Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 27, 2016 | |
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 Common Stock, Shares Outstanding | 48,323,007 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 26,954 | $ 29,759 |
Customer receivables, net of allowance for doubtful accounts of $1,350 and $1,266 in 2016 and 2015, respectively | 49,008 | 53,065 |
Other receivables | 7,375 | 7,010 |
Inventories | 35,213 | 41,761 |
Prepaid expenses and other current assets | 8,180 | 7,347 |
Current assets of discontinued operations | 0 | 12,988 |
Total current assets | 126,730 | 151,930 |
PROPERTY, PLANT AND EQUIPMENT, net | 184,814 | 194,821 |
OTHER ASSETS: | ||
Goodwill | 96,283 | 96,283 |
Other intangible assets, net | 103,293 | 109,461 |
Deferred financing costs, net of accumulated amortization of $3,384 and $3,073 in 2016 and 2015, respectively | 666 | 977 |
Deferred income taxes | 778 | 741 |
Pension asset | 15,433 | 12,060 |
Other | 5,221 | 5,075 |
Non-current assets of discontinued operations | 0 | 32,271 |
TOTAL | 533,218 | 603,619 |
CURRENT LIABILITIES: | ||
Accounts payable | 51,089 | 63,870 |
Accrued payroll and compensation | 6,090 | 6,178 |
Accrued interest payable | 5,043 | 12,521 |
Accrued workers compensation | 2,894 | 2,392 |
Short-term debt obligations | 10,635 | 10,286 |
Accrued and other liabilities | 12,145 | 13,599 |
Current liabilities of discontinued operations | 0 | 13,052 |
Total current liabilities | 87,896 | 121,898 |
LONG-TERM DEBT | 307,435 | 304,254 |
DEFERRED INCOME TAXES | 13,302 | 13,133 |
NON-CURRENT INCOME TAXES PAYABLE | 6,745 | 6,676 |
OTHER POSTRETIREMENT BENEFIT PLAN LIABILITY | 49,360 | 48,976 |
PENSION BENEFIT PLAN LIABILITY | 23,761 | 26,545 |
OTHER LIABILITIES | 7,841 | 10,350 |
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 933 |
COMMITMENTS AND CONTINGENCIES (Note 7) | ||
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, 48,323,007 and 47,953,555 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively, and additional paid-in-capital | 445,787 | 444,253 |
Accumulated other comprehensive loss | (20,607) | (17,425) |
Accumulated deficiency | (400,718) | (369,824) |
Total stockholders' equity | 24,462 | 57,004 |
Noncontrolling interest | 12,416 | 13,850 |
Total equity | 36,878 | 70,854 |
TOTAL | $ 533,218 | $ 603,619 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Customer receivables, allowance for doubtful accounts | $ 1,350 | $ 1,266 |
OTHER ASSETS: | ||
Deferred financing costs, accumulated amortization | $ 3,384 | $ 3,073 |
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) | 48,323,007 | 47,953,555 |
Common Stock, shares outstanding (in shares) | 48,323,007 | 47,953,555 |
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) [Abstract] | ||||
NET SALES | $ 125,202 | $ 145,656 | $ 417,230 | $ 453,094 |
COST OF GOODS SOLD | 113,259 | 124,033 | 361,119 | 386,006 |
GROSS PROFIT | 11,943 | 21,623 | 56,111 | 67,088 |
OPERATING EXPENSES: | ||||
Selling, general and administrative | 10,460 | 10,505 | 34,565 | 33,244 |
INCOME FROM OPERATIONS | 1,483 | 11,118 | 21,546 | 33,844 |
OTHER EXPENSE: | ||||
Interest expense, net | (8,442) | (8,249) | (25,248) | (24,953) |
Other income (loss), net | (9) | (1,142) | 582 | (2,398) |
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | (6,968) | 1,727 | (3,120) | 6,493 |
INCOME TAX EXPENSE (BENEFIT) | 410 | (3,671) | 1,166 | (3,663) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (7,378) | 5,398 | (4,286) | 10,156 |
DISCONTINUED OPERATIONS, NET OF TAX | (21,861) | (3,578) | (28,042) | (2,585) |
NET INCOME (LOSS) | (29,239) | 1,820 | (32,328) | 7,571 |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (627) | 0 | (1,434) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | (28,612) | 1,820 | (30,894) | 7,571 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Amounts reclassified from accumulated other comprehensive income | (2,128) | (3,259) | (3,182) | 15,581 |
COMPREHENSIVE INCOME (LOSS) | (30,740) | (1,439) | (34,076) | 23,152 |
Amounts attributable to stockholders: | ||||
Income (loss) from continuing operations, net of tax | (6,751) | 5,398 | (2,852) | 10,156 |
Discontinued operations, net of tax | (21,861) | (3,578) | (28,042) | (2,585) |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | $ (28,612) | $ 1,820 | $ (30,894) | $ 7,571 |
Weighted average common shares outstanding-basic (in shares) | 48,332 | 48,015 | 48,247 | 47,943 |
Basic income (loss) per share-continuing operations (in dollars per share) | $ (0.14) | $ 0.11 | $ (0.06) | $ 0.21 |
Basic loss per share-discontinued operations (in dollars per share) | (0.45) | (0.07) | (0.58) | (0.05) |
Basic income (loss) per share (in dollars per share) | $ (0.59) | $ 0.04 | $ (0.64) | $ 0.16 |
Weighted average common shares outstanding-diluted (in shares) | 48,332 | 49,422 | 48,247 | 48,844 |
Diluted income (loss) per share-continuing operations (in dollars per share) | $ (0.14) | $ 0.11 | $ (0.06) | $ 0.21 |
Diluted loss per share-discontinued operations (in dollars per share) | (0.45) | (0.07) | (0.58) | (0.05) |
Diluted income (loss) per share (in dollars per share) | $ (0.59) | $ 0.04 | $ (0.64) | $ 0.16 |
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] | Noncontrolling Interest [Member] | Total |
BALANCE at Dec. 31, 2014 | $ 442,631 | $ (49,638) | $ (362,190) | $ 0 | $ 30,803 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 0 | 0 | 7,571 | 0 | 7,571 |
Share-based compensation expense | 2,147 | 0 | 0 | 0 | 2,147 |
Tax impact of forfeited vested shares | (418) | 0 | 0 | 0 | (418) |
Other comprehensive income (loss), net of tax | 0 | 15,581 | 0 | 0 | 15,581 |
BALANCE at Sep. 30, 2015 | 444,360 | (34,057) | (354,619) | 0 | 55,684 |
BALANCE at Jun. 30, 2015 | 443,669 | (30,798) | (356,439) | 0 | 56,432 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 0 | 0 | 1,820 | 0 | 1,820 |
Share-based compensation expense | 698 | 0 | 0 | 0 | 698 |
Tax impact of forfeited vested shares | (7) | 0 | 0 | 0 | (7) |
Other comprehensive income (loss), net of tax | 0 | (3,259) | 0 | 0 | (3,259) |
BALANCE at Sep. 30, 2015 | 444,360 | (34,057) | (354,619) | 0 | 55,684 |
BALANCE at Dec. 31, 2015 | 444,253 | (17,425) | (369,824) | 13,850 | 70,854 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 0 | 0 | (30,894) | (1,434) | (32,328) |
Share-based compensation expense | 1,750 | 0 | 0 | 0 | 1,750 |
Tax impact of forfeited vested shares | (216) | 0 | 0 | 0 | (216) |
Other comprehensive income (loss), net of tax | 0 | (3,182) | 0 | 0 | (3,182) |
BALANCE at Sep. 30, 2016 | 445,787 | (20,607) | (400,718) | 12,416 | 36,878 |
BALANCE at Jun. 30, 2016 | 445,106 | (18,479) | (372,106) | 13,043 | 67,564 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 0 | 0 | (28,612) | (627) | (29,239) |
Share-based compensation expense | 681 | 0 | 0 | 0 | 681 |
Tax impact of forfeited vested shares | 0 | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 0 | (2,128) | 0 | 0 | (2,128) |
BALANCE at Sep. 30, 2016 | $ 445,787 | $ (20,607) | $ (400,718) | $ 12,416 | $ 36,878 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (32,328) | $ 7,571 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation of property, plant and equipment | 26,614 | 25,326 |
Amortization - deferred financing costs and debt discount | 1,859 | 1,859 |
Amortization - other intangible assets | 6,279 | 6,174 |
Loss on disposal of discontinued operation | 19,280 | 0 |
Loss on disposal of assets | 398 | 240 |
Deferred income taxes | 15 | (4,864) |
Non-cash share-based compensation | 1,750 | 2,147 |
Changes in certain assets and liabilities: | ||
Receivables | 2,449 | (165) |
Inventories | 7,618 | 6,370 |
Prepaid expenses and other assets | (3,512) | (1,839) |
Accounts payable | (11,470) | 2,158 |
Accrued and other liabilities | (13,501) | (13,882) |
Net cash provided by operating activities | 5,451 | 31,095 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (19,947) | (15,879) |
Purchase of intangible asset | 0 | (1,903) |
Proceeds from disposal of discontinued operation, net of transaction fees | 11,682 | 0 |
Net cash used in investing activities | (8,265) | (17,782) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from revolver and other borrowings | 22,819 | 21,000 |
Payments on revolver | (20,837) | (23,000) |
Principal payments on capital leases | (1,973) | (1,937) |
Other | 0 | (24) |
Net cash provided by (used in) financing activities | 9 | (3,961) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (2,805) | 9,352 |
CASH AND CASH EQUIVALENTS-Beginning of period | 29,759 | 29,773 |
CASH AND CASH EQUIVALENTS-End of period | 26,954 | 39,125 |
Supplemental cash flow information: | ||
Cash paid for interest | 30,424 | 30,428 |
Cash paid for income taxes | 1,450 | 678 |
Non-cash transactions: | ||
Purchases of property, plant and equipment in accounts payable | $ 2,645 | $ 3,675 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Basis of Presentation On September 2, 2016, the Company announced and consummated the sale of its wholly-owned subsidiary, Brillion Iron Works, Inc. ("Brillion"), to Grede Holdings LLC. The sale concluded for a purchase price of $14.0 million in cash, subject to a working capital adjustment. The Company recognized a loss of $19.3 million, including $2.3 million of transactional fees, related to the disposal. In connection with the disposal of Brillion, we have reclassified certain prior-period amounts to discontinued operations in order to conform to the current-period presentation. The results of operations for the nine months ended September 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016. 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, 2015. On September 2, 2016 Accuride entered into a definitive agreement (the "Merger Agreement") to be acquired by Crestview Partners, L.L.C. ("Crestview"), for $2.58 per share in cash. It is expected that the transaction process will result in a sale closing during the fourth quarter of 2016, subject to, among other things, approval by Accuride's stockholders and the completion of customary regulatory reviews. Afterwards, Accuride will operate as an independent business within Crestview's portfolio of companies. Noncontrolling Interest 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) 2016 2015 2016 2015 Numerator: Net income (loss) from continuing operations $ (6,751 ) $ 5,398 $ (2,852 ) $ 10,156 Net loss from discontinued operations (21,861 ) (3,578 ) (28,042 ) (2,585 ) Net income (loss) attributable to stockholders $ (28,612 ) $ 1,820 $ (30,894 ) $ 7,571 Denominator: Weighted average shares outstanding – Basic 48,332 48,015 48,247 47,943 Weighted average shares outstanding – Diluted 48,332 49,422 48,247 48,844 Basic income (loss) per common share From continuing operations $ (0.14 ) $ 0.11 $ (0.06 ) $ 0.21 From discontinued operations (0.45 ) (0.07 ) (0.58 ) (0.05 ) Basic income (loss) per common share $ (0.59 ) $ 0.04 $ (0.64 ) $ 0.16 Diluted income (loss) per common share From continuing operations $ (0.14 ) $ 0.11 $ (0.06 ) $ 0.21 From discontinued operations (0.45 ) (0.07 ) (0.58 ) (0.05 ) Diluted income (loss) per common share $ (0.59 ) $ 0.04 $ (0.64 ) $ 0.16 As of September 30, 2016, there were options exercisable for 138,231 shares that were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. 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. Share-Based Compensation As of September 30, 2016, there was approximately $2.7 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. The closing of the pending merger transaction between Accuride and Crestview, as described above, would result in a change of control under outstanding share-based award agreements, which would result in such awards vesting on an accelerated basis or being terminated as of closing. Income Tax 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. and Italian 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 U.S. and Italian deferred tax assets in those jurisdictions. Deferred tax assets in our Canadian and Mexican jurisdictions are more likely than not to be recognized, therefore, no valuation allowance has been recorded for these assets. New Accounting Pronouncements - Revenue from Contracts with Customers. Revenue from Contracts with Customers, On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date". On August 27, 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern On July 22, 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory On January 5, 2016, the FASB issued ASU 2016-01, Financial Instructions-Overall (Topic 825-10). On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842). On March 17, 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606). On March 30, 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensations (Topic 718). On April 14, 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date On May 9, 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument. On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). Recent Accounting Adoptions – 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 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 The Company has recently adopted ASU 2015-03. Accordingly, costs relating to obtaining the senior secured notes, which are capitalized and amortized over the term of the related debt using the effective interest method, have been reclassified to Long Term Debt in the accompanying condensed consolidated balance sheets. The prior year consolidated balance sheet has been adjusted to conform to the current year presentation, in accordance with the retroactive requirements of ASU 2015-03. Deferred financing costs net of accumulated amortization associated with the senior secured notes as of September 30, 2016 and December 31, 2015 were $2.4 million and $3.1 million, respectively. At its Emerging Issues Task Force meeting on June 18, 2015, the SEC staff clarified that ASU 2015-03 does not address issuance costs associated with revolving-debt arrangements and announced that it would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing the costs ratably over the term of the revolving debt arrangement. Based on the SEC staff's comments, the Company has elected to recognize costs incurred in connection with the revolving ABL Credit Facility (the "ABL Facility") as a deferred asset. These deferred financing costs are subsequently amortized over the life of the related debt using the effective interest method. Deferred financing costs net of accumulated amortization associated with the ABL Facility as of September 30, 2016 and December 31, 2015 were $0.7 million and $1.0 million, respectively. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | Note 2 - Acquisitions On November 3, 2015, Accuride subscribed to a controlling seventy percent (70%) ownership interest in Gianetti, an Italian manufacturer of steel wheels for heavy- and medium-duty commercial vehicles and motorcycles, in exchange for a commitment to invest €19.75 million ($21.8 million) in Gianetti. The remaining 30 percent ownership interest in Gianetti was retained by MW Italia S.r.l., a subsidiary of Coils Lamiere Nastri - C.L.N. S.p.A. Accuride contributed €3.75 million ($4.1 million) to Gianetti after closing and has agreed to invest the remaining commitments no later than as follows: €5.4 million ($5.9 million) in 2016, €9.1 million ($10.1 million) in 2017, and the remainder in 2018. Accuride will finance its remaining investment in Gianetti through general working capital and availability under its existing credit agreements. Gianetti's principle manufacturing and engineering facility is located in Ceriano Laghetto, near Milan, Italy. The Company acquired the controlling interest to expand into the European market under its "Grow" strategy. The results of operations have been included in the consolidated financial statements since the date of acquisition. The following summarizes the allocation of the purchase price (in thousands) to the fair value of the assets and liabilities acquired including noncontrolling interest: Accounts receivable $ 11,063 Inventory 6,571 Other current assets 41 Property, plant and equipment 21,124 Accounts payable (9,911 ) Short-term debt (8,406 ) Other current liabilities (3,364 ) Severance indemnity (2,772 ) Long-term debt (66 ) Noncontrolling interest (14,280 ) Total consideration $ — The pro forma revenue and losses of the combined entity had the acquisition occurred on January 1, 2015 are as follows: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (In thousands) Revenue Net Income Revenue Net Income Supplemental pro forma financial information $ 155,623 $ 990 $ 482,445 $ 3,515 Pro forma financial information includes an adjustment for depreciation based on the step up value of property, plant and equipment. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Note 3 – Discontinued Operations In connection with the sale of Brillion, we have reclassified current and prior period operating results, including the gain/loss on the sale transaction, to discontinued operations. In addition, we have reclassified certain operating results related to our Imperial Group and Bostrom businesses, which had previously been concluded as immaterial, to discontinued operations. The following table presents reconciliations of the major line items constituting profit (loss) from discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Net sales $ 10,531 $ 18,813 $ 45,562 $ 84,322 Cost of goods sold 12,950 22,173 53,592 86,310 Gross loss (2,419 ) (3,360 ) (8,030 ) (1,988 ) Selling, general and administrative expenses (122 ) (270 ) (665 ) (877 ) Other income (loss) (40 ) 52 (67 ) 280 Loss on disposal of Brillion (19,280 ) — (19,280 ) — Pretax loss from discontinued operations (21,861 ) (3,578 ) (28,042 ) (2,585 ) Income tax provision — — — — Net loss from discontinued operations $ (21,861 ) $ (3,578 ) $ (28,042 ) $ (2,585 ) Under the purchase agreement, we sold all of our stock of Brillion. For tax purposes the Company has made an election under Section 338(h)10 to treat the transaction as an asset sale. The tax benefit of the loss on the sale of the company has been offset by a full valuation allowance. The following table presents reconciliations of the carrying amounts of major classes of assets and liabilities of Brillion as of December 31, 2015: (In thousands) December 31, 2015 ASSETS Trade receivables $ 5,801 Inventories 6,031 Property, plant, and equipment, net 29,941 Other classes of assets that are not major 3,486 TOTAL $ 45,259 LIABILITIES Accounts payable $ 7,912 Accrued payroll and compensation 3,054 Other classes of liabilities that are not major 3,019 TOTAL $ 13,985 Operating and investing cash flow activities from discontinued operations are as follows: (In thousands) Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Cash used in operating activities $ 7,122 $ 350 Cash used in investing activities $ 4,094 $ 4,626 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventories [Abstract] | |
Inventories | Note 4 - Inventories Inventories at September 30, 2016 and December 31, 2015, on a first-in, first-out ("FIFO") basis, are as follows: (In thousands) September 30, 2016 December 31, 2015 Raw materials $ 8,362 $ 8,739 Work in process 11,303 11,765 Finished manufactured goods 15,548 21,257 Total inventories $ 35,213 $ 41,761 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 5 - Goodwill and Other Intangible Assets Gross goodwill was $159.1 million as of September 30, 2016 and December 31, 2015. The accumulated impairment was $62.8 million for the periods ended September 30, 2016 and December 31, 2015. As of September 30, 2016 and December 31, 2015, the accumulated impairment was related to our Gunite reporting unit. The carrying value of our goodwill as of September 30, 2016 and December 31, 2015 was $96.3 million, related exclusively to our Wheels reporting unit. The changes in the carrying amount of other intangible assets for the period December 31, 2015 to September 30, 2016, by reportable segment, are as follows: (In thousands) Wheels Gunite Total Balance as of December 31, 2015 $ 107,475 $ 1,986 $ 109,461 Amortization (5,993 ) (175 ) (6,168 ) Balance as of September 30, 2016 $ 101,482 $ 1,811 $ 103,293 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 Gunite Total Balance as of December 31, 2014 $ 115,465 $ — $ 115,465 Additions — 1,903 1,903 Amortization (5,992 ) (56 ) (6,048 ) Balance as of September 30, 2015 $ 109,473 $ 1,847 $ 111,320 The summary of other intangible assets is as follows: September 30, 2016 December 31, 2015 (In thousands) Weighted Average Useful Lives Gross Amount Accumulated Amortization/ Impairment Carrying Amount Gross Amount Accumulated Amortization/ Impairment Carrying Amount Other intangible assets: Trade names — $ 25,200 $ — $ 25,200 $ 25,200 $ — $ 25,200 Technology 10.6 41,273 28,748 12,525 41,273 26,299 14,974 Customer relationships 16.8 124,304 58,736 65,568 124,304 55,017 69,287 Other intangible assets $ 190,777 $ 87,484 $ 103,293 $ 190,777 $ 81,316 $ 109,461 We estimate that the annual amortization expense for our other intangible assets for 2016 through 2020 will be approximately $8.2 million each year. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2016 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |
Pension and Other Postretirement Benefit Plans | Note 6 - Pension and Other Postretirement Benefit Plans Components of net periodic benefit cost for continuing operations for the three and nine months ended September 30, 2016 and September 30, 2015 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) 2016 2015 2016 2015 2016 2015 2016 2015 Service cost-benefits earned during the period $ 176 $ 170 $ 65 $ 95 $ 532 $ 526 $ 200 $ 294 Interest cost on projected benefit obligation 1,855 2,297 469 635 5,593 7,021 1,410 2,197 Expected return on plan assets (2,710 ) (2,697 ) — — (8,172 ) (8,254 ) — — Amortization of prior service (credit) cost 11 11 (322 ) (227 ) 33 33 (965 ) (312 ) Amortization of loss 179 304 103 118 541 935 314 370 Total benefit cost charged (credited) to income $ (489 ) $ 85 $ 315 $ 621 $ (1,473 ) $ 261 $ 959 $ 2,549 As of September 30, 2016, $3.5 million has been contributed in 2016 to our sponsored pension plans. We presently anticipate contributing an additional $0.2 million to fund our pension plans during 2016 for a total of $3.7 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 provides comparable benefits while taking advantage of certain government subsidies which help to manage the continually rising costs of medical and prescription drug coverage. The re-measurement resulted in a liability reduction of $17.9 million and 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. Starting in 2016, we refined the method to estimate the current service cost for pension and other postretirement benefits. Previously, the current service cost was estimated using a single weighted-average discount rate derived from the yield curve used to measure the defined benefit obligation at the beginning of the year. Under the refined method, different discount rates are derived from the same yield curve, reflecting the different timing of benefit payments for past service (the defined benefit obligation) and future service (the current service cost). Differentiating in this way represents a refinement in the basis of estimation applied in prior periods. This change does not affect the measurement of the total defined benefit obligation recorded on the consolidated balance sheet as of December 31, 2015 or any other period. The refinement compared to the previous method resulted in a decrease in the current service cost and interest components with an equal offset to actuarial gains (losses) with no net impact on the total benefit obligation. The refinement did not have a material impact on the September 30, 2016 consolidated statement of operations. This change is accounted for prospectively as a change in accounting estimate. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 7 – 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. Since the announcement of the proposed transaction with Crestview on September 2, 2016, five putative class action complaints have been filed by and purportedly on behalf of alleged Accuride stockholders. Three of these complaints were filed in state courts in the State of Indiana, County of Vanderburgh: (i) Alexander v. Accuride Corp., et al., filed on September 14, 2016 in Vanderburgh Superior Court; (ii) Raul v. Adams, et al., filed on September 20, 2016 in Vanderburgh Circuit Court; and (iii) Rosenfeld v. Accuride Corp., et al., filed on October 18, 2016 in Vanderburgh Superior Court (together, the "State Actions"). Two of these complaints were filed in the United States District Court for the Southern District of Indiana: (i) Jones v. Accuride Corp., et al., filed on October 20, 2016 and (ii) Suokko v. Accuride Corp., et al., filed on October 24, 2016 (the "Federal Actions" and together with the State Actions, the "Actions"). The State Actions name as defendants, among others, Accuride, the members of Accuride's board of directors and an affiliate of Crestview. The State Actions allege, among other things, that the members of Accuride's board of directors, aided and abetted by, among others, Accuride and Crestview, breached their fiduciary duties in agreeing to the proposed transaction for inadequate consideration and that certain provisions in the Merger Agreement unfairly deter a potential alternative transaction. The Rosenfeld action also alleges that the members of Accuride's board of directors breached their fiduciary duties by failing to disclose purportedly material information to stockholders in connection with the proposed transaction. The Federal Actions name as defendants Accuride and the members of its board of directors. The Federal Actions allege, among other things, that defendants violated various federal securities laws in failing to disclose purportedly material information to stockholders in connection with the proposed transaction. The Federal Actions further allege violations of Section 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended, and various regulations promulgated thereunder. The Actions seek, among other things, damages, attorneys' fees and injunctive relief to prevent the proposed transaction from closing. On October 18, 2016, the Vanderburgh Circuit Court and Vanderburgh Superior Court granted the parties' joint motion to transfer the Raul action to Vanderburgh Superior Court, and the Vanderburgh Superior Court granted the parties' joint motion to consolidate the Raul and Alexander actions under the caption In Re Accuride Corporation Shareholder Litigation. On October 25, 2016, the Vanderburgh Superior Court granted the parties' stipulated motion for a change of venue to Marion County Superior Court. Plaintiffs in the Rosenfeld action filed a motion for expedited proceedings on October 24, 2016 and a motion for a temporary restraining order and preliminary injunction on October 27, 2016. On October 25, 2016, plaintiffs in the Suokko action filed an ex parte motion for an expedited preliminary injunction hearing. Accuride believes these claims are entirely without merit and intends to vigorously defend against the Actions. 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. Although reserves had been previously held, remediation efforts have led to the Company not carrying any environmental reserves as of September 30, 2016. Management did not identify any environmental matters that represented loss contingencies for which the likelihood of incurrence was probable at the balance sheet date or in the future. 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 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, 2016, we had approximately 1,766 employees, of which 440 were salaried employees with the remainder paid hourly. Unions represent approximately 1,156 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 2016 negotiations in Monterrey were completed prior to the expiration of such 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 union contract at our London, Ontario facility expires on March 12, 2018. No other collective bargaining agreements expire in 2016. Union workers at Gianetti work under clarification documents and local variances to the collective labor agreement for the metalworking and mechanical engineering industry, whose national contract expired on December 31, 2015. However, as is typical in Italy, all parties continue to work under the previous agreement while a new national contract is negotiated. The on-going national-level negotiations between the trade unions and employer federations have periodically led to brief and temporary work stoppages at various plants throughout Italy, including at Gianetti, in order for workers to show solidarity, but management currently does not believe that any such solidarity strikes will have a material impact to operations at Gianetti. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Financial Instruments [Abstract] | |
Financial Instruments | Note 8– 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, 2016 was $309.1 million compared to the carrying amount of $305.8 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, 2015 was approximately $263.8 million compared to the carrying amount of $304.3 million. As of September 30, 2016 and December 31, 2015 we had no other significant long-term financial instruments. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 9 – 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, 2015. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2015 2015 Net sales: Wheels $ 90,923 $ 101,833 $ 300,713 $ 324,525 Gunite 34,279 43,823 116,517 128,569 Consolidated total $ 125,202 $ 145,656 $ 417,230 $ 453,094 Operating income (loss): Wheels $ 4,658 $ 13,715 $ 30,773 $ 44,372 Gunite 3,435 5,061 13,321 15,140 Corporate / Other (6,610 ) (7,658 ) (22,548 ) (25,668 ) Consolidated total $ 1,483 $ 11,118 $ 21,546 $ 33,844 As of (In thousands) September 30, 2016 December 31, 2015 Total assets: Wheels $ 442,785 $ 469,405 Gunite 54,102 62,045 Brillion — 45,259 Corporate / Other 36,331 26,910 Consolidated total $ 533,218 $ 603,619 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt [Abstract] | |
Debt | Note 10 - Debt As of September 30, 2016, total debt was $318.1 million, consisting of $305.8 million of our outstanding 9.5% senior secured notes, net of discount and debt issuance costs, and $12.3 million debt obligations related to our majority interest in Gianetti. As of September 30, 2016, Accuride had $27.0 million of cash plus $37.0 million in availability under the ABL Facility for total liquidity of $64.0 million. As of December 31, 2015, total debt was $314.5 million, consisting of $304.3 million of our outstanding 9.5% senior secured notes, net of discount and debt issuance costs, and $10.3 million in short term obligations related to our majority interest in Gianetti. As of December 31, 2015, Accuride had $29.8 million of cash plus $46.8 million in availability under the ABL Facility for total liquidity of $76.6 million. On July 5, 2016, Gianetti secured a €1.5 million ($1.7 million) bank loan. The loan is for a term of 24 months at a rate of 3.40% with equal monthly repayment installments. The first 5 months are deferred, followed by 19 equal monthly installments of €0.1 million ($0.1 million) beginning December 1, 2016. It requires Accuride Corporation to maintain a letter of credit with a financial institution in the full amount of €1.5 million ($1.7 million) for the life of the loan. 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 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, 2016 | |
Guarantor and Non-guarantor Financial Statements [Abstract] | |
Guarantor and Non-guarantor Financial Statements | Note 11 – 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 (collectively, the "Guarantor Subsidiaries"). The following condensed financial information illustrates the composition of the Guarantor Subsidiaries. The divested Brillion subsidiary was released from the Guarantor Subsidiaries upon its divestiture on September 2, 2016. In order to portray the operational history of the guarantor, Brillion remains in the Guarantor Subsidiaries columns through the date of such disposal, with no retrospective application of loss of guarantor status. CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2016 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 19,468 $ — $ 7,486 $ — $ 26,954 Customer and other receivables, net 36,634 6,041 13,705 3 56,383 Intercompany receivables 84,756 214,180 86,964 (385,900 ) — Inventories 13,681 13,077 8,458 (3 ) 35,213 Other current assets 6,242 865 1,073 — 8,180 Total current assets 160,781 234,163 117,686 (385,900 ) 126,730 Property, plant and equipment, net 74,008 58,491 52,315 — 184,814 Goodwill 96,283 — — — 96,283 Other intangible assets, net 103,293 — — — 103,293 Investments in and advances to subsidiaries and affiliates 198,960 — — (198,960 ) — Deferred income taxes — 5,805 1,442 (6,469 ) 778 Other non-current assets 2,549 345 18,426 — 21,320 TOTAL $ 635,874 $ 298,804 $ 189,869 $ (591,329 ) $ 533,218 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 12,813 $ 19,446 $ 18,830 $ — $ 51,089 Intercompany payables 217,970 139,680 28,250 (385,900 ) — Accrued payroll and compensation 1,348 1,885 2,857 — 6,090 Accrued interest payable 5,043 — — — 5,043 Accrued and other liabilities 4,600 6,970 14,104 — 25,674 Total current liabilities 241,774 167,981 64,041 (385,900 ) 87,896 Long term debt 305,736 — 1,699 — 307,435 Deferred and non-current income taxes 26,516 — — (6,469 ) 20,047 Other non-current liabilities 24,970 37,007 18,985 — 80,962 Stockholders' equity 36,878 93,816 105,144 (198,960 ) 36,878 TOTAL $ 635,874 $ 298,804 $ 189,869 $ (591,329 ) $ 533,218 December 31, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 12,127 $ — $ 17,632 $ — $ 29,759 Customer and other receivables, net 34,900 8,443 16,366 366 60,075 Intercompany receivables 123,479 67,504 58,430 (249,413 ) — Inventories 20,352 13,138 8,637 (366 ) 41,761 Other current assets 3,689 1,905 1,753 — 7,347 Current assets of discontinued operations — 12,988 — — 12,988 Total current assets 194,547 103,978 102,818 (249,413 ) 151,930 Property, plant and equipment, net 78,527 65,585 50,709 — 194,821 Goodwill 96,283 — — — 96,283 Other intangible assets, net 109,461 — — — 109,461 Investments in and advances to subsidiaries and affiliates 221,676 — — (221,676 ) — Other non-current assets 2,806 345 15,702 — 18,853 Non-current assets of discontinued operations — 32,271 — — 32,271 TOTAL $ 703,300 $ 202,179 $ 169,229 $ (471,089 ) $ 603,619 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 18,239 $ 27,978 $ 17,653 $ — $ 63,870 Intercompany payables 239,042 — 10,371 (249,413 ) — Accrued payroll and compensation 1,485 2,394 2,299 — 6,178 Accrued interest payable 12,521 — — — 12,521 Accrued and other liabilities 4,549 6,706 15,022 — 26,277 Current liabilities of discontinued operations — 13,052 — — 13,052 Total current liabilities 275,836 50,130 45,345 (249,413 ) 121,898 Long term debt 304,188 — 66 — 304,254 Deferred and non-current income taxes 17,969 (4,754 ) (82 ) — 13,133 Other non-current liabilities 34,453 39,642 18,452 — 92,547 Non-current liabilities of discontinued operations — 933 — — 933 Stockholders' equity 70,854 116,228 105,448 (221,676 ) 70,854 TOTAL $ 703,300 $ 202,179 $ 169,229 $ (471,089 ) $ 603,619 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2016 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 99,483 $ 35,620 $ 35,310 $ (45,211 ) $ 125,202 Cost of goods sold 87,857 34,959 35,651 (45,208 ) 113,259 Gross profit (loss) 11,626 661 (341 ) (3 ) 11,943 Operating expenses 10,026 (259 ) 693 — 10,460 Income (loss) from operations 1,600 920 (1,034 ) (3 ) 1,483 Other income (expense): Interest income (expense), net (8,859 ) (33 ) 450 — (8,442 ) Equity in earnings of subsidiaries (21,263 ) — — 21,263 — Other expense, net (44 ) — 35 — (9 ) Income (loss) before income taxes from continuing operations (28,566 ) 887 (549 ) 21,260 (6,968 ) Income tax provision (benefit) 46 — 364 — 410 Income (loss) from continuing operations (28,612 ) 887 (913 ) 21,260 (7,378 ) Discontinued operations, net of tax — (21,810 ) (51 ) — (21,861 ) Net income (loss) (28,612 ) (20,923 ) (964 ) 21,260 (29,239 ) Loss attributable to noncontrolling interest — — (627 ) — (627 ) Net income (loss) attributable to stockholders $ (28,612 ) $ (20,923 ) $ (337 ) $ 21,260 $ (28,612 ) Comprehensive income (loss) $ (30,740 ) $ (23,870 ) $ 525 $ 23,345 $ (30,740 ) Three Months Ended September 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 123,912 $ 48,490 $ 30,576 $ (57,322 ) $ 145,656 Cost of goods sold 117,925 37,068 26,014 (56,974 ) 124,033 Gross profit 5,987 11,422 4,562 (348 ) 21,623 Operating expenses 10,363 109 33 — 10,505 Income (loss) from operations (4,376 ) 11,313 4,529 (348 ) 11,118 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 ) 11,266 4,318 (10,386 ) 1,727 Income tax provision (benefit) (5,291 ) 925 695 — (3,671 ) Income (loss) from continuing operations 1,820 10,341 3,623 (10,386 ) 5,398 Discontinued operations, net of tax — (3,620 ) 42 — (3,578 ) Net income (loss) 1,820 6,721 3,665 (10,386 ) 1,820 Loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to stockholders $ 1,820 $ 6,721 $ 3,665 $ (10,386 ) $ 1,820 Comprehensive income (loss) $ (1,439 ) $ 2,866 $ 4,735 $ (7,601 ) $ (1,439 ) Nine Months Ended September 30, 2016 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 327,125 $ 121,670 $ 105,743 $ (137,308 ) $ 417,230 Cost of goods sold 279,893 113,371 105,153 (137,298 ) 361,119 Gross profit (loss) 47,232 8,299 590 (10 ) 56,111 Operating expenses 33,542 (833 ) 1,856 — 34,565 Income (loss) from operations 13,690 9,132 (1,266 ) (10 ) 21,546 Other income (expense): Interest income (expense), net (26,621 ) (41 ) 1,414 — (25,248 ) Equity in earnings of subsidiaries (17,780 ) — — 17,780 — Other expense, net 428 — 154 — 582 Income (loss) before income taxes from continuing operations (30,283 ) 9,091 302 17,770 (3,120 ) Income tax provision (benefit) 611 (490 ) 1,045 — 1,166 Income (loss) from continuing operations (30,894 ) 9,581 (743 ) 17,770 (4,286 ) Discontinued operations, net of tax — (27,943 ) (99 ) — (28,042 ) Net income (loss) (30,894 ) (18,362 ) (842 ) 17,770 (32,328 ) Loss attributable to noncontrolling interest — — (1,434 ) — (1,434 ) Net income (loss) attributable to stockholders $ (30,894 ) $ (18,362 ) $ 592 $ 17,770 $ (30,894 ) Comprehensive income (loss) $ (34,076 ) $ (21,922 ) $ 1,119 $ 20,803 $ (34,076 ) Nine Months Ended September 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 379,041 $ 155,053 $ 94,462 $ (175,462 ) $ 453,094 Cost of goods sold 348,803 126,830 84,778 (174,405 ) 386,006 Gross profit 30,238 28,223 9,684 (1,057 ) 67,088 Operating expenses 33,100 27 117 — 33,244 Income (loss) from operations (2,862 ) 28,196 9,567 (1,057 ) 33,844 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 28,044 9,222 (33,007 ) 6,493 Income tax provision (benefit) (5,337 ) 578 1,096 — (3,663 ) Income (loss) from continuing operations 7,571 27,466 8,126 (33,007 ) 10,156 Discontinued operations, net of tax — (2,834 ) 249 — (2,585 ) Net income (loss) 7,571 24,632 8,375 (33,007 ) 7,571 Loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to stockholders $ 7,571 $ 24,632 $ 8,375 $ (33,007 ) $ 7,571 Comprehensive income (loss) $ 23,152 $ 37,765 $ 10,763 $ (48,528 ) $ 23,152 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2016 (In thousands) Parent Company Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (30,894 ) $ (18,362 ) $ (842 ) $ 17,770 $ (32,328 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 9,476 13,685 3,453 — 26,614 Amortization – deferred financing costs 1,859 — — — 1,859 Amortization – other intangible assets 6,168 111 — — 6,279 Loss on disposal of discontinued operation 19,280 — — — 19,280 Loss (gain) on disposal of assets 313 (171 ) 256 — 398 Deferred income taxes 505 (490 ) — — 15 Non-cash share-based compensation 1,750 — — — 1,750 Equity in earnings of subsidiaries and affiliates 17,780 — — (17,780 ) — Change in other operating items (45,032 ) 36,900 (10,294 ) 10 (18,416 ) Net cash provided by (used in) operating activities (18,795 ) 31,673 (7,427 ) — 5,451 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (7,350 ) (7,896 ) (4,701 ) — (19,947 ) Proceeds from notes receivable (3,586 ) (22,508 ) — 26,094 — Payments on notes receivable 24,468 13,483 — (37,951 ) — Proceeds from disposal of discontinued operation — 11,682 — — 11,682 Net cash provided by (used in) investing activities 13,532 (5,239 ) (4,701 ) (11,857 ) (8,265 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable 46,924 7 3,579 (27,691 ) 22,819 Payments on notes payable (34,320 ) (24,468 ) (1,597 ) 39,548 (20,837 ) Principal payments on capital leases — (1,973 ) — — (1,973 ) Net cash provided by (used in) financing activities 12,604 (26,434 ) 1,982 11,857 9 Net increase (decrease) in cash and cash equivalents 7,341 — (10,146 ) — (2,805 ) Cash and cash equivalents, beginning of period 12,127 — 17,632 — 29,759 Cash and cash equivalents, end of period $ 19,468 $ — $ 7,486 $ — $ 26,954 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 (gain) on disposal of assets 256 39 (55 ) — 240 Deferred income taxes (5,299 ) 435 — — (4,864 ) Non-cash share-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 — Payment 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) financings activities 399 (24,199 ) (3,164 ) 23,003 (3,961 ) Net increase (decrease) 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 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) by Component | 9 Months Ended |
Sep. 30, 2016 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component | Note 12 – Changes in Accumulated Other Comprehensive Income (Loss) by Component (In thousands) Pension Plan Post Retirement Plan Foreign Exchange Total Balance as of July 1, 2016 $ (35,466 ) $ 17,262 $ (275 ) $ (18,479 ) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 179 88 — 267 Prior service costs (reclassified to salaries, wages, and benefits) 11 (355 ) — (344 ) Foreign currency translation 193 73 409 675 Disposal of discontinued operation — (3,032 ) — (3,032 ) Income tax (expense) or benefit (42 ) 348 — 306 Other comprehensive income (loss), net of tax 341 (2,878 ) 409 (2,128 ) Balance as of September 30, 2016 $ (35,125 ) $ 14,384 $ 134 $ (20,607 ) (In thousands) Pension Plan Post Retirement Plan Foreign Exchange Total Balance as of January 1, 2016 $ (35,355 ) $ 17,855 $ 75 $ (17,425 ) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 541 253 — 794 Prior service costs (reclassified to salaries, wages, and benefits) 33 (1,098 ) — (1,065 ) Foreign currency translation (455 ) 8 59 (388 ) Disposal of discontinued operation — (3,032 ) — (3,032 ) Income tax (expense) or benefit 111 398 — 509 Other comprehensive income (loss), net of tax 230 (3,471 ) 59 (3,182 ) Balance as of September 30, 2016 $ (35,125 ) $ 14,384 $ 134 $ (20,607 ) Due to the disposal of Brillion, any unrecognized amount associated with Brillion's other postretirement benefit plan was immediately recognized and was removed from accumulated other comprehensive income. (In thousands) Pension Plan Post Retirement Plan Total Balance as of July 1, 2015 $ (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) or benefit (227 ) (2,914 ) (3,141 ) Other comprehensive income (loss), net of tax 885 (4,144 ) (3,259 ) Balance as of September 30, 2015 $ (38,111 ) $ 4,054 $ (34,057 ) (In thousands) Pension Plan Post Retirement Plan Total Balance as of January 1, 2015 $ (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) or benefit (421 ) (3,472 ) (3,893 ) Other comprehensive income (loss), net of tax 2,049 13,532 15,581 Balance as of September 30, 2015 $ (38,111 ) $ 4,054 $ (34,057 ) Certain of our post-retirement benefit programs were re-measured as of May 31, 2015 and 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 provides comparable benefits while taking advantage of certain government subsidies which help manage the continually rising costs of medical and prescription drug coverage. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation On September 2, 2016, the Company announced and consummated the sale of its wholly-owned subsidiary, Brillion Iron Works, Inc. ("Brillion"), to Grede Holdings LLC. The sale concluded for a purchase price of $14.0 million in cash, subject to a working capital adjustment. The Company recognized a loss of $19.3 million, including $2.3 million of transactional fees, related to the disposal. In connection with the disposal of Brillion, we have reclassified certain prior-period amounts to discontinued operations in order to conform to the current-period presentation. The results of operations for the nine months ended September 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016. 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, 2015. On September 2, 2016 Accuride entered into a definitive agreement (the "Merger Agreement") to be acquired by Crestview Partners, L.L.C. ("Crestview"), for $2.58 per share in cash. It is expected that the transaction process will result in a sale closing during the fourth quarter of 2016, subject to, among other things, approval by Accuride's stockholders and the completion of customary regulatory reviews. Afterwards, Accuride will operate as an independent business within Crestview's portfolio of companies. |
Noncontrolling Interest | Noncontrolling Interest |
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) 2016 2015 2016 2015 Numerator: Net income (loss) from continuing operations $ (6,751 ) $ 5,398 $ (2,852 ) $ 10,156 Net loss from discontinued operations (21,861 ) (3,578 ) (28,042 ) (2,585 ) Net income (loss) attributable to stockholders $ (28,612 ) $ 1,820 $ (30,894 ) $ 7,571 Denominator: Weighted average shares outstanding – Basic 48,332 48,015 48,247 47,943 Weighted average shares outstanding – Diluted 48,332 49,422 48,247 48,844 Basic income (loss) per common share From continuing operations $ (0.14 ) $ 0.11 $ (0.06 ) $ 0.21 From discontinued operations (0.45 ) (0.07 ) (0.58 ) (0.05 ) Basic income (loss) per common share $ (0.59 ) $ 0.04 $ (0.64 ) $ 0.16 Diluted income (loss) per common share From continuing operations $ (0.14 ) $ 0.11 $ (0.06 ) $ 0.21 From discontinued operations (0.45 ) (0.07 ) (0.58 ) (0.05 ) Diluted income (loss) per common share $ (0.59 ) $ 0.04 $ (0.64 ) $ 0.16 As of September 30, 2016, there were options exercisable for 138,231 shares that were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. 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. |
Share-Based Compensation | Share-Based Compensation As of September 30, 2016, there was approximately $2.7 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. The closing of the pending merger transaction between Accuride and Crestview, as described above, would result in a change of control under outstanding share-based award agreements, which would result in such awards vesting on an accelerated basis or being terminated as of closing. |
Income Tax | Income Tax 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. and Italian 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 U.S. and Italian deferred tax assets in those jurisdictions. Deferred tax assets in our Canadian and Mexican jurisdictions are more likely than not to be recognized, therefore, no valuation allowance has been recorded for these assets. |
New Accounting Pronouncements | New Accounting Pronouncements - Revenue from Contracts with Customers. Revenue from Contracts with Customers, On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date". On August 27, 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern On July 22, 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory On January 5, 2016, the FASB issued ASU 2016-01, Financial Instructions-Overall (Topic 825-10). On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842). On March 17, 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606). On March 30, 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensations (Topic 718). On April 14, 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date On May 9, 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument. On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). |
Recent Accounting Adoptions | Recent Accounting Adoptions – 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 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 The Company has recently adopted ASU 2015-03. Accordingly, costs relating to obtaining the senior secured notes, which are capitalized and amortized over the term of the related debt using the effective interest method, have been reclassified to Long Term Debt in the accompanying condensed consolidated balance sheets. The prior year consolidated balance sheet has been adjusted to conform to the current year presentation, in accordance with the retroactive requirements of ASU 2015-03. Deferred financing costs net of accumulated amortization associated with the senior secured notes as of September 30, 2016 and December 31, 2015 were $2.4 million and $3.1 million, respectively. At its Emerging Issues Task Force meeting on June 18, 2015, the SEC staff clarified that ASU 2015-03 does not address issuance costs associated with revolving-debt arrangements and announced that it would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing the costs ratably over the term of the revolving debt arrangement. Based on the SEC staff's comments, the Company has elected to recognize costs incurred in connection with the revolving ABL Credit Facility (the "ABL Facility") as a deferred asset. These deferred financing costs are subsequently amortized over the life of the related debt using the effective interest method. Deferred financing costs net of accumulated amortization associated with the ABL Facility as of September 30, 2016 and December 31, 2015 were $0.7 million and $1.0 million, respectively. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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) 2016 2015 2016 2015 Numerator: Net income (loss) from continuing operations $ (6,751 ) $ 5,398 $ (2,852 ) $ 10,156 Net loss from discontinued operations (21,861 ) (3,578 ) (28,042 ) (2,585 ) Net income (loss) attributable to stockholders $ (28,612 ) $ 1,820 $ (30,894 ) $ 7,571 Denominator: Weighted average shares outstanding – Basic 48,332 48,015 48,247 47,943 Weighted average shares outstanding – Diluted 48,332 49,422 48,247 48,844 Basic income (loss) per common share From continuing operations $ (0.14 ) $ 0.11 $ (0.06 ) $ 0.21 From discontinued operations (0.45 ) (0.07 ) (0.58 ) (0.05 ) Basic income (loss) per common share $ (0.59 ) $ 0.04 $ (0.64 ) $ 0.16 Diluted income (loss) per common share From continuing operations $ (0.14 ) $ 0.11 $ (0.06 ) $ 0.21 From discontinued operations (0.45 ) (0.07 ) (0.58 ) (0.05 ) Diluted income (loss) per common share $ (0.59 ) $ 0.04 $ (0.64 ) $ 0.16 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Acquisitions [Abstract] | |
Acquisition of Gianetti Route, S.r.l. | The following summarizes the allocation of the purchase price (in thousands) to the fair value of the assets and liabilities acquired including noncontrolling interest: Accounts receivable $ 11,063 Inventory 6,571 Other current assets 41 Property, plant and equipment 21,124 Accounts payable (9,911 ) Short-term debt (8,406 ) Other current liabilities (3,364 ) Severance indemnity (2,772 ) Long-term debt (66 ) Noncontrolling interest (14,280 ) Total consideration $ — |
Pro Forma Revenue and Losses | The pro forma revenue and losses of the combined entity had the acquisition occurred on January 1, 2015 are as follows: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (In thousands) Revenue Net Income Revenue Net Income Supplemental pro forma financial information $ 155,623 $ 990 $ 482,445 $ 3,515 Pro forma financial information includes an adjustment for depreciation based on the step up value of property, plant and equipment. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations [Abstract] | |
Sales and Income Attributable to Discontinued Operations | The following table presents reconciliations of the major line items constituting profit (loss) from discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Net sales $ 10,531 $ 18,813 $ 45,562 $ 84,322 Cost of goods sold 12,950 22,173 53,592 86,310 Gross loss (2,419 ) (3,360 ) (8,030 ) (1,988 ) Selling, general and administrative expenses (122 ) (270 ) (665 ) (877 ) Other income (loss) (40 ) 52 (67 ) 280 Loss on disposal of Brillion (19,280 ) — (19,280 ) — Pretax loss from discontinued operations (21,861 ) (3,578 ) (28,042 ) (2,585 ) Income tax provision — — — — Net loss from discontinued operations $ (21,861 ) $ (3,578 ) $ (28,042 ) $ (2,585 ) Under the purchase agreement, we sold all of our stock of Brillion. For tax purposes the Company has made an election under Section 338(h)10 to treat the transaction as an asset sale. The tax benefit of the loss on the sale of the company has been offset by a full valuation allowance. The following table presents reconciliations of the carrying amounts of major classes of assets and liabilities of Brillion as of December 31, 2015: (In thousands) December 31, 2015 ASSETS Trade receivables $ 5,801 Inventories 6,031 Property, plant, and equipment, net 29,941 Other classes of assets that are not major 3,486 TOTAL $ 45,259 LIABILITIES Accounts payable $ 7,912 Accrued payroll and compensation 3,054 Other classes of liabilities that are not major 3,019 TOTAL $ 13,985 Operating and investing cash flow activities from discontinued operations are as follows: (In thousands) Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Cash used in operating activities $ 7,122 $ 350 Cash used in investing activities $ 4,094 $ 4,626 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventories [Abstract] | |
Inventories on a FIFO basis | Inventories at September 30, 2016 and December 31, 2015, on a first-in, first-out ("FIFO") basis, are as follows: (In thousands) September 30, 2016 December 31, 2015 Raw materials $ 8,362 $ 8,739 Work in process 11,303 11,765 Finished manufactured goods 15,548 21,257 Total inventories $ 35,213 $ 41,761 |
Goodwill and Other Intangible24
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Carrying Amount of Other Intangible Assets | The changes in the carrying amount of other intangible assets for the period December 31, 2015 to September 30, 2016, by reportable segment, are as follows: (In thousands) Wheels Gunite Total Balance as of December 31, 2015 $ 107,475 $ 1,986 $ 109,461 Amortization (5,993 ) (175 ) (6,168 ) Balance as of September 30, 2016 $ 101,482 $ 1,811 $ 103,293 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 Gunite Total Balance as of December 31, 2014 $ 115,465 $ — $ 115,465 Additions — 1,903 1,903 Amortization (5,992 ) (56 ) (6,048 ) Balance as of September 30, 2015 $ 109,473 $ 1,847 $ 111,320 |
Other Intangible Assets | The summary of other intangible assets is as follows: September 30, 2016 December 31, 2015 (In thousands) Weighted Average Useful Lives Gross Amount Accumulated Amortization/ Impairment Carrying Amount Gross Amount Accumulated Amortization/ Impairment Carrying Amount Other intangible assets: Trade names — $ 25,200 $ — $ 25,200 $ 25,200 $ — $ 25,200 Technology 10.6 41,273 28,748 12,525 41,273 26,299 14,974 Customer relationships 16.8 124,304 58,736 65,568 124,304 55,017 69,287 Other intangible assets $ 190,777 $ 87,484 $ 103,293 $ 190,777 $ 81,316 $ 109,461 |
Pension and Other Postretirem25
Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost for continuing operations for the three and nine months ended September 30, 2016 and September 30, 2015 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) 2016 2015 2016 2015 2016 2015 2016 2015 Service cost-benefits earned during the period $ 176 $ 170 $ 65 $ 95 $ 532 $ 526 $ 200 $ 294 Interest cost on projected benefit obligation 1,855 2,297 469 635 5,593 7,021 1,410 2,197 Expected return on plan assets (2,710 ) (2,697 ) — — (8,172 ) (8,254 ) — — Amortization of prior service (credit) cost 11 11 (322 ) (227 ) 33 33 (965 ) (312 ) Amortization of loss 179 304 103 118 541 935 314 370 Total benefit cost charged (credited) to income $ (489 ) $ 85 $ 315 $ 621 $ (1,473 ) $ 261 $ 959 $ 2,549 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2015 2015 Net sales: Wheels $ 90,923 $ 101,833 $ 300,713 $ 324,525 Gunite 34,279 43,823 116,517 128,569 Consolidated total $ 125,202 $ 145,656 $ 417,230 $ 453,094 Operating income (loss): Wheels $ 4,658 $ 13,715 $ 30,773 $ 44,372 Gunite 3,435 5,061 13,321 15,140 Corporate / Other (6,610 ) (7,658 ) (22,548 ) (25,668 ) Consolidated total $ 1,483 $ 11,118 $ 21,546 $ 33,844 |
Assets by Segment | As of (In thousands) September 30, 2016 December 31, 2015 Total assets: Wheels $ 442,785 $ 469,405 Gunite 54,102 62,045 Brillion — 45,259 Corporate / Other 36,331 26,910 Consolidated total $ 533,218 $ 603,619 |
Guarantor and Non-guarantor F27
Guarantor and Non-guarantor Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Guarantor and Non-guarantor Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2016 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 19,468 $ — $ 7,486 $ — $ 26,954 Customer and other receivables, net 36,634 6,041 13,705 3 56,383 Intercompany receivables 84,756 214,180 86,964 (385,900 ) — Inventories 13,681 13,077 8,458 (3 ) 35,213 Other current assets 6,242 865 1,073 — 8,180 Total current assets 160,781 234,163 117,686 (385,900 ) 126,730 Property, plant and equipment, net 74,008 58,491 52,315 — 184,814 Goodwill 96,283 — — — 96,283 Other intangible assets, net 103,293 — — — 103,293 Investments in and advances to subsidiaries and affiliates 198,960 — — (198,960 ) — Deferred income taxes — 5,805 1,442 (6,469 ) 778 Other non-current assets 2,549 345 18,426 — 21,320 TOTAL $ 635,874 $ 298,804 $ 189,869 $ (591,329 ) $ 533,218 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 12,813 $ 19,446 $ 18,830 $ — $ 51,089 Intercompany payables 217,970 139,680 28,250 (385,900 ) — Accrued payroll and compensation 1,348 1,885 2,857 — 6,090 Accrued interest payable 5,043 — — — 5,043 Accrued and other liabilities 4,600 6,970 14,104 — 25,674 Total current liabilities 241,774 167,981 64,041 (385,900 ) 87,896 Long term debt 305,736 — 1,699 — 307,435 Deferred and non-current income taxes 26,516 — — (6,469 ) 20,047 Other non-current liabilities 24,970 37,007 18,985 — 80,962 Stockholders' equity 36,878 93,816 105,144 (198,960 ) 36,878 TOTAL $ 635,874 $ 298,804 $ 189,869 $ (591,329 ) $ 533,218 December 31, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total ASSETS Cash and cash equivalents $ 12,127 $ — $ 17,632 $ — $ 29,759 Customer and other receivables, net 34,900 8,443 16,366 366 60,075 Intercompany receivables 123,479 67,504 58,430 (249,413 ) — Inventories 20,352 13,138 8,637 (366 ) 41,761 Other current assets 3,689 1,905 1,753 — 7,347 Current assets of discontinued operations — 12,988 — — 12,988 Total current assets 194,547 103,978 102,818 (249,413 ) 151,930 Property, plant and equipment, net 78,527 65,585 50,709 — 194,821 Goodwill 96,283 — — — 96,283 Other intangible assets, net 109,461 — — — 109,461 Investments in and advances to subsidiaries and affiliates 221,676 — — (221,676 ) — Other non-current assets 2,806 345 15,702 — 18,853 Non-current assets of discontinued operations — 32,271 — — 32,271 TOTAL $ 703,300 $ 202,179 $ 169,229 $ (471,089 ) $ 603,619 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 18,239 $ 27,978 $ 17,653 $ — $ 63,870 Intercompany payables 239,042 — 10,371 (249,413 ) — Accrued payroll and compensation 1,485 2,394 2,299 — 6,178 Accrued interest payable 12,521 — — — 12,521 Accrued and other liabilities 4,549 6,706 15,022 — 26,277 Current liabilities of discontinued operations — 13,052 — — 13,052 Total current liabilities 275,836 50,130 45,345 (249,413 ) 121,898 Long term debt 304,188 — 66 — 304,254 Deferred and non-current income taxes 17,969 (4,754 ) (82 ) — 13,133 Other non-current liabilities 34,453 39,642 18,452 — 92,547 Non-current liabilities of discontinued operations — 933 — — 933 Stockholders' equity 70,854 116,228 105,448 (221,676 ) 70,854 TOTAL $ 703,300 $ 202,179 $ 169,229 $ (471,089 ) $ 603,619 |
Condensed Consolidating Statements of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2016 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 99,483 $ 35,620 $ 35,310 $ (45,211 ) $ 125,202 Cost of goods sold 87,857 34,959 35,651 (45,208 ) 113,259 Gross profit (loss) 11,626 661 (341 ) (3 ) 11,943 Operating expenses 10,026 (259 ) 693 — 10,460 Income (loss) from operations 1,600 920 (1,034 ) (3 ) 1,483 Other income (expense): Interest income (expense), net (8,859 ) (33 ) 450 — (8,442 ) Equity in earnings of subsidiaries (21,263 ) — — 21,263 — Other expense, net (44 ) — 35 — (9 ) Income (loss) before income taxes from continuing operations (28,566 ) 887 (549 ) 21,260 (6,968 ) Income tax provision (benefit) 46 — 364 — 410 Income (loss) from continuing operations (28,612 ) 887 (913 ) 21,260 (7,378 ) Discontinued operations, net of tax — (21,810 ) (51 ) — (21,861 ) Net income (loss) (28,612 ) (20,923 ) (964 ) 21,260 (29,239 ) Loss attributable to noncontrolling interest — — (627 ) — (627 ) Net income (loss) attributable to stockholders $ (28,612 ) $ (20,923 ) $ (337 ) $ 21,260 $ (28,612 ) Comprehensive income (loss) $ (30,740 ) $ (23,870 ) $ 525 $ 23,345 $ (30,740 ) Three Months Ended September 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 123,912 $ 48,490 $ 30,576 $ (57,322 ) $ 145,656 Cost of goods sold 117,925 37,068 26,014 (56,974 ) 124,033 Gross profit 5,987 11,422 4,562 (348 ) 21,623 Operating expenses 10,363 109 33 — 10,505 Income (loss) from operations (4,376 ) 11,313 4,529 (348 ) 11,118 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 ) 11,266 4,318 (10,386 ) 1,727 Income tax provision (benefit) (5,291 ) 925 695 — (3,671 ) Income (loss) from continuing operations 1,820 10,341 3,623 (10,386 ) 5,398 Discontinued operations, net of tax — (3,620 ) 42 — (3,578 ) Net income (loss) 1,820 6,721 3,665 (10,386 ) 1,820 Loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to stockholders $ 1,820 $ 6,721 $ 3,665 $ (10,386 ) $ 1,820 Comprehensive income (loss) $ (1,439 ) $ 2,866 $ 4,735 $ (7,601 ) $ (1,439 ) Nine Months Ended September 30, 2016 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 327,125 $ 121,670 $ 105,743 $ (137,308 ) $ 417,230 Cost of goods sold 279,893 113,371 105,153 (137,298 ) 361,119 Gross profit (loss) 47,232 8,299 590 (10 ) 56,111 Operating expenses 33,542 (833 ) 1,856 — 34,565 Income (loss) from operations 13,690 9,132 (1,266 ) (10 ) 21,546 Other income (expense): Interest income (expense), net (26,621 ) (41 ) 1,414 — (25,248 ) Equity in earnings of subsidiaries (17,780 ) — — 17,780 — Other expense, net 428 — 154 — 582 Income (loss) before income taxes from continuing operations (30,283 ) 9,091 302 17,770 (3,120 ) Income tax provision (benefit) 611 (490 ) 1,045 — 1,166 Income (loss) from continuing operations (30,894 ) 9,581 (743 ) 17,770 (4,286 ) Discontinued operations, net of tax — (27,943 ) (99 ) — (28,042 ) Net income (loss) (30,894 ) (18,362 ) (842 ) 17,770 (32,328 ) Loss attributable to noncontrolling interest — — (1,434 ) — (1,434 ) Net income (loss) attributable to stockholders $ (30,894 ) $ (18,362 ) $ 592 $ 17,770 $ (30,894 ) Comprehensive income (loss) $ (34,076 ) $ (21,922 ) $ 1,119 $ 20,803 $ (34,076 ) Nine Months Ended September 30, 2015 (In thousands) Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total Net sales $ 379,041 $ 155,053 $ 94,462 $ (175,462 ) $ 453,094 Cost of goods sold 348,803 126,830 84,778 (174,405 ) 386,006 Gross profit 30,238 28,223 9,684 (1,057 ) 67,088 Operating expenses 33,100 27 117 — 33,244 Income (loss) from operations (2,862 ) 28,196 9,567 (1,057 ) 33,844 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 28,044 9,222 (33,007 ) 6,493 Income tax provision (benefit) (5,337 ) 578 1,096 — (3,663 ) Income (loss) from continuing operations 7,571 27,466 8,126 (33,007 ) 10,156 Discontinued operations, net of tax — (2,834 ) 249 — (2,585 ) Net income (loss) 7,571 24,632 8,375 (33,007 ) 7,571 Loss attributable to noncontrolling interest — — — — — Net income (loss) attributable to stockholders $ 7,571 $ 24,632 $ 8,375 $ (33,007 ) $ 7,571 Comprehensive income (loss) $ 23,152 $ 37,765 $ 10,763 $ (48,528 ) $ 23,152 |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2016 (In thousands) Parent Company Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (30,894 ) $ (18,362 ) $ (842 ) $ 17,770 $ (32,328 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 9,476 13,685 3,453 — 26,614 Amortization – deferred financing costs 1,859 — — — 1,859 Amortization – other intangible assets 6,168 111 — — 6,279 Loss on disposal of discontinued operation 19,280 — — — 19,280 Loss (gain) on disposal of assets 313 (171 ) 256 — 398 Deferred income taxes 505 (490 ) — — 15 Non-cash share-based compensation 1,750 — — — 1,750 Equity in earnings of subsidiaries and affiliates 17,780 — — (17,780 ) — Change in other operating items (45,032 ) 36,900 (10,294 ) 10 (18,416 ) Net cash provided by (used in) operating activities (18,795 ) 31,673 (7,427 ) — 5,451 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (7,350 ) (7,896 ) (4,701 ) — (19,947 ) Proceeds from notes receivable (3,586 ) (22,508 ) — 26,094 — Payments on notes receivable 24,468 13,483 — (37,951 ) — Proceeds from disposal of discontinued operation — 11,682 — — 11,682 Net cash provided by (used in) investing activities 13,532 (5,239 ) (4,701 ) (11,857 ) (8,265 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable 46,924 7 3,579 (27,691 ) 22,819 Payments on notes payable (34,320 ) (24,468 ) (1,597 ) 39,548 (20,837 ) Principal payments on capital leases — (1,973 ) — — (1,973 ) Net cash provided by (used in) financing activities 12,604 (26,434 ) 1,982 11,857 9 Net increase (decrease) in cash and cash equivalents 7,341 — (10,146 ) — (2,805 ) Cash and cash equivalents, beginning of period 12,127 — 17,632 — 29,759 Cash and cash equivalents, end of period $ 19,468 $ — $ 7,486 $ — $ 26,954 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 (gain) on disposal of assets 256 39 (55 ) — 240 Deferred income taxes (5,299 ) 435 — — (4,864 ) Non-cash share-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 — Payment 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) financings activities 399 (24,199 ) (3,164 ) 23,003 (3,961 ) Net increase (decrease) 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 |
Changes in Accumulated Other 28
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | (In thousands) Pension Plan Post Retirement Plan Foreign Exchange Total Balance as of July 1, 2016 $ (35,466 ) $ 17,262 $ (275 ) $ (18,479 ) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 179 88 — 267 Prior service costs (reclassified to salaries, wages, and benefits) 11 (355 ) — (344 ) Foreign currency translation 193 73 409 675 Disposal of discontinued operation — (3,032 ) — (3,032 ) Income tax (expense) or benefit (42 ) 348 — 306 Other comprehensive income (loss), net of tax 341 (2,878 ) 409 (2,128 ) Balance as of September 30, 2016 $ (35,125 ) $ 14,384 $ 134 $ (20,607 ) (In thousands) Pension Plan Post Retirement Plan Foreign Exchange Total Balance as of January 1, 2016 $ (35,355 ) $ 17,855 $ 75 $ (17,425 ) Amounts reclassified from accumulated other comprehensive loss: Actuarial costs (reclassified to salaries, wages, and benefits) 541 253 — 794 Prior service costs (reclassified to salaries, wages, and benefits) 33 (1,098 ) — (1,065 ) Foreign currency translation (455 ) 8 59 (388 ) Disposal of discontinued operation — (3,032 ) — (3,032 ) Income tax (expense) or benefit 111 398 — 509 Other comprehensive income (loss), net of tax 230 (3,471 ) 59 (3,182 ) Balance as of September 30, 2016 $ (35,125 ) $ 14,384 $ 134 $ (20,607 ) Due to the disposal of Brillion, any unrecognized amount associated with Brillion's other postretirement benefit plan was immediately recognized and was removed from accumulated other comprehensive income. (In thousands) Pension Plan Post Retirement Plan Total Balance as of July 1, 2015 $ (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) or benefit (227 ) (2,914 ) (3,141 ) Other comprehensive income (loss), net of tax 885 (4,144 ) (3,259 ) Balance as of September 30, 2015 $ (38,111 ) $ 4,054 $ (34,057 ) (In thousands) Pension Plan Post Retirement Plan Total Balance as of January 1, 2015 $ (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) or benefit (421 ) (3,472 ) (3,893 ) Other comprehensive income (loss), net of tax 2,049 13,532 15,581 Balance as of September 30, 2015 $ (38,111 ) $ 4,054 $ (34,057 ) |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 02, 2016 | Dec. 31, 2015 | |
Basis of Presentation [Abstract] | ||||||
Acquisition price per share (in dollars per share) | $ 2.58 | |||||
Numerator [Abstract] | ||||||
Net income (loss) from continuing operations | $ (6,751) | $ 5,398 | $ (2,852) | $ 10,156 | ||
Net loss from discontinued operations | (21,861) | (3,578) | (28,042) | (2,585) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | $ (28,612) | $ 1,820 | $ (30,894) | $ 7,571 | ||
Denominator [Abstract] | ||||||
Weighted average shares outstanding - Basic (in shares) | 48,332,000 | 48,015,000 | 48,247,000 | 47,943,000 | ||
Weighted average shares outstanding - Diluted (in shares) | 48,332,000 | 49,422,000 | 48,247,000 | 48,844,000 | ||
Basic income (loss) per common share [Abstract] | ||||||
From continuing operations (in dollars per share) | $ (0.14) | $ 0.11 | $ (0.06) | $ 0.21 | ||
From discontinued operations (in dollars per share) | (0.45) | (0.07) | (0.58) | (0.05) | ||
Basic income (loss) per share (in dollars per share) | (0.59) | 0.04 | (0.64) | 0.16 | ||
Diluted income (loss) per common share [Abstract] | ||||||
From continuing operations (in dollars per share) | (0.14) | 0.11 | (0.06) | 0.21 | ||
From discontinued operations (in dollars per share) | (0.45) | (0.07) | (0.58) | (0.05) | ||
Diluted income (loss) per share (in dollars per share) | $ (0.59) | $ 0.04 | $ (0.64) | $ 0.16 | ||
Stock-Based Compensation [Abstract] | ||||||
Share-based compensation expense recognized | $ 700 | $ 700 | $ 1,750 | $ 2,147 | ||
Unrecognized pre-tax compensation expense related to share-based awards not yet vested | 2,700 | $ 2,700 | ||||
Weighted-average period of recognition | 1 year 6 months | |||||
Brillion [Member] | ||||||
Basis of Presentation [Abstract] | ||||||
Sales price | $ 14,000 | |||||
Loss from sale of discontinued operation | (19,280) | 0 | $ (19,280) | 0 | ||
Transactional fees | 2,300 | |||||
Numerator [Abstract] | ||||||
Net loss from discontinued operations | (21,861) | $ (3,578) | $ (28,042) | $ (2,585) | ||
Options [Member] | ||||||
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) | 138,231 | 144,095 | ||||
Accounting Standards Update 2015-03 [Member] | 9.5% Senior Secured Notes [Member] | ||||||
Recent Accounting Adoptions [Abstract] | ||||||
Deferred financing costs, net | 2,400 | $ 2,400 | $ 3,100 | |||
Accounting Standards Update 2015-03 [Member] | ABL Credit Facility [Member] | ||||||
Recent Accounting Adoptions [Abstract] | ||||||
Deferred financing costs, net | $ 700 | $ 700 | $ 1,000 |
Acquisitions (Details)
Acquisitions (Details) - Gianetti Ruote, S.r.L. [Member] € in Thousands, $ in Thousands | Nov. 03, 2015USD ($) | Nov. 03, 2015EUR (€) | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2016EUR (€) | Nov. 03, 2015EUR (€) |
Acquisition [Abstract] | |||||||
Percentage of voting interests acquired | 70.00% | 70.00% | |||||
Equity interests issued and issuable | $ 21,800 | € 19,750 | |||||
Minority interest retained | 30.00% | 30.00% | |||||
Contribution paid after closing | $ 4,100 | € 3,750 | |||||
Additional investment in 2016 | $ 5,900 | € 5,400 | |||||
Additional investment in 2017 | $ 10,100 | € 9,100 | |||||
Assets Acquired and Liabilities Assumed [Abstract] | |||||||
Accounts receivable | 11,063 | ||||||
Inventory | 6,571 | ||||||
Other current assets | 41 | ||||||
Property, plant and equipment | 21,124 | ||||||
Accounts payable | (9,911) | ||||||
Short-term debt | (8,406) | ||||||
Other current liabilities | (3,364) | ||||||
Severance indemnity | (2,772) | ||||||
Long-term debt | (66) | ||||||
Noncontrolling interest | (14,280) | ||||||
Total consideration | $ 0 | ||||||
Pro Forma Information [Abstract] | |||||||
Pro forma revenue | $ 155,623 | $ 482,445 | |||||
Pro forma net income | $ 990 | $ 3,515 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Profit (Loss) from Discontinued Operations [Abstract] | |||||
Discontinued operations | $ (21,861) | $ (3,578) | $ (28,042) | $ (2,585) | |
Brillion [Member] | |||||
Profit (Loss) from Discontinued Operations [Abstract] | |||||
Net Sales | 10,531 | 18,813 | 45,562 | 84,322 | |
Cost of goods sold | 12,950 | 22,173 | 53,592 | 86,310 | |
Gross loss | (2,419) | (3,360) | (8,030) | (1,988) | |
Selling, general and administrative expenses | (122) | (270) | (665) | (877) | |
Other income (loss) | (40) | 52 | (67) | 280 | |
Loss on disposal of Brillion | (19,280) | 0 | (19,280) | 0 | |
Pretax loss from discontinued operations | (21,861) | (3,578) | (28,042) | (2,585) | |
Income tax provision | 0 | 0 | 0 | 0 | |
Discontinued operations | $ (21,861) | $ (3,578) | (28,042) | (2,585) | |
ASSETS | |||||
Trade receivables | $ 5,801 | ||||
Inventories | 6,031 | ||||
Property, plant, and equipment, net | 29,941 | ||||
Other classes of assets that are not major | 3,486 | ||||
TOTAL | 45,259 | ||||
LIABILITIES | |||||
Accounts payable | 7,912 | ||||
Accrued payroll and compensation | 3,054 | ||||
Other classes of liabilities that are not major | 3,019 | ||||
TOTAL | $ 13,985 | ||||
Cash Flow Activities from Discontinued Operations [Abstract] | |||||
Cash used in operating activities | 7,122 | 350 | |||
Cash used in investing activities | $ 4,094 | $ 4,626 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventories on a FIFO basis [Abstract] | ||
Raw materials | $ 8,362 | $ 8,739 |
Work in process | 11,303 | 11,765 |
Finished manufactured goods | 15,548 | 21,257 |
Total inventories | $ 35,213 | $ 41,761 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets, Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Goodwill [Abstract] | ||
Gross goodwill | $ 159,100 | $ 159,100 |
Goodwill | 96,283 | 96,283 |
Gunite [Member] | ||
Goodwill [Abstract] | ||
Accumulated impairment | 62,800 | 62,800 |
Wheels [Member] | ||
Goodwill [Abstract] | ||
Goodwill | $ 96,283 | $ 96,283 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets, Carrying Amount of Other Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Other Intangible Assets [Roll Forward] | ||
Beginning balance | $ 109,461 | $ 115,465 |
Additions | 1,903 | |
Amortization | (6,279) | (6,174) |
Ending balance | 103,293 | 111,320 |
Wheels [Member] | ||
Other Intangible Assets [Roll Forward] | ||
Beginning balance | 107,475 | 115,465 |
Additions | 0 | |
Amortization | (5,993) | (5,992) |
Ending balance | 101,482 | 109,473 |
Gunite [Member] | ||
Other Intangible Assets [Roll Forward] | ||
Beginning balance | 1,986 | 0 |
Additions | 1,903 | |
Amortization | (175) | (56) |
Ending balance | 1,811 | 1,847 |
Wheels and Gunite [Member] | ||
Other Intangible Assets [Roll Forward] | ||
Amortization | $ (6,168) | $ (6,048) |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets, Other Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Other Intangible Assets [Abstract] | ||||
Gross amount | $ 190,777 | $ 190,777 | ||
Accumulated amortization/impairment | 87,484 | 81,316 | ||
Carrying amount | 103,293 | 109,461 | $ 111,320 | $ 115,465 |
Annual Amortization Expense [Abstract] | ||||
2,016 | 8,200 | |||
2,017 | 8,200 | |||
2,018 | 8,200 | |||
2,019 | 8,200 | |||
2,020 | 8,200 | |||
Trade Names [Member] | ||||
Other Intangible Assets [Abstract] | ||||
Gross amount | 25,200 | 25,200 | ||
Carrying amount | $ 25,200 | 25,200 | ||
Technology [Member] | ||||
Other Intangible Assets [Abstract] | ||||
Weighted average useful lives | 10 years 7 months 6 days | |||
Gross amount | $ 41,273 | 41,273 | ||
Accumulated amortization/impairment | 28,748 | 26,299 | ||
Carrying amount | $ 12,525 | 14,974 | ||
Customer Relationships [Member] | ||||
Other Intangible Assets [Abstract] | ||||
Weighted average useful lives | 16 years 9 months 18 days | |||
Gross amount | $ 124,304 | 124,304 | ||
Accumulated amortization/impairment | 58,736 | 55,017 | ||
Carrying amount | $ 65,568 | $ 69,287 |
Pension and Other Postretirem36
Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | May 31, 2015 | |
Components of Net Periodic Benefit Cost [Abstract] | |||||
Defined benefit plans employer contributions toward sponsored pension plans | $ 3,500 | ||||
Anticipated contribution during current fiscal year | 200 | ||||
Aggregate contribution towards sponsored pension plans | 3,700 | ||||
Reduction in post-retirement benefit liability due to remeasurement | $ (17,900) | ||||
Pension Benefits [Member] | |||||
Components of Net Periodic Benefit Cost [Abstract] | |||||
Service cost-benefits earned during the period | $ 176 | $ 170 | 532 | $ 526 | |
Interest cost on projected benefit obligation | 1,855 | 2,297 | 5,593 | 7,021 | |
Expected return on plan assets | (2,710) | (2,697) | (8,172) | (8,254) | |
Amortization of prior service (credit) cost | 11 | 11 | 33 | 33 | |
Amortization of loss | 179 | 304 | 541 | 935 | |
Total benefit cost charged (credited) to income | (489) | 85 | (1,473) | 261 | |
Other Benefits [Member] | |||||
Components of Net Periodic Benefit Cost [Abstract] | |||||
Service cost-benefits earned during the period | 65 | 95 | 200 | 294 | |
Interest cost on projected benefit obligation | 469 | 635 | 1,410 | 2,197 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization of prior service (credit) cost | (322) | (227) | (965) | (312) | |
Amortization of loss | 103 | 118 | 314 | 370 | |
Total benefit cost charged (credited) to income | $ 315 | $ 621 | $ 959 | $ 2,549 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Sep. 30, 2016USD ($)Employee |
Commitments and Contingencies [Abstract] | |
Environmental reserve | $ | $ 0 |
Total number of employees | 1,766 |
Number of salaried employees | 440 |
Employees represented by unions | 1,156 |
Percentage of employees represented by unions | 65.00% |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
9.5% senior secured notes, carrying value | $ 305.8 | $ 304.3 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
9.5% senior secured notes, fair value | $ 309.1 | $ 263.8 |
9.5% Senior Secured Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior secured notes, interest | 9.50% | 9.50% |
9.5% senior secured notes, carrying value | $ 305.8 | $ 304.3 |
Segment Reporting, Net Sales an
Segment Reporting, Net Sales and Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Sales and Operating Income by Segment [Abstract] | ||||
Net sales | $ 125,202 | $ 145,656 | $ 417,230 | $ 453,094 |
Operating income (loss) | 1,483 | 11,118 | 21,546 | 33,844 |
Corporate / Other [Member] | ||||
Net Sales and Operating Income by Segment [Abstract] | ||||
Operating income (loss) | (6,610) | (7,658) | (22,548) | (25,668) |
Operating Segment [Member] | Wheels [Member] | ||||
Net Sales and Operating Income by Segment [Abstract] | ||||
Net sales | 90,923 | 101,833 | 300,713 | 324,525 |
Operating income (loss) | 4,658 | 13,715 | 30,773 | 44,372 |
Operating Segment [Member] | Gunite [Member] | ||||
Net Sales and Operating Income by Segment [Abstract] | ||||
Net sales | 34,279 | 43,823 | 116,517 | 128,569 |
Operating income (loss) | $ 3,435 | $ 5,061 | $ 13,321 | $ 15,140 |
Segment Reporting, Assets (Deta
Segment Reporting, Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Reconciliation of Assets by Segment [Abstract] | ||
Total assets | $ 533,218 | $ 603,619 |
Wheels [Member] | ||
Reconciliation of Assets by Segment [Abstract] | ||
Total assets | 442,785 | 469,405 |
Gunite [Member] | ||
Reconciliation of Assets by Segment [Abstract] | ||
Total assets | 54,102 | 62,045 |
Brillion Iron Works [Member] | ||
Reconciliation of Assets by Segment [Abstract] | ||
Total assets | 0 | 45,259 |
Corporate / Other [Member] | ||
Reconciliation of Assets by Segment [Abstract] | ||
Total assets | $ 36,331 | $ 26,910 |
Debt (Details)
Debt (Details) $ in Thousands, € in Millions | 9 Months Ended | |||||||
Sep. 30, 2016USD ($)Installment | Sep. 30, 2016EUR (€)Installment | Sep. 30, 2016EUR (€) | Jul. 05, 2016USD ($) | Jul. 05, 2016EUR (€) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt [Abstract] | ||||||||
Total debt | $ 318,100 | $ 314,500 | ||||||
Senior secured notes, net of discount | 305,800 | 304,300 | ||||||
Short-term debt obligations | 12,300 | 10,300 | ||||||
Cash and cash equivalents | 26,954 | 29,759 | $ 39,125 | $ 29,773 | ||||
Total liquidity | 64,000 | 76,600 | ||||||
Letter of Credit [Member] | ||||||||
Debt [Abstract] | ||||||||
Maximum exposure | 1,700 | € 1.5 | ||||||
9.5% Senior Secured Notes [Member] | ||||||||
Debt [Abstract] | ||||||||
Senior secured notes, net of discount | $ 305,800 | $ 304,300 | ||||||
Interest rate | 9.50% | 9.50% | 9.50% | |||||
ABL Credit Facility [Member] | ||||||||
Debt [Abstract] | ||||||||
Availability under credit facility | $ 37,000 | $ 46,800 | ||||||
Threshold percentage of availability under ABL facility used to determine fixed charge coverage ratio covenant applicability | 10.00% | 10.00% | ||||||
Minimum ratio of adjusted EBITDA to fixed charges | 1 | 1 | ||||||
Unused line fee if utilization under the facility is greater than or equal to 50% | 0.25% | 0.25% | ||||||
Unused line fee if utilization under the facility is less than 50.0% | 0.375% | 0.375% | ||||||
Utilization percentage of commitments | 50.00% | 50.00% | ||||||
ABL Credit Facility [Member] | Federal Funds Rate [Member] | ||||||||
Debt [Abstract] | ||||||||
Basis spread | 0.50% | 0.50% | ||||||
ABL Credit Facility [Member] | LIBOR and Agent's Prime Rate [Member] | ||||||||
Debt [Abstract] | ||||||||
Basis spread | 1.00% | 1.00% | ||||||
First-in Last-out Term Facility [Member] | LIBOR [Member] | Minimum [Member] | ||||||||
Debt [Abstract] | ||||||||
Basis spread | 2.75% | 2.75% | ||||||
First-in Last-out Term Facility [Member] | LIBOR [Member] | Maximum [Member] | ||||||||
Debt [Abstract] | ||||||||
Basis spread | 3.25% | 3.25% | ||||||
First-in Last-out Term Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||||||
Debt [Abstract] | ||||||||
Basis spread | 1.00% | 1.00% | ||||||
First-in Last-out Term Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||||
Debt [Abstract] | ||||||||
Basis spread | 1.50% | 1.50% | ||||||
Swingline Loans [Member] | Maximum [Member] | ||||||||
Debt [Abstract] | ||||||||
Aggregate availability subject to certain conditions | $ 10,000 | |||||||
Letters of Credit [Member] | ||||||||
Debt [Abstract] | ||||||||
Aggregate availability subject to certain conditions | $ 20,000 | |||||||
Other Advances [Member] | LIBOR [Member] | Minimum [Member] | ||||||||
Debt [Abstract] | ||||||||
Basis spread | 1.75% | 1.75% | ||||||
Other Advances [Member] | LIBOR [Member] | Maximum [Member] | ||||||||
Debt [Abstract] | ||||||||
Basis spread | 2.25% | 2.25% | ||||||
Other Advances [Member] | Base Rate [Member] | Minimum [Member] | ||||||||
Debt [Abstract] | ||||||||
Basis spread | 0.00% | 0.00% | ||||||
Other Advances [Member] | Base Rate [Member] | Maximum [Member] | ||||||||
Debt [Abstract] | ||||||||
Basis spread | 0.50% | 0.50% | ||||||
Gianetti Ruote, S.r.L. [Member] | Bank Loan [Member] | ||||||||
Debt [Abstract] | ||||||||
Interest rate | 3.40% | 3.40% | ||||||
Bank loan | $ 1,700 | € 1.5 | ||||||
Term | 24 months | 24 months | ||||||
Term of deferred repayment installments | 5 months | 5 months | ||||||
Number of repayment installments | Installment | 19 | 19 | ||||||
Frequency of periodic payment | monthly | monthly | ||||||
Periodic payment | $ 100 | € 0.1 |
Guarantor and Non-guarantor F42
Guarantor and Non-guarantor Financial Statements, Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Guarantor and Non-guarantor Financial Statements [Abstract] | ||||||
Percentage of ownership in domestic subsidiaries | 100.00% | |||||
ASSETS [Abstract] | ||||||
Cash and cash equivalents | $ 26,954 | $ 29,759 | $ 39,125 | $ 29,773 | ||
Customer and other receivables, net | 56,383 | 60,075 | ||||
Intercompany receivables | 0 | 0 | ||||
Inventories | 35,213 | 41,761 | ||||
Other current assets | 8,180 | 7,347 | ||||
Current assets of discontinued operations | 0 | 12,988 | ||||
Total current assets | 126,730 | 151,930 | ||||
Property, plant, and equipment, net | 184,814 | 194,821 | ||||
Goodwill | 96,283 | 96,283 | ||||
Other intangible assets, net | 103,293 | 109,461 | 111,320 | 115,465 | ||
Investments in and advances to subsidiaries and affiliates | 0 | 0 | ||||
Deferred income taxes | 778 | |||||
Other non-current assets | 21,320 | 18,853 | ||||
Non-current assets of discontinued operations | 0 | 32,271 | ||||
TOTAL | 533,218 | 603,619 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ||||||
Accounts payable | 51,089 | 63,870 | ||||
Intercompany payable | 0 | 0 | ||||
Accrued payroll and compensation | 6,090 | 6,178 | ||||
Accrued interest payable | 5,043 | 12,521 | ||||
Accrued and other liabilities | 25,674 | 26,277 | ||||
Current liabilities of discontinued operations | 0 | 13,052 | ||||
Total current liabilities | 87,896 | 121,898 | ||||
Long term debt | 307,435 | 304,254 | ||||
Deferred and non-current income taxes | 20,047 | 13,133 | ||||
Other non-current liabilities | 80,962 | 92,547 | ||||
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 933 | ||||
Stockholders' equity | 36,878 | $ 67,564 | 70,854 | 55,684 | $ 56,432 | 30,803 |
TOTAL | 533,218 | 603,619 | ||||
Parent [Member] | ||||||
ASSETS [Abstract] | ||||||
Cash and cash equivalents | 19,468 | 12,127 | 26,212 | 22,710 | ||
Customer and other receivables, net | 36,634 | 34,900 | ||||
Intercompany receivables | 84,756 | 123,479 | ||||
Inventories | 13,681 | 20,352 | ||||
Other current assets | 6,242 | 3,689 | ||||
Current assets of discontinued operations | 0 | |||||
Total current assets | 160,781 | 194,547 | ||||
Property, plant, and equipment, net | 74,008 | 78,527 | ||||
Goodwill | 96,283 | 96,283 | ||||
Other intangible assets, net | 103,293 | 109,461 | ||||
Investments in and advances to subsidiaries and affiliates | 198,960 | 221,676 | ||||
Deferred income taxes | 0 | |||||
Other non-current assets | 2,549 | 2,806 | ||||
Non-current assets of discontinued operations | 0 | |||||
TOTAL | 635,874 | 703,300 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ||||||
Accounts payable | 12,813 | 18,239 | ||||
Intercompany payable | 217,970 | 239,042 | ||||
Accrued payroll and compensation | 1,348 | 1,485 | ||||
Accrued interest payable | 5,043 | 12,521 | ||||
Accrued and other liabilities | 4,600 | 4,549 | ||||
Current liabilities of discontinued operations | 0 | |||||
Total current liabilities | 241,774 | 275,836 | ||||
Long term debt | 305,736 | 304,188 | ||||
Deferred and non-current income taxes | 26,516 | 17,969 | ||||
Other non-current liabilities | 24,970 | 34,453 | ||||
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS | 0 | |||||
Stockholders' equity | 36,878 | 70,854 | ||||
TOTAL | 635,874 | 703,300 | ||||
Guarantor Subsidiaries [Member] | ||||||
ASSETS [Abstract] | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Customer and other receivables, net | 6,041 | 8,443 | ||||
Intercompany receivables | 214,180 | 67,504 | ||||
Inventories | 13,077 | 13,138 | ||||
Other current assets | 865 | 1,905 | ||||
Current assets of discontinued operations | 12,988 | |||||
Total current assets | 234,163 | 103,978 | ||||
Property, plant, and equipment, net | 58,491 | 65,585 | ||||
Goodwill | 0 | 0 | ||||
Other intangible assets, net | 0 | 0 | ||||
Investments in and advances to subsidiaries and affiliates | 0 | 0 | ||||
Deferred income taxes | 5,805 | |||||
Other non-current assets | 345 | 345 | ||||
Non-current assets of discontinued operations | 32,271 | |||||
TOTAL | 298,804 | 202,179 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ||||||
Accounts payable | 19,446 | 27,978 | ||||
Intercompany payable | 139,680 | 0 | ||||
Accrued payroll and compensation | 1,885 | 2,394 | ||||
Accrued interest payable | 0 | 0 | ||||
Accrued and other liabilities | 6,970 | 6,706 | ||||
Current liabilities of discontinued operations | 13,052 | |||||
Total current liabilities | 167,981 | 50,130 | ||||
Long term debt | 0 | 0 | ||||
Deferred and non-current income taxes | 0 | (4,754) | ||||
Other non-current liabilities | 37,007 | 39,642 | ||||
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS | 933 | |||||
Stockholders' equity | 93,816 | 116,228 | ||||
TOTAL | 298,804 | 202,179 | ||||
Non-guarantor Subsidiaries [Member] | ||||||
ASSETS [Abstract] | ||||||
Cash and cash equivalents | 7,486 | 17,632 | 12,913 | 7,063 | ||
Customer and other receivables, net | 13,705 | 16,366 | ||||
Intercompany receivables | 86,964 | 58,430 | ||||
Inventories | 8,458 | 8,637 | ||||
Other current assets | 1,073 | 1,753 | ||||
Current assets of discontinued operations | 0 | |||||
Total current assets | 117,686 | 102,818 | ||||
Property, plant, and equipment, net | 52,315 | 50,709 | ||||
Goodwill | 0 | 0 | ||||
Other intangible assets, net | 0 | 0 | ||||
Investments in and advances to subsidiaries and affiliates | 0 | 0 | ||||
Deferred income taxes | 1,442 | |||||
Other non-current assets | 18,426 | 15,702 | ||||
Non-current assets of discontinued operations | 0 | |||||
TOTAL | 189,869 | 169,229 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ||||||
Accounts payable | 18,830 | 17,653 | ||||
Intercompany payable | 28,250 | 10,371 | ||||
Accrued payroll and compensation | 2,857 | 2,299 | ||||
Accrued interest payable | 0 | 0 | ||||
Accrued and other liabilities | 14,104 | 15,022 | ||||
Current liabilities of discontinued operations | 0 | |||||
Total current liabilities | 64,041 | 45,345 | ||||
Long term debt | 1,699 | 66 | ||||
Deferred and non-current income taxes | 0 | (82) | ||||
Other non-current liabilities | 18,985 | 18,452 | ||||
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS | 0 | |||||
Stockholders' equity | 105,144 | 105,448 | ||||
TOTAL | 189,869 | 169,229 | ||||
Eliminations [Member] | ||||||
ASSETS [Abstract] | ||||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | ||
Customer and other receivables, net | 3 | 366 | ||||
Intercompany receivables | (385,900) | (249,413) | ||||
Inventories | (3) | (366) | ||||
Other current assets | 0 | 0 | ||||
Current assets of discontinued operations | 0 | |||||
Total current assets | (385,900) | (249,413) | ||||
Property, plant, and equipment, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other intangible assets, net | 0 | 0 | ||||
Investments in and advances to subsidiaries and affiliates | (198,960) | (221,676) | ||||
Deferred income taxes | (6,469) | |||||
Other non-current assets | 0 | 0 | ||||
Non-current assets of discontinued operations | 0 | |||||
TOTAL | (591,329) | (471,089) | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ||||||
Accounts payable | 0 | 0 | ||||
Intercompany payable | (385,900) | (249,413) | ||||
Accrued payroll and compensation | 0 | 0 | ||||
Accrued interest payable | 0 | 0 | ||||
Accrued and other liabilities | 0 | 0 | ||||
Current liabilities of discontinued operations | 0 | |||||
Total current liabilities | (385,900) | (249,413) | ||||
Long term debt | 0 | 0 | ||||
Deferred and non-current income taxes | (6,469) | 0 | ||||
Other non-current liabilities | 0 | 0 | ||||
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS | 0 | |||||
Stockholders' equity | (198,960) | (221,676) | ||||
TOTAL | $ (591,329) | $ (471,089) |
Guarantor and Non-guarantor F43
Guarantor and Non-guarantor Financial Statements, Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net sales | $ 125,202 | $ 145,656 | $ 417,230 | $ 453,094 |
Cost of goods sold | 113,259 | 124,033 | 361,119 | 386,006 |
GROSS PROFIT | 11,943 | 21,623 | 56,111 | 67,088 |
Operating expenses | 10,460 | 10,505 | 34,565 | 33,244 |
INCOME FROM OPERATIONS | 1,483 | 11,118 | 21,546 | 33,844 |
Other income (expense) [Abstract] | ||||
Interest income (expense), net | (8,442) | (8,249) | (25,248) | (24,953) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other income (expense), net | (9) | (1,142) | 582 | (2,398) |
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | (6,968) | 1,727 | (3,120) | 6,493 |
Income tax provision (benefit) | 410 | (3,671) | 1,166 | (3,663) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (7,378) | 5,398 | (4,286) | 10,156 |
Discontinued operations, net of tax | (21,861) | (3,578) | (28,042) | (2,585) |
NET INCOME (LOSS) | (29,239) | 1,820 | (32,328) | 7,571 |
Loss attributable to noncontrolling interest | (627) | 0 | (1,434) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | (28,612) | 1,820 | (30,894) | 7,571 |
Comprehensive income (loss) | (30,740) | (1,439) | (34,076) | 23,152 |
Parent [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net sales | 99,483 | 123,912 | 327,125 | 379,041 |
Cost of goods sold | 87,857 | 117,925 | 279,893 | 348,803 |
GROSS PROFIT | 11,626 | 5,987 | 47,232 | 30,238 |
Operating expenses | 10,026 | 10,363 | 33,542 | 33,100 |
INCOME FROM OPERATIONS | 1,600 | (4,376) | 13,690 | (2,862) |
Other income (expense) [Abstract] | ||||
Interest income (expense), net | (8,859) | (8,749) | (26,621) | (26,191) |
Equity in earnings of subsidiaries | (21,263) | 10,038 | (17,780) | 31,950 |
Other income (expense), net | (44) | (384) | 428 | (663) |
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | (28,566) | (3,471) | (30,283) | 2,234 |
Income tax provision (benefit) | 46 | (5,291) | 611 | (5,337) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (28,612) | 1,820 | (30,894) | 7,571 |
Discontinued operations, net of tax | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | (28,612) | 1,820 | (30,894) | 7,571 |
Loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | (28,612) | 1,820 | (30,894) | 7,571 |
Comprehensive income (loss) | (30,740) | (1,439) | (34,076) | 23,152 |
Guarantor Subsidiaries [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net sales | 35,620 | 48,490 | 121,670 | 155,053 |
Cost of goods sold | 34,959 | 37,068 | 113,371 | 126,830 |
GROSS PROFIT | 661 | 11,422 | 8,299 | 28,223 |
Operating expenses | (259) | 109 | (833) | 27 |
INCOME FROM OPERATIONS | 920 | 11,313 | 9,132 | 28,196 |
Other income (expense) [Abstract] | ||||
Interest income (expense), net | (33) | (47) | (41) | (152) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | 887 | 11,266 | 9,091 | 28,044 |
Income tax provision (benefit) | 0 | 925 | (490) | 578 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 887 | 10,341 | 9,581 | 27,466 |
Discontinued operations, net of tax | (21,810) | (3,620) | (27,943) | (2,834) |
NET INCOME (LOSS) | (20,923) | 6,721 | (18,362) | 24,632 |
Loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | (20,923) | 6,721 | (18,362) | 24,632 |
Comprehensive income (loss) | (23,870) | 2,866 | (21,922) | 37,765 |
Non-guarantor Subsidiaries [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net sales | 35,310 | 30,576 | 105,743 | 94,462 |
Cost of goods sold | 35,651 | 26,014 | 105,153 | 84,778 |
GROSS PROFIT | (341) | 4,562 | 590 | 9,684 |
Operating expenses | 693 | 33 | 1,856 | 117 |
INCOME FROM OPERATIONS | (1,034) | 4,529 | (1,266) | 9,567 |
Other income (expense) [Abstract] | ||||
Interest income (expense), net | 450 | 547 | 1,414 | 1,390 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other income (expense), net | 35 | (758) | 154 | (1,735) |
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | (549) | 4,318 | 302 | 9,222 |
Income tax provision (benefit) | 364 | 695 | 1,045 | 1,096 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (913) | 3,623 | (743) | 8,126 |
Discontinued operations, net of tax | (51) | 42 | (99) | 249 |
NET INCOME (LOSS) | (964) | 3,665 | (842) | 8,375 |
Loss attributable to noncontrolling interest | (627) | 0 | (1,434) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | (337) | 3,665 | 592 | 8,375 |
Comprehensive income (loss) | 525 | 4,735 | 1,119 | 10,763 |
Eliminations [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net sales | (45,211) | (57,322) | (137,308) | (175,462) |
Cost of goods sold | (45,208) | (56,974) | (137,298) | (174,405) |
GROSS PROFIT | (3) | (348) | (10) | (1,057) |
Operating expenses | 0 | 0 | 0 | 0 |
INCOME FROM OPERATIONS | (3) | (348) | (10) | (1,057) |
Other income (expense) [Abstract] | ||||
Interest income (expense), net | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 21,263 | (10,038) | 17,780 | (31,950) |
Other income (expense), net | 0 | 0 | 0 | 0 |
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS | 21,260 | (10,386) | 17,770 | (33,007) |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 21,260 | (10,386) | 17,770 | (33,007) |
Discontinued operations, net of tax | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | 21,260 | (10,386) | 17,770 | (33,007) |
Loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | 21,260 | (10,386) | 17,770 | (33,007) |
Comprehensive income (loss) | $ 23,345 | $ (7,601) | $ 20,803 | $ (48,528) |
Guarantor and Non-guarantor F44
Guarantor and Non-guarantor Financial Statements, Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract] | ||||
Net income (loss) | $ (29,239) | $ 1,820 | $ (32,328) | $ 7,571 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities [Abstract] | ||||
Depreciation | 26,614 | 25,326 | ||
Amortization - deferred financing costs | 1,859 | 1,859 | ||
Amortization - other intangible assets | 6,279 | 6,174 | ||
Loss on disposal of discontinued operation | 19,280 | 0 | ||
Loss (gain) on disposal of assets | 398 | 240 | ||
Deferred income taxes | 15 | (4,864) | ||
Non-cash share-based compensation | 700 | 700 | 1,750 | 2,147 |
Equity in earnings of subsidiaries and affiliates | 0 | 0 | ||
Change in other operating items | (18,416) | (7,358) | ||
Net cash provided by operating activities | 5,451 | 31,095 | ||
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchases of property, plant and equipment | (19,947) | (15,879) | ||
Proceeds from notes receivable | 0 | 0 | ||
Payments on notes receivable | 0 | 0 | ||
Other | 11,682 | (1,903) | ||
Net cash used in investing activities | (8,265) | (17,782) | ||
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Proceeds from notes payable | 22,819 | 21,000 | ||
Payments on notes payable | (20,837) | (23,000) | ||
Principal payments on capital leases | (1,973) | (1,937) | ||
Other | (24) | |||
Net cash provided by (used in) financing activities | 9 | (3,961) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (2,805) | 9,352 | ||
CASH AND CASH EQUIVALENTS-Beginning of period | 29,759 | 29,773 | ||
CASH AND CASH EQUIVALENTS-End of period | 26,954 | 39,125 | 26,954 | 39,125 |
Parent [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract] | ||||
Net income (loss) | (28,612) | 1,820 | (30,894) | 7,571 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities [Abstract] | ||||
Depreciation | 9,476 | 8,302 | ||
Amortization - deferred financing costs | 1,859 | 1,859 | ||
Amortization - other intangible assets | 6,168 | 6,048 | ||
Loss on disposal of discontinued operation | 19,280 | |||
Loss (gain) on disposal of assets | 313 | 256 | ||
Deferred income taxes | 505 | (5,299) | ||
Non-cash share-based compensation | 1,750 | 2,147 | ||
Equity in earnings of subsidiaries and affiliates | 17,780 | (31,950) | ||
Change in other operating items | (45,032) | 44,418 | ||
Net cash provided by operating activities | (18,795) | 33,352 | ||
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchases of property, plant and equipment | (7,350) | (7,499) | ||
Proceeds from notes receivable | (3,586) | 3,518 | ||
Payments on notes receivable | 24,468 | (26,268) | ||
Other | 0 | 0 | ||
Net cash used in investing activities | 13,532 | (30,249) | ||
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Proceeds from notes payable | 46,924 | 15,312 | ||
Payments on notes payable | (34,320) | (18,053) | ||
Principal payments on capital leases | 0 | 0 | ||
Other | 3,140 | |||
Net cash provided by (used in) financing activities | 12,604 | 399 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 7,341 | 3,502 | ||
CASH AND CASH EQUIVALENTS-Beginning of period | 12,127 | 22,710 | ||
CASH AND CASH EQUIVALENTS-End of period | 19,468 | 26,212 | 19,468 | 26,212 |
Guarantor Subsidiaries [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract] | ||||
Net income (loss) | (20,923) | 6,721 | (18,362) | 24,632 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities [Abstract] | ||||
Depreciation | 13,685 | 14,142 | ||
Amortization - deferred financing costs | 0 | 0 | ||
Amortization - other intangible assets | 111 | 126 | ||
Loss on disposal of discontinued operation | 0 | |||
Loss (gain) on disposal of assets | (171) | 39 | ||
Deferred income taxes | (490) | 435 | ||
Non-cash share-based compensation | 0 | 0 | ||
Equity in earnings of subsidiaries and affiliates | 0 | 0 | ||
Change in other operating items | 36,900 | (52,797) | ||
Net cash provided by operating activities | 31,673 | (13,423) | ||
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchases of property, plant and equipment | (7,896) | (7,449) | ||
Proceeds from notes receivable | (22,508) | (28,217) | ||
Payments on notes receivable | 13,483 | 75,191 | ||
Other | 11,682 | (1,903) | ||
Net cash used in investing activities | (5,239) | 37,622 | ||
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Proceeds from notes payable | 7 | 64,288 | ||
Payments on notes payable | (24,468) | (86,550) | ||
Principal payments on capital leases | (1,973) | (1,937) | ||
Other | 0 | |||
Net cash provided by (used in) financing activities | (26,434) | (24,199) | ||
NET INCREASE (DECREASE) 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 [Abstract] | ||||
Net income (loss) | (964) | 3,665 | (842) | 8,375 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities [Abstract] | ||||
Depreciation | 3,453 | 2,882 | ||
Amortization - deferred financing costs | 0 | 0 | ||
Amortization - other intangible assets | 0 | 0 | ||
Loss on disposal of discontinued operation | 0 | |||
Loss (gain) on disposal of assets | 256 | (55) | ||
Deferred income taxes | 0 | 0 | ||
Non-cash share-based compensation | 0 | 0 | ||
Equity in earnings of subsidiaries and affiliates | 0 | 0 | ||
Change in other operating items | (10,294) | (36) | ||
Net cash provided by operating activities | (7,427) | 11,166 | ||
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchases of property, plant and equipment | (4,701) | (931) | ||
Proceeds from notes receivable | 0 | (33,901) | ||
Payments on notes receivable | 0 | 32,680 | ||
Other | 0 | 0 | ||
Net cash used in investing activities | (4,701) | (2,152) | ||
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Proceeds from notes payable | 3,579 | 0 | ||
Payments on notes payable | (1,597) | 0 | ||
Principal payments on capital leases | 0 | 0 | ||
Other | (3,164) | |||
Net cash provided by (used in) financing activities | 1,982 | (3,164) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (10,146) | 5,850 | ||
CASH AND CASH EQUIVALENTS-Beginning of period | 17,632 | 7,063 | ||
CASH AND CASH EQUIVALENTS-End of period | 7,486 | 12,913 | 7,486 | 12,913 |
Eliminations [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract] | ||||
Net income (loss) | 21,260 | (10,386) | 17,770 | (33,007) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities [Abstract] | ||||
Depreciation | 0 | 0 | ||
Amortization - deferred financing costs | 0 | 0 | ||
Amortization - other intangible assets | 0 | 0 | ||
Loss on disposal of discontinued operation | 0 | |||
Loss (gain) on disposal of assets | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Non-cash share-based compensation | 0 | 0 | ||
Equity in earnings of subsidiaries and affiliates | (17,780) | 31,950 | ||
Change in other operating items | 10 | 1,057 | ||
Net cash provided by operating activities | 0 | 0 | ||
CASH FLOWS FROM INVESTING ACTIVITIES [Abstract] | ||||
Purchases of property, plant and equipment | 0 | 0 | ||
Proceeds from notes receivable | 26,094 | 58,600 | ||
Payments on notes receivable | (37,951) | (81,603) | ||
Other | 0 | 0 | ||
Net cash used in investing activities | (11,857) | (23,003) | ||
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract] | ||||
Proceeds from notes payable | (27,691) | (58,600) | ||
Payments on notes payable | 39,548 | 81,603 | ||
Principal payments on capital leases | 0 | 0 | ||
Other | 0 | |||
Net cash provided by (used in) financing activities | 11,857 | 23,003 | ||
NET INCREASE (DECREASE) 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 |
Changes in Accumulated Other 45
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Balance at beginning of period | $ 57,004 | ||||
Income tax (expense) or benefit | $ 306 | $ (3,141) | 509 | $ (3,893) | |
Other comprehensive income (loss), net of tax | (2,128) | (3,259) | (3,182) | 15,581 | |
Balance as of September 30, 2016 | 24,462 | 24,462 | |||
Foreign Exchange [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Balance at beginning of period | (275) | 75 | |||
Other comprehensive income (loss), net of tax | 409 | 59 | |||
Balance as of September 30, 2016 | 134 | 134 | |||
Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Balance at beginning of period | (35,466) | (38,996) | (35,355) | (40,160) | |
Income tax (expense) or benefit | (42) | (227) | 111 | (421) | |
Other comprehensive income (loss), net of tax | 341 | 885 | 230 | 2,049 | |
Balance as of September 30, 2016 | (35,125) | (38,111) | (35,125) | (38,111) | |
Post Retirement Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Balance at beginning of period | 17,262 | 8,198 | 17,855 | (9,478) | |
Income tax (expense) or benefit | 348 | (2,914) | 398 | (3,472) | |
Other comprehensive income (loss), net of tax | (2,878) | (4,144) | (3,471) | 13,532 | |
Balance as of September 30, 2016 | 14,384 | 4,054 | 14,384 | 4,054 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Balance at beginning of period | (18,479) | (30,798) | (17,425) | (49,638) | |
Balance as of September 30, 2016 | (20,607) | (34,057) | (20,607) | (34,057) | |
Actuarial Costs [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | 267 | 393 | 794 | 1,219 |
Actuarial Costs [Member] | Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | 179 | 304 | 541 | 935 |
Actuarial Costs [Member] | Post Retirement Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | 88 | 89 | 253 | 284 |
Prior Service Costs [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | (344) | (225) | (1,065) | (305) |
Prior Service Costs [Member] | Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | 11 | 11 | 33 | 33 |
Prior Service Costs [Member] | Post Retirement Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | (355) | (236) | (1,098) | (338) |
Foreign Currency Translation [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | 675 | 1,094 | (388) | 2,069 | |
Foreign Currency Translation [Member] | Foreign Exchange [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | 409 | 59 | |||
Income tax (expense) or benefit | 0 | 0 | |||
Foreign Currency Translation [Member] | Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | 193 | 797 | (455) | 1,502 | |
Foreign Currency Translation [Member] | Post Retirement Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | 73 | 297 | 8 | 567 | |
AOCI from sale of subsidiary [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | (3,032) | (3,032) | |||
AOCI from sale of subsidiary [Member] | Foreign Exchange [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||
AOCI from sale of subsidiary [Member] | Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||
AOCI from sale of subsidiary [Member] | Post Retirement Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | $ (3,032) | $ (3,032) | |||
Remeasurements [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | (1,380) | 16,491 | |||
Remeasurements [Member] | Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||
Remeasurements [Member] | Post Retirement Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) (Roll Forward) | |||||
Amounts reclassified from accumulated other comprehensive loss | $ (1,380) | $ 16,491 | |||
[1] | Reclassified to salaries, wages, and benefits. |