Maryland | 36-0879160 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1420 Kensington Road, Suite 220, Oak Brook, Illinois | 60523 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common Stock - $0.01 par value | OTCQB® Venture Market |
Large Accelerated Filer | ¨ | Accelerated Filer | ¨ | |||
Non-Accelerated Filer | ¨ | Smaller Reporting Company | x |
• | it may be more difficult for us to satisfy our financial obligations; |
• | our ability to obtain additional financing for working capital, capital expenditures, strategic acquisitions or general corporate purposes may be impaired; |
• | we must use a substantial portion of our cash flow from operations to pay interest on our indebtedness, which will reduce the funds available to use for operations and other purposes, including potentially accretive acquisitions; |
• | our ability to fund a change of control offer under our debt instruments may be limited; |
• | our substantial level of indebtedness could place us at a competitive disadvantage compared to our competitors that may have proportionately less debt; |
• | our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate may be limited; and |
• | our substantial level of indebtedness may make us more vulnerable to economic downturns and adverse developments in our business. |
• | incur additional indebtedness unless certain financial tests are satisfied, or issue disqualified capital stock; |
• | pay dividends, redeem subordinated debt or make other restricted payments; |
• | make certain investments or acquisitions; |
• | issue stock of subsidiaries; |
• | grant or permit certain liens on our assets; |
• | enter into certain transactions with affiliates; |
• | merge, consolidate or transfer substantially all of our assets; |
• | incur dividend or other payment restrictions affecting certain of our subsidiaries; |
• | transfer, sell or acquire assets, including capital stock of our subsidiaries; and |
• | change the business we conduct. |
• | potential for adverse change in the local political or social climate or in government policies, laws and regulations; |
• | difficulty staffing and managing geographically diverse operations and the application of foreign labor regulations; |
• | restrictions on imports and exports or sources of supply; |
• | currency exchange rate risk; and |
• | changes in duties and taxes. |
• | damage to or inoperability of our warehouse or related systems; |
• | a prolonged power or telecommunication failure; |
• | a natural disaster, environmental or public health issue, or an act of war or terrorism on-site. |
Locations | Approximate Floor Area in Square Feet | ||
North America | |||
Bedford Heights, Ohio | 374,400 | (1) | |
Charlotte, North Carolina | 116,500 | (1) | |
Fairless Hills, Pennsylvania | 71,600 | (1) | |
Fort Smith, Arkansas | 28,000 | ||
Grand Prairie, Texas | 78,000 | (1) | |
Hammond, Indiana (H-A Industries) | 252,595 | ||
Janesville, Wisconsin | 208,000 | ||
Kennesaw, Georgia | 87,500 | ||
Mexicali, Mexico | 160,220 | ||
Mississauga, Ontario | 57,000 | ||
Paramount, California | 155,568 | ||
Santa Cantarina, Nuevo Leon, Mexico | 112,000 | ||
Saskatoon, Saskatchewan | 15,000 | ||
Selkirk, Manitoba | 50,000 | (1) | |
Stockton, California | 60,000 | ||
Wichita, Kansas | 58,000 | ||
Europe | |||
Blackburn, England | 62,140 | ||
Trafford Park, England | 30,000 | ||
Montoir de Bretagne, France | 38,940 | ||
Asia | |||
Shanghai, China | 45,700 | ||
Singapore | 39,578 | ||
Sales Offices | |||
Auburn, Massachusetts | (Intentionally left blank) | ||
Bilbao, Spain | (Intentionally left blank) | ||
Fairfield, Ohio | (Intentionally left blank) | ||
Sub-Total | 2,100,741 | ||
Headquarters | |||
Oak Brook, Illinois | 39,361 | (2) | |
GRAND TOTAL | 2,140,102 |
(1) | Represents owned facility. |
(2) | The Company’s principal executive office does not include a distribution center. |
Name and Title | Age | Business Experience | ||
Patrick R. Anderson Executive Vice President, Chief Financial Officer & Treasurer | 45 | Mr. Anderson began his employment with the registrant in 2007 as Vice President, Corporate Controller and Chief Accounting Officer. In September 2014, he was appointed to the position of Interim Vice President, Chief Financial Officer and Treasurer, and in May 2015 was appointed to his current role as the Executive Vice President, Chief Financial Officer & Treasurer. Prior to joining the registrant, he was employed with Deloitte & Touche LLP (a global accounting firm) from 1994 to 2007. | ||
Marec E. Edgar Executive Vice President, General Counsel, Secretary & Chief Administrative Officer | 41 | Mr. Edgar began his employment with the registrant in April 2014, as Vice President, General Counsel and Secretary. In May 2015, he was appointed to his current role as Executive Vice President, General Counsel, Secretary & Chief Administrative Officer. Prior to joining the registrant, he held positions of increasing responsibility with Gardner Denver, Inc. (a global manufacturer of industrial compressors, blowers, pumps, loading arms and fuel systems) from 2004 to 2014. Most recently, he served as Assistant General Counsel and Risk Manager and Chief Compliance Officer of Gardner Denver. | ||
Ronald E. Knopp Executive Vice President, Chief Operating Officer | 46 | Mr. Knopp began his employment with the registrant in 2007 and was appointed to the position of Operations Manager of the Bedford Heights facility. In 2009, he was appointed Director of Operations for the Western Region and in 2010 served as Director of Operations for the Metals and Plate Commercial Units. In July 2013, Mr. Knopp was appointed to the position of Vice President, Operations, and in May 2015 was appointed to his current position as Executive Vice President, Chief Operating Officer. Prior to joining the registrant, Mr. Knopp served as Plant Manager for Alcoa, Inc., Aerospace Division (global producer of aluminum) from 2003 to 2007. | ||
Steven W. Scheinkman President & Chief Executive Officer | 63 | President and Chief Executive Officer of the Company since April 2015. Mr. Scheinkman also served as an independent member of the Company’s Board of Directors from March 2015 to April 2015. Prior to joining the registrant, Mr. Scheinkman served as President and Chief Executive Officer and a director of Innovative Building Systems LLC, and certain of its affiliates and predecessor entities (a leading customer modular home producer) since 2010. He served as a director of Claymont Steel Holdings, Inc. (a manufacturer of custom discrete steel plate) from 2006 to 2008. He served as the President and Chief Executive Officer and a director of Transtar Metals Corp. (“Transtar”) (a supply chain manager/distributor of high alloy metal products for the transportation, aerospace and defense industries) from 1999 to 2006. Following Transtar’s acquisition by the Company in September 2006, he served as President of Transtar Metals Holdings, Inc. until September 2007, and thereafter served as its advisor until December 2007. He served in various capacities as an executive officer of Macsteel Service Centers USA (a distributor and processor of steel products) including President, Chief Operating Officer and Chief Financial Officer, from 1986 to 1999. |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased under the Plans or Programs | ||||||||
October 1 through October 31 | — | — | — | — | ||||||||
November 1 through November 30 | — | — | — | — | ||||||||
December 1 through December 31 | 3,945 | $ | 0.25 | — | — | |||||||
Total | 3,945 | $ | 0.25 | — | — |
(1) | The total number of shares purchased represents shares surrendered to the Company by employees to satisfy tax withholding obligations upon vesting of restricted stock units awarded pursuant to the Company’s 2008 Omnibus Incentive Plan (as amended and restated as of July 27, 2016). |
2016 | 2015 | ||||||||||||||
Low | High | Low | High | ||||||||||||
First Quarter | $ | 1.28 | $ | 3.58 | $ | 2.80 | $ | 8.15 | |||||||
Second Quarter | $ | 1.51 | $ | 5.10 | $ | 3.44 | $ | 7.01 | |||||||
Third Quarter | $ | 0.68 | $ | 1.81 | $ | 2.11 | $ | 6.31 | |||||||
Fourth Quarter | $ | 0.20 | $ | 0.87 | $ | 1.50 | $ | 3.00 |
(Dollar amounts in millions, except per share data) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
For the year ended December 31: | |||||||||||||||||||
Net sales | $ | 533.1 | $ | 637.9 | $ | 841.7 | $ | 918.3 | $ | 1,143.9 | |||||||||
Equity in (losses) earnings of joint venture | (4.2 | ) | (1.4 | ) | 7.7 | 7.0 | 7.2 | ||||||||||||
Loss from continuing operations (a) | (114.1 | ) | (212.8 | ) | (122.7 | ) | (41.8 | ) | (10.8 | ) | |||||||||
Income from discontinued operations, net of income taxes | 6.1 | 3.0 | 3.3 | 2.3 | 1.1 | ||||||||||||||
Net loss (a) | $ | (108.0 | ) | $ | (209.8 | ) | $ | (119.4 | ) | $ | (39.5 | ) | $ | (9.7 | ) | ||||
Basic and diluted earnings (loss) per common share: | |||||||||||||||||||
Continuing operations | $ | (3.93 | ) | $ | (9.04 | ) | $ | (5.25 | ) | $ | (1.80 | ) | $ | (0.47 | ) | ||||
Discontinued operations | 0.21 | 0.13 | 0.14 | 0.10 | 0.05 | ||||||||||||||
Net basic and diluted loss per common share (a) | $ | (3.72 | ) | $ | (8.91 | ) | $ | (5.11 | ) | $ | (1.70 | ) | $ | (0.42 | ) | ||||
As of December 31: | |||||||||||||||||||
Total assets | $ | 329.3 | $ | 493.5 | $ | 703.8 | $ | 797.3 | $ | 912.8 | |||||||||
Long-term debt, less current portion | 286.5 | 310.6 | 302.5 | 236.4 | 284.6 | ||||||||||||||
Total debt | 286.6 | 317.6 | 303.3 | 236.8 | 285.5 | ||||||||||||||
Total stockholders’ (deficit) equity | (35.1 | ) | 47.0 | 252.6 | 388.5 | 421.5 |
• | In February 2016, the Company sold all of its inventory at its Houston and Edmonton facilities, which primarily serviced the oil and gas sector of the energy market, to an unrelated third party and recognized net sales and cost of materials of $27.1 million. Subsequently, the Company sold all of its equipment at its Houston and Edmonton facilities and agreed to a reduction in future proceeds from the inventory sale in exchange for the assignment of its remaining lease obligations at its Houston facility. The Company ceased operations at the Houston and Edmonton facilities in February 2016 and recorded total restructuring expense of $7.3 million related to the closure of these facilities in 2016. The sale of the assets and subsequent closure of the Houston and Edmonton facilities did not qualify as a discontinued operation under the authoritative accounting guidance. |
• | In March 2016, the Company completed the sale of substantially all the assets of its wholly-owned subsidiary, Total Plastics, Inc. ("TPI"), for $53.6 million in cash. The Company used the proceeds from the sale to repay indebtedness, pursuant to its previously announced plan to improve its capital structure. The sale of TPI, which resulted in pre-tax and after-tax gains of $2.0 million and $1.3 million, respectively, allows the Company to focus solely on its core metals business. TPI is reflected in the Consolidated Financial Statements as a discontinued operation. |
• | In June 2016, the Company received an offer from its joint venture partner to purchase the Company's ownership share in Kreher Steel Company, LLC ("Kreher") for an amount that was less than the current carrying value of the Company's investment in Kreher. The Company determined that this offer indicated that the Company may not be able to recover the full carrying amount of its investment and therefore, the Company recognized a $4.6 million other-than-temporary impairment charge in the second quarter of 2016 to reduce the carrying amount of the investment to the negotiated purchase price. In August 2016, the Company completed the sale of its ownership share in Kreher to its joint venture partner for aggregate cash proceeds of $31.6 million, which resulted in an insignificant loss on disposal. The proceeds from the sale were ultimately used to repay indebtedness. Because the sale of the Company's investment in Kreher is not considered to be a strategic shift that will have a major effect on the Company's operations and financial results, the results of Kreher through the date of sale are reflected within continuing operations in the Consolidated Financial Statements. |
• | In the first half of 2016, the Company exchanged $204.5 million aggregate principal amount of 12.75% Senior Secured Notes due December 2016 (the "Secured Notes") for $204.5 million aggregate principal amount of new 12.75% Senior Secured Notes due December 2018 (the "New Secured Notes"). The Company also exchanged $57.5 million aggregate principal amount of its 7.0% Convertible Notes due December 2017 (the "Convertible Notes") for a combination of $23.8 million aggregate principal amount of 5.25% Convertible Notes due December 2019 (the "New Convertible Notes") and 7.9 million shares of the Company's common stock (the "Convertible Note Exchange"). These actions extended the maturity of substantially all of the Company's Secured Notes and Convertible Notes on terms that improved the Company's capital structure. |
• | As part of the Company's refinancing of the Secured Notes, it agreed to make special redemptions using Designated Asset Sales Proceeds (as defined by the indenture governing the New Secured Notes). Pursuant to the indenture governing the New Secured Notes, the Company redeemed $27.5 million of aggregate principal amount of the New Secured Notes in November 2016. |
• | In December 2016, the Company entered into new secured credit facilities (the “Credit Facilities”) with certain financial institutions in order to replace and repay outstanding borrowings and support the continuance of letters of credit under the Company's senior secured asset-based revolving credit facility (the “Revolving Credit Facility”). The Credit Facilities are in the form of senior secured first lien term loan facilities in an aggregate principal amount of up to $112.0 million. The Credit Facilities consist of a $75.0 million initial term loan facility funded at closing and a $37.0 million delayed-draw term loan facility (the “Delayed Draw Facility”). Under the Delayed Draw Facility, $24.5 million was available in December 2016 and $12.5 million is expected to be available in June 2017 or thereafter. In December 2016, the Company borrowed the $24.5 million of the Delayed Draw Facility available in accordance with its terms. |
• | In connection with the closing of the Credit Facilities, commitments pursuant to the Revolving Credit Facility were terminated, liens granted to the collateral agent pursuant thereto were released in full, and Revolving Credit Facility borrowings outstanding were repaid by the Company using proceeds from the Credit Facilities. |
• | On April 6, 2017, the Company entered into a restructuring support agreement (the “RSA”) with certain of their creditors, including certain holders of the Company’s (a) term loans under its Credit Facilities agreement, (b) New Secured Notes, and (c) New Convertible Notes. The RSA contemplates the financial restructuring of the debt and equity of the Company (the “Restructuring”) pursuant to a Restructuring Term Sheet attached to the RSA as an exhibit (the “Term Sheet”). The Term Sheet sets forth the terms and condition of the Restructuring and provides for the consummation thereof either as part of out-of-court proceedings or by prepackaged Chapter 11 plan of reorganization (a “Plan”) confirmed by the U.S. Bankruptcy Court for the District of Delaware. If this were consummated through a Plan, the Plan would be confirmed following a filing by the Company for voluntary relief under Chapter 11 of the United States Bankruptcy Code. |
• | Changes in volume resulting from changes in demand typically result in corresponding changes to the Company’s variable costs. However, as pricing changes occur, variable expenses are not directly impacted. |
• | If surcharges are not passed through to the customer or are passed through without a mark-up, the Company’s profitability will be adversely impacted. |
• | Warehouse, processing and delivery expenses, including occupancy costs, compensation and employee benefits for warehouse personnel, processing, shipping and handling costs; |
• | Sales expenses, including compensation and employee benefits for sales personnel; |
• | General and administrative expenses, including compensation for executive officers and general management, expenses for professional services primarily related to accounting and legal advisory services, bad debt expense, data communication and computer hardware and maintenance; |
• | Restructuring expense and income, including moving costs and gain on the sale of fixed assets associated with plant consolidations, employee termination and related benefits costs associated with workforce reductions, lease termination costs and other exit costs; |
• | Depreciation and amortization expenses, including depreciation for all owned property and equipment, and amortization of various intangible assets; and |
• | Impairment of intangible assets and/or goodwill. |
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | Favorable/(Unfavorable) | ||||||||||||||||||
(Dollar amounts in millions) | $ | % of Net Sales | $ | % of Net Sales | $ Change | % Change | ||||||||||||||
Net sales | $ | 533.1 | 100.0 | % | $ | 637.9 | 100.0 | % | $ | (104.8 | ) | (16.4 | )% | |||||||
Cost of materials (exclusive of depreciation and amortization)(a) | 421.3 | 79.0 | % | 581.2 | 91.1 | % | 159.9 | 27.5 | % | |||||||||||
Operating costs and expenses(b) | 182.1 | 34.2 | % | 244.8 | 38.4 | % | 62.7 | 25.6 | % | |||||||||||
Operating loss | $ | (70.3 | ) | (13.2 | )% | $ | (188.1 | ) | (29.5 | )% | $ | 117.8 | 62.6 | % |
Year Ended December 31, | Favorable/(Unfavorable) | |||||||||||||
(Dollar amounts in millions) | 2016 | 2015 | $ Change | % Change | ||||||||||
Warehouse, processing and delivery expense | $ | 84.5 | $ | 100.9 | $ | 16.4 | 16.3 | % | ||||||
Sales, general and administrative expense | 68.3 | 77.9 | 9.6 | 12.3 | % | |||||||||
Restructuring expense | 12.9 | 9.0 | (3.9 | ) | (43.3 | )% | ||||||||
Depreciation and amortization expense | 16.4 | 23.3 | 6.9 | 29.6 | % | |||||||||
Impairment of intangible assets | — | 33.7 | 33.7 | 100.0 | % | |||||||||
Total operating costs and expenses | $ | 182.1 | $ | 244.8 | $ | 62.7 | 25.6 | % |
• | Warehouse, processing and delivery expense decreased by $16.4 million as a result of lower payroll, benefits and facility costs resulting from plant consolidations, the February 2016 closure of the Houston and Edmonton |
• | Sales, general and administrative expense of $68.3 million for 2016 decreased by $9.6 million compared to 2015 mainly as a result of lower payroll and benefits costs, most notably pension expense. |
• | Restructuring expense of $12.9 million in 2016 consisted mainly of lease termination charges associated with the closure of the Company's Houston and Edmonton facilities and moving expenses associated with plant consolidations, while restructuring activities for 2015 primarily consisted of employee termination and related benefits related to workforce reductions, moving costs associated with plant consolidations, partly offset by a $16.0 million gain on the sale of the Company's warehouse and distribution facilities in Franklin Park, Illinois and Worcester, Massachusetts. |
• | Depreciation and amortization expense of $16.4 million in 2016 decreased by $6.9 million from 2015 mainly as a result of the impairment of intangible assets recorded in the fourth quarter of 2015, as well as plant consolidations and closures, and equipment sales. |
• | Impairment of intangible assets of $33.7 million in 2015 represented the non-cash write-off of the remaining intangible assets from the Company's 2011 Tube Supply acquisition, and resulted from the decision to close the Houston and Edmonton facilities. |
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | Favorable/(Unfavorable) | ||||||||||||||||||
(Dollar amounts in millions) | $ | % of Net Sales | $ | % of Net Sales | $ Change | % Change | ||||||||||||||
Net sales | $ | 637.9 | 100.0 | % | $ | 841.7 | 100.0 | % | $ | (203.8 | ) | (24.2 | )% | |||||||
Cost of materials (exclusive of depreciation and amortization)(a) | 581.2 | 91.1 | % | 652.4 | 77.5 | % | 71.2 | 10.9 | % | |||||||||||
Operating costs and expenses(b) | 244.8 | 38.4 | % | 298.5 | 35.5 | % | 53.7 | 18.0 | % | |||||||||||
Operating loss | $ | (188.1 | ) | (29.5 | )% | $ | (109.2 | ) | (13.0 | )% | $ | (78.9 | ) | (72.3 | )% |
Year Ended December 31, | Favorable/(Unfavorable) | |||||||||||||
(Dollar amounts in millions) | 2015 | 2014 | $ Change | % Change | ||||||||||
Warehouse, processing and delivery expense | $ | 100.9 | $ | 126.7 | $ | 25.8 | 20.4 | % | ||||||
Sales, general and administrative expense | 77.9 | 94.2 | 16.3 | 17.3 | % | |||||||||
Restructuring expense (income) | 9.0 | (3.0 | ) | (12.0 | ) | 400.0 | % | |||||||
Depreciation and amortization expense | 23.3 | 24.4 | 1.1 | 4.5 | % | |||||||||
Impairment of intangible assets | 33.7 | — | (33.7 | ) | — | % | ||||||||
Impairment of goodwill | — | 56.2 | 56.2 | 100.0 | % | |||||||||
Total operating costs and expenses | $ | 244.8 | $ | 298.5 | $ | 53.7 | 18.0 | % |
• | Warehouse, processing and delivery costs decreased by $25.8 million, which includes the $5.6 million gain on sale of facility in 2015. Other items contributing to the decrease were lower payroll and benefits costs, lower facility costs resulting from plant closures, and lower variable costs resulting from the decrease in sales volume in 2015 from 2014. |
• | Sales, general and administrative costs decreased by $16.3 million, primarily due to lower payroll and benefits costs resulting from restructuring activity workforce reductions, lower discretionary spending and lower fees for outside consulting services. |
• | Depreciation and amortization expense decreased by $1.1 million in 2015 mainly due to lower amortization expense resulting from the non-compete and developed technology intangible assets which became fully amortized in 2014. |
Year Ended December 31, | |||||||||||
(Dollar amounts in millions) | 2016 | 2015 | 2014 | ||||||||
Net cash used in operating activities | $ | (35.0 | ) | $ | (22.1 | ) | $ | (75.1 | ) | ||
Net cash from (used in) investing activities | 76.9 | 20.4 | (4.9 | ) | |||||||
Net cash (used in) from financing activities | (16.5 | ) | 5.5 | 58.2 | |||||||
Effect of exchange rate changes on cash and cash equivalents | (0.9 | ) | (1.2 | ) | (0.6 | ) | |||||
Net change in cash and cash equivalents | $ | 24.5 | $ | 2.6 | $ | (22.4 | ) |
• | During 2016, lower accounts receivable balances compared to year-end 2015 resulted in a $6.1 million cash flow source, compared to a $34.4 million cash flow source for 2015. The lower receivables balance at year-end 2016 was a result of lower sales volume in 2016 compared to 2015. Average receivable days outstanding was 54.0 days for 2016 and 53.3 days for 2015. |
• | During 2016, lower inventory levels compared to year-end 2015 resulted in a $65.7 million cash flow source, compared to a cash flow source of $64.0 million in 2015. The cash flow source from inventory in 2016 was partly attributable to the Houston and Edmonton inventory sale previously discussed. Approximately $23.8 million of the improvement in inventory levels during 2015 was related to scrapping restructuring activities. The Company also successfully decreased inventory during 2016 and 2015 through better alignment and execution of its inventory purchase plans with current market dynamics. Average days sales in inventory was 168.1 days for 2016 as compared to 201.7 days for 2015. The decrease in average days sales in inventory in 2016 compared to 2015 resulted primarily from the Houston and Edmonton inventory sale and continued improvement in inventory management. As a key component of its inventory reduction plans, the Company has been adjusting its inventory deployment initiatives to better align inventory at its facilities with the needs of its customers. Each location is expected to carry a mix of inventory to adequately service its customers. The Company continues to work toward more normal levels of days sales in inventory of approximately 150 days. |
• | During 2016, accounts payable, accrued payroll and employee benefits, and accrued liabilities used $14.7 million of cash compared to providing $0.7 million of cash in 2015. Accounts payable days outstanding was 43.3 for 2016 and 39.0 for 2015. |
December 31, | Working Capital | ||||||||||
(Dollar amounts in millions) | 2016 | 2015 | Increase (Decrease) | ||||||||
Working capital | $ | 203.9 | $ | 256.4 | $ | (52.5 | ) | ||||
Inventory | 146.6 | 216.1 | (69.5 | ) | |||||||
Accounts receivable | 64.4 | 73.2 | (8.8 | ) | |||||||
Accounts payable | 33.1 | 45.6 | 12.5 | ||||||||
Accrued and other current liabilities | 10.4 | 16.8 | 6.4 | ||||||||
Accrued payroll and employee benefits | 9.5 | 11.2 | 1.7 | ||||||||
Cash and cash equivalents | 35.6 | 11.1 | 24.5 |
Payments Due In | Total | Less Than One Year | One to Three Years | Three to Five Years | More Than Five Years | ||||||||||||||
Long-term debt obligations (excluding capital lease obligations) | $ | 298.9 | $ | — | $ | 298.9 | $ | — | $ | — | |||||||||
Interest payments on debt obligations (a) | 67.5 | 34.8 | 32.7 | — | — | ||||||||||||||
Capital lease obligations | 0.1 | 0.1 | — | — | — | ||||||||||||||
Operating lease obligations | 50.0 | 8.3 | 14.4 | 10.8 | 16.5 | ||||||||||||||
Build-to-suit lease obligation (b) | 17.3 | — | 2.4 | 2.5 | 12.4 | ||||||||||||||
Purchase obligations (c) | 107.7 | 107.7 | — | — | — | ||||||||||||||
Other (d) | 6.2 | 1.8 | 0.4 | 0.5 | 3.5 | ||||||||||||||
Total | $ | 547.7 | $ | 152.7 | $ | 348.8 | $ | 13.8 | $ | 32.4 |
a) | Interest payments on debt obligations represent interest on all Company debt outstanding as of December 31, 2016 including the imputed interest on capital lease payments. All debt outstanding as of December 31, 2016 was fixed rate debt. |
b) | The Company entered into a lease agreement in 2015 for its operating facility in Janesville, Wisconsin. For accounting purposes only, the Company has determined that this is a build-to-suit lease. Amounts represent future rent payments to be made on the lease which are allocated for accounting purposes between a reduction in the build-to-suit liability over the life of the build-to-suit lease obligation and interest expense. |
c) | Purchase obligations consist of raw material purchases made in the normal course of business. The Company has contracts to purchase minimum quantities of material with certain suppliers. For each contractual purchase obligation, the Company generally has a purchase agreement from its customer for the same amount of material over the same time period. |
d) | Other is comprised of deferred revenues that represent commitments to deliver products and amounts to be paid to withdraw from a multi-employer pension plan. |
2016 | 2015 | ||||
Discount rate | 4.00 | % | 3.50 - 3.75% | ||
Expected long-term rate of return on plan assets | 5.25 | % | 5.25 | % |
Impact on 2016 Expenses - Increase (Decrease) | |
50 basis point decrease in discount rate | $0.6 |
50 basis point increase in discount rate | (0.7) |
50 basis point decrease in expected return on assets | 0.8 |
Company's stock price at the end of the period | $ | 0.25 | |
Expected volatility | 97.90 | % | |
Credit spreads | 69.8 | % | |
Risk-free interest rate | 1.47 | % |
Expected volatility | 97.90 | % |
Risk-free interest rate | 1.03 | % |
Expected life (in years) | 1.5 | |
Expected dividend yield | — |
A.M. Castle & Co. Consolidated Statements of Operations and Comprehensive Loss | |||||||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net sales | $ | 533,150 | $ | 637,937 | $ | 841,672 | |||||
Costs and expenses: | |||||||||||
Cost of materials (exclusive of depreciation and amortization) | 421,290 | 581,210 | 652,427 | ||||||||
Warehouse, processing and delivery expense | 84,555 | 100,904 | 126,696 | ||||||||
Sales, general and administrative expense | 68,273 | 77,851 | 94,162 | ||||||||
Restructuring expense (income) | 12,942 | 9,008 | (2,960 | ) | |||||||
Depreciation and amortization expense | 16,378 | 23,318 | 24,380 | ||||||||
Impairment of intangible assets | — | 33,742 | — | ||||||||
Impairment of goodwill | — | — | 56,160 | ||||||||
Total costs and expenses | 603,438 | 826,033 | 950,865 | ||||||||
Operating loss | (70,288 | ) | (188,096 | ) | (109,193 | ) | |||||
Interest expense, net | 36,422 | 40,523 | 39,836 | ||||||||
Unrealized gain on embedded debt conversion option | (10,450 | ) | — | — | |||||||
Debt restructuring loss, net | 8,617 | — | — | ||||||||
Other expense, net | 7,582 | 6,306 | 4,323 | ||||||||
Loss from continuing operations before income taxes and equity in (losses) earnings of joint venture | (112,459 | ) | (234,925 | ) | (153,352 | ) | |||||
Income tax benefit | (2,546 | ) | (23,570 | ) | (22,943 | ) | |||||
Loss from continuing operations before equity in (losses) earnings of joint venture | (109,913 | ) | (211,355 | ) | (130,409 | ) | |||||
Equity in (losses) earnings of joint venture | (4,177 | ) | (1,426 | ) | 7,691 | ||||||
Loss from continuing operations | (114,090 | ) | (212,781 | ) | (122,718 | ) | |||||
Income from discontinued operations, net of income taxes | 6,108 | 3,016 | 3,330 | ||||||||
Net loss | $ | (107,982 | ) | $ | (209,765 | ) | $ | (119,388 | ) | ||
Basic and diluted (loss) earnings per common share: | |||||||||||
Continuing operations | $ | (3.93 | ) | $ | (9.04 | ) | $ | (5.25 | ) | ||
Discontinued operations | 0.21 | 0.13 | 0.14 | ||||||||
Net basic and diluted loss per common share | $ | (3.72 | ) | $ | (8.91 | ) | $ | (5.11 | ) | ||
Comprehensive loss: | |||||||||||
Foreign currency translation adjustments | $ | 494 | $ | (6,642 | ) | $ | (5,377 | ) | |||
Change in unrecognized pension and postretirement benefit costs, net of tax effect of $(3,669), $0 and $8,449 | 7,388 | 9,937 | (12,996 | ) | |||||||
Other comprehensive income (loss) | 7,882 | 3,295 | (18,373 | ) | |||||||
Net loss | (107,982 | ) | (209,765 | ) | (119,388 | ) | |||||
Comprehensive loss | $ | (100,100 | ) | $ | (206,470 | ) | $ | (137,761 | ) |
A.M. Castle & Co. Consolidated Balance Sheets | |||||||
December 31, | |||||||
2016 | 2015 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 35,624 | $ | 11,100 | |||
Accounts receivable, less allowances of $1,945 and $2,380, respectively | 64,385 | 73,191 | |||||
Inventories | 146,603 | 216,090 | |||||
Prepaid expenses and other current assets | 10,141 | 10,424 | |||||
Income tax receivable | 433 | 346 | |||||
Current assets of discontinued operations | — | 37,140 | |||||
Total current assets | 257,186 | 348,291 | |||||
Investment in joint venture | — | 35,690 | |||||
Intangible assets, net | 4,101 | 10,250 | |||||
Prepaid pension cost | 8,501 | 8,422 | |||||
Deferred income taxes | 381 | 378 | |||||
Other noncurrent assets | 9,449 | 6,109 | |||||
Property, plant and equipment: | |||||||
Land | 2,070 | 2,519 | |||||
Buildings | 37,341 | 39,778 | |||||
Machinery and equipment | 125,836 | 153,955 | |||||
Property, plant and equipment, at cost | 165,247 | 196,252 | |||||
Accumulated depreciation | (115,537 | ) | (131,691 | ) | |||
Property, plant and equipment, net | 49,710 | 64,561 | |||||
Noncurrent assets of discontinued operations | — | 19,805 | |||||
Total assets | $ | 329,328 | $ | 493,506 | |||
Liabilities and Stockholders’ (Deficit) Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 33,083 | $ | 45,606 | |||
Accrued payroll and employee benefits | 9,485 | 11,246 | |||||
Accrued and other current liabilities | 10,369 | 16,832 | |||||
Income tax payable | 209 | 33 | |||||
Current portion of long-term debt | 137 | 7,012 | |||||
Current liabilities of discontinued operations | — | 11,158 | |||||
Total current liabilities | 53,283 | 91,887 | |||||
Long-term debt, less current portion | 286,459 | 310,614 | |||||
Deferred income taxes | — | 4,169 | |||||
Build-to-suit liability | 12,305 | 13,237 | |||||
Other noncurrent liabilities | 5,978 | 7,935 | |||||
Pension and postretirement benefit obligations | 6,430 | 18,676 | |||||
Commitments and contingencies (Note 13) | |||||||
Stockholders’ (deficit) equity: | |||||||
Preferred stock, $0.01 par value—9,988 shares authorized (including 400 Series B Junior Preferred, $0.00 par value); no shares issued and outstanding at December 31, 2016 and December 31, 2015 | — | — | |||||
Common stock, $0.01 par value—60,000 shares authorized; 32,768 shares issued and 32,566 outstanding at December 31, 2016 and 23,888 shares issued and 23,794 outstanding at December 31, 2015 | 327 | 238 | |||||
Additional paid-in capital | 244,825 | 226,844 | |||||
Accumulated deficit | (253,291 | ) | (145,309 | ) | |||
Accumulated other comprehensive loss | (25,939 | ) | (33,821 | ) | |||
Treasury stock, at cost—202 shares at December 31, 2016 and 94 shares at December 31, 2015 | (1,049 | ) | (964 | ) | |||
Total stockholders’ (deficit) equity | (35,127 | ) | 46,988 | ||||
Total liabilities and stockholders’ (deficit) equity | $ | 329,328 | $ | 493,506 |
A.M. Castle & Co. Consolidated Statements of Cash Flows | |||||||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Operating activities: | |||||||||||
Net loss | $ | (107,982 | ) | $ | (209,765 | ) | $ | (119,388 | ) | ||
Less: Income from discontinued operations, net of income taxes | 6,108 | 3,016 | 3,330 | ||||||||
Loss from continuing operations | (114,090 | ) | (212,781 | ) | (122,718 | ) | |||||
Adjustments to reconcile loss from continuing operations to net cash used in operating activities of continuing operations: | |||||||||||
Depreciation and amortization | 16,378 | 23,318 | 24,380 | ||||||||
Amortization of deferred loss (gain) | (83 | ) | 5 | (261 | ) | ||||||
Amortization of deferred financing costs and debt discount | 4,798 | 8,355 | 8,064 | ||||||||
Debt restructuring loss | 8,617 | — | — | ||||||||
Loss from lease termination | 2,200 | — | — | ||||||||
Unrealized gain on embedded debt conversion option | (10,450 | ) | — | — | |||||||
Impairment of intangible assets | — | 33,742 | — | ||||||||
Impairment of goodwill | — | — | 56,160 | ||||||||
Non-cash write-down of inventory | — | 53,971 | — | ||||||||
(Gain) loss on sale of property, plant & equipment | 1,874 | (21,568 | ) | (5,603 | ) | ||||||
Unrealized (gains) losses on commodity hedges | (1,015 | ) | (600 | ) | (1,256 | ) | |||||
Unrealized foreign currency transaction losses | 4,506 | 5,385 | 3,540 | ||||||||
Equity in losses (earnings) of joint venture | 4,141 | 1,426 | (7,691 | ) | |||||||
Dividends from joint venture | — | 316 | 12,127 | ||||||||
Pension curtailment | — | 2,923 | — | ||||||||
Pension settlement | — | 3,915 | — | ||||||||
Deferred income taxes | (4,354 | ) | (25,789 | ) | (21,077 | ) | |||||
Share-based compensation expense | 1,154 | 828 | 1,972 | ||||||||
Excess tax benefits from share-based payment arrangements | — | — | (76 | ) | |||||||
Other, net | 3 | — | — | ||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 6,100 | 34,412 | (4,706 | ) | |||||||
Inventories | 65,712 | 64,019 | (20,013 | ) | |||||||
Prepaid expenses and other current assets | 1,358 | (7,818 | ) | (491 | ) | ||||||
Other non-current assets | 1,993 | (520 | ) | 1,686 | |||||||
Prepaid pension costs | (59 | ) | 2,675 | 387 | |||||||
Accounts payable | (8,449 | ) | (7,072 | ) | 2,849 | ||||||
Accrued payroll and employee benefits | 300 | 6,938 | (230 | ) | |||||||
Income tax payable and receivable | (105 | ) | 2,083 | (772 | ) | ||||||
Accrued and other current liabilities | (6,514 | ) | 845 | (4,080 | ) | ||||||
Postretirement benefit obligations and other non-current liabilities | (3,063 | ) | (1,762 | ) | (1,002 | ) | |||||
Net cash used in operating activities of continuing operations | (29,048 | ) | (32,754 | ) | (78,811 | ) | |||||
Net cash (used in) from operating activities of discontinued operations | (5,914 | ) | 10,621 | 3,734 | |||||||
Net cash used in operating activities | (34,962 | ) | (22,133 | ) | (75,077 | ) | |||||
Investing activities: | |||||||||||
Proceeds from sale of investment in joint venture | 31,550 | — | — | ||||||||
Capital expenditures | (3,499 | ) | (7,171 | ) | (11,184 | ) | |||||
Proceeds from sale of property, plant and equipment | 3,265 | 28,631 | 7,464 | ||||||||
Cash collateralization of letters of credit | (7,968 | ) | — | — | |||||||
Net cash from (used in) investing activities of continuing operations | 23,348 | 21,460 | (3,720 | ) | |||||||
Net cash from (used in) investing activities of discontinued operations | 53,570 | (1,079 | ) | (1,167 | ) | ||||||
Net cash from (used in) investing activities | 76,918 | 20,381 | (4,887 | ) | |||||||
Financing activities: | |||||||||||
Proceeds from long-term debt | 722,547 | 967,035 | 462,404 | ||||||||
Repayments of long-term debt | (725,821 | ) | (960,962 | ) | (403,811 | ) | |||||
Payments of debt restructuring costs | (9,802 | ) | — | — | |||||||
Payments of debt issue costs | (2,472 | ) | — | (627 | ) |
A.M. Castle & Co. Consolidated Statements of Cash Flows | |||||||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Payments of build-to-suit liability | (932 | ) | (500 | ) | — | ||||||
Exercise of stock options | — | — | 158 | ||||||||
Excess tax benefits from share-based payment arrangements | — | — | 76 | ||||||||
Net cash (used in) from financing activities | (16,480 | ) | 5,573 | 58,200 | |||||||
Effect of exchange rate changes on cash and cash equivalents | (952 | ) | (1,175 | ) | (611 | ) | |||||
Net change in cash and cash equivalents | 24,524 | 2,646 | (22,375 | ) | |||||||
Cash and cash equivalents—beginning of year | 11,100 | 8,454 | 30,829 | ||||||||
Cash and cash equivalents—end of year | $ | 35,624 | $ | 11,100 | $ | 8,454 |
A.M. Castle & Co. Consolidated Statements of Stockholders' (Deficit) Equity | |||||||||||||||||||||||||||||||||
Common Shares | Treasury Shares | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||
Balance at January 1, 2014 | 23,471 | (62 | ) | $ | — | $ | 234 | $ | (767 | ) | $ | 223,893 | $ | 183,844 | $ | (18,743 | ) | $ | 388,461 | ||||||||||||||
Net loss | (119,388 | ) | (119,388 | ) | |||||||||||||||||||||||||||||
Foreign currency translation | (5,377 | ) | (5,377 | ) | |||||||||||||||||||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of $8,449 tax effect | (12,996 | ) | (12,996 | ) | |||||||||||||||||||||||||||||
Long-term incentive plan | 1,456 | 1,456 | |||||||||||||||||||||||||||||||
Exercise of stock options and other | 159 | (9 | ) | 2 | (113 | ) | 604 | 493 | |||||||||||||||||||||||||
Balance at December 31, 2014 | 23,630 | (71 | ) | $ | — | $ | 236 | $ | (880 | ) | $ | 225,953 | $ | 64,456 | $ | (37,116 | ) | $ | 252,649 | ||||||||||||||
Net loss | (209,765 | ) | (209,765 | ) | |||||||||||||||||||||||||||||
Foreign currency translation | (6,642 | ) | (6,642 | ) | |||||||||||||||||||||||||||||
Change in unrecognized pension and postretirement benefit costs, $0 tax effect | 9,937 | 9,937 | |||||||||||||||||||||||||||||||
Long-term incentive plan | 149 | 149 | |||||||||||||||||||||||||||||||
Exercise of stock options and other | 258 | (23 | ) | 2 | (84 | ) | 742 | 660 | |||||||||||||||||||||||||
Balance at December 31, 2015 | 23,888 | (94 | ) | $ | — | $ | 238 | $ | (964 | ) | $ | 226,844 | $ | (145,309 | ) | $ | (33,821 | ) | $ | 46,988 | |||||||||||||
Net loss | (107,982 | ) | (107,982 | ) | |||||||||||||||||||||||||||||
Foreign currency translation | 494 | 494 | |||||||||||||||||||||||||||||||
Change in unrecognized pension and postretirement benefit costs, $(3,669) tax effect | 7,388 | 7,388 | |||||||||||||||||||||||||||||||
Conversion of convertible notes | 8,576 | 86 | 16,543 | 16,629 | |||||||||||||||||||||||||||||
Common stock warrants issued | 200 | 200 | |||||||||||||||||||||||||||||||
Long-term incentive plan | 882 | 882 | |||||||||||||||||||||||||||||||
Exercise of stock options and other | 304 | (108 | ) | 3 | (85 | ) | 356 | 274 | |||||||||||||||||||||||||
Balance at December 31, 2016 | 32,768 | (202 | ) | $ | — | $ | 327 | $ | (1,049 | ) | $ | 244,825 | $ | (253,291 | ) | $ | (25,939 | ) | $ | (35,127 | ) |
2016 | 2015 | 2014 | |||||||||
Balance, beginning of year | $ | 2,380 | $ | 2,471 | $ | 2,744 | |||||
Add Provision charged to expense | 37 | 678 | 184 | ||||||||
Recoveries | 32 | 26 | 105 | ||||||||
Less Charges against allowance | (504 | ) | (795 | ) | (562 | ) | |||||
Balance, end of year | $ | 1,945 | $ | 2,380 | $ | 2,471 |
• | Warehouse, processing and delivery expenses, including occupancy costs, compensation and employee benefits for warehouse personnel, processing, shipping and handling costs; |
• | Sales expenses, including compensation and employee benefits for sales personnel; |
• | General and administrative expenses, including compensation for executive officers and general management, expenses for professional services primarily attributable to accounting and legal advisory services, bad debt expenses, data communication costs, computer hardware and maintenance expenses and occupancy costs for non-warehouse locations; |
• | Restructuring activity, including gains on the sale of fixed assets and moving costs related to facility consolidations, employee termination and related benefits associated with salaried and hourly workforce reductions, lease termination costs, professional fees, and other exit costs; |
• | Depreciation and amortization expenses, including depreciation for all owned property and equipment, and amortization of various intangible assets; and |
• | Impairment of intangible assets and goodwill. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Non-cash investing and financing activities: | |||||||||||
Capital expenditures financed by accounts payable | $ | 59 | $ | 667 | $ | 434 | |||||
Capital lease obligations | — | — | 873 | ||||||||
Property, plant and equipment subject to build-to-suit lease | — | 13,735 | — | ||||||||
Cash paid during the year for: | |||||||||||
Interest | 31,404 | 32,934 | 32,278 | ||||||||
Income taxes | 2,434 | 1,980 | 1,800 | ||||||||
Cash received during the year for: | |||||||||||
Income tax refunds | 500 | 1,798 | 2,284 |
2016 | 2015 | 2014 | |||||||||
Balance, beginning of year | $ | 13,075 | $ | 18,852 | $ | 8,991 | |||||
Add Provision charged to expense | 5,857 | 28,903 | 11,959 | ||||||||
Less Charges against allowance | (11,055 | ) | (34,680 | ) | (2,098 | ) | |||||
Balance, end of year | $ | 7,877 | $ | 13,075 | $ | 18,852 |
Buildings and building improvements | 5 – 40 years |
Plant equipment | 5 – 20 years |
Furniture and fixtures | 2 – 10 years |
Vehicles and office equipment | 3 – 10 years |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Numerator: | |||||||||||
Loss from continuing operations | $ | (114,090 | ) | $ | (212,781 | ) | $ | (122,718 | ) | ||
Income from discontinued operations, net of income taxes | 6,108 | 3,016 | 3,330 | ||||||||
Net loss | $ | (107,982 | ) | $ | (209,765 | ) | $ | (119,388 | ) | ||
Denominator: | |||||||||||
Weighted average common shares outstanding | 29,009 | 23,553 | 23,359 | ||||||||
Effect of dilutive securities: | |||||||||||
Outstanding common stock equivalents | — | — | — | ||||||||
Denominator for diluted loss per share | 29,009 | 23,553 | 23,359 | ||||||||
Basic earnings (loss) per common share: | |||||||||||
Continuing operations | $ | (3.93 | ) | $ | (9.04 | ) | $ | (5.25 | ) | ||
Discontinued operations | 0.21 | 0.13 | 0.14 | ||||||||
Net basic loss per common share | $ | (3.72 | ) | $ | (8.91 | ) | $ | (5.11 | ) | ||
Diluted earnings (loss) per common share: | |||||||||||
Continuing operations | $ | (3.93 | ) | $ | (9.04 | ) | $ | (5.25 | ) | ||
Discontinued operations | 0.21 | 0.13 | 0.14 | ||||||||
Net diluted loss per common share | $ | (3.72 | ) | $ | (8.91 | ) | $ | (5.11 | ) | ||
Excluded outstanding share-based awards having an anti-dilutive effect | 2,640 | 1,071 | 388 | ||||||||
Excluded "in the money" portion of convertible notes having an anti-dilutive effect | — | — | 365 | ||||||||
Excluded "in the money" portion of common stock warrants having an anti-dilutive effect | — | — | — |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net sales | $ | 29,680 | $ | 132,821 | $ | 138,165 | |||||
Cost of materials | 21,027 | 93,405 | 97,981 | ||||||||
Operating costs and expenses | 7,288 | 32,994 | 33,830 | ||||||||
Interest expense(a) | 333 | 1,457 | 712 | ||||||||
Income from discontinued operations before income taxes | $ | 1,032 | $ | 4,965 | $ | 5,642 | |||||
Income tax (benefit) expense (b) | (3,770 | ) | 1,949 | 2,312 | |||||||
Gain on sale of discontinued operations, net of income taxes | 1,306 | — | — | ||||||||
Income from discontinued operations, net of income taxes | $ | 6,108 | $ | 3,016 | $ | 3,330 |
December 31, 2015 | |||
Current assets of discontinued operations: | |||
Accounts receivable | $ | 16,688 | |
Inventories | 19,353 | ||
Prepaid expenses and other current assets | 1,099 | ||
Current assets of discontinued operations | $ | 37,140 | |
Noncurrent assets of discontinued operations: | |||
Goodwill | $ | 12,973 | |
Property, plant and equipment, at cost | 26,979 | ||
Less: accumulated depreciation | (20,147 | ) | |
Noncurrent assets of discontinued operations | $ | 19,805 | |
Current liabilities of discontinued operations: | |||
Accounts payable | $ | 10,666 | |
Accrued and other current liabilities | 492 | ||
Current liabilities of discontinued operations | $ | 11,158 |
2016 | 2015 | 2014 | |||||||||
Equity in earnings (losses) of joint venture | $ | (4,177 | ) | $ | (1,426 | ) | $ | 7,691 | |||
Investment in joint venture | — | 35,690 | 37,443 | ||||||||
Sales to joint venture | 188 | 284 | 188 | ||||||||
Purchases from joint venture | 4 | 49 | 224 |
2016 | 2015 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Customer relationships | $ | 67,317 | $ | 63,216 | $ | 67,438 | $ | 57,188 |
2017 | $ | 4,101 | |
2018 | — | ||
2019 | — | ||
2020 | — | ||
2021 | — |
December 31, 2016 | December 31, 2015 | ||||||
LONG-TERM DEBT | |||||||
12.75% Senior Secured Notes due December 15, 2016 | $ | — | $ | 6,681 | |||
7.0% Convertible Notes due December 15, 2017 | 41 | 57,500 | |||||
11.0% Senior Secured Term Loan Credit Facilities due September 14, 2018 | 99,500 | — | |||||
12.75% Senior Secured Notes due December 15, 2018 | 177,019 | 203,319 | |||||
Revolving Credit Facility due December 10, 2019 | — | 66,100 | |||||
5.25% Convertible Notes due December 30, 2019 | 22,323 | — | |||||
Other, primarily capital leases | 96 | 428 | |||||
Plus: derivative liability for embedded conversion feature | 403 | — | |||||
Less: unamortized discount | (7,587 | ) | (12,255 | ) | |||
Less: unamortized debt issuance costs | (5,199 | ) | (4,147 | ) | |||
Total long-term debt | $ | 286,596 | $ | 317,626 | |||
Less: current portion | 137 | 7,012 | |||||
Total long-term portion | $ | 286,459 | $ | 310,614 |
Company's stock price at the end of the period | $ | 0.25 | |
Expected volatility | 97.90 | % | |
Credit spreads | 69.8 | % | |
Risk-free interest rate | 1.47 | % |
Expected volatility | 97.90 | % |
Risk-free interest rate | 1.03 | % |
Expected life (in years) | 1.5 | |
Expected dividend yield | — |
Derivative liability for embedded conversion feature | |||
Fair value as of December 31, 2015 | $ | — | |
Fair value at issuance date | 11,574 | ||
Settlement upon conversion into common stock | (721 | ) | |
Mark-to-market adjustment on conversion feature(a) | (10,450 | ) | |
Fair value as of December 31, 2016 | $ | 403 |
Level 1 | Level 2 | Level 3 | Total (a) | ||||||||||||
As of December 31, 2016 | |||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | — | $ | — | $ | — | |||||||
As of December 31, 2015 | |||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 1,015 | $ | — | $ | 1,015 |
Capital Leases | Operating Leases | Built-to-Suit Lease | |||||||||
2017 | $ | 96 | $ | 8,291 | $ | — | |||||
2018 | — | 8,073 | 1,180 | ||||||||
2019 | — | 6,295 | 1,203 | ||||||||
2020 | — | 5,545 | 1,227 | ||||||||
2021 | — | 5,224 | 1,252 | ||||||||
Later years | — | 16,545 | 12,392 | ||||||||
Total future minimum rental payments | $ | 96 | $ | 49,973 | $ | 17,254 |
2016 | 2015 | ||||||
Unrecognized pension and postretirement benefit costs, net of tax | $ | (9,797 | ) | $ | (17,185 | ) | |
Foreign currency translation losses | (16,142 | ) | (16,636 | ) | |||
Total accumulated other comprehensive loss | $ | (25,939 | ) | $ | (33,821 | ) |
Defined Benefit Pension and Postretirement Items | Foreign Currency Items | Total | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Balance as of January 1, | $ | (17,185 | ) | $ | (27,122 | ) | $ | (16,636 | ) | $ | (9,994 | ) | $ | (33,821 | ) | $ | (37,116 | ) | |||||
Other comprehensive income (loss) before reclassifications | 5,565 | (966 | ) | 494 | (6,642 | ) | 6,059 | (7,608 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 1,823 | 10,903 | — | — | 1,823 | 10,903 | |||||||||||||||||
Net current period other comprehensive income (loss) | 7,388 | 9,937 | 494 | (6,642 | ) | 7,882 | 3,295 | ||||||||||||||||
Balance as of December 31, | $ | (9,797 | ) | $ | (17,185 | ) | $ | (16,142 | ) | $ | (16,636 | ) | $ | (25,939 | ) | $ | (33,821 | ) |
Year Ended December 31, | ||||||||
2016 | 2015 | |||||||
Unrecognized pension and postretirement benefit items: | ||||||||
Prior service cost (b) | $ | (200 | ) | $ | (244 | ) | ||
Actuarial loss (b) | (1,623 | ) | (3,821 | ) | ||||
Recognition of curtailment loss (b) | — | (2,923 | ) | |||||
Recognition of settlement loss (b) | — | (3,915 | ) | |||||
Total before Tax | (1,823 | ) | (10,903 | ) | ||||
Tax effect | — | — | ||||||
Total reclassifications for the period, net of tax | $ | (1,823 | ) | $ | (10,903 | ) |
Expected volatility | 56.1 | % |
Risk-free interest rate | 1.8 | % |
Expected life (in years) | 6.0 | |
Expected dividend yield | — |
Non-Vested Shares | Restricted Share Units | ||||||||||||
Shares | Weighted-Average Grant Date Fair Value | Units | Weighted- Average Grant Date Fair Value | ||||||||||
Outstanding at January 1, 2016 | 170 | $ | 10.08 | 210 | $ | 5.91 | |||||||
Granted | 304 | $ | 1.47 | — | $ | — | |||||||
Forfeited | (125 | ) | $ | 1.82 | (48 | ) | $ | 6.88 | |||||
Vested | (85 | ) | $ | 7.83 | (21 | ) | $ | 14.35 | |||||
Outstanding at December 31, 2016 | 264 | $ | 2.40 | 141 | $ | 4.31 | |||||||
Expected to vest at December 31, 2016 | 264 | $ | 2.40 | 78 | $ | 4.62 |
Plan Year | Grant Date Fair Value | Estimated Number of Performance Shares to be Issued | ||||
2014 LTCP | ||||||
RTSR performance condition | $ | 20.16 | — | |||
ROIC performance condition | $ | 14.35 | — |
Expected volatility | 40.8 | % |
Risk-free interest rate | 0.79 | % |
Expected life (in years) | 2.77 | |
Expected dividend yield | — |
2016 | 2015 | ||||
Expected volatility | 63.8 | % | 55.7 | % | |
Risk-free interest rate | 1.3 | % | 1.8 | % | |
Expected life (in years) | 6.0 | 5.8 | |||
Expected dividend yield | — | — |
Shares | Weighted Average Exercise Price | Intrinsic Value | Weighted Average Remaining Contractual Life | |||||||||
Stock options outstanding at January 1, 2016 | 691 | $ | 4.43 | |||||||||
Granted | 1,668 | $ | 1.58 | |||||||||
Exercised | — | $ | — | |||||||||
Forfeited | (124 | ) | $ | 5.24 | ||||||||
Expired | — | $ | — | |||||||||
Stock options outstanding at December 31, 2016 | 2,235 | $ | 2.26 | $ | — | 9.1 years | ||||||
Stock options exercisable at December 31, 2016 | 211 | $ | 4.82 | $ | — | 7.8 years | ||||||
Stock options vested or expected to vest as of December 31, 2016 | 1,726 | $ | 2.46 | $ | — | 9.0 years |
2016 | 2015 | 2014 | |||||||||
Service cost | $ | 377 | $ | 549 | $ | 453 | |||||
Interest cost | 5,182 | 6,938 | 6,885 | ||||||||
Expected return on assets | (8,139 | ) | (9,395 | ) | (8,381 | ) | |||||
Amortization of prior service cost | 200 | 244 | 282 | ||||||||
Amortization of actuarial loss | 1,832 | 4,018 | 1,717 | ||||||||
Settlement charge | — | 3,915 | — | ||||||||
Curtailment charge | — | 2,923 | — | ||||||||
Net periodic pension plans (benefit) cost | $ | (548 | ) | $ | 9,192 | $ | 956 |
2016 | 2015 | ||||||
Change in projected benefit obligation: | |||||||
Projected benefit obligation at beginning of year | $ | 162,941 | $ | 193,322 | |||
Service cost | 377 | 549 | |||||
Interest cost | 5,182 | 6,938 | |||||
Settlement gain | — | (2,162 | ) | ||||
Curtailment loss | — | 2,154 | |||||
Benefit payments | (9,459 | ) | (25,383 | ) | |||
Actuarial gain | (4,361 | ) | (12,477 | ) | |||
Projected benefit obligation at end of year | $ | 154,680 | $ | 162,941 | |||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of year | $ | 154,506 | $ | 183,671 | |||
Actual return (loss) on assets | 12,253 | (4,140 | ) | ||||
Employer contributions | 414 | 358 | |||||
Benefit payments | (9,459 | ) | (25,383 | ) | |||
Fair value of plan assets at end of year | $ | 157,714 | $ | 154,506 | |||
Funded status – net asset (liability) | $ | 3,034 | $ | (8,435 | ) | ||
Amounts recognized in the consolidated balance sheets consist of: | |||||||
Prepaid pension cost | $ | 8,501 | $ | 8,422 | |||
Accrued liabilities | (367 | ) | (362 | ) | |||
Pension benefit obligations | (5,100 | ) | (16,495 | ) | |||
Net amount recognized | $ | 3,034 | $ | (8,435 | ) | ||
Pre-tax components of accumulated other comprehensive loss: | |||||||
Unrecognized actuarial loss | $ | (25,665 | ) | $ | (35,972 | ) | |
Unrecognized prior service cost | (517 | ) | (717 | ) | |||
Total | $ | (26,182 | ) | $ | (36,689 | ) | |
Accumulated benefit obligation | $ | 154,044 | $ | 162,290 |
2016 | 2015 | ||
Discount rate | 3.70 - 3.83% | 4.00% | |
Projected annual salary increases | 0 - 3.00% | 0 - 3.00% |
2016 | 2015 | 2014 | |||
Discount rate | 4.00% | 3.50 - 3.75% | 4.50% | ||
Expected long-term rate of return on plan assets | 5.25% | 5.25% | 5.25% | ||
Projected annual salary increases | 0 - 3.00% | 0 - 3.00% | 0 - 3.00% |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Fixed income securities (a) | $ | 16,427 | $ | 142,486 | $ | — | $ | 158,913 | |||||||
Investments measured at net asset value (a) | 5,455 | ||||||||||||||
Accounts payable – pending trades | (6,654 | ) | |||||||||||||
Total | $ | 157,714 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Fixed income securities (b) | $ | 16,028 | $ | 134,514 | $ | — | $ | 150,542 | |||||||
Investments measured at net asset value (b) | 3,429 | ||||||||||||||
Accounts receivable – pending trades | 535 | ||||||||||||||
Total | $ | 154,506 |
2017 | $ | 9,078 | |
2018 | 9,183 | ||
2019 | 9,235 | ||
2020 | 9,324 | ||
2021 | 9,522 | ||
2022 — 2026 | 47,219 |
2016 | 2015 | 2014 | |||||||||
Service cost | $ | 71 | $ | 83 | $ | 56 | |||||
Interest cost | 65 | 79 | 76 | ||||||||
Amortization of actuarial gain | (209 | ) | (197 | ) | (336 | ) | |||||
Net periodic postretirement plan benefit | $ | (73 | ) | $ | (35 | ) | $ | (204 | ) |
2016 | 2015 | ||||||
Change in accumulated postretirement benefit obligations: | |||||||
Accumulated postretirement benefit obligation at beginning of year | $ | 2,427 | $ | 2,552 | |||
Service cost | 71 | 83 | |||||
Interest cost | 65 | 79 | |||||
Benefit payments | (240 | ) | (202 | ) | |||
Actuarial gain | (759 | ) | (85 | ) | |||
Accumulated postretirement benefit obligation at end of year | $ | 1,564 | $ | 2,427 | |||
Funded status – net liability | $ | (1,564 | ) | $ | (2,427 | ) | |
Amounts recognized in the consolidated balance sheets consist of: | |||||||
Accrued liabilities | $ | (234 | ) | $ | (246 | ) | |
Postretirement benefit obligations | (1,330 | ) | (2,181 | ) | |||
Net amount recognized | $ | (1,564 | ) | $ | (2,427 | ) | |
Pre-tax components of accumulated other comprehensive loss: | |||||||
Unrecognized actuarial gain | $ | 2,574 | $ | 2,024 | |||
Total | $ | 2,574 | $ | 2,024 |
2016 | 2015 | 2014 | |||
Medical cost trend rate | 6.00% | 6.50% | 7.00% | ||
Ultimate medical cost trend rate | 5.00% | 5.00% | 5.00% | ||
Year ultimate medical cost trend rate will be reached | 2019 | 2019 | 2019 |
2016 | 2015 | 2014 | |||
Net periodic postretirement benefit costs | 3.50% | 3.25% | 4.00% | ||
Accumulated postretirement benefit obligations | 3.61% | 3.50% | 3.25% |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Employee termination and related benefits (a) | $ | (854 | ) | $ | 17,012 | $ | 937 | |||||
Lease termination costs | 6,038 | 444 | 186 | |||||||||
Moving costs associated with plant consolidations | 4,558 | 5,711 | 1,450 | |||||||||
Professional fees | 1,839 | 1,804 | — | |||||||||
Loss (gain) on disposal of fixed assets | 1,361 | (15,963 | ) | (5,533 | ) | |||||||
Total expense (income) | $ | 12,942 | $ | 9,008 | $ | (2,960 | ) |
Period Activity | ||||||||||||||||||||
Balance January 1 | Charges (gains) | Cash (payments) receipts | Impairment and non-cash activity(c) | Balance December 31 (a) | ||||||||||||||||
2016 Activity: | ||||||||||||||||||||
Employee termination and related benefits (a) | $ | 8,301 | $ | (854 | ) | $ | (3,820 | ) | $ | — | $ | 3,627 | ||||||||
Lease termination costs (b)(c) | 232 | 6,038 | (3,160 | ) | (2,287 | ) | 823 | |||||||||||||
Moving costs associated with plant consolidations | — | 4,558 | (4,558 | ) | — | — | ||||||||||||||
Professional fees | — | 1,839 | (1,839 | ) | — | — | ||||||||||||||
Disposal of fixed assets | — | 1,361 | 2,703 | (4,064 | ) | — | ||||||||||||||
Inventory adjustment | — | 452 | — | (452 | ) | — | ||||||||||||||
Total 2016 Activity | $ | 8,533 | $ | 13,394 | $ | (10,674 | ) | $ | (6,803 | ) | $ | 4,450 | ||||||||
2015 Activity: | ||||||||||||||||||||
Employee termination and related benefits (d) | $ | — | $ | 17,012 | $ | (1,873 | ) | $ | (6,838 | ) | $ | 8,301 | ||||||||
Lease termination costs | 636 | 444 | (848 | ) | — | 232 | ||||||||||||||
Moving costs associated with plant consolidations | — | 5,711 | (5,711 | ) | — | — | ||||||||||||||
Professional fees | — | 1,804 | (1,804 | ) | — | — | ||||||||||||||
Disposal of fixed assets | — | (15,963 | ) | 15,963 | — | — | ||||||||||||||
Inventory adjustment | — | 25,656 | — | (25,656 | ) | — | ||||||||||||||
Total 2015 Activity | $ | 636 | $ | 34,664 | $ | 5,727 | $ | (32,494 | ) | $ | 8,533 | |||||||||
2014 Activity: | ||||||||||||||||||||
Employee termination and related benefits | $ | 129 | $ | 937 | $ | (1,066 | ) | $ | — | $ | — | |||||||||
Lease termination costs | 921 | 186 | (471 | ) | — | 636 | ||||||||||||||
Moving costs associated with plant consolidations | — | 1,450 | (1,450 | ) | — | — | ||||||||||||||
Disposal of fixed assets | — | (5,533 | ) | 5,533 | — | — | ||||||||||||||
Total 2014 Activity | $ | 1,050 | $ | (2,960 | ) | $ | 2,546 | $ | — | $ | 636 |
2016 | 2015 | 2014 | |||||||||
Domestic | $ | (104,524 | ) | $ | (201,375 | ) | $ | (122,511 | ) | ||
Non-U.S. | (7,935 | ) | (33,550 | ) | (30,841 | ) |
2016 | 2015 | 2014 | |||||||||
Federal | |||||||||||
current | $ | — | $ | — | $ | — | |||||
deferred | (4,231 | ) | (21,700 | ) | (25,023 | ) | |||||
State | |||||||||||
current | 25 | 70 | 32 | ||||||||
deferred | (114 | ) | (927 | ) | (3,959 | ) | |||||
Foreign | |||||||||||
current | 1,783 | 2,149 | (1,898 | ) | |||||||
deferred | (9 | ) | (3,162 | ) | 7,905 | ||||||
$ | (2,546 | ) | $ | (23,570 | ) | $ | (22,943 | ) |
2016 | 2015 | 2014 | |||||||||
Federal income tax at statutory rates | $ | (39,361 | ) | $ | (82,226 | ) | $ | (53,673 | ) | ||
State income taxes, net of federal income tax benefits | (5,118 | ) | (8,784 | ) | (651 | ) | |||||
Permanent items: | |||||||||||
Section 956 inclusions | 13,132 | — | — | ||||||||
Convertible debt – non-deductible | 3,024 | — | — | ||||||||
Goodwill impairment | — | — | 10,454 | ||||||||
Other permanent differences | 2,719 | 2,369 | 285 | ||||||||
Federal and state income tax on joint venture | (1,660 | ) | (558 | ) | 2,912 | ||||||
Rate differential on foreign income | 795 | 3,305 | 11,512 | ||||||||
Valuation allowance | 23,746 | 63,511 | 4,888 | ||||||||
Audit settlements | — | 171 | 99 | ||||||||
Other | 177 | (1,358 | ) | 1,231 | |||||||
Income tax (benefit) | $ | (2,546 | ) | $ | (23,570 | ) | $ | (22,943 | ) | ||
Effective income tax (benefit) rate | 2.3 | % | 10.0 | % | 15.0 | % |
2016 | 2015 | ||||||
Deferred tax assets: | |||||||
Pension and postretirement benefits | $ | 809 | $ | 4,139 | |||
Deferred compensation | 595 | 1,357 | |||||
Restructuring related and other reserves | 4 | 842 | |||||
Alternative minimum tax and net operating loss carryforward | 91,769 | 66,709 | |||||
Intangible assets and goodwill | 11,647 | 5,993 | |||||
Other, net | 2,818 | 3,399 | |||||
Deferred tax assets before valuation allowance | 107,642 | 82,439 | |||||
Valuation allowance | (79,908 | ) | (63,955 | ) | |||
Total deferred tax assets | $ | 27,734 | $ | 18,484 | |||
Deferred tax liabilities: | |||||||
Depreciation | $ | 5,006 | $ | 8,147 | |||
Inventory | 20,172 | 6,071 | |||||
Convertible debt discount | 1,883 | 4,075 | |||||
Other, net | 292 | 3,982 | |||||
Total deferred tax liabilities | 27,353 | 22,275 | |||||
Net deferred tax assets (liabilities) | $ | 381 | $ | (3,791 | ) |
2016 | 2015 | 2014 | |||||||||
Domestic | |||||||||||
Balance, beginning of year | $ | 55,474 | $ | — | $ | — | |||||
Provision charged to expense | 18,906 | 55,474 | — | ||||||||
Provision charged to discontinued operations and other comprehensive income | (4,697 | ) | — | — | |||||||
Balance, end of year | $ | 69,683 | $ | 55,474 | $ | — | |||||
Foreign | |||||||||||
Balance, beginning of year | $ | 8,481 | $ | 4,888 | $ | — | |||||
Impact of foreign exchange on beginning of year balance | (702 | ) | (553 | ) | — | ||||||
Provision charged to expense | 2,446 | 4,146 | 4,888 | ||||||||
Balance, end of year | $ | 10,225 | $ | 8,481 | $ | 4,888 |
2016 | 2015 | 2014 | |||||||||
Net sales | |||||||||||
United States | $ | 336,495 | $ | 422,122 | $ | 598,071 | |||||
Canada | 40,107 | 54,389 | 83,577 | ||||||||
Mexico | 49,968 | 50,186 | 43,121 | ||||||||
All other countries | 106,580 | 111,240 | 116,903 | ||||||||
Total | $ | 533,150 | $ | 637,937 | $ | 841,672 | |||||
Long-lived assets | |||||||||||
United States | $ | 40,253 | $ | 52,771 | $ | 50,986 | |||||
Canada | 2,937 | 3,579 | 4,908 | ||||||||
Mexico | 3,198 | 3,545 | 4,202 | ||||||||
All other countries | 3,322 | 4,666 | 5,447 | ||||||||
Total | $ | 49,710 | $ | 64,561 | $ | 65,543 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2016 | |||||||||||||||
Net sales | $ | 163,848 | $ | 130,692 | $ | 124,893 | $ | 113,717 | |||||||
Gross profit (a) | 2,294 | 7,980 | 9,081 | (8,428 | ) | ||||||||||
Loss from continuing operations | (44,804 | ) | (21,270 | ) | (18,298 | ) | (29,718 | ) | |||||||
Income (loss) from discontinued operations, net of income taxes | 7,934 | — | (1,688 | ) | (138 | ) | |||||||||
Net loss (b) | (36,870 | ) | (21,270 | ) | (19,986 | ) | (29,856 | ) | |||||||
Basic and diluted earnings (loss) per common share: | |||||||||||||||
Continuing operations | $ | (1.90 | ) | $ | (0.77 | ) | $ | (0.57 | ) | $ | (0.92 | ) | |||
Discontinued operations | 0.34 | — | (0.05 | ) | — | ||||||||||
Net basic and diluted loss per common share | $ | (1.56 | ) | $ | (0.77 | ) | $ | (0.62 | ) | $ | (0.92 | ) | |||
2015 | |||||||||||||||
Net sales | $ | 188,540 | $ | 166,328 | $ | 150,571 | $ | 132,498 | |||||||
Gross profit (a) | 14,700 | (19,080 | ) | 3,712 | (66,827 | ) | |||||||||
Loss from continuing operations | (15,662 | ) | (47,095 | ) | (28,772 | ) | (121,252 | ) | |||||||
Income (loss) from discontinued operations, net of income taxes | 535 | 843 | 955 | 683 | |||||||||||
Net loss (b) | (15,127 | ) | (46,252 | ) | (27,817 | ) | (120,569 | ) | |||||||
Basic and diluted earnings (loss) per common share: | |||||||||||||||
Continuing operations | $ | (0.67 | ) | $ | (2.00 | ) | $ | (1.22 | ) | $ | (5.14 | ) | |||
Discontinued operations | 0.02 | 0.04 | 0.04 | 0.03 | |||||||||||
Net basic and diluted loss per common share | $ | (0.65 | ) | $ | (1.96 | ) | $ | (1.18 | ) | $ | (5.11 | ) |
Jonathan B. Mellin | Director since October 2014 | Age 53 | |
Committees: Governance Chairperson | President and Chief Executive Officer of Simpson Estates, Inc., a private asset management firm, since 2013. Mr. Mellin became President of Simpson Estates, Inc. in 2012, prior to being appointed as Chief Executive Officer. Prior to joining Simpson Estates, Inc., Mr. Mellin served as the Chief Financial Officer for the Connors Family group of companies, from 2005 to 2012. Mr. Mellin’s years of experience as the Chief Financial Officer of large private companies and subsidiaries of publicly-held companies provides valuable financial expertise to the Board, including extensive experience in annual business planning, forecasting, and expense reduction. His expertise in leading complex finance functions as well as strong background and experience with strategic acquisitions and major restructuring projects contributes greatly to the Board’s composition. Mr. Mellin is also a Certified Public Accountant. | ||
Howard Brod Brownstein | Director since September 2016 | Age 66 | |
Committees: Audit Member Human Resources Member | Mr. Brownstein is the Founder and President of The Brownstein Corporation, a nationally-known management advisory firm. Mr. Brownstein serves on the Board of Directors of PICO Holdings (Nasdaq: PICO), and chairs its Audit Committee and is its “Financial Expert” for Sarbanes-Oxley purposes, and also serves on its Nominating & Governance Committee. He also serves on the Board of Directors of P & F Industries, Inc. (Nasdaq: PFIN), and chairs its Nominating & Governance and its Strategic Planning & Risk Assessment Committees, and serves on its Audit Committee. Mr. Brownstein also serves on the Board of Directors of NHS Human Services, a large nonprofit which provides healthcare and education services in Pennsylvania and several other states. Mr. Brownstein is a Board Leadership Fellow of the National Association of Corporate Directors (“NACD”), and serves as President of NACD’s Philadelphia Chapter. Mr. Brownstein has served as an independent corporate board member for publicly-held and privately-owned companies for over forty years and is qualified as a "Financial Expert" for Sarbanes-Oxley purposes. Mr. Brownstein spent thirteen years in the steel industry and visited steel production facilities around the world as part of the United Nations Economic Commission for Europe Steel Committee. His past board experience includes two metals related companies: Special Metals Co., a leading producer of nickel alloys that is a current supplier to A.M. Castle, and Magnatrax Corp., a producer of pre-engineered steel buildings (now a part of Nucor Corp.). Mr. Brownstein’s broad financial and management consulting background, including his extensive experience in finance, restructurings and turnarounds, strategic planning, valuing and selling businesses and corporate governance, as well as his public company board experience makes him a valuable member of our Board of Directors. |
Pamela Forbes Lieberman | Director since 2007 | Age 63 | |
Board Chairperson Committees: Audit Chairperson Governance Member Human Resources Member | Interim Chief Operating Officer of Entertainment Resource, Inc., a video distributor, from March 2006 to August 2006. Ms. Forbes Lieberman was Director, President, and Chief Executive Officer of TruServ Corporation (now known as True Value Company), a member owned wholesaler of hardware and related merchandise, and provider of marketing, merchandising and other value added services, from 2001 to 2004. Ms. Forbes Lieberman is also a director of Standard Motor Products, Inc., a leading manufacturer, distributor, and marketer of replacement parts for motor vehicles, since 2007, and VWR Corporation, a provider of laboratory products, services, and solutions, since 2009. She was also a member of the Board of Directors of the Company's Kreher Steel joint venture until its sale in August 2016, and has served as Board Chairperson since February 2017 and Chair of the Company’s Audit Committee since 2012. Ms. Forbes Lieberman’s service as Chief Executive Officer of True Value Company brings to the Board senior executive experience leading a public reporting wholesale/distribution business, with expertise in turnaround management, communications, culture change, and distribution and supply chain strategies. Ms. Forbes Lieberman also possesses valuable financial expertise, including extensive experience as chief financial officer of various distribution and manufacturing businesses, both public reporting and private, where she was directly responsible for financial and accounting issues, acquisitions and divestitures and information systems. She also possesses public accounting expertise as a former senior manager at Price Waterhouse (now known as PricewaterhouseCoopers LLP). Through her service on the boards described above, she has valuable experience in governance, executive compensation, and finance, including private equity, and audit issues. | ||
Michael J. Sheehan | Director since July 2016 | Age 56 | |
Committees: Human Resources Chairperson Governance Member Audit Member | Michael Sheehan is the former Chief Executive Officer of Boston Globe Media Partners. Prior to joining the Globe in January 2014, he spent 20 years at Hill Holliday, where he served as Chairman, Chief Executive Officer, President, and Chief Creative Officer. He has also served as Executive Vice President and Executive Creative Director for DDB Chicago, another large advertising agency. Mr. Sheehan has served on the Board of Directors of BJ’s Wholesale Club where he chaired the Compensation Committee and was a member of the Governance Committee. He has also served on the Board of the American Association of Advertising Agencies, and has chaired the Board of Trustees of his alma mater, Saint Anselm College. He currently serves on the Boards of ChoiceStream, a leading programmatic advertising firm, as well as the American Repertory Theater and Catholic Charities of the Archdiocese of Boston. He attended the United States Naval Academy and graduated from Saint Anselm College in 1982 with a B.A. in English. His extensive experience in managing large public and private companies, and in sales and marketing leadership makes him a valuable member of our Board. | ||
Responsibilities | Current Committee Members | |
AUDIT COMMITTEE | • Oversight of the quality and integrity of the Company’s financial statements and internal controls • Monitors the Company’s compliance with legal and regulatory requirements • Reviews the qualifications, performance, and independence of the Company’s independent auditors • Reviews the performance of the Company’s internal audit function • Oversight of annual risk management assessments • Monitors reports received on the Company’s incident reporting hotline • Oversight of compliance program, including an annual review of the Codes of Conduct • Prepares the “Report of the Audit Committee” for our stockholders included in the Company's annual meeting proxy | Pamela Forbes Lieberman (Chairperson) Howard Brod Brownstein Michael J. Sheehan |
GOVERNANCE COMMITTEE | • Oversight of governance policies and practices • Reviews governance-related legal and regulatory matters that could impact the Company • Reviews and makes recommendations on the overall size and composition of the Board and its Committees • Oversight of Board recruitment, including identification of potential director candidates, evaluating candidates, and recommending nominees for membership to the full Board • Leads the annual self-evaluation of the Board and its Committees and reports the results | Jonathan B. Mellin (Chairperson) Pamela Forbes Lieberman Michael J. Sheehan |
HUMAN RESOURCES COMMITTEE | • Determines the composition and value of non-CEO executive officer compensation and makes recommendations with respect to CEO compensation to the independent members of the Board who collectively have final approval authority • Reviews the compensation philosophy, selection of compensation elements to balance risk, reward, and retention objectives and the alignment of incentive compensation to the Company’s strategy • Oversight of compensation plans and policies • Retains authority to employ and terminate a compensation consultant • Reviews and recommends changes to the Board regarding Director compensation | Michael J. Sheehan (Chairperson) Howard Brod Brownstein Pamela Forbes Lieberman |
• | Business experience |
• | Integrity |
• | Absence of conflict or potential conflict of interest |
• | Ability to make independent analytical inquiries |
• | Understanding of the Company’s business environment |
• | Willingness to devote adequate time to Board duties |
Name | Year | Salary ($) | Bonus ($)(1) | Stock Awards ($)(2) | Option Award (3) | Non-Equity Incentive Plan Compensation ($)(4) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(5) | All Other Compensation ($)(6) | Total ($) |
Steven Scheinkman, President and Chief Executive Officer | 2016 | 650,000 | — | — | 814,240 | 1,218,750 | — | 187,848 | 2,870,838 |
2015 | 455,000 | — | 254,800 | 474,000 | 230,459 | — | 132,040 | 1,546,299 | |
Patrick Anderson, EVP, Chief Financial Officer & Treasurer | 2016 | 300,000 | — | — | 170,240 | 247,500 | — | 43,890 | 761,630 |
2015 | 282,938 | 119,000 | 28,984 | 104,445 | 66,000 | — | 36,257 | 637,624 | |
Marec Edgar, EVP, General Counsel, Secretary & CAO | 2016 | 340,000 | — | — | 192,640 | 280,500 | — | 47,376 | 860,516 |
2015 | 331,077 | 162,200 | 44,900 | 118,205 | 74,800 | — | 38,671 | 769,853 | |
(1) The amounts in this column include the following: for 2015 - discretionary bonuses for Mr. Anderson ($20,000); Mr. Edgar ($50,000); and the portion of the 2015 STIP bonuses for Messrs. Anderson and Edgar in excess of their target bonuses. | |||||||||
(2) The amounts in this column for 2015 reflect the aggregate grant date fair value of stock-based awards (other than stock options) granted in the year computed in accordance with FASB ASC Topic 718. These amounts are not paid or realized by the officer. Additional information about these values is included in Note 9 to our audited consolidated financial statements contained in this Annual Report on Form 10-K for the year ended December 31, 2016. | |||||||||
(3) The amounts reported in this column reflect the aggregate grant date fair value of stock options granted under the 2016-2018 LTCP, 2015 STIP, and 2015-2017 LTCP, computed in accordance with ASC Topic 718. Additional information about these values is included in Note 9 to our audited consolidated financial statements contained in this Annual Report on Form 10-K for the year ended December 31, 2016. | |||||||||
(4) Reflects the cash awards under the Company’s STIP (amounts earned during the applicable fiscal year but paid after the end of that fiscal year). | |||||||||
(5) Reflects the actuarial change in the present value of the Named Executive Officer’s benefits under the Salaried Pension Plan determined using assumptions consistent with those used in the Company’s financial statements. Pension accruals ceased for all Named Executive Officers in 2008, and Named Executive Officers hired after that date are not eligible for coverage under any pension plan. Accordingly, the amounts reported for the Named Executive Officers do not reflect additional accruals but reflect the fact that each of them is one year closer to “normal retirement age” as defined under the terms of the Salaried Pension Plan as well as changes to other actuarial assumptions. For 2016, there was an actuarial decrease in the present value of the benefits under the Salaried Pension Plan for Mr. Anderson in the amount of $(10,899). Because this amount is negative, it is not reported in this column or in the Total Compensation column in the Summary Compensation Table. | |||||||||
(6) The amounts shown are detailed in the supplemental “All Other Compensation Table – Fiscal Year 2016” below. | |||||||||
Name | 401(k) Plan Company Matching Contributions ($) | Deferred Plan Company Matching Contributions ($) | Housing Reimbursement ($) | Miscellaneous ($)(1) | Total All Other Compensation ($) | ||||||||||
Steven Scheinkman | 15,900 | 35,428 | 130,350 | 6,170 | 187,848 | ||||||||||
Patrick Anderson | 12,669 | 15,231 | — | 15,990 | 43,890 | ||||||||||
Marec Edgar | 14,358 | 17,262 | — | 15,756 | 47,376 | ||||||||||
(1) | Includes the cost, including insurance, fuel and lease payments, of a Company-provided automobile or vehicle stipend, a cellular telephone allowance and personal excess liability insurance premiums paid by the Company. |
• | Salaried Pension Plan. We maintain the Salaried Employees Pension Plan (the “Salaried Pension Plan”), a qualified, noncontributory defined benefit pension plan covering eligible salaried employees who meet certain age and service requirements. As of June 30, 2008, the benefits under the Salaried Pension Plan were frozen. There are no enhanced pension formulas or benefits available to the Named Executive Officers. Of our current Named Executive Officers, only Mr. Anderson is eligible to receive benefits under the Salaried Pension Plan. |
• | 401(k) Savings and Retirement Plan. We maintain the 401(k) Savings and Retirement Plan (the “401(k) Plan”), a qualified defined contribution plan, for our employees in the United States who work full-time. There are no enhanced 401(k) benefits available to the Named Executive Officers. Refer to the All Other Compensation Table above for the Company’s contributions to each Named Executive Officer under the 401(k) Plan. |
• | Supplemental 401(k) Savings and Retirement Plan. We maintain an unfunded, nonqualified, deferred compensation plan, the Supplemental 401(k) Plan (the “Supplemental 401(k) Plan”), for our executive officers and senior management. The Supplemental 401(k) Plan has investment options that mirror our 401(k) Plan and provide participants with the ability to save for retirement with additional tax-deferred funds that otherwise would have been limited due to IRS compensation and benefit limitations. Refer to the All Other Compensation Table above for the Company’s contributions to each participating Named Executive Officer under the Supplemental 401(k) Plan. |
Stock Awards | |||||||||||||||||
Option Awards | Number of Shares or Units of Stock That Have Not Vested (#) (2) | Market Value of Shares or Units of Stock That Have Not Vested ($) (3) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | |||||||||||||
Name | Number of Securities Underlying Un‑exercised Options (#) Exercisable | Number of Securities Underlying Un‑exercised Options (#) Unexercisable (1) | Option Exercise Price ($) | Option Expiration Date | |||||||||||||
Steven Scheinkman | 60,000 | 120,000 | 3.92 | 7/23/25 | |||||||||||||
16,667 | 33,333 | 3.92 | 7/23/25 | ||||||||||||||
— | 727,000 | 1.98 | 2/25/26 | 65,000 | 16,250 | — | — | ||||||||||
Patrick Anderson | 4,800 | - | 12.75 | 3/17/18 | |||||||||||||
12,169 | 24,336 | 3.92 | 7/23/15 | ||||||||||||||
4,700 | 9,400 | 3.92 | 7/23/15 | ||||||||||||||
— | 152,000 | 1.98 | 2/25/26 | 7,394 | 1,849 | ||||||||||||
— | — | ||||||||||||||||
Marec Edgar | 13,791 | 27,582 | 3.92 | 7/23/25 | |||||||||||||
5,300 | 10,600 | 3.92 | 7/23/25 | ||||||||||||||
— | 172,000 | 1.98 | 2/25/26 | 16,542 | 4,136 | ||||||||||||
— | — | ||||||||||||||||
(1) The vesting schedule for the shares underlying the options included in this column for each of the Named Executive Officers is as follows: | |||||||||||||||||
• Mr. Scheinkman: o 16,667 shares will vest and become exercisable on July 24, 2017; o 16,666 shares will vest and become exercisable on July 24, 2018; o 60,000 shares will vest and become exercisable on each of April 17, 2017, and April 17, 2018; o 242,333 shares vested and became exercisable on February 25, 2017; o 242,333 shares will vest and become exercisable on February 25, 2018; and o 242,334 shares will vest and become exercisable on February 25, 2019. | |||||||||||||||||
• Mr. Anderson: o 4,700 shares will vest and become exercisable on each of July 24, 2017, and July 24, 2018; o 12,168 shares vested and became exercisable on February 25, 2017; o 12,168 shares will vest and become exercisable on February 25, 2018; o 50,666 shares vested and became exercisable on February 25, 2017; and o 50,667 shares will vest and become exercisable on each of February 25, 2018, and February 25, 2019. | |||||||||||||||||
• Mr. Edgar: o 5,300 shares will vest and become exercisable on each of July 24, 2017 and July 24, 2018; o 13,791 shares vested and became exercisable on February 25, 2017; o 13,791 shares will vest and become exercisable on February 25, 2018; o 57,333 shares vested and became exercisable on February 25, 2017; o 57,333 shares will vest and become exercisable on February 25, 2018; and o 57,334 shares will vest and become exercisable on February 25, 2019. | |||||||||||||||||
(2) The vesting schedule for the restricted stock units included in this column for each of the Named Executive Officers is as follows: | |||||||||||||||||
• Mr. Scheinkman: o 65,000 restricted stock units will vest on December 31, 2017. |
• Mr. Anderson: o 7,394 restricted stock units will vest on December 31, 2017 | |||||||||||||||||
• Mr. Edgar: o 5,088 restricted stock units vested on April 1, 2017, and o 11,454 restricted stock units will vest on December 31, 2017. | |||||||||||||||||
(3) Market value has been computed by multiplying $0.25, the closing price of the Company’s common stock on December 31, 2016, by the number of shares of stock. | |||||||||||||||||
Benefit | Death | Disability | For Cause/ Voluntary | Without Cause/Good Reason | Change in Control Plus Termination | Change in Control (No Termination) | ||||
Cash Severance | — | (1) | — | 1x base salary | 1x base salary (2x base salary for Messrs. Scheinkman and Edgar) | — | ||||
Annual Incentive | Paid (pro rata, based on actual results) | Forfeited | Forfeited | Paid (pro rata, based on actual results) | Paid (pro rata, based on actual results) | — | ||||
Unvested Restricted Stock and RSUs | Forfeited | Forfeited | Forfeited | Forfeited | Accelerated vesting of outstanding and unvested restricted stock and RSUs | Accelerated vesting of outstanding and unvested restricted stock and RSUs, if such awards are not assumed by the acquirer | ||||
Unvested Options | Forfeited | Forfeited | Forfeited | Forfeited | Accelerated vesting of unvested options | Accelerated vesting of outstanding and unvested options, if such awards are not assumed by the acquirer | ||||
Performance Equity | Forfeited | Forfeited | Forfeited | For unvested performance shares for which the date of termination precedes end of performance period by less than one year, pro-rata payout based on actual results | Accelerated vesting of unvested performance shares and pro-rata payout upon change in control; payment to be made in cash | Accelerated vesting of unvested performance shares and pro-rata payout upon change in control; payment to be made in cash | ||||
Health & Welfare | — | — | — | Company-paid COBRA continuation coverage up to 12 months | Company-paid COBRA continuation coverage up to 12 months | — | ||||
Outplacement | — | — | — | Assistance provided, up to $12,500 | Assistance provided, up to $12,500 | — | ||||
Company Auto | — | — | — | Car or auto allowance continued for 12 months | Car or auto allowance continued for 12 months | — | ||||
(1) No cash severance due but a long-term disability policy provides salary continuation equal to 60% of salary. |
• | “Cause” generally means the reason for the Named Executive Officer’s involuntary termination of employment was: (i) conviction of, or entry of a plea of guilty or nolo contendere to, a felony; (ii) engagement in egregious |
• | “Good Reason” generally means the Named Executive Officer’s termination of their employment as a result of any of the following events: (i) the Company reduces the Named Executive Officer’s base salary by ten percent (10%) or more (either upon one reduction or during a series of reductions over a period of time); provided, that such reduction neither comprises a part of a general reduction for all of the Company’s executive officers as a group (determined as of the date immediately before the date on which the Named Executive Officer becomes subject to such material reduction) nor results from a deferral of the Named Executive Officer’s base salary; (ii) a material diminution in the Named Executive Officer’s authority (including, but not limited to, the budget over which the Named Executive Officer retains authority), duties, or responsibilities within the Company; (iii) a material change by more than fifty (50) miles in the geographic location at which the executive must perform services for the Company; or (iv) any other action or inaction that constitutes a material breach by the Company of the Named Executive Officer’s severance agreement. |
• | “Good Reason” in connection with a termination related to a change in control generally means the Named Executive Officer’s termination of his or her employment as a result of any of the events noted in the preceding bullet point, or any of the following events: (i) the Company reduces the Named Executive Officer’s base salary by ten percent (10%) or more (either upon one reduction or during a series of reductions over a period of time); provided, that such reduction neither comprises a part of a general reduction for all of the Company’s executive officers as a group (determined as of the date immediately before the date on which the Named Executive Officer becomes subject to such material reduction) nor results from a deferral of the Named Executive Officer’s base; (ii) the Company fails to continue in effect any plan in which the Named Executive Officer participates immediately prior to the change in control which is material to the Named Executive Officer’s total compensation, unless an applicable arrangement (embodied in an ongoing substitute plan) has been made, or the Company fails to continue the Named Executive Officer’s participation therein (or in such substitute plan) on a basis no less favorable to the Named Executive Officer’s then-current peers as a group (determined as of the date immediately prior to the change in control); (iii) a demotion in position (including a decrease in organizational level) or a material diminution in the Named Executive Officer’s authority (including, but not limited to, the budget over which the Named Executive Officer retains authority), duties, or responsibilities within the Company; (iv) a material change by more than fifty (50) miles in the geographic location at which the Named Executive Officer must perform services for the Company; or (v) any other action or inaction that constitutes a material breach by the Company of the Named Executive Officer’s severance agreement. |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($)(2) | Total ($) | ||||||||||||||
Brian Anderson(3) | $ | 82,375 | $ | — | - | $ | — | $ | 640 | $ | 83,015 | ||||||||
Howard Brod Brownstein(4) | 19,728 | 44,256 | — | 192 | 64,176 | ||||||||||||||
Richard Burger(5) | 16,467 | 52,278 | — | 294 | 69,039 | ||||||||||||||
Reuben Donnelley(6) | 50,901 | — | 9,819 | 640 | 61,360 | ||||||||||||||
Pamela Forbes Lieberman(7) | 117,500 | 52,278 | — | 640 | 170,418 | ||||||||||||||
Gary Masse(8) | 98,846 | 89,621 | — | 640 | 189,107 | ||||||||||||||
Jonathan Mellin | 80,416 | 52,278 | — | 640 | 133,334 | ||||||||||||||
Michael Sheehan(9) | 30,326 | 52,278 | — | 294 | 82,898 | ||||||||||||||
Kenneth Traub(10) | 67,341 | 52,278 | — | 640 | 120,259 | ||||||||||||||
Allan Young(11) | 55,272 | 52,278 | — | 640 | 108,190 |
(1) | Stock Awards. On July 27, 2016, each director received an annual restricted stock award of 35,323 shares of our common stock. In addition to his annual grant, Mr. Masse also received a restricted stock award of 25,232 shares of our common stock in recognition of his election to chairpersonship of the Board and his increased responsibility. The amounts shown reflect the grant date fair value computed in accordance with Financial Accounting Standards Board’s Accounting Standards Codification Topic 718 (“ASC Topic 718”). As of December 31, 2016, each director held the following number of shares subject to outstanding unvested stock awards: |
(2) | All Other Compensation. This column includes premium payments made by the Company in 2016 for personal excess liability insurance coverage. |
(3) | Mr. Brian Anderson did not stand for reelection to the Board on July 27, 2016. In recognition of his service to the Company, the Board approved the acceleration of Mr. Anderson’s unvested restricted stock awards, in the amount of 23,521 shares. |
(4) | Mr. Howard Brod Brownstein was appointed to the Board on September 2, 2016, and received a prorated restricted stock award of 31,839 shares. |
(5) | Mr. Richard Burger was elected to the Board on July 27, 2016. Mr. Burger subsequently resigned on November 4, 2016, and forfeited all unvested equity awards. |
(6) | Mr. Reuben Donnelley did not stand for reelection to the Board on July 27, 2016. In recognition of his service to the Company, the Board approved the acceleration of Mr. Donnelley’s unvested restricted stock awards, in the amount of 23,521 shares. |
(7) | Ms. Pamela Forbes Lieberman's Board fees earned include $30,000 compensation received for being a member of Kreher Steel Company's Board of Directors. She was subsequently elected chairperson of the Board on February 9, 2017. |
(8) | Mr. Gary Masse resigned from the Board on February 9, 2017 and forfeited all unvested equity awards. |
(9) | Mr. Michael Sheehan was elected to the Board on July 27, 2016. |
(10) | Mr. Kenneth Traub resigned from the Board on November 4, 2016, and forfeited all unvested equity awards. |
(11) | Mr. Allan Young resigned from the Board on September 2, 2016. In recognition of his service to the Company, the Board approved the acceleration of 18,667 shares of Mr. Young’s 53,990 unvested restricted stock awards. |
Role | Annual Retainers* | |
Director | $60,000 | |
Board Chairperson | $40,000 | |
Audit Committee Chairperson | $10,000 | |
Governance Committee Chairperson | $5,000 | |
Human Resources Committee Chairperson | $7,500 | |
*Retainers are paid in quarterly installments. |
• | Shares owned outright and beneficially; |
• | Restricted stock; |
• | Stock equivalent units; and |
• | Unexercised, vested stock options. |
Board of Directors | |||||||
Audit Committee | Governance Committee | Human Resources Committee | |||||
• Oversees risk related to the Company’s financial statements, financial reporting process and accounting and legal matters, internal audit function, and the Company’s Code of Conduct program • Monitors the Company’s cyber security action plans • Reviews outcome of the Company’s periodic Enterprise Risk Assessment, which identifies and evaluates potential material risks that could affect the Company and identifies appropriate mitigation measures | • Oversees governance-related risk, including development of the Company’s policies and practices, and Board succession planning | • Oversees risks associated with the Company’s compensation programs • Reviews and approves compensation features that mitigate risk and align pay to performance with the interests of our executives and our stockholders |
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights | (b) Weighted-average exercise price of outstanding options, warrants and rights | (c) Number of securities remaining available for future issuances under equity compensation plans (excluding securities reflected in column (a)) | ||||||||||
Equity compensation plans approved by security holders | 2,360,369 | (1) | $2.25 | (2) | 2,989,631 | ||||||||
Equity compensation plans not approved by security holders(3) | — | N/A | (4) | N/A (5) | |||||||||
Total | 2,360,369 | N/A | 2,989,631 | ||||||||||
(1) | This number represents the gross number of underlying shares of common stock associated with outstanding stock options, restricted stock units and equity performance share award units granted under the Company’s 2008 Omnibus Incentive Plan. This does not include 264,072 shares of non-vested restricted stock issued under the 2008 Omnibus Incentive Plan and outstanding as of December 31, 2016. As of December 31, 2016, the following equity remains outstanding and reserved for issuance: • 2,221,512 stock options • 138,857 restricted stock units • 0 equity performance shares |
(2) | Equity performance share awards and restricted stock units granted under the 2008 Plan do not have an exercise price and are settled for shares of the Company’s common stock on a one-for-one basis based on actual performance compared to target goals or upon vesting. These awards have been disregarded for purposes of computing the weighted-average exercise price. |
(3) | The 1986 Directors Deferred Compensation Plan (“Directors Plan”) was not approved by the stockholders. A brief description of the material features of the Directors Plan is included above in the section entitled, "Non-Employee Director Compensation." As of December 31, 2016, there were no shares subject to outstanding deferrals under the Directors Plan. |
(4) | The stock equivalent units granted under the Directors Plan do not have an exercise price and are settled for shares of the Company’s common stock on a one-for-one basis or in cash. These awards have been disregarded for purposes of computing the weighted-average exercise price. |
(5) | There is no limit on the number of securities representing stock equivalent units remaining available for issuance under the Directors Plan. |
Beneficial Owner | Shares of Common Stock Beneficially Owned(1) | Percentage of Common Stock | Additional Information | |
Directors and Director Nominees | ||||
Pamela Forbes Lieberman | 85,340 | * | ||
Jonathan Mellin | 10,568,056 | 32.45 | % | See “Principal Stockholders” table, note 2. |
Michael Sheehan | 135,323 | * | ||
Howard Brod Brownstein | 31,839 | * | ||
Named Executive Officers | ||||
Steven Scheinkman | 149,167 | * | Includes 76,667 vested, unexercised stock options. | |
Patrick Anderson | 52,014 | * | Includes 21,669 vested, unexercised stock options. | |
Marec Edgar | 40,570 | * | Includes 19,091 vested, unexercised stock options. | |
All directors, director nominees and executive officers as a group (7 persons) | 11,062,309 | 33.97 | % | |
* Percentage of shares owned equals less than 1%. |
Name and Address of Beneficial Owner | Shares of Common Stock Beneficially Owned | Percentage of Common Stock (1) | |
Jonathan B. Mellin W.B. & Co. FOM Corporation 30 North LaSalle Street, Suite 1232 Chicago, Illinois 60602-2504 | 10,568,056 | (2) | 32.45% |
Osterweis Capital Management, Inc. One Maritime Plaza, Suite 800 San Francisco, CA 94111 | 2,247,119 | (3) | 6.9% |
Royce & Associates, LLC 745 Fifth Avenue New York, New York 10151 | 1,977,004 | (4) | 6.1% |
(1) | Applicable percentage ownership is based upon 32,566,609 shares of common stock outstanding as of December 31, 2016. |
(2) | Based on a Schedule 13D/A filed with the SEC on December 21, 2016 by W.B. & Co. (“WB”), Jonathan B. Mellin, Reuben S. Donnelley, and FOM Corporation (“FOM”). The general partners of WB are Mr. Mellin and Mr. Donnelley, who share voting power with respect to shares beneficially owned by WB. FOM is a trustee and custodian, as applicable, with respect to certain trusts and custodial accounts for which WB holds shares of common stock of the Company. |
(3) | Based on a Schedule 13G/A filed with the SEC on February 14, 2017. |
• | Directors |
• | Director nominees |
• | Executive officers |
• | 5% stockholders |
• | Immediate family members of the above persons |
• | Entities in which the above persons have a direct or indirect material interest |
• | whether the proposed transaction is on terms that are fair to the Company and no less favorable to the Company than terms that could have been reached with an unrelated third party; |
• | the purpose of, and the potential benefits to, the Company; |
• | the impact on a director’s independence, in the event such person is a director; and |
• | whether the proposed transaction would present an improper conflict of interest. |
Fee Category | 2016 | 2015 | |||||
Audit Fees | $1,722,300 | $1,461,400 | |||||
Audit-Related Fees | 117,000 | — | |||||
Tax Fees | 136,500 | 95,200 | |||||
All Other Fees | — | — | |||||
Total Fees | $1,975,800 | $1,556,600 | |||||
Page | |
Consolidated Statements of Stockholders' (Deficit) Equity – For the years ended December 31, 2016, 2015 and 2014 | |
Exhibit Index |
Incorporated by Reference Herein | ||||||
Exhibit Number | Description of Exhibit | Form | Exhibit | Filing Date | File No. | |
3.1 | Articles of Restatement of the Company filed with the State Department of Assessments and Taxation of Maryland on April 27, 2012. | 10-Q | 3.1 | May 3, 2012 | 1-5415 | |
3.2 | Amendment to Articles of Incorporation of the Company. | 8-K | 3.1 | August 31, 2012 | 1-5415 | |
3.3 | Articles Supplementary of the Charter of the Company. | 8-A | 3.1 | September 6, 2012 | 1-5415 | |
3.4 | Articles Supplementary of the Charter of the Company. | 8-K | 3.1 | August 14, 2013 | 1-5415 | |
3.5 | Amended and Restated Bylaws of the Company, as adopted April 6, 2017. | 8-K | 3.1 | April 7, 2017 | 1-5415 | |
4.1 | Indenture, dated as of December 15, 2011, relating to the 7.00% convertible senior notes due 2017, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee. | 8-K | 4.1 | December 21, 2011 | 1-5415 | |
4.2 | Indenture, dated as of February 8, 2016, relating to the Company’s 12.75% senior secured notes due 2018, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.2 | February 11, 2016 | 1-5415 | |
4.3 | Indenture, dated as of May 19, 2016, relating to the Company’s 5.25% convertible notes due 2019, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.1 | May 19, 2016 | 1-5415 | |
4.4 | First Supplemental Indenture, dated as of May 16, 2011, entered into as of June 2, 2016, relating to the Company’s 12.75% senior secured notes due 2018, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.1 | June 13, 2016 | 1-5415 | |
4.5 | Second Supplemental Indenture, dated as of June 9, 2016, relating to the Company’s 12.75% senior secured notes due 2018, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.2 | June 13, 2016 | 1-5415 | |
4.6 | Third Supplemental Indenture, dated as of December 8, 2016, relating to the Company’s 12.75% senior secured notes due 2018, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.2 | December 14, 2016 | 1-5415 | |
4.7 | Fourth Supplemental Indenture, dated as of December 8, 2016, relating to the Company’s 12.75% senior secured notes due 2018, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.3 | December 14, 2016 | 1-5415 | |
4.8 | First Supplemental Indenture, dated as of December 8, 2016, relating to the Company’s 5.25% convertible notes due 2019, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.4 | December 14, 2016 | 1-5415 | |
4.9 | Form of Warrant to Purchase Common Stock. | 8-K | 4.1 | December 14, 2016 | 1-5415 |
Incorporated by Reference Herein | ||||||
Exhibit Number | Description of Exhibit | Form | Exhibit | Filing Date | File No. | |
10.1 | Registration Rights Agreement, dated as of December 8, 2016, by and between A.M. Castle & Co. and Highbridge Capital Management, LLC, Corre Partners Management, LLC, Whitebox Credit Partners, L.P. WFF Cayman II Limited and SGF. | 8-K | 10.2 | December 14, 2016 | 1-5415 | |
10.2* | A. M. Castle & Co. Supplemental 401(k) Savings and Retirement Plan, as amended and restated, effective as of January 1, 2009. | 10-K | 10.14 | March 12, 2009 | 1-5415 | |
10.3* | A. M. Castle & Co. Supplemental Pension Plan, as amended and restated, effective as of January 1, 2009. | 10-K | 10.15 | March 12, 2009 | 1-5415 | |
10.4* | First Amendment to the A. M. Castle & Co. Supplemental 401(k) Savings and Retirement Plan, executed April 15, 2009 (as effective April 27, 2009). | 8-K | 10.1 | April 16, 2009 | 1-5415 | |
10.5* | Form of A.M. Castle & Co. Indemnification Agreement to be executed with all directors and executive officers. | 8-K | 10.16 | July 29, 2009 | 1-5415 | |
10.6* | Form of Restricted Stock Award Agreement under A. M. Castle & Co. 2008 Restricted Stock, Stock Option and Equity Compensation Plan. | 8-K | 10.20 | March 24, 2010 | 1-5415 | |
10.7* | Form of Performance Share Award Agreement under A. M. Castle & Co. 2008 Restricted Stock, Stock Option and Equity Compensation Plan. | 8-K | 10.21 | March 24, 2010 | 1-5415 | |
10.8* | Form of Incentive Stock Option Award Agreement under A. M. Castle & Co. 2008 Restricted Stock, Stock Option and Equity Compensation Plan. | 8-K | 10.22 | March 24, 2010 | 1-5415 | |
10.9* | Form of Non-Qualified Stock Option Award Agreement under A. M. Castle & Co. 2008 Restricted Stock, Stock Option and Equity Compensation Plan. | 8-K | 10.23 | March 24, 2010 | 1-5415 | |
10.10* | Form of Non-Employee Director Restricted Stock Award Agreement. | 8-K | 10.1 | April 27, 2010 | 1-5415 | |
10.11* | Form of Amended and Restated Change of Control Agreement for all executive officers other than the CEO. | 8-K | 10.24 | September 21, 2010 | 1-5415 | |
10.12* | Form of Amended and Restated Severance Agreement for executive officers other than the CEO. | 8-K | 10.26 | December 23, 2010 | 1-5415 | |
10.13* | Form of Performance Share Award Agreement, adopted March 2, 2011, under A.M. Castle & Co. 2008 Restricted Stock, Stock Option and Equity Compensation Plan. | 8-K | 10.29 | March 8, 2011 | 1-5415 | |
10.14* | A.M. Castle & Co. 2008 Omnibus Incentive Plan (formerly known as the A.M. Castle & Co. 2008 Restricted Stock, Stock Option and Equity Compensation Plan) as Amended and Restated as of July 27, 2016. | DEF14A | Appendix A | June 17, 2016 | 1-5415 | |
10.15 | Credit Agreement, dated December 8, 2016, by and among A.M. Castle & Co., certain subsidiaries of A.M. Castle & Co., as borrowers and guarantors, the Financial Institutions, and Cantor Fitzgerald Securities, as agent. | 8-K | 10.1 | December 14, 2016 | 1-5415 | |
10.16 | Intercreditor Agreement, dated as of December 15, 2011, among Wells Fargo Bank, National Association, in its capacity as administrative and collateral agent for the First Lien Secured Parties and U.S. Bank National Association, a national banking association, in its capacity as trustee and collateral agent for the Second Lien Secured Parties. | 8-K | 10.2 | December 21, 2011 | 1-5415 |
Incorporated by Reference Herein | ||||||
Exhibit Number | Description of Exhibit | Form | Exhibit | Filing Date | File No. | |
10.17 | First Amendment to Amended and Restated Intercreditor Agreement, dated December 8, 2016, among Cantor Fitzgerald Securities, in its capacity as administrative and collateral agent for the First Lien Secured Parties, U.S. Bank National Association, and U.S. Bank National Association, in its capacity as trustee and collateral agent for the New Convertible Notes Secured Parties and U.S. Bank National Association, in its capacity as trustee and collateral agent for the Second Lien Secured Parties. | 8-K | 10.2 | December 14, 2016 | 1-5415 | |
10.18* | Employment Agreement, dated November 9, 2011, by and between A. M. Castle & Co. and Mr. Paul Sorensen. | 10-Q | 10.29 | August 7, 2012 | 1-5415 | |
10.19* | Form of Retention Bonus Agreement for certain executive officers in connection with CEO leadership transition, dated May 14, 2012. | 10-Q | 10.30 | August 7, 2012 | 1-5415 | |
10.20* | Amendment to Employment Agreement, dated May 30, 2012, by and between A. M. Castle & Co. and Mr. Paul Sorensen. | 10-Q | 10.31 | August 7, 2012 | 1-5415 | |
10.21* | Employment Offer Letter dated March 7, 2014, between A.M. Castle & Co. and Mr. Marec Edgar. | 10-Q | 10.39 | May 1, 2014 | 1-5415 | |
10.22* | Employment Offer Letter dated September 25, 2014, between A.M. Castle & Co. and Mr. Patrick R. Anderson. | 10-Q | 10.40 | October 29, 2014 | 1-5415 | |
10.23* | Form of Non-Employee Director Restricted Stock Award Agreement, dated December 11, 2014. | 10-K | 10.37 | March 9, 2015 | 1-5415 | |
10.24* | Amendment of Non-Employee Director Restricted Stock Award Agreements under the 2008 A.M. Castle & Co. Omnibus Incentive Plan, dated December 11, 2014. | 10-K | 10.38 | March 9, 2015 | 1-5415 | |
10.25 | Settlement Agreement dated March 17, 2015, by and among A.M. Castle & Co., Raging Capital Management, LLC and certain of their affiliates, and Steven W. Scheinkman, Kenneth H. Traub, and Allan J. Young. | 8-K | 10.1 | March 18, 2015 | 1-5415 | |
10.26* | Employment Offer Letter dated April 16, 2015, between A.M. Castle & Co. and Steven W. Scheinkman. | 8-K | 10.2 | April 22, 2015 | 1-5415 | |
10.27* | Severance Agreement dated April 16, 2015, between A.M. Castle & Co. and Steven W. Scheinkman. | 8-K | 10.3 | April 22, 2015 | 1-5415 | |
10.28* | Change of Control Agreement, dated April 16, 2015, between A.M. Castle & Co. and Steven W. Scheinkman. | 8-K | 10.4 | April 22, 2015 | 1-5415 | |
10.29 | First Amendment to Settlement Agreement dated April 22, 2015, by and among A.M. Castle & Co., Raging Capital Management, LLC and certain of their affiliates, and Steven W. Scheinkman, Kenneth H. Traub and Allan J. Young. | 8-K | 10.6 | April 22, 2015 | 1-5415 | |
10.30 | Settlement Agreement by and among A. M. Castle & Co., Raging Capital Management, LLC, Raging Capital Master Fund, Ltd., William C. Martin, Kenneth H. Traub, Allan J. Young and Richard N. Burger, dated May 27, 2016. | 8-K | 10.1 | May 27, 2016 | 1-5415 | |
10.31 | Settlement Agreement dated November 3, 2016, by and among A. M. Castle & Co., Raging Capital Management, LLC and certain of their affiliates, and Steven W. Scheinkman, Kenneth H. Traub, Allan J. Young, and Richard N. Burger. | 8-K | 10.1 | November 4, 2016 | 1-5415 |
Incorporated by Reference Herein | ||||||
Exhibit Number | Description of Exhibit | Form | Exhibit | Filing Date | File No. | |
10.32 | Amended and Restated Transaction Support Agreement, dated March 16, 2016, with certain holders of the senior secured notes and convertible notes. | 8-K | 10.1 | March 22, 2016 | 1-5415 | |
10.33 | Unit Purchase Agreement, dated August 7, 2016, by and between A.M. Castle & Co. and Duferco Steel, Inc. | 8-K | 10.1 | August 9, 2016 | 1-5415 | |
10.34 | Asset Purchase Agreement, dated March 11, 2016, by and between Total Plastics, Inc. and Total Plastics Resources LLC. | 8-K | 10.1 | March 17, 2016 | 1-5415 | |
10.35 | Amendment No. 1 to Asset Purchase Agreement, dated March 14, 2016, by and between Total Plastics, Inc. and Total Plastics Resources LLC. | 8-K | 10.2 | March 17, 2016 | 1-5415 | |
10.36* | Form Non-Qualified Stock Option Award Agreement. | 8-K | 10.7 | July 28, 2015 | 1-5415 | |
10.37* | Form Restricted Stock Unit Award Agreement. | 8-K | 10.8 | July 28, 2015 | 1-5415 | |
10.38 | Second Amendment to Settlement Agreement, as amended, dated October 30, 2015, by and among A.M. Castle & Co., Raging Capital Management, LLC and certain of their affiliates, and Messrs. Steven W. Scheinkman, Kenneth H. Traub, and Allan J. Young. | 8-K | 10.9 | November 5, 2015 | 1-5415 | |
10.39* | Special Bonus Letter dated March 14, 2015, between A.M. Castle & Co. and Mr. Marec Edgar. | 10-Q | 10.2 | April 29, 2015 | 1-5415 | |
10.40* | A.M. Castle & Co. Directors Deferred Compensation Plan (as amended and restated as of January 1, 2015). | 10-K/A | 10.42 | March 16, 2016 | 1-5415 | |
10.41* | Second Amendment dated October 8, 2015 to the A.M. Castle & Co. Supplemental 401(k) Savings and Retirement Plan as Amended and Restated effective as of January 1, 2009. | 10-K/A | 10.43 | March 16, 2016 | 1-5415 | |
10.42* | A.M. Castle & Co. 401(k) Savings and Retirement Plan (as amended and restated effective as of January 1, 2015). | 10-K/A | 10.44 | March 16, 2016 | 1-5415 | |
10.43* | Second Amendment dated October 8, 2015, to the A.M. Castle & Co. Salaried Employees Pension Plan as Amended and Restated Effective as of January 1, 2010. | 10-K/A | 10.45 | March 16, 2016 | 1-5415 | |
21.1 | Subsidiaries of Registrant | . | ||||
23.1 | Consent of Deloitte & Touche LLP | |||||
23.2 | Consent of Grant Thornton LLC | |||||
31.1 | CEO Certification Pursuant to Section 302 of the Sarbanes Oxley Act of 2002. | |||||
31.2 | CFO Certification Pursuant to Section 302 of the Sarbanes Oxley Act of 2002. | |||||
32.1 | CEO and CFO Certification 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 Calculation Linkbase Document | |||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||
101.LAB | XBRL Taxonomy Label Linkbase Document | |||||
101.PRE | XBRL Taxonomy Presentation Linkbase Document |
* | Considered a compensatory plan or arrangement. |
A. M. Castle & Co. |
(Registrant) |
By: | /s/ Patrick R. Anderson | |
Patrick R. Anderson, Executive Vice President, | ||
Chief Financial Officer & Treasurer | ||
(Principal Financial Officer & Principal Accounting | ||
Officer) | ||
Date: | April 7, 2017 |
/s/ Pamela Forbes Lieberman | ||||
Pamela Forbes Lieberman, Chairman of the Board | ||||
/s/ Steven W. Scheinkman | ||||
Steven W. Scheinkman, President, | ||||
Chief Executive Officer and | ||||
Director | ||||
(Principal Executive Officer) | ||||
/s/ Howard Brod Brownstein | /s/ Jonathan B. Mellin | /s/ Michael J. Sheehan | ||
Howard Brod Brownstein, Director | Jonathan B. Mellin, Director | Michael J. Sheehan, Director | ||
Incorporated by Reference Herein | |||||||
Exhibit Number | Description of Exhibit | Form | Exhibit | Filing Date | File No. | Page No. | |
3.1 | Articles of Restatement of the Company filed with the State Department of Assessments and Taxation of Maryland on April 27, 2012. | 10-Q | 3.1 | May 3, 2012 | 1-5415 | - | |
3.2 | Amendment to Articles of Incorporation of the Company. | 8-K | 3.1 | August 31, 2012 | 1-5415 | - | |
3.3 | Articles Supplementary of the Charter of the Company. | 8-A | 3.1 | September 6, 2012 | 1-5415 | - | |
3.4 | Articles Supplementary of the Charter of the Company. | 8-K | 3.1 | August 14, 2013 | 1-5415 | - | |
3.5 | Amended and Restated Bylaws of the Company, as adopted April 6, 2017. | 8-K | 3.1 | April 7, 2017 | 1-5415 | - | |
4.1 | Indenture, dated as of December 15, 2011, relating to the 7.00% convertible senior notes due 2017, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee. | 8-K | 4.1 | December 21, 2011 | 1-5415 | - | |
4.2 | Indenture, dated as of February 8, 2016, relating to the Company’s 12.75% senior secured notes due 2018, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.2 | February 11, 2016 | 1-5415 | - | |
4.3 | Indenture, dated as of May 19, 2016, relating to the Company’s 5.25% convertible notes due 2019, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.1 | May 19, 2016 | 1-5415 | - | |
4.4 | First Supplemental Indenture, dated as of May 16, 2011, entered into as of June 2, 2016, relating to the Company’s 12.75% senior secured notes due 2018, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.1 | June 13, 2016 | 1-5415 | - | |
4.5 | Second Supplemental Indenture, dated as of June 9, 2016, relating to the Company’s 12.75% senior secured notes due 2018, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.2 | June 13, 2016 | 1-5415 | - | |
4.6 | Third Supplemental Indenture, dated as of December 8, 2016, relating to the Company’s 12.75% senior secured notes due 2018, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.2 | December 14, 2016 | 1-5415 | - | |
4.7 | Fourth Supplemental Indenture, dated as of December 8, 2016, relating to the Company’s 12.75% senior secured notes due 2018, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.3 | December 14, 2016 | 1-5415 | - | |
4.8 | First Supplemental Indenture, dated as of December 8, 2016, relating to the Company’s 5.25% convertible notes due 2019, among A.M. Castle & Co., the Guarantors, U.S. Bank National Association, as trustee and U.S. Bank National Association, as collateral agent. | 8-K | 4.4 | December 14, 2016 | 1-5415 | - | |
4.9 | Form of Warrant to Purchase Common Stock. | 8-K | 4.1 | December 14, 2016 | 1-5415 | - | |
10.1 | Registration Rights Agreement, dated as of December 8, 2016, by and between A.M. Castle & Co. and Highbridge Capital Management, LLC, Corre Partners Management, LLC, Whitebox Credit Partners, L.P. WFF Cayman II Limited and SGF. | 8-K | 10.2 | December 14, 2016 | 1-5415 | - | |
10.2* | A. M. Castle & Co. Supplemental 401(k) Savings and Retirement Plan, as amended and restated, effective as of January 1, 2009. | 10-K | 10.14 | March 12, 2009 | 1-5415 | - | |
10.3* | A. M. Castle & Co. Supplemental Pension Plan, as amended and restated, effective as of January 1, 2009. | 10-K | 10.15 | March 12, 2009 | 1-5415 | - | |
10.4* | First Amendment to the A. M. Castle & Co. Supplemental 401(k) Savings and Retirement Plan, executed April 15, 2009 (as effective April 27, 2009). | 8-K | 10.1 | April 16, 2009 | 1-5415 | - | |
10.5* | Form of A.M. Castle & Co. Indemnification Agreement to be executed with all directors and executive officers. | 8-K | 10.16 | July 29, 2009 | 1-5415 | - | |
10.6* | Form of Restricted Stock Award Agreement under A. M. Castle & Co. 2008 Restricted Stock, Stock Option and Equity Compensation Plan. | 8-K | 10.20 | March 24, 2010 | 1-5415 | - | |
10.7* | Form of Performance Share Award Agreement under A. M. Castle & Co. 2008 Restricted Stock, Stock Option and Equity Compensation Plan. | 8-K | 10.21 | March 24, 2010 | 1-5415 | - | |
10.8* | Form of Incentive Stock Option Award Agreement under A. M. Castle & Co. 2008 Restricted Stock, Stock Option and Equity Compensation Plan. | 8-K | 10.22 | March 24, 2010 | 1-5415 | - | |
10.9* | Form of Non-Qualified Stock Option Award Agreement under A. M. Castle & Co. 2008 Restricted Stock, Stock Option and Equity Compensation Plan. | 8-K | 10.23 | March 24, 2010 | 1-5415 | - | |
10.10* | Form of Non-Employee Director Restricted Stock Award Agreement. | 8-K | 10.1 | April 27, 2010 | 1-5415 | - | |
10.11* | Form of Amended and Restated Change of Control Agreement for all executive officers other than the CEO. | 8-K | 10.24 | September 21, 2010 | 1-5415 | - | |
10.12* | Form of Amended and Restated Severance Agreement for executive officers other than the CEO. | 8-K | 10.26 | December 23, 2010 | 1-5415 | - | |
10.13* | Form of Performance Share Award Agreement, adopted March 2, 2011, under A.M. Castle & Co. 2008 Restricted Stock, Stock Option and Equity Compensation Plan. | 8-K | 10.29 | March 8, 2011 | 1-5415 | - | |
10.14* | A.M. Castle & Co. 2008 Omnibus Incentive Plan (formerly known as the A.M. Castle & Co. 2008 Restricted Stock, Stock Option and Equity Compensation Plan) as Amended and Restated as of July 27, 2016. | DEF14A | Appendix A | June 17, 2016 | 1-5415 | - | |
10.15 | Credit Agreement, dated December 8, 2016, by and among A.M. Castle & Co., certain subsidiaries of A.M. Castle & Co., as borrowers and guarantors, the Financial Institutions, and Cantor Fitzgerald Securities, as agent. | 8-K | 10.1 | December 14, 2016 | 1-5415 | - | |
10.16 | Intercreditor Agreement, dated as of December 15, 2011, among Wells Fargo Bank, National Association, in its capacity as administrative and collateral agent for the First Lien Secured Parties and U.S. Bank National Association, a national banking association, in its capacity as trustee and collateral agent for the Second Lien Secured Parties. | 8-K | 10.2 | December 21, 2011 | 1-5415 | - | |
10.17 | First Amendment to Amended and Restated Intercreditor Agreement, dated December 8, 2016, among Cantor Fitzgerald Securities, in its capacity as administrative and collateral agent for the First Lien Secured Parties, U.S. Bank National Association, and U.S. Bank National Association, in its capacity as trustee and collateral agent for the New Convertible Notes Secured Parties and U.S. Bank National Association, in its capacity as trustee and collateral agent for the Second Lien Secured Parties. | 8-K | 10.2 | December 14, 2016 | 1-5415 | - | |
10.18* | Employment Agreement, dated November 9, 2011, by and between A. M. Castle & Co. and Mr. Paul Sorensen. | 10-Q | 10.29 | August 7, 2012 | 1-5415 | - | |
10.19* | Form of Retention Bonus Agreement for certain executive officers in connection with CEO leadership transition, dated May 14, 2012. | 10-Q | 10.30 | August 7, 2012 | 1-5415 | - | |
10.20* | Amendment to Employment Agreement, dated May 30, 2012, by and between A. M. Castle & Co. and Mr. Paul Sorensen. | 10-Q | 10.31 | August 7, 2012 | 1-5415 | - | |
10.21* | Employment Offer Letter dated March 7, 2014, between A.M. Castle & Co. and Mr. Marec Edgar. | 10-Q | 10.39 | May 1, 2014 | 1-5415 | - | |
10.22* | Employment Offer Letter dated September 25, 2014, between A.M. Castle & Co. and Mr. Patrick R. Anderson. | 10-Q | 10.40 | October 29, 2014 | 1-5415 | - | |
10.23* | Form of Non-Employee Director Restricted Stock Award Agreement, dated December 11, 2014. | 10-K | 10.37 | March 9, 2015 | 1-5415 | - | |
10.24* | Amendment of Non-Employee Director Restricted Stock Award Agreements under the 2008 A.M. Castle & Co. Omnibus Incentive Plan, dated December 11, 2014. | 10-K | 10.38 | March 9, 2015 | 1-5415 | - | |
10.25 | Settlement Agreement dated March 17, 2015, by and among A.M. Castle & Co., Raging Capital Management, LLC and certain of their affiliates, and Steven W. Scheinkman, Kenneth H. Traub, and Allan J. Young. | 8-K | 10.1 | March 18, 2015 | 1-5415 | - | |
10.26* | Employment Offer Letter dated April 16, 2015, between A.M. Castle & Co. and Steven W. Scheinkman. | 8-K | 10.2 | April 22, 2015 | 1-5415 | - | |
10.27* | Severance Agreement dated April 16, 2015, between A.M. Castle & Co. and Steven W. Scheinkman. | 8-K | 10.3 | April 22, 2015 | 1-5415 | - | |
10.28* | Change of Control Agreement, dated April 16, 2015, between A.M. Castle & Co. and Steven W. Scheinkman. | 8-K | 10.4 | April 22, 2015 | 1-5415 | - | |
10.29 | First Amendment to Settlement Agreement dated April 22, 2015, by and among A.M. Castle & Co., Raging Capital Management, LLC and certain of their affiliates, and Steven W. Scheinkman, Kenneth H. Traub and Allan J. Young. | 8-K | 10.6 | April 22, 2015 | 1-5415 | - | |
10.30 | Settlement Agreement by and among A. M. Castle & Co., Raging Capital Management, LLC, Raging Capital Master Fund, Ltd., William C. Martin, Kenneth H. Traub, Allan J. Young and Richard N. Burger, dated May 27, 2016. | 8-K | 10.1 | May 27, 2016 | 1-5415 | - | |
10.31 | Settlement Agreement dated November 3, 2016, by and among A. M. Castle & Co., Raging Capital Management, LLC and certain of their affiliates, and Steven W. Scheinkman, Kenneth H. Traub, Allan J. Young, and Richard N. Burger. | 8-K | 10.1 | November 4, 2016 | 1-5415 | - | |
10.32 | Amended and Restated Transaction Support Agreement, dated March 16, 2016, with certain holders of the senior secured notes and convertible notes. | 8-K | 10.1 | March 22, 2016 | 1-5415 | - | |
10.33 | Unit Purchase Agreement, dated August 7, 2016, by and between A.M. Castle & Co. and Duferco Steel, Inc. | 8-K | 10.1 | August 9, 2016 | 1-5415 | - | |
10.34 | Asset Purchase Agreement, dated March 11, 2016, by and between Total Plastics, Inc. and Total Plastics Resources LLC. | 8-K | 10.1 | March 17, 2016 | 1-5415 | - | |
10.35 | Amendment No. 1 to Asset Purchase Agreement, dated March 14, 2016, by and between Total Plastics, Inc. and Total Plastics Resources LLC. | 8-K | 10.2 | March 17, 2016 | 1-5415 | - | |
10.36* | Form Non-Qualified Stock Option Award Agreement. | 8-K | 10.7 | July 28, 2015 | 1-5415 | - | |
10.37* | Form Restricted Stock Unit Award Agreement. | 8-K | 10.8 | July 28, 2015 | 1-5415 | - | |
10.38 | Second Amendment to Settlement Agreement, as amended, dated October 30, 2015, by and among A.M. Castle & Co., Raging Capital Management, LLC and certain of their affiliates, and Messrs. Steven W. Scheinkman, Kenneth H. Traub, and Allan J. Young. | 8-K | 10.9 | November 5, 2015 | 1-5415 | - | |
10.39* | Special Bonus Letter dated March 14, 2015, between A.M. Castle & Co. and Mr. Marec Edgar. | 10-Q | 10.2 | April 29, 2015 | 1-5415 | - | |
10.40* | A.M. Castle & Co. Directors Deferred Compensation Plan (as amended and restated as of January 1, 2015). | 10-K/A | 10.42 | March 16, 2016 | 1-5415 | - | |
10.41* | Second Amendment dated October 8, 2015 to the A.M. Castle & Co. Supplemental 401(k) Savings and Retirement Plan as Amended and Restated effective as of January 1, 2009. | 10-K/A | 10.43 | March 16, 2016 | 1-5415 | - | |
10.42* | A.M. Castle & Co. 401(k) Savings and Retirement Plan (as amended and restated effective as of January 1, 2015). | 10-K/A | 10.44 | March 16, 2016 | 1-5415 | - | |
10.43* | Second Amendment dated October 8, 2015, to the A.M. Castle & Co. Salaried Employees Pension Plan as Amended and Restated Effective as of January 1, 2010. | 10-K/A | 10.45 | March 16, 2016 | 1-5415 | - | |
21.1 | Subsidiaries of Registrant | . | |||||
23.1 | Consent of Deloitte & Touche LLP | ||||||
23.2 | Consent of Grant Thornton LLP | ||||||
31.1 | CEO Certification Pursuant to Section 302 of the Sarbanes Oxley Act of 2002. | ||||||
31.2 | CFO Certification Pursuant to Section 302 of the Sarbanes Oxley Act of 2002. | ||||||
32.1 | CEO and CFO Certification 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 Calculation Linkbase Document | ||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||||
101.LAB | XBRL Taxonomy Label Linkbase Document | ||||||
101.PRE | XBRL Taxonomy Presentation Linkbase Document |
* | Considered a compensatory plan or arrangement. |
Subsidiary | Jurisdiction of Incorporation | Ownership | ||
Advanced Fabricating Technology, LLC*** | Delaware | 100% | ||
A.M. Castle & Co. (Canada) Inc. | British Columbia | 100% | ||
A.M. Castle & Co. (Singapore) Pte. Ltd. | Singapore | 100% | ||
A.M. Castle Metal Materials (Shanghai) Co., Ltd. | Peoples Republic of China | 100% | ||
A.M. Castle Metals UK Limited | United Kingdom | 100% | ||
Castle Metals de Mexicali, S.A. de C.V. | Mexico | 100% | ||
Castle Metals de Mexico, S.A. de C.V. | Mexico | 100% | ||
Castle Metals France | France | 100% | ||
Castle Metals UK Limited | United Kingdom | 100% | ||
Depot Metal LLC* | Delaware | 50% | ||
E.Harding & Sons Limited | United Kingdom | 100% | ||
HY-Alloy Steels Company | Delaware | 100% | ||
Keystone Service, Inc. | Indiana | 100% | ||
Keystone Tube Company, LLC | Delaware | 100% | ||
K.K.S. (Stainless Steel) Co. Limited | United Kingdom | 100% | ||
LOKS Plasma Services Limited | United Kingdom | 100% | ||
Paramont Machine Company, LLC*** | Delaware | 100% | ||
Tiernay Metals Limited | United Kingdom | 100% | ||
Total Plastics, Inc. | Michigan | 100% | ||
Transtar Metals Limited** | United Kingdom | 100% | ||
* | Entity was sold on August 22, 2016 |
** | Entity in liquidation |
*** | Entity was sold on March 15, 2016 |
1. | I have reviewed this Annual Report on Form 10-K of A. M. Castle & Co. (the “Company”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; |
4. | The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures [as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)] and internal control over financial reporting [as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)] for the Company and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the Company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonable likely to materially affect, the Company’s internal control over financial reporting; and |
5. | The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. |
Date: | April 7, 2017 | /s/ Steven W. Scheinkman | |
Steven W. Scheinkman | |||
President and Chief Executive Officer | |||
(Principal Executive Officer) |
1. | I have reviewed this Annual Report on Form 10-K of A. M. Castle & Co. (the “Company”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; |
4. | The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures [as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)] and internal control over financial reporting [as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)] for the Company and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the Company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonable likely to materially affect, the Company’s internal control over financial reporting; and |
5. | The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. |
Date: | April 7, 2017 | /s/ Patrick R. Anderson | |
Patrick R. Anderson | |||
Executive Vice President, Chief Financial Officer & Treasurer | |||
(Principal Financial Officer) |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material aspects, the financial condition and results of operations of the Company. |
/s/ Steven W. Scheinkman | ||
Steven W. Scheinkman | ||
President and Chief Executive Officer | ||
April 7, 2017 | ||
/s/ Patrick R. Anderson | ||
Patrick R. Anderson | ||
Executive Vice President, Chief Financial Officer & Treasurer | ||
April 7, 2017 |
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Mar. 24, 2017 |
Jun. 30, 2016 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CASTLE A M & CO | ||
Entity Central Index Key | 0000018172 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 32,482,533 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 34,364,029 |
Consolidated Statement of Operations and Comprehensive Loss - Parenthetical - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Statement [Abstract] | |||
Unrecognized pension and postretirement benefit costs - tax effect | $ (3,669) | $ 0 | $ 8,449 |
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 9,988 | 9,988 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 32,768 | 23,888 |
Common stock, shares outstanding | 32,566 | 23,794 |
Treasury stock, shares | 202 | 94 |
Allowances for accounts receivable | $ 1,945 | $ 2,380 |
Series B Junior Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 400 | 400 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Shares |
Treasury Shares |
Preferred Stock |
Additional Paid-in Capital |
(Accumulated Deficit) Retained Earnings |
Accumulated Other Comprehensive Loss |
---|---|---|---|---|---|---|---|
Treasury Stock, Common, Shares | (62) | ||||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2013 | $ 388,461 | $ 234 | $ (767) | $ 223,893 | $ 183,844 | $ (18,743) | |
Balance (in shares) at Dec. 31, 2013 | 23,471 | 0 | |||||
Comprehensive Loss: | |||||||
Net loss | (119,388) | (119,388) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (5,377) | (5,377) | |||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (12,996) | (12,996) | |||||
Long-term incentive plan | 1,456 | 1,456 | |||||
Exercise of stock options and other | 493 | $ 2 | $ (113) | 604 | |||
Exercise of stock options and other (in shares) | 159 | (9) | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2014 | 252,649 | $ 236 | $ (880) | 225,953 | 64,456 | (37,116) | |
Balance (in shares) at Dec. 31, 2014 | 23,630 | 0 | |||||
Treasury Stock, Common, Shares | (71) | ||||||
Comprehensive Loss: | |||||||
Net loss | (209,765) | (209,765) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (6,642) | (6,642) | |||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 9,937 | 9,937 | |||||
Long-term incentive plan | 149 | 149 | |||||
Exercise of stock options and other | 660 | $ 2 | $ (84) | 742 | |||
Exercise of stock options and other (in shares) | 258 | (23) | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2015 | 46,988 | $ 238 | $ (964) | 226,844 | (145,309) | (33,821) | |
Balance (in shares) at Dec. 31, 2015 | 23,888 | 0 | |||||
Treasury Stock, Common, Shares | (94) | ||||||
Comprehensive Loss: | |||||||
Net loss | (107,982) | (107,982) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 494 | 494 | |||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 7,388 | 7,388 | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 8,576 | ||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 16,629 | $ 86 | 16,543 | ||||
Adjustments to Additional Paid in Capital, Warrant Issued | 200 | 200 | |||||
Long-term incentive plan | 882 | 882 | |||||
Exercise of stock options and other | 274 | $ 3 | $ (85) | 356 | |||
Exercise of stock options and other (in shares) | 304 | (108) | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2016 | $ (35,127) | $ 327 | $ (1,049) | $ 244,825 | $ (253,291) | $ (25,939) | |
Balance (in shares) at Dec. 31, 2016 | 32,768 | 0 | |||||
Treasury Stock, Common, Shares | (202) |
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Statement of Stockholders' Equity [Abstract] | |||
Tax benefit related to change in unrecognized pension and postretirement liability benefit costs | $ (3,669) | $ 0 | $ 8,449 |
Basis of Presentation and Significant Accounting Policies |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Nature of operations — A.M. Castle & Co. and its subsidiaries (the “Company”) is a specialty metals distribution company serving principally the North American market. The Company has operations in the United States, Canada, Mexico, France, the United Kingdom, Spain, China and Singapore. The Company provides a broad range of product inventories as well as value-added processing and supply chain services to a wide array of customers, principally within the producer durable equipment, aerospace, heavy industrial equipment, industrial goods, construction equipment, oil and gas, and retail sectors of the global economy. Particular focus is placed on the aerospace and defense, power generation, mining, heavy industrial equipment, and general manufacturing industries, as well as general engineering applications. The Company’s corporate headquarters is located in Oak Brook, Illinois. The Company has 21 operational service centers located throughout North America (16), Europe (3) and Asia (2). The Company purchases metals from many producers. Purchases are made in large lots and held in distribution centers until sold, usually in smaller quantities and often with value-added processing services performed. Orders are primarily filled with materials shipped from Company stock. The materials required to fill the balance of sales are obtained from other sources, such as direct mill shipments to customers or purchases from other distributors. Thousands of customers from a wide array of industries are serviced primarily through the Company’s own sales organization. Basis of presentation — The consolidated financial statements include the accounts of A. M. Castle & Co. and its subsidiaries over which the Company exhibits a controlling interest. The equity method of accounting was used for the Company’s 50% owned joint venture, Kreher Steel Company, LLC (“Kreher”) until the Company sold its investment in Kreher in August 2016. All intercompany accounts and transactions have been eliminated. In March 2016, the Company completed the sale of substantially all the assets of its wholly-owned subsidiary, Total Plastics, Inc. ("TPI"). TPI is reflected in the accompanying consolidated financial statements as a discontinued operation. The accompanying consolidated financial statements have been prepared on the basis of the Company continuing as a going concern for a reasonable period of time. The Company's principal source of liquidity is cash flows from operations. During the year ended December 31, 2016, the Company incurred a net loss from continuing operations of $114,090 and used cash from continuing operations of $29,048. The Company's plan indicates that it will have sufficient cash flows from its operations to continue as a going concern. The Company's ability to have sufficient cash flows to continue as a going concern is based on plans that rely on certain underlying assumptions and estimates that may differ from actual results. Use of estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the consolidated financial statements are accounts receivable allowances, inventory reserves, goodwill and intangible assets, income taxes, pension and other post-employment benefits and share-based compensation. Revenue recognition — Revenue from the sale of products is recognized when the earnings process is complete and when the title and risk and rewards of ownership have passed to the customer, which is primarily at the time of shipment. Revenue recognized other than at the time of shipment represented less than 2% of the Company’s consolidated net sales for the years ended December 31, 2016, 2015 and 2014. Provisions for allowances related to sales discounts and rebates are recorded based on terms of the sale in the period that the sale is recorded. Management utilizes historical information and the current sales trends of the business to estimate such provisions. The provisions related to discounts and rebates due to customers are recorded as a reduction within net sales in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Revenue from shipping and handling charges is recorded in net sales. Costs incurred in connection with shipping and handling the Company’s products, which are related to third-party carriers or performed by Company personnel, are included in warehouse, processing and delivery expenses. For the years ended December 31, 2016, 2015 and 2014, shipping and handling costs included in warehouse, processing and delivery expenses were $26,370, $26,641 and $33,598, respectively. The Company maintains an allowance for doubtful accounts related to the potential inability of customers to make required payments. The allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific identification of customer receivable balances for which collection is unlikely. The provision for doubtful accounts is recorded in sales, general and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Estimates of doubtful accounts are based on historical write-off experience as a percentage of net sales and judgments about the probable effects of economic conditions on certain customers. The Company also maintains an allowance for credit memos for estimated credit memos to be issued against current sales. Estimates of allowance for credit memos are based upon the application of a historical issuance lag period to the average credit memos issued each month. Accounts receivable allowance for doubtful accounts and credit memos activity is presented in the table below:
Cost of materials — Cost of materials consists of the costs the Company pays for metals and related inbound freight charges. It excludes depreciation and amortization which are discussed below. Operating expenses — Operating costs and expenses primarily consist of:
Cash equivalents — Cash equivalents are highly liquid, short-term investments that have an original maturity of 90 days or less. Statement of cash flows — Non-cash investing and financing activities and supplemental disclosures of consolidated cash flow information are as follows:
Inventories — Inventories consist primarily of finished goods. All of the Company's continuing operations use the average cost method in determining the cost of inventory. The Company maintains an allowance for excess and obsolete inventory. The excess and obsolete inventory allowance is determined through the specific identification of material, adjusted for expected scrap value to be received, based on previous sales experience. Excess and obsolete inventory allowance activity is presented in the table below:
In 2015, the Company recognized a non-cash charge of $61,472, primarily related to inventory and purchase commitments of the Company's Houston and Edmonton locations, where the Company ceased operations in February 2016. The non-cash charge is reported in cost of materials in the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2015. Property, plant and equipment — Property, plant and equipment are stated at cost and include assets held under capital leases. Expenditures for major additions and improvements are capitalized, while maintenance and repair costs that do not substantially improve or extend the useful lives of the respective assets are expensed in the period in which they are incurred. When items are disposed, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. The Company provides for depreciation of plant and equipment sufficient to amortize the cost over their estimated useful lives as follows:
Leasehold improvements are depreciated over the shorter of their useful lives or the remaining term of the lease. Depreciation is calculated using the straight-line method and depreciation expense for 2016, 2015 and 2014 was $10,252, $12,671 and $12,750, respectively. Long-lived assets — The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to future net cash flows (undiscounted and without interest charges) expected to be generated by the asset or asset group. If future net cash flows are less than the carrying value, the asset or asset group may be impaired. If such assets are impaired, the impairment charge is calculated as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Determining whether impairment has occurred typically requires various estimates and assumptions, including determining which undiscounted cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. The Company derives the required undiscounted cash flow estimates from historical experience and internal business plans. Intangible assets — The majority of the Company’s recorded intangible assets as of December 31, 2016 were acquired as part of the Transtar acquisition in September 2006 and consist of customer relationships. Intangible assets related to non-compete agreements and developed technology acquired in the Transtar acquisition and Tube Supply, Inc. (“Tube Supply”) acquisition in 2011 were fully amortized in 2014. In 2015, the Company concluded that the remaining customer relationships and trade name intangible assets acquired in the Tube Supply acquisition were impaired and a $33,742 non-cash impairment charge (none of which was deductible for tax purposes) was recorded for the year ended December 31, 2015. The non-cash impairment charge recorded removed all the remaining finite-lived intangible assets associated with the Tube Supply acquisition. The initial values of the intangible assets were based on a discounted cash flow valuation using assumptions made by management as to future revenues from select customers, the level and pace of attrition in such revenues over time and assumed operating income amounts generated from such revenues. These intangible assets are amortized over their useful lives, which are 4 to 12 years for customer relationships and 1 to 10 years for trade names. Useful lives are estimated by management and determined based on the timeframe over which a significant portion of the estimated future cash flows are expected to be realized from the respective intangible assets. Furthermore, when certain conditions or certain triggering events occur, a separate test for impairment, which is included in the impairment test for long-lived assets discussed above, is performed. If the intangible asset is deemed to be impaired, such asset will be written down to its fair value. Income taxes — The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records valuation allowances against its deferred tax assets when it is more likely than not that the amounts will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and recent results of operations. In the event the Company determines it would not be able to realize its deferred tax assets, a valuation allowance is recorded, which increases the provision for income taxes in the period in which that determination is made. During 2016, the Company pledged its foreign assets as collateral for certain borrowings. This resulted in a foreign income inclusion in the U.S. under Internal Revenue Code ("IRC") Section 956, which was comprised of current and accumulated earnings and profits. There are no remaining undistributed earnings as of December 31, 2016 on which the Company would need to record any additional deferred tax liability. The Company's 50% ownership interest in Kreher (Note 3 - Joint Venture to the Consolidated Financial Statements) was through a 50% interest in a limited liability company (LLC) taxed as a partnership. Kreher has two subsidiaries organized as individually taxed C-Corporations. The Company included in its income tax provision the income tax liability on its share of Kreher income. The income tax liability of Kreher itself is generally treated as a current income tax expense and the income tax liability associated with the profits of the two subsidiaries of Kreher is treated as a deferred income tax expense. The Company could not independently cause a dividend to be declared by one of Kreher's subsidiaries; therefore, no benefit of a dividend received deduction could be recognized in the Company's tax provision until a dividend was declared. If one of Kreher's C-Corporation subsidiaries declared a dividend payable to Kreher, the Company recognized a benefit for the 80% dividends received deduction on its 50% share of the dividend. For uncertain tax positions, the Company applies the provisions of relevant authoritative guidance, which requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate as well as impact operating results. Although the Company believes that the positions taken on previously filed tax returns are reasonable, it has established tax and interest reserves in recognition that various taxing authorities may challenge the positions taken, which could result in additional liabilities for taxes and interest. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Accrued interest and penalties are included within other long-term liabilities in the Consolidated Balance Sheets. Insurance plans — The Company is a member of a group captive insurance company (the “Captive”) domiciled in Grand Cayman Island. The Captive reinsures losses related to certain of the Company’s workers’ compensation, automobile and general liability risks that occur subsequent to August 2009. Premiums are based on the Company’s loss experience and are accrued as expenses for the period to which the premium relates. Premiums are credited to the Company’s “loss fund” and earn investment income until claims are actually paid. For claims that were incurred prior to August 2009, the Company is self-insured. Self-insurance amounts are capped, for individual claims and in the aggregate, for each policy year by an insurance company. Self-insurance reserves are based on unpaid, known claims (including related administrative fees assessed by the insurance company for claims processing) and a reserve for incurred but not reported claims based on the Company’s historical claims experience and development. The Company is self-insured up to a retention amount for medical insurance for its domestic operations. Self-insurance reserves are maintained based on incurred but not paid claims based on a historical lag. Foreign currency — For the majority of the Company’s non-U.S. operations, the functional currency is the local currency. Assets and liabilities of those operations are translated into U.S. dollars using year-end exchange rates, and income and expenses are translated using the average exchange rates for the reporting period. The currency effects of translating financial statements of the Company’s non-U.S. operations which operate in local currency environments are recorded in accumulated other comprehensive loss, a separate component of stockholders’ (deficit) equity. Transaction gains or losses resulting from foreign currency transactions have historically been primarily related to unhedged intercompany financing arrangements between the United States and the United Kingdom and Canada. Loss per share — Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock plus common stock equivalents. Common stock equivalents consist of employee and director stock options, restricted stock awards, other share-based payment awards, and contingently issuable shares related to the Company’s convertible senior notes, which are included in the calculation of weighted average shares outstanding using the treasury stock method, if dilutive. The following table is a reconciliation of the basic and diluted loss per share calculations:
Convertible notes and common stock warrants are dilutive to the extent the Company generates net income and the average stock price during the annual period is greater than the conversion prices and exercise prices of the convertible notes and common stock warrants, respectively. The convertible notes and common stock warrants are only dilutive for the “in the money” portion of the convertible notes and common stock warrants that could be settled with the Company’s stock. Concentrations — The Company serves a wide range of customers within the producer durable equipment, aerospace, heavy industrial equipment, industrial goods, construction equipment, oil and gas, retail, marine and automotive sectors of the economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller sized firms spread across the entire spectrum of metals-using industries. The Company’s customer base is well diversified and, therefore, the Company does not have dependence upon any single customer or a few customers. No single customer represented more than 4% of the Company’s 2016 total net sales. Approximately 63% of the Company’s net sales are from locations in the United States. Share-based compensation — The Company offers share-based compensation awards to executives, other key employees and directors. Share-based compensation expense is recognized ratably over the vesting period or performance period, as appropriate, based on the grant date fair value of the stock award. The Company may either issue shares from treasury or new shares upon share option exercise or award issuance. Management estimates the probable number of awards that will ultimately vest when calculating the share-based compensation expense for its Long-Term Compensation Plans ("LTCP") and Short-Term Incentive Programs ("STIP"). As of December 31, 2016, the Company’s weighted average forfeiture rate is approximately 47%. The actual number of awards that vest may differ from management’s estimate. Stock options generally vest in one to three years for executives and employees and non-vested shares granted to directors vest in one to three years. Stock options have an exercise price equal to the closing price of the Company’s stock on the date of grant (options granted in 2016 and 2015) or the average closing price of the Company’s stock for the 10 trading days preceding the grant date (options granted in 2010) and have a contractual life of eight to 10 years. Stock options are valued using a Black-Scholes option-pricing model. Non-vested shares are valued based on the market price of the Company's stock on the grant date. The Company granted non-qualified stock options under its STIP and LTCP in 2016 and 2015. Under the 2015 LTCP, the total potential award is comprised of non-qualified stock options and restricted stock units ("RSUs"), which are time vested and once vested entitle the participant to receive shares of the Company's common stock. Under the 2014 LTCP, the total potential award is comprised of RSUs and performance share units ("PSUs"), which are based on the Company's performance compared to target goals. The PSUs awarded are based on two independent conditions, the Company’s relative total shareholder return ("RTSR"), which represents a market condition, and Company-specific target goals for return on invested capital ("ROIC") as defined in the LTCP. RSUs generally vest in three years. RSU and ROIC PSU awards are valued based on the market price of the Company's stock on the grant date, and the value of RTSR PSU awards is estimated using a Monte Carlo simulation model. No PSUs were awarded under the 2016 LTCP or 2015 LTCP. RTSR is measured against a group of peer companies either in the metals industry or in the industrial products distribution industry (the "RTSR Peer Group") over a three-year performance period as defined in the LTC Plans. The threshold, target and maximum performance levels for RTSR are the 25th, 50th and 75th percentile, respectively, relative to RTSR Peer Group performance. Compensation expense for RTSR PSU awards is recognized regardless of whether the market condition is achieved to the extent the requisite service period condition is met. ROIC is measured based on the Company's average actual performance versus Company-specific goals as defined in each year's LTCP over a three-year performance period. Compensation expense recognized is based on management's expectation of future performance compared to the pre-established performance goals. If the performance goals are not expected to be met, no compensation expense is recognized for the ROIC PSU awards and any previously recognized compensation expense is reversed. Final RTSR and ROIC PSU award vesting will occur at the end of the three-year performance period, and distribution of PSU awards granted under the LTCP are determined based on the Company’s actual performance versus the target goals for a three-year performance period, as defined in each year's LTCP. Partial awards can be earned for performance that is below the target goal, but in excess of threshold goals, and award distributions up to twice the target can be achieved if the target goals are exceeded. Unless covered by a specific change-in-control or severance arrangement, participants to whom RSUs, PSUs, stock options and non-vested shares have been granted must be employed by the Company on the vesting date or at the end of the performance period, as appropriate, or the award will be forfeited. New Accounting Standards Updates Standards Updates Adopted Effective December 31, 2016, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2014-15, "Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." This ASU provides additional guidance surrounding the disclosure of going concern uncertainties in the financial statements and implements requirements for management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The Company's assessment of its ability to continue as a going concern is further discussed in the Basis of Presentation above. The adoption of ASU 2014-15 did not have a material impact on the Company's consolidated financial position, results of operations, cash flows or disclosures. Standards Updates Issued Not Yet Effective In March 2017, the FASB issued ASU 2017-07, "Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." Under the new guidance, employers must present the service cost component of the net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. The other components of net periodic benefit cost must be reported separately from the line item(s) that includes the service cost component and outside of any subtotal of operating income, if one is presented. Employers will have to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. The guidance on the income statement presentation of the components of net periodic benefit cost must be applied retrospectively, while the guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component must be applied prospectively. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted as of the beginning of an annual period for which interim financial statements have not been issued. The Company is currently evaluating the impact the adoption of ASU No. 2017-07 will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," to reduce the existing diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230. The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under Topic 230. ASU 2016-15 must be applied retrospectively to all periods presented with limited exceptions. For public companies, the amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU No. 2016-15 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for employee share-based payment transactions. Under ASU No. 2016-09, a Company recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, eliminating the notion of the additional paid-in capital pool and significantly reducing the complexity and cost of accounting for excess tax benefits and tax deficiencies. For interim reporting purposes, excess tax benefits and tax deficiencies are considered discrete items in the reporting period in which they occur and are not included in the estimate of an entity’s annual effective tax rate. ASU No. 2016-09 further eliminates the requirement to defer recognition of an excess tax benefit until the benefit is realized through a reduction to taxes payable. For public companies, the ASU must be prospectively applied, and is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption will be permitted in any interim or annual period for which financial statements have not yet been issued or have not been made available for issuance. The Company does not believe that the adoption of ASU No. 2016-09 will have a material impact on its consolidated financial statements; however, the impact is affected by future transactions and changes in the Company's stock price. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)," which requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. ASU No. 2016-02 also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach, and are effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU No. 2016-02 will have on its consolidated financial statements, but the Company expects that most existing operating lease commitments will be recognized as operating lease obligations and right-of-use assets as a result of adoption. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," related to revenue recognition. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in prior accounting guidance. The ASU permits the use of either the retrospective or modified retrospective (cumulative-effect) transition method of adoption. ASU No. 2015-14, "Deferral of the Effective Date," was issued in August 2015 to defer the effective date of ASU No. 2014-09 for public companies until annual reporting periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. In 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” ASU No. 2016-12, "Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients," and ASU No. 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers," which provide supplemental adoption guidance and clarification to ASC No. 2014-09. ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-12 and ASU No. 2016-20 must be adopted concurrently with the adoption of ASU No. 2014-09. The Company continues to evaluate the impact of these ASU's on its consolidated financial statements and disclosures, and plans to adopt these ASU's in the first quarter of 2018 under the modified retrospective transition method. |
Discontinued Operations (Notes) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Summarized results of the discontinued operation were as follows:
(a) Interest expense was allocated to the discontinued operation based on the debt that was required to be paid as a result of the sale of TPI. (b) Income tax expense for the year ended December 31, 2016 includes $4,207 reversal of valuation allowance resulting from the sale of TPI. Major classes of assets and liabilities of the discontinued operation at December 31, 2015 were as follows:
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Joint Venture |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joint Venture | Joint Venture Kreher Steel Company, LLC, a national distributor and processor of carbon and alloy steel bar products, headquartered in Melrose Park, Illinois, was a 50% owned joint venture of the Company. In June 2016, the Company received an offer from its joint venture partner to purchase its ownership share in Kreher for an amount that was less than the current carrying value of the Company's investment in Kreher. The Company determined that the offer to purchase its ownership share in Kreher at a purchase price lower than the carrying value indicated that it may not be able to recover the full carrying amount of its investment, and therefore recognized a $4,636 other-than-temporary impairment charge in the second quarter of 2016 to reduce the carrying amount of the investment to the negotiated purchase price. Prior to receiving the purchase offer, the Company had no previous indicators that its investment in Kreher had incurred a loss in value that was other-than-temporary. In August 2016, the Company completed the sale of its ownership share in Kreher to its joint venture partner for aggregate cash proceeds of $31,550, which resulted in a loss on disposal of $5, including selling expenses. The impairment charge and the loss on disposal are reported in equity in earnings (losses) of joint venture in the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2016. Because the sale of the Company's investment in Kreher is not considered to be a strategic shift that will have a major effect on the Company's operations and financial results, the results of Kreher are reflected within continuing operations in the Consolidated Financial Statements. The following information summarizes the Company’s participation in the joint venture as of and for the year ended December 31:
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets During the second quarter of 2014, the Company concluded that under FASB Accounting Standards Codification (“ASC”) 350, "Intangibles - Goodwill and Other," its unfavorable operating results could be indicators of impairment of its Metals reporting unit's goodwill and, therefore, performed an interim impairment analysis as of May 31, 2014 using the two-step quantitative analysis. Under the first step, the Company determined that the carrying value of the Metals reporting unit exceeded its estimated fair value requiring the Company to perform the second step of the analysis. The second step of the analysis included allocating the calculated fair value (determined in the first step) of the Metals reporting unit to its assets and liabilities to determine an implied goodwill value. The result of the second step was that the goodwill of the reporting unit was impaired and a $56,160 non-cash impairment charge ($13,900 of which is deductible for tax purposes) was recorded during the three-month period ended June 30, 2014 to eliminate the reporting unit goodwill. The following summarizes the components of the Company's intangible assets at December 31, 2016 and 2015:
In conjunction with the Company’s plans to reduce its indebtedness and increase liquidity, in the fourth quarter of 2015 the Company made a decision to start exploring opportunities related to certain of its under-performing oil and gas inventory and equipment. In connection with this decision, the Company began marketing the sale of the inventory and equipment of its Houston and Edmonton locations. In the first quarter of 2016, the Company sold all of the inventory and equipment at the Houston and Edmonton locations, as well as the Tube Supply trade name. The Company subsequently closed both of these locations. Given these factors, the Company determined that as of December 31, 2015, certain of its intangible assets, including the Tube Supply customer relationships and trade name acquired in connection with the Tube Supply acquisition in 2011, no longer had a remaining useful life and a $33,742 non-cash impairment charge (none of which was deductible for tax purposes) was recorded for the year ended December 31, 2015. The non-cash impairment charge removed all the remaining finite-lived intangible assets associated with the Tube Supply acquisition, leaving only customer relationships intangible assets. The majority of the remaining customer relationships intangible assets were acquired as part of the acquisition of Transtar in September 2006. The weighted average amortization period for the remaining customer relationships intangible assets is 0.7 years. Due to the Company’s continued sales declines, net losses and lower than projected cash flows, the Company tested its remaining long-lived assets for impairment during the fourth quarters of 2016 and 2015. Testing of the Company's other long-lived assets indicated that the undiscounted cash flows of those assets exceeded their carrying values, and the Company concluded that no impairment existed at December 31, 2016 and 2015 and the remaining useful lives of its long-lived assets were appropriate. The Company also tested its long-lived assets for impairment at May 31, 2014, the date of the Company's interim goodwill impairment analysis, and in the second quarter of 2015 in conjunction with the announced restructuring activities. Both times, the Company concluded that no impairment existed and the remaining useful lives of its long-lived assets were appropriate. The Company will continue to monitor its long-lived assets for impairment. For the years ended December 31, 2016, 2015, and 2014, the aggregate amortization expense was $6,126, $10,647 and $11,630, respectively. The following is a summary of the estimated annual amortization expense for each of the next 5 years:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Long-term debt consisted of the following:
Secured Notes In February 2016, the Company completed a private exchange offer and consent solicitation (the “Exchange Offer”) to certain eligible holders to exchange new 12.75% Senior Secured Notes due 2018 (the “New Secured Notes”) for the Company’s outstanding 12.75% Senior Secured Notes due 2016 (the "Secured Notes"). In connection with the Exchange Offer, the Company issued $203,319 aggregate principal amount of New Secured Notes. In conjunction with the Exchange Offer, the Company solicited consents to certain proposed amendments to the Secured Notes and the related indenture (the “Existing Indenture”) providing for, among other things, elimination of substantially all restrictive covenants and certain events of default in the Existing Indenture and releasing all of the collateral securing the Secured Notes and related guarantees. In May 2016, the Company entered into an agreement providing for the exchange of $1,200 aggregate principal amount of Secured Notes for $1,200 aggregate principal amount of New Secured Notes. On August 1, 2016, the Company issued a notice of redemption with respect to the remaining outstanding Secured Notes and deposited $5,629 with the trustee (representing the aggregate principal amount plus accrued and unpaid interest to the August 31, 2016 redemption date) to effect a satisfaction and discharge of the indenture governing the Secured Notes. There is no principal amount of Secured Notes outstanding at December 31, 2016. The New Secured Notes have substantially the same terms as the Secured Notes except for the following principal differences: (i) the New Secured Notes were offered pursuant to an exemption from the registration requirements of the Securities Act, and do not have the benefit of any exchange offer or other registration rights, (ii) the New Secured Notes effectively extend the maturity date of the Secured Notes to December 15, 2018, unless the Company is unable to both (a) complete the exchange of a portion of its 7.0% Convertible Senior Notes due 2017 (the "Convertible Notes") on or prior to June 30, 2016, and (b) redeem, on one or more occasions (each, a “Special Redemption”), an aggregate of not less than $27,500 of aggregate principal amount of the New Secured Notes on or prior to October 31, 2016, using cash available to the Company and/or net proceeds from sales of assets of the Company or a Restricted Subsidiary outside the ordinary course of business (other than net proceeds derived from the sale of accounts receivable and inventory (the “Designated Asset Sale Proceeds”)), subject to a penalty equal to 4.00% of the outstanding principal, payable in cash and/or stock, in the Company’s sole discretion (the “Special Redemption Condition”), in which case the maturity date of the New Secured Notes will be September 14, 2017, (iii) the New Secured Notes provide that, whether or not the Special Redemption Condition is satisfied, the Company will have an obligation to effect Special Redemptions using Designated Asset Sale Proceeds or other permissible funds until such time as the aggregate amount of Special Redemptions equals $40,000, (iv) the New Secured Notes contain modifications to the asset sale covenant providing that the Company shall not use any net proceeds from asset sales outside the ordinary course of business to redeem, repay or prepay the Convertible Notes, and (v) the granting of a third-priority lien on the collateral securing the New Secured Notes for the benefit of new Convertible Notes is a permitted lien under the indenture. The Company completed the exchange of a portion of its Convertible Notes prior to June 30, 2016, and satisfied the Special Redemption Condition by issuing an irrevocable notice of redemption for $27,500 of aggregate principal amount of New Secured Notes on October 31, 2016. Those New Secured Notes were subsequently redeemed on November 9, 2016. The New Secured Notes are fully and unconditionally guaranteed, jointly and severally, by certain 100% owned domestic subsidiaries of the Company (the “Guarantors”). The New Secured Notes and the related guarantees are secured by a lien on substantially all of the Company's and the Guarantors' assets, subject to certain exceptions and permitted liens pursuant to a pledge and security agreement. The terms of the New Secured Notes contain numerous covenants imposing financial and operating restrictions on the Company's business. These covenants place restrictions on the Company's ability and the ability of its subsidiaries to, among other things, pay dividends, redeem stock or make other distributions or restricted payments; incur indebtedness or issue common stock; make certain investments; create liens; agree to payment restrictions affecting certain subsidiaries; consolidate or merge; sell or otherwise transfer or dispose of assets, including equity interests of certain subsidiaries; enter into transactions with affiliates; enter into sale and leaseback transactions; and use the proceeds of permitted sales of the Company's assets. The Company may redeem some or all of the New Secured Notes at a redemption price of 100% of the principal amount, plus accrued and unpaid interest. The New Secured Notes also contain a provision that allows holders of the New Secured Notes to require the Company to repurchase all or any part of the New Secured Notes if a change of control triggering event occurs. Under this provision, the repurchase of the New Secured Notes will occur at a purchase price of 101% of the outstanding principal amount, plus accrued and unpaid interest, if any, on such New Secured Notes to the date of repurchase. In addition, upon certain asset sales, the Company may be required to offer to use the net proceeds thereof to purchase some of the New Secured Notes at 100% of the principal amount thereof, plus accrued and unpaid interest. The New Secured Notes require that the Company make, subject to certain conditions and within 95 days of the end of each fiscal year beginning with the fiscal year ending December 31, 2016, an offer to purchase the New Secured Notes with (i) 75% of excess cash flow (as defined in the New Secured Notes indenture) until the Company has offered to purchase up to $50,000 in aggregate principal amount of the notes, (ii) 50% of excess cash flow until the Company has offered to purchase up to $75,000 in aggregate principal amount of the notes, (iii) 25% of the excess cash flow until the Company has offered to purchase up to $100,000 in aggregate principal amount of the notes and (iv) 0% thereafter, in each case, at 103% of the principal amount, thereof, plus accrued and unpaid interest. The Company determined that the Exchange Offer was considered to be a troubled debt restructuring within the scope of ASC No. 470-60, "Debt-Troubled Debt Restructurings", as the Company was determined to be experiencing financial difficulties and was granted a concession by the eligible holders. Accordingly, for the year ended December 31, 2016, the Company has expensed the eligible holder consent fees and related legal and other direct costs incurred in conjunction with the Exchange Offer in debt restructuring loss, net in the Consolidated Statements of Operations and Comprehensive Loss. The Company pays interest on the New Secured Notes at a rate of 12.75% per annum in cash semi-annually. Secured Term Loan Credit Facilities On December 8, 2016, the Company entered into new secured credit facilities (the “Credit Facilities”) with certain financial institutions (the "Financial Institutions") in order to replace and repay outstanding borrowings and support the continuance of letters of credit under the Company's senior secured asset-based revolving credit facility (the “Revolving Credit Facility”). The Credit Facilities are in the form of senior secured first-lien term loan facilities in an aggregate principal amount of up to $112,000. In connection with the closing of the Credit Facilities, commitments pursuant to the Revolving Credit Facility were terminated, liens granted to the collateral agent pursuant thereto were released in full, and Revolving Credit Facility borrowings outstanding were repaid by the Company using proceeds from the Credit Facilities. Letters of credit previously issued under the Revolving Credit Facility were cash collateralized, resulting in $7,968 of restricted cash that is reflected in other noncurrent assets in the Consolidated Balance Sheet at December 31, 2016. The Credit Facilities consist of a $75,000 initial term loan facility funded at closing and a $37,000 delayed-draw term loan facility (the “Delayed Draw Facility”). Under the Delayed Draw Facility, $24,500 was available in December 2016 and $12,500 is expected to be available in June 2017 or thereafter. In December 2016, the Company borrowed the $24,500 of the Delayed Draw Facility available in accordance with its terms. The funding of the Credit Facilities was subject to original issue discount in an amount equal to 3.0% of the full principal amount of the Credit Facilities. The Credit Facilities bear interest at a rate per annum equal to 11.0%, payable monthly in arrears. The outstanding principal amount of the Credit Facilities and all accrued and unpaid interest thereon will be due and be payable on September 14, 2018. In connection with the closing of the Credit Facilities, the Financial Institutions were issued warrants (the “Warrants”) to purchase an aggregate of 5,000 shares of the Company's common stock, pro rata based on the principal amount of each Financial Institution’s commitment in the Credit Facilities. Warrants to purchase 2,500 shares have an exercise price of $0.50 per share, and Warrants to purchase 2,500 shares have an exercise price of $0.65 per share. The Warrants were exercisable upon issuance and expire on June 8, 2018. The Company determined that the Warrants are freestanding contracts that are indexed to the Company's common stock and meet the criteria for classification as equity under the authoritative accounting guidance. Accordingly, the Company separately recognized and valued the Warrants at an initial carrying value of $200, which was recorded as an increase to additional paid-in capital, with a corresponding increase in the discount to the Credit Facilities proceeds. The initial carrying amount of the Warrants will not be adjusted to fair value in future periods unless they no longer qualify for equity classification. The shares of the Company's common stock issuable upon exercise of the Warrants are subject to registration rights under a customary registration rights agreement, dated December 8, 2016, which provides for the filing of a registration statement on Form S-3 (or another appropriate form, if Form S-3 is unavailable) to register the resale of such common stock. Under the terms of the registration rights agreement, the Company has agreed to use its best efforts to effect the registration of the shares of the Company's common stock issuable upon exercise of the Warrants, but the Company is not subject to any penalty if its efforts are unsuccessful. All obligations of the Company under the Credit Facilities are guaranteed on a senior-secured basis by each direct and indirect, existing and future, domestic or Canadian subsidiary of the Company (the “Subsidiary Guarantors” and together with the Company, the “Credit Parties”). All obligations under the Credit Facilities are secured on a first-priority basis by a perfected security interest in substantially all assets of the Credit Parties (subject to certain exceptions for permitted liens). The Company agreed to add its foreign subsidiaries as guarantors and to direct such subsidiaries to grant a security interest in substantially all of their respective assets, subject to certain exceptions, as soon as possible after closing. The Credit Facilities agreement contains numerous covenants that, if breached, could result in a default under the agreement. These covenants include a financial covenant that requires the Company to maintain a minimum amount of consolidated adjusted EBITDA (as defined in the agreement) during various applicable fiscal periods beginning with the fiscal quarter ending March 31, 2017. The Company is also required to maintain specified minimum amounts of net working capital (as defined in the agreement) and consolidated liquidity (as defined in the agreement) of at least $20,000. While not legally restricted, a compensating balance of $7,500 was required to be maintained by the Company as of December 31, 2016 to satisfy the consolidated liquidity requirement. The remaining minimum liquidity requirement was met with the $12,500 undrawn amount under the Delayed Draw Facility. The Credit Facilities agreement also provides that a default could result from the occurrence of any condition, act, event or development that results or could be reasonably expected to result in a material adverse effect (as defined in the agreement). In the event of a default, the Financial Institutions could elect to declare all amounts borrowed due and payable, including accrued interest and any other obligations under the Credit Facilities. Any such acceleration would also result in a default under the indentures governing the New Secured Notes and the Senior Secured Convertible Notes due 2019. As of December 31, 2016, the Company was in compliance with all financial covenants relating to the Credit Facilities. On April 6, 2017, the Company entered into an amendment to the Credit Facilities agreement. Under this amendment, the Financial Institutions agreed that the financial covenants related to consolidated adjusted EBITDA and specified minimum amounts of net working capital and consolidated liquidity, all as described in the preceding paragraph, would cease to apply for the period from March 31, 2017 through and including May 31, 2018 (refer to Note 15 - Subsequent Events). Convertible Notes In 2016, the Company entered into Transaction Support Agreements (as amended, supplemented or modified, the “Support Agreements”) with certain holders (the “Supporting Holders”) of the Convertible Notes. The Support Agreements provided for the terms of exchanges in which the Company agreed to issue new 5.25% Senior Secured Convertible Notes due 2019 (the “New Convertible Notes”) in exchange for outstanding Convertible Notes (the “Convertible Note Exchange”). For each $1 principal amount of Convertible Notes validly exchanged in the Convertible Note Exchange, an exchanging holder of Convertible Notes was entitled to receive $0.7 principal amount of New Convertible Notes, plus accrued and unpaid interest. On March 22, 2016, the Company filed a registration statement on Form S-3, as later amended, to register the resale of the common stock underlying the New Convertible Notes. On May 6, 2016, the Company held a special meeting of stockholders to consider a proposal to approve, as required pursuant to Rule 312 of the NYSE Listed Company Manual, the issuance of the Company’s common stock upon conversion of the New Convertible Notes. The proposal was approved by the Company’s stockholders with the affirmative vote of approximately 73% of the outstanding shares of common stock entitled to vote thereon, which represented approximately 99% of the total votes cast. In May 2016, the Company entered into amendments to the Support Agreements that, among other things, permitted the Supporting Holders to elect to exchange some or all of the Convertible Notes directly into shares of the Company’s common stock on the same economic terms as would be applicable had they exchanged their Convertible Notes for New Convertible Notes and then converted those New Convertible Notes into common stock. Supporting Holders holding $23,443 in aggregate principal amount of Convertible Notes exchanged their Convertible Notes for an aggregate of 7,863 shares of the Company’s common stock, which had a fair value of $15,332 at the time of the Convertible Note Exchange. This resulted in a $1,526 extinguishment gain that is included in debt restructuring loss, net in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2016. Supporting Holders holding $34,016 in aggregate principal amount of Convertible Notes exchanged their Convertible Notes for $23,806 in aggregate principal amount of New Convertible Notes, which included (i) $20,866 in aggregate principal amount of New Convertible Notes issued pursuant to exchange agreements between the Company and certain non-affiliate noteholders and (ii) $2,940 in aggregate principal amount of New Convertible Notes issued pursuant to an exchange agreement with an affiliate of the Company. As further described below, the New Convertible Notes are convertible into common stock at the option of the holder. The Company determined that the conversion option is not clearly and closely related to the economic characteristics of the New Convertible Notes, nor does it meet the criteria to be considered indexed to the Company’s common stock. As a result, the Company concluded that the embedded conversion option must be bifurcated from the New Convertible Notes, separately valued, and accounted for as a derivative liability that partially settled the Convertible Notes. The initial value allocated to the derivative liability was $11,574, with a corresponding discount recorded to the New Convertible Notes. During each reporting period, the derivative liability, which is classified in long-term debt, will be marked to fair value through earnings. The Convertible Note Exchange was considered to be a troubled debt restructuring, as the Company was experiencing financial difficulties and was granted a concession by the Supporting Holders. As a result, the Company expensed legal and other direct costs incurred in conjunction with the Convertible Note Exchange, which are included in debt restructuring loss, net in the Consolidated Statements of Operations and Comprehensive Loss. Subsequent to the Convertible Note Exchange, $1,483 in aggregate principal amount of New Convertible Notes was converted to 713 shares of the Company’s common stock. This resulted in a $589 extinguishment gain from the conversion of the New Convertible Notes and the settlement of a related portion of the derivative liability. The gain has been included in debt restructuring loss, net in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2016. As of December 31, 2016, the Company had $22,323 aggregate principal amount of New Convertible Notes outstanding, and the derivative liability had a fair value of $403. The New Convertible Notes mature on December 30, 2019, and bear interest at a rate of 5.25% per annum, payable semi-annually in cash. The New Convertible Notes are initially convertible into shares of the Company's common stock at any time at a conversion price per share equal to $2.25 and are subject to adjustment in accordance with the New Convertible Notes indenture. All current and future guarantors of the New Secured Notes, the Credit Facilities, and any other material indebtedness of the Company guarantee the New Convertible Notes, subject to certain exceptions. The New Convertible Notes are secured on a “silent” third-priority basis by the same collateral that secures the New Secured Notes. Upon conversion, the Company will pay and/or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, together with cash in lieu of fractional shares. The value of shares of the Company's common stock for purposes of the settlement of the conversion right will be calculated as provided in the indenture, using a 20 trading day observation period. Upon such conversion, the holder shall be entitled to receive an amount equal to the "make-whole" premium, payable in the form of cash, shares of the Company's common stock, or a combination of both, at the Company's sole discretion. The value of shares of Company common stock for purposes of calculating the "make-whole" premium will be based on the greater of (i) 130% of the conversion price then in effect and (ii) the volume weighted average price ("VWAP") of such shares for the 20 trading day observation period as provided in the indenture. If the VWAP of the Company's common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which such notice of redemption is provided, the Company shall have the right to redeem any or all of the New Convertible Notes at a price equal to (i) 100.0% of the aggregate principal amount thereof plus (ii) the "make-whole" premium. The redemption price can be paid in the form of cash, shares of the Company's common stock or a combination of both, at the Company's sole discretion. The value of shares of the Company's common stock will be based on the VWAP of such shares for the 20 trading days immediately preceding the date of redemption. Prior to the third trading day prior to the date of any such redemption, any New Convertible Notes called for redemption may be converted by the holder into shares of the Company's common stock at the conversion price then in effect. Following the Convertible Note Exchange, the Company had $41 aggregate principal amount of Convertible Notes outstanding at December 31, 2016. Revolving Credit Facility In June 2016, the Company entered into an amendment (the “Amendment”) to the Loan and Security Agreement governing the Revolving Credit Facility, by and among the Company and certain domestic subsidiaries, the financial institutions from time to time party to the Loan and Security Agreement as lenders, and Wells Fargo Bank, National Association, in its capacity as agent. The Amendment reduced the aggregate commitments under the Revolving Credit Facility from $125,000 to $100,000, and also decreased aggregate commitments under (i) the Canadian portion of the Revolving Credit Facility from $20,000 to $16,000 and (ii) the letter of credit facility portion of the Revolving Credit Facility from $20,000 to $16,000. The Amendment also imposed an availability block that decreased availability under the Revolving Credit Facility by $17,500 initially, which was subject to adjustment. Previously, the Revolving Credit Facility restricted the Company’s ability to repay the New Secured Notes and the Secured Notes unless the Company was able to satisfy certain financial testing conditions. Pursuant to the terms of the Amendment, the Company was permitted to repay up to $27,500 of the New Secured Notes and up to $6,000 of the Secured Notes, subject to satisfaction of revised financial testing conditions. The Amendment also increased the interest rate charged in connection with loans advanced under the Revolving Credit Facility. At the Company’s election, borrowings under the Revolving Credit Facility would bear interest at variable rates based on (a) a customary base rate plus an applicable margin of 1.75% or (b) an adjusted LIBOR rate plus an applicable margin of 2.75%, with such applicable margins subject to adjustment if the Fixed Charge Coverage Ratio is at least 1.0 to 1.0. The weighted average interest rate for borrowings under the Revolving Credit Facility was 3.65%, 2.70% and 3.08% for the years ended December 31, 2016, 2015 and 2014, respectively. The Company paid certain customary recurring fees with respect to the Revolving Credit Facility. The Revolving Credit Facility was scheduled to mature on December 10, 2019. As previously discussed, in connection with the closing of the Credit Facilities in December 2016, commitments pursuant to the Revolving Credit Facility were terminated, liens granted to the collateral agent pursuant thereto were released in full, and Revolving Credit Facility borrowings outstanding were repaid by the Company using proceeds from the Credit Facilities. With the termination of the Revolving Credit Facility, the Company expensed unamortized Revolving Credit Facility debt issuance costs, which are included in debt restructuring loss, net in the Consolidated Statements of Operations and Comprehensive Loss. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The three-tier value hierarchy the Company utilizes, which prioritizes the inputs used in the valuation methodologies, is: Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3—Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. The fair value of cash, accounts receivable and accounts payable approximate their carrying values. The fair value of cash equivalents are determined using the fair value hierarchy described above. Cash equivalents consisting of money market funds are valued based on quoted prices in active markets and as a result are classified as Level 1. The Company’s pension plan asset portfolio as of December 31, 2016 and 2015 is primarily invested in fixed income securities, which generally fall within Level 2 of the fair value hierarchy. Fixed income securities in the pension plan asset portfolio are valued based on evaluated prices provided to the trustee by independent pricing services. Such prices may be determined by factors which include, but are not limited to, market quotations, yields, maturities, call features, ratings, institutional size trading in similar groups of securities and developments related to specific securities. Refer to Note 10 - Employee Benefit Plans to the Consolidated Financial Statements for pension fair value disclosures. Fair Value Measurements of Debt The fair value of the Company's New Secured Notes as of December 31, 2016 was estimated to be $116,833 compared to a carrying value of $177,019. The fair value of the Company’s Secured Notes as of December 31, 2015 was estimated to be $160,662 compared to a carrying value of $210,000. The fair values for both the Secured Notes and New Secured Notes were determined based on recent trades of the bonds on the open market and fall within Level 2 of the fair value hierarchy. Because it entered into the new Credit Facilities in December 2016, the Company determined that the fair value of borrowings outstanding under the Credit Facilities approximated carrying value at December 31, 2016. The fair value of the Convertible Notes, as of December 31, 2016 was estimated to be approximately $25 compared to a carrying value of $41. The fair value of the Convertible Notes as of December 31, 2015 was approximately $21,966 compared to a carrying value of $57,500. The fair value of the Company's New Convertible Notes as of December 31, 2016, including the bifurcated embedded conversion option, was estimated to be $5,369 compared to a carrying value of $22,323. The fair values for both the Convertible Notes and New Convertible Notes, which fall within Level 3 of the fair value hierarchy, were determined based on similar debt instruments that do not contain a conversion feature, as well as other factors related to the callable nature of the Convertible Notes and New Convertible Notes. The main inputs and assumptions into the fair value model for the New Convertible Notes at December 31, 2016 were as follows:
Given the nature and the variable interest rates, the Company determined that the fair value of borrowings under the Revolving Credit Facility at December 31, 2015 approximated the carrying value. Fair Value Measurement of Common Stock Warrants The fair value of the Warrants to purchase shares of the Company's common stock issued in connection with the closing of the Company's new Credit Facilities in December 2016, which falls within Level 3 of the fair value hierarchy, was estimated using the Black-Scholes option-pricing model with the following assumptions:
Fair Value Measurements of Embedded Conversion Feature The fair value of the derivative liability for the embedded conversion feature of the New Convertible Notes was estimated to be $403 as of December 31, 2016. The estimated fair value of the derivative liability for the embedded conversion feature of the New Convertible Notes, which falls within Level 3 of the fair value hierarchy, is measured on a recurring basis using a binomial lattice model using the Company's historical volatility over the term corresponding to the remaining contractual term of the New Convertible Notes and observed spreads of similar debt instruments that do not include a conversion feature. The following reconciliation represents the change in fair value of the embedded conversion feature of the New Convertible Notes between December 31, 2015 and December 31, 2016:
(a) Mark-to-market adjustment is recognized in unrealized gain on embedded debt conversion option in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2016. Fair Value Measurements of Commodity Hedges The Company has a commodity hedging program to mitigate risks associated with certain commodity price fluctuations. At December 31, 2016, the Company had no executed forward contracts outstanding. The counterparty to forward contracts into which the Company enters is not considered a credit risk by the Company. At December 31, 2016 and 2015, the notional value associated with forward contracts was $0 and $3,080, respectively. The Company recorded, through cost of materials, realized and unrealized net losses of $49, $852 and $288 during the years ended December 31, 2016, 2015 and 2014, respectively, as a result of the decline in the fair value of the contracts. As of December 31, 2015, all commodity hedge contracts were in a liability position. The Company uses information which is representative of readily observable market data when valuing derivative liabilities associated with commodity hedges. The derivative liabilities are classified as Level 2 in the table below. The liabilities measured at fair value on a recurring basis were as follows:
(a) As of December 31, 2015, the entire derivative liability for commodity hedges balance of $1,015 is included in accrued and other current liabilities in the Consolidated Balance Sheet. |
Lease Agreements |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Agreements | Lease Agreements The Company has operating and capital leases covering certain warehouse and office facilities, equipment, automobiles and trucks, with the lapse of time as the basis for all rental payments. The Company has determined that for accounting purposes its lease of its operating facility in Janesville, Wisconsin is a build-to-suit lease. During the construction of this facility, which concluded in the fourth quarter of 2015, the Company assumed certain risks of certain construction cost overages and was, therefore, deemed to be the owner of the facility during the construction period. All costs of construction related to this facility are recognized as property, plant and equipment, with a related build-to-suit liability. Subsequent to the completion of construction, the Company did not qualify for sale-leaseback accounting because of provisions in the lease which constituted prohibited continuing involvement. As a result, the Company will amortize the build-to-suit liability over the lease term and depreciate the building over the lease term. The Company has reflected $12,305 and $13,237 as build-to-suit liability in the Consolidated Balance Sheets as of December 31, 2016 and 2015, respectively. Total gross value of property, plant and equipment under capital leases was $524 and $2,109 in 2016 and 2015, respectively. Future minimum rental payments under leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2016 are as follows:
Total rental payments charged to expense were $9,175 in 2016, $11,812 in 2015, and $12,037 in 2014. Lease extrication charges of $6,038, $444 and $186 associated with restructuring activities were charged to expense in 2016, 2015 and 2014, respectively, within restructuring expense (income) in the Consolidated Statements of Operations and Comprehensive Loss. |
Stockholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Stockholders' Equity Convertible Note Exchange and Conversions of New Convertible Notes The Company issued 7,863 shares of common stock in May 2016 in connection with the Convertible Note Exchange, and issued an additional 713 shares in June 2016 when New Convertible Notes were converted to common stock. The issuance of these shares was recorded using the fair value of the Company's common stock on the dates the shares were issued, and resulted in an increase in the par value of common stock and additional paid-in capital of $86 and $16,543, respectively. The Company received no cash proceeds from issuing these shares. Accumulated Comprehensive Loss Accumulated other comprehensive loss as reported in the consolidated balance sheets as of December 31, 2016 and 2015 was comprised of the following:
Changes in accumulated other comprehensive loss by component for the years ended December 31, 2016 and 2015 are as follows:
(a) See reclassifications from accumulated other comprehensive loss table for details of reclassifications from accumulated other comprehensive loss for the years ended December 31, 2016 and 2015. Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2016 and 2015 are as follows:
(b) The prior service cost and actuarial loss components of accumulated other comprehensive loss are included in the computation of net periodic pension and postretirement benefit cost included in sales, general and administrative expense. The pension curtailment and settlement prior service cost components recognized are shown as restructuring expense (income) in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2015. |
Share-based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation | Share-based Compensation The Company maintains the 2008 A.M. Castle & Co. Omnibus Incentive Plan, amended and restated as of July 27, 2016, for the benefit of officers, directors and other key management employees. In 2016, the Company's stockholders approved an increase in the number of shares available for grants of awards under the plan of 2,000 shares. As a result, there is an aggregate amount of 5,350 authorized shares under the plan. The consolidated compensation cost recorded for the Company’s share-based compensation arrangements was $1,154, $828 and $1,972 for 2016, 2015 and 2014, respectively. The total income tax benefit recognized in the Consolidated Statements of Operations and Comprehensive Loss for share-based compensation arrangements was $0, $0 and $189 in 2016, 2015 and 2014, respectively. All compensation expense related to share-based compensation arrangements is recorded in sales, general and administrative expense. The unrecognized compensation cost as of December 31, 2016 associated with all share-based payment arrangements is $1,659 and the weighted average period over which it is to be expensed is 1.2 years. 2015 STIP On July 24, 2015, the Board of Directors of the Company approved certain revisions to the Company's 2015 STIP. Along with providing cash bonus opportunities, the revisions awarded 124 stock options to executive officers and other select personnel, which were granted under the Company's 2008 Omnibus Incentive Plan. The stock options vest in three equal installments over three years from the grant date and are exercisable immediately upon vesting. The exercise price was equal to the closing price of the Company's stock on the date of grant. The term of the options is 10 years from the date of grant. The weighted average grant date fair value of $2.10 per share for the options granted under the 2015 STIP was estimated using the Black-Scholes option-pricing model with the following assumptions:
Long-Term Compensation and Incentive Plans The Board of Directors of the Company approved equity awards under the Company's 2016 LTCP for executive officers and other select personnel on February 25, 2016 and October 25, 2016, respectively. The 2016 LTCP awards included non-qualified stock options. On July 24, 2015, the Board of Directors of the Company approved equity awards under the Company's 2015 LTCP for executive officers and other select personnel. The 2015 LTCP awards included RSUs and non-qualified stock options. On March 26, 2014, the Board of Directors of the Company approved equity awards under the Company’s 2014 LTCP for executive officers and other select personnel. The 2014 LTCP included RSUs and PSUs. Each of the respective LTCPs for 2016, 2015 and 2014 are subject to the terms of the Company's 2008 A.M. Castle & Co. Omnibus Incentive Plan, amended and restated as of July 27, 2016. Restricted Share Units and Non-Vested Shares The RSUs granted under the 2015 LTCP will cliff vest on December 31, 2017. Approximately 21 RSUs granted under the 2014 LTCP cliff vested on December 31, 2016. Each RSU that becomes vested entitles the participant to receive one share of the Company’s common stock. The number of shares delivered may be reduced by the number of shares required to be withheld for federal and state withholding tax requirements (determined at the market price of Company shares at the time of payout). The outstanding non-vested share balance consists of shares issued to the Board of Directors. Non-vested shares were issued to the directors during the third quarter of 2016, and will cliff vest on the first anniversary of the date of grant. Non-vested shares issued to the directors in the second quarter of 2015 and 2014 will cliff vest after three years in the second quarter of 2018 and 2017, respectively. The grant date fair value of the RSUs and non-vested shares is established using the market price of the Company’s stock on the date of grant. A summary of the non-vested share and RSU activity is as follows:
The unrecognized compensation cost as of December 31, 2016 associated with RSU and non-vested share awards was $437. The total fair value of shares vested during the years ended December 31, 2016, 2015 and 2014 was $158, $1,762 and $938, respectively. Performance Shares PSU awards are based on two independent conditions, the Company’s relative total shareholder return (“RTSR”), which represents a market condition, and Company-specific target goals for Return on Invested Capital (“ROIC”) as defined in the LTCPs. There were no PSUs awarded by the Company under the 2016 LTCP and 2015 LTCP. The status of PSUs that were awarded as part of the 2014 LTCP is summarized below as of December 31, 2016:
The grant date fair value of PSU awards containing the RTSR performance condition was estimated using a Monte Carlo simulation with the following assumptions:
The grant date fair value for PSU awards subject to the ROIC performance condition was established using the market price of the Company's common stock on the date of grant. Final award vesting and distribution of performance awards at December 31, 2016 that were granted under the 2014 LTCP was determined based on the Company's actual performance versus the target goals for a three-year consecutive period (as defined in the 2014 LTCP). Refer to the table above for the number of shares expected to be issued under the 2014 LTCP. There was no unrecognized compensation cost associated with the 2014 LTCP PSUs as of December 31, 2016. Stock Options The Company granted 1,668 stock options under the 2016 LTCP that vest ratably during 2017, 2018 and 2019. In addition to the stock options granted under the 2015 STIP, the Company granted 583 stock options under the 2015 LTCP that vest in three equal installments during 2016, 2017 and 2018. The first installment will be exercisable 12 months after the date of grant and the remaining installments will be exercisable on February 25, 2017 and February 25, 2018, except for awards granted to the Company's President and Chief Executive Officer which become exercisable on April 17, 2017 and April 18, 2018. For stock options granted under the 2016 LTCP and 2015 LTCP, the exercise price is equal to the closing price of the Company's stock on the date of grant, and the term of the options is 10 years from the date of grant. The weighted average grant date fair values of $0.90 per share and $2.05 per share for options granted under the 2016 LTCP and 2015 LTCP, respectively, were estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:
A summary of stock option activity under all stock-based compensation plans is as follows:
No options were exercised during the years ended December 31, 2016 and 2015. The total intrinsic value of options exercised during the year ended December 31, 2014 was $56. The unrecognized compensation cost associated with stock options as of December 31, 2016 was $1,222. |
Employee Benefit Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Pension Plans Certain employees of the Company are covered by Company-sponsored qualified pension plans and a supplemental non-qualified, unfunded pension plan (collectively, the “pension plans”). These pension plans are defined benefit, noncontributory plans. Benefits paid to retirees are based upon age at retirement, years of credited service and average earnings. The Company uses a December 31 measurement date for the pension plans. Effective as of December 31, 2016, the Company merged the assets and liabilities of the Company-sponsored qualified pension plans into a single, qualified pension plan. The merger did not affect the assets or liabilities of the pension plans. The Company-sponsored pension plans are frozen for all employees except for employees represented by the United Steelworkers of America. The assets of the Company-sponsored qualified pension plan are maintained in a single trust account. The Company’s funding policy is to satisfy the minimum funding requirements of the Employee Retirement Income Security Act of 1974, commonly called ERISA. In conjunction with the restructuring activities in the second quarter of 2015, the Company recorded a pension curtailment charge of $2,923 and a pension settlement charge of $3,915 in the year ended December 31, 2015 related to the Company-sponsored defined benefit plans. Components of net periodic pension plans (benefit) cost were as follows:
The expected amortization of pension prior service cost and actuarial loss for the next fiscal year are $199 and $947, respectively. The status of the pension plans at December 31, 2016 and 2015 were as follows:
For the plans with an accumulated benefit obligation in excess of plan assets, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets were $5,467, $5,467 and $0, respectively, at December 31, 2016 and $62,953, $62,302 and $46,096, respectively, at December 31, 2015. The decrease in the amounts at December 31, 2016 compared to the amounts at December 31, 2015 is attributable to the merger of the Company-sponsored qualified pension plans effective as of December 31, 2016. The assumptions used to measure the projected benefit obligations for the Company’s defined benefit pension plans were as follows:
The assumptions used to determine net periodic pension cost were as follows:
During the fourth quarter of 2015, the Company changed the methodology used to estimate the service and interest cost components of net periodic pension cost and net periodic postretirement benefit cost for the Company’s pension and other postretirement benefit plans. Previously, the Company estimated such cost components utilizing a single weighted-average discount rate derived from the market-observed yield curves of high-quality fixed income securities used to measure the pension benefit obligation and accumulated postretirement benefit obligation. The new methodology utilizes a full yield curve approach in the estimation of these cost components by applying the specific spot rates along the yield curve to their underlying projected cash flows and provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates. The change does not affect the measurement of the Company’s pension obligation or accumulated postretirement benefit obligation. The Company accounted for this change as a change in accounting estimate and it was applied prospectively starting in 2016. The adoption of the spot rate approach reduced the service cost and interest cost components of net periodic pension and postretirement benefit costs by $1,206 in 2016. The Company’s expected long-term rate of return on plan assets is derived from reviews of asset allocation strategies and historical and anticipated future long-term performance of individual asset classes. The Company’s analysis gives consideration to historical returns and long-term, prospective rates of return. The Company’s pension plan assets are allocated entirely to fixed income securities at December 31, 2016 and 2015. The Company’s pension plans’ funds are managed in accordance with investment policies recommended by its investment advisor and approved by the Human Resources Committee of the Board of Directors. The overall target portfolio allocation is 100% fixed income securities. These funds’ conformance with style profiles and performance is monitored regularly by management, with the assistance of the Company’s investment advisor. Adjustments are typically made in the subsequent quarters when investment allocations deviate from the target range. The investment advisor provides quarterly reports to management and the Human Resources Committee of the Board of Directors. In May 2015, the FASB issued ASU No. 2015-07, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)," which removes the requirement to include investments in the fair value hierarchy for which fair value is measured using the net asset value per share practical expedient under Accounting Standards Codification 820. The Company adopted ASU No. 2015-07 in 2016, and the presentation of the Company's pension plan assets by level within the fair value hierarchy, as of December 31, 2015, has been retrospectively adjusted. The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2016:
(a) Fixed income securities are comprised of corporate bonds (87%), government bonds (4%), government agency securities (2%) and other fixed income securities (7%). The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2015:
(b) Fixed income securities are comprised of corporate bonds (96%), government agency securities (2%) and other fixed income securities (2%). The estimated future pension benefit payments are:
The Company was party to a multi-employer pension plan in Ohio. In connection with the April 2015 restructuring plan, the Company stated its intention to withdraw from the Ohio multi-employer pension plan. The liability associated with the withdrawal from this plan was initially estimated by the Company to be $5,500 at December 31, 2015. Based on additional information obtained by the Company during the year ended December 31, 2016, the estimated withdrawal obligation was reduced by $1,973, resulting in an estimated liability to withdraw from the plan of $3,527 at December 31, 2016. The initial estimate of the withdrawal obligation and the subsequent reduction are included in restructuring expense (income) in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2015 and 2016, respectively. Postretirement Plan The Company also provides declining value life insurance to its retirees and a maximum of three years of medical coverage to qualified individuals who retire between the ages of 62 and 65. The Company does not fund these benefits in advance, and uses a December 31 measurement date. Components of net periodic postretirement plan benefit for 2016, 2015 and 2014 were as follows:
The expected amortization of actuarial gain for the next fiscal year is insignificant. The status of the postretirement plan at December 31, 2016 and 2015 was as follows:
The assumed health care cost trend rates for medical plans at December 31 were as follows:
A 1% increase in the health care cost trend rate assumptions would have increased the accumulated postretirement benefit obligation at December 31, 2016 by $47 with no significant impact on the annual periodic postretirement benefit cost. A 1% decrease in the health care cost trend rate assumptions would have decreased the accumulated postretirement benefit obligation at December 31, 2016 by $44 with no significant impact on the annual periodic postretirement benefit cost. The weighted average discount rate used to determine the net periodic postretirement benefit costs and the accumulated postretirement benefit obligations were as follows:
Retirement Savings Plans The Company’s retirement savings plan for U.S. employees includes features under Section 401(k) of the Internal Revenue Code. The Company provides a 401(k) matching contribution of 100% of each dollar on eligible employee contributions up to the first 6% of the employee’s pre-tax compensation. Company contributions cliff vest after two years of employment. The amounts expensed by the Company relating to its 401(k) plan and other international retirement plans were $2,725, $3,386 and $3,296 for the years ended December 31, 2016, 2015 and 2014, respectively. |
Restructuring Activity Restructuring Charges |
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Restructuring and Related Activities Disclosure [Text Block] | Restructuring Activity The Company has implemented several restructuring plans over the last several years in an effort to adapt operations to market conditions. These restructuring plans included organizational changes, including workforce reductions, and the consolidation of facilities in locations deemed to have redundant operations. The organizational changes and consolidations were part of the Company's overall plan to streamline the organizational structure, lower structural operating costs, and increase liquidity. The Company incurred the following restructuring expense (income) during the years ended December 31, 2016, 2015 and 2014:
(a) Employee termination and related benefits primarily consists of severance and pension related costs. Included in the year ended December 31, 2016 was income of $(1,973), which resulted from a reduction in an estimated pension withdrawal liability of$5,500 recorded in 2015. Included in the year ended December 31, 2015 was a pension curtailment charge of $2,923, a pension settlement charge of $3,915, and an estimated pension withdrawal liability charge of $5,500 associated with the Company’s withdrawal from a multi-employer plan. In the year ended December 31, 2016, the Company incurred additional costs associated with the April 2015 restructuring plan that consisted of employee termination and related benefits, moving costs, professional fees and losses on the disposal of fixed assets. In addition, the Company recorded charges of $452 for inventory moved from consolidated plants that was subsequently identified to be scrapped. The inventory charge is reported in cost of materials in the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2016. In the first quarter of 2016, the Company closed its Houston and Edmonton facilities and sold all the equipment at these facilities to an unrelated third party. Restructuring activities associated with the strategic decision to close these facilities included employee termination and related benefits, lease termination costs, moving costs associated with exit from the closed facilities, and professional fees at the closed facilities. Restructuring activity during the year ended December 31, 2015 that was associated with the April 2015 restructuring plan included employee termination and related benefits related to workforce reductions, lease termination costs, moving costs associated with plant consolidations, a gain on the sale of buildings and equipment, and professional fees. Also, in conjunction with the April 2015 plan, the Company recorded charges of $25,656 for inventory that was identified to be scrapped or written down. Management decided it was more economically feasible to scrap aged material as opposed to expending the time and effort to sell such material in the normal course. The charge included a provision for small pieces of inventory at closing branches that would not be moved, as well as provisions for excess inventory levels based on estimates of market demand. The inventory charge is reported in cost of materials in the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2015. Restructuring activity during the year ended December 31, 2014 consisted of a gain on the sale of fixed assets in Houston where the Company completed a plant consolidation, partially offset by employee termination and related benefits for workforce reductions announced in June 2014, moving costs associated with plant consolidations announced in October 2013 and lease termination costs related to the restructuring activities announced in January 2013. Substantially all of the previously announced restructuring activities are complete. Restructuring reserve activity for the years ended December 31, 2016, 2015 and 2014 is summarized below:
(a) Included in charges (gains) for 2016 is income of $(1,973) that resulted from a reduction in an estimated pension withdrawal liability of $5,500 recorded in 2015. As of December 31, 2016, the short-term employee termination and related benefits of $340 is included in accrued payroll and employee benefits in the Consolidated Balance Sheet and the long-term liability of $3,287 associated with the Company's withdrawal from a multi-employer pension plan is included in other non-current liabilities in the Consolidated Balance Sheet. (b) In connection with the closure of the Company's Houston and Edmonton facilities, the Company agreed to sell its fixed assets and to a reduction in future proceeds from the sale of inventory in exchange for the assignment of its remaining lease obligations at its Houston facility resulting in a non-cash charge of $2,287 during the year ended December 31, 2016. (c) Payments on certain of the lease obligations are scheduled to continue until 2020. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charge related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the consolidated financial statements of future periods. As of December 31, 2016, the short-term portion of the lease termination costs of $292 is included in accrued and other current liabilities and the long-term portion of the lease termination costs of $531 is included in other noncurrent liabilities in the Consolidated Balance Sheet. (d) Included in charges (gains) and non-cash activity for 2015 are charges for pension curtailment and pension settlement of $2,923 and $3,915, respectively. Also included in charges (gains) for 2015 is an estimated withdrawal liability charge of $5,500 associated with the Company’s withdrawal from a multi-employer pension plan. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The components of loss from continuing operations before income taxes and equity in earnings (losses) of joint venture for the years ended December 31, 2016, 2015 and 2014 were as follows:
The provision (benefit) for income taxes for the years ending December 31, 2016, 2015 and 2014 consisted of the following components:
The items accounting for differences between the income tax benefit computed at the federal statutory rate and the provision for income taxes for the years ended December 31, 2016, 2015 and 2014 were as follows:
Significant components of deferred tax assets and liabilities of December 31, 2016 and 2015 are as follows:
As of December 31, 2016, the Company had $197,930 of federal and $232,759 of state net operating loss carryforwards which will begin expiring in 2032 and 2017, respectively, $2,010 of federal credits which will carry forward for an indefinite period and $546 of state credit carryforwards which will begin expiring in 2024. The future utilization of a portion of the Company’s federal and state net operating losses is expected to be limited by IRC Section 382 due to ownership changes in 2016 and 2015; however, at this time that amount has not been quantified. As of December 31, 2016, the Company had $39,934 of foreign net operating loss carryforwards, of which a significant portion carry forward for an indefinite period. The Company continues to maintain valuation allowances against substantially all U.S. and foreign deferred tax assets to reduce those deferred tax assets to amounts that are realizable either through future reversals of existing taxable temporary differences or through taxable income in carryback years for the applicable jurisdictions. Activity in the Company's valuation allowances for the U.S. and non-U.S. operations were as follows for the years ended December 31, 2016, 2015 and 2014:
The Company is subject to taxation in the United States, state jurisdictions and foreign jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes and recording the related income tax assets and liabilities. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not criterion, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. In the ordinary course of business, the Company is subject to review by domestic and foreign taxing authorities, including the IRS. In general, the Company is no longer subject to audit by the IRS for tax years through 2012 and state, local or foreign taxing authorities for tax years through 2011. Various other taxing authorities are in the process of auditing income tax returns of the Company and its subsidiaries. The Company does not anticipate that any adjustments from the audits would have a material impact on its consolidated financial position, results of operations or cash flows. During 2016, the Company pledged its foreign assets as collateral for the Credit Facilities. This resulted in a foreign income inclusion in the U.S. under IRC Section 956, which was comprised of current and accumulated earnings and profits. There are no remaining undistributed earnings as of December 31, 2016 on which the Company would need to record any additional deferred tax liability. |
Commitments and Contingent Liabilities |
12 Months Ended |
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Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Company is party to a variety of legal proceedings, claims, and inquiries, including proceedings or inquiries by governmental authorities, which arise from the operation of its business. These proceedings, claims, and inquiries are incidental to and occur in the normal course of the Company's business affairs. The majority of these proceedings, claims, and inquiries relate to commercial disputes with customers, suppliers, and others; employment and employee benefits-related disputes; product quality disputes with vendors and/or customers; and environmental, health and safety claims. It is the opinion of management that the currently expected outcome of these proceedings, claims, and inquiries, after taking into account recorded accruals and the availability and limits of our insurance coverage, will not have a material adverse effect on the consolidated results of operations, financial condition or cash flows of the Company. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting Prior to the sale of TPI in March 2016, the Company had two reportable segments consisting of its Plastics segment and its Metals segment. Subsequent to the sale of TPI, which represented the Company's Plastics segment in its entirety, the Company has only one reportable segment, Metals. TPI is reflected in the accompanying Consolidated Financial Statements as a discontinued operation. The Company’s marketing strategy focuses on distributing highly engineered specialty grades and alloys of metals as well as providing specialized processing services designed to meet very precise specifications. Core products include alloy, aluminum, stainless, nickel, titanium and carbon. Inventories of these products assume many forms such as plate, sheet, extrusions, round bar, hexagon bar, square and flat bar, tubing and coil. Depending on the size of the facility and the nature of the markets it serves, service centers are equipped as needed with bar saws, plate saws, oxygen and plasma arc flame cutting machinery, trepanning machinery, boring machinery, honing equipment, water-jet cutting, stress relieving and annealing furnaces, surface grinding equipment, CNC machinery and sheet shearing equipment. This segment also performs various specialized fabrications for its customers through pre-qualified subcontractors that thermally process, turn, polish, cut-to-length and straighten alloy and carbon bar. The Company operates primarily in North America. Net sales are attributed to countries based on the location of the Company’s subsidiary that is selling direct to the customer. Company-wide geographic data as of and for the years ended December 31, 2016, 2015 and 2014 are as follows:
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Subsequent Events (Notes) |
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Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On March 31, 2017, the Company and certain of its subsidiaries entered into an amendment to the Credit Facilities agreement dated as of December 8, 2016. Under the amendment, the Financial Institutions party to the agreement and Cantor Fitzgerald Securities, in its capacity as Administrative Agent and Collateral Agent (the “Agent”), agreed that the Company would be permitted to deliver its 2016 audited financial statements after March 31, 2016. On April 6, 2017, the Company and certain of its subsidiaries entered into an additional amendment to the Credit Facilities agreement. Under this amendment, the Financial Institutions and the Agent agreed that the financial covenants of the Company and its subsidiaries with respect to maintaining a minimum amount of consolidated adjusted EBITDA (as defined in the agreement) and maintaining specified minimum amounts of net working capital (as defined in the agreement) and consolidated liquidity (as defined in the agreement) would cease to apply for the period from March 31, 2017 through and including May 31, 2018. On April 6, 2017, the Company and certain of its subsidiaries entered into a restructuring support agreement (the “RSA”) with certain of their creditors, including certain holders of the Company’s (a) term loans under its Credit Facilities agreement, as amended, (b) New Secured Notes issued pursuant to its indenture dated as of February 8, 2016, as amended, and (c) New Convertible Notes issued pursuant to its indenture dated as of May 19, 2016, as amended. The RSA contemplates the financial restructuring of the debt and equity of the Company and the subsidiaries (the “Restructuring”) pursuant to a Restructuring Term Sheet attached to the RSA as an exhibit (the “Term Sheet”). The Term Sheet sets forth the terms and condition of the Restructuring and provides for the consummation thereof either as part of out-of-court proceedings or by prepackaged Chapter 11 plan of reorganization (a “Plan”) confirmed by the U.S. Bankruptcy Court for the District of Delaware. If this were consummated through a Plan, the Plan would be confirmed following a filing by the Company for voluntary relief under Chapter 11 of the United States Bankruptcy Code. |
Selected Quarterly Data (Unaudited) |
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Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Data (Unaudited) | Selected Quarterly Data (Unaudited)
(a) Gross profit equals net sales less cost of materials, warehouse, processing, and delivery costs and depreciation and amortization expense. (b) Results include restructuring expense (income) for all quarters presented (see Note 11 - Restructuring Activity), and a $33,742 impairment of intangible assets charge and a $61,472 charge for the write-down of inventory and purchase commitments in the fourth quarter of 2015. |
Basis of Presentation and Significant Accounting Policies - (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of presentation — The consolidated financial statements include the accounts of A. M. Castle & Co. and its subsidiaries over which the Company exhibits a controlling interest. The equity method of accounting was used for the Company’s 50% owned joint venture, Kreher Steel Company, LLC (“Kreher”) until the Company sold its investment in Kreher in August 2016. All intercompany accounts and transactions have been eliminated. In March 2016, the Company completed the sale of substantially all the assets of its wholly-owned subsidiary, Total Plastics, Inc. ("TPI"). TPI is reflected in the accompanying consolidated financial statements as a discontinued operation. The accompanying consolidated financial statements have been prepared on the basis of the Company continuing as a going concern for a reasonable period of time. The Company's principal source of liquidity is cash flows from operations. During the year ended December 31, 2016, the Company incurred a net loss from continuing operations of $114,090 and used cash from continuing operations of $29,048. The Company's plan indicates that it will have sufficient cash flows from its operations to continue as a going concern. The Company's ability to have sufficient cash flows to continue as a going concern is based on plans that rely on certain underlying assumptions and estimates that may differ from actual results. |
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Use of estimates | Use of estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the consolidated financial statements are accounts receivable allowances, inventory reserves, goodwill and intangible assets, income taxes, pension and other post-employment benefits and share-based compensation. |
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Revenue recognition | Revenue recognition — Revenue from the sale of products is recognized when the earnings process is complete and when the title and risk and rewards of ownership have passed to the customer, which is primarily at the time of shipment. Revenue recognized other than at the time of shipment represented less than 2% of the Company’s consolidated net sales for the years ended December 31, 2016, 2015 and 2014. Provisions for allowances related to sales discounts and rebates are recorded based on terms of the sale in the period that the sale is recorded. Management utilizes historical information and the current sales trends of the business to estimate such provisions. The provisions related to discounts and rebates due to customers are recorded as a reduction within net sales in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Revenue from shipping and handling charges is recorded in net sales. Costs incurred in connection with shipping and handling the Company’s products, which are related to third-party carriers or performed by Company personnel, are included in warehouse, processing and delivery expenses. For the years ended December 31, 2016, 2015 and 2014, shipping and handling costs included in warehouse, processing and delivery expenses were $26,370, $26,641 and $33,598, respectively. The Company maintains an allowance for doubtful accounts related to the potential inability of customers to make required payments. The allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific identification of customer receivable balances for which collection is unlikely. The provision for doubtful accounts is recorded in sales, general and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Estimates of doubtful accounts are based on historical write-off experience as a percentage of net sales and judgments about the probable effects of economic conditions on certain customers. The Company also maintains an allowance for credit memos for estimated credit memos to be issued against current sales. Estimates of allowance for credit memos are based upon the application of a historical issuance lag period to the average credit memos issued each month. Accounts receivable allowance for doubtful accounts and credit memos activity is presented in the table below:
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Cost of materials | Cost of materials — Cost of materials consists of the costs the Company pays for metals and related inbound freight charges. It excludes depreciation and amortization which are discussed below. |
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Operating Expenses | Operating expenses — Operating costs and expenses primarily consist of:
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Cash equivalents | Cash equivalents — Cash equivalents are highly liquid, short-term investments that have an original maturity of 90 days or less. |
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Non-cash and supplemental cash flow information | Statement of cash flows — Non-cash investing and financing activities and supplemental disclosures of consolidated cash flow information are as follows:
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Inventories | Inventories — Inventories consist primarily of finished goods. All of the Company's continuing operations use the average cost method in determining the cost of inventory. The Company maintains an allowance for excess and obsolete inventory. The excess and obsolete inventory allowance is determined through the specific identification of material, adjusted for expected scrap value to be received, based on previous sales experience. Excess and obsolete inventory allowance activity is presented in the table below:
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Property, plant and equipment | Property, plant and equipment — Property, plant and equipment are stated at cost and include assets held under capital leases. Expenditures for major additions and improvements are capitalized, while maintenance and repair costs that do not substantially improve or extend the useful lives of the respective assets are expensed in the period in which they are incurred. When items are disposed, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. The Company provides for depreciation of plant and equipment sufficient to amortize the cost over their estimated useful lives as follows:
Leasehold improvements are depreciated over the shorter of their useful lives or the remaining term of the lease. Depreciation is calculated using the straight-line method and depreciation expense for 2016, 2015 and 2014 was $10,252, $12,671 and $12,750, respectively. |
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Long-lived assets | Long-lived assets — The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to future net cash flows (undiscounted and without interest charges) expected to be generated by the asset or asset group. If future net cash flows are less than the carrying value, the asset or asset group may be impaired. If such assets are impaired, the impairment charge is calculated as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Determining whether impairment has occurred typically requires various estimates and assumptions, including determining which undiscounted cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. The Company derives the required undiscounted cash flow estimates from historical experience and internal business plans. |
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Goodwill and intangible assets | ntangible assets — The majority of the Company’s recorded intangible assets as of December 31, 2016 were acquired as part of the Transtar acquisition in September 2006 and consist of customer relationships. Intangible assets related to non-compete agreements and developed technology acquired in the Transtar acquisition and Tube Supply, Inc. (“Tube Supply”) acquisition in 2011 were fully amortized in 2014. In 2015, the Company concluded that the remaining customer relationships and trade name intangible assets acquired in the Tube Supply acquisition were impaired and a $33,742 non-cash impairment charge (none of which was deductible for tax purposes) was recorded for the year ended December 31, 2015. The non-cash impairment charge recorded removed all the remaining finite-lived intangible assets associated with the Tube Supply acquisition. The initial values of the intangible assets were based on a discounted cash flow valuation using assumptions made by management as to future revenues from select customers, the level and pace of attrition in such revenues over time and assumed operating income amounts generated from such revenues. These intangible assets are amortized over their useful lives, which are 4 to 12 years for customer relationships and 1 to 10 years for trade names. Useful lives are estimated by management and determined based on the timeframe over which a significant portion of the estimated future cash flows are expected to be realized from the respective intangible assets. Furthermore, when certain conditions or certain triggering events occur, a separate test for impairment, which is included in the impairment test for long-lived assets discussed above, is performed. If the intangible asset is deemed to be impaired, such asset will be written down to its fair value. |
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Income taxes | Income taxes — The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records valuation allowances against its deferred tax assets when it is more likely than not that the amounts will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and recent results of operations. In the event the Company determines it would not be able to realize its deferred tax assets, a valuation allowance is recorded, which increases the provision for income taxes in the period in which that determination is made. During 2016, the Company pledged its foreign assets as collateral for certain borrowings. This resulted in a foreign income inclusion in the U.S. under Internal Revenue Code ("IRC") Section 956, which was comprised of current and accumulated earnings and profits. There are no remaining undistributed earnings as of December 31, 2016 on which the Company would need to record any additional deferred tax liability. The Company's 50% ownership interest in Kreher (Note 3 - Joint Venture to the Consolidated Financial Statements) was through a 50% interest in a limited liability company (LLC) taxed as a partnership. Kreher has two subsidiaries organized as individually taxed C-Corporations. The Company included in its income tax provision the income tax liability on its share of Kreher income. The income tax liability of Kreher itself is generally treated as a current income tax expense and the income tax liability associated with the profits of the two subsidiaries of Kreher is treated as a deferred income tax expense. The Company could not independently cause a dividend to be declared by one of Kreher's subsidiaries; therefore, no benefit of a dividend received deduction could be recognized in the Company's tax provision until a dividend was declared. If one of Kreher's C-Corporation subsidiaries declared a dividend payable to Kreher, the Company recognized a benefit for the 80% dividends received deduction on its 50% share of the dividend. For uncertain tax positions, the Company applies the provisions of relevant authoritative guidance, which requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate as well as impact operating results. Although the Company believes that the positions taken on previously filed tax returns are reasonable, it has established tax and interest reserves in recognition that various taxing authorities may challenge the positions taken, which could result in additional liabilities for taxes and interest. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Accrued interest and penalties are included within other long-term liabilities in the Consolidated Balance Sheets. |
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Insurance plans | Insurance plans — The Company is a member of a group captive insurance company (the “Captive”) domiciled in Grand Cayman Island. The Captive reinsures losses related to certain of the Company’s workers’ compensation, automobile and general liability risks that occur subsequent to August 2009. Premiums are based on the Company’s loss experience and are accrued as expenses for the period to which the premium relates. Premiums are credited to the Company’s “loss fund” and earn investment income until claims are actually paid. For claims that were incurred prior to August 2009, the Company is self-insured. Self-insurance amounts are capped, for individual claims and in the aggregate, for each policy year by an insurance company. Self-insurance reserves are based on unpaid, known claims (including related administrative fees assessed by the insurance company for claims processing) and a reserve for incurred but not reported claims based on the Company’s historical claims experience and development. The Company is self-insured up to a retention amount for medical insurance for its domestic operations. Self-insurance reserves are maintained based on incurred but not paid claims based on a historical lag. |
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Foreign currency | Foreign currency — For the majority of the Company’s non-U.S. operations, the functional currency is the local currency. Assets and liabilities of those operations are translated into U.S. dollars using year-end exchange rates, and income and expenses are translated using the average exchange rates for the reporting period. The currency effects of translating financial statements of the Company’s non-U.S. operations which operate in local currency environments are recorded in accumulated other comprehensive loss, a separate component of stockholders’ (deficit) equity. Transaction gains or losses resulting from foreign currency transactions have historically been primarily related to unhedged intercompany financing arrangements between the United States and the United Kingdom and Canada. |
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Earnings per share | Loss per share — Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock plus common stock equivalents. Common stock equivalents consist of employee and director stock options, restricted stock awards, other share-based payment awards, and contingently issuable shares related to the Company’s convertible senior notes, which are included in the calculation of weighted average shares outstanding using the treasury stock method, if dilutive. The following table is a reconciliation of the basic and diluted loss per share calculations:
Convertible notes and common stock warrants are dilutive to the extent the Company generates net income and the average stock price during the annual period is greater than the conversion prices and exercise prices of the convertible notes and common stock warrants, respectively. The convertible notes and common stock warrants are only dilutive for the “in the money” portion of the convertible notes and common stock warrants that could be settled with the Company’s stock. |
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Concentrations | Concentrations — The Company serves a wide range of customers within the producer durable equipment, aerospace, heavy industrial equipment, industrial goods, construction equipment, oil and gas, retail, marine and automotive sectors of the economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller sized firms spread across the entire spectrum of metals-using industries. The Company’s customer base is well diversified and, therefore, the Company does not have dependence upon any single customer or a few customers. No single customer represented more than 4% of the Company’s 2016 total net sales. Approximately 63% of the Company’s net sales are from locations in the United States. |
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Share-based compensation | Share-based compensation — The Company offers share-based compensation awards to executives, other key employees and directors. Share-based compensation expense is recognized ratably over the vesting period or performance period, as appropriate, based on the grant date fair value of the stock award. The Company may either issue shares from treasury or new shares upon share option exercise or award issuance. Management estimates the probable number of awards that will ultimately vest when calculating the share-based compensation expense for its Long-Term Compensation Plans ("LTCP") and Short-Term Incentive Programs ("STIP"). As of December 31, 2016, the Company’s weighted average forfeiture rate is approximately 47%. The actual number of awards that vest may differ from management’s estimate. Stock options generally vest in one to three years for executives and employees and non-vested shares granted to directors vest in one to three years. Stock options have an exercise price equal to the closing price of the Company’s stock on the date of grant (options granted in 2016 and 2015) or the average closing price of the Company’s stock for the 10 trading days preceding the grant date (options granted in 2010) and have a contractual life of eight to 10 years. Stock options are valued using a Black-Scholes option-pricing model. Non-vested shares are valued based on the market price of the Company's stock on the grant date. The Company granted non-qualified stock options under its STIP and LTCP in 2016 and 2015. Under the 2015 LTCP, the total potential award is comprised of non-qualified stock options and restricted stock units ("RSUs"), which are time vested and once vested entitle the participant to receive shares of the Company's common stock. Under the 2014 LTCP, the total potential award is comprised of RSUs and performance share units ("PSUs"), which are based on the Company's performance compared to target goals. The PSUs awarded are based on two independent conditions, the Company’s relative total shareholder return ("RTSR"), which represents a market condition, and Company-specific target goals for return on invested capital ("ROIC") as defined in the LTCP. RSUs generally vest in three years. RSU and ROIC PSU awards are valued based on the market price of the Company's stock on the grant date, and the value of RTSR PSU awards is estimated using a Monte Carlo simulation model. No PSUs were awarded under the 2016 LTCP or 2015 LTCP. RTSR is measured against a group of peer companies either in the metals industry or in the industrial products distribution industry (the "RTSR Peer Group") over a three-year performance period as defined in the LTC Plans. The threshold, target and maximum performance levels for RTSR are the 25th, 50th and 75th percentile, respectively, relative to RTSR Peer Group performance. Compensation expense for RTSR PSU awards is recognized regardless of whether the market condition is achieved to the extent the requisite service period condition is met. ROIC is measured based on the Company's average actual performance versus Company-specific goals as defined in each year's LTCP over a three-year performance period. Compensation expense recognized is based on management's expectation of future performance compared to the pre-established performance goals. If the performance goals are not expected to be met, no compensation expense is recognized for the ROIC PSU awards and any previously recognized compensation expense is reversed. Final RTSR and ROIC PSU award vesting will occur at the end of the three-year performance period, and distribution of PSU awards granted under the LTCP are determined based on the Company’s actual performance versus the target goals for a three-year performance period, as defined in each year's LTCP. Partial awards can be earned for performance that is below the target goal, but in excess of threshold goals, and award distributions up to twice the target can be achieved if the target goals are exceeded. Unless covered by a specific change-in-control or severance arrangement, participants to whom RSUs, PSUs, stock options and non-vested shares have been granted must be employed by the Company on the vesting date or at the end of the performance period, as appropriate, or the award will be forfeited. |
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New Accounting Standards Updates | New Accounting Standards Updates |
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New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Standards Updates Adopted Effective December 31, 2016, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2014-15, "Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." This ASU provides additional guidance surrounding the disclosure of going concern uncertainties in the financial statements and implements requirements for management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The Company's assessment of its ability to continue as a going concern is further discussed in the Basis of Presentation above. The adoption of ASU 2014-15 did not have a material impact on the Company's consolidated financial position, results of operations, cash flows or disclosures. |
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Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Standards Updates Issued Not Yet Effective In March 2017, the FASB issued ASU 2017-07, "Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." Under the new guidance, employers must present the service cost component of the net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. The other components of net periodic benefit cost must be reported separately from the line item(s) that includes the service cost component and outside of any subtotal of operating income, if one is presented. Employers will have to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. The guidance on the income statement presentation of the components of net periodic benefit cost must be applied retrospectively, while the guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component must be applied prospectively. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted as of the beginning of an annual period for which interim financial statements have not been issued. The Company is currently evaluating the impact the adoption of ASU No. 2017-07 will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," to reduce the existing diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230. The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under Topic 230. ASU 2016-15 must be applied retrospectively to all periods presented with limited exceptions. For public companies, the amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU No. 2016-15 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for employee share-based payment transactions. Under ASU No. 2016-09, a Company recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, eliminating the notion of the additional paid-in capital pool and significantly reducing the complexity and cost of accounting for excess tax benefits and tax deficiencies. For interim reporting purposes, excess tax benefits and tax deficiencies are considered discrete items in the reporting period in which they occur and are not included in the estimate of an entity’s annual effective tax rate. ASU No. 2016-09 further eliminates the requirement to defer recognition of an excess tax benefit until the benefit is realized through a reduction to taxes payable. For public companies, the ASU must be prospectively applied, and is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption will be permitted in any interim or annual period for which financial statements have not yet been issued or have not been made available for issuance. The Company does not believe that the adoption of ASU No. 2016-09 will have a material impact on its consolidated financial statements; however, the impact is affected by future transactions and changes in the Company's stock price. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)," which requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. ASU No. 2016-02 also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach, and are effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU No. 2016-02 will have on its consolidated financial statements, but the Company expects that most existing operating lease commitments will be recognized as operating lease obligations and right-of-use assets as a result of adoption. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," related to revenue recognition. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in prior accounting guidance. The ASU permits the use of either the retrospective or modified retrospective (cumulative-effect) transition method of adoption. ASU No. 2015-14, "Deferral of the Effective Date," was issued in August 2015 to defer the effective date of ASU No. 2014-09 for public companies until annual reporting periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. In 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” ASU No. 2016-12, "Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients," and ASU No. 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers," which provide supplemental adoption guidance and clarification to ASC No. 2014-09. ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-12 and ASU No. 2016-20 must be adopted concurrently with the adoption of ASU No. 2014-09. The Company continues to evaluate the impact of these ASU's on its consolidated financial statements and disclosures, and plans to adopt these ASU's in the first quarter of 2018 under the modified retrospective transition method. |
Basis of Presentation and Significant Accounting Policies - (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts activity | Accounts receivable allowance for doubtful accounts and credit memos activity is presented in the table below:
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Non-cash investing financing activities and supplemental cash flow information | Non-cash investing and financing activities and supplemental disclosures of consolidated cash flow information are as follows:
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Allowance for obsolete inventory [Table Text Block] | Excess and obsolete inventory allowance activity is presented in the table below:
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Estimated useful lives of plant and equipment | The Company provides for depreciation of plant and equipment sufficient to amortize the cost over their estimated useful lives as follows:
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Basic and diluted earnings per share calculations | The following table is a reconciliation of the basic and diluted loss per share calculations:
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Discontinued Operations (Tables) |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operation On March 15, 2016, the Company completed the sale of TPI for $55,070 in cash, subject to customary working capital adjustments. Under the terms of the sale, $1,500 of the purchase price was placed into escrow pending adjustment based upon the final calculation of the working capital at closing. The Company and the buyer agreed to the final working capital adjustment during the third quarter of 2016, which resulted in the full escrowed amount being returned to the buyer. The sale resulted in pre-tax and after-tax gains of $2,003 and $1,306, respectively, for the year ended December 31, 2016. Prior to the sale of TPI, the Company had two reportable segments consisting of its Plastics segment and its Metals segment. Subsequent to the sale of TPI, which represented the Company's Plastics segment in its entirety, the Company has only one reportable segment. Summarized results of the discontinued operation were as follows:
(a) Interest expense was allocated to the discontinued operation based on the debt that was required to be paid as a result of the sale of TPI. (b) Income tax expense for the year ended December 31, 2016 includes $4,207 reversal of valuation allowance resulting from the sale of TPI. Major classes of assets and liabilities of the discontinued operation at December 31, 2015 were as follows:
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Disposal Groups, Including Discontinued Operations [Table Text Block] | Summarized results of the discontinued operation were as follows:
(a) Interest expense was allocated to the discontinued operation based on the debt that was required to be paid as a result of the sale of TPI. (b) Income tax expense for the year ended December 31, 2016 includes $4,207 reversal of valuation allowance resulting from the sale of TPI. Major classes of assets and liabilities of the discontinued operation at December 31, 2015 were as follows:
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Joint Venture - (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Related Party Activity, Joint-Venture, Activity | The following information summarizes the Company’s participation in the joint venture as of and for the year ended December 31:
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Goodwill and Intangible Assets (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the components of intangible assets | The following summarizes the components of the Company's intangible assets at December 31, 2016 and 2015:
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Summary of the estimated annual amortization expense | $11,630, respectively. The following is a summary of the estimated annual amortization expense for each of th |
Debt (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term and long-term debt | Long-term debt consisted of the following:
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Fair Value Measurements (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following reconciliation represents the change in fair value of the embedded conversion feature of the New Convertible Notes between December 31, 2015 and December 31, 2016:
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Measurement of assets and liabilities at fair value on a recurring basis | The liabilities measured at fair value on a recurring basis were as follows:
(a) As of December 31, 2015, the entire derivative liability for commodity hedges balance of $1,015 is included in accrued and other current liabilities in the Consolidated Balance Sheet. |
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Convertible Notes Due in 2019 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | The main inputs and assumptions into the fair value model for the New Convertible Notes at December 31, 2016 were as follows:
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Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Instruments Classified in Shareholders' Equity, Quantitative Information [Table Text Block] | The fair value of the Warrants to purchase shares of the Company's common stock issued in connection with the closing of the Company's new Credit Facilities in December 2016, which falls within Level 3 of the fair value hierarchy, was estimated using the Black-Scholes option-pricing model with the following assumptions:
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Fair Value Measurements Fair Value Inputs, Liabilities, Quantitative Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||
Convertible Notes Due in 2019 [Member] | |||||||||||||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||||||||||||||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | The main inputs and assumptions into the fair value model for the New Convertible Notes at December 31, 2016 were as follows:
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Fair Value Measurements Fair Value Inputs, Shareholders' Equity, Quantitative Information (Tables) |
12 Months Ended | ||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||
Warrant [Member] | |||||||||||||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||||||||||||||||||
Fair Value Inputs, Instruments Classified in Shareholders' Equity, Quantitative Information [Table Text Block] | The fair value of the Warrants to purchase shares of the Company's common stock issued in connection with the closing of the Company's new Credit Facilities in December 2016, which falls within Level 3 of the fair value hierarchy, was estimated using the Black-Scholes option-pricing model with the following assumptions:
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Lease Agreements - (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Rental Payments for Operating and Capital Leases | Future minimum rental payments under leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2016 are as follows:
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Stockholders' Equity (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of accumulated other comprehensive loss | Accumulated other comprehensive loss as reported in the consolidated balance sheets as of December 31, 2016 and 2015 was comprised of the following:
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Schedule of Change In Accumulated Other Comprehensive Income [Table Text Block] | Changes in accumulated other comprehensive loss by component for the years ended December 31, 2016 and 2015 are as follows:
(a) See reclassifications from accumulated other comprehensive loss table for details of reclassifications from accumulated other comprehensive loss for the years ended December 31, 2016 and 2015. |
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Reclassifications From Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2016 and 2015 are as follows:
(b) The prior service cost and actuarial loss components of accumulated other comprehensive loss are included in the computation of net periodic pension and postretirement benefit cost included in sales, general and administrative expense. The pension curtailment and settlement prior service cost components recognized are shown as restructuring expense (income) in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2015. |
Share-based Compensation (Tables) |
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Authorized Shares | The Company maintains the 2008 A.M. Castle & Co. Omnibus Incentive Plan, amended and restated as of July 27, 2016, for the benefit of officers, directors and other key management employees. In 2016, the Company's stockholders approved an increase in the number of shares available for grants of awards under the plan of 2,000 shares. As a result, there is an aggregate amount of 5,350 authorized shares under the plan. |
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Schedule of Nonvested Restricted Stock Units Activity | A summary of the non-vested share and RSU activity is as follows:
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Summary of award information associated with market and non-market-based performance condition awards | The status of PSUs that were awarded as part of the 2014 LTCP is summarized below as of December 31, 2016:
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Schedule of Share Based Payment Award Performance Share Valuation Assumptions | The grant date fair value of PSU awards containing the RTSR performance condition was estimated using a Monte Carlo simulation with the following assumptions:
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Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under all stock-based compensation plans is as follows:
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Short-term Incentive Plan - 2015 [Member] | Stock Options | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average grant date fair value of $2.10 per share for the options granted under the 2015 STIP was estimated using the Black-Scholes option-pricing model with the following assumptions:
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Long-Term Compensation Plans 2016 and 2015 [Member] | Stock Options | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average grant date fair values of $0.90 per share and $2.05 per share for options granted under the 2016 LTCP and 2015 LTCP, respectively, were estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:
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Employee Benefit Plans (Tables) |
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Pension Plans, Defined Benefit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of the net periodic pension and postretirement benefit cost | Components of net periodic pension plans (benefit) cost were as follows:
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Schedule of Changes in Projected Benefit Obligations | The status of the pension plans at December 31, 2016 and 2015 were as follows:
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Schedule of Assumptions Used | The assumptions used to measure the projected benefit obligations for the Company’s defined benefit pension plans were as follows:
The assumptions used to determine net periodic pension cost were as follows:
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Schedule of Fair Value of Plan Assets | The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2016:
(a) Fixed income securities are comprised of corporate bonds (87%), government bonds (4%), government agency securities (2%) and other fixed income securities (7%). The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2015:
(b) Fixed income securities are comprised of corporate bonds (96%), government agency securities (2%) and other fixed income securities (2%). |
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Schedule of Expected Benefit Payments | The estimated future pension benefit payments are:
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Other Postretirement Benefit Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of the net periodic pension and postretirement benefit cost | Components of net periodic postretirement plan benefit for 2016, 2015 and 2014 were as follows:
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Schedule of Changes in Projected Benefit Obligations | The status of the postretirement plan at December 31, 2016 and 2015 was as follows:
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Schedule of Assumptions Used | The weighted average discount rate used to determine the net periodic postretirement benefit costs and the accumulated postretirement benefit obligations were as follows:
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Schedule of Assumed Health Care Cost and Trend Rates for Medical Plans | The assumed health care cost trend rates for medical plans at December 31 were as follows:
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Restructuring Activity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs | The Company incurred the following restructuring expense (income) during the years ended December 31, 2016, 2015 and 2014:
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Schedule of Restructuring Reserve by Type of Cost | Restructuring reserve activity for the years ended December 31, 2016, 2015 and 2014 is summarized below:
(a) Included in charges (gains) for 2016 is income of $(1,973) that resulted from a reduction in an estimated pension withdrawal liability of $5,500 recorded in 2015. As of December 31, 2016, the short-term employee termination and related benefits of $340 is included in accrued payroll and employee benefits in the Consolidated Balance Sheet and the long-term liability of $3,287 associated with the Company's withdrawal from a multi-employer pension plan is included in other non-current liabilities in the Consolidated Balance Sheet. (b) In connection with the closure of the Company's Houston and Edmonton facilities, the Company agreed to sell its fixed assets and to a reduction in future proceeds from the sale of inventory in exchange for the assignment of its remaining lease obligations at its Houston facility resulting in a non-cash charge of $2,287 during the year ended December 31, 2016. (c) Payments on certain of the lease obligations are scheduled to continue until 2020. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charge related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the consolidated financial statements of future periods. As of December 31, 2016, the short-term portion of the lease termination costs of $292 is included in accrued and other current liabilities and the long-term portion of the lease termination costs of $531 is included in other noncurrent liabilities in the Consolidated Balance Sheet. (d) Included in charges (gains) and non-cash activity for 2015 are charges for pension curtailment and pension settlement of $2,923 and $3,915, respectively. Also included in charges (gains) for 2015 is an estimated withdrawal liability charge of $5,500 associated with the Company’s withdrawal from a multi-employer pension plan. |
Income Taxes - (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of (Loss) Income before Income Tax, Domestic and Foreign | The components of loss from continuing operations before income taxes and equity in earnings (losses) of joint venture for the years ended December 31, 2016, 2015 and 2014 were as follows:
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Schedule of Components of Income Tax (Benefit) Expense | The provision (benefit) for income taxes for the years ending December 31, 2016, 2015 and 2014 consisted of the following components:
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Schedule of Effective Income Tax Rate Reconciliation |
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Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities of December 31, 2016 and 2015 are as follows:
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Summary of Operating Loss Carryforwards | As of December 31, 2016, the Company had $197,930 of federal and $232,759 of state net operating loss carryforwards which will begin expiring in 2032 and 2017, respectively, $2,010 of federal credits which will carry forward for an indefinite period and $546 of state credit carryforwards which will begin expiring in 2024. The future utilization of a portion of the Company’s federal and state net operating losses is expected to be limited by IRC Section 382 due to ownership changes in 2016 and 2015; however, at this time that amount has not been quantified. As of December 31, 2016, the Company had $39,934 of foreign net operating loss carryforwards, of which a significant portion carry forward for an indefinite period. The Company continues to maintain valuation allowances against substantially all U.S. and foreign deferred tax assets to reduce those deferred tax assets to amounts that are realizable either through future reversals of existing taxable temporary differences or through taxable income in carryback years for the applicable jurisdictions. |
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Summary of Valuation Allowance [Table Text Block] | Activity in the Company's valuation allowances for the U.S. and non-U.S. operations were as follows for the years ended December 31, 2016, 2015 and 2014:
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Segment Reporting - (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Schedule of Revenue and Long-lived Assets | Company-wide geographic data as of and for the years ended December 31, 2016, 2015 and 2014 are as follows:
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Selected Quarterly Data (Unaudited) (Tables) |
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Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Select Quarterly Data (Unaudited) |
(a) Gross profit equals net sales less cost of materials, warehouse, processing, and delivery costs and depreciation and amortization expense. (b) Results include restructuring expense (income) for all quarters presented (see Note 11 - Restructuring Activity), and a $33,742 impairment of intangible assets charge and a $61,472 charge for the write-down of inventory and purchase commitments in the fourth quarter of 2015. |
Basis of Presentation and Significant Accounting Policies - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Shipping, Handling and Transportation Costs | $ 26,370 | $ 26,641 | $ 33,598 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning of year | 2,380 | 2,471 | 2,744 |
Add Provision charged to expense | 37 | 678 | 184 |
Add Recoveries | 32 | 26 | 105 |
Less Charges against allowance | (504) | (795) | (562) |
Balance, end of year | $ 1,945 | $ 2,380 | $ 2,471 |
Basis of Presentation and Significant Accounting Policies - Supplemental cash flow information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Capital expenditures financed by accounts payable | $ 59 | $ 667 | $ 434 |
Capital Lease Obligations Incurred | 0 | 0 | 873 |
Property, plant and equipment subject to build-to-suit lease | 0 | 13,735 | 0 |
Cash paid during the year for: | |||
Interest | 31,404 | 32,934 | 32,278 |
Income taxes | 2,434 | 1,980 | 1,800 |
Cash received during the year for: | |||
Income tax refunds | $ 500 | $ 1,798 | $ 2,284 |
Basis of Presentation and Significant Accounting Policies Allowance for obsolete inventory (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Accounting Policies [Abstract] | ||||
Inventory Write-down & Firm Purchase Commitment | $ 61,472 | |||
Balance, beginning of year | $ 13,075 | $ 18,852 | $ 8,991 | |
Provision for obsolete inventory | 5,857 | 28,903 | 11,959 | |
Less Charges against allowance | (11,055) | (34,680) | (2,098) | |
Balance, end of year | $ 13,075 | $ 7,877 | $ 13,075 | $ 18,852 |
Basis of Presentation and Significant Accounting Policies - Estimated Useful Lives of Plant and Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 10,252 | $ 12,671 | $ 12,750 |
Buildings and building improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 5 years | ||
Buildings and building improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 40 years | ||
Plant equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 5 years | ||
Plant equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 20 years | ||
Furniture and fixtures | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 2 years | ||
Furniture and fixtures | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 10 years | ||
Vehicles and office equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 3 years | ||
Vehicles and office equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 10 years |
Basis of Presentation and Significant Accounting Policies - Calculation for Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
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Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ (3.93) | $ (9.04) | $ (5.25) | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | $ 0.21 | $ 0.13 | $ 0.14 | ||||||||
Numerator: | |||||||||||
Net loss | $ (29,856) | $ (19,986) | $ (21,270) | $ (36,870) | $ (120,569) | $ (27,817) | $ (46,252) | $ (15,127) | $ (107,982) | $ (209,765) | $ (119,388) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (138) | (1,688) | 0 | 7,934 | 683 | 955 | 843 | 535 | 6,108 | 3,016 | 3,330 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ (29,718) | $ (18,298) | $ (21,270) | $ (44,804) | $ (121,252) | $ (28,772) | $ (47,095) | $ (15,662) | $ (114,090) | $ (212,781) | $ (122,718) |
Denominator: | |||||||||||
Weighted average common shares outstanding | 29,009 | 23,553 | 23,359 | ||||||||
Effect of dilutive securities: | |||||||||||
Outstanding common stock equivalents | 0 | 0 | 0 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 29,009 | 23,553 | 23,359 | ||||||||
Basic loss per share | $ (3.72) | $ (8.91) | $ (5.11) | ||||||||
Diluted loss per share | $ (3.72) | $ (8.91) | $ (5.11) | ||||||||
Excluded outstanding share-based awards having an anti-dilutive effect | 2,640 | 1,071 | 388 | ||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (3.93) | $ (9.04) | $ (5.25) | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | $ 0.21 | $ 0.13 | $ 0.14 | ||||||||
Convertible Debt Securities | |||||||||||
Effect of dilutive securities: | |||||||||||
Excluded outstanding share-based awards having an anti-dilutive effect | 0 | 0 | 365 | ||||||||
Warrant [Member] | |||||||||||
Effect of dilutive securities: | |||||||||||
Excluded outstanding share-based awards having an anti-dilutive effect | 0 | 0 | 0 |
Basis of Presentation and Significant Accounting Policies - (Details Textual) (Details) shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
Service_Center
|
Sep. 30, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
Service_Center
shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
shares
|
|
Accounting Policies [Line Items] | |||||||||||
Undistributed Earnings of Foreign Subsidiaries | $ 0 | $ 0 | |||||||||
Service centers | Service_Center | 21 | 21 | |||||||||
Joint venture ownership percentage | 50.00% | 50.00% | |||||||||
Net loss | $ (29,856) | $ (19,986) | $ (21,270) | $ (36,870) | $ (120,569) | $ (27,817) | $ (46,252) | $ (15,127) | $ (107,982) | $ (209,765) | $ (119,388) |
maximum maturity of investments to be considered cash equivalent | 90 days | ||||||||||
Shipping, Handling and Transportation Costs | $ 26,370 | $ 26,641 | $ 33,598 | ||||||||
Percentage tax benefit recognized on dividends declared, joint venture subsidiaries | 80.00% | ||||||||||
Outstanding common stock equivalents | shares | 0 | 0 | 0 | ||||||||
Number of customers, annual sales in excess of 3% of total annual sales | 0 | ||||||||||
Weighted average forfeiture rate | 47.00% | 47.00% | |||||||||
Measurement period for targeted goals under the long-term compensation plan | 3 years | ||||||||||
Impairment of Intangible Assets, Finite-lived | $ 33,742 | $ 0 | $ 33,742 | $ 0 | |||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ (29,048) | $ (32,754) | $ (78,811) | ||||||||
Stock Options | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Number of trading days preceeding grant date from which closing stock price used to determine exercise price, 2010 grants, alternate valuation method | 10 days | ||||||||||
Restricted Stock Units (RSUs) | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||
Minimum | Stock Options | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Contractual period for options granted | 8 years | ||||||||||
Minimum | Customer relationships | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Intangible assets useful lives | 4 years | ||||||||||
Minimum | Trade name | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Intangible assets useful lives | 1 year | ||||||||||
Maximum | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Sales Revenue Not Recognized at Shipment, As a Percentage of Total Sales | 2.00% | 2.00% | 2.00% | ||||||||
Maximum | Stock Options | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Contractual period for options granted | 10 years | ||||||||||
Maximum | Customer Concentration Risk [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Percentage concentration of sales | 4.00% | ||||||||||
Maximum | Customer relationships | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Intangible assets useful lives | 12 years | ||||||||||
Maximum | Trade name | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Intangible assets useful lives | 10 years | ||||||||||
North America | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Service centers | Service_Center | 16 | 16 | |||||||||
Europe | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Service centers | Service_Center | 3 | 3 | |||||||||
Asia | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Service centers | Service_Center | 2 | 2 | |||||||||
United States | Geographic Concentration Risk | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Percentage concentration of sales | 63.00% | ||||||||||
Executives and Employees | Minimum | Stock Options and Restricted Stock | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||||||
Executives and Employees | Maximum | Stock Options and Restricted Stock | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||
Director | Minimum | Stock Options and Restricted Stock | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||||||
Director | Maximum | Stock Options and Restricted Stock | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Discontinued Operations (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 15, 2016 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 55,070 | |||
Disposal Group, Including Discontinued Operation, Contingent Consideration | $ 1,500 | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 2,003 | |||
Gain (loss) on sale of discontinued operations, net of income taxes | 1,306 | $ 0 | $ 0 | |
Total Plastics Inc [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Valuation Allowances and Reserves, Additions for Adjustments | $ 4,207 |
Discontinued Operations Summarized results of discontinued operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 15, 2016 |
||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Current assets of discontinued operations, accounts receivable | $ 16,688 | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 55,070 | ||||||||
Disposal Group, Including Discontinued Operation, Contingent Consideration | $ 1,500 | ||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 2,003 | ||||||||
Disposal Group, Including Discontinued Operation, Inventory, Current | 19,353 | ||||||||
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets, Current | 1,099 | ||||||||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 37,140 | |||||||
Discontinued Operation, Net sales | 29,680 | 132,821 | $ 138,165 | ||||||
Discontinued Operation, Cost of Materials | 21,027 | 93,405 | 97,981 | ||||||
Discontinued Operation, Operating costs and expenses | 7,288 | 32,994 | 33,830 | ||||||
Discontinued Operation, Interest expense | [1] | 333 | 1,457 | 712 | |||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | 1,032 | 4,965 | 5,642 | ||||||
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period | (3,770) | [2] | 1,949 | 2,312 | |||||
Gain (loss) on sale of discontinued operations, net of income taxes | 1,306 | 0 | 0 | ||||||
Income (Loss) from Discontinued Operations, Net of Income Taxes | 6,108 | $ 3,016 | $ 3,330 | ||||||
Total Plastics Inc [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Valuation Allowances and Reserves, Additions for Adjustments | $ 4,207 | ||||||||
|
Discontinued Operations Major classes of assets and liabilities of the discontinued operation (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Discontinued Operations and Disposal Groups [Abstract] | ||
Current assets of discontinued operations, accounts receivable | $ 16,688 | |
Disposal Group, Including Discontinued Operation, Inventory, Current | 19,353 | |
Current assets of discontinued operations, prepaid expenses and other current assets | 1,099 | |
Current assets of discontinued operations | $ 0 | 37,140 |
Noncurrent assets of discontinued operations, goodwill | 12,973 | |
Noncurrent assets of discontinued operations, property, plant and equipment | 26,979 | |
Noncurrent assets of discontinued operations, accumulated depreciation | (20,147) | |
Noncurrent assets of discontinued operations | 0 | 19,805 |
Current liabilities of discontinued operations, accounts payable | 10,666 | |
Current liabilities of discontinued operations, accrued and other current liabilities | 492 | |
Current liabilities of discontinued operations | $ 0 | $ 11,158 |
Joint Venture - Related Party Activity (Details) |
Dec. 31, 2016 |
---|---|
Equity Method Investments and Joint Ventures [Abstract] | |
Joint venture ownership percentage | 50.00% |
Joint Venture - Participation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Other than Temporary Impairment | $ 4,636 | ||
Equity in earnings (losses) of joint venture | (4,177) | $ (1,426) | $ 7,691 |
Investment in joint venture | 0 | 35,690 | 37,443 |
Proceeds from Sale of Equity Method Investments | 31,550 | 0 | 0 |
Equity Method Investment, Realized Gain (Loss) on Disposal | (5) | ||
Joint venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Sales to joint venture | 188 | 284 | 188 |
Purchases from joint venture | $ 4 | $ 49 | $ 224 |
Joint Venture - Operating Results (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Other than Temporary Impairment | $ 4,636 | ||
Proceeds from Sale of Equity Method Investments | 31,550 | $ 0 | $ 0 |
Equity Method Investment, Realized Gain (Loss) on Disposal | $ (5) |
Goodwill and Intangible Assets Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Changes in carrying amounts of goodwill | |||
Impairment of goodwill | $ 0 | $ 0 | $ 56,160 |
Deductible goodwill impairment loss | $ 13,900 |
Goodwill and Intangible Assets Intangibles (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 months 13 days | |||
Impairment of Intangible Assets, Finite-lived | $ 33,742 | $ 0 | $ 33,742 | $ 0 |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | $ 0 | |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 67,438 | 67,317 | 67,438 | |
Accumulated Amortization | $ 57,188 | $ 63,216 | $ 57,188 |
Goodwill and Intangible Assets Amortization (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Summary of the estimated annual amortization expense | |||
Amortization expense | $ 6,126 | $ 10,647 | $ 11,630 |
2016 | 4,101 | ||
2017 | 0 | ||
2018 | 0 | ||
2019 | 0 | ||
2020 | $ 0 |
Debt Short-term and Long-term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
May 19, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Line of Credit Facility, Amount Outstanding | $ 0 | $ 66,100 | |
Other Long-term Debt, Primarily Capital Leases | 96 | 428 | |
Plus: derivative liability for embedded conversion option | 403 | $ 11,574 | 0 |
Less: unamortized discount | (7,587) | (12,255) | |
Less: unamortized debt issuance costs | (5,199) | (4,147) | |
Less: current portion | 137 | 7,012 | |
Total long-term portion | 286,459 | 310,614 | |
Long-term Debt | 286,596 | 317,626 | |
Senior Secured Notes Due in 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 177,019 | 203,319 | |
Senior Secured Notes Due in 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 0 | 6,681 | |
Convertible Notes Due in 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Convertible Debt | 41 | 57,500 | |
Senior Secured Term Loan Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Loans Payable | 99,500 | 0 | |
Convertible Notes Due in 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Convertible Debt | $ 22,323 | $ 0 |
Debt Secured Notes (Details) - USD ($) |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2016 |
May 13, 2016 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | ||||
Senior Notes Exchanged, May 2016 | $ 1,200,000 | |||
New Senior Secured Notes, Received in Exchange, May 2016 | $ 1,200,000 | |||
Senior Secured Notes Due in 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 177,019,000 | $ 203,319,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 12.75% | |||
Timeframe after the end of each fiscal year that the Company must make an offer to purchase New Secured Notes with certain of its excess cash flow for such fiscal year. Days After Fiscal Year End | 95 days | |||
Debt Instrument, Excess Cash Flow, Percentage, 0 percent | 0.00% | |||
Debt Instrument, Excess Cash Flow, Percentage, 25 percent | 25.00% | |||
Debt Instrument, Excess Cash Flow, Percentage, 50 percent | 50.00% | |||
Debt Instrument, Excess Cash Flow, Percentage, 75 percent | 75.00% | |||
Secured Notes to be Purchased with Excess Cash Flow, 50 million | $ 50,000,000 | |||
Secured Notes to be Purchased with Excess Cash Flow, 75 million | 75,000,000 | |||
Secured Notes to be Purchased with Excess Cash Flow, 100 million | $ 100,000,000 | |||
Redemption Price, Stated as a Percentage of Principal, Percentage, Excess Cash Flow | 103.00% | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||
Extinguishment of Debt, Amount | $ 27,500 | |||
Percent, Penalty Special Redemption Provision | 4.00% | |||
Special Redemption Condition, Maturity Date | Sep. 14, 2017 | |||
Redemption Price, Stated as a Percentage of Principal, Change of Control | 101.00% | |||
Redemption Price, Stated as a Percentage of Principal, Upon Certain Asset Sales | 100.00% | |||
Senior Secured Notes Due in 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 0 | $ 6,681,000 | ||
Early Repayment of Senior Debt | $ 5,629,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 12.75% | |||
Domestic Subsidiaries [Member] | Senior Secured Notes Due in 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Consolidated Subsidiary, Ownership Percentage | 100.00% | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Special Redemption, Amount | $ 27,500,000 | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Special Redemption, Amount | $ 40,000,000 |
Debt Convertible Notes (Details) - USD ($) $ / shares in Units, shares in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2016 |
Sep. 30, 2016 |
Dec. 31, 2016 |
May 19, 2016 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | |||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 15,332,000 | $ 16,629,000 | |||
Existing Convertible Notes Exchanged, Amount | $ 34,016,000 | ||||
New Convertible Notes exchanged, Amount | 23,806,000 | ||||
New Convertible Notes Exchanged, Non Affiliate, Amount | 20,866,000 | ||||
New Convertible Notes Exchange, Affiliate, Amount | 2,940,000 | ||||
Derivative Liability | 403,000 | $ 11,574,000 | $ 0 | ||
Convertible Notes Due in 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Convertible Debt | $ 41,000 | 57,500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||||
Debt Instrument, Convertible, Conversion Rate, Principal Amount of Convertible Notes for Shares, Principal Amount | $ 1,000 | ||||
Debt Conversion, Original Debt, Amount | $ 23,443,000 | ||||
Debt Conversion, Converted Instrument, Shares Issued | 7,863 | ||||
Debt Restructuring (gains) losses, net | $ 1,526,000 | ||||
Convertible Notes Due in 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Convertible Debt | $ 22,323,000 | $ 0 | |||
Maturity date | Dec. 30, 2019 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||
Debt Instrument, Convertible, Conversion Price | $ 2.25 | ||||
Convertible Debt, Principal Amount to be Received | $ 700 | ||||
Debt Conversion, Original Debt, Amount | $ 1,483,000 | ||||
Debt Conversion, Converted Instrument, Shares Issued | 713 | 713 | |||
Gains (Losses) on Extinguishment of Debt | $ 589,000 |
Debt Revolving Credit Agreement (Details) - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2016 |
Mar. 31, 2016 |
|
Debt Instrument [Line Items] | |||||
Class of Warrant or Right, Outstanding | 5,000 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | $ 125,000 | |||
Line of Credit Facility, Availability Block, Initial Amount | 17,500 | ||||
Redemption Permitted, New Secured Notes, Amount | 27,500 | ||||
Redemption Permitted, Secured Notes, Amount | 6,000 | ||||
Debt Instrument, Interest Rate During Period | 3.65% | 2.70% | 3.08% | ||
Debt Instrument, Maturity Date | Dec. 10, 2019 | ||||
CANADA | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 16,000 | 20,000 | |||
Letter of Credit [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 16,000 | $ 20,000 |
Debt Debt Senior Secured Term Loan Credit Facilities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 08, 2016 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | |||
Restricted Cash and Cash Equivalents, Noncurrent | $ 7,968 | ||
Class of Warrant or Right, Outstanding | 5,000 | ||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 200 | ||
Senior Secured Term Loan Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Term Loan Facility Initial Funding | $ 75,000 | ||
Delayed Draw Facility, Total | 37,000 | ||
Delayed Draw Facility, 2016 Amount | 24,500 | ||
Delayed Draw Facility, June 2017 Amount | $ 12,500 | ||
Debt Instrument, Term Loan, Discount Rate, Percentage | 3.00% | ||
Loans Payable | $ 99,500 | $ 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | ||
Minimum Consolidated Liquidity | $ 20,000 | ||
Compensating Balance, Amount | $ 7,500 | ||
Secured Term Loan Credit Facility, Total Available | $ 112,000 | ||
Warrants with Exercise Price of $0.50 Per Share [Member] | |||
Debt Instrument [Line Items] | |||
Class of Warrant or Right, Outstanding | 2,500 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 | ||
Warrants with Exercise Price of $0.65 Per Share [Member] | |||
Debt Instrument [Line Items] | |||
Class of Warrant or Right, Outstanding | 2,500 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.65 |
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2014 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 66,100 | ||||
Carrying value of the line of credit | $ 0 | 66,100 | |||
Forward Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, Notional Amount | $ 0 | 3,080 | |||
Gain (Losses) as a result of changes in the fair value of the contracts | $ (288) | $ (49) | $ (852) | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||
Senior Secured Term Loan Credit Facilities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans Payable | 99,500 | 0 | |||
Senior Secured Term Loan Credit Facilities [Member] | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans Payable, Fair Value Disclosure | 99,500 | ||||
Convertible Notes Due in 2017 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value of convertible notes | 41 | 57,500 | |||
Convertible Notes Due in 2017 [Member] | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Convertible Debt, Fair Value Disclosures | 25 | 21,966 | |||
Senior Secured Notes Due in 2016 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Senior Notes, Carrying Value | 210,000 | ||||
Carrying value of senior secured notes | 0 | 6,681 | |||
Senior Secured Notes Due in 2016 [Member] | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Instrument, Fair Value Disclosure | 160,662 | ||||
Senior Secured Notes Due in 2018 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value of senior secured notes | 177,019 | 203,319 | |||
Senior Secured Notes Due in 2018 [Member] | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Instrument, Fair Value Disclosure | 116,833 | ||||
Convertible Notes Due in 2019 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value of convertible notes | 22,323 | $ 0 | |||
Convertible Notes Due in 2019 [Member] | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Convertible Debt, Fair Value Disclosures | $ 5,369 |
Fair Value Measurements Unobservable Inputs (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
May 19, 2016 |
||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 10,450 | [1] | $ 0 | $ 0 | |||
Derivative Liability | 403 | 0 | $ 11,574 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) | $ (721) | ||||||
Convertible Notes Due in 2019 [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Share Price | $ 0.25 | ||||||
Fair Value Assumptions, Expected Volatility Rate | 97.90% | ||||||
Fair Value Inputs, Entity Credit Risk | 69.80% | ||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.47% | ||||||
Convertible Notes Due in 2017 [Member] | Level 3 | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Convertible Debt, Fair Value Disclosures | $ 25 | $ 21,966 | |||||
|
Fair Value Measurements (Details) - Forward Contracts - Not Designated as Hedging Instrument - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 1,015 |
Derivative liability for commodity hedges, current | 1,015 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 1,015 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Fair Value Measurements Fiar Value Inputs, Shareholders' Equity, Quantitative Information (Details) - Warrant [Member] |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |
Fair Value Assumptions, Expected Volatility Rate | 97.90% |
Fair Value Assumptions, Risk Free Interest Rate | 1.03% |
Expected life (in years) | 1 year 6 months |
Expected dividend yield | 0.00% |
Lease Agreements - Future minimum rental payments under operating and capital leases (Details) $ in Thousands |
Dec. 31, 2016
USD ($)
|
---|---|
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Capital leases minimum payments for 2016 | $ 96 |
Capital leases minimum payments for 2017 | 0 |
Capital leases minimum payments for 2018 | 0 |
Capital leases minimum payments for 2019 | 0 |
Capital leases minimum payments for 2020 | 0 |
Capital leases minimum payments for later years | 0 |
Capital leases minimum payments total | 96 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating leases minimum payments for 2016 | 8,291 |
Operating leases minimum payments for 2017 | 8,073 |
Operating leases minimum payments for 2018 | 6,295 |
Operating leases minimum payments for 2019 | 5,545 |
Operating leases minimum payments for 2020 | 5,224 |
Operating leases minimum payments for later years | 16,545 |
Operating leases minimum payments total | 49,973 |
Built-to-suit Lease, Future Minimum Payments Due | 17,254 |
Built-to-suit Lease, Future Minimum Payments Due, Next Twelve Months | 0 |
Built-to-suit Lease, Future Minimum Payments Due in Two Years | 1,180 |
Built-to-suit Lease, Future Minimum Payments Due in Three Years | 1,203 |
Built-to-suit Lease, Future Minimum Payments Due in Four Years | 1,227 |
Built-to-suit Lease, Future Minimum Payments Due in Five Years | 1,252 |
Built-to-suit Lease, Future Minimum Payments Due Thereafter | $ 12,392 |
Lease Agreements - (Textual) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Operating Leased Assets [Line Items] | |||
Build to suit liability | $ 12,305 | $ 13,237 | |
Operating Leases, Rent Expense | 9,175 | 11,812 | $ 12,037 |
Lease Extrication Charges from Restructuring Activities | 12,942 | 9,008 | (2,960) |
Gross Value Capital Leased Assets | 524 | 2,109 | |
Contract Termination [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease Extrication Charges from Restructuring Activities | $ 6,038 | $ 444 | $ 186 |
Stockholders' Equity AOCI (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Components of accumulated other comprehensive loss | |||
Unrecognized pension and postretirement benefit costs, net of tax | $ (9,797) | $ (17,185) | $ (27,122) |
Accumulated Other Comprehensive (Loss) Income, foreign currency translation | (16,142) | (16,636) | (9,994) |
Total accumulated other comprehensive (loss) income | $ (25,939) | $ (33,821) | $ (37,116) |
Shareholders' Equity (Details Textual) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended |
---|---|---|---|
Jun. 30, 2016 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Shareholder Rights Plan (Textual) [Abstract] | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 15,332 | $ 16,629 | |
Convertible Notes Due in 2017 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Debt Conversion, Converted Instrument, Shares Issued | 7,863 | ||
Convertible Notes Due in 2019 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Debt Conversion, Converted Instrument, Shares Issued | 713 | 713 | |
Common Shares | |||
Shareholder Rights Plan (Textual) [Abstract] | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 86 | ||
Additional Paid-in Capital | |||
Shareholder Rights Plan (Textual) [Abstract] | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 16,543 |
Stockholders' Equity AOCI Change (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accumulated Other Comprehensive (Loss) Income, Pension and Other Postretirement Benefit Plans, Net of Tax | $ (9,797) | $ (17,185) | $ (27,122) |
Accumulated Other Comprehensive (Loss) Income, foreign currency translation | (16,142) | (16,636) | (9,994) |
Total accumulated other comprehensive (loss) income | (25,939) | (33,821) | (37,116) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 5,565 | (966) | |
Other Comprehensive Income Foreign currency translation | 494 | (6,642) | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 6,059 | (7,608) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | (1,823) | (10,903) | |
Other Comprehensive Income (loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Net of Tax | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive (Loss) Income, Current Period, Net of Tax | (1,823) | (10,903) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (7,388) | (9,937) | 12,996 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 494 | (6,642) | (5,377) |
Other comprehensive income (loss) | 7,882 | 3,295 | (18,373) |
AOCI Attributable to Parent [Member] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (7,388) | (9,937) | 12,996 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 494 | $ (6,642) | $ (5,377) |
Stockholders' Equity AOCI Reclassification (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Prior service cost | $ (200) | $ (244) |
Actuarial Loss | (1,623) | (3,821) |
Pension Curtailment, Recognized Prior Service Cost | 0 | (2,923) |
Pension Settlement, Recognized Prior Service Cost | 0 | (3,915) |
Reclassification from Accumulated Other Comprehensive (Loss) Income, Current Period, before Tax | (1,823) | (10,903) |
Other Comprehensive (Loss) Income, Tax, Portion Attributable to Parent | 0 | 0 |
Reclassification from Accumulated Other Comprehensive (Loss) Income, Current Period, Net of Tax | $ (1,823) | $ (10,903) |
Share-based Compensation Authorized Shares (Details) - 2008 A. M. Castle & Co. Omnibus Incentive Plan (amended and restated as of April 25, 2013) shares in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2016
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,350 |
Share-based Compensation Restricted Stock Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,659 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares/Units Outstanding at January 1 | 170 | ||
Shares/Units Granted | 304 | ||
Shares/Units Forfeited | (125) | ||
Shares/Units Vested | (85) | ||
Shares/Units Outstanding at December 31 | 264 | 170 | |
Shares/Units Expected to vest at December 31 | 264 | ||
Weighted-Average Grant Date Fair Value, Outstanding at January 1 | $ 10.08 | ||
Grant Date Fair Value per Share | 1.47 | ||
Weighted-Average Grant Date Fair Value, Forfeited | 1.82 | ||
Weighted-Average Grant Date Fair Value, Vested | 7.83 | ||
Weighted-Average Grant Date Fair Value, Outstanding at December 31 | 2.40 | $ 10.08 | |
Weighted-Average Grant Date Fair Value, Expected to vest at December 31 | $ 2.40 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares/Units Outstanding at January 1 | 210 | ||
Shares/Units Granted | 0 | ||
Shares/Units Forfeited | (48) | ||
Shares/Units Vested | (21) | ||
Shares/Units Outstanding at December 31 | 141 | 210 | |
Shares/Units Expected to vest at December 31 | 78 | ||
Weighted-Average Grant Date Fair Value, Outstanding at January 1 | $ 5.91 | ||
Grant Date Fair Value per Share | 0.00 | ||
Weighted-Average Grant Date Fair Value, Forfeited | 6.88 | ||
Weighted-Average Grant Date Fair Value, Vested | 14.35 | ||
Weighted-Average Grant Date Fair Value, Outstanding at December 31 | 4.31 | $ 5.91 | |
Weighted-Average Grant Date Fair Value, Expected to vest at December 31 | $ 4.62 | ||
Restricted Stock and RSU | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 437 | ||
Fair value of Non vested shares and RSUs vesting during the period | $ 158 | $ 1,762 | $ 938 |
Long-Term Compensation Plan - 2014 [Member] | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares/Units Vested | (21) |
Performance Share Status (Details) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 1,659 |
Long-Term Compensation Plan - 2014 [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
PSU Target Goal Performance Period | 3 years |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 0 |
Long-Term Compensation Plan - 2014 [Member] | Non-Market-Based Performance Condition One | |
Summary of award information associated with market and non-market-based performance condition awards | |
Grant Date Fair Value | $ / shares | $ 14.35 |
Estimated Number of Performance Shares to be Issued | shares | 0 |
Long-Term Compensation Plan - 2014 [Member] | Market Based Performance Share Units [Member] | |
Summary of award information associated with market and non-market-based performance condition awards | |
Grant Date Fair Value | $ / shares | $ 20.16 |
Estimated Number of Performance Shares to be Issued | shares | 0 |
Share-based Compensation Assumptions Used for Determining the Grant Date Fair Values of Performance Shares Awarded (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Short-term Incentive Plan - 2015 [Member] | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 56.10% | ||
Risk-free interest rate | 1.80% | ||
Expected life (in years) | 6 years | ||
Expected dividend yield | 0.00% | ||
Long-Term Compensation Plan - 2014 [Member] | Non Market Based Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant Date Fair Value per Share | $ 14.35 | ||
Long-Term Compensation Plan - 2014 [Member] | Market Based Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant Date Fair Value per Share | $ 20.16 | ||
Expected volatility | 40.80% | ||
Risk-free interest rate | 0.79% | ||
Expected life (in years) | 2 years 9 months 6 days | ||
Expected dividend yield | 0.00% |
Share-based Compensation Stock Options (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 0 | $ 56 | |
Stock options outstanding at January 1 | 691 | 691 | ||
Stock options granted | 1,668 | |||
Stock Options Exercised | 0 | |||
Stock Options Forfeited | (124) | |||
Stock Options Expired | 0 | |||
Stock options outstanding at December 31 | 2,235 | 691 | ||
Stock options exercisable at December 31 | 211 | |||
Stock options vested or expected to vest as of December 31 | 1,726 | |||
Weighted Average Exercise Price - Stock options outstanding at January 1 | $ 4.43 | $ 4.43 | ||
Weighted Average Exercise Price - Stock Options Exercised | 0.00 | |||
Weighted Average Exercise Price - Stock Options Forfeited | 5.24 | |||
Weighted Average Exercise Price - Stock Options Expired | 0.00 | |||
Weighted Average Exercise Price - Stock options outstanding at December 31 | 2.26 | $ 4.43 | ||
Weighted Average Exercise Price - Stock options exercisable at December 31 | 4.82 | |||
Weighted Average Exercise Price - Stock options vested or expected to vest as of December 31 | $ 2.46 | |||
Intrinsic Value - Stock options outstanding at December 31 | $ 0 | |||
Intrinsic Value - Stock options exercisable at December 31 | 0 | |||
Intrinsic Value - Stock options vested or expected to vest as of December 31 | $ 0 | |||
Weighted Average Remaining Contractual Life - Stock options outstanding at December 31 | 9 years 29 days | |||
Weighted Average Remaining Contractual Life - Stock options exercisable at December 31 | 7 years 9 months 26 days | |||
Weighted Average Remaining Contractual Life - Stock options vested or expected to vest as of December 31 | 9 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 1,222 | |||
Long-Term Compensation Plan -2016 [Member] [Domain] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 63.80% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.30% | |||
Stock options granted | 1,668 | |||
Weighted average grant date fair value of stock options granted in period | $ 0.90 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Long-Term Compensation Plan -2015 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 55.70% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.80% | |||
Stock options granted | 583 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 9 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Short-term Incentive Plan - 2015 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 56.10% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.80% | |||
Stock options granted | 124 | |||
Weighted average grant date fair value of stock options granted in period | $ 2.10 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The stock options vest in three equal installments over three years from the grant date and are exercisable immediately upon vesting. The exercise price was equal to the closing price of the Company's stock on the date of grant. | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Expense Recognized in Period | $ 1,154 | $ 828 | $ 1,972 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0 | 0 | 189 | |
Share based compensation expense - Unrecognized compensation cost | $ 1,659 | |||
Share Based Compensation Weighted Average Expense Recognition Period | 1 year 2 months 21 days | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense - Unrecognized compensation cost | $ 437 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 0 | $ 56 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 1,222 | |||
Stock options granted | 1,668 | |||
Weighted average grant date fair value of stock options granted in period | $ 1.58 | |||
Short-term Incentive Plan - 2015 [Member] | Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted | 124 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Employee Benefit Plans Employee Benefit Plans and Components of Net Periodic Postretirement Benefit Cost (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Estimated Cost Reduction of Net Periodic Pension and Post Retirement Benefit Costs | $ 1,206 | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | $ 3,915 | $ 0 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 2,923 | 0 |
Pension Plans, Defined Benefit | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 377 | 549 | 453 |
Interest cost | 5,182 | 6,938 | 6,885 |
Expected return on assets | (8,139) | (9,395) | (8,381) |
Amortization of prior service cost | 200 | 244 | 282 |
Amortization of actuarial loss (gain) | 1,832 | 4,018 | 1,717 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 3,915 | 0 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 2,923 | 0 |
Net periodic pension plans (benefit) cost | (548) | 9,192 | 956 |
Other Postretirement Benefit Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 71 | 83 | 56 |
Interest cost | 65 | 79 | 76 |
Amortization of actuarial loss (gain) | (209) | (197) | (336) |
Net periodic pension plans (benefit) cost | $ (73) | $ (35) | $ (204) |
Changes in Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Other Postretirement Benefit Plan | |||
Change in Projected Benefit Obligation [Abstract] | |||
Accumulated postretirement benefit obligation at beginning of year | $ 2,427 | $ 2,552 | |
Service cost | 71 | 83 | $ 56 |
Interest cost | 65 | 79 | 76 |
Benefit payments | (240) | (202) | |
Actuarial gain | 759 | 85 | |
Accumulated postretirement benefit obligation at end of year | 1,564 | 2,427 | 2,552 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Funded status – net prepaid (liability) | (1,564) | (2,427) | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (234) | (246) | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (1,330) | (2,181) | |
Net amount recognized | (1,564) | (2,427) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 2,574 | 2,024 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 2,574 | 2,024 | |
Pension Plans, Defined Benefit | |||
Change in Projected Benefit Obligation [Abstract] | |||
Accumulated postretirement benefit obligation at beginning of year | 162,290 | ||
Projected benefit obligation at beginning of year | 162,941 | 193,322 | |
Service cost | 377 | 549 | 453 |
Interest cost | 5,182 | 6,938 | 6,885 |
Settlement Gain | 0 | (2,162) | |
Curtailment Loss | 0 | 2,154 | |
Benefit payments | (9,459) | (25,383) | |
Actuarial gain | (4,361) | (12,477) | |
Projected benefit obligation at end of year | 154,680 | 162,941 | 193,322 |
Accumulated postretirement benefit obligation at end of year | 154,044 | 162,290 | |
Change in Plan Assets [Abstract] | |||
Fair value of plan assets at beginning of year | 154,506 | 183,671 | |
Defined Benefit Plan, Actual (Loss) Return on Plan Assets | 12,253 | (4,140) | |
Employer contributions | 414 | 358 | |
Fair value of plan assets at end of year | 157,714 | 154,506 | $ 183,671 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Funded status – net prepaid (liability) | 3,034 | (8,435) | |
Defined Benefit Plan, Assets for Plan Benefits | 8,501 | 8,422 | |
Accrued liabilities | (367) | (362) | |
Pension benefit obligations | (5,100) | (16,495) | |
Net amount recognized | 3,034 | (8,435) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | (25,665) | (35,972) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | (517) | (717) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $ 26,182 | $ (36,689) |
Employee Benefit Plans Assumptions Used to Measure the Projected Benefit Obligations (Details) - Pension Plans, Defined Benefit |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.00% | ||
Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.70% | ||
Projected annual salary increases | 0.00% | 0.00% | 0.00% |
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.83% | ||
Projected annual salary increases | 3.00% | 3.00% | 3.00% |
Employee Benefit Plans Assumptions Used to Determine Net Periodic Pension Benefit Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Pension Plans, Defined Benefit | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.00% | 4.50% | |
Discount rate | 4.00% | ||
Expected long-term rate of return on plan assets | 5.25% | 5.25% | 5.25% |
Other Postretirement Benefit Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Actuarial Loss Expected to Occur in the Next 12 Months | Insignificant | ||
Discount rate | 3.50% | 3.25% | 4.00% |
Discount rate | 3.61% | 3.50% | 3.25% |
Minimum | Pension Plans, Defined Benefit | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.50% | ||
Discount rate | 3.70% | ||
Projected annual salary increases-pension cost | 0.00% | 0.00% | 0.00% |
Projected annual salary increases | 0.00% | 0.00% | 0.00% |
Maximum | Pension Plans, Defined Benefit | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.75% | ||
Discount rate | 3.83% | ||
Projected annual salary increases-pension cost | 3.00% | 3.00% | 3.00% |
Projected annual salary increases | 3.00% | 3.00% | 3.00% |
One-time Termination Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer Plans, Withdrawal Obligation | $ 3,527 | $ 5,500 |
Employee Benefit Plans Fair Values of Pension Plan Assets, Classified in the Fair Value Hierarchy (Details) - Pension Plans, Defined Benefit - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||
---|---|---|---|---|---|---|---|---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Total | $ 157,714 | $ 154,506 | $ 183,671 | ||||||
Fixed income securities | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fixed income securities | 158,913 | [1] | 150,542 | [2] | |||||
Defined Benefit Plan, Investments Measured at Net Asset Value | 5,455 | 3,429 | |||||||
Accounts receivable – pending trades | (6,654) | 535 | |||||||
Total | 157,714 | 154,506 | |||||||
Fixed income securities | Level 1 | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fixed income securities | 16,427 | [1] | 16,028 | [2] | |||||
Fixed income securities | Level 2 | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fixed income securities | $ 142,486 | [1] | 134,514 | [2] | |||||
Fixed income securities | Level 3 | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fixed income securities | [1],[2] | $ 0 | |||||||
|
Employee Benefit Plans Estimated Future Pension Benefit Payments (Details) - Pension Plans, Defined Benefit $ in Thousands |
Dec. 31, 2016
USD ($)
|
---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2016 | $ 9,078 |
2017 | 9,183 |
2018 | 9,235 |
2019 | 9,324 |
2020 | 9,522 |
2021-2025 | $ 47,219 |
Employee Benefit Plans Assumed Health Care Cost Trent Rates for Medical Plans (Details) - Other Postretirement Benefit Plan |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Medical cost trend rate | 6.00% | 6.50% | 7.00% |
Ultimate medical cost trend rate | 5.00% | 5.00% | 5.00% |
Year ultimate medical cost trend rate will be reached | 2019 | 2019 | 2019 |
Employee Benefit Plans Weighted Average Discount Rate Used to Determine the Net Periodic Postretirement Benefit Costs (Details) - Other Postretirement Benefit Plan |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic postretirement benefit costs | 3.50% | 3.25% | 4.00% |
Accumulated postretirement benefit obligations | 3.61% | 3.50% | 3.25% |
Employee Benefit Plans Textual (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected 2014 amortization of pension prior service costs | insignificant | |||
Effect of one percentage point increase on accumulated postretirement benefit obligation | $ 47 | |||
Effect of one percentage point decrease on accumulated postretirement benefit obligation | $ 44 | |||
Other Postretirement Benefit Plan [Member] | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Medical postretirement plans, qualifying retirement age range | 62 years | |||
Other Postretirement Benefit Plan [Member] | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Medical postretirement plans, qualifying retirement age range | 65 years | |||
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $ 199 | |||
Expected 2014 amortization of actuarial loss | 947 | |||
Projected benefit obligation, pension plans with accumulated benefit obligations in excess of plan assets | 5,467 | $ 62,953 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 5,467 | 62,302 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | $ 0 | $ 46,096 | ||
Pension Plans, Defined Benefit | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company's Pension Plan Asset Allocation, Description | entirely | Entirely | ||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |||
Pension Plans, Defined Benefit | Corporate Bond Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Fixed Income Securities Allocations | 87.00% | 96.00% | ||
Pension Plans, Defined Benefit | US Treasury and Government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Fixed Income Securities Allocations | 4.00% | |||
Pension Plans, Defined Benefit | Agency Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Fixed Income Securities Allocations | 2.00% | 2.00% | ||
Pension Plans, Defined Benefit | Other fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Fixed Income Securities Allocations | 7.00% | 2.00% | ||
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching contribution, allowable matching percentage based on terms of the plan | 100.00% | |||
Employer matching contribution, percent | 6.00% | |||
Defined Contribution Plan, Cost Recognized | $ 2,725 | $ 3,386 | $ 3,296 | |
One-time Termination Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multiemployer Plans,Withdrawal Obligation Expense | (1,973) | 5,500 | ||
Multiemployer Plans, Withdrawal Obligation | $ 3,527 | $ 5,500 |
Restructuring Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | $ 12,942 | $ 9,008 | $ (2,960) |
One-time Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | (854) | 17,012 | 937 |
Contract Termination [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | 6,038 | 444 | 186 |
Gain on disposal of fixed assets [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | 1,361 | (15,963) | (5,533) |
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | 4,558 | 5,711 | 1,450 |
8742 Services, Management Consulting Services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | $ 1,839 | $ 1,804 | $ 0 |
Restructuring Activity Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ 0 | $ (3,915) | $ 0 | |
Restructuring expense (income) | 12,942 | 9,008 | (2,960) | |
(Payments) Receipts for Restructuring | (10,674) | 5,727 | 2,546 | |
Restructuring Reserve, Settled without Cash | (6,803) | (32,494) | 0 | |
Restructuring Reserve | 4,450 | 8,533 | 636 | $ 1,050 |
Restructuring Costs and Asset Impairment Charges | 13,394 | 34,664 | (2,960) | |
One-time Termination Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Noncurrent | 3,287 | |||
Multiemployer Plans,Withdrawal Obligation Expense | (1,973) | 5,500 | ||
Restructuring expense (income) | (854) | 17,012 | 937 | |
Multiemployer Plans, Withdrawal Obligation | 3,527 | 5,500 | ||
(Payments) Receipts for Restructuring | (3,820) | (1,873) | (1,066) | |
Restructuring Reserve, Settled without Cash | 0 | (6,838) | 0 | |
Restructuring Reserve | 3,627 | 8,301 | 0 | 129 |
Restructuring Costs and Asset Impairment Charges | (854) | 17,012 | 937 | |
Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense (income) | 4,558 | 5,711 | 1,450 | |
(Payments) Receipts for Restructuring | (4,558) | (5,711) | (1,450) | |
Restructuring Reserve, Settled without Cash | 0 | 0 | 0 | |
Restructuring Reserve | 0 | 0 | 0 | 0 |
Restructuring Costs and Asset Impairment Charges | 4,558 | 5,711 | 1,450 | |
8742 Services, Management Consulting Services [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense (income) | 1,839 | 1,804 | 0 | |
(Payments) Receipts for Restructuring | (1,839) | (1,804) | ||
Restructuring Reserve, Settled without Cash | 0 | 0 | ||
Restructuring Reserve | 0 | 0 | 0 | |
Restructuring Costs and Asset Impairment Charges | 1,839 | 1,804 | ||
Inventory Valuation Reserve [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
(Payments) Receipts for Restructuring | 0 | 0 | ||
Restructuring Reserve, Settled without Cash | (452) | (25,656) | ||
Restructuring Reserve | 0 | 0 | 0 | |
Restructuring Costs and Asset Impairment Charges | 452 | 25,656 | ||
Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Noncurrent | 531 | |||
Restructuring expense (income) | 6,038 | 444 | 186 | |
(Payments) Receipts for Restructuring | (3,160) | (848) | (471) | |
Restructuring Reserve, Settled without Cash | (2,287) | 0 | 0 | |
Restructuring Reserve | 823 | 232 | 636 | 921 |
Restructuring Costs and Asset Impairment Charges | 6,038 | 444 | 186 | |
Gain on disposal of fixed assets [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense (income) | 1,361 | (15,963) | (5,533) | |
Restructuring Reserve, Settled without Cash | (4,064) | 0 | 0 | |
Restructuring Reserve | 0 | 0 | 0 | $ 0 |
Restructuring Costs and Asset Impairment Charges | 1,361 | (15,963) | (5,533) | |
Restructuring Receipts | 2,703 | 15,963 | 5,533 | |
Pension Plans, Defined Benefit | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ 0 | $ (3,915) | $ 0 |
Restructuring Activity Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ 0 | $ (2,923) | $ 0 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | (3,915) | 0 | |
Restructuring Reserve | 4,450 | 8,533 | 636 | $ 1,050 |
Restructuring Costs and Asset Impairment Charges | (13,394) | (34,664) | 2,960 | |
Inventory Valuation Reserve [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | 0 | 0 | |
Restructuring Costs and Asset Impairment Charges | (452) | (25,656) | ||
One-time Termination Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 3,627 | 8,301 | 0 | 129 |
Restructuring Costs and Asset Impairment Charges | 854 | (17,012) | (937) | |
Restructuring Reserve, Current | 340 | |||
Restructuring Reserve, Noncurrent | 3,287 | |||
Multiemployer Plans,Withdrawal Obligation Expense | (1,973) | 5,500 | ||
Multiemployer Plans, Withdrawal Obligation | 3,527 | 5,500 | ||
Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 823 | 232 | 636 | $ 921 |
Restructuring Costs and Asset Impairment Charges | (6,038) | (444) | (186) | |
Restructuring Reserve, Current | 292 | |||
Restructuring Reserve, Noncurrent | 531 | |||
Pension Plans, Defined Benefit | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | (2,923) | 0 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ 0 | $ (3,915) | $ 0 |
Income Taxes - Domestic and Foreign (Loss) Income before income taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Domestic and Foreign Income (Loss) before Income Taxes and income (loss) in equity method investments. [Line Items] | |||
(Loss) income before income taxes and equity in earnings of joint venture | $ (112,459) | $ (234,925) | $ (153,352) |
U.S. | |||
Domestic and Foreign Income (Loss) before Income Taxes and income (loss) in equity method investments. [Line Items] | |||
(Loss) income before income taxes and equity in earnings of joint venture | (104,524) | (201,375) | (122,511) |
Segment, Geographical, Non-U.S. [Member] | |||
Domestic and Foreign Income (Loss) before Income Taxes and income (loss) in equity method investments. [Line Items] | |||
(Loss) income before income taxes and equity in earnings of joint venture | $ (7,935) | $ (33,550) | $ (30,841) |
Income Taxes - Components of Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
Federal current | $ 0 | $ 0 | $ 0 |
Federal deferred | (4,231) | (21,700) | (25,023) |
State current | 25 | 70 | 32 |
State deferred | (114) | (927) | (3,959) |
Foreign current | 1,783 | 2,149 | (1,898) |
Foreign deferred | (9) | (3,162) | 7,905 |
Income Tax Expense (Benefit) | $ (2,546) | $ (23,570) | $ (22,943) |
Income Taxes - Effective Income Tax Rate Reconcilliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
Federal income tax at statutory rates | $ (39,361) | $ (82,226) | $ (53,673) |
State income taxes, net of federal income tax benefits | (5,118) | (8,784) | (651) |
Effective Income Tax Rate Reconciliation, Section 956 Inclusion, Amount | (13,132) | 0 | 0 |
Effective Income Tax Rate Reconciliation, Cancellation of Debt, Amount | 3,024 | 0 | 0 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 0 | 0 | 10,454 |
Other permanent differences | 2,719 | 2,369 | 285 |
Federal and state income tax on joint venture | (1,660) | (558) | 2,912 |
Rate differential on foreign income | 795 | 3,305 | 11,512 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 23,746 | 63,511 | 4,888 |
Audit settlements | 0 | 171 | 99 |
Other | 177 | (1,358) | 1,231 |
Income tax (benefit) | $ (2,546) | $ (23,570) | $ (22,943) |
Effective income tax (benefit) rate | 2.30% | 10.00% | 15.00% |
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deferred tax assets: | ||
Pension and postretirement benefits | $ 809 | $ 4,139 |
Deferred compensation | 595 | 1,357 |
Restructuring Related and Other Reserves | 4 | 842 |
Alternative minimum tax and net operating loss carryforward | 91,769 | 66,709 |
Deferred Tax Assets, Goodwill and Intangible Assets | 11,647 | 5,993 |
Other, net | 2,818 | 3,399 |
Deferred tax assets before valuation allowance | 107,642 | 82,439 |
Deferred Tax Assets, Valuation Allowance | (79,908) | (63,955) |
Deferred Tax Assets, Net of Valuation Allowance | 27,734 | 18,484 |
Deferred tax liabilities: | ||
Depreciation | 5,006 | 8,147 |
Inventory | 20,172 | 6,071 |
Deferred tax liabilities, debt discount | 1,883 | 4,075 |
Other, net | 292 | 3,982 |
Total deferred tax liabilities | 27,353 | 22,275 |
Deferred Tax Assets, Net | $ 381 | |
Net deferred tax assets (liabilities) | $ (3,791) |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 79,908 | $ 63,955 |
Undistributed Earnings of Foreign Subsidiaries | 0 | |
Domestic Tax Authority [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Amount | 2,010 | |
Operating Loss Carryforwards | $ 197,930 | |
Internal Revenue Service (IRS) | Minimum | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2032 | |
Internal Revenue Service (IRS) | Maximum | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2032 | |
Foreign Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards | $ 39,934 | |
State and Local Jurisdiction | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Amount | 546 | |
Operating Loss Carryforwards | $ 232,759 | |
State and Local Jurisdiction | Minimum | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 | |
State and Local Jurisdiction | Maximum | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 |
Income Taxes Federal, State and Foreign Net Operating Losses (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Operating Loss Carryforwards [Line Items] | |
Significant (Increase) Decrease in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | $ 0 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 197,930 |
State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 232,759 |
Foreign Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 39,934 |
Maximum | Internal Revenue Service (IRS) | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2032 |
Maximum | State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 |
Minimum | Internal Revenue Service (IRS) | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2032 |
Minimum | State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 |
Income Taxes Rollforward of valuation allowance (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | $ 63,955 | ||
Balance, end of year | 79,908 | $ 63,955 | |
Domestic Tax Authority [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | 55,474 | 0 | $ 0 |
Balance, end of year | 69,683 | 55,474 | 0 |
Foreign Tax Authority | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | 8,481 | 4,888 | 0 |
Balance, end of year | 10,225 | 8,481 | 4,888 |
Tax provision [Domain] | Domestic Tax Authority [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 18,906 | 55,474 | 0 |
Tax provision [Domain] | Foreign Tax Authority | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2,446 | 4,146 | 4,888 |
Tax provision discontinued operations and other comprehensive income [Domain] | Domestic Tax Authority [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (4,697) | 0 | 0 |
Foreign Currency Gain (Loss) [Member] | Foreign Tax Authority | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (702) | $ (553) | $ 0 |
Segment Reporting - (Textual) (Details) - Segment |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Segment Reporting [Abstract] | ||
Number of reportable segments | 1 | 2 |
Segment Reporting - Geographic Schedul of Revenue and Long-lived Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 113,717 | $ 124,893 | $ 130,692 | $ 163,848 | $ 132,498 | $ 150,571 | $ 166,328 | $ 188,540 | $ 533,150 | $ 637,937 | $ 841,672 |
Long-Lived Assets | 49,710 | 64,561 | 49,710 | 64,561 | 65,543 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 336,495 | 422,122 | 598,071 | ||||||||
Long-Lived Assets | 40,253 | 52,771 | 40,253 | 52,771 | 50,986 | ||||||
CANADA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 40,107 | 54,389 | 83,577 | ||||||||
Long-Lived Assets | 2,937 | 3,579 | 2,937 | 3,579 | 4,908 | ||||||
MEXICO | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 49,968 | 50,186 | 43,121 | ||||||||
Long-Lived Assets | 3,198 | 3,545 | 3,198 | 3,545 | 4,202 | ||||||
All Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 106,580 | 111,240 | 116,903 | ||||||||
Long-Lived Assets | $ 3,322 | $ 4,666 | $ 3,322 | $ 4,666 | $ 5,447 |
Selected Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Quarterly Financial Data [Abstract] | |||||||||||
Net Sales | $ 113,717 | $ 124,893 | $ 130,692 | $ 163,848 | $ 132,498 | $ 150,571 | $ 166,328 | $ 188,540 | $ 533,150 | $ 637,937 | $ 841,672 |
Gross Profit | (8,428) | 9,081 | 7,980 | 2,294 | (66,827) | 3,712 | (19,080) | 14,700 | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (29,718) | (18,298) | (21,270) | (44,804) | (121,252) | (28,772) | (47,095) | (15,662) | (114,090) | (212,781) | (122,718) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (138) | (1,688) | 0 | 7,934 | 683 | 955 | 843 | 535 | 6,108 | 3,016 | 3,330 |
Net loss | $ (29,856) | $ (19,986) | $ (21,270) | $ (36,870) | $ (120,569) | $ (27,817) | $ (46,252) | $ (15,127) | $ (107,982) | $ (209,765) | $ (119,388) |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.92) | $ (0.57) | $ (0.77) | $ (1.90) | $ (5.14) | $ (1.22) | $ (2.00) | $ (0.67) | $ (3.93) | $ (9.04) | $ (5.25) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share | 0.00 | (0.05) | 0.00 | 0.34 | 0.03 | 0.04 | 0.04 | 0.02 | 0.21 | 0.13 | 0.14 |
Earnings Per Share, Basic and Diluted | $ (0.92) | $ (0.62) | $ (0.77) | $ (1.56) | $ (5.11) | $ (1.18) | $ (1.96) | $ (0.65) | $ (3.72) | $ (8.91) | $ (5.11) |
Impairment of Intangible Assets, Finite-lived | $ 33,742 | $ 0 | $ 33,742 | $ 0 | |||||||
Inventory Write-down & Firm Purchase Commitment | $ 61,472 |
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