Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-13948 | ||
Entity Registrant Name | SCHWEITZER-MAUDUIT INTERNATIONAL, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 62-1612879 | ||
Entity Address, Address Line One | 100 North Point Center East, | ||
Entity Address, Address Line Two | Suite 600 | ||
Entity Address, Postal Zip Code | 30022 | ||
Entity Address, City or Town | Alpharetta, | ||
Entity Address, State or Province | GA | ||
City Area Code | 800 | ||
Local Phone Number | 514-0186 | ||
Title of 12(b) Security | Common stock, $0.10 par value | ||
Trading Symbol | SWM | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1 | ||
Entity Common Stock, Shares Outstanding | 31,415,733 | ||
Documents incorporated by reference | Portions of the registrant's definitive Proxy Statement relating to its 2021 Annual Meeting of Stockholders scheduled to be held on April 22, 2021 (the "2021 Proxy Statement") and filed pursuant to Regulation 14A are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0001000623 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 1,074.4 | $ 1,022.8 | $ 1,041.3 |
Cost of products sold | 766.1 | 732.8 | 762.8 |
Gross profit | 308.3 | 290 | 278.5 |
Selling expense | 36.9 | 33.7 | 35.7 |
Research expense | 13.8 | 13.5 | 15.2 |
General expense | 116.9 | 105.1 | 90.9 |
Total nonmanufacturing expenses | 167.6 | 152.3 | 141.8 |
Restructuring and impairment expense | 11.9 | 3.7 | 1.7 |
Operating profit | 128.8 | 134 | 135 |
Interest expense | 30.5 | 36.1 | 28.2 |
Other (expense) income, net | (1) | (1) | 10 |
Income from continuing operations before income taxes and income from equity affiliates | 97.3 | 96.9 | 116.8 |
Provision for income taxes | 18.4 | 15.2 | 10.7 |
Income (Loss) from equity affiliates, net of income taxes | 4.9 | 4.1 | (11.3) |
Income from continuing operations | 83.8 | 85.8 | 94.8 |
Loss from discontinued operations | 0 | 0 | (0.3) |
Net income | $ 83.8 | $ 85.8 | $ 94.5 |
Net income (loss) per share - basic: | |||
Income per share from continuing operations (in dollars per share) | $ 2.68 | $ 2.78 | $ 3.08 |
Loss per share from discontinued operations (in dollars per share) | 0 | 0 | (0.01) |
Net income per share - basic (in dollars per share) | 2.68 | 2.78 | 3.07 |
Net income (loss) per share – diluted: | |||
Income per share from continuing operations (in dollars per share) | 2.66 | 2.76 | 3.07 |
Loss per share from discontinued operations (in dollars per share) | 0 | 0 | (0.01) |
Net income per share - diluted (in dollars per share) | $ 2.66 | $ 2.76 | $ 3.06 |
Weighted average shares outstanding: | |||
Basic (in shares) | 30,832,700 | 30,652,200 | 30,551,300 |
Diluted (in shares) | 31,104,200 | 30,838,300 | 30,692,900 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 83.8 | $ 85.8 | $ 94.5 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 16.6 | 1.8 | (28.6) |
Less: Reclassification adjustment for realized translation adjustments | (0.1) | (0.9) | (0.8) |
Unrealized (loss) gain on derivative instruments | (11.6) | 1.6 | 2.4 |
Less: Reclassification adjustment for loss (gain) on derivative instruments included in net income | 2 | (4.5) | (3.7) |
Net (loss) gain from postretirement benefit plans | (0.1) | 0.6 | (3.3) |
Less: Amortization of postretirement benefit plans' costs included in net periodic benefit cost | 3.9 | 3.3 | 3.8 |
Other comprehensive income (loss) | 10.7 | 1.9 | (30.2) |
Comprehensive income | $ 94.5 | $ 87.7 | $ 64.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 54.7 | $ 103 |
Accounts receivable, net | 148.5 | 143.2 |
Inventories | 179.7 | 161.4 |
Income taxes receivable | 6.2 | 12.5 |
Other current assets | 7.3 | 7.4 |
Total current assets | 396.4 | 427.5 |
Property, plant and equipment, net | 339 | 330.3 |
Deferred income tax benefits | 2.6 | 3.7 |
Goodwill | 403.7 | 337.4 |
Intangible assets | 314.7 | 251.2 |
Other assets | 69.2 | 69.2 |
Total assets | 1,584.9 | 1,471.7 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current debt | 2.8 | 1.9 |
Accounts payable | 60.5 | 66.4 |
Income taxes payable | 2.7 | 2.8 |
Accrued expenses | 100.9 | 86.5 |
Current liabilities | 166.9 | 157.6 |
Long-term debt | 590.5 | 540.8 |
Long-term income tax payable | 17.7 | 21.4 |
Pension and other postretirement benefits | 36.5 | 31.6 |
Deferred income tax liabilities | 45.1 | 48.2 |
Other liabilities | 78.6 | 74.4 |
Total liabilities | 935.3 | 874 |
Stockholders' equity: | ||
Preferred stock, $0.10 par value per share; 10,000,000 shares authorized; None issued or outstanding | 0 | 0 |
Common stock, $0.10 par value per share; 100,000,000 shares authorized; 31,324,745 and 30,896,661 shares issued and outstanding at December 31, 2020 and 2019, respectively | 3.1 | 3.1 |
Additional paid-in-capital | 92.2 | 78.8 |
Retained earnings | 666.2 | 638.4 |
Accumulated other comprehensive loss | (111.9) | (122.6) |
Total stockholders' equity | 649.6 | 597.7 |
Total liabilities and stockholders' equity | $ 1,584.9 | $ 1,471.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock (dollars per share) | $ 0.10 | $ 0.10 |
Preferred shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred shares outstanding (in shares) | 0 | 0 |
Preferred shares issued (in shares) | 0 | 0 |
Common stock (dollars per share) | $ 0.10 | $ 0.10 |
Common shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common shares issued (in shares) | 31,324,745 | 30,896,661 |
Common stock outstanding (in shares) | 31,324,745 | 30,896,661 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Cumulative effects of change in accounting standards | Common Stock Issued | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative effects of change in accounting standards | Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) IncomeCumulative effects of change in accounting standards |
Balance (in shares) at Dec. 31, 2017 | 30,711,299 | |||||||
Balance at Dec. 31, 2017 | $ 546.7 | $ (1.7) | $ 3.1 | $ 66.3 | $ 566.7 | $ 3.2 | $ (89.4) | $ (4.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 94.5 | 94.5 | ||||||
Other comprehensive income (loss), net of tax | (30.2) | (30.2) | ||||||
Dividends declared | (53.2) | (53.2) | ||||||
Restricted stock issuances, net (in shares) | 130,617 | |||||||
Restricted stock issuances, net | 0 | |||||||
Stock-based employee compensation expense | 4.6 | 4.6 | ||||||
Stock issued to directors as compensation (in shares) | 4,723 | |||||||
Stock issued to directors as compensation | 0.2 | 0.2 | ||||||
Purchases and cancellation of common stock (in shares) | (75,395) | |||||||
Purchases and cancellation of common stock | (3) | (3) | ||||||
Balance (in shares) at Dec. 31, 2018 | 30,771,244 | |||||||
Balance at Dec. 31, 2018 | 557.9 | $ (0.3) | $ 3.1 | 71.1 | 608.2 | $ (0.3) | (124.5) | $ (4.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 85.8 | 85.8 | ||||||
Other comprehensive income (loss), net of tax | 1.9 | 1.9 | ||||||
Dividends declared | (54.4) | (54.4) | ||||||
Restricted stock issuances, net (in shares) | 147,113 | |||||||
Restricted stock issuances, net | 0 | |||||||
Stock-based employee compensation expense | 7.6 | 7.6 | ||||||
Stock issued to directors as compensation (in shares) | 3,601 | |||||||
Stock issued to directors as compensation | 0.1 | 0.1 | ||||||
Purchases and cancellation of common stock (in shares) | (25,297) | |||||||
Purchases and cancellation of common stock | (0.9) | (0.9) | ||||||
Balance (in shares) at Dec. 31, 2019 | 30,896,661 | |||||||
Balance at Dec. 31, 2019 | 597.7 | $ 3.1 | 78.8 | 638.4 | (122.6) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 83.8 | 83.8 | ||||||
Other comprehensive income (loss), net of tax | 10.7 | 10.7 | ||||||
Dividends declared | (55) | (55) | ||||||
Restricted stock issuances, net (in shares) | 302,705 | |||||||
Restricted stock issuances, net | 0 | |||||||
Stock-based employee compensation expense | 8.6 | 8.6 | ||||||
Modification to director stock-based compensation | 4 | 4 | ||||||
Stock issued to directors as compensation (in shares) | 3,689 | |||||||
Stock issued to directors as compensation | 0.8 | 0.8 | ||||||
Deferred compensation directors stock trust (in shares) | 149,469 | |||||||
Purchases and cancellation of common stock (in shares) | (27,779) | |||||||
Purchases and cancellation of common stock | (1) | (1) | ||||||
Balance (in shares) at Dec. 31, 2020 | 31,324,745 | |||||||
Balance at Dec. 31, 2020 | $ 649.6 | $ 3.1 | $ 92.2 | $ 666.2 | $ (111.9) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (in dollars per share) | $ 1.76 | $ 1.76 | $ 1.73 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operations | |||
Net income | $ 83.8 | $ 85.8 | $ 94.5 |
Less: Loss from discontinued operations | 0 | 0 | (0.3) |
Income from continuing operations | 83.8 | 85.8 | 94.8 |
Non-cash items included in net income: | |||
Depreciation and amortization | 72.2 | 57.7 | 61.6 |
Impairments | 0 | 1.1 | 0.2 |
Deferred income tax (benefit) provision | (5.2) | (3.4) | 7.5 |
Pension and other postretirement benefits | 3.7 | 2.6 | 2.8 |
Stock-based compensation | 8.8 | 7.7 | 4.8 |
(Income) loss from equity affiliates | (4.9) | (4.1) | 11.3 |
Brazil tax assessment accruals, net | 0 | 10.9 | 0 |
Change in fair value of contingent consideration | 0 | 0 | (10.2) |
Long-term income tax payable | (0.5) | (0.6) | (12) |
Cash dividends received from equity affiliates | 2.7 | 2.6 | 2 |
Other items | 6.7 | 1.8 | 0.4 |
Changes in operating working capital: | |||
Accounts receivable | (5.3) | 10.8 | (18.3) |
Inventories | (3.5) | (11.2) | (4.9) |
Prepaid expenses | 0.6 | (0.2) | (0.1) |
Accounts payable | (12.7) | (2.1) | 8 |
Accrued expenses | 7.4 | 3.9 | (1) |
Accrued income taxes | 7.8 | (3) | (8) |
Net changes in operating working capital | (5.7) | (1.8) | (24.3) |
Net cash provided by operating activities of: | |||
- Continuing operations | 161.6 | 160.3 | 138.9 |
- Discontinued operations | 0 | 0 | 0.2 |
Cash provided by operations | 161.6 | 160.3 | 139.1 |
Investing | |||
Capital spending | (30.1) | (28.6) | (27) |
Capitalized software costs | (3.2) | (5.5) | (2.7) |
Acquisitions, net of cash acquired | (169.3) | 0 | 0 |
Proceeds from sale of assets | 0.5 | 14.7 | 0 |
Other investing | (1) | 4.6 | 2.2 |
Cash used for investing | (203.1) | (14.8) | (27.5) |
Financing | |||
Cash dividends paid to SWM stockholders | (55) | (54.4) | (53.2) |
Changes in short-term debt, net | 0 | (0.1) | (1.3) |
Proceeds from issuances of long-term debt | 212.7 | 19.1 | 634.2 |
Payments on long-term debt | (165.3) | (99.5) | (694) |
Payments for debt issuance costs | 0 | 0 | (3.6) |
Purchases of common stock | (1) | (0.9) | (3) |
Cash used in financing | (8.6) | (135.8) | (120.9) |
Effect of exchange rate changes on cash and cash equivalents | 1.8 | (0.5) | (3.8) |
(Decrease) increase in cash and cash equivalents | (48.3) | 9.2 | (13.1) |
Cash and cash equivalents at beginning of period | 103 | 93.8 | 106.9 |
Cash and cash equivalents at end of period | $ 54.7 | $ 103 | $ 93.8 |
General
General | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General Nature of Business Schweitzer-Mauduit International, Inc., or SWM or the Company, headquartered in the United States of America, is a multinational diversified producer of highly engineered solutions and advanced materials for a variety of industries. The Company maintains two operating product line segments: Advanced Materials and Structures and Engineered Papers. The Advanced Materials & Structures segment, or AMS, produces mostly resin-based rolled goods such as nets, films and meltblown materials, typically through an extrusion process or other non-woven technologies. These products are used in a variety of specialty applications across the filtration, transportation, construction and infrastructure, medical, and industrial end-markets. The acquisition of Tekra, a converter of high-performance films and substrates added coating and converting capabilities, increased the Company’s medical business, and provided further penetration into transportation and industrial end-markets. The Engineered Papers segment, or EP, primarily serves the tobacco industry with production of various cigarette papers and reconstituted tobacco products, or "recon." Traditional reconstituted tobacco leaf, or "RTL," is used as a blend with virgin tobacco in cigarettes and used as wrappers and binders for cigars. Recon, as well as LIP (low ignition propensity) cigarette paper, a specialty product with fire-safety features, are two key profit drivers. The EP segment also produces non-tobacco papers for both premium applications, such as energy storage, and industrial commodity paper grades, which are often produced to maximize machine utilization. We conduct business in over 90 countries and operate 23 production locations worldwide, with facilities in the U.S., Canada, United Kingdom, France, Luxembourg, Belgium, Russia, Brazil, China and Poland. We also have a 50% equity interest in two joint ventures in China. The first, China Tobacco Mauduit (Jiangmen) Paper Industry Ltd., or CTM, produces cigarette and porous plug wrap papers and the second, China Tobacco Schweitzer (Yunnan) Reconstituted Tobacco Co. Ltd., or CTS, produces RTL. As used in this 2020 Annual Report on Form 10-K, unless the context indicates otherwise, references to "we," "us," "our," "SWM," "Schweitzer-Mauduit" or similar terms include Schweitzer-Mauduit International, Inc. and its consolidated subsidiaries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements and the notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America, "U.S. GAAP." The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company believes the estimates and assumptions used in the preparation of these consolidated financial statements are reasonable, based upon currently available facts and known circumstances. Actual results may differ from those estimates and assumptions as a result of a number of factors, including those discussed elsewhere in this report and in its other public filings from time to time. Principles of Consolidation The consolidated financial statements include the accounts of the Company and wholly-owned, majority-owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated. Certain reclassifications of prior year data were made in the Notes to Consolidated Financial Statements. The reclassifications were made to conform to the current year presentation. The Company uses the equity method to account for its investments in two joint ventures with the China National Tobacco Corporation (see Note 9. Joint Ventures). Investment in equity affiliates represents the Company’s investment in these joint ventures. The Company’s 50% share of the net income (loss) of the joint ventures is included in the consolidated statements of income as income (loss) from equity affiliates. Revenue Recognition The Company has two main sources of revenue: product sales and materials conversion. The Company recognizes product sales revenues when control of a product is transferred to the customer. For the majority of product sales, transfer of control occurs when the products are shipped from one of the Company’s manufacturing facilities to the customer. Any freight costs billed to and paid by a customer are included in net sales. The Company also provides services to customers through the conversion of customer-owned raw materials into processed finished goods. In these transactions, the Company generally recognizes revenue as processing is completed. Freight Costs The cost of delivering finished goods to the Company's customers is recorded as a component of cost of products sold. Those costs include the amounts paid to a third party to deliver the finished goods. Royalty Income Royalties from third-party patent licenses are recognized when earned, including monies received at an agreement's initiation attributable to past sales. The Company recognizes up-front payments upon receipt when it has no future performance requirement or ongoing obligation arising from its agreements and the payment is for a separate earnings process. Minimum annual royalties received in advance are deferred and are recognized in the period earned. The Company recognized $7.5 million, $6.8 million and $5.9 million of royalty income during 2020, 2019 and 2018 respectively, which is included in net sales in the Consolidated Statements of Income. Foreign Currency Translation The income statements of foreign entities are translated into U.S. dollars at average exchange rates prevailing during the periods presented. The balance sheets of these entities are translated at period-end exchange rates, and the differences from historical exchange rates are reflected in a separate component of accumulated other comprehensive loss as unrealized foreign currency translation adjustments. Foreign currency risks arise from transactions and balances denominated in non-local currencies. Gains and losses resulting from remeasurement and settlement of such transactions and balances, net of currency hedge impacts, included in Other (expense) income, net, were losses of $0.9 million, $1.4 million and $1.5 million in 2020, 2019 and 2018, respectively. Derivative Instruments The Company is exposed to changes in foreign currency exchange rates, interest rates and commodity prices. The Company utilizes a variety of practices to manage these market risks, including where considered appropriate, derivative instruments. The Company uses derivative instruments only for risk management purposes and not for trading or speculation. All derivative instruments the Company uses are either exchange traded or are entered into with major financial institutions in order to reduce credit risk and risk of nonperformance by third parties. The Company believes the credit risks with respect to the counterparties, and the foreign currency risks that would not be hedged if the counterparties fail to fulfill their obligations under the contracts, are not material in view of its understanding of the financial strength of the counterparties. Gains and losses on instruments that hedge firm commitments are deferred and included in the basis of the underlying hedged items. All other hedging gains and losses are included in period income or expense based on the period-end market price of the instrument and are included in the Company's operating cash flows. See Note 15. Derivatives, for additional information. Cash and Cash Equivalents The Company considers all highly liquid, unrestricted investments with remaining maturities of three months or less to be cash equivalents, including money market funds with no restrictions on withdrawals. As of December 31, 2020 and 2019, included in Cash and cash equivalents on the Consolidated Balance Sheets is $0.6 million in contractually restricted cash. Business Combinations The Company uses the acquisition method of accounting for business combinations. At the acquisition date, the Company records assets acquired and liabilities assumed at their respective fair market values. The Company estimates fair value using the exit price approach which is the price that would be received to sell an asset or paid to transfer a liability in an orderly market. An exit price is determined from a market participant's viewpoint in the principal or most advantageous market and may result in the Company valuing assets or liabilities at a fair value that is not reflective of the Company's intended use of the assets or liabilities. Any excess consideration above the estimated fair values of the net assets acquired is recognized as goodwill on the Company's Consolidated Balance Sheets. The operating results of acquired businesses are included in the Company's results of operations beginning as of their effective acquisition dates. Acquisition costs are expensed as incurred and were $1.1 million in 2020. There were no acquisition costs incurred in 2019 and 2018. Impairment of Long-Lived Assets, Goodwill and Intangible Assets The Company evaluates the carrying value of long-lived assets, including property and equipment, goodwill and intangible assets when events and circumstances warrant a review. Goodwill is also tested for impairment annually during the fourth quarter. We first evaluate qualitative factors, such as macroeconomic conditions and our overall financial performance by reporting unit to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We then evaluate how significant each of the identified factors could be to the fair value or carrying amount of a reporting unit and weigh these factors in totality in forming a conclusion of whether or not it is more likely than not that the fair value of a reporting unit is less than its carrying amount (the “Step 0 Test”). Goodwill is not impaired if we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount. Otherwise, we would proceed to the goodwill impairment test. Alternatively, we may also bypass the Step 0 Test and proceed directly to the goodwill impairment test, where the fair value of the reporting unit is compared to the carrying value. The difference between the total fair value of the reporting unit and the carrying value is recognized as an impairment to the reporting unit's goodwill. See Note 10. Goodwill for further discussion of the Company's annual impairment test results. During the annual testing performed as of October 1, 2020, the estimated fair value of each of the Company's reporting units was in excess of its respective carrying value. We have acquired trade names that have been determined to have indefinite lives. We evaluate a number of factors to determine whether an indefinite life is appropriate, including the competitive environment, category share, business history, product life cycle and operating plans. Indefinite-lived intangibles are evaluated for impairment annually during the fourth quarter. Additionally, when certain events or changes in operating conditions occur, an impairment assessment is performed and indefinite-lived trade names may be adjusted to a determinable life or an impairment charge may be recorded. The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, which approximates a straight-line basis, over the estimated periods benefited. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted. Estimated useful lives range from 10 to 23 years for customer relationships and 4 to 20 years for developed technology, patents and other intangible assets. The carrying value of long-lived assets is reviewed to determine if events or circumstances have changed which may indicate that the assets may be impaired or the useful life may need to be changed. Upon occurrence of such a triggering event, the Company considers internal and external factors relating to each asset group, including expectation of future profitability, undiscounted cash flows and its plans with respect to the operations. If impairment is indicated, an impairment loss is measured by the amount the net carrying value of the asset exceeds its estimated fair value. Environmental Spending Environmental spending is capitalized if such spending qualifies as property, plant and equipment, substantially increases the economic value or extends the useful life of an asset. All other such spending is expensed as incurred, including fines and penalties incurred in connection with environmental violations. Environmental spending relating to an existing condition caused by past operations is expensed. Liabilities are accrued when environmental assessments are probable and the costs can be reasonably estimated. Generally, timing of these accruals coincides with completion of a feasibility study or commitment to a formal plan of action. Capitalized Software Costs The Company capitalizes certain purchases of software and software development costs in connection with major projects of software development for internal use. These costs are included in Other assets on the Consolidated Balance Sheets and are amortized using the straight-line method over the estimated useful life not to exceed seven years. Costs associated with business process redesign, end-user training, system start-up and ongoing software maintenance are expensed as incurred. Amortization of capitalized software was $2.1 million, $1.9 million and $1.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. Accumulated amortization of capitalized software costs was $40.5 million and $36.9 million at December 31, 2020 and 2019, respectively. See Note 12. Other Assets for additional information. Business Tax Credits Business tax credits represent value added tax credits receivable and similar assets, such as Imposto sobre Circulação de Mercadorias e Serviços, or ICMS, in Brazil. Business tax credits are generated when value-added taxes, or VAT, are paid on purchases. VAT and similar taxes are collected from customers on certain sales. In some jurisdictions, export sales do not require VAT collection. See Note 12. Other Assets for additional information. Income Taxes Our income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management’s best estimate of current and future taxes to be paid. We operate and are subject to income taxes in the U.S. and numerous foreign jurisdictions. The complexity of our global structure requires technical expertise in determining the allocation of income to each of these jurisdictions and consolidated income tax expense. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If it is determined that the Company would be able to realize the deferred tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it is determined whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. On December 22, 2017, the Tax Act was enacted into law effective January 1, 2018. The new legislation contains several key tax provisions that affected the Company, and include but are not limited to a one-time deemed repatriation tax on post-1986 accumulated earnings and profits of the foreign subsidiary undistributed earnings (“transition tax”), a reduction of the federal corporate income tax rate from 35% to 21%, a new deduction for Foreign-Derived Intangible Income ("FDII"), and a new provision designed to tax Global Intangible Low Taxed Income (“GILTI”) of foreign subsidiaries effective January 1, 2018. As a result of the GILTI provision, the FASB issued Staff Q&A Topic 740, No. 5 “Accounting for Global Intangible Low-Taxed Income” requiring an entity to make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI as a current period expense when incurred. Management makes certain judgments in interpreting the manner in which complex key provisions of the Tax Act should be applied and in the determination of income tax expense and liabilities. Pension and Other Postretirement Benefits Accounting The Company recognizes the estimated compensation cost of employees' pension and other postretirement benefits over their approximate period of service. The Company's earnings are impacted by amounts of expense recorded related to these benefits, which primarily consist of U.S. and French pension benefits. Each year's recorded expenses are estimates based on actuarial calculations of the Company's accumulated and projected benefit obligations, or PBOs, for the Company's various plans. Suspension of additional benefits for future service is considered a curtailment, and if material, necessitates a re-measurement of plan assets and PBO. As part of a re-measurement, the Company adjusts its discount rates and other actuarial assumptions, such as retirement, turnover and mortality table assumptions, as appropriate. See Note 18. Postretirement and Other Benefits for additional information. Comprehensive Income Comprehensive income includes net income, as well as items charged and credited directly to stockholders' equity, which are excluded from net income. The Company has presented comprehensive income in the Consolidated Statements of Comprehensive Income. Reclassification adjustments of derivative instruments are presented in Net sales and Interest expense in the Consolidated Statements of Income. See Note 15. Derivatives for additional information. Amortization of accumulated pension and other post-employment benefit (OPEB) liabilities are included in the computation of net periodic pension and OPEB costs, which are more fully discussed in Note 18. Postretirement and Other Benefits. Components of Accumulated other comprehensive (loss) income were as follows ($ in millions): December 31, 2020 2019 Accumulated pension and OPEB liability adjustments, net of income tax benefit of $11.6 million and $12.8 million at December 31, 2020 and 2019, respectively $ (20.5) $ (24.3) Accumulated unrealized loss on derivative instruments, net of income tax benefit of $2.8 million and $1.6 million at December 31, 2020 and 2019, respectively (13.1) (3.5) Accumulated unrealized foreign currency translation adjustments, net of income tax benefit of $10.1 million and $5.0 million at December 31, 2020 and 2019, respectively (78.3) (94.8) Accumulated other comprehensive loss $ (111.9) $ (122.6) Changes in the components of Accumulated other comprehensive (loss) income were as follows ($ in millions): For the Years Ended December 31, 2020 2019 2018 Pre-tax Tax Net of Pre-tax Tax Net of Pre-tax Tax Net of Pension and OPEB liability adjustments $ 5.0 $ (1.2) $ 3.8 $ 2.5 $ 1.4 $ 3.9 $ (0.9) $ (2.4) $ (3.3) Derivative instrument adjustments (10.8) 1.2 (9.6) (2.9) — (2.9) (2.4) 1.4 (1.0) Unrealized foreign currency translation adjustments 11.5 5.0 16.5 (2.5) 3.4 0.9 (28.0) (2.8) (30.8) Total $ 5.7 $ 5.0 $ 10.7 $ (2.9) $ 4.8 $ 1.9 $ (31.3) $ (3.8) $ (35.1) The change in the components of Accumulated other comprehensive loss for the year ended December 31, 2018 includes a $4.9 million cumulative-effect adjustment from Accumulated other comprehensive loss directly to Retained earnings as a result of the adoption of ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," as discussed below. Restricted Stock All of the Company's restricted stock grants, including those that have been earned in the case of performance-based shares and cliff-vesting grants that are not performance based, vest upon completion of a specified period of time, typically between two Restricted Stock Plan Performance Based Shares The Company's long-term incentive compensation program, or LTICP, for key employees includes an equity-based award component that is provided through the Long-term Incentive Plan, or LTIP, which the Company adopted in 2015 and which replaced its previous Restricted Stock Plan, or RSP. The objectives under the LTICP are established at the beginning of a performance cycle and are intended to focus management on longer-term strategic goals. The Compensation Committee of the Board of Directors designates participants in the LTICP and LTIP and determines the equity-based award opportunity in the form of restricted stock for each performance cycle, which is generally measured on the basis of a one year performance period (the measurement period). The restricted shares are considered issued and outstanding when the number of shares becomes fixed, after the annual performance is determined, and such awards vest at the end of the performance year or some predetermined period thereafter. The Company recognizes compensation expense with an offsetting credit to additional paid-in-capital over the performance period based on the fair value of the award at the date of grant, with compensation expense being adjusted cumulatively based on the number of shares expected to be earned according to the level of achievement of performance goals. Fair Value Option The Company has not elected to measure its financial instruments or certain commitments at fair value. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). The update requires that an entity measure and recognize expected credit losses for certain financial instruments, including trade receivables, as an allowance that reflects a current estimate of credit losses expected to be incurred. The Company adopted this guidance as of January 1, 2020 on a prospective basis, there was no material impact on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The amendment eliminates the second step of the analysis that required the measurement of a goodwill impairment by comparing the implied value of a reporting unit’s goodwill and the goodwill’s carrying amount. The provisions of the standard were adopted effective as of January 1, 2020, there was no material impact on the consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements." The new standard modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The provisions of this ASU are effective for years beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company has adopted this guidance effective as of January 1, 2020, the provisions of which did not impact existing fair value measurements. In August 2018, the FASB issued ASU 2018-15, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." The new standard provides updated guidance surrounding implementation costs associated with cloud computing arrangements that are service contracts. The provisions of this ASU are effective for years beginning after December 15, 2019. The Company adopted the provisions of this guidance prospectively as of January 1, 2020, there was no material impact on the consolidated financial statements. Recently Issued Accounting Standards In August 2018, the FASB issued ASU 2018-14, "Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans." The new standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The provisions of this ASU are effective for years beginning after December 15, 2020, with early adoption permitted. The new standard requires the amendments to be applied on a retrospective basis for all periods presented. The Company is currently in the process of evaluating the impact of the pronouncement and does not expect the adoption of this guidance to have a material impact on the consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The new standard simplifies income tax accounting requirements by removing certain exceptions to the general principles in Topic 740, Income Taxes. The provisions of this ASU are effective for years beginning after December 15, 2020 with early adoption permitted. The Company has evaluated the impact of the pronouncement and the adoption of this guidance does not have a material impact on the consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The new standard provides optional expedients and exceptions for applying generally accepted accounting principles ("GAAP") to contracts, hedging relationships, and other transactions affected by reference rate reform and the anticipated discontinuance of the London Interbank Offered Rate ("LIBOR") if certain criteria are met. The amendments in this ASU are effective for all entities as of March 12, 2020, through December 31, 2022. The Company does not currently have any contracts that have been changed to a new reference rate but will continue to evaluate the applicability and impact of the guidance. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, which generally occurs when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Generally, the Company considers collectability of amounts due under a contract to be probable upon inception of a sale based on an evaluation of the credit worthiness of each customer. If collectability is not considered to be probable, the Company defers recognition of revenue on satisfied performance obligations until the uncertainty is resolved. Any variable consideration, such as discounts or price concessions, is set forth in the terms of the contract at inception and is included in the assessment of the transaction price at the outset of the arrangement. The transaction price is allocated to the individual performance obligations due under the contract based on the relative stand-alone fair value of the performance obligations identified in the contract. The Company typically uses an observable price to determine the stand-alone selling price for separate performance obligations. The Company does not typically include extended payment terms or significant financing components in its contracts with customers. Certain product sales contracts may include cash-based incentives (volume rebates or credits), which are accounted for as variable consideration. We estimate these amounts at least quarterly based on the expected forecast quantities to be provided to customers and reduce revenues recognized accordingly. Incidental items that are immaterial in the context of the contract are recognized as expense in the period incurred. The Company generally expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within sales and marketing expenses. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. As a practical expedient, the Company treats shipping and handling activities that occur after control of the good transfers as fulfillment activities, and therefore, does not account for shipping and handling costs as a separate performance obligation. Following is the Company’s net sales disaggregated by revenue source ($ in millions). Sales and usage-based taxes are excluded from net sales. For the Years Ended December 31, 2020 2019 2018 AMS EP Total AMS EP Total AMS EP Total Product revenues $ 522.4 $ 473.8 $ 996.2 $ 462.8 $ 484.2 $ 947.0 $ 455.5 $ 500.1 $ 955.6 Materials conversion revenues 14.1 52.2 66.3 8.9 56.4 65.3 8.4 68.2 76.6 Other revenues 7.0 4.9 11.9 5.5 5.0 10.5 4.0 5.1 9.1 Total revenues (1) $ 543.5 $ 530.9 $ 1,074.4 $ 477.2 $ 545.6 $ 1,022.8 $ 467.9 $ 573.4 $ 1,041.3 (1) Revenues include net hedging gains and losses for the years ended December 31, 2020, 2019 and 2018. Net sales are attributed to the following geographic locations based on the location of the Company’s direct customers ($ in millions): For the Years Ended December 31, 2020 2019 2018 AMS EP Total AMS EP Total AMS EP Total United States $ 376.7 $ 161.9 $ 538.6 $ 331.3 $ 182.8 $ 514.1 $ 320.1 $ 193.3 $ 513.4 Europe and the former Commonwealth of Independent States 47.5 182.2 229.7 45.8 172.6 218.4 46.2 214.6 260.8 Asia/Pacific (including China) 94.6 110.7 205.3 77.6 95.0 172.6 76.6 82.8 159.4 Latin America 9.3 43.6 52.9 7.6 45.6 53.2 10.0 43.5 53.5 Other foreign countries 15.4 32.5 47.9 14.9 49.6 64.5 15.0 39.2 54.2 Total revenues (1) $ 543.5 $ 530.9 $ 1,074.4 $ 477.2 $ 545.6 $ 1,022.8 $ 467.9 $ 573.4 $ 1,041.3 (1) Revenues include net hedging gains and losses for the years ended December 31, 2020, 2019 and 2018. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company adopted the guidance contained in ASC 842, Leases, on January 1, 2019 using the modified retrospective approach permitted by ASU 2018-11, Leases (Topic 842): Targeted Improvements. Under this method, the Company applied the new leases standard at the adoption date and recognized a cumulative-effect adjustment to the opening balance of retained earnings as of January 1, 2019. The Company leases certain office space, warehouses, manufacturing facilities, land, and equipment. The Company elected the practical expedient which allows that leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For leases without lease terms (i.e. month-to-month leases), lease expense is recognized as incurred and no asset or liability is recorded for these leases. The Company accounts for lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) separately from non-lease components (e.g., common-area maintenance costs). Most leases include one or more options to renew, with renewal terms that can extend the lease term. The exercise of lease renewal options is at our sole discretion. Lease assets and liabilities are determined based on the lease term including those periods for which renewal options are considered reasonably certain to be exercised. Certain leases also include options to purchase the leased property, although we are unlikely to do so in most cases. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Components of right-of-use assets and lease liabilities presented in the balance sheet are as follows ($ in million): Assets Classification December 31, 2020 December 31, 2019 Operating lease right-of-use assets Other assets $ 19.8 $ 20.9 Finance lease right-of-use assets Property, plant and equipment, net 3.0 2.9 Total right of use assets $ 22.8 $ 23.8 Liabilities Classification December 31, 2020 December 31, 2019 Current operating lease obligation Accrued expenses $ 5.2 $ 4.9 Long-term operating lease obligation Other liabilities 15.6 17.2 Total operating lease obligation $ 20.8 $ 22.1 Current finance lease obligation Current debt $ 0.5 $ 0.4 Long-term finance lease obligation Long-term debt 3.0 2.8 Total finance lease obligation $ 3.5 $ 3.2 December 31, 2020 December 31, 2019 Assets Finance Operating Total Finance Operating Total Land and improvements $ — $ 0.1 $ 0.1 $ — $ 0.1 $ 0.1 Buildings and improvements 3.1 25.9 29.0 2.9 21.8 24.7 Machinery and equipment 1.1 4.3 5.4 0.7 4.5 5.2 Gross property, plant and equipment 4.2 30.3 34.5 3.6 26.4 30.0 Less: Accumulated depreciation (1.2) (10.5) (11.7) (0.7) (5.5) (6.2) Right-of-use assets $ 3.0 $ 19.8 $ 22.8 $ 2.9 $ 20.9 $ 23.8 Components of lease expense incurred by the Company are as follow ($ in millions): Lease Cost Year Ended December 31, 2020 Year ended December 31, 2019 Finance lease cost (cost resulting from lease payments) Interest expense on lease liabilities $ 0.2 0.2 Amortization of right-of-use assets 0.5 0.4 Operating lease cost 6.8 6.2 Short-term lease expense 0.4 0.3 Variable lease expense — — Sublease income — — Total Lease Cost $ 7.9 $ 7.1 The following table represents future contractual lease liabilities for the next five years and thereafter for finance and operating leases ($ in millions): Maturity of Lease Liabilities Finance Operating Total 2021 $ 0.7 6.3 $ 7.0 2022 0.7 5.1 5.8 2023 0.6 3.5 4.1 2024 0.5 2.9 3.4 2025 0.6 1.8 2.4 Thereafter 1.0 5.4 6.4 Total Lease Payments $ 4.1 $ 25.0 $ 29.1 Less: Interest 0.6 4.2 4.8 Present Value of Lease Liabilities $ 3.5 $ 20.8 $ 24.3 Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 5.8 6.7 Finance leases 6.3 7.3 Weighted-average discount rate Operating leases 6.19 % 6.49 % Finance leases 5.26 % 5.27 % Other Information (millions) Year Ended December 31, 2020 Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 6.9 6.3 Operating cash flows from finance leases 0.2 0.3 Financing cash flows from finance leases 0.5 0.2 Leased assets obtained in exchange for new finance lease liabilities 0.4 0.6 Leased assets obtained in exchange for new operating lease liabilities 3.9 3.3 |
Leases | Leases The Company adopted the guidance contained in ASC 842, Leases, on January 1, 2019 using the modified retrospective approach permitted by ASU 2018-11, Leases (Topic 842): Targeted Improvements. Under this method, the Company applied the new leases standard at the adoption date and recognized a cumulative-effect adjustment to the opening balance of retained earnings as of January 1, 2019. The Company leases certain office space, warehouses, manufacturing facilities, land, and equipment. The Company elected the practical expedient which allows that leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For leases without lease terms (i.e. month-to-month leases), lease expense is recognized as incurred and no asset or liability is recorded for these leases. The Company accounts for lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) separately from non-lease components (e.g., common-area maintenance costs). Most leases include one or more options to renew, with renewal terms that can extend the lease term. The exercise of lease renewal options is at our sole discretion. Lease assets and liabilities are determined based on the lease term including those periods for which renewal options are considered reasonably certain to be exercised. Certain leases also include options to purchase the leased property, although we are unlikely to do so in most cases. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Components of right-of-use assets and lease liabilities presented in the balance sheet are as follows ($ in million): Assets Classification December 31, 2020 December 31, 2019 Operating lease right-of-use assets Other assets $ 19.8 $ 20.9 Finance lease right-of-use assets Property, plant and equipment, net 3.0 2.9 Total right of use assets $ 22.8 $ 23.8 Liabilities Classification December 31, 2020 December 31, 2019 Current operating lease obligation Accrued expenses $ 5.2 $ 4.9 Long-term operating lease obligation Other liabilities 15.6 17.2 Total operating lease obligation $ 20.8 $ 22.1 Current finance lease obligation Current debt $ 0.5 $ 0.4 Long-term finance lease obligation Long-term debt 3.0 2.8 Total finance lease obligation $ 3.5 $ 3.2 December 31, 2020 December 31, 2019 Assets Finance Operating Total Finance Operating Total Land and improvements $ — $ 0.1 $ 0.1 $ — $ 0.1 $ 0.1 Buildings and improvements 3.1 25.9 29.0 2.9 21.8 24.7 Machinery and equipment 1.1 4.3 5.4 0.7 4.5 5.2 Gross property, plant and equipment 4.2 30.3 34.5 3.6 26.4 30.0 Less: Accumulated depreciation (1.2) (10.5) (11.7) (0.7) (5.5) (6.2) Right-of-use assets $ 3.0 $ 19.8 $ 22.8 $ 2.9 $ 20.9 $ 23.8 Components of lease expense incurred by the Company are as follow ($ in millions): Lease Cost Year Ended December 31, 2020 Year ended December 31, 2019 Finance lease cost (cost resulting from lease payments) Interest expense on lease liabilities $ 0.2 0.2 Amortization of right-of-use assets 0.5 0.4 Operating lease cost 6.8 6.2 Short-term lease expense 0.4 0.3 Variable lease expense — — Sublease income — — Total Lease Cost $ 7.9 $ 7.1 The following table represents future contractual lease liabilities for the next five years and thereafter for finance and operating leases ($ in millions): Maturity of Lease Liabilities Finance Operating Total 2021 $ 0.7 6.3 $ 7.0 2022 0.7 5.1 5.8 2023 0.6 3.5 4.1 2024 0.5 2.9 3.4 2025 0.6 1.8 2.4 Thereafter 1.0 5.4 6.4 Total Lease Payments $ 4.1 $ 25.0 $ 29.1 Less: Interest 0.6 4.2 4.8 Present Value of Lease Liabilities $ 3.5 $ 20.8 $ 24.3 Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 5.8 6.7 Finance leases 6.3 7.3 Weighted-average discount rate Operating leases 6.19 % 6.49 % Finance leases 5.26 % 5.27 % Other Information (millions) Year Ended December 31, 2020 Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 6.9 6.3 Operating cash flows from finance leases 0.2 0.3 Financing cash flows from finance leases 0.5 0.2 Leased assets obtained in exchange for new finance lease liabilities 0.4 0.6 Leased assets obtained in exchange for new operating lease liabilities 3.9 3.3 |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Acquisitions | Business Acquisitions On March 13, 2020, the Company completed the acquisition of 100% of the equity interest in Tekra, LLC and Trient, LLC, “Tekra,” pursuant to the definitive agreement signed as of February 20, 2020. Tekra is a converter of high-performance films and substrates which enhances the Company’s films capabilities. Tekra, part of the AMS segment, operates two manufacturing facilities located in Wisconsin. The consideration transferred to acquire Tekra was $169.3 million, net of $1.6 million cash and cash equivalents acquired, subject to working capital adjustments that were finalized as of September 30, 2020. The purchase price was funded with borrowings from our revolving credit facility. The acquisition has been accounted for as a business combination with the assets acquired and liabilities assumed measured at their fair values as of the acquisition date, primarily using Level 3 inputs. The estimated purchase price allocation disclosed as of March 31, 2020, was revised during the second and third quarters as new information was received and analyzed resulting in a decrease in net intangible assets of $3.4 million, and other adjustments, consisting primarily of reclassifications within working capital, leading to a net decrease in total consideration of $1.8 million. The consideration paid for Tekra and the final fair values of the assets acquired, and liabilities assumed as of the March 13, 2020 acquisition date were as follows ($ in millions): Fair Value as of March 13, 2020 Cash and cash equivalents $ 1.6 Accounts receivable 8.6 Inventory 14.2 Other current assets 0.2 Property, plant and equipment 7.3 Identifiable intangible assets 81.8 Other noncurrent assets 3.7 Total assets $ 117.4 Accounts payable $ 3.0 Other current liabilities 2.0 Other noncurrent liabilities 2.7 Net assets acquired $ 109.7 Goodwill 61.2 Total consideration $ 170.9 The fair value of receivables acquired approximates the gross contractual value. The contractual amount not expected to be collected is immaterial. Acquired inventory was comprised of finished goods and raw materials. The fair value of finished goods was based on net realizable value adjusted for the costs of selling and a reasonable profit margin on selling effort. The fair value of raw materials was determined to approximate book value. Acquired intangible assets include customer relationships, tradenames and unpatented developed technologies. Intangible assets were valued using the multi-period excess earnings and relief-from-royalty methods, both forms of the income approach which considers a forecast of future cash flows generated from the use of each asset. The following table shows the final fair values assigned to identifiable intangible assets ($ in millions): Fair Value as of March 13, 2020 Weighted-Average Amortization Period (Years) Amortizable intangible assets: Customer relationships $ 63.0 15 Tradenames and other 10.8 15 Developed technology 8.0 10 Total amortizable intangible assets $ 81.8 The excess of the acquisition consideration over the fair values of the acquired assets and assumed liabilities is assigned to goodwill, of the AMS segment, and is primarily attributable to expected revenue synergies and expected to be deductible for tax purposes. During the twelve months ended December 31, 2020, the Company recognized $1.1 million in direct and indirect acquisition-related costs for the Tekra acquisition, respectively. Direct and indirect acquisition-related costs were expensed as incurred and are included in the General expense line item in the consolidated statements of income. The amounts of Net sales and Income from continuing operations of Tekra included in the Company's consolidated income statement from the acquisition date are as follows ($ in millions): Three Months Ended December 31, 2020 March 13, 2020 - December 31, 2020 Net Sales $ 23.7 $ 77.3 Income from Continuing Operations $ 1.8 $ 1.9 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable, net are summarized as follows ($ in millions): December 31, 2020 2019 Trade receivables $ 130.9 $ 114.6 Business tax credits, including VAT 4.0 5.2 Hedge contracts receivable 0.3 4.9 Other receivables 14.4 20.0 Less allowance for doubtful accounts and sales discounts (1.1) (1.5) Total accounts receivable, net $ 148.5 $ 143.2 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are valued at the lower of cost (using the First-In, First-Out and weighted average methods) or market. The Company's costs included in inventory primarily include resins, pulp, chemicals, direct labor, utilities, maintenance, depreciation, finishing supplies and an allocation of certain overhead costs. Machine start-up costs or abnormal machine shut downs are expensed in the period incurred and are not reflected in inventory. The definition of market value, with respect to all inventories, is net realizable value. The Company reviews inventories at least quarterly to determine the necessity of write-offs for excess, obsolete or unsalable inventory. The Company estimates write-offs for inventory obsolescence and shrinkage based on its judgment of future realization. These reviews require the Company to assess customer and market demand. During the year 2020, 2019 and 2018, there were no material inventory write-offs. The following schedule details inventories by major class ($ in millions): December 31, 2020 2019 Raw materials $ 65.3 $ 61.1 Work in process 23.2 20.7 Finished goods 83.5 65.3 Supplies and other 7.7 14.3 Inventories $ 179.7 $ 161.4 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Interest is capitalized as a component of the cost of construction for large projects. Expenditures for betterments are capitalized whereas normal repairs and maintenance are expensed as incurred. Property, other than land, is depreciated on a straight-line basis for financial reporting purposes. When property is sold or retired, the cost of the property and the related accumulated depreciation are removed from the balance sheet, and any gain or loss on the transaction is normally included in cost of products sold. Property, plant and equipment (and related depreciable lives) consisted of the following ($ in millions): December 31, 2020 2019 Land and improvements $ 13.6 $ 14.8 Buildings and improvements (20 to 40 years or remaining life of relevant lease) 144.0 142.3 Machinery and equipment (5 to 20 years) 524.4 622.6 Construction in progress 23.1 24.0 Gross property, plant and equipment 705.1 803.7 Less: Accumulated depreciation 366.1 473.4 Property, plant and equipment, net $ 339.0 $ 330.3 Depreciation expense was $42.2 million |
Joint Ventures
Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Ventures | Joint Ventures The Company has two joint ventures with China National Tobacco Corporation, or CNTC. CNTC is the principal operating company under China’s State Tobacco Monopoly Administration. CNTC and the Company’s subsidiary, Schweitzer-Mauduit International China, Limited, or SM-China, each own 50% of each of the joint ventures. The paper joint venture China Tobacco Mauduit (Jiangmen) Paper Industry Co. LTD, or CTM, produces tobacco-related papers in China. The second joint venture China Tobacco Schweitzer (Yunnan) Reconstituted Tobacco Co. LTD, or CTS, produces reconstituted tobacco leaf products. The joint ventures pay to each the Company and CNTC sales-based royalties and management fees, of which SWM recognized $2.0 million, $2.1 million and $2.2 million in 2020, 2019 and 2018, respectively, in Other (expense) income, net in the consolidated statements of income. The Company uses the equity method to account for its ownership interest in both joint ventures. At December 31, 2020 and 2019, the Company’s equity investment in joint ventures was $59.3 million and $52.4 million, respectively. The Company’s share of the net income (loss) was included in Income (loss) from equity affiliates, net of income taxes within the consolidated statements of income. We evaluate our equity method investments for impairment when events or changes in circumstances indicate, in our judgment, that the carrying value of such investment may have experienced an other than temporary decline in value. When evidence of loss in value has occurred, we compare the estimated fair value of the investment to the carrying value of the investment to determine whether impairment has occurred. We assess the fair value of our equity method investment using commonly accepted techniques, and may use more than one method, including, but not limited to, internally developed analysis and analysis of external data. If the estimated fair value is less than the carrying value and we consider the decline in value to be other than temporary, the excess of the carrying value over the estimated fair value is recognized in the consolidated financial statements as an impairment. Below is summarized and combined balance sheet information of the China joint ventures as of December 31, 2020 and 2019 ($ in millions): December 31, 2020 2019 Current assets $ 110.0 $ 99.4 Noncurrent assets 166.6 168.0 Current liabilities 67.6 43.1 Long-term liabilities 60.2 88.4 Stockholder's equity 148.8 135.9 Below is summarized and combined statement of operations information of the China joint ventures for the years ended December 31, 2020, 2019 and 2018 ($ in millions): For the Years Ended December 31, 2020 2019 2018 Net sales $ 101.3 $ 103.5 $ 109.7 Gross profit 33.0 32.2 33.4 Net income 9.7 8.3 7.4 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The Company evaluates goodwill for impairment at least annually during the fourth quarter. The annual tests during the fourth quarters of 2020, 2019 and 2018 resulted in no impairment. Each of the Company's two reportable segments, AMS and EP, have goodwill. There are no accumulated impairment losses in the AMS segment as of December 31, 2020. The EP segment has recorded $2.7 million in accumulated impairment losses in previous years. The changes in the carrying amount of goodwill for each reportable segment were as follows ($ in millions): Advanced Materials & Structures Engineered Papers Total Goodwill as of December 31, 2018 $ 333.1 $ 5.0 $ 338.1 Foreign currency translation adjustments (0.6) (0.1) (0.7) Goodwill as of December 31, 2019 $ 332.5 $ 4.9 $ 337.4 Goodwill acquired during the period 61.2 — 61.2 Foreign currency translation adjustments 4.7 0.4 5.1 Goodwill as of December 31, 2020 $ 398.4 $ 5.3 $ 403.7 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets The gross carrying amount and accumulated amortization for intangible assets which are in our AMS segment consisted of the following ($ in millions): December 31, 2020 Gross Accumulated Accumulated Impairments Accumulated Foreign Exchange Net Amortized Intangible Assets Customer relationships $ 339.8 $ 88.5 $ — $ (2.9) $ 254.2 Developed technology 42.1 14.1 — (0.2) 28.2 Trade names 32.7 1.4 20.7 0.3 10.3 Non-compete agreements 2.9 2.4 — — 0.5 Patents 1.5 0.5 — — 1.0 Total $ 419.0 $ 106.9 $ 20.7 $ (2.8) $ 294.2 Unamortized Intangible Assets Trade names $ 20.0 $ — $ 0.1 $ (0.6) $ 20.5 December 31, 2019 Gross Accumulated Accumulated Impairments Accumulated Foreign Exchange Net Amortized Intangible Assets Customer relationships $ 276.3 $ 67.7 $ — $ 1.8 $ 206.8 Developed technology 34.0 10.9 — 0.4 22.7 Trade names 21.8 0.8 20.7 0.3 — Non-compete agreements 2.9 2.2 — — 0.7 Patents 1.5 0.4 — — 1.1 Total $ 336.5 $ 82.0 $ 20.7 $ 2.5 $ 231.3 Unamortized Intangible Assets Trade names $ 20.0 $ — $ 0.1 $ — $ 19.9 Amortization expense of intangible assets w as $24.6 million , $20.3 million and $20.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. Finite-lived intangibles in the AMS segment are expensed using the straight-line amortization method. The following table shows the estimated aggregate amortization expense for the next five years ($ in millions): For the year ending December 31, Estimated Amortization Expense 2021 $ 25.6 2022 25.5 2023 25.2 2024 24.9 2025 24.6 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets consisted of the following ($ in millions): December 31, 2020 2019 Capitalized software costs, net of accumulated amortization $ 12.9 $ 11.9 Grantor trust assets 18.0 14.7 Net pension assets 9.3 5.9 Long-term supplies inventory 6.6 6.9 Operating lease assets 19.8 20.9 Other assets 2.6 8.9 Total $ 69.2 $ 69.2 The Company's ICMS credits in Brazil are fully reserved. These credits do not expire. The Company is exploring other actions to utilize the credits. Charges and credits associated with normal ongoing activity are included in Cost of products sold in the Consolidated Statements of Income. Future material changes as a result of new legislation or a change in our operations will be reported separately. |
Restructuring and Impairment Ac
Restructuring and Impairment Activities | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Impairment Activities | Restructuring and Impairment Activities The Company incurred restructuring and impairment expenses of $11.9 million, $3.7 million and $1.7 million in the years ended December 31, 2020, 2019 and 2018, respectively. In the AMS segment, the Company incurred $0.5 million , $1.1 million and $1.5 million in restructuring and impairment expenses during the years ended December 31, 2020, 2019 and 2018, respectively. Restructuring and impairment expense for the year ended December 31, 2020 related to severance accruals as a result of department realignments. Restructuring and impairment expense for the year ended December 31, 2019 consisted of $1.1 million in impairment charges at our U.S. and Chinese manufacturing facilities. Restructuring and impairment expense for the year ended December 31, 2018 consisted of $1.1 million in severance accruals for employees at our U.S. manufacturing operations, as well as $0.4 million in impairment charges at our U.S. manufacturing facilities. In the EP segment, restructuring and impairment expenses were $11.3 million, $2.6 million and $0.2 million during the years ended December 31, 2020, 2019 and 2018, respectively. During the third quarter of 2020, we announced plans to shut down the Spotswood, New Jersey facility and shift the production of paper made there to other SWM facilities. This decision was part of our ongoing manufacturing optimization efforts and involved the co-development of a new paper production technology with one of the Company’s key customers. Production of paper at this facility ceased during December of 2020. As a result of this decision, $6.7 million of restructuring and impairment expense was recognized in the year ended December 31, 2020 related to severance and other accruals. In the year ended December 31, 2020, we also recorded $4.9 million of other restructuring related charges in Cost of products sold, of which, $2.0 million was to write-down the value of certain spare parts and consignment inventories to estimated net realizable value and $2.9 million resulted from the acceleration of depreciation and amortization for machinery and equipment due to the change in the estimated lives of these assets driven by the decision to shut down the facility. In addition to restructuring costs relating to the Spotswood facility, the EP segment recognized $4.6 million in restructuring and impairment expense in the year ended December 31, 2020, related to severance accruals for employees at our manufacturing facilities in Brazil, France, Poland and the U.S. During 2019, restructuring and impairment expenses in the EP segment consisted of $2.6 million in severance accruals for employees at our manufacturing facilities in France. These restructuring charges relate to ongoing cost optimization initiatives to remain competitive within the EP segment. The cost optimization initiative project started in 2019 and is expected to be completed in 2022. The EP segment has recognized $6.9 million of restructuring charges cumulatively through December 31, 2020 related to this project. In 2018, restructuring and impairment expenses in the EP segment consisted of $0.2 million in severance accruals for employees at our manufacturing facilities in France. The Company expects to recognize approximately $2.2 million in restructuring related costs for retention based severance and other costs associated with closing the Spotswood, New Jersey facility during 2021. In addition, the Company expects to record an immaterial amount of restructuring expense in the EP segment in 2021 primarily for severance related to the cost optimization initiatives. The following table summarizes total restructuring and related charges: For the Years Ended December 31, 2020 2019 2018 Restructuring and impairment expense: Severance 11.6 2.6 1.3 Other 0.3 1.1 0.4 Total restructuring and impairment expense $ 11.9 $ 3.7 $ 1.7 Other restructuring related charges - Cost of products sold Accelerated depreciation and amortization 2.9 — — Spare parts and consignment inventory write-down to estimated net realizable value 2.0 — — Total other restructuring related charges - Cost of products sold $ 4.9 $ — — Total restructuring costs and related charges $ 16.8 $ 3.7 $ 1.7 Restructuring liabilities were classified within Accrued expenses and Other Liabilities in each of the Consolidated Balance Sheets as of December 31, 2020 and 2019. Changes in the restructuring liabilities, substantially all of which are employee-related, are summarized as follows ($ in millions): 2020 2019 Balance at beginning of year $ 0.5 $ 1.4 Accruals for announced programs 11.9 3.7 Cash payments (5.2) (4.2) Other — (0.4) Exchange rate impacts 0.2 — Balance at end of period $ 7.4 $ 0.5 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Total debt, net of debt issuance costs, is summarized in the following table ($ in millions): December 31, December 31, Revolving credit agreement - U.S. dollar borrowings $ 50.0 $ — Term loan facility 195.5 197.5 6.875% senior unsecured notes due October 1, 2026, net of discount of $6.1 million and $6.9 million as of December 31, 2020 and 2019, respectively 343.9 343.1 French employee profit sharing 5.0 4.8 Finance lease obligations 3.5 3.2 Other — — Debt issuance costs (4.6) (5.9) Total debt 593.3 542.7 Less: Current debt (2.8) (1.9) Long-term debt $ 590.5 $ 540.8 Credit Facility On September 25, 2018, the Company entered into a $700.0 million credit agreement (the “Credit Agreement”), which replaced the Company’s previous senior secured credit facilities and provides for a five-year $500.0 million revolving line of credit (the “Revolving Credit Facility”) and a seven-year $200.0 million bank term loan facility (the “Term Loan Facility”). Subject to certain conditions, including the absence of a default or event of default under the Credit Agreement, the Company may request incremental loans to be extended under the Revolving Credit Facility or the Term Loan Facility so long as the Company is in pro forma compliance with the financial covenants set forth in the Credit Agreement and the aggregate of such increases does not exceed $400.0 million. Borrowings under the Revolving Credit Facility will initially bear interest, at the Company’s option, at either (i) 1.75% in excess of a reserve adjusted London Interbank Offered Rate (“LIBOR”) or (ii) 0.75% in excess of an alternative base rate. Borrowings under the Term Loan Facility will initially bear interest, at the Company’s option, at either (i) 2.00% in excess of a reserve adjusted LIBOR rate or (ii) 1.00% in excess of an alternative base rate. The Term Loan amortizes at the rate of 1.0% per year and will mature on September 25, 2025. Under the terms of the Credit Agreement, the Company will be required to maintain certain financial ratios and comply with certain financial covenants, including maintaining a net debt to EBITDA ratio, as defined in the Credit Agreement, calculated on a trailing four fiscal quarter basis, not greater than 4.50 and an interest coverage ratio, also as defined in the Credit Agreement, of not less than 3.00. In addition, borrowings and loans made under the Credit Agreement are secured by substantially all of the personal property of the Company and its domestic subsidiaries, while the obligations of the Luxembourg-based holding subsidiaries were secured by a pledge of certain of the equity interests held in their operating subsidiaries. The Company was in compliance with all of its covenants under the Credit Agreement at December 31, 2020. As of December 31, 2020, the average interest rate was 1.94% on outstanding Revolving Credit Facility borrowings and 2.19% on outstanding Term Loan Facility borrowings. Indenture for 6.875% Senior Unsecured Notes Due 2026 On September 25, 2018, the Company closed a private offering of $350.0 million of 6.875% senior unsecured notes due 2026 (the “Notes”). The Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended, pursuant to a purchase agreement between the Company, certain subsidiaries of the Company and J.P. Morgan Securities LLC, as representative of the initial purchasers. The Notes are guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly-owned subsidiaries that is a borrower under or that guarantees obligations under the Credit Agreement (as defined below) or that guarantees certain other indebtedness, subject to certain exceptions. The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of September 25, 2018, by and among the Company, the guarantors listed therein and Wilmington Trust, National Association, as trustee. The Indenture provides that interest on the Notes will accrue from September 25, 2018 and is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2019, and the Notes mature on October 1, 2026. The Company may redeem some or all of the Notes at any time on or after October 1, 2021, at the redemption prices set forth in the Indenture, together with accrued and unpaid interest, if any, to, but excluding, the redemption date. Prior to October 1, 2021, the Company may redeem some or all of the Notes at a price equal to 100% of the principal amount thereof, plus a “make-whole” premium as set forth in the Indenture. The Company may redeem up to 35% of the original aggregate principal amount of the Notes on or prior to October 1, 2021 with the proceeds of certain equity offerings at a redemption price equal to 106.875% of the principal amount of the Notes. If the Company sells certain assets or consummates certain change of control transactions, the Company will be required to make an offer to repurchase the Notes, subject to certain conditions. The Indenture contains certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to incur additional indebtedness, make certain dividends, repurchase Company stock or make other distributions, make certain investments, create liens, transfer or sell assets, merge or consolidate and enter into transactions with the Company’s affiliates. Such covenants are subject to a number of exceptions and qualifications set forth in the Indenture. The Indenture also contains certain customary events of default, including failure to make payments in respect of the principal amount of the Notes, failure to make payments of interest on the Notes when due and payable, failure to comply with certain covenants and agreements and certain events of bankruptcy or insolvency. The Company was in compliance with all of its covenants under the Indenture at December 31, 2020. The effective interest rate on the 6.875% senior unsecured notes due 2026, taking into account all underwriter and original issue discounts, was 7.248%. The weighted average effective interest rate on our debt facilities was approximately 4.02% and 4.42% for the years ended December 31, 2020 and 2019, respectively. French Employee Profit Sharing At both December 31, 2020 and 2019, long-term debt other than the Amended Credit Agreement primarily consisted of obligations of the French operations related to government-mandated profit sharing. Each year, representatives of the workers at each of the French businesses can make an election for the profit sharing amounts from the most recent year ended to be invested in a financial institution or with their respective employer. To the extent that funds are invested with the Company, these amounts bear interest at 0.20% and 0.62% at December 31, 2020 and 2019, respectively, and are generally payable in the fifth year subsequent to the year in which the profit sharing is accrued. Bank Overdrafts The Company also had bank overdraft facilities of $6.7 million and $6.1 million, at December 31, 2020 and 2019, respectively, of which none was outstanding at either December 31, 2020 or 2019. Interest is incurred on outstanding amounts at market rates, which were 0.26% and 0.26%, respectively, at December 31, 2020 and 2019. No commitment fees are paid on the unused portion of these facilities. Rate Swap Agreements From time to time, the Company enters into interest rate swap transactions to manage the Company's interest rate risk and cross-currency swaps designated as a hedge of a portion of the Company's net investment in certain Euro-denominated subsidiaries. See Note 15. Derivatives for additional information. Principal Repayments Under the Credit Agreement, the Company selects an "interest period" for each of its borrowings from the Revolving Credit Facility. The Company can repay such borrowings and borrow again at a subsequent date if it chooses to do so, providing it flexibility and efficient use of any excess cash. The Company currently has the intent and ability to allow its debt balances to remain outstanding and expects to continue to file notices of continuation related to its borrowings outstanding at December 31, 2020 such that those amounts are not expected to be repaid prior to the September 2023 expiration of the Revolving Credit Facility. Following are the expected maturities for the Company's debt obligations as of December 31, 2020 ($ in millions): 2021 $ 4.1 2022 4.1 2023 53.5 2024 2.6 2025 188.8 Thereafter 344.8 Total * $ 597.9 Fair Value of Debt At December 31, 2020 and 2019, the fair market value of the Company's 6.875% senior unsecured notes was $371.0 million and $378.3 million, respectively. The fair market value for the senior unsecured notes was determined using quoted market prices, which are directly observable Level 1 inputs. The fair market value of all other debt as of December 31, 2020 and 2019 approximated the respective carrying amounts as the interest rates are variable and based on current market indices. Debt Issuance Costs In conjunction with the Indenture and Credit Agreement, the Company capitalized approximately $3.6 million in deferred debt issuance costs during the year ended December 31, 2018 which will be amortized over the term of the related debt instruments. Additionally, the Company wrote-off $0.5 million in deferred debt issuance costs related to the prior debt facilities. As of December 31, 2020, and 2019, the Company's total deferred debt issuance costs, net of accumulated amortization, were $4.6 million and $5.9 million, respectively. Amortization expense of $1.3 million and $1.2 million was recorded during the years ended December 31, 2020 and 2019, respectively, and has been included as a component of Interest expense in the accompanying Consolidated Statements of Income. Following is the expected future amortization of the Company's deferred debt issuance costs as of December 31, 2020 ($ in millions): 2021 $ 1.3 2022 1.3 2023 1.1 2024 0.4 2025 0.4 Thereafter 0.1 Total $ 4.6 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives In the normal course of business, the Company is exposed to foreign currency exchange rate risk and interest rate risk on its variable-rate debt. To manage these risks, the Company utilizes a variety of practices including, where considered appropriate, derivative instruments. The Company has no derivative instruments for trading or speculative purposes or any derivatives with credit risk-related contingent features. All derivative instruments used by the Company are either exchange traded or are entered into with major financial institutions in order to reduce credit risk and risk of nonperformance by third parties. The fair values of the Company's derivative instruments are determined using observable inputs and are considered Level 2 assets or liabilities. The Company utilizes currency forward, swap and, to a lesser extent, option contracts to selectively hedge its exposure to foreign currency risk when it is practical and economical to do so. The use of these contracts minimizes transactional exposure to exchange rate changes. We designate certain of our foreign currency hedges as cash flow hedges. Changes in the fair value of cash flow hedges are reported as a component of Other comprehensive income (loss) and reclassified into earnings when the forecasted transaction affects earnings. For foreign exchange contracts not designated as cash flow hedges, changes in the contracts' fair value are recorded to net income each period. The Company selectively hedges its exposure to interest rate increases on variable-rate, long-term debt when it is practical and economical to do so. Changes in the fair value of interest rate contracts considered cash flow hedges are reported as a component of Other comprehensive income (loss) and reclassified into earnings when the forecasted transaction affects earnings. The Company also uses cross currency swap contracts to selectively hedge its exposure to foreign currency related changes in its net investments in certain foreign operations. We designate these cross currency swap contracts as net investment hedges. Changes in the fair value of these hedges are deferred within the foreign currency translation component of Accumulated other comprehensive income and reclassified into earnings when the foreign investment is sold or substantially liquidated. On September 11, 2019, the Company entered into a pay-fixed, receive-variable interest rate swap with a maturity date of January 31, 2027. The instrument is a hedge on a portion of the Company’s debt facility through the existing credit agreement. Under the terms of the interest rate swap, SWM will pay a fixed amount of interest each period in an amount equal to 1.724% on a notional amount of $185 million and receive interest payments monthly in an amount equal to the One-Month USD-LIBOR rate on the notional amount. The notional amount will reduce throughout the term of the swap as follows: • September 13, 2019 - December 31, 2020 $185 million notional • December 31, 2020 - December 31, 2021 $150 million notional • December 31, 2021 - January 31, 2027 $100 million notional As with the previous interest rate swap, the terms of the swap mirror the terms of the underlying debt, including timing of the payments and interest rates. On October 24, 2018, the Company also entered into a three-year cross-currency swap with a major financial institution designated as a hedge of a portion of the Company's net investment in certain Euro-denominated subsidiaries. The terms of the cross-currency swap provide for an exchange of principal on a notional amount of $75 million swapped to €65.4 million at maturity. The Company will receive from our swap counterparty U.S. dollar interest at a fixed rate of 6.875% per annum and pay to our swap counterparty Euro interest at a fixed rate of 3.6725% per annum. The cross-currency swap will mature on October 1, 2021. On January 29, 2019, the Company entered into a cross-currency swap with a major financial institution designated as a hedge of a portion of the Company's net investment in certain Euro-denominated subsidiaries. The terms of the cross-currency swap provide for an exchange of principal on a notional amount of $75 million swapped to €66.0 million at maturity. The Company will receive from our swap counterparty U.S. dollar interest at a fixed rate of 6.875% per annum and pay to our swap counterparty Euro interest at a fixed rate of 4.0525% per annum. The cross-currency swap will mature on October 1, 2021. On September 11, 2019, the Company entered into a cross-currency swap arrangement with a major financial institution designed as a hedge having a maturity date of April 1, 2023. The terms of the cross-currency swap provide for an exchange of principal on a notional amount of $100 million swapped to €90.9 million at maturity. Under the terms of the new cross-currency swap, SWM will pay a fixed amount of Euro-denominated interest at a rate of 5.638% semiannually and receive U.S. dollar denominated payments at a rate of 6.875% semiannually on the notional amount of the swap. The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2020 ($ in millions): Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedges: Foreign exchange contracts Accounts receivable $ 0.9 Accrued expenses $ 11.0 Foreign exchange contracts Other assets — Other liabilities 12.3 Interest rate contracts Accounts receivable 0.3 Accrued expenses — Interest rate contracts Other assets — Other liabilities 7.8 Total derivatives designated as hedges $ 1.2 $ 31.1 Derivatives Not Designated as Hedges: Foreign exchange contracts Accounts receivable $ — Accounts payable $ — Total derivatives not designated as hedges — — Total derivatives $ 1.2 $ 31.1 The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2019 ($ in millions): Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedges: Foreign exchange contracts Accounts receivable $ 4.8 Accrued expenses $ 5.6 Foreign exchange contracts Other assets 6.3 Other liabilities 5.5 Interest rate contracts Accounts receivable — Accrued expenses 0.2 Total derivatives designated as hedges $ 11.1 $ 11.3 Derivatives Not Designated as Hedges: Foreign exchange contracts Accounts receivable $ 0.1 Accounts payable $ — Total derivatives not designated as hedges 0.1 — Total derivatives $ 11.2 $ 11.3 The following table provides the gross effect that derivative instruments in cash flow hedging relationships had on accumulated other comprehensive income (loss), or AOCI, and results of operations ($ in millions): Derivatives Designated as Cash Flow Hedging Relationships Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax for the Year Ended December 31, Location of Loss (Gain) Reclassified from AOCI Loss (Gain) Reclassified 2020 2019 2018 2020 2019 2018 Derivatives designated as cash flow hedge Foreign exchange contracts $ (5.3) $ (0.7) $ (1.7) Net sales $ (3.4) $ (1.2) $ 0.8 Foreign exchange contracts 1.4 (2.3) 0.1 Other income, net 1.4 (1.9) 0.1 Interest rate contracts (7.7) 4.6 4.0 Interest expense — 7.6 2.8 Derivatives designated as investment hedge Foreign exchange contracts (14.2) — — Other income (expense), net — — — Total $ (25.8) $ 1.6 $ 2.4 $ (2.0) $ 4.5 $ 3.7 The Company's designated derivative instruments are highly effective. As such, related to the hedge ineffectiveness or amounts excluded from hedge effectiveness testing, there were no gains or losses recognized immediately in income for the years ended December 31, 2020, 2019 or 2018, other than those related to the cross-currency swap, noted below. The Company’s cross currency swaps were designated with terms based on the spot rate of the EUR. Future changes in the components related to the spot change on the notional will be recorded in OCI and remain there until the hedged subsidiaries are substantially liquidated. All coupon payments are recorded in earnings and the initial value of excluded components currently recorded in Accumulated other comprehensive loss as an unrealized translation adjustment are amortized to interest expense over the remaining term of the swap. For the year ended December 31, 2020, 2019 and 2018, respectively, $6.5 million, $1.1 million and $1.9 million was recognized in income as derivative amoun ts excluded from effectiveness testing as Interest expense. The following table provides the effect derivative instruments not designated as hedging instruments had on net income ($ in millions): Derivatives Not Designated as Cash Flow Hedging Instruments Amount of Gain / (Loss) Recognized in Other Income / Expense 2020 2019 2018 Foreign exchange contracts $ 0.1 $ 1.1 $ (2.5) Total $ 0.1 $ 1.1 $ (2.5) |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following ($ in millions): December 31, 2020 2019 Accrued salaries, wages and employee benefits $ 48.7 $ 46.1 Other accrued expenses 52.2 40.4 Total $ 100.9 $ 86.5 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For financial reporting purposes, income before income taxes includes the following components ($ in millions): For the Years Ended December 31, 2020 2019 2018 United States $ 29.1 $ 60.0 $ 55.8 Foreign 68.2 36.9 61.0 Total $ 97.3 $ 96.9 $ 116.8 An analysis of the provision (benefit) for income taxes from continuing operations follows ($ in millions): For the Years Ended December 31, 2020 2019 2018 Current income taxes: U.S. federal $ 7.3 $ 8.1 $ (9.2) U.S. state 1.5 0.8 0.8 Foreign 14.8 9.7 11.6 23.6 18.6 3.2 Deferred income taxes: U.S. federal (5.3) 2.3 3.6 U.S. state 1.0 (1.9) 1.4 Foreign (0.9) (3.8) 2.5 (5.2) (3.4) 7.5 Total $ 18.4 $ 15.2 $ 10.7 A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate to the provision for income taxes is as follows ($ in millions): For the Years Ended December 31, 2020 2019 2018 Amount Percent Amount Percent Amount Percent Tax provision at U.S. statutory rate $ 20.4 21.0 % $ 20.3 21.0 % $ 24.5 21.0 % Foreign income tax rate differential 2.7 2.7 0.6 0.5 2.5 2.2 Income from passthrough entities 2.3 2.3 1.7 1.6 0.7 0.6 Global intangible low tax inclusion 4.8 4.8 (0.1) (0.1) 7.0 6.0 Foreign derived intangible income (0.3) (0.3) (0.2) (0.2) (4.2) (3.6) State income tax, net of federal benefit 1.8 1.8 (0.2) (0.2) 1.7 1.5 Adjustments to valuation allowances (3.9) (3.9) (3.7) (3.8) (2.5) (2.1) Transition tax — — (0.7) (0.6) (11.6) (10.0) Other tax credits (0.8) (0.8) (2.0) (2.1) (2.6) (2.3) Foreign tax credits (9.9) (10.0) (3.5) (3.6) (5.1) (4.4) Other foreign operational taxes 3.5 3.5 2.9 3.0 3.1 2.7 Remeasurement of deferred taxes due to tax law 0.4 0.4 0.9 1.0 (1.8) (1.5) Non-deductible compensation 0.4 0.4 1.1 1.1 0.4 0.3 Other, net (3.0) (3.0) (1.9) (1.9) (1.4) (1.2) Provision for income taxes $ 18.4 18.9 % $ 15.2 15.7 % $ 10.7 9.2 % On December 22, 2017, the Tax Act was enacted into law effective January 1, 2018. The new legislation contains several key tax provisions that affected the Company, which include but are not limited to a one-time deemed repatriation tax on post-1986 accumulated earnings and profits of the undistributed earnings of foreign subsidiaries (“transition tax”), a reduction of the federal corporate income tax rate from 35% to 21%, and other U.S. reform items. In 2018, the Company decreased its provisional estimates of transition tax, related currency implications, state taxes and deferred tax rate change effect of the new law by $13.9 million. The reduction from the provisional 2017 amounts was primarily due to further analysis of transition tax on accumulated earnings and foreign taxes paid. As of December 31, 2018, the Company completed its accounting for the tax effects of the Tax Act. A provision for income taxes of $18.4 million and $15.2 million in the years ended December 31, 2020 and 2019, respectively, resulted in an effective tax rate of 18.9% as compared with 15.7% in 2019. The Company’s effective tax rates differ from the statutory federal income tax rate of 21% due to varying tax rates in foreign jurisdictions, the relative amounts of income we earn in those jurisdictions and a $4.2 million year over year reduction due to the one-time Brazil ICMS litigation accrual in 2019. Prior to the passage of the U.S. Tax Act, the Company asserted that substantially all of the undistributed earnings of its foreign subsidiaries were considered indefinitely reinvested and accordingly, no deferred taxes were provided. Due to the Tax Act, the Company has significant previously taxed earnings and profits from its foreign subsidiaries, as a result of transition tax, that is generally able to be repatriated free of U. S. federal tax. In addition, future earnings of foreign subsidiaries are generally expected to be able to be repatriated free of U.S. federal income tax because these earnings were taxed in the U.S. under the GILTI regime or would be eligible for a 100% dividends received deduction. As a result of the Company’s treasury policy to simplify and expediate the intercompany cash flows to SWM US, as evidenced by the implementation of the Cash Pool, and in light of the Company’s demonstrated goal of driving growth though inorganic/acquisitional means, the Company has decided to no longer assert indefinite reinvestment with respect to earnings generated by foreign subsidiaries prior to January 1, 2018. Therefore, the Company does not intend to assert indefinite reinvestment of its foreign subsidiaries to the extent of each CFC’s earnings and profits and to the extent of any foreign partnership’s U.S. tax capital accounts. As a result, the Company has provided for non-U.S. withholding taxes, U.S. federal tax related to currency movement on previously-taxed earnings and profits, and U.S. state taxes on unremitted earnings. Net deferred income tax assets (liabilities) were comprised of the following ($ in millions): December 31, 2020 2019 Deferred Tax Assets Receivable allowances $ 0.5 $ 0.4 Postretirement and other employee benefits 21.0 19.0 Derivatives 2.5 0.1 Net operating loss and tax credit carryforwards 104.4 93.7 Capital loss carryforward 12.1 6.9 Accruals and other liabilities 0.7 — Intangibles 37.6 45.7 Other 4.4 3.9 183.2 169.7 Less: Valuation allowance (166.6) (157.4) Net deferred income tax assets $ 16.6 $ 12.3 Deferred Tax Liabilities Net property, plant and equipment $ (55.7) $ (52.6) Accruals and other liabilities — (0.6) Investment in subsidiaries (3.2) (3.5) Other (0.3) (0.1) Net deferred income tax liabilities $ (59.2) $ (56.8) Total net deferred income tax liabilities $ (42.6) $ (44.5) As of December 31, 2020, the Company had approximately $99.5 million of tax-effected operating loss carryforwards available to further reduce future taxable income in various jurisdictions which will expire on various dates as follows: 2020 2021-2024 $ 0.1 2025-2037 19.6 Indefinite 79.8 $ 99.5 In addition, the Company has $2.9 million and $1.8 million of foreign and state tax credits that will expire between 2029 – 2030 and 2021 – 2036, respectively. The Company's deferred tax asset valuation allowances are primarily the result of uncertainties regarding the future realization of recorded tax benefits on tax loss carryforwards for certain entities. The valuation allowance on deferred tax assets as of December 31, 2020, in Luxembourg, Spain and the Philippines total $151.8 million, $9.1 million and $0.4 million respectively, fully reserving the net deferred tax asset balances in these locations. In addition, there is a valuation allowance on ICMS tax credits of $4.1 million in Brazil and certain state tax credits of $1.2 million. The Company's assumptions, judgments and estimates relative to the valuation of these net deferred tax assets take into account available positive and negative evidence of realizability, including recent financial performance, the ability to realize benefits of restructuring and other recent actions, projections of the amount and category of future taxable income and tax planning strategies. Actual future operating results and the underlying amount and category of income in future periods could differ from the Company's current assumptions, judgments and estimates. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining net deferred tax assets. The following table summarizes the activity related to the Company's unrecognized tax benefits related to income taxes ($ in millions): December 31, 2020 2019 2018 Uncertain tax position balance at beginning of year $ 1.7 $ 1.1 $ 1.0 Increases related to current year tax positions 0.3 0.6 0.6 Decreases related to prior year tax positions — — (0.2) Decreases related to expiration of statute of limitations — — (0.3) Uncertain tax position balance at end of year $ 2.0 $ 1.7 $ 1.1 The liability for unrecognized tax benefits included $2.0 million as of December 31, 2020 that if recognized would impact the Company's effective tax rate. We do not anticipate a decrease in unrecognized tax benefits by the end of 2021 as a result of a lapse of the statute of limitations and other regulatory filings. The Company's policy with respect to penalties and interest in connection with income tax assessments or related to unrecognized tax benefits is to classify penalties as provision for income taxes and interest as interest expense in its Consolidated Statements of Income. There were no material income tax penalties or interest accrued during the years ended December 31, 2020, 2019 and 2018. The Company files income tax returns, including returns for its subsidiaries, with federal, state, local and foreign jurisdictions. The Company finalized Belgium and France audits for tax years 2017 – 2018 and 2016 - 2017, respectively during 2020. All expected impacts have been recorded in 2020 or earlier. We are no longer subject to U.S. federal examinations by the IRS for tax years before 2016. The following tax years remain subject to examination by the respective major tax jurisdictions: Jurisdiction Fiscal Years Belgium 2019-2020 Brazil 2015-2020 Canada 2016-2020 China 2018-2020 France 2018-2020 Germany 2016-2020 Hong Kong 2014-2020 Luxembourg 2015-2020 Philippines 2017-2020 Poland 2015-2020 Spain 2016-2020 United Kingdom 2018-2020 United States Federal 2016-2020 State 2014-2020 |
Postretirement and Other Benefi
Postretirement and Other Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Postretirement and Other Benefits | Postretirement and Other Benefits North American Pension and Postretirement Healthcare and Life Insurance Benefits The U.S. operations have defined benefit retirement plans that cover certain full-time employees. Retirement benefits are based on either a cash balance benefit formula or a final average pay formula for certain employees who were "grandfathered" and retained retirement benefits under the terms of the plan prior to its amendment to include a cash balance benefit formula. Benefits related to the U.S. defined benefit and pension plan are frozen for all employees. The U.S. operations also have unfunded healthcare and life insurance benefit plans, or OPEB plans, which cover certain of its retirees through age 65. Some employees who retained benefits under the terms of the Company's plans prior to certain past amendments receive retiree healthcare coverage at rates subsidized by the Company. For other eligible employees, retiree healthcare coverage access is offered at full cost to the retiree. The postretirement healthcare plans include a limit on the Company's share of costs for current and future retirees. The U.S. operations' retiree life insurance plans are noncontributory. The Company's Canadian postretirement benefits liability and U.S. OPEB liability are immaterial and therefore not included in these disclosures. French Pension Benefits In France, employees are covered under a government-administered program. In addition, the Company's French operations sponsor retirement indemnity plans, which pay a lump sum retirement benefit to all of its permanent employees who retire. In addition, the Company's French operations sponsor a supplemental executive pension plan. Plan assets are principally invested in the general asset portfolio of a French insurance company. U.S. and French Pension Disclosures The U.S. and French pension plans accounted for the majority of the Company's total plan assets and total Accumulated Benefit Obligations (ABO) at December 31, 2020 for the Company and all of its consolidated subsidiaries. The Company uses a measurement date of December 31 for its pension plans in the United States and France. The funded status of these plans as of December 31, 2020 and 2019 was as follows ($ in millions): Pension Benefits United States France 2020 2019 2020 2019 Change in Projected Benefit Obligation, or PBO: PBO at beginning of year $ 119.9 $ 112.3 $ 31.9 $ 29.5 Service cost — — 1.3 1.0 Interest cost 3.7 4.6 0.2 0.4 Actuarial loss 9.7 11.1 0.6 3.2 Participant contributions — — 0.5 0.7 Gross benefits paid (8.2) (8.1) (1.7) (2.3) Currency translation effect — — 3.0 (0.6) PBO at end of year $ 125.1 $ 119.9 $ 35.8 $ 31.9 Change in Plan Assets: Fair value of plan assets at beginning of year $ 125.8 $ 113.1 $ 1.1 $ 2.1 Actual return on plan assets 16.8 20.8 — 0.2 Employer contributions — — 1.2 1.1 Participant contributions — — — — Gross benefits paid (8.2) (8.1) (1.6) (2.3) Currency translation effect — — 0.1 — Fair value of plan assets at end of year $ 134.4 $ 125.8 $ 0.8 $ 1.1 Funded status at end of year $ 9.3 $ 5.9 $ (35.0) $ (30.8) The PBO, ABO and fair value of pension plan assets for the Company's U.S. and French defined benefit pension plans as of December 31, 2020 and 2019 as follows ($ in millions): United States France 2020 2019 2020 2019 PBO $ 125.1 $ 119.9 $ 35.8 $ 31.9 ABO 125.1 119.9 35.8 31.9 Fair value of plan assets 134.4 125.8 0.8 1.1 As of December 31, 2020, the pre-tax amounts in accumulated other comprehensive income that have not been recognized as components of net periodic benefit cost for the U.S. and French pension plans are as follows ($ in millions): Pension Benefits United States France Accumulated loss $ 17.8 $ 16.0 Prior service credit — (2.6) Accumulated other comprehensive loss $ 17.8 $ 13.4 The amounts in accumulated other comprehensive loss at December 31, 2020, which are expected to be recognized as components of U.S. and French net periodic benefit cost in 2021 are as follows ($ in millions): Pension Benefits United States France Amortization of accumulated loss $ (3.6) $ (1.2) Amortization of prior service credit — 0.3 Total $ (3.6) $ (0.9) Actuarial assumptions are used to determine the Company's benefit obligations. The discount rate represents the interest rate used to determine the present value of future cash flows currently expected to be required to settle pension obligations. The discount rate fluctuates from year to year based on current market interest rates for high-quality, fixed-income investments. The Company also evaluates the expected average duration of its pension obligations in determining its discount rate. An assumed long-term rate of compensation increase is also used to determine the PBO. The weighted average assumptions used to determine benefit obligations as of December 31, 2020 and 2019 were as follows: Pension Benefits United States France 2020 2019 2020 2019 Discount rate 2.30 % 3.20 % 0.32 % 0.53 % Rate of compensation increase — % — % 1.97 % 1.96 % The components of net pension benefit costs for U.S. employees and net pension benefit costs for French employees during the years ended December 31, 2020, 2019 and 2018 were as follows ($ in millions): U.S. Pension Benefits French Pension Benefits 2020 2019 2018 2020 2019 2018 Service cost $ — $ — $ — $ 1.3 $ 1.0 $ 1.1 Interest cost 3.7 4.6 4.3 0.2 0.4 0.4 Expected return on plan assets (4.9) (5.8) (5.8) (0.1) (0.1) (0.1) Amortizations and other 3.3 2.0 3.2 1.0 0.9 1.1 Net periodic benefit cost $ 2.1 $ 0.8 $ 1.7 $ 2.4 $ 2.2 $ 2.5 Assumptions are used to determine net periodic benefit costs. In addition to the discount rate and rate of compensation increase, which are used to determine benefit obligations, an expected long-term rate of return on plan assets is also used to determine net periodic pension benefit costs. The weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2020, 2019 and 2018 were as follows: Pension Benefits United States France 2020 2019 2018 2020 2019 2018 Discount rate 3.20 % 4.29 % 3.60 % 0.53 % 1.28 % 1.28 % Expected long-term rate of return on plan assets 4.41 % 5.14 % 5.00 % 3.00 % 3.00 % 3.00 % Rate of compensation increase — % — % — % 1.97 % 1.96 % 1.75 % The Company's investment strategy with respect to its U.S. pension plan assets is to maximize the return on investment of plan assets at an acceptable level of risk and to assure the plans' fiscal health. The target asset allocation varies based on the funded status of the plan in an effort to match the duration of the plan's liabilities to investments in long duration fixed income assets over time. The Company's investments under the French pension plans are primarily invested as directed by governmental authorities, their contracted providers or the participants without direction from the Company. The primary goal of the Company's pension plans is to maintain the highest probability of assuring future benefit payments to participants while providing growth of capital in real terms. To achieve this goal, the investment philosophy is to protect plan assets from large investment losses, particularly over time, while steadily growing the assets in a prudent manner. While there cannot be complete assurance that the objectives will be realized, the Company believes that the likelihood of realizing the objectives are reasonable based upon this investment philosophy. The Company has an investment committee that meets on a periodic basis to review the portfolio returns and to determine asset mix targets. The U.S. and French pension plans' asset target allocations by asset category for 2021 and actual allocations by asset category at December 31, 2020 and 2019 were as follows: United States France 2021 Target 2020 2019 2020 2019 Asset Category Cash and cash equivalents —% 1% 1% 36% 41% Equity securities* Domestic large cap 2 2 5 30 31 Domestic small cap 1 1 3 — — International 6 6 15 — — Fixed income securities 91 90 76 32 26 Alternative investments** — — — 2 2 Total 100% 100% 100% 100% 100% * None of the Company's pension plan assets are targeted for investment in SWM stock, except that it is possible that one or more mutual funds held by the plan could hold shares of SWM. ** Investments in this category under the U.S. pension plan only may include hedge funds and may include real estate under the French pension plan. The Company's pension assets are classified according to an established fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The following table sets forth by level, within the fair value hierarchy, the U.S. and French pension plans' assets at fair value as of December 31, 2020 ($ in millions): United States France Plan Asset Category Total Other* Level 1 Level 2 Level 3 Total Level 1 Level 2 Cash equivalents $ 1.0 $ — $ 1.0 $ — $ — $ 0.3 $ 0.3 $ — Equity securities Domestic large cap 2.7 2.7 — — — 0.2 0.2 — Domestic small cap 1.3 1.3 — — — — — — International 8.2 8.2 — — — — — — Fixed income securities US Government securities 13.9 13.9 — — — — — — Corporate bonds 99.6 99.6 — — — — — — International bonds 1.2 1.2 — — — — — — Other 6.5 6.5 — — — 0.3 — 0.3 Alternative investments** — — — — — — — — Total $ 134.4 $ 133.4 $ 1.0 $ — $ — $ 0.8 $ 0.5 $ 0.3 The following table sets forth by level, within the fair value hierarchy, the U.S. and French pension plans' assets at fair value as of December 31, 2019 ($ in millions): United States France Plan Asset Category Total Other* Level 1 Level 2 Level 3 Total Level 1 Level 2 Cash equivalents $ 0.9 $ — $ 0.9 $ — $ — $ 0.4 $ 0.4 $ — Equity securities Domestic large cap 6.8 6.8 — — — 0.3 0.3 — Domestic small cap 4.3 4.3 — — — — — — International 19.1 19.1 — — — — — — Fixed income securities US Government securities 20.9 20.9 — — — — — — Corporate bonds 55.8 5.5 — 50.3 — — — — International bonds 0.8 0.8 — — — — — — Other 17.2 17.2 — — — 0.3 — 0.3 Alternative investments** — — — — — 0.1 — 0.1 Total $ 125.8 $ 74.6 $ 0.9 $ 50.3 $ — $ 1.1 $ 0.7 $ 0.4 * Investments held in Mutual Funds are measured at Net Asset Value ("NAV"), as determined by the fund manager, as a practical expedient and not are subject to hierarchy level classification disclosure. ** Alternative investments include ownership interests in shares of registered investment companies. The Company expects the following estimated undiscounted future pension benefit payments for the United States and France, which are to be made from pension plan and employer assets, net of amounts that will be funded from retiree contributions, and which reflect expected future service, as appropriate ($ in millions): United States France Pension Pension 2021 $ 8.6 $ 0.4 2022 8.5 1.0 2023 8.2 1.1 2024 8.1 1.7 2025 8.0 1.7 2026 - 2030 36.7 10.2 The Company is not required to contribute during 2020 to its U.S. and French pension plans; although, it may make discretionary contributions dependent on market conditions to remain aligned with its investment policy statement. Other Foreign Pension Benefits In Brazil, employees are covered under government-administered programs. Employees in the United Kingdom are covered by auto enrollment schemes where employee contributions are compulsory and also have the backing of government administered programs. In Canada, the employee pension benefits are not material and therefore are not included in the above disclosures. Other Benefits We sponsor a qualified defined contribution plan covering substantially all U.S. employees. Under the plan, the Company matches a portion of employee contributions. The Company's cost under the plan was $4.0 million, $3.9 million and $3.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company provides U.S. executives, certain other key personnel and its directors the opportunity to participate in deferred compensation plans. Participating employees can elect to defer a portion of their salaries and certain other compensation. Participating directors can elect to defer their meeting fees, as a cash deferral, as well as their quarterly retainer fees, as deferred stock unit credits. The Company's liability balance under these deferred compensation plans totaled $14.5 million and $19.7 million at December 31, 2020 and 2019, respectively, which were included in the Consolidated Balance Sheets in Other liabilities. In connection with these plans, the Company has a grantor trust into which it has contributed funds toward its future obligations under the various plans (See Note 12. Other Assets). The balance of grantor trust assets totaled $18.0 million and $14.7 million at December 31, 2020 and 2019, respectively, which were included in Other assets in the Consolidated Balance Sheets. These assets are restricted from Company use until all obligations are satisfied. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Restricted Stock Plan In April 2015, the Company adopted a new 2015 Long-term Incentive Plan, or LTIP, which replaced its existing Restricted Stock Plan ("RSP"). The LTIP is intended to promote the Company's long-term financial success by attracting and retaining outstanding executive personnel and to motivate such personnel by means of equity grants. The Compensation Committee of the Company's Board of Directors selects participants and establishes the terms of any grant of restricted stock. The Company's LTIP provides that issuance of restricted stock immediately transfers ownership rights in shares of its Common Stock to the recipient of the grant, including the right to vote the shares and to receive dividends thereon. Other types of stock awards are available under the LTIP, but not currently used. The recipient's continued ownership of and right to freely transfer the restricted stock is subject to such conditions on transferability and to such risks of forfeiture as are established by the Compensation Committee at the time of the grant, which may include continued employment with the Company for a defined period, achievement of specified management performance objectives or other conditions established by the Compensation Committee. The number of shares which may be issued under the LTIP is limited to 5,000,000. Restricted shares outstanding under the RSP have all vested in accordance with the terms of each grant. No further grants of shares will be issued under the RSP. No single participant may be awarded, in the aggregate, more than 750,000 shares during any fiscal year. As of December 31, 2020, 988,180 restricted shares had been issued under the Company's restricted LTIP plans, of which 405,299 shares of issued restricted stock were not yet vested and for which $2.1 million in unrecognized compensation expense is expected to be recognized over a weighted average period of 1.8 years. The following table presents restricted stock activity for the years 2020, 2019 and 2018: 2020 2019 2018 # of Shares Weighted Average Fair Value at Date of Grant # of Shares Weighted Average Fair Value at Date of Grant # of Shares Weighted Average Fair Value at Date of Grant Nonvested restricted shares outstanding at January 1 221,622 $ 37.08 184,190 $ 40.33 283,338 $ 37.26 Granted 339,454 34.27 155,982 35.62 142,475 39.58 Forfeited (36,749) 33.98 (8,869) 41.34 (12,858) 40.06 Vested (119,028) 37.15 (109,681) 40.12 (228,765) 35.86 Nonvested restricted shares outstanding at December 31 405,299 $ 34.96 221,622 $ 37.08 184,190 $ 40.33 Restricted Stock Plan Performance Based Shares During 2020, the Company recognized $3.9 million for 266,221 shares earned under the 2020-2021 award opportunity and $4.2 million of compensation expense earned under the 2019-2020 award opportunity. During 2019, the Company recognized $5.6 million for 331,150 shares earned under the 2019-2020 award opportunity and $2.2 million of compensation expense earned under the 2018-2019 award opportunity. During 2018, the Company recognized $2.0 million of compensation expense for 91,396 shares earned under the 2018-2019 award opportunity and $2.2 million of compensation expense earned under the 2017-2018 award opportunity. Basic and Diluted Shares Reconciliation The Company uses the two-class method to calculate earnings per share. The Company has granted restricted stock that contains non-forfeitable rights to dividends on unvested shares. Since these unvested shares are considered participating securities under the two-class method, the Company allocates earnings per share to common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Diluted net income per common share is computed based on net income divided by the weighted average number of common and potential common shares outstanding. Potential common shares during the respective periods are those related to dilutive stock-based compensation, including long-term share-based incentive compensation, and directors' accumulated deferred stock compensation which may be received by the directors in the form of stock or cash. A reconciliation of the average number of common and potential common shares outstanding used in the calculations of basic and diluted net income per share follows ($ in millions, shares in thousands): For the Years Ended December 31, 2020 2019 2018 Numerator (basic and diluted): Net income $ 83.8 $ 85.8 $ 94.5 Less: Dividends paid to participating securities (0.7) (0.4) (0.3) Less: Undistributed earnings available to participating securities (0.4) (0.2) (0.3) Undistributed and distributed earnings available to common stockholders $ 82.7 $ 85.2 $ 93.9 Denominator: Average number of common shares outstanding 30,832.7 30,652.2 30,551.3 Effect of dilutive stock-based compensation 271.5 186.1 141.6 Average number of common and potential common shares outstanding 31,104.2 30,838.3 30,692.9 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Other Commitments The EP segment's PDM Industries plant has a minimum annual commitment of approximately $1.3 million per year for calcium carbonate purchases, a raw material used in the manufacturing of some paper products, which totals approximately $5.1 million through 2024. Future purchases are expected to be at levels that exceed such minimum levels under these contracts. The Company enters into certain other immaterial contracts from time to time for the purchase of certain raw materials. The Company also enters into certain contracts for the purchase of equipment and related costs in connection with its ongoing capital projects. The Company has agreements with an energy co-generation supplier in France whereby the supplier constructed and operates a co-generation facility at certain plants and supplies steam that is used in the operation of these plants. The Company is committed to purchasing minimum annual amounts of steam generated by these facilities under the agreements through 2030. These minimum annual commitments total approximately $4.2 million. The Company's current and expected requirements for steam at these facilities are at levels that exceed the minimum levels under the contracts. The EP segment's Brazilian plant, SWM-B, has an agreement for the transmission and distribution of energy that covers all of the plant's consumption of electrical energy valued at approximately $3.8 million annually through 2021. Additionally, SWM-B has an agreement for natural gas purchases valued at approximately $4.3 million during 2021. The French plants have contracts for natural gas to be distributed to and consumed at PdM, LTRI and St. Girons. The total value of the natural gas and distribution to be provided under these contracts is estimated at approximately $10.6 million through 2023. Additionally, the French plants have contracts for electricity to be distributed to and consumed at PdM, LTRI and St. Girons. The value of the electricity and distribution to be provided under these contracts is estimated at approximately $7.5 million in 2021. The Spay, France plant has a contract to consume biomass at approximately $0.6 million annually through 2022. The Company has certain other letters of credit, guarantees and surety bonds outstanding at December 31, 2020, which are not material either individually or in the aggregate. Litigation Brazil Imposto sobre Circulação de Mercadorias e Serviços ("ICMS"), a form of value-added tax in Brazil, was assessed to SWM-B in December of 2000. SWM-B received two assessments from the tax authorities of the State of Rio de Janeiro (the "State") for unpaid ICMS taxes on certain raw materials from January 1995 through October 1998 and from November 1998 through November 2000 (collectively, the "Raw Materials Assessments"). The Raw Materials Assessments concerned the accrual and use by SWM-B of ICMS tax credits generated from the production and sale of certain non-tobacco related grades of paper sold domestically. SWM-B contested the Raw Materials Assessments based on Article 150, VI of the Brazilian Federal Constitution of 1988, which grants immunity from ICMS taxes to papers intended for printing books, newspapers and periodicals, on the ground that tax immunity extends to the raw material inputs used to produce such papers. In 2015, the first chamber of the Federal Supreme Court decided the first Raw Materials Assessment in favor of SWM-B. On May 24, 2019, the second chamber of the Federal Supreme Court decided the second Raw Materials Assessment against SWM-B in the amount of approximately $9.5 million based on the foreign currency exchange rate at December 31, 2020. SWM-B, with assistance of outside counsel, is evaluating the decision and exploring its options and other defenses to partially satisfy or reduce the judgment and SWM-B plans to pursue these avenues vigorously. However, because the outcome of any reductions and defenses is uncertain, SWM-B recorded a liability sufficient to satisfy this amount in the second quarter of 2019. This judgment may be settled over the course of 60 months after all possible challenges are concluded. Interest and penalties will continue to accrue until the judgment is paid. SWM-B received assessments from the tax authorities of the State for unpaid ICMS and Fundo Estadual de Combate à Pobreza ("FECP," a value-added tax similar to ICMS) taxes on interstate purchases of electricity. The State issued four sets of assessments against SWM-B, one for May 2006 - November 2007, a second for January 2008 - December 2010, a third for September 2011 - September 2013, which was replaced by a smaller assessment for January - June 2013, and a fourth for July 2013 - December 2017 (collectively the "Electricity Assessments"). SWM-B challenged all Electricity Assessments in administrative proceedings before the State tax council (in the first-level court Junta de Revisão Fiscal and the appellate court Conselho de Contribuintes) based on Resolution 1.610/89, which defers these taxes on electricity purchased by an "electricity-intensive consumer." In 2014, a majority of the Conselho de Contribuintes sitting en banc ruled against SWM-B in each of the first and second Electricity Assessments ($3.6 million and $6.9 million, respectively, based on the foreign currency exchange rate at December 31, 2020), and SWM-B is now pursuing challenges to these assessments in the State judicial system where SWM-B obtained preliminary injunctions against enforcement of both assessments. In March 2020, the first-level judicial court ruled in favor of SWM-B in the second Electricity Assessment, a decision that is now on appeal. The third Electricity Assessment was dismissed on technical grounds by the Conselho de Contribuintes in 2018 after the State admitted the tax did not apply as it had asserted. Instead, in August 2018, the State filed a revised third Electricity Assessment in the amount of $0.5 million for ICMS on electricity purchased during part of 2013, and a fourth Electricity Assessment in the amount of $7.7 million pertaining to ICMS and FECP on electricity purchased from July 2013 to December 2017. SWM-B filed challenges to these 2018 assessments in the first-level administrative court on the same grounds as the older cases. The Junta de Revisão Fiscal rejected SWM-B’s challenge to the revised third Electricity Assessment, but the Conselho de Contribuintes agreed with SWM-B that the 2013 claim was time-barred. Both the Junta de Revisão Fiscal and the Conselho de Contribuintes ruled against SWM-B in the fourth Electricity Assessment. Both 2019 decisions from the Conselho de Contribuintes are being appealed to the full bench of the Conselho de Contribuintes. The State issued a new regulation effective January 1, 2018 that only specific industries are “electricity-intensive consumers,” a list that excludes paper manufacturers. SWM-B contends this regulation shows that paper manufacturers were electricity-intensive consumers eligible to defer ICMS before 2018. SWM-B cannot determine the outcome of the Electricity Assessments matters; as such so no loss has been accrued in our consolidated financial statements for them. Germany In January 2015, the Company initiated patent infringement proceedings in Germany against Glatz under multiple LIP-related patents. In December 2017, the Dusseldorf Appeal Court affirmed the German District Court judgment on infringement of EP1482815 against Glatz. The Company filed an action against Glatz in the German District Court to set the amount of damages for the infringement and Glatz has filed a counterclaim. Glatz has filed an action in the German Patent Court to invalidate the German part of EP1482815. The German Patent Court held that some of the patent claims at issue were invalid and also that another claim at issue was valid. The Company has appealed the portion of the decision with respect to the claims held to be invalid. The hearing on this invalidity appeal has not yet been scheduled. The cost, timing and outcome of intellectual property litigation can be unpredictable and thus no assurances can be given as to the outcome or impact on us of such litigation. Environmental Matters The Company's operations are subject to various nations' federal, state and local laws, regulations and ordinances relating to environmental matters. The nature of the Company's operations exposes it to the risk of claims with respect to various environmental matters, and there can be no assurance that material costs or liabilities will not be incurred in connection with such claims. While the Company has incurred in the past several years, and will continue to incur, capital and operating expenditures in order to comply with environmental laws and regulations, it believes that its future cost of compliance with environmental laws, regulations and ordinances, and its exposure to liability for environmental claims and its obligation to participate in the remediation and monitoring of certain hazardous waste disposal sites, will not have a material effect on its financial condition or results of operations. However, future events, such as changes in existing laws and regulations, or unknown contamination or costs of remediation of sites owned, operated or used for waste disposal by the Company (including contamination caused by prior owners and operators of such sites or other waste generators) may give rise to additional costs which could have a material effect on its financial condition or results of operations. Indemnification Matters In connection with its spin-off from Kimberly-Clark in 1995, the Company undertook to indemnify and hold Kimberly-Clark harmless from claims and liabilities related to the businesses transferred to it that were not identified as excluded liabilities in the related agreements. As of December 31, 2020, there are no claims pending under this indemnification that the Company deems to be material. General Matters In the ordinary course of conducting business activities, the Company and its subsidiaries become involved in certain other judicial, administrative and regulatory proceedings involving both private parties and governmental authorities. These proceedings include insured and uninsured regulatory, employment, intellectual property, general and commercial liability, environmental and other matters. At this time, the Company does not expect any of these proceedings to have a material effect on its reputation, business, financial condition, results of operations or cash flows. However, the Company can give no assurance that the results of any such proceedings will not materially affect its reputation, business, financial condition, results of operations or cash flows. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company's two operating product line segments are also the Company's reportable segments: Advanced Materials and Structures and Engineered Papers. The AMS segment primarily produces engineered resin-based rolled goods such as nets, films, and other non-wovens for use in high-performance applications in the filtration, transportation, infrastructure and construction, medical, and industrial end-markets. The EP segment primarily produces cigarette papers including LIP papers, plug wrap papers and base tipping papers used to wrap various parts of a cigarette for sale to cigarette manufacturers and reconstituted tobacco leaf, or RTL, and wrapper and binder products for sale to cigarette and cigar manufacturers. The EP segment also includes commercial and industrial products such as lightweight printing and writing papers, battery separator paper, drinking straw wrap, filter paper and other specialized papers. Information about Net Sales and Operating Profit The Company primarily evaluates segment performance and allocates resources based on operating profit. Expense amounts not associated with segments are referred to as unallocated expenses. ($ in millions) Net Sales For the Years Ended December 31, 2020 2019 2018 Advanced Materials & Structures $ 543.5 50.6 % $ 477.2 46.7 % $ 467.9 44.9 % Engineered Papers 530.9 49.4 545.6 53.3 573.4 55.1 Consolidated $ 1,074.4 100.0 % $ 1,022.8 100.0 % $ 1,041.3 100.0 % ($ in millions) Operating Profit For the Years Ended December 31, 2020 2019 2018 Advanced Materials & Structures $ 64.8 50.3 % $ 64.3 48.0 % $ 49.5 36.7 % Engineered Papers 116.8 90.7 119.2 89.0 121.8 90.2 Unallocated (52.8) (41.0) (49.5) (37.0) (36.3) (26.9) Consolidated $ 128.8 100.0 % $ 134.0 100.0 % $ 135.0 100.0 % ($ in millions) Capital Spending Depreciation 2020 2019 2018 2020 2019 2018 Advanced Materials & Structures $ 14.5 $ 16.1 $ 15.0 $ 14.5 $ 12.8 $ 14.1 Engineered Papers 15.5 12.0 11.7 27.5 22.8 23.9 Unallocated 0.1 0.5 0.3 0.2 0.2 0.1 Consolidated $ 30.1 $ 28.6 $ 27.0 $ 42.2 $ 35.8 $ 38.1 Assets are managed on a total company basis and are therefore not disclosed at the segment level. Information about Geographic Areas Long-lived assets by geographic area as of year-end were as follows ($ in millions): Long-Lived Assets 2020 2019 2018 United States $ 122.1 $ 118.5 $ 115.8 France 169.3 158.8 167.4 Brazil 15.2 19.5 20.8 Poland 12.9 14.7 16.8 Other foreign countries 32.4 30.7 27.7 Consolidated $ 351.9 $ 342.2 $ 348.5 |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Major Customers | Major CustomersThere were no individual customers in the AMS segment which made up 10% or more of the Company's 2020, 2019 or 2018 consolidated net sales. In our EP segment, there were no individual customers which made up 10% or more of the Company's consolidated net sales for the years ended December 31, 2020 or 2019. For the year ended December 31, 2018, one customer, together with its respective affiliates and designated converters, accounted for 10% of the Company's consolidated net sales. The loss of one or more such customers, or a significant reduction in one or more of these customers' purchases, could have a material adverse effect on the Company's results of operations. There were no individual customers in the AMS segment which made up 10% or more of the Company's consolidated accounts receivable at December 31, 2020 or 2019. In the EP segment, there were no individual customers which made up 10% or more of the Company's consolidated accounts receivable at December 31, 2020. At December 31, 2019, one customer, together with its respective affiliates and designated converters, accounted for 11% or more of the Company's consolidated accounts receivable. |
Supplemental Disclosures
Supplemental Disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Disclosures | Supplemental Disclosures Analysis of Allowances for Doubtful Accounts: ($ in millions) For the Years Ended December 31, 2020 2019 2018 Allowance for Doubtful Accounts Beginning balance $ 1.5 $ 1.7 $ 1.0 Bad debt expense 1.0 0.4 1.2 Recoveries — (0.3) (0.2) Write-offs and discounts (1.4) (0.3) (0.3) Ending balance $ 1.1 $ 1.5 $ 1.7 Supplemental Cash Flow Information ($ in millions) For the Years Ended December 31, 2020 2019 2018 Interest paid $ 31.4 $ 29.1 $ 24.0 Income taxes paid 14.8 20.8 23.2 Capital spending in accounts payable and accrued liabilities 5.2 5.9 5.0 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The following tables summarize the Company's unaudited quarterly financial data for the years ended December 31, 2020 and 2019 ($ in millions, except per share amounts): 2020 First Second Third Fourth Year Net sales $ 261.5 $ 254.2 $ 279.3 $ 279.4 $ 1,074.4 Gross profit 74.3 74.3 80.2 79.5 308.3 Restructuring and impairment expense 0.1 1.6 6.0 4.2 11.9 Operating profit 34.1 34.4 37.0 23.3 128.8 Income from continuing operations 22.5 21.5 24.5 15.3 83.8 Net income $ 22.5 $ 21.5 $ 24.5 $ 15.3 $ 83.8 Net income per share: Income per share from continuing operations - basic $ 0.72 $ 0.69 $ 0.78 $ 0.49 $ 2.68 Net income per share - basic $ 0.72 $ 0.69 $ 0.78 $ 0.49 $ 2.68 Income per share from continuing operations - diluted $ 0.72 $ 0.68 $ 0.78 $ 0.48 $ 2.66 Net income per share - diluted $ 0.72 $ 0.68 $ 0.78 $ 0.48 $ 2.66 2019 First Second Third Fourth Year Net sales $ 258.0 $ 269.9 $ 256.4 $ 238.5 $ 1,022.8 Gross profit 67.9 79.0 72.2 70.9 290.0 Restructuring and impairment expense — 0.4 1.6 1.7 3.7 Operating profit 30.4 44.2 34.6 24.8 134.0 Income from continuing operations 17.4 20.5 27.7 20.2 85.8 (Loss) income from discontinued operations — — — — — Net income $ 17.4 $ 20.5 $ 27.7 $ 20.2 $ 85.8 Net income per share: Income per share from continuing operations - basic $ 0.57 $ 0.66 $ 0.90 $ 0.65 $ 2.78 Loss per share from discontinued operations - basic — — — — — Net income per share - basic $ 0.57 $ 0.66 $ 0.90 $ 0.65 $ 2.78 Income per share from continuing operations - diluted $ 0.56 $ 0.66 $ 0.90 $ 0.64 $ 2.76 Loss per share from discontinued operations - diluted — — — — — Net income per share - diluted $ 0.56 $ 0.66 $ 0.90 $ 0.64 $ 2.76 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On January 27, 2021, we issued an announcement (the “Rule 2.7 Announcement”) pursuant to Rule 2.7 of the United Kingdom City Code on Takeovers and Mergers (the “Code”) disclosing the terms of a recommended cash offer to acquire the entire issued and to be issued ordinary share capital of Scapa Group plc, a company incorporated in England and Wales (“Scapa”) and listed on the AIM market of the London Stock Exchange (the “Offer”). Under the terms of the Offer, Scapa shareholders will receive £2.10 in cash for each ordinary share of Scapa (together, the “Scapa Shares”), which values the entire issued and to be issued ordinary share capital of Scapa at approximately £402.9 million (or approximately $551.9 based on an exchange rate of US$1.37:£1). The Offer is intended to be effected by means of a scheme of arrangement (the “Scheme”) under Part 26 of the United Kingdom Companies Act 2006, as amended (the “Companies Act”). SWM Bidco reserves the right to elect (with the consent of the U.K. Panel on Takeovers and Mergers (the “Panel”) and subject to the terms of the Co-operation Agreement described below) to implement the Offer by way of a Takeover Offer (as such term is defined in Part 28 of the Companies Act) as an alternative to the Scheme. The Offer will be subject to conditions and certain further terms, including, among others, (i) the Scheme becoming effective no later than 11:59 p.m. (London time) on July 27, 2021 or such later date as agreed by the parties (the “Long Stop Date”), (ii) the approval of the Scheme by a majority in number of Scapa shareholders present and voting (and entitled to vote), either in person or by proxy, at a general meeting of Scapa shareholders (including any adjournment, postponement or reconvention thereof) (the “General Meeting”) representing at least 75% in value of the Scapa Shares voted by such shareholders; (iii) the passing of the special resolution or resolutions to be proposed by Scapa at the General Meeting in connection with, among other things, the amendment of the articles of association of Scapa and such other matters as may be necessary to implement the Scheme; (iv) the sanction of the Scheme by the High Court of Justice in England and Wales; and (v) the receipt of certain merger control and regulatory approvals or the lapse of relevant periods or notifications thereunder. The conditions to the Offer are set out in full in the Rule 2.7 Announcement. Subject to the satisfaction or waiver of all relevant conditions, it is expected that the Scheme will become effective during the second quarter of 2021. On January 26, 2021, in anticipation of our announcement of our offer to acquire Scapa Group we entered into a currency forward contract with a major financial institution. The terms of the contract provide for an exchange of a notional amount of GBP 439 million for USD, calculated using the contract rate as applicable at the settlement date, which will be on or before the “Long Stop Date” as it relates to the scheme. The currency forward contract will be recognized at fair value in our consolidated financial statements with subsequent changes in the fair value of the instrument recognized in earnings. On February 10, 2021 we amended our existing Credit Agreement to provide for, among other things an additional Term Loan Facility “Term Loan B” in the amount of $350 million and a temporary increase in our Maximum Net Debt/EBITDA ratio to 5.5x. This ratio will decrease over the course of 24 months, returning to 4.50x effective as of June 30, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements and the notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America, "U.S. GAAP." The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company believes the estimates and assumptions used in the preparation of these consolidated financial statements are reasonable, based upon currently available facts and known circumstances. Actual results may differ from those estimates and assumptions as a result of a number of factors, including those discussed elsewhere in this report and in its other public filings from time to time. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and wholly-owned, majority-owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated. Certain reclassifications of prior year data were made in the Notes to Consolidated Financial Statements. The reclassifications were made to conform to the current year presentation. The Company uses the equity method to account for its investments in two joint ventures with the China National Tobacco Corporation (see Note 9. Joint Ventures). Investment in equity affiliates represents the Company’s investment in these joint ventures. The Company’s 50% share of the net income (loss) of the joint ventures is included in the consolidated statements of income as income (loss) from equity affiliates. |
Revenue Recognition | Revenue Recognition The Company has two main sources of revenue: product sales and materials conversion. The Company recognizes product sales revenues when control of a product is transferred to the customer. For the majority of product sales, transfer of control occurs when the products are shipped from one of the Company’s manufacturing facilities to the customer. Any freight costs billed to and paid by a customer are included in net sales. The Company also provides services to customers through the conversion of customer-owned raw materials into processed finished goods. In these transactions, the Company generally recognizes revenue as processing is completed. Freight Costs The cost of delivering finished goods to the Company's customers is recorded as a component of cost of products sold. Those costs include the amounts paid to a third party to deliver the finished goods. Royalty Income |
Foreign Currency Translation | Foreign Currency Translation The income statements of foreign entities are translated into U.S. dollars at average exchange rates prevailing during the periods presented. The balance sheets of these entities are translated at period-end exchange rates, and the |
Derivative Instruments | Derivative Instruments The Company is exposed to changes in foreign currency exchange rates, interest rates and commodity prices. The Company utilizes a variety of practices to manage these market risks, including where considered appropriate, derivative instruments. The Company uses derivative instruments only for risk management purposes and not for trading or speculation. All derivative instruments the Company uses are either exchange traded or are entered into with major financial institutions in order to reduce credit risk and risk of nonperformance by third parties. The Company believes the credit risks with respect to the counterparties, and the foreign currency risks that would not be hedged if the counterparties fail to fulfill their obligations under the contracts, are not material in view of its understanding of the financial strength of the counterparties. |
Cash and Cash Equivalents | Cash and Cash EquivalentsThe Company considers all highly liquid, unrestricted investments with remaining maturities of three months or less to be cash equivalents, including money market funds with no restrictions on withdrawals. |
Business Combinations | Business CombinationsThe Company uses the acquisition method of accounting for business combinations. At the acquisition date, the Company records assets acquired and liabilities assumed at their respective fair market values. The Company estimates fair value using the exit price approach which is the price that would be received to sell an asset or paid to transfer a liability in an orderly market. An exit price is determined from a market participant's viewpoint in the principal or most advantageous market and may result in the Company valuing assets or liabilities at a fair value that is not reflective of the Company's intended use of the assets or liabilities. Any excess consideration above the estimated fair values of the net assets acquired is recognized as goodwill on the Company's Consolidated Balance Sheets. The operating results of acquired businesses are included in the Company's results of operations beginning as of their effective acquisition dates. |
Impairment of Long-Lived Assets, Goodwill and Intangible Assets | Impairment of Long-Lived Assets, Goodwill and Intangible Assets The Company evaluates the carrying value of long-lived assets, including property and equipment, goodwill and intangible assets when events and circumstances warrant a review. Goodwill is also tested for impairment annually during the fourth quarter. We first evaluate qualitative factors, such as macroeconomic conditions and our overall financial performance by reporting unit to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We then evaluate how significant each of the identified factors could be to the fair value or carrying amount of a reporting unit and weigh these factors in totality in forming a conclusion of whether or not it is more likely than not that the fair value of a reporting unit is less than its carrying amount (the “Step 0 Test”). Goodwill is not impaired if we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount. Otherwise, we would proceed to the goodwill impairment test. Alternatively, we may also bypass the Step 0 Test and proceed directly to the goodwill impairment test, where the fair value of the reporting unit is compared to the carrying value. The difference between the total fair value of the reporting unit and the carrying value is recognized as an impairment to the reporting unit's goodwill. See Note 10. Goodwill for further discussion of the Company's annual impairment test results. During the annual testing performed as of October 1, 2020, the estimated fair value of each of the Company's reporting units was in excess of its respective carrying value. We have acquired trade names that have been determined to have indefinite lives. We evaluate a number of factors to determine whether an indefinite life is appropriate, including the competitive environment, category share, business history, product life cycle and operating plans. Indefinite-lived intangibles are evaluated for impairment annually during the fourth quarter. Additionally, when certain events or changes in operating conditions occur, an impairment assessment is performed and indefinite-lived trade names may be adjusted to a determinable life or an impairment charge may be recorded. The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, which approximates a straight-line basis, over the estimated periods benefited. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted. Estimated useful lives range from 10 to 23 years for customer relationships and 4 to 20 years for developed technology, patents and other intangible assets. The carrying value of long-lived assets is reviewed to determine if events or circumstances have changed which may indicate that the assets may be impaired or the useful life may need to be changed. Upon occurrence of such a triggering event, the Company considers internal and external factors relating to each asset group, including expectation of future profitability, undiscounted cash flows and its plans with respect to the operations. If impairment is indicated, an impairment loss is measured by the amount the net carrying value of the asset exceeds its estimated fair value. |
Environmental Spending | Environmental Spending Environmental spending is capitalized if such spending qualifies as property, plant and equipment, substantially increases the economic value or extends the useful life of an asset. All other such spending is expensed as incurred, including fines and penalties incurred in connection with environmental violations. Environmental spending relating to an existing condition caused by past operations is expensed. Liabilities are accrued when environmental assessments are probable and the costs can be reasonably estimated. Generally, timing of these accruals coincides with completion of a feasibility study or commitment to a formal plan of action. |
Capitalized Software Costs | Capitalized Software CostsThe Company capitalizes certain purchases of software and software development costs in connection with major projects of software development for internal use. These costs are included in Other assets on the Consolidated Balance Sheets and are amortized using the straight-line method over the estimated useful life not to exceed seven years. Costs associated with business process redesign, end-user training, system start-up and ongoing software maintenance are expensed as incurred. |
Business Tax Credits | Business Tax Credits Business tax credits represent value added tax credits receivable and similar assets, such as Imposto sobre Circulação de Mercadorias e Serviços, or ICMS, in Brazil. Business tax credits are generated when value-added |
Income Taxes | Income Taxes Our income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management’s best estimate of current and future taxes to be paid. We operate and are subject to income taxes in the U.S. and numerous foreign jurisdictions. The complexity of our global structure requires technical expertise in determining the allocation of income to each of these jurisdictions and consolidated income tax expense. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If it is determined that the Company would be able to realize the deferred tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it is determined whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. On December 22, 2017, the Tax Act was enacted into law effective January 1, 2018. The new legislation contains several key tax provisions that affected the Company, and include but are not limited to a one-time deemed repatriation tax on post-1986 accumulated earnings and profits of the foreign subsidiary undistributed earnings (“transition tax”), a reduction of the federal corporate income tax rate from 35% to 21%, a new deduction for Foreign-Derived Intangible Income ("FDII"), and a new provision designed to tax Global Intangible Low Taxed Income (“GILTI”) of foreign subsidiaries effective January 1, 2018. As a result of the GILTI provision, the FASB issued Staff Q&A Topic 740, No. 5 “Accounting for Global Intangible Low-Taxed Income” requiring an entity to make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI as a current period expense when incurred. Management makes certain judgments in interpreting the manner in which complex key provisions of the Tax Act should be applied and in the determination of income tax expense and liabilities. |
Pension and Other Postretirement Benefits Accounting | Pension and Other Postretirement Benefits Accounting The Company recognizes the estimated compensation cost of employees' pension and other postretirement benefits over their approximate period of service. The Company's earnings are impacted by amounts of expense recorded related to these benefits, which primarily consist of U.S. and French pension benefits. Each year's recorded expenses are estimates based on actuarial calculations of the Company's accumulated and projected benefit obligations, or PBOs, for the Company's various plans. |
Comprehensive Income | Comprehensive Income Comprehensive income includes net income, as well as items charged and credited directly to stockholders' equity, which are excluded from net income. The Company has presented comprehensive income in the Consolidated Statements of Comprehensive Income. Reclassification adjustments of derivative instruments are presented in Net sales and Interest expense in the Consolidated Statements of Income. |
Restricted Stock | Restricted StockAll of the Company's restricted stock grants, including those that have been earned in the case of performance-based shares and cliff-vesting grants that are not performance based, vest upon completion of a specified period of time, typically between two |
Restricted Stock Plan Performance Based Shares | Restricted Stock Plan Performance Based Shares The Company's long-term incentive compensation program, or LTICP, for key employees includes an equity-based award component that is provided through the Long-term Incentive Plan, or LTIP, which the Company adopted in 2015 and which replaced its previous Restricted Stock Plan, or RSP. The objectives under the LTICP are established at the beginning of a performance cycle and are intended to focus management on longer-term strategic goals. The Compensation Committee of the Board of Directors designates participants in the LTICP and LTIP and determines the equity-based award opportunity in the form of restricted stock for each performance cycle, which is generally measured on the basis of a one year performance period (the measurement period). The restricted shares are considered issued and outstanding when the number of shares becomes fixed, after the annual performance is determined, and such awards vest at the end of the performance year or some predetermined period thereafter. The Company recognizes compensation expense with an offsetting credit to additional paid-in-capital over the performance period based on the fair value of the award at the date of grant, with compensation expense being adjusted cumulatively based on the number of shares expected to be earned according to the level of achievement of performance goals. |
Fair Value Option | Fair Value Option The Company has not elected to measure its financial instruments or certain commitments at fair value. |
Recently Adopted and Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). The update requires that an entity measure and recognize expected credit losses for certain financial instruments, including trade receivables, as an allowance that reflects a current estimate of credit losses expected to be incurred. The Company adopted this guidance as of January 1, 2020 on a prospective basis, there was no material impact on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The amendment eliminates the second step of the analysis that required the measurement of a goodwill impairment by comparing the implied value of a reporting unit’s goodwill and the goodwill’s carrying amount. The provisions of the standard were adopted effective as of January 1, 2020, there was no material impact on the consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements." The new standard modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The provisions of this ASU are effective for years beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company has adopted this guidance effective as of January 1, 2020, the provisions of which did not impact existing fair value measurements. In August 2018, the FASB issued ASU 2018-15, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." The new standard provides updated guidance surrounding implementation costs associated with cloud computing arrangements that are service contracts. The provisions of this ASU are effective for years beginning after December 15, 2019. The Company adopted the provisions of this guidance prospectively as of January 1, 2020, there was no material impact on the consolidated financial statements. Recently Issued Accounting Standards In August 2018, the FASB issued ASU 2018-14, "Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans." The new standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The provisions of this ASU are effective for years beginning after December 15, 2020, with early adoption permitted. The new standard requires the amendments to be applied on a retrospective basis for all periods presented. The Company is currently in the process of evaluating the impact of the pronouncement and does not expect the adoption of this guidance to have a material impact on the consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The new standard simplifies income tax accounting requirements by removing certain exceptions to the general principles in Topic 740, Income Taxes. The provisions of this ASU are effective for years beginning after December 15, 2020 with early adoption permitted. The Company has evaluated the impact of the pronouncement and the adoption of this guidance does not have a material impact on the consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The new standard provides optional expedients and exceptions for applying generally accepted accounting principles ("GAAP") to contracts, hedging relationships, and other transactions affected by reference rate reform and the anticipated discontinuance of the London Interbank Offered Rate ("LIBOR") if certain criteria are met. The amendments in this ASU are effective for all entities as of March 12, 2020, through December 31, 2022. The Company does not currently have any contracts that have been changed to a new reference rate but will continue to evaluate the applicability and impact of the guidance. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Components of Accumulated Other Comprehensive Loss | Components of Accumulated other comprehensive (loss) income were as follows ($ in millions): December 31, 2020 2019 Accumulated pension and OPEB liability adjustments, net of income tax benefit of $11.6 million and $12.8 million at December 31, 2020 and 2019, respectively $ (20.5) $ (24.3) Accumulated unrealized loss on derivative instruments, net of income tax benefit of $2.8 million and $1.6 million at December 31, 2020 and 2019, respectively (13.1) (3.5) Accumulated unrealized foreign currency translation adjustments, net of income tax benefit of $10.1 million and $5.0 million at December 31, 2020 and 2019, respectively (78.3) (94.8) Accumulated other comprehensive loss $ (111.9) $ (122.6) |
Changes in the Components of Accumulated Other Comprehensive Loss | Changes in the components of Accumulated other comprehensive (loss) income were as follows ($ in millions): For the Years Ended December 31, 2020 2019 2018 Pre-tax Tax Net of Pre-tax Tax Net of Pre-tax Tax Net of Pension and OPEB liability adjustments $ 5.0 $ (1.2) $ 3.8 $ 2.5 $ 1.4 $ 3.9 $ (0.9) $ (2.4) $ (3.3) Derivative instrument adjustments (10.8) 1.2 (9.6) (2.9) — (2.9) (2.4) 1.4 (1.0) Unrealized foreign currency translation adjustments 11.5 5.0 16.5 (2.5) 3.4 0.9 (28.0) (2.8) (30.8) Total $ 5.7 $ 5.0 $ 10.7 $ (2.9) $ 4.8 $ 1.9 $ (31.3) $ (3.8) $ (35.1) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Following is the Company’s net sales disaggregated by revenue source ($ in millions). Sales and usage-based taxes are excluded from net sales. For the Years Ended December 31, 2020 2019 2018 AMS EP Total AMS EP Total AMS EP Total Product revenues $ 522.4 $ 473.8 $ 996.2 $ 462.8 $ 484.2 $ 947.0 $ 455.5 $ 500.1 $ 955.6 Materials conversion revenues 14.1 52.2 66.3 8.9 56.4 65.3 8.4 68.2 76.6 Other revenues 7.0 4.9 11.9 5.5 5.0 10.5 4.0 5.1 9.1 Total revenues (1) $ 543.5 $ 530.9 $ 1,074.4 $ 477.2 $ 545.6 $ 1,022.8 $ 467.9 $ 573.4 $ 1,041.3 (1) Revenues include net hedging gains and losses for the years ended December 31, 2020, 2019 and 2018. Net sales are attributed to the following geographic locations based on the location of the Company’s direct customers ($ in millions): For the Years Ended December 31, 2020 2019 2018 AMS EP Total AMS EP Total AMS EP Total United States $ 376.7 $ 161.9 $ 538.6 $ 331.3 $ 182.8 $ 514.1 $ 320.1 $ 193.3 $ 513.4 Europe and the former Commonwealth of Independent States 47.5 182.2 229.7 45.8 172.6 218.4 46.2 214.6 260.8 Asia/Pacific (including China) 94.6 110.7 205.3 77.6 95.0 172.6 76.6 82.8 159.4 Latin America 9.3 43.6 52.9 7.6 45.6 53.2 10.0 43.5 53.5 Other foreign countries 15.4 32.5 47.9 14.9 49.6 64.5 15.0 39.2 54.2 Total revenues (1) $ 543.5 $ 530.9 $ 1,074.4 $ 477.2 $ 545.6 $ 1,022.8 $ 467.9 $ 573.4 $ 1,041.3 (1) Revenues include net hedging gains and losses for the years ended December 31, 2020, 2019 and 2018. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Right-of-Use Assets and Lease Liabilities | Components of right-of-use assets and lease liabilities presented in the balance sheet are as follows ($ in million): Assets Classification December 31, 2020 December 31, 2019 Operating lease right-of-use assets Other assets $ 19.8 $ 20.9 Finance lease right-of-use assets Property, plant and equipment, net 3.0 2.9 Total right of use assets $ 22.8 $ 23.8 Liabilities Classification December 31, 2020 December 31, 2019 Current operating lease obligation Accrued expenses $ 5.2 $ 4.9 Long-term operating lease obligation Other liabilities 15.6 17.2 Total operating lease obligation $ 20.8 $ 22.1 Current finance lease obligation Current debt $ 0.5 $ 0.4 Long-term finance lease obligation Long-term debt 3.0 2.8 Total finance lease obligation $ 3.5 $ 3.2 December 31, 2020 December 31, 2019 Assets Finance Operating Total Finance Operating Total Land and improvements $ — $ 0.1 $ 0.1 $ — $ 0.1 $ 0.1 Buildings and improvements 3.1 25.9 29.0 2.9 21.8 24.7 Machinery and equipment 1.1 4.3 5.4 0.7 4.5 5.2 Gross property, plant and equipment 4.2 30.3 34.5 3.6 26.4 30.0 Less: Accumulated depreciation (1.2) (10.5) (11.7) (0.7) (5.5) (6.2) Right-of-use assets $ 3.0 $ 19.8 $ 22.8 $ 2.9 $ 20.9 $ 23.8 |
Components of Lease Expense, Lease Term and Discount Rate and Other Information | Components of lease expense incurred by the Company are as follow ($ in millions): Lease Cost Year Ended December 31, 2020 Year ended December 31, 2019 Finance lease cost (cost resulting from lease payments) Interest expense on lease liabilities $ 0.2 0.2 Amortization of right-of-use assets 0.5 0.4 Operating lease cost 6.8 6.2 Short-term lease expense 0.4 0.3 Variable lease expense — — Sublease income — — Total Lease Cost $ 7.9 $ 7.1 Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 5.8 6.7 Finance leases 6.3 7.3 Weighted-average discount rate Operating leases 6.19 % 6.49 % Finance leases 5.26 % 5.27 % Other Information (millions) Year Ended December 31, 2020 Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 6.9 6.3 Operating cash flows from finance leases 0.2 0.3 Financing cash flows from finance leases 0.5 0.2 Leased assets obtained in exchange for new finance lease liabilities 0.4 0.6 Leased assets obtained in exchange for new operating lease liabilities 3.9 3.3 |
Maturity of Lease Liabilities, Finance Leases | The following table represents future contractual lease liabilities for the next five years and thereafter for finance and operating leases ($ in millions): Maturity of Lease Liabilities Finance Operating Total 2021 $ 0.7 6.3 $ 7.0 2022 0.7 5.1 5.8 2023 0.6 3.5 4.1 2024 0.5 2.9 3.4 2025 0.6 1.8 2.4 Thereafter 1.0 5.4 6.4 Total Lease Payments $ 4.1 $ 25.0 $ 29.1 Less: Interest 0.6 4.2 4.8 Present Value of Lease Liabilities $ 3.5 $ 20.8 $ 24.3 |
Maturity of Lease Liabilities, Operating Leases | The following table represents future contractual lease liabilities for the next five years and thereafter for finance and operating leases ($ in millions): Maturity of Lease Liabilities Finance Operating Total 2021 $ 0.7 6.3 $ 7.0 2022 0.7 5.1 5.8 2023 0.6 3.5 4.1 2024 0.5 2.9 3.4 2025 0.6 1.8 2.4 Thereafter 1.0 5.4 6.4 Total Lease Payments $ 4.1 $ 25.0 $ 29.1 Less: Interest 0.6 4.2 4.8 Present Value of Lease Liabilities $ 3.5 $ 20.8 $ 24.3 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The consideration paid for Tekra and the final fair values of the assets acquired, and liabilities assumed as of the March 13, 2020 acquisition date were as follows ($ in millions): Fair Value as of March 13, 2020 Cash and cash equivalents $ 1.6 Accounts receivable 8.6 Inventory 14.2 Other current assets 0.2 Property, plant and equipment 7.3 Identifiable intangible assets 81.8 Other noncurrent assets 3.7 Total assets $ 117.4 Accounts payable $ 3.0 Other current liabilities 2.0 Other noncurrent liabilities 2.7 Net assets acquired $ 109.7 Goodwill 61.2 Total consideration $ 170.9 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table shows the final fair values assigned to identifiable intangible assets ($ in millions): Fair Value as of March 13, 2020 Weighted-Average Amortization Period (Years) Amortizable intangible assets: Customer relationships $ 63.0 15 Tradenames and other 10.8 15 Developed technology 8.0 10 Total amortizable intangible assets $ 81.8 |
Actual and Pro Forma Net Sales and Income from Continuing Operations | The amounts of Net sales and Income from continuing operations of Tekra included in the Company's consolidated income statement from the acquisition date are as follows ($ in millions): Three Months Ended December 31, 2020 March 13, 2020 - December 31, 2020 Net Sales $ 23.7 $ 77.3 Income from Continuing Operations $ 1.8 $ 1.9 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable, net are summarized as follows ($ in millions): December 31, 2020 2019 Trade receivables $ 130.9 $ 114.6 Business tax credits, including VAT 4.0 5.2 Hedge contracts receivable 0.3 4.9 Other receivables 14.4 20.0 Less allowance for doubtful accounts and sales discounts (1.1) (1.5) Total accounts receivable, net $ 148.5 $ 143.2 Analysis of Allowances for Doubtful Accounts: ($ in millions) For the Years Ended December 31, 2020 2019 2018 Allowance for Doubtful Accounts Beginning balance $ 1.5 $ 1.7 $ 1.0 Bad debt expense 1.0 0.4 1.2 Recoveries — (0.3) (0.2) Write-offs and discounts (1.4) (0.3) (0.3) Ending balance $ 1.1 $ 1.5 $ 1.7 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories by Major Class | The following schedule details inventories by major class ($ in millions): December 31, 2020 2019 Raw materials $ 65.3 $ 61.1 Work in process 23.2 20.7 Finished goods 83.5 65.3 Supplies and other 7.7 14.3 Inventories $ 179.7 $ 161.4 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment (and related depreciable lives) consisted of the following ($ in millions): December 31, 2020 2019 Land and improvements $ 13.6 $ 14.8 Buildings and improvements (20 to 40 years or remaining life of relevant lease) 144.0 142.3 Machinery and equipment (5 to 20 years) 524.4 622.6 Construction in progress 23.1 24.0 Gross property, plant and equipment 705.1 803.7 Less: Accumulated depreciation 366.1 473.4 Property, plant and equipment, net $ 339.0 $ 330.3 |
Joint Ventures (Tables)
Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Balance Sheet Information | Below is summarized and combined balance sheet information of the China joint ventures as of December 31, 2020 and 2019 ($ in millions): December 31, 2020 2019 Current assets $ 110.0 $ 99.4 Noncurrent assets 166.6 168.0 Current liabilities 67.6 43.1 Long-term liabilities 60.2 88.4 Stockholder's equity 148.8 135.9 |
Summarized Statement of Operations Information | Below is summarized and combined statement of operations information of the China joint ventures for the years ended December 31, 2020, 2019 and 2018 ($ in millions): For the Years Ended December 31, 2020 2019 2018 Net sales $ 101.3 $ 103.5 $ 109.7 Gross profit 33.0 32.2 33.4 Net income 9.7 8.3 7.4 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill for each reportable segment were as follows ($ in millions): Advanced Materials & Structures Engineered Papers Total Goodwill as of December 31, 2018 $ 333.1 $ 5.0 $ 338.1 Foreign currency translation adjustments (0.6) (0.1) (0.7) Goodwill as of December 31, 2019 $ 332.5 $ 4.9 $ 337.4 Goodwill acquired during the period 61.2 — 61.2 Foreign currency translation adjustments 4.7 0.4 5.1 Goodwill as of December 31, 2020 $ 398.4 $ 5.3 $ 403.7 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Amortized Intangible Assets | The gross carrying amount and accumulated amortization for intangible assets which are in our AMS segment consisted of the following ($ in millions): December 31, 2020 Gross Accumulated Accumulated Impairments Accumulated Foreign Exchange Net Amortized Intangible Assets Customer relationships $ 339.8 $ 88.5 $ — $ (2.9) $ 254.2 Developed technology 42.1 14.1 — (0.2) 28.2 Trade names 32.7 1.4 20.7 0.3 10.3 Non-compete agreements 2.9 2.4 — — 0.5 Patents 1.5 0.5 — — 1.0 Total $ 419.0 $ 106.9 $ 20.7 $ (2.8) $ 294.2 Unamortized Intangible Assets Trade names $ 20.0 $ — $ 0.1 $ (0.6) $ 20.5 December 31, 2019 Gross Accumulated Accumulated Impairments Accumulated Foreign Exchange Net Amortized Intangible Assets Customer relationships $ 276.3 $ 67.7 $ — $ 1.8 $ 206.8 Developed technology 34.0 10.9 — 0.4 22.7 Trade names 21.8 0.8 20.7 0.3 — Non-compete agreements 2.9 2.2 — — 0.7 Patents 1.5 0.4 — — 1.1 Total $ 336.5 $ 82.0 $ 20.7 $ 2.5 $ 231.3 Unamortized Intangible Assets Trade names $ 20.0 $ — $ 0.1 $ — $ 19.9 |
Schedule of Unamortized Intangible Assets | The gross carrying amount and accumulated amortization for intangible assets which are in our AMS segment consisted of the following ($ in millions): December 31, 2020 Gross Accumulated Accumulated Impairments Accumulated Foreign Exchange Net Amortized Intangible Assets Customer relationships $ 339.8 $ 88.5 $ — $ (2.9) $ 254.2 Developed technology 42.1 14.1 — (0.2) 28.2 Trade names 32.7 1.4 20.7 0.3 10.3 Non-compete agreements 2.9 2.4 — — 0.5 Patents 1.5 0.5 — — 1.0 Total $ 419.0 $ 106.9 $ 20.7 $ (2.8) $ 294.2 Unamortized Intangible Assets Trade names $ 20.0 $ — $ 0.1 $ (0.6) $ 20.5 December 31, 2019 Gross Accumulated Accumulated Impairments Accumulated Foreign Exchange Net Amortized Intangible Assets Customer relationships $ 276.3 $ 67.7 $ — $ 1.8 $ 206.8 Developed technology 34.0 10.9 — 0.4 22.7 Trade names 21.8 0.8 20.7 0.3 — Non-compete agreements 2.9 2.2 — — 0.7 Patents 1.5 0.4 — — 1.1 Total $ 336.5 $ 82.0 $ 20.7 $ 2.5 $ 231.3 Unamortized Intangible Assets Trade names $ 20.0 $ — $ 0.1 $ — $ 19.9 |
Schedule of Future Amortization Expense | The following table shows the estimated aggregate amortization expense for the next five years ($ in millions): For the year ending December 31, Estimated Amortization Expense 2021 $ 25.6 2022 25.5 2023 25.2 2024 24.9 2025 24.6 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following ($ in millions): December 31, 2020 2019 Capitalized software costs, net of accumulated amortization $ 12.9 $ 11.9 Grantor trust assets 18.0 14.7 Net pension assets 9.3 5.9 Long-term supplies inventory 6.6 6.9 Operating lease assets 19.8 20.9 Other assets 2.6 8.9 Total $ 69.2 $ 69.2 |
Restructuring and Impairment _2
Restructuring and Impairment Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Changes in Restructuring Liabilities | The following table summarizes total restructuring and related charges: For the Years Ended December 31, 2020 2019 2018 Restructuring and impairment expense: Severance 11.6 2.6 1.3 Other 0.3 1.1 0.4 Total restructuring and impairment expense $ 11.9 $ 3.7 $ 1.7 Other restructuring related charges - Cost of products sold Accelerated depreciation and amortization 2.9 — — Spare parts and consignment inventory write-down to estimated net realizable value 2.0 — — Total other restructuring related charges - Cost of products sold $ 4.9 $ — — Total restructuring costs and related charges $ 16.8 $ 3.7 $ 1.7 2020 2019 Balance at beginning of year $ 0.5 $ 1.4 Accruals for announced programs 11.9 3.7 Cash payments (5.2) (4.2) Other — (0.4) Exchange rate impacts 0.2 — Balance at end of period $ 7.4 $ 0.5 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Total Debt | Total debt, net of debt issuance costs, is summarized in the following table ($ in millions): December 31, December 31, Revolving credit agreement - U.S. dollar borrowings $ 50.0 $ — Term loan facility 195.5 197.5 6.875% senior unsecured notes due October 1, 2026, net of discount of $6.1 million and $6.9 million as of December 31, 2020 and 2019, respectively 343.9 343.1 French employee profit sharing 5.0 4.8 Finance lease obligations 3.5 3.2 Other — — Debt issuance costs (4.6) (5.9) Total debt 593.3 542.7 Less: Current debt (2.8) (1.9) Long-term debt $ 590.5 $ 540.8 |
Schedule of Maturities of Long-term Debt | Following are the expected maturities for the Company's debt obligations as of December 31, 2020 ($ in millions): 2021 $ 4.1 2022 4.1 2023 53.5 2024 2.6 2025 188.8 Thereafter 344.8 Total * $ 597.9 |
Schedule of Amortization of Debt Issuance Costs | Following is the expected future amortization of the Company's deferred debt issuance costs as of December 31, 2020 ($ in millions): 2021 $ 1.3 2022 1.3 2023 1.1 2024 0.4 2025 0.4 Thereafter 0.1 Total $ 4.6 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives by Balance Sheet Location | The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2020 ($ in millions): Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedges: Foreign exchange contracts Accounts receivable $ 0.9 Accrued expenses $ 11.0 Foreign exchange contracts Other assets — Other liabilities 12.3 Interest rate contracts Accounts receivable 0.3 Accrued expenses — Interest rate contracts Other assets — Other liabilities 7.8 Total derivatives designated as hedges $ 1.2 $ 31.1 Derivatives Not Designated as Hedges: Foreign exchange contracts Accounts receivable $ — Accounts payable $ — Total derivatives not designated as hedges — — Total derivatives $ 1.2 $ 31.1 The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2019 ($ in millions): Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedges: Foreign exchange contracts Accounts receivable $ 4.8 Accrued expenses $ 5.6 Foreign exchange contracts Other assets 6.3 Other liabilities 5.5 Interest rate contracts Accounts receivable — Accrued expenses 0.2 Total derivatives designated as hedges $ 11.1 $ 11.3 Derivatives Not Designated as Hedges: Foreign exchange contracts Accounts receivable $ 0.1 Accounts payable $ — Total derivatives not designated as hedges 0.1 — Total derivatives $ 11.2 $ 11.3 |
Derivatives by Income Statement Location | The following table provides the gross effect that derivative instruments in cash flow hedging relationships had on accumulated other comprehensive income (loss), or AOCI, and results of operations ($ in millions): Derivatives Designated as Cash Flow Hedging Relationships Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax for the Year Ended December 31, Location of Loss (Gain) Reclassified from AOCI Loss (Gain) Reclassified 2020 2019 2018 2020 2019 2018 Derivatives designated as cash flow hedge Foreign exchange contracts $ (5.3) $ (0.7) $ (1.7) Net sales $ (3.4) $ (1.2) $ 0.8 Foreign exchange contracts 1.4 (2.3) 0.1 Other income, net 1.4 (1.9) 0.1 Interest rate contracts (7.7) 4.6 4.0 Interest expense — 7.6 2.8 Derivatives designated as investment hedge Foreign exchange contracts (14.2) — — Other income (expense), net — — — Total $ (25.8) $ 1.6 $ 2.4 $ (2.0) $ 4.5 $ 3.7 |
Effect of Derivative Instruments Not Designated As Hedging Instruments | The following table provides the effect derivative instruments not designated as hedging instruments had on net income ($ in millions): Derivatives Not Designated as Cash Flow Hedging Instruments Amount of Gain / (Loss) Recognized in Other Income / Expense 2020 2019 2018 Foreign exchange contracts $ 0.1 $ 1.1 $ (2.5) Total $ 0.1 $ 1.1 $ (2.5) |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses consisted of the following ($ in millions): December 31, 2020 2019 Accrued salaries, wages and employee benefits $ 48.7 $ 46.1 Other accrued expenses 52.2 40.4 Total $ 100.9 $ 86.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Before Income Taxes | For financial reporting purposes, income before income taxes includes the following components ($ in millions): For the Years Ended December 31, 2020 2019 2018 United States $ 29.1 $ 60.0 $ 55.8 Foreign 68.2 36.9 61.0 Total $ 97.3 $ 96.9 $ 116.8 |
Schedule of Components of Income Tax Expense (Benefit), Continuing Operations | An analysis of the provision (benefit) for income taxes from continuing operations follows ($ in millions): For the Years Ended December 31, 2020 2019 2018 Current income taxes: U.S. federal $ 7.3 $ 8.1 $ (9.2) U.S. state 1.5 0.8 0.8 Foreign 14.8 9.7 11.6 23.6 18.6 3.2 Deferred income taxes: U.S. federal (5.3) 2.3 3.6 U.S. state 1.0 (1.9) 1.4 Foreign (0.9) (3.8) 2.5 (5.2) (3.4) 7.5 Total $ 18.4 $ 15.2 $ 10.7 |
Schedule of Reconciliation of Income Tax Rate | A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate to the provision for income taxes is as follows ($ in millions): For the Years Ended December 31, 2020 2019 2018 Amount Percent Amount Percent Amount Percent Tax provision at U.S. statutory rate $ 20.4 21.0 % $ 20.3 21.0 % $ 24.5 21.0 % Foreign income tax rate differential 2.7 2.7 0.6 0.5 2.5 2.2 Income from passthrough entities 2.3 2.3 1.7 1.6 0.7 0.6 Global intangible low tax inclusion 4.8 4.8 (0.1) (0.1) 7.0 6.0 Foreign derived intangible income (0.3) (0.3) (0.2) (0.2) (4.2) (3.6) State income tax, net of federal benefit 1.8 1.8 (0.2) (0.2) 1.7 1.5 Adjustments to valuation allowances (3.9) (3.9) (3.7) (3.8) (2.5) (2.1) Transition tax — — (0.7) (0.6) (11.6) (10.0) Other tax credits (0.8) (0.8) (2.0) (2.1) (2.6) (2.3) Foreign tax credits (9.9) (10.0) (3.5) (3.6) (5.1) (4.4) Other foreign operational taxes 3.5 3.5 2.9 3.0 3.1 2.7 Remeasurement of deferred taxes due to tax law 0.4 0.4 0.9 1.0 (1.8) (1.5) Non-deductible compensation 0.4 0.4 1.1 1.1 0.4 0.3 Other, net (3.0) (3.0) (1.9) (1.9) (1.4) (1.2) Provision for income taxes $ 18.4 18.9 % $ 15.2 15.7 % $ 10.7 9.2 % |
Schedule of Deferred Tax Assets (Liabilities) | Net deferred income tax assets (liabilities) were comprised of the following ($ in millions): December 31, 2020 2019 Deferred Tax Assets Receivable allowances $ 0.5 $ 0.4 Postretirement and other employee benefits 21.0 19.0 Derivatives 2.5 0.1 Net operating loss and tax credit carryforwards 104.4 93.7 Capital loss carryforward 12.1 6.9 Accruals and other liabilities 0.7 — Intangibles 37.6 45.7 Other 4.4 3.9 183.2 169.7 Less: Valuation allowance (166.6) (157.4) Net deferred income tax assets $ 16.6 $ 12.3 Deferred Tax Liabilities Net property, plant and equipment $ (55.7) $ (52.6) Accruals and other liabilities — (0.6) Investment in subsidiaries (3.2) (3.5) Other (0.3) (0.1) Net deferred income tax liabilities $ (59.2) $ (56.8) Total net deferred income tax liabilities $ (42.6) $ (44.5) |
Summary of Operating Loss Carryforwards | As of December 31, 2020, the Company had approximately $99.5 million of tax-effected operating loss carryforwards available to further reduce future taxable income in various jurisdictions which will expire on various dates as follows: 2020 2021-2024 $ 0.1 2025-2037 19.6 Indefinite 79.8 $ 99.5 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company's unrecognized tax benefits related to income taxes ($ in millions): December 31, 2020 2019 2018 Uncertain tax position balance at beginning of year $ 1.7 $ 1.1 $ 1.0 Increases related to current year tax positions 0.3 0.6 0.6 Decreases related to prior year tax positions — — (0.2) Decreases related to expiration of statute of limitations — — (0.3) Uncertain tax position balance at end of year $ 2.0 $ 1.7 $ 1.1 |
Summary of Income Tax Examinations | Jurisdiction Fiscal Years Belgium 2019-2020 Brazil 2015-2020 Canada 2016-2020 China 2018-2020 France 2018-2020 Germany 2016-2020 Hong Kong 2014-2020 Luxembourg 2015-2020 Philippines 2017-2020 Poland 2015-2020 Spain 2016-2020 United Kingdom 2018-2020 United States Federal 2016-2020 State 2014-2020 |
Postretirement and Other Bene_2
Postretirement and Other Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status | The funded status of these plans as of December 31, 2020 and 2019 was as follows ($ in millions): Pension Benefits United States France 2020 2019 2020 2019 Change in Projected Benefit Obligation, or PBO: PBO at beginning of year $ 119.9 $ 112.3 $ 31.9 $ 29.5 Service cost — — 1.3 1.0 Interest cost 3.7 4.6 0.2 0.4 Actuarial loss 9.7 11.1 0.6 3.2 Participant contributions — — 0.5 0.7 Gross benefits paid (8.2) (8.1) (1.7) (2.3) Currency translation effect — — 3.0 (0.6) PBO at end of year $ 125.1 $ 119.9 $ 35.8 $ 31.9 Change in Plan Assets: Fair value of plan assets at beginning of year $ 125.8 $ 113.1 $ 1.1 $ 2.1 Actual return on plan assets 16.8 20.8 — 0.2 Employer contributions — — 1.2 1.1 Participant contributions — — — — Gross benefits paid (8.2) (8.1) (1.6) (2.3) Currency translation effect — — 0.1 — Fair value of plan assets at end of year $ 134.4 $ 125.8 $ 0.8 $ 1.1 Funded status at end of year $ 9.3 $ 5.9 $ (35.0) $ (30.8) |
Schedule of Accumulated Benefit Obligations and PBO excess of Fair Value of Pension Plan Assets | The PBO, ABO and fair value of pension plan assets for the Company's U.S. and French defined benefit pension plans as of December 31, 2020 and 2019 as follows ($ in millions): United States France 2020 2019 2020 2019 PBO $ 125.1 $ 119.9 $ 35.8 $ 31.9 ABO 125.1 119.9 35.8 31.9 Fair value of plan assets 134.4 125.8 0.8 1.1 |
Schedule of Defined Benefit Plan Amounts Recognized in Accumulated Other Comprehensive Income | As of December 31, 2020, the pre-tax amounts in accumulated other comprehensive income that have not been recognized as components of net periodic benefit cost for the U.S. and French pension plans are as follows ($ in millions): Pension Benefits United States France Accumulated loss $ 17.8 $ 16.0 Prior service credit — (2.6) Accumulated other comprehensive loss $ 17.8 $ 13.4 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The amounts in accumulated other comprehensive loss at December 31, 2020, which are expected to be recognized as components of U.S. and French net periodic benefit cost in 2021 are as follows ($ in millions): Pension Benefits United States France Amortization of accumulated loss $ (3.6) $ (1.2) Amortization of prior service credit — 0.3 Total $ (3.6) $ (0.9) |
Schedule of Assumptions Used | The weighted average assumptions used to determine benefit obligations as of December 31, 2020 and 2019 were as follows: Pension Benefits United States France 2020 2019 2020 2019 Discount rate 2.30 % 3.20 % 0.32 % 0.53 % Rate of compensation increase — % — % 1.97 % 1.96 % Pension Benefits United States France 2020 2019 2018 2020 2019 2018 Discount rate 3.20 % 4.29 % 3.60 % 0.53 % 1.28 % 1.28 % Expected long-term rate of return on plan assets 4.41 % 5.14 % 5.00 % 3.00 % 3.00 % 3.00 % Rate of compensation increase — % — % — % 1.97 % 1.96 % 1.75 % |
Schedule of Net Benefit Costs | The components of net pension benefit costs for U.S. employees and net pension benefit costs for French employees during the years ended December 31, 2020, 2019 and 2018 were as follows ($ in millions): U.S. Pension Benefits French Pension Benefits 2020 2019 2018 2020 2019 2018 Service cost $ — $ — $ — $ 1.3 $ 1.0 $ 1.1 Interest cost 3.7 4.6 4.3 0.2 0.4 0.4 Expected return on plan assets (4.9) (5.8) (5.8) (0.1) (0.1) (0.1) Amortizations and other 3.3 2.0 3.2 1.0 0.9 1.1 Net periodic benefit cost $ 2.1 $ 0.8 $ 1.7 $ 2.4 $ 2.2 $ 2.5 |
Schedule of Allocation of Plan Assets | The U.S. and French pension plans' asset target allocations by asset category for 2021 and actual allocations by asset category at December 31, 2020 and 2019 were as follows: United States France 2021 Target 2020 2019 2020 2019 Asset Category Cash and cash equivalents —% 1% 1% 36% 41% Equity securities* Domestic large cap 2 2 5 30 31 Domestic small cap 1 1 3 — — International 6 6 15 — — Fixed income securities 91 90 76 32 26 Alternative investments** — — — 2 2 Total 100% 100% 100% 100% 100% * None of the Company's pension plan assets are targeted for investment in SWM stock, except that it is possible that one or more mutual funds held by the plan could hold shares of SWM. ** Investments in this category under the U.S. pension plan only may include hedge funds and may include real estate under the French pension plan. The following table sets forth by level, within the fair value hierarchy, the U.S. and French pension plans' assets at fair value as of December 31, 2020 ($ in millions): United States France Plan Asset Category Total Other* Level 1 Level 2 Level 3 Total Level 1 Level 2 Cash equivalents $ 1.0 $ — $ 1.0 $ — $ — $ 0.3 $ 0.3 $ — Equity securities Domestic large cap 2.7 2.7 — — — 0.2 0.2 — Domestic small cap 1.3 1.3 — — — — — — International 8.2 8.2 — — — — — — Fixed income securities US Government securities 13.9 13.9 — — — — — — Corporate bonds 99.6 99.6 — — — — — — International bonds 1.2 1.2 — — — — — — Other 6.5 6.5 — — — 0.3 — 0.3 Alternative investments** — — — — — — — — Total $ 134.4 $ 133.4 $ 1.0 $ — $ — $ 0.8 $ 0.5 $ 0.3 The following table sets forth by level, within the fair value hierarchy, the U.S. and French pension plans' assets at fair value as of December 31, 2019 ($ in millions): United States France Plan Asset Category Total Other* Level 1 Level 2 Level 3 Total Level 1 Level 2 Cash equivalents $ 0.9 $ — $ 0.9 $ — $ — $ 0.4 $ 0.4 $ — Equity securities Domestic large cap 6.8 6.8 — — — 0.3 0.3 — Domestic small cap 4.3 4.3 — — — — — — International 19.1 19.1 — — — — — — Fixed income securities US Government securities 20.9 20.9 — — — — — — Corporate bonds 55.8 5.5 — 50.3 — — — — International bonds 0.8 0.8 — — — — — — Other 17.2 17.2 — — — 0.3 — 0.3 Alternative investments** — — — — — 0.1 — 0.1 Total $ 125.8 $ 74.6 $ 0.9 $ 50.3 $ — $ 1.1 $ 0.7 $ 0.4 * Investments held in Mutual Funds are measured at Net Asset Value ("NAV"), as determined by the fund manager, as a practical expedient and not are subject to hierarchy level classification disclosure. |
Schedule of Expected Benefit Payments | The Company expects the following estimated undiscounted future pension benefit payments for the United States and France, which are to be made from pension plan and employer assets, net of amounts that will be funded from retiree contributions, and which reflect expected future service, as appropriate ($ in millions): United States France Pension Pension 2021 $ 8.6 $ 0.4 2022 8.5 1.0 2023 8.2 1.1 2024 8.1 1.7 2025 8.0 1.7 2026 - 2030 36.7 10.2 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Activity | The following table presents restricted stock activity for the years 2020, 2019 and 2018: 2020 2019 2018 # of Shares Weighted Average Fair Value at Date of Grant # of Shares Weighted Average Fair Value at Date of Grant # of Shares Weighted Average Fair Value at Date of Grant Nonvested restricted shares outstanding at January 1 221,622 $ 37.08 184,190 $ 40.33 283,338 $ 37.26 Granted 339,454 34.27 155,982 35.62 142,475 39.58 Forfeited (36,749) 33.98 (8,869) 41.34 (12,858) 40.06 Vested (119,028) 37.15 (109,681) 40.12 (228,765) 35.86 Nonvested restricted shares outstanding at December 31 405,299 $ 34.96 221,622 $ 37.08 184,190 $ 40.33 |
Reconciliation of the Common and Potential Common Shares Outstanding Used in Earnings Per Share Calculation | A reconciliation of the average number of common and potential common shares outstanding used in the calculations of basic and diluted net income per share follows ($ in millions, shares in thousands): For the Years Ended December 31, 2020 2019 2018 Numerator (basic and diluted): Net income $ 83.8 $ 85.8 $ 94.5 Less: Dividends paid to participating securities (0.7) (0.4) (0.3) Less: Undistributed earnings available to participating securities (0.4) (0.2) (0.3) Undistributed and distributed earnings available to common stockholders $ 82.7 $ 85.2 $ 93.9 Denominator: Average number of common shares outstanding 30,832.7 30,652.2 30,551.3 Effect of dilutive stock-based compensation 271.5 186.1 141.6 Average number of common and potential common shares outstanding 31,104.2 30,838.3 30,692.9 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segments | ($ in millions) Net Sales For the Years Ended December 31, 2020 2019 2018 Advanced Materials & Structures $ 543.5 50.6 % $ 477.2 46.7 % $ 467.9 44.9 % Engineered Papers 530.9 49.4 545.6 53.3 573.4 55.1 Consolidated $ 1,074.4 100.0 % $ 1,022.8 100.0 % $ 1,041.3 100.0 % ($ in millions) Operating Profit For the Years Ended December 31, 2020 2019 2018 Advanced Materials & Structures $ 64.8 50.3 % $ 64.3 48.0 % $ 49.5 36.7 % Engineered Papers 116.8 90.7 119.2 89.0 121.8 90.2 Unallocated (52.8) (41.0) (49.5) (37.0) (36.3) (26.9) Consolidated $ 128.8 100.0 % $ 134.0 100.0 % $ 135.0 100.0 % ($ in millions) Capital Spending Depreciation 2020 2019 2018 2020 2019 2018 Advanced Materials & Structures $ 14.5 $ 16.1 $ 15.0 $ 14.5 $ 12.8 $ 14.1 Engineered Papers 15.5 12.0 11.7 27.5 22.8 23.9 Unallocated 0.1 0.5 0.3 0.2 0.2 0.1 Consolidated $ 30.1 $ 28.6 $ 27.0 $ 42.2 $ 35.8 $ 38.1 |
Net Sales Attributed to Geographic Locations Based on the Location of the Company's Direct Customers | Long-lived assets by geographic area as of year-end were as follows ($ in millions): Long-Lived Assets 2020 2019 2018 United States $ 122.1 $ 118.5 $ 115.8 France 169.3 158.8 167.4 Brazil 15.2 19.5 20.8 Poland 12.9 14.7 16.8 Other foreign countries 32.4 30.7 27.7 Consolidated $ 351.9 $ 342.2 $ 348.5 |
Supplemental Disclosures (Table
Supplemental Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Allowance for Doubtful Accounts | Accounts receivable, net are summarized as follows ($ in millions): December 31, 2020 2019 Trade receivables $ 130.9 $ 114.6 Business tax credits, including VAT 4.0 5.2 Hedge contracts receivable 0.3 4.9 Other receivables 14.4 20.0 Less allowance for doubtful accounts and sales discounts (1.1) (1.5) Total accounts receivable, net $ 148.5 $ 143.2 Analysis of Allowances for Doubtful Accounts: ($ in millions) For the Years Ended December 31, 2020 2019 2018 Allowance for Doubtful Accounts Beginning balance $ 1.5 $ 1.7 $ 1.0 Bad debt expense 1.0 0.4 1.2 Recoveries — (0.3) (0.2) Write-offs and discounts (1.4) (0.3) (0.3) Ending balance $ 1.1 $ 1.5 $ 1.7 |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental Cash Flow Information ($ in millions) For the Years Ended December 31, 2020 2019 2018 Interest paid $ 31.4 $ 29.1 $ 24.0 Income taxes paid 14.8 20.8 23.2 Capital spending in accounts payable and accrued liabilities 5.2 5.9 5.0 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following tables summarize the Company's unaudited quarterly financial data for the years ended December 31, 2020 and 2019 ($ in millions, except per share amounts): 2020 First Second Third Fourth Year Net sales $ 261.5 $ 254.2 $ 279.3 $ 279.4 $ 1,074.4 Gross profit 74.3 74.3 80.2 79.5 308.3 Restructuring and impairment expense 0.1 1.6 6.0 4.2 11.9 Operating profit 34.1 34.4 37.0 23.3 128.8 Income from continuing operations 22.5 21.5 24.5 15.3 83.8 Net income $ 22.5 $ 21.5 $ 24.5 $ 15.3 $ 83.8 Net income per share: Income per share from continuing operations - basic $ 0.72 $ 0.69 $ 0.78 $ 0.49 $ 2.68 Net income per share - basic $ 0.72 $ 0.69 $ 0.78 $ 0.49 $ 2.68 Income per share from continuing operations - diluted $ 0.72 $ 0.68 $ 0.78 $ 0.48 $ 2.66 Net income per share - diluted $ 0.72 $ 0.68 $ 0.78 $ 0.48 $ 2.66 2019 First Second Third Fourth Year Net sales $ 258.0 $ 269.9 $ 256.4 $ 238.5 $ 1,022.8 Gross profit 67.9 79.0 72.2 70.9 290.0 Restructuring and impairment expense — 0.4 1.6 1.7 3.7 Operating profit 30.4 44.2 34.6 24.8 134.0 Income from continuing operations 17.4 20.5 27.7 20.2 85.8 (Loss) income from discontinued operations — — — — — Net income $ 17.4 $ 20.5 $ 27.7 $ 20.2 $ 85.8 Net income per share: Income per share from continuing operations - basic $ 0.57 $ 0.66 $ 0.90 $ 0.65 $ 2.78 Loss per share from discontinued operations - basic — — — — — Net income per share - basic $ 0.57 $ 0.66 $ 0.90 $ 0.65 $ 2.78 Income per share from continuing operations - diluted $ 0.56 $ 0.66 $ 0.90 $ 0.64 $ 2.76 Loss per share from discontinued operations - diluted — — — — — Net income per share - diluted $ 0.56 $ 0.66 $ 0.90 $ 0.64 $ 2.76 |
General (Details)
General (Details) | 12 Months Ended |
Dec. 31, 2020production_locationjoint_venturecountrysegment | |
Schedule of Equity Method Investments [Line Items] | |
Number of operating segments | segment | 2 |
Number of countries in which entity operates (more than) | country | 90 |
Number of production locations | production_location | 23 |
Joint venture | |
Schedule of Equity Method Investments [Line Items] | |
Ownership of joint ventures (as a percent) | 50.00% |
China | |
Schedule of Equity Method Investments [Line Items] | |
Ownership of joint ventures (as a percent) | 50.00% |
China | Joint venture | |
Schedule of Equity Method Investments [Line Items] | |
Ownership of joint ventures (as a percent) | 50.00% |
Number of joint ventures | joint_venture | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies [Line Items] | ||||||||||||
Total revenues | $ 279,400,000 | $ 279,300,000 | $ 254,200,000 | $ 261,500,000 | $ 238,500,000 | $ 256,400,000 | $ 269,900,000 | $ 258,000,000 | $ 1,074,400,000 | $ 1,022,800,000 | $ 1,041,300,000 | |
Foreign currency transaction losses | 900,000 | 1,400,000 | 1,500,000 | |||||||||
Restricted cash | 600,000 | 600,000 | 600,000 | 600,000 | ||||||||
Acquisition costs | $ 1,100,000 | 0 | 0 | |||||||||
Software useful life | 7 years | |||||||||||
Amortization of capitalized software | $ 2,100,000 | 1,900,000 | 1,600,000 | |||||||||
Accumulated amortization of capitalized software costs | 40,500,000 | 36,900,000 | 40,500,000 | 36,900,000 | ||||||||
Accumulated other comprehensive loss | (649,600,000) | (597,700,000) | (649,600,000) | (597,700,000) | (557,900,000) | $ (546,700,000) | ||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Accumulated other comprehensive loss | $ 111,900,000 | $ 122,600,000 | $ 111,900,000 | 122,600,000 | 124,500,000 | 89,400,000 | ||||||
Cumulative effects of change in accounting standards | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Accumulated other comprehensive loss | 300,000 | 1,700,000 | ||||||||||
Cumulative effects of change in accounting standards | Accumulated Other Comprehensive (Loss) Income | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Accumulated other comprehensive loss | 4,900,000 | $ 4,900,000 | ||||||||||
Minimum | Restricted Stock | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Share based compensation vesting period (years) | 2 years | |||||||||||
Minimum | Restricted Stock Performance Plan | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Plan performance period (years) | 1 year | |||||||||||
Minimum | Customer relationships | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life | 10 years | |||||||||||
Minimum | Developed technology | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life | 4 years | |||||||||||
Maximum | Restricted Stock | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Share based compensation vesting period (years) | 4 years | |||||||||||
Maximum | Customer relationships | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life | 23 years | |||||||||||
Maximum | Developed technology | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life | 20 years | |||||||||||
Royalty | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Total revenues | $ 7,500,000 | $ 6,800,000 | $ 5,900,000 | |||||||||
China | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Ownership of joint ventures (as a percent) | 50.00% | 50.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ 649.6 | $ 597.7 | $ 557.9 | $ 546.7 |
Accumulated pension and OPEB liability adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, Income tax benefit | 11.6 | 12.8 | ||
Accumulated other comprehensive loss | (20.5) | (24.3) | ||
Accumulated unrealized loss on derivative instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, Income tax benefit | 2.8 | 1.6 | ||
Accumulated other comprehensive loss | (13.1) | (3.5) | ||
Accumulated unrealized foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, Income tax benefit | 10.1 | 5 | ||
Accumulated other comprehensive loss | (78.3) | (94.8) | ||
Accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ (111.9) | $ (122.6) | $ (124.5) | $ (89.4) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Changes in the Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | $ 5.7 | $ (2.9) | |
Tax | 5 | 4.8 | |
Other comprehensive income (loss) | 10.7 | 1.9 | $ (30.2) |
Including cumulative effect adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | (31.3) | ||
Tax | (3.8) | ||
Other comprehensive income (loss) | (35.1) | ||
Pension and OPEB liability adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | 5 | 2.5 | |
Tax | (1.2) | 1.4 | |
Other comprehensive income (loss) | 3.8 | 3.9 | |
Pension and OPEB liability adjustments | Including cumulative effect adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | (0.9) | ||
Tax | (2.4) | ||
Other comprehensive income (loss) | (3.3) | ||
Derivative instrument adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | (10.8) | (2.9) | |
Tax | 1.2 | 0 | |
Other comprehensive income (loss) | (9.6) | (2.9) | |
Derivative instrument adjustments | Including cumulative effect adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | (2.4) | ||
Tax | 1.4 | ||
Other comprehensive income (loss) | (1) | ||
Unrealized foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | 11.5 | (2.5) | |
Tax | 5 | 3.4 | |
Other comprehensive income (loss) | $ 16.5 | $ 0.9 | |
Unrealized foreign currency translation adjustments | Including cumulative effect adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax | (28) | ||
Tax | (2.8) | ||
Other comprehensive income (loss) | $ (30.8) |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | $ 279.4 | $ 279.3 | $ 254.2 | $ 261.5 | $ 238.5 | $ 256.4 | $ 269.9 | $ 258 | $ 1,074.4 | $ 1,022.8 | $ 1,041.3 |
AMS | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 543.5 | 477.2 | 467.9 | ||||||||
EP | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 530.9 | 545.6 | 573.4 | ||||||||
United States | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 538.6 | 514.1 | 513.4 | ||||||||
United States | AMS | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 376.7 | 331.3 | 320.1 | ||||||||
United States | EP | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 161.9 | 182.8 | 193.3 | ||||||||
Europe and the former Commonwealth of Independent States | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 229.7 | 218.4 | 260.8 | ||||||||
Europe and the former Commonwealth of Independent States | AMS | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 47.5 | 45.8 | 46.2 | ||||||||
Europe and the former Commonwealth of Independent States | EP | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 182.2 | 172.6 | 214.6 | ||||||||
Asia/Pacific (including China) | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 205.3 | 172.6 | 159.4 | ||||||||
Asia/Pacific (including China) | AMS | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 94.6 | 77.6 | 76.6 | ||||||||
Asia/Pacific (including China) | EP | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 110.7 | 95 | 82.8 | ||||||||
Latin America | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 52.9 | 53.2 | 53.5 | ||||||||
Latin America | AMS | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 9.3 | 7.6 | 10 | ||||||||
Latin America | EP | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 43.6 | 45.6 | 43.5 | ||||||||
Other foreign countries | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 47.9 | 64.5 | 54.2 | ||||||||
Other foreign countries | AMS | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 15.4 | 14.9 | 15 | ||||||||
Other foreign countries | EP | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 32.5 | 49.6 | 39.2 | ||||||||
Product revenues | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 996.2 | 947 | 955.6 | ||||||||
Product revenues | AMS | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 522.4 | 462.8 | 455.5 | ||||||||
Product revenues | EP | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 473.8 | 484.2 | 500.1 | ||||||||
Materials conversion revenues | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 66.3 | 65.3 | 76.6 | ||||||||
Materials conversion revenues | AMS | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 14.1 | 8.9 | 8.4 | ||||||||
Materials conversion revenues | EP | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 52.2 | 56.4 | 68.2 | ||||||||
Other revenues | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 11.9 | 10.5 | 9.1 | ||||||||
Other revenues | AMS | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 7 | 5.5 | 4 | ||||||||
Other revenues | EP | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | $ 4.9 | $ 5 | $ 5.1 |
Leases - Components of Right-Of
Leases - Components of Right-Of-Use Assets and Lease Liabilities (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)lease_renewal | Dec. 31, 2019USD ($) | |
Leases [Abstract] | ||
Number of operating renewals (or more) | lease_renewal | 1 | |
Number of finance renewals (or more) | lease_renewal | 1 | |
Operating lease right-of-use assets | $ 19.8 | $ 20.9 |
Finance lease right-of-use assets | 3 | 2.9 |
Total right of use assets | 22.8 | 23.8 |
Current operating lease obligation | 5.2 | 4.9 |
Long-term operating lease obligation | 15.6 | 17.2 |
Total operating lease obligation | 20.8 | 22.1 |
Current finance lease obligation | 0.5 | 0.4 |
Long-term finance lease obligation | 3 | 2.8 |
Total finance lease obligation | $ 3.5 | $ 3.2 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:DebtCurrent | us-gaap:DebtCurrent |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtNoncurrent | us-gaap:LongTermDebtNoncurrent |
Leases - Components of Right-_2
Leases - Components of Right-of-Use Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finance | ||
Gross property ,plant and equipment | $ 4.2 | $ 3.6 |
Less: Accumulated depreciation | (1.2) | (0.7) |
Right-of-use assets | 3 | 2.9 |
Operating | ||
Gross property, plant and equipment | 30.3 | 26.4 |
Less: Accumulated depreciation | (10.5) | (5.5) |
Right-of-use assets | 19.8 | 20.9 |
Total | ||
Gross property, plant and equipment | 34.5 | 30 |
Less: Accumulated depreciation | (11.7) | (6.2) |
Right-of-use assets | 22.8 | 23.8 |
Land and improvements | ||
Finance | ||
Gross property ,plant and equipment | 0 | 0 |
Operating | ||
Gross property, plant and equipment | 0.1 | 0.1 |
Total | ||
Gross property, plant and equipment | 0.1 | 0.1 |
Buildings and improvements | ||
Finance | ||
Gross property ,plant and equipment | 3.1 | 2.9 |
Operating | ||
Gross property, plant and equipment | 25.9 | 21.8 |
Total | ||
Gross property, plant and equipment | 29 | 24.7 |
Machinery and equipment | ||
Finance | ||
Gross property ,plant and equipment | 1.1 | 0.7 |
Operating | ||
Gross property, plant and equipment | 4.3 | 4.5 |
Total | ||
Gross property, plant and equipment | $ 5.4 | $ 5.2 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Cost | ||
Interest expense on lease liabilities | $ 0.2 | $ 0.2 |
Amortization of right-of-use assets | 0.5 | 0.4 |
Operating lease cost | 6.8 | 6.2 |
Short-term lease expense | 0.4 | 0.3 |
Variable lease expense | 0 | 0 |
Sublease income | 0 | 0 |
Total Lease Cost | $ 7.9 | $ 7.1 |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finance | ||
2021 | $ 0.7 | |
2022 | 0.7 | |
2023 | 0.6 | |
2024 | 0.5 | |
2025 | 0.6 | |
Thereafter | 1 | |
Total Lease Payments | 4.1 | |
Less: Interest | 0.6 | |
Present Value of Lease Liabilities | 3.5 | $ 3.2 |
Operating | ||
2021 | 6.3 | |
2022 | 5.1 | |
2023 | 3.5 | |
2024 | 2.9 | |
2025 | 1.8 | |
Thereafter | 5.4 | |
Total Lease Payments | 25 | |
Less: Interest | 4.2 | |
Present Value of Lease Liabilities | 20.8 | $ 22.1 |
Total | ||
2021 | 7 | |
2022 | 5.8 | |
2023 | 4.1 | |
2024 | 3.4 | |
2025 | 2.4 | |
Thereafter | 6.4 | |
Total Lease Payments | 29.1 | |
Less: Interest | 4.8 | |
Present Value of Lease Liabilities | $ 24.3 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Weighted-average remaining lease term (years) | ||
Operating leases | 5 years 9 months 18 days | 6 years 8 months 12 days |
Finance leases | 6 years 3 months 18 days | 7 years 3 months 18 days |
Weighted-average discount rate | ||
Operating leases | 6.19% | 6.49% |
Finance leases | 5.26% | 5.27% |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 6.9 | $ 6.3 |
Operating cash flows from finance leases | 0.2 | 0.3 |
Financing cash flows from finance leases | 0.5 | 0.2 |
Leased assets obtained in exchange for new finance lease liabilities | 0.4 | 0.6 |
Leased assets obtained in exchange for new operating lease liabilities | $ 3.9 | $ 3.3 |
Business Acquisitions - Narrati
Business Acquisitions - Narrative (Details) $ in Millions | Mar. 13, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||
Number of manufacturing facilities | facility | 2 | |||
Tekra | ||||
Business Acquisition [Line Items] | ||||
Equity interest acquired (percent) | 100.00% | |||
Total consideration transferred | $ 169.3 | |||
Cash acquired | $ 1.6 | |||
Purchase price allocation subsequent decrease to net intangible assets | $ 3.4 | |||
Purchase price allocation, subsequent adjustment, net decrease in total consideration | $ 1.8 | |||
Direct and indirect acquisition-related costs | 1.1 | |||
Business acquisition, pro forma revenue | $ 1,100 | $ 1,100 |
Business Acquisitions - Schedul
Business Acquisitions - Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Mar. 13, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 403.7 | $ 337.4 | $ 338.1 | |
Tekra Inc | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 1.6 | |||
Accounts receivable | 8.6 | |||
Inventory | 14.2 | |||
Other current assets | 0.2 | |||
Property, plant and equipment | 7.3 | |||
Identifiable intangible assets | 81.8 | |||
Other noncurrent assets | 3.7 | |||
Total assets | 117.4 | |||
Accounts payable | 3 | |||
Other current liabilities | 2 | |||
Other noncurrent liabilities | 2.7 | |||
Net assets acquired | 109.7 | |||
Goodwill | 61.2 | |||
Total consideration | $ 170.9 |
Business Acquisitions -Schedule
Business Acquisitions -Schedule of Intangible Assets (Details) - Tekra $ in Millions | Mar. 13, 2020USD ($) |
Business Acquisition [Line Items] | |
Fair Value as of March 13, 2020 | $ 81.8 |
Customer relationships | |
Business Acquisition [Line Items] | |
Fair Value as of March 13, 2020 | $ 63 |
Weighted-Average Amortization Period (Years) | 15 years |
Tradenames and other | |
Business Acquisition [Line Items] | |
Fair Value as of March 13, 2020 | $ 10.8 |
Weighted-Average Amortization Period (Years) | 15 years |
Developed technology | |
Business Acquisition [Line Items] | |
Fair Value as of March 13, 2020 | $ 8 |
Weighted-Average Amortization Period (Years) | 10 years |
Business Acquisitions - Sched_2
Business Acquisitions - Schedule of Sales and Income from Business Combination (Details) - Tekra - USD ($) $ in Millions | 3 Months Ended | 10 Months Ended |
Dec. 31, 2020 | Dec. 31, 2020 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Net Sales | $ 23.7 | $ 77.3 |
Income from Continuing Operations | $ 1.8 | $ 1.9 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Receivable [Line Items] | ||
Less allowance for doubtful accounts and sales discounts | $ (1.1) | $ (1.5) |
Total accounts receivable, net | 148.5 | 143.2 |
Trade receivables | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | 130.9 | 114.6 |
Business tax credits, including VAT | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | 4 | 5.2 |
Hedge contracts receivable | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | 0.3 | 4.9 |
Other receivables | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, gross | $ 14.4 | $ 20 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 65.3 | $ 61.1 |
Work in process | 23.2 | 20.7 |
Finished goods | 83.5 | 65.3 |
Supplies and other | 7.7 | 14.3 |
Inventories | $ 179.7 | $ 161.4 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 705.1 | $ 803.7 | |
Less: Accumulated depreciation | 366.1 | 473.4 | |
Property, plant and equipment, net | 339 | 330.3 | |
Depreciation expense | 42.2 | 35.8 | $ 38.1 |
Land and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | 13.6 | 14.8 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 144 | 142.3 | |
Buildings and improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Buildings and improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 524.4 | 622.6 | |
Machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 23.1 | $ 24 |
Joint Ventures (Details)
Joint Ventures (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)joint_venture | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Joint venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of joint ventures (as a percent) | 50.00% | ||
Equity investment in joint ventures | $ 59.3 | $ 52.4 | |
China | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of joint ventures (as a percent) | 50.00% | ||
China | Joint venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of joint ventures | joint_venture | 2 | ||
Ownership of joint ventures (as a percent) | 50.00% | ||
Other income, net | $ 2 | $ 2.1 | $ 2.2 |
Joint Ventures - Balance Sheet
Joint Ventures - Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | $ 396.4 | $ 427.5 | ||
Current liabilities | 166.9 | 157.6 | ||
Accumulated other comprehensive loss | 649.6 | 597.7 | $ 557.9 | $ 546.7 |
Joint venture | China | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | 110 | 99.4 | ||
Noncurrent assets | 166.6 | 168 | ||
Current liabilities | 67.6 | 43.1 | ||
Long-term liabilities | 60.2 | 88.4 | ||
Accumulated other comprehensive loss | $ 148.8 | $ 135.9 |
Joint Ventures - China Joint Ve
Joint Ventures - China Joint Ventures (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Net sales | $ 279.4 | $ 279.3 | $ 254.2 | $ 261.5 | $ 238.5 | $ 256.4 | $ 269.9 | $ 258 | $ 1,074.4 | $ 1,022.8 | $ 1,041.3 |
Gross profit | 79.5 | 80.2 | 74.3 | 74.3 | 70.9 | 72.2 | 79 | 67.9 | 308.3 | 290 | 278.5 |
Net income | $ 15.3 | $ 24.5 | $ 21.5 | $ 22.5 | $ 20.2 | $ 27.7 | $ 20.5 | $ 17.4 | 83.8 | 85.8 | 94.5 |
Joint venture | China | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Net sales | 101.3 | 103.5 | 109.7 | ||||||||
Gross profit | 33 | 32.2 | 33.4 | ||||||||
Net income | $ 9.7 | $ 8.3 | $ 7.4 |
Goodwill (Details)
Goodwill (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Goodwill [Line Items] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Number of reportable segments | segment | 2 | ||
AMS | |||
Goodwill [Line Items] | |||
Accumulated impairment losses | $ 0 | ||
EP | |||
Goodwill [Line Items] | |||
Accumulated impairment losses | $ 2,700,000 |
Goodwill - Reportable Segment (
Goodwill - Reportable Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Goodwill beginning balance | $ 337.4 | $ 338.1 |
Goodwill acquired during the period | 61.2 | |
Foreign currency translation adjustments | 5.1 | (0.7) |
Goodwill ending balance | 403.7 | 337.4 |
AMS | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 332.5 | 333.1 |
Goodwill acquired during the period | 61.2 | |
Foreign currency translation adjustments | 4.7 | (0.6) |
Goodwill ending balance | 398.4 | 332.5 |
Engineered Papers | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 4.9 | 5 |
Goodwill acquired during the period | 0 | |
Foreign currency translation adjustments | 0.4 | (0.1) |
Goodwill ending balance | $ 5.3 | $ 4.9 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense of intangible assets | $ 24.6 | $ 20.3 | $ 20.7 |
Estimated Amortization Expense | |||
2021 | 25.6 | ||
2022 | 25.5 | ||
2023 | 25.2 | ||
2024 | 24.9 | ||
2025 | 24.6 | ||
AMS | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 419 | 336.5 | |
Accumulated Amortization | 106.9 | 82 | |
Accumulated Impairments | 20.7 | 20.7 | |
Accumulated Foreign Exchange | (2.8) | 2.5 | |
Net Carrying Amount | 294.2 | 231.3 | |
AMS | Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Impairments | 0.1 | 0.1 | |
Accumulated Foreign Exchange | (0.6) | 0 | |
Gross carrying amount | 20 | 20 | |
Net carrying amount | 20.5 | 19.9 | |
AMS | Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 339.8 | 276.3 | |
Accumulated Amortization | 88.5 | 67.7 | |
Accumulated Impairments | 0 | 0 | |
Accumulated Foreign Exchange | (2.9) | 1.8 | |
Net Carrying Amount | 254.2 | 206.8 | |
AMS | Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 42.1 | 34 | |
Accumulated Amortization | 14.1 | 10.9 | |
Accumulated Impairments | 0 | 0 | |
Accumulated Foreign Exchange | (0.2) | 0.4 | |
Net Carrying Amount | 28.2 | 22.7 | |
AMS | Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 32.7 | 21.8 | |
Accumulated Amortization | 1.4 | 0.8 | |
Accumulated Impairments | 20.7 | 20.7 | |
Accumulated Foreign Exchange | 0.3 | 0.3 | |
Net Carrying Amount | 10.3 | 0 | |
AMS | Non-compete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2.9 | 2.9 | |
Accumulated Amortization | 2.4 | 2.2 | |
Accumulated Impairments | 0 | 0 | |
Accumulated Foreign Exchange | 0 | 0 | |
Net Carrying Amount | 0.5 | 0.7 | |
AMS | Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1.5 | 1.5 | |
Accumulated Amortization | 0.5 | 0.4 | |
Accumulated Impairments | 0 | 0 | |
Accumulated Foreign Exchange | 0 | 0 | |
Net Carrying Amount | $ 1 | $ 1.1 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Capitalized software costs, net of accumulated amortization | $ 12.9 | $ 11.9 |
Grantor trust assets | 18 | 14.7 |
Net pension assets | 9.3 | 5.9 |
Long-term supplies inventory | 6.6 | 6.9 |
Operating lease assets | 19.8 | 20.9 |
Other assets | 2.6 | 8.9 |
Total | $ 69.2 | $ 69.2 |
Restructuring and Impairment _3
Restructuring and Impairment Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment expense | $ 4.2 | $ 6 | $ 1.6 | $ 0.1 | $ 1.7 | $ 1.6 | $ 0.4 | $ 0 | $ 11.9 | $ 3.7 | $ 1.7 |
Impairment expense | 11.9 | 3.7 | |||||||||
Other restructuring costs | 4.9 | 0 | 0 | ||||||||
Write down value spare parts and consignment inventory | 2 | ||||||||||
Accelerated depreciation and amortization | 2.9 | 0 | 0 | ||||||||
Restructuring and related cost, expected cost remaining | 2.2 | 2.2 | |||||||||
Severance | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment expense | 11.6 | 2.6 | 1.3 | ||||||||
Impairment expense | 6.7 | ||||||||||
AMS | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment expense | 0.5 | 1.1 | 1.5 | ||||||||
AMS | Severance | United States | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment expense | 1.1 | ||||||||||
AMS | Asset Impairment Charge | United States and China | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment expense | 1.1 | ||||||||||
AMS | Asset Impairment Charge | United States | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment expense | 0.4 | ||||||||||
EP | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment expense | 11.3 | 2.6 | 0.2 | ||||||||
Restructuring incurred to date | $ 6.9 | 6.9 | |||||||||
EP | Severance | France, Poland, And The United States | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment expense | $ 4.6 | ||||||||||
EP | Severance | France | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment expense | $ 2.6 | $ 0.2 |
Restructuring and Related Activ
Restructuring and Related Activities - Restructuring And Related Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment expense | $ 4.2 | $ 6 | $ 1.6 | $ 0.1 | $ 1.7 | $ 1.6 | $ 0.4 | $ 0 | $ 11.9 | $ 3.7 | $ 1.7 |
Accelerated depreciation and amortization | 2.9 | 0 | 0 | ||||||||
Spare parts and consignment inventory write-down to estimated net realizable value | 2 | 0 | 0 | ||||||||
Total other restructuring related charges - Cost of products sold | 4.9 | 0 | 0 | ||||||||
Total restructuring costs and related charges | 16.8 | 3.7 | 1.7 | ||||||||
Severance | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment expense | 11.6 | 2.6 | 1.3 | ||||||||
Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment expense | $ 0.3 | $ 1.1 | $ 0.4 |
Restructuring and Impairment _4
Restructuring and Impairment Activities - Restructuring Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of year | $ 0.5 | $ 1.4 |
Accruals for announced programs | 11.9 | 3.7 |
Cash payments | (5.2) | (4.2) |
Other | 0 | (0.4) |
Exchange rate impacts | 0.2 | 0 |
Balance at end of period | $ 7.4 | $ 0.5 |
Debt - Schedule of Debt Summari
Debt - Schedule of Debt Summarized (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 25, 2018 |
Debt Instrument [Line Items] | |||
Finance lease obligations | $ 3.5 | $ 3.2 | |
Other | 0 | 0 | |
Debt issuance costs | (4.6) | (5.9) | |
Total debt | 593.3 | 542.7 | |
Less: Current debt | (2.8) | (1.9) | |
Long-term debt | 590.5 | 540.8 | |
Deferred Profit Sharing | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 5 | 4.8 | |
Revolving Credit Facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 50 | 0 | |
Term loan facility | Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 195.5 | 197.5 | |
6.875% senior unsecured notes due October 1, 2026, net of discount of $6.1 million and $6.9 million as of December 31, 2020 and 2019, respectively | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest rate (percent) | 6.875% | 6.875% | |
Unamortized discount | $ 6.1 | 6.9 | |
Long-term debt, gross | $ 343.9 | $ 343.1 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Sep. 25, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
French Employee Profit Sharing | |||
Debt Instrument [Line Items] | |||
Interest rate at period end (percent) | 0.20% | 0.62% | |
Bank Overdrafts | |||
Debt Instrument [Line Items] | |||
Interest rate at period end (percent) | 0.26% | 0.26% | |
Bank overdraft facilities | $ 6,700,000 | $ 6,100,000 | |
Commitment fees | 0 | ||
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Fair market value of notes | $ 371,000,000 | $ 378,300,000 | |
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Maximum borrowings under credit facility | $ 700,000,000 | ||
EBITDA ratio | 4.50 | ||
Interest coverage ratio | 3 | ||
Effective interest rate on debt facilities (percentage) | 4.02% | 4.42% | |
Revolving Credit Facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt instrument, term | 5 years | ||
Current borrowing capacity | $ 500,000,000 | ||
Average interest rate (percentage) | 1.94% | ||
Revolving Credit Facility | Revolving Credit Facility | Base Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent)) | 0.75% | ||
Revolving Credit Facility | Revolving Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent)) | 1.75% | ||
Term loan facility | Term Loan | |||
Debt Instrument [Line Items] | |||
Debt instrument, term | 7 years | ||
Face amount | $ 200,000,000 | ||
Amortization rate (percentage) | 1.00% | ||
Average interest rate (percentage) | 2.19% | ||
Term loan facility | Term Loan | Base Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent)) | 1.00% | ||
Term loan facility | Term Loan | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent)) | 2.00% | ||
Revolving Credit Facility and Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowings under credit facility | $ 400,000,000 | ||
6.875% senior unsecured notes due October 1, 2026 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Face amount | $ 350,000,000 | ||
Interest rate (percent) | 6.875% | 6.875% | |
Redemption price (as a percentage) | 100.00% | ||
Percentage of principal amount redeemed (percent) | 35.00% | ||
Redemption price for equity offerings, percentage | 106.875% | ||
Interest rate at period end (percent) | 7.248% |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt Maturities (Details) $ in Millions | Dec. 31, 2020USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2021 | $ 4.1 |
2022 | 4.1 |
2023 | 53.5 |
2024 | 2.6 |
2025 | 188.8 |
Thereafter | 344.8 |
Total | $ 597.9 |
Debt - Debt Issuance Costs (Det
Debt - Debt Issuance Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Capitalized deferred debt issuance costs | $ 3.6 | ||
Write off of deferred debt issuance costs | $ 0.5 | ||
Deferred debt issuance costs | $ 4.6 | $ 5.9 | |
Expected Future Amortization Expense [Abstract] | |||
2021 | 1.3 | ||
2022 | 1.3 | ||
2023 | 1.1 | ||
2024 | 0.4 | ||
2025 | 0.4 | ||
Thereafter | 0.1 | ||
Total | 4.6 | 5.9 | |
Interest expense | |||
Debt Instrument [Line Items] | |||
Amortization expense | $ 1.3 | $ 1.2 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) | Oct. 24, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 11, 2019USD ($) | Jan. 29, 2019USD ($) | Oct. 24, 2018EUR (€) |
Derivative [Line Items] | |||||||
Fixed rate | 1.724% | ||||||
Derivative, notional amount | $ 185,000,000 | ||||||
Cross Currency Interest Rate Contract | |||||||
Derivative [Line Items] | |||||||
Derivative, notional amount | $ 75,000,000 | € 65,400,000 | |||||
Derivative term | 3 years | ||||||
Cross Currency Interest Rate Contract | Long | |||||||
Derivative [Line Items] | |||||||
Fixed rate | 6.875% | 6.875% | |||||
Cross Currency Interest Rate Contract | Short | |||||||
Derivative [Line Items] | |||||||
Fixed rate | 3.6725% | 3.6725% | |||||
Cross Currency Interest Rate Contract | Net Investment Hedging | |||||||
Derivative [Line Items] | |||||||
Derivative amounts excluded from effectiveness testing as interest expense | $ 6,500,000 | $ 1,100,000 | $ 1,900,000 | ||||
Cross Currency Interest Rate Contract | Euro | |||||||
Derivative [Line Items] | |||||||
Fixed rate | 5.638% | 6.875% | |||||
Derivative, notional amount | $ 90,900,000 | $ 66,000,000 | |||||
Cross Currency Interest Rate Contract | Dollars | |||||||
Derivative [Line Items] | |||||||
Fixed rate | 6.875% | 4.0525% | |||||
Derivative, notional amount | $ 100,000,000 | $ 75,000,000 | |||||
September 13, 2019 - December 31, 2020 | |||||||
Derivative [Line Items] | |||||||
Derivative, notional amount | 185,000,000 | ||||||
December 31, 2020 - December 31, 2021 | |||||||
Derivative [Line Items] | |||||||
Derivative, notional amount | 150,000,000 | ||||||
December 31, 2021 - January 31, 2027 | |||||||
Derivative [Line Items] | |||||||
Derivative, notional amount | $ 100,000,000 |
Derivatives - Derivatives by Ba
Derivatives - Derivatives by Balance Sheet Location (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 1.2 | $ 11.2 |
Liability Derivatives | 31.1 | 11.3 |
Derivatives designated as cash flow hedge | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1.2 | 11.1 |
Liability Derivatives | 31.1 | 11.3 |
Derivatives designated as cash flow hedge | Foreign Exchange Contract | Accounts receivable | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.9 | 4.8 |
Derivatives designated as cash flow hedge | Foreign Exchange Contract | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 6.3 |
Derivatives designated as cash flow hedge | Foreign Exchange Contract | Accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 11 | 5.6 |
Derivatives designated as cash flow hedge | Foreign Exchange Contract | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 12.3 | 5.5 |
Derivatives designated as cash flow hedge | Interest rate contracts | Accounts receivable | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.3 | 0 |
Derivatives designated as cash flow hedge | Interest rate contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | |
Derivatives designated as cash flow hedge | Interest rate contracts | Accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0.2 |
Derivatives designated as cash flow hedge | Interest rate contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 7.8 | |
Derivatives designated as investment hedge | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0.1 |
Liability Derivatives | 0 | 0 |
Derivatives designated as investment hedge | Foreign Exchange Contract | Accounts receivable | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0.1 |
Derivatives designated as investment hedge | Foreign Exchange Contract | Accounts payable | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ 0 |
Derivatives - Derivatives by In
Derivatives - Derivatives by Income Statement Location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss (Gain) Reclassified from AOCI, Net of Tax | $ (2) | $ 4.5 | $ 3.7 |
Derivatives designated as investment hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain / (Loss) Recognized in Other Income / Expense | 0.1 | 1.1 | (2.5) |
Other income (expense), net | Foreign exchange contracts | Derivatives designated as investment hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain / (Loss) Recognized in Other Income / Expense | 0.1 | 1.1 | (2.5) |
Cash Flow Hedging | Derivatives designated as investment hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax for the Year Ended December 31, | (25.8) | 1.6 | 2.4 |
Loss (Gain) Reclassified from AOCI, Net of Tax | (2) | 4.5 | 3.7 |
Cash Flow Hedging | Net sales | Foreign exchange contracts | Derivatives designated as cash flow hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax for the Year Ended December 31, | (5.3) | (0.7) | (1.7) |
Loss (Gain) Reclassified from AOCI, Net of Tax | (3.4) | (1.2) | 0.8 |
Cash Flow Hedging | Other income (expense), net | Foreign exchange contracts | Derivatives designated as cash flow hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax for the Year Ended December 31, | 1.4 | (2.3) | 0.1 |
Loss (Gain) Reclassified from AOCI, Net of Tax | 1.4 | (1.9) | 0.1 |
Cash Flow Hedging | Other income (expense), net | Foreign exchange contracts | Derivatives designated as investment hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax for the Year Ended December 31, | (14.2) | 0 | 0 |
Loss (Gain) Reclassified from AOCI, Net of Tax | 0 | 0 | 0 |
Cash Flow Hedging | Interest expense | Interest rate contracts | Derivatives designated as cash flow hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in AOCI on Derivatives, Net of Tax for the Year Ended December 31, | (7.7) | 4.6 | 4 |
Loss (Gain) Reclassified from AOCI, Net of Tax | $ 0 | $ 7.6 | $ 2.8 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued salaries, wages and employee benefits | $ 48.7 | $ 46.1 |
Other accrued expenses | 52.2 | 40.4 |
Total | $ 100.9 | $ 86.5 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 29.1 | $ 60 | $ 55.8 |
Foreign | 68.2 | 36.9 | 61 |
Income from continuing operations before income taxes and income from equity affiliates | $ 97.3 | $ 96.9 | $ 116.8 |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current income taxes: | |||
U.S. federal | $ 7.3 | $ 8.1 | $ (9.2) |
U.S. state | 1.5 | 0.8 | 0.8 |
Foreign | 14.8 | 9.7 | 11.6 |
Current income taxes | 23.6 | 18.6 | 3.2 |
Deferred income taxes: | |||
U.S. federal | (5.3) | 2.3 | 3.6 |
U.S. state | 1 | (1.9) | 1.4 |
Foreign | (0.9) | (3.8) | 2.5 |
Deferred income taxes | (5.2) | (3.4) | 7.5 |
Provision for income taxes | $ 18.4 | $ 15.2 | $ 10.7 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amount | |||
Tax provision at U.S. statutory rate | $ 20.4 | $ 20.3 | $ 24.5 |
Foreign income tax rate differential | 2.7 | 0.6 | 2.5 |
Income from passthrough entities | 2.3 | 1.7 | 0.7 |
Global intangible low tax inclusion | 4.8 | (0.1) | 7 |
Foreign derived intangible income | (0.3) | (0.2) | (4.2) |
State income tax, net of federal benefit | 1.8 | (0.2) | 1.7 |
Adjustments to valuation allowances | (3.9) | (3.7) | (2.5) |
Transition tax | 0 | (0.7) | (11.6) |
Other tax credits | (0.8) | (2) | (2.6) |
Foreign tax credits | (9.9) | (3.5) | (5.1) |
Other foreign operational taxes | 3.5 | 2.9 | 3.1 |
Remeasurement of deferred taxes due to tax law | 0.4 | 0.9 | (1.8) |
Non-deductible compensation | 0.4 | 1.1 | 0.4 |
Other, net | (3) | (1.9) | (1.4) |
Provision for income taxes | $ 18.4 | $ 15.2 | $ 10.7 |
Percent | |||
Tax provision at U.S. statutory rate | 21.00% | 21.00% | 21.00% |
Foreign income tax rate differential | 2.70% | 0.50% | 2.20% |
Income from passthrough entities | 2.30% | 1.60% | 0.60% |
Global intangible low tax inclusion | 4.80% | (0.10%) | 6.00% |
Foreign derived intangible income | (0.30%) | (0.20%) | (3.60%) |
State income tax, net of federal benefit | 1.80% | (0.20%) | 1.50% |
Adjustments to valuation allowances | (3.90%) | (3.80%) | (2.10%) |
Transition tax | 0 | (0.006) | (0.100) |
Other tax credits | (0.80%) | (2.10%) | (2.30%) |
Foreign tax credits | (10.00%) | (3.60%) | (4.40%) |
Other foreign operational taxes | 3.50% | 3.00% | 2.70% |
Remeasurement of deferred taxes due to tax law | 0.40% | 1.00% | (1.50%) |
Non-deductible compensation | 0.40% | 1.10% | 0.30% |
Other, net | (3.00%) | (1.90%) | (1.20%) |
Provision for income taxes | 18.90% | 15.70% | 9.20% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Credit Carryforward [Line Items] | |||
Reduction due to transition tax further analysis of accumulated earnings and foreign taxes paid | $ 13.9 | ||
Provision for income taxes | $ 18.4 | $ 15.2 | $ 10.7 |
Effective tax rate (percent) | 18.90% | 15.70% | 9.20% |
Accruals and other liabilities | $ 0.7 | $ 0 | |
Operating loss carryforwards | 99.5 | ||
Valuation allowance on deferred tax assets | 166.6 | 157.4 | |
Unrecognized tax benefits that would impact effective tax rate | 2 | ||
Luxembourg | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance on deferred tax assets | 151.8 | ||
Spain | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance on deferred tax assets | 9.1 | ||
Philippines | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance on deferred tax assets | 0.4 | ||
Brazil | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforward, valuation allowance | 4.1 | ||
Other foreign countries | Tax Year 2029 - 2030 | |||
Tax Credit Carryforward [Line Items] | |||
Tax credits | 2.9 | ||
State | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance on deferred tax assets | 1.2 | ||
State | Tax Year 2021 - 2036 | |||
Tax Credit Carryforward [Line Items] | |||
Tax credits | $ 1.8 | ||
Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Accruals and other liabilities | $ 4.2 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets | ||
Receivable allowances | $ 0.5 | $ 0.4 |
Postretirement and other employee benefits | 21 | 19 |
Derivatives | 2.5 | 0.1 |
Net operating loss and tax credit carryforwards | 104.4 | 93.7 |
Capital loss carryforward | 12.1 | 6.9 |
Accruals and other liabilities | 0.7 | 0 |
Intangibles | 37.6 | 45.7 |
Other | 4.4 | 3.9 |
Deferred Tax Assets | 183.2 | 169.7 |
Less: Valuation allowance | (166.6) | (157.4) |
Net deferred income tax assets | 16.6 | 12.3 |
Deferred Tax Liabilities | ||
Net property, plant and equipment | (55.7) | (52.6) |
Accruals and other liabilities | 0 | (0.6) |
Investment in subsidiaries | (3.2) | (3.5) |
Deferred Tax Liabilities, Other | (0.3) | (0.1) |
Net deferred income tax liabilities | (59.2) | (56.8) |
Total net deferred income tax liabilities | $ (42.6) | $ (44.5) |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2020USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 99.5 |
2021-2024 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0.1 |
2025-2037 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 19.6 |
Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 79.8 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Uncertain tax position balance at beginning of year | $ 1.7 | $ 1.1 | $ 1 |
Increases related to current year tax positions | 0.3 | 0.6 | 0.6 |
Decreases related to prior year tax positions | 0 | 0 | (0.2) |
Decreases related to expiration of statute of limitations | 0 | 0 | (0.3) |
Uncertain tax position balance at end of year | $ 2 | $ 1.7 | $ 1.1 |
Postretirement and Other Bene_3
Postretirement and Other Benefits - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution cost recognized | $ 4 | $ 3.9 | $ 3.6 |
Liability under deferred compensation plans | 14.5 | 19.7 | |
Grantor trust assets | 18 | 14.7 | |
Other liabilities, French law CET account | $ 7 | $ 6.3 | |
United States | Unfunded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Coverage age | 65 years |
Postretirement and Other Bene_4
Postretirement and Other Benefits - Funded Status (Details) - Pension Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
United States | |||
Change in Projected Benefit Obligation, or PBO: | |||
PBO at beginning of year | $ 119.9 | $ 112.3 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 3.7 | 4.6 | 4.3 |
Actuarial loss | 9.7 | 11.1 | |
Participant contributions | 0 | 0 | |
Gross benefits paid | (8.2) | (8.1) | |
Currency translation effect | 0 | 0 | |
PBO at end of year | 125.1 | 119.9 | 112.3 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 125.8 | 113.1 | |
Actual return on plan assets | 16.8 | 20.8 | |
Employer contributions | 0 | 0 | |
Participant contributions | 0 | 0 | |
Gross benefits paid | (8.2) | (8.1) | |
Currency translation effect | 0 | 0 | |
Fair value of plan assets at end of year | 134.4 | 125.8 | 113.1 |
Funded status at end of year | 9.3 | 5.9 | |
France | |||
Change in Projected Benefit Obligation, or PBO: | |||
PBO at beginning of year | 31.9 | 29.5 | |
Service cost | 1.3 | 1 | 1.1 |
Interest cost | 0.2 | 0.4 | 0.4 |
Actuarial loss | 0.6 | 3.2 | |
Participant contributions | 0.5 | 0.7 | |
Gross benefits paid | (1.7) | (2.3) | |
Currency translation effect | 3 | (0.6) | |
PBO at end of year | 35.8 | 31.9 | 29.5 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 1.1 | 2.1 | |
Actual return on plan assets | 0 | 0.2 | |
Employer contributions | 1.2 | 1.1 | |
Participant contributions | 0 | 0 | |
Gross benefits paid | (1.6) | (2.3) | |
Currency translation effect | 0.1 | 0 | |
Fair value of plan assets at end of year | 0.8 | 1.1 | $ 2.1 |
Funded status at end of year | $ (35) | $ (30.8) |
Postretirement and Other Bene_5
Postretirement and Other Benefits - PBO and ABO in Excess of Fair Value of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
PBO | $ 125.1 | $ 119.9 | |
ABO | 125.1 | 119.9 | |
Fair value of plan assets | 134.4 | 125.8 | $ 113.1 |
France | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
PBO | 35.8 | 31.9 | |
ABO | 35.8 | 31.9 | |
Fair value of plan assets | $ 0.8 | $ 1.1 | $ 2.1 |
Postretirement and Other Bene_6
Postretirement and Other Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Details) - Pension Benefits $ in Millions | Dec. 31, 2020USD ($) |
United States | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Accumulated loss | $ 17.8 |
Prior service credit | 0 |
Accumulated other comprehensive loss | 17.8 |
France | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Accumulated loss | 16 |
Prior service credit | (2.6) |
Accumulated other comprehensive loss | $ 13.4 |
Postretirement and Other Bene_7
Postretirement and Other Benefits - Amortization of Accumulated Other Comprehensive Income (Details) - Pension Benefits $ in Millions | Dec. 31, 2020USD ($) |
United States | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of accumulated loss | $ (3.6) |
Amortization of prior service credit | 0 |
Total | (3.6) |
France | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of accumulated loss | (1.2) |
Amortization of prior service credit | 0.3 |
Total | $ (0.9) |
Postretirement and Other Bene_8
Postretirement and Other Benefits - Weighted Average Assumption of Projected Benefit Obligations (Details) - Pension Benefits | Dec. 31, 2020 | Dec. 31, 2019 |
United States | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 2.30% | 3.20% |
Rate of compensation increase | 0.00% | 0.00% |
France | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 0.32% | 0.53% |
Rate of compensation increase | 1.97% | 1.96% |
Postretirement and Other Bene_9
Postretirement and Other Benefits - Net Pension Benefit Costs (Details) - Pension Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 3.7 | 4.6 | 4.3 |
Expected return on plan assets | (4.9) | (5.8) | (5.8) |
Amortizations and other | 3.3 | 2 | 3.2 |
Net periodic benefit cost | 2.1 | 0.8 | 1.7 |
France | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 1.3 | 1 | 1.1 |
Interest cost | 0.2 | 0.4 | 0.4 |
Expected return on plan assets | (0.1) | (0.1) | (0.1) |
Amortizations and other | 1 | 0.9 | 1.1 |
Net periodic benefit cost | $ 2.4 | $ 2.2 | $ 2.5 |
Postretirement and Other Ben_10
Postretirement and Other Benefits - Weighted Average Assumptions - Net Periodic Benefit Cost (Details) - Pension Benefits | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.20% | 4.29% | 3.60% |
Expected long-term rate of return on plan assets | 4.41% | 5.14% | 5.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
France | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 0.53% | 1.28% | 1.28% |
Expected long-term rate of return on plan assets | 3.00% | 3.00% | 3.00% |
Rate of compensation increase | 1.97% | 1.96% | 1.75% |
Postretirement and Other Ben_11
Postretirement and Other Benefits - Target Allocations (Details) - Pension Benefits | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 100.00% | 100.00% | |
United States | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 1.00% | 1.00% | |
United States | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 2.00% | 5.00% | |
United States | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 1.00% | 3.00% | |
United States | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 6.00% | 15.00% | |
United States | Fixed income securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 90.00% | 76.00% | |
United States | Alternative Investment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 0.00% | 0.00% | |
United States | Forecast | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocations 2019 | 100.00% | ||
United States | Forecast | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocations 2019 | 0.00% | ||
United States | Forecast | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocations 2019 | 2.00% | ||
United States | Forecast | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocations 2019 | 1.00% | ||
United States | Forecast | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocations 2019 | 6.00% | ||
United States | Forecast | Fixed income securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocations 2019 | 91.00% | ||
United States | Forecast | Alternative Investment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocations 2019 | 0.00% | ||
France | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 100.00% | 100.00% | |
France | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 36.00% | 41.00% | |
France | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 30.00% | 31.00% | |
France | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 0.00% | 0.00% | |
France | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 0.00% | 0.00% | |
France | Fixed income securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 32.00% | 26.00% | |
France | Alternative Investment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual allocations | 2.00% | 2.00% |
Postretirement and Other Ben_12
Postretirement and Other Benefits - Fair Value of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
United States | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 134.4 | $ 125.8 | $ 113.1 |
United States | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1 | 0.9 | |
United States | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 2.7 | 6.8 | |
United States | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1.3 | 4.3 | |
United States | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 8.2 | 19.1 | |
United States | Alternative Investment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | US Treasury and Government | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 13.9 | 20.9 | |
United States | Corporate Debt Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 99.6 | 55.8 | |
United States | Debt Security, Government, Non-US | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1.2 | 0.8 | |
United States | Other Debt Obligations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 6.5 | 17.2 | |
United States | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 133.4 | 74.6 | |
United States | Fair Value Measured at Net Asset Value Per Share | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Fair Value Measured at Net Asset Value Per Share | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 2.7 | 6.8 | |
United States | Fair Value Measured at Net Asset Value Per Share | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1.3 | 4.3 | |
United States | Fair Value Measured at Net Asset Value Per Share | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 8.2 | 19.1 | |
United States | Fair Value Measured at Net Asset Value Per Share | Alternative Investment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Fair Value Measured at Net Asset Value Per Share | US Treasury and Government | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 13.9 | 20.9 | |
United States | Fair Value Measured at Net Asset Value Per Share | Corporate Debt Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 99.6 | 5.5 | |
United States | Fair Value Measured at Net Asset Value Per Share | Debt Security, Government, Non-US | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1.2 | 0.8 | |
United States | Fair Value Measured at Net Asset Value Per Share | Other Debt Obligations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 6.5 | 17.2 | |
United States | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1 | 0.9 | |
United States | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1 | 0.9 | |
United States | Level 1 | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 1 | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 1 | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 1 | Alternative Investment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 1 | US Treasury and Government | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 1 | Corporate Debt Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 1 | Debt Security, Government, Non-US | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 1 | Other Debt Obligations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 50.3 | |
United States | Level 2 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 2 | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 2 | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 2 | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 2 | Alternative Investment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 2 | US Treasury and Government | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 2 | Corporate Debt Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 50.3 | |
United States | Level 2 | Debt Security, Government, Non-US | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 2 | Other Debt Obligations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 3 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 3 | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 3 | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 3 | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 3 | Alternative Investment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 3 | US Treasury and Government | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 3 | Corporate Debt Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 3 | Debt Security, Government, Non-US | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 3 | Other Debt Obligations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0.8 | 1.1 | $ 2.1 |
France | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0.3 | 0.4 | |
France | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0.2 | 0.3 | |
France | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Alternative Investment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0.1 | |
France | US Treasury and Government | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Corporate Debt Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Debt Security, Government, Non-US | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Other Debt Obligations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0.3 | 0.3 | |
France | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0.5 | 0.7 | |
France | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0.3 | 0.4 | |
France | Level 1 | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0.2 | 0.3 | |
France | Level 1 | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 1 | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 1 | Alternative Investment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 1 | US Treasury and Government | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 1 | Corporate Debt Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 1 | Debt Security, Government, Non-US | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 1 | Other Debt Obligations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0.3 | 0.4 | |
France | Level 2 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 2 | Domestic large cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 2 | Domestic small cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 2 | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 2 | Alternative Investment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0.1 | |
France | Level 2 | US Treasury and Government | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 2 | Corporate Debt Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 2 | Debt Security, Government, Non-US | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
France | Level 2 | Other Debt Obligations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 0.3 | $ 0.3 |
Postretirement and Other Ben_13
Postretirement and Other Benefits - Expected Future Benefit Payments (Details) - Pension Benefits $ in Millions | Dec. 31, 2020USD ($) |
United States | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2021 | $ 8.6 |
2022 | 8.5 |
2023 | 8.2 |
2024 | 8.1 |
2025 | 8 |
2026 - 2030 | 36.7 |
France | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2021 | 0.4 |
2022 | 1 |
2023 | 1.1 |
2024 | 1.7 |
2025 | 1.7 |
2026 - 2030 | $ 10.2 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock award, issued during period (in shares) | 988,180 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 5,000,000 | |||
Limitation on single participant (in shares) (no more than) | 750,000 | |||
Restricted stock award, not yet vested (in shares) | 221,622 | 184,190 | 184,190 | 405,299 |
Unrecognized compensation expense | $ 2.1 | |||
Unrecognized compensation expense, recognition weighted average period | 1 year 9 months 18 days | |||
Number of Shares | ||||
Nonvested restricted shares outstanding at beginning of year (in shares) | 221,622 | 184,190 | 283,338 | |
Granted (in shares) | 339,454 | 155,982 | 142,475 | |
Forfeited (in shares) | (36,749) | (8,869) | (12,858) | |
Vested (in shares) | (119,028) | (109,681) | (228,765) | |
Nonvested restricted shares outstanding at end of year (in shares) | 405,299 | 221,622 | 184,190 | |
Weighted Average Fair Value at Date of Grant | ||||
Nonvested restricted shares outstanding at beginning of year (in dollars per share) | $ 37.08 | $ 40.33 | $ 37.26 | |
Granted (in dollars per share) | 34.27 | 35.62 | 39.58 | |
Forfeited (in dollars per share) | 33.98 | 41.34 | 40.06 | |
Vested (in dollars per share) | 37.15 | 40.12 | 35.86 | |
Nonvested restricted shares outstanding at end of year (in dollars per share) | $ 34.96 | $ 37.08 | $ 40.33 | |
Nonvested restricted shares granted (in shares) | 339,454 | 155,982 | 142,475 | |
Restricted Stock Performance Plan | Award Opportunity 2020-2021 | ||||
Number of Shares | ||||
Granted (in shares) | 266,221 | |||
Weighted Average Fair Value at Date of Grant | ||||
Compensation expense | $ 3.9 | |||
Nonvested restricted shares granted (in shares) | 266,221 | |||
Restricted Stock Performance Plan | Award Opportunity 2019-2020 | ||||
Number of Shares | ||||
Granted (in shares) | 331,150 | |||
Weighted Average Fair Value at Date of Grant | ||||
Compensation expense | $ 4.2 | $ 5.6 | ||
Nonvested restricted shares granted (in shares) | 331,150 | |||
Restricted Stock Performance Plan | Award Opportunity 2018-2019 | ||||
Number of Shares | ||||
Granted (in shares) | 91,396 | |||
Weighted Average Fair Value at Date of Grant | ||||
Compensation expense | $ 2.2 | $ 2 | ||
Nonvested restricted shares granted (in shares) | 91,396 | |||
Restricted Stock Performance Plan | Award Opportunity 2017-2018 | ||||
Weighted Average Fair Value at Date of Grant | ||||
Compensation expense | $ 2.2 |
Stockholders' Equity - Basic an
Stockholders' Equity - Basic and Diluted Shares Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator (basic and diluted): | |||||||||||
Net income | $ 15.3 | $ 24.5 | $ 21.5 | $ 22.5 | $ 20.2 | $ 27.7 | $ 20.5 | $ 17.4 | $ 83.8 | $ 85.8 | $ 94.5 |
Less: Dividends paid to participating securities | (0.7) | (0.4) | (0.3) | ||||||||
Less: Undistributed earnings available to participating securities | (0.4) | (0.2) | (0.3) | ||||||||
Undistributed and distributed earnings available to common stockholders | $ 82.7 | $ 85.2 | $ 93.9 | ||||||||
Denominator: | |||||||||||
Average number of common shares outstanding (shares) | 30,832,700 | 30,652,200 | 30,551,300 | ||||||||
Effect of dilutive stock-based compensation (shares) | 271,500 | 186,100 | 141,600 | ||||||||
Average number of common and potential common shares outstanding (shares) | 31,104,200 | 30,838,300 | 30,692,900 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | May 24, 2019 | Dec. 31, 2020USD ($)claim | Aug. 31, 2018USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2000assessment |
Unfavorable Regulatory Action | Raw Materials Assessment | ||||||
Loss Contingencies [Line Items] | ||||||
Number of assessments from the tax authorities regarding ICMS taxes | assessment | 2 | |||||
Unfavorable Regulatory Action | Raw Materials Assessment 2 | ||||||
Loss Contingencies [Line Items] | ||||||
Settlement period | 60 months | |||||
Unfavorable Regulatory Action | Electricity Assessment | ||||||
Loss Contingencies [Line Items] | ||||||
Number of assessments from the tax authorities regarding ICMS taxes | assessment | 4 | |||||
Unfavorable Regulatory Action | Electricity Assessment Four | ||||||
Loss Contingencies [Line Items] | ||||||
Liability recorded in the consolidated financial statements | $ 0 | |||||
Indemnification Agreement | ||||||
Loss Contingencies [Line Items] | ||||||
Number of pending claims | claim | 0 | |||||
Maximum | Unfavorable Regulatory Action | Raw Materials Assessment 2 | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | $ 9,500,000 | |||||
Maximum | Unfavorable Regulatory Action | Electricity Assessment One | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | $ 3,600,000 | |||||
Maximum | Unfavorable Regulatory Action | Electricity Assessment Two | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | $ 6,900,000 | |||||
Maximum | Unfavorable Regulatory Action | Electricity Assessment Three | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | $ 500,000 | |||||
Maximum | Unfavorable Regulatory Action | Electricity Assessment Four | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | $ 7,700,000 | |||||
PdM Subsidiary | Calcium Carbonate | ||||||
Loss Contingencies [Line Items] | ||||||
Purchase commitment, remaining amount committed | 1,300,000 | |||||
PdM Subsidiary | Calcium Carbonate, Through 2024 | ||||||
Loss Contingencies [Line Items] | ||||||
Purchase commitment, remaining amount committed | 5,100,000 | |||||
LTRI and PdM Subsidiaries | Energy Cogeneration Steam Supply Agreement | ||||||
Loss Contingencies [Line Items] | ||||||
Minimum annual commitments | 4,200,000 | |||||
SWM-B Brazilian Mill | Transmission and Distribution of Energy Agreement | ||||||
Loss Contingencies [Line Items] | ||||||
Purchase of electrical energy, estimated annual cost | 3,800,000 | |||||
SWM-B Brazilian Mill | Natural Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Purchase commitment, remaining amount committed | 4,300,000 | |||||
French Mills | Natural Gas | ||||||
Loss Contingencies [Line Items] | ||||||
Purchase commitment, remaining amount committed | 10,600,000 | |||||
French Mills | Biomass Consumption | ||||||
Loss Contingencies [Line Items] | ||||||
Minimum annual commitments | 600,000 | |||||
French Mills | Electricity | ||||||
Loss Contingencies [Line Items] | ||||||
Purchase commitment, remaining amount committed | $ 7,500,000 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments | segment | 2 | ||||||||||
Number of reportable segments | segment | 2 | ||||||||||
Net Sales | |||||||||||
Net sales | $ 279.4 | $ 279.3 | $ 254.2 | $ 261.5 | $ 238.5 | $ 256.4 | $ 269.9 | $ 258 | $ 1,074.4 | $ 1,022.8 | $ 1,041.3 |
Percentage of Net Sales | 100.00% | 100.00% | 100.00% | ||||||||
Operating Profit | |||||||||||
Operating profit | 23.3 | $ 37 | $ 34.4 | $ 34.1 | 24.8 | $ 34.6 | $ 44.2 | $ 30.4 | $ 128.8 | $ 134 | $ 135 |
Percentage of Operating Profit | 100.00% | 100.00% | 100.00% | ||||||||
Capital Spending | $ 30.1 | $ 28.6 | $ 27 | ||||||||
Depreciation | 42.2 | 35.8 | 38.1 | ||||||||
Long-Lived Assets | 351.9 | 342.2 | 351.9 | 342.2 | 348.5 | ||||||
United States | |||||||||||
Net Sales | |||||||||||
Net sales | 538.6 | 514.1 | 513.4 | ||||||||
Operating Profit | |||||||||||
Long-Lived Assets | 122.1 | 118.5 | 122.1 | 118.5 | 115.8 | ||||||
France | |||||||||||
Operating Profit | |||||||||||
Long-Lived Assets | 169.3 | 158.8 | 169.3 | 158.8 | 167.4 | ||||||
Brazil | |||||||||||
Operating Profit | |||||||||||
Long-Lived Assets | 15.2 | 19.5 | 15.2 | 19.5 | 20.8 | ||||||
Poland | |||||||||||
Operating Profit | |||||||||||
Long-Lived Assets | 12.9 | 14.7 | 12.9 | 14.7 | 16.8 | ||||||
Other foreign countries | |||||||||||
Net Sales | |||||||||||
Net sales | 47.9 | 64.5 | 54.2 | ||||||||
Operating Profit | |||||||||||
Long-Lived Assets | $ 32.4 | $ 30.7 | 32.4 | 30.7 | 27.7 | ||||||
Advanced Materials & Structures | |||||||||||
Net Sales | |||||||||||
Net sales | 543.5 | 477.2 | 467.9 | ||||||||
Advanced Materials & Structures | United States | |||||||||||
Net Sales | |||||||||||
Net sales | 376.7 | 331.3 | 320.1 | ||||||||
Advanced Materials & Structures | Other foreign countries | |||||||||||
Net Sales | |||||||||||
Net sales | 15.4 | 14.9 | 15 | ||||||||
Engineered Papers | |||||||||||
Net Sales | |||||||||||
Net sales | 530.9 | 545.6 | 573.4 | ||||||||
Engineered Papers | United States | |||||||||||
Net Sales | |||||||||||
Net sales | 161.9 | 182.8 | 193.3 | ||||||||
Engineered Papers | Other foreign countries | |||||||||||
Net Sales | |||||||||||
Net sales | 32.5 | 49.6 | 39.2 | ||||||||
Operating Segments | Advanced Materials & Structures | |||||||||||
Net Sales | |||||||||||
Net sales | $ 543.5 | $ 477.2 | $ 467.9 | ||||||||
Percentage of Net Sales | 50.60% | 46.70% | 44.90% | ||||||||
Operating Profit | |||||||||||
Operating profit | $ 64.8 | $ 64.3 | $ 49.5 | ||||||||
Percentage of Operating Profit | 50.30% | 48.00% | 36.70% | ||||||||
Capital Spending | $ 14.5 | $ 16.1 | $ 15 | ||||||||
Depreciation | 14.5 | 12.8 | 14.1 | ||||||||
Operating Segments | Engineered Papers | |||||||||||
Net Sales | |||||||||||
Net sales | $ 530.9 | $ 545.6 | $ 573.4 | ||||||||
Percentage of Net Sales | 49.40% | 53.30% | 55.10% | ||||||||
Operating Profit | |||||||||||
Operating profit | $ 116.8 | $ 119.2 | $ 121.8 | ||||||||
Percentage of Operating Profit | 90.70% | 89.00% | 90.20% | ||||||||
Capital Spending | $ 15.5 | $ 12 | $ 11.7 | ||||||||
Depreciation | 27.5 | 22.8 | 23.9 | ||||||||
Unallocated | |||||||||||
Operating Profit | |||||||||||
Operating profit | $ (52.8) | $ (49.5) | $ (36.3) | ||||||||
Percentage of Operating Profit | (41.00%) | (37.00%) | (26.90%) | ||||||||
Capital Spending | $ 0.1 | $ 0.5 | $ 0.3 | ||||||||
Depreciation | $ 0.2 | $ 0.2 | $ 0.1 |
Major Customers (Details)
Major Customers (Details) - Customer Concentration Risk - Customer One | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% | |
Accounts receivable | Engineered Papers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% |
Supplemental Disclosures (Detai
Supplemental Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Doubtful Accounts | |||
Beginning balance | $ 1.5 | $ 1.7 | $ 1 |
Bad debt expense | 1 | 0.4 | 1.2 |
Recoveries | 0 | (0.3) | (0.2) |
Write-offs and discounts | (1.4) | (0.3) | (0.3) |
Ending balance | 1.1 | 1.5 | 1.7 |
Interest paid | 31.4 | 29.1 | 24 |
Income taxes paid | 14.8 | 20.8 | 23.2 |
Capital spending in accounts payable and accrued liabilities | $ 5.2 | $ 5.9 | $ 5 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 279.4 | $ 279.3 | $ 254.2 | $ 261.5 | $ 238.5 | $ 256.4 | $ 269.9 | $ 258 | $ 1,074.4 | $ 1,022.8 | $ 1,041.3 |
Gross profit | 79.5 | 80.2 | 74.3 | 74.3 | 70.9 | 72.2 | 79 | 67.9 | 308.3 | 290 | 278.5 |
Restructuring and impairment expense | 4.2 | 6 | 1.6 | 0.1 | 1.7 | 1.6 | 0.4 | 0 | 11.9 | 3.7 | 1.7 |
Operating profit | 23.3 | 37 | 34.4 | 34.1 | 24.8 | 34.6 | 44.2 | 30.4 | 128.8 | 134 | 135 |
Income from continuing operations | 15.3 | 24.5 | 21.5 | 22.5 | 20.2 | 27.7 | 20.5 | 17.4 | 83.8 | 85.8 | 94.8 |
Loss from discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | (0.3) | ||||
Net income | $ 15.3 | $ 24.5 | $ 21.5 | $ 22.5 | $ 20.2 | $ 27.7 | $ 20.5 | $ 17.4 | $ 83.8 | $ 85.8 | $ 94.5 |
Net income per share: | |||||||||||
Income per share from continuing operations -basic (in dollars per share) | $ 0.49 | $ 0.78 | $ 0.69 | $ 0.72 | $ 0.65 | $ 0.90 | $ 0.66 | $ 0.57 | $ 2.68 | $ 2.78 | $ 3.08 |
Loss per share from discontinued operations - basic (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | ||||
Net income per share - basic (in dollars per share) | 0.49 | 0.78 | 0.69 | 0.72 | 0.65 | 0.90 | 0.66 | 0.57 | 2.68 | 2.78 | 3.07 |
Income per share from continuing operations - diluted (in dollars per share) | 0.48 | 0.78 | 0.68 | 0.72 | 0.64 | 0.90 | 0.66 | 0.56 | 2.66 | 2.76 | 3.07 |
Loss per share from discontinued operations - diluted (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | ||||
Net income per share - diluted (in dollars per share) | $ 0.48 | $ 0.78 | $ 0.68 | $ 0.72 | $ 0.64 | $ 0.90 | $ 0.66 | $ 0.56 | $ 2.66 | $ 2.76 | $ 3.06 |
Subsequent Event (Details)
Subsequent Event (Details) £ / shares in Units, £ in Millions | Feb. 10, 2021USD ($) | Jun. 30, 2023 | Jan. 27, 2021USD ($) | Jan. 27, 2021GBP (£)£ / shares | Jan. 26, 2021GBP (£) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 11, 2019USD ($) |
Subsequent Event [Line Items] | ||||||||
Common stock issued | $ 3,100,000 | $ 3,100,000 | ||||||
Derivative, notional amount | $ 185,000,000 | |||||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Derivative, notional amount | £ | £ 439 | |||||||
Subsequent Event | Scapa | ||||||||
Subsequent Event [Line Items] | ||||||||
Share price (in GPB per share) | £ / shares | £ 2.10 | |||||||
Common stock issued | $ 551,900,000 | £ 402.9 | ||||||
Exchange rate | 1.37 | 1.37 | ||||||
Voted by shareholders (in percent) | 75.00% | 75.00% | ||||||
Subsequent Event | Term Loan B | ||||||||
Subsequent Event [Line Items] | ||||||||
Face amount | $ 350,000,000 | |||||||
EBITDA ratio | 5.5 | 4.50 | ||||||
EBITDA Ratio decrease over period | 24 months |