| Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 |
| Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 61-1109077 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
7140 Office Circle, Evansville, IN | 47715 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large Accelerated Filer | Accelerated Filer | Non-Accelerated Filer | Smaller Reporting Company |
Page | ||
(In thousands, except for share and per share data) | September 30, 2015 | December 31, 2014 | March 31, 2016 | December 31, 2015 | ||||||
ASSETS | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $ | 39,125 | $ | 29,773 | $ | 18,456 | $ | 29,759 | ||
Customer receivables, net of allowance for doubtful accounts of $521 and $327 in 2015 and 2014, respectively | 57,867 | 56,271 | ||||||||
Customer receivables, net of allowance for doubtful accounts of $1,445 and $1,285 in 2016 and 2015, respectively | 65,046 | 58,866 | ||||||||
Other receivables | 5,868 | 7,299 | 7,229 | 7,114 | ||||||
Inventories | 36,695 | 43,065 | 40,923 | 47,792 | ||||||
Deferred income taxes | 2,687 | 2,687 | ||||||||
Prepaid expenses and other current assets | 8,504 | 10,785 | 7,849 | 8,399 | ||||||
Total current assets | 150,746 | 149,880 | 139,503 | 151,930 | ||||||
PROPERTY, PLANT AND EQUIPMENT, net | 203,778 | 212,183 | 220,472 | 224,762 | ||||||
OTHER ASSETS: | ||||||||||
Goodwill | 100,697 | 100,697 | 96,283 | 96,283 | ||||||
Other intangible assets, net | 113,692 | 117,963 | 109,722 | 111,791 | ||||||
Deferred financing costs, net of accumulated amortization of $6,148 and $5,077 in 2015 and 2014, respectively | 3,965 | 5,012 | ||||||||
Deferred financing costs, net of accumulated amortization of $3,178 and $3,073 in 2016 and 2015, respectively | 872 | 977 | ||||||||
Deferred income taxes | 2,490 | 1,289 | 828 | 741 | ||||||
Pension asset | 11,883 | 9,518 | 13,882 | 12,060 | ||||||
Other | 5,020 | 1,880 | 5,108 | 5,075 | ||||||
TOTAL | $ | 592,271 | $ | 598,422 | $ | 586,670 | $ | 603,619 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | $ | 59,892 | $ | 56,452 | $ | 59,701 | $ | 71,782 | ||
Accrued payroll and compensation | 8,032 | 10,620 | 11,262 | 9,232 | ||||||
Accrued interest payable | 5,073 | 12,428 | 5,124 | 12,521 | ||||||
Accrued workers compensation | 2,879 | 3,137 | 2,749 | 3,133 | ||||||
Short-term debt obligations | 8,689 | 10,286 | ||||||||
Accrued and other liabilities | 15,726 | 14,434 | 13,273 | 14,944 | ||||||
Total current liabilities | 91,602 | 97,071 | 100,798 | 121,898 | ||||||
LONG-TERM DEBT | 322,022 | 323,234 | 315,020 | 304,254 | ||||||
DEFERRED INCOME TAXES | 15,067 | 14,837 | 13,310 | 13,133 | ||||||
NON-CURRENT INCOME TAXES PAYABLE | 6,604 | 6,534 | 6,676 | 6,676 | ||||||
OTHER POSTRETIREMENT BENEFIT PLAN LIABILITY | 62,988 | 82,157 | 50,720 | 49,734 | ||||||
PENSION BENEFIT PLAN LIABILITY | 29,268 | 32,348 | 25,151 | 26,545 | ||||||
OTHER LIABILITIES | 9,036 | 11,438 | 9,761 | 10,525 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 6) | — | — | ||||||||
COMMITMENTS AND CONTINGENCIES (Note 7) | — | — | ||||||||
STOCKHOLDERS' EQUITY: | ||||||||||
Preferred Stock, $0.01 par value; 10,000,000 shares authorized | — | — | — | — | ||||||
Common Stock, $0.01 par value; 80,000,000 shares authorized, 47,953,555 and 47,718,818 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively, and additional paid-in-capital | 444,360 | 442,631 | ||||||||
Common Stock, $0.01 par value; 80,000,000 shares authorized, 48,244,674 and 47,953,555 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively, and additional paid-in-capital | 444,605 | 444,253 | ||||||||
Accumulated other comprehensive loss | (34,057) | (49,638) | (18,174) | (17,425) | ||||||
Accumulated deficiency | (354,619) | (362,190) | (374,568) | (369,824) | ||||||
Total stockholders' equity | 55,684 | 30,803 | 51,863 | 57,004 | ||||||
Noncontrolling interest | 13,371 | 13,850 | ||||||||
Total equity | 65,234 | 70,854 | ||||||||
TOTAL | $ | 592,271 | $ | 598,422 | $ | 586,670 | $ | 603,619 |
Three Months Ended March 31, | |||||
(In thousands except per share data) | 2016 | 2015 | |||
NET SALES | $ | 160,942 | $ | 183,659 | |
COST OF GOODS SOLD | 145,643 | 162,728 | |||
GROSS PROFIT | 15,299 | 20,931 | |||
OPERATING EXPENSES: | |||||
Selling, general and administrative | 12,881 | 11,603 | |||
INCOME FROM OPERATIONS | 2,418 | 9,328 | |||
OTHER INCOME (EXPENSE): | |||||
Interest expense, net | (8,401) | (8,350) | |||
Other income (loss), net | 1,061 | (1,172) | |||
LOSS BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | (4,922) | (194) | |||
INCOME TAX PROVISION | 301 | 386 | |||
LOSS FROM CONTINUING OPERATIONS | (5,223) | (580) | |||
DISCONTINUED OPERATIONS, NET OF TAX | — | (8) | |||
NET LOSS | (5,223) | (588) | |||
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | (479) | — | |||
NET LOSS ATTRIBUTABLE TO STOCKHOLDERS | $ | (4,744) | $ | (588) | |
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX: | |||||
Amounts reclassified from accumulated other income | (749) | 1,274 | |||
COMPREHENSIVE (LOSS) INCOME | $ | (5,493) | $ | 686 | |
Loss per common share: | |||||
Amounts attributable to stockholders: | |||||
Loss from continuing operations, net of tax | $ | (4,744) | $ | (580) | |
Discontinued operations, net of tax | — | (8) | |||
Net loss attributable to stockholders | $ | (4,744) | $ | (588) | |
Weighted average common shares outstanding-basic | 48,100 | 47,822 | |||
Basic loss attributable to stockholders | |||||
Basic loss per common share-continuing operations | $ | (0.10) | $ | (0.01) | |
Basic loss per common share-discontinued operations | — | — | |||
Basic loss per common share | $ | (0.10) | $ | (0.01) | |
Weighted average common shares outstanding-diluted | 48,100 | 47,822 | |||
Diluted loss attributable to stockholders | |||||
Diluted loss per common share-continuing operations | $ | (0.10) | $ | (0.01) | |
Diluted loss per common share-discontinued operations | — | — | |||
Diluted loss per common share | $ | (0.10) | $ | (0.01) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
(In thousands except per share data) | 2015 | 2014 | 2015 | 2014 | |||||||
NET SALES | $ | 163,428 | $ | 184,007 | $ | 532,467 | $ | 532,366 | |||
COST OF GOODS SOLD | 145,165 | 164,095 | 467,367 | 473,009 | |||||||
GROSS PROFIT | 18,263 | 19,912 | 65,100 | 59,357 | |||||||
OPERATING EXPENSES: | |||||||||||
Selling, general and administrative | 10,765 | 9,868 | 34,090 | 30,440 | |||||||
INCOME FROM OPERATIONS | 7,498 | 10,044 | 31,010 | 28,917 | |||||||
OTHER EXPENSE: | |||||||||||
Interest expense, net | (8,249) | (8,444) | (24,953) | (25,351) | |||||||
Other loss, net | (1,142) | (805) | (2,398) | (1,504) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | (1,893) | 795 | 3,659 | 2,062 | |||||||
INCOME TAX BENEFIT | (3,671) | (410) | (3,663) | (967) | |||||||
INCOME FROM CONTINUING OPERATIONS | 1,778 | 1,205 | 7,322 | 3,029 | |||||||
DISCONTINUED OPERATIONS, NET OF TAX | 42 | (106) | 249 | (208) | |||||||
NET INCOME | $ | 1,820 | $ | 1,099 | $ | 7,571 | $ | 2,821 | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||
Defined benefit plans | (3,259) | 472 | 15,581 | 945 | |||||||
COMPREHENSIVE INCOME (LOSS) | $ | (1,439) | $ | 1,571 | $ | 23,152 | $ | 3,766 | |||
Weighted average common shares outstanding—basic | 48,015 | 47,749 | 47,943 | 47,694 | |||||||
Basic income per share-continuing operations | 0.04 | 0.02 | 0.15 | 0.06 | |||||||
Basic income per share-discontinued operations | — | — | 0.01 | — | |||||||
Basic income per share | $ | 0.04 | $ | 0.02 | $ | 0.16 | $ | 0.06 | |||
Weighted average common shares outstanding—diluted | 49,422 | 49,042 | 48,844 | 48,531 | |||||||
Diluted income per share-continuing operations | 0.04 | 0.02 | 0.15 | 0.06 | |||||||
Diluted income per share-discontinued operations | — | — | 0.01 | — | |||||||
Diluted income per share | $ | 0.04 | $ | 0.02 | $ | 0.16 | $ | 0.06 |
(In thousands) | Common Stock and Additional Paid-in- Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficiency | Total Stockholders' Equity | |||||||
BALANCE July 1, 2014 | $ | 441,384 | $ | (18,239) | $ | (358,161) | $ | 64,984 | |||
Net income | — | — | 1,099 | 1,099 | |||||||
Share-based compensation expense | 622 | — | — | 622 | |||||||
Other comprehensive income, net of tax | — | 472 | — | 472 | |||||||
BALANCE—September 30, 2014 | $ | 442,006 | $ | (17,767) | $ | (357,062) | $ | 67,177 | |||
BALANCE—July 1, 2015 | $ | 443,669 | $ | (30,798) | $ | (356,439) | $ | 56,432 | |||
Net income | — | — | 1,820 | 1,820 | |||||||
Share-based compensation expense | 698 | — | — | 698 | |||||||
Tax impact of forfeited vested shares | (7) | — | — | (7) | |||||||
Other comprehensive income, net of tax | — | (3,259) | — | (3,259) | |||||||
BALANCE—September 30, 2015 | $ | 444,360 | $ | (34,057) | $ | (354,619) | $ | 55,684 |
(In thousands) | Common Stock and Additional Paid-in- Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficiency | Noncontrolling Interest | Total Stockholders' Equity | |||||||||
BALANCE—January 1, 2016 | $ | 444,253 | $ | (17,425) | $ | (369,824) | $ | 13,850 | $ | 70,854 | ||||
Net loss | — | — | (4,744) | (479) | (5,223) | |||||||||
Share-based compensation expense | 614 | — | — | — | 614 | |||||||||
Tax impact of forfeited vested shares | (262) | — | — | — | (262) | |||||||||
Other comprehensive loss | — | (749) | — | — | (749) | |||||||||
BALANCE—March 31, 2016 | $ | 444,605 | $ | (18,174) | $ | (374,568) | $ | 13,371 | $ | 65,234 |
(In thousands) | Common Stock and Additional Paid-in- Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficiency | Total Stockholders' Equity | |||||||
BALANCE— January 1, 2014 | $ | 440,479 | $ | (18,712) | $ | (359,883) | $ | 61,884 | |||
Net income | — | — | 2,821 | 2,821 | |||||||
Share-based compensation expense | 1,831 | — | — | 1,831 | |||||||
Tax impact of forfeited vested shares | (304) | — | — | (304) | |||||||
Other comprehensive income, net of tax | — | 945 | — | 945 | |||||||
BALANCE—September 30, 2014 | $ | 442,006 | $ | (17,767) | $ | (357,062) | $ | 67,177 | |||
BALANCE—January 1, 2015 | $ | 442,631 | $ | (49,638) | $ | (362,190) | $ | 30,803 | |||
Net income | — | — | 7,571 | 7,571 | |||||||
Share-based compensation expense | 2,147 | — | — | 2,147 | |||||||
Tax impact of forfeited vested shares | (418) | — | — | (418) | |||||||
Other comprehensive income, net of tax | — | 15,581 | — | 15,581 | |||||||
BALANCE—September 30, 2015 | $ | 444,360 | $ | (34,057) | $ | (354,619) | $ | 55,684 |
(In thousands) | Common Stock and Additional Paid-in- Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficiency | Noncontrolling Interest | Total Stockholders' Equity | |||||||||
BALANCE— January 1, 2015 | $ | 442,631 | $ | (49,638) | $ | (362,190) | $ | — | $ | 30,803 | ||||
Net loss | — | — | (588) | — | (588) | |||||||||
Share-based compensation expense | 663 | — | — | — | 663 | |||||||||
Tax impact of forfeited vested shares | (363) | — | — | — | (363) | |||||||||
Other comprehensive income | — | 1,274 | — | — | 1,274 | |||||||||
BALANCE—March 31, 2015 | $ | 442,931 | $ | (48,364) | $ | (362,778) | $ | — | $ | 31,789 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||
(In thousands) | 2015 | 2014 | 2016 | 2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
Net income | $ | 7,571 | $ | 2,821 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Net loss | $ | (5,223) | $ | (588) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation of property, plant and equipment | 25,326 | 24,907 | 8,946 | 8,557 | ||||||
Amortization – deferred financing costs and debt discount | 1,859 | 1,859 | 621 | 620 | ||||||
Amortization – other intangible assets | 6,174 | 6,097 | 2,069 | 2,039 | ||||||
Loss on disposal of assets | 240 | 669 | ||||||||
Loss (Gain) on disposal of assets | 99 | (1) | ||||||||
Provision for deferred income taxes | (4,864) | (592) | 14 | 30 | ||||||
Non-cash share-based compensation | 2,147 | 1,831 | 614 | 663 | ||||||
Changes in certain assets and liabilities: | ||||||||||
Receivables | (165) | (23,416) | (6,295) | (19,095) | ||||||
Inventories | 6,370 | (6,497) | 6,869 | 1,102 | ||||||
Prepaid expenses and other assets | (1,839) | (4,999) | (1,010) | 919 | ||||||
Accounts payable | 2,158 | 19,723 | (8,104) | 8,349 | ||||||
Accrued and other liabilities | (13,882) | (14,129) | (9,168) | (13,085) | ||||||
Net cash provided by operating activities | 31,095 | 8,274 | ||||||||
Net cash used in operating activities | (10,568) | (10,490) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Purchases of property, plant and equipment | (15,879) | (20,734) | (8,732) | (4,071) | ||||||
Proceeds from sale of property, plant, and equipment | — | 1,235 | ||||||||
Purchases of intangible assets | (1,903) | (671) | ||||||||
Net cash used in investing activities | (17,782) | (20,170) | (8,732) | (4,071) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Proceeds from revolver | 21,000 | 10,000 | 18,399 | 11,000 | ||||||
Payments on revolver | (23,000) | (10,000) | (9,746) | (8,000) | ||||||
Principal payments on capital leases | (1,937) | — | (656) | (642) | ||||||
Other | (24) | — | ||||||||
Net cash used in financing activities | (3,961) | — | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 9,352 | (11,896) | ||||||||
Net provided by financing activities | 7,997 | 2,358 | ||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (11,303) | (12,203) | ||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | 29,773 | 33,426 | 29,759 | 29,773 | ||||||
CASH AND CASH EQUIVALENTS—End of period | $ | 39,125 | $ | 21,530 | $ | 18,456 | $ | 17,570 | ||
Supplemental cash flow information: | ||||||||||
Cash paid for interest | $ | 30,428 | $ | 30,815 | $ | 15,209 | $ | 15,017 | ||
Cash paid for income taxes | $ | 678 | $ | 1,274 | $ | 278 | $ | 952 | ||
Non-cash transactions: | ||||||||||
Purchases of property, plant and equipment in accounts payable | $ | 3,675 | $ | 2,504 | $ | 2,314 | $ | 2,643 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||
(In thousands except per share data) | 2015 | 2014 | 2015 | 2014 | 2016 | 2015 | ||||||||||
Numerator: | ||||||||||||||||
Net income from continuing operations | $ | 1,778 | $ | 1,205 | $ | 7,322 | $ | 3,029 | ||||||||
Net income (loss) from discontinued operations | 42 | (106) | 249 | (208) | ||||||||||||
Net income | $ | 1,820 | $ | 1,099 | $ | 7,571 | $ | 2,821 | ||||||||
Loss from continuing operations | $ | (4,744) | $ | (580) | ||||||||||||
Income (Loss) from discontinued operations | — | (8) | ||||||||||||||
Net loss | $ | (4,744) | $ | (588) | ||||||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding – Basic | 48,015 | 47,749 | 47,943 | 47,694 | 48,100 | 47,822 | ||||||||||
Weighted average shares outstanding – Diluted | 49,422 | 49,042 | 48,844 | 48,531 | ||||||||||||
Weighted average shares outstanding - Diluted | 48,100 | 47,822 | ||||||||||||||
Basic income per common share | ||||||||||||||||
Basic loss per common share: | ||||||||||||||||
From continuing operations | $ | 0.04 | $ | 0.02 | $ | 0.15 | $ | 0.06 | $ | (0.10) | $ | (0.01) | ||||
From discontinued operations | — | — | 0.01 | — | — | — | ||||||||||
Basic income per common share | $ | 0.04 | $ | 0.02 | $ | 0.16 | $ | 0.06 | ||||||||
Basic loss per common share | $ | (0.10) | $ | (0.01) | ||||||||||||
Diluted income per common share | ||||||||||||||||
Diluted loss per common share | ||||||||||||||||
From continuing operations | $ | 0.04 | $ | 0.02 | $ | 0.15 | $ | 0.06 | $ | (0.10) | $ | (0.01) | ||||
From discontinued operations | — | — | 0.01 | — | — | — | ||||||||||
Diluted income per common share | $ | 0.04 | $ | 0.02 | $ | 0.16 | $ | 0.06 | ||||||||
Diluted loss per common share | $ | (0.10) | $ | (0.01) |
Accounts receivable | $ | 11,063 |
Inventory | 6,571 | |
Other current assets | 41 | |
Property, plant and equipment | 21,124 | |
Accounts payable | (9,911) | |
Short term debt | (8,406) | |
Other current liabilities | (3,364) | |
Severance indemnity | (2,772) | |
Long-term debt | (66) | |
Noncontrolling interest | (14,280) | |
Total consideration | $ | — |
Revenue | Net Loss | ||||
Supplemental pro forma financial information for the period ended: | |||||
March 31, 2015 | $ | 192,046 | $ | (2,860) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
(In thousands) | 2015 | 2014 | 2015 | 2014 | |||||||
Net sales | $ | — | $ | — | $ | — | $ | — | |||
Loss from operations | (10) | (10) | (31) | (31) | |||||||
Other income (expense) | 52 | (96) | 280 | (177) | |||||||
Discontinued Operations | $ | 42 | $ | (106) | $ | 249 | $ | (208) |
Three Months Ended March 31, | |||||
(In thousands) | 2016 | 2015 | |||
Net sales | $ | — | $ | — | |
Income (loss) from operations | — | (10) | |||
Other Income | — | 2 | |||
Discontinued operations | $ | — | $ | (8) |
(In thousands) | September 30, 2015 | December 31, 2014 | March 31, 2016 | December 31, 2015 | ||||||
Raw materials | $ | 7,137 | $ | 8,244 | $ | 8,765 | $ | 9,836 | ||
Work in process | 9,242 | 14,073 | 12,205 | 14,135 | ||||||
Finished manufactured goods | 20,316 | 20,748 | 19,953 | 23,821 | ||||||
Total inventories | $ | 36,695 | $ | 43,065 | $ | 40,923 | $ | 47,792 |
(In thousands) | Wheels | Brillion Iron Works | Total | |||||
Balance as of December 31, 2014 | $ | 96,283 | $ | 4,414 | $ | 100,697 | ||
Balance as of September 30, 2015 | $ | 96,283 | $ | 4,414 | $ | 100,697 |
(In thousands) | Wheels | Brillion Iron Works | Gunite | Total | |||||||
Balance as of December 31, 2015 | $ | 107,475 | $ | 2,330 | $ | 1,986 | $ | 111,791 | |||
Amortization | (1,998) | (14) | (57) | (2,069) | |||||||
Balance as of March 31, 2016 | $ | 105,477 | $ | 2,316 | $ | 1,929 | $ | 109,722 |
(In thousands) | Wheels | Brillion Iron Works | Gunite | Total | Wheels | Brillion Iron Works | Gunite | Total | ||||||||||||||
Balance as of December 31, 2014 | $ | 115,465 | $ | 2,498 | $ | — | $ | 117,963 | $ | 115,465 | $ | 2,498 | $ | — | $ | 117,963 | ||||||
Additions | — | — | 1,903 | 1,903 | ||||||||||||||||||
Amortization | (5,992) | (126) | (56) | (6,174) | (1,997) | (42) | — | (2,039) | ||||||||||||||
Balance as of September 30, 2015 | $ | 109,473 | $ | 2,372 | $ | 1,847 | $ | 113,692 | ||||||||||||||
Balance as of March 31, 2015 | $ | 113,468 | $ | 2,456 | $ | — | $ | 115,924 |
(In thousands) | Wheels | Brillion Iron Works | Total | |||||
Balance as of December 31, 2013 | $ | 122,764 | $ | 2,666 | $ | 125,430 | ||
Additions | 671 | — | 671 | |||||
Amortization | (5,971) | (126) | (6,097) | |||||
Balance as of September 30, 2014 | $ | 117,464 | $ | 2,540 | $ | 120,004 |
As of September 30, 2015 | As of December 31, 2014 | As of March 31, 2016 | As of December 31, 2015 | |||||||||||||||||||||||||||||||||||||
(In thousands) | Weighted Average Useful Lives | Gross Amount | Accumulated Amortization | Carrying Amount | Gross Amount | Accumulated Amortization | Carrying Amount | Weighted Average Useful Lives | Gross Amount | Accumulated Amortization/ Impairment | Carrying Amount | Gross Amount | Accumulated Amortization/ Impairment | Carrying Amount | ||||||||||||||||||||||||||
Goodwill | — | $ | 100,697 | $ | — | $ | 100,697 | $ | 100,697 | $ | — | $ | 100,697 | |||||||||||||||||||||||||||
Other intangible assets: | ||||||||||||||||||||||||||||||||||||||||
Trade names | — | $ | 25,200 | $ | — | $ | 25,200 | $ | 25,200 | $ | — | $ | 25,200 | — | $ | 25,200 | $ | — | $ | 25,200 | $ | 25,200 | $ | — | $ | 25,200 | ||||||||||||||
Technology | 10.6 | 41,072 | 25,483 | 15,589 | 39,169 | 23,158 | 16,011 | 10.6 | 41,273 | 27,113 | 14,160 | 41,273 | 26,299 | 14,974 | ||||||||||||||||||||||||||
Customer relationships | 16.8 | 127,304 | 54,401 | 72,903 | 127,304 | 50,552 | 76,752 | 16.8 | 127,304 | 56,942 | 70,362 | 127,304 | 55,687 | 71,617 | ||||||||||||||||||||||||||
Other intangible assets | $ | 193,576 | $ | 79,884 | $ | 113,692 | $ | 191,673 | $ | 73,710 | $ | 117,963 | $ | 193,777 | $ | 84,055 | $ | 109,722 | $ | 193,777 | $ | 81,986 | $ | 111,791 |
(In thousands) | Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
Service cost-benefits earned during the period | $ | 170 | $ | 270 | $ | 97 | $ | 80 | $ | 526 | $ | 804 | $ | 301 | $ | 252 | $ | 175 | $ | 177 | $ | 69 | $ | 103 | ||||||||||
Interest cost on projected benefit obligation | 2,297 | 2,624 | 662 | 978 | 7,021 | 7,975 | 2,276 | 2,737 | 1,869 | 2,354 | 452 | 860 | ||||||||||||||||||||||
Expected return on plan assets | (2,697) | (3,112) | — | — | (8,254) | (9,480) | — | — | (2,739) | (2,772) | — | — | ||||||||||||||||||||||
Amortization of prior service (credit) cost | 11 | 11 | (236) | (9) | 33 | 33 | (338) | (27) | 11 | 11 | (371) | (9) | ||||||||||||||||||||||
Amortization of loss | 304 | 57 | 89 | 59 | 935 | 158 | 284 | 216 | 178 | 311 | 77 | 101 | ||||||||||||||||||||||
Net periodic benefit cost | 85 | (150) | 612 | 1,108 | 261 | (510) | 2,523 | 3,178 | ||||||||||||||||||||||||||
Other one-time charges | — | — | — | 435 | — | — | — | 435 | ||||||||||||||||||||||||||
Total benefit cost charged (credited) to income | $ | 85 | $ | (150) | $ | 612 | $ | 1,543 | $ | 261 | $ | (510) | $ | 2,523 | $ | 3,613 | ||||||||||||||||||
Total benefits cost (credited) charged to income | $ | (506) | $ | 81 | $ | 227 | $ | 1,055 |
Level 1 | Quoted market prices in active markets for identical assets or liabilities; |
Level 2 | Inputs other than Level 1 inputs that are either directly or indirectly observable; and |
Level 3 | Unobservable inputs developed using estimates and assumptions developed by us, which reflect those that a market participant would use. |
(In thousands) | Three Months Ended March 31, | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | 2016 | 2015 | |||||||||||||
(In thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Net sales: | ||||||||||||||||
Wheels | $ | 101,833 | $ | 106,685 | $ | 324,525 | $ | 300,058 | $ | 105,383 | $ | 108,336 | ||||
Gunite | 43,823 | 42,357 | 128,569 | 134,634 | 38,713 | 37,740 | ||||||||||
Brillion Iron Works | 17,772 | 34,965 | 79,373 | 97,674 | 16,846 | 37,583 | ||||||||||
Consolidated total | $ | 163,428 | $ | 184,007 | $ | 532,467 | $ | 532,366 | $ | 160,942 | $ | 183,659 | ||||
Operating income (loss): | ||||||||||||||||
Income (loss) from operations: | ||||||||||||||||
Wheels | $ | 13,715 | $ | 11,847 | $ | 44,372 | $ | 33,446 | $ | 11,150 | $ | 13,252 | ||||
Gunite | 5,061 | 4,149 | 15,140 | 14,670 | 3,059 | 2,741 | ||||||||||
Brillion Iron Works | (3,650) | 1,680 | (2,924) | 3,444 | (3,369) | 2,196 | ||||||||||
Corporate / Other | (7,628) | (7,632) | (25,578) | (22,643) | (8,422) | (8,861) | ||||||||||
Consolidated total | $ | 7,498 | $ | 10,044 | $ | 31,010 | $ | 28,917 | $ | 2,418 | $ | 9,328 |
(In thousands) | Three Months Ended March 31, | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | 2016 | 2015 | |||||||||||||
(In thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Inter-segment sales | $ | 1,041 | $ | 3,055 | $ | 4,949 | $ | 10,825 | $ | 869 | $ | 2,175 |
As of | As of | |||||||||
(In thousands) | September 30, 2015 | December 31, 2014 | March 31, 2016 | December 31, 2015 | ||||||
Total assets: | ||||||||||
Wheels | $ | 437,196 | $ | 441,835 | $ | 468,498 | $ | 469,405 | ||
Gunite | 59,944 | 59,600 | 55,830 | 62,045 | ||||||
Brillion Iron Works | 50,358 | 55,226 | 46,219 | 45,303 | ||||||
Corporate / Other | 44,773 | 41,761 | 16,123 | 26,866 | ||||||
Consolidated total | $ | 592,271 | $ | 598,422 | $ | 586,670 | $ | 603,619 |
September 30, 2015 | March 31, 2016 | |||||||||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 26,212 | $ | — | $ | 12,913 | $ | — | $ | 39,125 | $ | 3,051 | $ | — | $ | 15,405 | $ | — | $ | 18,456 | ||||||||
Customer and other receivables, net | 40,728 | 16,896 | 5,763 | 348 | 63,735 | 41,481 | 16,597 | 14,197 | — | 72,275 | ||||||||||||||||||
Intercompany receivable | 2,834 | 38,687 | 88,825 | (130,346) | — | |||||||||||||||||||||||
Intercompany receivable (payable) | (15,807) | 199,542 | 86,060 | (269,795) | — | |||||||||||||||||||||||
Inventories | 18,930 | 15,806 | 2,307 | (348) | 36,695 | 14,850 | 17,185 | 8,892 | (4) | 40,923 | ||||||||||||||||||
Other current assets | 7,165 | 1,891 | 2,135 | — | 11,191 | 5,369 | 1,641 | 839 | — | 7,849 | ||||||||||||||||||
Total current assets | 95,869 | 73,280 | 111,943 | (130,346) | 150,746 | 48,944 | 234,965 | 125,393 | (269,799) | 139,503 | ||||||||||||||||||
Property, plant and equipment, net | 77,779 | 95,956 | 30,043 | — | 203,778 | 76,787 | 93,203 | 50,482 | — | 220,472 | ||||||||||||||||||
Goodwill | 96,283 | 4,414 | — | — | 100,697 | 96,283 | — | — | — | 96,283 | ||||||||||||||||||
Other intangible assets, net | 109,417 | 4,275 | — | — | 113,692 | 107,406 | 2,316 | — | — | 109,722 | ||||||||||||||||||
Investments in and advances to subsidiaries and affiliates | 176,217 | — | — | (176,217) | — | 220,697 | — | — | (220,697) | — | ||||||||||||||||||
Deferred income taxes | — | 35,640 | 2,490 | (35,640) | 2,490 | 39,511 | — | 828 | (39,511) | 828 | ||||||||||||||||||
Other non-current assets | 5,709 | 345 | 14,814 | — | 20,868 | 7,995 | 345 | 16,813 | (5,291) | 19,862 | ||||||||||||||||||
TOTAL | $ | 561,274 | $ | 213,910 | $ | 159,290 | $ | (342,203) | $ | 592,271 | $ | 597,623 | $ | 330,829 | $ | 193,516 | $ | (535,298) | $ | 586,670 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||
Accounts payable | $ | 18,315 | $ | 33,133 | $ | 8,444 | $ | — | $ | 59,892 | $ | 14,069 | $ | 27,236 | $ | 18,396 | $ | — | $ | 59,701 | ||||||||
Intercompany payable | 94,237 | — | 36,109 | (130,346) | — | 94,497 | 139,815 | 35,487 | (269,799) | — | ||||||||||||||||||
Accrued payroll and compensation | 923 | 5,887 | 1,222 | — | 8,032 | 2,778 | 5,335 | 3,149 | — | 11,262 | ||||||||||||||||||
Accrued interest payable | 5,073 | — | — | — | 5,073 | 5,124 | — | — | — | 5,124 | ||||||||||||||||||
Accrued and other liabilities | 5,205 | 9,870 | 3,530 | — | 18,605 | 8,689 | 8,625 | 12,688 | (5,291) | 24,711 | ||||||||||||||||||
Total current liabilities | 123,753 | 48,890 | 49,305 | (130,346) | 91,602 | 125,157 | 181,011 | 69,720 | (275,090) | 100,798 | ||||||||||||||||||
Long term debt | 322,022 | — | — | — | 322,022 | 314,954 | — | 66 | — | 315,020 | ||||||||||||||||||
Deferred and non-current income taxes | 45,759 | 10,615 | 937 | (35,640) | 21,671 | 65,955 | (5,804) | (654) | (39,511) | 19,986 | ||||||||||||||||||
Other non-current liabilities | 14,056 | 70,965 | 16,271 | — | 101,292 | 26,323 | 39,844 | 19,465 | — | 85,632 | ||||||||||||||||||
Stockholders' equity | 55,684 | 83,440 | 92,777 | (176,217) | 55,684 | 65,234 | 115,778 | 104,919 | (220,697) | 65,234 | ||||||||||||||||||
TOTAL | $ | 561,274 | $ | 213,910 | $ | 159,290 | $ | (342,203) | $ | 592,271 | $ | 597,623 | $ | 330,829 | $ | 193,516 | $ | (535,298) | $ | 586,670 |
December 31, 2014 | December 31, 2015 | |||||||||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 22,710 | $ | — | $ | 7,063 | $ | — | $ | 29,773 | $ | 12,127 | $ | — | $ | 17,632 | $ | — | $ | 29,759 | ||||||||
Customer and other receivables, net | 35,630 | 20,994 | 6,543 | 403 | 63,570 | 34,900 | 14,348 | 16,366 | 366 | 65,980 | ||||||||||||||||||
Intercompany receivables | 191,272 | 5,086 | 53,055 | (249,413) | — | |||||||||||||||||||||||
Intercompany receivable (payable) | 123,479 | 67,504 | 58,430 | (249,413) | — | |||||||||||||||||||||||
Inventories | 18,693 | 21,352 | 3,423 | (403) | 43,065 | 20,352 | 19,169 | 8,637 | (366) | 47,792 | ||||||||||||||||||
Other current assets | 4,970 | 3,386 | 5,116 | — | 13,472 | 3,689 | 2,957 | 1,753 | — | 8,399 | ||||||||||||||||||
Total current assets | 273,275 | 50,818 | 75,200 | (249,413) | 149,880 | 194,547 | 103,978 | 102,818 | (249,413) | 151,930 | ||||||||||||||||||
Property, plant and equipment, net | 78,603 | 101,648 | 31,932 | — | 212,183 | 78,527 | 95,526 | 50,709 | — | 224,762 | ||||||||||||||||||
Goodwill | 96,283 | 4,414 | — | — | 100,697 | 96,283 | — | — | — | 96,283 | ||||||||||||||||||
Other intangible assets, net | 115,465 | 2,498 | — | — | 117,963 | 109,461 | 2,330 | — | — | 111,791 | ||||||||||||||||||
Investments in and advances to subsidiaries and affiliates | 128,372 | — | — | (128,372) | — | 221,676 | — | — | (221,676) | — | ||||||||||||||||||
Other non-current assets | 3,118 | 3,774 | 10,807 | — | 17,699 | 2,806 | 345 | 15,702 | — | 18,853 | ||||||||||||||||||
TOTAL | $ | 695,116 | $ | 163,152 | $ | 117,939 | $ | (377,785) | $ | 598,422 | $ | 703,300 | $ | 202,179 | $ | 169,229 | $ | (471,089) | $ | 603,619 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||
Accounts payable | $ | 15,209 | $ | 31,931 | $ | 9,312 | $ | — | $ | $56,452 | $ | 18,239 | $ | 35,890 | $ | 17,653 | $ | — | $ | 71,782 | ||||||||
Intercompany payable | 249,407 | — | 6 | (249,413) | — | 239,042 | — | 10,371 | (249,413) | — | ||||||||||||||||||
Accrued payroll and compensation | 4,002 | 5,458 | 1,160 | — | 10,620 | 1,485 | 5,448 | 2,299 | — | 9,232 | ||||||||||||||||||
Accrued interest payable | 12,428 | — | — | — | 12,428 | 12,521 | — | — | — | 12,521 | ||||||||||||||||||
Accrued and other liabilities | 4,183 | 10,060 | 3,328 | — | 17,571 | 4,549 | 8,792 | 15,022 | — | 28,363 | ||||||||||||||||||
Total current liabilities | 285,229 | 47,449 | 13,806 | (249,413) | 97,071 | 275,836 | 50,130 | 45,345 | (249,413) | 121,898 | ||||||||||||||||||
Long term debt | 323,234 | — | — | — | 323,234 | 304,188 | — | 66 | — | 304,254 | ||||||||||||||||||
Deferred and non-current income taxes | 41,775 | (20,736) | 332 | — | 21,371 | 17,969 | (4,754) | (82) | — | 13,133 | ||||||||||||||||||
Other non-current liabilities | 14,075 | 93,245 | 18,623 | — | 125,943 | 34,453 | 40,575 | 18,452 | — | 93,480 | ||||||||||||||||||
Stockholders' equity | 30,803 | 43,194 | 85,178 | (128,372) | 30,803 | 70,854 | 116,228 | 105,448 | (221,676) | 70,854 | ||||||||||||||||||
TOTAL | $ | 695,116 | $ | 163,152 | $ | 117,939 | $ | (377,785) | $ | 598,422 | $ | 703,300 | $ | 202,179 | $ | 169,229 | $ | (471,089) | $ | 603,619 |
Three Months Ended September 30, 2015 | Three Months Ended March 31, 2016 | |||||||||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||
Net sales | $ | 123,912 | $ | 66,262 | $ | 30,576 | $ | (57,322) | $ | 163,428 | $ | 111,644 | $ | 59,243 | $ | 33,883 | $ | (43,828) | $ | 160,942 | ||||||||
Cost of goods sold | 117,925 | 58,200 | 26,014 | (56,974) | 145,165 | 95,662 | 59,484 | 34,321 | (43,824) | 145,643 | ||||||||||||||||||
Gross profit | 5,987 | 8,062 | 4,562 | (348) | 18,263 | |||||||||||||||||||||||
Gross profit (loss) | 15,982 | (241) | (438) | (4) | 15,299 | |||||||||||||||||||||||
Operating expenses | 10,363 | 369 | 33 | — | 10,765 | 12,300 | (66) | 647 | — | 12,881 | ||||||||||||||||||
Income (loss) from operations | (4,376) | 7,693 | 4,529 | (348) | 7,498 | 3,682 | (175) | (1,085) | (4) | 2,418 | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||
Interest income (expense), net | (8,749) | (47) | 547 | — | (8,249) | (8,897) | 29 | 467 | — | (8,401) | ||||||||||||||||||
Equity in earnings of subsidiaries | 10,038 | — | — | (10,038) | — | 106 | — | — | (106) | — | ||||||||||||||||||
Other income (expense), net | (384) | — | (758) | — | (1,142) | |||||||||||||||||||||||
Income (loss) before income taxes from continuing operations | (3,471) | 7,646 | 4,318 | (10,386) | (1,893) | |||||||||||||||||||||||
Income tax (benefit) provision | (5,291) | 925 | 695 | — | (3,671) | |||||||||||||||||||||||
Income (loss) from continuing operations | 1,820 | 6,721 | 3,623 | (10,386) | 1,778 | |||||||||||||||||||||||
Discontinued operations, net of tax | — | — | 42 | — | 42 | |||||||||||||||||||||||
Net income (loss) | $ | 1,820 | $ | 6,721 | $ | 3,665 | $ | (10,386) | $ | 1,820 | ||||||||||||||||||
Other expense, net | 414 | — | 647 | — | 1,061 | |||||||||||||||||||||||
Income (loss) before income taxes | (4,695) | (146) | 29 | (110) | (4,922) | |||||||||||||||||||||||
Income tax provision | 49 | — | 252 | — | 301 | |||||||||||||||||||||||
Net loss | (4,744) | (146) | (223) | (110) | (5,223) | |||||||||||||||||||||||
Loss attributable to noncontrolling interest | — | — | (479) | — | (479) | |||||||||||||||||||||||
Net loss attributable to stockholders | $ | (4,744) | $ | (146) | $ | 256 | $ | (110) | $ | (4,744) | ||||||||||||||||||
Comprehensive income (loss) | $ | (1,439) | $ | 2,866 | $ | 4,735 | $ | (7,601) | $ | (1,439) | $ | (5,493) | $ | (450) | $ | (136) | $ | 586 | $ | (5,493) |
Three Months Ended September 30, 2014 | Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||
Net sales | $ | 124,025 | $ | 82,505 | $ | 33,589 | $ | (56,112) | $ | 184,007 | $ | 119,499 | $ | 89,243 | $ | 31,770 | $ | (56,853) | $ | 183,659 | ||||||||
Cost of goods sold | 111,184 | 77,396 | 31,216 | (55,701) | 164,095 | 107,236 | 82,017 | 30,027 | (56,552) | 162,728 | ||||||||||||||||||
Gross profit | 12,841 | 5,109 | 2,373 | (411) | 19,912 | 12,263 | 7,226 | 1,743 | (301) | 20,931 | ||||||||||||||||||
Operating expenses | 9,623 | 204 | 41 | — | 9,868 | 11,303 | 254 | 46 | — | 11,603 | ||||||||||||||||||
Income (loss) from operations | 3,218 | 4,905 | 2,332 | (411) | 10,044 | 960 | 6,972 | 1,697 | (301) | 9,328 | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||
Interest income (expense), net | (8,695) | (53) | 304 | — | (8,444) | (8,688) | (54) | 392 | — | (8,350) | ||||||||||||||||||
Equity in earnings of subsidiaries | 5,385 | — | — | (5,385) | — | 7,613 | — | — | (7,613) | — | ||||||||||||||||||
Other income (expense), net | (714) | 327 | (418) | — | (805) | (569) | — | (603) | — | (1,172) | ||||||||||||||||||
Income (loss) before income taxes from continuing operations | (806) | 5,179 | 2,218 | (5,796) | 795 | (684) | 6,918 | 1,486 | (7,914) | (194) | ||||||||||||||||||
Income tax (benefit) provision | (1,905) | 925 | 570 | — | (410) | |||||||||||||||||||||||
Income tax provision | (96) | 143 | 339 | — | 386 | |||||||||||||||||||||||
Income (loss) from continuing operations | 1,099 | 4,254 | 1,648 | (5,796) | 1,205 | (588) | 6,775 | 1,147 | (7,914) | (580) | ||||||||||||||||||
Discontinued operations, net of tax | — | — | (106) | — | (106) | — | — | (8) | — | (8) | ||||||||||||||||||
Net income (loss) | $ | 1,099 | $ | 4,254 | $ | 1,542 | $ | (5,796) | $ | 1,099 | (588) | 6,775 | 1,139 | (7,914) | (588) | |||||||||||||
Loss attributable to noncontrolling interest | — | — | — | — | — | |||||||||||||||||||||||
Net income (loss) | $ | (588) | $ | 6,775 | $ | 1,139 | $ | (7,914) | $ | (588) | ||||||||||||||||||
Comprehensive income (loss) | $ | 1,571 | $ | 4,252 | $ | 1,999 | $ | (6,251) | $ | 1,571 | $ | 686 | $ | 6,865 | $ | 2,301 | $ | (9,166) | $ | 686 |
Nine Months Ended September 30, 2015 | ||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | |||||||||
Net sales | $ | 379,041 | $ | 234,426 | $ | 94,462 | $ | (175,462) | $ | 532,467 | ||||
Cost of goods sold | 348,803 | 208,191 | 84,778 | (174,405) | 467,367 | |||||||||
Gross profit | 30,238 | 26,235 | 9,684 | (1,057) | 65,100 | |||||||||
Operating expenses | 33,100 | 873 | 117 | — | 34,090 | |||||||||
Income (loss) from operations | (2,862) | 25,362 | 9,567 | (1,057) | 31,010 | |||||||||
Other income (expense): | ||||||||||||||
Interest income (expense), net | (26,191) | (152) | 1,390 | — | (24,953) | |||||||||
Equity in earnings of subsidiaries | 31,950 | — | — | (31,950) | — | |||||||||
Other income (expense), net | (663) | — | (1,735) | — | (2,398) | |||||||||
Income (loss) before income taxes from continuing operations | 2,234 | 25,210 | 9,222 | (33,007) | 3,659 | |||||||||
Income tax (benefit) provision | (5,337) | 578 | 1,096 | — | (3,663) | |||||||||
Income (loss) from continuing operations | 7,571 | 24,632 | 8,126 | (33,007) | 7,322 | |||||||||
Discontinued operations, net of tax | — | — | 249 | — | 249 | |||||||||
Net income (loss) | $ | 7,571 | $ | 24,632 | $ | 8,375 | $ | (33,007) | $ | 7,571 | ||||
Comprehensive income (loss) | $ | 23,152 | $ | 37,765 | $ | 10,763 | $ | (48,528) | $ | 23,152 |
Nine Months Ended September 30, 2014 | ||||||||||||||
(In thousands) | Parent | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | |||||||||
Net sales | $ | 355,600 | $ | 233,339 | $ | 99,912 | $ | (156,485) | $ | 532,366 | ||||
Cost of goods sold | 318,350 | 217,082 | 92,720 | (155,143) | 473,009 | |||||||||
Gross profit | 37,250 | 16,257 | 7,192 | (1,342) | 59,357 | |||||||||
Operating expenses | 29,588 | 706 | 146 | — | 30,440 | |||||||||
Income (loss) from operations | 7,662 | 15,551 | 7,046 | (1,342) | 28,917 | |||||||||
Other income (expense): | ||||||||||||||
Interest income (expense), net | (26,118) | (173) | 940 | — | (25,351) | |||||||||
Equity in earnings of subsidiaries | 19,446 | — | — | (19,446) | — | |||||||||
Other income (expense), net | (1,591) | 453 | (366) | — | (1,504) | |||||||||
Income (loss) before income taxes from continuing operations | (601) | 15,831 | 7,620 | (20,788) | 2,062 | |||||||||
Income tax (benefit) provision | (3,422) | 1,068 | 1,387 | — | (967) | |||||||||
Income (loss) from continuing operations | 2,821 | 14,763 | 6,233 | (20,788) | 3,029 | |||||||||
Discontinued operations, net of tax | — | — | (208) | — | (208) | |||||||||
Net income (loss) | $ | 2,821 | $ | 14,763 | $ | 6,025 | $ | (20,788) | $ | 2,821 | ||||
Comprehensive income (loss) | $ | 3,766 | $ | 14,738 | $ | 6,956 | $ | (21,694) | $ | 3,766 |
Nine Months Ended September 30, 2015 | Three Months Ended March 31, 2016 | |||||||||||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | Parent Company | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||||||
Net income (loss) | $ | 7,571 | $ | 24,632 | $ | 8,375 | $ | (33,007) | $ | 7,571 | ||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||
Net loss | $ | (4,744) | $ | (146) | $ | (223) | $ | (110) | $ | (5,223) | ||||||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||
Depreciation | 8,302 | 14,142 | 2,882 | — | 25,326 | 3,052 | 4,671 | 1,223 | — | 8,946 | ||||||||||||||||||
Amortization – deferred financing costs | 1,859 | — | — | — | 1,859 | 621 | — | — | — | 621 | ||||||||||||||||||
Amortization – other intangible assets | 6,048 | 126 | — | — | 6,174 | 2,055 | 14 | — | — | 2,069 | ||||||||||||||||||
Loss on disposal of assets | 256 | 39 | (55) | — | 240 | |||||||||||||||||||||||
Loss (gain) on disposal of assets | 146 | (133) | 86 | — | 99 | |||||||||||||||||||||||
Deferred income taxes | (5,299) | 435 | — | — | (4,864) | 14 | — | — | — | 14 | ||||||||||||||||||
Non-cash stock-based compensation | 2,147 | — | — | — | 2,147 | |||||||||||||||||||||||
Non-cash share-based compensation | 614 | — | — | — | 614 | |||||||||||||||||||||||
Equity in earnings of subsidiaries and affiliates | (31,950) | — | — | 31,950 | — | (106) | — | — | 106 | — | ||||||||||||||||||
Change in other operating items | 44,418 | (52,797) | (36) | 1,057 | (7,358) | (29,901) | 11,962 | 227 | 4 | (17,708) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 33,352 | (13,423) | 11,166 | — | 31,095 | (28,249) | 16,368 | 1,313 | — | (10,568) | ||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||||||
Purchases of property, plant, and equipment | (7,499) | (7,449) | (931) | — | (15,879) | (2,632) | (4,157) | (1,943) | — | (8,732) | ||||||||||||||||||
Proceeds from notes receivable | 3,518 | (28,217) | (33,901) | 58,600 | — | (7) | (3,130) | — | 3,137 | — | ||||||||||||||||||
Payments on notes receivable | (26,268) | 75,191 | 32,680 | (81,603) | — | 9,686 | 1,254 | — | (10,939) | — | ||||||||||||||||||
Other | — | (1,903) | — | — | (1,903) | 1,597 | — | (1,597) | — | — | ||||||||||||||||||
Net cash provided by (used in) investing activities | (30,249) | 37,622 | (2,152) | (23,003) | (17,782) | 8,644 | (6,033) | (3,540) | (7,802) | (8,732) | ||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||||
Proceeds from notes payable | 15,312 | 64,288 | — | (58,600) | 21,000 | 21,529 | 7 | — | (3,137) | 18,399 | ||||||||||||||||||
Payments on notes payable | (18,053) | (86,550) | — | 81,603 | (23,000) | (11,000) | (9,686) | — | 10,939 | (9,746) | ||||||||||||||||||
Principal payments on capital leases | — | (1,937) | — | — | (1,937) | — | (656) | — | — | (656) | ||||||||||||||||||
Other | 3,140 | — | (3,164) | — | (24) | |||||||||||||||||||||||
Net cash provided by (used in) financing activities | 399 | (24,199) | (3,164) | 23,003 | (3,961) | 10,529 | (10,335) | — | 7,802 | 7,997 | ||||||||||||||||||
Net increase in cash and cash equivalents | 3,502 | — | 5,850 | — | 9,352 | |||||||||||||||||||||||
Net decrease in cash and cash equivalents | (9,076) | — | (2,227) | — | (11,303) | |||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 22,710 | — | 7,063 | — | 29,773 | 12,127 | — | 17,632 | — | 29,759 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 26,212 | $ | — | $ | 12,913 | $ | — | $ | 39,125 | $ | 3,051 | $ | — | $ | 15,405 | $ | — | $ | 18,456 |
Nine Months Ended September 30, 2014 | Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | Parent Company | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||||||
Net income (loss) | $ | 2,821 | $ | 14,763 | $ | 6,025 | $ | (20,788) | $ | 2,821 | $ | (588) | $ | 6,775 | $ | 1,139 | $ | (7,914) | $ | (588) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||
Depreciation | 8,335 | 13,446 | 3,126 | — | 24,907 | 2,863 | 4,681 | 1,013 | — | 8,557 | ||||||||||||||||||
Amortization – deferred financing costs | 1,859 | — | — | — | 1,859 | 620 | — | — | — | 620 | ||||||||||||||||||
Amortization – other intangible assets | 5,971 | 126 | — | — | 6,097 | 1,997 | 42 | — | — | 2,039 | ||||||||||||||||||
(Gain) loss on disposal of assets | 580 | 62 | 27 | — | 669 | 17 | (18) | — | — | (1) | ||||||||||||||||||
Deferred income taxes | (2,195) | 925 | 678 | — | (592) | 30 | — | — | — | 30 | ||||||||||||||||||
Non-cash stock-based compensation | 1,831 | — | — | — | 1,831 | |||||||||||||||||||||||
Non-cash share-based compensation | 663 | — | — | — | 663 | |||||||||||||||||||||||
Equity in earnings of subsidiaries and affiliates | (20,377) | — | — | 20,377 | — | (7,613) | — | — | 7,613 | — | ||||||||||||||||||
Change in other operating items | 14,837 | (41,354) | (3,212) | 411 | (29,318) | (11,688) | (8,972) | (1,451) | 301 | (21,810) | ||||||||||||||||||
Net cash provided by (used in) operating activities | 13,662 | (12,032) | 6,644 | — | 8,274 | (13,699) | 2,508 | 701 | — | (10,490) | ||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||||||
Purchases of property, plant, and equipment | (8,350) | (11,977) | (407) | — | (20,734) | (2,388) | (1,387) | (296) | — | (4,071) | ||||||||||||||||||
Proceeds from notes receivable | 36,698 | (106,680) | (33,946) | 103,928 | — | (24,726) | (9,691) | — | 34,417 | — | ||||||||||||||||||
Payment on notes receivable | (34,517) | 71,408 | 32,725 | (69,616) | — | 37,197 | 21,683 | — | (58,880) | — | ||||||||||||||||||
Other | (671) | 1,235 | — | — | 564 | 3,164 | — | (3,164) | — | — | ||||||||||||||||||
Net cash provided by (used in) investing activities | (6,840) | (46,014) | (1,628) | 34,312 | (20,170) | 13,247 | 10,605 | (3,460) | (24,463) | (4,071) | ||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||||
Proceeds from notes payable | 19,041 | 94,887 | — | (103,928) | 10,000 | 20,691 | 24,726 | — | (34,417) | 11,000 | ||||||||||||||||||
Payments on notes payable | (42,775) | (36,841) | — | 69,616 | (10,000) | (29,683) | (37,197) | — | 58,880 | (8,000) | ||||||||||||||||||
Other | — | — | — | — | — | — | (642) | — | — | (642) | ||||||||||||||||||
Net cash provided by (used in) financings activities | (23,734) | 58,046 | — | (34,312) | — | (8,992) | (13,113) | — | 24,463 | 2,358 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (16,912) | — | 5,016 | — | (11,896) | |||||||||||||||||||||||
Net decrease in cash and cash equivalents | (9,444) | — | (2,759) | — | (12,203) | |||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 31,018 | — | 2,408 | — | 33,426 | 22,710 | — | 7,063 | — | 29,773 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 14,106 | $ | — | $ | 7,424 | $ | — | $ | 21,530 | $ | 13,266 | $ | — | $ | 4,304 | $ | — | $ | 17,570 |
Defined Benefit Pension | Defined Benefit Post-Retirement | Total | |||||||
Balance as of June 30, 2014 (In thousands) | $ | (20,312) | $ | 2,073 | $ | (18,239) | |||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||
Actuarial costs (reclassified to salaries, wages, and benefits) | 57 | 59 | 116 | ||||||
Prior service costs (reclassified to salaries, wages, and benefits) | 11 | (9) | 2 | ||||||
Foreign currency translation related to pension and postretirement plans | 453 | 1 | 454 | ||||||
Income Tax Expense | (100) | — | (100) | ||||||
Other comprehensive income, net of tax | 421 | 51 | 472 | ||||||
Balance as of September 30, 2014 (In thousands) | $ | (19,891) | $ | 2,124 | $ | (17,767) |
Defined Benefit Pension | Defined Benefit Post-Retirement | Total | |||||||
Balance as of December 31, 2013 (In thousands) | $ | (20,429) | $ | 1,717 | $ | (18,712) | |||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||
Actuarial costs (reclassified to salaries, wages, and benefits) | 158 | 216 | 374 | ||||||
Prior service costs (reclassified to salaries, wages, and benefits) | 33 | (27) | 6 | ||||||
Foreign currency translation related to pension and postretirement plans | 458 | 218 | 676 | ||||||
Income Tax Expense | (111) | — | (111) | ||||||
Other comprehensive income, net of tax | 538 | 407 | 945 | ||||||
Balance as of September 30, 2014 (In thousands) | $ | (19,891) | $ | 2,124 | $ | (17,767) |
(In thousands) | Pension Plan | Post Retirement Plan | Foreign Exchange | Total | |||||||
Balance as of December 31, 2015 | $ | (35,355) | $ | 17,855 | $ | 75 | $ | (17,425) | |||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||
Actuarial costs (reclassified to salaries, wages, and benefits) | 168 | (271) | — | (103) | |||||||
Prior service costs (reclassified to salaries, wages, and benefits) | 11 | (30) | — | (19) | |||||||
Foreign currency translation | (628) | (222) | 14 | (836) | |||||||
Tax expense | 157 | 52 | — | 209 | |||||||
Other comprehensive income (loss), net of tax | (292) | (471) | 14 | (749) | |||||||
Balance as of March 31, 2016 | $ | (35,647) | $ | 17,384 | $ | 89 | $ | (18,174) |
Defined Benefit Pension | Defined Benefit Post-Retirement | Total | |||||||
Balance as of June 30, 2015 (In thousands) | $ | (38,996) | $ | 8,198 | $ | (30,798) | |||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||
Actuarial costs (reclassified to salaries, wages, and benefits) | 304 | 89 | 393 | ||||||
Prior service costs (reclassified to salaries, wages, and benefits) | 11 | (236) | (225) | ||||||
Foreign currency translation related to pension and postretirement plans | 797 | 297 | 1,094 | ||||||
Remeasurements | — | (1,380) | (1,380) | ||||||
Income Tax Expense | (227) | (2,914) | (3,141) | ||||||
Other comprehensive income (loss), net of tax | 885 | (4,144) | (3,259) | ||||||
Balance as of September 30, 2015 (In thousands) | $ | (38,111) | $ | 4,054 | $ | (34,057) |
Defined Benefit Pension | Defined Benefit Post-Retirement | Total | |||||||
Balance as of December 31, 2014 (In thousands) | $ | (40,160) | $ | (9,478) | $ | (49,638) | |||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||
Actuarial costs (reclassified to salaries, wages, and benefits) | 935 | 284 | 1,219 | ||||||
Prior service costs (reclassified to salaries, wages, and benefits) | 33 | (338) | (305) | ||||||
Foreign currency translation related to pension and postretirement plans | 1,502 | 567 | 2,069 | ||||||
Remeasurements | — | 16,491 | 16,491 | ||||||
Income Tax Expense | (421) | (3,472) | (3,893) | ||||||
Other comprehensive income, net of tax | 2,049 | 13,532 | 15,581 | ||||||
Balance as of September 30, 2015 (In thousands) | $ | (38,111) | $ | 4,054 | $ | (34,057) |
(In thousands) | Pension Plan | Post Retirement Plan | Total | |||||
Balance as of December 31, 2014 | $ | (40,160) | $ | (9,478) | $ | (49,638) | ||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||
Actuarial costs (reclassified to salaries, wages, and benefits) | 311 | 101 | 412 | |||||
Prior service costs (reclassified to salaries, wages, and benefits) | 11 | (9) | 2 | |||||
Foreign currency translation related to pension and postretirement plans | 885 | 321 | 1,206 | |||||
Tax expense | (256) | (90) | (346) | |||||
Other comprehensive income (loss), net of tax | 951 | 323 | 1,274 | |||||
Balance as of March 31, 2015 | $ | (39,209) | $ | (9,155) | $ | (48,364) |
Three Months Ended September 30, | Three Months Ended March 31, | |||||||||
(In thousands) | 2015 | 2014 | 2016 | 2015 | ||||||
Net sales | $ | 163,428 | $ | 184,007 | $ | 160,942 | $ | 183,659 | ||
Cost of goods sold | 145,165 | 164,095 | 145,643 | 162,728 | ||||||
Gross profit | 18,263 | 19,912 | 15,299 | 20,931 | ||||||
Operating expenses | 10,765 | 9,868 | 12,881 | 11,603 | ||||||
Income from operations | 7,498 | 10,044 | 2,418 | 9,328 | ||||||
Interest expense, net | (8,249) | (8,444) | (8,401) | (8,350) | ||||||
Other loss, net | (1,142) | (805) | ||||||||
Income tax benefit | (3,671) | (410) | ||||||||
Other income (loss), net | 1,061 | (1,172) | ||||||||
Income tax expense | 301 | 386 | ||||||||
Income from continuing operations | 1,778 | 1,205 | (5,223) | (580) | ||||||
Discontinued operations, net of tax | 42 | (106) | - | (8) | ||||||
Net Income | $ | 1,820 | $ | 1,099 | ||||||
Net loss | (5,223) | (588) | ||||||||
Net loss attributable to noncontrolling interest | (479) | — | ||||||||
Net loss attributable to stockholders | $ | (4,744) | $ | (588) |
Three Months Ended September 30, | Three Months Ended March 31, | |||||||||
(In thousands) | 2015 | 2014 | 2016 | 2015 | ||||||
Wheels | $ | 101,833 | $ | 106,685 | $ | 105,383 | $ | 108,336 | ||
Gunite | 43,823 | 42,357 | 38,713 | 37,740 | ||||||
Brillion | 17,772 | 34,965 | 16,846 | 37,583 | ||||||
Total | $ | 163,428 | $ | 184,007 | $ | 160,942 | $ | 183,659 |
For the Three Months Ended September 30, | For the Three Months Ended March 31, | |||||
2015 | 2014 | 2016 | 2015 | |||
Class 8 | 83,005 | 79,642 | 64,027 | 79,320 | ||
Classes 5-7 | 60,449 | 57,781 | 63,798 | 56,646 | ||
Trailer | 81,538 | 73,028 | 73,754 | 73,987 |
For the Three Months Ended March 31, | |||
2016 | 2015 | ||
European Heavy Trucks (>16t) | 103,740 | 96,321 | |
European Medium Trucks (3.5lt-16t) | 23,413 | 22,280 | |
Trailers | 76,560 | 70,445 |
Three Months Ended September 30, | Three Months Ended March 31, | |||||||||
(In thousands) | 2015 | 2014 | 2016 | 2015 | ||||||
Raw materials | $ | 74,030 | $ | 83,451 | $ | 67,167 | $ | 83,902 | ||
Depreciation | 8,386 | 8,447 | 8,937 | 8,541 | ||||||
Labor and other overhead | 62,749 | 72,197 | 69,539 | 70,285 | ||||||
Total | $ | 145,165 | $ | 164,095 | $ | 145,643 | $ | 162,728 |
Three Months Ended September 30, | |||||
(In thousands) | 2015 | 2014 | |||
Selling, general, and administrative | $ | 6,865 | $ | 6,629 | |
Research and development | 1,805 | 1,194 | |||
Depreciation and amortization | 2,095 | 2,045 | |||
Total | $ | 10,765 | $ | 9,868 |
Three Months Ended March 31, | |||||
(In thousands) | 2016 | 2015 | |||
Selling, general, and administrative | $ | 8,653 | $ | 7,995 | |
Research and development | 2,150 | 1,563 | |||
Depreciation and amortization | 2,078 | 2,045 | |||
Total | $ | 12,881 | $ | 11,603 |
Three Months Ended September 30, | Three Months Ended March 31, | |||||||||
(In thousands) | 2015 | 2014 | 2016 | 2015 | ||||||
Wheels | $ | 13,715 | $ | 11,847 | $ | 11,150 | $ | 13,252 | ||
Gunite | 5,061 | 4,149 | 3,059 | 2,741 | ||||||
Brillion | (3,650) | 1,680 | (3,369) | 2,196 | ||||||
Corporate/Other | (7,628) | (7,632) | (8,422) | (8,861) | ||||||
Total | $ | 7,498 | $ | 10,044 | $ | 2,418 | $ | 9,328 |
Nine Months Ended September 30, | |||||
(In thousands) | 2015 | 2014 | |||
Net sales | $ | 532,467 | $ | 532,366 | |
Cost of goods sold | 467,367 | 473,009 | |||
Gross profit | 65,100 | 59,357 | |||
Operating expenses | 34,090 | 30,440 | |||
Income from operations | 31,010 | 28,917 | |||
Interest expense, net | (24,953) | (25,351) | |||
Other loss, net | (2,398) | (1,504) | |||
Income tax expense (benefit) | (3,663) | (967) | |||
Income from continuing operations | 7,322 | 3,029 | |||
Discontinued operations, net of tax | 249 | (208) | |||
Net Income | $ | 7,571 | $ | 2,821 |
Nine Months Ended September 30, | |||||
(In thousands) | 2015 | 2014 | |||
Wheels | $ | 324,525 | $ | 300,058 | |
Gunite | 128,569 | 134,634 | |||
Brillion | 79,373 | 97,674 | |||
Total | $ | 532,467 | $ | 532,366 |
For the Nine Months Ended September 30, | |||
2015 | 2014 | ||
Class 8 | 250,902 | 220,287 | |
Classes 5-7 | 176,829 | 168,130 | |
Trailer | 235,166 | 200,491 |
Nine Months Ended September 30, | |||||
(In thousands) | 2015 | 2014 | |||
Raw materials | $ | 237,058 | $ | 236,272 | |
Depreciation | 25,285 | 24,858 | |||
Labor and other overhead | 205,024 | 211,879 | |||
Total | $ | 467,367 | $ | 473,009 |
Nine Months Ended September 30, | |||||
(In thousands) | 2015 | 2014 | |||
Selling, general, and administrative | $ | 22,892 | $ | 20,303 | |
Research and development | 5,014 | 4,022 | |||
Depreciation and amortization | 6,184 | 6,115 | |||
Total | $ | 34,090 | $ | 30,440 |
Nine Months Ended September 30, | |||||
(In thousands) | 2015 | 2014 | |||
Wheels | $ | 44,372 | $ | 33,446 | |
Gunite | 15,140 | 14,670 | |||
Brillion | (2,924) | 3,444 | |||
Corporate/Other | (25,578) | (22,643) | |||
Total | $ | 31,010 | $ | 28,917 |
(In thousands) | September 30, 2015 | December 31, 2014 | March 31, 2016 | December 31, 2015 | ||||||
Accounts receivable | $ | 63,735 | $ | 63,570 | ||||||
Receivables | $ | 72,275 | $ | 65,980 | ||||||
Inventories | 36,695 | 43,065 | 40,923 | 47,792 | ||||||
Deferred income taxes (current) | 2,687 | 2,687 | ||||||||
Other current assets | 8,504 | 10,785 | 7,849 | 8,399 | ||||||
Accounts payable | (59,892) | (56,452) | (59,701) | (71,782) | ||||||
Accrued payroll and compensation | (8,032) | (10,620) | (11,262) | (9,232) | ||||||
Accrued interest payable | (5,073) | (12,428) | (5,124) | (12,521) | ||||||
Accrued workers compensation | (2,879) | (3,137) | (2,749) | (3,133) | ||||||
Short-term debt obligations | (8,689) | (10,286) | ||||||||
Other current liabilities | (15,726) | (14,434) | (13,273) | (14,944) | ||||||
Working capital | $ | 20,019 | $ | 23,036 | $ | 20,249 | $ | 273 |
(Dollars in thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | Fair Value | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||
Long-term Debt: | ||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | — | — | — | $ | 310,000 | — | — | $ | 310,000 | $ | 316,975 | |||||||||||||||||||||||||||||||||||
Fixed Rate Debt | — | — | $ | 310,000 | — | — | — | $ | 310,000 | $ | 293,059 | |||||||||||||||||||||||||||||||||||
Average Rate | — | — | — | 9.5% | — | — | 9.5% | — | — | 9.5 % | — | — | — | 9.5% | ||||||||||||||||||||||||||||||||
Variable Rate | — | — | — | $ | 15,000 | — | — | $ | 15,000 | $ | 15,000 | |||||||||||||||||||||||||||||||||||
Variable Rate Debt | — | — | $ | 10,250 | — | — | — | $ | 10,250 | $ | 10,250 | |||||||||||||||||||||||||||||||||||
Average Rate | — | — | — | 2.7% | — | — | 2.7% | — | — | 2.4 % | — | — | — | 2.4% | ||||||||||||||||||||||||||||||||
Short-term Debt: | ||||||||||||||||||||||||||||||||||||||||||||||
Variable Rate Debt | $ | 6,400 | — | — | — | — | — | $ | 6,400 | $ | 6,400 | |||||||||||||||||||||||||||||||||||
Average Rate | 3.6 % | — | — | — | — | — | 3.6% |
Exhibit No. | Description | ||
2.1 | — | Agreement and Plan of Merger, dated as of December 24, 2004, by and among Accuride Corporation, Amber Acquisition Corp., Transportation Technologies Industries, Inc., certain signing stockholders and the Company Stockholders Representatives. Previously filed as an exhibit to the Form 8-K filed on December 30, 2004 and incorporated herein by reference. | |
2.2 | — | Amendment to Agreement and Plan of Merger, dated as of January 28, 2005, by and among Accuride Corporation, Amber Acquisition Corp., Transportation Technologies Industries, Inc. certain signing stockholders and the Company Stockholders Representatives. Previously filed as an exhibit to the Form 8-K filed on February 4, 2005 and incorporated herein by reference. | |
2.3 | — | Third Amended Joint Plan of Reorganization for Accuride Corporation, et al. Previously filed as an exhibit to the Form 8-K filed on February 22, 2010, and incorporated herein by reference. | |
2.4 | — | Confirmation Order for Third Amended Plan of Reorganization. Previously filed as an exhibit to the Form 8-K filed on February 22, 2010, and incorporated herein by reference. | |
2.5 | — | Stock Purchase Agreement by and among Accuride Corporation, Truck Components, Inc., Fabco Automotive Corporation and Fabco Holdings Inc., dated September 26, 2011. Previously filed as an exhibit to the Form 8-K filed on September 30, 2011, and incorporated herein by reference. | |
3.1 | — | Amended and Restated Certificate of Incorporation of Accuride Corporation. Previously filed as an exhibit to the Form 8-K (Acc. No. 0001104659-10-012168) filed on March 4, 2010, and incorporated herein by reference. | |
3.2 | — | Certificate of Amendment to the Amended and Restated Certificate of Incorporation. Previously filed as an exhibit to the Form 8-K (ACC No. 0001104659-10-059191) filed on November 18, 2010, and incorporated herein by reference. | |
3.3 | — | Amended and Restated Bylaws of Accuride Corporation. Previously filed as an exhibit to the Form 8-K (Acc. No. 0001104659-10-004054) filed on February 1, 2011, and incorporated herein by reference. | |
4.1 | — | Registration Rights Agreement, dated February 26, 2010, by and between Accuride Corporation and each of the Holders party thereto. Previously filed as an exhibit to the Form 8-K (Acc. No. 0001104659-10-012168) filed on March 4, 2010 and incorporated herein by reference. | |
4.2 | — | Indenture, dated as of July 29, 2010, by and among Accuride Corporation, the guarantors named therein, Wilmington Trust FSB, as trustee and Deutsche Bank Trust Company Americas, with respect to 9.5% First Priority Senior Secured Notes due 2018. Previously filed as an exhibit to the Form 8-K filed on August 2, 2010 (Acc. No. 0001104659-10-012168) and incorporated herein by reference. | |
4.3 | — | Form of 9.5% First Priority Senior Secured Notes due 2018. Previously filed as an exhibit to Form 8-K filed on August 2, 2010 and incorporated herein by reference. | |
4.4 | — | Intercreditor Agreement, dated as of July 29, 2010, among Deutsche Bank Trust Company Americas, as initial ABL Agent, and Deutsche Bank Trust Company Americas, as Senior Secured Notes Collateral Agent. Previously filed as an exhibit to the Form 8-K filed on August 2, 2010 (Acc. No. 0001104659-10-012168) and incorporated herein by reference. | |
4.5 | — | Joinder and Amendment to Intercreditor Agreement, dated July 11, 2013, by and among Wells Fargo, National Association, a national banking association, as the New ABL Agent and Deutsche Bank Trust Company Americas, as Senior Secured Notes Collateral Agent. Previously filed as an exhibit to the Form 8-K filed on July 12, 2013 and incorporated herein by reference. |
10.1* | — | Form of Performance Bonus Agreement (2016). Previously filed as an exhibit to Form 8-K filed on March 16, 2016 and incorporated herein by reference. | |
10.2* | — | Form of Time-Vesting Cash Bonus Agreement (2016). Previously filed as an exhibit to Form 8-K filed on March 16, 2016 and incorporated herein by reference. | |
10.3* | — | Form of Time-Vesting Cash Bonus Agreement – Non-Employee Director (2016). Previously filed as an exhibit to Form 8-K filed on March 16, 2016 and incorporated herein by reference. | |
31.1† | — | Section 302 Certification of Richard F. Dauch in connection with the Quarterly Report on Form 10-Q on Accuride Corporation for the period ended | |
31.2† | — | Section 302 Certification of | |
32.1†† | — | Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code. | |
101.INS† | — | XBRL Instance Document | |
101.SCH† | — | XBRL Taxonomy Extension Schema Document | |
101.CAL† | — | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB† | — | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE† | — | XBRL Taxonomy Extension Presentation Linkbase Document | |
101.DEF† | — | XBRL Taxonomy Extension Definition Linkbase Document |
† | Filed herewith | |
†† | Furnished herewith | |
* | Management contract or compensatory agreement |
/s/ RICHARD F. DAUCH | Dated: | |
Richard F. Dauch | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
/s/ | Dated: | |
Senior Vice President and Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |