x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
DELAWARE
|
36-0724340
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
2870 Forbs Avenue
|
|
|
Hoffman Estates, Illinois
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60192
|
|
(Address of principal executive offices)
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(Zip Code)
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Title of each class:
|
Name of Exchange on which registered:
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$0.01 par value Common Stock
|
New York Stock Exchange
|
Large accelerated filer x
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Accelerated filer ¨
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Non-accelerated filer ¨
|
Smaller reporting company ¨
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
Restated
|
Restated
|
Restated
|
Restated
|
|||||||||||||||||
Operations Data
|
||||||||||||||||||||
Net sales
|
$ | 943,796 | $ | 826,277 | $ | 687,485 | $ | 851,587 | $ | 720,992 | ||||||||||
Gross profit
|
252,317 | 214,185 | 184,291 | 219,201 | 193,153 | |||||||||||||||
Selling, general and administrative expenses
|
166,231 | 145,173 | 134,947 | 143,495 | 120,290 | |||||||||||||||
Operating profit
|
86,086 | 69,012 | 49,344 | 75,706 | 72,863 | |||||||||||||||
Net interest expense
|
(11,070 | ) | (9,584 | ) | (11,994 | ) | (12,152 | ) | (8,915 | ) | ||||||||||
Net other income (expense)
|
233 | 1,241 | (315 | ) | (5,543 | ) | (1,133 | ) | ||||||||||||
Pretax income
|
75,249 | 60,669 | 37,035 | 58,011 | 62,815 | |||||||||||||||
Income taxes
|
20,786 | 20,302 | 5,363 | 13,898 | 15,614 | |||||||||||||||
Income (loss) from affiliates and joint ventures
|
5,235 | (10,997 | ) | 6 | (21,714 | ) | 8,389 | |||||||||||||
Income from continuing operations
|
59,698 | 29,370 | 31,678 | 22,399 | 55,590 | |||||||||||||||
Discontinued operations
|
(1,162 | ) | (887 | ) | 259 | 1,862 | 1,140 | |||||||||||||
Net income
|
58,536 | 28,483 | 31,937 | 24,261 | 56,730 | |||||||||||||||
Net income attributable to AMCOL shareholders
|
58,521 | 29,235 | 32,042 | 24,530 | 56,735 | |||||||||||||||
Per Share Data
|
||||||||||||||||||||
Basic earnings (loss) per share attributable to AMCOL shareholders
|
||||||||||||||||||||
Continuing operations
|
1.89 | 0.97 | 1.03 | 0.75 | 1.84 | |||||||||||||||
Discontinued operations
|
(0.04 | ) | (0.03 | ) | 0.01 | 0.06 | 0.04 | |||||||||||||
Net income
|
1.85 | 0.94 | 1.04 | 0.81 | 1.88 | |||||||||||||||
Diluted earnings (loss) per share attributable to AMCOL shareholders
|
||||||||||||||||||||
Continuing operations
|
1.86 | 0.96 | 1.02 | 0.73 | 1.79 | |||||||||||||||
Discontinued operations
|
(0.04 | ) | (0.03 | ) | 0.01 | 0.06 | 0.04 | |||||||||||||
Net income
|
1.82 | 0.93 | 1.03 | 0.79 | 1.83 | |||||||||||||||
Dividends
|
0.72 | 0.72 | 0.72 | 0.68 | 0.60 | |||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
Restated
|
Restated
|
Restated
|
Restated
|
|||||||||||||||||
Shares Outstanding Data
|
||||||||||||||||||||
End of period
|
31,728,969 | 31,032,791 | 30,773,908 | 30,437,984 | 30,093,828 | |||||||||||||||
Weighted average for the period-basic
|
31,708,949 | 31,178,813 | 30,764,282 | 30,445,882 | 30,164,697 | |||||||||||||||
Incremental impact of stock equivalents
|
436,824 | 368,778 | 269,432 | 543,751 | 794,724 | |||||||||||||||
Weighted average for the period-diluted
|
32,145,773 | 31,547,591 | 31,033,714 | 30,989,633 | 30,959,421 | |||||||||||||||
Balance Sheet Data (at end of period)
|
||||||||||||||||||||
Current assets
|
$ | 406,475 | $ | 355,074 | $ | 293,125 | $ | 371,304 | $ | 304,630 | ||||||||||
Net property and equipment
|
273,568 | 271,680 | 248,351 | 191,562 | 176,590 | |||||||||||||||
Other long-term assets
|
169,099 | 180,501 | 205,359 | 182,357 | 170,926 | |||||||||||||||
Total assets
|
849,142 | 807,255 | 746,835 | 745,223 | 652,146 | |||||||||||||||
Current liabilities
|
117,999 | 112,488 | 92,109 | 109,813 | 102,107 | |||||||||||||||
Long-term debt
|
260,670 | 235,668 | 207,017 | 256,821 | 164,232 | |||||||||||||||
Other long-term liabilities
|
75,587 | 65,040 | 72,170 | 51,147 | 33,157 | |||||||||||||||
Total equity
|
394,886 | 394,059 | 375,539 | 327,442 | 352,650 | |||||||||||||||
Other Statistics for Continuing Operations
|
||||||||||||||||||||
Depreciation, depletion and amortization
|
$ | 42,132 | $ | 36,342 | $ | 36,731 | $ | 34,057 | $ | 29,219 | ||||||||||
Capital expenditures
|
61,029 | 47,305 | 50,767 | 44,068 | 46,004 | |||||||||||||||
Capital expenditures - corporate building
|
- | - | 9,651 | 16,672 | 7,050 | |||||||||||||||
Gross profit margin
|
26.7 | % | 25.9 | % | 26.8 | % | 25.7 | % | 26.8 | % | ||||||||||
Operating profit margin
|
9.1 | % | 8.4 | % | 7.2 | % | 8.9 | % | 10.1 | % | ||||||||||
Pretax profit margin
|
8.0 | % | 7.3 | % | 5.4 | % | 6.8 | % | 8.7 | % | ||||||||||
Effective tax rate
|
27.6 | % | 33.5 | % | 14.5 | % | 24.0 | % | 24.9 | % | ||||||||||
Net profit from continuing operations margin
|
6.3 | % | 3.6 | % | 4.6 | % | 2.6 | % | 7.7 | % | ||||||||||
Return on average equity
|
14.8 | % | 7.6 | % | 9.1 | % | 7.2 | % | 17.5 | % | ||||||||||
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
●
|
Organic growth: The central component of our growth strategy is expansion of our product lines and market presence. We have a history of commitment to research and development activities directed at bringing innovative products to market. We believe this approach to growth offers the best probability of achieving our long-term goals at the lowest risk.
|
|
●
|
Globalization: As we have done for decades, we continue to expand our manufacturing and marketing organizations into emerging geographic markets. We see significant opportunities in the Asia-Pacific and European regions for expanding our revenues and earnings over the long-term as a number of markets we serve, such as metalcasting and lining technologies, are expected to grow in these areas. We expect to take advantage of these growth areas, either through our wholly-owned subsidiaries or investments in affiliates and joint ventures.
|
|
●
|
Mineral development: Bentonite is a component in many of the products we supply. Since it is a natural material, we must continually expand our reserve base to maintain a long-term business. Our goal is to add new reserves to replace the bentonite mined each year. Furthermore, we need to assure that new reserves meet the physical property requirements for our diverse product lines and are economical to mine. Our organization is committed to developing its global reserve base to meet these requirements.
|
|
●
|
Acquisitions: We continually seek to acquire complementary businesses, as appropriate, when we believe those businesses are fairly valued and fit into our growth strategy.
|
Year Ended December 31,
|
||||||||||||||||||||
Consolidated
|
2011
Restated
|
2010
Restated
|
2009
Restated
|
2011 vs.
2010
|
2010 vs.
2009
|
|||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Continuing Operations
|
||||||||||||||||||||
Net sales
|
$ | 943,796 | $ | 826,277 | $ | 687,485 | 14.2 | % | 20.2 | % | ||||||||||
Cost of sales
|
691,479 | 612,092 | 503,194 | |||||||||||||||||
Gross profit
|
252,317 | 214,185 | 184,291 | 17.8 | % | 16.2 | % | |||||||||||||
margin %
|
26.7 | % | 25.9 | % | 26.8 | % | ||||||||||||||
Selling, general and administrative expenses
|
166,231 | 145,173 | 134,947 | 14.5 | % | 7.6 | % | |||||||||||||
Operating profit
|
86,086 | 69,012 | 49,344 | 24.7 | % | 39.9 | % | |||||||||||||
margin %
|
9.1 | % | 8.4 | % | 7.2 | % | ||||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest expense, net
|
(11,070 | ) | (9,584 | ) | (11,994 | ) | 15.5 | % | -20.1 | % | ||||||||||
Other, net
|
233 | 1,241 | (315 | ) | * | * | ||||||||||||||
(10,837 | ) | (8,343 | ) | (12,309 | ) | |||||||||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
75,249 | 60,669 | 37,035 | |||||||||||||||||
Income tax expense
|
20,786 | 20,302 | 5,363 | 2.4 | % | 278.6 | % | |||||||||||||
Income before income (loss) from affiliates and joint ventures
|
54,463 | 40,367 | 31,672 | |||||||||||||||||
Income (loss) from affiliates and joint ventures
|
5,235 | (10,997 | ) | 6 | * | * | ||||||||||||||
Income from continuing operations
|
59,698 | 29,370 | 31,678 | |||||||||||||||||
Discontinued Operations
|
||||||||||||||||||||
Income (loss) on discontinued operations
|
(1,162 | ) | (887 | ) | 259 | * | * | |||||||||||||
Net income (loss)
|
58,536 | 28,483 | 31,937 | 105.5 | % | -10.8 | % | |||||||||||||
Net income (loss) attributable to noncontrolling interests
|
15 | (752 | ) | (105 | ) | * | * | |||||||||||||
Net income attributable to AMCOL shareholders
|
58,521 | 29,235 | 32,042 | 100.2 | % | -8.8 | % | |||||||||||||
* Not meaningful
|
||||||||||||||||||||
2011 vs. 2010
Restated
|
Base Business
|
Acquisitions
|
Foreign
Exchange
|
Total
|
||||||||||||
Minerals and materials
|
6.8 | % | 0.0 | % | 0.5 | % | 7.3 | % | ||||||||
Environmental
|
2.4 | % | 0.1 | % | 0.7 | % | 3.2 | % | ||||||||
Oilfield services
|
4.7 | % | 0.0 | % | 0.3 | % | 5.0 | % | ||||||||
Transportation & intersegment sales
|
-1.3 | % | 0.0 | % | 0.0 | % | -1.3 | % | ||||||||
Total
|
12.6 | % | 0.1 | % | 1.5 | % | 14.2 | % | ||||||||
% of change
|
88.9 | % | 0.7 | % | 10.4 | % | 100.0 | % | ||||||||
2010 vs. 2009
Restated
|
Base Business
|
Acquisitions
|
Foreign Exchange
|
Total
|
||||||||||||
Minerals and materials
|
10.7 | % | 0.0 | % | 1.0 | % | 11.7 | % | ||||||||
Environmental
|
2.8 | % | 0.2 | % | 0.3 | % | 3.3 | % | ||||||||
Oilfield services
|
4.5 | % | 0.0 | % | 0.4 | % | 4.9 | % | ||||||||
Transportation & intersegment sales
|
0.3 | % | 0.0 | % | 0.0 | % | 0.3 | % | ||||||||
Total
|
18.3 | % | 0.2 | % | 1.7 | % | 20.2 | % | ||||||||
% of change
|
90.6 | % | 1.0 | % | 8.4 | % | 100.0 | % | ||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Americas
|
62.5 | % | 62.6 | % | 63.7 | % | ||||||
EMEA *
|
23.3 | % | 22.5 | % | 24.4 | % | ||||||
Asia Pacific
|
14.2 | % | 14.9 | % | 11.9 | % | ||||||
Total
|
100.0 | % | 100.0 | % | 100.0 | % | ||||||
Year Ended December 31,
|
||||||||||||||||||||||||||||||||
Minerals and Materials
|
2011
Restated
|
2010
Restated
|
2009
Restated
|
2011 vs. 2010
|
2010 vs. 2009
|
|||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||
Net sales
|
$ | 476,700 | 100.0 | % | $ | 416,495 | 100.0 | % | $ | 336,272 | 100.0 | % | 14.5 | % | 23.9 | % | ||||||||||||||||
Cost of sales
|
360,169 | 75.6 | % | 320,375 | 76.9 | % | 265,150 | 78.8 | % | |||||||||||||||||||||||
Gross profit
|
116,531 | 24.4 | % | 96,120 | 23.1 | % | 71,122 | 21.2 | % | 21.2 | % | 35.1 | % | |||||||||||||||||||
Selling, general and administrative expenses
|
49,387 | 10.4 | % | 42,571 | 10.2 | % | 37,429 | 11.1 | % | 16.0 | % | 13.7 | % | |||||||||||||||||||
Operating profit
|
67,144 | 14.0 | % | 53,549 | 12.9 | % | 33,693 | 10.1 | % | 25.4 | % | 58.9 | % | |||||||||||||||||||
Revenues Originating From-
Minerals and Materials
|
Americas
|
EMEA
|
Asia Pacific
|
Total
|
||||||||||||
Fiscal year:
|
||||||||||||||||
2011 Restated
|
59.8 | % | 19.6 | % | 20.6 | % | 100.0 | % | ||||||||
2010 Restated
|
61.2 | % | 18.4 | % | 20.4 | % | 100.0 | % | ||||||||
2009 Restated
|
63.0 | % | 20.1 | % | 16.9 | % | 100.0 | % | ||||||||
Minerals and Materials Product Line
Sales
|
Year Ended December 31,
|
|||||||||||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
2011 vs.
2010
|
2010 vs.
2009
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Metalcasting
|
$ | 251,565 | 196,663 | $ | 139,949 | 27.9 | % | 40.5 | % | |||||||||||
Specialty materials
|
105,800 | 107,287 | 97,989 | -1.4 | % | 9.5 | % | |||||||||||||
Pet products
|
56,208 | 61,971 | 66,441 | -9.3 | % | -6.7 | % | |||||||||||||
Basic minerals
|
54,615 | 48,886 | 27,901 | 11.7 | % | 75.2 | % | |||||||||||||
Other product lines
|
8,512 | 1,688 | 3,992 | 404.3 | % | -57.7 | % | |||||||||||||
Total
|
476,700 | 416,495 | 336,272 | |||||||||||||||||
Environmental
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
2011 vs. 2010
|
2010 vs. 2009
|
||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||
Net sales
|
$ | 251,907 | 100.0 | % | $ | 225,544 | 100.0 | % | $ | 202,511 | 100.0 | % | 11.7 | % | 11.4 | % | ||||||||||||||||
Cost of sales
|
177,982 | 70.7 | % | 156,177 | 69.2 | % | 133,649 | 66.0 | % | |||||||||||||||||||||||
Gross profit
|
73,925 | 29.3 | % | 69,367 | 30.8 | % | 68,862 | 34.0 | % | 6.6 | % | 0.7 | % | |||||||||||||||||||
Selling, general and administrative expenses
|
56,576 | 22.5 | % | 48,920 | 21.7 | % | 44,938 | 22.2 | % | 15.7 | % | 8.9 | % | |||||||||||||||||||
Operating profit
|
17,349 | 6.8 | % | 20,447 | 9.1 | % | 23,924 | 11.8 | % | -15.2 | % | -14.5 | % | |||||||||||||||||||
Revenues Originating From -
Environmental
|
Americas
|
EMEA
|
Asia Pacific
|
Total
|
||||||||||||
Fiscal year:
|
||||||||||||||||
2011 Restated
|
44.0 | % | 48.0 | % | 8.0 | % | 100.0 | % | ||||||||
2010
|
44.9 | % | 45.9 | % | 9.2 | % | 100.0 | % | ||||||||
2009 Restated
|
44.8 | % | 47.4 | % | 7.8 | % | 100.0 | % | ||||||||
Environmental Product Line Sales |
Year Ended December 31,
|
|||||||||||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
2011 vs.
2010
|
2010 vs.
2009
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Lining technologies
|
$ | 105,623 | $ | 111,075 | $ | 100,743 | -4.9 | % | 10.3 | % | ||||||||||
Building materials
|
78,303 | 58,759 | 54,724 | 33.3 | % | 7.4 | % | |||||||||||||
Contracting services
|
36,027 | 30,968 | 25,426 | 16.3 | % | 21.8 | % | |||||||||||||
Drilling products
|
31,954 | 24,742 | 21,618 | 29.1 | % | 14.5 | % | |||||||||||||
Total
|
251,907 | 225,544 | 202,511 | |||||||||||||||||
Oilfield Services
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
2011 vs. 2010
|
2010 vs.
2009
|
||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||
Net sales
|
$ | 194,735 | 100.0 | % | $ | 153,550 | 100.0 | % | $ | 119,821 | 100.0 | % | 26.8 | % | 28.1 | % | ||||||||||||||||
Cost of sales
|
138,778 | 71.3 | % | 110,681 | 72.1 | % | 81,101 | 67.7 | % | |||||||||||||||||||||||
Gross profit
|
55,957 | 28.7 | % | 42,869 | 27.9 | % | 38,720 | 32.3 | % | 30.5 | % | 10.7 | % | |||||||||||||||||||
Selling, general and administrative expenses
|
34,731 | 17.8 | % | 29,215 | 19.0 | % | 26,459 | 22.1 | % | 18.9 | % | 10.4 | % | |||||||||||||||||||
Operating profit
|
21,226 | 10.9 | % | 13,654 | 8.9 | % | 12,261 | 10.2 | % | 55.5 | % | 11.4 | % | |||||||||||||||||||
Revenues Orginating From -
Oilfield services
|
Americas
|
EMEA
|
Asia Pacific
|
Total
|
||||||||||||
Fiscal year:
|
||||||||||||||||
2011 Restated
|
87.2 | % | 4.4 | % | 8.5 | % | 100.0 | % | ||||||||
2010 Restated
|
84.1 | % | 4.4 | % | 11.4 | % | 100.0 | % | ||||||||
2009
|
89.2 | % | 3.3 | % | 7.5 | % | 100.0 | % | ||||||||
Transportation
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||
2011
|
2010
|
2009
|
2011 vs. 2010
|
2010 vs. 2009
|
||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||
Net sales
|
$ | 54,113 | 100.0 | % | $ | 52,225 | 100.0 | % | $ | 46,642 | 100.0 | % | 3.6 | % | 12.0 | % | ||||||||||||||||
Cost of sales
|
47,972 | 88.7 | % | 46,360 | 88.8 | % | 41,114 | 88.1 | % | |||||||||||||||||||||||
Gross profit
|
6,141 | 11.3 | % | 5,865 | 11.2 | % | 5,528 | 11.9 | % | 4.7 | % | 6.1 | % | |||||||||||||||||||
Selling, general and administrative expenses
|
3,900 | 7.2 | % | 3,435 | 6.6 | % | 3,365 | 7.2 | % | 13.5 | % | 2.1 | % | |||||||||||||||||||
Operating profit
|
2,241 | 4.1 | % | 2,430 | 4.6 | % | 2,163 | 4.7 | % | -7.8 | % | 12.3 | % | |||||||||||||||||||
Corporate
|
Year Ended December 31,
|
|||||||||||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
2011 vs.
2010
|
2010 vs.
2009
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Intersegment sales
|
$ | (33,659 | ) | $ | (21,537 | ) | $ | (17,761 | ) | |||||||||||
Intersegment cost of sales
|
(33,422 | ) | (21,501 | ) | (17,820 | ) | ||||||||||||||
Gross profit
|
(237 | ) | (36 | ) | 59 | |||||||||||||||
Corporate selling, general and administrative expenses
|
21,637 | 21,032 | 22,756 | 2.9 | % | -7.6 | % | |||||||||||||
Operating loss
|
(21,874 | ) | (21,068 | ) | (22,697 | ) | ||||||||||||||
Table of Contractual Obligations
(in millions)
|
Payments due by Period
|
|||||||||||||||||||
Total
|
Less
than 1
Year
|
2-3
Years |
4-5
Years
|
After 5
Years
|
||||||||||||||||
Bank debt and capital lease obligations
|
$ | 261.4 | 0.7 | 1.0 | - | 259.7 | ||||||||||||||
Operating lease obligations
|
90.4 | 12.6 | 20.0 | 12.8 | 45.0 | |||||||||||||||
Interest rate swaps
|
9.0 | - | 0.5 | 2.3 | 6.2 | |||||||||||||||
Unconditional purchase obligation
|
5.2 | 5.2 | - | - | - | |||||||||||||||
Pension plan funding obligation
|
1.7 | 1.7 | ||||||||||||||||||
Capital expenditures
|
1.3 | 0.7 | 0.6 | - | - | |||||||||||||||
Other liabilities
|
0.5 | 0.5 | - | - | - | |||||||||||||||
Total contractual cash obligations
|
369.5 | 21.4 | 22.1 | 15.1 | 310.9 | |||||||||||||||
Item 8.
|
Financial Statements and Supplementary Data
|
Item 9A.
|
Controls and Procedures
|
|
●
|
Created a new finance position – We created a new position titled Finance Director - EMEA. This position reports to our Chief Financial Officer and consolidates all financial reporting responsibility for EMEA operations with one person whereas previously it resided with two people who reported to our European management. A new individual was hired in 2012 to fulfill the responsibilities of this role, including exercising oversight and review of all our European operations.
|
|
●
|
Changed the reporting relationship of our accounting staff - In conjunction with the hiring of the new Finance Director - EMEA, we changed the reporting relationships of our finance and accounting staff such that they now report up through our Chief Financial Officer whereas they had previously reported up through their local country general managers.
|
|
●
|
Augmented our accounting staff - In addition to the Finance Director - EMEA position, we replaced and in some cases hired additional staff in our foreign operations, including Europe.
|
|
●
|
Increased oversight from our domestic accounting staff – Our domestic accounting staff made additional visits to our foreign operations, including those in Europe, to review their local accounting operations and the propriety of accounting for local transactions. In addition, our domestic accounting staff instituted monthly telephonic reviews with our finance leaders worldwide to discuss the monthly financial results and other accounting matters relating to each subsidiary. They also instituted quarterly analytical reviews of our foreign entities’ financial statements to vet those results before they are reviewed by our segment finance staff.
|
|
●
|
Formalized monthly financial reviews – We formalized and expanded monthly financial statement reviews between our finance and business management team members within all our subsidiaries wherein the discussions of financial results, initiatives, and action items are now documented in a monthly memo.
|
Item 15.
|
Exhibits and Financial Statement Schedule
|
(a)
|
1. See Index to Financial Statements and Financial Statement Schedule below.
|
2. See Index to Financial Statements and Financial Statement Schedule below.
|
|
Such Financial Statements and Schedule are incorporated herein by reference.
|
|
3. See Index to Exhibits immediately following the signature page.
|
|
(b)
|
See Index to Exhibits immediately following the signature page.
|
(c)
|
See Index to Financial Statements and Financial Statement Schedule below.
|
Item 15(a)
|
Index to Financial Statements and Financial Statement Schedule
|
Page
|
||
(1) |
Financial Statements:
|
|
Reports of Independent Registered Public Accounting Firm
|
28
|
|
Consolidated Balance Sheets, December 31, 2011 and 2010
|
31
|
|
Consolidated Statements of Operations, Years ended December 31, 2011, 2010 and 2009
|
33
|
|
Consolidated Statements of Comprehensive Income, Years ended December 31, 2011, 2010 and 2009
|
34
|
|
Consolidated Statements of Equity, Years ended December 31, 2011, 2010 and 2009
|
35
|
|
Consolidated Statements of Cash Flows, Years ended December 31, 2011, 2010 and 2009
|
36
|
|
Notes to Consolidated Financial Statements
|
37
|
December 31,
|
||||||||
ASSETS
|
2011
Restated
|
2010
Restated
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 24,116 | $ | 26,808 | ||||
Accounts receivable
|
204,419 | 189,772 | ||||||
Inventories
|
144,310 | 105,284 | ||||||
Prepaid expenses
|
15,220 | 12,992 | ||||||
Deferred income taxes
|
4,099 | 5,533 | ||||||
Income taxes receivable
|
8,215 | 8,474 | ||||||
Other
|
6,096 | 6,211 | ||||||
Total current assets
|
406,475 | 355,074 | ||||||
Noncurrent assets:
|
||||||||
Property, plant, equipment, and mineral rights and reserves:
|
||||||||
Land
|
12,103 | 10,875 | ||||||
Mineral rights
|
52,482 | 65,018 | ||||||
Depreciable assets
|
484,753 | 452,647 | ||||||
549,338 | 528,540 | |||||||
Less: accumulated depreciation and depletion
|
275,770 | 256,860 | ||||||
273,568 | 271,680 | |||||||
Goodwill
|
69,509 | 70,909 | ||||||
Intangible assets
|
36,871 | 41,869 | ||||||
Investment in and advances to affiliates and joint ventures
|
26,407 | 20,904 | ||||||
Available-for-sale securities
|
3,802 | 14,168 | ||||||
Deferred income taxes
|
8,098 | 9,147 | ||||||
Other assets
|
24,412 | 23,504 | ||||||
Total noncurrent assets
|
442,667 | 452,181 | ||||||
849,142 | 807,255 | |||||||
December 31,
|
||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
2011
Restated
|
2010
Restated
|
||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 56,451 | $ | 51,394 | ||||
Accrued income taxes
|
2,296 | 5,308 | ||||||
Accrued liabilities
|
59,252 | 55,786 | ||||||
Total current liabilities
|
117,999 | 112,488 | ||||||
Noncurrent liabilities:
|
||||||||
Long-term debt
|
260,670 | 235,668 | ||||||
Pension liabilities
|
34,840 | 21,338 | ||||||
Deferred compensation
|
8,927 | 9,006 | ||||||
Deferred income tax
|
12,672 | 16,254 | ||||||
Other long-term liabilities
|
19,148 | 18,442 | ||||||
Total noncurrent liabilities
|
336,257 | 300,708 | ||||||
Equity:
|
||||||||
Common stock, par value $.01 per share, 100,000,000 shares authorized; 32,015,771 shares issued in 2011 and 2010
|
320 | 320 | ||||||
Additional paid in capital
|
94,316 | 95,074 | ||||||
Retained earnings
|
314,278 | 278,519 | ||||||
Accumulated other comprehensive income (loss)
|
(14,719 | ) | 28,740 | |||||
394,195 | 402,653 | |||||||
Less:
|
||||||||
Treasury stock (286,802 and 768,946 shares in 2011 and 2010, respectively)
|
3,426 | 8,945 | ||||||
Total AMCOL shareholders' equity
|
390,769 | 393,708 | ||||||
Noncontrolling interest
|
4,117 | 351 | ||||||
Total equity
|
394,886 | 394,059 | ||||||
849,142 | 807,255 | |||||||
Year Ended December 31,
|
||||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Continuing Operations
|
||||||||||||
Net sales
|
$ | 943,796 | $ | 826,277 | $ | 687,485 | ||||||
Cost of sales
|
691,479 | 612,092 | 503,194 | |||||||||
Gross profit
|
252,317 | 214,185 | 184,291 | |||||||||
Selling, general and administrative expenses
|
166,231 | 145,173 | 134,947 | |||||||||
Operating profit
|
86,086 | 69,012 | 49,344 | |||||||||
Other income (expense):
|
||||||||||||
Interest expense, net
|
(11,070 | ) | (9,584 | ) | (11,994 | ) | ||||||
Other, net
|
233 | 1,241 | (315 | ) | ||||||||
(10,837 | ) | (8,343 | ) | (12,309 | ) | |||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
75,249 | 60,669 | 37,035 | |||||||||
Income tax expense
|
20,786 | 20,302 | 5,363 | |||||||||
Income before income (loss) from affiliates and joint ventures
|
54,463 | 40,367 | 31,672 | |||||||||
Income (loss) from affiliates and joint ventures
|
5,235 | (10,997 | ) | 6 | ||||||||
Income (loss) from continuing operations
|
59,698 | 29,370 | 31,678 | |||||||||
Discontinued Operations
|
||||||||||||
Income (loss) on discontinued operations
|
(1,162 | ) | (887 | ) | 259 | |||||||
Net income (loss)
|
58,536 | 28,483 | 31,937 | |||||||||
Net income (loss) attributable to noncontrolling interests
|
15 | (752 | ) | (105 | ) | |||||||
Net income (loss) attributable to AMCOL shareholders
|
58,521 | 29,235 | 32,042 | |||||||||
Year Ended December 31,
|
||||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Earnings per share attributable to AMCOL shareholders
|
||||||||||||
Basic earnings (loss) per share
|
||||||||||||
Continuing operations
|
$ | 1.88 | $ | 0.97 | $ | 1.03 | ||||||
Discontinued operations
|
(0.04 | ) | (0.03 | ) | 0.01 | |||||||
Net income
|
1.84 | 0.94 | 1.04 | |||||||||
Diluted earnings (loss) per share
|
||||||||||||
Continuing operations
|
$ | 1.86 | $ | 0.96 | $ | 1.02 | ||||||
Discontinued operations
|
(0.04 | ) | (0.03 | ) | 0.01 | |||||||
Net income
|
1.82 | 0.93 | 1.03 | |||||||||
Amounts attributable to AMCOL shareholders
|
||||||||||||
Income from continuing operations, net of tax
|
$ | 59,683 | $ | 30,122 | $ | 31,783 | ||||||
Discontinued operations, net of tax
|
(1,162 | ) | (887 | ) | 259 | |||||||
Net income
|
58,521 | 29,235 | 32,042 | |||||||||
Dividends declared per share
|
0.72 | 0.72 | 0.72 | |||||||||
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
2011
Restated
|
2010
Restated
|
2009
Restated
|
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||||||||||||||||||||
Total
|
AMCOL Shareholders
|
Noncontrolling Interest
|
||||||||||||||||||||||||||||||||||
Net income (loss)
|
$ | 58,536 | $ | 28,483 | $ | 31,937 | $ | 58,521 | $ | 29,235 | $ | 32,042 | $ | 15 | $ | (752 | ) | $ | (105 | ) | ||||||||||||||||
Other comprehensive income (loss) -
|
||||||||||||||||||||||||||||||||||||
Pension adjustment
|
(13,502 | ) | (401 | ) | 5,736 | (13,502 | ) | (401 | ) | 5,736 | - | - | - | |||||||||||||||||||||||
Tax benefit (expense)
|
4,985 | 160 | (2,226 | ) | 4,985 | 160 | (2,226 | ) | - | - | - | |||||||||||||||||||||||||
Unrealized gain (loss) on interest rate swap agreement
|
(2,373 | ) | (3,584 | ) | 2,915 | (2,373 | ) | (3,584 | ) | 2,915 | - | - | - | |||||||||||||||||||||||
Tax benefit (expense)
|
889 | 1,320 | (1,136 | ) | 889 | 1,320 | (1,136 | ) | - | - | - | |||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities
|
(10,366 | ) | (11,395 | ) | 24,265 | (10,366 | ) | (11,395 | ) | 24,265 | - | - | - | |||||||||||||||||||||||
Tax benefit (expense)
|
1,022 | 4,119 | (5,141 | ) | 1,022 | 4,119 | (5,141 | ) | - | - | - | |||||||||||||||||||||||||
Foreign currency translation adjustment
|
(24,856 | ) | 7,458 | 12,796 | (24,114 | ) | 6,518 | 12,423 | (742 | ) | 940 | 373 | ||||||||||||||||||||||||
Total other comprehensive income (loss)
|
(44,201 | ) | (2,323 | ) | 37,209 | (43,459 | ) | (3,263 | ) | 36,836 | (742 | ) | 940 | 373 | ||||||||||||||||||||||
Comprehensive income (loss)
|
14,335 | 26,160 | 69,146 | 15,062 | 25,972 | 68,878 | (727 | ) | 188 | 268 | ||||||||||||||||||||||||||
AMCOL Shareholders
|
||||||||||||||||||||||||||||||||
Common Stock
|
Accumulated
|
|||||||||||||||||||||||||||||||
|
Other
|
|||||||||||||||||||||||||||||||
Number
|
Amount
|
Additional
|
Comprehensive
|
|||||||||||||||||||||||||||||
of
|
Paid-in
|
Retained
|
Income
|
Treasury
|
Noncontrolling
|
Total
|
||||||||||||||||||||||||||
Shares
|
Capital
|
Earnings
|
(Loss)
|
Stock
|
Interest
|
Equity
|
||||||||||||||||||||||||||
Balance at December 31, 2008 (previously reported)
|
32,015,771 | $ | 320 | $ | 86,350 | $ | 262,453 | $ | (4,721 | ) | $ | (18,196 | ) | 2,149 | 328,355 | |||||||||||||||||
Cumulative effect of restatement on prior years (see Note 2)
|
(801 | ) | (112 | ) | (913 | ) | ||||||||||||||||||||||||||
Balance at December 31, 2008 (restated)
|
32,015,771 | 320 | 86,350 | 261,652 | (4,833 | ) | (18,196 | ) | 2,149 | 327,442 | ||||||||||||||||||||||
Net income (loss) (restated)
|
32,042 | (105 | ) | 31,937 | ||||||||||||||||||||||||||||
Cash dividends ($0.72 per share)
|
(22,052 | ) | (22,052 | ) | ||||||||||||||||||||||||||||
Issuance of 335,924 treasury shares pursuant shares pursuant to stock compensation plans and acquisitions
|
(282 | ) | 3,819 | 3,537 | ||||||||||||||||||||||||||||
Tax benefit from employee stock compensation plans
|
730 | 730 | ||||||||||||||||||||||||||||||
Vesting of common stock in connection with employee stock compensation plans
|
2,570 | 2,570 | ||||||||||||||||||||||||||||||
Purchase of noncontrolling interest shares
|
(4,538 | ) | (990 | ) | (5,528 | ) | ||||||||||||||||||||||||||
Other (restated)
|
(306 | ) | (306 | ) | ||||||||||||||||||||||||||||
Other Comprehensive income (loss) (restated)
|
36,836 | 373 | 37,209 | |||||||||||||||||||||||||||||
Balance at December 31, 2009 (restated)
|
32,015,771 | 320 | 84,830 | 271,642 | 32,003 | (14,377 | ) | 1,121 | 375,539 | |||||||||||||||||||||||
Net income (loss) (restated)
|
29,235 | (752 | ) | 28,483 | ||||||||||||||||||||||||||||
Cash dividends ($0.72 per share)
|
(22,358 | ) | (22,358 | ) | ||||||||||||||||||||||||||||
Issuance of 472,917 treasury shares pursuant to employee stock compensation plans
|
2,723 | 5,432 | 8,155 | |||||||||||||||||||||||||||||
Tax benefit from employee stock compensation plans
|
285 | 285 | ||||||||||||||||||||||||||||||
Vesting of common stock in connection with employee stock compensation plans
|
4,535 | 4,535 | ||||||||||||||||||||||||||||||
Purchase of noncontrolling interest shares
|
2,701 | 2,701 | ||||||||||||||||||||||||||||||
Deconsolidation of variable interest entity (restated)
|
(958 | ) | (958 | ) | ||||||||||||||||||||||||||||
Other Comprehensive income (loss) (restated)
|
(3,263 | ) | 940 | (2,323 | ) | |||||||||||||||||||||||||||
Balance at December 31, 2010 (restated)
|
32,015,771 | 320 | 95,074 | 278,519 | 28,740 | (8,945 | ) | 351 | 394,059 | |||||||||||||||||||||||
Net income (loss) (restated)
|
58,521 | 15 | 58,536 | |||||||||||||||||||||||||||||
Cash dividends ($0.72 per share)
|
(22,762 | ) | (22,762 | ) | ||||||||||||||||||||||||||||
Issuance of 482,144 treasury shares pursuant to employee stock compensation plans
|
2,569 | 5,519 | 8,088 | |||||||||||||||||||||||||||||
Tax benefit from employee stock compensation plans
|
593 | 593 | ||||||||||||||||||||||||||||||
Vesting of common stock in connection with employee stock compensation plans
|
4,885 | 4,885 | ||||||||||||||||||||||||||||||
Purchase of noncontrolling interest (restated)
|
(5,402 | ) | (300 | ) | (5,702 | ) | ||||||||||||||||||||||||||
Sale of subsidiary shares to noncontrolling interest
|
(3,403 | ) | (1,390 | ) | 4,793 | 0 | ||||||||||||||||||||||||||
Other Comprehensive income (loss) (restated)
|
(42,069 | ) | (742 | ) | (42,811 | ) | ||||||||||||||||||||||||||
Balance at December 31, 2011 (restated)
|
32,015,771 | $ | 320 | $ | 94,316 | $ | 314,278 | $ | (14,719 | ) | $ | (3,426 | ) | $ | 4,117 | 394,886 | ||||||||||||||||
Year Ended December 31,
|
||||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Cash flow from operating activities:
|
||||||||||||
Net income (loss)
|
$ | 58,536 | $ | 28,483 | $ | 31,937 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||||||
Depreciation, depletion, and amortization
|
42,132 | 36,342 | 36,731 | |||||||||
Undistributed losses (earnings) from affiliates and joint ventures
|
(3,599 | ) | 11,490 | 800 | ||||||||
Increase (decrease) in allowance for doubtful accounts
|
5,058 | 301 | 438 | |||||||||
Decrease (increase) in deferred income taxes
|
6,763 | 5,205 | 2,554 | |||||||||
Tax benefit from employee stock plans
|
593 | 285 | 730 | |||||||||
(Gain) loss on sale of depreciable assets
|
(807 | ) | 214 | (422 | ) | |||||||
Impairment charge
|
110 | 1,045 | 1,980 | |||||||||
Stock compensation expense
|
4,885 | 4,535 | 2,570 | |||||||||
Excess tax benefits on stock option exercises
|
(716 | ) | (436 | ) | (639 | ) | ||||||
Other
|
612 | (382 | ) | (659 | ) | |||||||
(Increase) decrease in current assets, net of effects of acquisitions:
|
||||||||||||
Accounts receivable
|
(37,153 | ) | (45,654 | ) | 39,766 | |||||||
Income taxes receivable
|
245 | (6,751 | ) | 1,636 | ||||||||
Inventories
|
(46,140 | ) | (11,262 | ) | 26,400 | |||||||
Prepaid expenses
|
(3,614 | ) | 3,194 | (400 | ) | |||||||
Other assets
|
(59 | ) | 0 | 0 | ||||||||
Increase (decrease) in current liabilities, net of effects of acquisitions:
|
||||||||||||
Accounts payable
|
9,952 | 12,561 | (1,149 | ) | ||||||||
Accrued liabilities and income taxes
|
4,428 | 9,186 | (10,210 | ) | ||||||||
(Increase) decrease in other noncurrent assets
|
(643 | ) | (4,388 | ) | (8,132 | ) | ||||||
Increase (decrease) in other noncurrent liabilities
|
(1,315 | ) | 4,302 | (1,564 | ) | |||||||
Net cash provided by operating activities
|
39,268 | 48,270 | 122,367 | |||||||||
Cash flow from investing activities:
|
||||||||||||
Proceeds from sale of depreciable assets
|
1,913 | 841 | 2,988 | |||||||||
Proceeds from sale of corporate building
|
- | - | 9,651 | |||||||||
Capital expenditures
|
(61,029 | ) | (47,305 | ) | (50,767 | ) | ||||||
Capital expenditures - corporate building
|
- | - | (9,651 | ) | ||||||||
Investments in and advances to affiliates and joint ventures
|
(2,933 | ) | (2,722 | ) | (1,387 | ) | ||||||
Proceeds from sale of interests in affliates and businesses
|
6,211 | - | - | |||||||||
Acquisition of businesses, net of cash acquired
|
- | (400 | ) | (650 | ) | |||||||
Receipts from (advances to) Chrome Corp
|
- | - | 6,000 | |||||||||
Other
|
1,666 | 847 | (216 | ) | ||||||||
Net cash used in investing activities
|
(54,172 | ) | (48,739 | ) | (44,032 | ) | ||||||
Cash flow from financing activities:
|
||||||||||||
Proceeds from issuance of debt
|
1,344,967 | 1,228,952 | 540,139 | |||||||||
Principal payments of debt
|
(1,319,673 | ) | (1,201,281 | ) | (592,486 | ) | ||||||
Purchase of noncontrolling interest
|
- | (11,873 | ) | - | ||||||||
Proceeds from exercise of stock awards
|
8,091 | 5,346 | 2,500 | |||||||||
Excess tax benefits on stock option exercises
|
716 | 436 | 639 | |||||||||
Dividends
|
(22,762 | ) | (22,358 | ) | (22,052 | ) | ||||||
Net cash provided by (used in) financing activities
|
11,339 | (778 | ) | (71,260 | ) | |||||||
Effect of foreign currency rate changes on cash
|
873 | 386 | 1,153 | |||||||||
Net increase (decrease) in cash and cash equivalents
|
(2,692 | ) | (861 | ) | 8,228 | |||||||
Cash and cash equivalents at the beginning of the year
|
26,808 | 27,669 | 19,441 | |||||||||
Cash and cash equivalents at end of the year
|
24,116 | 26,808 | 27,669 | |||||||||
Supplemental disclosures of cash flow information:
|
||||||||||||
Cash paid for:
|
||||||||||||
Interest, net
|
$ | 9,798 | $ | 9,223 | $ | 12,281 | ||||||
Income taxes, net
|
$ | 9,610 | $ | 18,843 | $ | 2,506 | ||||||
(1)
|
Summary of Significant Accounting Policies
|
Percentage of Net Sales
|
||||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Minerals and materials
|
51 | % | 50 | % | 49 | % | ||||||
Environmental
|
27 | % | 27 | % | 29 | % | ||||||
Oilfield services
|
21 | % | 19 | % | 17 | % | ||||||
Transportation
|
6 | % | 6 | % | 7 | % | ||||||
Intersegment sales
|
-5 | % | -2 | % | -2 | % | ||||||
100 | % | 100 | % | 100 | % | |||||||
2011
|
2010
|
2009
|
||||||||||
Weighted average common shares outstanding for the year
|
31,708,949 | 31,178,813 | 30,764,282 | |||||||||
Dilutive impact of stock equivalents
|
436,824 | 368,778 | 269,432 | |||||||||
Weighted average common and common equivalent shares for the year
|
32,145,773 | 31,547,591 | 31,033,714 | |||||||||
Common shares outstanding at December 31
|
31,728,969 | 31,032,791 | 30,773,908 | |||||||||
Weighted average anti-dilutive shares excluded from the computation of diluted earnings per share
|
189,768 | 470,097 | 938,546 | |||||||||
(2)
|
Correction of Errors in Previously Reported Financial Statements
|
|
●
|
Spain - $2.5 decrease for errors associated with accounting for inventory and other items in our environmental segment’s Spanish operations;
|
|
●
|
Poland - $1.8 decrease relating to inaccuracies in the accounting for long term contracts and bad debts in our environmental segment’s Polish operations;
|
|
●
|
South Africa - $0.8 decrease for errors related to the accounting for the acquisition of mineral rights in our minerals and materials segment’s chromite operations in South Africa;
|
|
●
|
Tax - $0.1 decrease resulting largely from inaccuracies in the accounting for income tax expense in our international operations;
|
|
●
|
Malaysia - $0.3 increase resulting from correcting errors in our oilfield services segment’s Malaysian operations, largely relating to improper recognition of expenses and errors in accounting for revenues;
|
|
●
|
DongMing – adjustments to correct errors made in accounting for accounts payable in this China subsidiary within our minerals and materials segment; and
|
|
●
|
$0.4 decrease for other insignificant errors we have aggregated together.
|
Adjustments by category and increase (decrease) to Net income available to AMCOL sharesholders attributable to each category |
Prior to
|
Twelve Months Ended December 31,
|
||||||||||||||||||
2009
|
2009
|
2010
|
2011
|
Total
|
||||||||||||||||
Spain
|
$ | - | $ | (0.8 | ) | $ | (0.6 | ) | $ | (1.1 | ) | $ | (2.5 | ) | ||||||
Poland
|
(0.3 | ) | (0.3 | ) | (1.2 | ) | (1.8 | ) | ||||||||||||
South Africa
|
- | (0.3 | ) | - | (0.5 | ) | (0.8 | ) | ||||||||||||
Tax
|
(0.5 | ) | (0.5 | ) | (0.6 | ) | 1.5 | (0.1 | ) | |||||||||||
Malaysia
|
- | - | (0.4 | ) | 0.7 | 0.3 | ||||||||||||||
DongMing
|
0.2 | 0.1 | 0.2 | (0.5 | ) | - | ||||||||||||||
Other
|
(0.4 | ) | (1.0 | ) | 0.5 | 0.5 | (0.4 | ) | ||||||||||||
Total
|
$ | (0.7 | ) | $ | (2.8 | ) | $ | (1.2 | ) | $ | (0.6 | ) | $ | (5.3 | ) | |||||
Year Ended December 31, 2009
|
|||||||||||||||||||||||||||||||||||||
Previously
Reported
|
Adjustments
|
As Adjusted
|
|||||||||||||||||||||||||||||||||||
Spain
|
Poland
|
South Africa
|
Tax
|
DongMing
|
Other
|
Total
|
|||||||||||||||||||||||||||||||
Continuing Operations
|
|||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 691.9 | $ | - | $ | (0.1 | ) | $ | - | $ | - | $ | - | $ | (4.3 | ) | $ | (4.4 | ) | $ | 687.5 | ||||||||||||||||
Cost of sales
|
505.6 | 0.7 | 0.2 | 0.5 | - | - | (3.8 | ) | (2.4 | ) | 503.2 | ||||||||||||||||||||||||||
Gross profit
|
186.3 | (0.7 | ) | (0.3 | ) | (0.5 | ) | - | - | (0.5 | ) | (2.0 | ) | 184.3 | |||||||||||||||||||||||
Selling, general and administrative expenses
|
133.4 | 0.3 | 0.1 | (0.1 | ) | 1.3 | 1.6 | 135.0 | |||||||||||||||||||||||||||||
Operating profit
|
52.9 | (1.0 | ) | (0.3 | ) | (0.6 | ) | - | 0.1 | (1.8 | ) | (3.6 | ) | 49.3 | |||||||||||||||||||||||
Other income (expense):
|
|||||||||||||||||||||||||||||||||||||
Interest expense, net
|
(12.2 | ) | - | - | - | - | - | 0.2 | 0.2 | (12.0 | ) | ||||||||||||||||||||||||||
Other, net
|
(0.9 | ) | - | - | - | - | - | 0.6 | 0.6 | (0.3 | ) | ||||||||||||||||||||||||||
(13.1 | ) | - | - | - | - | - | 0.8 | 0.8 | (12.3 | ) | |||||||||||||||||||||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
39.8 | (1.0 | ) | (0.3 | ) | (0.6 | ) | - | 0.1 | (1.0 | ) | (2.8 | ) | 37.0 | |||||||||||||||||||||||
Income tax expense (benefit)
|
5.3 | (0.2 | ) | (0.1 | ) | 0.5 | - | (0.1 | ) | 0.1 | 5.4 | ||||||||||||||||||||||||||
Income before income (loss) from affiliates and joint ventures
|
34.5 | (0.8 | ) | (0.3 | ) | (0.5 | ) | (0.5 | ) | 0.1 | (0.9 | ) | (2.9 | ) | 31.6 | ||||||||||||||||||||||
Income (loss) from affiliates and joint ventures
|
0.1 | (0.1 | ) | (0.1 | ) | - | |||||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
34.6 | (0.8 | ) | (0.3 | ) | (0.5 | ) | (0.5 | ) | 0.1 | (1.0 | ) | (3.0 | ) | 31.6 | ||||||||||||||||||||||
Discontinued Operations
|
|||||||||||||||||||||||||||||||||||||
Income (loss) on discontinued operations
|
0.3 | - | - | - | - | - | - | - | 0.3 | ||||||||||||||||||||||||||||
Net income (loss)
|
34.9 | (0.8 | ) | (0.3 | ) | (0.5 | ) | (0.5 | ) | 0.1 | (1.0 | ) | (3.0 | ) | 31.9 | ||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests
|
0.1 | - | - | (0.2 | ) | - | - | - | (0.2 | ) | (0.1 | ) | |||||||||||||||||||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 34.8 | $ | (0.8 | ) | $ | (0.3 | ) | $ | (0.3 | ) | $ | (0.5 | ) | $ | 0.1 | $ | (1.0 | ) | $ | (2.8 | ) | $ | 32.0 | |||||||||||||
Weighted average common shares outstanding
|
30.8 | 30.8 | 30.8 | ||||||||||||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
31.0 | 31.0 | 31.0 | ||||||||||||||||||||||||||||||||||
Amounts attributable to AMCOL shareholders
|
|||||||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax
|
$ | 34.5 | $ | (2.8 | ) | $ | 31.7 | ||||||||||||||||||||||||||||||
Discontinued operations, net of tax
|
0.3 | - | 0.3 | ||||||||||||||||||||||||||||||||||
Net income
|
$ | 34.8 | $ | (2.8 | ) | $ | 32.0 | ||||||||||||||||||||||||||||||
Earnings per share attributable to AMCOL shareholders:
|
|||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share:
|
|||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 1.12 | $ | (0.09 | ) | $ | 1.03 | ||||||||||||||||||||||||||||||
Discontinued operations
|
0.01 | - | 0.01 | ||||||||||||||||||||||||||||||||||
Net income
|
$ | 1.13 | $ | (0.09 | ) | $ | 1.04 | ||||||||||||||||||||||||||||||
Diluted earnings (loss) per share:
|
|||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 1.11 | $ | (0.09 | ) | $ | 1.02 | ||||||||||||||||||||||||||||||
Discontinued operations
|
0.01 | - | 0.01 | ||||||||||||||||||||||||||||||||||
Net income
|
$ | 1.12 | $ | (0.09 | ) | $ | 1.03 | ||||||||||||||||||||||||||||||
Year Ended December 31, 2010
|
|||||||||||||||||||||||||||||||||||||||||
Previously
Reported
|
Adjustments
|
As Adjusted
|
|||||||||||||||||||||||||||||||||||||||
Spain
|
Poland
|
South Africa
|
Tax
|
Malaysia
|
DongMing
|
Other
|
Total
|
||||||||||||||||||||||||||||||||||
Continuing Operations
|
|||||||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 841.0 | $ | - | $ | (0.1 | ) | $ | - | $ | - | $ | (0.6 | ) | $ | - | $ | (14.0 | ) | $ | (14.7 | ) | $ | 826.3 | |||||||||||||||||
Cost of sales
|
624.1 | 0.6 | 0.1 | (12.7 | ) | (12.0 | ) | 612.1 | |||||||||||||||||||||||||||||||||
Gross profit
|
216.9 | (0.6 | ) | (0.2 | ) | - | - | (0.6 | ) | - | (1.3 | ) | (2.7 | ) | 214.2 | ||||||||||||||||||||||||||
Selling, general and administrative expenses
|
146.9 | 0.1 | (0.1 | ) | (0.3 | ) | (1.4 | ) | (1.7 | ) | 145.2 | ||||||||||||||||||||||||||||||
Operating profit
|
70.0 | (0.6 | ) | (0.3 | ) | 0.1 | - | (0.6 | ) | 0.3 | 0.1 | (1.0 | ) | 69.0 | |||||||||||||||||||||||||||
Other income (expense):
|
|||||||||||||||||||||||||||||||||||||||||
Interest expense, net
|
(9.7 | ) | 0.1 | 0.1 | (9.6 | ) | |||||||||||||||||||||||||||||||||||
Other, net
|
1.2 | 0.1 | 0.1 | 1.3 | |||||||||||||||||||||||||||||||||||||
(8.5 | ) | - | - | - | - | - | - | 0.2 | 0.2 | (8.3 | ) | ||||||||||||||||||||||||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
61.5 | (0.6 | ) | (0.3 | ) | 0.1 | - | (0.6 | ) | 0.3 | 0.3 | (0.8 | ) | 60.7 | |||||||||||||||||||||||||||
Income tax expense (benefit)
|
19.4 | 0.1 | 0.6 | (0.2 | ) | 0.1 | 0.3 | 0.9 | 20.3 | ||||||||||||||||||||||||||||||||
Income before income (loss) from affiliates and joint ventures
|
42.1 | (0.6 | ) | (0.3 | ) | - | (0.6 | ) | (0.4 | ) | 0.2 | 0.0 | (1.7 | ) | 40.4 | ||||||||||||||||||||||||||
Income (loss) from affiliates and joint ventures
|
(11.3 | ) | 0.3 | 0.3 | (11.0 | ) | |||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
30.8 | (0.6 | ) | (0.3 | ) | - | (0.6 | ) | (0.4 | ) | 0.2 | 0.3 | (1.4 | ) | 29.4 | ||||||||||||||||||||||||||
Discontinued Operations
|
|||||||||||||||||||||||||||||||||||||||||
Income (loss) on discontinued operations
|
(0.9 | ) | - | - | (0.9 | ) | |||||||||||||||||||||||||||||||||||
Net income (loss)
|
29.9 | (0.6 | ) | (0.3 | ) | - | (0.6 | ) | (0.4 | ) | 0.2 | 0.3 | (1.4 | ) | 28.5 | ||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests
|
(0.5 | ) | (0.2 | ) | (0.2 | ) | (0.7 | ) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 30.4 | $ | (0.6 | ) | $ | (0.3 | ) | $ | - | $ | (0.6 | ) | $ | (0.4 | ) | $ | 0.2 | $ | 0.5 | $ | (1.2 | ) | $ | 29.2 | ||||||||||||||||
Weighted average common shares outstanding
|
31.2 | 31.2 | 31.2 | ||||||||||||||||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
31.5 | 31.5 | 31.5 | ||||||||||||||||||||||||||||||||||||||
Amounts attributable to AMCOL shareholders
|
|||||||||||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax
|
$ | 31.3 | $ | (1.2 | ) | $ | 30.1 | ||||||||||||||||||||||||||||||||||
Discontinued operations, net of tax
|
(0.9 | ) | - | (0.9 | ) | ||||||||||||||||||||||||||||||||||||
Net income
|
$ | 30.4 | $ | (1.2 | ) | $ | 29.2 | ||||||||||||||||||||||||||||||||||
Earnings per share attributable to AMCOL shareholders:
|
|||||||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share:
|
|||||||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 1.00 | $ | (0.03 | ) | $ | 0.97 | ||||||||||||||||||||||||||||||||||
Discontinued operations
|
(0.03 | ) | - | (0.03 | ) | ||||||||||||||||||||||||||||||||||||
Net income
|
$ | 0.97 | $ | (0.03 | ) | $ | 0.94 | ||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share:
|
|||||||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 0.99 | $ | (0.04 | ) | $ | 0.96 | ||||||||||||||||||||||||||||||||||
Discontinued operations
|
(0.03 | ) | - | (0.03 | ) | ||||||||||||||||||||||||||||||||||||
Net income
|
$ | 0.96 | $ | (0.04 | ) | $ | 0.93 | ||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||
Previously
Reported
|
Adjustments
|
As Adjusted
|
|||||||||||||||||||||||||||||||||||||||
Spain
|
Poland
|
South Africa
|
Tax
|
Malaysia
|
DongMing
|
Other
|
Total
|
||||||||||||||||||||||||||||||||||
Continuing Operations
|
|||||||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 942.4 | $ | - | $ | - | $ | - | $ | - | $ | 0.6 | $ | - | $ | 0.8 | $ | 1.4 | $ | 943.8 | |||||||||||||||||||||
Cost of sales
|
689.5 | 1.2 | 0.6 | 0.3 | - | - | - | (0.2 | ) | 1.9 | 691.4 | ||||||||||||||||||||||||||||||
Gross profit
|
252.9 | (1.2 | ) | (0.6 | ) | (0.3 | ) | - | 0.6 | - | 1.0 | (0.5 | ) | 252.4 | |||||||||||||||||||||||||||
Selling, general and administrative expenses
|
165.2 | 0.1 | 0.6 | - | - | (0.2 | ) | 0.7 | (0.1 | ) | 1.1 | 166.3 | |||||||||||||||||||||||||||||
Operating profit
|
87.7 | (1.3 | ) | (1.2 | ) | (0.3 | ) | - | 0.8 | (0.7 | ) | 1.1 | (1.6 | ) | 86.1 | ||||||||||||||||||||||||||
Other income (expense):
|
|||||||||||||||||||||||||||||||||||||||||
Interest expense, net
|
(11.5 | ) | - | - | - | - | - | 0.5 | 0.5 | (11.0 | ) | ||||||||||||||||||||||||||||||
Other, net
|
0.2 | - | - | - | - | - | - | - | 0.2 | ||||||||||||||||||||||||||||||||
(11.3 | ) | - | - | - | - | - | - | 0.5 | 0.5 | (10.8 | ) | ||||||||||||||||||||||||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
76.4 | (1.3 | ) | (1.2 | ) | (0.3 | ) | - | 0.8 | (0.7 | ) | 1.6 | (1.1 | ) | 75.3 | ||||||||||||||||||||||||||
Income tax expense (benefit)
|
21.8 | (0.2 | ) | - | 0.3 | (1.8 | ) | 0.1 | (0.2 | ) | 0.8 | (1.0 | ) | 20.8 | |||||||||||||||||||||||||||
Income before income (loss) from affiliates and joint ventures
|
54.6 | (1.1 | ) | (1.2 | ) | (0.6 | ) | 1.8 | 0.7 | (0.5 | ) | 0.8 | (0.1 | ) | 54.5 | ||||||||||||||||||||||||||
Income (loss) from affiliates and joint ventures
|
5.5 | - | - | - | (0.3 | ) | - | - | - | (0.3 | ) | 5.2 | |||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
60.1 | (1.1 | ) | (1.2 | ) | (0.6 | ) | 1.5 | 0.7 | (0.5 | ) | 0.8 | (0.4 | ) | 59.7 | ||||||||||||||||||||||||||
Discontinued Operations
|
|||||||||||||||||||||||||||||||||||||||||
Income (loss) on discontinued operations
|
(0.9 | ) | - | - | - | - | - | - | (0.3 | ) | (0.3 | ) | (1.2 | ) | |||||||||||||||||||||||||||
Net income (loss)
|
59.2 | (1.1 | ) | (1.2 | ) | (0.6 | ) | 1.5 | 0.7 | (0.5 | ) | 0.5 | (0.7 | ) | 58.5 | ||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests
|
0.1 | - | - | (0.1 | ) | - | - | - | - | (0.1 | ) | - | |||||||||||||||||||||||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 59.1 | $ | (1.1 | ) | $ | (1.2 | ) | $ | (0.5 | ) | $ | 1.5 | $ | 0.7 | $ | (0.5 | ) | $ | 0.5 | $ | (0.6 | ) | $ | 58.5 | ||||||||||||||||
Weighted average common shares outstanding
|
31.7 | 31.7 | 31.7 | ||||||||||||||||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
32.1 | 32.1 | 32.1 | ||||||||||||||||||||||||||||||||||||||
Amounts attributable to AMCOL shareholders
|
|||||||||||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax
|
$ | 60.0 | $ | (0.3 | ) | $ | 59.7 | ||||||||||||||||||||||||||||||||||
Discontinued operations, net of tax
|
(0.9 | ) | (0.3 | ) | (1.2 | ) | |||||||||||||||||||||||||||||||||||
Net income
|
$ | 59.1 | $ | (0.6 | ) | $ | 58.5 | ||||||||||||||||||||||||||||||||||
Earnings per share attributable to AMCOL shareholders:
|
|||||||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share:
|
|||||||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 1.89 | $ | (0.01 | ) | $ | 1.88 | ||||||||||||||||||||||||||||||||||
Discontinued operations
|
(0.03 | ) | (0.01 | ) | (0.04 | ) | |||||||||||||||||||||||||||||||||||
Net income
|
$ | 1.86 | $ | (0.02 | ) | $ | 1.84 | ||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share:
|
|||||||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 1.87 | $ | (0.01 | ) | $ | 1.86 | ||||||||||||||||||||||||||||||||||
Discontinued operations
|
(0.03 | ) | (0.01 | ) | (0.04 | ) | |||||||||||||||||||||||||||||||||||
Net income
|
$ | 1.84 | $ | (0.02 | ) | $ | 1.82 | ||||||||||||||||||||||||||||||||||
|
December 31, 2010
|
||||||||||||||||||||||||||||||||||||||||
ASSETS
|
Previously
Reported
|
Adjustments
|
As Adjusted
|
||||||||||||||||||||||||||||||||||||||
Spain
|
Poland
|
South Africa
|
Tax
|
Malaysia
|
DongMing
|
Other
|
Total
|
||||||||||||||||||||||||||||||||||
Current assets:
|
|||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 27.3 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (0.5 | ) | $ | (0.5 | ) | $ | 26.8 | |||||||||||||||||||
Accounts receivable, net
|
194.0 | (0.4 | ) | (0.3 | ) | (1.1 | ) | (2.4 | ) | (4.2 | ) | 189.8 | |||||||||||||||||||||||||||||
Inventories
|
107.5 | (1.0 | ) | (1.2 | ) | (2.2 | ) | 105.3 | |||||||||||||||||||||||||||||||||
Prepaid expenses
|
12.6 | 0.4 | 0.4 | 13.0 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes
|
5.5 | - | 5.5 | ||||||||||||||||||||||||||||||||||||||
Income tax receivable
|
8.5 | - | 8.5 | ||||||||||||||||||||||||||||||||||||||
Other
|
6.2 | - | 6.2 | ||||||||||||||||||||||||||||||||||||||
Total current assets
|
361.6 | (1.4 | ) | (0.3 | ) | - | - | (1.1 | ) | - | (3.7 | ) | (6.5 | ) | 355.1 | ||||||||||||||||||||||||||
Noncurrent assets:
|
|||||||||||||||||||||||||||||||||||||||||
Property, plant, equipment, and mineral rights and reserves:
|
|||||||||||||||||||||||||||||||||||||||||
Land
|
11.6 | (0.7 | ) | (0.7 | ) | 10.9 | |||||||||||||||||||||||||||||||||||
Mineral rights
|
51.4 | 13.6 | - | 13.6 | 65.0 | ||||||||||||||||||||||||||||||||||||
Depreciable assets
|
454.4 | (1.8 | ) | (1.8 | ) | 452.6 | |||||||||||||||||||||||||||||||||||
517.4 | - | - | 13.6 | - | - | - | (2.5 | ) | 11.1 | 528.5 | |||||||||||||||||||||||||||||||
Less: accumulated depreciation and depletion
|
256.9 | - | - | 256.9 | |||||||||||||||||||||||||||||||||||||
260.5 | - | - | 13.6 | - | - | - | (2.5 | ) | 11.1 | 271.6 | |||||||||||||||||||||||||||||||
Goodwill
|
70.9 | 70.9 | |||||||||||||||||||||||||||||||||||||||
Intangible assets, net
|
42.6 | (0.7 | ) | (0.7 | ) | 41.9 | |||||||||||||||||||||||||||||||||||
Investment in and advances to affiliates and joint ventures
|
19.0 | 1.9 | 1.9 | 20.9 | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities
|
14.2 | - | 14.2 | ||||||||||||||||||||||||||||||||||||||
Deferred income taxes
|
7.6 | 1.6 | - | 1.6 | 9.2 | ||||||||||||||||||||||||||||||||||||
Other assets
|
22.7 | 0.5 | 0.3 | 0.8 | 23.5 | ||||||||||||||||||||||||||||||||||||
Total noncurrent assets
|
437.5 | - | - | 15.2 | - | 0.5 | - | (1.0 | ) | 14.7 | 452.2 | ||||||||||||||||||||||||||||||
Total Assets
|
$ | 799.1 | $ | (1.4 | ) | $ | (0.3 | ) | $ | 15.2 | $ | - | $ | (0.6 | ) | $ | - | $ | (4.7 | ) | $ | 8.2 | $ | 807.3 | |||||||||||||||||
|
December 31, 2010
|
||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
Previously
Reported
|
Adjustments
|
As Adjusted
|
||||||||||||||||||||||||||||||||||||||
Spain
|
Poland
|
South Africa
|
Tax
|
Malaysia
|
DongMing
|
Other
|
Total
|
||||||||||||||||||||||||||||||||||
Current liabilities:
|
|||||||||||||||||||||||||||||||||||||||||
Accounts payable
|
$ | 53.2 | $ | - | $ | - | $ | - | $ | (0.7 | ) | $ | (1.1 | ) | $ | (1.8 | ) | $ | 51.4 | ||||||||||||||||||||||
Accrued income taxes
|
4.1 | (0.1 | ) | 1.5 | (0.2 | ) | 0.2 | (0.2 | ) | 1.2 | 5.3 | ||||||||||||||||||||||||||||||
Accrued liabilities
|
55.2 | 0.1 | 0.3 | 0.2 | 0.6 | 55.8 | |||||||||||||||||||||||||||||||||||
Total current liabilities
|
112.5 | - | 0.3 | - | 1.5 | (0.2 | ) | (0.5 | ) | (1.1 | ) | - | 112.5 | ||||||||||||||||||||||||||||
Noncurrent liabilities:
|
|||||||||||||||||||||||||||||||||||||||||
Long-term debt
|
236.2 | (0.5 | ) | (0.5 | ) | 235.7 | |||||||||||||||||||||||||||||||||||
Pension liabilities
|
21.3 | - | 21.3 | ||||||||||||||||||||||||||||||||||||||
Deferred compensation
|
8.7 | 0.3 | 0.3 | 9.0 | |||||||||||||||||||||||||||||||||||||
Deferred income tax
|
0.4 | 15.8 | 0.1 | - | 15.9 | 16.3 | |||||||||||||||||||||||||||||||||||
Other long-term liabilities
|
19.6 | (1.1 | ) | (1.1 | ) | 18.5 | |||||||||||||||||||||||||||||||||||
Total noncurrent liabilities
|
286.2 | - | - | 15.8 | 0.1 | - | - | (1.3 | ) | 14.6 | 300.8 | ||||||||||||||||||||||||||||||
Shareholders' Equity:
|
|||||||||||||||||||||||||||||||||||||||||
Common stock
|
0.3 | - | 0.3 | ||||||||||||||||||||||||||||||||||||||
Additional paid in capital
|
95.1 | - | 95.1 | ||||||||||||||||||||||||||||||||||||||
Retained earnings
|
283.2 | (1.4 | ) | (0.6 | ) | (0.3 | ) | (1.6 | ) | (0.4 | ) | 0.5 | (0.9 | ) | (4.7 | ) | 278.5 | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss)
|
28.9 | (0.1 | ) | (0.1 | ) | (0.2 | ) | 28.7 | |||||||||||||||||||||||||||||||||
Less: Treasury stock
|
8.9 | - | 8.9 | ||||||||||||||||||||||||||||||||||||||
Total AMCOL shareholders' equity
|
398.6 | (1.4 | ) | (0.6 | ) | (0.4 | ) | (1.6 | ) | (0.4 | ) | 0.5 | (1.0 | ) | (4.9 | ) | 393.7 | ||||||||||||||||||||||||
Noncontrolling interest
|
1.8 | (0.2 | ) | (1.3 | ) | (1.5 | ) | 0.3 | |||||||||||||||||||||||||||||||||
Total equity
|
400.4 | (1.4 | ) | (0.6 | ) | (0.6 | ) | (1.6 | ) | (0.4 | ) | 0.5 | (2.3 | ) | (6.4 | ) | 394.0 | ||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$ | 799.1 | $ | (1.4 | ) | $ | (0.3 | ) | $ | 15.2 | $ | - | $ | (0.6 | ) | $ | - | $ | (4.7 | ) | $ | 8.2 | $ | 807.3 | |||||||||||||||||
|
December 31, 2011
|
||||||||||||||||||||||||||||||||||||||||
ASSETS
|
Previously
Reported
|
Adjustments
|
As Adjusted
|
||||||||||||||||||||||||||||||||||||||
Spain
|
Poland
|
South Africa
|
Tax
|
Malaysia
|
DongMing
|
Other
|
Total
|
||||||||||||||||||||||||||||||||||
Current assets:
|
|||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 23.7 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 0.4 | $ | 0.4 | $ | 24.1 | |||||||||||||||||||||
Accounts receivable, net
|
206.8 | (1.6 | ) | (0.9 | ) | (0.7 | ) | 0.8 | (2.4 | ) | 204.4 | ||||||||||||||||||||||||||||||
Inventories
|
146.6 | (1.8 | ) | 0.2 | (0.7 | ) | (2.3 | ) | 144.3 | ||||||||||||||||||||||||||||||||
Prepaid expenses
|
15.7 | (0.5 | ) | (0.5 | ) | 15.2 | |||||||||||||||||||||||||||||||||||
Deferred income taxes
|
5.9 | (1.8 | ) | - | (1.8 | ) | 4.1 | ||||||||||||||||||||||||||||||||||
Income tax receivable
|
6.9 | 1.3 | - | 1.3 | 8.2 | ||||||||||||||||||||||||||||||||||||
Other
|
6.7 | (0.5 | ) | (0.5 | ) | 6.2 | |||||||||||||||||||||||||||||||||||
Total current assets
|
412.3 | (3.4 | ) | (0.9 | ) | 0.2 | (0.5 | ) | (0.7 | ) | - | (0.5 | ) | (5.8 | ) | 406.5 | |||||||||||||||||||||||||
Noncurrent assets:
|
|||||||||||||||||||||||||||||||||||||||||
Property, plant, equipment, and mineral rights and reserves:
|
|||||||||||||||||||||||||||||||||||||||||
Land
|
13.9 | (1.8 | ) | (1.8 | ) | 12.1 | |||||||||||||||||||||||||||||||||||
Mineral rights
|
41.9 | 10.6 | - | 10.6 | 52.5 | ||||||||||||||||||||||||||||||||||||
Depreciable assets
|
482.3 | 2.4 | 2.4 | 484.7 | |||||||||||||||||||||||||||||||||||||
538.1 | - | - | 10.6 | - | - | - | 0.6 | 11.2 | 549.3 | ||||||||||||||||||||||||||||||||
Less: accumulated depreciation and depletion
|
275.5 | 0.3 | 0.3 | 275.8 | |||||||||||||||||||||||||||||||||||||
262.6 | - | - | 10.6 | - | - | - | 0.3 | 10.9 | 273.5 | ||||||||||||||||||||||||||||||||
Goodwill
|
69.5 | 69.5 | |||||||||||||||||||||||||||||||||||||||
Intangible assets, net
|
36.6 | 0.3 | 0.3 | 36.9 | |||||||||||||||||||||||||||||||||||||
Investment in and advances to affiliates and joint ventures
|
26.4 | - | 26.4 | ||||||||||||||||||||||||||||||||||||||
Available-for-sale securities
|
3.8 | - | 3.8 | ||||||||||||||||||||||||||||||||||||||
Deferred income taxes
|
7.8 | 0.7 | (0.4 | ) | - | 0.3 | 8.1 | ||||||||||||||||||||||||||||||||||
Other assets
|
23.7 | 0.7 | - | 0.7 | 24.4 | ||||||||||||||||||||||||||||||||||||
Total noncurrent assets
|
430.4 | - | - | 11.3 | (0.4 | ) | 0.7 | - | 0.6 | 12.2 | 442.6 | ||||||||||||||||||||||||||||||
Total Assets
|
$ | 842.7 | $ | (3.4 | ) | $ | (0.9 | ) | $ | 11.5 | $ | (0.9 | ) | $ | - | $ | - | $ | 0.1 | $ | 6.4 | $ | 849.1 | ||||||||||||||||||
December 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
Previously
Reported
|
Adjustments
|
As Adjusted
|
||||||||||||||||||||||||||||||||||||||
Spain
|
Poland
|
South Africa
|
Tax
|
Malaysia
|
DongMing
|
Other
|
Total
|
||||||||||||||||||||||||||||||||||
Current liabilities:
|
|||||||||||||||||||||||||||||||||||||||||
Accounts payable
|
$ | 56.4 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 0.1 | $ | 0.1 | $ | 56.5 | |||||||||||||||||||||
Accrued income taxes
|
2.7 | (0.3 | ) | - | (0.1 | ) | (0.4 | ) | 2.3 | ||||||||||||||||||||||||||||||||
Accrued liabilities
|
59.0 | (0.8 | ) | 0.7 | (0.3 | ) | 0.6 | 0.2 | 59.2 | ||||||||||||||||||||||||||||||||
Total current liabilities
|
118.1 | (1.1 | ) | 0.7 | - | - | (0.3 | ) | - | 0.6 | (0.1 | ) | 118.0 | ||||||||||||||||||||||||||||
Noncurrent liabilities:
|
|||||||||||||||||||||||||||||||||||||||||
Long-term debt
|
260.7 | - | 260.7 | ||||||||||||||||||||||||||||||||||||||
Pension liabilities
|
34.8 | - | 34.8 | ||||||||||||||||||||||||||||||||||||||
Deferred compensation
|
8.9 | - | 8.9 | ||||||||||||||||||||||||||||||||||||||
Deferred income tax
|
0.8 | 12.6 | (0.8 | ) | - | 0.1 | 11.9 | 12.7 | |||||||||||||||||||||||||||||||||
Other long-term liabilities
|
19.2 | (0.1 | ) | (0.1 | ) | 19.1 | |||||||||||||||||||||||||||||||||||
Total noncurrent liabilities
|
324.4 | - | - | 12.6 | (0.8 | ) | - | - | - | 11.8 | 336.2 | ||||||||||||||||||||||||||||||
Shareholders' Equity:
|
|||||||||||||||||||||||||||||||||||||||||
Common stock
|
0.3 | - | 0.3 | ||||||||||||||||||||||||||||||||||||||
Additional paid in capital
|
94.5 | (0.2 | ) | - | (0.2 | ) | 94.3 | ||||||||||||||||||||||||||||||||||
Retained earnings
|
319.6 | (2.5 | ) | (1.8 | ) | (0.8 | ) | (0.1 | ) | 0.3 | - | (0.4 | ) | (5.3 | ) | 314.3 | |||||||||||||||||||||||||
Accumulated other comprehensive income (loss)
|
(15.0 | ) | 0.2 | 0.2 | (0.1 | ) | 0.3 | (14.7 | ) | ||||||||||||||||||||||||||||||||
Less: Treasury stock
|
3.4 | - | 3.4 | ||||||||||||||||||||||||||||||||||||||
Total AMCOL shareholders' equity
|
396.0 | (2.3 | ) | (1.6 | ) | (1.0 | ) | (0.1 | ) | 0.3 | - | (0.5 | ) | (5.2 | ) | 390.8 | |||||||||||||||||||||||||
Noncontrolling interest
|
4.2 | (0.1 | ) | - | (0.1 | ) | 4.1 | ||||||||||||||||||||||||||||||||||
Total equity
|
400.2 | (2.3 | ) | (1.6 | ) | (1.1 | ) | (0.1 | ) | 0.3 | - | (0.5 | ) | (5.3 | ) | 394.9 | |||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$ | 842.7 | $ | (3.4 | ) | $ | (0.9 | ) | $ | 11.5 | $ | (0.9 | ) | $ | - | $ | - | $ | 0.1 | $ | 6.4 | $ | 849.1 | ||||||||||||||||||
Year Ended December 31, 2010
|
||||||||||||
Previously
Reported
|
Adjustments
|
As Adjusted
|
||||||||||
Net cash provided by (used in) operating activities
|
$ | 48.1 | $ | 0.1 | $ | 48.2 | ||||||
Net cash (used in) investing activities
|
(48.1 | ) | (0.6 | ) | (48.7 | ) | ||||||
Net cash provided by (used in) financing activities
|
(0.8 | ) | - | (0.8 | ) | |||||||
Effect of foreign currency rate changes on cash
|
0.4 | - | 0.4 | |||||||||
Net increase (decrease) in cash and cash equivalents
|
(0.4 | ) | (0.5 | ) | (0.9 | ) | ||||||
Cash and cash equivalents at beginning of period
|
27.7 | - | 27.7 | |||||||||
Cash and cash equivalents at end of period
|
$ | 27.3 | $ | (0.5 | ) | $ | 26.8 | |||||
Year Ended December 31, 2011
|
||||||||||||
Previously
reported
|
Adjustments
|
As Adjusted
|
||||||||||
Net cash provided by (used in) operating activities
|
$ | 38.6 | $ | 0.7 | $ | 39.3 | ||||||
Net cash (used in) investing activities
|
(54.7 | ) | 0.5 | (54.2 | ) | |||||||
Net cash provided by (used in) financing activities
|
11.6 | (0.3 | ) | 11.3 | ||||||||
Effect of foreign currency rate changes on cash
|
0.9 | - | 0.9 | |||||||||
Net increase (decrease) in cash and cash equivalents
|
(3.6 | ) | 0.9 | (2.7 | ) | |||||||
Cash and cash equivalents at beginning of period
|
27.3 | (0.5 | ) | 26.8 | ||||||||
Cash and cash equivalents at end of period
|
$ | 23.7 | $ | 0.4 | $ | 24.1 | ||||||
(3)
|
Segment, Geographic, and Market Information
|
|
·
|
Minerals and materials - mines, processes and distributes minerals and products for use in various industrial and consumer markets, including metalcasting, pet care, laundry care, and drilling industries;
|
|
·
|
Environmental - provides services relating to and processes and distributes clay-based and other products for use as a moisture barrier in commercial construction, landfill liners and in a variety of other industrial and commercial applications;
|
|
·
|
Oilfield services - provides a variety of services and equipment rentals for both onshore and offshore applications to customers in the oil and natural gas industry;
|
|
·
|
Transportation - includes a long-haul trucking business and a freight brokerage business that provides services domestically to our subsidiaries as well as third-party customers; and
|
|
·
|
Corporate – intersegment sales are eliminated in our corporate segment. These are most notably sales between our transportation segment and our minerals and materials and environmental segments as well as sales between our minerals and materials segment to our environmental and oilfield services segments. Corporate segment also includes expenses associated with certain research and development, management, benefits and information technology activities.
|
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Net sales:
|
||||||||||||
Minerals and materials
|
$ | 476,700 | $ | 416,495 | $ | 336,272 | ||||||
Environmental
|
251,907 | 225,544 | 202,511 | |||||||||
Oilfield services
|
194,735 | 153,550 | 119,821 | |||||||||
Transportation
|
54,113 | 52,225 | 46,642 | |||||||||
Intersegment sales
|
(33,659 | ) | (21,537 | ) | (17,761 | ) | ||||||
Total
|
943,796 | 826,277 | 687,485 | |||||||||
Operating profit (loss):
|
||||||||||||
Minerals and materials
|
$ | 67,144 | $ | 53,549 | $ | 33,693 | ||||||
Environmental
|
17,349 | 20,447 | 23,924 | |||||||||
Oilfield services
|
21,226 | 13,654 | 12,261 | |||||||||
Transportation
|
2,241 | 2,430 | 2,163 | |||||||||
Corporate
|
(21,874 | ) | (21,068 | ) | (22,697 | ) | ||||||
Total
|
86,086 | 69,012 | 49,344 | |||||||||
Assets:
|
||||||||||||
Minerals and materials
|
$ | 430,832 | $ | 410,401 | $ | 398,280 | ||||||
Environmental
|
159,365 | 160,969 | 150,237 | |||||||||
Oilfield services
|
194,708 | 172,521 | 146,161 | |||||||||
Transportation
|
3,912 | 3,977 | 3,494 | |||||||||
Corporate
|
60,325 | 59,387 | 48,663 | |||||||||
Total
|
849,142 | 807,255 | 746,835 | |||||||||
Depreciation, depletion and amortization:
|
||||||||||||
Minerals and materials
|
$ | 20,639 | $ | 17,202 | $ | 16,813 | ||||||
Environmental
|
5,389 | 5,352 | 6,219 | |||||||||
Oilfield services
|
13,363 | 11,888 | 11,901 | |||||||||
Transportation
|
76 | 46 | 38 | |||||||||
Corporate
|
2,665 | 1,854 | 1,760 | |||||||||
Total
|
42,132 | 36,342 | 36,731 | |||||||||
Capital expenditures:
|
||||||||||||
Minerals and materials
|
$ | 27,306 | $ | 29,700 | $ | 35,659 | ||||||
Environmental
|
8,343 | 2,557 | 2,325 | |||||||||
Oilfield services
|
23,097 | 13,249 | 11,095 | |||||||||
Transportation
|
198 | 92 | 39 | |||||||||
Corporate
|
2,085 | 1,707 | 11,300 | |||||||||
Total
|
61,029 | 47,305 | 60,418 | |||||||||
Research and development expenses:
|
||||||||||||
Minerals and materials
|
$ | 6,488 | $ | 5,913 | $ | 5,344 | ||||||
Environmental
|
2,311 | 2,284 | 2,339 | |||||||||
Oilfield services
|
238 | 697 | 659 | |||||||||
Corporate
|
42 | 337 | 315 | |||||||||
Total
|
9,079 | 9,231 | 8,657 | |||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Sales to unaffiliated customers shipped from:
|
||||||||||||
Americas
|
$ | 590,074 | $ | 516,852 | $ | 438,194 | ||||||
EMEA
|
220,100 | 185,591 | 167,482 | |||||||||
Asia Pacific
|
133,622 | 123,834 | 81,809 | |||||||||
Total
|
943,796 | 826,277 | 687,485 | |||||||||
Operating profit from sales from:
|
||||||||||||
Americas
|
$ | 57,534 | $ | 45,800 | $ | 26,742 | ||||||
EMEA
|
10,236 | 5,625 | 11,848 | |||||||||
Asia Pacific
|
18,316 | 17,587 | 10,754 | |||||||||
Total
|
86,086 | 69,012 | 49,344 | |||||||||
Accounts receivable in:
|
||||||||||||
Americas
|
$ | 112,325 | $ | 105,979 | $ | 76,598 | ||||||
EMEA
|
51,875 | 46,518 | 40,951 | |||||||||
Asia Pacific
|
40,219 | 37,275 | 29,706 | |||||||||
Total
|
204,419 | 189,772 | 147,255 | |||||||||
Property, plant, equipment, and mineral rights and reserves in:
|
||||||||||||
Americas
|
$ | 116,020 | $ | 107,670 | $ | 108,405 | ||||||
EMEA
|
108,688 | 114,263 | 92,541 | |||||||||
Asia Pacific
|
48,860 | 49,747 | 47,405 | |||||||||
Total
|
273,568 | 271,680 | 248,351 | |||||||||
Identifiable assets in:
|
||||||||||||
Americas
|
$ | 420,427 | $ | 428,689 | $ | 453,599 | ||||||
EMEA
|
289,416 | 265,459 | 211,100 | |||||||||
Asia Pacific
|
139,299 | 113,107 | 82,136 | |||||||||
Total
|
849,142 | 807,255 | 746,835 | |||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Metalcasting
|
$ | 251,546 | $ | 196,663 | $ | 139,949 | ||||||
Oilfield services
|
194,735 | 153,550 | 119,821 | |||||||||
Specialty materials
|
105,789 | 107,287 | 98,097 | |||||||||
Lining technologies
|
104,220 | 110,806 | 102,419 | |||||||||
Building materials
|
80,686 | 58,860 | 55,823 | |||||||||
Pet products
|
56,133 | 61,971 | 66,441 | |||||||||
Basic minerals
|
55,088 | 49,199 | 27,901 | |||||||||
Contracting services
|
36,027 | 30,968 | 25,426 | |||||||||
Drilling products
|
31,385 | 26,285 | 22,727 | |||||||||
Transportation
|
54,113 | 52,225 | 46,642 | |||||||||
Intersegment shipping revenue
|
(25,926 | ) | (21,537 | ) | (17,761 | ) | ||||||
Total
|
943,796 | 826,277 | 687,485 | |||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Net sales by source
|
||||||||||||
Net sales of tangible goods
|
$ | 709,310 | $ | 628,839 | $ | 522,003 | ||||||
Services revenues
|
206,299 | 166,750 | 136,601 | |||||||||
Freight revenues
|
28,187 | 30,688 | 28,881 | |||||||||
Total
|
943,796 | 826,277 | 687,485 | |||||||||
Cost of sales:
|
||||||||||||
Cost of tangible goods sold
|
512,489 | 461,177 | 383,752 | |||||||||
Cost of services rendered
|
157,037 | 126,056 | 96,148 | |||||||||
Cost associated with freight revenue
|
21,953 | 24,859 | 23,294 | |||||||||
Total
|
691,479 | 612,092 | 503,194 | |||||||||
(4)
|
Balance Sheet Related Information
|
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Balance at the beginning of the year
|
$ | 6,635 | $ | 6,334 | $ | 5,896 | ||||||
Charged to expense (income)
|
3,648 | 2,429 | 3,138 | |||||||||
Write-offs and currency translation adjustments
|
(2,737 | ) | (2,128 | ) | (2,700 | ) | ||||||
Balance at the end of the year
|
7,546 | 6,635 | 6,334 | |||||||||
2011
Restated
|
2010
Restated
|
|||||||
Crude stockpile inventories
|
$ | 53,385 | $ | 33,576 | ||||
In-process and finished goods inventories
|
65,049 | 47,600 | ||||||
Other raw material, container, and supplies inventories
|
25,876 | 24,108 | ||||||
144,310 | 105,284 | |||||||
2011
|
2010
|
2009
|
||||||||||
Balance at the beginning of the year
|
$ | 2,730 | $ | 2,136 | $ | 1,989 | ||||||
Charged to costs and expenses
|
2,126 | 4,001 | 917 | |||||||||
Disposals and currency translation adjustments
|
(2,705 | ) | (3,407 | ) | (770 | ) | ||||||
Balance at the end of the year
|
2,151 | 2,730 | 2,136 | |||||||||
2011
Restated
|
2010
Restated
|
|||||||
Balance at beginning of the year
|
$ | 7,980 | $ | 6,782 | ||||
Settlement of obligations
|
(4,304 | ) | (2,185 | ) | ||||
Liabilities incurred and accretion expense
|
6,026 | 3,271 | ||||||
Currency translation adjustments
|
(446 | ) | 112 | |||||
Balance at the end of the year
|
9,256 | 7,980 | ||||||
2011
Restated
|
2010
Restated
|
|||||||
Bonus
|
$ | 9,752 | $ | 8,213 | ||||
Employee benefits and related costs
|
10,161 | 8,698 | ||||||
Dividends payable
|
5,698 | 5,612 | ||||||
Other
|
33,641 | 33,263 | ||||||
59,252 | 55,786 | |||||||
2011
Restated
|
2010
Restated
|
|||||||
Cumulative foreign currency translation
|
$ | 595 | $ | 24,709 | ||||
Prior service cost on pension plans (net of tax benefit of $113 in 2011 and $134 in 2010)
|
(195 | ) | (232 | ) | ||||
Net actuarial loss on pension plans (net of tax benefit of $6,944 in 2011 and $1,938 in 2010)
|
(11,912 | ) | (3,358 | ) | ||||
Unrealized loss on interest rate swap agreement (net of tax benefit of $3,329 in 2011 and $2,440 in 2010)
|
(5,710 | ) | (4,226 | ) | ||||
Unrealized gain on available-for-sale securities (net of tax expense of $0 in 2011 and $1,022 in 2010)
|
2,503 | 11,847 | ||||||
(14,719 | ) | 28,740 | ||||||
(5)
|
Property, Plant, Equipment and Mineral Rights and Reserves
|
December 31,
|
||||||||
2011
Restated
|
2010
Restated
|
|||||||
Mineral rights and reserves
|
$ | 52,482 | $ | 65,018 | ||||
Land
|
12,103 | 10,875 | ||||||
Buildings and improvements
|
97,167 | 86,410 | ||||||
Machinery and equipment
|
362,379 | 350,952 | ||||||
Construction in progress
|
25,207 | 15,285 | ||||||
549,338 | 528,540 | |||||||
Buildings and improvements
|
3-50 years
|
Machinery and equipment
|
1-25 years
|
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Depreciation expense
|
$ | 35,036 | $ | 30,106 | $ | 28,932 | ||||||
Depletion expense
|
2,574 | 1,180 | 883 | |||||||||
37,610 | 31,286 | 29,815 | ||||||||||
(6)
|
Goodwill and Intangible Assets
|
Minerals and
Materials
|
Environmental
|
Oilfield Services
|
Consolidated
|
|||||||||||||
Balance at December 31, 2009
|
$ | 18,426 | $ | 21,762 | $ | 30,968 | $ | 71,156 | ||||||||
Change in goodwill relating to:
|
||||||||||||||||
Acquisitions
|
- | 761 | - | 761 | ||||||||||||
Foreign exchange translation
|
(225 | ) | (783 | ) | - | (1,008 | ) | |||||||||
Total changes
|
(225 | ) | (22 | ) | - | (247 | ) | |||||||||
Balance at December 31, 2010
|
18,201 | 21,740 | 30,968 | 70,909 | ||||||||||||
Change in goodwill relating to:
|
||||||||||||||||
Sale of business
|
- | (156 | ) | - | (156 | ) | ||||||||||
Foreign exchange translation
|
(817 | ) | (427 | ) | - | (1,244 | ) | |||||||||
Total changes
|
(817 | ) | (583 | ) | - | (1,400 | ) | |||||||||
Balance at December 31, 2011
|
17,384 | 21,157 | 30,968 | 69,509 | ||||||||||||
December 31, 2011
|
December 31, 2010
Restated
|
|||||||||||||||||||||||
Gross
Carrying
Value
|
Accumulated
Amortization
|
Net Carrying
Value
|
Gross
Carrying
Value
|
Accumulated
Amortization
|
Net Carrying
Value
|
|||||||||||||||||||
Intangibles subject to amortization:
|
||||||||||||||||||||||||
Trademarks
|
$ | 1,623 | $ | (1,533 | ) | $ | 90 | $ | 1,690 | $ | (1,283 | ) | $ | 407 | ||||||||||
Patents
|
6,890 | (6,807 | ) | 83 | 6,824 | (6,701 | ) | 123 | ||||||||||||||||
Customer related assets
|
47,069 | (19,678 | ) | 27,391 | 47,453 | (16,395 | ) | 31,058 | ||||||||||||||||
Non-compete agreements
|
2,153 | (2,053 | ) | 100 | 2,153 | (2,021 | ) | 132 | ||||||||||||||||
Developed technology
|
4,040 | (1,998 | ) | 2,042 | 4,040 | (1,592 | ) | 2,448 | ||||||||||||||||
Other
|
2,492 | (1,411 | ) | 1,081 | 3,159 | (1,542 | ) | 1,617 | ||||||||||||||||
Subtotal
|
64,267 | (33,480 | ) | 30,787 | 65,319 | (29,534 | ) | 35,785 | ||||||||||||||||
Intangibles not subject to amortization:
|
||||||||||||||||||||||||
Trademarks and tradenames
|
6,084 | - | 6,084 | 6,084 | - | 6,084 | ||||||||||||||||||
Total
|
70,351 | (33,480 | ) | 36,871 | 71,403 | (29,534 | ) | 41,869 | ||||||||||||||||
Amount
|
||||
2012
|
$ | 4,209 | ||
2013
|
3,965 | |||
2014
|
3,637 | |||
2015
|
3,466 | |||
2016
|
3,436 | |||
(7)
|
Equity Investees
|
Ownership Interest
|
||||
Ashapura Volclay Limited
|
50 | % | ||
CETCO-Bentonit Uniao Technologias Ambientais Ltda.
|
50 | % | ||
Egypt Mining & Drilling Co. and Egypt Bentonite & Derivatives Co.
|
31 | % | ||
Egypt Nano Technologies Co.
|
27 | % | ||
Maprid Tech Cast, S.A. de C.V.
|
49 | % | ||
Volclay de Mexico, S.A. de C.V.
|
49 | % | ||
Volclay Japan Co., Ltd.
|
50 | % | ||
(8)
|
Income Taxes
|
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Continuing operations
|
$ | 20,786 | $ | 20,302 | $ | 5,363 | ||||||
Discontinued operations
|
(597 | ) | (735 | ) | 175 | |||||||
20,189 | 19,567 | 5,538 | ||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Income from continuing operations before income taxes and income (loss) from affiliates and joint ventures:
|
||||||||||||
Domestic
|
$ | 53,803 | $ | 43,590 | $ | 16,272 | ||||||
Foreign
|
21,446 | 17,079 | 20,763 | |||||||||
75,249 | 60,669 | 37,035 | ||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Provision (benefit) for income taxes:
|
||||||||||||
Federal:
|
||||||||||||
Current
|
$ | 5,167 | $ | 7,406 | $ | (1,683 | ) | |||||
Deferred
|
6,420 | 2,077 | 3,710 | |||||||||
State:
|
||||||||||||
Current
|
2,958 | 2,420 | 428 | |||||||||
Deferred
|
376 | 35 | 257 | |||||||||
Foreign:
|
||||||||||||
Current
|
7,974 | 7,343 | 4,179 | |||||||||
Deferred
|
(2,109 | ) | 1,021 | (1,528 | ) | |||||||
20,786 | 20,302 | 5,363 | ||||||||||
2011
Restated
|
2010
Restated
|
|||||||
Deferred tax assets attributable to:
|
||||||||
Accounts receivable
|
$ | 1,107 | $ | 1,345 | ||||
Inventories
|
1,701 | 2,513 | ||||||
Employee benefit plans
|
25,638 | 19,070 | ||||||
Accrued liabilities
|
534 | 763 | ||||||
Employee incentive plans
|
1,305 | - | ||||||
Tax credit carryforwards
|
7,208 | 3,029 | ||||||
Available-for-sale securities
|
2,759 | - | ||||||
Other
|
734 | 6,265 | ||||||
Total deferred tax assets
|
40,986 | 32,985 | ||||||
Deferred tax liabilities attributable to:
|
||||||||
Plant and equipment
|
(17,593 | ) | (10,910 | ) | ||||
Land and mineral reserves
|
(13,492 | ) | (16,774 | ) | ||||
Joint ventures
|
(1,797 | ) | (1,541 | ) | ||||
Available-for-sale securities
|
- | (1,035 | ) | |||||
Intangible assets
|
(1,692 | ) | (694 | ) | ||||
Other
|
(550 | ) | - | |||||
Total deferred tax liabilities
|
(35,124 | ) | (30,954 | ) | ||||
Valuation allowances
|
(6,750 | ) | (3,932 | ) | ||||
Net deferred tax asset (liability)
|
(888 | ) | (1,901 | ) | ||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||||||||||||||
Amount
|
Percent
of Pretax
Income
|
Amount
|
Percent
of Pretax
Income
|
Amount
|
Percent
of Pretax
Income
|
|||||||||||||||||||
Provision for income taxes at
|
||||||||||||||||||||||||
U.S. statutory rates
|
$ | 26,337 | 35.0 | % | $ | 21,234 | 35.0 | % | $ | 12,962 | 35.0 | % | ||||||||||||
Increase (decrease) in taxes resulting from:
|
||||||||||||||||||||||||
Percentage depletion
|
(4,900 | ) | -6.5 | % | (3,870 | ) | -6.4 | % | (3,257 | ) | -8.8 | % | ||||||||||||
State taxes, net of federal benefit
|
2,185 | 2.9 | % | 1,546 | 2.6 | % | 754 | 2.0 | % | |||||||||||||||
Foreign tax rates
|
(1,045 | ) | -1.4 | % | (924 | ) | -1.5 | % | (4,356 | ) | -11.7 | % | ||||||||||||
Change in reserve for tax uncertainties
|
(710 | ) | -0.9 | % | 64 | 0.1 | % | (2,741 | ) | -7.4 | % | |||||||||||||
Audit settlement
|
(118 | ) | -0.1 | % | - | 0.0 | % | 2,083 | 5.6 | % | ||||||||||||||
Discrete items related to foreign tax filings
|
(210 | ) | -0.3 | % | 178 | 0.3 | % | - | 0.0 | % | ||||||||||||||
Foreign tax credits
|
(2,359 | ) | -3.1 | % | (2,178 | ) | -3.6 | % | (879 | ) | -2.4 | % | ||||||||||||
Changes to valuation allowance
|
(216 | ) | -0.3 | % | 3,354 | 5.6 | % | 28 | 0.1 | % | ||||||||||||||
Tax from foreign disregarded entities
|
262 | 0.3 | % | 1,358 | 2.2 | % | 142 | 0.4 | % | |||||||||||||||
Other
|
1,560 | 2.0 | % | (460 | ) | -0.8 | % | 627 | 1.7 | % | ||||||||||||||
20,786 | 27.6 | % | 20,302 | 33.5 | % | 5,363 | 14.5 | % | ||||||||||||||||
2011
Restated
|
2010
Restated
|
2009
Restated
|
||||||||||
Balance at beginning of the year
|
$ | 810 | $ | 705 | $ | 5,146 | ||||||
Increases related to prior year tax positions
|
- | 105 | 120 | |||||||||
Increases related to current year tax positions
|
- | - | 319 | |||||||||
Decreases related to the expiration of statue of limitation / settlement of audits
|
(810 | ) | - | (4,880 | ) | |||||||
Balance at the end of the year
|
- | 810 | 705 | |||||||||
(9)
|
Long-term Debt
|
December 31,
|
||||||||
2011
|
2010
Restated
|
|||||||
Borrowings under revolving credit agreement
|
$ | 120,906 | $ | 88,249 | ||||
Senior notes
|
125,000 | 125,000 | ||||||
Industrial revenue bond
|
- | 4,800 | ||||||
Other notes payable
|
15,502 | 18,253 | ||||||
261,408 | 236,302 | |||||||
Less: current portion
|
(738 | ) | (634 | ) | ||||
260,670 | 235,668 | |||||||
2012
|
2013
|
2014
|
2015
|
2016
|
Thereafter
|
|||||||||||||||||||
Borrowings under:
|
||||||||||||||||||||||||
Revolving credit agreement
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | 120,906 | ||||||||||||
Senior notes
|
- | - | - | - | - | 125,000 | ||||||||||||||||||
Other notes payable
|
738 | 680 | 279 | 33 | 3 | 13,769 | ||||||||||||||||||
738 | 680 | 279 | 33 | 3 | 259,675 | |||||||||||||||||||
(10)
|
Derivative Instruments and Hedging Activities
|
Fair Value as of December 31,
|
|||||||||
Liability Derivatives
|
Balance Sheet Location
|
2011
|
2010
|
||||||
Derivatives designated as hedging instruments:
|
|||||||||
Interest rate swaps
|
Other long-term liabilities
|
$ | (9,039 | ) | $ | (6,666 | ) | ||
Derivatives in Cash Flow Hedging Relationships
|
Amount of Gain or (Loss) Recognized
in OCI on Derivatives, net of tax
(Effective Portion)
|
|||||||
Year Ended December 31,
|
||||||||
2011
|
2010
|
|||||||
Interest rate swaps
|
$ | (1,484 | ) | $ | (2,264 | ) | ||
Derivatives Not Designated as Hedging Instruments
|
Location of
Gain or (Loss)
Recognized in
|
Amount of Gain or (Loss) Recognized in
Income on Derivatives
|
|||||||||||
Income on |
Year Ended December 31,
|
||||||||||||
Derivatives |
2011
|
2010
|
2009
|
||||||||||
Foreign exchange derivative instruments
|
Other, net
|
$ | (484 | ) | $ | (772 | ) | $ | (4,932 | ) | |||
(11)
|
Fair Value Measurements
|
Description
|
Fair Value Measurements Using
|
|||||||||||||||
Asset /
(Liability)
Balance at |
Quoted Prices in
Active Markets for
Identical Assets
(Level 1) |
Significant Other
Observable Inputs
(Level 2) |
Significant Unobservable Inputs
(Level 3) |
|||||||||||||
Interest rate swaps
|
$ | (9,039 | ) | $ | - | $ | (9,039 | ) | $ | - | ||||||
Available-for-sale securities
|
3,802 | 3,802 | - | - | ||||||||||||
Deferred compensation plan assets
|
7,973 | - | 7,973 | - | ||||||||||||
Supplementary pension plan assets
|
7,632 | - | 7,632 | - | ||||||||||||
Description
|
Fair Value Measurements Using | |||||||||||||||
Asset /
(Liability)
Balance at |
Quoted Prices in
Active Markets for
Identical Assets
(Level 1) |
Significant Other
Observable Inputs
(Level 2) |
Significant Unobservable Inputs
(Level 3) |
|||||||||||||
Interest rate swaps
|
$ | (6,666 | ) | $ | - | $ | (6,666 | ) | $ | - | ||||||
Available-for-sale securities
|
14,168 | 14,168 | - | - | ||||||||||||
Deferred compensation plan assets
|
8,358 | - | 8,358 | - | ||||||||||||
Supplementary pension plan assets
|
7,676 | - | 7,676 | - | ||||||||||||
(12)
|
Asset Impairment Charge
|
(13)
|
Noncontrolling Interest
|
Twelve Months Ended
|
||||
December 31, 2011
Restated
|
||||
Net income attributable to AMCOL shareholders
|
$ | 58,521 | ||
Transfers from noncontrolling interest:
|
||||
Decrease in additional paid-in capital for purchase of the remaining noncontrolling interest in South Africa (Proprietary) Limited
|
(5,402 | ) | ||
Decrease in additional paid-in capital for transfer of 26% interest in Batlhako
|
(3,403 | ) | ||
Change from net income attributable to AMCOL shareholders and transfers from noncontrolling interest
|
$ | 49,716 | ||
(14)
|
Discontinued Operations
|
(15)
|
Leases
|
Minimum Lease
Payments
|
||||||||||||
Domestic
|
Foreign
|
Total
|
||||||||||
Year ending December 31:
|
||||||||||||
2012
|
$ | 12,065 | $ | 1,836 | $ | 13,901 | ||||||
2013
|
11,377 | 1,005 | 12,382 | |||||||||
2014
|
8,773 | 789 | 9,562 | |||||||||
2015
|
7,346 | 526 | 7,872 | |||||||||
2016
|
5,284 | 268 | 5,552 | |||||||||
Thereafter
|
44,983 | 167 | 45,150 | |||||||||
Total
|
89,828 | 4,591 | 94,419 | |||||||||
|
(16)
|
Employee Benefit Plans
|
Pension Benefits
|
||||||||||||||||
Defined Benefit Pension Plan
|
Supplementary Pension Plan
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Change in benefit obligations:
|
||||||||||||||||
Beginning projected benefit obligation
|
$ | 48,018 | $ | 42,829 | $ | 9,220 | $ | 9,029 | ||||||||
Service cost
|
1,516 | 1,400 | 196 | 320 | ||||||||||||
Interest cost
|
2,607 | 2,493 | 485 | 533 | ||||||||||||
Actuarial (gain)/loss
|
7,239 | 2,510 | 2,043 | (516 | ) | |||||||||||
Benefits paid
|
(1,273 | ) | (1,214 | ) | (376 | ) | (146 | ) | ||||||||
Ending projected benefit obligation
|
58,107 | 48,018 | 11,568 | 9,220 | ||||||||||||
Change in plan assets:
|
||||||||||||||||
Beginning fair value
|
35,755 | 31,455 | - | - | ||||||||||||
Actual return
|
(1,516 | ) | 4,014 | - | - | |||||||||||
Company contribution
|
1,500 | 1,500 | 376 | 146 | ||||||||||||
Benefits paid
|
(1,273 | ) | (1,214 | ) | (376 | ) | (146 | ) | ||||||||
Ending fair value
|
34,466 | 35,755 | - | - | ||||||||||||
Funded status of the plan
|
(23,641 | ) | (12,263 | ) | (11,568 | ) | (9,220 | ) | ||||||||
Defined Benefit Pension Plan
|
Supplementary Pension Plan
|
|||||||||||||||||||||||
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
|||||||||||||||||||
Service cost – benefits earned during the year
|
$ | 1,516 | $ | 1,400 | $ | 1,647 | $ | 196 | $ | 320 | $ | 216 | ||||||||||||
Interest cost on accumulated benefit obligation
|
2,607 | 2,493 | 2,605 | 485 | 533 | 450 | ||||||||||||||||||
Expected return on plan assets
|
(2,858 | ) | (2,618 | ) | (2,146 | ) | - | - | - | |||||||||||||||
Net amortization and deferral
|
65 | 64 | 490 | 88 | 131 | 74 | ||||||||||||||||||
Net periodic pension cost
|
1,330 | 1,339 | 2,596 | 769 | 984 | 740 | ||||||||||||||||||
Defined Benefit Pension Plan
|
Supplementary Pension Plan
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Discount rate
|
4.70%
|
5.51%
|
4.63%
|
5.36%
|
||||||||
Rate of compensation increase
|
4.00%
|
4.00%
|
4.00%
|
4.00%
|
||||||||
Long-term rate of return on plan assets
|
7.50%
|
8.00%
|
N/A
|
N/A
|
||||||||
Defined Benefit Pension Plan
|
Supplementary Pension Plan
|
|||||||||||||||||
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
|||||||||||||
Discount rate
|
5.51%
|
5.91%
|
6.25%
|
5.36%
|
5.95%
|
6.25%
|
||||||||||||
Rate of compensation increase
|
4.00%
|
4.00%
|
5.75%
|
4.00%
|
4.00%
|
4.00%
|
||||||||||||
Long-term rate of return on plan assets
|
8.00%
|
8.25%
|
8.25%
|
N/A
|
N/A
|
N/A
|
||||||||||||
Defined Benefit
Pension Plan
|
Supplementary
Pension Plan
|
|||||||
2012
|
$ | 1,687 | $ | 379 | ||||
2013
|
1,853 | 378 | ||||||
2014
|
2,113 | 394 | ||||||
2015
|
2,307 | 451 | ||||||
2016
|
2,575 | 448 | ||||||
2017 through 2021
|
16,457 | 3,598 | ||||||
2011
|
2010
|
|||||||
Recognized in Other Comprehensive Income:
|
||||||||
Net actuarial loss (gain)
|
$ | 13,657 | $ | 597 | ||||
Amortization of net actuarial loss (gain)
|
(96 | ) | (137 | ) | ||||
Amortization of prior service cost (credit)
|
(59 | ) | (59 | ) | ||||
Total change in other comprehensive income
|
13,502 | 401 | ||||||
Fair Value Measurements as of December 31, 2011
|
||||||||||||||||
Quoted Prices in Active Markets for Identical Assets
|
Significant Observable
Inputs
|
Significant Unobservable Inputs
|
||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Short term investment funds
|
$ | 727 | $ | - | $ | 727 | $ | - | ||||||||
Equity securities:
|
||||||||||||||||
US equity securities
|
11,244 | - | 11,244 | - | ||||||||||||
International equity securities
|
5,959 | 2,028 | 3,931 | - | ||||||||||||
AMCOL International common stock
|
1,880 | 1,880 | - | - | ||||||||||||
Fixed income securities and bonds
|
||||||||||||||||
Governmental agencies
|
1,011 | 1,011 | - | - | ||||||||||||
Corporate bonds
|
4,981 | 4,981 | - | - | ||||||||||||
Guaranteed investment contracts
|
2,473 | - | 2,473 | - | ||||||||||||
Other investments
|
||||||||||||||||
Real estate index funds
|
601 | - | 601 | - | ||||||||||||
Commodities linked funds
|
1,693 | 1,693 | - | - | ||||||||||||
Hedge funds
|
3,897 | - | - | 3,897 | ||||||||||||
Total
|
34,466 | 11,593 | 18,976 | 3,897 | ||||||||||||
Fair Value Measurements as of December 31, 2010
|
||||||||||||||||
Quoted Prices in Active Markets for Identical Assets
|
Significant Observable Inputs
|
Significant Unobservable Inputs
|
||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Short term investment funds
|
$ | 612 | $ | - | $ | 612 | $ | - | ||||||||
Equity securities:
|
||||||||||||||||
US equity securities
|
10,781 | - | 10,781 | - | ||||||||||||
International equity securities
|
9,489 | 3,367 | 6,122 | - | ||||||||||||
AMCOL International common stock
|
2,170 | 2,170 | - | - | ||||||||||||
Fixed income securities and bonds
|
||||||||||||||||
Governmental agencies
|
1,774 | 831 | 943 | - | ||||||||||||
Corporate bonds
|
2,477 | 2,477 | - | - | ||||||||||||
Guaranteed investment contracts
|
3,633 | - | 3,633 | - | ||||||||||||
Other investments
|
||||||||||||||||
Real estate index funds
|
656 | - | 656 | - | ||||||||||||
Commodities linked funds
|
1,996 | 1,996 | - | - | ||||||||||||
Hedge funds
|
2,167 | - | - | 2,167 | ||||||||||||
Total
|
35,755 | 10,841 | 22,747 | 2,167 | ||||||||||||
Hedge Funds
|
||||
Beginning balance at December 31, 2009
|
1,596 | |||
Purchases, sales, and settlements
|
500 | |||
Actual return on plan assets still held at reporting date
|
71 | |||
Ending balance at December 31, 2010
|
2,167 | |||
Purchases, sales, and settlements
|
1,815 | |||
Actual return on plan assets still held at reporting date
|
(85 | ) | ||
Ending balance at December 31, 2011
|
3,897 | |||
(17)
|
Stock Compensation Plans
|
2011
|
2010
|
2009
|
||||||||||
Risk-free interest rate
|
2.2 | % | 2.7 | % | 1.7 | % | ||||||
Expected life of option in years
|
5.51 | 5.61 | 4 | |||||||||
Expected dividend yield of stock
|
2.5 | % | 3.2 | % | 4.8 | % | ||||||
Expected volatility of stock price
|
49.0 | % | 50.8 | % | 70.5 | % | ||||||
Weighted-average per share fair value of options granted
|
$ | 11.42 | $ | 8.62 | $ | 5.97 | ||||||
1998 Long-Term Incentive Plan
|
December 31, 2011
|
December 31, 2010
|
December 31, 2009
|
|||||||||||||||||||||
Shares
|
Weighted
Average
Exercise
Price
|
Shares
|
Weighted
Average
Exercise
Price
|
Shares
|
Weighted
Average
Exercise
Price
|
|||||||||||||||||||
Options outstanding at January 1
|
413,710 | $ | 19.88 | 720,791 | $ | 18.19 | 1,057,519 | $ | 15.13 | |||||||||||||||
Granted
|
- | - | - | - | - | - | ||||||||||||||||||
Exercised
|
(243,659 | ) | 18.54 | (306,548 | ) | 15.93 | (329,728 | ) | 8.26 | |||||||||||||||
Forfeited
|
- | - | - | - | - | - | ||||||||||||||||||
Expired
|
(1,000 | ) | 14.79 | (533 | ) | 4.76 | (7,000 | ) | 24.31 | |||||||||||||||
Options outstanding at December 31
|
169,051 | 21.82 | 413,710 | 19.88 | 720,791 | 18.19 | ||||||||||||||||||
Options exercisable at December 31
|
169,051 | 21.82 | 413,710 | 19.88 | 720,791 | 18.19 | ||||||||||||||||||
2006 Long-Term Incentive Plan
|
December 31, 2011
|
December 31, 2010
|
December 31, 2009
|
|||||||||||||||||||||
Awards
|
Weighted
Average
Exercise
Price
|
Awards
|
Weighted
Average
Exercise
Price
|
Awards
|
Weighted
Average
Exercise
Price
|
|||||||||||||||||||
Awards outstanding at January 1
|
1,389,598 | $ | 23.02 | 1,060,057 | $ | 22.89 | 709,258 | $ | 27.11 | |||||||||||||||
Granted
|
- | - | 390,750 | 23.24 | 372,750 | 15.11 | ||||||||||||||||||
Exercised
|
(170,998 | ) | 24.04 | (29,862 | ) | 21.62 | (500 | ) | 24.25 | |||||||||||||||
Forfeited
|
(20,087 | ) | 20.48 | (22,722 | ) | 19.92 | (7,166 | ) | 22.89 | |||||||||||||||
Expired
|
(9,501 | ) | 23.64 | (8,625 | ) | 29.62 | (14,285 | ) | 29.22 | |||||||||||||||
Awards outstanding at December 31
|
1,189,012 | 22.91 | 1,389,598 | 23.02 | 1,060,057 | 22.89 | ||||||||||||||||||
Awards exercisable at December 31
|
885,003 | 23.67 | 754,622 | 24.86 | 339,365 | 27.99 | ||||||||||||||||||
2010 Long-Term Incentive Plan
|
December 31, 2011
|
|||||||
Awards
|
Weighted
Average
Exercise
Price
|
|||||||
Awards outstanding at January 1
|
- | $ | - | |||||
Granted
|
379,425 | 30.66 | ||||||
Exercised
|
- | - | ||||||
Forfeited
|
(23,375 | ) | 30.66 | |||||
Expired
|
- | - | ||||||
Awards outstanding at December 31
|
356,050 | 30.66 | ||||||
Awards exercisable at December 31
|
- | - | ||||||
All Stock Compensation Plans
|
2011
|
2010
|
2009
|
|||||||||
Intrinsic value of awards exercised during the year
|
$ | 5,085 | $ | 3,899 | $ | 4,352 | ||||||
Fair value of awards vested during the year
|
2,431 | 3,857 | 2,760 | |||||||||
Grant date fair value of awards granted during the year
|
4,333 | 3,368 | 2,225 | |||||||||
All Stock Compensation Plans
|
Number
of
Awards
|
Weighted
Average
Exercise
Price
|
Intrinsic
Value
|
Weighted
Average
Remaining
Contractual
Life (Yrs.)
|
||||||||||||
Awards outstanding at December 31, 2011
|
1,714,113 | $ | 24.41 | $ | 6,362 | 5.42 | ||||||||||
Awards exercisable at December 31, 2011
|
1,054,054 | 23.37 | 4,495 | 3.48 | ||||||||||||
All Stock Compensation Plans -
Nonvested Awards
|
December 31, 2011
|
December 31, 2010
|
December 31, 2009
|
|||||||||||||||||||||
Awards
|
Weighted
Average
Grant date
Fair value
|
Awards
|
Weighted
Average
Grant date
Fair value
|
Awards
|
Weighted
Average
Grant date
Fair value
|
|||||||||||||||||||
Nonvested awards outstanding at January 1
|
634,976 | $ | 7.87 | 720,692 | $ | 7.46 | 677,111 | $ | 8.81 | |||||||||||||||
Granted
|
379,425 | 11.42 | 390,750 | 8.62 | 372,750 | 5.97 | ||||||||||||||||||
Vested
|
(311,630 | ) | 7.80 | (453,744 | ) | 8.50 | (322,003 | ) | 8.57 | |||||||||||||||
Forfeited
|
(43,462 | ) | 9.77 | (22,722 | ) | 7.59 | (7,166 | ) | 8.10 | |||||||||||||||
Nonvested awards outstanding at December 31
|
659,309 | 9.80 | 634,976 | 7.87 | 720,692 | 7.46 | ||||||||||||||||||
(18)
|
Contingencies
|
|
(19)
|
Quarterly Results (Unaudited)
|
2011 Quarters
Restated
|
||||||||||||||||
First
|
Second
|
Third
|
Fourth
|
|||||||||||||
Minerals and materials
|
$ | 115,928 | $ | 118,237 | $ | 122,209 | $ | 120,326 | ||||||||
Environmental
|
51,683 | 74,831 | 70,999 | 54,394 | ||||||||||||
Oilfield services
|
45,580 | 45,104 | 50,175 | 53,876 | ||||||||||||
Transportation
|
12,674 | 14,780 | 14,877 | 11,782 | ||||||||||||
Intersegment sales
|
(7,216 | ) | (9,855 | ) | (10,343 | ) | (6,245 | ) | ||||||||
Net sales
|
218,649 | 243,097 | 247,917 | 234,133 | ||||||||||||
Minerals and materials
|
$ | 28,090 | $ | 26,156 | $ | 31,555 | $ | 30,730 | ||||||||
Environmental
|
15,273 | 22,210 | 21,845 | 14,597 | ||||||||||||
Oilfield services
|
13,499 | 11,733 | 15,377 | 15,348 | ||||||||||||
Transportation
|
1,403 | 1,640 | 1,775 | 1,323 | ||||||||||||
Intersegment gross profit
|
(370 | ) | 122 | (200 | ) | 211 | ||||||||||
Gross profit
|
57,895 | 61,861 | 70,352 | 62,209 | ||||||||||||
Minerals and materials
|
$ | 16,100 | $ | 13,440 | $ | 19,515 | $ | 18,089 | ||||||||
Environmental
|
1,814 | 7,985 | 6,994 | 556 | ||||||||||||
Oilfield services
|
5,707 | 3,691 | 5,787 | 6,041 | ||||||||||||
Transportation
|
465 | 685 | 770 | 321 | ||||||||||||
Corporate
|
(5,103 | ) | (4,896 | ) | (7,251 | ) | (4,624 | ) | ||||||||
Operating profit
|
18,983 | 20,905 | 25,815 | 20,383 | ||||||||||||
Income (loss) from continuing operations
|
$ | 13,163 | $ | 12,925 | $ | 20,792 | $ | 12,818 | ||||||||
Income (loss) on discontinued operations
|
$ | (87 | ) | $ | 192 | $ | (1,267 | ) | $ | - | ||||||
Net income (loss)
|
$ | 13,076 | $ | 13,117 | $ | 19,525 | $ | 12,818 | ||||||||
Net income (loss) attributable to noncontrolling interests
|
$ | (7 | ) | $ | (32 | ) | $ | (6 | ) | $ | 60 | |||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 13,083 | $ | 13,149 | $ | 19,531 | $ | 12,758 | ||||||||
Basic earnings per share attributable to AMCOL shareholders (A)
|
$ | 0.42 | $ | 0.41 | $ | 0.61 | $ | 0.40 | ||||||||
Diluted earnings per share attributable to AMCOL shareholders (A)
|
$ | 0.41 | $ | 0.41 | $ | 0.61 | $ | 0.40 | ||||||||
|
-
|
Reduction to cost of sales of $1,464 resulting from the recovery of certain mining costs in our chromite operations.
|
|
-
|
Income from affiliates and joint ventures of $2,104 resulting from the sale of our Belgian joint venture.
|
|
-
|
Increase in cost of sales of $792, $411, $359 and $236 in the first, second, third and fourth quarter, respectively, relating to inaccuracies in the accounting for inventory and long term contracts in our environmental segment’s European operations.
|
|
-
|
Increase in selling, general and administrative expenses of $519 and $198 in the third and fourth quarter, respectively, relating to errors in accounting for bad debt expense in our environmental segment’s European operations.
|
|
-
|
Increase in sales of $597 in the first quarter in our oilfield services segment’s Malaysian operations largely relating to errors in accounting for revenues.
|
|
-
|
Reduction to tax expense of $482 and $1,399 in the first and third quarter, respectively, resulting from inaccuracies in the accounting for income tax expense in our domestic and international operations.
|
|
-
|
The errors increased (decreased) net income attributable to AMCOL shareholders by $848, $(606), $106, $(938) in the first, second, third and fourth quarter, respectively.
|
|
-
|
The errors increased (decreased) diluted earnings per share attributable to AMCOL shareholders by $0.03, ($0.02), $0.01, and ($0.03) per share in the first, second, third and fourth quarterly, respectively.
|
2010 Quarters
Restated
|
||||||||||||||||
First
|
Second
|
Third
|
Fourth
|
|||||||||||||
Minerals and materials
|
$ | 94,809 | $ | 103,169 | $ | 107,038 | $ | 111,479 | ||||||||
Environmental
|
38,470 | 64,522 | 69,170 | 53,382 | ||||||||||||
Oilfield services
|
30,204 | 39,658 | 40,774 | 42,914 | ||||||||||||
Transportation
|
12,120 | 13,583 | 14,284 | 12,238 | ||||||||||||
Intersegment sales
|
(4,701 | ) | (5,535 | ) | (6,207 | ) | (5,094 | ) | ||||||||
Net sales
|
170,902 | 215,397 | 225,059 | 214,919 | ||||||||||||
Minerals and materials
|
$ | 23,169 | $ | 26,629 | $ | 24,105 | $ | 22,217 | ||||||||
Environmental
|
11,363 | 20,318 | 21,258 | 16,428 | ||||||||||||
Oilfield services
|
8,014 | 11,785 | 11,525 | 11,545 | ||||||||||||
Transportation
|
1,327 | 1,543 | 1,630 | 1,365 | ||||||||||||
Intersegment gross profit
|
- | - | - | (36 | ) | |||||||||||
Gross profit
|
43,873 | 60,275 | 58,518 | 51,519 | ||||||||||||
Minerals and materials
|
$ | 13,604 | $ | 15,963 | $ | 12,869 | $ | 11,113 | ||||||||
Environmental
|
342 | 8,339 | 8,764 | 3,002 | ||||||||||||
Oilfield services
|
1,336 | 4,569 | 3,648 | 4,101 | ||||||||||||
Transportation
|
511 | 699 | 754 | 466 | ||||||||||||
Corporate
|
(4,677 | ) | (5,848 | ) | (3,203 | ) | (7,340 | ) | ||||||||
Operating profit
|
11,116 | 23,722 | 22,832 | 11,342 | ||||||||||||
Income from continuing operations
|
$ | 6,360 | $ | 16,320 | $ | 17,126 | $ | (10,436 | ) | |||||||
Income (loss) on discontinued operations
|
$ | (519 | ) | $ | (140 | ) | $ | (132 | ) | $ | (96 | ) | ||||
Net income
|
$ | 5,841 | $ | 16,180 | $ | 16,994 | $ | (10,532 | ) | |||||||
Net income (loss) attributable to noncontrolling interests
|
$ | (354 | ) | $ | (4 | ) | $ | (155 | ) | $ | (239 | ) | ||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 6,195 | $ | 16,184 | $ | 17,149 | $ | (10,293 | ) | |||||||
Basic earnings per share attributable to AMCOL shareholders (A)
|
$ | 0.20 | $ | 0.52 | $ | 0.55 | $ | (0.33 | ) | |||||||
Diluted earnings per share attributable to AMCOL shareholders (A)
|
$ | 0.20 | $ | 0.51 | $ | 0.54 | $ | (0.32 | ) | |||||||
|
-
|
Non-cash losses from impairments associated with two of our joint ventures of $11,705, as disclosed more fully in Note 7;
|
|
-
|
Expenses of $2,665 associated with the retirement of our retired CEO; and
|
|
-
|
Tax expenses of $3,352 associated with the recognition of valuation allowances in foreign jurisdictions.
|
|
-
|
Reduction to sales of $91 and $655 in the third and fourth quarter, respectively, in our oilfield services segment’s Malaysian operations relating to errors in accounting for revenues.
|
|
-
|
Increase/(decrease) to tax expenses of $(472), $601 and $507 in the first, third and fourth quarter, respectively, resulting from inaccuracies in the accounting for income tax expense in our domestic and international operations.
|
|
-
|
The impact of correcting the errors increased (decreased) net income attributable to AMCOL shareholders by $67, $35, $(268) and $(946) in the first, second, third and fourth quarter, respectively.
|
|
-
|
The impact of correcting the errors increased (decreased) diluted earnings per share attributable to AMCOL shareholders by ($0.01) and ($0.02) per share in the third and fourth quarter, respectively.
|
AMCOL INTERNATIONAL CORPORATION | |||
By:
|
/s/ Ryan F. McKendrick
|
||
Ryan F. McKendrick
|
|||
President and Chief Executive Officer
|
Exhibit
Number
|
||
3.1
|
Restated Certificate of Incorporation of the Company (1), as amended (2), as amended (3)
|
|
3.2
|
Bylaws of the Company as amended and restated (4), as amended (22)
|
|
4
|
Article Four of the Company’s Restated Certificate of Incorporation (1), as amended (3)
|
|
10.1
|
AMCOL International Corporation Nonqualified Deferred Compensation Plan (5)
|
|
10.2
|
AMCOL International Corporation 1998 Long-Term Incentive Plan (6), as amended* (7)
|
|
10.3
|
AMCOL International Corporation 2006 Long-Term Incentive Plan (8), as amended * (5)
|
|
10.4
|
AMCOL International Corporation Annual Cash Incentive Plan* (8)
|
|
10.5
|
AMCOL International Corporation Discretionary Cash Incentive Plan* (8)
|
|
10.6
|
AMCOL International Corporation Amended and Restated Supplementary Pension Plan for Employees* (5)
|
|
10.7
|
Employment Agreement effective as of March 25, 2009 by and between Registrant and Lawrence E. Washow* (9)
|
|
10.8
|
Employment Agreement effective as of February 2, 2009 by and between Registrant and Donald W. Pearson* (9)
|
|
10.9
|
Employment Agreement effective as of March 25, 2009 by and between Registrant and Gary Castagna* (9)
|
|
10.10
|
Employment Agreement effective as of March 25, 2009 by and between Registrant and Ryan F. McKendrick* (9)
|
|
10.11
|
A written description of compensation for the Board of Directors of the Company is set forth under the caption “Director Compensation” in the definitive Proxy Statement to be filed with the Securities and Exchange Commission and delivered to the Company’s shareholders in connection with the Annual Meeting of Shareholders held on May 5, 2011, and is hereby incorporated by reference.*
|
|
10.12
|
Credit Agreement by and among AMCOL International Corporation and Harris Trust and Savings Bank, individually and as agent, Wells Fargo Bank, N.A., Bank of America N.A. and the Northern Trust Company dated November 10, 2005 (10), as amended (11), as further amended (12), as further amended (13), as further amended (14)
|
|
10.13
|
Form of Indemnification Agreement between the Company and its directors and executive officers (4)
|
|
10.14
|
Employment Agreement effective as of January 1, 2010 by and between Registrant and Michael Johnson* (15)
|
|
10.15
|
Employment Agreement effective as of January 1, 2010 by and between Registrant and Robert Trauger* (15)
|
|
10.16
|
Form of Restricted Stock Award Agreement between Registrant and Gary Castagna and Ryan F. McKendrick* (16)
|
|
10.17
|
Note Purchase Agreement dated as of April 29, 2010 by and among the Registrant and the Lincoln National Life Insurance Company and the Lincoln Life and Annuity Company of New York (17)
|
|
10.18
|
AMCOL International Corporation 2010 Long-Term Incentive Plan* (18)
|
|
10.19
|
AMCOL International Corporation 2010 Cash Incentive Plan* (18)
|
|
10.20
|
Form of Option Award Agreement* (18)
|
|
10.21
|
Form of Annual Cash Award Agreement* (18)
|
|
10.22
|
Transition and Retirement Agreement dated as of November 19, 2010 by and between Registrant and Lawrence E. Washow* (19)
|
|
10.23
|
Performance based Restricted Stock Form Award Agreement * (20)
|
|
10.24
|
Credit Agreement dated as of January 20, 2012, by and among AMCOL International Corporation, certain wholly-owned AMCOL subsidiaries, B.M.O. Harris Bank N.A., as administrative agent, and certain other financial institutions as lenders therein (23)
|
10.25
|
Changes of Control Agreements dated March 11, 2011 by and between AMCOL International Corporation and Gary L. Castagna, Michael Johnson, Ryan F. McKendrick, Donald W. Pearson, and Robert Trauger * (21)
|
|
21
|
AMCOL International Subsidiary Listing***
|
|
Consent of Independent Registered Public Accounting Firm
|
||
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Periodic Financial Report Pursuant to 18 U.S.C. Section 1350
|
||
95.1
|
Mine Safety Disclosure***
|
|
101
|
Interactive Data File**
|
(1)
|
Exhibit is incorporated by reference to the Registrant’s Form S-3 filed with the Securities and Exchange Commission on September 15, 1993.
|
(2)
|
Exhibit is incorporated by reference to the Registrant’s Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 1995.
|
(3)
|
Exhibit is incorporated by reference to the Registrant’s Form 10-Q filed with the Securities and Exchange Commission for the quarter ended June 30, 1998.
|
(4)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed the Securities and Exchange Commission on February 13, 2009.
|
(5)
|
Exhibit is incorporated by reference to the Registrant’s Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2008.
|
(6)
|
Exhibit is incorporated by reference to the Registrant’s Form S-8 (File 333-56017) filed with the Securities and Exchange Commission on June 4, 1998.
|
(7)
|
Exhibit is incorporated by reference to the Registrant’s Form S-8 (File 333-68664) filed with the Securities and Exchange Commission on August 30, 2001.
|
(8)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on May 12, 2006.
|
(9)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on February 5, 2009.
|
(10)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on November 15, 2005.
|
(11)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on June 19, 2006.
|
(12)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on March 13, 2007.
|
(13)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed the Securities and Exchange Commission on May 23, 2008.
|
(14)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on September 23, 2009.
|
(15)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on January 5, 2010.
|
(16)
|
Exhibit is incorporated by reference to the Registrant’s Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2009.
|
(17)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on April 30, 2010.
|
(18)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on May 7, 2010.
|
(19)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on November 22, 2010.
|
(20)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on February 14, 2011.
|
(21)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on March 16, 2011.
|
(22)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on November 17, 2011.
|
(23)
|
Exhibit is incorporated by reference to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on January 23, 2012.
|
|
(1)
|
Registration Statement (Form S-8 No. 333-166613) pertaining to the AMCOL International Corporation 2010 Long-Term Incentive Plan,
|
|
(2)
|
Registration Statement (Form S-3 No. 333-161802) of AMCOL International Corporation and in the related Prospectus,
|
|
(3)
|
Registration Statement (Form S-8 No. 333-135491) pertaining to the AMCOL International Corporation 2006 Long-Term Incentive Plan,
|
|
(4)
|
Registration Statements (Form S-8 No. 333-110500, No. 333-68664, and No. 333-56017) pertaining to the AMCOL International Corporation 1998 Long-Term Incentive Plan,
|
|
(5)
|
Registration Statement (Form S-8 No. 333-00581) pertaining to the AMCOL International Corporation 1993 Stock Plan,
|
|
(6)
|
Registration Statement (Form S-8 No. 33-73348) pertaining to the AMCOL International Corporation 1987 Non-Qualified Stock Option Plan,
|
|
(7)
|
Registration Statement (Form S-8 No. 33-55540) pertaining to the AMCOL International Corporation Savings Plan,
|
/s/ Ernst & Young LLP
|
|
Chicago, Illinois
|
|
April 3, 2013
|
1.
|
I have reviewed this annual report on Form 10-K/A of AMCOL International Corporation;
|
|
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 registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant'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 registrant 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 registrant, 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 the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant'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 registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant'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 registrant'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 registrant's internal control over financial reporting.
|
Date: April 3, 2013
|
/s/ Ryan F. McKendrick
|
|
Ryan F. McKendrick
|
||
Chief Executive Officer
|
|
1.
|
I have reviewed this annual report on Form 10-K/A of AMCOL International Corporation;
|
|
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 registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant'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 registrant 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 registrant, 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 the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant'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 registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant'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 registrant'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 registrant's internal control over financial reporting.
|
Date: April 3, 2013
|
/s/ Donald W. Pearson
|
|
Donald W. Pearson
|
||
Chief Financial Officer
|
Date: April 3, 2013
|
/s/ Ryan F. McKendrick
|
|
|
Ryan F. McKendrick
|
|
|
Chief Executive Officer
|
|
|
|
|
Date: April 3, 2013
|
/s/ Donald W. Pearson
|
|
|
Donald W. Pearson
|
|
Chief Financial Officer
|
Fair Value Measurements (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of fair value instruments | The following table categorizes our fair value instruments according to the assumptions used to calculate those values at the end of each of the past two years:
|
Segment Geographic and Market Information (Details 1) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||||
Geographic information | ||||||||
Sales to unaffiliated customers shipped | $ 943,796 | [1] | $ 826,277 | [1] | $ 687,485 | [1] | ||
Operating profit from sales | 86,086 | [1] | 69,012 | [1] | 49,344 | [1] | ||
Account receivable | 204,419 | [1] | 189,772 | [1] | 147,255 | [1] | ||
Property, plant, equipment, and mineral rights and reserves | 273,568 | [1] | 271,680 | [1] | 248,351 | [1] | ||
Identifiable assets | 849,142 | [1] | 807,255 | [1] | 746,835 | [1] | ||
Americas [Member]
|
||||||||
Geographic information | ||||||||
Sales to unaffiliated customers shipped | 590,074 | [1] | 516,852 | [1] | 438,194 | [1] | ||
Operating profit from sales | 57,534 | [1] | 45,800 | [1] | 26,742 | [1] | ||
Account receivable | 112,325 | [1] | 105,979 | [1] | 76,598 | [1] | ||
Property, plant, equipment, and mineral rights and reserves | 116,020 | [1] | 107,670 | [1] | 108,405 | [1] | ||
Identifiable assets | 420,427 | [1] | 428,689 | [1] | 453,599 | [1] | ||
EMEA [Member]
|
||||||||
Geographic information | ||||||||
Sales to unaffiliated customers shipped | 220,100 | [1] | 185,591 | [1] | 167,482 | [1] | ||
Operating profit from sales | 10,236 | [1] | 5,625 | [1] | 11,848 | [1] | ||
Account receivable | 51,875 | [1] | 46,518 | [1] | 40,951 | [1] | ||
Property, plant, equipment, and mineral rights and reserves | 108,688 | [1] | 114,263 | [1] | 92,541 | [1] | ||
Identifiable assets | 289,416 | [1] | 265,459 | [1] | 211,100 | [1] | ||
Asia Pacific [Member]
|
||||||||
Geographic information | ||||||||
Sales to unaffiliated customers shipped | 133,622 | [1] | 123,834 | [1] | 81,809 | [1] | ||
Operating profit from sales | 18,316 | [1] | 17,587 | [1] | 10,754 | [1] | ||
Account receivable | 40,219 | [1] | 37,275 | [1] | 29,706 | [1] | ||
Property, plant, equipment, and mineral rights and reserves | 48,860 | [1] | 49,747 | [1] | 47,405 | [1] | ||
Identifiable assets | $ 139,299 | [1] | $ 113,107 | [1] | $ 82,136 | [1] | ||
|
Correction of Errors in Previously Reported Financial Statements (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2008
Previously reported [Member]
|
Dec. 31, 2011
Adjustments [Member]
|
Dec. 31, 2010
Adjustments [Member]
|
Dec. 31, 2009
Adjustments [Member]
|
Dec. 31, 2011
Tax [Member]
|
Dec. 31, 2008
Tax [Member]
Previously reported [Member]
|
Dec. 31, 2011
Tax [Member]
Adjustments [Member]
|
Dec. 31, 2010
Tax [Member]
Adjustments [Member]
|
Dec. 31, 2009
Tax [Member]
Adjustments [Member]
|
Dec. 31, 2011
Other [Member]
|
Dec. 31, 2008
Other [Member]
Previously reported [Member]
|
Dec. 31, 2011
Other [Member]
Adjustments [Member]
|
Dec. 31, 2010
Other [Member]
Adjustments [Member]
|
Dec. 31, 2009
Other [Member]
Adjustments [Member]
|
Dec. 31, 2011
Spain [Member]
|
Dec. 31, 2008
Spain [Member]
Previously reported [Member]
|
Dec. 31, 2011
Spain [Member]
Adjustments [Member]
|
Dec. 31, 2010
Spain [Member]
Adjustments [Member]
|
Dec. 31, 2009
Spain [Member]
Adjustments [Member]
|
Dec. 31, 2011
Poland [Member]
|
Dec. 31, 2011
Poland [Member]
Adjustments [Member]
|
Dec. 31, 2010
Poland [Member]
Adjustments [Member]
|
Dec. 31, 2011
South Africa [Member]
|
Dec. 31, 2008
South Africa [Member]
Previously reported [Member]
|
Dec. 31, 2011
South Africa [Member]
Adjustments [Member]
|
Dec. 31, 2010
South Africa [Member]
Adjustments [Member]
|
Dec. 31, 2009
South Africa [Member]
Adjustments [Member]
|
Dec. 31, 2011
Malaysia [Member]
|
Dec. 31, 2008
Malaysia [Member]
Previously reported [Member]
|
Dec. 31, 2011
Malaysia [Member]
Adjustments [Member]
|
Dec. 31, 2010
Malaysia [Member]
Adjustments [Member]
|
Dec. 31, 2009
Malaysia [Member]
Adjustments [Member]
|
Dec. 31, 2011
Dong Ming [Member]
|
Dec. 31, 2008
Dong Ming [Member]
Previously reported [Member]
|
Dec. 31, 2011
Dong Ming [Member]
Adjustments [Member]
|
Dec. 31, 2010
Dong Ming [Member]
Adjustments [Member]
|
Dec. 31, 2009
Dong Ming [Member]
Adjustments [Member]
|
|
Increase (decrease) to Net income | $ (5,300) | $ (700) | $ (600) | $ (1,200) | $ (2,800) | $ (100) | $ (500) | $ 1,500 | $ (600) | $ (500) | $ (400) | $ (400) | $ 500 | $ 500 | $ (1,000) | $ (2,500) | $ 0 | $ (1,100) | $ (600) | $ (800) | $ (1,800) | $ (1,200) | $ (300) | $ (800) | $ 0 | $ (500) | $ 0 | $ (300) | $ 300 | $ 0 | $ 700 | $ (400) | $ 0 | $ 0 | $ 200 | $ (500) | $ 200 | $ 100 |
Goodwill and Intangible Assets (Details Textual) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Goodwill and Intangible Assets (Textual) [Abstract] | |||
Weighted average amortization period of intangible assets with finite lives | 11 years | ||
Amortization expense of intangible assets | $ 4,522 | $ 5,056 | $ 6,916 |
Segment Geographic and Market Information (Details 2) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||||
Net sales by product line | ||||||||
Sales Revenue, Net | $ 943,796 | [1] | $ 826,277 | [1] | $ 687,485 | [1] | ||
Metalcasting [Member]
|
||||||||
Net sales by product line | ||||||||
Sales Revenue, Net | 251,546 | [1] | 196,663 | [1] | 139,949 | [1] | ||
Oilfield Services [Member]
|
||||||||
Net sales by product line | ||||||||
Sales Revenue, Net | 194,735 | [1] | 153,550 | [1] | 119,821 | [1] | ||
Specialty Materials [Member]
|
||||||||
Net sales by product line | ||||||||
Sales Revenue, Net | 105,789 | [1] | 107,287 | [1] | 98,097 | [1] | ||
Lining Technologies [Member]
|
||||||||
Net sales by product line | ||||||||
Sales Revenue, Net | 104,220 | [1] | 110,806 | [1] | 102,419 | [1] | ||
Building Materials [Member]
|
||||||||
Net sales by product line | ||||||||
Sales Revenue, Net | 80,686 | [1] | 58,860 | [1] | 55,823 | [1] | ||
Pet Products [Member]
|
||||||||
Net sales by product line | ||||||||
Sales Revenue, Net | 56,133 | [1] | 61,971 | [1] | 66,441 | [1] | ||
Basic Minerals [Member]
|
||||||||
Net sales by product line | ||||||||
Sales Revenue, Net | 55,088 | [1] | 49,199 | [1] | 27,901 | [1] | ||
Contracting Services [Member]
|
||||||||
Net sales by product line | ||||||||
Sales Revenue, Net | 36,027 | [1] | 30,968 | [1] | 25,426 | [1] | ||
Drilling Products [Member]
|
||||||||
Net sales by product line | ||||||||
Sales Revenue, Net | 31,385 | [1] | 26,285 | [1] | 22,727 | [1] | ||
Transportation [Member]
|
||||||||
Net sales by product line | ||||||||
Sales Revenue, Net | 54,113 | [1] | 52,225 | [1] | 46,642 | [1] | ||
Intersegment Shipping Revenue [Member]
|
||||||||
Net sales by product line | ||||||||
Sales Revenue, Net | $ (25,926) | [1] | $ (21,537) | [1] | $ (17,761) | [1] | ||
|
Income Taxes (Details 5) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||||
Activity related to unrecognized tax benefits | ||||||||
Balance at beginning of the year | $ 810 | [1] | $ 705 | [1] | $ 5,146 | [1] | ||
Increases related to prior year tax positions | 0 | [1] | 105 | [1] | 120 | [1] | ||
Increases related to current year tax positions | 0 | [1] | 0 | [1] | 319 | [1] | ||
Decreases related to the expiration of statue of limitation / settlement of audits | (810) | [1] | 0 | [1] | (4,880) | [1] | ||
Balance at the end of the year | $ 0 | [1] | $ 810 | [1] | $ 705 | [1] | ||
|
Stock Compensation Plans (Details 2) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Summary of all stock compensation plans | |||
Intrinsic value of awards exercised during the year | $ 5,085 | $ 3,899 | $ 4,352 |
Fair value of awards vested during the year | 2,431 | 3,857 | 2,760 |
Grant date fair value of awards granted during the year | $ 4,333 | $ 3,368 | $ 2,225 |
Summary of Significant Accounting Policies, (Details 1)
|
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|||||
Reconciliation between basic and diluted earnings per share | |||||||
Weighted average common shares outstanding for the year (in shares) | 31,708,949 | [1] | 31,178,813 | [1] | 30,764,282 | ||
Dilutive impact of stock equivalents (in shares) | 436,824 | 368,778 | 269,432 | ||||
Weighted average common and common equivalent shares for the year (in shares) | 32,145,773 | [1] | 31,547,591 | [1] | 31,033,714 | ||
Common shares outstanding at December 31 (in shares) | 31,728,969 | 31,032,791 | 30,773,908 | ||||
Weighted average anti-dilutive shares excluded from the computation of diluted earnings per share (in shares) | 189,768 | 470,097 | 938,546 | ||||
|
Property Plant Equipment and Mineral Rights and Reserves (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Plant Equipment and Mineral Rights and Reserves [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property plant equipment and mineral rights and reserves | Property, plant, equipment and mineral rights and reserves consisted of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Range of useful lives to depreciate plant and equipment | The range of useful lives to depreciate plant and equipment is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and depletion charged to income | Depreciation and depletion were charged to income as follows:
|
Income Taxes (Details Textual) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
Dec. 31, 2007
|
Dec. 31, 2006
|
Dec. 31, 2014
|
|
Income Taxes (Textual) [Abstract] | |||||||
Undistributed earnings from international subsidiaries | $ 113,646 | $ 121,620 | |||||
Tax holidays resulted in reductions to Income tax expense | 106 | 464 | 1,559 | ||||
Diluted earnings per share (in dollars per share) | $ 0.00 | $ 0.01 | $ 0.05 | ||||
Taxable percentage of initial manufacturing activities | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||
Percentage of income generated from tax holiday | 100.00% | 50.00% | |||||
Granted period to generate income from corporate income tax | 8 | 5 | |||||
Income tax credits | 1,793 | ||||||
Income tax carryforward period | 10 | ||||||
Foreign and state net operating loss carryovers | $ 3,345 |
Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||||
Income tax expense (benefit) | ||||||||
Continuing operations | $ 20,786 | [1] | $ 20,302 | [1] | $ 5,363 | [1] | ||
Discontinued operations | (597) | (735) | 175 | |||||
Income tax expense benefit continuing and discontinue operations | $ 20,189 | $ 19,567 | $ 5,538 | |||||
|
Balance Sheet Related Information (Details) (Allowance For Doubtful Accounts [Member], As Restated [Member], USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Allowance For Doubtful Accounts [Member] | As Restated [Member]
|
|||
Allowance for doubtful accounts | |||
Balance at the beginning of the year | $ 6,635 | $ 6,334 | $ 5,896 |
Charged to expense (income) | 3,648 | 2,429 | 3,138 |
Write-offs and currency translation adjustments | (2,737) | (2,128) | (2,700) |
Balance at the end of the year | $ 7,546 | $ 6,635 | $ 6,334 |
Quarterly Results (Unaudited) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
Scenario As Restated [Member]
|
Sep. 30, 2011
Scenario As Restated [Member]
|
Jun. 30, 2011
Scenario As Restated [Member]
|
Mar. 31, 2011
Scenario As Restated [Member]
|
Dec. 31, 2010
Scenario As Restated [Member]
|
Sep. 30, 2010
Scenario As Restated [Member]
|
Jun. 30, 2010
Scenario As Restated [Member]
|
Mar. 31, 2010
Scenario As Restated [Member]
|
Dec. 31, 2011
AMCOL Shareholders [Member]
|
Dec. 31, 2010
AMCOL Shareholders [Member]
|
Dec. 31, 2009
AMCOL Shareholders [Member]
|
Dec. 31, 2011
AMCOL Shareholders [Member]
Scenario As Restated [Member]
|
Sep. 30, 2011
AMCOL Shareholders [Member]
Scenario As Restated [Member]
|
Jun. 30, 2011
AMCOL Shareholders [Member]
Scenario As Restated [Member]
|
Mar. 31, 2011
AMCOL Shareholders [Member]
Scenario As Restated [Member]
|
Dec. 31, 2010
AMCOL Shareholders [Member]
Scenario As Restated [Member]
|
Sep. 30, 2010
AMCOL Shareholders [Member]
Scenario As Restated [Member]
|
Jun. 30, 2010
AMCOL Shareholders [Member]
Scenario As Restated [Member]
|
Mar. 31, 2010
AMCOL Shareholders [Member]
Scenario As Restated [Member]
|
Dec. 31, 2011
Minerals and Materials [Member]
|
Dec. 31, 2010
Minerals and Materials [Member]
|
Dec. 31, 2009
Minerals and Materials [Member]
|
Dec. 31, 2011
Minerals and Materials [Member]
Scenario As Restated [Member]
|
Sep. 30, 2011
Minerals and Materials [Member]
Scenario As Restated [Member]
|
Jun. 30, 2011
Minerals and Materials [Member]
Scenario As Restated [Member]
|
Mar. 31, 2011
Minerals and Materials [Member]
Scenario As Restated [Member]
|
Dec. 31, 2010
Minerals and Materials [Member]
Scenario As Restated [Member]
|
Sep. 30, 2010
Minerals and Materials [Member]
Scenario As Restated [Member]
|
Jun. 30, 2010
Minerals and Materials [Member]
Scenario As Restated [Member]
|
Mar. 31, 2010
Minerals and Materials [Member]
Scenario As Restated [Member]
|
Dec. 31, 2011
Environmental [Member]
|
Dec. 31, 2010
Environmental [Member]
|
Dec. 31, 2009
Environmental [Member]
|
Dec. 31, 2011
Environmental [Member]
Scenario As Restated [Member]
|
Sep. 30, 2011
Environmental [Member]
Scenario As Restated [Member]
|
Jun. 30, 2011
Environmental [Member]
Scenario As Restated [Member]
|
Mar. 31, 2011
Environmental [Member]
Scenario As Restated [Member]
|
Dec. 31, 2010
Environmental [Member]
Scenario As Restated [Member]
|
Sep. 30, 2010
Environmental [Member]
Scenario As Restated [Member]
|
Jun. 30, 2010
Environmental [Member]
Scenario As Restated [Member]
|
Mar. 31, 2010
Environmental [Member]
Scenario As Restated [Member]
|
Dec. 31, 2011
Oilfield Services [Member]
|
Dec. 31, 2010
Oilfield Services [Member]
|
Dec. 31, 2009
Oilfield Services [Member]
|
Dec. 31, 2011
Oilfield Services [Member]
Scenario As Restated [Member]
|
Sep. 30, 2011
Oilfield Services [Member]
Scenario As Restated [Member]
|
Jun. 30, 2011
Oilfield Services [Member]
Scenario As Restated [Member]
|
Mar. 31, 2011
Oilfield Services [Member]
Scenario As Restated [Member]
|
Dec. 31, 2010
Oilfield Services [Member]
Scenario As Restated [Member]
|
Sep. 30, 2010
Oilfield Services [Member]
Scenario As Restated [Member]
|
Jun. 30, 2010
Oilfield Services [Member]
Scenario As Restated [Member]
|
Mar. 31, 2010
Oilfield Services [Member]
Scenario As Restated [Member]
|
Dec. 31, 2011
Transportation [Member]
|
Dec. 31, 2010
Transportation [Member]
|
Dec. 31, 2009
Transportation [Member]
|
Dec. 31, 2011
Transportation [Member]
Scenario As Restated [Member]
|
Sep. 30, 2011
Transportation [Member]
Scenario As Restated [Member]
|
Jun. 30, 2011
Transportation [Member]
Scenario As Restated [Member]
|
Mar. 31, 2011
Transportation [Member]
Scenario As Restated [Member]
|
Dec. 31, 2010
Transportation [Member]
Scenario As Restated [Member]
|
Sep. 30, 2010
Transportation [Member]
Scenario As Restated [Member]
|
Jun. 30, 2010
Transportation [Member]
Scenario As Restated [Member]
|
Mar. 31, 2010
Transportation [Member]
Scenario As Restated [Member]
|
Dec. 31, 2011
Intersegment Sales/gross profit [Member]
|
Dec. 31, 2010
Intersegment Sales/gross profit [Member]
|
Dec. 31, 2009
Intersegment Sales/gross profit [Member]
|
Dec. 31, 2011
Intersegment Sales/gross profit [Member]
Scenario As Restated [Member]
|
Sep. 30, 2011
Intersegment Sales/gross profit [Member]
Scenario As Restated [Member]
|
Jun. 30, 2011
Intersegment Sales/gross profit [Member]
Scenario As Restated [Member]
|
Mar. 31, 2011
Intersegment Sales/gross profit [Member]
Scenario As Restated [Member]
|
Dec. 31, 2010
Intersegment Sales/gross profit [Member]
Scenario As Restated [Member]
|
Sep. 30, 2010
Intersegment Sales/gross profit [Member]
Scenario As Restated [Member]
|
Jun. 30, 2010
Intersegment Sales/gross profit [Member]
Scenario As Restated [Member]
|
Mar. 31, 2010
Intersegment Sales/gross profit [Member]
Scenario As Restated [Member]
|
Dec. 31, 2011
Corporate [Member]
|
Dec. 31, 2010
Corporate [Member]
|
Dec. 31, 2009
Corporate [Member]
|
Dec. 31, 2011
Corporate [Member]
Scenario As Restated [Member]
|
Sep. 30, 2011
Corporate [Member]
Scenario As Restated [Member]
|
Jun. 30, 2011
Corporate [Member]
Scenario As Restated [Member]
|
Mar. 31, 2011
Corporate [Member]
Scenario As Restated [Member]
|
Dec. 31, 2010
Corporate [Member]
Scenario As Restated [Member]
|
Sep. 30, 2010
Corporate [Member]
Scenario As Restated [Member]
|
Jun. 30, 2010
Corporate [Member]
Scenario As Restated [Member]
|
Mar. 31, 2010
Corporate [Member]
Scenario As Restated [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Quarterly Results | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ 943,796 | [1] | $ 826,277 | [1] | $ 687,485 | [1] | $ 234,133 | [1] | $ 247,917 | [1] | $ 243,097 | [1] | $ 218,649 | [1] | $ 214,919 | [1] | $ 225,059 | [1] | $ 215,397 | [1] | $ 170,902 | [1] | $ 476,700 | [1] | $ 416,495 | [1] | $ 336,272 | [1] | $ 120,326 | [1] | $ 122,209 | [1] | $ 118,237 | [1] | $ 115,928 | [1] | $ 111,479 | [1] | $ 107,038 | [1] | $ 103,169 | [1] | $ 94,809 | [1] | $ 251,907 | [1] | $ 225,544 | [1] | $ 202,511 | [1] | $ 54,394 | [1] | $ 70,999 | [1] | $ 74,831 | [1] | $ 51,683 | [1] | $ 53,382 | [1] | $ 69,170 | [1] | $ 64,522 | [1] | $ 38,470 | [1] | $ 194,735 | [1] | $ 153,550 | [1] | $ 119,821 | [1] | $ 53,876 | [1] | $ 50,175 | [1] | $ 45,104 | [1] | $ 45,580 | [1] | $ 42,914 | [1] | $ 40,774 | [1] | $ 39,658 | [1] | $ 30,204 | [1] | $ 54,113 | [1] | $ 52,225 | [1] | $ 46,642 | [1] | $ 11,782 | [1] | $ 14,877 | [1] | $ 14,780 | [1] | $ 12,674 | [1] | $ 12,238 | [1] | $ 14,284 | [1] | $ 13,583 | [1] | $ 12,120 | [1] | $ (33,659) | [1] | $ (21,537) | [1] | $ (17,761) | [1] | $ (6,245) | [1] | $ (10,343) | [1] | $ (9,855) | [1] | $ (7,216) | [1] | $ (5,094) | [1] | $ (6,207) | [1] | $ (5,535) | [1] | $ (4,701) | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 252,317 | [1] | 214,185 | [1] | 184,291 | [1] | 62,209 | [1] | 70,352 | [1] | 61,861 | [1] | 57,895 | [1] | 51,519 | [1] | 58,518 | [1] | 60,275 | [1] | 43,873 | [1] | 30,730 | [1] | 31,555 | [1] | 26,156 | [1] | 28,090 | [1] | 22,217 | [1] | 24,105 | [1] | 26,629 | [1] | 23,169 | [1] | 14,597 | [1] | 21,845 | [1] | 22,210 | [1] | 15,273 | [1] | 16,428 | [1] | 21,258 | [1] | 20,318 | [1] | 11,363 | [1] | 15,348 | [1] | 15,377 | [1] | 11,733 | [1] | 13,499 | [1] | 11,545 | [1] | 11,525 | [1] | 11,785 | [1] | 8,014 | [1] | 1,323 | [1] | 1,775 | [1] | 1,640 | [1] | 1,403 | [1] | 1,365 | [1] | 1,630 | [1] | 1,543 | [1] | 1,327 | [1] | 211 | [1] | (200) | [1] | 122 | [1] | (370) | [1] | (36) | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | 86,086 | [1] | 69,012 | [1] | 49,344 | [1] | 20,383 | [1] | 25,815 | [1] | 20,905 | [1] | 18,983 | [1] | 11,342 | [1] | 22,832 | [1] | 23,722 | [1] | 11,116 | [1] | 67,144 | [1] | 53,549 | [1] | 33,693 | [1] | 18,089 | [1] | 19,515 | [1] | 13,440 | [1] | 16,100 | [1] | 11,113 | [1] | 12,869 | [1] | 15,963 | [1] | 13,604 | [1] | 17,349 | [1] | 20,447 | [1] | 23,924 | [1] | 556 | [1] | 6,994 | [1] | 7,985 | [1] | 1,814 | [1] | 3,002 | [1] | 8,764 | [1] | 8,339 | [1] | 342 | [1] | 21,226 | [1] | 13,654 | [1] | 12,261 | [1] | 6,041 | [1] | 5,787 | [1] | 3,691 | [1] | 5,707 | [1] | 4,101 | [1] | 3,648 | [1] | 4,569 | [1] | 1,336 | [1] | 2,241 | [1] | 2,430 | [1] | 2,163 | [1] | 321 | [1] | 770 | [1] | 685 | [1] | 465 | [1] | 466 | [1] | 754 | [1] | 699 | [1] | 511 | [1] | (21,874) | [1] | (21,068) | [1] | (22,697) | [1] | (4,624) | [1] | (7,251) | [1] | (4,896) | [1] | (5,103) | [1] | (7,340) | [1] | (3,203) | [1] | (5,848) | [1] | (4,677) | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | 59,698 | [1] | 29,370 | [1] | 31,678 | [1] | 12,818 | [1] | 20,792 | [1] | 12,925 | [1] | 13,163 | [1] | (10,436) | [1] | 17,126 | [1] | 16,320 | [1] | 6,360 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) on discontinued operations | (1,162) | [1] | (887) | [1] | 259 | [1] | 0 | [1] | (1,267) | [1] | 192 | [1] | (87) | [1] | (96) | [1] | (132) | [1] | (140) | [1] | (519) | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 58,536 | [1] | 28,483 | [1] | 31,937 | [1] | 12,818 | [1] | 19,525 | [1] | 13,117 | [1] | 13,076 | [1] | (10,532) | [1] | 16,994 | [1] | 16,180 | [1] | 5,841 | [1] | 58,521 | [1] | 29,235 | [1] | 32,042 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 15 | [1] | (752) | [1] | (105) | [1] | 60 | [1] | (6) | [1] | (32) | [1] | (7) | [1] | (239) | [1] | (155) | [1] | (4) | [1] | (354) | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to AMCOL shareholders | $ 58,521 | [1] | $ 29,235 | [1] | $ 32,042 | [1] | $ 58,521 | [1] | $ 12,758 | [1] | $ 19,531 | [1] | $ 13,149 | [1] | $ 13,083 | [1] | $ (10,293) | [1] | $ 17,149 | [1] | $ 16,184 | [1] | $ 6,195 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share attributable to AMCOL shareholders (in dollars per share) | $ 1.84 | [1] | $ 0.94 | [1] | $ 1.04 | [1] | $ 0.40 | [1],[2] | $ 0.61 | [1],[2] | $ 0.41 | [1],[2] | $ 0.42 | [1],[2] | $ (0.33) | [1],[2] | $ 0.55 | [1],[2] | $ 0.52 | [1],[2] | $ 0.20 | [1],[2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share attributable to AMCOL shareholders (in dollars per share) | $ 1.82 | [1] | $ 0.93 | [1] | $ 1.03 | [1] | $ 0.40 | [1],[2] | $ 0.61 | [1],[2] | $ 0.41 | [1],[2] | $ 0.41 | [1],[2] | $ (0.32) | [1],[2] | $ 0.54 | [1],[2] | $ 0.51 | [1],[2] | $ 0.20 | [1],[2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Income Taxes (Details 3) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
||||
---|---|---|---|---|---|---|
Deferred tax assets attributable to: | ||||||
Accounts receivable | $ 1,107 | [1] | $ 1,345 | [1] | ||
Inventories | 1,701 | [1] | 2,513 | [1] | ||
Employee benefit plans | 25,638 | [1] | 19,070 | [1] | ||
Accrued liabilities | 534 | [1] | 763 | [1] | ||
Employee incentive plans | 1,305 | [1] | 0 | [1] | ||
Tax credit carryforwards | 7,208 | [1] | 3,029 | [1] | ||
Available-for-sale securities | 2,759 | [1] | 0 | [1] | ||
Other | 734 | [1] | 6,265 | [1] | ||
Total deferred tax assets | 40,986 | [1] | 32,985 | [1] | ||
Deferred tax liabilities attributable to: | ||||||
Plant and equipment | (17,593) | [1] | (10,910) | [1] | ||
Land and mineral reserves | (13,492) | [1] | (16,774) | [1] | ||
Joint ventures | (1,797) | [1] | (1,541) | [1] | ||
Intangible assets | (1,692) | [1] | (694) | [1] | ||
Available-for-sale securities | (1,035) | [1] | ||||
Other | (550) | [1] | 0 | [1] | ||
Total deferred tax liabilities | (35,124) | [1] | (30,954) | [1] | ||
Valuation allowances | (6,750) | [1] | (3,932) | [1] | ||
Net deferred tax assets | $ (888) | [1] | $ (1,901) | [1] | ||
|
Derivative Instruments and Hedging Activities (Details Textual) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Foreign Exchange Derivative Instruments [Member]
|
||
Derivative Instruments and Hedging Activities (Textual) [Abstract] | ||
Debt instrument outstanding | $ 0 | $ 0 |
Senior Notes [Member] | Interest rate swaps [Member]
|
||
Derivative Instruments and Hedging Activities (Textual) [Abstract] | ||
Debt instrument outstanding | 30,000 | 30,000 |
Interest Rate | 5.60% | 5.60% |
Borrowings [Member] | Interest rate swaps [Member]
|
||
Derivative Instruments and Hedging Activities (Textual) [Abstract] | ||
Debt instrument outstanding | $ 33,000 | $ 33,000 |
Interest Rate | 3.30% | 3.30% |
Long-Term Debt (Details1) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
---|---|
Maturities of long-term debt outstanding | |
2012 | $ 738 |
2013 | 680 |
2014 | 279 |
2015 | 33 |
2016 | 3 |
Thereafter | 259,675 |
Revolving Credit Agreement [Member]
|
|
Maturities of long-term debt outstanding | |
2012 | 0 |
2013 | 0 |
2014 | 0 |
2015 | 0 |
2016 | 0 |
Thereafter | 120,906 |
Senior Notes [Member]
|
|
Maturities of long-term debt outstanding | |
2012 | 0 |
2013 | 0 |
2014 | 0 |
2015 | 0 |
2016 | 0 |
Thereafter | 125,000 |
Industrial revenue bond and other notes payable [Member]
|
|
Maturities of long-term debt outstanding | |
2012 | 738 |
2013 | 680 |
2014 | 279 |
2015 | 33 |
2016 | 3 |
Thereafter | $ 13,769 |
Fair Value Measurements (Details) (Fair Value Measurements Recurring [Member], USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Interest rate swaps [Member]
|
||
Summary of fair value instruments | ||
Interest rate swaps | $ (9,039) | $ (6,666) |
Interest rate swaps [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||
Summary of fair value instruments | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||
Summary of fair value instruments | ||
Interest rate swaps | (9,039) | (6,666) |
Interest rate swaps [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||
Summary of fair value instruments | ||
Interest rate swaps | 0 | 0 |
Available-for-sale Securities [Member]
|
||
Summary of fair value instruments | ||
Available-for-sale securities | 3,802 | 14,168 |
Available-for-sale Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||
Summary of fair value instruments | ||
Available-for-sale securities | 3,802 | 14,168 |
Available-for-sale Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||
Summary of fair value instruments | ||
Available-for-sale securities | 0 | 0 |
Available-for-sale Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||
Summary of fair value instruments | ||
Available-for-sale securities | 0 | 0 |
Deferred compensation plan assets [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 7,973 | 8,358 |
Deferred compensation plan assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 0 | 0 |
Deferred compensation plan assets [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 7,973 | 8,358 |
Deferred compensation plan assets [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 0 | 0 |
Supplementary pension plan assets [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 7,632 | 7,676 |
Supplementary pension plan assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 0 | 0 |
Supplementary pension plan assets [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 7,632 | 7,676 |
Supplementary pension plan assets [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Income Taxes (Details 4) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||||
Effective Income Tax Rate Reconciliation | ||||||||
Provision for income taxes at U.S. statutory rates | $ 26,337 | [1] | $ 21,234 | [1] | $ 12,962 | [1] | ||
Percentage of provision for income taxes at U.S. statutory rates (in hundredths) | 35.00% | [1] | 35.00% | [1] | 35.00% | [1] | ||
Increase (decrease) in taxes resulting from: | ||||||||
Percentage depletion | (4,900) | [1] | (3,870) | [1] | (3,257) | [1] | ||
Percent of pretax income, Percentage depletion (in hundredths) | (6.50%) | [1] | (6.40%) | [1] | (8.80%) | [1] | ||
State taxes, net of federal benefit | 2,185 | [1] | 1,546 | [1] | 754 | [1] | ||
Percent of pretax income, State taxes, net of federal benefit (in hundredths) | 2.90% | [1] | 2.60% | [1] | 2.00% | [1] | ||
Foreign tax rates | (1,045) | [1] | (924) | [1] | (4,356) | [1] | ||
Percent of pretax income, Foreign tax rates (in hundredths) | (1.40%) | [1] | (1.50%) | [1] | (11.70%) | [1] | ||
Change in reserve for tax uncertainties | (710) | [1] | 64 | [1] | (2,741) | [1] | ||
Percent of pretax income, Change in reserve for tax uncertainties (in hundredths) | (0.90%) | [1] | 0.10% | [1] | (7.40%) | [1] | ||
Audit settlement | (118) | [1] | 0 | [1] | 2,083 | [1] | ||
Percent of pretax income, Audit settlement (in hundredths) | (0.10%) | [1] | 0.00% | [1] | 5.60% | [1] | ||
Discrete items related to foreign tax filings | (210) | [1] | 178 | [1] | 0 | [1] | ||
Percent of pretax income, Discrete items related to foreign tax filings (in hundredths) | (0.30%) | [1] | 0.30% | [1] | 0.00% | [1] | ||
Foreign tax credits | (2,359) | [1] | (2,178) | [1] | (879) | [1] | ||
Percent of pretax income, Foreign tax credits (in hundredths) | (3.10%) | [1] | (3.60%) | [1] | (2.40%) | [1] | ||
Changes to valuation allowance | (216) | [1] | 3,354 | [1] | 28 | [1] | ||
Percent of pretax income, Changes to valuation allowance (in hundredths) | (0.30%) | [1] | 5.60% | [1] | 0.10% | [1] | ||
Tax from foreign disregarded entities | 262 | [1] | 1,358 | [1] | 142 | [1] | ||
Percent of pretax income, Tax from foreign disregarded entities (in hundredths) | 0.30% | [1] | 2.20% | [1] | 0.40% | [1] | ||
Other | 1,560 | [1] | (460) | [1] | 627 | [1] | ||
Percent of pretax income, Other (in hundredths) | 2.00% | [1] | (0.80%) | [1] | 1.70% | [1] | ||
Income Tax Expense (Benefit), Continuing Operations, Total | $ 20,786 | [1] | $ 20,302 | [1] | $ 5,363 | [1] | ||
Percent of pretax income, Effective tax rates related to income from continuing operations before income taxes (in hundredths) | 27.60% | [1] | 33.50% | [1] | 14.50% | [1] | ||
|
Equity Investees (Details)
|
Dec. 31, 2011
|
---|---|
Ashapura Volclay Limited [Member]
|
|
Equity method investments in and advances to affiliates and joint ventures | |
Ownership interest (in hundredths) | 50.00% |
CETCO-Bentonit Uniao Technologias Ambientais Ltda. [Member]
|
|
Equity method investments in and advances to affiliates and joint ventures | |
Ownership interest (in hundredths) | 50.00% |
Egypt Mining & Drilling Co. and Egypt Bentonite & Derivatives Co. [Member]
|
|
Equity method investments in and advances to affiliates and joint ventures | |
Ownership interest (in hundredths) | 31.00% |
Egypt Nano Technologies Co. [Member]
|
|
Equity method investments in and advances to affiliates and joint ventures | |
Ownership interest (in hundredths) | 27.00% |
Maprid Tech Cast, S.A. de C.V. [Member]
|
|
Equity method investments in and advances to affiliates and joint ventures | |
Ownership interest (in hundredths) | 49.00% |
Volclay de Mexico, S.A. de C.V. [Member]
|
|
Equity method investments in and advances to affiliates and joint ventures | |
Ownership interest (in hundredths) | 49.00% |
Volclay Japan Co., Ltd. [Member]
|
|
Equity method investments in and advances to affiliates and joint ventures | |
Ownership interest (in hundredths) | 50.00% |
Stock Compensation Plans
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Stock Compensation Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation Plans |
We provide compensation to certain employees using stock based awards. For purposes of calculating compensation cost, we estimate the fair value of each award on the date of grant using the Black-Scholes option-pricing model. We used the following assumptions in calculating the fair value of awards granted in each of the following years:
1998 Long-Term Incentive Plan This plan provides for the award of incentive stock options, nonqualified stock options, restricted stock, stock appreciation rights and phantom stock. We reserved 3,900,000 shares of our common stock for issuance to our officers, directors and key employees. Different terms and conditions apply to each form of award made under the plan. Awards granted since 2003 vest ratably over a three year period and expire six years after the date of grant, except in the event of termination, retirement or death of the optionee or a change in control of the Company. Options awarded under this plan prior to 2003 generally vest 40% after two years and continue to vest at the rate of 20% per year for each year thereafter until they are fully vested. These options are exercisable as they vest and expire 10 years after the date of grant, except in the event of termination, retirement or death of the optionee or a change in control of the Company. Changes in options outstanding are summarized as follows:
2006 Long-Term Incentive Plan
Our AMCOL International Corporation 2006 Long-Term Incentive Plan permits a total of 1,500,000 shares of AMCOL common stock to be awarded to eligible directors and employees through the use of nonqualified stock options, incentive stock options, restricted stock or restricted stock units, and stock appreciation rights. Different terms and conditions apply to each form of award made under the plan. Awards granted prior to 2009 have a six year life from the date of grant and vest ratably over a three year period from the date of grant. Awards granted in 2009 have a ten year life from the date of grant and vest ratably over a three year period from the date of the grant. No awards could be made pursuant to this plan after May 2010 when the AMCOL International Corporation 2010 Long-Term Incentive Plan was adopted as discussed later herein. 2010 Long-Term Incentive Plan
On May 6, 2010, our shareholders approved the AMCOL International Corporation 2010 Long-Term Incentive Plan. This plan permits a total of 2,000,000 shares of AMCOL common stock to be awarded to eligible directors and employees through the use of nonqualified stock options, incentive stock options, restricted stock or restricted stock units, and stock appreciation rights. Different terms and conditions apply to each form of award under the plan. Awards granted under this plan have a ten year life from the date of grant and vest ratably over a three year period from the date of the grant. At any time, the Board of Directors may amend the plan, which automatically expires on May 7, 2020. All Stock Compensation Plans
The following table summarizes information about stock compensation awards outstanding and exercisable at December 31, 2011:
The following table summarizes information about our nonvested stock compensation awards outstanding:
Restricted Stock Awards The tables above exclude the impact of all restricted stock awards. Restricted stock awards are subject to performance conditions established by the Compensation Committee of the Board of Directors. The cost of these awards, determined to be the fair market value of the shares at the date of the grant, is expensed ratably over the performance period. In February 2011, we granted 75,000 shares of performance based restricted stock to our executive officers pursuant to our 2010 Long-Term Incentive Plan. These restricted stock awards have a grant date fair value of $30.66 per share, and vest ratably over a three-year period from grant date, provided that the Company, or certain reporting segments, meet certain established performance targets. One-third of these shares vested in February 2012, as the performance targets were met. In 2009, we granted 40,000 shares of performance based restricted stock to our executive officers pursuant to our 2006 Long-Term Incentive Plan. These restricted awards have a grant date fair value of $28.42 per share, and will vest 100% in December 2012, if certain established performance targets are met. |
Correction of Errors in Previously Reported Financial Statements, (Details 2) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
||||||
---|---|---|---|---|---|---|---|---|---|---|
Current assets: | ||||||||||
Cash and cash equivalents | $ 24,116 | [1] | $ 26,808 | [1] | $ 27,669 | [1] | $ 19,441 | [1] | ||
Accounts receivable, net | 204,419 | [1] | 189,772 | [1] | 147,255 | [1] | ||||
Inventories | 144,310 | [1] | 105,284 | [1] | ||||||
Prepaid expenses | 15,220 | [1] | 12,992 | [1] | ||||||
Deferred income taxes | 4,099 | [1] | 5,533 | [1] | ||||||
Income tax receivable | 8,215 | [1] | 8,474 | [1] | ||||||
Other | 6,096 | [1] | 6,211 | [1] | ||||||
Total current assets | 406,475 | [1] | 355,074 | [1] | ||||||
Property, plant, equipment, and mineral rights and reserves: | ||||||||||
Land | 12,103 | [1] | 10,875 | [1] | ||||||
Mineral rights | 52,482 | [1] | 65,018 | [1] | ||||||
Depreciable assets | 484,753 | [1] | 452,647 | [1] | ||||||
Gross property, plant and equipment | 549,338 | [1] | 528,540 | [1] | ||||||
Less: accumulated depreciation and depletion | 275,770 | [1] | 256,860 | [1] | ||||||
Net property, plant and equipment | 273,568 | [1] | 271,680 | [1] | 248,351 | [1] | ||||
Goodwill | 69,509 | [1] | 70,909 | [1] | 71,156 | |||||
Intangible assets, net | 36,871 | [1] | 41,869 | [1] | ||||||
Investment in and advances to affiliates and joint ventures | 26,407 | [1] | 20,904 | [1] | ||||||
Available-for-sale securities | 3,802 | [1] | 14,168 | [1] | ||||||
Deferred income taxes | 8,098 | [1] | 9,147 | [1] | ||||||
Other assets | 24,412 | [1] | 23,504 | [1] | ||||||
Total noncurrent assets | 442,667 | [1] | 452,181 | [1] | ||||||
Total Assets | 849,142 | [1] | 807,255 | [1] | 746,835 | [1] | ||||
Current liabilities: | ||||||||||
Accounts payable | 56,451 | [1] | 51,394 | [1] | ||||||
Accrued income taxes | 2,296 | [1] | 5,308 | [1] | ||||||
Accrued liabilities | 59,252 | [1] | 55,786 | [1] | ||||||
Total current liabilities | 117,999 | [1] | 112,488 | [1] | ||||||
Noncurrent liabilities: | ||||||||||
Long-term debt | 260,670 | [1] | 235,668 | [1] | ||||||
Pension liabilities | 34,840 | [1] | 21,338 | [1] | ||||||
Deferred compensation | 8,927 | [1] | 9,006 | [1] | ||||||
Deferred income taxes | 12,672 | [1] | 16,254 | [1] | ||||||
Other long-term liabilities | 19,148 | [1] | 18,442 | [1] | ||||||
Total noncurrent liabilities | 336,257 | [1] | 300,708 | [1] | ||||||
Shareholders' Equity: | ||||||||||
Common stock | 320 | [1] | 320 | [1] | ||||||
Additional paid in capital | 94,316 | [1] | 95,074 | [1] | ||||||
Retained earnings | 314,278 | [1] | 278,519 | [1] | ||||||
Accumulated other comprehensive income (loss) | (14,719) | [1] | 28,740 | [1] | ||||||
Less: Treasury stock | 3,426 | [1] | 8,945 | [1] | ||||||
Total AMCOL shareholders' equity | 390,769 | [1] | 393,708 | [1] | ||||||
Noncontrolling interest | 4,117 | [1] | 351 | [1] | ||||||
Total equity | 394,886 | [1] | 394,059 | [1] | 375,539 | [1] | 328,355 | |||
Total Liabilities and Shareholders' Equity | 849,142 | [1] | 807,255 | [1] | ||||||
Previously reported [Member]
|
||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 23,700 | 27,300 | 27,700 | |||||||
Accounts receivable, net | 206,800 | 194,000 | ||||||||
Inventories | 146,600 | 107,500 | ||||||||
Prepaid expenses | 15,700 | 12,600 | ||||||||
Deferred income taxes | 5,900 | 5,500 | ||||||||
Income tax receivable | 6,900 | 8,500 | ||||||||
Other | 6,700 | 6,200 | ||||||||
Total current assets | 412,300 | 361,600 | ||||||||
Property, plant, equipment, and mineral rights and reserves: | ||||||||||
Land | 13,900 | 11,600 | ||||||||
Mineral rights | 41,900 | 51,400 | ||||||||
Depreciable assets | 482,300 | 454,400 | ||||||||
Gross property, plant and equipment | 538,100 | 517,400 | ||||||||
Less: accumulated depreciation and depletion | 275,500 | 256,900 | ||||||||
Net property, plant and equipment | 262,600 | 260,500 | ||||||||
Goodwill | 69,500 | 70,900 | ||||||||
Intangible assets, net | 36,600 | 42,600 | ||||||||
Investment in and advances to affiliates and joint ventures | 26,400 | 19,000 | ||||||||
Available-for-sale securities | 3,800 | 14,200 | ||||||||
Deferred income taxes | 7,800 | 7,600 | ||||||||
Other assets | 23,700 | 22,700 | ||||||||
Total noncurrent assets | 430,400 | 437,500 | ||||||||
Total Assets | 842,700 | 799,100 | ||||||||
Current liabilities: | ||||||||||
Accounts payable | 56,400 | 53,200 | ||||||||
Accrued income taxes | 2,700 | 4,100 | ||||||||
Accrued liabilities | 59,000 | 55,200 | ||||||||
Total current liabilities | 118,100 | 112,500 | ||||||||
Noncurrent liabilities: | ||||||||||
Long-term debt | 260,700 | 236,200 | ||||||||
Pension liabilities | 34,800 | 21,300 | ||||||||
Deferred compensation | 8,900 | 8,700 | ||||||||
Deferred income taxes | 800 | 400 | ||||||||
Other long-term liabilities | 19,200 | 19,600 | ||||||||
Total noncurrent liabilities | 324,400 | 286,200 | ||||||||
Shareholders' Equity: | ||||||||||
Common stock | 300 | 300 | ||||||||
Additional paid in capital | 94,500 | 95,100 | ||||||||
Retained earnings | 319,600 | 283,200 | ||||||||
Accumulated other comprehensive income (loss) | (15,000) | 28,900 | ||||||||
Less: Treasury stock | 3,400 | 8,900 | ||||||||
Total AMCOL shareholders' equity | 396,000 | 398,600 | ||||||||
Noncontrolling interest | 4,200 | 1,800 | ||||||||
Total equity | 400,200 | 400,400 | ||||||||
Total Liabilities and Shareholders' Equity | 842,700 | 799,100 | ||||||||
Adjustments [Member]
|
||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 400 | (500) | 0 | |||||||
Accounts receivable, net | (2,400) | (4,200) | ||||||||
Inventories | (2,300) | (2,200) | ||||||||
Prepaid expenses | (500) | 400 | ||||||||
Deferred income taxes | (1,800) | |||||||||
Income tax receivable | 1,300 | |||||||||
Other | (500) | |||||||||
Total current assets | (5,800) | (6,500) | ||||||||
Property, plant, equipment, and mineral rights and reserves: | ||||||||||
Land | (1,800) | (700) | ||||||||
Mineral rights | 10,600 | 13,600 | ||||||||
Depreciable assets | 2,400 | (1,800) | ||||||||
Gross property, plant and equipment | 11,200 | 11,100 | ||||||||
Less: accumulated depreciation and depletion | 300 | 0 | ||||||||
Net property, plant and equipment | 10,900 | 11,100 | ||||||||
Intangible assets, net | 300 | (700) | ||||||||
Investment in and advances to affiliates and joint ventures | 1,900 | |||||||||
Deferred income taxes | 300 | 1,600 | ||||||||
Other assets | 700 | 800 | ||||||||
Total noncurrent assets | 12,200 | 14,700 | ||||||||
Total Assets | 6,400 | 8,200 | ||||||||
Current liabilities: | ||||||||||
Accounts payable | 100 | (1,800) | ||||||||
Accrued income taxes | (400) | 1,200 | ||||||||
Accrued liabilities | 200 | 600 | ||||||||
Total current liabilities | (100) | 0 | ||||||||
Noncurrent liabilities: | ||||||||||
Long-term debt | (500) | |||||||||
Deferred compensation | 300 | |||||||||
Deferred income taxes | 11,900 | 15,900 | ||||||||
Other long-term liabilities | (100) | (1,100) | ||||||||
Total noncurrent liabilities | 11,800 | 14,600 | ||||||||
Shareholders' Equity: | ||||||||||
Additional paid in capital | (200) | |||||||||
Retained earnings | (5,300) | (4,700) | ||||||||
Accumulated other comprehensive income (loss) | 300 | (200) | ||||||||
Total AMCOL shareholders' equity | (5,200) | (4,900) | ||||||||
Noncontrolling interest | (100) | (1,500) | ||||||||
Total equity | (5,300) | (6,400) | ||||||||
Total Liabilities and Shareholders' Equity | 6,400 | 8,200 | ||||||||
Tax [Member] | Adjustments [Member]
|
||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Deferred income taxes | (1,800) | |||||||||
Income tax receivable | 1,300 | |||||||||
Total current assets | (500) | 0 | ||||||||
Property, plant, equipment, and mineral rights and reserves: | ||||||||||
Gross property, plant and equipment | 0 | 0 | ||||||||
Net property, plant and equipment | 0 | 0 | ||||||||
Deferred income taxes | (400) | |||||||||
Total noncurrent assets | (400) | 0 | ||||||||
Total Assets | (900) | 0 | ||||||||
Current liabilities: | ||||||||||
Accounts payable | 0 | |||||||||
Accrued income taxes | 0 | 1,500 | ||||||||
Total current liabilities | 0 | 1,500 | ||||||||
Noncurrent liabilities: | ||||||||||
Deferred income taxes | (800) | 100 | ||||||||
Total noncurrent liabilities | (800) | 100 | ||||||||
Shareholders' Equity: | ||||||||||
Retained earnings | (100) | (1,600) | ||||||||
Total AMCOL shareholders' equity | (100) | (1,600) | ||||||||
Total equity | (100) | (1,600) | ||||||||
Total Liabilities and Shareholders' Equity | (900) | 0 | ||||||||
Other [Member] | Adjustments [Member]
|
||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 400 | (500) | ||||||||
Accounts receivable, net | 800 | (2,400) | ||||||||
Inventories | (700) | (1,200) | ||||||||
Prepaid expenses | (500) | 400 | ||||||||
Deferred income taxes | 0 | 0 | ||||||||
Income tax receivable | 0 | 0 | ||||||||
Other | (500) | 0 | ||||||||
Total current assets | (500) | (3,700) | ||||||||
Property, plant, equipment, and mineral rights and reserves: | ||||||||||
Land | (1,800) | (700) | ||||||||
Mineral rights | 0 | 0 | ||||||||
Depreciable assets | 2,400 | (1,800) | ||||||||
Gross property, plant and equipment | 600 | (2,500) | ||||||||
Less: accumulated depreciation and depletion | 300 | 0 | ||||||||
Net property, plant and equipment | 300 | (2,500) | ||||||||
Intangible assets, net | 300 | (700) | ||||||||
Investment in and advances to affiliates and joint ventures | 0 | 1,900 | ||||||||
Available-for-sale securities | 0 | 0 | ||||||||
Deferred income taxes | 0 | 0 | ||||||||
Other assets | 0 | 300 | ||||||||
Total noncurrent assets | 600 | (1,000) | ||||||||
Total Assets | 100 | (4,700) | ||||||||
Current liabilities: | ||||||||||
Accounts payable | 100 | (1,100) | ||||||||
Accrued income taxes | (100) | (200) | ||||||||
Accrued liabilities | 600 | 200 | ||||||||
Total current liabilities | 600 | (1,100) | ||||||||
Noncurrent liabilities: | ||||||||||
Long-term debt | 0 | (500) | ||||||||
Pension liabilities | 0 | 0 | ||||||||
Deferred compensation | 0 | 300 | ||||||||
Deferred income taxes | 100 | 0 | ||||||||
Other long-term liabilities | (100) | (1,100) | ||||||||
Total noncurrent liabilities | 0 | (1,300) | ||||||||
Shareholders' Equity: | ||||||||||
Common stock | 0 | 0 | ||||||||
Additional paid in capital | 0 | 0 | ||||||||
Retained earnings | (400) | (900) | ||||||||
Accumulated other comprehensive income (loss) | (100) | (100) | ||||||||
Less: Treasury stock | 0 | 0 | ||||||||
Total AMCOL shareholders' equity | (500) | (1,000) | ||||||||
Noncontrolling interest | 0 | (1,300) | ||||||||
Total equity | (500) | (2,300) | ||||||||
Total Liabilities and Shareholders' Equity | 100 | (4,700) | ||||||||
Spain [Member]
|
||||||||||
Property, plant, equipment, and mineral rights and reserves: | ||||||||||
Less: accumulated depreciation and depletion | 0 | |||||||||
Spain [Member] | Adjustments [Member]
|
||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Accounts receivable, net | (1,600) | (400) | ||||||||
Inventories | (1,800) | (1,000) | ||||||||
Total current assets | (3,400) | (1,400) | ||||||||
Property, plant, equipment, and mineral rights and reserves: | ||||||||||
Gross property, plant and equipment | 0 | 0 | ||||||||
Net property, plant and equipment | 0 | 0 | ||||||||
Total noncurrent assets | 0 | 0 | ||||||||
Total Assets | (3,400) | (1,400) | ||||||||
Current liabilities: | ||||||||||
Accounts payable | 0 | 0 | ||||||||
Accrued income taxes | (300) | (100) | ||||||||
Accrued liabilities | (800) | 100 | ||||||||
Total current liabilities | (1,100) | 0 | ||||||||
Noncurrent liabilities: | ||||||||||
Total noncurrent liabilities | 0 | |||||||||
Shareholders' Equity: | ||||||||||
Retained earnings | (2,500) | (1,400) | ||||||||
Accumulated other comprehensive income (loss) | 200 | |||||||||
Total AMCOL shareholders' equity | (2,300) | (1,400) | ||||||||
Total equity | (2,300) | (1,400) | ||||||||
Total Liabilities and Shareholders' Equity | (3,400) | (1,400) | ||||||||
Poland [Member] | Adjustments [Member]
|
||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Accounts receivable, net | (900) | (300) | ||||||||
Total current assets | (900) | (300) | ||||||||
Property, plant, equipment, and mineral rights and reserves: | ||||||||||
Gross property, plant and equipment | 0 | 0 | ||||||||
Net property, plant and equipment | 0 | 0 | ||||||||
Total noncurrent assets | 0 | 0 | ||||||||
Total Assets | (900) | (300) | ||||||||
Current liabilities: | ||||||||||
Accounts payable | 0 | |||||||||
Accrued liabilities | 700 | 300 | ||||||||
Total current liabilities | 700 | 300 | ||||||||
Noncurrent liabilities: | ||||||||||
Total noncurrent liabilities | 0 | 0 | ||||||||
Shareholders' Equity: | ||||||||||
Retained earnings | (1,800) | (600) | ||||||||
Accumulated other comprehensive income (loss) | 200 | |||||||||
Total AMCOL shareholders' equity | (1,600) | (600) | ||||||||
Total equity | (1,600) | (600) | ||||||||
Total Liabilities and Shareholders' Equity | (900) | (300) | ||||||||
South Africa [Member] | Adjustments [Member]
|
||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Inventories | 200 | |||||||||
Total current assets | 200 | 0 | ||||||||
Property, plant, equipment, and mineral rights and reserves: | ||||||||||
Mineral rights | 10,600 | 13,600 | ||||||||
Gross property, plant and equipment | 10,600 | 13,600 | ||||||||
Net property, plant and equipment | 10,600 | 13,600 | ||||||||
Deferred income taxes | 700 | 1,600 | ||||||||
Total noncurrent assets | 11,300 | 15,200 | ||||||||
Total Assets | 11,500 | 15,200 | ||||||||
Current liabilities: | ||||||||||
Accounts payable | 0 | 0 | ||||||||
Total current liabilities | 0 | 0 | ||||||||
Noncurrent liabilities: | ||||||||||
Deferred income taxes | 12,600 | 15,800 | ||||||||
Total noncurrent liabilities | 12,600 | 15,800 | ||||||||
Shareholders' Equity: | ||||||||||
Additional paid in capital | (200) | |||||||||
Retained earnings | (800) | (300) | ||||||||
Accumulated other comprehensive income (loss) | (100) | |||||||||
Total AMCOL shareholders' equity | (1,000) | (400) | ||||||||
Noncontrolling interest | (100) | (200) | ||||||||
Total equity | (1,100) | (600) | ||||||||
Total Liabilities and Shareholders' Equity | 11,500 | 15,200 | ||||||||
Malaysia [Member] | Adjustments [Member]
|
||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Accounts receivable, net | (700) | (1,100) | ||||||||
Total current assets | (700) | (1,100) | ||||||||
Property, plant, equipment, and mineral rights and reserves: | ||||||||||
Gross property, plant and equipment | 0 | 0 | ||||||||
Net property, plant and equipment | 0 | 0 | ||||||||
Other assets | 700 | 500 | ||||||||
Total noncurrent assets | 700 | 500 | ||||||||
Total Assets | 0 | (600) | ||||||||
Current liabilities: | ||||||||||
Accounts payable | 0 | 0 | ||||||||
Accrued income taxes | (200) | |||||||||
Accrued liabilities | (300) | |||||||||
Total current liabilities | (300) | (200) | ||||||||
Noncurrent liabilities: | ||||||||||
Deferred income taxes | 0 | |||||||||
Total noncurrent liabilities | 0 | 0 | ||||||||
Shareholders' Equity: | ||||||||||
Retained earnings | 300 | (400) | ||||||||
Total AMCOL shareholders' equity | 300 | (400) | ||||||||
Total equity | 300 | (400) | ||||||||
Total Liabilities and Shareholders' Equity | 0 | (600) | ||||||||
Dong Ming [Member] | Adjustments [Member]
|
||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Total current assets | 0 | 0 | ||||||||
Property, plant, equipment, and mineral rights and reserves: | ||||||||||
Gross property, plant and equipment | 0 | 0 | ||||||||
Net property, plant and equipment | 0 | 0 | ||||||||
Total noncurrent assets | 0 | 0 | ||||||||
Total Assets | 0 | 0 | ||||||||
Current liabilities: | ||||||||||
Accounts payable | 0 | (700) | ||||||||
Accrued income taxes | 200 | |||||||||
Total current liabilities | 0 | (500) | ||||||||
Noncurrent liabilities: | ||||||||||
Total noncurrent liabilities | 0 | 0 | ||||||||
Shareholders' Equity: | ||||||||||
Retained earnings | 0 | 500 | ||||||||
Total AMCOL shareholders' equity | 0 | 500 | ||||||||
Total equity | 0 | 500 | ||||||||
Total Liabilities and Shareholders' Equity | $ 0 | $ 0 | ||||||||
|
Employee Benefit Plans (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
|
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Employee Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension obligations and funded status | The following tables set forth our pension obligations and funded status at December 31:
|
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Summary of net periodic pension cost | Pension cost in each of the following years was comprised of:
|
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Assumptions used to determine pension obligations | The following table summarizes the assumptions used in determining our pension obligations at the end of each of our last two years:
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Assumptions used to determine net periodic benefit cost | The following table summarizes the assumptions used in determining our net periodic benefit cost in the years ended December 31:
|
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Expected payment of future benefits | The estimated future benefit payments contemplated under these plans, reflecting expected future service, as appropriate, are presented in the following table:
|
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Amounts recognized in other comprehensive income and prior service cost | Note 3 shows the amounts included within accumulated other comprehensive income as of December 31, 2011 and 2010 that have not yet been recognized as components of net periodic benefit cost. Of these balances at December 31, 2011, the amounts expected to be amortized in the next fiscal year are $59 and $1,153 for the unrecognized prior service cost and unrecognized net actuarial loss, respectively. Excluding the effect of income taxes, the amounts recognized within other comprehensive income and the prior service cost for 2011 and 2010, are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of pension plan assets | Fair values of our defined benefit pension plan assets at December 31, by asset category, are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of changes in fair value measurements of plan assets | The following is a reconciliation of changes in fair value measurements of plan assets using significant unobservable inputs (Level 3):
|
Income Taxes (Details 2) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||||
Federal: | ||||||||
Current | $ 5,167 | [1] | $ 7,406 | [1] | $ (1,683) | [1] | ||
Deferred | 6,420 | [1] | 2,077 | [1] | 3,710 | [1] | ||
State: | ||||||||
Current | 2,958 | [1] | 2,420 | [1] | 428 | [1] | ||
Deferred | 376 | [1] | 35 | [1] | 257 | [1] | ||
Foreign: | ||||||||
Current | 7,974 | [1] | 7,343 | [1] | 4,179 | [1] | ||
Deferred | (2,109) | [1] | 1,021 | [1] | (1,528) | [1] | ||
Income Tax Expense (Benefit), Total | $ 20,786 | [1] | $ 20,302 | [1] | $ 5,363 | [1] | ||
|
Employee Benefit Plans (Details 4) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
---|---|
Defined Benefit Pension Plan [Member]
|
|
Expected payment of future benefits | |
2012 | $ 1,687 |
2013 | 1,853 |
2014 | 2,113 |
2015 | 2,307 |
2016 | 2,575 |
2017 through 2021 | 16,457 |
Supplementary Pension Plan [Member]
|
|
Expected payment of future benefits | |
2012 | 379 |
2013 | 378 |
2014 | 394 |
2015 | 451 |
2016 | 448 |
2017 through 2021 | $ 3,598 |
Long-Term Debt (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
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Long-term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts of long-term debt | Amounts of long-term debt were as follows:
|
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Maturities of long-term debt outstanding | Maturities of long-term debt outstanding at December 31, 2011 were as follows:
|
Correction of Errors in Previously Reported Financial Statements, (Details Textual) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
|
Correction of Error in Previously Reported Financial Statement (Textual) [Abstract] | ||||
Decrease to net income | $ 0.7 | $ 1.4 | $ 3.0 | |
Reduction in total comprehensive income | 0.2 | 1.2 | 3.0 | |
Losses in foreign currency translation | 0.5 | 0.2 | ||
Reduction in retained earnings | $ 0.8 |
Goodwill and Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
|||||
Schedule of the balance of goodwill by segment and the activity occurring in the past two fiscal years | ||||||
Balance at beginning of the period | $ 70,909 | [1] | $ 71,156 | |||
Change in goodwill relating to: | ||||||
Acquisitions | 761 | |||||
Sale of business | (156) | |||||
Foreign exchange translation | (1,244) | (1,008) | ||||
Total changes | (1,400) | (247) | ||||
Balance at ending of the period | 69,509 | [1] | 70,909 | [1] | ||
Minerals and Materials [Member]
|
||||||
Schedule of the balance of goodwill by segment and the activity occurring in the past two fiscal years | ||||||
Balance at beginning of the period | 18,201 | 18,426 | ||||
Change in goodwill relating to: | ||||||
Acquisitions | 0 | |||||
Sale of business | 0 | |||||
Foreign exchange translation | (817) | (225) | ||||
Total changes | (817) | (225) | ||||
Balance at ending of the period | 17,384 | 18,201 | ||||
Environmental [Member]
|
||||||
Schedule of the balance of goodwill by segment and the activity occurring in the past two fiscal years | ||||||
Balance at beginning of the period | 21,740 | 21,762 | ||||
Change in goodwill relating to: | ||||||
Acquisitions | 761 | |||||
Sale of business | (156) | |||||
Foreign exchange translation | (427) | (783) | ||||
Total changes | (583) | (22) | ||||
Balance at ending of the period | 21,157 | 21,740 | ||||
Oilfield Services [Member]
|
||||||
Schedule of the balance of goodwill by segment and the activity occurring in the past two fiscal years | ||||||
Balance at beginning of the period | 30,968 | 30,968 | ||||
Change in goodwill relating to: | ||||||
Acquisitions | 0 | |||||
Sale of business | 0 | |||||
Foreign exchange translation | 0 | 0 | ||||
Total changes | 0 | 0 | ||||
Balance at ending of the period | $ 30,968 | $ 30,968 | ||||
|
Balance Sheet Related Information (Details 4) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
||||
---|---|---|---|---|---|---|
Accrued liabilities | ||||||
Bonus | $ 9,752 | [1] | $ 8,213 | [1] | ||
Employee benefits and related costs | 10,161 | [1] | 8,698 | [1] | ||
Dividends payable | 5,698 | [1] | 5,612 | [1] | ||
Other | 33,641 | [1] | 33,263 | [1] | ||
Accrued liabilities | $ 59,252 | [1] | $ 55,786 | [1] | ||
|
Summary of Significant Accounting Policies, (Details Textual)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
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Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Minimum percentage at which subsidiaries consolidated (in hundredths) | 50.00% | ||
Percentage of revenue elimination (in hundredths) | 77.00% | 100.00% | 100.00% |
Summary of Significant Accounting Policies
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Dec. 31, 2011
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Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies |
Recently Adopted Accounting Pronouncements In September 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2011-08, codified in Accounting Standards Codification ("ASC") Topic 350 – Intangibles – Goodwill and Other. ASU 2011-08 simplifies how entities test goodwill for impairment. It permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. This assessment can then be used to determine whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. This ASU will not have a material impact on our financial statements when we adopted it on January 1, 2012. In June 2011, the FASB issued ASU 2011-05, codified in ASC Topic 220 – Comprehensive Income to increase the prominence of items reported in other comprehensive income ("OCI"). This ASU requires presentation of items of net income, items of OCI and total comprehensive income either in one continuous statement or two separate but consecutive statements. This ASU does not change the items which must be reported in OCI, how such items are measured or when they must be reclassified to net income. The FASB subsequently deferred the effective date of certain provisions of this ASU pertaining to the reclassification of items out of accumulated other comprehensive income, pending the issuance of further guidance on that matter. The adoption of this ASU on January 1, 2012 will not have a material impact on our financial statements. In May 2011, the FASB issued ASU 2011-04, codified in ASC Topic 820 – Fair Value Measurements. This ASU includes amendments that clarify the intent about the application of existing fair value measurement requirements. Specifically, it requires additional disclosures for fair value measurements that are based on significant inputs. The adoption of this ASU on January 1, 2012 will not have a material impact on our financial statements. Principles of Consolidation The consolidated financial statements include the accounts of our domestic and foreign subsidiaries as well as variable interest entities for which we have determined that we are the primary beneficiary. We consolidate all subsidiaries in which we own more than 50% of their equity. We use the equity method of accounting to incorporate the results of our investments in companies in which we have significant influence. Our corporate segment includes the elimination of intersegment sales as well as certain expenses associated with research and development, management, employee benefits and information technology activities for our Company. Approximately 77% of the revenue elimination in the year ended December 31, 2011 and 100% of the revenue elimination in the years ending December 31, 2010 and 2009, represent the elimination of shipping revenues between our transportation segment and its domestic sister companies. Segments The composition of consolidated revenues by segment is as follows:
Further descriptions of our products, principal markets and the relative significance of our segment operations are included in Note 3. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the amount of assets, liabilities, revenues and expenses reported in our financial statements as well as certain disclosures contained therein. Actual results may differ from those estimates. Revenue Recognition We recognize revenue from sales of products when title passes to the customer, the customer assumes the risks and rewards of ownership, and collectibility is reasonably assured; generally, this occurs when we ship product to customers. We record allowances for discounts, rebates, and estimated returns at the time of sale and report these as reductions to revenue. We generate some sales through independent, third-party representatives. We record these sales as revenue and the commission compensation paid to the representative as an expense within selling, general and administrative expenses. We recognize revenue for freight delivery services within our transportation segment when the service is provided. We accrue amounts payable for purchased transportation, commissions and insurance when the related revenue is recognized. Service and rental revenues are primarily generated in our environmental and oilfield services segments. We recognize these revenues in the period such services are performed and collectibility is reasonably assured. We record revenue from long-term construction contracts using the percentage-of-completion method. Progress is generally based upon costs incurred to date as compared to the total estimated costs to complete the work under the contract. All known or anticipated losses on contracts are provided when they become evident. Cost adjustments that are in the process of being negotiated with customers for extra work or changes in scope of work are included in revenue when collection is reasonably assured. Translation of Foreign Currencies Foreign entities utilize their local currency as the functional currency. We record gains and losses resulting from foreign currency transactions in net income, and we reflect the adjustments resulting from the translation of financial statements into our reporting currency during consolidation as a component of accumulated other comprehensive income within equity. The assets and liabilities of subsidiaries located outside of the United States are translated into U.S. dollars at the rates of exchange at the balance sheet dates. The statements of operations are translated using average exchange rates throughout the period. Cash Equivalents We classify all short-term, highly liquid investments with original maturities of three months or less as cash and cash equivalents. Inventories Inventories are valued at the lower of cost or market value. Cost is determined by the first-in, first-out (FIFO) method. Mineral exploration costs are expensed as incurred. Receivables and Allowance for Doubtful Accounts We carry our receivables at their face amount less an allowance for bad debts. We establish the allowance for bad debts based on a review of several factors, including historical collection experience, current aging status of the customer accounts, and the financial condition of our customers. Property, Plant, Equipment, and Mineral Rights and Reserves Property, plant, equipment, and mineral rights and reserves are carried at cost less accumulated depreciation and depletion. Depreciation is computed using the straight-line method for substantially all of the assets. Certain other assets, primarily field and stockpile related equipment and mineral rights and reserves, are depreciated on the units-of-production method. Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets of acquired businesses. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. We review the carrying value of goodwill in each reporting unit for impairment annually as of October 1st or more frequently if indications exist which may suggest the carrying value is not recoverable. This review is a two step process. The first step involves comparing the estimated fair value of each reporting unit to the carrying value of that reporting unit. If the fair value of the reporting unit exceeds the carrying value, the goodwill is not considered impaired and the second step is unnecessary. If the fair value is less than the carrying value, the second step of the test would be performed to measure the amount of impairment loss to be recorded, if any. Other Intangible Assets Other intangible assets with a finite useful life are amortized on the straight-line method over the expected periods to be benefited. Impairment of Long-Lived Assets We review the carrying values of long-lived assets, including property, plant and equipment and intangible assets with a finite useful life whenever facts and circumstances indicate that the assets may be impaired. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the future net undiscounted cash flows we expect it to generate. If we consider an asset to be impaired, we record an impairment charge equal to the amount by which the carrying value of the asset exceeds the fair value. We report an asset to be disposed of at the lower of its carrying value or fair value, less costs of disposal. In the case of intangible assets with indefinite lives, we review them annually for impairment. This review involves comparing the fair value of the intangible asset with its carrying amount. If its carrying amount exceeds its fair value, we recognize an impairment loss equal to that excess. Available-for-Sale Securities We record available-for-sale securities at their fair value using quoted market prices. We report their unrealized gains and losses, net of applicable taxes, as a component of accumulated other comprehensive income within equity. We have one equity security that we have accounted for as an available-for-sale security as of December 31, 2011 and 2010. Income Taxes We recognize deferred tax assets and liabilities relating to the future tax consequences of differences between the financial statement carrying value of existing assets and liabilities and their respective tax values. We measure deferred tax assets and liabilities using tax rates in effect in the years in which those temporary differences are expected to be recovered or settled. We recognize the effect that changes in tax rates have on deferred tax assets and liabilities in income in the period that the change is enacted. Valuation allowances are recorded to reduce deferred tax assets to amounts that are more likely than not to be realized. We classify interest and penalties associated with income taxes within the income tax line item of our Consolidated Statement of Operations. Freight and Sales Taxes We report amounts charged to customers for shipping and handling fees as revenues and we report amounts incurred for these costs within cost of sales in the consolidated statements of operations (i.e. gross presentation with revenues and cost of sales). Also, we report amounts charged to customers for sales taxes and the related costs incurred for sales tax remittances to governmental agencies within net sales in the Consolidated Statement of Operations (i.e. net presentation within revenues). Product Liability & Warranty Expenses We report expenses incurred for warranty and product liability costs in general, selling and administrative expenses in our Consolidated Statement of Operations. Our warranty accrual is based on known warranty issues as of the balance sheet date as well as a reserve for unidentified claims based on historical experience. Legal Fees We report expenses for fees, including legal costs associated with loss contingencies, when services are performed. Land Reclamation We mine land for various minerals using a surface-mining process that requires the removal of overburden. In many instances, we are obligated to restore the land upon completion of the mining activity. As we remove overburden, we recognize this liability for land reclamation based on the estimated fair value of the obligation. We adjust the obligation to reflect the passage of time and changes in estimated future cash outflows. Research and Development Research and development costs are expensed as incurred within selling, general and administrative expenses. Earnings per Share Basic earnings per share is computed by dividing net income attributable to AMCOL shareholders by the weighted average number of common shares outstanding. Diluted earnings per share is similarly computed, except the denominator is increased to include the dilutive effects of stock compensation awards and other share equivalents. Stock compensation awards are antidilutive and therefore excluded from our diluted earnings per share calculation when their exercise would result in a net decrease in the weighted average number of common shares outstanding. A reconciliation between the shares used to compute basic and diluted earnings per share follows:
Stock-Based Compensation We account for stock-based compensation using the grant date fair value, which is based on the Black-Scholes option-pricing model. We recognize compensation cost over the requisite service period, which is generally the vesting period of the award. Derivative Instruments and Hedging Activities From time to time, we use derivative financial instruments to manage exposures to changes in interest rates and foreign currency exchange rates. We do not use derivative instruments for trading or other speculative purposes. We recognize our derivative instruments as either assets or liabilities in the balance sheet at their fair value. Our recognition of changes in the fair value (i.e. gains and losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and the type of that relationship. Hedges designated as cash flow hedges result in the changes in fair value being recorded in accumulated other comprehensive income. Changes in the fair value of derivative financial instruments for which hedge accounting is not applied, are recorded within Other, net within our Consolidated Statement of Operations. |
Balance Sheet Related Information (Details 5) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||
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Dec. 31, 2011
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Dec. 31, 2010
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Accumulated other comprehensive income (loss) | ||||||
Cumulative foreign currency translation | $ 595 | [1] | $ 24,709 | [1] | ||
Prior service cost on pension plans (net of tax benefit of $113 in 2011 and $134 in 2010) | (195) | [1] | (232) | [1] | ||
Net actuarial loss on pension plans (net of tax benefit of $6,944 in 2011 and $1,938 in 2010) | (11,912) | [1] | (3,358) | [1] | ||
Unrealized loss on interest rate swap agreement (net of tax benefit of $3,329 in 2011 and $2,440 in 2010) | (5,710) | [1] | (4,226) | [1] | ||
Unrealized gain on available-for-sale securities (net of tax expense of $0 in 2011 and $1,022 in 2010) | 2,503 | [1] | 11,847 | [1] | ||
Accumulated other comprehensive income (loss) | $ (14,719) | [1] | $ 28,740 | [1] | ||
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