||
Corporate | 638 | - | |||||||||||
Total assets | $ | 697,349 | $ | 705,994 |
Disclosure_of_Supplemental_Cas1
Disclosure of Supplemental Cash Flow Information (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Capital Lease Obligations, Current | ' | $1.40 | $1.60 |
Payments to Acquire Property, Plant, and Equipment | $1.40 | $1.40 | ' |
Disclosure_of_Supplemental_Cas2
Disclosure of Supplemental Cash Flow Information (Details) - Disclosure of Supplemental Cash Flow Information (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Supplemental Cash Flow Information [Abstract] | ' | ' | ' | ' |
Interest paid | ' | $5,537 | $7,295 | $5,081 |
Income taxes paid | ' | 7,556 | 6,940 | 9,159 |
Fair value of CTI assets acquired | ' | ' | ' | 217,015 |
Fair value of CTI liabilities acquired | ' | ' | ' | 57,159 |
Cash paid | 159,900 | ' | ' | 159,856 |
Less: Cash acquired | ' | ' | ' | 11,097 |
Net cash paid for CTI acquisition | ' | ' | ' | $148,759 |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Number of Reportable Segments | 2 | ' | ' |
Liabilities, Current (in Dollars) | $165,633,000 | $142,442,000 | ' |
Net Cash Provided by (Used in) Financing Activities (in Dollars) | -43,199,000 | -4,475,000 | 176,401,000 |
Net Cash Provided by (Used in) Operating Activities (in Dollars) | 54,681,000 | 27,741,000 | 15,840,000 |
LIFO Inventory Amount (in Dollars) | 43,900,000 | 46,700,000 | ' |
Percentage of LIFO Inventory | 15.30% | 16.10% | ' |
Engineered Products [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 1.90% | 1.30% | 1.00% |
Scenario, Previously Reported [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Liabilities, Current (in Dollars) | ' | 138,100,000 | ' |
Net Cash Provided by (Used in) Financing Activities (in Dollars) | ' | -4,100,000 | ' |
Net Cash Provided by (Used in) Operating Activities (in Dollars) | ' | $27,400,000 | ' |
Steel Requirements [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 42.00% | 44.00% | 50.00% |
Largest Customer [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 5.00% | 4.00% | 4.00% |
Three Largest US Automobile manufacturers [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 50.00% | 50.00% | ' |
Other Steel Service Centers [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 52.00% | ' | ' |
Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 30.00% | 31.00% | 32.00% |
Minimum [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '30 years | ' | ' |
Note_2_Acquisition_of_Chicago_1
Note 2 - Acquisition of Chicago Tube and Iron Company (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |
Jul. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | 18-May-11 | Dec. 31, 2011 | Jul. 02, 2011 | |
Dr. McNeely [Member] | Administrative And General [Member] | Ancillary Acquisition Costs [Member] | ||||
Note 2 - Acquisition of Chicago Tube and Iron Company (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Number Of Operating Facilities | ' | 9 | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | $159,900,000 | ' | $159,856,000 | $5,000,000 | ' | $9,900,000 |
Business Combination, Consideration Transferred | 150,000,000 | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Liabilities Incurred | 5,900,000 | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 11,100,000 | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | $919,000 | ' |
Note_3_Accounts_Receivable_Det
Note 3 - Accounts Receivable (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Receivables [Abstract] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $3,200,000 | $2,800,000 | ' |
Provision for Doubtful Accounts | $83,000 | $322,000 | $1,100,000 |
Note_4_Inventories_Details
Note 4 - Inventories (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2013 |
Previously Unrecognized LIFO Income [Member] | Previously Unrecognized LIFO Income [Member] | |||
Pre-Tax Amounts [Member] | After-tax [Member] | |||
Note 4 - Inventories (Details) [Line Items] | ' | ' | ' | ' |
LIFO Inventory Amount | $43.90 | $46.70 | ' | ' |
Percentage of LIFO Inventory | 15.30% | 16.10% | ' | ' |
Inventory, LIFO Reserve, Effect on Income, Net | 3,572 | ' | 1.9 | 1.2 |
Inventory, LIFO Reserve, Period Charge | 1.7 | ' | ' | ' |
Inventory Difference Using FIFO Basis | $3.60 | ' | ' | ' |
Note_4_Inventories_Details_Ste
Note 4 - Inventories (Details) - Steel Inventories (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Steel Inventories [Abstract] | ' | ' |
Unprocessed | $219,401 | $215,526 |
Processed and finished | 66,970 | 74,497 |
Totals | $286,371 | $290,023 |
Note_5_Property_and_Equipment_1
Note 5 - Property and Equipment (Details) (Leasehold Improvements [Member]) | 12 Months Ended |
Dec. 31, 2012 | |
Leasehold Improvements [Member] | ' |
Note 5 - Property and Equipment (Details) [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '7 years |
Note_5_Property_and_Equipment_2
Note 5 - Property and Equipment (Details) - Property and Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Land [Member] | Land [Member] | Land Improvements [Member] | Land Improvements [Member] | Land Improvements [Member] | Land Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Software and Software Development Costs [Member] | Software and Software Development Costs [Member] | Software and Software Development Costs [Member] | Software and Software Development Costs [Member] | Vehicles [Member] | Vehicles [Member] | Vehicles [Member] | Vehicles [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Minimum [Member] | Maximum [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciable Lives | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | '7 years | '30 years | ' | ' | '2 years | '15 years | ' | ' | '3 years | '7 years | ' | ' | '2 years | '5 years | ' | ' | '2 years | '5 years | ' | ' | '2 years | '30 years |
Property, Plant, and Equipment | $361,368 | $347,935 | $16,193 | $16,193 | $2,650 | $2,241 | ' | ' | $132,299 | $126,438 | ' | ' | $172,671 | $167,752 | ' | ' | $6,422 | $6,283 | ' | ' | $25,844 | $25,351 | ' | ' | $1,220 | $1,257 | ' | ' | $4,069 | $2,420 | ' | ' |
Less accumulated depreciation | -170,484 | -151,608 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net property and equipment | $190,884 | $196,327 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_6_Intangible_Assets_Detai
Note 6 - Intangible Assets (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Disclosure Text Block [Abstract] | ' |
Finite-Lived Intangible Asset, Useful Life | '15 years |
Finite-Lived Intangible Assets, Remaining Amortization Period | '15 years |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $0.90 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 0.9 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 0.9 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0.9 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $0.90 |
Note_6_Intangible_Assets_Detai1
Note 6 - Intangible Assets (Details) - Intangible Assets, Net (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 6 - Intangible Assets (Details) - Intangible Assets, Net [Line Items] | ' | ' |
Customer Relationships, Accumulated Amortization | ($2,222) | ($1,333) |
Gross Carrying Amount | 36,757 | 36,757 |
Accumulated Amortization | -2,222 | -1,333 |
Intangible Assets, Net | 34,535 | 35,424 |
Trade Names [Member] | ' | ' |
Note 6 - Intangible Assets (Details) - Intangible Assets, Net [Line Items] | ' | ' |
Trade Name, Gross Carrying Amount | 23,425 | 23,425 |
Trade Name, Intangible Assets, Net | 23,425 | 23,425 |
Customer Relationships [Member] | ' | ' |
Note 6 - Intangible Assets (Details) - Intangible Assets, Net [Line Items] | ' | ' |
Customer Relationships, Gross Carrying Amount | 13,332 | 13,332 |
Customer Relationships, Accumulated Amortization | -2,222 | -1,333 |
Customer Relationships, Intangible Assets, Net | 11,110 | 11,999 |
Accumulated Amortization | ($2,222) | ($1,333) |
Note_7_Goodwill_Details
Note 7 - Goodwill (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 |
Note 7 - Goodwill (Details) [Line Items] | ' | ' |
Goodwill, Impairment Loss | ' | $6,583 |
Southern Region [Member] | ' | ' |
Note 7 - Goodwill (Details) [Line Items] | ' | ' |
Goodwill, Impairment Loss | $6,583,000 | $6,600 |
Note_7_Goodwill_Details_Goodwi
Note 7 - Goodwill (Details) - Goodwill by Reportable Segment (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 |
Flat Products [Member] | Flat Products [Member] | Flat Products [Member] | Flat Products [Member] | Tubular and Pipe Products [Member] | Tubular and Pipe Products [Member] | Tubular and Pipe Products [Member] | Tubular and Pipe Products [Member] | Southern Region [Member] | CTI [Member] | |||
Southern Region [Member] | CTI [Member] | |||||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | $47,254 | $40,787 | ' | $500 | $500 | $7,083 | ' | $40,287 | $40,287 | $40,171 | ' | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | 116 | ' | ' | ' | ' | 116 |
Impairments | 6,583 | ' | -6,583 | ' | ' | ' | ' | ' | ' | ' | -6,583 | ' |
Balance | $40,787 | $40,787 | ' | $500 | $500 | $7,083 | ' | $40,287 | $40,287 | $40,171 | ' | ' |
Note_8_Investments_in_Joint_Ve1
Note 8 - Investments in Joint Ventures (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Olympic Laser Processing [Member] | |||
Note 8 - Investments in Joint Ventures (Details) [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | 50.00% |
Asset Impairment Charge Of Joint Venture Real Estate (in Dollars) | $36 | $953 | ' |
Note_9_Debt_Details
Note 9 - Debt (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Jul. 02, 2011 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Additional Commitments due to Amendment [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | ABL Credit Facility [Member] | CTI [Member] | Amortized Banking Fees [Member] | Minimum [Member] | Maximum [Member] | |||||||
ABL Credit Facility [Member] | Monthly [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Industrial Revenue Bond [Member] | |||||||||||
Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Base Rate [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Term Loan [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||
Note 9 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | $315,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | 64,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | 219,200,000 | 254,200,000 | 165,000,000 | ' | ' | ' | ' | ' | 49,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 315,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Percentage of Revolver Commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 48,900,000 | 53,200,000 | ' | ' | 39,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.00% | 1.75% | 1.50% | 0.75% | 0.50% | 2.25% | 2.00% | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid Expense and Other Assets, Current | ' | ' | 12,786,000 | 11,731,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' |
Amortization of Financing Costs | ' | ' | 1,300,000 | 1,300,000 | 684,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | 1.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Premium Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 2.25% |
Business Combination, Consideration Transferred, Liabilities Incurred | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | ' | ' | ' |
Interest Rate Swap Agreement | ' | ' | 3.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | 1,400,000 | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations, Current | ' | ' | ' | 1,400,000 | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | 729,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | 2.30% | 2.70% | 3.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | ' | ' | $5,537,000 | $7,295,000 | $5,081,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_9_Debt_Details_Debt
Note 9 - Debt (Details) - Debt (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 9 - Debt (Details) - Debt [Line Items] | ' | ' |
Asset-based revolving credit facility expiring June 30, 2016 | $146,075 | $177,575 |
Capital lease | ' | 1,407 |
Total debt | 199,269 | 241,711 |
Less current amount | -13,090 | -15,282 |
Total long-term debt | 186,179 | 226,429 |
Term Loan [Member] | ' | ' |
Note 9 - Debt (Details) - Debt [Line Items] | ' | ' |
Debt | 48,854 | 57,604 |
Industrial Revenue Bond [Member] | ' | ' |
Note 9 - Debt (Details) - Debt [Line Items] | ' | ' |
Debt | $4,340 | $5,125 |
Note_9_Debt_Details_Principal_
Note 9 - Debt (Details) - Principal Payments Over Next 5 Years and Thereafter (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Note 9 - Debt (Details) - Principal Payments Over Next 5 Years and Thereafter [Line Items] | ' |
Principal Repayments - Next Twelve Months | $9,560 |
Principal Repayments - Year 2 | 9,590 |
Principal Repayments - Year 3 | 178,294 |
Principal Repayments - Year 4 | 895 |
Principal Repayments - Year 5 | 930 |
Principal Repayments - Total | 199,269 |
Revolver [Member] | ' |
Note 9 - Debt (Details) - Principal Payments Over Next 5 Years and Thereafter [Line Items] | ' |
Principal Repayments - Year 3 | 146,075 |
Principal Repayments - Total | 146,075 |
Term Loan [Member] | ' |
Note 9 - Debt (Details) - Principal Payments Over Next 5 Years and Thereafter [Line Items] | ' |
Principal Repayments - Next Twelve Months | 8,750 |
Principal Repayments - Year 2 | 8,750 |
Principal Repayments - Year 3 | 31,354 |
Principal Repayments - Total | 48,854 |
Industrial Revenue Bond [Member] | ' |
Note 9 - Debt (Details) - Principal Payments Over Next 5 Years and Thereafter [Line Items] | ' |
Principal Repayments - Next Twelve Months | 810 |
Principal Repayments - Year 2 | 840 |
Principal Repayments - Year 3 | 865 |
Principal Repayments - Year 4 | 895 |
Principal Repayments - Year 5 | 930 |
Principal Repayments - Total | $4,340 |
Note_10_Derivative_Instruments2
Note 10 - Derivative Instruments (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2012 |
In Millions, unless otherwise specified | ||
Note 10 - Derivative Instruments (Details) [Line Items] | ' | ' |
Derivative, Fixed Interest Rate | 1.21% | ' |
Cash Flow Hedging [Member] | ' | ' |
Note 10 - Derivative Instruments (Details) [Line Items] | ' | ' |
Derivative, Fixed Interest Rate | 1.21% | ' |
Cash Flow Hedging [Member] | Minimum [Member] | ' | ' |
Note 10 - Derivative Instruments (Details) [Line Items] | ' | ' |
Derivative Premium Rate | 1.75% | ' |
Cash Flow Hedging [Member] | Maximum [Member] | ' | ' |
Note 10 - Derivative Instruments (Details) [Line Items] | ' | ' |
Derivative Premium Rate | 2.25% | ' |
ABL Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | ' | ' |
Note 10 - Derivative Instruments (Details) [Line Items] | ' | ' |
Line of Credit Facility, Amount Outstanding (in Dollars) | $48.90 | $53.20 |
Minimum [Member] | ' | ' |
Note 10 - Derivative Instruments (Details) [Line Items] | ' | ' |
Derivative Premium Rate | 1.75% | ' |
Maximum [Member] | ' | ' |
Note 10 - Derivative Instruments (Details) [Line Items] | ' | ' |
Derivative Premium Rate | 2.25% | ' |
Note_10_Derivative_Instruments3
Note 10 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 10 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items] | ' | ' | ' |
Derivative | ($476) | ($46) | ($68) |
Interest Rate Swap [Member] | ' | ' | ' |
Note 10 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items] | ' | ' | ' |
Derivative | -167 | -46 | -68 |
Fixed Interest Rate Swap [Member] | ' | ' | ' |
Note 10 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items] | ' | ' | ' |
Derivative | -309 | ' | ' |
Nickel Swaps [Member] | ' | ' | ' |
Note 10 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items] | ' | ' | ' |
Derivative | -1,037 | -113 | -208 |
Embedded Customer Derivatives [Member] | ' | ' | ' |
Note 10 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items] | ' | ' | ' |
Derivative | $1,037 | $113 | $208 |
Note_11_Fair_Value_of_Assets_a2
Note 11 - Fair Value of Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Industrial Revenue Bond [Member] | ' | ' |
Note 11 - Fair Value of Assets and Liabilities (Details) [Line Items] | ' | ' |
Long-term Debt, Fair Value | $4.30 | $5.10 |
Term Loan [Member] | ' | ' |
Note 11 - Fair Value of Assets and Liabilities (Details) [Line Items] | ' | ' |
Long-term Debt, Fair Value | 48.9 | 57.6 |
Revolving Credit Facility [Member] | ' | ' |
Note 11 - Fair Value of Assets and Liabilities (Details) [Line Items] | ' | ' |
Long-term Debt, Fair Value | $146.10 | $177.60 |
Note_11_Fair_Value_of_Assets_a3
Note 11 - Fair Value of Assets and Liabilities (Details) - Fair Value Measurements, Recorded (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Embedded customer derivatives | $614 | $113 |
Total assets at fair value | 614 | 113 |
Liabilities: | ' | ' |
Total liabilities at fair value | 1,600 | 1,555 |
Nickel Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Liabilities: | ' | ' |
Nickel swaps | 614 | 168 |
Nickel Swaps [Member] | ' | ' |
Liabilities: | ' | ' |
Nickel swaps | 614 | 168 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Liabilities: | ' | ' |
Interest rate swap | 279 | 446 |
Interest Rate Swap [Member] | ' | ' |
Liabilities: | ' | ' |
Interest rate swap | 279 | 446 |
Fixed Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Liabilities: | ' | ' |
Interest rate swap | 710 | 941 |
Fixed Interest Rate Swap [Member] | ' | ' |
Liabilities: | ' | ' |
Interest rate swap | 710 | 941 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Embedded customer derivatives | 614 | 113 |
Total assets at fair value | 614 | 113 |
Liabilities: | ' | ' |
Total liabilities at fair value | $1,603 | $1,555 |
Note_11_Fair_Value_of_Assets_a4
Note 11 - Fair Value of Assets and Liabilities (Details) - Fair Value Measurements, Not Recorded (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt | $146,075 | $177,575 |
Carrying Value [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt | 4,340 | 5,125 |
Carrying Value [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt | 194,929 | 235,179 |
Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt | 199,269 | 240,304 |
Industrial Revenue Bond [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt | 4,340 | 5,125 |
Industrial Revenue Bond [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt | 4,340 | 5,125 |
Term Loan [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt | 48,854 | 57,604 |
Term Loan [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt | 48,854 | 57,604 |
Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt | 146,075 | 177,575 |
Revolving Credit Facility [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt | $146,075 | $177,575 |
Note_12_Accumulated_Other_Comp1
Note 12 - Accumulated Other Comprehensive Loss: (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2012 | |
ABL Credit Facility [Member] | ABL Credit Facility [Member] | |||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Term Loan [Member] | Term Loan [Member] | |||
Note 12 - Accumulated Other Comprehensive Loss: (Details) [Line Items] | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | $48,900,000 | $53,200,000 |
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | 437,000 | 579,000 | ' | ' |
Other Comprehensive (Income) Loss, Derivatives Qualifying as Hedges, Tax, Portion Attributable to Noncontrolling Interest | $273,000 | $362,000 | ' | ' |
Note_13_Equity_Plans_Details
Note 13 - Equity Plans (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 02, 2013 | Jan. 03, 2012 | Mar. 02, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 02, 2013 | Jan. 03, 2012 | Dec. 31, 2011 | Mar. 02, 2011 | |
Five Year Anniversary [Member] | Ten Year Anniversary [Member] | Fifteen Year Anniversary [Member] | Twenty Year Anniversary [Member] | Twenty Five Year Anniversary [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Match [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Supplemental Employee Retirement Plan, Defined Benefit [Member] | Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||||||||||||||||
Note 13 - Equity Plans (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 11,667 | 4,168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | ' | $218,000 | $56,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised (in Dollars) | ' | 86,000 | 34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Expense from Stock Options Exercised (in Dollars) | ' | 83,000 | 21,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,341 | 31,243 | 1,800 | 1,800 | 1,800 | 81,475 | 38,214 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '1 year | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23.41 | $25.55 | $23.32 | $26.91 |
Share-based Compensation Arrangement by Share-based Payment Award, Minimum Number of Shares Per Employee | 750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Matching Purchase Requirement | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Match | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Matched | ' | 8,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,250 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested (in Dollars) | ' | ' | ' | ' | $25,000 | $50,000 | $75,000 | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' | $735 | ' | ' | ' | ' | ' | ' |
Restricted Stock Units, Units, Number Converted | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_13_Equity_Plans_Details_S
Note 13 - Equity Plans (Details) - Stock Option Activity (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Option Activity [Abstract] | ' | ' | ' |
Outstanding, Number of Options | ' | ' | 40,339 |
Outstanding, Weighted Average Exercise Price (in Dollars per share) | ' | ' | $21.79 |
Outstanding, Weighted Average Remaining Contractual Term | ' | '2 years 219 days | ' |
Exercisable at December 31, 2013 | ' | 27,172 | ' |
Exercisable at December 31, 2013 (in Dollars per share) | ' | $27.40 | ' |
Exercisable at December 31, 2013 | ' | '2 years 219 days | ' |
Exercisable at December 31, 2013 (in Dollars) | ' | $117 | ' |
Granted | ' | 0 | ' |
Granted (in Dollars per share) | ' | $0 | ' |
Exercised | 0 | -11,667 | -4,168 |
Exercised (in Dollars per share) | ' | $7.33 | ' |
Canceled | ' | -1,500 | ' |
Canceled (in Dollars per share) | ' | $32.63 | ' |
Outstanding, Number of Options | 40,339 | 27,172 | ' |
Outstanding, Weighted Average Exercise Price (in Dollars per share) | $21.79 | $27.40 | ' |
Outstanding, Weighted Average Remaining Contractual Term | ' | '2 years 219 days | ' |
Outstanding, Aggregate Intrinsic Value (in Dollars) | ' | $117 | ' |
Note_13_Equity_Plans_Details_S1
Note 13 - Equity Plans (Details) - Stock Based Compensation Expense Recognized on Restricted Stock Units (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact per basic share | ($0.12) | $0.12 | $0.23 | $0.47 | ($0.92) | $0.15 | $0.41 | $0.57 | $0.69 | $0.21 | $2.28 |
Impact per diluted share | ($0.12) | $0.12 | $0.23 | $0.47 | ($0.92) | $0.15 | $0.41 | $0.57 | $0.69 | $0.21 | $2.28 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSU expense before taxes (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | $936 | $1,238 | $726 |
RSU expense after taxes (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | $554 | $278 | $484 |
Impact per basic share | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 | $0.03 | $0.04 |
Impact per diluted share | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 | $0.03 | $0.04 |
Note_13_Equity_Plans_Details_R
Note 13 - Equity Plans (Details) - Restricted Stock Unit Activity (Restricted Stock Units (RSUs) [Member], USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
Jan. 02, 2013 | Jan. 03, 2012 | Mar. 02, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' | ' |
Note 13 - Equity Plans (Details) - Restricted Stock Unit Activity [Line Items] | ' | ' | ' | ' | ' | ' |
Outstanding, Number of Shares | ' | ' | ' | ' | 230,958 | 192,819 |
Outstanding, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | $25.44 | $26.22 |
Outstanding, Aggregate Intrinsic value (in Dollars) | ' | ' | ' | ' | $977 | ' |
Vested at December 31, 2013 | ' | ' | ' | ' | 178,679 | ' |
Vested at December 31, 2013 (in Dollars per share) | ' | ' | ' | ' | $25.92 | ' |
Vested at December 31, 2013 (in Dollars) | ' | ' | ' | ' | $735 | ' |
Granted | 1,800 | 1,800 | 1,800 | 81,475 | 38,214 | ' |
Granted (in Dollars per share) | ' | ' | ' | ' | $21.50 | ' |
Forfeited | ' | ' | ' | ' | -75 | ' |
Forfeited (in Dollars per share) | ' | ' | ' | ' | $23.32 | ' |
Note_14_Commitments_and_Contin2
Note 14 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | $7,500 | $7,700 | $6,500 |
Collective Bargaining Arrangements | 10 | ' | ' |
Workforce Subject to Collective Bargaining Arrangements [Member] | ' | ' | ' |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Entity Number of Employees | 333 | ' | ' |
Note_14_Commitments_and_Contin3
Note 14 - Commitments and Contingencies (Details) - Future Minimum Lease Payments (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments [Abstract] | ' |
Lease payments | $5,654 |
Lease payments | 4,682 |
Lease payments | 4,157 |
Lease payments | 3,355 |
Lease payments | 2,562 |
Lease payments | 3,312 |
Lease payments | $23,722 |
Note_15_Income_Taxes_Details
Note 15 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 15 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $4,000 | $5,000 | ' |
Income Taxes Paid, Net | 7,600,000 | 6,900,000 | 9,200,000 |
Interest Rate Swap [Member] | ' | ' | ' |
Note 15 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Increase (Decrease) in Deferred Income Taxes | ($88,000) | ' | ' |
Minimum [Member] | ' | ' | ' |
Note 15 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Tax Credit Carryforward Expiration | '7 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 15 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Tax Credit Carryforward Expiration | '20 years | ' | ' |
Note_15_Income_Taxes_Details_P
Note 15 - Income Taxes (Details) - Provision (Benefit) for Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $6,207 | $8,058 | $4,375 |
State and local | 1,265 | 1,021 | 115 |
7,472 | 9,079 | 4,490 | |
Deferred | -2,195 | -1,217 | 8,025 |
Income tax provision | $5,277 | $7,862 | $12,515 |
Note_15_Income_Taxes_Details_D
Note 15 - Income Taxes (Details) - Deferred Income Taxes (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Inventory (excluding LIFO reserve) | $2,588 | $2,039 |
Net operating loss and tax credit carryforwards | 3,044 | 3,167 |
Allowance for doubtful accounts | 585 | 615 |
Accrued expenses | 7,459 | 7,592 |
Other | 83 | 102 |
13,759 | 13,515 | |
Valuation reserve | -1,298 | -1,200 |
Total deferred tax assets | 12,461 | 12,315 |
Deferred tax liabilities: | ' | ' |
LIFO reserve | -6,213 | -5,417 |
Property and equipment | -24,339 | -26,962 |
Intangibles | -15,259 | -15,416 |
Other | -24 | ' |
Total deferred tax liabilities | -45,835 | -47,795 |
Deferred tax liabilities, net | ($33,374) | ($35,480) |
Note_15_Income_Taxes_Details_U
Note 15 - Income Taxes (Details) - Unrecognized Tax Benefits Activity (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrecognized Tax Benefits Activity [Abstract] | ' | ' | ' |
Balance as of | $112 | $75 | $2,005 |
Decreases related to prior year tax positions | -37 | ' | ' |
Increases related to current year tax positions | 25 | 61 | 24 |
Decreases related to lapsing of statute of limitations | -25 | -24 | -1,954 |
Balance as of | $75 | $112 | $75 |
Note_15_Income_Taxes_Details_T
Note 15 - Income Taxes (Details) - Tax Rate Reconciliation | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax Rate Reconciliation [Abstract] | ' | ' | ' |
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal benefit | 3.00% | 6.90% | 4.10% |
Goodwill impairment | ' | 22.70% | ' |
Valuation allowance | ' | 8.50% | ' |
Sec. 199 manufacturing deduction | -4.20% | -4.70% | -1.00% |
Meals and entertainment | 3.30% | 4.50% | 1.20% |
Change in unrecognized tax benefits | -0.20% | ' | -5.80% |
All other, net | 3.90% | 4.60% | -0.10% |
Effective income tax rate | 40.80% | 77.50% | 33.40% |
Note_16_Shares_Outstanding_and2
Note 16 - Shares Outstanding and Earnings Per Share (Details) - Earnings Per Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average basic shares outstanding | 11,075 | 11,066 | 11,062 | 11,034 | 10,993 | 10,961 | 10,960 | 10,988 | 11,065 | 10,989 | 10,937 |
Assumed exercise of stock options and issuance of stock awards | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 6 | 14 |
Weighted average diluted shares outstanding | 11,075 | 11,077 | 11,072 | 11,042 | 10,993 | 10,967 | 10,989 | 10,997 | 11,074 | 10,995 | 10,951 |
Net income (in Dollars) | ($1,381) | $1,340 | $2,525 | $5,163 | ($10,118) | $1,639 | $4,526 | $6,230 | $7,647 | $2,277 | $24,970 |
Basic earnings per share (in Dollars per share) | ($0.12) | $0.12 | $0.23 | $0.47 | ($0.92) | $0.15 | $0.41 | $0.57 | $0.69 | $0.21 | $2.28 |
Diluted earnings per share (in Dollars per share) | ($0.12) | $0.12 | $0.23 | $0.47 | ($0.92) | $0.15 | $0.41 | $0.57 | $0.69 | $0.21 | $2.28 |
Anti-dilutive securities outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 201 | 194 | 61 |
Note_17_Segment_Information_De
Note 17 - Segment Information (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 2 |
Note_17_Segment_Information_De1
Note 17 - Segment Information (Details) - Segment Reporting Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | $1,263,331 | $1,383,701 | $1,261,872 | ||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 22,241 | 20,860 | 16,046 | ||||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Operating Income | -124 | [1] | 4,174 | [1] | 6,024 | [1] | 9,581 | [1] | -8,182 | [2] | 4,624 | [2] | 9,744 | [2] | 12,263 | [2] | 19,655 | [1] | 18,449 | [2] | 44,468 |
Asset impairment charge of joint venture real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | -36 | -953 | ||||||||||
Other income (loss), net | ' | ' | ' | ' | ' | ' | ' | ' | -28 | 83 | -77 | ||||||||||
Income before interest and income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 19,627 | 18,496 | 43,438 | ||||||||||
Interest and other expense on debt | ' | ' | ' | ' | ' | ' | ' | ' | 6,703 | 8,357 | 5,953 | ||||||||||
Income before income taxes | -1,781 | 2,484 | 4,315 | 7,906 | -10,171 | 2,555 | 7,566 | 10,189 | 12,924 | 10,139 | 37,485 | ||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 16,098 | 23,373 | 39,487 | ||||||||||
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Goodwill | 40,787 | ' | ' | ' | 40,787 | ' | ' | ' | 40,787 | 40,787 | 47,254 | ||||||||||
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Assets | 697,349 | ' | ' | ' | 705,994 | ' | ' | ' | 697,349 | 705,994 | ' | ||||||||||
Flat Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,026,769 | 1,138,063 | 1,143,708 | ||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 16,883 | 16,065 | 13,800 | ||||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 12,106 | 7,030 | 44,302 | ||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3,794 | 17,004 | 38,849 | ||||||||||
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Goodwill | 500 | ' | ' | ' | 500 | ' | ' | ' | 500 | 500 | 7,083 | ||||||||||
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Assets | 473,397 | ' | ' | ' | 480,487 | ' | ' | ' | 473,397 | 480,487 | ' | ||||||||||
Tubular and Pipe Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 236,562 | 245,638 | 118,164 | ||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,308 | 4,795 | 2,246 | ||||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 14,981 | 17,997 | 7,206 | ||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 11,616 | 6,369 | 638 | ||||||||||
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Goodwill | 40,287 | ' | ' | ' | 40,287 | ' | ' | ' | 40,287 | 40,287 | 40,171 | ||||||||||
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Assets | 223,314 | ' | ' | ' | 225,507 | ' | ' | ' | 223,314 | 225,507 | ' | ||||||||||
Corporate Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ||||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | -7,432 | -6,578 | -7,040 | ||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 688 | ' | ' | ||||||||||
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Assets | $638 | ' | ' | ' | ' | ' | ' | ' | $638 | ' | ' | ||||||||||
[1] | Operating income includes $3,572 of LIFO income. | ||||||||||||||||||||
[2] | Operating income includes $6,583 of goodwill impairment charges related to the Company's flat products Southern region in the 4th quarter of 2012. |
Note_18_Retirement_Plans_Detai
Note 18 - Retirement Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 18 - Retirement Plans (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan Vesting Period | '5 years | ' | ' |
Defined Contribution Plan, Administrative Expenses (in Dollars) | $2.20 | $2.10 | $2.50 |
Multiemployer Plan [Member] | Minimum [Member] | ' | ' | ' |
Note 18 - Retirement Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Funded Percentage | 80.00% | ' | ' |
One Half [Member] | Non-Union [Member] | ' | ' | ' |
Note 18 - Retirement Plans (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ' | ' |
One Half [Member] | CTI Location [Member] | ' | ' | ' |
Note 18 - Retirement Plans (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ' | ' |
One Half [Member] | ' | ' | ' |
Note 18 - Retirement Plans (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ' | ' |
Twenty Percent [Member] | ' | ' | ' |
Note 18 - Retirement Plans (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 20.00% | ' | ' |
Note_19_RelatedParty_Transacti1
Note 19 - Related-Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 19 - Related-Party Transactions (Details) [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense (in Dollars) | $7,500 | $7,700 | $6,500 |
Chief Executive Officer [Member] | Related Entity That Owns Cleveland Warehouse [Member] | ' | ' | ' |
Note 19 - Related-Party Transactions (Details) [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Affiliated Entity [Member] | Cleveland Warehouse [Member] | ' | ' | ' |
Note 19 - Related-Party Transactions (Details) [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense (in Dollars) | ' | $204 | ' |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $1,597 | $1,727 | $1,310 |
Additions - Charged to Costs and Expenses | 83 | 322 | 1,125 |
Additions - Charged to Other Accounts | ' | ' | 213 |
Deductions | -161 | -452 | -921 |
Balance at End of Period | 1,519 | 1,597 | 1,727 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 1,200 | 401 | 412 |
Additions - Charged to Costs and Expenses | 98 | 799 | ' |
Deductions | ' | ' | -11 |
Balance at End of Period | $1,298 | $1,200 | $401 |
Schedule_III_Supplemental_Fina1
Schedule III Supplemental Financial Information (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Southern Region [Member] | Southern Region [Member] | |||
Schedule III Supplemental Financial Information (Details) [Line Items] | ' | ' | ' | ' |
Inventory, LIFO Reserve, Effect on Income, Net | $3,572,000,000 | ' | ' | ' |
Goodwill, Impairment Loss | ' | $6,583,000 | $6,583,000,000 | $6,600,000 |
Schedule_III_Supplemental_Fina2
Schedule III Supplemental Financial Information (Details) - Quarterly Results of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||
Schedule III Supplemental Financial Information (Details) - Quarterly Results of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net sales (in Dollars) | $290,473 | $303,990 | $330,804 | $338,064 | $291,724 | $342,560 | $367,365 | $382,052 | $1,263,331 | $1,383,701 | ' | ||||||||||
Operating income (a) (in Dollars) | -124 | [1] | 4,174 | [1] | 6,024 | [1] | 9,581 | [1] | -8,182 | [2] | 4,624 | [2] | 9,744 | [2] | 12,263 | [2] | 19,655 | [1] | 18,449 | [2] | 44,468 |
Income (loss) before income taxes (in Dollars) | -1,781 | 2,484 | 4,315 | 7,906 | -10,171 | 2,555 | 7,566 | 10,189 | 12,924 | 10,139 | 37,485 | ||||||||||
Net income (loss) (in Dollars) | ($1,381) | $1,340 | $2,525 | $5,163 | ($10,118) | $1,639 | $4,526 | $6,230 | $7,647 | $2,277 | $24,970 | ||||||||||
Basic net income (loss) per share | ($0.12) | $0.12 | $0.23 | $0.47 | ($0.92) | $0.15 | $0.41 | $0.57 | $0.69 | $0.21 | $2.28 | ||||||||||
Weighted average shares outstanding - basic (in Shares) | 11,075 | 11,066 | 11,062 | 11,034 | 10,993 | 10,961 | 10,960 | 10,988 | 11,065 | 10,989 | 10,937 | ||||||||||
Diluted net income (loss) per share | ($0.12) | $0.12 | $0.23 | $0.47 | ($0.92) | $0.15 | $0.41 | $0.57 | $0.69 | $0.21 | $2.28 | ||||||||||
Weighted average shares outstanding - diluted (in Shares) | 11,075 | 11,077 | 11,072 | 11,042 | 10,993 | 10,967 | 10,989 | 10,997 | 11,074 | 10,995 | 10,951 | ||||||||||
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Market price of common stock: (c) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Market price of common stock | $31.68 | [3] | $29.48 | [3] | $26.83 | [3] | $25.39 | [3] | $22.21 | [3] | $19.20 | [3] | $25.02 | [3] | $28.31 | [3] | $31.68 | [3] | $28.31 | [3] | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Market price of common stock: (c) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Market price of common stock | $24.56 | [2],[3] | $24.46 | [2],[3] | $19.54 | [2],[3] | $18.52 | [2],[3] | $16.61 | [2],[3] | $14.77 | [2],[3] | $15 | [2],[3] | $21.78 | [2],[3] | $18.52 | [2],[3] | $14.77 | [2],[3] | ' |
[1] | Operating income includes $3,572 of LIFO income. | ||||||||||||||||||||
[2] | Operating income includes $6,583 of goodwill impairment charges related to the Company's flat products Southern region in the 4th quarter of 2012. | ||||||||||||||||||||
[3] | Represents the high and low sales prices of our common stock as reported by the Nasdaq Global Select Market. |