Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Jul. 23, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ACCURIDE CORP | ||
Entity Central Index Key | 817,979 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 47,953,555 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q3 | ||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2015 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 39,125 | $ 29,773 |
Customer receivables, net of allowance for doubtful accounts of $521 and $327 in 2015 and 2014, respectively | 57,867 | 56,271 |
Other receivables | 5,868 | 7,299 |
Inventories | 36,695 | 43,065 |
Deferred income taxes | 2,687 | 2,687 |
Prepaid expenses and other current assets | 8,504 | 10,785 |
Total current assets | 150,746 | 149,880 |
PROPERTY, PLANT AND EQUIPMENT, net | 203,778 | 212,183 |
OTHER ASSETS: | ||
Goodwill | 100,697 | 100,697 |
Other intangible assets, net | 113,692 | 117,963 |
Deferred financing costs, net of accumulated amortization of $6,148 and $5,077 in 2015 and 2014, respectively | 3,965 | 5,012 |
Deferred income taxes | 2,490 | 1,289 |
Pension asset | 11,883 | 9,518 |
Other | 5,020 | 1,880 |
TOTAL | 592,271 | 598,422 |
CURRENT LIABILITIES: | ||
Accounts payable | 59,892 | 56,452 |
Accrued payroll and compensation | 8,032 | 10,620 |
Accrued interest payable | 5,073 | 12,428 |
Accrued workers compensation | 2,879 | 3,137 |
Accrued and other liabilities | 15,726 | 14,434 |
Total current liabilities | 91,602 | 97,071 |
LONG-TERM DEBT | 322,022 | 323,234 |
DEFERRED INCOME TAXES | 15,067 | 14,837 |
NON-CURRENT INCOME TAXES PAYABLE | 6,604 | 6,534 |
OTHER POSTRETIREMENT BENEFIT PLAN LIABILITY | 62,988 | 82,157 |
PENSION BENEFIT PLAN LIABILITY | 29,268 | 32,348 |
OTHER LIABILITIES | $ 9,036 | $ 11,438 |
COMMITMENTS AND CONTINGENCIES (Note 6) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred Stock, $0.01 par value; 10,000,000 shares authorized | $ 0 | $ 0 |
Common Stock, $0.01 par value; 80,000,000 shares authorized, 47,953,555 and 47,718,818 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively, and additional paid-in-capital | 444,360 | 442,631 |
Accumulated other comprehensive loss | (34,057) | (49,638) |
Accumulated deficiency | (354,619) | (362,190) |
Total stockholders' equity | 55,684 | 30,803 |
TOTAL | $ 592,271 | $ 598,422 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Customer receivables, allowance for doubtful accounts | $ 521 | $ 327 |
OTHER ASSETS: | ||
Deferred financing costs, accumulated amortization | $ 6,148 | $ 5,077 |
STOCKHOLDERS' EQUITY: | ||
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common Stock, shares issued (in shares) | 47,953,555 | 47,718,818 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) [Abstract] | ||||
NET SALES | $ 163,428 | $ 184,007 | $ 532,467 | $ 532,366 |
COST OF GOODS SOLD | 145,165 | 164,095 | 467,367 | 473,009 |
Gross profit | 18,263 | 19,912 | 65,100 | 59,357 |
OPERATING EXPENSES: | ||||
Selling, general and administrative | 10,765 | 9,868 | 34,090 | 30,440 |
Income from operations | 7,498 | 10,044 | 31,010 | 28,917 |
OTHER EXPENSE [Abstract] | ||||
Interest expense, net | (8,249) | (8,444) | (24,953) | (25,351) |
Other loss, net | (1,142) | (805) | (2,398) | (1,504) |
Income (loss) before income taxes from continuing operations | (1,893) | 795 | 3,659 | 2,062 |
INCOME TAX BENEFIT | (3,671) | (410) | (3,663) | (967) |
Net income from continuing operations | 1,778 | 1,205 | 7,322 | 3,029 |
DISCONTINUED OPERATIONS, NET OF TAX | 42 | (106) | 249 | (208) |
Net income | 1,820 | 1,099 | 7,571 | 2,821 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Amounts reclassified from accumulated other comprehensive income | (3,259) | 472 | 15,581 | 945 |
COMPREHENSIVE INCOME (LOSS) | $ (1,439) | $ 1,571 | $ 23,152 | $ 3,766 |
Weighted average common shares outstanding-basic (in shares) | 48,015 | 47,749 | 47,943 | 47,694 |
Basic income per common share - continuing operations (in dollars per share) | $ 0.04 | $ 0.02 | $ 0.15 | $ 0.06 |
Basic income per common share - discontinued operations (in dollars per share) | 0 | 0 | 0.01 | 0 |
Basic income per common share (in dollars per share) | $ 0.04 | $ 0.02 | $ 0.16 | $ 0.06 |
Weighted average common shares outstanding-diluted (in shares) | 49,422 | 49,042 | 48,844 | 48,531 |
Diluted income per common share - continuing operations (in dollars per share) | $ 0.04 | $ 0.02 | $ 0.15 | $ 0.06 |
Diluted income per common share - discontinued operations (in dollars per share) | 0 | 0 | 0.01 | 0 |
Diluted income per common share (in dollars per share) | $ 0.04 | $ 0.02 | $ 0.16 | $ 0.06 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Common Stock and Additional Paid-in-Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficiency [Member] | Total |
BALANCE at Dec. 31, 2013 | $ 440,479 | $ (18,712) | $ (359,883) | $ 61,884 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income | 0 | 0 | 2,821 | 2,821 |
Share-based compensation expense | 1,831 | 0 | 0 | 1,831 |
Tax impact of forfeited vested shares | (304) | 0 | 0 | (304) |
Other comprehensive income, net of tax | 0 | 945 | 0 | 945 |
BALANCE at Sep. 30, 2014 | 442,006 | (17,767) | (357,062) | 67,177 |
BALANCE at Jun. 30, 2014 | 441,384 | (18,239) | (358,161) | 64,984 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income | 0 | 0 | 1,099 | 1,099 |
Share-based compensation expense | 622 | 0 | 0 | 622 |
Tax impact of forfeited vested shares | 0 | 0 | 0 | 0 |
Other comprehensive income, net of tax | 0 | 472 | 0 | 472 |
BALANCE at Sep. 30, 2014 | 442,006 | (17,767) | (357,062) | 67,177 |
BALANCE at Dec. 31, 2014 | 442,631 | (49,638) | (362,190) | 30,803 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income | 0 | 0 | 7,571 | 7,571 |
Share-based compensation expense | 2,147 | 0 | 0 | 2,147 |
Tax impact of forfeited vested shares | (418) | 0 | 0 | (418) |
Other comprehensive income, net of tax | 0 | 15,581 | 0 | 15,581 |
BALANCE at Sep. 30, 2015 | 444,360 | (34,057) | (354,619) | 55,684 |
BALANCE at Jun. 30, 2015 | 443,669 | (30,798) | (356,439) | 56,432 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income | 0 | 0 | 1,820 | 1,820 |
Share-based compensation expense | 698 | 0 | 0 | 698 |
Tax impact of forfeited vested shares | (7) | 0 | 0 | (7) |
Other comprehensive income, net of tax | 0 | (3,259) | 0 | (3,259) |
BALANCE at Sep. 30, 2015 | $ 444,360 | $ (34,057) | $ (354,619) | $ 55,684 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 7,571 | $ 2,821 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 25,326 | 24,907 |
Amortization - deferred financing costs and debt discount | 1,859 | 1,859 |
Amortization - other intangible assets | 6,174 | 6,097 |
Loss on disposal of assets | 240 | 669 |
Provision for deferred income taxes | (4,864) | (592) |
Non-cash stock-based compensation | 2,147 | 1,831 |
Changes in certain assets and liabilities: | ||
Receivables | (165) | (23,416) |
Inventories | 6,370 | (6,497) |
Prepaid expenses and other assets | (1,839) | (4,999) |
Accounts payable | 2,158 | 19,723 |
Accrued and other liabilities | (13,882) | (14,129) |
Net cash provided by operating activities | 31,095 | 8,274 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (15,879) | (20,734) |
Proceeds from sale of property, plant, and equipment | 0 | 1,235 |
Purchase of intangible asset | (1,903) | (671) |
Net cash used in investing activities | (17,782) | (20,170) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from revolver | 21,000 | 10,000 |
Payments on revolver | (23,000) | (10,000) |
Principal payments on capital leases | (1,937) | 0 |
Other Financing Payments | (24) | 0 |
Net cash used in financing activities | (3,961) | 0 |
Net increase in cash and cash equivalents | 9,352 | (11,896) |
Cash and cash equivalents, beginning of period | 29,773 | 33,426 |
Cash and cash equivalents, end of period | 39,125 | 21,530 |
Supplemental cash flow information: | ||
Cash paid for interest | 30,428 | 30,815 |
Cash paid for income taxes | 678 | 1,274 |
Non-cash transactions: | ||
Purchases of property, plant and equipment in accounts payable | $ 3,675 | $ 2,504 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Basis of Presentation The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015. The unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto disclosed in Accuride's Annual Report on Form 10-K for the year ended December 31, 2014. Management's Estimates and Assumptions Earnings Per Common Share Three Months Ended September 30, Nine Months Ended September 30, (In thousands except per share data) 2015 2014 2015 2014 Numerator: Net income from continuing operations $ 1,778 $ 1,205 $ 7,322 $ 3,029 Net income (loss) from discontinued operations 42 (106) 249 (208) Net income $ 1,820 $ 1,099 $ 7,571 $ 2,821 Denominator: Weighted average shares outstanding – Basic 48,015 47,749 47,943 47,694 Weighted average shares outstanding – Diluted 49,422 49,042 48,844 48,531 Basic income per common share From continuing operations $ 0.04 $ 0.02 $ 0.15 $ 0.06 From discontinued operations — — 0.01 — Basic income per common share $ 0.04 $ 0.02 $ 0.16 $ 0.06 Diluted income per common share From continuing operations $ 0.04 $ 0.02 $ 0.15 $ 0.06 From discontinued operations — — 0.01 — Diluted income per common share $ 0.04 $ 0.02 $ 0.16 $ 0.06 As of September 30, 2015, there were options exercisable for 144,095 shares that were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. As of September 30, 2014, there were options exercisable for 147,420 shares that were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. Share-Based Compensation As of September 30, 2015, there was approximately $3.6 million of unrecognized pre-tax compensation expense related to share-based awards not yet vested that will be recognized over a weighted-average period of 1.5 years. Income Tax Interim Financial Reporting We have assessed the need to maintain a valuation allowance for deferred tax assets based on an assessment of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. Due to our recent history of U.S. operating and taxable losses, the inconsistency of income, and the uncertainty of our financial outlook, we continue to maintain a full valuation allowance against our domestic deferred tax assets. Deferred tax assets in our foreign jurisdictions are more likely than not to be recognized, therefore, no valuation allowance has been recorded for these assets. Recent Accounting Pronouncements – Revenue From Contracts With Customers. Revenue from Contracts with Customers, On June 19, 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could Be Achieved after the Requisite Service Period. On August 27, 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern On January 9, 2015, the FASB issued ASU 2015-01, Income Statement-Extraordinary and Unusual Items (Topic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. On February 18, 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. On April 15, 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. On April 7, 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. On July 22, 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferred of the Effective Date". On August 18 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements-Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)". |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Note 2 – Discontinued Operations The Company has recognized certain operating results related to its Imperial Group business in Discontinued Operations. The following table presents sales and income attributable to Discontinued Operations. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Net sales $ — $ — $ — $ — Loss from operations (10) (10) (31) (31) Other income (expense) 52 (96) 280 (177) Discontinued Operations $ 42 $ (106) $ 249 $ (208) |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Inventories | Note 3 - Inventories Inventories at September 30, 2015 and December 31, 2014, on a first-in, first-out ("FIFO") basis, were as follows: (In thousands) September 30, 2015 December 31, 2014 Raw materials $ 7,137 $ 8,244 Work in process 9,242 14,073 Finished manufactured goods 20,316 20,748 Total inventories $ 36,695 $ 43,065 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 4 - Goodwill and Other Intangible Assets The following represents the carrying amount of goodwill, on a reportable segment basis: (In thousands) Wheels Brillion Iron Works Total Balance as of December 31, 2014 $ 96,283 $ 4,414 $ 100,697 Balance as of September 30, 2015 $ 96,283 $ 4,414 $ 100,697 The changes in the carrying amount of other intangible assets for the period December 31, 2014 to September 30, 2015, by reportable segment, are as follows: (In thousands) Wheels Brillion Iron Works Gunite Total Balance as of December 31, 2014 $ 115,465 $ 2,498 $ — $ 117,963 Additions — — 1,903 1,903 Amortization (5,992) (126) (56) (6,174) Balance as of September 30, 2015 $ 109,473 $ 2,372 $ 1,847 $ 113,692 On July 2, 2015, the Company entered into, and consummated the acquisition contemplated by, an Asset Purchase Agreement (the "Agreement"), pursuant to which the Company's subsidiary, Gunite Corporation ("Buyer"), acquired certain technologies and patents of Century-3 Plus, L.L.C. ("Seller"), a designer and manufacturer of brake components for the military and commercial vehicles for $2.0 million cash paid at closing and $8.0 million in contingent consideration. The contingent consideration maximum of $8.0 million can be earned based on the achievement of certain technological and commercial milestones, as defined in the Agreement. The transaction has been recorded as $0.1 million in property, plant, and equipment, and $1.9 million as intangible assets, primarily technology. This purchase is consistent with the Company's strategy of enhancing and expanding its core wheel-end product line. The changes in the carrying amount of other intangible assets for the period December 31, 2013 to September 30, 2014, by reportable segment, are as follows: (In thousands) Wheels Brillion Iron Works Total Balance as of December 31, 2013 $ 122,764 $ 2,666 $ 125,430 Additions 671 — 671 Amortization (5,971) (126) (6,097) Balance as of September 30, 2014 $ 117,464 $ 2,540 $ 120,004 The summary of goodwill and other intangible assets is as follows: As of September 30, 2015 As of December 31, 2014 (In thousands) Weighted Average Useful Lives Gross Amount Accumulated Amortization Carrying Amount Gross Amount Accumulated Amortization Carrying Amount Goodwill — $ 100,697 $ — $ 100,697 $ 100,697 $ — $ 100,697 Other intangible assets: Trade names — $ 25,200 $ — $ 25,200 $ 25,200 $ — $ 25,200 Technology 10.6 41,072 25,483 15,589 39,169 23,158 16,011 Customer relationships 16.8 127,304 54,401 72,903 127,304 50,552 76,752 Other intangible assets $ 193,576 $ 79,884 $ 113,692 $ 191,673 $ 73,710 $ 117,963 We estimate that our annual amortization expense for our other intangible assets for 2015 will be approximately $8.3 million and $8.6 million annually from 2016 through 2019. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2015 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |
Pension and Other Postretirement Benefit Plans | Note 5 - Pension and Other Postretirement Benefit Plans Components of net periodic benefit cost for the three and nine months ended September 30, 2015: For the Three Months Ended September 30, For the Nine Months Ended September 30, Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) 2015 2014 2015 2014 2015 2014 2015 2014 Service cost-benefits earned during the period $ 170 $ 270 $ 97 $ 80 $ 526 $ 804 $ 301 $ 252 Interest cost on projected benefit obligation 2,297 2,624 662 978 7,021 7,975 2,276 2,737 Expected return on plan assets (2,697) (3,112) — — (8,254) (9,480) — — Amortization of prior service (credit) cost 11 11 (236) (9) 33 33 (338) (27) Amortization of loss 304 57 89 59 935 158 284 216 Net periodic benefit cost 85 (150) 612 1,108 261 (510) 2,523 3,178 Other one-time charges — — — 435 — — — 435 Total benefit cost charged (credited) to income $ 85 $ (150) $ 612 $ 1,543 $ 261 $ (510) $ 2,523 $ 3,613 As of September 30, 2015, $5.0 million has been contributed in 2015 to our sponsored pension plans. We presently anticipate contributing an additional $2.5 million to fund our pension plans during 2015 for a total of $7.5 million. Certain of our post-retirement benefit programs were re-measured as of May 31, 2015 to reflect post-65 health benefits transitioning from a self-insured plan to a Medicare Advantage Plan. The transition to the Medicare Advantage plan will provide comparable benefits while taking advantage of certain government subsidies which help manage the continually rising costs of medical and prescription drug coverage. The re-measurement resulted in a liability reduction as of September 30, 2015, of $16.5 million and a corresponding gain in Accumulated Other Comprehensive Income. This re-measurement takes into account the impact of the anticipated future program cost savings and current interest rate environments. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies We are from time to time involved in various legal proceedings of a character normally incidental to our business. We do not believe that the outcome of these proceedings will have a material adverse effect on our consolidated financial condition or results of our operations and cash flows. In addition to environmental laws that regulate our ongoing operations, we are also subject to environmental remediation liability. Under the federal Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") and analogous state laws, we may be subject to joint and several liability without regard to fault or the legality of the original conduct as a result of the release or threatened release of hazardous materials into the environment regardless of when the release occurred. We are currently involved in several matters relating to the investigation and/or remediation of locations where we have arranged for the disposal of foundry wastes. Such matters include situations in which we have been named or are believed to be potentially responsible parties in connection with the contamination of these offsite disposal locations. Additionally, environmental remediation may be required to address soil and groundwater contamination identified at certain of our facilities. As of September 30, 2015, we had an environmental reserve of approximately $1.1 million, related primarily to our foundry operations. This reserve is based on management's review of potential liabilities as well as cost estimates related thereto. Any expenditure required for us to comply with applicable environmental laws and/or pay for any remediation efforts will not be reduced or otherwise affected by the existence of the environmental reserve. Our environmental reserve may not be adequate to cover our future costs related to the sites associated with the environmental reserve, and any additional costs may have a material adverse effect on our business, results of operations or financial condition. The discovery of additional environmental issues, the modification of existing laws or regulations or the promulgation of new ones, more vigorous enforcement by regulators, the imposition of joint and several liability under CERCLA or analogous state laws, or other unanticipated events could also result in a material adverse effect on our consolidated financial statements. The Iron and Steel Foundry National Emission Standard for Hazardous Air Pollutants ("NESHAP") was developed pursuant to Section 112(d) of the Clean Air Act and requires major sources of hazardous air pollutants to achieve compliance with emission limits representative of maximum achievable control technology. Based on currently available information, we do not anticipate material costs regarding ongoing compliance with the NESHAP; however if we are found to be out of compliance with NESHAP, we could incur a liability that could have a material adverse effect on our consolidated financial statements. Management does not believe that the outcome of any currently pending environmental proceeding will have a material adverse effect on our consolidated financial statements. As of September 30, 2015, we had approximately 2,100 employees, of which 482 were salaried employees with the remainder paid hourly. Unions represent approximately 1,360 of our employees, which is approximately 65 percent of our total employees. Each of our unionized facilities has a separate contract with the union that represents the workers employed at such facility. The union contracts expire at various times over the next few years with the exception of our union contract that covers the hourly employees at our Monterrey, Mexico, facility, which expires on an annual basis in January unless otherwise renewed. The 2015 negotiations in Monterrey were completed prior to the expiration of our union contract. In 2014, we successfully negotiated new bargaining agreements for our Erie, Pennsylvania and Rockford, Illinois facilities, which will expire on September 3, 2018 and March 25, 2019, respectively. The previous contract at our London, Ontario facility expired on March 12, 2015, but our previously negotiated successor agreement became effective on March 13, 2015 and runs through March 12, 2018. No other collective bargaining agreements expire in 2015. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Financial Instruments [Abstract] | |
Financial Instruments | Note 7– Financial Instruments We have determined the estimated fair value amounts of financial instruments using available market information and other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. A fair value hierarchy accounting standard exists for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). Determining which category an asset or liability falls within the hierarchy requires significant judgment. We evaluate our hierarchy disclosures each quarter. The hierarchy consists of three levels: Level 1 Quoted market prices in active markets for identical assets or liabilities; Level 2 Inputs other than Level 1 inputs that are either directly or indirectly observable; and Level 3 Unobservable inputs developed using estimates and assumptions developed by us, which reflect those that a market participant would use. The carrying amounts of cash and cash equivalents, customer receivables, and accounts payable approximate fair value because of the relatively short maturity of these instruments. The fair value of our 9.5% senior secured notes based on market quotes, which we determined to be Level 1 inputs, at September 30, 2015 was approximately $317.0 million compared to the carrying amount of $307.0 million. The fair value of our 9.5% senior secured notes based on market quotes, which we determined to be Level 1 inputs, at December 31, 2014 was approximately $319.2 million compared to the carrying amount of $306.2 million. The Company believes the fair value of our variable interest rate Asset Based Loan ("ABL") facility at September 30, 2015 and December 31, 2014 equals the carrying value of $15.0 million and $17.0 million, respectively. As of September 30, 2015 and December 31, 2014 we had no other financial instruments. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 8 – Segment Reporting Based on our continual monitoring of the long-term economic characteristics, products and production processes, class of customer, and distribution methods of our operating segments, we have identified each of our operating segments below as reportable segments. We believe this segmentation is appropriate based upon operating decisions and performance assessments by our President and Chief Executive Officer. The accounting policies of the reportable segments are the same as described in Note 1, Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the year ended December 31, 2014. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Net sales: Wheels $ 101,833 $ 106,685 $ 324,525 $ 300,058 Gunite 43,823 42,357 128,569 134,634 Brillion Iron Works 17,772 34,965 79,373 97,674 Consolidated total $ 163,428 $ 184,007 $ 532,467 $ 532,366 Operating income (loss): Wheels $ 13,715 $ 11,847 $ 44,372 $ 33,446 Gunite 5,061 4,149 15,140 14,670 Brillion Iron Works (3,650) 1,680 (2,924) 3,444 Corporate / Other (7,628) (7,632) (25,578) (22,643) Consolidated total $ 7,498 $ 10,044 $ 31,010 $ 28,917 Excluded from net sales above, are inter-segment sales from Brillion Iron Works to Gunite, as shown in the table below: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Inter-segment sales $ 1,041 $ 3,055 $ 4,949 $ 10,825 As of (In thousands) September 30, 2015 December 31, 2014 Total assets: Wheels $ 437,196 $ 441,835 Gunite 59,944 59,600 Brillion Iron Works 50,358 55,226 Corporate / Other 44,773 41,761 Consolidated total $ 592,271 $ 598,422 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt [Abstract] | |
Debt | Note 9 - Debt As of September 30, 2015, total debt was $322.0 million consisting of $307.0 million of our outstanding 9.5% senior secured notes, net of discount, and a $15.0 million draw on our ABL facility. As of December 31, 2014, total debt was $323.2 million consisting of $306.2 million of our outstanding 9.5% senior secured notes, net of discount, and a $17.0 million draw on our ABL facility. Our credit documents The ABL Facility provides for loans and letters of credit in an amount up to the aggregate availability under the facility, subject to meeting certain borrowing base conditions, with sub-limits of up to $10.0 million for swingline loans and $20.0 million for letters of credit. Borrowings under the ABL Facility bear interest through maturity at a variable rate based upon, at our option, either LIBOR or the base rate (which is the greatest of one-half of 1.00% in excess of the federal funds rate, 1.00% in excess of the one-month LIBOR rate and the Agent's prime rate), plus, in each case, an applicable margin. The applicable margin for loans under the first-in last-out term facility that are (i) LIBOR loans ranges, based on the our average excess availability, from 2.75% to 3.25% per annum and (ii) base rate loans ranges, based on our average excess availability, from 1.00% to 1.50%. The applicable margin for other advances under the ABL Facility that are (i) LIBOR loans ranges, based on our average excess availability, from 1.75% to 2.25% and (ii) base rate loans ranges, based on our average excess availability, from 0.00% to 0.50%. We must also pay an unused line fee equal to 0.25% per annum to the lenders under the ABL Facility if utilization under the facility is greater than or equal to 50.0% of the total available commitments under the facility, or an unused line fee equal to 0.375% per annum if utilization under the facility is less than 50.0% of the total available commitments under the facility. Customary letter of credit fees are also payable, as applicable. |
Guarantor and Non-guarantor Fin
Guarantor and Non-guarantor Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
Guarantor and Non-guarantor Financial Statements [Abstract] | |
Guarantor and Non-guarantor Financial Statements | Note 10 – Guarantor and Non-guarantor Financial Statements Our senior secured notes are, jointly and severally, fully and unconditionally guaranteed, on a senior basis, by all of our existing and future 100% owned domestic subsidiaries ("Guarantor Subsidiaries"). The non-guarantor subsidiaries are our foreign subsidiaries and discontinued operations. The following condensed financial information illustrates the composition of the combined Guarantor Subsidiaries: CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 26,212 $ — $ 12,913 $ — $ 39,125 Customer and other receivables, net 40,728 16,896 5,763 348 63,735 Intercompany receivable 2,834 38,687 88,825 (130,346) — Inventories 18,930 15,806 2,307 (348) 36,695 Other current assets 7,165 1,891 2,135 — 11,191 Total current assets 95,869 73,280 111,943 (130,346) 150,746 Property, plant and equipment, net 77,779 95,956 30,043 — 203,778 Goodwill 96,283 4,414 — — 100,697 Other intangible assets, net 109,417 4,275 — — 113,692 Investments in and advances to subsidiaries and affiliates 176,217 — — (176,217) — Deferred income taxes — 35,640 2,490 (35,640) 2,490 Other non-current assets 5,709 345 14,814 — 20,868 TOTAL $ 561,274 $ 213,910 $ 159,290 $ (342,203) $ 592,271 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 18,315 $ 33,133 $ 8,444 $ — $ 59,892 Intercompany payable 94,237 — 36,109 (130,346) — Accrued payroll and compensation 923 5,887 1,222 — 8,032 Accrued interest payable 5,073 — — — 5,073 Accrued and other liabilities 5,205 9,870 3,530 — 18,605 Total current liabilities 123,753 48,890 49,305 (130,346) 91,602 Long term debt 322,022 — — — 322,022 Deferred and non-current income taxes 45,759 10,615 937 (35,640) 21,671 Other non-current liabilities 14,056 70,965 16,271 — 101,292 Stockholders' equity 55,684 83,440 92,777 (176,217) 55,684 TOTAL $ 561,274 $ 213,910 $ 159,290 $ (342,203) $ 592,271 December 31, 2014 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 22,710 $ — $ 7,063 $ — $ 29,773 Customer and other receivables, net 35,630 20,994 6,543 403 63,570 Intercompany receivables 191,272 5,086 53,055 (249,413) — Inventories 18,693 21,352 3,423 (403) 43,065 Other current assets 4,970 3,386 5,116 — 13,472 Total current assets 273,275 50,818 75,200 (249,413) 149,880 Property, plant and equipment, net 78,603 101,648 31,932 — 212,183 Goodwill 96,283 4,414 — — 100,697 Other intangible assets, net 115,465 2,498 — — 117,963 Investments in and advances to subsidiaries and affiliates 128,372 — — (128,372) — Other non-current assets 3,118 3,774 10,807 — 17,699 TOTAL $ 695,116 $ 163,152 $ 117,939 $ (377,785) $ 598,422 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 15,209 $ 31,931 $ 9,312 $ — $ $56,452 Intercompany payable 249,407 — 6 (249,413) — Accrued payroll and compensation 4,002 5,458 1,160 — 10,620 Accrued interest payable 12,428 — — — 12,428 Accrued and other liabilities 4,183 10,060 3,328 — 17,571 Total current liabilities 285,229 47,449 13,806 (249,413) 97,071 Long term debt 323,234 — — — 323,234 Deferred and non-current income taxes 41,775 (20,736) 332 — 21,371 Other non-current liabilities 14,075 93,245 18,623 — 125,943 Stockholders' equity 30,803 43,194 85,178 (128,372) 30,803 TOTAL $ 695,116 $ 163,152 $ 117,939 $ (377,785) $ 598,422 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 123,912 $ 66,262 $ 30,576 $ (57,322) $ 163,428 Cost of goods sold 117,925 58,200 26,014 (56,974) 145,165 Gross profit 5,987 8,062 4,562 (348) 18,263 Operating expenses 10,363 369 33 — 10,765 Income (loss) from operations (4,376) 7,693 4,529 (348) 7,498 Other income (expense): Interest income (expense), net (8,749) (47) 547 — (8,249) Equity in earnings of subsidiaries 10,038 — — (10,038) — Other income (expense), net (384) — (758) — (1,142) Income (loss) before income taxes from continuing operations (3,471) 7,646 4,318 (10,386) (1,893) Income tax (benefit) provision (5,291) 925 695 — (3,671) Income (loss) from continuing operations 1,820 6,721 3,623 (10,386) 1,778 Discontinued operations, net of tax — — 42 — 42 Net income (loss) $ 1,820 $ 6,721 $ 3,665 $ (10,386) $ 1,820 Comprehensive income (loss) $ (1,439) $ 2,866 $ 4,735 $ (7,601) $ (1,439) Three Months Ended September 30, 2014 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 124,025 $ 82,505 $ 33,589 $ (56,112) $ 184,007 Cost of goods sold 111,184 77,396 31,216 (55,701) 164,095 Gross profit 12,841 5,109 2,373 (411) 19,912 Operating expenses 9,623 204 41 — 9,868 Income (loss) from operations 3,218 4,905 2,332 (411) 10,044 Other income (expense): Interest income (expense), net (8,695) (53) 304 — (8,444) Equity in earnings of subsidiaries 5,385 — — (5,385) — Other income (expense), net (714) 327 (418) — (805) Income (loss) before income taxes from continuing operations (806) 5,179 2,218 (5,796) 795 Income tax (benefit) provision (1,905) 925 570 — (410) Income (loss) from continuing operations 1,099 4,254 1,648 (5,796) 1,205 Discontinued operations, net of tax — — (106) — (106) Net income (loss) $ 1,099 $ 4,254 $ 1,542 $ (5,796) $ 1,099 Comprehensive income (loss) $ 1,571 $ 4,252 $ 1,999 $ (6,251) $ 1,571 Nine Months Ended September 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 379,041 $ 234,426 $ 94,462 $ (175,462) $ 532,467 Cost of goods sold 348,803 208,191 84,778 (174,405) 467,367 Gross profit 30,238 26,235 9,684 (1,057) 65,100 Operating expenses 33,100 873 117 — 34,090 Income (loss) from operations (2,862) 25,362 9,567 (1,057) 31,010 Other income (expense): Interest income (expense), net (26,191) (152) 1,390 — (24,953) Equity in earnings of subsidiaries 31,950 — — (31,950) — Other income (expense), net (663) — (1,735) — (2,398) Income (loss) before income taxes from continuing operations 2,234 25,210 9,222 (33,007) 3,659 Income tax (benefit) provision (5,337) 578 1,096 — (3,663) Income (loss) from continuing operations 7,571 24,632 8,126 (33,007) 7,322 Discontinued operations, net of tax — — 249 — 249 Net income (loss) $ 7,571 $ 24,632 $ 8,375 $ (33,007) $ 7,571 Comprehensive income (loss) $ 23,152 $ 37,765 $ 10,763 $ (48,528) $ 23,152 Nine Months Ended September 30, 2014 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 355,600 $ 233,339 $ 99,912 $ (156,485) $ 532,366 Cost of goods sold 318,350 217,082 92,720 (155,143) 473,009 Gross profit 37,250 16,257 7,192 (1,342) 59,357 Operating expenses 29,588 706 146 — 30,440 Income (loss) from operations 7,662 15,551 7,046 (1,342) 28,917 Other income (expense): Interest income (expense), net (26,118) (173) 940 — (25,351) Equity in earnings of subsidiaries 19,446 — — (19,446) — Other income (expense), net (1,591) 453 (366) — (1,504) Income (loss) before income taxes from continuing operations (601) 15,831 7,620 (20,788) 2,062 Income tax (benefit) provision (3,422) 1,068 1,387 — (967) Income (loss) from continuing operations 2,821 14,763 6,233 (20,788) 3,029 Discontinued operations, net of tax — — (208) — (208) Net income (loss) $ 2,821 $ 14,763 $ 6,025 $ (20,788) $ 2,821 Comprehensive income (loss) $ 3,766 $ 14,738 $ 6,956 $ (21,694) $ 3,766 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2015 (In thousands) Parent Company Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 7,571 $ 24,632 $ 8,375 $ (33,007) $ 7,571 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 8,302 14,142 2,882 — 25,326 Amortization – deferred financing costs 1,859 — — — 1,859 Amortization – other intangible assets 6,048 126 — — 6,174 Loss on disposal of assets 256 39 (55) — 240 Deferred income taxes (5,299) 435 — — (4,864) Non-cash stock-based compensation 2,147 — — — 2,147 Equity in earnings of subsidiaries and affiliates (31,950) — — 31,950 — Change in other operating items 44,418 (52,797) (36) 1,057 (7,358) Net cash provided by (used in) operating activities 33,352 (13,423) 11,166 — 31,095 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (7,499) (7,449) (931) — (15,879) Proceeds from notes receivable 3,518 (28,217) (33,901) 58,600 — Payments on notes receivable (26,268) 75,191 32,680 (81,603) — Other — (1,903) — — (1,903) Net cash provided by (used in) investing activities (30,249) 37,622 (2,152) (23,003) (17,782) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable 15,312 64,288 — (58,600) 21,000 Payments on notes payable (18,053) (86,550) — 81,603 (23,000) Principal payments on capital leases — (1,937) — — (1,937) Other 3,140 — (3,164) — (24) Net cash provided by (used in) financing activities 399 (24,199) (3,164) 23,003 (3,961) Net increase in cash and cash equivalents 3,502 — 5,850 — 9,352 Cash and cash equivalents, beginning of period 22,710 — 7,063 — 29,773 Cash and cash equivalents, end of period $ 26,212 $ — $ 12,913 $ — $ 39,125 Nine Months Ended September 30, 2014 (In thousands) Parent Company Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 2,821 $ 14,763 $ 6,025 $ (20,788) $ 2,821 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 8,335 13,446 3,126 — 24,907 Amortization – deferred financing costs 1,859 — — — 1,859 Amortization – other intangible assets 5,971 126 — — 6,097 (Gain) loss on disposal of assets 580 62 27 — 669 Deferred income taxes (2,195) 925 678 — (592) Non-cash stock-based compensation 1,831 — — — 1,831 Equity in earnings of subsidiaries and affiliates (20,377) — — 20,377 — Change in other operating items 14,837 (41,354) (3,212) 411 (29,318) Net cash provided by (used in) operating activities 13,662 (12,032) 6,644 — 8,274 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (8,350) (11,977) (407) — (20,734) Proceeds from notes receivable 36,698 (106,680) (33,946) 103,928 — Payment on notes receivable (34,517) 71,408 32,725 (69,616) — Other (671) 1,235 — — 564 Net cash provided by (used in) investing activities (6,840) (46,014) (1,628) 34,312 (20,170) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable 19,041 94,887 — (103,928) 10,000 Payments on notes payable (42,775) (36,841) — 69,616 (10,000) Other — — — — — Net cash provided by (used in) financings activities (23,734) 58,046 — (34,312) — Net increase (decrease) in cash and cash equivalents (16,912) — 5,016 — (11,896) Cash and cash equivalents, beginning of period 31,018 — 2,408 — 33,426 Cash and cash equivalents, end of period $ 14,106 $ — $ 7,424 $ — $ 21,530 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) by Component | 9 Months Ended |
Sep. 30, 2015 | |
Reclassifications out of Accumulated Other Comprehensive Income (Loss): [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component | Note 11 – Changes in Accumulated Other Comprehensive Income (Loss) by Component Defined Benefit Pension Defined Benefit Post-Retirement Total Balance as of June 30, 2014 (In thousands) $ (20,312) $ 2,073 $ (18,239) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 57 59 116 Prior service costs (reclassified to salaries, wages, and benefits) 11 (9) 2 Foreign currency translation related to pension and postretirement plans 453 1 454 Income Tax Expense (100) — (100) Other comprehensive income, net of tax 421 51 472 Balance as of September 30, 2014 (In thousands) $ (19,891) $ 2,124 $ (17,767) Defined Benefit Pension Defined Benefit Post-Retirement Total Balance as of December 31, 2013 (In thousands) $ (20,429) $ 1,717 $ (18,712) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 158 216 374 Prior service costs (reclassified to salaries, wages, and benefits) 33 (27) 6 Foreign currency translation related to pension and postretirement plans 458 218 676 Income Tax Expense (111) — (111) Other comprehensive income, net of tax 538 407 945 Balance as of September 30, 2014 (In thousands) $ (19,891) $ 2,124 $ (17,767) Defined Benefit Pension Defined Benefit Post-Retirement Total Balance as of June 30, 2015 (In thousands) $ (38,996) $ 8,198 $ (30,798) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 304 89 393 Prior service costs (reclassified to salaries, wages, and benefits) 11 (236) (225) Foreign currency translation related to pension and postretirement plans 797 297 1,094 Remeasurements — (1,380) (1,380) Income Tax Expense (227) (2,914) (3,141) Other comprehensive income (loss), net of tax 885 (4,144) (3,259) Balance as of September 30, 2015 (In thousands) $ (38,111) $ 4,054 $ (34,057) Defined Benefit Pension Defined Benefit Post-Retirement Total Balance as of December 31, 2014 (In thousands) $ (40,160) $ (9,478) $ (49,638) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 935 284 1,219 Prior service costs (reclassified to salaries, wages, and benefits) 33 (338) (305) Foreign currency translation related to pension and postretirement plans 1,502 567 2,069 Remeasurements — 16,491 16,491 Income Tax Expense (421) (3,472) (3,893) Other comprehensive income, net of tax 2,049 13,532 15,581 Balance as of September 30, 2015 (In thousands) $ (38,111) $ 4,054 $ (34,057) Certain of our post-retirement benefit programs were re-measured as of May 31, 2015 to reflect post-65 health benefits transitioning from a self-insured plan to a Medicare Advantage Plan. The transition to the Medicare Advantage plan will provide comparable benefits while taking advantage of certain government subsidies which help manage the continually rising costs of medical and prescription drug coverage. The re-measurement resulted in a liability reduction as of September 30, 2015, of $16.5 million and a corresponding gain in Accumulated Other Comprehensive Income. This re-measurement takes into account the impact of the anticipated future program cost savings and current interest rate environments. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 - Subsequent Events Amendment to Post-Retirement Benefits Certain of our post-retirement benefit programs were amended as of October 1, 2015 to reflect post-65 health benefits transitioning from a self-insured plan to a Medicare Advantage Plan. The transition to the Medicare Advantage plan will provide comparable benefits while taking advantage of certain government subsidies which help manage the continually rising costs of medical and prescription drug coverage. The resulting re-measurement is estimated to reduce the post-retirement benefit liability by $9.0 million with a corresponding gain reflected in Accumulated Other Comprehensive Income in the fourth quarter of 2015. This re-measurement will take into account the impact of the anticipated future program cost savings and current interest rate environments. |
Basis of Presentation and Sum19
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015. The unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto disclosed in Accuride's Annual Report on Form 10-K for the year ended December 31, 2014. |
Management's Estimates and Assumptions | Management's Estimates and Assumptions |
Earnings Per Common Share | Earnings Per Common Share Three Months Ended September 30, Nine Months Ended September 30, (In thousands except per share data) 2015 2014 2015 2014 Numerator: Net income from continuing operations $ 1,778 $ 1,205 $ 7,322 $ 3,029 Net income (loss) from discontinued operations 42 (106) 249 (208) Net income $ 1,820 $ 1,099 $ 7,571 $ 2,821 Denominator: Weighted average shares outstanding – Basic 48,015 47,749 47,943 47,694 Weighted average shares outstanding – Diluted 49,422 49,042 48,844 48,531 Basic income per common share From continuing operations $ 0.04 $ 0.02 $ 0.15 $ 0.06 From discontinued operations — — 0.01 — Basic income per common share $ 0.04 $ 0.02 $ 0.16 $ 0.06 Diluted income per common share From continuing operations $ 0.04 $ 0.02 $ 0.15 $ 0.06 From discontinued operations — — 0.01 — Diluted income per common share $ 0.04 $ 0.02 $ 0.16 $ 0.06 As of September 30, 2015, there were options exercisable for 144,095 shares that were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. As of September 30, 2014, there were options exercisable for 147,420 shares that were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. Share-Based Compensation |
Stock-Based Compensation | As of September 30, 2015, there was approximately $3.6 million of unrecognized pre-tax compensation expense related to share-based awards not yet vested that will be recognized over a weighted-average period of 1.5 years. |
Income Taxes | Income Tax Interim Financial Reporting We have assessed the need to maintain a valuation allowance for deferred tax assets based on an assessment of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. Due to our recent history of U.S. operating and taxable losses, the inconsistency of income, and the uncertainty of our financial outlook, we continue to maintain a full valuation allowance against our domestic deferred tax assets. Deferred tax assets in our foreign jurisdictions are more likely than not to be recognized, therefore, no valuation allowance has been recorded for these assets. |
Recent Accounting Adoptions | Recent Accounting Pronouncements – Revenue From Contracts With Customers. Revenue from Contracts with Customers, On June 19, 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could Be Achieved after the Requisite Service Period. On August 27, 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern On January 9, 2015, the FASB issued ASU 2015-01, Income Statement-Extraordinary and Unusual Items (Topic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. On February 18, 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. On April 15, 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. On April 7, 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. On July 22, 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferred of the Effective Date". On August 18 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements-Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)". |
Basis of Presentation and Sum20
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Computation of basic and diluted earnings per common share | Earnings Per Common Share Three Months Ended September 30, Nine Months Ended September 30, (In thousands except per share data) 2015 2014 2015 2014 Numerator: Net income from continuing operations $ 1,778 $ 1,205 $ 7,322 $ 3,029 Net income (loss) from discontinued operations 42 (106) 249 (208) Net income $ 1,820 $ 1,099 $ 7,571 $ 2,821 Denominator: Weighted average shares outstanding – Basic 48,015 47,749 47,943 47,694 Weighted average shares outstanding – Diluted 49,422 49,042 48,844 48,531 Basic income per common share From continuing operations $ 0.04 $ 0.02 $ 0.15 $ 0.06 From discontinued operations — — 0.01 — Basic income per common share $ 0.04 $ 0.02 $ 0.16 $ 0.06 Diluted income per common share From continuing operations $ 0.04 $ 0.02 $ 0.15 $ 0.06 From discontinued operations — — 0.01 — Diluted income per common share $ 0.04 $ 0.02 $ 0.16 $ 0.06 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations [Abstract] | |
Sales and income from operations attributable to discontinued operations | The following table presents sales and income attributable to Discontinued Operations. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Net sales $ — $ — $ — $ — Loss from operations (10) (10) (31) (31) Other income (expense) 52 (96) 280 (177) Discontinued Operations $ 42 $ (106) $ 249 $ (208) |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Inventories on a FIFO basis | Inventories at September 30, 2015 and December 31, 2014, on a first-in, first-out ("FIFO") basis, were as follows: (In thousands) September 30, 2015 December 31, 2014 Raw materials $ 7,137 $ 8,244 Work in process 9,242 14,073 Finished manufactured goods 20,316 20,748 Total inventories $ 36,695 $ 43,065 |
Goodwill and Other Intangible23
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Carrying amount of goodwill on a reportable segment basis | The following represents the carrying amount of goodwill, on a reportable segment basis: (In thousands) Wheels Brillion Iron Works Total Balance as of December 31, 2014 $ 96,283 $ 4,414 $ 100,697 Balance as of September 30, 2015 $ 96,283 $ 4,414 $ 100,697 |
Carrying amount of other intangible assets by reportable segment | The changes in the carrying amount of other intangible assets for the period December 31, 2014 to September 30, 2015, by reportable segment, are as follows: (In thousands) Wheels Brillion Iron Works Gunite Total Balance as of December 31, 2014 $ 115,465 $ 2,498 $ — $ 117,963 Additions — — 1,903 1,903 Amortization (5,992) (126) (56) (6,174) Balance as of September 30, 2015 $ 109,473 $ 2,372 $ 1,847 $ 113,692 On July 2, 2015, the Company entered into, and consummated the acquisition contemplated by, an Asset Purchase Agreement (the "Agreement"), pursuant to which the Company's subsidiary, Gunite Corporation ("Buyer"), acquired certain technologies and patents of Century-3 Plus, L.L.C. ("Seller"), a designer and manufacturer of brake components for the military and commercial vehicles for $2.0 million cash paid at closing and $8.0 million in contingent consideration. The contingent consideration maximum of $8.0 million can be earned based on the achievement of certain technological and commercial milestones, as defined in the Agreement. The transaction has been recorded as $0.1 million in property, plant, and equipment, and $1.9 million as intangible assets, primarily technology. This purchase is consistent with the Company's strategy of enhancing and expanding its core wheel-end product line. The changes in the carrying amount of other intangible assets for the period December 31, 2013 to September 30, 2014, by reportable segment, are as follows: (In thousands) Wheels Brillion Iron Works Total Balance as of December 31, 2013 $ 122,764 $ 2,666 $ 125,430 Additions 671 — 671 Amortization (5,971) (126) (6,097) Balance as of September 30, 2014 $ 117,464 $ 2,540 $ 120,004 |
Summary of goodwill and other intangible assets | The summary of goodwill and other intangible assets is as follows: As of September 30, 2015 As of December 31, 2014 (In thousands) Weighted Average Useful Lives Gross Amount Accumulated Amortization Carrying Amount Gross Amount Accumulated Amortization Carrying Amount Goodwill — $ 100,697 $ — $ 100,697 $ 100,697 $ — $ 100,697 Other intangible assets: Trade names — $ 25,200 $ — $ 25,200 $ 25,200 $ — $ 25,200 Technology 10.6 41,072 25,483 15,589 39,169 23,158 16,011 Customer relationships 16.8 127,304 54,401 72,903 127,304 50,552 76,752 Other intangible assets $ 193,576 $ 79,884 $ 113,692 $ 191,673 $ 73,710 $ 117,963 |
Pension and Other Postretirem24
Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |
Components of net periodic benefit cost | Components of net periodic benefit cost for the three and nine months ended September 30, 2015: For the Three Months Ended September 30, For the Nine Months Ended September 30, Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) 2015 2014 2015 2014 2015 2014 2015 2014 Service cost-benefits earned during the period $ 170 $ 270 $ 97 $ 80 $ 526 $ 804 $ 301 $ 252 Interest cost on projected benefit obligation 2,297 2,624 662 978 7,021 7,975 2,276 2,737 Expected return on plan assets (2,697) (3,112) — — (8,254) (9,480) — — Amortization of prior service (credit) cost 11 11 (236) (9) 33 33 (338) (27) Amortization of loss 304 57 89 59 935 158 284 216 Net periodic benefit cost 85 (150) 612 1,108 261 (510) 2,523 3,178 Other one-time charges — — — 435 — — — 435 Total benefit cost charged (credited) to income $ 85 $ (150) $ 612 $ 1,543 $ 261 $ (510) $ 2,523 $ 3,613 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Net sales and operating income by segment | Based on our continual monitoring of the long-term economic characteristics, products and production processes, class of customer, and distribution methods of our operating segments, we have identified each of our operating segments below as reportable segments. We believe this segmentation is appropriate based upon operating decisions and performance assessments by our President and Chief Executive Officer. The accounting policies of the reportable segments are the same as described in Note 1, Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the year ended December 31, 2014. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Net sales: Wheels $ 101,833 $ 106,685 $ 324,525 $ 300,058 Gunite 43,823 42,357 128,569 134,634 Brillion Iron Works 17,772 34,965 79,373 97,674 Consolidated total $ 163,428 $ 184,007 $ 532,467 $ 532,366 Operating income (loss): Wheels $ 13,715 $ 11,847 $ 44,372 $ 33,446 Gunite 5,061 4,149 15,140 14,670 Brillion Iron Works (3,650) 1,680 (2,924) 3,444 Corporate / Other (7,628) (7,632) (25,578) (22,643) Consolidated total $ 7,498 $ 10,044 $ 31,010 $ 28,917 Excluded from net sales above, are inter-segment sales from Brillion Iron Works to Gunite, as shown in the table below: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Inter-segment sales $ 1,041 $ 3,055 $ 4,949 $ 10,825 |
Assets by segment | As of (In thousands) September 30, 2015 December 31, 2014 Total assets: Wheels $ 437,196 $ 441,835 Gunite 59,944 59,600 Brillion Iron Works 50,358 55,226 Corporate / Other 44,773 41,761 Consolidated total $ 592,271 $ 598,422 |
Guarantor and Non-guarantor F26
Guarantor and Non-guarantor Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Guarantor and Non-guarantor Financial Statements [Abstract] | |
CONDENSED CONSOLIDATED BALANCE SHEETS | CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 26,212 $ — $ 12,913 $ — $ 39,125 Customer and other receivables, net 40,728 16,896 5,763 348 63,735 Intercompany receivable 2,834 38,687 88,825 (130,346) — Inventories 18,930 15,806 2,307 (348) 36,695 Other current assets 7,165 1,891 2,135 — 11,191 Total current assets 95,869 73,280 111,943 (130,346) 150,746 Property, plant and equipment, net 77,779 95,956 30,043 — 203,778 Goodwill 96,283 4,414 — — 100,697 Other intangible assets, net 109,417 4,275 — — 113,692 Investments in and advances to subsidiaries and affiliates 176,217 — — (176,217) — Deferred income taxes — 35,640 2,490 (35,640) 2,490 Other non-current assets 5,709 345 14,814 — 20,868 TOTAL $ 561,274 $ 213,910 $ 159,290 $ (342,203) $ 592,271 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 18,315 $ 33,133 $ 8,444 $ — $ 59,892 Intercompany payable 94,237 — 36,109 (130,346) — Accrued payroll and compensation 923 5,887 1,222 — 8,032 Accrued interest payable 5,073 — — — 5,073 Accrued and other liabilities 5,205 9,870 3,530 — 18,605 Total current liabilities 123,753 48,890 49,305 (130,346) 91,602 Long term debt 322,022 — — — 322,022 Deferred and non-current income taxes 45,759 10,615 937 (35,640) 21,671 Other non-current liabilities 14,056 70,965 16,271 — 101,292 Stockholders' equity 55,684 83,440 92,777 (176,217) 55,684 TOTAL $ 561,274 $ 213,910 $ 159,290 $ (342,203) $ 592,271 December 31, 2014 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 22,710 $ — $ 7,063 $ — $ 29,773 Customer and other receivables, net 35,630 20,994 6,543 403 63,570 Intercompany receivables 191,272 5,086 53,055 (249,413) — Inventories 18,693 21,352 3,423 (403) 43,065 Other current assets 4,970 3,386 5,116 — 13,472 Total current assets 273,275 50,818 75,200 (249,413) 149,880 Property, plant and equipment, net 78,603 101,648 31,932 — 212,183 Goodwill 96,283 4,414 — — 100,697 Other intangible assets, net 115,465 2,498 — — 117,963 Investments in and advances to subsidiaries and affiliates 128,372 — — (128,372) — Other non-current assets 3,118 3,774 10,807 — 17,699 TOTAL $ 695,116 $ 163,152 $ 117,939 $ (377,785) $ 598,422 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 15,209 $ 31,931 $ 9,312 $ — $ $56,452 Intercompany payable 249,407 — 6 (249,413) — Accrued payroll and compensation 4,002 5,458 1,160 — 10,620 Accrued interest payable 12,428 — — — 12,428 Accrued and other liabilities 4,183 10,060 3,328 — 17,571 Total current liabilities 285,229 47,449 13,806 (249,413) 97,071 Long term debt 323,234 — — — 323,234 Deferred and non-current income taxes 41,775 (20,736) 332 — 21,371 Other non-current liabilities 14,075 93,245 18,623 — 125,943 Stockholders' equity 30,803 43,194 85,178 (128,372) 30,803 TOTAL $ 695,116 $ 163,152 $ 117,939 $ (377,785) $ 598,422 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 123,912 $ 66,262 $ 30,576 $ (57,322) $ 163,428 Cost of goods sold 117,925 58,200 26,014 (56,974) 145,165 Gross profit 5,987 8,062 4,562 (348) 18,263 Operating expenses 10,363 369 33 — 10,765 Income (loss) from operations (4,376) 7,693 4,529 (348) 7,498 Other income (expense): Interest income (expense), net (8,749) (47) 547 — (8,249) Equity in earnings of subsidiaries 10,038 — — (10,038) — Other income (expense), net (384) — (758) — (1,142) Income (loss) before income taxes from continuing operations (3,471) 7,646 4,318 (10,386) (1,893) Income tax (benefit) provision (5,291) 925 695 — (3,671) Income (loss) from continuing operations 1,820 6,721 3,623 (10,386) 1,778 Discontinued operations, net of tax — — 42 — 42 Net income (loss) $ 1,820 $ 6,721 $ 3,665 $ (10,386) $ 1,820 Comprehensive income (loss) $ (1,439) $ 2,866 $ 4,735 $ (7,601) $ (1,439) Three Months Ended September 30, 2014 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 124,025 $ 82,505 $ 33,589 $ (56,112) $ 184,007 Cost of goods sold 111,184 77,396 31,216 (55,701) 164,095 Gross profit 12,841 5,109 2,373 (411) 19,912 Operating expenses 9,623 204 41 — 9,868 Income (loss) from operations 3,218 4,905 2,332 (411) 10,044 Other income (expense): Interest income (expense), net (8,695) (53) 304 — (8,444) Equity in earnings of subsidiaries 5,385 — — (5,385) — Other income (expense), net (714) 327 (418) — (805) Income (loss) before income taxes from continuing operations (806) 5,179 2,218 (5,796) 795 Income tax (benefit) provision (1,905) 925 570 — (410) Income (loss) from continuing operations 1,099 4,254 1,648 (5,796) 1,205 Discontinued operations, net of tax — — (106) — (106) Net income (loss) $ 1,099 $ 4,254 $ 1,542 $ (5,796) $ 1,099 Comprehensive income (loss) $ 1,571 $ 4,252 $ 1,999 $ (6,251) $ 1,571 Nine Months Ended September 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 379,041 $ 234,426 $ 94,462 $ (175,462) $ 532,467 Cost of goods sold 348,803 208,191 84,778 (174,405) 467,367 Gross profit 30,238 26,235 9,684 (1,057) 65,100 Operating expenses 33,100 873 117 — 34,090 Income (loss) from operations (2,862) 25,362 9,567 (1,057) 31,010 Other income (expense): Interest income (expense), net (26,191) (152) 1,390 — (24,953) Equity in earnings of subsidiaries 31,950 — — (31,950) — Other income (expense), net (663) — (1,735) — (2,398) Income (loss) before income taxes from continuing operations 2,234 25,210 9,222 (33,007) 3,659 Income tax (benefit) provision (5,337) 578 1,096 — (3,663) Income (loss) from continuing operations 7,571 24,632 8,126 (33,007) 7,322 Discontinued operations, net of tax — — 249 — 249 Net income (loss) $ 7,571 $ 24,632 $ 8,375 $ (33,007) $ 7,571 Comprehensive income (loss) $ 23,152 $ 37,765 $ 10,763 $ (48,528) $ 23,152 Nine Months Ended September 30, 2014 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 355,600 $ 233,339 $ 99,912 $ (156,485) $ 532,366 Cost of goods sold 318,350 217,082 92,720 (155,143) 473,009 Gross profit 37,250 16,257 7,192 (1,342) 59,357 Operating expenses 29,588 706 146 — 30,440 Income (loss) from operations 7,662 15,551 7,046 (1,342) 28,917 Other income (expense): Interest income (expense), net (26,118) (173) 940 — (25,351) Equity in earnings of subsidiaries 19,446 — — (19,446) — Other income (expense), net (1,591) 453 (366) — (1,504) Income (loss) before income taxes from continuing operations (601) 15,831 7,620 (20,788) 2,062 Income tax (benefit) provision (3,422) 1,068 1,387 — (967) Income (loss) from continuing operations 2,821 14,763 6,233 (20,788) 3,029 Discontinued operations, net of tax — — (208) — (208) Net income (loss) $ 2,821 $ 14,763 $ 6,025 $ (20,788) $ 2,821 Comprehensive income (loss) $ 3,766 $ 14,738 $ 6,956 $ (21,694) $ 3,766 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2015 (In thousands) Parent Company Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 7,571 $ 24,632 $ 8,375 $ (33,007) $ 7,571 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 8,302 14,142 2,882 — 25,326 Amortization – deferred financing costs 1,859 — — — 1,859 Amortization – other intangible assets 6,048 126 — — 6,174 Loss on disposal of assets 256 39 (55) — 240 Deferred income taxes (5,299) 435 — — (4,864) Non-cash stock-based compensation 2,147 — — — 2,147 Equity in earnings of subsidiaries and affiliates (31,950) — — 31,950 — Change in other operating items 44,418 (52,797) (36) 1,057 (7,358) Net cash provided by (used in) operating activities 33,352 (13,423) 11,166 — 31,095 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (7,499) (7,449) (931) — (15,879) Proceeds from notes receivable 3,518 (28,217) (33,901) 58,600 — Payments on notes receivable (26,268) 75,191 32,680 (81,603) — Other — (1,903) — — (1,903) Net cash provided by (used in) investing activities (30,249) 37,622 (2,152) (23,003) (17,782) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable 15,312 64,288 — (58,600) 21,000 Payments on notes payable (18,053) (86,550) — 81,603 (23,000) Principal payments on capital leases — (1,937) — — (1,937) Other 3,140 — (3,164) — (24) Net cash provided by (used in) financing activities 399 (24,199) (3,164) 23,003 (3,961) Net increase in cash and cash equivalents 3,502 — 5,850 — 9,352 Cash and cash equivalents, beginning of period 22,710 — 7,063 — 29,773 Cash and cash equivalents, end of period $ 26,212 $ — $ 12,913 $ — $ 39,125 Nine Months Ended September 30, 2014 (In thousands) Parent Company Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 2,821 $ 14,763 $ 6,025 $ (20,788) $ 2,821 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 8,335 13,446 3,126 — 24,907 Amortization – deferred financing costs 1,859 — — — 1,859 Amortization – other intangible assets 5,971 126 — — 6,097 (Gain) loss on disposal of assets 580 62 27 — 669 Deferred income taxes (2,195) 925 678 — (592) Non-cash stock-based compensation 1,831 — — — 1,831 Equity in earnings of subsidiaries and affiliates (20,377) — — 20,377 — Change in other operating items 14,837 (41,354) (3,212) 411 (29,318) Net cash provided by (used in) operating activities 13,662 (12,032) 6,644 — 8,274 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (8,350) (11,977) (407) — (20,734) Proceeds from notes receivable 36,698 (106,680) (33,946) 103,928 — Payment on notes receivable (34,517) 71,408 32,725 (69,616) — Other (671) 1,235 — — 564 Net cash provided by (used in) investing activities (6,840) (46,014) (1,628) 34,312 (20,170) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable 19,041 94,887 — (103,928) 10,000 Payments on notes payable (42,775) (36,841) — 69,616 (10,000) Other — — — — — Net cash provided by (used in) financings activities (23,734) 58,046 — (34,312) — Net increase (decrease) in cash and cash equivalents (16,912) — 5,016 — (11,896) Cash and cash equivalents, beginning of period 31,018 — 2,408 — 33,426 Cash and cash equivalents, end of period $ 14,106 $ — $ 7,424 $ — $ 21,530 |
Changes in Accumulated Other 27
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Reclassifications out of Accumulated Other Comprehensive Income (Loss): [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Defined Benefit Pension Defined Benefit Post-Retirement Total Balance as of June 30, 2014 (In thousands) $ (20,312) $ 2,073 $ (18,239) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 57 59 116 Prior service costs (reclassified to salaries, wages, and benefits) 11 (9) 2 Foreign currency translation related to pension and postretirement plans 453 1 454 Income Tax Expense (100) — (100) Other comprehensive income, net of tax 421 51 472 Balance as of September 30, 2014 (In thousands) $ (19,891) $ 2,124 $ (17,767) Defined Benefit Pension Defined Benefit Post-Retirement Total Balance as of December 31, 2013 (In thousands) $ (20,429) $ 1,717 $ (18,712) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 158 216 374 Prior service costs (reclassified to salaries, wages, and benefits) 33 (27) 6 Foreign currency translation related to pension and postretirement plans 458 218 676 Income Tax Expense (111) — (111) Other comprehensive income, net of tax 538 407 945 Balance as of September 30, 2014 (In thousands) $ (19,891) $ 2,124 $ (17,767) Defined Benefit Pension Defined Benefit Post-Retirement Total Balance as of June 30, 2015 (In thousands) $ (38,996) $ 8,198 $ (30,798) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 304 89 393 Prior service costs (reclassified to salaries, wages, and benefits) 11 (236) (225) Foreign currency translation related to pension and postretirement plans 797 297 1,094 Remeasurements — (1,380) (1,380) Income Tax Expense (227) (2,914) (3,141) Other comprehensive income (loss), net of tax 885 (4,144) (3,259) Balance as of September 30, 2015 (In thousands) $ (38,111) $ 4,054 $ (34,057) Defined Benefit Pension Defined Benefit Post-Retirement Total Balance as of December 31, 2014 (In thousands) $ (40,160) $ (9,478) $ (49,638) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 935 284 1,219 Prior service costs (reclassified to salaries, wages, and benefits) 33 (338) (305) Foreign currency translation related to pension and postretirement plans 1,502 567 2,069 Remeasurements — 16,491 16,491 Income Tax Expense (421) (3,472) (3,893) Other comprehensive income, net of tax 2,049 13,532 15,581 Balance as of September 30, 2015 (In thousands) $ (38,111) $ 4,054 $ (34,057) |
Basis of Presentation and Sum28
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator [Abstract] | ||||
Net income from continuing operations | $ 1,778 | $ 1,205 | $ 7,322 | $ 3,029 |
Net income (loss) from discontinuing operations | 42 | (106) | 249 | (208) |
Net income | $ 1,820 | $ 1,099 | $ 7,571 | $ 2,821 |
Denominator [Abstract] | ||||
Weighted average shares outstanding - Basic (in shares) | 48,015,000 | 47,749,000 | 47,943,000 | 47,694,000 |
Weighted average shares outstanding - Diluted (in shares) | 49,422,000 | 49,042,000 | 48,844,000 | 48,531,000 |
Basic income (loss) per common share: | ||||
Basic income per common share - continuing operations (in dollars per share) | $ 0.04 | $ 0.02 | $ 0.15 | $ 0.06 |
Basic income per common share - discontinued operations (in dollars per share) | 0 | 0 | 0.01 | 0 |
Basic income per common share (in dollars per share) | 0.04 | 0.02 | 0.16 | 0.06 |
Diluted income (loss) per common share | ||||
Diluted income per common share - continuing operations (in dollars per share) | 0.04 | 0.02 | 0.15 | 0.06 |
Diluted income per common share - discontinued operations (in dollars per share) | 0 | 0 | 0.01 | 0 |
Diluted income per common share (in dollars per share) | $ 0.04 | $ 0.02 | $ 0.16 | $ 0.06 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options exercisable which were not included in computation of diluted earnings per share (in shares) | 144,095 | 147,420 | ||
Stock-Based Compensation [Abstract] | ||||
Share-based compensation expense recognized | $ 698 | $ 622 | $ 2,147 | $ 1,831 |
Unrecognized pre-tax compensation expense related to share-based awards not yet vested | $ 3,600 | $ 3,600 | ||
Weighted-average period of recognition | 1 year 6 months |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Discontinued operations [Abstract] | ||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 |
Loss from operations | (10) | (10) | (31) | (31) |
Other Income (Expense) | 52 | (96) | 280 | (177) |
Discontinued operations | $ 42 | $ (106) | $ 249 | $ (208) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventories on a FIFO basis [Abstract] | ||
Raw materials | $ 7,137 | $ 8,244 |
Work in process | 9,242 | 14,073 |
Finished manufactured goods | 20,316 | 20,748 |
Total inventories | $ 36,695 | $ 43,065 |
Goodwill and Other Intangible31
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 02, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 |
Goodwill by reportable segment [Roll Forward] | |||||
Balance as of December 31, 2014 | $ 100,697 | ||||
Balance as of June 30, 2015 | 100,697 | ||||
Other intangible assets by reportable segment [Roll Forward] | |||||
Beginning Balance | 117,963 | $ 125,430 | |||
Additions | 1,903 | 671 | |||
Amortization | (6,174) | (6,097) | |||
Ending Balance | 113,692 | 120,004 | |||
Goodwill [Abstract] | |||||
Gross Amount | $ 100,697 | $ 100,697 | |||
Accumulated Amortization | 0 | 0 | |||
Carrying Amount | 100,697 | 100,697 | 100,697 | ||
Other intangible assets [Abstract] | |||||
Gross Amount | 193,576 | 191,673 | |||
Accumulated Amortization | 79,884 | 73,710 | |||
Carrying Amount | 117,963 | 125,430 | 113,692 | 117,963 | |
Estimated amortization expense for other intangible assets, 2015 | 8,300 | ||||
Estimated amortization expense for other intangible assets, 2016 | 8,600 | ||||
Estimated amortization expense for other intangible assets, 2017 | 8,600 | ||||
Estimated amortization expense for other intangible assets, 2018 | 8,600 | ||||
Estimated amortization expense for other intangible assets, 2019 | 8,600 | ||||
Payments to Acquire Intangible Assets | $ 1,900 | 1,903 | 671 | ||
Payments to Acquire Productive Assets | 2,000 | ||||
Payments to Acquire Other Property, Plant, and Equipment | 100 | ||||
Contingent Consideration on Asset Acquisition | $ 8,000 | ||||
Trade names [Member] | |||||
Other intangible assets by reportable segment [Roll Forward] | |||||
Beginning Balance | 25,200 | ||||
Ending Balance | 25,200 | ||||
Other intangible assets [Abstract] | |||||
Gross Amount | 25,200 | 25,200 | |||
Accumulated Amortization | 0 | 0 | |||
Carrying Amount | 25,200 | 25,200 | 25,200 | ||
Technology [Member] | |||||
Other intangible assets by reportable segment [Roll Forward] | |||||
Beginning Balance | 16,011 | ||||
Ending Balance | $ 15,589 | ||||
Other intangible assets [Abstract] | |||||
Weighted Average Useful Lives | 10 years 7 months 6 days | ||||
Gross Amount | 41,072 | 39,169 | |||
Accumulated Amortization | 25,483 | 23,158 | |||
Carrying Amount | $ 16,011 | 15,589 | 16,011 | ||
Customer relationships [Member] | |||||
Other intangible assets by reportable segment [Roll Forward] | |||||
Beginning Balance | 76,752 | ||||
Ending Balance | $ 72,903 | ||||
Other intangible assets [Abstract] | |||||
Weighted Average Useful Lives | 16 years 9 months 18 days | ||||
Gross Amount | 127,304 | 127,304 | |||
Accumulated Amortization | 54,401 | 50,552 | |||
Carrying Amount | $ 72,903 | 72,903 | 76,752 | ||
Wheels [Member] | |||||
Goodwill by reportable segment [Roll Forward] | |||||
Balance as of December 31, 2014 | 96,283 | ||||
Balance as of June 30, 2015 | 96,283 | ||||
Other intangible assets by reportable segment [Roll Forward] | |||||
Beginning Balance | 115,465 | 122,764 | |||
Additions | 0 | 671 | |||
Amortization | (5,992) | (5,971) | |||
Ending Balance | 109,473 | 117,464 | |||
Goodwill [Abstract] | |||||
Carrying Amount | 96,283 | 96,283 | 96,283 | ||
Other intangible assets [Abstract] | |||||
Carrying Amount | 115,465 | 122,764 | 109,473 | 115,465 | |
Gunite [Member] | |||||
Other intangible assets by reportable segment [Roll Forward] | |||||
Beginning Balance | 0 | ||||
Additions | 1,903 | ||||
Amortization | (56) | ||||
Ending Balance | 1,847 | ||||
Other intangible assets [Abstract] | |||||
Carrying Amount | 0 | 1,847 | 0 | ||
Brillion Iron Works [Member] | |||||
Goodwill by reportable segment [Roll Forward] | |||||
Balance as of December 31, 2014 | 4,414 | ||||
Balance as of June 30, 2015 | 4,414 | ||||
Other intangible assets by reportable segment [Roll Forward] | |||||
Beginning Balance | 2,498 | 2,666 | |||
Additions | 0 | 0 | |||
Amortization | (126) | (126) | |||
Ending Balance | 2,372 | 2,540 | |||
Goodwill [Abstract] | |||||
Carrying Amount | 4,414 | 4,414 | 4,414 | ||
Other intangible assets [Abstract] | |||||
Carrying Amount | $ 2,498 | $ 2,666 | $ 2,372 | $ 2,498 |
Pension and Other Postretirem32
Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Components of net periodic benefit cost [Abstract] | ||||
Defined benefit plans employer contributions toward sponsored pension plans | $ 5,000 | $ 5,000 | ||
Anticipated contribution during current fiscal year | 2,500 | |||
Aggregate contribution towards sponsored pension plans | 7,500 | 7,500 | ||
Remeasurements | (1,380) | 16,491 | ||
Pension Benefits [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost-benefits earned during the period | 170 | $ 270 | 526 | $ 804 |
Interest cost on projected benefit obligation | 2,297 | 2,624 | 7,021 | 7,975 |
Expected return on plan assets | (2,697) | (3,112) | (8,254) | (9,480) |
Amortization of net transition (asset) obligation | 0 | 0 | ||
Amortization of prior service (credit) cost | 11 | 11 | 33 | 33 |
Amortization of (gain)/loss | 304 | 57 | 935 | 158 |
Net periodic benefit cost | 85 | (150) | 261 | (510) |
Other one-time charges | 0 | 0 | 0 | 0 |
Total benefits cost (credited) charged to income | 85 | (150) | 261 | (510) |
Other Benefits [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost-benefits earned during the period | 97 | 80 | 301 | 252 |
Interest cost on projected benefit obligation | 662 | 978 | 2,276 | 2,737 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net transition (asset) obligation | 0 | 0 | ||
Amortization of prior service (credit) cost | (236) | (9) | (338) | (27) |
Amortization of (gain)/loss | 89 | 59 | 284 | 216 |
Net periodic benefit cost | 612 | 1,108 | 2,523 | 3,178 |
Other one-time charges | 0 | 435 | 0 | 435 |
Total benefits cost (credited) charged to income | $ 612 | $ 1,543 | $ 2,523 | $ 3,613 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Sep. 30, 2015USD ($)Employee |
Commitments and Contingencies [Abstract] | |
Environmental reserve | $ | $ 1.1 |
Total number of employees | 2,100 |
Number of salaried employees | 482 |
Employees represented by unions | 1,360 |
Percentage of employees represented by unions (in hundredths) | 65.00% |
Number of employees covered under Rockford, Illinois facility | 279 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior secured notes, interest (in hundredths) | 9.50% | 9.50% |
9.5% senior secured notes, carrying value | $ 307 | $ 306.2 |
Fair value of ABL facility | 15 | 17 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
9.5% senior secured notes, fair value | $ 317 | $ 319.2 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net sales and operating income by segment [Abstract] | ||||
Net sales | $ 163,428 | $ 184,007 | $ 532,467 | $ 532,366 |
Income (loss) from operations | 7,498 | 10,044 | 31,010 | 28,917 |
Wheels [Member] | ||||
Net sales and operating income by segment [Abstract] | ||||
Net sales | 101,833 | 106,685 | 324,525 | 300,058 |
Income (loss) from operations | 13,715 | 11,847 | 44,372 | 33,446 |
Gunite [Member] | ||||
Net sales and operating income by segment [Abstract] | ||||
Net sales | 43,823 | 42,357 | 128,569 | 134,634 |
Income (loss) from operations | 5,061 | 4,149 | 15,140 | 14,670 |
Brillion Iron Works [Member] | ||||
Net sales and operating income by segment [Abstract] | ||||
Net sales | 17,772 | 34,965 | 79,373 | 97,674 |
Income (loss) from operations | (3,650) | 1,680 | (2,924) | 3,444 |
Corporate / Other [Member] | ||||
Net sales and operating income by segment [Abstract] | ||||
Income (loss) from operations | (7,628) | (7,632) | (25,578) | (22,643) |
Inter-segment sales [Member] | ||||
Net sales and operating income by segment [Abstract] | ||||
Net sales | $ 1,041 | $ 3,055 | $ 4,949 | $ 10,825 |
Segment Reporting, Asset reconc
Segment Reporting, Asset reconciliation (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Reconciliation of assets by segment [Abstract] | ||
Total assets | $ 592,271 | $ 598,422 |
Wheels [Member] | ||
Reconciliation of assets by segment [Abstract] | ||
Total assets | 437,196 | 441,835 |
Gunite [Member] | ||
Reconciliation of assets by segment [Abstract] | ||
Total assets | 59,944 | 59,600 |
Brillion Iron Works [Member] | ||
Reconciliation of assets by segment [Abstract] | ||
Total assets | 50,358 | 55,226 |
Corporate / Other [Member] | ||
Reconciliation of assets by segment [Abstract] | ||
Total assets | $ 44,773 | $ 41,761 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Jul. 29, 2010 | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Total debt | $ 322,022 | $ 323,234 | |
9.5% senior secured notes, net of discount | $ 307,000 | $ 306,200 | |
Senior secured notes, interest (in hundredths) | 9.50% | 9.50% | |
9.5% senior secured notes [Member] | |||
Debt Instrument [Line Items] | |||
9.5% senior secured notes, net of discount | $ 307,000 | $ 306,200 | |
Senior secured notes, interest (in hundredths) | 9.50% | 9.50% | |
ABL Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Borrowed amount from credit facility | $ 15,000 | $ 17,000 | |
Excess availability of facility as a percentage of commitment to maintain fixed charge coverage ratio, minimum (in hundredths) | 10.00% | ||
Minimum ratio of adjusted EBITDA | 1 | ||
Credit facility principal amount | $ 75,000 | $ 100,000 | |
Increase the availability under facility | $ 25,000 | ||
Credit facility maturity date | Jul. 29, 2015 | Jul. 11, 2018 | |
Aggregate availability subject to certain conditions | $ 100,000 | ||
Interest rate terms | Borrowings under the ABL Facility bear interest through maturity at a variable rate based upon, at our option, either LIBOR or the base rate (which is the greatest of one-half of 1.00% in excess of the federal funds rate, 1.00% in excess of the one-month LIBOR rate and the Agent’s prime rate), plus, in each case, an applicable margin. | ||
Unused line fee if utilization under the facility is greater than or equal to 50% (in hundredths) | 0.50% | 0.25% | |
Unused line fee if utilization under the facility is less than 50.0% (in hundredths) | 0.75% | 0.375% | |
Utilization percentage of commitments (in hundredths) | 50.00% | 50.00% | |
ABL Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread (in hundredths) | 3.50% | ||
ABL Credit Facility [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread (in hundredths) | 2.75% | ||
ABL Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility principal amount | $ 90,000 | ||
ABL Credit Facility [Member] | First-in Last-out Term Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility principal amount | 10,000 | ||
Increase the availability under facility | $ 50,000 | ||
ABL Credit Facility [Member] | First-in Last-out Term Facility [Member] | Minimum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread (in hundredths) | 2.75% | ||
ABL Credit Facility [Member] | First-in Last-out Term Facility [Member] | Minimum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread (in hundredths) | 1.00% | ||
ABL Credit Facility [Member] | First-in Last-out Term Facility [Member] | Maximum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread (in hundredths) | 3.25% | ||
ABL Credit Facility [Member] | First-in Last-out Term Facility [Member] | Maximum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread (in hundredths) | 1.50% | ||
ABL Credit Facility [Member] | Swingline Loans [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate availability subject to certain conditions | $ 10,000 | $ 10,000 | |
ABL Credit Facility [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate availability subject to certain conditions | $ 20,000 | $ 20,000 | |
ABL Credit Facility [Member] | Other Advances [Member] | Minimum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread (in hundredths) | 1.75% | ||
ABL Credit Facility [Member] | Other Advances [Member] | Minimum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread (in hundredths) | 0.00% | ||
ABL Credit Facility [Member] | Other Advances [Member] | Maximum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread (in hundredths) | 2.25% | ||
ABL Credit Facility [Member] | Other Advances [Member] | Maximum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread (in hundredths) | 0.50% |
Guarantor and Non-guarantor F38
Guarantor and Non-guarantor Financial Statements, Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Guarantor and Non-guarantor Financial Statements [Abstract] | ||||||
Percentage of ownership in domestic subsidiaries (in hundredths) | 100.00% | |||||
ASSETS | ||||||
Cash and cash equivalents | $ 39,125 | $ 29,773 | $ 21,530 | $ 33,426 | ||
Customer and other receivables, net | 63,735 | 63,570 | ||||
Intercompany receivable | 0 | 0 | ||||
Inventories | 36,695 | 43,065 | ||||
Other current assets | 11,191 | 13,472 | ||||
Total current assets | 150,746 | 149,880 | ||||
Property, plant, and equipment, net | 203,778 | 212,183 | ||||
Goodwill | 100,697 | 100,697 | ||||
Intangible assets, net | 113,692 | 117,963 | 120,004 | 125,430 | ||
Investments in and advances to subsidiaries and affiliates | 0 | 0 | ||||
Deferred income taxes | 2,490 | |||||
Other non-current assets | 20,868 | 17,699 | ||||
TOTAL | 592,271 | 598,422 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Accounts payable | 59,892 | 56,452 | ||||
Intercompany payable | 0 | 0 | ||||
Accrued payroll and compensation | 8,032 | 10,620 | ||||
Accrued interest payable | 5,073 | 12,428 | ||||
Accrued and other liabilities | 18,605 | 17,571 | ||||
Total current liabilities | 91,602 | 97,071 | ||||
Long term debt | 322,022 | 323,234 | ||||
Deferred and non-current income taxes | 21,671 | 21,371 | ||||
Other non-current liabilities | 101,292 | 125,943 | ||||
Stockholders' equity | 55,684 | $ 56,432 | 30,803 | 67,177 | $ 64,984 | 61,884 |
TOTAL | 592,271 | 598,422 | ||||
Eliminations [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Customer and other receivables, net | 348 | 403 | ||||
Intercompany receivable | (130,346) | (249,413) | ||||
Inventories | (348) | (403) | ||||
Other current assets | 0 | 0 | ||||
Total current assets | (130,346) | (249,413) | ||||
Property, plant, and equipment, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Intangible assets, net | 0 | 0 | ||||
Investments in and advances to subsidiaries and affiliates | (176,217) | (128,372) | ||||
Deferred income taxes | (35,640) | |||||
Other non-current assets | 0 | 0 | ||||
TOTAL | (342,203) | (377,785) | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Accounts payable | 0 | 0 | ||||
Intercompany payable | (130,346) | (249,413) | ||||
Accrued payroll and compensation | 0 | 0 | ||||
Accrued interest payable | 0 | 0 | ||||
Accrued and other liabilities | 0 | 0 | ||||
Total current liabilities | (130,346) | (249,413) | ||||
Long term debt | 0 | 0 | ||||
Deferred and non-current income taxes | (35,640) | 0 | ||||
Other non-current liabilities | 0 | 0 | ||||
Stockholders' equity | (176,217) | (128,372) | ||||
TOTAL | (342,203) | (377,785) | ||||
Parent [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 26,212 | 22,710 | 14,106 | 31,018 | ||
Customer and other receivables, net | 40,728 | 35,630 | ||||
Intercompany receivable | 2,834 | 191,272 | ||||
Inventories | 18,930 | 18,693 | ||||
Other current assets | 7,165 | 4,970 | ||||
Total current assets | 95,869 | 273,275 | ||||
Property, plant, and equipment, net | 77,779 | 78,603 | ||||
Goodwill | 96,283 | 96,283 | ||||
Intangible assets, net | 109,417 | 115,465 | ||||
Investments in and advances to subsidiaries and affiliates | 176,217 | 128,372 | ||||
Deferred income taxes | 0 | |||||
Other non-current assets | 5,709 | 3,118 | ||||
TOTAL | 561,274 | 695,116 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Accounts payable | 18,315 | 15,209 | ||||
Intercompany payable | 94,237 | 249,407 | ||||
Accrued payroll and compensation | 923 | 4,002 | ||||
Accrued interest payable | 5,073 | 12,428 | ||||
Accrued and other liabilities | 5,205 | 4,183 | ||||
Total current liabilities | 123,753 | 285,229 | ||||
Long term debt | 322,022 | 323,234 | ||||
Deferred and non-current income taxes | 45,759 | 41,775 | ||||
Other non-current liabilities | 14,056 | 14,075 | ||||
Stockholders' equity | 55,684 | 30,803 | ||||
TOTAL | 561,274 | 695,116 | ||||
Guarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Customer and other receivables, net | 16,896 | 20,994 | ||||
Intercompany receivable | 38,687 | 5,086 | ||||
Inventories | 15,806 | 21,352 | ||||
Other current assets | 1,891 | 3,386 | ||||
Total current assets | 73,280 | 50,818 | ||||
Property, plant, and equipment, net | 95,956 | 101,648 | ||||
Goodwill | 4,414 | 4,414 | ||||
Intangible assets, net | 4,275 | 2,498 | ||||
Investments in and advances to subsidiaries and affiliates | 0 | 0 | ||||
Deferred income taxes | 35,640 | |||||
Other non-current assets | 345 | 3,774 | ||||
TOTAL | 213,910 | 163,152 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Accounts payable | 33,133 | 31,931 | ||||
Intercompany payable | 0 | 0 | ||||
Accrued payroll and compensation | 5,887 | 5,458 | ||||
Accrued interest payable | 0 | 0 | ||||
Accrued and other liabilities | 9,870 | 10,060 | ||||
Total current liabilities | 48,890 | 47,449 | ||||
Long term debt | 0 | 0 | ||||
Deferred and non-current income taxes | 10,615 | (20,736) | ||||
Other non-current liabilities | 70,965 | 93,245 | ||||
Stockholders' equity | 83,440 | 43,194 | ||||
TOTAL | 213,910 | 163,152 | ||||
Non-guarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 12,913 | 7,063 | $ 7,424 | $ 2,408 | ||
Customer and other receivables, net | 5,763 | 6,543 | ||||
Intercompany receivable | 88,825 | 53,055 | ||||
Inventories | 2,307 | 3,423 | ||||
Other current assets | 2,135 | 5,116 | ||||
Total current assets | 111,943 | 75,200 | ||||
Property, plant, and equipment, net | 30,043 | 31,932 | ||||
Goodwill | 0 | 0 | ||||
Intangible assets, net | 0 | 0 | ||||
Investments in and advances to subsidiaries and affiliates | 0 | 0 | ||||
Deferred income taxes | 2,490 | |||||
Other non-current assets | 14,814 | 10,807 | ||||
TOTAL | 159,290 | 117,939 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Accounts payable | 8,444 | 9,312 | ||||
Intercompany payable | 36,109 | 6 | ||||
Accrued payroll and compensation | 1,222 | 1,160 | ||||
Accrued interest payable | 0 | 0 | ||||
Accrued and other liabilities | 3,530 | 3,328 | ||||
Total current liabilities | 49,305 | 13,806 | ||||
Long term debt | 0 | 0 | ||||
Deferred and non-current income taxes | 937 | 332 | ||||
Other non-current liabilities | 16,271 | 18,623 | ||||
Stockholders' equity | 92,777 | 85,178 | ||||
TOTAL | $ 159,290 | $ 117,939 |
Guarantor and Non-guarantor F39
Guarantor and Non-guarantor Financial Statements, Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||
Net sales | $ 163,428 | $ 184,007 | $ 532,467 | $ 532,366 |
Cost of goods sold | 145,165 | 164,095 | 467,367 | 473,009 |
Gross profit | 18,263 | 19,912 | 65,100 | 59,357 |
Operating expenses | 10,765 | 9,868 | 34,090 | 30,440 |
Income from operations | 7,498 | 10,044 | 31,010 | 28,917 |
Other income (expense): | ||||
Interest expense, net | (8,249) | (8,444) | (24,953) | (25,351) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other expense, net | (1,142) | (805) | (2,398) | (1,504) |
Income (loss) before income taxes from continuing operations | (1,893) | 795 | 3,659 | 2,062 |
Income tax provision (benefit) | (3,671) | (410) | (3,663) | (967) |
Net income from continuing operations | 1,778 | 1,205 | 7,322 | 3,029 |
Discontinued operations, net of tax | 42 | (106) | 249 | (208) |
Net income | 1,820 | 1,099 | 7,571 | 2,821 |
Comprehensive income | (1,439) | 1,571 | 23,152 | 3,766 |
Eliminations [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||
Net sales | (57,322) | (56,112) | (175,462) | (156,485) |
Cost of goods sold | (56,974) | (55,701) | (174,405) | (155,143) |
Gross profit | (348) | (411) | (1,057) | (1,342) |
Operating expenses | 0 | 0 | 0 | 0 |
Income from operations | (348) | (411) | (1,057) | (1,342) |
Other income (expense): | ||||
Interest expense, net | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | (10,038) | (5,385) | (31,950) | (19,446) |
Other expense, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes from continuing operations | (10,386) | (5,796) | (33,007) | (20,788) |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
Net income from continuing operations | (10,386) | (5,796) | (33,007) | (20,788) |
Discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income | (10,386) | (5,796) | (33,007) | (20,788) |
Comprehensive income | (7,601) | (6,251) | (48,528) | (21,694) |
Parent [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||
Net sales | 123,912 | 124,025 | 379,041 | 355,600 |
Cost of goods sold | 117,925 | 111,184 | 348,803 | 318,350 |
Gross profit | 5,987 | 12,841 | 30,238 | 37,250 |
Operating expenses | 10,363 | 9,623 | 33,100 | 29,588 |
Income from operations | (4,376) | 3,218 | (2,862) | 7,662 |
Other income (expense): | ||||
Interest expense, net | (8,749) | (8,695) | (26,191) | (26,118) |
Equity in earnings of subsidiaries | 10,038 | 5,385 | 31,950 | 19,446 |
Other expense, net | (384) | (714) | (663) | (1,591) |
Income (loss) before income taxes from continuing operations | (3,471) | (806) | 2,234 | (601) |
Income tax provision (benefit) | (5,291) | (1,905) | (5,337) | (3,422) |
Net income from continuing operations | 1,820 | 1,099 | 7,571 | 2,821 |
Discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income | 1,820 | 1,099 | 7,571 | 2,821 |
Comprehensive income | (1,439) | 1,571 | 23,152 | 3,766 |
Guarantor Subsidiaries [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||
Net sales | 66,262 | 82,505 | 234,426 | 233,339 |
Cost of goods sold | 58,200 | 77,396 | 208,191 | 217,082 |
Gross profit | 8,062 | 5,109 | 26,235 | 16,257 |
Operating expenses | 369 | 204 | 873 | 706 |
Income from operations | 7,693 | 4,905 | 25,362 | 15,551 |
Other income (expense): | ||||
Interest expense, net | (47) | (53) | (152) | (173) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other expense, net | 0 | 327 | 0 | 453 |
Income (loss) before income taxes from continuing operations | 7,646 | 5,179 | 25,210 | 15,831 |
Income tax provision (benefit) | 925 | 925 | 578 | 1,068 |
Net income from continuing operations | 6,721 | 4,254 | 24,632 | 14,763 |
Discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income | 6,721 | 4,254 | 24,632 | 14,763 |
Comprehensive income | 2,866 | 4,252 | 37,765 | 14,738 |
Non-guarantor Subsidiaries [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||
Net sales | 30,576 | 33,589 | 94,462 | 99,912 |
Cost of goods sold | 26,014 | 31,216 | 84,778 | 92,720 |
Gross profit | 4,562 | 2,373 | 9,684 | 7,192 |
Operating expenses | 33 | 41 | 117 | 146 |
Income from operations | 4,529 | 2,332 | 9,567 | 7,046 |
Other income (expense): | ||||
Interest expense, net | 547 | 304 | 1,390 | 940 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other expense, net | (758) | (418) | (1,735) | (366) |
Income (loss) before income taxes from continuing operations | 4,318 | 2,218 | 9,222 | 7,620 |
Income tax provision (benefit) | 695 | 570 | 1,096 | 1,387 |
Net income from continuing operations | 3,623 | 1,648 | 8,126 | 6,233 |
Discontinued operations, net of tax | 42 | (106) | 249 | (208) |
Net income | 3,665 | 1,542 | 8,375 | 6,025 |
Comprehensive income | $ 4,735 | $ 1,999 | $ 10,763 | $ 6,956 |
Guarantor and Non-guarantor F40
Guarantor and Non-guarantor Financial Statements, Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | $ 1,820 | $ 1,099 | $ 7,571 | $ 2,821 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation | 25,326 | 24,907 | ||
Amortization - deferred financing costs and debt discount | 1,859 | 1,859 | ||
Amortization - other intangible assets | 6,174 | 6,097 | ||
(Gain) loss on disposal of assets | 240 | 669 | ||
Deferred income taxes | (4,864) | (592) | ||
Non-cash stock-based compensation | 698 | 622 | 2,147 | 1,831 |
Equity in earnings of subsidiaries and affiliates | 0 | 0 | ||
Change in other operating items | (7,358) | (29,318) | ||
Net cash provided by operating activities | 31,095 | 8,274 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property, plant and equipment | (15,879) | (20,734) | ||
Proceeds from notes receivable | 0 | 0 | ||
Payments on notes receivable | 0 | 0 | ||
Other | (1,903) | 564 | ||
Net cash used in investing activities | (17,782) | (20,170) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payments of notes payable | (23,000) | (10,000) | ||
Proceeds from notes payable | 21,000 | 10,000 | ||
Principal payments on capital leases | (1,937) | 0 | ||
Other | (24) | 0 | ||
Net cash used in financing activities | (3,961) | 0 | ||
Net increase in cash and cash equivalents | 9,352 | (11,896) | ||
Cash and cash equivalents, beginning of period | 29,773 | 33,426 | ||
Cash and cash equivalents, end of period | 39,125 | 21,530 | 39,125 | 21,530 |
Eliminations [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | (10,386) | (5,796) | (33,007) | (20,788) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation | 0 | 0 | ||
Amortization - deferred financing costs and debt discount | 0 | 0 | ||
Amortization - other intangible assets | 0 | 0 | ||
(Gain) loss on disposal of assets | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Non-cash stock-based compensation | 0 | 0 | ||
Equity in earnings of subsidiaries and affiliates | 31,950 | 20,377 | ||
Change in other operating items | 1,057 | 411 | ||
Net cash provided by operating activities | 0 | 0 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property, plant and equipment | 0 | 0 | ||
Proceeds from notes receivable | 58,600 | 103,928 | ||
Payments on notes receivable | (81,603) | (69,616) | ||
Other | 0 | 0 | ||
Net cash used in investing activities | (23,003) | 34,312 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payments of notes payable | 81,603 | 69,616 | ||
Proceeds from notes payable | (58,600) | (103,928) | ||
Principal payments on capital leases | 0 | |||
Other | 0 | 0 | ||
Net cash used in financing activities | 23,003 | (34,312) | ||
Net increase in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 0 | 0 | ||
Cash and cash equivalents, end of period | 0 | 0 | 0 | 0 |
Parent [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | 1,820 | 1,099 | 7,571 | 2,821 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation | 8,302 | 8,335 | ||
Amortization - deferred financing costs and debt discount | 1,859 | 1,859 | ||
Amortization - other intangible assets | 6,048 | 5,971 | ||
(Gain) loss on disposal of assets | 256 | 580 | ||
Deferred income taxes | (5,299) | (2,195) | ||
Non-cash stock-based compensation | 2,147 | 1,831 | ||
Equity in earnings of subsidiaries and affiliates | (31,950) | (20,377) | ||
Change in other operating items | 44,418 | 14,837 | ||
Net cash provided by operating activities | 33,352 | 13,662 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property, plant and equipment | (7,499) | (8,350) | ||
Proceeds from notes receivable | 3,518 | 36,698 | ||
Payments on notes receivable | (26,268) | (34,517) | ||
Other | 0 | (671) | ||
Net cash used in investing activities | (30,249) | (6,840) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payments of notes payable | (18,053) | (42,775) | ||
Proceeds from notes payable | 15,312 | 19,041 | ||
Principal payments on capital leases | 0 | |||
Other | 3,140 | 0 | ||
Net cash used in financing activities | 399 | (23,734) | ||
Net increase in cash and cash equivalents | 3,502 | (16,912) | ||
Cash and cash equivalents, beginning of period | 22,710 | 31,018 | ||
Cash and cash equivalents, end of period | 26,212 | 14,106 | 26,212 | 14,106 |
Guarantor Subsidiaries [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | 6,721 | 4,254 | 24,632 | 14,763 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation | 14,142 | 13,446 | ||
Amortization - deferred financing costs and debt discount | 0 | 0 | ||
Amortization - other intangible assets | 126 | 126 | ||
(Gain) loss on disposal of assets | 39 | 62 | ||
Deferred income taxes | 435 | 925 | ||
Non-cash stock-based compensation | 0 | 0 | ||
Equity in earnings of subsidiaries and affiliates | 0 | 0 | ||
Change in other operating items | (52,797) | (41,354) | ||
Net cash provided by operating activities | (13,423) | (12,032) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property, plant and equipment | (7,449) | (11,977) | ||
Proceeds from notes receivable | (28,217) | (106,680) | ||
Payments on notes receivable | 75,191 | 71,408 | ||
Other | (1,903) | 1,235 | ||
Net cash used in investing activities | 37,622 | (46,014) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payments of notes payable | (86,550) | (36,841) | ||
Proceeds from notes payable | 64,288 | 94,887 | ||
Principal payments on capital leases | (1,937) | |||
Other | 0 | 0 | ||
Net cash used in financing activities | (24,199) | 58,046 | ||
Net increase in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 0 | 0 | ||
Cash and cash equivalents, end of period | 0 | 0 | 0 | 0 |
Non-guarantor Subsidiaries [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | 3,665 | 1,542 | 8,375 | 6,025 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation | 2,882 | 3,126 | ||
Amortization - deferred financing costs and debt discount | 0 | 0 | ||
Amortization - other intangible assets | 0 | 0 | ||
(Gain) loss on disposal of assets | (55) | 27 | ||
Deferred income taxes | 0 | 678 | ||
Non-cash stock-based compensation | 0 | 0 | ||
Equity in earnings of subsidiaries and affiliates | 0 | 0 | ||
Change in other operating items | (36) | (3,212) | ||
Net cash provided by operating activities | 11,166 | 6,644 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property, plant and equipment | (931) | (407) | ||
Proceeds from notes receivable | (33,901) | (33,946) | ||
Payments on notes receivable | 32,680 | 32,725 | ||
Other | 0 | 0 | ||
Net cash used in investing activities | (2,152) | (1,628) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payments of notes payable | 0 | 0 | ||
Proceeds from notes payable | 0 | 0 | ||
Principal payments on capital leases | 0 | |||
Other | (3,164) | 0 | ||
Net cash used in financing activities | (3,164) | 0 | ||
Net increase in cash and cash equivalents | 5,850 | 5,016 | ||
Cash and cash equivalents, beginning of period | 7,063 | 2,408 | ||
Cash and cash equivalents, end of period | $ 12,913 | $ 7,424 | $ 12,913 | $ 7,424 |
Changes in Accumulated Other 41
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive income (loss), beginning balance | $ (30,798) | $ (18,239) | $ (49,638) | $ (18,712) |
Amounts reclassified from accumulated other comprehensive income | (3,259) | 472 | 15,581 | 945 |
Accumulated other comprehensive income (loss), ending balance | (34,057) | (17,767) | (34,057) | (17,767) |
Amounts reclassified from accumulated other comprehensive loss: | ||||
Actuarial costs (reclassified to salaries, wages, and benefits) | 393 | 116 | 1,219 | 374 |
Prior service costs (reclassified to salaries, wages, and benefits) | (225) | 2 | (305) | 6 |
Foreign currency translation related to pension and postretirement plans | 1,094 | 454 | 2,069 | 676 |
Remeasurements | (1,380) | 16,491 | ||
Income tax provision AOCI expense | (3,141) | (100) | (3,893) | (111) |
Amounts reclassified from accumulated other comprehensive income | (3,259) | 472 | 15,581 | 945 |
Pension Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive income (loss), beginning balance | (38,996) | (20,312) | (40,160) | (20,429) |
Amounts reclassified from accumulated other comprehensive income | 885 | 421 | 2,049 | 538 |
Accumulated other comprehensive income (loss), ending balance | (38,111) | (19,891) | (38,111) | (19,891) |
Amounts reclassified from accumulated other comprehensive loss: | ||||
Actuarial costs (reclassified to salaries, wages, and benefits) | 304 | 57 | 935 | 158 |
Prior service costs (reclassified to salaries, wages, and benefits) | 11 | 11 | 33 | 33 |
Foreign currency translation related to pension and postretirement plans | 797 | 453 | 1,502 | 458 |
Remeasurements | 0 | 0 | ||
Income tax provision AOCI expense | (227) | (100) | (421) | (111) |
Amounts reclassified from accumulated other comprehensive income | 885 | 421 | 2,049 | 538 |
Post Retirement Plan [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Amounts reclassified from accumulated other comprehensive loss: | ||||
Remeasurements | (1,380) | 16,491 | ||
Post Retirement Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive income (loss), beginning balance | 8,198 | 2,073 | (9,478) | 1,717 |
Amounts reclassified from accumulated other comprehensive income | (4,144) | 51 | 13,532 | 407 |
Accumulated other comprehensive income (loss), ending balance | 4,054 | 2,124 | 4,054 | 2,124 |
Amounts reclassified from accumulated other comprehensive loss: | ||||
Actuarial costs (reclassified to salaries, wages, and benefits) | 89 | 59 | 284 | 216 |
Prior service costs (reclassified to salaries, wages, and benefits) | (236) | (9) | (338) | (27) |
Foreign currency translation related to pension and postretirement plans | 297 | 1 | 567 | 218 |
Remeasurements | (1,380) | 16,491 | ||
Income tax provision AOCI expense | (2,914) | 0 | (3,472) | 0 |
Amounts reclassified from accumulated other comprehensive income | $ (4,144) | $ 51 | $ 13,532 | $ 407 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Oct. 01, 2015 | Sep. 30, 2015 | Sep. 30, 2015 |
Amendment to post-retirement benefits [Abstract] | |||
Remeasurements | $ (1,380) | $ 16,491 | |
Subsequent Event [Member] | |||
Amendment to post-retirement benefits [Abstract] | |||
Remeasurements | $ 9,000 |