Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 23, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | FOSTER L B CO | ||
Entity Central Index Key | 352,825 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 338,114,276 | ||
Entity Common Stock, Shares Outstanding | 10,232,471 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Trading Symbol | fstr |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 33,312 | $ 52,024 |
Accounts receivable - net | 78,487 | 90,178 |
Inventories - net | 96,396 | 95,089 |
Prepaid income tax | 1,131 | 2,790 |
Other current assets | 5,148 | 4,101 |
Total current assets | 214,474 | 244,182 |
Property, plant and equipment - net | 126,745 | 74,802 |
Other assets: | ||
Goodwill | 81,752 | 82,949 |
Other intangibles - net | 134,927 | 82,134 |
Deferred tax assets | 226 | 93 |
Investments | 5,321 | 5,824 |
Other assets | 3,215 | 1,733 |
Total assets | 566,660 | 491,717 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 55,804 | 67,166 |
Deferred revenue | 6,934 | 8,034 |
Accrued payroll and employee benefits | 10,255 | 13,419 |
Accrued warranty | 8,755 | 11,500 |
Current maturities of long-term debt | 1,335 | 676 |
Other accrued liabilities | 8,563 | 7,899 |
Total current liabilities | 91,646 | 108,694 |
Long-term debt | 167,419 | 25,752 |
Deferred tax liabilities | 8,926 | 7,618 |
Other long-term liabilities | 15,837 | 13,765 |
STOCKHOLDERS' EQUITY: | ||
Common stock, par value $.01, authorized 20,000,000 shares; shares issued at December 31, 2015 and December 31, 2014, 11,115,779; shares outstanding at December 31, 2015 and December 31, 2014, 10,221,006 and 10,242,405, respectively | 111 | 111 |
Paid-in capital | 46,681 | 48,115 |
Retained earnings | 276,571 | 322,672 |
Treasury stock - at cost, common stock, shares at December 31, 2015 and December 31, 2014, 894,773 and 873,374, respectively | (22,591) | (23,118) |
Accumulated other comprehensive loss | (17,940) | (11,892) |
Total stockholders' equity | 282,832 | 335,888 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 566,660 | $ 491,717 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, issued shares | 11,115,779 | 11,115,779 |
Common stock, shares outstanding | 10,221,006 | 10,242,405 |
Treasury stock shares - at cost, common stock | 894,773 | 873,374 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Operations | |||
Sales of goods | $ 537,214 | $ 561,899 | $ 559,846 |
Sales of services | 87,309 | 45,293 | 38,117 |
Total sales | 624,523 | 607,192 | 597,963 |
Cost of goods sold | 420,169 | 449,964 | 458,043 |
Cost of services sold | 70,701 | 35,637 | 23,981 |
Total cost of sales | 490,870 | 485,601 | 482,024 |
Gross profit | 133,653 | 121,591 | 115,939 |
Selling and administrative expenses | 92,648 | 79,814 | 71,256 |
Amortization expense | 12,245 | 4,695 | 3,112 |
Impairment of goodwill | 80,337 | 0 | 0 |
Interest expense | 4,378 | 512 | 485 |
Interest income | (206) | (530) | (659) |
Equity in loss (income) of nonconsolidated investments | 413 | (1,282) | (1,316) |
Other income | (5,585) | (678) | (1,077) |
Total operating expenses | 184,230 | 82,531 | 71,801 |
(Loss) income from operations, before income taxes | (50,577) | 39,060 | 44,138 |
Income tax (benefit) expense | (6,132) | 13,404 | 14,848 |
Net (loss) income | $ (44,445) | $ 25,656 | $ 29,290 |
Basic (loss) earnings per common share | $ (4.33) | $ 2.51 | $ 2.88 |
Diluted (loss) earnings per common share | (4.33) | 2.48 | 2.85 |
Dividends paid per common share | $ 0.16 | $ 0.13 | $ 0.12 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Consolidated Statements of Comprehensive (Loss) Income | ||||
Net (loss) income | $ (44,445) | $ 25,656 | $ 29,290 | |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustment | (6,947) | (4,863) | (3,475) | |
Unrealized loss on cash flow hedges, net of tax benefit of $76 | (121) | 0 | 0 | |
Pension and post-retirement benefit plans, net of tax expense (benefit): $208, ($1,383), and $1,199 | 631 | (2,631) | 2,258 | |
Reclassification of pension liability adjustments to earnings, net of tax expense of $160, $63 and $134 | [1] | 389 | 185 | 303 |
Other comprehensive loss, net of tax | (6,048) | (7,309) | (914) | |
Comprehensive (loss) income | $ (50,493) | $ 18,347 | $ 28,376 | |
[1] | Reclassifications out of accumulated other comprehensive income for pension obligations are charged to selling and administrative expense. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Comprehensive (Loss) Income | |||
Unrealized loss on cash flow hedges, tax benefit | $ 76 | ||
Pension liability adjustments, tax (benefit) expense | 208 | $ (1,383) | $ 1,199 |
Reclassification of pension liability adjustments to earnings, tax (benefit) expense | $ 160 | $ 63 | $ 134 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ (44,445) | $ 25,656 | $ 29,290 |
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||
Deferred income taxes | (14,582) | (2,914) | 3,244 |
Depreciation | 14,429 | 7,882 | 6,890 |
Amortization | 12,245 | 4,695 | 3,112 |
Impairment of goodwill | 80,337 | 0 | 0 |
Equity loss (income) and remeasurement gain | (167) | (1,282) | (1,316) |
(Gain) loss on sales and disposals of property, plant, and equipment | (2,064) | 21 | 127 |
Share-based compensation | 1,471 | 3,007 | 2,156 |
Excess income tax benefit from share-based compensation | (253) | (336) | (203) |
Change in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 31,223 | 15,311 | (36,782) |
Inventories | 4,331 | (9,872) | 29,919 |
Other current assets | 3,248 | (1,004) | (310) |
Prepaid income tax | 1,134 | 2,530 | (6,882) |
Other noncurrent assets | (909) | (386) | 264 |
Dividends from LB Pipe & Coupling Products, LLC | 90 | 630 | 558 |
Accounts payable | (17,204) | 16,285 | (5,206) |
Deferred revenue | (2,279) | 591 | (1,805) |
Accrued payroll and employee benefits | (5,136) | 2,542 | (608) |
Other current liabilities | (4,189) | 2,732 | (7,561) |
Other liabilities | (1,108) | 651 | (732) |
Net cash provided by operating activities | 56,172 | 66,739 | 14,155 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from the sale of property, plant, and equipment | 5,339 | 184 | 0 |
Capital expenditures on property, plant and equipment | (14,913) | (17,056) | (9,674) |
Acquisitions, net of cash acquired | (196,001) | (80,797) | (37,500) |
Capital contributions to equity method investments | 0 | (82) | 0 |
Net cash used by investing activities | (205,575) | (97,751) | (47,174) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of debt | (161,068) | (125) | (6) |
Proceeds from debt | 301,063 | 24,516 | 0 |
Proceeds from exercise of stock options and stock awards | 68 | 131 | 35 |
Financing fees | (1,670) | (473) | 0 |
Treasury stock acquisitions | 2,701 | 985 | 708 |
Cash dividends on common stock paid to shareholders | (1,656) | (1,345) | (1,240) |
Excess income tax benefit from share-based compensation | 253 | 336 | 203 |
Net cash provided (used) by financing activities | 134,289 | 22,055 | (1,716) |
Effect of exchange rate changes on cash and cash equivalents | (3,598) | (3,642) | (2,106) |
Net decrease in cash and cash equivalents | (18,712) | (12,599) | (36,841) |
Cash and cash equivalents at beginning of period | 52,024 | 64,623 | 101,464 |
Cash and cash equivalents at end of period | 33,312 | 52,024 | 64,623 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | 3,674 | 362 | 330 |
Income taxes paid | 7,835 | 14,617 | 18,697 |
Capital expenditures funded through financing agreements | $ 288 | $ 1,981 | $ 0 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total |
Balance, at Dec. 31, 2012 | $ 111 | $ 46,290 | $ 270,311 | $ (25,468) | $ (3,669) | $ 287,575 |
Net (loss) income | 29,290 | 29,290 | ||||
Other comprehensive income (loss) net of tax: | ||||||
Pension liability adjustment | 2,561 | 2,561 | ||||
Foreign currency translation adjustment | (3,475) | (3,475) | ||||
Unrealized derivative loss on cash flow hedges | 0 | |||||
Issuance of Common shares, net of shares withheld for taxes | (1,410) | 737 | (673) | |||
Stock based compensation and related excess tax benefit | 2,359 | 2,359 | ||||
Cash dividends on common stock paid to shareholders | (1,240) | (1,240) | ||||
Balance, at Dec. 31, 2013 | 111 | 47,239 | 298,361 | (24,731) | (4,583) | 316,397 |
Net (loss) income | 25,656 | 25,656 | ||||
Other comprehensive income (loss) net of tax: | ||||||
Pension liability adjustment | (2,446) | (2,446) | ||||
Foreign currency translation adjustment | (4,863) | (4,863) | ||||
Unrealized derivative loss on cash flow hedges | 0 | |||||
Issuance of Common shares, net of shares withheld for taxes | (2,467) | 1,613 | (854) | |||
Stock based compensation and related excess tax benefit | 3,343 | 3,343 | ||||
Cash dividends on common stock paid to shareholders | (1,345) | (1,345) | ||||
Balance, at Dec. 31, 2014 | 111 | 48,115 | 322,672 | (23,118) | (11,892) | 335,888 |
Net (loss) income | (44,445) | (44,445) | ||||
Other comprehensive income (loss) net of tax: | ||||||
Pension liability adjustment | 1,020 | 1,020 | ||||
Foreign currency translation adjustment | (6,947) | (6,947) | ||||
Unrealized derivative loss on cash flow hedges | (121) | (121) | ||||
Purchase of Common shares for Treasury | (1,587) | (1,587) | ||||
Issuance of Common shares, net of shares withheld for taxes | (3,158) | 2,114 | (1,044) | |||
Stock based compensation and related excess tax benefit | 1,724 | 1,724 | ||||
Cash dividends on common stock paid to shareholders | (1,656) | (1,656) | ||||
Balance, at Dec. 31, 2015 | $ 111 | $ 46,681 | $ 276,571 | $ (22,591) | $ (17,940) | $ 282,832 |
Consolidated Statements Of Sto9
Consolidated Statements Of Stockholders' Equity (Parentheticals) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Purchase of Common shares for Treasury | 80,512 | ||
Common shares issued, net shares withheld for taxes | 59,113 | 53,884 | 39,123 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Basis of financial statement presentation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, ventures, and partnerships in which a controlling interest is held. Inter-company transactions and accounts have been eliminated. The Company utilizes the equity method of accounting for companies where its ownership is less than or equal to 50% and significant influence exists. Cash and cash equivalents The Company considers cash and other instruments with maturities of three months or less, when purchased, to be cash and cash equivalents . The Company invests available funds in a manner to maximize returns, preserve investment principal, and maintain liquidity while seeking the highest yield available. Cash and cash equivalents held in non-domestic accounts was approximately $ 29,700 and $ 49,233 at December 31, 2015 and 2014, respectively. Included in non-domestic cash equivalents are investments in bank term deposits of approximately $ 1 ,939 and $ 25 at December 31, 2015 and 2014, respectively. The carrying amounts approximated fair value because of the short maturity of the instruments. Inventories Certain inventories are valued at the lower of the last-in, first-out (āLIFOā) cost or market. Approximately 43 % in 2015 and 44 % in 2014, of the Companyās inventory is valued at average cost or market, whichever is lower. Slow-moving inventory is reviewed and adjusted regularly, based upon product knowledge, physical inventory observation, and the age of the inventory. Property, plant, and equipment Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of 5 to 40 years for buildings and 2 to 10 years for machinery and equipment. Leasehold improvements are amortized over 3 to 13 years, which represent the lives of the respective leases or the lives of the improvements, whichever is shorter. Depreciation expense is recorded within ācost of salesā and āselling and administrativeā expenses based upon the particular assetās use. The Company reviews a long-lived asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no material asset impairments recorded for the years ended December 31, 2015, 2014 , or 2013. Maintenance, repairs, and minor renewals are charged to operations as incurred. Major renewals and betterments that substantially extend the useful life of the property are capitalized at cost. Upon sale or other disposition of assets, the costs and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in income. Allowance for doubtful accounts The allowance for doubtful accounts is recorded to reflect the ultimate realization of the Companyās accounts receivable and includes assessment of the probability of collection and the credit-worthiness of certain customers. Reserves for uncollectible accounts are recorded as part of selling and administrative expenses on the Consolidated Statements of Operations. The Company records a monthly provision for accounts receivable that are considered to be uncollectible. In order to calculate the appropriate monthly provision, the Company reviews its accounts receivable aging and calculates an allowance through application of historic reserve factors to overdue receivables. This calculation is supplemented by specific account reviews performed by the Companyās credit department. As necessary, the application of the Companyās allowance rates to specific customers is reviewed and adjusted to more accurately reflect the credit risk inherent within that customer relationship. Investments Investments in companies in which the Company has the ability to exert significant influence, but not control, over operating and financial policies (generally 20% to 50% ownership) are accounted for using the equity method. Under the equity method, investments are initially recorded at cost and adjusted for dividends and undistributed earnings and losses. The equity method of accounting requires a company to recognize a loss in the value of an equity method investment that is other than a temporary decline. Goodwill and other intangible assets Goodwill is tested annually for impairment or more often if there are indicators of impairment. The goodwill impairment test involves comparing the fair value of a reporting unit to its carrying value, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, a second step is required to measure the goodwill impairment loss. This step compares the implied fair value of the reporting unitās goodwill to the carrying amount of that goodwill. If the carrying amount of the goodwill exceeds the implied fair value of the goodwill, an impairment loss equal to the excess is recorded as a component of operations. The Company performs its annual impairment tests as of October 1 st . During 2015, the Company identified certain triggering events that indicated an interim impairment test was required. As a result of the interim assessment as of September 1, 2015, the Company recorded impairment charges of $80,337 ( $63,887 net of taxes) during 2015 related to the acquisitions of IOS and Chemtec. The measurement of goodwill impairment is a Level 3 fair value measurement, as the primary assumptions, including estimates of future revenue growth, gross margin, and EBITDA margin, are not market observable and require management to make judgements regarding future outcomes. Additional information concerning the impairments is set forth in Note 4 to the financial statements. No additional charges were recorded as a result of the 2015 annual impairment test. No goodwill impairment was recognized during 2014 or 2013 . The Company has no indefinite-lived intangible assets. The Company reviews a long-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. All intangible assets are amortized over their useful lives ranging from 5 to 25 years, with a total weighted average amortization period of approximately 14 years, at December 31, 2015. See Note 4 for additional information including regarding the Companyās other intangible assets. Environmental remediation and compliance Environmental remediation costs are accrued when the liability is probable and costs are estimable. Environmental compliance costs, which principally include the disposal of waste generated by routine operations, are expensed as incurred. Capitalized environmental costs, when appropriate, are depreciated over their useful life. Reserves are not reduced by potential claims for recovery. Claims for recovery are recognized as agreements are reached with third parties or as amounts are received. Reserves are periodically reviewed throughout the year and adjusted to reflect current remediation progress, prospective estimates of required activity, and other factors that may be relevant, including changes in technology or regulations. See Note 19, āCommitments and Contingent Liabilities,ā for additional information regarding the Companyās outstanding environmental and litigation reserves. Earnings per share Basic earnings per share is calculated by dividing net income by the weighted average of common shares outstanding during the year. Diluted earnings per share is calculated by using the weighted average of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options and restricted stock utilizing the treasury stock method. Revenue recognition The Companyās revenues are comprised of product and service sales as well as products and services provided under long-term contracts. For product and service sales, the Company recognizes revenue when the following criteria have been satisfied; persuasive evidence of a sales arrangement exists, product delivery and transfer of title to the customer has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Generally, product title passes to the customer upon shipment. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at its physical location. Revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Shipping and handling costs are included in cost of goods sold. Revenues for products and services under long-term contracts are recognized using the percentage-of-completion method. Sales and gross profit are recognized as work is performed based upon the proportion of actual costs incurred to estimated total project costs. Sales and gross profit are adjusted prospectively for revisions in estimated total project costs and contract values. For certain products and services, the percentage of completion is based upon actual labor costs as a percentage of estimated total labor costs. At the time a loss contract becomes known, the entire amount of the estimated loss is recognized in the Consolidated Statement of Operations. Revenue recognition involves judgments, including assessments of expected returns, the likelihood of nonpayment , and estimates of expected costs and profits on long-term contracts. In determining when to recognize revenue, we analyze various factors, including the specifics of the transaction, historical experience, creditworthiness of the customer, and current market and economic conditions. Changes in judgments on these factors could impact the timing and amount of revenue recognized with a resulting impact on the timing and amount of associated income. Costs in excess of billings are classified as work-in-process inventory. Projects with billings in excess of costs are recorded within deferred revenue. Deferred revenue Deferred revenue consists of customer payments received for which the revenue recognition criteria have not yet been met as well as billings in excess of costs on percentage of completion projects. Advanced payments from customers typically relate to contracts with respect to which the Company has significantly fulfilled its obligations, but due to the Companyās continuing involvement with the project, revenue is precluded from being recognized until title, ownership, and risk of loss have passed to the customer. Fair value of financial instruments The Companyās financial instruments consist of cash equivalents, accounts receivable, accounts payable, interest rate swap agreements, and debt. The carrying amounts of the Companyās financial instruments at December 31, 2015 and 2014 approximate fair value. See Note 18, āFair Value Measurements,ā for additional information. Stock-based compensation The Company applies the provisions of FASB ASC 718, āCompensation ā Stock Compensation,ā to account for the Companyās share-based compensation. Under the guidance, share-based compensation cost is measured at the grant date based on the calculated fair value of the award. The expense is recognized over the employeesā requisite service period, generally the vesting period of the award. See Note 15, āStare-based Compensation,ā for additional information. Product warranty The Company maintains a current warranty liability for the repair or replacement of defective products. For certain manufactured products, an accrual is made on a monthly basis as a percentage of cost of sales based upon historical experience. For long-lived construction products, a warranty is established when the claim is known and quantifiable. The product warranty accrual is periodically adjusted based on the identification or resolution of known individual product warranty claims or due to changes in the Companyās historical warranty experience. At December 31, 2015 and 2014, the product warranty reserve was $ 8,755 and $ 11,500 , respectively. See Note 19, āCommitments and Contingenciesā for additional information regarding the product warranty. Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax laws and rates expected to be in effect when such differences are recovered or settled. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date of the change. The Company makes judgments regarding the recognition of deferred tax assets and the future realization of these assets. As prescribed by Financial Accounting Standards Board (āFASBā) Accounting Standards Codification (āASCā) 740 āIncome Taxesā and applicable guidance, valuation allowances must be provided for those deferred tax assets for which it is more likely than not (a likelihood more than 50%) that some portion or all of the deferred tax assets will not be realized. The guidance requires the Company to evaluate positive and negative evidence regarding the recoverability of deferred tax assets. Determination of whether the positive evidence outweighs the negative evidence and quantification of the valuation allowance requires the Company to make estimates and judgments of future financial results. The Company evaluates all tax positions taken on its federal, state, and foreign tax filings to determine if the position is more likely than not to be sustained upon examination. For positions that meet the more likely than not to be sustained criteria, the largest amount of benefit to be realized upon ultimate settlement is determined on a cumulative probability basis. A previously recognized tax position is derecognized when it is subsequently determined that a tax position no longer meets the more likely than not threshold to be sustained. The evaluation of the sustainability of a tax position and the expected tax benefit is based on judgment, historical experience, and various other assumptions. Actual results could differ from those estimates upon subsequent resolution of identified matters. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. Foreign currency translation The assets and liabilities of our foreign subsidiaries are measured using the local currency as the functional currency and are translated into U.S. dollars at exchange rates as of the balance sheet date. Income statement amounts are translated at the weighted-average rates of exchange during the year. The translation adjustment is accumulated as a separate component of accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in determining net income. Included in net income for the years ended December 31, 2015, 2014, and 2013 were foreign currency transaction gains of approximately $1,616, $ 422 , and $433 , respectively. Research and development The Company expenses research and development costs as costs are incurred. For the years ended December 31, 2015, 2014, and 2013, research and development expenses were $ 3,937 , $ 3,096, and $ 3,154 , respectively, and were principally related to the Companyās friction management and railroad monitoring system products. Use of estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (āGAAPā) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Reclassifications Certain accounts in the prior year consolidated financial statements have been reclassified for comparative purposes principally to conform to the presentation in the current year period. These reclassifications include separately presenting sales of services and cost of services sold to reflect the Companyās increased service offerings attributable to the recent acquisitions disclosed in Note 3 and a change in GAAP, as further described below. Recently issued accounting guidance In May 2014, the Financial Accounting Standards Board (āFASBā) issued Accounting Standard Update (āASUā) 2014-09, āRevenue from Contracts with Customers (Topic 606)ā (āASU 2014-09ā), which supersedes the revenue recognition requirements in Accounting Standards Codification 605, āRevenue Recognition.ā ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating its implementation approach and assessing the impact of ASU 2014-09 on our financial position and results of operations. In July 2015, the FASB issued ASU No. 2015-11, āInventory (Topic 330): Simplifying the Measurement of Inventory.ā The pronouncement was issued to simplify the measurement of inventory and changes the measurement from lower of cost or market to lower of cost and net realizable value. This pronouncement is effective for reporting periods beginning after December 15, 2016. The adoption of ASU 2015-11 is not expected to have a significant impact on our financial position or results of operations. Recently adopted accounting guidance In April 2015, the FASB issued ASU No. 2015-03, āInterest-Imputation of Interest (Topic 835-30): Simplifying the Presentation of Debt Issuance Costsā, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Debt issuance costs related to line of credit arrangements may continue to be reflected as an asset. The recognition and measurement guidance of debt issuance costs are not affected by the amendments in this update. The standard is effective for financial statements issued for annual periods beginning after December 15, 2015, and interim periods within those annual periods. The Company early adopted the new guidance in the fourth quarter of 2015 and there was no impact to the consolidated financial statements from the adoption of this guidance. In September 2015, the FASB issued ASU No. 2015-16 āBusiness Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustmentsā (āASU 2015-16ā). ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Prior to the issuance of the standard, entities were required to retrospectively apply adjustments made to provisional amounts recognized in a business combination. ASU 2015-16 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, and early adoption is permitted. Accordingly, the standard is effective for the Company on January 1, 2016. The Company early adopted the new guidance in the fourth quarter of 2015 and there was no impact to the consolidated financial statements from the adoption of this guidance. In November 2015, the FASB issued ASU No. 2015-17, āIncome Taxes (Topic 740): Balance Sheet Classification of Deferred Taxesā ("ASU 2015-17"). This new guidance requires businesses to classify deferred tax liabilities and assets on their balance sheets as noncurrent. Under existing accounting, a business must separate deferred income tax liabilities and assets into current and noncurrent. ASU 2015-17 was issued as a way to simplify the way businesses classify deferred tax liabilities and assets on their balance sheets. Public companies must apply ASU 2015-17 to fiscal years beginning after December 15, 2016. Companies must follow the requirements for interim periods within those fiscal years, but early adoption at the beginning of an interim or annual period is allowed for all entities. The Company adopted t his guidance during the fourth quarter of 2015 on a retrospective basis, which resulted in the reclassification of $3,497 current deferred tax assets and $77 current deferred tax liabilities to non-current as of December 31, 2014. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
Business Segments [Abstract] | |
BUSINESS SEGMENTS | Note 2. Business Segments The Company is a leading manufacturer, fabricator, and distributor of products and services for rail, construction, energy, and utility markets. The Company is organized and evaluated by product group, which is the basis for identifying reportable segments. Each segment represents a revenue-producing component of the Company for which separate financial information is produced internally that is subject to evaluation by the Companyās chief operating decision maker in deciding how to allocate resources. Each segment is evaluated based upon their segment profit contribution to the Companyās consolidated results. As a result of recently completed acquisitions, during the first quarter of 2015, the Company renamed the Rail Products and Tubular Products business segments to be Rail Products and Services and Tubular and Energy Services, respectively. The name changes principally reflect the additional businesses conducted by those segments as a result of acquisitions that have enhanced our product and service offerings within the rail and energy markets. Excluding the addition of current year acquisitions, there were no changes to the divisions that have been aggregated within the segments nor were there changes to the historical reportable segment results. The Company markets its products directly in all major industrial areas of the United States, Canada, and Europe, primarily through an internal sales force. The Companyās Rail Products and Services segment provides a full line of new and used rail, trackwork, and accessories to railroads, mines, and other customers in the rail industry. The Rail segment also designs and produces insulated rail joints, power rail, track fasteners, concrete railroad ties, coverboards, and special accessories for mass transit and other rail systems. In addition, the Rail Products and Services segment engineers, manufactures, and assembles friction management products and railway wayside data collection and management systems. The Companyās Construction Products segment sells and rents steel sheet piling, H-bearing pile, and other piling products for foundation and earth retention requirements. The Companyās Fabricated Products division sells bridge decking, bridge railing, structural steel fabrications, expansion joints, bridge forms, and other products for highway construction and repair. The concrete products businesses produce precast concrete buildings and a variety of specialty precast concrete products. The Companyās Tubular and Energy Services segment provides pipe coatings for natural gas pipelines and utilities, upstream test and inspection services, precision measurement systems for the oil and gas market, and produces threaded pipe products for the oil and gas markets as well as industrial water well and irrigation markets. The following table illustrates net sales, profit (loss), assets, depreciation/amortization, and expenditures for long-lived assets of the Company by segment for the years ended or at December 31, 2015, 2014, and 2013. Segment profit is the earnings from operations before income taxes and includes internal cost of capital charges for net assets used in the segment at a rate of generally 1% per month excluding recently acquired businesses. The internal cost of capital charges are eliminated during the consolidation process. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies except that the Company accounts for inventory on a First-In, First-Out (āFIFOā) basis at the segment level compared to a Last-In, First-Out (āLIFOā) basis at the consolidated level . 2015 Expenditures Net Segment Segment Depreciation/ for Long-Lived Sales Profit (Loss) Assets Amortization Assets Rail Products and Services $ 328,982 $ 27,037 $ 241,222 $ 8,098 $ 4,273 Construction Products 176,394 12,958 86,335 2,720 1,260 Tubular and Energy Services 119,147 (81,344) * 216,715 14,857 4,303 Total $ 624,523 $ (41,349) $ 544,272 $ 25,675 $ 9,836 2014 Expenditures Net Segment Segment Depreciation/ for Long-Lived Sales Profit Assets Amortization Assets Rail Products and Services $ 374,615 $ 30,093 $ 239,951 $ 6,153 $ 5,115 Construction Products 178,847 13,106 102,978 2,232 3,343 Tubular and Energy Services 53,730 5,350 130,289 3,208 6,988 Total $ 607,192 $ 48,549 $ 473,218 $ 11,593 $ 15,446 2013 Expenditures Net Segment Segment Depreciation/ for Long-Lived Sales Profit Assets Amortization Assets Rail Products and Services $ 363,667 $ 28,692 $ 252,049 $ 6,505 $ 3,383 Construction Products 191,751 10,206 77,900 1,758 1,805 Tubular and Energy Services 42,545 9,208 51,497 1,054 2,460 Total $ 597,963 $ 48,106 $ 381,446 $ 9,317 $ 7,648 * - Segment loss includes impairment of goodwill as further described in Note 4. During 2015, 2014, and 2013, no single customer accounted for more than 10% of the Companyās consolidated net sales. Sales between segments are immaterial. Reconciliations of reportable segment net sales, profits, assets, depreciation/amortization, and expenditures for long-lived assets to the Companyās consolidated totals are illustrated as follows for the years ended and as of December 31: 2015 2014 2013 (Loss) income from Operations: Total for reportable segments $ (41,349) $ 48,549 $ 48,106 Adjustment of inventory to LIFO 2,468 738 37 Unallocated interest income 206 530 659 Unallocated equity in (loss) income of nonconsolidated investments (413) 1,282 1,316 Unallocated corporate amounts (11,489) (12,039) (5,980) (Loss) income from operations, before income taxes $ (50,577) $ 39,060 $ 44,138 Assets: Total for reportable segments $ 544,272 $ 473,218 $ 381,446 Unallocated corporate assets 28,209 26,788 40,774 LIFO (5,821) (8,289) (9,027) Total assets $ 566,660 $ 491,717 $ 413,193 Depreciation/Amortization: Total for reportable segments $ 25,675 $ 11,593 $ 9,317 Other 999 984 685 Total $ 26,674 $ 12,577 $ 10,002 Expenditures for Long-Lived Assets: Total for reportable segments $ 9,836 $ 15,446 $ 7,648 Expenditures funded through financing agreements 288 1,981 - Other expenditures 5,077 1,610 2,026 Total $ 15,201 $ 19,037 $ 9,674 The following table summarizes the Companyās sales by major geographic region in which the Company has operations for the years ended December 31: 2015 2014 2013 United States $ 522,404 $ 498,025 $ 495,710 Canada 40,545 39,375 37,290 United Kingdom 26,817 22,625 16,548 Other 34,757 47,167 48,415 $ 624,523 $ 607,192 $ 597,963 The following table summarizes the Companyās long-lived assets by geographic region at December 31: 2015 2014 2013 United States $ 118,053 $ 66,905 $ 40,717 Canada 6,186 7,440 8,833 Other 2,506 457 559 $ 126,745 $ 74,802 $ 50,109 The following table summarizes the Companyās sales by major product line: 2015 2014 2013 Rail distribution products $ 126,277 $ 139,529 $ 144,911 Rail Technologies products 98,237 109,053 88,670 Piling products 94,853 111,182 140,302 Concrete products 52,044 36,396 32,969 Test and inspection services 35,906 - - CXT concrete tie products 35,740 52,562 44,108 Allegheny Rail Products 35,155 45,008 36,666 Other products 146,311 113,462 110,337 $ 624,523 $ 607,192 $ 597,963 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | Note 3. Acquisitions TEW Plus, LTD On November 23, 2015 , the Company acquired the 75% balance of the remaining shares of TEW Plus, LTD (āTew Plusā) for $2,130 , net of cash acquired . Headquartered in Nottingham, UK, Tew Plus provides telecommunications and security systems to the railway and commercial markets. Their offerings include full installation services including: design, project management, survey, and commissioning along with future maintenance. The results of Tew Plusā operations are included within the Rail Products and Services segment from the date of acquisition. Inspection Oilfield Services On March 13, 2015 , the Company acquired IOS Holdings, Inc. (āIOSā) for $167,404 , net of cash acquired and a net working capital receivable adjustment of $2,363 . The purchase agreement includes an earn-out provision for the seller to generate an additional $60,000 of proceeds upon achieving certain levels of EBITDA during the three year period beginning on January 1, 2015. The Company has not accrued an estimated earn-out obligation based upon a probability weighted valuation model of the projected EBITDA results, which indicates that the minimum target will not be achieved. Approximately $7,600 of the purchase price relates to amounts held in escrow to satisfy potential indemnity claims made under the purchase agreement. Headquartered in Houston, TX, IOS is a leading independent provider of tubular management services with operations in every significant oil and gas producing region in the continental United States. The acquisition is included within our Tubular and Energy Services segment from the date of acquisition. See Note 4 with respect to an impairment of the goodwill related to this acquisition. TEW Holdings, LTD On January 13, 2015 , the Company acquired TEW Holdings, LTD (āTewā) for $26,467 , net of cash acquired, working capital, and net debt adjustments totaling $4,200 . The purchase price includes approximately $600 which is held in escrow to satisfy potential indemnity claims made under the purchase agreement. Headquartered in Nottingham, UK, Tew provides application engineering solutions primarily to the rail market and other major industries. The results of Tewās operations are included within the Rail Products and Services segment from the date of acquisition. Chemtec Energy Services, L.L.C. On December 30, 2014 , the Company acquired Chemtec Energy Services, L.L.C. (āChemtecā) for $66,719 , net of cash received, which is inclusive of $1,867 related to working capital adjustments. The cash payment included $5,000 which is held in escrow to satisfy potential indemnity claims made under the purchase agreement. Headquartered in Willis, TX, Chemtec is a domestic manufacturer and turnkey provider of blending, injection, and metering equipment for the oil and gas industry. The acquired business is included within our Tubular and Energy Services segment. See Note 4 with respect to an impairment of the goodwill related to this acquisition. FWO On October 29, 2014 , the Company acquired FWO , a business of Balfour Beatty Rail GmbH for $1,103 , inclusive of a $161 post-closing working capital receivable adjustment. Headquartered in Germany, FWO is engaged in the electronic track lubrication and maintenance business and has been included in our Rail Products and Services segment. Carr Concrete On July 7, 2014 , the Company acquired Carr Concrete Corporation (āCarrā) for $12,480 , inclusive of a $189 post-closing purchase price adjustment. Carr is a provider of pre-stressed and precast specialty concrete products located in Waverly, WV. Included within the purchase price is $1,000 which is held in escrow to satisfy potential indemnity claims made under the purchase agreement. The results of Carrās operations are included in our Construction Products segment. Acquisition Summary Each transaction was accounted for under the acquisition method of accounting under U.S. generally accepted accounting principles which requires an acquiring entity to recognize, with limited exceptions, all of the assets acquired and liabilities assumed in a transaction at fair value as of the acquisition date. Goodwill primarily represents the value paid for each acquisitionās enhancement to the Companyās product and service offerings and capabilities, as well as a premium payment related to the ability to control the acquired assets. The Company has concluded that intangible assets and goodwill values resulting from the Chemtec, FWO, and Carr transactions will be deductible for tax purposes. The Company incurred $760 and $2,240 of acquisition-related costs which are included in the results of operations within selling and administrative costs for the years ended December 31, 2015 and 2014. The following unaudited pro forma consolidated income statement presents the Companyās results as if the acquisitions of IOS, Tew, and Chemtec had occurred on January 1, 2014. The 2015 pro forma results include the impact of the current year impairment of goodwill as further described in Note 4. Twelve months ended December, 31 2015 2014 Net sales $ 640,596 $ 806,384 Gross profit 138,123 183,163 Net (loss) income (44,399) 41,745 Diluted (loss) earnings per share As Reported $ (4.33) $ 2.48 Pro forma $ (4.32) $ 4.04 The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition : Allocation of Purchase Price November 23, 2015 - Tew Plus March 13, 2015 - IOS January 13, 2015 - Tew December 30, 2014 - Chemtec October 29, 2014 - FWO July 7, 2014 - Carr Current assets $ 4,420 $ 19,877 $ 12,125 $ 15,528 $ 131 $ 3,180 Other assets - 708 - - - 45 Property, plant, and equipment 47 51,453 2,398 4,705 - 7,648 Goodwill 822 69,908 * 8,772 22,302 * 971 1,936 Other intangibles 1,074 50,354 14,048 33,130 419 1,348 Liabilities assumed (3,597) (23,596) (6,465) (6,756) (418) (1,677) Total $ 2,766 $ 168,704 $ 30,878 $ 68,909 $ 1,103 $ 12,480 * - See Note 4 with respect to an impairment of the goodwill related to this acquisition. The following table summarizes the estimates of the fair values and amortizable lives of the identifiable intangible assets acquired: Intangible Asset November 23, 2015 - Tew Plus March 13, 2015 - IOS January 13, 2015 - Tew December 30, 2014 - Chemtec October 29, 2014 - FWO July 7, 2014 - Carr Trade name $ - $ 2,641 $ 870 $ 3,149 $ - $ 613 Customer relationships 817 41,171 10,035 23,934 34 524 Technology 203 4,364 2,480 4,930 341 87 Non-competition agreements 54 2,178 663 1,117 44 124 Total identified intangible assets $ 1,074 $ 50,354 $ 14,048 $ 33,130 $ 419 $ 1,348 The purchase price allocation for Tew Plus is based on a preliminary valuation. If new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement recognized for assets or liabilities assumed, the Company will recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | Note 4. Goodwill and Other Intangible Assets The following table represents the goodwill balance by reportable segment: Rail Products and Services Construction Products Tubular and Energy Services Total Balance at December 31, 2014 $ 38,956 $ 5,147 $ 38,846 $ 82,949 Acquisitions 9,594 - 69,908 79,502 Foreign currency translation impact (362) - - (362) Impairment charges - - (80,337) (80,337) Balance at December 31, 2015 $ 48,188 $ 5,147 $ 28,417 $ 81,752 The Company performs goodwill impairment tests annually during the fourth quarter, and also performs interim goodwill impairment tests if it is determined that it is more likely than not that the fair value of a reporting unit is less than the carrying amount. Qualitative factors are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than the carrying amount. During the third quarter of 2015, the Companyās IOS and Chemtec reporting units underperformed against their projections and revised their forecasts downward. Additionally, in August 2015, the Company revised its full year outlook as a result of trends in the energy market as well as the loss of sales to Union Pacific Railroad (āUPRRā). The impact of these factors led to a decline in the Companyās market capitalization which fell below the shareholderās equity value. The Company concluded that the aggregation of these events were indications of potential impairments. Based upon these indicators, with the assistance of an independent valuation firm, the Company performed an interim test for impairment of goodwill as of September 1, 2015. The valuation included the use of both the income and market approach. The Company applied greater weighting to the income approach as the Company believes it is the most reliable indication of value as it captures forecasted revenues and earnings for the reporting units in the projection period that the market approach may not directly incorporate. The results of the test indicated that the IOS and Chemtec reporting unitsā respective fair values were less than their carrying values. The fair values of all other reporting units that maintain goodwill exceeded their respective carrying values and were not at risk of impairment. As a result of the impact of the downturn within the energy markets on both reporting units, the expectations of a prolonged period before recovery, and the reduction in active U.S. land oil rig count, which specifically impacted the IOS reporting unit, the near term projections of these reporting units have deteriorated and the expected future growth of each of these reporting units was insufficient to support the carrying values. The Company compared the implied fair values of the IOS and Chemtec goodwill amounts to the carrying amounts of that goodwill. The fair values of the IOS and Chemtec reporting units were allocated to all of the assets and liabilities of the respective reporting unit as if IOS and Chemtec had been acquired in business combinations as of the test date and the fair value was the purchase price paid to acquire each reporting unit. As a result of this valuation, it was determined that the carrying amounts of IOSās and Chemtecās goodwill exceeded the implied fair values of that goodwill. The Company recognized a non-cash goodwill impairment charge of $80,337 ( $63,887 net of taxes) to write down the carrying values to the implied fair values, of which $69,908 represents the full carrying value of goodwill related to the IOS acquisition and the remaining $10,429 relates to the Chemtec reporting unit. No additional impairments were triggered as a result of the Companyās 2015 annual impairment test. The Company performed a recoverability test on the long-lived tangible and definite lived intangible assets related to the IOS and Chemtec acquisitions and concluded that no impairment existed. The Company will continue to monitor these assets, including their respectful useful lives, in future periods. The following table represents the gross intangible assets balance by reportable segment at December 31: 2015 2014 Rail Products and Services $ 59,226 $ 44,781 Construction Products 1,348 3,178 Tubular and Energy Services 98,166 47,812 $ 158,740 $ 95,771 The components of the Companyās intangible assets are as follows at: December 31, 2015 Weighted Average Gross Net Amortization Period Carrying Accumulated Carrying In Years Value Amortization Amount Non-compete agreements 4 $ 6,984 $ (2,495) $ 4,489 Patents 10 378 (124) 254 Customer relationships 16 94,338 (8,441) 85,897 Supplier relationships 5 350 (335) 15 Trademarks and trade names 13 14,252 (3,025) 11,227 Technology 13 42,438 (9,393) 33,045 $ 158,740 $ (23,813) $ 134,927 December 31, 2014 Weighted Average Gross Net Amortization Period Carrying Accumulated Carrying In Years Value Amortization Amount Non-compete agreements 5 $ 4,143 $ (705) $ 3,438 Patents 10 564 (189) 375 Customer relationships 19 44,450 (4,679) 39,771 Supplier relationships 5 350 (268) 82 Trademarks and trade names 14 10,765 (1,855) 8,910 Technology 14 35,499 (5,941) 29,558 $ 95,771 $ (13,637) $ 82,134 Intangible assets are amortized over their useful lives ranging from 5 to 25 years, with a total weighted average amortization period of approximately 14 years. Amortization expense for the years ended December 31, 2015, 2014, and 2013 was $ 12,245 , $ 4,695 , and $ 3,112 , respectively. Estimated amortization expense for the years 2016 and thereafter is as follows: Amortization Expense 2016 $ 13,093 2017 12,200 2018 11,868 2019 11,137 2020 10,706 2021 and thereafter 75,923 $ 134,927 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable [Abstract] | |
ACCOUNTS RECEIVABLE | Note 5. Accounts Receivable Accounts receivable at December 31, 2015 and 2014 are summarized as follows: 2015 2014 Trade $ 79,100 $ 90,494 Allowance for doubtful accounts (1,485) (1,036) 77,615 89,458 Other 872 720 $ 78,487 $ 90,178 The Companyās customers are principally in the rail, construction, and energy sectors. At December 31, 2015 and 2014, trade receivables, net of allowance for doubtful accounts, from customers were as follows: 2015 2014 Rail Products and Services $ 43,155 $ 45,931 Construction Products 20,489 33,760 Tubular and Energy Services 13,971 9,767 $ 77,615 $ 89,458 Credit is extended based upon an evaluation of the customerās financial condition and, while collateral is not required, the Company periodically receives surety bonds that guarantee payment. Credit terms are consistent with industry standards and practices. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2015 | |
Inventory [Abstract] | |
Inventory | Note 6. Inventory Inventories at December 31, 2015 and 2014 are summarized in the following table: 2015 2014 Finished goods $ 62,547 $ 65,335 Work-in-process 20,178 16,188 Raw materials 19,492 21,855 Total inventories at current costs 102,217 103,378 Less: LIFO reserve (5,821) (8,289) $ 96,396 $ 95,089 At December 31, 2015 and 2014, the LIFO carrying value of inventories for book purposes exceeded the LIFO value for tax purposes by approximately $ 5,046 and $ 11,697 , respectively. At December 31, 2015, 2014, and 2013 liquidation of certain LIFO inventory layers carried at costs that were higher than the costs of current purchases resulted in increases in cost of goods sold of $115 , $6 and $ 1,128 , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 7. Property, Plant, and Equipment Property, plant, and equipment at December 31, 2015 and 2014 consist of the following: 2015 2014 Land $ 17,054 $ 9,102 Improvements to land and leaseholds 16,590 29,016 Buildings 39,366 22,807 Machinery and equipment, including equipment under capitalized leases 118,677 95,547 Construction in progress 11,844 12,033 203,531 168,505 Less accumulated depreciation and amortization, including accumulated amortization of capitalized leases 76,786 93,703 $ 126,745 $ 74,802 Depreciation expense, including amortization of assets under capital leases, for the years ended December 31, 2015, 2014, and 2013 amounted to $ 14,429 , $ 7,882 and $ 6,890 , respectively. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
INVESTMENTS | Note 8. Investments The Company is a member of a joint venture, L B Pipe and Coupling Products, LLC (āLB Pipe JVā), in which it maintains a 45 % ownership interest. The LB Pipe JV manufactures, markets, and sells various precision coupling products for the energy, utility, and construction markets and is scheduled to terminate on June 30, 2019 . Under applicable guidance for variable interest entities in ASC 810, āConsolidation,ā the Company determined that the LB Pipe JV is a variable interest entity. The Company concluded that it is not the primary beneficiary of the variable interest entity, as the Company does not have a controlling financial interest and does not have the power to direct the activities that most significantly impact the economic performance of the LB Pipe JV. Accordingly, the Company concluded that the equity method of accounting remains appropriate . During the years ended December 31, 2015 and 2014, each of the LB Pipe JV members received proportional distributions from the LB Pipe JV. The Companyās 45% ownership interest resulted in cash distributions of $90 and $630 as of December 31, 2015 and 2014, respectively. There were no changes to the membersā ownership interests as a result of the distribution. The Company recorded equity in the (loss) income of the LB Pipe JV of approximately ($410 ) , $1,286 and $1,316 for the years ended December 31, 2015, 2014, and 2013, respectively. As of December 31, 2015 and 2014, the Company had a nonconsolidated equity method investment of $5,246 and $5,746 , respectively, in the LB Pipe JV and other investments totaling $75 and $78 as of December 31, 2015 and 2014, respectively. The Companyās exposure to loss results from its capital contributions, net of the Companyās share of the LB Pipe JVās income or loss, and its net investment in the direct financing lease covering the facility used by the LB Pipe JV for its operations. The carrying amounts with the maximum exposure to loss of the Company at December 31, 2015 and 2014, respectively, are as follows: 2015 2014 LB Pipe JV equity method investment $ 5,246 $ 5,746 Net investment in direct financing lease 995 1,117 $ 6,241 $ 6,863 The Company is leasing five acres of land and two facilities to the LB Pipe JV through June 30, 2019, with a 5.5 year renewal period. The current monthly lease payments, including interest, approximate $17 , with a balloon payment of approximately $488 , which is required to be paid at the termination of the lease, allocated over the renewal period, or during the initial term of the lease. This lease qualifies as a direct financing lease under the applicable guidance in ASC 840-30, Leases . The following is a schedule of the direct financing minimum lease payments for the years 2016 and thereafter Minimum Lease Payments 2016 $ 131 2017 140 2018 150 2019 574 $ 995 As a result of the November 23, 2015 acquisition of Tew Plus, the Company remeasured its 25% equity investment in Tew Plus resulting in other income of $580 for the period ended December 31, 2015. Refer to Note 20, āOther Income,ā for additional information on the gain. |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue [Abstract] | |
Deferred Revenue | Note 9. Deferred Revenue Deferred revenue of $6,934 and $8,034 at December 31, 2015 and 2014, respectively, consists of customer payments received for which the revenue recognition criteria have not yet been met as well as billings in excess of costs on percentage of completion projects. Advanced payments from customers typically relate to contracts with respect to which the Company has significantly fulfilled its obligations, but due to the Companyās continuing involvement with the project, revenue is precluded from being recognized until title, ownership, and risk of loss have passed to the customer. |
Long-Term Debt and Related Matt
Long-Term Debt and Related Matters | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt and Related Matters [Abstract] | |
Long-Term Debt and Related Matters | Note 10. Long-Term Debt and Related Matters Long-term debt at December 31, 2015 and 2014 consists of the following: 2015 2014 Revolving credit facility $ 165,000 $ 24,200 Financing agreement payable in installments through July 1, 2017 with an interest rate of 3.00% at December 31, 2015 1,247 1,781 Lease obligations payable in installments through 2019 with a weighted average interest rate of 3.09% at December 31, 2015 and 3.50% December 31, 2014 2,507 447 Total 168,754 26,428 Less current maturities 1,335 676 Long-term portion $ 167,419 $ 25,752 The maturities of long-term debt are as follows: December 31, 2015 2016 $ 1,335 2017 1,121 2018 558 2019 500 2020 165,240 2021 and thereafter - Total $ 168,754 Borrowings United States On March 13, 2015 , L.B. Foster Company, its domestic subsidiaries, and certain of its Canadian subsidiaries (āL.B. Fosterā) entered into an amended and restated $335,000 Revolving Credit Facility Credit Agreement (āAmended Credit Agreementā) with PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company. This Amended Credit Agreement modifies the prior revolving credit facility, which had a maximum credit line of $200,000 . The Amended Credit Agreement provides for a five -year, unsecured revolving credit facility that permits borrowings of up to $335,000 for the U.S. borrowers and a sublimit of the equivalent of $25,000 U.S. dollars that is available to the Canadian borrowers. The Amended Credit Agreementās accordion feature permits L.B. Foster to increase the available revolving borrowings under the facility by up to an additional $100,000 subject to L.B. Fosterās receipt of increased commitments from existing or new lenders and to certain conditions being satisfied. Borrowings under the Amended Credit Agreement will bear interest at rates based upon either the base rate or Euro-rate plus applicable margins. Applicable margins are dictated by the ratio of L.B. Fosterās indebtedness less consolidated cash on hand to L.B. Fosterās consolidated EBITDA, as defined in the underlying Amended Credit Agreement. The base rate is the highest of (a) PNC Bankās prime rate, (b) the Federal Funds Rate plus 0.50% or (c) the daily Euro-rate (as defined in the Amended Credit Agreement) plus 1.00%. The base rate and Euro-rate spreads range from 0.00% to 1.50% and 1.00% to 2.50%, respectively. The Amended Credit Agreement includes two financial covenants: (a) Leverage Ratio, defined as L.B. Fosterās Indebtedness less consolidated cash on hand, in excess of $15,000, divided by L.B. Fosterās consolidated EBITDA, which must not exceed 3.25 to 1.00 and (b) Minimum Interest Coverage, defined as consolidated EBITDA less Capital Expenditures divided by consolidated interest expense, which must be no less than 3.00 to 1.00. The Amended Credit Agreement permits L.B. Foster to pay dividends, distributions, and make redemptions with respect to its stock provided no event of default or potential default (as defined in the Amended Credit Agreement) has occurred prior to or after giving effect to the dividend, distribution, or redemption. Dividends, distributions, and redemptions are capped at $25,000 per year when funds are drawn on the facility. If no drawings on the facility exist, dividends, distributions, and redemptions in excess of $25,000 per year are subjected to a limitation of $75,000 in the aggregate over the life of the facility. The $75,000 aggregate limitation also permits certain loans, investments, and acquisitions. Other restrictions exist at all times including, but not limited to, limitation of L.B. Fosterās sale of assets, other indebtedness incurred by either the borrowers or the non-borrower subsidiaries of L.B. Foster, guarantees, and liens. The Company had $165,000 outstanding borrowings under the Amended Credit Agreement at December 31, 2015 and had available borrowing capacity of $169,474 at December 31, 2015. As of December 31, 2014, the Company had $24,200 in o utstanding borrowings and an available borrowing capacity of $175,375 under the previous revolving facility with a borrowing capacity of $200,000 . At December 31, 2015, the Company was in compliance with the Amended Credit Agreementās covenants . Letters of Credit At December 31, 2015 and 2014, the Company had outstanding letters of credit of approximately $526 and $ 425 , respectively . United Kingdom A subsidiary of the Company has a credit facility with NatWest Bank for its United Kingdom operations which includes an overdraft availability of Ā£ 1,500 pounds sterling (approximately $ 2,210 at December 31, 2015). This credit facility supports the United Kingdomās working capital requirements and is collateralized by substantially all of the assets of its United Kingdom operations . The interest rate on this facility is the financial institutionās base rate plus 1.50%. Outstanding performance bonds reduce availability under this credit facility. There were no outstanding borrowings under this credit facility at December 31, 2015, however, there were $ 16 in outstanding guarantees (as defined in the underlying agreement) at December 31, 2015. This credit facility was renewed and amended during the fourth quarter of 2015 to include Tew and Tew Plus as parties to the agreement. All other underlying terms and conditions remained unchanged as a result of the renewal. It is the Companyās intention to renew this credit facility with NatWest Bank during the annual review in 2016. The United Kingdom loan agreements contain certain financial covenants that require that subsidiary to maintain senior interest and cash flow coverage ratios. The subsidiary was in compliance with these financial covenants at December 31, 2015 a nd 2014. The subsidiary had available borrowing capacity of $2,194 and $ 2,337 at December 31, 2015 and 2014, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 11. Stockholdersā Equity The Company had authorized shares of 20,000,000 in common stock with 11,115,779 shares issued at December 31, 2015 and 2014. The common stock has a par value of $ 0.01 per share and the Company paid dividends of $ 0.04 per quarter during 2015. At December 31, 2015 and 2014, the Company had authorized shares of 5,000,000 in preferred stock. No preferred stock has been issued. No par value has been assigned to the preferred stock. On December 4, 2013, the Companyās Board of Directors authorized the purchase of up to $15,000 in shares of its common stock through a share repurchase program at prevailing market prices or privately negotiated transactions. The Company repurchased 80,512 shares, for an aggregate price of $1,587 , during 2015 under the repurchase program. On December 9, 2015, the Board of Directors authorized the repurchase of up to $30,000 of the Companyās common shares until December 31, 2017 . This authorization became effective January 1, 2016 and replaces the prior authorization. At December 31, 2015 and 2014, the Company withheld 25,340 and 21,676 shares for approximately $1,114 and $985 , respectively, from employees to pay their withholding taxes in connection with the exercise and/or vesting of stock options and restricted stock awards. Cash dividends of $ 1,656 , $ 1,345 and $1,240 were declared and paid in 2015, 2014, and 2013, respectively. Common Stock Share Activity Treasury Outstanding (Number of Shares) Balance at end of 2012 966,381 10,149,398 Issued for share-based compensation plans (39,123) 39,123 Balance at end of 2013 927,258 10,188,521 Issued for share-based compensation plans (53,884) 53,884 Balance at end of 2014 873,374 10,242,405 Issued for share-based compensation plans (59,113) 59,113 Repurchased common shares 80,512 (80,512) Balance at end of 2015 894,773 10,221,006 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 12. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2015 and 2014, are as follows: 2015 2014 Pension and post-retirement benefit plan adjustments $ (3,069) $ (4,089) Unrealized loss on interest rate swap contracts (121) - Foreign currency translation adjustments (14,750) (7,803) $ (17,940) $ (11,892) Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non U.S. subsidiaries. See Note 15, āIncome Taxesā. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Common Share [Abstract] | |
EARNINGS PER COMMON SHARE | Note 13. Earnings Per Common Share (Share amounts in thousands) The following table sets forth the computation of basic and diluted earnings per common share for the three years ended December 31: 2015 2014 2013 Numerator for basic and diluted earnings per common share - (Loss) income available to common stockholders: Net (loss) income $ (44,445) $ 25,656 $ 29,290 Denominator: Weighted average shares outstanding 10,254 10,225 10,175 Denominator for basic earnings per common share 10,254 10,225 10,175 Effect of dilutive securities: Employee stock options - 6 11 Other stock compensation plans - 101 74 Dilutive potential common shares - 107 85 Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions 10,254 10,332 10,260 Basic (loss) earnings per common share $ (4.33) $ 2.51 $ 2.88 Diluted (loss) earnings per common share $ (4.33) $ 2.48 $ 2.85 Dividends paid per common share $ 0.16 $ 0.13 $ 0.12 There were approximately 75 antidilutive shares in 2015 and no antidilutive shares in 2014 or 2013 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
INCOME TAXES | Note 14. Income Taxes Significant components of the Companyās deferred tax liabilities and assets at December 31, 2015 and 2014 are as follows: 2015 2014 Deferred tax liabilities: Goodwill and other intangibles $ (5,801) $ (10,800) Depreciation (14,134) (3,763) Inventories - (3,188) Investment in LB Pipe joint venture (572) (553) Other (741) (527) Total deferred tax liabilities (21,248) (18,831) Deferred tax assets: Pension and post-retirement liability 1,801 2,147 Warranty reserve 3,153 4,180 Deferred compensation 2,275 1,755 Accounts receivable 622 369 Contingent liabilities 2,087 667 Long-term insurance reserves 655 660 Net operating loss / tax credit carryforwards 1,006 883 Other 949 645 Total deferred tax assets 12,548 11,306 Net deferred tax liability $ (8,700) $ (7,525) Significant components of the provision for income taxes are as follows: 2015 2014 2013 Current: Federal $ 5,571 $ 11,488 $ 8,785 State 1,540 1,491 837 Foreign 1,339 3,339 1,982 Total current 8,450 16,318 11,604 Deferred: Federal (12,016) (2,321) 3,200 State (2,014) (122) 273 Foreign (552) (471) (229) Total deferred (14,582) (2,914) 3,244 Total income tax (benefit) expense $ (6,132) $ 13,404 $ 14,848 At December 31, 2015, the Company has not recorded deferred U.S. income taxes or foreign withholding taxes on $ 57,781 of undistributed earnings of its foreign subsidiaries. It is managementās intent and practice to indefinitely reinvest such earnings outside of the U.S. Determination of the amount of any unrecognized deferred income tax liability associated with these undistributed earnings is not practicable because of the complexities of the hypothetical calculation. (Loss) income before income taxes, as shown in the accompanying consolidated statements of operations, includes the following components: 2015 2014 2013 Domestic $ (55,061) $ 30,766 $ 37,306 Foreign 4,484 8,294 6,832 (Loss) income from operations, before income taxes $ (50,577) $ 39,060 $ 44,138 The reconciliation of income tax computed at statutory rates to income tax (benefit) expense is as follows: 2015 2014 2013 Statutory rate 35.0 % 35.0 % 35.0 % Foreign tax rate differential 0.8 (2.2) (1.7) State income taxes, net of federal benefit 0.3 2.7 2.6 Non-deductible goodwill impairment (25.2) - - Non-deductible expenses (0.9) 1.8 0.6 Change in liability for unrecognized tax benefits 0.4 (0.8) (1.9) Domestic production activities deduction 1.0 (2.2) (1.2) Other 0.7 - 0.2 12.1 % 34.3 % 33.6 % At December 31, 2015 and 2014, the tax benefit of net operating loss carryforwards available for state income tax purposes was $324 and $74 , respectively. The state net operating loss carryforwards will expire in various years from 202 4 through 2035 . At December 31, 2015, the Company has foreign net operating loss carryforwards of $1,320, which may be carried forward indefinitely. The Company has foreign tax credit carryforwards in the amount of $272 that will expire in 2024 through 2026 . The Company anticipates utilizing these operating loss and credit carryforwards prior to their expiration and, therefore, has not provided a valuation allowance for these amounts. The following table provides a reconciliation of unrecognized tax benefits at December 31, 2015 and 2014: 2015 2014 Unrecognized tax benefits at beginning of period: $ 1,013 $ 1,509 Increases based on tax positions for prior periods 147 18 Decreases based on tax positions for prior periods - (325) Decreases related to settlements with taxing authorities (578) (126) Decreases as a result of a lapse of the applicable statute of limitations - (63) Balance at end of period $ 582 $ 1,013 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $ 5 82 at December 31, 2015. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. At December 31, 2015 and 2014, the Company had accrued interest and penalties related to unrecognized tax benefits of $ 443 and $335 , respectively . At December 31, 2015, the Company does not expect any material increases or decreases to its unrecognized tax benefits within the next 12 months. Ultimate realization of this decrease is dependent upon the occurrence of certain events, including the completion of audits by tax authorities and expiration of statutes of limitations. The Company files income tax returns in the United States and in various state, local and foreign jurisdictions. The Company is subject to federal income tax examinations for the period 201 2 and forward. With respect to the state, local, and foreign filings, certain entities of the Company are subject to income tax examinations for the periods 2011 and forward. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Share-based Compensation | Note 15. Share-based Compensation The Company applies the provisions of FASB ASC 718, Compensation ā Stock Compensation , to account for the Companyās share-based compensation. Share-based compensation cost is measured at the grant date based on the calculated fair value of the award and is recognized over the employeesā requisite service period. The Company recorded share-based compensation expense of $ 1,471 , $ 3,007 and $ 2,156 for the years ended December 31, 2015, 2014, and 2013, respectively, related to fully-vested stock awards, restricted stock awards, and performance unit awards. At December 31, 2015, unrecognized compensation expense for awards the Company expects to vest approximated $2,611 . The Company will recognize this expense over the upcoming 3.5 year period through June 2019. Shares issued as a result of vested stock-based compensation generally will be from previously issued shares which have been reacquired by the Company and held as Treasury stock or authorized but previously unissued common stock. The excess tax benefit realized for the tax deduction from share-based compensation approximated $253 , $336 , and $203 for the years ended December 31, 2015, 2014, and 2013, respectively. This excess tax benefit is included in cash flows from financing activities in the Consolidated Statements of Cash Flows. At December 31, 2015, the Company had stock awards issued pursuant to the 2006 Omnibus Incentive Plan as amended and restated in October 2013 (āOmnibus Planā). The Omnibus Plan allows for the issuance of 900,000 shares of common stock through the granting of stock options or stock awards (including performance units convertible into stock) to key employees and directors at no less than 100% of fair market value on the date of the grant. The Omnibus Plan provides for the granting of ānonqualified optionsā with a duration of not more than ten years from the date of grant. The Omnibus Plan also provides that, unless otherwise set forth in the option agreement, stock options are exercisable in installments of up to 25% annually beginning one year from the date of grant. No stock options have been granted under the Omnibus Plan and, as such, there was no share-based compensation expense related to stock options recorded in 2015 , 2014 , or 2013 The Company also had 7,500 outstanding stock option awards that were granted under the former 1998 Long-Term Incentive Plan for Officers and Directors, amended and restated in May 2006 (ā1998 Planā). During 2015, all 7,500 outstanding stock option awards were exercised prior to their expiration. No future grants are permitted under the expired 1998 Plan and the Company currently makes equity awards under the Omnibus Plan. Stock Option Awards Certain information for the three years ended December 31, 2015 relative to employee stock options is summarized as follows: 2015 2014 2013 Number of shares under the plans: Outstanding and exercisable at beginning of year 7,500 18,750 22,500 Granted - - - Canceled - - - Exercised (7,500) (11,250) (3,750) Outstanding and exercisable at end of year - 7,500 18,750 The weighted average exercise price per share of the stock options exercised in 2015, 2014, and 2013 were $ 9.08 , $ 11.67, and $ 9.30 , respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2015, 2014, and 2013 was $ 253 , $ 426, and $ 124 , respectively. Fully-Vested Stock Awards Non-employee directors are automatically awarded fully vested shares of the Companyās common stock on each date the non-employee directors are elected at the annual shareholdersā meeting to serve as directors. The non-employee directors were granted a total of 14,000 , 10,182, and 9,960 fully-vested shares for the years ended December 31, 2015, 2014, and 2013, respectively. Compensation expense recorded by the Company related to fully-vested stock awards to non-employee directors was approximately $ 534 , $ 488, and $ 450 for the years ended December 31, 2015, 2014, and 2013, respectively. The weighted average fair value of all the fully-vested stock grants awarded was $ 38.15 , $ 47.94, and $ 45.16 per share for 2015, 2014, and 2013, respectively. Restricted Stock Awards and Performance Unit Awards Under the amended and restated 2006 Omnibus Plan, the Company grants eligible employees restricted stock and performance unit awards. The forfeitable restricted stock awards granted prior to March 2015 generally time-vest after a four year holding period, and those granted in March 2015 generally time-vest ratably over a three -year period, unless indicated otherwise by the underlying restricted stock agreement. Performance unit awards are offered annually under separate three -year long-term incentive programs. Performance units are subject to forfeiture and will be converted into common stock of the Company based upon the Companyās performance relative to performance measures and conversion multiples as defined in the underlying program. If the Companyās estimate of the number of performance stock awards expected to vest changes in a subsequent accounting period, cumulative compensation expense could increase or decrease. The change will be recognized in the current period for the vested shares and would change future expense over the remaining vesting period. The following table summarizes the restricted stock award and performance unit award activity for the three-year periods ended December 31, 2015, 2014 , and 2013: Restricted Performance Weighted Average Stock Stock Grant Date Units Units Fair Value Outstanding at January 1, 2013 176,646 59,725 $ 31.65 Granted 12,973 31,418 42.49 Vested (41,579) - 29.18 Adjustment for incentive awards not expected to vest - (18,408) 35.84 Canceled (18,314) (11,084) 33.55 Outstanding at December 31, 2013 129,726 61,651 $ 34.00 Granted 19,051 34,652 44.07 Vested (40,540) (13,588) 34.59 Adjustment for incentive awards not expected to vest - (7,845) 43.59 Canceled - (2,880) 44.13 Outstanding at December 31, 2014 108,237 71,990 $ 36.25 Granted 29,656 41,114 44.93 Vested (39,076) (23,877) 32.35 Adjustment for incentive awards not expected to vest - (53,228) 43.26 Canceled (5,000) - 44.84 Outstanding at December 31, 2015 93,817 35,999 $ 39.66 Performance units are subject to forfeiture and will be converted into common stock of the Company based upon the Companyās performance relative to performance measures and conversion multiples as defined in the underlying plan. The aggregate fair value in the above table is based upon achieving 100% of the performance targets as defined in the underlying plan. During 2014, the Company reversed $ 702 of incentive compensation costs under its separate three-year long-term incentive plans caused by the impact of the product warranty charges on Company performance, as it related to the awardsā underlying performance conditions. More information on the product warranty charge can be found in Note 19, āCommitments and Contingent Liabilitiesā. Excluding the fully-vested stock awards granted to non-employee directors, the Company recorded compensation expense of $ 937 , $ 2,519, and $ 1,706 , respectively, for the periods ended December 31, 2015, 2014, and 2013 related to restricted stock and performance unit awards. 2015 2014 2013 Number of shares available for future grant: Beginning of year 469,840 513,280 517,280 End of year 407,307 469,840 513,280 The Company issued, pursuant to the Omnibus Plan, approximately 14,000 fully-vested shares during 2014 which were earned under the 2011 ā 2013 three -year long-term incentive plan. This non-cash transaction of $ 454 was reflected as a decrease to Treasury stock in the Consolidated Balance Sheet at December 31, 2014. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
Retirement Plans [Abstract] | |
RETIREMENT PLANS | Note 16. Retirement Plans The Company has seven retirement plans which cover its hourly and salaried employees in the United States: three defined benefit plans ( one active / two frozen) and f our defined contribution plans. Employees are eligible to participate in the appropriate plan based on employment classification. The Company's contributions to the defined benefit and defined contribution plans are governed by the Employee Retirement Income Security Act of 1974 (āERISAā), policy and investment guidelines of the applicable plan. The Companyās policy is to contribute at least the minimum in accordance with the funding standards of ERISA. The Companyās subsidiary, L.B. Foster Rail Technologies (āRail Technologiesā), maintains two defined contribution plans for its employees in Canada, as well as a post-retirement benefit plan. In the United Kingdom, Rail Technologies maintains two defined contribution plans and a defined benefit plan. These plans are discussed in further detail below . United States Defined Benefit Plans The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plans, as of December 31 , 2015 and 2014: 2015 2014 Changes in benefit obligation: Benefit obligation at beginning of year $ 18,925 $ 16,112 Service cost 38 23 Interest cost 742 771 Actuarial (gain) loss (1,148) 2,753 Benefits paid (798) (734) Benefit obligation at end of year $ 17,759 $ 18,925 Change to plan assets: Fair value of assets at beginning of year $ 15,205 $ 15,039 Actual (loss) gain on plan assets (172) 601 Employer contribution - 299 Benefits paid (798) (734) Fair value of assets at end of year 14,235 15,205 Funded status at end of year $ (3,524) $ (3,720) Amounts recognized in the consolidated balance sheet consist of: Other long-term liabilities $ (3,524) $ (3,720) Amounts recognized in accumulated other comprehensive income consist of: Net loss $ 3,993 $ 4,429 Prior service cost - 3 $ 3,993 $ 4,432 The actuarial loss included in accumulated other comprehensive loss that will be recognized in net periodic pension cost during 2016 is $ 276 , before taxes. Net periodic pension costs for the three years ended December 31, 2015 are as follows: 2015 2014 2013 Components of net periodic benefit cost: Service cost $ 38 $ 23 $ 33 Interest cost 742 771 707 Expected return on plan assets (816) (968) (856) Amortization of prior service cost 3 1 1 Recognized net actuarial loss 275 65 212 Net periodic pension cost (income) $ 242 $ (108) $ 97 The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. 2015 2014 2013 Discount rate 4.3 % 4.0 % 4.9 % Expected rate of return on plan assets 5.2 % 5.5 % 6.5 % The expected long-term rate of return is based on numerous factors including the target asset allocation for plan assets, historical rate of return, long-term inflation assumptions, and current and projected market conditions. The decline in the expected rate of return on plan assets reflects a shift in the Plansā investment strategy toward a higher focus on fixed income investments. Amounts applicable to the Companyās pension plans with accumulated benefit obligations in excess of plan assets are as follows at December 31: 2015 2014 Projected benefit obligation $ 17,759 $ 18,925 Accumulated benefit obligation 17,759 18,925 Fair value of plan assets $ 14,235 $ 15,205 Plan assets consist primarily of various fixed income and equity investments. The Companyās primary investment objective is to provide long-term growth of capital while accepting a moderate level of risk. The investments are limited to cash and cash equivalents, bonds, preferred stocks, and common stocks. The investment target ranges and actual allocation of pension plan assets by major category at December 31, 2015 and 2014 are as follows : Target 2015 2014 Asset Category Cash and cash equivalents 0 - 10 % 9 % 2 % Total fixed income funds 25 - 50 35 34 Total mutual funds and equities 50 - 70 56 64 Total 100 % 100 % In accordance with the fair value disclosure requirements with FASB ASC 820, āFair Value Measurements and Disclosures,ā the following assets were measured at fair value on a recurring basis at December 31, 2015 and 2014. Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 18, Fair Value Measurements . 2015 2014 Asset Category Cash and cash equivalents $ 1,248 $ 347 Fixed income funds Corporate bonds 4,926 5,194 Total fixed income funds 4,926 5,194 Equity funds and equities Mutual funds 8,061 3,566 Common stock - 6,098 Total mutual funds and equities 8,061 9,664 Total $ 14,235 $ 15,205 Cash equivalents. The Company uses quoted market prices to determine the fair value of these investments in interest-bearing cash accounts and they are classified in Level 1 of the fair value hierarchy. The carrying amounts approximate fair value because of the short maturity of the instruments. Fixed income funds. Investments within the fixed income funds category consist of fixed income corporate debt. The Company uses quoted market prices to determine the fair value of these fixed income funds. These instruments consist of exchange-traded government and corporate bonds and are classified in Level 1 of the fair value hierarchy. Equity funds and equities. The valuation of investments in registered investment companies is based on the underlying investments in securities. Securities traded on security exchanges are valued at the latest quoted sales price. Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the average of the last reported bid and ask quotations. These investments are classified in Level 1 of the fair value hierarchy. The Company currently does not anticipate contributions to its United States defined benefit plans in 2016. The following benefit payments are expected to be paid: Pension Benefits 2016 $ 823 2017 879 2018 907 2019 974 2020 1,015 Years 2021-2025 5,611 United Kingdom Defined Benefit Plan The Portec Rail Products (UK) Limited Pension Plan covers certain current employees, former employees, and retirees. The plan has been frozen to new entrants since April 1, 1997 and also covers the former employees of a merged plan after January 2002. Benefits under the plan were based on years of service and eligible compensation during defined periods of service. Our funding policy for the plan is to make minimum annual contributions required by applicable regulations . The funded status of the United Kingdom defined benefit plan at December 31, 2015 and 2014 is as follows: 2015 2014 Changes in benefit obligation: Benefit obligation at beginning of year $ 8,797 $ 8,450 Interest cost 295 360 Actuarial (gain) loss (416) 883 Benefits paid (339) (397) Foreign currency exchange rate changes (475) (499) Benefit obligation at end of year $ 7,862 $ 8,797 Change to plan assets: Fair value of assets at beginning of year $ 6,757 $ 6,769 Actual gain on plan assets 307 502 Employer contribution 302 284 Benefits paid (339) (397) Foreign currency exchange rate changes (366) (401) Fair value of assets at end of year 6,661 6,757 Funded status at end of year $ (1,201) $ (2,040) Amounts recognized in the consolidated balance sheet consist of: Other long-term liabilities $ (1,201) $ (2,040) Amounts recognized in accumulated other comprehensive income consist of: Net loss $ 706 $ 1,413 Prior service cost 85 112 $ 791 $ 1,525 Net periodic pension costs for the three years ended December 31, 2015, 2014, and 2013 are as follows: 2015 2014 2013 Components of net periodic benefit cost: Interest cost $ 295 $ 360 $ 348 Expected return on plan assets (324) (370) (321) Amortization of transition obligation - (50) (46) Amortization of prior service cost 27 30 22 Recognized net actuarial loss 225 185 229 Net periodic pension cost $ 223 $ 155 $ 232 The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. 2015 2014 2013 Discount rate 4.0 % 3.6 % 4.6 % Expected rate of return on plan assets 5.2 % 5.0 % 5.8 % Amounts applicable to the Companyās pension plans with accumulated benefit obligations in excess of plan assets are as follows at December 31: 2015 2014 Projected benefit obligation $ 7,862 $ 8,797 Accumulated benefit obligation 7,862 8,797 Fair value of plan assets 6,661 6,757 The Company has estimated the long-term rate of return on plan assets based primarily on historical returns on plan assets, adjusted for changes in target portfolio allocations, and recent changes in long-term interest rates based on publicly available information. Plan assets are invested by the trustees in accordance with a written statement of investment principles. This statement permits investment in equities, corporate bonds, United Kingdom government securities, commercial property, and cash, based on certain target allocation percentages. Asset allocation is primarily based on a strategy to provide steady growth without undue fluctuations. The target asset allocation percentages for 2015 are as follows: Portec Rail Plan Equity securities Up to 100% Commercial property Not to exceed 50% U.K. Government securities Not to exceed 50% Cash Up to 100% Plan assets held within the Portec Rail Plan consist of cash and marketable securities that have been classified as Level 1 of the fair value hierarchy. All other plan assets have been classified as Level 2 of the fair value hierarchy. The plan assets by category for the two years ended December 31, 2015 and 2014 are as follows: 2015 2014 Asset Category Cash and cash equivalents $ 242 $ 218 Equity securities 2,656 2,156 Bonds 1,301 1,899 Commercial property 2,462 2,484 Total $ 6,661 $ 6,757 United Kingdom regulations require trustees to adopt a prudent approach to funding required contributions to defined benefit pension plans. The Company anticipates making contributions of $ 271 to the Portec Rail Plan during 2016. The following estimated future benefits payments are expected to be paid under the Portec Rail Plan: Pension Benefits 2016 $ 247 2017 268 2018 286 2019 303 2020 321 Years 2021-2025 1,939 Other Post-Retirement Benefit Plan Rail Technologies' operation near Montreal, Quebec, Canada, maintains a post-retirement benefit plan, which provides retiree life insurance, health care benefits, and, for a closed group of employees, dental care. Retiring employees with a minimum of 10 years of service are eligible for the plan benefits. The plan is not funded. Cost of benefits earned by employees is charged to expense as services are rendered. The expense related to this plan was not material for 2015 and 2014. Rail Technologies' accrued benefit obligation was $ 8 23 and $ 1,172 as of December 31, 2015 and 2014, respectively. This obligation is recognized within other long-term liabilities. Benefit payments anticipated for 2016 are not material. The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. 2015 2014 Discount rate 4.2 % 4.0 % Weighted average health care trend rate 5.0 % 6.2 % The weighted average health care rate trends downward to an ultimate rate of 4.4 % in 2035. Defined Contribution Plans The Company sponsors eight defined contribution plans for hourly and salaried employees across our domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans. December 31, 2015 2014 2013 United States $ 2,434 $ 2,425 $ 2,151 Canada 226 227 266 United Kingdom 494 158 136 $ 3,154 $ 2,810 $ 2,553 |
Rental And Lease Information
Rental And Lease Information | 12 Months Ended |
Dec. 31, 2015 | |
Rental and Lease Information [Abstract] | |
Rental and Lease Information | Note 17. Rental and Lease Information The Company has capital and operating leases for certain plant facilities, office facilities, and equipment. Rental expense for the years ended December 31, 2015, 2014, and 2013 amounted to $ 4,611 , $ 3,062, and $ 3,333 , respectively. Generally, land and building leases include escalation clauses. The following is a schedule, by year, of the future minimum payments under capital and operating leases, together with the present value of the net minimum payments at December 31, 2015: Capital Operating Year ending December 31, Leases Leases 2016 $ 694 $ 4,310 2017 636 3,680 2018 591 2,429 2019 517 1,702 2020 244 1,407 2021 and thereafter - 6,600 Total minimum lease payments 2,682 $ 20,128 Less amount representing interest 175 Total present value of minimum payments with interest rates ranging from 3.00% to 5.25% $ 2,507 Assets recorded under capital leases are as follows: 2015 2014 Machinery and equipment at cost 3,157 638 Less accumulated amortization 450 181 Net capital lease assets $ 2,707 $ 457 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
FAIR VALUE MEASUREMENTS | Note 18. Fair Value Measurements The Company determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Companyās own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below. Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The Company has an established process for determining fair value for its financial assets and liabilities, principally cash and cash equivalents and interest rate swaps. Fair value is based on quoted market prices, where available. If quoted market prices are not available, fair value is based on assumptions that use as inputs market-based parameters. The following section describes the valuation methodologies used by the Company to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the key inputs to the valuations and any significant assumptions . Cash equivalents. Included within āCash and cash equivalentsā are investments in non-domestic term deposits. The carrying amounts approximate fair value because of the short maturity of the instruments. LIBOR-Based interest rate swaps. To reduce the impact of interest rate changes on outstanding variable-rate debt, the Company entered into forward starting LIBOR-based interest rate swaps with notional values totaling $50,000. The swaps will become effective in February 2017 at which point it will effectively convert a portion of the debt from variable to fixed-rate borrowings during the term of the swap contract. The fair value of the interest rate swaps is based on market-observable forward interest rates and represents the estimated amount that the Company would pay to terminate the agreements. As such, the swap agreements have been classified as Level 2 within the fair value hierarchy. The following assets of the Company were measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2015 and December 31, 2014: Fair Value Measurements at Reporting Date Using Fair Value Measurements at Reporting Date Using December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Non-domestic bank term deposits $ 1,939 $ 1,939 $ - $ - $ 25 $ 25 $ - $ - Total Assets $ 1,939 $ 1,939 $ - $ - $ 25 $ 25 $ - $ - Liabilities Interest rate swaps $ 196 $ - $ 196 $ - $ - $ - $ - $ - Total Liabilities $ 196 $ - $ 196 $ - $ - $ - $ - $ - Information regarding the fair value disclosures associated with the assets of the Companyās defined benefit plans can be found in Note 16, Retirement Plans. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingent Liabilities [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | Note 19. Commitments and Contingent Liabilities The Company is subject to product warranty claims that arise in the ordinary course of its business. For certain manufactured products, the Company maintains a product warranty accrual that is adjusted on a monthly basis as a percentage of cost of sales. This product warranty accrual is periodically adjusted based on the identification or resolution of known individual product warranty claims. The following table sets forth the Companyās product warranty accrual: Warranty Liability Balance at December 31, 2014 $ 11,500 Additions to warranty liability 1,794 Warranty liability utilized (4,650) Acquisitions 111 Balance at December 31, 2015 $ 8,755 Included within the above table are concrete tie warranty reserves of approximately $ 7,544 and $ 10,331 , respectively, at December 31, 2015 and 2014. For the periods ended December 31, 2015, 2014, and 2013, the Company recorded approximately $ 972 , $ 9,854 and $ 612 , respectively, in pre-tax concrete tie warranty charges within āCost of Goods Soldā in the Companyās Rail Products and Services segment primarily related to concrete ties manufactured at the Companyās former Grand Island, NE facility. UPRR Warranty Claims On July 12, 2011, UPRR notified (the āUPRR Noticeā) the Company and its subsidiary, CXT Incorporated (āCXTā), of a warranty claim under CXT's 2005 supply contract relating to the sale of pre-stressed concrete railroad ties to UPRR. UPRR asserted that a significant percentage of concrete ties manufactured in 2006 through 2011 at CXT's Grand Island, NE facility failed to meet contract specifications, had workmanship defects and were cracking and failing prematurely. Of the 3.0 million ties manufactured between 1998 and 2011 from the Grand Island, NE facility, approximately 1.6 million ties were sold during the period UPRR had claimed nonconformance. The 2005 contract called for each concrete tie which failed to conform to the specifications or had a material defect in workmanship to be replaced with 1.5 new concrete ties, provided, that, within five years of the sale of a concrete tie, UPRR notified CXT of such failure to conform or such defect in workmanship. The UPRR Notice did not specify how many ties manufactured during this period were defective nor the exact nature of the alleged workmanship defect. Following the UPRR Notice, the Company worked with material scientists and pre-stressed concrete experts to test a representative sample of Grand Island, NE concrete ties and assess warranty claims for certain concrete ties made in its Grand Island, NE facility between 1998 and 2011. The Company discontinued manufacturing operations in Grand Island, NE in early 2011. 2012 During 2012, the Company completed sufficient testing and analysis to further understand this matter. Based upon testing results and expert analysis, the Company believed it discovered conditions, which largely related to the 2006 to 2007 manufacturing period, that can shorten the life of the concrete ties produced during this period. During the fourth quarter of 2012 and first quarter of 2013, the Company reached agreement with UPRR on several matters including a process for the Company and UPRR to work together to identify, prioritize, and replace defective ties that meet the criteria for replacement. This process applies to the ties the Company shipped to UPRR from its Grand Island, NE facility from 1998 to 2011. During most of this period the Companyās warranty policy for UPRR carried a 5 year warranty with a 1.5:1 replacement ratio for any defective ties. In order to accommodate UPRR and other customer concerns, the Company also reverted to a previously used warranty policy providing a 15-year warranty with a 1:1 replacement ratio. This change provided an additional 10 years of warranty protection. In the amended 2005 supply agreement, the Company and UPRR also extended the supply of Tucson ties by five years and agreed on a cash payment of $12,000 to UPRR as compensation for concrete ties already replaced by UPRR during the investigation period . During 2012, as a result of the testing that the Company conducted on concrete ties manufactured at its former Grand Island, NE facility and the developments related to UPRR and other customer matters, the Company recorded pre-tax warranty charges of $22,000 in āCost of Goods Soldā within its Rail Products and Services segment based on the Companyās estimate of the number of defective concrete ties that will ultimately require replacement during the applicable warranty periods. 2013 Throughout 2013, at UPRRās request and under the terms of the amended 2005 supply agreement, the Company provided warranty replacement concrete ties for use across certain UPRR subdivisions. The Company attempted to reconcile the quantity of warranty claims for ties replaced and obtain supporting detail for the ties removed. The Company believes that UPRR did not replace concrete ties in accordance with the amended agreement and has not furnished adequate documentation throughout the replacement process in these subdivisions to support its full warranty claim. Based on the information received by the Company to date, the Company believes that a significant number of ties which UPRR replaced in these subdivisions did not meet the criteria to be covered as warranty replacement ties under the amended 2005 supply agreement. The disagreement related to the 2013 warranty replacement activity includes approximately 170,000 ties where the Company provided detailed documentation supporting our position with reason codes that detail why these ties are not eligible for a warranty claim. In late November 2013, the Company received notice from UPRR asserting a material breach of the amended 2005 supply agreement. UPRRās notice asserted that the failure to honor its claims for warranty ties in these subdivisions was a material breach. Following receipt of this notice, the Company provided information to UPRR to refute UPRRās claim of breach and included the reconciliation of warranty claims supported by substantial findings from the Companyās track observation team, all within the 90 day cure period. The Company also proposed further discussions to reach agreement on reconciliation for 2013 replacement activities and future replacement activities and a recommended process that will ensure future replacement activities are done with appropriate documentation and per the terms of the amended 2005 supply agreement. 2014 During the first quarter of 2014, the Company further responded within the 90 day cure period to UPRRās claim and presented a reconciliation for the subdivisions at issue. This proposed reconciliation was based on empirical data and visual observation from Company employees that were present during the replacement process for a substantial majority of the concrete ties replaced. The Company spent considerable time documenting facts related to concrete tie condition and track condition to assess whether the ties replaced met the criteria to be eligible for replacement under the terms of the amended 2005 supply agreement. During 2014 , the Company increased its accrual by an additional $8,766 based on revised estimates of ties to be replaced based upon scientific testing and other analysis, adjusted for ties already provided to UPRR. The Company continued to work with UPRR to identify, replace, and reconcile defective ties related to the warranty claim in accordance with the amended 2005 supply agreement. The Company and UPRR met during the third quarter of 2014 to evaluate each otherās position in an effort to work towards agreement on the unreconciled 2013 and 2014 replacement activity as well as the standards and practices to be implemented for future replacement activity and warranty tie replacement. In November and December of 2014, the Company received additional notices from UPRR asserting that ties manufactured in 2000 were defective and again asserting material breaches of the amended 2005 supply agreement relating to warranty tie replacements as well as certain new ties provided to UPRR being out of specification. As of December 31, 2014, the Company and UPRR had not been able to reconcile the disagreement related to the 2013 and 2014 warranty replacement activity. The disagreement relating to the 2014 warranty replacement activity includes approximately 90,100 ties that the Company believes are not warranty-eligible. 2015 On January 23, 2015, UPRR filed a Complaint and Demand for Jury Trial in the District Court for Douglas County, NE against the Company and its subsidiary, CXT, asserting, among other matters, that the Company breached its express warranty, breached an implied covenant of good faith and fair dealing, anticipatorily repudiated its warranty obligations, and that UPRRās exclusive and limited remedy provisions in the supply agreement have failed of their essential purpose which entitles UPRR to recover all incidental and consequential damages. The Complaint seeks to cancel all duties of UPRR under the contract, to adjudge the Company as having no remaining rights under the contracts, and to recover damages in an amount to be determined at trial for the value of unfulfilled warranty replacement ties and ties likely to become warranty eligible, for costs of cover for replacement ties, and for various incidental and consequential damages. The amended 2005 supply agreement provides that UPRRās exclusive remedy is to receive a replacement tie that meets the contract specifications for each tie that failed to meet the contract specifications or otherwise contained a material defect provided that the Company receives written notice of such failure or defect within 15 years after that tie was produced. The amended 2005 supply agreement provides that the Companyās warranty does not apply to ties that (a) have been repaired or altered without the Companyās written consent in such a way as to affect the stability or reliability thereof, (b) have been subject to misuse, negligence, or accident, or (c) have been improperly maintained or used contrary to the specifications for which such ties were produced. The amended 2005 supply agreement also continues to provide that the Companyās warranty is in lieu of all other express or implied warranties and that neither party shall be subject to or liable for any incidental or consequential damages to the other party. The dispute is largely based on (1) claims submitted that the Company believes are for ties claimed for warranty replacement inaccurately rated that are not the responsibility of the Company and claims that do not meet the criteria of a warranty replacement and (2) UPRRās assertion, which the Company vigorously disputes, that UPRR in future years will be entitled to warranty replacement ties for virtually all of the Grand Island ties. Many thousands of Grand Island ties have been performing in track for over ten years. In addition, a significant amount of Grand Island ties were rated by both parties in the excellent category of the rating system. In June 2015, UPRR delivered an additional notice alleging defects in ties produced in the Companyās Tucson and Spokane locations and other claimed material breaches which the Company contends are unfounded. The Company again responded to UPRR that it was not in material breach of the amended 2005 supply agreement relating to warranty tie replacements and that new ties being manufactured complied with the specifications provided by UPRR. On June 16 and 17, 2015, UPRR issued formal notice of the termination of the concrete tie supply agreement as well as the termination of the lease agreement at the Tucson, AZ production facility and rejection and revocation of its prior acceptance of certain ties manufactured at the Companyās Spokane, WA production facility. Since that time, UPRR has discontinued submitting purchase orders to the Company for shipment of warranty replacement ties. On May 29, 2015, the Company and CXT filed an Answer, Affirmative Defenses and Counterclaims in response to the Complaint, denying liability to UPRR. As a result of UPRR's subsequent June 16-17, 2015 actions and certain related conduct, the Company on October 5, 2015 amended the pending Answer, Affirmative Defenses and Counterclaims to add, among other things, assertions that UPRR's conduct in question was wrongful and unjustified and constituted additional grounds for the affirmative defenses to UPRRās claims and also for the Companyās counterclaims. By Scheduling Order dated September 3, 2015, a December 30, 2016 deadline for the completion of fact discovery has been established and trial may proceed at some future date after March 3, 2017, although no trial date has been set. The parties are currently conducting discovery. The Company continues to engage in discussions in an effort to resolve this matter. However, we cannot predict that such discussions will be successful, or that the results of the litigation with UPRR, or any settlement or judgment amounts will be within the range of our estimated accruals for loss contingencies. Future potential costs pertaining to UPRRās claims and the outcome of the UPRR litigation could result in a material adverse effect on our results of operations, financial condition, and cash flows. Other Legal Matters The Company is also subject to other legal proceedings and claims that arise in the ordinary course of its business. In the opinion of management, the amount of ultimate liability with respect to these actions will not materially affect the financial condition or liquidity of the Company. The resolution, in any reporting period, of one or more of these matters could have a material effect on the Companyās results of operations for that period . Environmental Matters The Company is subject to national, state, foreign, and/or local laws and regulations relating to the protection of the environment. The Company is monitoring its potential environmental exposure related to current and former facilities. The Companyās efforts to comply with environmental regulations may have an adverse effect on its future earnings. In the opinion of management, compliance with the present environmental protection laws will not have a material adverse effect on the financial condition, results of operations, cash flows, competitive position, or capital expenditures of the Company. The following table sets forth the Companyās undiscounted environmental obligation: Environmental liability Balance at December 31, 2014 $ 3,344 Additions to environmental obligations 50 Environmental obligations utilized (214) Acquisitions 3,460 Balance at December 31, 2015 $ 6,640 |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2015 | |
Other Income [Abstract] | |
Other Income | Note 20 Other Income The following table summarizes the Companyās other income for the three years ended December 31, 2015, 2014, and 2013. 2015 2014 2013 Gain on Tucson, AZ asset sale (a) $ (2,279) $ - $ - Foreign currency gains (1,616) (422) (433) Remeasurement gain on equity method investment (b) (580) - - Legal settlement gain (c) (460) - - Other (650) (256) (644) $ (5,585) $ (678) $ (1,077) a) On December 23, 2015, the Company sold certain assets related to the former Tucson, AZ precast concrete tie facility for $2,750 resulting in a pre-tax gain on sale of $2,279 . b) On November 23, 2015, the Company acquired the remaining 75% of shares of Tew Plus resulting in a gain of $580, which is recorded within other income as of December 31, 2015. The gain is included in equity loss (income) and remeasurement gain within the Consolidated Statements of Cash Flows. During the fourth quarter the Company received $460 from the Steel Antitrust Settlement Fund related to a claim regarding steel purchased by the Company between 2005 and 2007. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information (Unaudited) [Abstract] | |
Quarterly Financial Information (Unaudited) | Note 21. Quarterly Financial Information (Unaudited) As more fully described in Note 3, āAcquisitions,ā the Company acquired Tew, Tew Plus , and IOS during 2015 and Carr, FWO, and Chemtec during 2014. The results of the subsidiaryās operations are included from the acquisition dates. Quarterly financial information for the years ended December 31, 2015 and 2014 is presented below: 2015 First Second Third Fourth Quarter Quarter Quarter (1) Quarter (2) Net sales $ 137,907 $ 171,419 $ 176,059 $ 139,138 Gross profit $ 30,653 $ 37,089 $ 36,038 $ 29,872 Net income (loss) $ 4,285 $ 5,362 $ (57,422) $ 3,328 Basic earnings (loss) per common share $ 0.42 $ 0.52 $ (5.60) $ 0.33 Diluted earnings (loss) per common share $ 0.41 $ 0.52 $ (5.60) $ 0.32 Dividends paid per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 Differences between the sum of quarterly results and Consolidated Statement of Operations due to rounding. (1) - Third quarter 2015 includes $80,337 ( $63,887 net of tax) impairment of goodwill related to the IOS and Chemtec reporting units. (2) - Fourth quarter 2015 includes $2,279 pre-tax gain on sale of Tucson, AZ concrete tie facility. 2014 First Second Third Fourth Quarter Quarter (1) Quarter Quarter (2) Net sales $ 111,414 $ 166,832 $ 167,797 $ 161,149 Gross profit $ 24,127 $ 30,700 $ 35,159 $ 31,605 Net income $ 3,649 $ 6,862 $ 9,116 $ 6,029 Basic earnings per common share $ 0.36 $ 0.67 $ 0.89 $ 0.59 Diluted earnings per common share $ 0.35 $ 0.67 $ 0.88 $ 0.58 Dividends paid per common share $ 0.03 $ 0.03 $ 0.03 $ 0.04 (1) - Second quarter 2014 includes a $4,000 warranty charge related to UPRR warranty claim. (2) - Fourth quarter 2014 includes a $4,766 warranty charge related to UPRR warranty claim. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of financial statement presentation [Policy Text Block] | Basis of financial statement presentation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, ventures, and partnerships in which a controlling interest is held. Inter-company transactions and accounts have been eliminated. The Company utilizes the equity method of accounting for companies where its ownership is less than or equal to 50% and significant influence exists. |
Cash and cash equivalents [Policy Text Block] | Cash and cash equivalents The Company considers cash and other instruments with maturities of three months or less, when purchased, to be cash and cash equivalents . The Company invests available funds in a manner to maximize returns, preserve investment principal, and maintain liquidity while seeking the highest yield available. Cash and cash equivalents held in non-domestic accounts was approximately $ 29,700 and $ 49,233 at December 31, 2015 and 2014, respectively. Included in non-domestic cash equivalents are investments in bank term deposits of approximately $ 1 ,939 and $ 25 at December 31, 2015 and 2014, respectively. The carrying amounts approximated fair value because of the short maturity of the instruments. |
Inventories [Policy Text Block] | Inventories Certain inventories are valued at the lower of the last-in, first-out (āLIFOā) cost or market. Approximately 43 % in 2015 and 44 % in 2014, of the Companyās inventory is valued at average cost or market, whichever is lower. Slow-moving inventory is reviewed and adjusted regularly, based upon product knowledge, physical inventory observation, and the age of the inventory. |
Property, plant and equipment [Policy Text Block] | Property, plant, and equipment Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of 5 to 40 years for buildings and 2 to 10 years for machinery and equipment. Leasehold improvements are amortized over 3 to 13 years, which represent the lives of the respective leases or the lives of the improvements, whichever is shorter. Depreciation expense is recorded within ācost of salesā and āselling and administrativeā expenses based upon the particular assetās use. The Company reviews a long-lived asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no material asset impairments recorded for the years ended December 31, 2015, 2014 , or 2013. Maintenance, repairs, and minor renewals are charged to operations as incurred. Major renewals and betterments that substantially extend the useful life of the property are capitalized at cost. Upon sale or other disposition of assets, the costs and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in income. |
Allowance for doubtful accounts [Policy Text Block] | Allowance for doubtful accounts The allowance for doubtful accounts is recorded to reflect the ultimate realization of the Companyās accounts receivable and includes assessment of the probability of collection and the credit-worthiness of certain customers. Reserves for uncollectible accounts are recorded as part of selling and administrative expenses on the Consolidated Statements of Operations. The Company records a monthly provision for accounts receivable that are considered to be uncollectible. In order to calculate the appropriate monthly provision, the Company reviews its accounts receivable aging and calculates an allowance through application of historic reserve factors to overdue receivables. This calculation is supplemented by specific account reviews performed by the Companyās credit department. As necessary, the application of the Companyās allowance rates to specific customers is reviewed and adjusted to more accurately reflect the credit risk inherent within that customer relationship. |
Investments [Policy Text Block] | Investments Investments in companies in which the Company has the ability to exert significant influence, but not control, over operating and financial policies (generally 20% to 50% ownership) are accounted for using the equity method. Under the equity method, investments are initially recorded at cost and adjusted for dividends and undistributed earnings and losses. The equity method of accounting requires a company to recognize a loss in the value of an equity method investment that is other than a temporary decline. |
Goodwill and other intangible assets [Policy Text Block] | Goodwill and other intangible assets Goodwill is tested annually for impairment or more often if there are indicators of impairment. The goodwill impairment test involves comparing the fair value of a reporting unit to its carrying value, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, a second step is required to measure the goodwill impairment loss. This step compares the implied fair value of the reporting unitās goodwill to the carrying amount of that goodwill. If the carrying amount of the goodwill exceeds the implied fair value of the goodwill, an impairment loss equal to the excess is recorded as a component of operations. The Company performs its annual impairment tests as of October 1 st . During 2015, the Company identified certain triggering events that indicated an interim impairment test was required. As a result of the interim assessment as of September 1, 2015, the Company recorded impairment charges of $80,337 ( $63,887 net of taxes) during 2015 related to the acquisitions of IOS and Chemtec. The measurement of goodwill impairment is a Level 3 fair value measurement, as the primary assumptions, including estimates of future revenue growth, gross margin, and EBITDA margin, are not market observable and require management to make judgements regarding future outcomes. Additional information concerning the impairments is set forth in Note 4 to the financial statements. No additional charges were recorded as a result of the 2015 annual impairment test. No goodwill impairment was recognized during 2014 or 2013 . The Company has no indefinite-lived intangible assets. The Company reviews a long-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. All intangible assets are amortized over their useful lives ranging from 5 to 25 years, with a total weighted average amortization period of approximately 14 years, at December 31, 2015. See Note 4 for additional information including regarding the Companyās other intangible assets. |
Environmental remediation and compliance [Policy Text Block] | Environmental remediation and compliance Environmental remediation costs are accrued when the liability is probable and costs are estimable. Environmental compliance costs, which principally include the disposal of waste generated by routine operations, are expensed as incurred. Capitalized environmental costs, when appropriate, are depreciated over their useful life. Reserves are not reduced by potential claims for recovery. Claims for recovery are recognized as agreements are reached with third parties or as amounts are received. Reserves are periodically reviewed throughout the year and adjusted to reflect current remediation progress, prospective estimates of required activity, and other factors that may be relevant, including changes in technology or regulations. See Note 19, āCommitments and Contingent Liabilities,ā for additional information regarding the Companyās outstanding environmental and litigation reserves. |
Earnings per share [Policy Text Block] | Earnings per share Basic earnings per share is calculated by dividing net income by the weighted average of common shares outstanding during the year. Diluted earnings per share is calculated by using the weighted average of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options and restricted stock utilizing the treasury stock method. |
Revenue recognition | Revenue recognition The Companyās revenues are comprised of product and service sales as well as products and services provided under long-term contracts. For product and service sales, the Company recognizes revenue when the following criteria have been satisfied; persuasive evidence of a sales arrangement exists, product delivery and transfer of title to the customer has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Generally, product title passes to the customer upon shipment. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at its physical location. Revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Shipping and handling costs are included in cost of goods sold. |
Revenue recognition - Percentage of Completion Method [Policy Text Block] | Revenues for products and services under long-term contracts are recognized using the percentage-of-completion method. Sales and gross profit are recognized as work is performed based upon the proportion of actual costs incurred to estimated total project costs. Sales and gross profit are adjusted prospectively for revisions in estimated total project costs and contract values. For certain products and services, the percentage of completion is based upon actual labor costs as a percentage of estimated total labor costs. At the time a loss contract becomes known, the entire amount of the estimated loss is recognized in the Consolidated Statement of Operations. Revenue recognition involves judgments, including assessments of expected returns, the likelihood of nonpayment , and estimates of expected costs and profits on long-term contracts. In determining when to recognize revenue, we analyze various factors, including the specifics of the transaction, historical experience, creditworthiness of the customer, and current market and economic conditions. Changes in judgments on these factors could impact the timing and amount of revenue recognized with a resulting impact on the timing and amount of associated income. Costs in excess of billings are classified as work-in-process inventory. Projects with billings in excess of costs are recorded within deferred revenue. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred revenue Deferred revenue consists of customer payments received for which the revenue recognition criteria have not yet been met as well as billings in excess of costs on percentage of completion projects. Advanced payments from customers typically relate to contracts with respect to which the Company has significantly fulfilled its obligations, but due to the Companyās continuing involvement with the project, revenue is precluded from being recognized until title, ownership, and risk of loss have passed to the customer. |
Fair value of financial instruments [Policy Text Block] | Fair value of financial instruments The Companyās financial instruments consist of cash equivalents, accounts receivable, accounts payable, interest rate swap agreements, and debt. The carrying amounts of the Companyās financial instruments at December 31, 2015 and 2014 approximate fair value. See Note 18, āFair Value Measurements,ā for additional information. |
Stock-based compensation [Policy Text Block] | Stock-based compensation The Company applies the provisions of FASB ASC 718, āCompensation ā Stock Compensation,ā to account for the Companyās share-based compensation. Under the guidance, share-based compensation cost is measured at the grant date based on the calculated fair value of the award. The expense is recognized over the employeesā requisite service period, generally the vesting period of the award. See Note 15, āStare-based Compensation,ā for additional information. |
Product Warranty [Policy Text Block] | Product warranty The Company maintains a current warranty liability for the repair or replacement of defective products. For certain manufactured products, an accrual is made on a monthly basis as a percentage of cost of sales based upon historical experience. For long-lived construction products, a warranty is established when the claim is known and quantifiable. The product warranty accrual is periodically adjusted based on the identification or resolution of known individual product warranty claims or due to changes in the Companyās historical warranty experience. At December 31, 2015 and 2014, the product warranty reserve was $ 8,755 and $ 11,500 , respectively. See Note 19, āCommitments and Contingenciesā for additional information regarding the product warranty. |
Income Taxes [Policy Text Block] | Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax laws and rates expected to be in effect when such differences are recovered or settled. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date of the change. The Company makes judgments regarding the recognition of deferred tax assets and the future realization of these assets. As prescribed by Financial Accounting Standards Board (āFASBā) Accounting Standards Codification (āASCā) 740 āIncome Taxesā and applicable guidance, valuation allowances must be provided for those deferred tax assets for which it is more likely than not (a likelihood more than 50%) that some portion or all of the deferred tax assets will not be realized. The guidance requires the Company to evaluate positive and negative evidence regarding the recoverability of deferred tax assets. Determination of whether the positive evidence outweighs the negative evidence and quantification of the valuation allowance requires the Company to make estimates and judgments of future financial results. The Company evaluates all tax positions taken on its federal, state, and foreign tax filings to determine if the position is more likely than not to be sustained upon examination. For positions that meet the more likely than not to be sustained criteria, the largest amount of benefit to be realized upon ultimate settlement is determined on a cumulative probability basis. A previously recognized tax position is derecognized when it is subsequently determined that a tax position no longer meets the more likely than not threshold to be sustained. The evaluation of the sustainability of a tax position and the expected tax benefit is based on judgment, historical experience, and various other assumptions. Actual results could differ from those estimates upon subsequent resolution of identified matters. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. |
Foreign Currency Translation [Policy Text Block] | Foreign currency translation The assets and liabilities of our foreign subsidiaries are measured using the local currency as the functional currency and are translated into U.S. dollars at exchange rates as of the balance sheet date. Income statement amounts are translated at the weighted-average rates of exchange during the year. The translation adjustment is accumulated as a separate component of accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in determining net income. Included in net income for the years ended December 31, 2015, 2014, and 2013 were foreign currency transaction gains of approximately $1,616, $ 422 , and $433 , respectively. |
Research and development [Policy Text Block] | Research and development The Company expenses research and development costs as costs are incurred. For the years ended December 31, 2015, 2014, and 2013, research and development expenses were $ 3,937 , $ 3,096, and $ 3,154 , respectively, and were principally related to the Companyās friction management and railroad monitoring system products. |
Use of estimates [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (āGAAPā) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Reclassifications [Policy Text Block] | Reclassifications Certain accounts in the prior year consolidated financial statements have been reclassified for comparative purposes principally to conform to the presentation in the current year period. These reclassifications include separately presenting sales of services and cost of services sold to reflect the Companyās increased service offerings attributable to the recent acquisitions disclosed in Note 3 and a change in GAAP, as further described below. |
Recently issued or adopted accounting guidance [Policy Text Block] | Recently issued accounting guidance In May 2014, the Financial Accounting Standards Board (āFASBā) issued Accounting Standard Update (āASUā) 2014-09, āRevenue from Contracts with Customers (Topic 606)ā (āASU 2014-09ā), which supersedes the revenue recognition requirements in Accounting Standards Codification 605, āRevenue Recognition.ā ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating its implementation approach and assessing the impact of ASU 2014-09 on our financial position and results of operations. In July 2015, the FASB issued ASU No. 2015-11, āInventory (Topic 330): Simplifying the Measurement of Inventory.ā The pronouncement was issued to simplify the measurement of inventory and changes the measurement from lower of cost or market to lower of cost and net realizable value. This pronouncement is effective for reporting periods beginning after December 15, 2016. The adoption of ASU 2015-11 is not expected to have a significant impact on our financial position or results of operations. Recently adopted accounting guidance In April 2015, the FASB issued ASU No. 2015-03, āInterest-Imputation of Interest (Topic 835-30): Simplifying the Presentation of Debt Issuance Costsā, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Debt issuance costs related to line of credit arrangements may continue to be reflected as an asset. The recognition and measurement guidance of debt issuance costs are not affected by the amendments in this update. The standard is effective for financial statements issued for annual periods beginning after December 15, 2015, and interim periods within those annual periods. The Company early adopted the new guidance in the fourth quarter of 2015 and there was no impact to the consolidated financial statements from the adoption of this guidance. In September 2015, the FASB issued ASU No. 2015-16 āBusiness Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustmentsā (āASU 2015-16ā). ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Prior to the issuance of the standard, entities were required to retrospectively apply adjustments made to provisional amounts recognized in a business combination. ASU 2015-16 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, and early adoption is permitted. Accordingly, the standard is effective for the Company on January 1, 2016. The Company early adopted the new guidance in the fourth quarter of 2015 and there was no impact to the consolidated financial statements from the adoption of this guidance. In November 2015, the FASB issued ASU No. 2015-17, āIncome Taxes (Topic 740): Balance Sheet Classification of Deferred Taxesā ("ASU 2015-17"). This new guidance requires businesses to classify deferred tax liabilities and assets on their balance sheets as noncurrent. Under existing accounting, a business must separate deferred income tax liabilities and assets into current and noncurrent. ASU 2015-17 was issued as a way to simplify the way businesses classify deferred tax liabilities and assets on their balance sheets. Public companies must apply ASU 2015-17 to fiscal years beginning after December 15, 2016. Companies must follow the requirements for interim periods within those fiscal years, but early adoption at the beginning of an interim or annual period is allowed for all entities. The Company adopted t his guidance during the fourth quarter of 2015 on a retrospective basis, which resulted in the reclassification of $3,497 current deferred tax assets and $77 current deferred tax liabilities to non-current as of December 31, 2014. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2015 Expenditures Net Segment Segment Depreciation/ for Long-Lived Sales Profit (Loss) Assets Amortization Assets Rail Products and Services $ 328,982 $ 27,037 $ 241,222 $ 8,098 $ 4,273 Construction Products 176,394 12,958 86,335 2,720 1,260 Tubular and Energy Services 119,147 (81,344) * 216,715 14,857 4,303 Total $ 624,523 $ (41,349) $ 544,272 $ 25,675 $ 9,836 2014 Expenditures Net Segment Segment Depreciation/ for Long-Lived Sales Profit Assets Amortization Assets Rail Products and Services $ 374,615 $ 30,093 $ 239,951 $ 6,153 $ 5,115 Construction Products 178,847 13,106 102,978 2,232 3,343 Tubular and Energy Services 53,730 5,350 130,289 3,208 6,988 Total $ 607,192 $ 48,549 $ 473,218 $ 11,593 $ 15,446 2013 Expenditures Net Segment Segment Depreciation/ for Long-Lived Sales Profit Assets Amortization Assets Rail Products and Services $ 363,667 $ 28,692 $ 252,049 $ 6,505 $ 3,383 Construction Products 191,751 10,206 77,900 1,758 1,805 Tubular and Energy Services 42,545 9,208 51,497 1,054 2,460 Total $ 597,963 $ 48,106 $ 381,446 $ 9,317 $ 7,648 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | (Loss) income from Operations: Total for reportable segments $ (41,349) $ 48,549 $ 48,106 Adjustment of inventory to LIFO 2,468 738 37 Unallocated interest income 206 530 659 Unallocated equity in (loss) income of nonconsolidated investments (413) 1,282 1,316 Unallocated corporate amounts (11,489) (12,039) (5,980) (Loss) income from operations, before income taxes $ (50,577) $ 39,060 $ 44,138 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets: Total for reportable segments $ 544,272 $ 473,218 $ 381,446 Unallocated corporate assets 28,209 26,788 40,774 LIFO (5,821) (8,289) (9,027) Total assets $ 566,660 $ 491,717 $ 413,193 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Depreciation/Amortization: Total for reportable segments $ 25,675 $ 11,593 $ 9,317 Other 999 984 685 Total $ 26,674 $ 12,577 $ 10,002 Expenditures for Long-Lived Assets: Total for reportable segments $ 9,836 $ 15,446 $ 7,648 Expenditures funded through financing agreements 288 1,981 - Other expenditures 5,077 1,610 2,026 Total $ 15,201 $ 19,037 $ 9,674 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The following table summarizes the Companyās sales by major geographic region in which the Company has operations for the years ended December 31: 2015 2014 2013 United States $ 522,404 $ 498,025 $ 495,710 Canada 40,545 39,375 37,290 United Kingdom 26,817 22,625 16,548 Other 34,757 47,167 48,415 $ 624,523 $ 607,192 $ 597,963 The following table summarizes the Companyās long-lived assets by geographic region at December 31: 2015 2014 2013 United States $ 118,053 $ 66,905 $ 40,717 Canada 6,186 7,440 8,833 Other 2,506 457 559 $ 126,745 $ 74,802 $ 50,109 |
Schedule of Revenues by Major Product Line [Table Text Block] | The following table summarizes the Companyās sales by major product line: 2015 2014 2013 Rail distribution products $ 126,277 $ 139,529 $ 144,911 Rail Technologies products 98,237 109,053 88,670 Piling products 94,853 111,182 140,302 Concrete products 52,044 36,396 32,969 Test and inspection services 35,906 - - CXT concrete tie products 35,740 52,562 44,108 Allegheny Rail Products 35,155 45,008 36,666 Other products 146,311 113,462 110,337 $ 624,523 $ 607,192 $ 597,963 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | Twelve months ended December, 31 2015 2014 Net sales $ 640,596 $ 806,384 Gross profit 138,123 183,163 Net (loss) income (44,399) 41,745 Diluted (loss) earnings per share As Reported $ (4.33) $ 2.48 Pro forma $ (4.32) $ 4.04 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Allocation of Purchase Price November 23, 2015 - Tew Plus March 13, 2015 - IOS January 13, 2015 - Tew December 30, 2014 - Chemtec October 29, 2014 - FWO July 7, 2014 - Carr Current assets $ 4,420 $ 19,877 $ 12,125 $ 15,528 $ 131 $ 3,180 Other assets - 708 - - - 45 Property, plant, and equipment 47 51,453 2,398 4,705 - 7,648 Goodwill 822 69,908 * 8,772 22,302 * 971 1,936 Other intangibles 1,074 50,354 14,048 33,130 419 1,348 Liabilities assumed (3,597) (23,596) (6,465) (6,756) (418) (1,677) Total $ 2,766 $ 168,704 $ 30,878 $ 68,909 $ 1,103 $ 12,480 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Intangible Asset November 23, 2015 - Tew Plus March 13, 2015 - IOS January 13, 2015 - Tew December 30, 2014 - Chemtec October 29, 2014 - FWO July 7, 2014 - Carr Trade name $ - $ 2,641 $ 870 $ 3,149 $ - $ 613 Customer relationships 817 41,171 10,035 23,934 34 524 Technology 203 4,364 2,480 4,930 341 87 Non-competition agreements 54 2,178 663 1,117 44 124 Total identified intangible assets $ 1,074 $ 50,354 $ 14,048 $ 33,130 $ 419 $ 1,348 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of Goodwill [Table Text Block] | Rail Products and Services Construction Products Tubular and Energy Services Total Balance at December 31, 2014 $ 38,956 $ 5,147 $ 38,846 $ 82,949 Acquisitions 9,594 - 69,908 79,502 Foreign currency translation impact (362) - - (362) Impairment charges - - (80,337) (80,337) Balance at December 31, 2015 $ 48,188 $ 5,147 $ 28,417 $ 81,752 |
Schedule of Intangible Assets [Table Text Block] | 2015 2014 Rail Products and Services $ 59,226 $ 44,781 Construction Products 1,348 3,178 Tubular and Energy Services 98,166 47,812 $ 158,740 $ 95,771 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2015 Weighted Average Gross Net Amortization Period Carrying Accumulated Carrying In Years Value Amortization Amount Non-compete agreements 4 $ 6,984 $ (2,495) $ 4,489 Patents 10 378 (124) 254 Customer relationships 16 94,338 (8,441) 85,897 Supplier relationships 5 350 (335) 15 Trademarks and trade names 13 14,252 (3,025) 11,227 Technology 13 42,438 (9,393) 33,045 $ 158,740 $ (23,813) $ 134,927 December 31, 2014 Weighted Average Gross Net Amortization Period Carrying Accumulated Carrying In Years Value Amortization Amount Non-compete agreements 5 $ 4,143 $ (705) $ 3,438 Patents 10 564 (189) 375 Customer relationships 19 44,450 (4,679) 39,771 Supplier relationships 5 350 (268) 82 Trademarks and trade names 14 10,765 (1,855) 8,910 Technology 14 35,499 (5,941) 29,558 $ 95,771 $ (13,637) $ 82,134 |
Schedule of Expected Amortization Expense [Table Text Block] | Amortization Expense 2016 $ 13,093 2017 12,200 2018 11,868 2019 11,137 2020 10,706 2021 and thereafter 75,923 $ 134,927 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule Of Accounts Receivable, Net [Table Text Block] | 2015 2014 Trade $ 79,100 $ 90,494 Allowance for doubtful accounts (1,485) (1,036) 77,615 89,458 Other 872 720 $ 78,487 $ 90,178 |
Operating Segments [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule Of Accounts Receivable, Net [Table Text Block] | 2015 2014 Rail Products and Services $ 43,155 $ 45,931 Construction Products 20,489 33,760 Tubular and Energy Services 13,971 9,767 $ 77,615 $ 89,458 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory [Abstract] | |
Schedule of Inventory Of Continuing Operations [Table Text Block] | 2015 2014 Finished goods $ 62,547 $ 65,335 Work-in-process 20,178 16,188 Raw materials 19,492 21,855 Total inventories at current costs 102,217 103,378 Less: LIFO reserve (5,821) (8,289) $ 96,396 $ 95,089 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2015 2014 Land $ 17,054 $ 9,102 Improvements to land and leaseholds 16,590 29,016 Buildings 39,366 22,807 Machinery and equipment, including equipment under capitalized leases 118,677 95,547 Construction in progress 11,844 12,033 203,531 168,505 Less accumulated depreciation and amortization, including accumulated amortization of capitalized leases 76,786 93,703 $ 126,745 $ 74,802 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Schedule Of Carrying Amount And Maximum Loss Exposure Of Equity Investments [Table Text Block] | 2015 2014 LB Pipe JV equity method investment $ 5,246 $ 5,746 Net investment in direct financing lease 995 1,117 $ 6,241 $ 6,863 |
Schedule of Direct Financing Future Minimum Lease Payments for Capital Leases [Table Text Block] | Minimum Lease Payments 2016 $ 131 2017 140 2018 150 2019 574 $ 995 |
Long-Term Debt and Related Ma39
Long-Term Debt and Related Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt and Related Matters [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2015 2014 Revolving credit facility $ 165,000 $ 24,200 Financing agreement payable in installments through July 1, 2017 with an interest rate of 3.00% at December 31, 2015 1,247 1,781 Lease obligations payable in installments through 2019 with a weighted average interest rate of 3.09% at December 31, 2015 and 3.50% December 31, 2014 2,507 447 Total 168,754 26,428 Less current maturities 1,335 676 Long-term portion $ 167,419 $ 25,752 |
Schedule of Maturities of Long-term Debt [Table Text Block] | December 31, 2015 2016 $ 1,335 2017 1,121 2018 558 2019 500 2020 165,240 2021 and thereafter - Total $ 168,754 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Common Stock Share Activity Treasury Outstanding (Number of Shares) Balance at end of 2012 966,381 10,149,398 Issued for share-based compensation plans (39,123) 39,123 Balance at end of 2013 927,258 10,188,521 Issued for share-based compensation plans (53,884) 53,884 Balance at end of 2014 873,374 10,242,405 Issued for share-based compensation plans (59,113) 59,113 Repurchased common shares 80,512 (80,512) Balance at end of 2015 894,773 10,221,006 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss [Table Text Block] | 2015 2014 Pension and post-retirement benefit plan adjustments $ (3,069) $ (4,089) Unrealized loss on interest rate swap contracts (121) - Foreign currency translation adjustments (14,750) (7,803) $ (17,940) $ (11,892) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Common Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 2013 Numerator for basic and diluted earnings per common share - (Loss) income available to common stockholders: Net (loss) income $ (44,445) $ 25,656 $ 29,290 Denominator: Weighted average shares outstanding 10,254 10,225 10,175 Denominator for basic earnings per common share 10,254 10,225 10,175 Effect of dilutive securities: Employee stock options - 6 11 Other stock compensation plans - 101 74 Dilutive potential common shares - 107 85 Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions 10,254 10,332 10,260 Basic (loss) earnings per common share $ (4.33) $ 2.51 $ 2.88 Diluted (loss) earnings per common share $ (4.33) $ 2.48 $ 2.85 Dividends paid per common share $ 0.16 $ 0.13 $ 0.12 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Deferred tax liabilities: Goodwill and other intangibles $ (5,801) $ (10,800) Depreciation (14,134) (3,763) Inventories - (3,188) Investment in LB Pipe joint venture (572) (553) Other (741) (527) Total deferred tax liabilities (21,248) (18,831) Deferred tax assets: Pension and post-retirement liability 1,801 2,147 Warranty reserve 3,153 4,180 Deferred compensation 2,275 1,755 Accounts receivable 622 369 Contingent liabilities 2,087 667 Long-term insurance reserves 655 660 Net operating loss / tax credit carryforwards 1,006 883 Other 949 645 Total deferred tax assets 12,548 11,306 Net deferred tax liability $ (8,700) $ (7,525) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 Current: Federal $ 5,571 $ 11,488 $ 8,785 State 1,540 1,491 837 Foreign 1,339 3,339 1,982 Total current 8,450 16,318 11,604 Deferred: Federal (12,016) (2,321) 3,200 State (2,014) (122) 273 Foreign (552) (471) (229) Total deferred (14,582) (2,914) 3,244 Total income tax (benefit) expense $ (6,132) $ 13,404 $ 14,848 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2015 2014 2013 Domestic $ (55,061) $ 30,766 $ 37,306 Foreign 4,484 8,294 6,832 (Loss) income from operations, before income taxes $ (50,577) $ 39,060 $ 44,138 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 Statutory rate 35.0 % 35.0 % 35.0 % Foreign tax rate differential 0.8 (2.2) (1.7) State income taxes, net of federal benefit 0.3 2.7 2.6 Non-deductible goodwill impairment (25.2) - - Non-deductible expenses (0.9) 1.8 0.6 Change in liability for unrecognized tax benefits 0.4 (0.8) (1.9) Domestic production activities deduction 1.0 (2.2) (1.2) Other 0.7 - 0.2 12.1 % 34.3 % 33.6 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2015 2014 Unrecognized tax benefits at beginning of period: $ 1,013 $ 1,509 Increases based on tax positions for prior periods 147 18 Decreases based on tax positions for prior periods - (325) Decreases related to settlements with taxing authorities (578) (126) Decreases as a result of a lapse of the applicable statute of limitations - (63) Balance at end of period $ 582 $ 1,013 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Summary of Stock Option Activity [Table Text Block] | 2015 2014 2013 Number of shares under the plans: Outstanding and exercisable at beginning of year 7,500 18,750 22,500 Granted - - - Canceled - - - Exercised (7,500) (11,250) (3,750) Outstanding and exercisable at end of year - 7,500 18,750 |
Schedule of Nonvested Share Activity [Table Text Block] | Restricted Performance Weighted Average Stock Stock Grant Date Units Units Fair Value Outstanding at January 1, 2013 176,646 59,725 $ 31.65 Granted 12,973 31,418 42.49 Vested (41,579) - 29.18 Adjustment for incentive awards not expected to vest - (18,408) 35.84 Canceled (18,314) (11,084) 33.55 Outstanding at December 31, 2013 129,726 61,651 $ 34.00 Granted 19,051 34,652 44.07 Vested (40,540) (13,588) 34.59 Adjustment for incentive awards not expected to vest - (7,845) 43.59 Canceled - (2,880) 44.13 Outstanding at December 31, 2014 108,237 71,990 $ 36.25 Granted 29,656 41,114 44.93 Vested (39,076) (23,877) 32.35 Adjustment for incentive awards not expected to vest - (53,228) 43.26 Canceled (5,000) - 44.84 Outstanding at December 31, 2015 93,817 35,999 $ 39.66 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | 2015 2014 2013 Number of shares available for future grant: Beginning of year 469,840 513,280 517,280 End of year 407,307 469,840 513,280 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Costs of Retirement Plans [Table Text Block] | December 31, 2015 2014 2013 United States $ 2,434 $ 2,425 $ 2,151 Canada 226 227 266 United Kingdom 494 158 136 $ 3,154 $ 2,810 $ 2,553 |
Other Post-Retirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Assumptions Used [Table Text Block] | 2015 2014 Discount rate 4.2 % 4.0 % Weighted average health care trend rate 5.0 % 6.2 % |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | 2015 2014 Changes in benefit obligation: Benefit obligation at beginning of year $ 18,925 $ 16,112 Service cost 38 23 Interest cost 742 771 Actuarial (gain) loss (1,148) 2,753 Benefits paid (798) (734) Benefit obligation at end of year $ 17,759 $ 18,925 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Change to plan assets: Fair value of assets at beginning of year $ 15,205 $ 15,039 Actual (loss) gain on plan assets (172) 601 Employer contribution - 299 Benefits paid (798) (734) Fair value of assets at end of year 14,235 15,205 Funded status at end of year $ (3,524) $ (3,720) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Amounts recognized in the consolidated balance sheet consist of: Other long-term liabilities $ (3,524) $ (3,720) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Amounts recognized in accumulated other comprehensive income consist of: Net loss $ 3,993 $ 4,429 Prior service cost - 3 $ 3,993 $ 4,432 |
Schedule of Net Benefit Costs [Table Text Block] | 2015 2014 2013 Components of net periodic benefit cost: Service cost $ 38 $ 23 $ 33 Interest cost 742 771 707 Expected return on plan assets (816) (968) (856) Amortization of prior service cost 3 1 1 Recognized net actuarial loss 275 65 212 Net periodic pension cost (income) $ 242 $ (108) $ 97 |
Schedule of Assumptions Used [Table Text Block] | The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. 2015 2014 2013 Discount rate 4.3 % 4.0 % 4.9 % Expected rate of return on plan assets 5.2 % 5.5 % 6.5 % |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 2015 2014 Projected benefit obligation $ 17,759 $ 18,925 Accumulated benefit obligation 17,759 18,925 Fair value of plan assets $ 14,235 $ 15,205 |
Schedule of Allocation of Plan Assets [Table Text Block] | Target 2015 2014 Asset Category Cash and cash equivalents 0 - 10 % 9 % 2 % Total fixed income funds 25 - 50 35 34 Total mutual funds and equities 50 - 70 56 64 Total 100 % 100 % In accordance with the fair value disclosure requirements with FASB ASC 820, āFair Value Measurements and Disclosures,ā the following assets were measured at fair value on a recurring basis at December 31, 2015 and 2014. Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 18, Fair Value Measurements . 2015 2014 Asset Category Cash and cash equivalents $ 1,248 $ 347 Fixed income funds Corporate bonds 4,926 5,194 Total fixed income funds 4,926 5,194 Equity funds and equities Mutual funds 8,061 3,566 Common stock - 6,098 Total mutual funds and equities 8,061 9,664 Total $ 14,235 $ 15,205 |
Schedule of Expected Benefit Payments [Table Text Block] | Pension Benefits 2016 $ 823 2017 879 2018 907 2019 974 2020 1,015 Years 2021-2025 5,611 |
UNITED KINGDOM | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | 2015 2014 Changes in benefit obligation: Benefit obligation at beginning of year $ 8,797 $ 8,450 Interest cost 295 360 Actuarial (gain) loss (416) 883 Benefits paid (339) (397) Foreign currency exchange rate changes (475) (499) Benefit obligation at end of year $ 7,862 $ 8,797 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Change to plan assets: Fair value of assets at beginning of year $ 6,757 $ 6,769 Actual gain on plan assets 307 502 Employer contribution 302 284 Benefits paid (339) (397) Foreign currency exchange rate changes (366) (401) Fair value of assets at end of year 6,661 6,757 Funded status at end of year $ (1,201) $ (2,040) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Amounts recognized in the consolidated balance sheet consist of: Other long-term liabilities $ (1,201) $ (2,040) Amounts recognized in accumulated other comprehensive income consist of: Net loss $ 706 $ 1,413 Prior service cost 85 112 $ 791 $ 1,525 |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension costs for the three years ended December 31, 2015, 2014, and 2013 are as follows: 2015 2014 2013 Components of net periodic benefit cost: Interest cost $ 295 $ 360 $ 348 Expected return on plan assets (324) (370) (321) Amortization of transition obligation - (50) (46) Amortization of prior service cost 27 30 22 Recognized net actuarial loss 225 185 229 Net periodic pension cost $ 223 $ 155 $ 232 |
Schedule of Assumptions Used [Table Text Block] | 2015 2014 2013 Discount rate 4.0 % 3.6 % 4.6 % Expected rate of return on plan assets 5.2 % 5.0 % 5.8 % |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 2015 2014 Projected benefit obligation $ 7,862 $ 8,797 Accumulated benefit obligation 7,862 8,797 Fair value of plan assets 6,661 6,757 |
Schedule of Allocation of Plan Assets [Table Text Block] | Portec Rail Plan Equity securities Up to 100% Commercial property Not to exceed 50% U.K. Government securities Not to exceed 50% Cash Up to 100% Plan assets held within the Portec Rail Plan consist of cash and marketable securities that have been classified as Level 1 of the fair value hierarchy. All other plan assets have been classified as Level 2 of the fair value hierarchy. The plan assets by category for the two years ended December 31, 2015 and 2014 are as follows: 2015 2014 Asset Category Cash and cash equivalents $ 242 $ 218 Equity securities 2,656 2,156 Bonds 1,301 1,899 Commercial property 2,462 2,484 Total $ 6,661 $ 6,757 |
Schedule of Expected Benefit Payments [Table Text Block] | Pension Benefits 2016 $ 247 2017 268 2018 286 2019 303 2020 321 Years 2021-2025 1,939 |
Rental And Lease Information (T
Rental And Lease Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Rental and Lease Information [Abstract] | |
Schedule Of Future Minimum Payments Under Capital And Operating Leases [Table Text Block] | Capital Operating Year ending December 31, Leases Leases 2016 $ 694 $ 4,310 2017 636 3,680 2018 591 2,429 2019 517 1,702 2020 244 1,407 2021 and thereafter - 6,600 Total minimum lease payments 2,682 $ 20,128 Less amount representing interest 175 Total present value of minimum payments with interest rates ranging from 3.00% to 5.25% $ 2,507 |
Schedule of Capital Leased Assets [Table Text Block] | 2015 2014 Machinery and equipment at cost 3,157 638 Less accumulated amortization 450 181 Net capital lease assets $ 2,707 $ 457 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at Reporting Date Using Fair Value Measurements at Reporting Date Using December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Non-domestic bank term deposits $ 1,939 $ 1,939 $ - $ - $ 25 $ 25 $ - $ - Total Assets $ 1,939 $ 1,939 $ - $ - $ 25 $ 25 $ - $ - Liabilities Interest rate swaps $ 196 $ - $ 196 $ - $ - $ - $ - $ - Total Liabilities $ 196 $ - $ 196 $ - $ - $ - $ - $ - |
Commitments and Contingent Li48
Commitments and Contingent Liabilites (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingent Liabilities [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Warranty Liability Balance at December 31, 2014 $ 11,500 Additions to warranty liability 1,794 Warranty liability utilized (4,650) Acquisitions 111 Balance at December 31, 2015 $ 8,755 |
Environmental Loss Contingencies [Table Text Block] | Environmental liability Balance at December 31, 2014 $ 3,344 Additions to environmental obligations 50 Environmental obligations utilized (214) Acquisitions 3,460 Balance at December 31, 2015 $ 6,640 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income [Abstract] | |
Other Income [Table Text Block] | 2015 2014 2013 Gain on Tucson, AZ asset sale (a) $ (2,279) $ - $ - Foreign currency gains (1,616) (422) (433) Remeasurement gain on equity method investment (b) (580) - - Legal settlement gain (c) (460) - - Other (650) (256) (644) $ (5,585) $ (678) $ (1,077) |
Quarterly Financial Informati50
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarterly financial information for the years ended December 31, 2015 and 2014 is presented below: 2015 First Second Third Fourth Quarter Quarter Quarter (1) Quarter (2) Net sales $ 137,907 $ 171,419 $ 176,059 $ 139,138 Gross profit $ 30,653 $ 37,089 $ 36,038 $ 29,872 Net income (loss) $ 4,285 $ 5,362 $ (57,422) $ 3,328 Basic earnings (loss) per common share $ 0.42 $ 0.52 $ (5.60) $ 0.33 Diluted earnings (loss) per common share $ 0.41 $ 0.52 $ (5.60) $ 0.32 Dividends paid per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 Differences between the sum of quarterly results and Consolidated Statement of Operations due to rounding. (1) - Third quarter 2015 includes $80,337 ( $63,887 net of tax) impairment of goodwill related to the IOS and Chemtec reporting units. (2) - Fourth quarter 2015 includes $2,279 pre-tax gain on sale of Tucson, AZ concrete tie facility. 2014 First Second Third Fourth Quarter Quarter (1) Quarter Quarter (2) Net sales $ 111,414 $ 166,832 $ 167,797 $ 161,149 Gross profit $ 24,127 $ 30,700 $ 35,159 $ 31,605 Net income $ 3,649 $ 6,862 $ 9,116 $ 6,029 Basic earnings per common share $ 0.36 $ 0.67 $ 0.89 $ 0.59 Diluted earnings per common share $ 0.35 $ 0.67 $ 0.88 $ 0.58 Dividends paid per common share $ 0.03 $ 0.03 $ 0.03 $ 0.04 (1) - Second quarter 2014 includes a $4,000 warranty charge related to UPRR warranty claim. (2) - Fourth quarter 2014 includes a $4,766 warranty charge related to UPRR warranty claim. |
Summary Of Significant Accoun51
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Percentage of Weighted Average Cost Inventory | 43.00% | 44.00% | ||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | $ 0 | |
Goodwill, Impairment Loss | $ 80,337 | 80,337 | 0 | 0 |
Goodwill, Impairment Loss, Net of Tax | $ 63,887 | 63,887 | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 0 | |||
Product warranty reserves | 8,755 | 11,500 | ||
Foreign currency transaction gains | 1,616 | 422 | 433 | |
Research and Development Expense | 3,937 | 3,096 | $ 3,154 | |
Deferred Tax Assets, Gross, Noncurrent | 226 | 93 | ||
Deferred Income Tax Liabilities | 8,926 | 7,618 | ||
Accounting Standards Update 2015-17 [Member] | ||||
Deferred Tax Assets, Gross, Noncurrent | 3,497 | |||
Deferred Income Tax Liabilities | 77 | |||
Non-Domestic [Member] | ||||
Certificates of Deposit, at Carrying Value | 1,939 | 25 | ||
Cash, Cash Equivalents, and Short-term Investments | $ 29,700 | $ 49,233 | ||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||
Maximum [Member] | Building [Member] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Maximum [Member] | Leasehold Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 13 years | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Minimum [Member] | Building [Member] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Minimum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Minimum [Member] | Leasehold Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Weighted Average [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 14 years |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Capital Charges Rate | 1.00% | ||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Segment Reporting, Factors Used to Identify Entity's Reportable Segments | The Company is a leading manufacturer, fabricator, and distributor of products and services for rail, construction, energy, and utility markets. The Company is organized and evaluated by product group, which is the basis for identifying reportable segments. Each segment represents a revenue-producing component of the Company for which separate financial information is produced internally that is subject to evaluation by the Company's chief operating decision maker in deciding how to allocate resources. Each segment is evaluated based upon their segment profit contribution to the Company's consolidated results. As a result of recently completed acquisitions, during the first quarter of 2015, the Company renamed the Rail Products and Tubular Products business segments to be Rail Products and Services and Tubular and Energy Services, respectively. The name changes principally reflect the additional businesses conducted by those segments as a result of acquisitions that have enhanced our product and service offerings within the rail and energy markets. Excluding the addition of current year acquisitions, there were no changes to the divisions that have been aggregated within the segments nor were there changes to the historical reportable segment results.The Company markets its products directly in all major industrial areas of the United States, Canada, and Europe, primarily through an internal sales force.The Company's Rail Products and Services segment provides a full line of new and used rail, trackwork, and accessories to railroads, mines, and other customers in the rail industry. The Rail segment also designs and produces insulated rail joints, power rail, track fasteners, concrete railroad ties, coverboards, and special accessories for mass transit and other rail systems. In addition, the Rail Products and Services segment engineers, manufactures, and assembles friction management products and railway wayside data collection and management systems. The Company's Construction Products segment sells and rents steel sheet piling, H-bearing pile, and other piling products for foundation and earth retention requirements. The Company's Fabricated Products division sells bridge decking, bridge railing, structural steel fabrications, expansion joints, bridge forms, and other products for highway construction and repair. The concrete products businesses produce precast concrete buildings and a variety of specialty precast concrete products.The Company's Tubular and Energy Services segment provides pipe coatings for natural gas pipelines and utilities, upstream test and inspection services, precision measurement systems for the oil and gas market, and produces threaded pipe products for the oil and gas markets as well as industrial water well and irrigation markets. | ||
Segment Reporting, Measurement for Transactions Between Reportable Segments | The following table illustrates net sales, profit (loss), assets, depreciation/amortization, and expenditures for long-lived assets of the Company by segment for the years ended or at December 31, 2015, 2014, and 2013. Segment profit is the earnings from operations before income taxes and includes internal cost of capital charges for net assets used in the segment at a rate of generally 1% per month excluding recently acquired businesses. The internal cost of capital charges are eliminated during the consolidation process. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies except that the Company accounts for inventory on a First-In, First-Out ("FIFO") basis at the segment level compared to a Last-In, First-Out ("LIFO") basis at the consolidated level | ||
Customer 1 - 10% of Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 0 | $ 0 | $ 0 |
Business Segments (Reconciliati
Business Segments (Reconciliation of Significant Reconciling Items) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 624,523 | $ 607,192 | $ 597,963 | |
Assets | 566,660 | 491,717 | 413,193 | |
Depreciation and amortization | 26,674 | 12,577 | 10,002 | |
Expenditures for Long-Lived Assets | 15,201 | 19,037 | 9,674 | |
Rail Products and Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 328,982 | 374,615 | 363,667 | |
Segment Profit (Loss) | 27,037 | 30,093 | 28,692 | |
Assets | 241,222 | 239,951 | 252,049 | |
Depreciation and amortization | 8,098 | 6,153 | 6,505 | |
Expenditures for Long-Lived Assets | 4,273 | 5,115 | 3,383 | |
Construction Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 176,394 | 178,847 | 191,751 | |
Segment Profit (Loss) | 12,958 | 13,106 | 10,206 | |
Assets | 86,335 | 102,978 | 77,900 | |
Depreciation and amortization | 2,720 | 2,232 | 1,758 | |
Expenditures for Long-Lived Assets | 1,260 | 3,343 | 1,805 | |
Tubular and Energy Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 119,147 | 53,730 | 42,545 | |
Segment Profit (Loss) | (81,344) | [1] | 5,350 | 9,208 |
Assets | 216,715 | 130,289 | 51,497 | |
Depreciation and amortization | 14,857 | 3,208 | 1,054 | |
Expenditures for Long-Lived Assets | 4,303 | 6,988 | 2,460 | |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 624,523 | 607,192 | 597,963 | |
Segment Profit (Loss) | (41,349) | 48,549 | 48,106 | |
Assets | 544,272 | 473,218 | 381,446 | |
Depreciation and amortization | 25,675 | 11,593 | 9,317 | |
Expenditures for Long-Lived Assets | $ 9,836 | $ 15,446 | $ 7,648 | |
[1] | Segment loss includes impairment of goodwill as further described in Note 4. |
Business Segments (Schedule Of
Business Segments (Schedule Of Reporting Sement Data To Consolidated Totals From Continuing Ops) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Equity in (loss) income of nonconsolidated investment | $ (413) | $ 1,282 | $ 1,316 |
Income (loss) from continuing operations, before income taxes | (50,577) | 39,060 | 44,138 |
Assets | 566,660 | 491,717 | 413,193 |
Depreciation and amortization | 26,674 | 12,577 | 10,002 |
Expenditures for Long-Lived Assets | 15,201 | 19,037 | 9,674 |
Net sales | 624,523 | 607,192 | 597,963 |
Long-lived assets of continuing operating activities | 126,745 | 74,802 | 50,109 |
Payments to Acquire Property, Plant, and Equipment | 14,913 | 17,056 | 9,674 |
Rail distribution products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 126,277 | 139,529 | 144,911 |
Rail Technologies products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 98,237 | 109,053 | 88,670 |
Piling Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 94,853 | 111,182 | 140,302 |
Concrete products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 52,044 | 36,396 | 32,969 |
Test and inspection services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 35,906 | 0 | 0 |
CXT concrete tie products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 35,740 | 52,562 | 44,108 |
Allegheny Rail Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 35,155 | 45,008 | 36,666 |
Other products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 146,311 | 113,462 | 110,337 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 522,404 | 498,025 | 495,710 |
Long-lived assets of continuing operating activities | 118,053 | 66,905 | 40,717 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 40,545 | 39,375 | 37,290 |
Long-lived assets of continuing operating activities | 6,186 | 7,440 | 8,833 |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 26,817 | 22,625 | 16,548 |
Other - Seg Reporting [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 34,757 | 47,167 | 48,415 |
Long-lived assets of continuing operating activities | 2,506 | 457 | 559 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations, before income taxes | (41,349) | 48,549 | 48,106 |
Assets | 544,272 | 473,218 | 381,446 |
Depreciation and amortization | 25,675 | 11,593 | 9,317 |
Expenditures for Long-Lived Assets | 9,836 | 15,446 | 7,648 |
Net sales | 624,523 | 607,192 | 597,963 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Unallocated interest income | 206 | 530 | 659 |
Equity in (loss) income of nonconsolidated investment | (413) | 1,282 | 1,316 |
Unallocated corporate amounts | (11,489) | (12,039) | (5,980) |
Assets | 28,209 | 26,788 | 40,774 |
Depreciation and amortization | 999 | 984 | 685 |
Expenditures for Long-Lived Assets | 5,077 | 1,610 | 2,026 |
Segment Reconciling Items, LIFO [Member] | |||
Segment Reporting Information [Line Items] | |||
Inventory, LIFO Reserve, Effect on Income, Net | 2,468 | 738 | 37 |
Assets | (5,821) | (8,289) | (9,027) |
Segment Reconciling Items, Financing Agreements [Member] | |||
Segment Reporting Information [Line Items] | |||
Expenditures for Long-Lived Assets | $ 288 | $ 1,981 | $ 0 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Nov. 23, 2015 | Mar. 13, 2015 | Jan. 13, 2015 | Dec. 30, 2014 | Oct. 29, 2014 | Jul. 07, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 196,001 | $ 80,797 | $ 37,500 | ||||||
Business Acquisition, Transaction Costs | $ 760 | $ 2,240 | |||||||
TEW Plus LTD [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Nov. 23, 2015 | ||||||||
Business Acquisition, Name of Acquired Entity | TEW Plus, LTD ("Tew Plus") | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 2,130 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 2,766 | ||||||||
Inspection Oilfield Services (IOS) [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Mar. 13, 2015 | ||||||||
Business Acquisition, Name of Acquired Entity | IOS Holdings, Inc. ("IOS") | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 167,404 | ||||||||
Working capital adjustment | 2,363 | ||||||||
Earn out provision | 60,000 | ||||||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 7,600 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 168,704 | ||||||||
TEW Holdings, LTD [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Jan. 13, 2015 | ||||||||
Business Acquisition, Name of Acquired Entity | TEW Holdings, LTD ("Tew") | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 26,467 | ||||||||
Working capital adjustment | 4,200 | ||||||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 600 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 30,878 | ||||||||
Chemtec Energy Services, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Dec. 30, 2014 | ||||||||
Business Acquisition, Name of Acquired Entity | Chemtec Energy Services, L.L.C. ("Chemtec") | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 66,719 | ||||||||
Working capital adjustment | 1,867 | ||||||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 5,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 68,909 | ||||||||
FWO [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Oct. 29, 2014 | ||||||||
Business Acquisition, Name of Acquired Entity | FWO | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,103 | ||||||||
Working capital adjustment | 161 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 1,103 | ||||||||
Carr Concrete [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Jul. 7, 2014 | ||||||||
Business Acquisition, Name of Acquired Entity | Carr Concrete Corporation ("Carr") | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 12,480 | ||||||||
Working capital adjustment | 189 | ||||||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 1,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 12,480 |
Acquisitions (Pro Forma Income
Acquisitions (Pro Forma Income Statements) (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [3] | Sep. 30, 2014 | Jun. 30, 2014 | [4] | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||||||||||||||
Diluted (loss) earnings per share As Reported | $ 0.32 | $ (5.60) | $ 0.52 | $ 0.41 | $ 0.58 | $ 0.88 | $ 0.67 | $ 0.35 | $ (4.33) | $ 2.48 | $ 2.85 | ||||
Pro Forma [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Net sales | $ 640,596 | $ 806,384 | |||||||||||||
Gross profit | 138,123 | 183,163 | |||||||||||||
Net (loss) income | $ (44,399) | $ 41,745 | |||||||||||||
Dilutive (loss) earnings per share Pro forma | $ (4.32) | $ 4.04 | |||||||||||||
[1] | Fourth quarter 2015 includes $2,279 pre-tax gain on sale of Tucson, AZ concrete tie facility. | ||||||||||||||
[2] | Third quarter 2015 includes $80,337 ($63,887 net of tax) impairment of goodwill related to the IOS and Chemtec reporting units. | ||||||||||||||
[3] | Fourth quarter 2014 includes a $4,766 warranty charge related to UPRR warranty claim. | ||||||||||||||
[4] | Second quarter 2014 includes a $4,000 warranty charge related to UPRR warranty claim. |
Acquisitions (Allocation of Pur
Acquisitions (Allocation of Purchase Price) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Nov. 23, 2015 | Mar. 13, 2015 | Jan. 13, 2015 | Dec. 31, 2014 | Dec. 30, 2014 | Oct. 29, 2014 | Jul. 07, 2014 | |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 81,752 | $ 82,949 | |||||||
TEW Plus LTD [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | $ 4,420 | ||||||||
Other assets | 0 | ||||||||
Property, plant and equipment | 47 | ||||||||
Goodwill | 822 | ||||||||
Other intangibles | 1,074 | ||||||||
Liabilities assumed | (3,597) | ||||||||
Total | $ 2,766 | ||||||||
Inspection Oilfield Services (IOS) [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | $ 19,877 | ||||||||
Other assets | 708 | ||||||||
Property, plant and equipment | 51,453 | ||||||||
Goodwill | [1] | 69,908 | |||||||
Other intangibles | 50,354 | ||||||||
Liabilities assumed | (23,596) | ||||||||
Total | $ 168,704 | ||||||||
TEW Holdings, LTD [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | $ 12,125 | ||||||||
Other assets | 0 | ||||||||
Property, plant and equipment | 2,398 | ||||||||
Goodwill | 8,772 | ||||||||
Other intangibles | 14,048 | ||||||||
Liabilities assumed | (6,465) | ||||||||
Total | $ 30,878 | ||||||||
Chemtec Energy Services, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | $ 15,528 | ||||||||
Other assets | 0 | ||||||||
Property, plant and equipment | 4,705 | ||||||||
Goodwill | [1] | 22,302 | |||||||
Other intangibles | 33,130 | ||||||||
Liabilities assumed | (6,756) | ||||||||
Total | $ 68,909 | ||||||||
FWO [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | $ 131 | ||||||||
Other assets | 0 | ||||||||
Property, plant and equipment | 0 | ||||||||
Goodwill | 971 | ||||||||
Other intangibles | 419 | ||||||||
Liabilities assumed | (418) | ||||||||
Total | $ 1,103 | ||||||||
Carr Concrete [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | $ 3,180 | ||||||||
Other assets | 45 | ||||||||
Property, plant and equipment | 7,648 | ||||||||
Goodwill | 1,936 | ||||||||
Other intangibles | 1,348 | ||||||||
Liabilities assumed | (1,677) | ||||||||
Total | $ 12,480 | ||||||||
[1] | See Note 4 with respect to an impairment of the goodwill related to this acquisition. |
Acquisitions (Identifiable Inta
Acquisitions (Identifiable Intangible Assets Acquired) (Details) - USD ($) $ in Thousands | Nov. 23, 2015 | Mar. 13, 2015 | Jan. 13, 2015 | Dec. 30, 2014 | Oct. 29, 2014 | Jul. 07, 2014 |
TEW Plus LTD [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | $ 1,074 | |||||
TEW Plus LTD [Member] | Trade name [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 0 | |||||
TEW Plus LTD [Member] | Customer relationships [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 817 | |||||
TEW Plus LTD [Member] | Technology [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 203 | |||||
TEW Plus LTD [Member] | Non-compete agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | $ 54 | |||||
Inspection Oilfield Services (IOS) [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | $ 50,354 | |||||
Inspection Oilfield Services (IOS) [Member] | Trade name [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 2,641 | |||||
Inspection Oilfield Services (IOS) [Member] | Customer relationships [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 41,171 | |||||
Inspection Oilfield Services (IOS) [Member] | Technology [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 4,364 | |||||
Inspection Oilfield Services (IOS) [Member] | Non-compete agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | $ 2,178 | |||||
TEW Holdings, LTD [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | $ 14,048 | |||||
TEW Holdings, LTD [Member] | Trade name [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 870 | |||||
TEW Holdings, LTD [Member] | Customer relationships [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 10,035 | |||||
TEW Holdings, LTD [Member] | Technology [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 2,480 | |||||
TEW Holdings, LTD [Member] | Non-compete agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | $ 663 | |||||
Chemtec Energy Services, LLC [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | $ 33,130 | |||||
Chemtec Energy Services, LLC [Member] | Trade name [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 3,149 | |||||
Chemtec Energy Services, LLC [Member] | Customer relationships [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 23,934 | |||||
Chemtec Energy Services, LLC [Member] | Technology [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 4,930 | |||||
Chemtec Energy Services, LLC [Member] | Non-compete agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | $ 1,117 | |||||
FWO [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | $ 419 | |||||
FWO [Member] | Trade name [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 0 | |||||
FWO [Member] | Customer relationships [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 34 | |||||
FWO [Member] | Technology [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 341 | |||||
FWO [Member] | Non-compete agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | $ 44 | |||||
Carr Concrete [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | $ 1,348 | |||||
Carr Concrete [Member] | Trade name [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 613 | |||||
Carr Concrete [Member] | Customer relationships [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 524 | |||||
Carr Concrete [Member] | Technology [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | 87 | |||||
Carr Concrete [Member] | Non-compete agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value estimate of acquired identifiable intangible assets | $ 124 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill, Impairment Loss | $ 80,337 | $ 80,337 | $ 0 | $ 0 |
Goodwill, Impairment Loss, Net of Tax | $ 63,887 | 63,887 | ||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | |
Finite-Lived Intangible Assets, Gross | 158,740 | 95,771 | ||
Amortization of Intangible Assets | $ 12,245 | 4,695 | $ 3,112 | |
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Weighted Average [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 14 years | |||
Rail Products and Services [Member] | ||||
Goodwill, Impairment Loss | $ 0 | |||
Finite-Lived Intangible Assets, Gross | 59,226 | 44,781 | ||
Construction Products [Member] | ||||
Goodwill, Impairment Loss | 0 | |||
Finite-Lived Intangible Assets, Gross | 1,348 | 3,178 | ||
Tubular and Energy Services [Member] | ||||
Goodwill, Impairment Loss | 80,337 | |||
Finite-Lived Intangible Assets, Gross | 98,166 | $ 47,812 | ||
Inspection Oilfield Services (IOS) [Member] | ||||
Goodwill, Impairment Loss | 69,908 | |||
Chemtec Energy Services, LLC [Member] | ||||
Goodwill, Impairment Loss | $ 10,429 |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | ||||
Goodwill, Beginning Balance | $ 82,949 | |||
Acquisitions | 79,502 | |||
Foreign currency translation impact | (362) | |||
Impairment charges | $ (80,337) | (80,337) | $ 0 | $ 0 |
Goodwill, Ending Balance | 81,752 | 82,949 | ||
Rail Products and Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Beginning Balance | 38,956 | |||
Acquisitions | 9,594 | |||
Foreign currency translation impact | (362) | |||
Impairment charges | 0 | |||
Goodwill, Ending Balance | 48,188 | 38,956 | ||
Construction Products [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Beginning Balance | 5,147 | |||
Acquisitions | 0 | |||
Foreign currency translation impact | 0 | |||
Impairment charges | 0 | |||
Goodwill, Ending Balance | 5,147 | 5,147 | ||
Tubular and Energy Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Beginning Balance | 38,846 | |||
Acquisitions | 69,908 | |||
Foreign currency translation impact | 0 | |||
Impairment charges | (80,337) | |||
Goodwill, Ending Balance | $ 28,417 | $ 38,846 |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 158,740 | $ 95,771 |
Accumulated Amortization | (23,813) | (13,637) |
Net Carrying Amount | 134,927 | 82,134 |
Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 6,984 | 4,143 |
Accumulated Amortization | (2,495) | (705) |
Net Carrying Amount | 4,489 | 3,438 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 378 | 564 |
Accumulated Amortization | (124) | (189) |
Net Carrying Amount | 254 | 375 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 94,338 | 44,450 |
Accumulated Amortization | (8,441) | (4,679) |
Net Carrying Amount | 85,897 | 39,771 |
Supplier relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 350 | 350 |
Accumulated Amortization | (335) | (268) |
Net Carrying Amount | 15 | 82 |
Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 14,252 | 10,765 |
Accumulated Amortization | (3,025) | (1,855) |
Net Carrying Amount | 11,227 | 8,910 |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 42,438 | 35,499 |
Accumulated Amortization | (9,393) | (5,941) |
Net Carrying Amount | $ 33,045 | $ 29,558 |
Weighted Average [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period In Years | 14 years | |
Weighted Average [Member] | Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period In Years | 4 years | 5 years |
Weighted Average [Member] | Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period In Years | 10 years | 10 years |
Weighted Average [Member] | Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period In Years | 16 years | 19 years |
Weighted Average [Member] | Supplier relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period In Years | 5 years | 5 years |
Weighted Average [Member] | Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period In Years | 13 years | 14 years |
Weighted Average [Member] | Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period In Years | 13 years | 14 years |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets (Schedule of Expected Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Other Intangible Assets [Abstract] | ||
2,016 | $ 13,093 | |
2,017 | 12,200 | |
2,018 | 11,868 | |
2,019 | 11,137 | |
2,020 | 10,706 | |
2021 and thereafter | 75,923 | |
Net Carrying Amount | $ 134,927 | $ 82,134 |
Accounts Receivable (Accounts R
Accounts Receivable (Accounts Receivable Of Continuing Operations) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Receivable [Abstract] | ||
Trade | $ 79,100 | $ 90,494 |
Allowance for doubtful accounts | (1,485) | (1,036) |
Accounts receivable, net, current, total | 77,615 | 89,458 |
Other | 872 | 720 |
Total accounts and other receivables | $ 78,487 | $ 90,178 |
Accounts Receivable (Segment Tr
Accounts Receivable (Segment Trade Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net - segment | $ 77,615 | $ 89,458 |
Rail Products and Services [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net - segment | 43,155 | 45,931 |
Construction Products [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net - segment | 20,489 | 33,760 |
Tubular and Energy Services [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net - segment | $ 13,971 | $ 9,767 |
Inventory (Schedule of Inventor
Inventory (Schedule of Inventory) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Inventory [Abstract] | |||
Finished goods | $ 62,547 | $ 65,335 | |
Work-in-process | 20,178 | 16,188 | |
Raw materials | 19,492 | 21,855 | |
Total inventories at current costs | 102,217 | 103,378 | |
Less: LIFO reserve | (5,821) | (8,289) | |
Inventory | 96,396 | 95,089 | |
Excess of Book LIFO Over Tax LIFO | 5,046 | 11,697 | |
Effect Of Inventory Liquidation On Cost Of Good Sold, Increase/(Decrease) | $ 115 | $ 6 | $ 1,128 |
Property, Plant and Equipment66
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment - gross | $ 203,531 | $ 168,505 | |
Less accumulated depreciation and amortization, including accumulated amortization of capitalized leases | 76,786 | 93,703 | |
Total property, plant and equipment, net | 126,745 | 74,802 | |
Depreciation and amortization | 14,429 | 7,882 | $ 6,890 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment - gross | 17,054 | 9,102 | |
Improvements To Land And LeaseHolds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment - gross | 16,590 | 29,016 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment - gross | 39,366 | 22,807 | |
Machinery And Equipment, Including Equipment Under Capitalized Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment - gross | 118,677 | 95,547 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment - gross | $ 11,844 | $ 12,033 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | Nov. 23, 2015USD ($) | Dec. 31, 2015USD ($)aproperty | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity Investments | $ 5,321 | $ 5,824 | |||
Equity in Income/(Loss) of Nonconsolidated Investment | (413) | 1,282 | $ 1,316 | ||
Other income | [1] | 580 | 0 | 0 | |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 90 | 630 | 558 | ||
LB Pipe JV [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Investments | $ 5,246 | 5,746 | |||
Equity Method Investment, Ownership Percentage | 45.00% | ||||
Equity Method Investment, Description of Principal Activities | The Company is a member of a joint venture, L B Pipe and Coupling Products, LLC ("LB Pipe JV"), in which it maintains a 45% ownership interest. The LB Pipe JV manufactures, markets, and sells various precision coupling products for the energy, utility, and construction markets and is scheduled to terminate on June 30, 2019 | ||||
Equity in Income/(Loss) of Nonconsolidated Investment | $ (410) | 1,286 | $ 1,316 | ||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 90 | 630 | |||
Other Investments [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Investments | $ 75 | $ 78 | |||
TEW Plus LTD [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||
Other income | $ 580 | ||||
Capital Leased Land [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Area of Land | a | 5 | ||||
Capital Leased Assets, Number of Units | property | 2 | ||||
Capital Lease Length Of Renewal Term | 5 years 6 months | ||||
Capital Leases, Monthly Rent | $ 17 | ||||
Capital Leases Balloon Payment In Direct Financing Leases | $ 488 | ||||
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Variable Interest Entity, Methodology for Determining Whether Entity is Primary Beneficiary | Under applicable guidance for variable interest entities in ASC 810, "Consolidation," the Company determined that the LB Pipe JV is a variable interest entity. The Company concluded that it is not the primary beneficiary of the variable interest entity, as the Company does not have a controlling financial interest and does not have the power to direct the activities that most significantly impact the economic performance of the LB Pipe JV. Accordingly, the Company concluded that the equity method of accounting remains appropriate | ||||
[1] | On November 23, 2015, the Company acquired the remaining 75% of shares of Tew Plus resulting in a gain of $580, which is recorded within other income as of December 31, 2015. The gain is included in equity loss (income) and remeasurement gain within the Consolidated Statements of Cash Flows. |
Investments (Schedule Of Carryi
Investments (Schedule Of Carrying Amount And Maximum Loss Exposure Of Equity Investments) (Details) - LB Pipe JV [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Maximum exposure to loss | $ 6,241 | $ 6,863 |
LB Pipe JV equity method investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum exposure to loss | 5,246 | 5,746 |
Net investment in direct financing lease [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum exposure to loss | $ 995 | $ 1,117 |
Investments (Schedule of Direct
Investments (Schedule of Direct Financing Future Minimum Lease Payments for Capital Leases Table) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Investments [Abstract] | |
2,016 | $ 131 |
2,017 | 140 |
2,018 | 150 |
2,019 | 574 |
Capital Leases, Future Minimum Payments Receivable, Total | $ 995 |
Deferred Revenue (Details)
Deferred Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Revenue [Abstract] | ||
Deferred Revenue, Current | $ 6,934 | $ 8,034 |
Long-Term Debt and Related Ma71
Long-Term Debt and Related Matters (Schedule Of Long-Term Debt Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long-Term Debt and Related Matters [Abstract] | ||
Revolving credit facility | $ 165,000 | $ 24,200 |
Financing agreement payable in installments through July 1, 2017 with an interest rate of 3.00% at December 31, 2015 | 1,247 | 1,781 |
Lease obligations payable in installments through 2019 with a weighted average interest rate of 3.09% at December 31, 2015 and 3.50% December 31, 2014 | 2,507 | 447 |
Total | 168,754 | 26,428 |
Less current maturities | 1,335 | 676 |
Long-term portion | $ 167,419 | $ 25,752 |
Accounts Payable, Interest-bearing, Interest Rate | 3.00% | |
Long-term Debt, Weighted Average Interest Rate | 3.09% | 3.50% |
Long-Term Debt and Related Ma72
Long-Term Debt and Related Matters (Schedule Of Long-Term Debt Maturities Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long-Term Debt and Related Matters [Abstract] | ||
2,016 | $ 1,335 | |
2,017 | 1,121 | |
2,018 | 558 | |
2,019 | 500 | |
2,020 | 165,240 | |
2021 and thereafter | 0 | |
Total | $ 168,754 | $ 26,428 |
Long-Term Debt and Related Ma73
Long-Term Debt and Related Matters (Narrative) (Details) Ā£ in Thousands, $ in Thousands | Mar. 13, 2015USD ($) | Dec. 31, 2015GBP (Ā£) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 23, 2014USD ($) |
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Interest Rate Description | Borrowings under the Amended Credit Agreement will bear interest at rates based upon either the base rate or Euro-rate plus applicable margins. Applicable margins are dictated by the ratio of L.B. Foster's indebtedness less consolidated cash on hand to L.B. Foster's consolidated EBITDA, as defined in the underlying Amended Credit Agreement. The base rate is the highest of (a)Ā PNC Bank's prime rate, (b)Ā the Federal Funds Rate plus 0.50% or (c)Ā the daily Euro-rate (as defined in the Amended Credit Agreement) plus 1.00%. The base rate and Euro-rate spreads range from 0.00% to 1.50% and 1.00% to 2.50%, respectively. | ||||
Line of Credit Facility, Covenant Terms | The Amended Credit Agreement includes two financial covenants: (a)Ā Leverage Ratio, defined as L.B. Foster's Indebtedness less consolidated cash on hand, in excess of $15,000, divided by L.B. Foster's consolidated EBITDA, which must not exceed 3.25 to 1.00 and (b)Ā Minimum Interest Coverage, defined as consolidated EBITDA less Capital Expenditures divided by consolidated interest expense, which must be no less than 3.00 to 1.00. | ||||
Line of Credit Facility, Dividend Restrictions | The Amended Credit Agreement permits L.B. Foster to pay dividends, distributions, and make redemptions with respect to its stock provided no event of default or potential default (as defined in the Amended Credit Agreement) has occurred prior to or after giving effect to the dividend, distribution, or redemption. Dividends, distributions, and redemptions are capped at $25,000 per year when funds are drawn on the facility. If no drawings on the facility exist, dividends, distributions, and redemptions in excess of $25,000 per year are subjected to a limitation of $75,000 in the aggregate over the life of the facility. The $75,000 aggregate limitation also permits certain loans, investments, and acquisitions. | ||||
Line of Credit Facility, Amount Outstanding | $ 165,000 | $ 24,200 | |||
Letter of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Amount Outstanding | 526 | 425 | |||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A. and Citizens Bank of Pennsylvania [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Covenant Compliance | At December 31, 2015, the Company was in compliance with the Amended Credit Agreement's covenants | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A. and Citizens Bank of Pennsylvania [Member] | Prior Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||||
Line of Credit Facility, Amount Outstanding | 24,200 | ||||
Line of Credit Facility, Current Borrowing Capacity | 175,375 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Initiation Date | Mar. 13, 2015 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 335,000 | ||||
Debt Instrument, Term | 5 years | ||||
Line of Credit Facility, Provision for Increase in Capacity | $ 100,000 | ||||
Line of Credit Facility, Amount Outstanding | 165,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | 169,474 | ||||
PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank of Pennsylvania, and Branch Banking and Trust Company [Member] | Revolving Credit Facility Available To Canadian Borrowers [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||
NatWest Bank [Member] | Foreign Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | Ā£ 1,500 | 2,210 | |||
Line of Credit Facility, Description | A subsidiary of the Company has a credit facility with NatWest Bank for its United Kingdom operations which includes an overdraft availability of Ā£1,500 pounds sterling (approximately $2,210 at December 31, 2015). This credit facility supports the United Kingdom's working capital requirements and is collateralized by substantially all of the assets of its United Kingdom operations | ||||
Line of Credit Facility, Interest Rate Description | . The interest rate on this facility is the financial institution's base rate plus 1.50%. | ||||
Line of Credit Facility, Covenant Terms | The United Kingdom loan agreements contain certain financial covenants that require that subsidiary to maintain senior interest and cash flow coverage ratios. The subsidiary was in compliance with these financial covenants at December 31, 2015 and 2014. | ||||
Line of Credit Facility, Amount Outstanding | 0 | ||||
Line of Credit Facility, Current Borrowing Capacity | 2,194 | $ 2,337 | |||
Line of Credit Facility, Collateral | This credit facility supports the United Kingdom's working capital requirements and is collateralized by substantially all of the assets of its United Kingdom operations. | ||||
NatWest Bank Outstanding Guarantees [Member] | Foreign Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Amount Outstanding | $ 16 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | [2] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | [4] | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 09, 2015 | Dec. 04, 2013 | |||
Class of Stock [Line Items] | |||||||||||||||||
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||||||
Common Stock, Shares, Issued | 11,115,779 | 11,115,779 | 11,115,779 | 11,115,779 | |||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.04 | [1] | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | [3] | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.16 | $ 0.13 | $ 0.12 | ||||
Treasury Stock, Shares, Acquired | 80,512 | ||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 1,587 | ||||||||||||||||
Payments for Repurchase of Common Stock | $ 2,701 | $ 985 | $ 708 | ||||||||||||||
Stock Repurchase Program Expiration Date | Dec. 31, 2017 | ||||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 25,340 | 21,676 | |||||||||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 1,114 | $ 985 | |||||||||||||||
Dividends, Common Stock, Cash | $ 1,656 | $ 1,345 | $ 1,240 | ||||||||||||||
Common Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||||||
Common Stock, Shares, Issued | 11,115,779 | 11,115,779 | 11,115,779 | 11,115,779 | |||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||||||||||
Treasury Stock, Shares, Acquired | 80,512 | ||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |||||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | |||||||||||||||
Preferred Stock, No Par Value | $ 0 | $ 0 | |||||||||||||||
December 2013 Share Repurchase Program [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 15,000 | ||||||||||||||||
December 2015 Share Repurchase Program [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 30,000 | ||||||||||||||||
[1] | Fourth quarter 2015 includes $2,279 pre-tax gain on sale of Tucson, AZ concrete tie facility. | ||||||||||||||||
[2] | Third quarter 2015 includes $80,337 ($63,887 net of tax) impairment of goodwill related to the IOS and Chemtec reporting units. | ||||||||||||||||
[3] | Fourth quarter 2014 includes a $4,766 warranty charge related to UPRR warranty claim. | ||||||||||||||||
[4] | Second quarter 2014 includes a $4,000 warranty charge related to UPRR warranty claim. |
Stockholders' Equity (Rollforwa
Stockholders' Equity (Rollforward Of Common Stock Table) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Balance (Outstanding Shares), Beginning | 10,242,405 | ||
Purchased through share repurchase program (Treasury) | 80,512 | ||
Balance (Outstanding Shares), Ending | 10,221,006 | 10,242,405 | |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Balance (Treasury Shares), Beginning | 873,374 | 927,258 | 966,381 |
Balance (Outstanding Shares), Beginning | 10,242,405 | 10,188,521 | 10,149,398 |
Issued for stock-based compensation plans (Treasury) | (59,113) | (53,884) | (39,123) |
Issued for stock-based compensation plans (Outstanding) | 59,113 | 53,884 | 39,123 |
Purchased through share repurchase program (Treasury) | 80,512 | ||
Purchased through share repurchase program (Outstanding) | (80,512) | ||
Balance (Treasury Shares), Ending | 894,773 | 873,374 | 927,258 |
Balance (Outstanding Shares), Ending | 10,221,006 | 10,242,405 | 10,188,521 |
Accumulated Other Comprehensi76
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Pension and post-retirement benefit plan adjustments | $ (3,069) | $ (4,089) |
Unrealized loss on interest rate swap contracts | (121) | 0 |
Foreign currency translation adjustments | (14,750) | (7,803) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ (17,940) | $ (11,892) |
Earning Per Common Share (Sched
Earning Per Common Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [3] | Sep. 30, 2014 | Jun. 30, 2014 | [4] | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Common Share [Abstract] | |||||||||||||||
Net (loss) income | $ 3,328 | $ (57,422) | $ 5,362 | $ 4,285 | $ 6,029 | $ 9,116 | $ 6,862 | $ 3,649 | $ (44,445) | $ 25,656 | $ 29,290 | ||||
Weighted average shares | 10,254,000 | 10,225,000 | 10,175,000 | ||||||||||||
Denominator for basic earnings per common share | 10,254,000 | 10,225,000 | 10,175,000 | ||||||||||||
Employee stock options | 0 | 6,000 | 11,000 | ||||||||||||
Other stock compensation plans | 0 | 101,000 | 74,000 | ||||||||||||
Dilutive potential common shares | 0 | 107,000 | 85,000 | ||||||||||||
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversions | 10,254,000 | 10,332,000 | 10,260,000 | ||||||||||||
Basic (loss) earnings per common share | $ 0.33 | $ (5.60) | $ 0.52 | $ 0.42 | $ 0.59 | $ 0.89 | $ 0.67 | $ 0.36 | $ (4.33) | $ 2.51 | $ 2.88 | ||||
Diluted (loss) earnings per common share | 0.32 | (5.60) | 0.52 | 0.41 | 0.58 | 0.88 | 0.67 | 0.35 | (4.33) | 2.48 | 2.85 | ||||
Dividends paid per common share | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.16 | $ 0.13 | $ 0.12 | ||||
Antidilutive shares excluded from computation of earnings per share | 75,000 | 0 | 0 | ||||||||||||
[1] | Fourth quarter 2015 includes $2,279 pre-tax gain on sale of Tucson, AZ concrete tie facility. | ||||||||||||||
[2] | Third quarter 2015 includes $80,337 ($63,887 net of tax) impairment of goodwill related to the IOS and Chemtec reporting units. | ||||||||||||||
[3] | Fourth quarter 2014 includes a $4,766 warranty charge related to UPRR warranty claim. | ||||||||||||||
[4] | Second quarter 2014 includes a $4,000 warranty charge related to UPRR warranty claim. |
Income Taxes (Significant Compo
Income Taxes (Significant Components Of Deferred Tax Liabilities And Assets Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Goodwill and other intangibles | $ (5,801) | $ (10,800) |
Depreciation | (14,134) | (3,763) |
Inventories | 0 | (3,188) |
Investment in joint venture | (572) | (553) |
Other-net | (741) | (527) |
Total deferred tax liabilities | (21,248) | (18,831) |
Pension and post-retirement liability | 1,801 | 2,147 |
Warranty reserve | 3,153 | 4,180 |
Deferred compensation | 2,275 | 1,755 |
Accounts receivable | 622 | 369 |
Contingent liabilities | 2,087 | 667 |
Long-term insurance reserves | 655 | 660 |
Net operating loss carryforwards | 1,006 | 883 |
Other | 949 | 645 |
Total deferred tax assets | 12,548 | 11,306 |
Net deferred tax liability | $ (8,700) | $ (7,525) |
Income Taxes (Significant Com79
Income Taxes (Significant Components Of The Provision For Income Taxes Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Federal | $ 5,571 | $ 11,488 | $ 8,785 |
State | 1,540 | 1,491 | 837 |
Foreign | 1,339 | 3,339 | 1,982 |
Total current | 8,450 | 16,318 | 11,604 |
Federal | (12,016) | (2,321) | 3,200 |
State | (2,014) | (122) | 273 |
Foreign | (552) | (471) | (229) |
Total deferred | (14,582) | (2,914) | 3,244 |
Total income tax (benefit) expense | $ (6,132) | $ 13,404 | $ 14,848 |
Income Taxes (Unrecorded Deferr
Income Taxes (Unrecorded Deferred Income Taxes On Undistributed Earnings Of Foreign Subsidiaries) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Income Taxes [Abstract] | |
Undistributed Earnings of Foreign Subsidiaries | $ 57,781 |
Income Taxes (Income Before Inc
Income Taxes (Income Before Income Tax Domestic And Foreign Components Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Domestic | $ (55,061) | $ 30,766 | $ 37,306 |
Foreign | 4,484 | 8,294 | 6,832 |
(Loss) income from operations, before income taxes | $ (50,577) | $ 39,060 | $ 44,138 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Tax Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
Foreign tax rate differential | 0.80% | (2.20%) | (1.70%) |
State income tax, net of federal benefit | 0.30% | 2.70% | 2.60% |
Non-deductible goodwill impairment | (25.20%) | 0.00% | 0.00% |
Nondeductible expenses | (0.90%) | 1.80% | 0.60% |
Change in liability for unrecognized tax benefits | 0.40% | (0.80%) | (1.90%) |
Domestic production activities deduction | 1.00% | (2.20%) | (1.20%) |
Other | 0.70% | 0.00% | 0.20% |
Effective income tax rate, total | 12.10% | 34.30% | 33.60% |
Income Taxes (Operating Loss Ca
Income Taxes (Operating Loss Carryforwards) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 1,320 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 272 | |
Foreign Tax Authority [Member] | Minimum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2024 | |
Foreign Tax Authority [Member] | Maximum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2026 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 324 | $ 74 |
State and Local Jurisdiction [Member] | Minimum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2024 | |
State and Local Jurisdiction [Member] | Maximum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2035 |
Income Taxes (Reconciliation 84
Income Taxes (Reconciliation Of Unrecognized Tax Benefits Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits at beginning of period | $ 1,013 | $ 1,509 |
Increases based on tax positions for prior periods | 147 | 18 |
Decreases based on tax positions for prior periods | 0 | (325) |
Decreases related to settlements with taxing authorities | (578) | (126) |
Decreases as a result of a lapse of the applicable statute of limitations | 0 | (63) |
Balance at end of period | 582 | 1,013 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 582 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 443 | $ 335 |
Internal Revenue Service (IRS) [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Year | 2,012 | |
State and Local Jurisdiction [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Year | 2,011 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 1,471 | $ 3,007 | $ 2,156 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,611 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 6 months | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 253 | 336 | 203 |
Stock Issued During Period, Value, New Issues | $ (1,044) | $ (854) | $ (673) |
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 7,500 | 11,250 | 3,750 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | 0 | 0 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 9.08 | $ 11.67 | $ 9.30 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 253 | $ 426 | $ 124 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 29,656 | 19,051 | 12,973 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 39,076 | 40,540 | 41,579 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 702 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 41,114 | 34,652 | 31,418 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 23,877 | 13,588 | 0 |
Restricted Stock And Performance Shares Combined [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 937 | $ 2,519 | $ 1,706 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 44.93 | $ 44.07 | $ 42.49 |
Granted to Non-Employee Directors [Member] | Fully-Vested Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 534 | $ 488 | $ 450 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 14,000 | 10,182 | 9,960 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 38.15 | $ 47.94 | $ 45.16 |
The Omnibus Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 0 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 900,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Description | The Omnibus Plan allows for the issuance of 900,000 shares of common stock through the granting of stock options or stock awards (including performance units convertible into stock) to key employees and directors at no less than 100% of fair market value on the date of the grant. The Omnibus Plan provides for the granting of "nonqualified options" with a duration of not more than ten years from the date of grant. | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | The Omnibus Plan also provides that, unless otherwise set forth in the option agreement, stock options are exercisable in installments of up to 25% annually beginning one year from the date of grant. | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
The Omnibus Plan [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Value, New Issues | $ 454 | ||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 454 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 14,000 | ||
Prior to March 2015 [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
March 2015 [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Share-based Compensation (Summa
Share-based Compensation (Summary of Stock Option Activity) (Details) - Equity Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding and Exercisable, Beginning of Period | 7,500 | 18,750 | 22,500 |
Shares, Granted | 0 | 0 | 0 |
Shares, Canceled | 0 | 0 | 0 |
Shares, Exercised | (7,500) | (11,250) | (3,750) |
Shares, Outstanding and Exercisable, End of Period | 0 | 7,500 | 18,750 |
Weighted Average Exercise Price, Exercised | $ 9.08 | $ 11.67 | $ 9.30 |
Share-based Compensation (Restr
Share-based Compensation (Restricted Stock and Performance Unit Awards) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested Shares, Outstanding, Beginning Balance | 108,237 | 129,726 | 176,646 |
Granted | 29,656 | 19,051 | 12,973 |
Vested | (39,076) | (40,540) | (41,579) |
Adjustment for incentive awards expected to vest | 0 | 0 | 0 |
Canceled | (5,000) | 0 | (18,314) |
Nonvested Shares, Outstanding, Ending Balance | 93,817 | 108,237 | 129,726 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested Shares, Outstanding, Beginning Balance | 71,990 | 61,651 | 59,725 |
Granted | 41,114 | 34,652 | 31,418 |
Vested | (23,877) | (13,588) | 0 |
Adjustment for incentive awards expected to vest | (53,228) | (7,845) | (18,408) |
Canceled | 0 | (2,880) | (11,084) |
Nonvested Shares, Outstanding, Ending Balance | 35,999 | 71,990 | 61,651 |
Restricted Stock And Performance Shares Combined [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested Shares, Beginning Balance, Weighted Average Grant Date Fair Value | $ 36.25 | $ 34 | $ 31.65 |
Granted, Weighted Average Grant Date Fair Value | 44.93 | 44.07 | 42.49 |
Vested, Weighted Average Grant Date Fair Value | 32.35 | 34.59 | 29.18 |
Adjustment for incentive awards expected to vest, Weighted Average Grant Date Fair Value | 43.26 | 43.59 | 35.84 |
Canceled, Weighted Average Grant Date Fair Value | 44.84 | 44.13 | 33.55 |
Nonvested Shares, Ending Balance, Weighted Average Grant Date Fair Value | $ 39.66 | $ 36.25 | $ 34 |
Number of shares available for grant - Beginning, | 469,840 | 513,280 | 517,280 |
Number of shares available for grant - Ending, | 407,307 | 469,840 | 513,280 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)agreement | |
Defined Benefit Plan Disclosure [Line Items] | |
General Discussion of Pension and Other Postretirement Benefits | The Company has seven retirement plans which cover its hourly and salaried employees in the United States: three defined benefit plans (one active / two frozen) and four defined contribution plans. Employees are eligible to participate in the appropriate plan based on employment classification. The Company's contributions to the defined benefit and defined contribution plans are governed by the Employee Retirement Income Security Act of 1974 ("ERISA"), policy and investment guidelines of the applicable plan. The Company's policy is to contribute at least the minimum in accordance with the funding standards of ERISA.The Company's subsidiary, L.B. Foster Rail Technologies ("Rail Technologies"), maintains two defined contribution plans for its employees in Canada, as well as a post-retirement benefit plan. In the United Kingdom, Rail Technologies maintains two defined contribution plans and a defined benefit plan. These plans are discussed in further detail below |
Description of Postemployment Benefits | The Company sponsors eight defined contribution plans for hourly and salaried employees across our domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans. |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | $ | $ 276 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ | $ 0 |
Number of retirement plans | 7 |
Defined Benefit Plan Number | 3 |
Active Defined Benefit Plan Number | 1 |
Inactive Defined Benefit Plan Number | 2 |
Defined Contribution Plan Number | 4 |
CANADA | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Contribution Plan Number | 2 |
Post-retirement benefit plan number | 1 |
UNITED KINGDOM | |
Defined Benefit Plan Disclosure [Line Items] | |
General Discussion of Pension and Other Postretirement Benefits | The Portec Rail Products (UK) Limited Pension Plan covers certain current employees, former employees, and retirees. The plan has been frozen to new entrants since AprilĀ 1, 1997 and also covers the former employees of a merged plan after January 2002. Benefits under the plan were based on years of service and eligible compensation during defined periods of service. Our funding policy for the plan is to make minimum annual contributions required by applicable regulations |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ | $ 271 |
Defined Benefit Plan Number | 1 |
Defined Contribution Plan Number | 2 |
Retirement Plans (Schedule of B
Retirement Plans (Schedule of Benefit Obligation, Fair Value of Assets, and Funded Status of the Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 18,925 | $ 16,112 | |
Service cost | 38 | 23 | $ 33 |
Interest cost | 742 | 771 | 707 |
Actuarial (gain) loss | (1,148) | 2,753 | |
Benefits paid | (798) | (734) | |
Benefit obligation at end of year | 17,759 | 18,925 | 16,112 |
Fair value of assets at beginning of year | 15,205 | 15,039 | |
Actual gain (loss) on plan assets | (172) | 601 | |
Employer contribution | 0 | 299 | |
Fair value of assets at end of year | 14,235 | 15,205 | 15,039 |
Funded status at end of year | (3,524) | (3,720) | |
Amounts recognized in the consolidated balance sheet consist of: Other long-term liabilities | (3,524) | (3,720) | |
Amounts recognized in accumulated other comprehensive income consist of: Net loss | 3,993 | 4,429 | |
Amounts recognized in accumulated other comprehensive income consist of: Prior service cost | 0 | 3 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax, Total | 3,993 | 4,432 | |
UNITED KINGDOM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 8,797 | 8,450 | |
Interest cost | 295 | 360 | 348 |
Actuarial (gain) loss | (416) | 883 | |
Benefits paid | (339) | (397) | |
Foreign currency exchange rate changes | (475) | (499) | |
Benefit obligation at end of year | 7,862 | 8,797 | 8,450 |
Fair value of assets at beginning of year | 6,757 | 6,769 | |
Actual gain (loss) on plan assets | 307 | 502 | |
Employer contribution | 302 | 284 | |
Foreign currency exchange rate changes | (366) | (401) | |
Fair value of assets at end of year | 6,661 | 6,757 | $ 6,769 |
Funded status at end of year | (1,201) | (2,040) | |
Amounts recognized in the consolidated balance sheet consist of: Other long-term liabilities | (1,201) | (2,040) | |
Amounts recognized in accumulated other comprehensive income consist of: Net loss | 706 | 1,413 | |
Amounts recognized in accumulated other comprehensive income consist of: Prior service cost | 85 | 112 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax, Total | $ 791 | $ 1,525 |
Retirement Plans (Schedule Of N
Retirement Plans (Schedule Of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 38 | $ 23 | $ 33 |
Interest cost | 742 | 771 | 707 |
Expected return on plan assets | (816) | (968) | (856) |
Amortization of prior service cost | 3 | 1 | 1 |
Recognized net actuarial loss | (275) | (65) | (212) |
Net periodic pension cost (income) | $ 242 | $ (108) | $ 97 |
Net periodic benefit costs: Discount rate | 4.30% | 4.00% | 4.90% |
Net periodic benefit costs: Expected return on plan assets | 5.20% | 5.50% | 6.50% |
Projected benefit obligation | $ 17,759 | $ 18,925 | $ 16,112 |
Accumulated benefit obligation | 17,759 | 18,925 | |
Fair value of plan assets | 14,235 | 15,205 | 15,039 |
UNITED KINGDOM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 295 | 360 | 348 |
Expected return on plan assets | (324) | (370) | (321) |
Amortization of transition amount | 0 | (50) | (46) |
Amortization of prior service cost | 27 | 30 | 22 |
Recognized net actuarial loss | (225) | (185) | (229) |
Net periodic pension cost (income) | $ 223 | $ 155 | $ 232 |
Projected benefit obligation: Discount rate | 4.00% | 3.60% | 4.60% |
Net periodic benefit costs: Expected return on plan assets | 5.20% | 5.00% | 5.80% |
Projected benefit obligation | $ 7,862 | $ 8,797 | $ 8,450 |
Accumulated benefit obligation | 7,862 | 8,797 | |
Fair value of plan assets | $ 6,661 | $ 6,757 | $ 6,769 |
Retirement Plans (Information A
Retirement Plans (Information About Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Policies and Strategies Narrative Description | Plan assets consist primarily of various fixed income and equity investments. The Company's primary investment objective is to provide long-term growth of capital while accepting a moderate level of risk. The investments are limited to cash and cash equivalents, bonds, preferred stocks, and common stocks. The investment target ranges and actual allocation of pension plan assets by major category at December 31, 2015 and 2014 are as follows | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | |
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques | In accordance with the fair value disclosure requirements with FASB ASC 820, "Fair Value Measurements and Disclosures," the following assets were measured at fair value on a recurring basis at December 31, 2015 and 2014. Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 18, Fair Value Measurements | ||
Fair value of plan assets | $ 14,235 | $ 15,205 | $ 15,039 |
UNITED STATES | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | Cash and cash equivalents | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 10.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 9.00% | 2.00% | |
Fair value of plan assets | $ 1,248 | $ 347 | |
UNITED STATES | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | Total fixed income funds | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 25.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 50.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 35.00% | 34.00% | |
Fair value of plan assets | $ 4,926 | $ 5,194 | |
UNITED STATES | Corporate Bond Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 4,926 | $ 5,194 | |
UNITED STATES | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | Total mutual funds and equities | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 50.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 70.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 56.00% | 64.00% | |
Fair value of plan assets | $ 8,061 | $ 9,664 | |
UNITED STATES | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,061 | 3,566 | |
UNITED STATES | Asset Allocations, Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | 6,098 | |
UNITED KINGDOM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Policies and Strategies Narrative Description | Plan assets are invested by the trustees in accordance with a written statement of investment principles. This statement permits investment in equities, corporate bonds, United Kingdom government securities, commercial property, and cash, based on certain target allocation percentages. Asset allocation is primarily based on a strategy to provide steady growth without undue fluctuations. The target asset allocation percentages for 2015 are as follows: | ||
Fair value of plan assets | $ 6,661 | 6,757 | $ 6,769 |
UNITED KINGDOM | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | Cash | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 100.00% | ||
Fair value of plan assets | $ 242 | 218 | |
UNITED KINGDOM | Municipal Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | U.K. Government securities | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 50.00% | ||
Fair value of plan assets | $ 1,301 | 1,899 | |
UNITED KINGDOM | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | Equity securities | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 100.00% | ||
Fair value of plan assets | $ 2,656 | 2,156 | |
UNITED KINGDOM | Commercial Property [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Strategies, Investment Fund Category | Commercial property | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 50.00% | ||
Fair value of plan assets | $ 2,462 | $ 2,484 |
Retirement Plans (Benefit Payme
Retirement Plans (Benefit Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, 2016 | $ 823 |
Defined Benefit Plan, Expected Future Benefit Payments, 2017 | 879 |
Defined Benefit Plan, Expected Future Benefit Payments, 2018 | 907 |
Defined Benefit Plan, Expected Future Benefit Payments, 2019 | 974 |
Defined Benefit Plan, Expected Future Benefit Payments, 2020 | 1,015 |
Defined Benefit Plan, Expected Future Benefit Payments, Years 2021-2025 | 5,611 |
UNITED KINGDOM | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, 2016 | 247 |
Defined Benefit Plan, Expected Future Benefit Payments, 2017 | 268 |
Defined Benefit Plan, Expected Future Benefit Payments, 2018 | 286 |
Defined Benefit Plan, Expected Future Benefit Payments, 2019 | 303 |
Defined Benefit Plan, Expected Future Benefit Payments, 2020 | 321 |
Defined Benefit Plan, Expected Future Benefit Payments, Years 2021-2025 | $ 1,939 |
Retirement Plans (Other Post-Re
Retirement Plans (Other Post-Retirement Retirement Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
General Discussion of Pension and Other Postretirement Benefits | The Company has seven retirement plans which cover its hourly and salaried employees in the United States: three defined benefit plans (one active / two frozen) and four defined contribution plans. Employees are eligible to participate in the appropriate plan based on employment classification. The Company's contributions to the defined benefit and defined contribution plans are governed by the Employee Retirement Income Security Act of 1974 ("ERISA"), policy and investment guidelines of the applicable plan. The Company's policy is to contribute at least the minimum in accordance with the funding standards of ERISA.The Company's subsidiary, L.B. Foster Rail Technologies ("Rail Technologies"), maintains two defined contribution plans for its employees in Canada, as well as a post-retirement benefit plan. In the United Kingdom, Rail Technologies maintains two defined contribution plans and a defined benefit plan. These plans are discussed in further detail below | ||
Other Post-Retirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
General Discussion of Pension and Other Postretirement Benefits | Rail Technologies' operation near Montreal, Quebec, Canada, maintains a post-retirement benefit plan, which provides retiree life insurance, health care benefits, and, for a closed group of employees, dental care. Retiring employees with a minimum of 10 years of service are eligible for the plan benefits. The plan is not funded. Cost of benefits earned by employees is charged to expense as services are rendered. The expense related to this plan was not material for 2015 and 2014. Rail Technologies' accrued benefit obligation was $823 and $1,172 as of December 31, 2015 and 2014, respectively. This obligation is recognized within other long-term liabilities. Benefit payments anticipated for 2016 are not material. | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $ 823 | $ 1,172 | |
Projected benefit obligation: Discount rate | 4.20% | 4.00% | |
Weighted average health care trend rate | 5.00% | 6.20% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.40% | ||
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $ 3,524 | $ 3,720 | |
UNITED KINGDOM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
General Discussion of Pension and Other Postretirement Benefits | The Portec Rail Products (UK) Limited Pension Plan covers certain current employees, former employees, and retirees. The plan has been frozen to new entrants since AprilĀ 1, 1997 and also covers the former employees of a merged plan after January 2002. Benefits under the plan were based on years of service and eligible compensation during defined periods of service. Our funding policy for the plan is to make minimum annual contributions required by applicable regulations | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $ 1,201 | $ 2,040 | |
Projected benefit obligation: Discount rate | 4.00% | 3.60% | 4.60% |
Retirement Plans (Defined Contr
Retirement Plans (Defined Contribution Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Description of Defined Contribution Pension and Other Postretirement Plans | The Company sponsors eight defined contribution plans for hourly and salaried employees across our domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans. | ||
Defined Contribution Plan, Cost Recognized | $ 3,154 | $ 2,810 | $ 2,553 |
UNITED STATES | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 2,434 | 2,425 | 2,151 |
UNITED KINGDOM | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 494 | 158 | 136 |
Montreal Benefit Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 226 | $ 227 | $ 266 |
Rental And Lease Information (N
Rental And Lease Information (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rental and Lease Information [Abstract] | |||
Rent Expense | $ 4,611 | $ 3,062 | $ 3,333 |
Rental And Lease Information (F
Rental And Lease Information (Future Minimum Lease Payment Table) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Rental and Lease Information [Abstract] | |
Capital Lease, 2016 | $ 694 |
Capital Lease, 2017 | 636 |
Capital Lease, 2018 | 591 |
Capital Lease, 2019 | 517 |
Capital Lease, 2020 | 244 |
Capital Lease, 2021 and thereafter | 0 |
Capital Leases, Total minimum lease payments | 2,682 |
Less amount representing interest | 175 |
Total present value of minimum payments with interest rates ranging from 3.00% to 5.25% | $ 2,507 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.00% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.25% |
Operating Lease, 2016 | $ 4,310 |
Operating Lease, 2017 | 3,680 |
Operating Lease, 2018 | 2,429 |
Operating Lease, 2019 | 1,702 |
Operating Lease, 2020 | 1,407 |
Operating Lease, 2021 and thereafter | 6,600 |
Operating Leases, Total minimum lease payments | $ 20,128 |
Rental And Lease Information (A
Rental And Lease Information (Assets Recorded Under Capital Leases Table) (Details) - Machinery and Equipment [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leased Assets [Line Items] | ||
Machinery and equipment at cost | $ 3,157 | $ 638 |
Less accumulated amortization | 450 | 181 |
Net capital lease assets | $ 2,707 | $ 457 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | $ 1,939 | $ 25 |
Interest rate swap | 196 | 0 |
Total Liabilities | 196 | 0 |
Non domestic bank certificates of deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,939 | 25 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 1,939 | 25 |
Interest rate swap | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Non domestic bank certificates of deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,939 | 25 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Interest rate swap | 196 | 0 |
Total Liabilities | 196 | 0 |
Fair Value, Inputs, Level 2 [Member] | Non domestic bank certificates of deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Interest rate swap | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Non domestic bank certificates of deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 0 | $ 0 |
Commitments and Contingent Li99
Commitments and Contingent Liabilites (Narrative) (Details) $ in Thousands, item in Millions | 3 Months Ended | 12 Months Ended | 168 Months Ended | |||||
Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011item | Dec. 31, 2011item | |
Product Liability Contingency [Line Items] | ||||||||
Concrete Ties Manufactured | item | 3 | |||||||
Product Warranty Expense | $ 4,766 | $ 4,000 | ||||||
Standard Product Warranty Accrual | 11,500 | $ 8,755 | $ 11,500 | |||||
Accrual for Environmental Loss Contingencies | 3,344 | 6,640 | 3,344 | |||||
Reserve for Concrete Ties [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Litigation Settlement, Amount | $ 12,000 | |||||||
Product Warranty Expense | 972 | 9,854 | $ 612 | $ 22,000 | ||||
Standard Product Warranty Accrual | $ 10,331 | $ 7,544 | 10,331 | |||||
Standard Product Warranty Accrual, Period Increase (Decrease) | $ 8,766 | |||||||
The UPRR [Member] | ||||||||
Product Liability Contingency [Line Items] | ||||||||
Concrete Ties Manufactured | item | 1.6 |
Commitments and Contingent L100
Commitments and Contingent Liabilities (Schedule of Product Warranty Liability) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Commitments and Contingent Liabilities [Abstract] | |
Balance, Beginning | $ 11,500 |
Additions to warranty liability | 1,794 |
Warranty liability utilized | (4,650) |
Warranty liabilities acquired | 111 |
Balance, Ending | $ 8,755 |
Commitments and Contingent L101
Commitments and Contingent Liabilities (Environmental Liability) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Commitments and Contingent Liabilities [Abstract] | |
Environmental liability, beginning balance | $ 3,344 |
Additions to environmental obligations | 50 |
Environmental obligations utilized | (214) |
Acquisitions | 3,460 |
Environmental liability, ending balance | $ 6,640 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Thousands | Dec. 23, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 23, 2015 | ||||
Gain on Tucson, AZ asset sale (a) | $ (2,279) | $ (2,279) | [1] | $ 0 | [1] | $ 0 | [1] | |||
Foreign currency gains | (1,616) | (422) | (433) | |||||||
Remeasurement gain on equity method investment (b) | [2] | (580) | 0 | 0 | ||||||
Legal settlement gain (c) | [3] | (460) | 0 | 0 | ||||||
Other | (650) | (256) | (644) | |||||||
Other income | $ (5,585) | $ (678) | $ (1,077) | |||||||
Proceeds from Sale of Property Held-for-sale | $ 2,750 | |||||||||
TEW Plus LTD [Member] | ||||||||||
Business Combination, Step Acquisition, Equity Interest Remaining in Acquiree, Percentage | 75.00% | |||||||||
[1] | On December 23, 2015, the Company sold certain assets related to the former Tucson, AZ precast concrete tie facility for $2,750 resulting in a pre-tax gain on sale of $2,279. | |||||||||
[2] | On November 23, 2015, the Company acquired the remaining 75% of shares of Tew Plus resulting in a gain of $580, which is recorded within other income as of December 31, 2015. The gain is included in equity loss (income) and remeasurement gain within the Consolidated Statements of Cash Flows. | |||||||||
[3] | During the fourth quarter the Company received $460 from the Steel Antitrust Settlement Fund related to a claim regarding steel purchased by the Company between 2005 and 2007. |
Quarterly Financial Informat103
Quarterly Financial Information (Unaudited) (Tables) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||
Quarterly Financial Information (Unaudited) [Abstract] | ||||||||||||||||||
Net sales | $ 139,138 | [1] | $ 176,059 | [2] | $ 171,419 | $ 137,907 | $ 161,149 | [3] | $ 167,797 | $ 166,832 | [4] | $ 111,414 | $ 537,214 | $ 561,899 | $ 559,846 | |||
Gross profit | 29,872 | [1] | 36,038 | [2] | 37,089 | 30,653 | 31,605 | [3] | 35,159 | 30,700 | [4] | 24,127 | 133,653 | 121,591 | 115,939 | |||
Net (loss) income | $ 3,328 | [1] | $ (57,422) | [2] | $ 5,362 | $ 4,285 | $ 6,029 | [3] | $ 9,116 | $ 6,862 | [4] | $ 3,649 | $ (44,445) | $ 25,656 | $ 29,290 | |||
Basic (loss) earnings per common share | $ 0.33 | [1] | $ (5.60) | [2] | $ 0.52 | $ 0.42 | $ 0.59 | [3] | $ 0.89 | $ 0.67 | [4] | $ 0.36 | $ (4.33) | $ 2.51 | $ 2.88 | |||
Diluted (loss) earnings per common share | 0.32 | [1] | (5.60) | [2] | 0.52 | 0.41 | 0.58 | [3] | 0.88 | 0.67 | [4] | 0.35 | (4.33) | 2.48 | 2.85 | |||
Dividends paid per common share | $ 0.04 | [1] | $ 0.04 | [2] | $ 0.04 | $ 0.04 | $ 0.04 | [3] | $ 0.03 | $ 0.03 | [4] | $ 0.03 | $ 0.16 | $ 0.13 | $ 0.12 | |||
Goodwill, Impairment Loss | $ 80,337 | $ 80,337 | $ 0 | $ 0 | ||||||||||||||
Goodwill, Impairment Loss, Net of Tax | $ 63,887 | 63,887 | ||||||||||||||||
Pre-tax gain on sale of facility | $ 2,279 | $ 2,279 | [5] | $ 0 | [5] | $ 0 | [5] | |||||||||||
Product Warranty Expense | $ 4,766 | $ 4,000 | ||||||||||||||||
[1] | Fourth quarter 2015 includes $2,279 pre-tax gain on sale of Tucson, AZ concrete tie facility. | |||||||||||||||||
[2] | Third quarter 2015 includes $80,337 ($63,887 net of tax) impairment of goodwill related to the IOS and Chemtec reporting units. | |||||||||||||||||
[3] | Fourth quarter 2014 includes a $4,766 warranty charge related to UPRR warranty claim. | |||||||||||||||||
[4] | Second quarter 2014 includes a $4,000 warranty charge related to UPRR warranty claim. | |||||||||||||||||
[5] | On December 23, 2015, the Company sold certain assets related to the former Tucson, AZ precast concrete tie facility for $2,750 resulting in a pre-tax gain on sale of $2,279. |