x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2016 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to . |
Delaware | 20-1380758 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
259 Prospect Plains Road Cranbury, New Jersey | 08512 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large Accelerated Filer | x | Accelerated Filer | o | |
Non-accelerated filer | o | Smaller reporting company | o |
Page | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
ITEM 1. | FINANCIAL STATEMENTS |
March 31, 2016 | December 31, 2015 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 15,434 | $ | 17,905 | |||
Accounts receivable, net | 91,888 | 79,743 | |||||
Inventories | 166,610 | 172,667 | |||||
Assets held for sale | 563 | — | |||||
Other current assets | 30,567 | 23,514 | |||||
Total current assets | 305,062 | 293,829 | |||||
Property, plant and equipment, net | 199,360 | 199,494 | |||||
Goodwill | 84,373 | 84,373 | |||||
Intangibles and other assets, net | 88,821 | 90,522 | |||||
Total assets | $ | 677,616 | $ | 668,218 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 4,001 | $ | 4,002 | |||
Accounts payable, trade and other | 43,346 | 36,898 | |||||
Other current liabilities | 46,237 | 63,204 | |||||
Total current liabilities | 93,584 | 104,104 | |||||
Long-term debt | 225,834 | 207,665 | |||||
Other long-term liabilities | 22,175 | 23,189 | |||||
Total liabilities | $ | 341,593 | $ | 334,958 | |||
Commitments and contingencies (note 12) | |||||||
Common stock, par value $.001 per share; authorized 100,000,000; issued 22,618,073 and 22,586,016; outstanding 19,319,060 and 19,290,025 shares | 19 | 19 | |||||
Paid-in capital | 132,086 | 132,399 | |||||
Common stock held in treasury, at cost (3,299,013 and 3,295,991 shares) | (174,685 | ) | (174,685 | ) | |||
Retained earnings | 381,897 | 378,321 | |||||
Accumulated other comprehensive loss | (3,294 | ) | (2,794 | ) | |||
Total stockholders' equity | 336,023 | 333,260 | |||||
Total liabilities and stockholders' equity | $ | 677,616 | $ | 668,218 |
Three months ended | |||||||
March 31, 2016 | March 31, 2015 | ||||||
Net sales | $ | 189,630 | $ | 201,609 | |||
Cost of goods sold | 148,914 | 161,083 | |||||
Gross profit | 40,716 | 40,526 | |||||
Operating expenses: | |||||||
Selling, general and administrative | 18,235 | 17,991 | |||||
Research & development expenses | 996 | 1,174 | |||||
Total operating expenses | 19,231 | 19,165 | |||||
Operating income | 21,485 | 21,361 | |||||
Interest expense, net | 1,799 | 1,151 | |||||
Foreign exchange (gain) loss | (39 | ) | 2,315 | ||||
Income before income taxes | 19,725 | 17,895 | |||||
Provision for income taxes | 6,883 | 5,952 | |||||
Net income | $ | 12,842 | $ | 11,943 | |||
Net income attributable to participating common shareholders | $ | 12,793 | $ | 11,929 | |||
Per share data (note 2): | |||||||
Income per participating share: | |||||||
Basic | $ | 0.67 | $ | 0.56 | |||
Diluted | $ | 0.66 | $ | 0.55 | |||
Weighted average participating shares outstanding: | |||||||
Basic | 19,229,501 | 21,183,808 | |||||
Diluted | 19,430,029 | 21,501,634 | |||||
Other comprehensive (loss) income, net of tax: | |||||||
Change in interest rate swaps, (net of tax $219 and $267) | $ | (358 | ) | $ | (437 | ) | |
Change in pension and post-retirement plans, (net of tax $50 and ($101)) | (142 | ) | 298 | ||||
Other comprehensive (loss) income, net of tax | $ | (500 | ) | $ | (139 | ) | |
Comprehensive income | $ | 12,342 | $ | 11,804 |
Three months ended | |||||||
March 31, 2016 | March 31, 2015 | ||||||
Cash flows (used for) provided from operating activities | |||||||
Net income | $ | 12,842 | $ | 11,943 | |||
Adjustments to reconcile net income to net cash (used for) provided from operating activities: | |||||||
Depreciation and amortization | 9,282 | 9,871 | |||||
Amortization of deferred financing charges | 168 | 143 | |||||
Deferred income tax provision | — | 107 | |||||
Share-based compensation | 9 | 183 | |||||
Changes in assets and liabilities: | |||||||
Increase in accounts receivable | (12,170 | ) | (9,930 | ) | |||
Decrease in inventories | 6,072 | 8,268 | |||||
Increase in other current assets | (7,119 | ) | (2,719 | ) | |||
Increase (decrease) in accounts payable | 6,310 | (16,615 | ) | ||||
Decrease in other current liabilities | (16,886 | ) | (429 | ) | |||
Changes in other long-term assets and liabilities | (1,582 | ) | 1,271 | ||||
Net cash (used for) provided from operating activities | (3,074 | ) | 2,093 | ||||
Cash flows used for investing activities: | |||||||
Capital expenditures | (8,024 | ) | (5,911 | ) | |||
Net cash used for investing activities | (8,024 | ) | (5,911 | ) | |||
Cash flows provided from financing activities: | |||||||
Proceeds from exercise of options | 9 | 189 | |||||
Long-term debt borrowings | 23,000 | 70,000 | |||||
Long-term debt repayments | (5,001 | ) | (1,001 | ) | |||
Excess tax (deficiency) benefit from exercise of stock options | (331 | ) | 273 | ||||
Common stock repurchases and restricted stock forfeitures | — | (34,316 | ) | ||||
Dividends paid | (9,256 | ) | (10,198 | ) | |||
Net cash provided from financing activities | 8,421 | 24,947 | |||||
Effect of foreign exchange rate changes on cash and cash equivalents | 206 | (90 | ) | ||||
Net change in cash | (2,471 | ) | 21,039 | ||||
Cash and cash equivalents at beginning of period | 17,905 | 36,207 | |||||
Cash and cash equivalents at end of period | $ | 15,434 | $ | 57,246 |
Number of Common Shares | Common Stock | Retained Earnings (Deficit) | Paid-in Capital / Treasury Stock | Accumulated Other Comprehensive Income/(Loss) | Total Shareholders' Equity | |||||||||||||||||
Balance, December 31, 2014 | 21,480 | $ | 21 | $ | 390,525 | $ | 75,274 | $ | (2,813 | ) | $ | 463,007 | ||||||||||
Net income | 26,346 | 26,346 | ||||||||||||||||||||
Other comprehensive income, (net of tax $(2)) | 19 | 19 | ||||||||||||||||||||
Proceeds from stock award exercises and issuances | 139 | 246 | 246 | |||||||||||||||||||
Share-based compensation | 6,618 | 6,618 | ||||||||||||||||||||
Excess tax benefits from exercise of stock options | 975 | 975 | ||||||||||||||||||||
Common stock repurchases | (2,319 | ) | (2 | ) | (124,998 | ) | (125,000 | ) | ||||||||||||||
Restricted stock forfeitures | (10 | ) | (401 | ) | (401 | ) | ||||||||||||||||
Dividends declared | (38,550 | ) | (38,550 | ) | ||||||||||||||||||
Balance, December 31, 2015 | 19,290 | $ | 19 | $ | 378,321 | $ | (42,286 | ) | $ | (2,794 | ) | $ | 333,260 | |||||||||
Net income | 12,842 | 12,842 | ||||||||||||||||||||
Other comprehensive loss, (net of tax $269) | (500 | ) | (500 | ) | ||||||||||||||||||
Proceeds from stock award exercises and issuances | 32 | 9 | 9 | |||||||||||||||||||
Share-based compensation | 9 | 9 | ||||||||||||||||||||
Excess tax benefits from exercise of stock options | (331 | ) | (331 | ) | ||||||||||||||||||
Restricted stock forfeitures | (3 | ) | — | — | ||||||||||||||||||
Dividends declared | (9,266 | ) | (9,266 | ) | ||||||||||||||||||
Balance, March 31, 2016 | 19,319 | $ | 19 | $ | 381,897 | $ | (42,599 | ) | $ | (3,294 | ) | $ | 336,023 |
Three Months Ended | |||||||
March 31, 2016 | March 31, 2015 | ||||||
Net income | $ | 12,842 | $ | 11,943 | |||
Less: earnings attributable to unvested shares | (49 | ) | (14 | ) | |||
Net income available to participating common shareholders | $ | 12,793 | $ | 11,929 | |||
Weighted average number of participating common and potential common shares outstanding: | |||||||
Basic number of participating common shares outstanding | 19,229,501 | 21,183,808 | |||||
Dilutive effect of stock equivalents | 200,528 | 317,826 | |||||
Diluted number of weighted average participating common shares outstanding | 19,430,029 | 21,501,634 | |||||
Earnings per participating common share: | |||||||
Earnings per participating common share—Basic | $ | 0.67 | $ | 0.56 | |||
Earnings per participating common share—Diluted | $ | 0.66 | $ | 0.55 | |||
Total outstanding options, performance share awards and unvested restricted stock not included in the calculation of diluted earnings per share as the effect would be anti-dilutive | 437,241 | 343,585 |
Three Months Ended | |||||||
March 31 | |||||||
2016 | 2015 | ||||||
Dividends declared – per share | $ | 0.48 | $ | 0.48 | |||
Dividends declared – aggregate | 9,256 | 10,198 | |||||
Dividends paid – per share | 0.48 | 0.48 | |||||
Dividends paid – aggregate | 9,256 | 10,198 |
Three Months Ended | |||||||
March 31, 2016 | March 31, 2015 | ||||||
Stock options | $ | (226 | ) | $ | 248 | ||
Restricted stock | (170 | ) | 246 | ||||
Performance shares | 405 | (311 | ) | ||||
Total share-based compensation expense (a) | $ | 9 | $ | 183 |
March 31, 2016 | December 31, 2015 | ||||||
Raw materials | $ | 37,710 | $ | 44,391 | |||
Finished products | 114,300 | 115,305 | |||||
Spare parts | 14,600 | 12,971 | |||||
$ | 166,610 | $ | 172,667 |
March 31, 2016 | December 31, 2015 | ||||||
Creditable taxes (value added taxes) | 10,787 | $ | 8,235 | ||||
Vendor inventory deposits (prepaid) | 12,440 | 7,977 | |||||
Prepaid income taxes | 3,133 | 2,668 | |||||
Prepaid insurance | 1,509 | 2,070 | |||||
Other | 2,698 | 2,564 | |||||
$ | 30,567 | $ | 23,514 |
Useful life (years) | March 31, 2016 | December 31, 2015 | |||||||
Developed technology and application patents, net of accumulated amortization of $25,575 for 2016 and $24,840 for 2015 | 7-20 | $ | 20,700 | $ | 21,435 | ||||
Customer relationships, net of accumulated amortization of $16,501 for 2016 and $15,812 for 2015 | 5-15 | 22,311 | 23,000 | ||||||
Trade names and license agreements, net of accumulated amortization of $9,287 for 2016 and $8,944 for 2015 | 5-20 | 8,374 | 8,717 | ||||||
Non-compete agreements, net of accumulated amortization of $1,151 for 2016 and $1,112 for 2015 | 3-10 | 182 | 221 | ||||||
Total intangibles | $ | 51,567 | $ | 53,373 | |||||
Deferred income taxes | $ | 28,842 | $ | 28,842 | |||||
Other tax assets | 6,281 | 6,014 | |||||||
Other assets | 2,131 | 2,293 | |||||||
Total other assets | $ | 37,254 | $ | 37,149 | |||||
$ | 88,821 | $ | 90,522 |
March 31, 2016 | December 31, 2015 | ||||||
Payroll related | $ | 9,566 | $ | 9,513 | |||
Taxes other than income taxes | 3,061 | 5,779 | |||||
Benefits and pensions | 3,515 | 5,764 | |||||
Freight and rebates | 3,816 | 4,606 | |||||
Income taxes | 11,492 | 23,609 | |||||
Restructuring | 9,863 | 9,335 | |||||
Other | 4,924 | 4,598 | |||||
$ | 46,237 | $ | 63,204 |
March 31, 2016 | December 31, 2015 | ||||||
Term loan due 2017 | $ | 87,000 | $ | 88,000 | |||
Revolver borrowings under the credit facility due 2017 | 144,000 | 125,000 | |||||
Deferred financing costs, net of accumulated amortization of $2,961 for 2016 and $2,793 for 2015 | $ | (1,166 | ) | (1,335 | ) | ||
Capital leases | 1 | 2 | |||||
Total borrowings | $ | 229,835 | $ | 211,667 | |||
Less current portion | 4,001 | 4,002 | |||||
Long-term debt | $ | 225,834 | $ | 207,665 |
Three months ended | |||||||
March 31, 2016 | March 31, 2015 | ||||||
Interest expense | $ | 1,711 | $ | 1,026 | |||
Deferred financing cost | 168 | 143 | |||||
Interest income | (14 | ) | (7 | ) | |||
Less: amount capitalized for capital projects | (66 | ) | (11 | ) | |||
Total interest expense, net | $ | 1,799 | $ | 1,151 |
March 31, 2016 | December 31, 2015 | ||||||
Deferred income taxes | $ | 1,944 | $ | 2,135 | |||
Pension and post retirement liabilities | 9,792 | 9,612 | |||||
Restructuring and management transition reserve | 2,595 | 4,054 | |||||
Uncertain tax positions | 2,466 | 2,416 | |||||
Environmental liabilities | 1,100 | 1,100 | |||||
Other liabilities | 4,278 | 3,872 | |||||
$ | 22,175 | $ | 23,189 |
For the three months ended March 31, 2016 | For the three months ended March 31, 2015 | ||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | ||||||||||||||||||
Service cost | $ | — | $ | 46 | $ | 46 | $ | — | $ | 80 | $ | 80 | |||||||||||
Interest cost | 29 | 44 | 73 | 29 | 42 | 71 | |||||||||||||||||
Expected return on assets | (36 | ) | — | (36 | ) | (35 | ) | — | (35 | ) | |||||||||||||
Amortization of | |||||||||||||||||||||||
prior service cost | — | — | — | — | — | — | |||||||||||||||||
unrecognized (gain) loss | 2 | (13 | ) | (11 | ) | 16 | (6 | ) | 10 | ||||||||||||||
Net periodic cost | $ | (5 | ) | $ | 77 | $ | 72 | $ | 10 | $ | 116 | $ | 126 |
For the three months ended March 31, 2016 | For the three months ended March 31, 2015 | ||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | ||||||||||||||||||
Service cost | $ | 87 | $ | 12 | $ | 99 | $ | 89 | $ | 12 | $ | 101 | |||||||||||
Interest cost | 118 | 12 | 130 | 131 | 14 | 145 | |||||||||||||||||
Expected return on assets | (185 | ) | — | (185 | ) | (200 | ) | — | (200 | ) | |||||||||||||
Amortization of | |||||||||||||||||||||||
actuarial loss (gain) | 50 | — | 50 | 41 | — | 41 | |||||||||||||||||
prior service cost | 25 | — | 25 | 28 | — | 28 | |||||||||||||||||
net transition obligation | — | 6 | 6 | — | 6 | 6 | |||||||||||||||||
Exchange rate changes | (288 | ) | 78 | (210 | ) | 479 | (107 | ) | 372 | ||||||||||||||
Net periodic cost | $ | (193 | ) | $ | 108 | $ | (85 | ) | $ | 568 | $ | (75 | ) | $ | 493 |
For the three months ended March 31, 2016 | Pension and Other Postretirement Adjustments | Changes in Fair Value of Effective Cash Flow Hedges | Total | ||||||||
Balance at December 31, 2015 | $ | (2,842 | ) | $ | 48 | $ | (2,794 | ) | |||
Other comprehensive income (loss) before reclassifications | (142 | ) | (358 | ) | (500 | ) | |||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | ||||||||
Net current period other comprehensive income (loss) | (142 | ) | (358 | ) | (500 | ) | |||||
Balance at March 31, 2016 | $ | (2,984 | ) | $ | (310 | ) | $ | (3,294 | ) | ||
For the three months ended March 31, 2015 | Pension and Other Postretirement Adjustments | Changes in Fair Value of Effective Cash Flow Hedges | Total | ||||||||
Balance at December 31, 2014 | $ | (3,175 | ) | $ | 362 | $ | (2,813 | ) | |||
Other comprehensive income (loss) before reclassifications | 298 | (437 | ) | (139 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | ||||||||
Net current period other comprehensive income (loss) | 298 | (437 | ) | (139 | ) | ||||||
Balance at March 31, 2015 | $ | (2,877 | ) | $ | (75 | ) | $ | (2,952 | ) |
For the three ended March 31, 2016 | Restructuring Costs | ||
Balance at December 31, 2015 | $ | 13,389 | |
Expense recorded | 481 | ||
Payments made | (1,412 | ) | |
Balance at March 31, 2016 | $ | 12,458 |
For the three months ended March 31, 2016 | Specialty Phosphates US & Canada | Specialty Phosphates Mexico | GTSP & Other | Eliminations | Total | |||||||||||||||
Sales | $ | 136,720 | $ | 40,398 | $ | 12,512 | $ | — | $ | 189,630 | ||||||||||
Intersegment sales | 2,834 | 14,522 | 73 | (17,429 | ) | — | ||||||||||||||
Total sales | $ | 139,554 | $ | 54,920 | $ | 12,585 | $ | (17,429 | ) | $ | 189,630 | |||||||||
EBITDA | $ | 17,611 | $ | 13,158 | $ | 37 | $ | — | $ | 30,806 | ||||||||||
Depreciation and amortization expense | $ | 6,191 | $ | 2,192 | $ | 899 | $ | — | $ | 9,282 | ||||||||||
For the three months ended March 31, 2015 | Specialty Phosphates US & Canada | Specialty Phosphates Mexico | GTSP & Other | Eliminations | Total | |||||||||||||||
Sales | $ | 147,124 | $ | 42,220 | $ | 12,265 | $ | — | $ | 201,609 | ||||||||||
Intersegment sales | 3,426 | 13,722 | 59 | (17,207 | ) | — | ||||||||||||||
Total sales | $ | 150,550 | $ | 55,942 | $ | 12,324 | $ | (17,207 | ) | $ | 201,609 | |||||||||
EBITDA | $ | 21,949 | $ | 7,973 | $ | (1,005 | ) | $ | — | $ | 28,917 | |||||||||
Depreciation and amortization expense | $ | 6,939 | $ | 2,098 | $ | 834 | $ | — | $ | 9,871 |
Three months ended | ||||||||
March 31, 2016 | March 31, 2015 | |||||||
Net income | $ | 12,842 | $ | 11,943 | ||||
Provision for income taxes | 6,883 | 5,952 | ||||||
Interest expense, net | 1,799 | 1,151 | ||||||
Depreciation and amortization | 9,282 | 9,871 | ||||||
EBITDA | $ | 30,806 | $ | 28,917 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | Continued headwinds in sales; seasonality expected to provide sequential improvement. |
• | Strength of US Dollar will continue to attract competition from overseas and pressure exports from the US. |
• | Some softening of raw material costs. |
• | Planned maintenance stoppage cost expected in the $4 million range. |
Three Months Ended | Three Months Ended | ||||||||||||
March 31, 2016 | March 31, 2015 | ||||||||||||
Amount | % | Amount | % | ||||||||||
Net sales | $ | 189.6 | 100.0 | $ | 201.6 | 100.0 | |||||||
Cost of goods sold | 148.9 | 78.5 | 161.1 | 79.9 | |||||||||
Gross profit | 40.7 | 21.5 | 40.5 | 20.1 | |||||||||
Operating expenses: | |||||||||||||
Selling, general and administrative | 18.2 | 9.6 | 18.0 | 8.9 | |||||||||
Research & development | 1.0 | 0.5 | 1.1 | 0.5 | |||||||||
Income from operations | 21.5 | 11.3 | 21.4 | 10.6 | |||||||||
Interest expense, net | 1.8 | 0.9 | 1.2 | 0.6 | |||||||||
Foreign exchange losses (gains), net | — | — | 2.3 | 1.1 | |||||||||
Provision for income taxes | 6.9 | 3.6 | 6.0 | 3.0 | |||||||||
Net income | $ | 12.8 | 6.8 | $ | 11.9 | 5.9 |
Price | Volume/Mix | Total | ||||||
Specialty Phosphates US & Canada | 1.2 | % | (8.3 | )% | (7.1 | )% | ||
Specialty Phosphates Mexico | (2.9 | )% | (1.4 | )% | (4.3 | )% | ||
Total Specialty Phosphates | 0.3 | % | (6.8 | )% | (6.5 | )% | ||
GTSP & Other | (16.6 | )% | 18.6 | % | 2.0 | % | ||
Total | (0.7 | )% | (5.2 | )% | (5.9 | )% |
Price | Volume/Mix | Total | ||||||
Specialty Ingredients | 1.2 | % | (7.7 | )% | (6.5 | )% | ||
Food & Technical Grade PPA | (1.7 | )% | (2.6 | )% | (4.3 | )% | ||
STPP & Detergent Grade PPA | (1.9 | )% | (8.9 | )% | (10.8 | )% |
Three Months Ended | ||||||||||
March 31, 2016 | March 31, 2015 | Net Sales % Change | ||||||||
Segment Net Sales | ||||||||||
Specialty Phosphates US & Canada | $ | 136,720 | $ | 147,124 | (7.1 | )% | ||||
Specialty Phosphates Mexico | 40,398 | 42,220 | (4.3 | )% | ||||||
Total Specialty Phosphates | 177,118 | 189,344 | (6.5 | )% | ||||||
GTSP & Other | 12,512 | 12,265 | 2.0 | % | ||||||
Total | $ | 189,630 | $ | 201,609 | (5.9 | )% | ||||
Segment EBITDA | ||||||||||
Specialty Phosphates US & Canada | $ | 17,611 | $ | 21,949 | ||||||
Specialty Phosphates Mexico | 13,158 | 7,973 | ||||||||
Total Specialty Phosphates | 30,769 | 29,922 | ||||||||
GTSP & Other | 37 | (1,005 | ) | |||||||
Total | $ | 30,806 | $ | 28,917 | ||||||
Segment EBITDA % of net sales | ||||||||||
Specialty Phosphates US & Canada | 12.9 | % | 14.9 | % | ||||||
Specialty Phosphates Mexico | 32.6 | % | 18.9 | % | ||||||
Total Specialty Phosphates | 17.4 | % | 15.8 | % | ||||||
GTSP & Other | 0.3 | % | (8.2 | )% | ||||||
Total | 16.2 | % | 14.3 | % | ||||||
Depreciation and amortization expense | ||||||||||
Specialty Phosphates US & Canada | $ | 6,191 | $ | 6,939 | ||||||
Specialty Phosphates Mexico | 2,192 | 2,098 | ||||||||
Total Specialty Phosphates | $ | 8,383 | $ | 9,037 | ||||||
GTSP & Other | 899 | 834 | ||||||||
Total | $ | 9,282 | $ | 9,871 |
Three months ended | ||||||||
March 31, 2016 | March 31, 2015 | |||||||
Net income | $ | 12,842 | $ | 11,943 | ||||
Provision for income taxes | 6,883 | 5,952 | ||||||
Interest expense, net | 1,799 | 1,151 | ||||||
Depreciation and amortization | 9,282 | 9,871 | ||||||
EBITDA | $ | 30,806 | $ | 28,917 |
(Dollars in millions) | Three months ended | ||||||
March 31, 2016 | March 31, 2015 | ||||||
Operating Activities | $ | (3.1 | ) | $ | 2.1 | ||
Investing Activities | (8.0 | ) | (5.9 | ) | |||
Financing Activities | 8.4 | 24.9 | |||||
Effect of foreign exchange rate changes | 0.2 | (0.1 | ) |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | OTHER INFORMATION |
ITEM 6. | EXHIBITS |
Exhibit No. | Description | |
31.1 | Certification of Principal Executive Officer dated April 29, 2016 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | Certification of Principal Financial Officer dated April 29, 2016 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1* | Certification of Principal Executive Officer dated April 29, 2016 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2* | Certification of Principal Financial Officer dated April 29, 2016 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Not to be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section, nor deemed to be incorporated by reference into any filing under that Act or the Securities Act of 1933. |
INNOPHOS HOLDINGS, INC. | |
/s/ Kim Ann Mink | |
By: | Kim Ann Mink |
Its: | Chief Executive Officer, President and Director |
(Principal Executive Officer) | |
Dated: | April 29, 2016 |
INNOPHOS HOLDINGS, INC. | |
/s/ Han Kieftenbeld | |
By: | Han Kieftenbeld |
Its: | Senior Vice President and Chief Financial Officer |
(Principal Financial Officer) | |
Dated: | April 29, 2016 |
Exhibit No. | Description | |
31.1 | Certification of Principal Executive Officer dated April 29, 2016 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | Certification of Principal Financial Officer dated April 29, 2016 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1* | Certification of Principal Executive Officer dated April 29, 2016 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2* | Certification of Principal Financial Officer dated April 29, 2016 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Not to be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section, nor deemed to be incorporated by reference into any filing under that Act or the Securities Act of 1933. |
Dated: | April 29, 2016 | By: | /S/ KIM ANN MINK |
Kim Ann Mink | |||
Chief Executive Officer, President and Director (Principal Executive Officer) |
Dated: | April 29, 2016 | By: | /S/ HAN KIEFTENBELD |
Han Kieftenbeld | |||
Vice President and Chief Financial Officer (Principal Financial Officer) |
/S/ KIM ANN MINK |
Kim Ann Mink |
Chief Executive Officer and Director (Principal Executive Officer) |
/S/ HAN KIEFTENBELD |
Han Kieftenbeld |
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
Document and Entity Information Document |
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Document Information [Line Items] | |
Entity Registrant Name | Innophos Holdings, Inc. |
Trading Symbol | IPHS |
Entity Central Index Key | 0001364099 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2016 |
Document Fiscal Year Focus | 2016 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 19,319,060 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance Sheets (Unaudited) Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Common Stock, Shares, Issued | 22,618,073 | 22,586,016 |
Common Stock, Shares, Outstanding | 19,319,060 | 19,290,025 |
Treasury Stock, Shares | 3,299,013 | 3,295,991 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 219 | $ 267 |
Other Comprehensive Income (Loss) Pension and Post-Retirement Plans Tax Effect Period Increase Decrease | $ 50 | $ (101) |
Statements of Stockholders' Equity (Unaudited) Statements of Stockholders' Equity Parenthetical - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
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Mar. 31, 2016 |
Dec. 31, 2015 |
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Other Comprehensive Income (Loss), Tax | $ 269 | $ (2) |
Basis of Statement Presentation |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Statement Presentation Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Innophos have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP) for interim financial reporting and do not include all disclosures required by US GAAP for annual financial reporting, and should be read in conjunction with the audited consolidated and combined financial statements of the Company at December 31, 2015 and for the three years then ended. The accompanying unaudited condensed consolidated financial statements of the Company reflect all adjustments which management considers necessary for a fair statement of the results of operations for the interim periods and is subject to year-end adjustments. The results of operations for the interim periods are not necessarily indicative of the results for the full year. The December 31, 2015 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by US GAAP. Certain prior year balances have been reclassified to conform to current year presentation. Recently Issued Accounting Standards Adopted In June 2014, the Financial Accounting Standard Board (FASB) issued guidance which requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The guidance is effective for the interim and annual periods beginning on or after December 15, 2015. The adoption of this standard did not have a material impact on our financial position, results of operations and related disclosures. In January 2015, the FASB issued new accounting rules which remove the concept of extraordinary items from US GAAP. Under the existing guidance, an entity is required to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is of an unusual nature and occurs infrequently. This separate, net-of-tax presentation (and corresponding earnings per share impact) will no longer be allowed. The new rules will be effective for us in the first quarter of 2016. The adoption of the new accounting rules did not have a material impact on our financial position, results of operations and related disclosures. In February 2015, the FASB issued amendments to the criteria for determining which entities are considered variable interest entities (VIEs) and to the criteria for determining if a service provider possesses a variable interest in a VIE and ends the deferral granted to investment companies for application of the VIE consolidation model. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2015. The adoption of this standard did not have a material impact on our financial position, results of operations and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2015, and early adoption is permitted. The adoption of the new accounting rules did not have a material impact on our financial position, results of operations and related disclosures, although it did change the financial statement classification of our debt issuance costs. Issued but not yet adopted In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2017 (early adoption is permitted to the interim periods within the year of adoption). In July 2015 the FASB deferred the effective date by one year. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the amended guidance on our consolidated financial position, results of operations and related disclosures. In August 2014, the FASB issued guidance which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles in US auditing standards. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016; early adoption is permitted. We do not anticipate that the adoption of this standard will have a material impact on our financial position, results of operations and related disclosures. In July 2015, the FASB issued guidance which requires entities to measure most inventory “at the lower of cost and net realizable value (“NRV”),” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. Under the new guidance, inventory is “measured at the lower of cost and net realizable value,” which eliminates the need to determine replacement cost and evaluate whether it is above the ceiling (NRV) or below the floor (NRV less a normal profit margin). The guidance defines NRV as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” The guidance is effective for annual periods beginning after December 15, 2016, and interim periods therein. Early application is permitted. We do not anticipate the adoption of the new accounting rules will have a material impact on our financial position, results of operations and related disclosures. In September 2015, the FASB issued guidance which eliminates the requirement to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. Measurement period adjustments are calculated as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. Additional disclosures are required about the impact on current-period income statement line items of adjustments that would have been recognized in prior periods if prior-period information had been revised. The guidance is effective for annual periods beginning after December 15, 2015 and is to be applied prospectively to adjustments of provisional amounts that occur after the effective date. Early application is permitted. We do not anticipate the adoption of the new accounting rules will have a material impact on our financial position, results of operations and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 (including interim periods within those periods) using a modified retrospective approach and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends Accounting Standards Codification ("ASC") Topic 718, Compensation - Stock Compensation. ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements. |
Earnings Per Share (EPS) |
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Earnings Per Share Reconciliation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (EPS) | Earnings per share (EPS) The Company accounts for earnings per share in accordance with ASC 260, which requires two calculations of earnings per share (EPS) to be disclosed: basic EPS and diluted EPS. Under ASC Subtopic 260-10-45, as of January 1, 2009 unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our restricted stock, are considered participating securities for purposes of calculating EPS. Under the two-class method, a portion of net income is allocated to these participating securities and therefore is excluded from the calculation of EPS allocated to common stock, as shown in the table below. The numerator for basic and diluted earnings per share is net earnings attributable to shareholders reduced by dividends attributable to unvested shares. The denominator for basic earnings per share is the weighted average number of common stock outstanding during the period. The denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive outstanding stock options, performance share awards and restricted stock awards. The following is a reconciliation of the weighted average basic number of common shares outstanding to the diluted number of common and common stock equivalent shares outstanding and the calculation of earnings per share using the two-class method:
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Dividends |
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Dividends [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends [Text Block] | Dividends The following is the dividend activity for the three months ended March 31, 2016 and March 31, 2015:
Innophos Holdings, Inc. is a holding company that does not conduct any business operations of its own. As a result, it is dependent upon cash dividends, distributions and other transfers from its subsidiaries, most directly Innophos, Inc., its primary operating subsidiary, and Innophos Investments Holdings, Inc., a direct, wholly-owned subsidiary of Innophos Holdings, Inc. and the parent of Innophos, Inc., to make dividend payments on its common stock. |
Stockholders' Equity / Share-Based Compensation |
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Stockholders’ Equity / Stock-Based Compensation The following table summarizes the components of stock-based compensation expense, all of which has been classified as selling, general and administrative expense:
(a) The three months ended March 31, 2016 includes a benefit of $524 for a change in estimate due to restructuring activities. |
Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Text Block] | Inventories Inventories consist of the following:
Inventory reserves for excess quantities, obsolescence or shelf-life expiration as of March 31, 2016 and December 31, 2015 were $16,863 and $16,946, respectively. The Company increased its net realizable value reserve for GTSP by $1,178 in the three months ended March 31, 2016. |
Other Current Assets |
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Other Current Assets [Text Block] | Other Current Assets Other current assets consist of the following:
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Intangibles and Other Assets, net |
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Intangibles and Other Assets, net [Text Block] | Intangibles and Other Assets, net Intangibles and other assets consist of the following:
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Other Current Liabilities |
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Other Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Other Current Liabilities Other current liabilities consist of the following:
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Debt and Interest |
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Short-term Borrowings, Long-Term Debt, and Interest Expense: [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Interest | Short-term Borrowings, Long-Term Debt, and Interest Expense Short-term borrowings and long-term debt consist of the following:
The Company's credit facility includes a term loan of $100.0 million and a revolving line of credit from the lenders of up to $225.0 million, including a $20.0 million letter of credit sub-facility, all maturing on December 21, 2017. Repayments of the term loan are required at the rate of 1% of original principal amount per quarter beginning on March 31, 2013. As of March 31, 2016, $87.0 million was outstanding under the term loan and $144.0 million was outstanding under the revolving line of credit, both of which approximate fair value because they have a floating interest rate (determined using level 2 inputs within the fair value hierarchy) with total availability at $80.1 million, taking into account $0.9 million in face amount of letters of credit issued under the sub-facility. The current weighted average interest rate for all debt is 2.7%. Among its affirmative covenants, the credit agreement governing this credit facility requires the Company to maintain the following consolidated ratios (as defined and calculated according to the credit agreement) as of the end of each fiscal quarter: (a) “Total Leverage Ratio” less than or equal to 3.00 to 1.00. (b) “Fixed Charge Coverage Ratio” greater than or equal to 1.25 to 1.00. As of March 31, 2016, the Company was in full compliance with all debt covenant requirements. Simultaneous with the term of the credit facility, Innophos entered into an interest rate swap, swapping the LIBOR exposure on $100.0 million adjusting monthly, with a fixed rate of 0.9475% plus the applicable margin on the debt expiring in December 2017. This interest rate swap has been designated as a cashflow hedge (Level 2) with the changes in value recorded through other comprehensive income. The fair value of this interest rate swap is a liability of approximately $0.5 million as of March 31, 2016. We manage our interest rate risk by balancing the amount of fixed-rate and floating-rate debt to the extent practicable consistent with our credit status. Total interest paid by the Company for all indebtedness for the three months ended March 31, 2016 and March 31, 2015 was $1,710 and $1,023, respectively. Interest expense, net consists of the following:
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Other Long-Term Liabilities |
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Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Text Block] | Other Long-Term Liabilities Other long-term liabilities consist of the following:
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Income Taxes |
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Inventory Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The effective income tax rate on income before taxes was approximately 35% for the three months ended March 31, 2016 compared to approximately 33% for the comparable period in 2015. The variance in the effective tax rate is primarily due to a permanent adjustment attributable to an inventory obsolescence reserve in Mexico which increased the effective tax rate by 1% in the current year and increased taxable income in higher tax rate jurisdictions in the current year. Business is conducted in various countries throughout the world and is subject to tax in numerous jurisdictions. A significant number of tax returns are filed and subject to examination by various federal, state and local tax authorities. Tax examinations are often complex, as tax authorities may disagree with the treatment of items reported requiring several years to resolve. As such, the Company maintains liabilities for possible assessments by tax authorities resulting from known tax exposures for uncertain income tax positions. The Company’s policy is to accrue associated penalties in selling, general and administrative expenses and to accrue interest in net interest expense. Currently, the Company is under examination, or has been contacted for examination on income tax returns, for the years 2007 through 2013. In addition, Innophos Canada, Inc. was assessed approximately $4.0 million for the tax years 2007 and 2008 by the Canadian tax authorities. The Company is contesting the full assessment. After lengthy discussions, the Canadian tax authorities have reassessed these amounts in August 2014 and the Company filed a Notice of Objection with the Canada Revenue Agency Appeals Board in November 2014. The Company believes that its tax position is more likely than not to be sustained. Also, certain state income tax assessments are under protest and the Company believes its financial position is sustainable. The Company estimates the liability for unrecognized tax benefits may decrease by approximately $0.7 million during the next twelve months as a result of possible settlements of income tax authority examinations. Other than the items mentioned above, as of March 31, 2016, no material adjustments have been proposed to the Company's tax positions and the Company currently does not anticipate any adjustments that would result in a material change to its financial position during the next twelve months. Income taxes paid/(refunded) were $20.0 million and $(0.8) million for the three months ended March 31, 2016 and March 31, 2015, respectively. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Text Block] | Commitments and Contingencies Environmental The Company's operations are subject to extensive and changing federal and state environmental laws and regulations. The Company's manufacturing sites have an extended history of industrial use, and soil and groundwater contamination have or may have occurred in the past and might occur or be discovered in the future. Environmental efforts are difficult to assess for numerous reasons, including the discovery of new remedial sites, discovery of new information and scarcity of reliable information pertaining to certain sites, improvements in technology, changes in environmental laws and regulations, numerous possible remedial techniques and solutions, difficulty in assessing the involvement of and the financial capability of other potentially responsible parties and the extended time periods over which remediation occurs. Other than the items listed below, the Company is not aware of material environmental liabilities which are probable and estimable. As the Company's environmental contingencies are more clearly determined, it is reasonably possible that amounts may need to be accrued. However, management does not believe, based on current information, that environmental remediation requirements will have a material impact on the Company's results of operations, financial position or cash flows. Future environmental spending is probable at our site in Nashville, TN, the eastern portion of which had been used historically as a landfill, and a western parcel previously acquired from a third party, which reportedly had housed, but no longer does, a fertilizer and pesticide manufacturing facility. We have an estimated liability with a range of $0.9 million-$1.3 million. The remedial action plan for that site has yet to be finalized, and as such, the Company has recorded a liability, which represents the Company's best estimate, of $1.1 million as of March 31, 2016. Litigation 2008 RCRA Civil Enforcement - Geismar, Louisiana plant Following several inspections by the Environmental Protection Agency, or EPA, at our Geismar, Louisiana purified phosphoric acid, or PPA, plant and related submissions we made to support claimed exemptions from the federal Resource, Conservation and Recovery Act, or RCRA, in March 2008, EPA referred our case to the Department of Justice, or DOJ, for civil enforcement. Although no citations were ever issued or formal proceedings instituted, the agencies claim we violate RCRA by failing to manage appropriately two materials that DOJ/EPA alleges are hazardous wastes. Those materials are: (i) Filter Material from an enclosed intermediate filtration step to further process green phosphoric acid we receive as raw material via pipeline from the adjacent site operated by an affiliate of Potash Corporation of Saskatchewan, or PCS; and (ii) Raffinate, a co-product we return to PCS under a long-term contract we have with PCS. Since referral of the case to DOJ, we and PCS have engaged in periodic discussions with DOJ/EPA and the Louisiana Department of Environmental Quality, or LDEQ, or collectively the Government Parties, in order to resolve the matter. In addition to asserting that the two materials in question are not hazardous wastes, we have also sought to demonstrate that both the nature and character of the materials as well as their use, handling and disposition were detailed in a solid waste permit amendment application filed in 1989 by PCS's predecessor, when our plant was first constructed, and approved by the LDEQ under the state RCRA program. In the course of discussions with the Government Parties, the DOJ/EPA has required that we undertake, as an interim measure, the construction of a new filter unit to replace the enclosed system and allow the removal and separate handling of the Filter Material. We built that unit, which has been operating since 2012. In an attempt to address the remaining concerns of the Government Parties, we and PCS undertook joint efforts to explore possible technical solutions to the issue of Raffinate treatment. Based upon work so far, there appears to be at least one technically viable approach, namely that of “deep well injection,” which we believe is acceptable to regulators as part of a negotiated solution among the parties. Although we cannot give assurances as to the future course or ultimate outcome of ongoing negotiations, including whether litigation may ultimately ensue, we believe, based on our appreciation of the current state of the proceedings, that deep well injection is likely to be employed as the technologically acceptable approach for Raffinate and that we will not be asked to contribute substantially to the cost of the deep well to be specified by the Government Parties in an anticipated consent decree for settlement of this enforcement matter. PCS has applied to the relevant government agencies for a deep well permit. We have also applied for our own deep well permit for future business reasons. In negotiated settlements leading to consent decrees with the Governmental Parties, it is also common for penalties relating to previous “non-compliance” to be assessed and, in that connection, we have been advised by the Governmental Parties that they expect to seek penalties against both PCS and us in this case. Although we have argued and made submissions to the effect that for purposes of settlement penalties there is no basis for any substantial penalty to be levied against us, nevertheless, we can give no assurance as to that outcome, or if a penalty is initially assessed as to its amount, or whether it will be necessary for us to oppose or seek indemnity for the assessment by further litigation. Based upon our receipt of a draft consent decree from the Government Parties in June 2014 and subsequent discussions with them, we have established an accrual of $0.9 million for settlement civil penalties. However, further discussions among all parties will be necessary to determine if the matter can be resolved by settlement. Other Legal Matters In July 2013, Innophos, Inc. was assessed approximately $1.2 million of sales/use taxes by the State of Louisiana and Ascension Parish. This tax assessment covers certain raw materials used in the production of Phosphoric Acid. The Company is contesting both tax assessments. This assessment covers periods 2004 to 2010 for the Parish and 2007 to 2010 for the State. We have concluded that the contingent liability arising from this matter is neither remote nor probable, but reasonably possible. In addition, we are party to legal proceedings and contractual disputes that arise in the ordinary course of our business. Except as to the matters specifically discussed, management believes that these matters represent remote liabilities. However, these matters cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on our business, results of operations, financial condition, and/or cash flows. |
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Pension and Other Postretirement Benefits Disclosure [Text Block] | Pension Plans and Postretirement Benefits Net periodic benefit expense for the United States plans:
Innophos has no minimum contribution requirements and does not plan to make cash contributions for its US defined benefit pension plan in 2016. Innophos made its entire cash contribution of $3.5 million for the US defined contribution plan during the first quarter of 2016 for the plan year 2015. Net periodic benefit expense for the Canadian plans:
Innophos Canada, Inc. does not plan to make cash contributions to its Canadian defined benefit plan in 2016. |
Accumulated Other Comprehensive Income (Loss) (Notes) |
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by Component:
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Restructuring Costs (Notes) |
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Restructuring and Related Activities Disclosure [Text Block] | Restructuring Costs During 2015 management evaluated several initiatives to improve the overall operating efficiency of the organization. As a result of this evaluation which was conducted during the third quarter of 2015, we launched an initiative to reduce our cost structure by implementing various staff reduction actions. In addition, during the fourth quarter of 2015, the Company experienced a management transition of certain high-level positions, most notably the Chief Executive Officer and the Chief Financial Officer. During the three months ended March 31, 2016, additional amounts recorded within selling, general and administrative expenses in the statements of operations were $336 and cost of goods sold were $145. These amounts were all included in the Specialty Phosphates US & Canada segment. The following table summarizes the fiscal year 2016 activities related to severance and benefits:
The Company closed its Paterson, NJ location as of March 31, 2016 and consolidated a large majority of the Paterson operations to its Green Pond, South Carolina location. In addition, as a result of further business restructuring, the Company's Ogden, Utah administration building is classified as held for sale. Management estimates a sale of the building to be completed within the next three months. |
Segment Reporting |
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Segment Reporting [Text Block] | Segment Reporting The company discloses certain financial and supplementary information about its reportable segments, revenue by products and revenues by geographic area. Operating segments are defined as components of an enterprise about which separate discrete financial information is evaluated regularly by the chief operating decision maker, in order to decide how to allocate resources and assess performance. The primary performance indicators for the chief operating decision maker are sales and EBITDA (defined as net income (loss) before interest, income taxes, depreciation and amortization), with sales presented on a ship-from basis. All references to sales in this Quarterly Report on Form 10-Q, either on a ship-from or ship-to basis, are on the same basis of revenue recognition and are recognized when title and risk of loss passes to the customer, which occurs either upon shipment or delivery, depending upon the agreed sales terms with customers. The Company's reportable segments reflect the core businesses in which Innophos operates and how it is managed. The Company reports its core specialty phosphates business separately from granular triple super-phosphate, or GTSP, and other non-specialty phosphate products (GTSP & Other). Specialty Phosphates consists of three products lines: Specialty Ingredients; Food & Technical Grade PPA; and STPP & Detergent Grade PPA. Innophos Nutrition, Inc. is included in the Specialty Phosphates US & Canada segment and in the Specialty Ingredients product line. GTSP & Other includes fertilizer co-product GTSP and other non-specialty phosphate products. Prior to 2016, the primary performance indicators for the chief operating decision maker were sales and operating income. As of January 1, 2016, the primary performance indicators for the chief operating decision maker as of 2016 are sales and EBITDA and all prior periods have been recasted to reflect the change from operating income to EBITDA. The Company's chief operating decision maker, its new Chief Executive Officer as of December 14, 2015, decided that EBITDA is the measure for assessing the performance of the Company's segments.
A reconciliation of net income to EBITDA follows:
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Subsequent Events (Notes) |
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Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On April 20, 2016 an explosion occurred on the Pemex site adjacent to our plant in Coatzacoalcos, Mexico. The Company's plant was shut down for one day and some damage was incurred to our facility. As a result, the Company is estimating damages to be $0.5 million to $1.5 million. The Company's plant was operational as of April 21, 2016. |
Basis of Statement Presentation (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Standards Adopted In June 2014, the Financial Accounting Standard Board (FASB) issued guidance which requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The guidance is effective for the interim and annual periods beginning on or after December 15, 2015. The adoption of this standard did not have a material impact on our financial position, results of operations and related disclosures. In January 2015, the FASB issued new accounting rules which remove the concept of extraordinary items from US GAAP. Under the existing guidance, an entity is required to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is of an unusual nature and occurs infrequently. This separate, net-of-tax presentation (and corresponding earnings per share impact) will no longer be allowed. The new rules will be effective for us in the first quarter of 2016. The adoption of the new accounting rules did not have a material impact on our financial position, results of operations and related disclosures. In February 2015, the FASB issued amendments to the criteria for determining which entities are considered variable interest entities (VIEs) and to the criteria for determining if a service provider possesses a variable interest in a VIE and ends the deferral granted to investment companies for application of the VIE consolidation model. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2015. The adoption of this standard did not have a material impact on our financial position, results of operations and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2015, and early adoption is permitted. The adoption of the new accounting rules did not have a material impact on our financial position, results of operations and related disclosures, although it did change the financial statement classification of our debt issuance costs. Issued but not yet adopted In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2017 (early adoption is permitted to the interim periods within the year of adoption). In July 2015 the FASB deferred the effective date by one year. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the amended guidance on our consolidated financial position, results of operations and related disclosures. In August 2014, the FASB issued guidance which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles in US auditing standards. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016; early adoption is permitted. We do not anticipate that the adoption of this standard will have a material impact on our financial position, results of operations and related disclosures. In July 2015, the FASB issued guidance which requires entities to measure most inventory “at the lower of cost and net realizable value (“NRV”),” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. Under the new guidance, inventory is “measured at the lower of cost and net realizable value,” which eliminates the need to determine replacement cost and evaluate whether it is above the ceiling (NRV) or below the floor (NRV less a normal profit margin). The guidance defines NRV as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” The guidance is effective for annual periods beginning after December 15, 2016, and interim periods therein. Early application is permitted. We do not anticipate the adoption of the new accounting rules will have a material impact on our financial position, results of operations and related disclosures. In September 2015, the FASB issued guidance which eliminates the requirement to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. Measurement period adjustments are calculated as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. Additional disclosures are required about the impact on current-period income statement line items of adjustments that would have been recognized in prior periods if prior-period information had been revised. The guidance is effective for annual periods beginning after December 15, 2015 and is to be applied prospectively to adjustments of provisional amounts that occur after the effective date. Early application is permitted. We do not anticipate the adoption of the new accounting rules will have a material impact on our financial position, results of operations and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 (including interim periods within those periods) using a modified retrospective approach and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends Accounting Standards Codification ("ASC") Topic 718, Compensation - Stock Compensation. ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements. |
Description of Business and Principles of Consolidation [Policy Text Block] | 1. Basis of Statement Presentation Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Innophos have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP) for interim financial reporting and do not include all disclosures required by US GAAP for annual financial reporting, and should be read in conjunction with the audited consolidated and combined financial statements of the Company at December 31, 2015 and for the three years then ended. The accompanying unaudited condensed consolidated financial statements of the Company reflect all adjustments which management considers necessary for a fair statement of the results of operations for the interim periods and is subject to year-end adjustments. The results of operations for the interim periods are not necessarily indicative of the results for the full year. The December 31, 2015 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by US GAAP. Certain prior year balances have been reclassified to conform to current year presentation. |
Earnings Per Share (EPS) Earnings Per Share (EPS) (Tables) |
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Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following is a reconciliation of the weighted average basic number of common shares outstanding to the diluted number of common and common stock equivalent shares outstanding and the calculation of earnings per share using the two-class method:
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Dividends (Tables) |
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Schedule of Dividends Payable [Table Text Block] | The following is the dividend activity for the three months ended March 31, 2016 and March 31, 2015:
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Share-Based Compensation (Tables) |
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Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes the components of stock-based compensation expense, all of which has been classified as selling, general and administrative expense:
(a) The three months ended March 31, 2016 includes a benefit of $524 for a change in estimate due to restructuring activities. |
Inventories (Tables) |
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Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following:
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Other Current Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets: [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets [Table Text Block] | Other current assets consist of the following:
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Intangibles and Other Assets, net Intangibles and Other Assets, net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles and Other Assets, net: [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles and Other Assets [Table Text Block] | Intangibles and other assets consist of the following:
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Other Current Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities [Table Text Block] | Other current liabilities consist of the following:
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Debt and Interest (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Borrowings, Long-Term Debt, and Interest Expense: [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings and Long-Term Debt [Table Text Block] | Short-term borrowings and long-term debt consist of the following:
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Components of Interest Expense, Net [Table Text Block] | Interest expense, net consists of the following:
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Other Long-Term Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Long-Term Liabilities | Other long-term liabilities consist of the following:
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Pension Plans and Postretirement Benefits (Tables) |
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UNITED STATES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans and Postretirement Benefits [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Net periodic benefit expense for the United States plans:
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CANADA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans and Postretirement Benefits [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Net periodic benefit expense for the Canadian plans:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
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Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Changes in accumulated other comprehensive income (loss) by Component:
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Restructuring Costs (Tables) |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the fiscal year 2016 activities related to severance and benefits:
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Segment Reporting (Tables) |
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Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | A reconciliation of net income to EBITDA follows:
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Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Earnings Per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
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Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income | $ 12,842 | $ 11,943 | $ 26,346 |
Less: earnings attributable to unvested shares | (49) | (14) | |
Net income available to participating common shareholders | $ 12,793 | $ 11,929 | |
Basic number of common shares, outstanding | 19,229,501 | 21,183,808 | |
Dilutive effect of stock equivalents | 200,528 | 317,826 | |
Dilutived number of weighted average common shares outstanding | 19,430,029 | 21,501,634 | |
Earnings per common share - Basic | $ 0.67 | $ 0.56 | |
Earnings per common share - Diluted | $ 0.66 | $ 0.55 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 437,241 | 343,585 |
Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Dividends Payable [Line Items] | ||
Dividends declared - per share | $ 0.48 | $ 0.48 |
Dividends declared - aggregate | $ 9,256 | $ 10,198 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.48 | $ 0.48 |
Dividends paid - aggregate | $ 9,256 | $ 10,198 |
Share-Based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Shares Expense | $ 405 | $ (311) | |
Stock Repurchased During Period, Value | $ (125,000) | ||
Management [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Shares Expense | $ 524 |
Share-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
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Share-based Compensation [Abstract] | ||
Stock options | $ (226) | $ 248 |
Restricted stock | (170) | 246 |
Performance shares | 405 | (311) |
Total stock-based compensation expense | $ 9 | $ 183 |
Inventories (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Inventory [Line Items] | ||
Raw materials | $ 37,710 | $ 44,391 |
Finished goods | 114,300 | 115,305 |
Spare parts | 14,600 | 12,971 |
Inventory, Net | 166,610 | 172,667 |
Inventory Valuation Reserves | 16,863 | $ 16,946 |
GTSP & Other [Member] | ||
Inventory [Line Items] | ||
Valuation Allowances and Reserves, Additions for Adjustments | $ 1,178 |
Other Current Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Other Current Assets: [Abstract] | ||
Creditable taxes (value added taxes) | $ 10,787 | $ 8,235 |
Vendor inventory deposits (prepaid) | 12,440 | 7,977 |
Prepaid income taxes | 3,133 | 2,668 |
Prepaid Insurance | 1,509 | 2,070 |
Other | 2,698 | 2,564 |
Other Assets, Current | $ 30,567 | $ 23,514 |
Other Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Other Liabilities, Current [Abstract] | ||
Payroll related | $ 9,566 | $ 9,513 |
Freight and rebates | 3,061 | 5,779 |
Benefits and pensions | 3,515 | 5,764 |
Accrual for Taxes Other than Income Taxes, Current | 3,816 | 4,606 |
Accrued Income Taxes | 11,492 | 23,609 |
Equity repurchases | 9,863 | 9,335 |
Other | 4,924 | 4,598 |
Other Liabilities, Current | $ 46,237 | $ 63,204 |
Other Long-Term Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ||
Deferred income taxes | $ 1,944 | $ 2,135 |
Pension and post retirement liabilities | 9,792 | 9,612 |
Restructuring Reserve, Noncurrent | 2,595 | 4,054 |
Liability for Uncertain Tax Positions, Noncurrent | 2,466 | 2,416 |
Environmental liabilities | 1,100 | 1,100 |
Other liabilities | 4,278 | 3,872 |
Other Liabilities, Noncurrent | $ 22,175 | $ 23,189 |
Income Taxes - Narratives (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Income Tax Examination [Line Items] | ||
Effective Income Tax Rate, Continuing Operations | 35.00% | 33.00% |
Effective Income Tax Rate Reconciliation, Tax Contingencies | 1.00% | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 0.7 | |
Income Tax Examination, Likelihood of Unfavorable Settlement | P12M | |
Income Taxes Paid, Net | $ 20.0 | $ (0.8) |
CANADA | ||
Income Tax Examination [Line Items] | ||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 4.0 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Sep. 30, 2013 |
Dec. 31, 2015 |
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Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies | $ 1,100 | $ 1,100 | |
Document Period End Date | Mar. 31, 2016 | ||
Environmental [Member] | |||
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies | $ 1,100 | ||
Civil Penalty [Domain] | |||
Loss Contingencies [Line Items] | |||
Estimated Litigation Liability | 900 | ||
Louisiana sales and use tax [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Damages Sought, Value | $ 1,200 | ||
Minimum [Member] | Environmental [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental Exit Costs, Anticipated Cost | 900 | ||
Maximum [Member] | Environmental [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental Exit Costs, Anticipated Cost | $ 1,300 |
Restructuring Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Restructuring Cost and Reserve [Line Items] | ||
Severance Costs | $ 481 | |
Payments for Restructuring | (1,412) | |
Restructuring Reserve | 12,458 | $ 13,389 |
Restructuring Reserve, Current | 9,863 | $ 9,335 |
Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 336 | |
Cost of Sales [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 145 |
Segment Reporting (Details) - USD ($) $ in Thousands |
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Mar. 31, 2015 |
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Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 12,842 | $ 11,943 | $ 26,346 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Sales | $ 189,630 | 201,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Related Parties | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total sales | 189,630 | 201,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before interest, taxes, depreciation and amortization | 30,806 | 28,917 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 9,282 | 9,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 6,883 | 5,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 1,799 | 1,151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specialty Phosphates US & Canada [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | 136,720 | 147,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Related Parties | 2,834 | 3,426 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total sales | 139,554 | 150,550 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before interest, taxes, depreciation and amortization | 17,611 | 21,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 6,191 | 6,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specialty Phosphates Mexico [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | 40,398 | 42,220 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Related Parties | 14,522 | 13,722 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total sales | 54,920 | 55,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before interest, taxes, depreciation and amortization | 13,158 | 7,973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 2,192 | 2,098 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GTSP & Other [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | 12,512 | 12,265 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Related Parties | 73 | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total sales | 12,585 | 12,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before interest, taxes, depreciation and amortization | 37 | (1,005) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 899 | 834 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intersegment Eliminations [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Related Parties | (17,429) | (17,207) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total sales | (17,429) | (17,207) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before interest, taxes, depreciation and amortization | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | $ 0 | $ 0 |
Subsequent Events (Details) - Minimum [Member] $ in Millions |
Apr. 20, 2016
USD ($)
|
---|---|
Maximum [Member] | |
Subsequent Event [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 1.5 |
Minimum [Member] | |
Subsequent Event [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 0.5 |
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