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Condensed consolidating financial statements (Tables) | 3 Months Ended
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Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed consolidating statements of income and comprehensive income |
Condensed consolidating statements of comprehensive income (loss)
|  | Three months ended March 31, 2016
|  | FET (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
|  |  |  |  |  | (in thousands) |  |  |  |
Net sales |  | $ | — |  |  | $ | 117,314 |  |  | $ | 55,634 |  |  | $ | (13,507 | ) |  | $ | 159,441 |
Cost of sales |  | — |  |  | 92,614 |  |  | 45,132 |  |  | (12,862 | ) |  | 124,884 |
Gross profit |  | — |  |  | 24,700 |  |  | 10,502 |  |  | (645 | ) |  | 34,557 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  | — |  |  | 47,664 |  |  | 12,349 |  |  | — |  |  | 60,013 |
Transaction expenses |  | — |  |  | 166 |  |  | — |  |  | — |  |  | 166 |
Loss (gain) on sale of assets and other |  | — |  |  | (36 | ) |  | 4 |  |  | — |  |  | (32 | )
Total operating expenses |  | — |  |  | 47,794 |  |  | 12,353 |  |  | — |  |  | 60,147 |
Earnings from equity investment |  | — |  |  | 577 |  |  | — |  |  | — |  |  | 577 |
Equity earnings from affiliate, net of tax |  | (16,614 | ) |  | (1,089 | ) |  | — |  |  | 17,703 |  |  | — |
Operating income |  | (16,614 | ) |  | (23,606 | ) |  | (1,851 | ) |  | 17,058 |  |  | (25,013 | )
Other expense (income) |  |  |  |  |  |  |  |  |  |
Interest expense (income) |  | 7,148 |  |  | (13 | ) |  | (2 | ) |  | — |  |  | 7,133 |
Deferred loan costs written off |  | 2,588 |  |  | — |  |  | — |  |  | — |  |  | 2,588 |
Foreign exchange (gains) losses and other, net |  | — |  |  | (82 | ) |  | (1,298 | ) |  | — |  |  | (1,380 | )
Total other expense (income) |  | 9,736 |  |  | (95 | ) |  | (1,300 | ) |  | — |  |  | 8,341 |
Income (loss) before income taxes |  | (26,350 | ) |  | (23,511 | ) |  | (551 | ) |  | 17,058 |  |  | (33,354 | )
Provision (benefit) for income tax expense |  | (3,407 | ) |  | (6,897 | ) |  | (102 | ) |  | — |  |  | (10,406 | )
Net income (loss) |  | (22,943 | ) |  | (16,614 | ) |  | (449 | ) |  | 17,058 |  |  | (22,948 | )
Less: Income (loss) attributable to noncontrolling interest |  | — |  |  | — |  |  | (5 | ) |  | — |  |  | (5 | )
Net income (loss) attributable to common stockholders |  | (22,943 | ) |  | (16,614 | ) |  | (444 | ) |  | 17,058 |  |  | (22,943 | )
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | (22,943 | ) |  | (16,614 | ) |  | (449 | ) |  | 17,058 |  |  | (22,948 | )
Change in foreign currency translation, net of tax of $0 |  | 3,472 |  |  | 3,472 |  |  | 3,472 |  |  | (6,944 | ) |  | 3,472 |
Change in pension liability |  | (43 | ) |  | (43 | ) |  | (43 | ) |  | 86 |  |  | (43 | )
Comprehensive income (loss) |  | (19,514 | ) |  | (13,185 | ) |  | 2,980 |  |  | 10,200 |  |  | (19,519 | )
Less: comprehensive (income) loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (93 | ) |  |  |  | (93 | )
Comprehensive income (loss) attributable to common stockholders |  | $ | (19,514 | ) |  | $ | (13,185 | ) |  | $ | 2,887 |  |  | $ | 10,200 |  |  | $ | (19,612 | )
Condensed consolidating statements of comprehensive income (loss)
|  | Three months ended March 31, 2015
|  | FET (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
|  |  |  |  |  | (in thousands) |  |  |  |
Net sales |  | $ | — |  |  | $ | 269,198 |  |  | $ | 120,317 |  |  | $ | (41,419 | ) |  | $ | 348,096 |
Cost of sales |  | — |  |  | 188,767 |  |  | 89,676 |  |  | (39,473 | ) |  | 238,970 |
Gross profit |  | — |  |  | 80,431 |  |  | 30,641 |  |  | (1,946 | ) |  | 109,126 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  | — |  |  | 57,372 |  |  | 16,188 |  |  | — |  |  | 73,560 |
Transaction Expense |  | — |  |  | 217 |  |  | — |  |  | — |  |  | 217 |
Loss (gain) on sale of assets and other |  | — |  |  | (111 | ) |  | (201 | ) |  | — |  |  | (312 | )
Total operating expenses |  | — |  |  | 57,478 |  |  | 15,987 |  |  | — |  |  | 73,465 |
Earnings from equity investment |  | — |  |  | 4,571 |  |  | — |  |  | — |  |  | 4,571 |
Equity earnings from affiliates, net of tax |  | 33,604 |  |  | 16,237 |  |  | — |  |  | (49,841 | ) |  | — |
Operating income |  | 33,604 |  |  | 43,761 |  |  | 14,654 |  |  | (51,787 | ) |  | 40,232 |
Other expense (income) |  |  |  |  |  |  |  |  |  |
Interest expense (income) |  | 7,588 |  |  | 14 |  |  | 25 |  |  | — |  |  | 7,627 |
Foreign exchange (gains) losses and other, net |  | — |  |  | (185 | ) |  | (6,471 | ) |  | — |  |  | (6,656 | )
Total other expense (income) |  | 7,588 |  |  | (171 | ) |  | (6,446 | ) |  | — |  |  | 971 |
Income before income taxes |  | 26,016 |  |  | 43,932 |  |  | 21,100 |  |  | (51,787 | ) |  | 39,261 |
Provision for income tax expense |  | (2,656 | ) |  | 10,328 |  |  | 2,933 |  |  | — |  |  | 10,605 |
Net income |  | 28,672 |  |  | 33,604 |  |  | 18,167 |  |  | (51,787 | ) |  | 28,656 |
Less: Income (loss) attributable to noncontrolling interest |  | — |  |  | — |  |  | (16 | ) |  | — |  |  | (16 | )
Net income attributable to common stockholders |  | 28,672 |  |  | 33,604 |  |  | 18,183 |  |  | (51,787 | ) |  | 28,672 |
Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |
Net income |  | 28,672 |  |  | 33,604 |  |  | 18,167 |  |  | (51,787 | ) |  | 28,656 |
Change in foreign currency translation, net of tax of $0 |  | (37,297 | ) |  | (37,297 | ) |  | (37,297 | ) |  | 74,594 |  |  | (37,297 | )
Change in pension liability |  | 99 |  |  | 99 |  |  | 99 |  |  | (198 | ) |  | 99 |
Comprehensive income (loss) |  | (8,526 | ) |  | (3,594 | ) |  | (19,031 | ) |  | 22,609 |  |  | (8,542 | )
Less: comprehensive (income) loss attributable to noncontrolling interests |  | — |  |  | — |  |  | 43 |  |  | — |  |  | 43 |
Comprehensive income (loss) attributable to common stockholders |  | $ | (8,526 | ) |  | $ | (3,594 | ) |  | $ | (18,988 | ) |  | $ | 22,609 |  |  | $ | (8,499 | )
Condensed consolidating balance sheets |
Condensed consolidating balance sheets
|  | March 31, 2016
|  | FET (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
|  |  |  |  |  | (in thousands) |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 40,746 |  |  | $ | 91,231 |  |  | $ | — |  |  | $ | 131,977 |
Accounts receivable—trade, net |  | — |  |  | 71,748 |  |  | 37,455 |  |  | — |  |  | 109,203 |
Inventories |  | — |  |  | 320,110 |  |  | 106,044 |  |  | (10,049 | ) |  | 416,105 |
Cost and profits in excess of billings |  | — |  |  | 4,458 |  |  | 9,666 |  |  | — |  |  | 14,124 |
Other current assets |  | — |  |  | 20,480 |  |  | 6,366 |  |  | — |  |  | 26,846 |
Total current assets |  | — |  |  | 457,542 |  |  | 250,762 |  |  | (10,049 | ) |  | 698,255 |
Property and equipment, net of accumulated depreciation |  | — |  |  | 149,830 |  |  | 30,376 |  |  | — |  |  | 180,206 |
Deferred financing costs, net |  | 1,750 |  |  | — |  |  | — |  |  | — |  |  | 1,750 |
Deferred income taxes, net |  | — |  |  | (1 | ) |  | 780 |  |  | — |  |  | 779 |
Intangibles |  | — |  |  | 181,081 |  |  | 59,886 |  |  | — |  |  | 240,967 |
Goodwill |  | — |  |  | 481,374 |  |  | 189,816 |  |  | — |  |  | 671,190 |
Investment in unconsolidated subsidiary |  | — |  |  | 58,296 |  |  | — |  |  | — |  |  | 58,296 |
Investment in affiliates |  | 1,175,421 |  |  | 517,135 |  |  | — |  |  | (1,692,556 | ) |  | — |
Long-term advances to affiliates |  | 473,592 |  |  | — |  |  | 60,031 |  |  | (533,623 | ) |  | — |
Other long-term assets |  | — |  |  | 2,389 |  |  | 737 |  |  | — |  |  | 3,126 |
Total assets |  | $ | 1,650,763 |  |  | $ | 1,847,646 |  |  | $ | 592,388 |  |  | $ | (2,236,228 | ) |  | $ | 1,854,569 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | — |  |  | $ | 71 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 82 |
Accounts payable—trade |  | — |  |  | 59,272 |  |  | 16,296 |  |  | — |  |  | 75,568 |
Accrued liabilities |  | 13,145 |  |  | 34,388 |  |  | 8,401 |  |  | — |  |  | 55,934 |
Deferred revenue |  | — |  |  | 2,551 |  |  | 6,568 |  |  | — |  |  | 9,119 |
Billings in excess of costs and profits |  | — |  |  | 632 |  |  | 3,370 |  |  | — |  |  | 4,002 |
Total current liabilities |  | 13,145 |  |  | 96,914 |  |  | 34,646 |  |  | — |  |  | 144,705 |
Long-term debt, net of current portion |  | 396,144 |  |  | 15 |  |  | 11 |  |  | — |  |  | 396,170 |
Long-term payables to affiliates |  | — |  |  | 533,623 |  |  | — |  |  | (533,623 | ) |  | — |
Deferred income taxes, net |  | — |  |  | 25,542 |  |  | 14,724 |  |  | — |  |  | 40,266 |
Other long-term liabilities |  | — |  |  | 16,131 |  |  | 15,333 |  |  | — |  |  | 31,464 |
Total liabilities |  | 409,289 |  |  | 672,225 |  |  | 64,714 |  |  | (533,623 | ) |  | 612,605 |
Total stockholder's equity |  | 1,241,474 |  |  | 1,175,421 |  |  | 527,184 |  |  | (1,702,605 | ) |  | 1,241,474 |
Noncontrolling interest in subsidiary |  | — |  |  | — |  |  | 490 |  |  | — |  |  | 490 |
Equity |  | 1,241,474 |  |  | 1,175,421 |  |  | 527,674 |  |  | (1,702,605 | ) |  | 1,241,964 |
Total liabilities and equity |  | $ | 1,650,763 |  |  | $ | 1,847,646 |  |  | $ | 592,388 |  |  | $ | (2,236,228 | ) |  | $ | 1,854,569 |
Condensed consolidating balance sheets
|  | December 31, 2015
|  | FET (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
|  |  |  |  |  | (in thousands) |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 36,884 |  |  | $ | 72,365 |  |  | $ | — |  |  | $ | 109,249 |
Accounts receivable—trade, net |  | — |  |  | 85,537 |  |  | 53,060 |  |  | — |  |  | 138,597 |
Inventories |  | — |  |  | 318,360 |  |  | 115,165 |  |  | (9,404 | ) |  | 424,121 |
Cost and profits in excess of billings |  | — |  |  | 6,477 |  |  | 5,532 |  |  | — |  |  | 12,009 |
Other current assets |  | — |  |  | 25,447 |  |  | 8,389 |  |  | — |  |  | 33,836 |
Total current assets |  | — |  |  | 472,705 |  |  | 254,511 |  |  | (9,404 | ) |  | 717,812 |
Property and equipment, net of accumulated depreciation |  | — |  |  | 153,995 |  |  | 32,672 |  |  | — |  |  | 186,667 |
Deferred financing costs, net |  | 4,125 |  |  | — |  |  | — |  |  | — |  |  | 4,125 |
Deferred income taxes, net |  | — |  |  | — |  |  | 780 |  |  | — |  |  | 780 |
Intangibles |  | — |  |  | 186,234 |  |  | 60,416 |  |  | — |  |  | 246,650 |
Goodwill |  | — |  |  | 481,374 |  |  | 187,662 |  |  | — |  |  | 669,036 |
Investment in unconsolidated subsidiary |  | — |  |  | 57,719 |  |  | — |  |  | — |  |  | 57,719 |
Investment in affiliates |  | 1,188,707 |  |  | 514,893 |  |  | — |  |  | (1,703,600 | ) |  | — |
Long-term advances to affiliates |  | 467,184 |  |  | — |  |  | 60,221 |  |  | (527,405 | ) |  | — |
Other long-term assets |  | — |  |  | 2,549 |  |  | 704 |  |  | — |  |  | 3,253 |
Total assets |  | $ | 1,660,016 |  |  | $ | 1,869,469 |  |  | $ | 596,966 |  |  | $ | (2,240,409 | ) |  | $ | 1,886,042 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | — |  |  | $ | 243 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 253 |
Accounts payable—trade |  | $ | — |  |  | $ | 57,529 |  |  | $ | 19,294 |  |  | $ | — |  |  | $ | 76,823 |
Accrued liabilities |  | 7,027 |  |  | 40,874 |  |  | 10,662 |  |  | — |  |  | 58,563 |
Deferred revenue |  | — |  |  | 1,334 |  |  | 5,949 |  |  | — |  |  | 7,283 |
Billings in excess of costs and profits recognized |  | — |  |  | 1,872 |  |  | 6,759 |  |  | — |  |  | 8,631 |
Total current liabilities |  | 7,027 |  |  | 101,852 |  |  | 42,674 |  |  | — |  |  | 151,553 |
Long-term debt, net of current portion |  | 395,970 |  |  | 34 |  |  | 12 |  |  | — |  |  | 396,016 |
Long-term payables to affiliates |  | — |  |  | 527,406 |  |  | — |  |  | (527,406 | ) |  | — |
Deferred income taxes, net |  | — |  |  | 36,937 |  |  | 14,163 |  |  | — |  |  | 51,100 |
Other long-term liabilities |  | — |  |  | 14,533 |  |  | 15,423 |  |  | — |  |  | 29,956 |
Total liabilities |  | 402,997 |  |  | 680,762 |  |  | 72,272 |  |  | (527,406 | ) |  | 628,625 |
Total stockholder's equity |  | 1,257,019 |  |  | 1,188,707 |  |  | 524,297 |  |  | (1,713,003 | ) |  | 1,257,020 |
Noncontrolling interest in subsidiary |  | — |  |  | — |  |  | 397 |  |  | — |  |  | 397 |
Equity |  | 1,257,019 |  |  | 1,188,707 |  |  | 524,694 |  |  | (1,713,003 | ) |  | 1,257,417 |
Total liabilities and equity |  | $ | 1,660,016 |  |  | $ | 1,869,469 |  |  | $ | 596,966 |  |  | $ | (2,240,409 | ) |  | $ | 1,886,042 |
Condensed consolidating statements of cash flows |
Condensed consolidating statements of cash flows
|  | Three months ended March 31, 2016
|  | FET (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
|  |  |  |  |  | (in thousands) |  |  |  |
Cash flows from (used in) operating activities |  | $ | 1,670 |  |  | $ | 6,093 |  |  | $ | 19,093 |  |  | $ | — |  |  | $ | 26,856 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |
Acquisition of businesses, net of cash acquired |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Capital expenditures for property and equipment |  | — |  |  | (3,991 | ) |  | (270 | ) |  | — |  |  | (4,261 | )
Long-term loans and advances to affiliates |  | (1,324 | ) |  | 348 |  |  | — |  |  | 976 |  |  | — |
Other |  | — |  |  | 280 |  |  | 29 |  |  | — |  |  | 309 |
Net cash provided by (used in) investing activities |  | $ | (1,324 | ) |  | $ | (3,363 | ) |  | $ | (241 | ) |  | $ | 976 |  |  | $ | (3,952 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |
Borrowings of long-term and short-term debt |  | — |  |  | 8 |  |  | — |  |  | — |  |  | 8 |
Repayment of long-term and short-term debt |  | — |  |  | (199 | ) |  |  |  | — |  |  | (199 | )
Long-term loans and advances to affiliates |  | — |  |  | 1,324 |  |  | (348 | ) |  | (976 | ) |  | — |
Deferred financing costs |  | (513 | ) |  | — |  |  | — |  |  | — |  |  | (513 | )
Proceeds from stock issuance |  | 167 |  |  | (1 | ) |  | (1 | ) |  | — |  |  | 165 |
Net cash provided by (used in) financing activities |  | $ | (346 | ) |  | $ | 1,132 |  |  | $ | (349 | ) |  | $ | (976 | ) |  | $ | (539 | )
Effect of exchange rate changes on cash |  | — |  |  | — |  |  | 363 |  |  | — |  |  | 363 |
Net increase (decrease) in cash and cash equivalents |  | — |  |  | 3,862 |  |  | 18,866 |  |  | — |  |  | 22,728 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |
Beginning of period |  | — |  |  | 36,884 |  |  | 72,365 |  |  | — |  |  | 109,249 |
End of period |  | $ | — |  |  | $ | 40,746 |  |  | $ | 91,231 |  |  | $ | — |  |  | $ | 131,977 |
Condensed consolidating statements of cash flows
|  | Three Months Ended March 31, 2015
|  | FET (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
|  |  |  |  |  | (in thousands) |  |  |  |
Cash flows from (used in) operating activities |  | $ | 1,628 |  |  | $ | 33,735 |  |  | $ | 13,124 |  |  | $ | — |  |  | $ | 48,487 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |
Acquisition of businesses, net of cash acquired |  | — |  |  | (60,836 | ) |  | — |  |  | — |  |  | (60,836 | )
Capital expenditures for property and equipment |  | — |  |  | (7,626 | ) |  | (3,795 | ) |  | — |  |  | (11,421 | )
Long-term loans and advances to affiliates |  | (41,979 | ) |  | 12,997 |  |  | — |  |  | 28,982 |  |  | — |
Other |  | — |  |  | 175 |  |  | 487 |  |  | — |  |  | 662 |
Net cash provided by (used in) investing activities |  | $ | (41,979 | ) |  | $ | (55,290 | ) |  | $ | (3,308 | ) |  | $ | 28,982 |  |  | $ | (71,595 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt |  | 39,898 |  |  | (207 | ) |  | (6 | ) |  | — |  |  | 39,685 |
Long-term loans and advances to affiliates |  | — |  |  | 41,979 |  |  | (12,997 | ) |  | (28,982 | ) |  | — |
Other |  | (5,001 | ) |  | — |  |  | — |  |  | — |  |  | (5,001 | )
Net cash provided by (used in) financing activities |  | $ | 34,897 |  |  | $ | 41,772 |  |  | $ | (13,003 | ) |  | $ | (28,982 | ) |  | $ | 34,684 |
Effect of exchange rate changes on cash |  | — |  |  | — |  |  | (4,264 | ) |  | — |  |  | (4,264 | )
Net increase (decrease) in cash and cash equivalents |  | (5,454 | ) |  | 20,217 |  |  | (7,451 | ) |  | — |  |  | 7,312 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |
Beginning of period |  | 5,551 |  |  | 4,006 |  |  | 67,022 |  |  | — |  |  | 76,579 |
End of period |  | $ | 97 |  |  | $ | 24,223 |  |  | $ | 59,571 |  |  | $ | — |  |  | $ | 83,891 |

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