Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Entity Registrant Name | CIRCOR INTERNATIONAL INC | ||
Entity Central Index Key | 1,091,883 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 19,857,359 | ||
Entity Public Float | $ 712,250,764 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Assets Held-for-sale, Not Part of Disposal Group, Current | $ 87,940 | |
CURRENT ASSETS: | ||
Cash and cash equivalents | 68,517 | $ 110,356 |
Trade accounts receivable, less allowance for doubtful accounts of $6,735 and $4,791, respectively | 183,552 | |
Inventories | 217,378 | 244,896 |
Prepaid expenses and other current assets | 90,659 | 59,219 |
Total Current Assets | 648,046 | 638,393 |
PROPERTY, PLANT AND EQUIPMENT, NET | 201,799 | 217,539 |
OTHER ASSETS: | ||
Goodwill | 459,205 | 505,762 |
Intangibles, net | 441,302 | 513,364 |
Deferred income tax asset | 28,462 | 22,334 |
Other assets | 12,798 | 9,407 |
TOTAL ASSETS | 1,791,612 | 1,906,799 |
CURRENT LIABILITIES: | ||
Accounts payable | 123,881 | 117,329 |
Accrued expenses and other current liabilities | 107,312 | 162,589 |
Accrued compensation and benefits | 33,878 | 34,734 |
Total Current Liabilities | 284,062 | 322,517 |
LONG-TERM DEBT, NET OF CURRENT PORTION | 778,187 | 787,343 |
DEFERRED INCOME TAXES | 33,932 | 26,122 |
Non-current liability | 150,623 | 150,719 |
OTHER NON-CURRENT LIABILITIES | 15,815 | 18,124 |
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 29,000,000 shares authorized; 19,845,205 and 19,785,298 shares issued and outstanding at December 31, 2018 and 2017, respectively | 212 | 212 |
Additional paid-in capital | 440,890 | 438,721 |
Retained earnings | 232,102 | 274,243 |
Treasury Stock, Value | (74,472) | (74,472) |
Accumulated other comprehensive loss, net of taxes | (69,739) | (36,730) |
Total Shareholders' Equity | 528,993 | 601,974 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,791,612 | 1,906,799 |
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | |
Asbestos Liability Current | 11,141 | 0 |
Income tax payable | 3,359 | 1,785 |
Long-term Debt, Current Maturities | $ 7,850 | $ 7,865 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance for doubtful accounts | $ 0 | $ 4,791 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 29,000,000 | 29,000,000 |
Common Stock, Shares, Issued | 19,845,205 | 19,785,298 |
Common Stock, Shares, Outstanding | 19,845,205 | 19,785,298 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net revenues | $ 1,175,825 | $ 661,710 | $ 590,259 |
Cost of revenues | 834,175 | 460,890 | 407,144 |
GROSS PROFIT | 341,650 | 200,820 | 183,115 |
Selling, general and administrative expenses | 308,427 | 166,201 | 154,818 |
Impairment charges | 0 | 0 | 208 |
Restructuring and Related Cost, Incurred Cost | 23,839 | 14,051 | 17,171 |
OPERATING INCOME | 9,384 | 20,568 | 10,918 |
Other (income) expense: | |||
Interest Income (Expense), Net | 52,913 | 10,777 | 3,310 |
Other (income) expense, net | (7,435) | 3,678 | (2,072) |
TOTAL OTHER EXPENSE | 45,478 | 14,455 | 1,238 |
INCOME BEFORE INCOME TAXES | (36,094) | 6,113 | 9,680 |
Provision for income taxes | 3,290 | (5,676) | (421) |
NET INCOME | $ (39,384) | $ 11,789 | $ 10,101 |
Earnings per common share: | |||
Basic | $ (1.99) | $ 0.71 | $ 0.62 |
Diluted | $ (1.99) | $ 0.70 | $ 0.61 |
Weighted average number of common shares outstanding: | |||
Basic | 19,834 | 16,674 | 16,418 |
Diluted | 19,834 | 16,849 | 16,536 |
Statements Of Consolidated Comp
Statements Of Consolidated Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Net income | $ (39,384) | $ 11,789 | $ 10,101 | |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments | (20,523) | 34,119 | (14,866) | |
Interest rate swap adjustments (1) | (1,516) | 0 | 0 | |
Other changes in plan assets - amortization of actuarial gains (losses) | [1] | (11,087) | 4,877 | 1,441 |
Net periodic pension costs amortization (loss) gain | [2] | 117 | 535 | 3,152 |
Other comprehensive income (loss) | (33,009) | 39,531 | (10,273) | |
COMPREHENSIVE INCOME | (72,393) | 51,320 | (172) | |
Pension Liability [Member] | ||||
Other comprehensive (loss) income, net of tax: | ||||
Net of Income tax effect | 3,300 | 1,800 | 800 | |
Pension Liability Adjustment [Member] | ||||
Other comprehensive (loss) income, net of tax: | ||||
Net of Income tax effect | $ 0 | $ 500 | $ 200 | |
[1] | Net of an income tax effect of ($3.3 million), $1.8 million, and $0.8 million for the years ended December 31, 2018, 2017 and 2016, respectively. | |||
[2] | Net of an income tax effect of $0.0 million, $0.5 million, and $0.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 69,525 | $ 112,293 | $ 58,279 |
OPERATING ACTIVITIES | |||
Net income | (39,384) | 11,789 | 10,101 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 28,754 | 15,290 | 13,304 |
Amortization | 49,255 | 14,747 | 12,316 |
Bad debt expense | 1,107 | 810 | 2,330 |
Provision Bankruptcy Settlement | 11,499 | 7,337 | 9,297 |
Intangible impairment charges | 0 | 0 | 208 |
Compensation expense of share-based plans | 4,971 | 3,807 | 5,545 |
Debt extinguishment | 0 | (1,810) | 0 |
Change in fair value of contingent consideration | 0 | 12,200 | 0 |
Interest Expense, Debt, Excluding Amortization | 3,937 | 759 | 0 |
Tax effect of share-based compensation | 0 | 0 | 145 |
Pension Settlement charge | 0 | 4,457 | |
Deferred income taxes | (4,498) | (8,434) | (10,737) |
Loss (gain) on property, plant and equipment | 1,316 | 360 | 3,708 |
Loss (Gain) on sale of businesses | 1,882 | 5,300 | 0 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Trade accounts receivable | 11,602 | (5,734) | 18,536 |
Inventories | 8,272 | (19,494) | 36,092 |
Prepaid expenses and other assets | (45,041) | (8,578) | 2,454 |
Accounts payable, accrued expenses and other liabilities | 20,322 | 2,068 | (48,357) |
Net cash provided by (used in) operating activities | 53,994 | 9,637 | 59,399 |
INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | (23,588) | (14,541) | (14,692) |
Proceeds from the sale of property, plant and equipment | 231 | 934 | 1,700 |
Proceeds from divestitures | 2,753 | 0 | 0 |
Payments to acquire businesses, net of cash acquired | 3,727 | (488,517) | (197,489) |
Net cash used in investing activities | (16,877) | (502,124) | (210,481) |
FINANCING ACTIVITIES | |||
Proceeds from long-term debt | 248,300 | 1,090,883 | 323,200 |
Payments of long-term debt | (260,146) | (523,183) | (162,540) |
Debt issuance costs | 0 | (30,366) | 0 |
Dividends paid | 0 | (2,506) | (2,497) |
Proceeds from the exercise of stock options | 690 | 740 | 246 |
Tax effect of share-based compensation | 0 | 0 | (145) |
Payments for Repurchase of Common Stock | 0 | 0 | 500 |
Net cash (used in) provided by financing activities | (74,073) | 535,568 | 158,764 |
Effect of exchange rate changes on cash and cash equivalents | (5,812) | 8,996 | (3,944) |
INCREASE IN CASH AND CASH EQUIVALENTS | (42,768) | 52,077 | 3,738 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 68,517 | 110,356 | |
Supplemental Cash Flow Information: | |||
Income taxes | 633 | 9,984 | 10,650 |
Interest | 50,326 | 6,778 | 2,908 |
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed) [Abstract] | |||
Share issuance for business acquisition | 0 | 143,767 | 0 |
Accrued purchase price | 0 | 4,824 | $ 0 |
Accrued Cash Payment For Business Acquired | 0 | 64,561 | |
Colfax, Inc. Fluid Handing Business [Member] | |||
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed) [Abstract] | |||
Cash payable to seller (a) | $ (65,314) | $ 65,314 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
BALANCE, Shares at Dec. 31, 2015 | 16,364,000 | |||||
BALANCE at Dec. 31, 2015 | $ 400,777 | $ 177 | $ 283,621 | $ 257,939 | $ (65,988) | $ (74,972) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 10,101 | 10,101 | ||||
Other comprehensive loss, net of tax | (10,273) | (10,273) | ||||
Common stock dividends paid | (2,497) | (2,497) | ||||
Stock options exercised, Shares | 6,000 | |||||
Stock options exercised | 245 | $ 0 | 245 | |||
Excess tax benefit from share-based compensation | (145) | (145) | ||||
Conversion of restricted stock units, Shares | 66,000 | |||||
Conversion of restricted stock units | 157 | $ (1) | 156 | |||
Share-based compensation | 5,545 | 5,545 | ||||
Repurchase of common stock, Shares | (9,000) | |||||
Measurement period change in fair value of common stock to acquire a business | (500) | $ (500) | ||||
BALANCE, Shares at Dec. 31, 2016 | 16,445,000 | |||||
BALANCE at Dec. 31, 2016 | 404,410 | $ 178 | 289,422 | 265,543 | (76,261) | $ (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 11,789 | 11,789 | ||||
Other comprehensive loss, net of tax | 39,531 | 39,531 | ||||
Common stock dividends paid | (2,507) | (2,507) | ||||
Stock options exercised, Shares | 18,000 | |||||
Stock options exercised | 707 | 707 | ||||
Conversion of restricted stock units, Shares | 39,000 | |||||
Conversion of restricted stock units | 297 | $ (1) | 296 | |||
Share-based compensation | 3,807 | 3,807 | ||||
Repurchase of common stock, Shares | (3,283,000) | |||||
Measurement period change in fair value of common stock to acquire a business | $ (143,767) | $ 33 | (143,734) | |||
BALANCE, Shares at Dec. 31, 2017 | 19,785,298 | 19,785,000 | ||||
BALANCE at Dec. 31, 2017 | $ 601,974 | $ 212 | 438,721 | 274,243 | (36,730) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 173 | 755 | (582) | |||
Net income | (39,384) | (39,384) | ||||
Other comprehensive loss, net of tax | (33,009) | (33,009) | ||||
Stock options exercised, Shares | 18,000 | |||||
Stock options exercised | 690 | 690 | ||||
Conversion of restricted stock units, Shares | 42,000 | |||||
Conversion of restricted stock units | (291) | $ 0 | 291 | |||
Share-based compensation | 4,971 | 4,971 | ||||
Repurchase of common stock, Shares | ||||||
Measurement period change in fair value of common stock to acquire a business | $ (3,783) | (3,783) | 0 | |||
BALANCE, Shares at Dec. 31, 2018 | 19,845,205 | 19,845,000 | ||||
BALANCE at Dec. 31, 2018 | $ 528,993 | $ 212 | $ 440,890 | 232,102 | $ (69,739) | $ (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (2,757) | $ (2,757) |
Description Of Business
Description Of Business | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business | Description of Business CIRCOR International, Inc. (“CIRCOR” or the “Company” or “we”) designs, manufactures and distributes a broad array of flow and motion control products and certain services to a variety of end-markets for use in a wide range of applications to optimize the efficiency and/or ensure the safety of flow control systems. We have a global presence and operate major manufacturing facilities in North America, Western Europe, Morocco, and India. As of December 31, 2018, we organized our business segment reporting structure into three segments: CIRCOR Energy ("Energy"), CIRCOR Aerospace and Defense ("Aerospace and Defense") and CIRCOR Industrial ("Industrial"). Refer to Note 18, Business Segment and Geographical Information, for further information about our segments. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of CIRCOR and its subsidiaries. The results of companies acquired are included in the consolidated financial statements from the date of acquisition. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. These reclassifications have no effect on the previously reported net income. Use of Estimates The preparation of these financial statements in conformity with generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Some of the more significant estimates relate to acquisition accounting, estimated total costs for ongoing long-term contracts accounted for under the percentage of completion method, inventory valuation, share-based compensation, amortization and impairment of long-lived assets, pension benefits obligations, income taxes, penalty accruals for late shipments, asset valuations, and product warranties. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ materially from those estimates. Revenue Recognition Revenues disclosed for 2017 and 2016 were accounted for in accordance with ASC 605. Under this standard, revenue was primarily recognized when title and risk of loss have passed to the customer, persuasive evidence of an arrangement exists, no significant post delivery obligations remain, the price to the buyers is fixed or determinable and collection of the resulting receivable is reasonably assured. Revenues and costs on certain long-term capital contracts are recognized on the percentage-of-completion method measured on the basis of costs incurred to estimated total costs for each contract. This method is used because management considers it to be the best available measure of progress towards completion on these contracts. Revenues and costs on contracts are subject to change in estimate throughout the duration of the contracts, and any required adjustments are made in the period in which a change in estimate becomes known. Estimated losses on contracts in progress are recognized in the period in which a loss becomes known. Unbilled receivables for net revenues recognized in excess of the amounts billed for active projects are recognized within other current assets on the balance sheet. The Company provides for the estimated costs to fulfill customer warranty obligations upon the recognition of the related revenue. Shipping and handling costs invoiced to customers are recorded as components of revenues and the associated costs are recorded as cost of revenues. We recognize revenue net of sales returns, rebates, penalties, and discounts. Accounts receivable allowances include sales returns and bad debt allowances. The Company monitors and tracks the amount of product returns and reduces revenue at the time of shipment for the estimated amount of such future returns, based on historical experience. The Company makes estimates evaluating its allowance for doubtful accounts. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon its historical experience and any specific customer collection issues that it has identified. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. Refer to Note 3, Revenue Recognition for CIRCOR's revenue recognition policy for 2018 in accordance with ASC 606. Cost of Revenue Cost of revenue primarily reflects the costs of manufacturing and preparing products for sale and, to a much lesser extent, the costs of performing services. Cost of revenue is primarily comprised of the cost of materials, outside processing, inbound freight, production, direct labor and overhead including indirect labor, which are expenses that directly result from the level of production activity at the manufacturing plant. Additional expenses that directly result from the level of production activity at the manufacturing plant include: purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, utility expenses, property taxes, amortization of inventory step-up from revaluation at the date of acquisition, depreciation of production building and equipment assets, warranty costs, salaries and benefits paid to plant manufacturing management and maintenance supplies. Inventories Inventories are stated at net realizable value. Cost is generally determined on the first-in, first-out (“FIFO”) basis. Where appropriate, standard cost systems are utilized for purposes of determining cost; the standards are adjusted as necessary to ensure they approximate actual cost. We typically analyze our inventory aging and projected future usage on a quarterly basis to assess the adequacy of our inventory allowance, which primarily consist of obsolescence and net realizable value estimates. These estimates are measured either on an item-by-item basis or higher-level inventory grouping and determined based on the difference between the cost of the inventory and estimated market value. The provision for inventory allowance is a component of our cost of revenues. Assumptions about future demand are among the primary factors utilized to estimate market value. At the point of the loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Only subsequent inventory transaction via sale or disposal would then release the established inventory reserve. If there were to be a sudden and significant decrease in demand for our products, significant price reductions, or if there were a higher incidence of inventory obsolescence for any reason, including a change in technology or customer requirements, we could be required to increase our inventory allowances and our gross profit could be adversely affected. Business Acquisitions The definition of a business introduces a “screen test” that is a quantitative threshold for defining asset acquisitions. If substantially all of the acquisition is made up of one asset or several similar assets, then the acquisition is an asset acquisition. “Substantially all” is commonly considered to be approximately 90%. While it is not a bright line, if it meets or exceeds the threshold it’s an asset acquisition. Otherwise, the analysis must continue through the “full model.” This means that the structure of the transaction will be important in determining the accounting result. We account for business combinations under the acquisition method, and accordingly, the assets and liabilities of the acquired businesses are recorded at their estimated fair value on the acquisition date with the excess of the purchase price over their estimated fair value recorded as goodwill. We determine acquisition related asset and liability fair values through established valuation techniques for industrial manufacturing companies and utilize third party valuation firms to assist in the valuation of certain tangible and intangible assets. The consideration for our acquisitions may include future payments that are contingent upon the occurrence of a particular event. For acquisitions that qualify as business combinations, we record an obligation for such contingent payments at fair value on the acquisition date. We estimate the fair value of contingent consideration obligations through valuation models that incorporate probability adjusted assumptions related to the achievement of the milestones and thus likelihood of making related payments or by using a Monte Carlo simulation model. We revalue these contingent consideration obligations each reporting period. Changes in the fair value of our contingent consideration obligations are recognized within general and administrative expense in our consolidated statements of income. Accounting Standards Codification ("ASC") Topic 805, Business Combinations, provides guidance regarding business combinations and requires acquisition-date fair value measurement of identifiable assets acquired, liabilities assumed, and non-controlling interests in the acquiree. For additional information, refer to Note 4, Business Acquisitions. Legal Contingencies We are currently involved in various legal claims and legal proceedings, some of which may involve substantial dollar amounts. Periodically, we review the status of each significant matter and assess our potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be estimated, we accrue a liability for the estimated loss. The determination of probability and the determination as to whether an exposure can be reasonably estimated requires management estimates. Because of uncertainties related to these matters, accruals are based on the best information available at the time. As additional information becomes available, we reassess the potential liability related to our pending claims and litigation and may revise our estimates. Such revisions in the estimates of the potential liabilities could have a material adverse effect on our business, results of operations and financial position. For more information related to our outstanding legal proceedings, see Note 15, Contingencies, Commitments and Guarantees. Goodwill Goodwill is measured as the excess of the cost of acquisition over the sum of the amounts assigned to identifiable tangible and intangible assets acquired less liabilities assumed. For goodwill, we perform an impairment assessment at the reporting unit level on an annual basis as of the end of our October month end or more frequently if circumstances warrant. Our annual impairment assessment requires a comparison of the fair value of each of our reporting units to the respective carrying value. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying value of a reporting unit is greater than its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Additionally, we will consider the income tax effect from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. Determining the fair value of a reporting unit is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, we estimate the fair value of our reporting units using an income approach based on the present value of future cash flows. We believe this approach yields the most appropriate evidence of fair value. We also utilize the comparable company multiples method and market transaction fair value method to validate the fair value amount we obtain using the income approach. The key assumptions utilized in our discounted cash flow model include our estimates of future cash flows from operating activities, including those used in the estimated terminal value as well as the discount rate based on a weighted average cost of capital. Any unfavorable material changes to these key assumptions could potentially impact our fair value determinations. As such, we may experience fluctuations in revenues and operating results resulting in the non-achievement of our estimated growth rates, operating performance and working capital estimates utilized in our discounted cash flow models. For more information related to our Goodwill, see Note 8, Goodwill and Other Intangible Assets. Indefinite-Lived Intangible Assets For intangible assets with indefinite lives, we perform an impairment assessment at the asset level on an annual basis as of the October month end or more frequently if circumstances warrant. Indefinite-lived intangible assets, such as trade names, are generally recorded and valued in connection with a business acquisition. These assets are reviewed at least annually for impairment, or more frequently if facts and circumstances warrant. We also utilized a fair value calculation to evaluate these intangibles. Determining the fair value is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, we estimate the fair value using an income approach based on the present value of future cash flows. We note the fair value of each individual indefinite-lived asset exceeded the respective carrying amount, and no intangible impairments were recorded. For more information related to our Intangible Assets, see Note 8, Goodwill and Other Intangible Assets. Other Long-Lived Assets In accordance with ASC 360, Plant, Property, and Equipment, we perform impairment analyses of our long-lived assets group whenever events and circumstances indicate that they may be impaired. When the undiscounted future cash flows are expected to be less than the carrying value of identified asset groups being reviewed for impairment, the asset groups are written down to fair value. See Note 7, Property, Plant and Equipment, for further information on impairment of other long-lived assets. Post Retirement Benefits Pensions and other post-retirement benefits obligations and net periodic benefit costs are actuarially determined and are affected by several assumptions including the discount rate, mortality, and the expected long-term return on plan assets. Changes in the assumptions and differences from actual results will affect the amounts of net periodic benefit cost recognized in future periods. These assumptions may also have an effect on the amount and timing of future cash contributions. As required in the recognition and disclosure provisions of ASC Topic 715, Compensation - Retirement Benefits, the Company recognizes the over-funded or under-funded status of defined benefit post-retirement plans in its balance sheet, measured as the difference between the fair value of plan assets and the benefit obligations (the projected benefit obligation for pension plans and the accumulated post-retirement benefit obligation for other post-retirement plans). The change in the funded status is the net of the recognized net periodic benefit cost, cash contributions to the trust/benefits paid directly by CIRCOR and recognized changes in other comprehensive income. Other comprehensive income changes are due to new actuarial gains and losses and new plan amendments and the amortizations of amounts in the net periodic benefit cost. Unrecognized actuarial gains and losses in excess of the 10% corridor (defined as the threshold above which gains or losses need to be amortized) are being recognized for all plans over the weighted average expected remaining service period of the employee group unless substantially all participants are inactive in which case the average remaining lifetime of covered participants is used. Unrecognized actuarial gains and losses arise from several factors including changes in the benefit obligations from actuarial experience and assumption changes and from the difference between expected returns and actual returns on plan assets. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if we anticipate that it is more likely than not that we may not realize some or all of a deferred tax asset. In accordance with the provisions of ASC Topic 740, Income Taxes, the Company initially recognizes the financial statement effect of a tax position when, based solely on its technical merits, it is more likely than not (a likelihood of greater than fifty percent) that the position will be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard, are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. If future results of operations exceed our current expectations, our existing tax valuation allowances may be adjusted, resulting in future tax benefits. Alternatively, if future results of operations are less than expected, future assessments may result in a determination that some or all of the deferred tax assets are not realizable. Consequently, we may need to establish additional tax valuation allowances for a portion or all of the gross deferred tax assets, which may have a material adverse effect on our results of operations. Under ASC Topic 740, only the portion of the liability that is expected to be paid within one year is classified as a current liability. As a result, liabilities expected to be resolved without the payment of cash (e.g., due to the expiration of the statute of limitations) or are not expected to be paid within one year are classified as non-current. It is the Company’s policy to record estimated interest and penalties as income tax expense and tax credits as a reduction in income tax expense. With respect to GILTI, the company has adopted a policy to account for this provision as a period cost. Also, the Company has adopted the impact of ASU 2018-05 in our financial statements. For more information related to our Income Taxes, see Note 9, Income Taxes. Share-Based Compensation Share-based compensation costs are based on the grant date fair value estimated in accordance with the provisions of ASC 718, Accounting for Share Based Payments, and these costs are recognized over the requisite vesting period. The Black-Scholes option pricing model is used to estimate the fair value of each stock option at the date of grant excluding the 2013 and 2014 CEO stock option awards which are valued using the Monte Carlo option pricing model as these are market condition awards. Black-Scholes utilizes assumptions related to volatility, the risk-free interest rate, the dividend yield and employee exercise behavior. Expected volatilities utilized in the model are based on the historic volatility of the Company’s stock price. The risk-free interest rate is derived from the U.S. Treasury Yield curve in effect at the time of the grant. The model incorporates exercise and post-vesting forfeiture assumptions based on an analysis of historical data. Market condition stock option awards include both a service period and a market performance vesting condition. The stock options vest if certain stock price targets are met based on the stock price closing at or above the target for 60 consecutive trading days. Vested options may be exercised 25% at the time of vesting, 50% one year from the date of vesting and 100% two years from the date of vesting. These market condition stock option awards are being expensed utilizing a graded method and are subject to forfeiture in the event of employment termination (whether voluntary or involuntary) prior to vesting. To the extent that the market conditions above (stock price targets) are not met, those options will not vest and will forfeit 5 years from grant date. The Company used a Monte Carlo simulation option pricing model to value these option awards. See Note 12, Share-Based Compensation, for further information on share-based compensation. Environmental Compliance and Remediation Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to existing conditions caused by past operations, which do not contribute to current or future revenue generation, are expensed. Expenditures that meet the criteria of "Regulated Operations" are capitalized. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. In accordance with ASC 450, Contingencies, estimated costs are based upon current laws and regulations, existing technology and the most probable method of remediation. Foreign Currency Our international subsidiaries operate and report their financial results using local functional currencies. Accordingly, all assets, liabilities, revenues and costs of these subsidiaries are translated into United States dollars using exchange rates in effect at the end of the relevant periods. The resulting translation adjustments are presented as a separate component of other comprehensive income. We do not provide for U.S. income taxes on foreign currency translation adjustments since we do not provide for such taxes on undistributed earnings of foreign subsidiaries. Our net foreign exchange losses / (gains) recorded for the years ended December 31, 2018 , 2017 and 2016 were ($1.8) million , $2.1 million , and $2.1 million , respectively and are included in other (income) expense in the consolidated statements of income. See Note 17, Fair Value, for additional information on foreign currency exchange risk. Earnings Per Common Share Basic earnings per common share are calculated by dividing net income by the number of weighted average common shares outstanding. Diluted earnings per common share is calculated by dividing net income by the weighted average common shares outstanding and assumes the conversion of all dilutive securities when the effects of such conversion would not be anti-dilutive. Earnings per common share and the weighted average number of shares used to compute net earnings per common share, basic and assuming full dilution, are reconciled below (in thousands, except per share data): Year Ended December 31, 2018 2017 2016 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ (39,384 ) 19,834 $ (1.99 ) $ 11,789 16,674 $ 0.71 $ 10,101 16,418 $ 0.62 Dilutive securities, principally common stock options — 0.00 175 (0.01 ) 118 (0.01 ) Diluted EPS $ (39,384 ) 19,834 $ (1.99 ) $ 11,789 16,849 $ 0.70 $ 10,101 16,536 $ 0.61 Certain stock options to purchase common shares and restricted stock units ("RSUs") were anti-dilutive. There were 1,041,454 anti-dilutive stock options, RSUs, and RSU MSPs for the year ended December 31, 2018 with exercise prices ranging from $26.06 to $71.56 . There were 252,001 anti-dilutive stock options and RSUs for the year ended December 31, 2017 with exercise prices ranging from $51.84 to $71.56 . There were 36,281 anti-dilutive stock options and RSUs for the year ended December 31, 2016 with exercise prices ranging from $70.42 to $79.33 . As of December 31, 2018 , there were 13,029 outstanding RSUs that contain rights to nonforfeitable dividend equivalents and are considered participating securities that are included in our computation of basic and fully diluted earnings per share. Cash and Cash Equivalents Our cash equivalents are invested in time deposits of financial institutions. We have established guidelines relative to credit ratings, diversification and maturities that are intended to maintain safety and liquidity. Cash equivalents include highly liquid investments with maturity periods of three months or less when purchased. Other Assets Other assets in the accompanying consolidated balance sheets include deferred debt issuance costs associated with our revolving credit facility, tax receivable and other certain assets. Fair Value ASC Topic 820, Fair Value Measurement, defines fair value and includes a framework for measuring fair value and disclosing fair value measurements in financial statements. Fair value is a market-based measurement rather than an entity-specific measurement. The fair value hierarchy makes a distinction between assumptions developed based on market data obtained from independent sources (observable inputs) and the reporting entity’s own assumptions (unobservable inputs). This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). We utilize fair value measurements for forward currency contracts, guarantee and indemnification obligations, certain pension plan assets, and certain intangible assets. Certain pension plan asset investments are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”). See Note 17, Fair Value, for additional information on fair value. Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations including foreign currency exchange rate risk and interest rate risk. The Company currently uses derivative instruments to manage foreign currency risk on certain business transactions denominated in foreign currencies. To the extent the underlying transactions hedged are completed, these forward contracts do not subject us to significant risk from exchange rate movements because they offset gains and losses on the related foreign currency denominated transactions. These forward contracts do not qualify as hedging instruments and, therefore, do not qualify for fair value or cash flow hedge treatment. GAAP requires all derivatives, whether designated in a hedging relationship or not, to be recorded on the balance sheet at fair value. Any unrealized gains and losses on our contracts are recognized as a component of other expense in our consolidated statements of income. See Note 17, Fair Value, for additional information on derivative financial instruments. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets, which typically range from 3 to 40 years for buildings and improvements, 3 to 10 years for manufacturing machinery and equipment, computer equipment and software, and furniture and fixtures. Motor vehicles are depreciated over a range of 2 to 6 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Repairs and maintenance costs are expensed as incurred. The Company reports depreciation of property, plant and equipment in cost of revenue and selling, general and administrative expenses based on the nature of the underlying assets. Depreciation primarily related to equipment used in the production of inventory is recorded in cost of revenue. Depreciation related to selling and administrative functions is reported in selling, general and administrative expenses. See Note 7, Property, Plant and Equipment for additional information. Research and Development Research and development expenditures, including certain engineering costs, are expensed when incurred and are included in selling, general and administrative expenses. Our research and development expenditures for the years ended December 31, 2018 , 2017 and 2016 were $8.8 million , $5.5 million and $5.9 million , respectively. New Accounting Standards Adopted On January 1, 2018, we adopted the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 provides further clarification of the definition of a business with the objective to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets versus businesses. The amendments in ASU 2017-01 provide criteria to determine when a set of assets and activities is not a business. ASU 2017-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The adoption of ASU 2017-01 has not had a material impact on our condensed consolidated financial statements. On January 1, 2018, we adopted the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under this guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. The amendments in this ASU also clarify that no new measurement date will be required if an award is not probable of vesting at the time a change is made and there is no change to the fair value, vesting conditions, and classification. The amendments in this ASU are effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The adoption of ASU 2017-09 has not had a material impact on our condensed consolidated financial statements. On January 1, 2018, we adopted the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), which requires that statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU 2016-18 has not had a material impact on our condensed consolidated financial statements. On January 1, 2018, we adopted the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715), which improves the consistency, transparency, and usefulness of the service cost and net benefit cost financial information components. The amendments in this ASU amend presentation requirements of service cost and other components of net benefit cost in the income statement. In addition, the ASU allows only the service cost component of net benefit cost to be eligible for capitalization. The amendments in this ASU are effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The amendments in this ASU are applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic post-retirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic post-retirement benefit in assets. We have elected to use the practical expedient that permits us to use the amounts disclosed in our pension and other post-retirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. For prospective and retroactive reclassification, service costs are recorded within the selling, general, and administrative caption of our consolidated income statement, while the other components of net benefit cost are recorded in the other expense (income), net caption of our consolidated income statement. The adoption of ASU 2017-17 did not have a material imp |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | (3) Revenue Recognition Our revenue is derived from a variety of contracts. A significant portion of our revenues are from contracts associated with the design, development, manufacture or modification of highly engineered, complex and severe environment products with customers who are either in or service the energy, aerospace, defense and industrial markets. Our contracts within the defense markets are primarily with U.S. military customers. Our contracts with the U.S. military customers typically are subject to the Federal Acquisition Regulations (FAR). We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Contracts may be modified to account for changes in contract specifications and requirements. Contract modifications exist when the modification either creates new, or changes the existing, enforceable rights and obligations. Contract modifications for goods or services that are not distinct from the existing contract are accounted for as if they were part of that existing contract. In these cases, the effect of the contract modification on the transaction price and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis, except when such modifications relate to a performance obligation which is a series of substantially the same distinct goods or services. If the modification relates to a performance obligation for a series of substantially the same distinct goods or services, the modifications are treated prospectively. Contract modifications for goods or services that are considered distinct from the existing contract are accounted for as separate contracts. Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, control is transferred to the customer. Consistent with historical practice, we exclude from the transaction price amounts collected on behalf of third parties (e.g. taxes). Our performance obligations are typically satisfied at a point in time upon delivery and shipping and handling costs are treated as fulfillment costs. To determine the proper revenue recognition method for contracts for highly engineered, complex and severe environment products with right of payment, which meet over-time revenue recognition criteria, we evaluate whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. In certain instances, we accounted for contracts using the portfolio approach when the effect of accounting for a group of contracts or group of performance obligations would not differ materially from considering each contract or performance obligation separately. This determination requires the use of estimates and assumptions that reflect the size and composition of the portfolio. For most of our over-time revenue recognition contracts, the customer contracts with us to provide custom products which serve a single project or capability (even if that single project results in the delivery of multiple products) with right of payment. In circumstances where each distinct product in the contract transfers to the customer over time and the same method would be used to measure the entity’s progress toward complete satisfaction of the performance obligation to transfer each unit to the customer, we would then apply the series guidance to account for the multiple products as a single performance obligation. Hence, the entire contract is accounted for as one performance obligation. An example of these performance obligations include refinery valves or actuation components and sub-systems. Less commonly, however, we may promise to provide distinct goods or services within the over-time revenue recognition contract, in which case we separate the contract into more than one performance obligation. For all contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. Generally, the contractually stated price is the primary method used to estimate standalone selling price as the good or service is sold separately in similar circumstances and to similar customers for a similar price and discounts are allocated proportionally to each performance obligation. The Company will not adjust the promised amount of consideration for the effects of a significant financing component as we expect, at contract inception, that the period between when the transfer of control to our customers and when the customer fully pays for the related performance obligations will be less than a year. The majority of our revenue recognized over-time is related to our Refinery Valves business within our Energy segment and certain other businesses that sell customized products to customers that serve the U.S. Department of Defense within our Aerospace & Defense segment and have contract provisions guaranteeing us costs and profit upon customer cancellation. Revenue is recognized over-time using an input measure (e.g., costs incurred to date relative to total estimated costs at completion, known as the “cost-to-cost” method) to measure progress. We generally use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, revenues are recorded proportionally as costs are incurred. Contract costs include labor, materials and subcontractors’ costs, other direct costs and an allocation of overhead, as appropriate. On December 31, 2018 , we had $ 526.9 million of revenue related to remaining performance obligations. We expect to recognize approximately 85 percent of our remaining performance obligations as revenue during 2019 and 15 percent in 2020 and thereafter. Contract Balances. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the consolidated balance sheet. Contract assets include unbilled amounts typically resulting from over-time contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are generally classified as current. Generally, payment terms are based on shipment and billing occurs subsequent to revenue recognition, resulting in contract assets for over-time revenue recognition products. However, we sometimes receive advances or deposits from our customers, before revenue is recognized, resulting in contract liabilities. Contract liabilities are generally classified as current. These assets and liabilities are reported net on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. Consistent with historical practice, we elected to expense the incremental costs of obtaining a contract when the amortization period for such contracts would have been one year or less. In order to determine revenue recognized in the period from contract liabilities, we first allocate revenue to the individual contract liabilities balances outstanding at the beginning of the period until the revenue exceeds that balance. If additional advances are received on those contracts in subsequent periods, we assume all revenue recognized in the reporting period first applies to the beginning contract liabilities as opposed to a portion applying to the new advances for the period. The opening and closing balances of the Company’s contract assets and contract liabilities balances as of January 1, 2018 and December 31, 2018 , respectively, are as follows (in thousands): December 31, 2018 January 1, 2018 Increase/(Decrease) Trade accounts receivables, net 183,552 223,922 (40,370 ) Contract assets (1) 61,618 12,024 49,594 Contract liabilities (2) 49,725 37,630 12,095 (1) Recorded within prepaid expenses and other current assets. (2) Recorded within accrued expenses and other current liabilities The difference in the opening and closing balances of the contract assets and contract liabilities primarily result from the timing difference between the Company’s performance and the customer’s payment. Trade account receivables, net decreased $40.4 million , or 18%, to $183.6 million as of December 31, 2018, primarily driven by cash collections during the twelve months ended December 31, 2018. Contract assets increased $49.6 million , or 412%, to 61.6 million as of December 31, 2018, primarily related to unbilled revenue recognized during the twelve months ended December 31, 2018 within our Engineered Valves business (+122%), Refinery Valves business (+96%), Fluid Control business (+29%), North American Valves business (+26%), and U.S. Defense business (+19%). Contract liabilities increased $12.1 million , or 32%, to $49.7 million as of December 31, 2018, primarily driven by revenue recognized over time during the twelve months ended December 31, 2018 within our U.S. Defense Business (+19%), Fluid Control business (+9%), and Refinery Valves business (+8%). Contract Estimates. Accounting for over-time contracts requires reliable estimates in order to estimate total contract revenue and costs. For these contracts, we have a Company-wide standard and disciplined quarterly Estimate at Completion ("EAC") process in which management reviews the progress and execution of our performance obligations. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenues and costs. The risks and opportunities include management's judgment about the ability and cost to achieve the delivery schedule (e.g., the timing of shipments), technical requirements (e.g., a highly engineered product requiring sub-contractors) and other contract requirements. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g. to estimate increases in wages and prices for materials and related support cost allocations), execution by our subcontractors, the availability and timing of funding from our customer and overhead cost rates, among other variables. Based on all of these factors, we estimate the profit on a contract as the difference between the total estimated revenue and EAC costs and recognize the resultant profit over the life of the contract, using the cost-to-cost EAC input method to measure progress. The nature of our contracts gives rise to several types of variable consideration, including penalties. We include in our contract estimates a reduction to revenue for customer agreements, primarily in our large projects business, which contain late shipment penalty clauses whereby we are contractually obligated to pay consideration to our customers if we do not meet specified shipment dates. We generally estimate the variable consideration at the most likely amount to which the customer expects to be entitled. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The variable consideration for estimated penalties is based on several factors including historical customer settlement experience, contractual penalty percentages, and facts surrounding the late shipment. Accruals related to these potential late shipment penalties as of December 31, 2018 and 2017 were $3.5 million and $2.4 million , respectively. A change in one or more of these estimates could affect the profitability of our contracts. We review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the quarter it is identified. The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating expenses or revenue. There were no significant changes in estimates in the three months ended December 31, 2018 . Disaggregation of Revenue. The following tables presents our revenue disaggregated by major product line and geographical market (in millions): December 31, 2018 Twelve Months Ended Energy Segment Oil & Gas - Upstream, Midstream & Other $ 230.1 Oil & Gas - Downstream 221.1 Total 451.2 Aerospace & Defense Segment Commercial Aerospace & Other 105.9 Defense 131.1 Total 237.0 Industrial Segment Valves 117.5 Pumps 370.1 Total 487.6 Net Revenue $ 1,175.8 December 31, 2018 Twelve Months Ended Energy Segment EMEA $ 115.0 North America 271.0 Other 65.3 Total 451.3 Aerospace & Defense Segment EMEA $ 65.6 North America 149.0 Other 22.4 Total 237.0 Industrial Segment EMEA $ 238.2 North America 151.0 Other 98.3 Total 487.5 Net Revenue $ 1,175.8 |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Business Acquisitions | Business Acquisitions Fluid Handling On September 24, 2017, CIRCOR entered into a Purchase Agreement (the “Purchase Agreement”) with Colfax Corporation (“Colfax”). Pursuant to the Purchase Agreement, on December 11, 2017, the Company acquired the fluid handling business of Colfax ("FH") for consideration consisting of $542.0 million in cash, 3,283,424 unregistered shares of the Company's common stock, with a fair value of approximately $140.0 million at closing, and the assumption of net pension and post-retirement liabilities of FH. The Company financed the cash consideration through a combination of committed debt financing and cash on hand. During the second quarter of 2018, the shares were registered and sold with all proceeds going to Colfax. FH is a leader in the engineering, development‚ manufacturing‚ distribution‚ service and support of fluid handling systems. With a history dating back to 1860‚ FH is a leading supplier of screw pumps for high demand, severe service applications across a range of markets including general industry, commercial marine, defense, and oil & gas. FH leverages differentiated technology, and provides critical aftermarket customer support, to maintain leading positions in high demand niche markets. Effective January 1, 2018, the operating results of FH have been split between each of our operating segments, Energy, Aerospace & Defense, and Industrial based upon the end markets of the sub-businesses within FH. The purchase price allocation is based upon a valuation of assets and liabilities that was prepared with assistance from a third party valuation specialist. The purchase accounting was finalized in the fourth quarter of 2018. During 2018, the Company paid Colfax approximately $2.6 million pursuant to a transition services agreement which facilitated the orderly separation of the Fluid Handling business from Colfax. Colfax was a significant shareholder of the Company during the first six months of 2018. The following table summarizes the preliminary fair value of the assets acquired and the liabilities assumed, as of December 31, 2017 and the final valuation as of December 31, 2018: (in thousands) December 31, 2017 December 31, 2018 Twelve Months Ended Measurement Period Adjustment Twelve Months Ended Cash and cash equivalents (a) $ 63,403 $ — $ 63,403 Restricted cash (a) 1,911 — 1,911 Accounts receivable 77,970 (2,128 ) 75,842 Inventory 79,329 (402 ) 78,927 Prepaid expenses and other current assets 16,937 (1,348 ) 15,589 Property, plant and equipment 115,891 5,033 120,924 Identifiable intangible assets 388,000 (3,000 ) 385,000 Other assets 338 586 924 Accounts payable (46,045 ) 20 (46,025 ) Cash payable to seller (a) (65,314 ) — (65,314 ) Accrued and other expenses (63,115 ) (9,273 ) (72,388 ) Long-term post-retirement liabilities (143,067 ) 2,600 (140,467 ) Other long-term liabilities (11,215 ) — (11,215 ) Deferred tax liabilities (4,479 ) (10,366 ) (14,845 ) Total identifiable net assets $ 410,544 $ (18,278 ) $ 392,266 Goodwill 293,344 8,195 301,539 Total purchase price $ 703,888 $ (10,083 ) $ 693,805 Consideration Base purchase price 542,000 — 542,000 Net working capital and other purchase accounting adjustments 18,121 (6,300 ) 11,821 Common Stock 143,767 (3,783 ) 139,984 Total $ 703,888 $ (10,083 ) $ 693,805 (a) Cash acquired and returned to seller by the second quarter of 2018, net of fx impact of $2.3 million and cash withheld to pay Colfax obligations to foreign taxing authorities of $1.8 million. As illustrated in the table above, during the measurement period we identified certain uncollectible account receivable balances, unsubstantiated prepaid and other assets, certain existence or valuation adjustments to inventory amounts, revised valuation of property, plant, and equipment from our third party specialists, revised valuation of intangibles from our third party specialists, and accrual adjustments primarily relating to a loss contract for which we needed to establish a liability in purchase accounting. Additionally, we settled customary working capital adjustments ( $11.8 million ) with Colfax. The excess of purchase price paid over the fair value of FH's net assets was recorded to goodwill, which is primarily attributable to projected future profitable growth, market penetration, as well as an expanded customer base for the acquired businesses. As of December 31, 2018, approximately 65.5% of goodwill is projected to be deductible for income tax purposes. The FH acquisition resulted in the preliminary identification of the following identifiable intangible assets (in thousands): Original Estimate Measurement Period Adjustment Fair Value Weighted average amortization period (in years) Customer relationships $ 215,000 $ — $ 215,000 19 Acquired technologies 107,000 6,000 113,000 20 Trade names 44,000 (3,000 ) 41,000 Indefinite-life Backlog 22,000 (6,000 ) 16,000 4 Total intangible assets $ 388,000 $ (3,000 ) $ 385,000 During the measurement period, with the help of third party specialists, we adjusted the fair value of the acquired FH intangibles based upon better information regarding discount rates, royalty rates, and more detailed business unit forecasts that was determinable at the time of acquisition. The revised fair value of acquired FH intangibles have been recorded against our FH opening balance sheet during 2018. The fair value of the intangible assets was based on variations of the income approach, which estimates fair value based on the present value of cash flows that the assets are expected to generate. These approaches included the relief-from-royalty method and multi-period excess earnings method, depending on the intangible asset being valued. Customer relationships, backlog, and existing technology are amortized on a cash flow basis which reflects the economic benefit consumed. The trade name was assigned an indefinite life based on the Company’s intention to keep the trade names for an indefinite period of time. Refer to Note 8, Goodwill and Intangibles, net for future expected amortization to be recorded. The results of operations of FH have been included in our consolidated financial statements beginning on the acquisition date and reported within the Fluid Handling segment, with the exception of the U.S. Defense business which is reported in the Aerospace & Defense segment and Reliability Services business which is reported in the Energy segment. The consolidated results for the year ended December 31, 2018 include $484.8 million of net revenue and $6.1 million operating loss. The results for the year ended December 31, 2017 include $36.5 million of net revenue and a $1.1 million operating loss. The following unaudited pro forma information presents the combined results of operations as if the acquisition had been completed on January 1, 2016, the beginning of the comparable prior annual reporting period. The unaudited pro forma results include: (i) amortization associated with preliminary estimates for the acquired intangible assets; (ii) interest expense on borrowings in connection with the acquisition; (iii) the associated tax impact on these unaudited pro forma adjustments; and the transaction costs presented in the earliest period (2016). The unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies or the effect of the incremental costs incurred in integrating the two companies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations (in thousands): (Unaudited) Year ended December 31, Year ended December 31, 2017 2016 Net Revenues $ 1,098,978 $ 1,052,277 Net Income $ (6,475 ) $ (51,288 ) CFS Acquisition On October 12, 2016, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Downstream Holding, LLC, a Delaware limited liability company which does business as Critical Flow Solutions (“Downstream” or “CFS”), Downstream Acquisition LLC, a Delaware limited liability company and subsidiary of the Company, and Sun Downstream, LP, a Delaware limited partnership, to acquire all of the outstanding units of Downstream. The consideration payable by the Company pursuant to the terms of the Merger Agreement was $195.0 million , subject to (i) up to an additional $15.0 million payable pursuant to an earn-out relating to achievement of a specified order bookings target by the acquired business in the twelve month period ending September 30, 2017, (ii) increase or decrease based on deviation, subject to certain limitations, from a working capital target, (iii) decrease for indebtedness and certain transaction expenses of CFS, (iv) increase for the amount of CFS cash as of the closing, and (v) a potential increase for certain transaction related tax benefits, net of certain adjustments, if and when realized by the Company. The total consideration paid at closing on October 13, 2016 was approximately $198.0 million in cash, net of cash acquired and including amounts paid at closing for estimated adjustments for CFS working capital, the repayment of CFS outstanding indebtedness and payment of certain transaction expenses. The Company funded the purchase price and payments at closing from borrowings under the Company’s existing credit agreement. The estimated fair value of the earn-out, using the Monte Carlo simulation model, was $12.2 million as of the acquisition date and December 31, 2016. The Monte Carlo model calculates the probability of satisfying the target conditions stipulated in the earn-out. Based on actual performance through the earn-out period ending September 30, 2017, the specified order bookings target in the specified timeframe was not achieved, as project bookings shifted out to the future. Accordingly, the actual achievement resulted in an earn-out of zero as of October 1, 2017. The fair value of the earn-out decreased $12.2 million during the year ended December 31, 2017 and was recorded within Special and restructuring charges (recoveries), net as a gain. The Company received $1.5 million as settlement for working capital adjustments during 2017. This reduction of purchase price was recorded as a reduction of goodwill. The operating results of CFS have been included in our consolidated financial statements from the date of acquisition and reported within the Energy segment. The purchase price allocation is based upon a valuation of assets and liabilities that was prepared with assistance from a third party valuation specialist. The assets and liabilities include the valuation of acquired intangible assets, certain operating liabilities, and the evaluation of deferred income taxes. The purchase accounting was finalized during the third quarter of 2017. The following table summarizes the fair value of the assets acquired and the liabilities assumed, at the date of acquisition: (in thousands) Cash and cash equivalents $ 6,603 Accounts receivable 28,128 Unbilled receivable 10,786 Inventory 18,701 Prepaid and other current assets 5,671 Property, plant and equipment 21,214 Identifiable intangible assets 101,600 Accounts payable (11,655 ) Accrued and other expenses (8,866 ) Deferred revenue (3,997 ) Deferred income taxes (40,645 ) Long term income tax payable (556 ) Total identifiable net assets $ 126,984 Goodwill 89,473 Total purchase price $ 216,457 The fair value of accounts receivable acquired approximates the contractual value of $28.1 million . The excess of purchase price paid over the fair value of CFS' net assets was recorded to goodwill, which is primarily attributable to projected future profitable growth, market penetration, as well as an expanded customer base for the Energy segment. Goodwill is not deductible for income tax purposes. The CFS acquisition resulted in the identification of the following identifiable intangible assets: Intangible assets acquired (in thousands) Weighted average amortization period (in years) Customer relationships $ 49,600 14 Existing technologies 25,800 10 Trade names 24,100 Indefinite Backlog 2,100 1 Total intangible assets $ 101,600 The fair value of the intangible assets was based on variations of the income approach, which estimates fair value based on the present value of cash flows that the assets are expected to generate. These approaches included the relief-from-royalty method, incremental cash flow method, multi-period excess earnings method and direct cash flow method, depending on the intangible asset being valued. Customer relationships, aftermarket backlog, and existing technology are amortized on a cash flow basis which reflects the economic benefit consumed. The trade name was assigned an indefinite life based on the Company’s intention to keep the DeltaValve and TapcoEnpro names for an indefinite period of time. Refer to Note 8, Goodwill and Other Intangible Assets, for future expected amortization to be recorded. |
Special Charges
Special Charges | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | ||
Special Charges, net | The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2018: Special Charges, net For the year ended December 31, 2018 Energy Aerospace & Defense Industrial Corporate Total Brazil closure $ 921 $ — $ — $ — $ 921 R.S. Divestiture related charges — — — 2,165 2,165 Rosscor Divestiture related charges — — 1,888 — 1,888 Acquisition related charges — — — 6,113 6,113 Total special charges, net $ 921 $ — $ 1,888 $ 8,278 $ 11,087 2018 Actions Restructuring Charges, net as of December 31, 2018 Energy Aerospace & Defense Industrial Total Facility related expenses - incurred to date $ 2,187 $ — $ — $ 2,187 Employee related expenses - incurred to date 7,631 382 1,536 9,549 Total restructuring related special charges - incurred to date $ 9,818 $ 382 $ 1,536 $ 11,736 $1.0 million of the 2018 actions has not yet been paid as of December 31, 2018. We expect to finalize the 2018 actions during the first quarter of 2019. 2017 Actions Restructuring Charges (Recoveries), net as of December 31, 2018 Energy Aerospace & Defense Total Facility related expenses - incurred to date $ — $ 366 $ 366 Employee related expenses - incurred to date 598 1,892 2,490 Total restructuring related special charges - incurred to date $ 598 $ 2,258 $ 2,856 The 2017 action was finalized during 2017. No remaining cash payments for these actions. 2016 Actions Restructuring Charges / (Recoveries), net as of December 31, 2018 Energy Aerospace & Defense Total Facility related expenses - incurred to date $ 708 $ 94 $ 802 Employee related expenses - incurred to date 2,476 1,181 3,657 Total restructuring related special charges - incurred to date $ 3,184 $ 1,275 $ 4,459 In July 2015, we announced the closure of one of the two Corona, California manufacturing facilities ("California Restructuring"). Under this restructuring, we are reducing certain general, manufacturing and facility related expenses. Charges with this action were finalized in the fourth quarter of 2016. No remaining cash payments for these actions. California Restructuring Charges, net as of December 31, 2017 Aerospace & Defense Facility related expenses - incurred to date $ 3,700 Employee related expenses - incurred to date 800 Total restructuring related special charges - incurred to date $ 4,500 The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2016: Special Charges, net For the year ended December 31, 2016 Energy Aerospace & Defense Corporate Total Acquisition related charges — (161 ) 978 817 Brazil closure 2,920 — 2 2,922 Pension settlement — — 4,457 4,457 Total special charges, net $ 2,920 $ (161 ) $ 5,437 $ 8,196 The table below (in thousands) summarizes the amounts recorded within the special and restructuring charges, net line item on the consolidated statements of income for the periods ending December 31, 2018, 2017, and 2016: Special & Restructuring Charges, net For the year ended December 31, 2018 2017 2016 Special charges, net $ 11,087 $ 7,989 $ 8,196 Restructuring charges, net 12,752 6,062 8,975 Total special and restructuring charges, net $ 23,839 $ 14,051 $ 17,171 The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2017: Special Charges, net For the year ended December 31, 2017 Energy Aerospace & Defense Corporate Total Acquisition related charges 54 12 12,995 13,061 Brazil closure 879 — — 879 Divestitures — 3,748 101 3,849 Contingent consideration revaluation (12,200 ) — — (12,200 ) California Legal Settlement — 2,400 — 2,400 Total special charges, net $ (11,267 ) $ 6,160 $ 13,096 $ 7,989 The tables below (in thousands) outline the charges (or any recoveries) associated with restructuring actions recorded for the year ending December 31, 2018, 2017, and 2016. A description of the restructuring actions is provided in the section titled "Restructuring Programs Summary" below. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2018 Energy Aerospace & Defense Industrial Total Facility related expenses $ 2,827 $ 190 $ — $ 3,017 Employee related expenses 7,738 436 1,561 9,735 Total restructuring charges, net $ 10,565 $ 626 $ 1,561 $ 12,752 Accrued restructuring charges as of December 31, 2017 $ 1,586 Total year to date charges, net (shown above) 12,752 Charges paid / settled, net (13,356 ) Accrued restructuring charges as of December 31, 2018 $ 982 We expect to make payment or settle the majority of the restructuring charges accrued as of December 31, 2018 during the first half of 2019. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2017 Energy Aerospace & Defense Total Facility related expenses $ 2,523 $ 443 $ 2,966 Employee related expenses 1,035 2,062 3,097 Total restructuring charges, net $ 3,558 $ 2,505 $ 6,063 Accrued restructuring charges as of December 31, 2016 $ 1,618 Total year to date charges, net (shown above) 6,063 Charges paid / settled, net (6,095 ) Accrued restructuring charges as of December 31, 2017 1,586 $ 1,586 Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2016 Energy Aerospace & Defense Corporate Total Facility related expenses $ 792 $ 3,701 $ — $ 4,493 Employee related expenses 2,393 2,089 — 4,482 Total restructuring charges, net $ 3,185 $ 5,790 $ — $ 8,975 Accrued restructuring charges as of December 31, 2015 $ 663 Total year to date charges, net (shown above) 8,975 Charges paid / settled, net (8,020 ) Accrued restructuring charges as of December 31, 2016 $ 1,618 | Special and Restructuring charges, net Special and Restructuring Charges, net Special and restructuring charges, net consist of restructuring costs (including costs to exit a product line or program) as well as certain special charges such as significant litigation settlements and other transactions (charges or recoveries) that are described below. All items described below are recorded in Special and restructuring charges, net on our consolidated statements of income. Certain other special and restructuring charges such as inventory related items may be recorded in cost of revenues given the nature of the item. The table below (in thousands) summarizes the amounts recorded within the special and restructuring charges, net line item on the consolidated statements of income for the periods ending December 31, 2018, 2017, and 2016: Special & Restructuring Charges, net For the year ended December 31, 2018 2017 2016 Special charges, net $ 11,087 $ 7,989 $ 8,196 Restructuring charges, net 12,752 6,062 8,975 Total special and restructuring charges, net $ 23,839 $ 14,051 $ 17,171 Special Charges, net The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2018: Special Charges, net For the year ended December 31, 2018 Energy Aerospace & Defense Industrial Corporate Total Brazil closure $ 921 $ — $ — $ — $ 921 R.S. Divestiture related charges — — — 2,165 2,165 Rosscor Divestiture related charges — — 1,888 — 1,888 Acquisition related charges — — — 6,113 6,113 Total special charges, net $ 921 $ — $ 1,888 $ 8,278 $ 11,087 Brazil Closure: On November 3, 2015, our Board of Directors approved the closure and exit of our Brazil manufacturing operations due to the economic realities in Brazil and the ongoing challenges with our only significant end customer, Petrobras. CIRCOR Brazil reported substantial operating losses every year since it was acquired in 2011 while the underlying market conditions and outlook deteriorated. In connection with the closure, we recorded $0.9 million of charges within the Energy segment during the twelve months ended December 31, 2018, respectively, which relates to losses incurred subsequent to our closure of manufacturing operations during the first quarter of 2016. Reliability Services Divestiture: In January 2019, the Company announced the sale of its Reliability Services ("RS") business. In connection with the divestiture, we incurred $2.2 million of transaction costs that were accrued during the fourth quarter of 2018. Refer to Note 19, "Subsequent Event" for additional disclosure. Rosscor Divestiture: On November 6, 2018, we announced the divestiture of our Rosscor B.V. and SES International B.V. subsidiaries (the “Delden Business”) for a nominal amount. The Delden Business was our Netherlands-based fluid handling skids and systems business, primarily for the Oil and Gas end market. We maintain a 19.9% interest in the Delden Business, which is not material to our financial statements, as well as the intellectual property rights to our two-screw pump product line. In addition, we entered into a supply agreement allowing us to continue to supply two-screw pumps on a contract-by-contract basis. The Delden Business was reported as part of the Industrial segment. During the fourth quarter of 2018 we recorded a $1.9 million loss on the Rosscor divestiture. Acquisition related charges: On December 11, 2017, we acquired FH. In connection with our acquisition, we recorded $6.1 million during the twelve months ended December 31, 2018, related to internal costs and external professional fees to separate the FH business from Colfax and integrate the FH business into our legacy structure. The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2017: Special Charges, net For the year ended December 31, 2017 Energy Aerospace & Defense Corporate Total Acquisition related charges 54 12 12,995 13,061 Brazil closure 879 — — 879 Divestitures — 3,748 101 3,849 Contingent consideration revaluation (12,200 ) — — (12,200 ) California Legal Settlement — 2,400 — 2,400 Total special charges, net $ (11,267 ) $ 6,160 $ 13,096 $ 7,989 Acquisition related charges: • On December 11, 2017, we acquired FH. In connection with our acquisition, we recorded $13.0 million of acquisition related professional fees and debt extinguishment fees during the twelve months ended December 31, 2017. • On October 12, 2016, we acquired CFS. In connection with our acquisition, we recorded $0.1 million of acquisition related professional fees during the twelve months ended December 31, 2017. Brazil Closure: In connection with the closure, we recorded $0.9 million of charges within the Energy segment during the year ended December 31, 2017, which relates to losses incurred subsequent to our closure of manufacturing operations during the first quarter of 2016. Divestiture: On July 7, 2017, we divested our French non-core aerospace build-to-print business within our Advanced Flow Solutions segment as part of our simplification strategy. We considered this business as non-core because the products or services did not fit our strategy and the long-term profitable growth prospects were below our expectations. Divestiture of this non-core business enables us to focus resources on businesses where there is greater opportunity to achieve sales growth, higher margins, and market leadership. We measured the disposal group at its fair value less cost to sell, which was lower than its carrying value, and recorded a $3.8 million charge during the second quarter of 2017. Also, in connection with this disposition we recorded a $1.5 million of severance included as a restructuring charge. Contingent Consideration Revaluation: The fair value of the earn-out decreased $12.2 million related to the CFS acquisition during the twelve months ended December 31, 2017. The change in fair value during the year ended December 31, 2017 was recorded as a recovery within the special and restructuring charges (recoveries) line on our condensed consolidated statement of income. The actual achievement of the earn-out was zero and the earn-out period expired on September 30, 2017. California Legal Settlement: We recorded a special charge of $2.4 million during the fourth quarter of 2017 related to settlement of a wage and hour claim in our California Aerospace business. The claim was settled on February 21, 2018. Refer to Note 15, " Contingencies, Commitments and Guarantees" for additional disclosure. The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2016: Special Charges, net For the year ended December 31, 2016 Energy Aerospace & Defense Corporate Total Acquisition related charges — (161 ) 978 817 Brazil closure 2,920 — 2 2,922 Pension settlement — — 4,457 4,457 Total special charges, net $ 2,920 $ (161 ) $ 5,437 $ 8,196 Acquisition related charges (recoveries) are described below: • On October 12, 2016, we acquired CFS. In connection with our acquisition, we recorded $1.0 million of acquisition related professional fees for the year ended December 31, 2016. • On April 15, 2015, we acquired Germany-based Schroedahl. In connection with our acquisition of Schroedahl, we recorded a $0.2 million acquisition related professional fees adjusted for the year ended December 31, 2016. Brazil Closure: In connection with the closure, we recorded $2.9 million of charges within the Energy segment during the twelve months ended December 31, 2016, which primarily related to employee termination costs and losses incurred subsequent to our closure of manufacturing operations during the first quarter of 2016. Pension Settlement: During the third quarter of 2016, management offered a lump sum cash payout option to terminated and vested pension plan participants. In connection with this action, the window for participants who opted to avail themselves of this program closed in the fourth quarter of 2016. During the fourth quarter of 2016, we incurred a settlement charge of $4.5 million recorded within the special and restructuring charges, net line item. Restructuring Charges, net The tables below (in thousands) outline the charges (or any recoveries) associated with restructuring actions recorded for the year ending December 31, 2018, 2017, and 2016. A description of the restructuring actions is provided in the section titled "Restructuring Programs Summary" below. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2018 Energy Aerospace & Defense Industrial Total Facility related expenses $ 2,827 $ 190 $ — $ 3,017 Employee related expenses 7,738 436 1,561 9,735 Total restructuring charges, net $ 10,565 $ 626 $ 1,561 $ 12,752 Accrued restructuring charges as of December 31, 2017 $ 1,586 Total year to date charges, net (shown above) 12,752 Charges paid / settled, net (13,356 ) Accrued restructuring charges as of December 31, 2018 $ 982 We expect to make payment or settle the majority of the restructuring charges accrued as of December 31, 2018 during the first half of 2019. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2017 Energy Aerospace & Defense Total Facility related expenses $ 2,523 $ 443 $ 2,966 Employee related expenses 1,035 2,062 3,097 Total restructuring charges, net $ 3,558 $ 2,505 $ 6,063 Accrued restructuring charges as of December 31, 2016 $ 1,618 Total year to date charges, net (shown above) 6,063 Charges paid / settled, net (6,095 ) Accrued restructuring charges as of December 31, 2017 1,586 $ 1,586 Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2016 Energy Aerospace & Defense Corporate Total Facility related expenses $ 792 $ 3,701 $ — $ 4,493 Employee related expenses 2,393 2,089 — 4,482 Total restructuring charges, net $ 3,185 $ 5,790 $ — $ 8,975 Accrued restructuring charges as of December 31, 2015 $ 663 Total year to date charges, net (shown above) 8,975 Charges paid / settled, net (8,020 ) Accrued restructuring charges as of December 31, 2016 $ 1,618 Restructuring Programs Summary As specific restructuring programs are announced, the amounts associated with that particular action may be recorded in periods other than when announced to comply with the applicable accounting rules. For example, total cost associated with 2017 Actions (as discussed below) were recorded in 2017 and 2018. The amounts shown below reflect the total cost for that restructuring program. During 2018, 2017, and 2016 we initiated certain restructuring activities, under which we continued to simplify our business ("2018 Actions", "2017 Actions", "2016 Actions", respectively). Under these restructurings, we reduced expenses, primarily through reductions in force and closing a number of smaller facilities. Charges associated with the 2018 Actions were recorded during 2018. Charges associated with the 2017 Actions and 2016 Actions were finalized in 2017. 2018 Actions Restructuring Charges, net as of December 31, 2018 Energy Aerospace & Defense Industrial Total Facility related expenses - incurred to date $ 2,187 $ — $ — $ 2,187 Employee related expenses - incurred to date 7,631 382 1,536 9,549 Total restructuring related special charges - incurred to date $ 9,818 $ 382 $ 1,536 $ 11,736 $1.0 million of the 2018 actions has not yet been paid as of December 31, 2018. We expect to finalize the 2018 actions during the first quarter of 2019. 2017 Actions Restructuring Charges (Recoveries), net as of December 31, 2018 Energy Aerospace & Defense Total Facility related expenses - incurred to date $ — $ 366 $ 366 Employee related expenses - incurred to date 598 1,892 2,490 Total restructuring related special charges - incurred to date $ 598 $ 2,258 $ 2,856 The 2017 action was finalized during 2017. No remaining cash payments for these actions. 2016 Actions Restructuring Charges / (Recoveries), net as of December 31, 2018 Energy Aerospace & Defense Total Facility related expenses - incurred to date $ 708 $ 94 $ 802 Employee related expenses - incurred to date 2,476 1,181 3,657 Total restructuring related special charges - incurred to date $ 3,184 $ 1,275 $ 4,459 In July 2015, we announced the closure of one of the two Corona, California manufacturing facilities ("California Restructuring"). Under this restructuring, we are reducing certain general, manufacturing and facility related expenses. Charges with this action were finalized in the fourth quarter of 2016. No remaining cash payments for these actions. California Restructuring Charges, net as of December 31, 2017 Aerospace & Defense Facility related expenses - incurred to date $ 3,700 Employee related expenses - incurred to date 800 Total restructuring related special charges - incurred to date $ 4,500 Additional Restructuring Charges In conjunction with the restructuring actions noted above, we incur certain costs, primarily related to inventory, that are recorded in cost of revenues instead of special and restructuring charges. These types of inventory restructuring costs typically relate to the discontinuance of a product line or manufacturing inefficiencies directly related to the restructuring action. Such restructuring-related amounts totaled $2.4 million , $0.0 million , and $2.8 million , for the years ending December 31, 2018, 2017 and 2016, respectively, and are described further below. During the twelve months ended December 31, 2018, we recorded $2.4 million of inventory related restructuring charges within our Energy segment for restructuring actions with our Reliability Services, Engineered Valves, and Distributed Valves businesses. During the first and fourth quarters of 2016, in connection with the restructuring of certain structural landing gear product lines, we recorded inventory related charges of less than $0.1 million , and $0.8 million respectively, within the Aerospace & Defense segment. During the first and second quarters of 2016, we recorded restructuring related inventory of $1.9 million and $0.1 million respectively, associated with the closure of manufacturing operations and the exit of the gate, globe and check valves product line in Brazil. As of December 31, 2017, no inventory amounts remain on our balance sheet for the gate, globe, and check valves product line. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory, Net [Abstract] | |
Inventories | Inventories Inventories consisted of the following (in thousands): December 31, 2018 2017 Raw materials $ 69,910 $ 82,372 Work in process 116,088 121,709 Finished goods 31,380 40,815 Inventories $ 217,378 $ 244,896 We regularly review inventory quantities on hand and record a provision to write-down excess and obsolete inventory to its estimated net realizable value, if less than cost, based primarily on our estimated forecast of product demand. Once our inventory value is written-down a new cost basis has been established. For 2018, 2017 and 2016, our charges for acquisition inventory step-up amortization, excess and obsolete inventory and net realizable value reserves totaled $11.5 million , $7.3 million and $9.3 million respectively. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): December 31, 2018 2017 Land $ 32,849 $ 33,428 Buildings and improvements 96,241 101,016 Manufacturing machinery and equipment 176,167 196,939 Computer equipment and software 38,500 31,204 Furniture and fixtures 28,846 12,526 Vehicles 467 1,118 Construction in progress 21,323 18,787 Property, plant and equipment, at cost 394,393 395,018 Less: Accumulated depreciation (192,594 ) (177,479 ) Property, plant and equipment, at cost, net $ 201,799 $ 217,539 Depreciation expense for the years ended December 31, 2018 (including $1.0 million related to assets held for sale), 2017 , and 2016 was $ 28.8 million , $ 15.3 million , and $ 13.3 million , respectively. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table shows goodwill by segment as of December 31, 2018 and 2017 (in thousands): Energy Aerospace & Defense Industrial Consolidated Total Goodwill as of December 31, 2017 $ 154,058 $ 62,548 $ 289,156 $ 505,762 Measurement period adjustments related to acquisition (4,742 ) (5,046 ) 17,984 8,196 Business divestiture — — (3,394 ) (3,394 ) Held for sale (40,372 ) — — (40,372 ) Currency translation adjustments (4,072 ) (84 ) (6,831 ) (10,987 ) Goodwill as of December 31, 2018 $ 104,872 $ 57,418 $ 296,915 $ 459,205 In January 2019, the Company announced the sale of its Reliability Services business. The RS business is collapsed as "held for sale" with the current assets and current liabilities section of our balance sheet. Refer to Note 19, Subsequent Events, for further details. Energy Aerospace & Defense Industrial Consolidated Total Goodwill as of December 31, 2016 $ 144,405 $ 18,459 $ 43,795 $ 206,659 Business acquisition (1) 6,944 43,900 238,744 289,588 Currency translation adjustments 2,709 189 6,617 9,515 Goodwill as of December 31, 2017 $ 154,058 $ 62,548 $ 289,156 $ 505,762 (1) The activity in the Energy segment relates to settlement of escrow amounts and tax amounts. No goodwill impairments were recorded during the twelve months ended December 31, 2018 or 2017. Historical accumulated goodwill impairments were immaterial. The tables below present gross intangible assets and the related accumulated amortization (in thousands): December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Value Patents $ 5,399 $ (5,399 ) $ — Customer relationships 307,593 (57,822 ) 249,771 Order backlog 23,354 (18,746 ) 4,608 Acquired technology 133,246 (23,882 ) 109,364 Other 5,065 (4,661 ) 404 Total Amortized Assets $ 474,657 $ (110,510 ) $ 364,147 Non-amortized intangibles (primarily trademarks and trade names) $ 77,155 $ — $ 77,155 Total Non-Amortized Intangibles $ 77,155 $ — $ 77,155 Net Carrying Value of Intangible assets $ 441,302 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Value Patents $ 5,399 $ (5,399 ) $ — Customer relationships 320,015 (41,471 ) 278,544 Order backlog 29,650 (8,850 ) 20,800 Acquired technology 135,360 (5,687 ) 129,673 Other 5,372 (4,897 ) 475 Total Amortized Assets $ 495,796 $ (66,304 ) $ 429,492 Non-amortized intangibles (primarily trademarks and trade names) $ 83,872 $ — $ 83,872 Total Non-Amortized Intangibles $ 83,872 $ — $ 83,872 Net Carrying Value of Intangible assets $ 513,364 The table below presents estimated future amortization expense for intangible assets recorded as of December 31, 2018 (in thousands): 2019 2020 2021 2022 2023 After 2024 Estimated amortization expense $ 47,564 $ 43,889 $ 42,136 $ 37,069 $ 32,495 $ 160,994 The annual impairment testing of our non-amortized intangible assets was completed as of October 28, 2018 and consisted of a comparison of the fair value of the intangible assets with carrying amounts. No impairments of our non-amortized intangible assets were recorded for the year ended December 31, 2018 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The significant components of our deferred income tax liabilities and assets were as follows (in thousands): December 31, 2018 2017 Deferred income tax (liabilities): Excess tax over book depreciation $ (6,201 ) $ (17,505 ) Other — (8,507 ) Intangible assets (73,926 ) (57,968 ) Total deferred income tax liabilities (80,127 ) (83,980 ) Deferred income tax assets: Accrued expenses 15,752 6,956 Equity compensation 4,760 4,622 Inventories 5,843 8,405 Net operating loss and state credit carry-forward 14,342 16,698 Foreign tax credit carryforward 16,750 16,602 Pension benefit obligation 29,400 46,030 Other 5,372 2,946 Total deferred income tax assets 92,219 102,259 Valuation allowance (17,562 ) (22,067 ) Deferred income tax asset, net of valuation allowance 74,657 80,192 Deferred income tax (liability)/asset, net $ (5,470 ) $ (3,788 ) The deferred income taxes by classification were as follows: December 31, 2018 2017 Long-term deferred income tax asset, net $ 28,462 $ 22,334 Long-term deferred income tax liability, net (33,932 ) (26,122 ) Deferred income tax (liability)/asset, net $ (5,470 ) $ (3,788 ) The (benefit from) provision for income taxes is based on the following pre-tax income (in thousands): Year Ended December 31, 2018 2017 2016 Domestic $ (66,330 ) $ 4,946 $ (16,766 ) Foreign 30,236 1,167 26,446 Income before income taxes $ (36,094 ) $ 6,113 $ 9,680 The provision for income taxes consisted of the following (in thousands): Year Ended December 31, 2018 2017 2016 Current provision: Federal - U.S. $ — $ (447 ) $ (232 ) Foreign 7,553 2,762 10,823 State -U.S. 235 442 (275 ) Total current $ 7,788 $ 2,757 $ 10,316 Deferred provision (benefit): Federal - U.S. $ (1,510 ) $ (3,406 ) $ (8,992 ) Foreign (1,323 ) (4,640 ) (3,328 ) State -U.S. (1,665 ) (388 ) 1,583 Total (benefit) deferred $ (4,498 ) $ (8,434 ) $ (10,737 ) Total (benefit) provision for income taxes $ 3,290 $ (5,676 ) $ (421 ) Actual income taxes reported from operations were different from those that would have been computed by applying the federal statutory tax rate to income before income taxes. The expense for income taxes differed from the U.S. statutory rate due to the following: Year Ended December 31, 2018 2017 2016 Expected federal income tax rate 21.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 3.1 0.3 (4.8 ) Change in valuation allowance on state net operating losses — — 18.9 Foreign tax rate differential 4.7 (38.9 ) (38.4 ) Unbenefited foreign losses (4.7 ) 2.9 14.7 Foreign tax credits — — (26.6 ) Manufacturing deduction — (2.8 ) — GILTI (5.5 ) — — Research and development credit 3.3 (8.4 ) (6.6 ) Transaction costs 1.4 8.5 3.1 Release of contingent consideration — (69.9 ) — Provisional Impact of Tax Cuts and Jobs Act (30.2 ) (8.2 ) — Change in tax reserves 1.8 (16.3 ) (0.5 ) Equity Compensation (2.8 ) (1.6 ) — Other, net (1.2 ) 6.5 0.8 Effective tax rate (9.1 )% (92.9 )% (4.4 )% As of December 31, 2018 and 2017 , the Company maintained a total valuation allowance of $17.6 million and $22.1 million , respectively, which relates to foreign, federal, and state deferred tax assets as of December 31, 2018 and foreign and state deferred tax assets as December 31, 2017. The valuation allowance is based on estimates of taxable income in each of the jurisdictions in which we operate and the period over which our deferred tax assets will be recoverable. The movement in the valuation allowance is primarily due to the increase in the valuation allowance on foreign tax credit carryforwards, offset by the finalization of purchase accounting and its impact on the valuation allowance related to certain deferred tax assets in relation to the FH acquisition. The following table provides a summary of the changes in the deferred tax valuation allowance for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): December 31, 2018 2017 2016 Deferred tax valuation allowance at January 1 $ 22,067 $ 3,028 $ 892 Additions 10,960 712 2,257 Acquired (15,431 ) 18,494 — Deductions (34 ) (167 ) (121 ) Translation adjustments — — Deferred tax valuation allowance at December 31 $ 17,562 $ 22,067 $ 3,028 The Company files income tax returns in the U.S. federal, state and local jurisdictions and in foreign jurisdictions. The Company is no longer subject to examination by the Internal Revenue Service ("IRS") for years prior to 2015 and is no longer subject to examination by the tax authorities in foreign and state jurisdictions prior to 2006 , with the exception of net operating loss carryforwards. The Company is currently under examination for income tax filings in various foreign jurisdictions. As of December 31, 2018 , the Company had foreign tax credits of $16.7 million , foreign net operating losses of $37.3 million , federal net operating losses of $3.0 million, state net operating losses of $70.0 million and state tax credits of $2.4 million . As of December 31, 2017 , the Company had foreign tax credits of $16.4 million , foreign net operating losses of $45.6 million , state net operating losses of $56.3 million and state tax credits of $2.2 million . The foreign tax credits, if not utilized, will expire in 2026 . A portion of the foreign net operating losses ( $20.2 million) expire at various dates through 2025; the remainder have an unlimited carryforward period. The federal net operating losses have an unlimited carryforward period. The state net operating losses and state tax credits, if not utilized, will expire at various dates through 2038 . The Company repatriated $32 million of foreign earnings to the U.S. during the fourth quarter of 2016, resulting in a tax benefit of $2.6 million in the year ended December 31, 2016. The tax benefit is a result of foreign tax credits associated with the repatriation, in excess of the U.S. corporate tax rate. During 2016, the Company recorded a valuation allowance and additional tax expense of $1.8 million on certain state net operating loss carryforwards, due to the uncertainty of the Company's ability to utilize these losses within the foreseeable future. The amount of net operating losses considered realizable, however, could be adjusted if objective evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as the Company’s projections for growth. On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes significant changes to the U.S. corporate income tax system including: a federal corporate rate reduction from 35% to 21%; limitations on the deductibility of interest expense and executive compensation; creation of the base erosion anti-abuse tax (“BEAT”), a new minimum tax; global intangible low-taxed income ("GILTI"); and the transition of U.S. international taxation from a worldwide tax system to a modified territorial tax system. The change to a modified territorial tax system resulted in a one-time U.S. tax liability on those earnings which have not previously been repatriated to the U.S. (the “Transition Tax”), with future distributions not subject to U.S. federal income tax when repatriated. A majority of the provisions in the Tax Act are effective January 1, 2018 and have been reflected in our financial statements. With respect to GILTI, the company has adopted a policy to account for this provision as a period cost. In response to the Tax Act, the SEC staff issued guidance on accounting for the tax effects of the Tax Act (ASU 2018-05). The guidance provided a one-year measurement period for companies to complete the accounting. The Company has adopted the impact of ASU 2018-05 in our financial statements. In connection with our initial analysis of the impact of the Tax Act, we had recorded a provisional estimate of $0.5 million net tax benefit for the period ended December 31, 2017. This benefit consists of provisional estimates of zero net expense for the Transition Tax liability, and $0.5 million benefit from the remeasurement of our deferred tax assets/liabilities due to the corporate rate reduction. On a provisional basis, the Company did not expect to owe the one-time Transition Tax liability, based on foreign tax pools that are in excess of U.S. tax rates. We have now finalized our accounting and these estimates did not change. The impact of the Tax Act resulted in a valuation allowance on a portion of our U.S. foreign tax credit carryforwards (deferred tax asset), in the amount of $10.9 million expense which was recorded in 2018. As of December 31, 2018 , the liability for uncertain income tax positions was approximately $0.6 million . Approximately $0.5 million as of December 31, 2018 represents the amount that if recognized would affect the Company’s effective income tax rate in future periods. The Company does not expect the unrecognized tax benefits to change over the next 12 months. The table below does not include interest and penalties of $0.0 million and $0.4 million as of December 31, 2018 and 2017 , respectively. The following is a reconciliation of the Company’s liability for uncertain income tax positions for the years ended December 31, 2018 and 2017 (in thousands). December 31, 2018 2017 2016 Balance beginning January 1 $ 3,014 $ 3,000 $ 2,937 Additions/(reductions) for tax positions of prior years (460 ) (7 ) (102 ) Additions/(reductions) based on tax positions related to current year (340 ) (65 ) 483 Acquired uncertain tax position balance (512 ) 1,221 — Settlements (1,103 ) (338 ) — Lapse of statute of limitations (6 ) (978 ) (328 ) Currency movement — 181 10 Balance ending December 31 $ 593 $ 3,014 $ 3,000 Undistributed earnings of our foreign subsidiaries amounted to $259.9 million at December 31, 2018 and $221.3 million at December 31, 2017 . The undistributed earnings of our foreign subsidiaries are considered to be indefinitely reinvested and accordingly, no provision for U.S. federal and state income taxes has been recorded. Determination of the amount of unrecognized deferred tax liability on these undistributed earnings is not practicable because of the complexity of laws and regulations, the varying tax treatment of alternative repatriation scenarios, and the variation due to multiple potential assumptions relating to the timing of any future repatriation. |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued Expenses And Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, 2018 2017 Customer deposits and obligations $ 31,625 $ 17,661 Commissions payable and sales incentive 7,929 8,891 Penalty accruals 3,455 2,395 Warranty reserve 4,050 4,623 Professional fees 2,992 3,498 Taxes other than income tax 3,405 4,059 Cash due to FH seller — 64,561 Other Contract Liabilities 14,646 16,057 Income tax payable 3,359 1,785 Other 35,851 39,059 Total accrued expenses and other current liabilities $ 107,312 $ 162,589 |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements Long-term debt consisted of the following (in thousands): December 31, 2018 2017 Term Loan at interest rates ranging from 4.93%-5.92% in 2018 and 4.93% in 2017 $ 777,150 $ 785,000 Line of Credit at interest rates ranging from 4.93%-8.00% in 2018 and 4.93% in 2017 29,900 33,900 Total Principal Debt Outstanding $ 807,050 $ 818,900 Less: Term Loan Debt Issuance Costs 21,013 23,707 Less: Current Portion 7,850 7,865 Total Long-Term Debt, net $ 778,187 $ 787,343 2019 2020 2021 2022 2023 Thereafter Minimum principal payments $ 7,850 7,850 $ 7,850 $ 7,850 $ 7,850 $ 7,850 $ 737,900 On December 11, 2017 , we entered into a secured Credit Agreement (the "Credit Agreement"), which provides for a $150.0 million revolving line of credit with a five year maturity and a $785.0 million term loan with a seven year maturity which was funded at closing of the FH acquisition in full. The Credit Agreement replaced and terminated the Company’s prior Credit Agreement, dated as of May 11, 2017 (the "Prior Credit Agreement"). The Prior Credit Agreement, under which we had borrowings of $273.5 million outstanding, was terminated on December 11, 2017 and replaced by the Credit Agreement. The term loan requires quarterly principal payments of 0.25% of initial aggregate principal amount beginning March 29, 2018 with the balance due at maturity. The Company has mandatory debt repayment obligations of $7.9 million per year ( $2.0 million per quarter) until 2024 under the Credit Agreement. Additional loans of up to $150.0 million (plus the amount of certain voluntary prepayments) and an unlimited amount subject to compliance with a first lien net leverage ratio of 4.50 to 1.00 may be made available under the Credit Agreement upon request of the Company subject to specified terms and conditions. The Company may repay any borrowings under the Credit Agreement at any time, subject to certain limited and customary restrictions stated in the Credit Agreement; provided, however, that if the Company prepays all or any portion of the term loan in connection with a repricing transaction on or prior to the 6-month anniversary of the origination date, the Company must pay a prepayment premium of 1.0% of the aggregate principal amount of the term loan so prepaid. The Company incurred $23.9 million of debt issuance costs associated with the term loan which have been recorded as a debt discount within long-term debt and $5.2 million of fees associated with the revolver were recorded as other assets. In connection with the Prior Credit Agreement, a portion of the term debt was extinguished and $0.2 million of deferred financing costs was written off as a debt extinguishment (included in special charges on the consolidated statements of income) and a portion was tested as a modification ($0.1 million) and rolled into the new debt discount. In connection with the Prior Credit Agreement revolving facility, $1.6 million of deferred financing fees was written off as debt extinguishment and $0.6 million was rolled into the Credit Agreement (included in other assets) based on the borrowing capacity of the underlying banks. As of December 31, 2018 , we had borrowings of $807.1 million outstanding under the Credit Agreement and $35.6 million in letters of credit issued under the Credit Agreement. The Company recorded non-cash interest expense of $3.9 million , $0.8 million , and $0.4 million for December 31, 2018, 2017, and 2016, respectively, related to the amortization of its deferred financing costs described above. The Credit Agreement revolving line of credit facility matures on December 11, 2022 whereas the term loan facility matures on December 11, 2024. The outstanding principal amounts bear interest at a fluctuating rate (generally the 30 day LIBOR rate) per annum plus an applicable margin of 3.50% with respect to LIBOR loans and 2.50% with respect to base rate loans. As of December 31, 2018 and December 31, 2017, the outstanding balance of the Company’s debt approximated its fair value based on current rates available to the Company for debt of the same maturity and is a Level 2 financial instrument. The Company entered into a hedging agreement to mitigate the inherent rate risk associated with the variable rate debt, which is accounted for as cash flow hedge. Any gain or loss is recorded within accumulated other comprehensive income. Refer to Note 17, Fair Value, for additional detail on the hedge. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation We have two share-based compensation plans as of December 31, 2018 : (1) the 2014 Stock Option and Incentive Plan (the "2014 Plan") and (2) the Amended and Restated 1999 Stock Option and Incentive Plan (the "1999 Plan"). The 2014 Plan was adopted by our Board of Directors on February 12, 2014 and approved by our shareholders at the Company's annual meeting held on April 30, 2014. As of April 30, 2014, no new awards will be granted under the 1999 Plan. As a result, any shares subject to outstanding awards under the 1999 Plan that expire, are canceled or otherwise terminate, or are withheld to satisfy tax withholding obligations, will not be available for award grant purposes under the 2014 Plan. Both plans permit the grant of the following types of awards to our officers, other employees and non-employee directors: incentive stock options; nonqualified stock options; deferred stock awards; restricted stock awards; unrestricted stock awards; performance share awards; cash-based awards; stock appreciation rights ("SARs") and dividend equivalent rights. The 2014 Plan provides for the issuance of up to 1,700,000 shares of common stock (subject to adjustment for stock splits and similar events). Under the 2014 Plan, shares issued for awards other than stock options or SARs count against the aggregate share limit as 1.9 shares for every share actually issued. New stock options granted under the 2014 Plan could have varying vesting provisions and exercise periods. All stock options and RSUs granted under the 1999 Plan are either 100% vested or have been terminated. RSUs granted under the 2014 Plan generally vest within three years. RSUs will be settled in shares of our common stock. As of December 31, 2018 , there were 493,811 shares available for grant under the 2014 Plan. As of December 31, 2018 , there were 742,658 stock options (including the CEO stock option award noted below) and 298,796 RSUs outstanding. As of December 31, 2018 , there were 13,029 RSUs outstanding that contain rights to nonforfeitable dividend equivalents and are considered participating securities that are included in our computation of basic and fully diluted earnings per share. There is no difference in the earnings per share amounts between the two class method and the treasury stock method, which is why we continue to use the treasury stock method. During the year ended December 31, 2018 , we granted stock option awards for the purchase of 127,704 shares of our common stock, compared with 142,428 in 2017 and 210,633 in 2016 . On April 9, 2013, we granted a stock option to purchase 200,000 shares of common stock to our President and Chief Executive Officer at an exercise price of $41.17 per share ("2013 CEO Option Award"). This award included a service period and a market performance vesting condition. In 2014, certain of these targets were achieved and 150,000 shares vested and remain exercisable. The remaining 50,000 shares were cancelled in 2018 due to lack of performance achievement. On December 2, 2013, we granted a stock option to purchase 100,000 shares of common stock to our then newly appointed Executive Vice President and Chief Financial Officer at an exercise price of $79.33 per share. This award included a service period and a market performance vesting condition which were not met and all 100,000 shares were cancelled in the year ended December 31, 2018. On March 5, 2014, we granted a stock option to purchase 100,000 shares of common stock to our President and Chief Executive Officer at an exercise price of $70.42 per share ("2014 CEO Option Award"). This option award includes a service period and a market performance vesting condition. The stock option will vest if the following stock price targets are met based on the stock price closing at or above these targets for 60 consecutive trading days. During the year ended December 31, 2018, the 2014 CEO Option Award is outstanding as follows: 2014 CEO Option Award: Stock Price Target Cumulative Vested Portion of Stock Options (in Shares) $87.50 25,000 $100.00 50,000 $112.50 75,000 $125.00 100,000 As the CEO Option Awards vest, they may be exercised 25% at the time of vesting, 50% one year from the date of vesting and 100% two years from the date of vesting. As of December 31, 2018, none of the options awarded in connection with the 2014 CEO Option Award have vested. These stock option awards are being expensed utilizing a graded method and are subject to forfeiture in the event of employment termination (whether voluntary or involuntary) prior to vesting. These option awards have a 10 year term but to the extent that the market conditions above (Stock Price Targets) are not met within 5 years, these options will not vest and will forfeit 5 years from grant date. The Company used a Monte Carlo simulation option pricing model to value these option awards. The average fair value of stock options granted during the year ended December 31, 2018, 2017, and 2016 of $14.68 , $19.36 , and $17.88 , respectively, was estimated using the following weighted-average assumptions: Year Ended December 31, 2018 2017 2016 Risk-free interest rate 2.5 % 1.7 % 1.2 % Expected life (years) 4.4 4.5 4.5 Expected stock volatility 37.2 % 35.1 % 36.2 % Expected dividend yield — % 0.2 % 0.4 % We account for Restricted Stock Unit Awards (“RSU Awards”) by expensing the weighted average fair value to selling, general and administrative expenses ratably over vesting periods generally ranging up to three years. During the years ended December 31, 2018 and December 31, 2017 we granted 167,480 and 90,725 RSUs, respectively, with approximate fair values of $ 42.87 and $ 55.28 per RSU Award, respectively. During 2018 and 2017 , the Company granted performance-based RSUs as part of the overall mix of RSU Awards. These performance-based RSUs include metrics for achieving Return on Invested Capital and Adjusted Operating Margin with target payouts ranging from 0% to 200% . Of the 167,480 RSUs granted during 2018 , 48,080 are performance-based RSU awards. This compares to 31,369 performance-based RSU awards granted in 2017 . The CIRCOR Management Stock Purchase Plan, which is a component of both the 2014 Plan and the 1999 Plan, provides that eligible employees may elect to receive RSUs in lieu of all or a portion of their pre-tax annual incentive bonus and, in some cases, make after-tax contributions in exchange for RSUs (“RSU MSPs”). In addition, non-employee directors may elect to receive RSUs in lieu of all or a portion of their annual directors’ retainer fees. Each RSU MSP represents a right to receive one share of our common stock after a three -year vesting period. RSU MSPs are granted at a discount of 33% from the fair market value of the shares of common stock on the date of grant. This discount is amortized as compensation expense, to selling, general and administrative expenses, over a four -year period. RSU MSPs totaling 34,937 and 26,726 with per unit discount amounts representing fair values of $ 14.06 and $ 20.13 , respectively, were granted under the CIRCOR Management Stock Purchase Plan during the years ended December 31, 2018 and December 31, 2017 , respectively. Compensation expense related to our share-based plans for the year ended December 31, 2018 , 2017 , and 2016 was $5.0 million , $3.8 million , and $5.5 million respectively. The decrease in expenses from 2017 related to non-Share-based compensation expense is recorded as selling, general, and administrative expense. As of December 31, 2018 , there was $7.6 million of total unrecognized compensation costs related to our outstanding share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 2.0 years. This compares to $6.8 million for 2017 and $7.8 million for 2016 , respectively. A summary of the status of all stock options granted to employees and non-employee directors as of December 31, 2018 , 2017 , and 2016 and changes during the years are presented in the table below: December 31, 2018 2017 2016 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options outstanding at beginning of period 848,427 $ 53.99 736,319 $ 52.30 570,737 $ 56.86 Granted 127,704 42.62 142,428 60.99 210,633 38.89 Exercised (18,304 ) 37.70 (17,708 ) 39.91 (5,982 ) 41.05 Forfeited (204,702 ) 61.89 (10,136 ) 51.99 (33,014 ) 45.25 Expired (10,467 ) 54.18 (2,476 ) 61.38 (6,055 ) 65.34 Options outstanding at end of period 742,658 $ 50.26 848,427 $ 53.99 736,319 $ 52.30 Options exercisable at end of period 415,873 $ 46.90 309,824 $ 45.66 226,386 $ 45.20 The weighted average contractual term for stock options outstanding and exercisable as of December 31, 2018 was 4.3 years and 3.4 years, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2018 , 2017 and 2016 was $ 0.2 million , $ 0.4 million and $ 0.1 million , respectively. The aggregate fair value of stock-options vested during the years ended December 31, 2018 , 2017 and 2016 was $ 2.1 million , $ 1.6 million and $ 1.7 million , respectively. The aggregate intrinsic value of stock options outstanding and exercisable as of December 31, 2018 was $ 0.0 million and $ 0.0 million , respectively. As of December 31, 2018 , there was $ 2.0 million of total unrecognized compensation costs related to stock options that is expected to be recognized over a weighted average period of 1.7 years. The following table summarizes information about stock options outstanding at December 31, 2018 : Options Outstanding Options Exercisable Range of Exercise Prices Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Weighted Average Exercise Price $32.76 - $40.09 160,571 3.6 $ 38.79 115,067 $ 38.74 40.10 - 41.90 150,000 4.3 41.17 150,000 41.17 41.91 - 56.42 186,730 4.6 46.35 75,481 51.84 56.43 - 71.56 245,357 4.5 66.31 75,325 65.79 $32.76 - $71.56 742,658 4.3 $ 50.26 415,873 $ 46.90 A summary of the status of all RSU Awards granted to employees and non-employee directors as of December 31, 2018 , 2017 , and 2016 and changes during the year are presented in the table below: December 31, 2018 2017 2016 RSUs Weighted Average Price RSUs Weighted Average Price RSUs Weighted Average Price RSU Awards outstanding at beginning of period 186,905 $ 49.76 138,761 $ 46.60 109,281 $ 52.90 Granted 167,480 42.87 90,725 55.28 98,942 41.09 Settled (27,503 ) 52.70 (29,803 ) 46.15 (54,034 ) 48.50 Canceled (100,199 ) 46.71 (12,778 ) 62.92 (22,527 ) 46.86 Added by Performance Factor — — — — 7,099 41.55 RSU Awards outstanding at end of period 226,683 $ 45.66 186,905 $ 49.76 138,761 46.60 RSU Awards exercisable at end of period 5,057 $ 52.44 2,876 $ 59.17 3,040 $ 60.92 The aggregate intrinsic value of RSU Awards settled during the 12 months ended December 31, 2018 , 2017 and 2016 was $1.2 million , $1.7 million , and $2.5 million , respectively. The aggregate fair value of RSU Awards vested during the 12 months ended December 31, 2018 , 2017 and 2016 was $ 1.5 million , $ 1.4 million and $ 2.7 million , respectively. The aggregate intrinsic value of RSU Awards outstanding and exercisable as of December 31, 2018 was $ 4.8 million and $ 0.1 million , respectively. As of December 31, 2018 , there was $5.1 million of total unrecognized compensation costs related to RSU awards that is expected to be recognized over a weighted average period of 1.4 years. The following table summarizes information about RSU Awards outstanding at December 31, 2018 : RSU Awards Outstanding Fair Values at Grant Date RSUs Weighted Average Remaining Contractual Life (Years) Weighted Average Fair Value $32.25 - $42.99 149,561 1.6 $ 41.51 43.00 - 51.99 35,714 2.1 47.00 52.00 - 71.56 41,408 0.2 59.51 $32.25 - $71.56 226,683 1.4 $ 45.67 A summary of the status of all RSU MSPs granted to employees and non-employee directors as of December 31, 2018 , 2017 , and 2016 and changes during the year are presented in the table below: December 31, 2018 2017 2016 RSUs Weighted Average Exercise Price RSUs Weighted Average Exercise Price RSUs Weighted Average Exercise Price RSU MSPs outstanding at beginning of period 72,452 $ 35.01 67,924 $ 36.50 78,732 $ 37.46 Granted 34,937 28.56 26,726 40.86 20,130 26.06 Settled (29,232 ) 48.87 (19,843 ) 42.28 (27,375 ) 29.94 Canceled (6,044 ) 32.33 (2,355 ) 37.48 (3,563 ) 35.35 RSU MSPs outstanding at end of period 72,113 $ 32.25 72,452 $ 35.01 67,924 $ 36.50 MSP Awards exercisable at end of period 7,972 $ 31.97 — — — — There were 7,972 RSU MSPs exercisable as of December 31, 2018 compared to none exercisable for the same date in 2017 , and 2016 . The aggregate intrinsic value of RSU MSPs settled during the years ended December 31, 2018 , 2017 , and 2016 was $ 0.4 million , $ 0.3 million and $ 0.4 million , respectively. The aggregate fair value of RSU MSPs vested during the years ended December 31, 2018 , 2017 , and 2016 was $ 0.6 million , $ 0.5 million and $ 0.4 million , respectively. The aggregate intrinsic value of RSU MSPs outstanding as of December 31, 2018 was $ 0.0 million . As of December 31, 2018 , there was $ 0.5 million of total unrecognized compensation costs related to RSU MSPs that is expected to be recognized over a weighted average period of 1.4 years. The following table summarizes information about RSU MSPs outstanding at December 31, 2018 : RSU MSPs Outstanding Range of Grant Prices RSUs Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $26.06 - 33.99 46,536 1.5 $ 27.74 34.00 - 39.99 1,728 0.0 34.73 40.00 - 40.86 23,849 1.2 40.86 $26.06 - $40.86 72,113 1.4 $ 32.25 We also grant Cash Settled Stock Unit Awards to our international employee participants. In prior years, these Cash Settled Stock Unit Awards would typically cliff-vest in three years. During 2018, the vesting schedule was updated so that new Cash Settled Stock Unit Awards granted vest ratably over a three year period. All of these awards are settled in cash based on the closing price of our common stock at the time of vesting. As of December 31, 2018 , there were 50,907 Cash Settled Stock Unit Awards outstanding compared with 40,469 Cash Settled Stock Unit Awards outstanding as of December 31, 2017 . During 2018 , the aggregate cash used to settle Cash Settled Stock Unit Awards was $ 0.3 million . As of December 31, 2018 , the Company had $0.6 million in accrued expenses classified as current liabilities for Cash Settled Stock Unit Awards compared with $0.9 million as of December 31, 2017 . Cash Settled Stock Unit Award related compensation costs for the twelve month periods ended December 31, 2018 , 2017 , and 2016 totaled $0.0 million , $0.2 million , and $0.9 million , respectively and was recorded as selling, general and administrative expense. The decrease in compensation costs in 2018 and 2017 vs. 2016 is due primarily to a lower ending stock price. |
Concentrations Of Risk
Concentrations Of Risk | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentrations Of Risk | Concentrations of Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments and trade receivables. A significant portion of our revenue and receivables are from customers who are either in or service the energy, aerospace, defense and industrial markets. We perform ongoing credit evaluations of our customers and maintain allowances for potential credit losses. For the years ended December 31, 2018, 2017 and 2016 , we had no customers from which we derive revenues that exceed the threshold of 10% of the Company’s consolidated revenues. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits, Description [Abstract] | |
Employee Benefit Plans | US Contribution Plan We offer a savings plan to eligible U.S. employees. The plan is intended to qualify under Section 401(k) of the Internal Revenue Code. Substantially all of our U.S. employees are eligible to participate in the 401(k) savings plan. Participating employees may defer a portion of their pre-tax compensation, as defined, but not more than statutory limits. Under this plan, we match a specified percentage of employee contributions, and are able to make a discretionary core contribution, subject to certain limitations. For the first part of 2018, we contributed 50% of the amount contributed by the employee, up to a maximum of 5% of the employee’s earnings. Our matching contributions vest at a rate of 20% per year of service, with full vesting after 5 years of service. Effective August 28, 2018, the Company had a 401(k) benefit update, wherein the Company contributed 100% of the amount contributed by the employee, up to a maximum of 4% of the employee's earnings. Matching contributions under the updated 401K benefit plan vest 0% after year 1 , 50% after year 2 , and 100% after year 3 in the matching contribution. The cost of our 401K plan is outlined below: Year Ended December 31, 2018 2017 2016 Cost of 401(k) plan $ 1,847 $ 1,978 $ 1,509 Pension & Other Post-Retirement Benefit Obligations The Company also sponsors various defined benefit plans, and other post-retirement benefits plans, including health and life insurance, for former employees of an acquired business. These plans include significant benefit obligations which are calculated based on actuarial valuations. Key assumptions are made in determining these obligations and related net periodic benefit costs, including discount rates, mortality, and expected long-term return on plan assets. On December 11, 2017, the Company acquired FH. The acquisition included all of the pension obligations outside of the U.S., and a significant portion of the post-retirement obligations in the U.S. In the U.S., the company maintains a qualified noncontributory defined benefit pension plan, a nonqualified, noncontributory defined benefit supplemental pension plan, and other post-retirement benefit plans, including health and life insurance. Our plans and FH plans are frozen. To date, the supplemental and the other post-retirement benefits plans remain unfunded. Outside of the U.S., the company sponsors various funded and unfunded defined benefit plans as a result of the 2017 acquisition of the FH business. The obligations are primarily attributed to partially funded plans in Germany and the U.K. During fiscal year 2018, we did not make any cash contributions to our qualified defined benefit pension plan, but made $0.4 million in payments for our nonqualified plan. In 2019, we expect to make defined benefit plan contributions based on the minimum required funding in accordance with statutory requirements (approximately $1.1 million in the U.S. and approximately $4.3 million for our foreign plans). The estimates for plan funding for future periods may change as a result of the uncertainties concerning the return on plan assets, the number of plan participants, and other changes in actuarial assumptions. We anticipate fulfilling these commitments through our generation of cash flow from operations. The components of net periodic benefit cost for the postretirement plans were as follows (in thousands): Pension Benefits Other Post-retirement Benefits (1) Other Post-retirement Benefits (1) Year Ended December 31, Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 Components of net periodic benefit cost: Service cost $ 2,993 $ 181 $ — $ 1 $ — Interest cost $ 9,164 $ 2,158 $ 2,185 $ 336 $ 20 Expected return on assets (15,418 ) (2,994 ) (2,562 ) — — Net periodic benefit cost (3,261 ) (655 ) (377 ) 337 20 Net (gain) loss amortization 153 735 893 — — Prior service cost amortization — — — — — Total amortization 153 735 893 — — Pension settlement charge — — 4,457 — Net periodic benefit cost $ (3,108 ) $ 80 $ 4,973 $ 337 $ 20 Net periodic benefit cost $ (3,108 ) $ 80 $ 9,430 $ 337 $ 20 (1) No Other Post-retirement Benefits in 2016 The weighted average assumptions used in determining the net periodic benefit cost and benefit obligations for the post-retirement plans are shown below: Pension Benefits Other Post-retirement Benefits Other Post-retirement Benefits Year Ended December 31, Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 Net periodic benefit cost (1): Discount rate – U.S. 3.27% 3.86% 4.11% 3.48% 3.63% Discount rate – Foreign 1.97% N/A N/A N/A N/A Expected return on plan assets - U.S. (2) 7.00% 7.25% 6.75% N/A N/A Expected return on plan assets - Foreign 3.53% N/A N/A N/A N/A Rate of compensation increase - U.S. N/A NA N/A N/A N/A Rate of compensation increase - Foreign 3.11% N/A N/A N/A N/A Benefit obligations: N/A Discount rate – U.S. 3.93% 3.27% 3.86% 4.10% 3.48% Discount rate – Foreign 2.00% 1.97% N/A N/A N/A Rate of compensation increase - U.S. N/A N/A N/A N/A N/A Rate of compensation increase - Foreign 3.14% 3.11% N/A N/A N/A (1) 2017 Assumption excludes those that would have been applicable for 21 days of CIRCOR's ownership of FH. (2) 2017 excludes estimate of return on assets still held in the prior plan which had an expected long-term return on plan assets for the time since acquisition of 6.25% for 2017 for which CIRCOR is entitled to their portion of the return. The amounts reported for net periodic benefit cost and the respective benefit obligation amounts are dependent upon the actuarial assumptions used. The Company reviews historical trends, future expectations, current market conditions, and external data to determine the assumptions. The actuarial assumptions used to determine the net periodic pension cost are based upon the prior year’s assumptions used to determine the benefit obligation. Effective with fiscal year 2018, the Company changed the method used to estimate the service and interest cost components of the net periodic benefit costs for all of its plans in the U.S., U.K., and Germany. The new method uses the spot yield curve approach to estimate the service and interest costs by applying the specific spot rates along the yield curve used to determine the benefit obligations to relevant projected cash outflows. The Company changed to the new method to provide a more precise measure of interest and service costs by more closely correlating the application of the discrete spot yield curve rates with the projected benefit cash flows. Prior to fiscal year 2018, the service and interest costs were determined using a single weighted-average discount rate used to measure the benefit obligation at the measurement date. Assumed health care cost trend rates pre-65 trend at December 31, 2018 and 2017 were 7.0% and 5.9% , respectively. Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) for December 31, 2018 and 2017 were 5.0% and 5.0% , and the year that the rate reaches the ultimate trend rate were 2027 and 2023, respectively. Assumed health care cost trend rates post-65 trend at December 31, 2018 and 2017 were 7.0% and 5.5% , respectively. Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) for December 31, 2018 and 2017 were 5.0% and 5.25% , and the year that the rate reaches the ultimate trend rate were 2027 and 2021, respectively. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A one-percentage point change in assumed health care cost trend rates would have the following pre-tax effects: 1% Increase 1% Decrease Effect on total service and interest cost components for the year ended December 31, 2018 54 (43 ) Effect on post-retirement benefit obligation at December 31, 2018 $ 1,353 $ (1,096 ) In selecting the expected long-term return on assets for the qualified and foreign plans, we considered the average rate of earnings expected on the funds invested or to be invested to provide for the benefits of these plans. We, with input from the plans’ professional investment managers and actuaries, also considered the average rate of earnings expected on the funds invested or to be invested to provide plan benefits. This process included determining expected returns for the various asset classes that comprise the plans’ target asset allocation. This basis for selecting the long-term return on assets is consistent with the prior year. Using generally accepted diversification techniques, the plans’ assets, in aggregate and at the individual portfolio level, are invested so that the total portfolio risk exposure and risk-adjusted returns best meet the plans’ long-term benefit obligations to employees. Plan asset allocations are reviewed periodically and rebalanced to achieve target allocation among the asset categories when necessary. This included considering the pension asset allocation and the expected returns likely to be earned over the life of the plans. The funded status of the defined benefit post-retirement plans and amounts recognized in the consolidated balance sheets, measured as of December 31, 2018 and December 31, 2017 were as follows (in thousands): Pension Benefits Other Post-retirement Benefits December 31, December 31, 2018 2017 2018 2017 Change in projected benefit obligation: Balance at beginning of year $ 399,638 $ 45,300 $ 11,685 $ — Service cost 2,993 181 1 — Interest cost 9,164 2,158 336 20 Amendments 341 — — — Actuarial loss (gain) (16,081 ) 413 (1,166 ) 263 Exchange rate (gain) / loss (9,661 ) 5,759 — — Acquisitions — 348,542 — 11,445 Benefits paid (23,060 ) (2,715 ) (580 ) (43 ) Settlement payments — — — — Balance at end of year $ 363,334 $ 399,638 $ 10,276 $ 11,685 Change in fair value of plan assets: Balance at beginning of year $ 247,583 $ 31,776 $ — $ — Actual return on assets (1) (15,183 ) 10,374 (580 ) — Exchange rate (gain) / loss (2,430 ) 1,256 — Acquisitions - Transferred — 28,903 — Acquisitions - Plan receivable from Colfax — 176,572 — Benefits paid (23,060 ) (2,715 ) (43 ) Settlement payments — — — Employer contributions 4,083 1,417 580 43 Fair value of plan assets at end of year (2) $ 210,993 $ 247,583 $ — $ — Funded status: Excess of benefit obligation over the fair value of plan assets $ (152,341 ) $ (152,055 ) $ (10,276 ) $ (11,685 ) Pension plan accumulated benefit obligation (“ABO”) $ 363,334 $ 399,638 N/A N/A (1) 2017 includes $2.3 million of plan assets still held in the prior plan at Colfax. (2) Refer to Note 17, Fair Value for further disclosure regarding our fair value hierarchy assessment. The following information is presented as of December 31, 2018 and 2017 (in thousands): Pension Benefits Other Post-retirement Benefits 2018 2017 2018 2017 Funded status, end of year: Fair value of plan assets $ 210,993 $ 247,583 $ — $ — Projected Benefit obligation $ (363,334 ) (399,638 ) (10,276 ) — Net pension liability $ (152,341 ) $ (152,055 ) $ (10,276 ) $ — Post-retirement amounts recognized in the balance sheet consists of: Non-current asset $ 1,776 $ 1,517 $ — $ — Current liability $ (3,494 ) (2,853 ) (701 ) (746 ) Non-current liability $ (150,623 ) (150,719 ) (9,575 ) (10,939 ) Total $ (152,341 ) $ (152,055 ) $ (10,276 ) $ (11,685 ) Amounts recognized in accumulated other comprehensive income consist of: Net losses $ 28,497 $ 13,937 $ (902 ) $ 263 Prior service cost (gain) 325 — — — Total 28,822 13,937 (902 ) 263 Estimated future benefit expense to be recognized in other comprehensive income (loss): 2019 Amortization of net losses $ 521 Prior service cost 15 Total $ 536 As of December 31, 2018 , the benefit payments expected to be paid in each of the next five years and the aggregate for the five fiscal years thereafter were as follows (in thousands): 2019 2020 2021 2022 2023 2024-2028 Pension Benefits - All Plans $ 23,249 $ 23,093 $ 22,912 $ 22,656 $ 22,402 $ 105,518 Other Post-retirement Benefits 701 668 662 636 622 2,854 Expected benefit payments $ 23,950 $ 23,761 $ 23,574 $ 23,292 $ 23,024 $ 108,372 |
Contingencies, Commitments And
Contingencies, Commitments And Guarantees | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments And Guarantees | Contingencies, Commitments and Guarantees Legal Proceedings We are subject to various legal proceedings and claims pertaining to matters such as product liability or contract disputes, including issues that may arise under certain customer contracts with aerospace and defense customers. We are also subject to other proceedings and governmental inquiries, inspections, audits or investigations pertaining to issues such as tax matters, patents and trademarks, pricing, business practices, governmental regulations, employment and other matters. Although the results of litigation and claims cannot be predicted with certainty, we believe that the ultimate disposition of these matters, to the extent not previously provided for, will not have a material adverse effect, individually or in the aggregate, on our business, financial condition, results of operations or liquidity. On February 21, 2018, the Company entered into a mediated settlement regarding a wage and hour action in California by a former employee. In October 2016, the plaintiff alleged non-compliance with California State labor law, including missed or late meal breaks, for hourly employees of CIRCOR Aerospace, Inc. in Corona, California. The total settlement amount of $2.4 million was initially recorded as a liability as of December 31, 2017. This settlement resolves all wage/hour claims by all potentially affected employees through the settlement date and was approved by the California Superior Court during 2018. The Company expects to make payment during the second quarter of 2019. Asbestos-related product liability claims continue to be filed against two of our subsidiaries: Spence Engineering Company, Inc. (“Spence”), the stock of which we acquired in 1984; and CIRCOR Instrumentation Technologies, Inc. (f/k/a Hoke, Inc.) (“Hoke”), the stock of which we acquired in 1998. Due to the nature of the products supplied by these entities, the markets they serve and our historical experience in resolving these claims, we do not expect that these asbestos-related claims will have a material adverse effect on the financial condition, results of operations or liquidity of the Company. Standby Letters of Credit We execute standby letters of credit, which include bank guarantees, bid bonds and performance bonds, in the normal course of business to ensure our performance or payments to third parties. The aggregate notional value of these instruments was $70.7 million at December 31, 2018 of which $35.6 million were syndicated under the Credit Agreement. Our historical experience with these types of instruments has been good and no claims have been paid in the current or past several fiscal years. We believe that the likelihood of demand for payments relating to the outstanding instruments is remote. These instruments generally have expiration dates ranging from less than 1 month to 5 years from December 31, 2018 . The following table contains information related to standby letters of credit instruments outstanding as of December 31, 2018 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 48,740 Greater than 12 months 21,928 Total $ 70,668 Operating Lease Commitments Rental expense under operating lease commitments amounted to $ 9.5 million , $ 6.4 million and $ 5.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Minimum rental commitments due under non-cancelable operating leases, primarily for office and warehouse facilities, were as follows at December 31, 2018 (in thousands): 2019 2020 2021 2022 2023 Thereafter Minimum lease commitments $ 9,481 $ 6,303 $ 4,573 $ 3,345 $ 2,540 $ 6,032 Commercial Contract Commitment As of December 31, 2018 , we had approximately $ 118.3 million of commercial contract commitments related to open purchase orders. Insurance We maintain insurance coverage of a type and with such limits as we believe are customary and reasonable for the risks we face and in the industries in which we operate. While many of our policies do contain a deductible, the amount of such deductible is typically not material. Our accruals for insured liabilities are not discounted and take into account these deductibles and are based on claims filed and reported as well as estimates of claims incurred but not yet reported. |
Guarantees And Indemnification
Guarantees And Indemnification Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees And Indemnification Obligations [Abstract] | |
Guarantees And Indemnification Obligations | Guarantees and Indemnification obligations As permitted under Delaware law, we have agreements whereby we indemnify certain of our officers and directors for certain events or occurrences while the officer or director is, or was, serving at our request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited. However, we have directors and officers’ liability insurance policies that limit our exposure for events covered under the policies and should enable us to recover a portion of any future amounts paid. As a result of the coverage under these insurance policies, we believe the estimated fair value of these indemnification agreements is minimal and, therefore, have no liabilities recorded from those agreements as of December 31, 2018 . We record provisions for the estimated cost of product warranties, primarily from historical information, at the time product revenue is recognized. While we engage in extensive product quality programs and processes, our warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure, and supplier warranties on parts delivered to us. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from our estimates, revisions to the estimated warranty liability would be required. Our warranty liabilities are included in accrued expenses and other current liabilities on our consolidated balance sheets. The following table sets forth information related to our product warranty reserves for the years ended December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Balance beginning January 1 $ 4,623 $ 4,559 Provisions 2,854 2,590 Claims settled (2,946 ) (4,508 ) Acquired reserves/other (347 ) 1,759 Currency translation adjustment (134 ) 223 Balance ending December 31 $ 4,050 $ 4,623 Warranty obligations of $4.1 million for the year ended December 31, 2018 decreased $0.5 million from $4.6 million for the year ended December 31, 2017. Decreases in warranty obligations were primarily driven by claims settled within certain Industrial businesses. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Financial Instruments The company utilizes fair value measurement guidance prescribed by accounting standards to value its financial instruments. The guidance establishes a fair value hierarchy based on the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level One : Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level Two : Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level Three : Inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The fair values of the Company’s pension plan assets as of December 31, 2018 and 2017 , utilizing the fair value hierarchy were as follows (in thousands): December 31, 2018 December 31, 2017 Measured at Net Asset Value (1, 3) Level 1 Level 2 Total Measured at Net Asset Value (1, 2) Level 1 Level 2 Total U.S. Plans: Cash Equivalents: Money Market Funds $ 3,831 $ — $ — $ 3,831 $ 237 $ 237 Mutual Funds: Bond Funds — — — — — — — — Large Cap Funds — — — — — — — — International Funds 20,295 — — 20,295 4,838 — — 4,838 Small Cap Funds — — — — — — — — Blended Funds — — — — — — — — Mid Cap Funds — — — — — — — — Comingled Pools: Opportunistic 15,461 — — 15,461 3,106 — — 3,106 Investment Grade 51,340 — — 51,340 10,664 — — 10,664 Non-U.S. Equity 17,432 — — 17,432 4,730 — — 4,730 U.S. Equity 70,059 — — 70,059 14,773 — — 14,773 Global Low Volatility $ 5,400 $ — — 5,400 — — — — Foreign Plans: Cash 22 — 22 — 518 — 518 Equity 8,623 — 8,623 10,499 — 184 10,683 Non-U.S. government and corporate bonds 13,569 — 13,569 15,146 — 669 15,815 Insurance Contracts 240 3,542 3,782 306 — 2,932 3,238 Other 368 368 — 38 — 38 Total Fair Value $ 206,250 $ 22 $ 3,910 $ 210,182 $ 64,062 $ 793 $ 3,785 $ 68,640 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”) have not been classified in the fair value hierarchy. These investments, consisting of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund, that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term. (2) $179 million of pension plan asset receivable was excluded from the December 31, 2017 leveling table above as CIRCOR did not yet control the assets. The fair value was determined based on CIRCOR's percent of Colfax U.S. pension plan assets which were valued by Colfax using NAV as described in (1). (3) $0.8 million of pension plan asset receivable was excluded from the FY'18 leveling table above as CIRCOR did not yet control the assets. The fair value of the Company’s assets which are to be reimbursed to Colfax for 2018 pension benefits paid, expenses and investment return on those payments were as follows (in thousands): December 31, 2018 Measured at Net Asset Value (1) Level 1 Level 2 Total Investments owed to Colfax: Cash Equivalents: Money Market Funds $ 2,852 $ — $ — $ 2,852 The fair value measurements of the Company's financial instruments as of December 31, 2018 are summarized in the table below: Significant Other Observable Inputs Level 2 Derivatives $ (1,969 ) The carrying amounts of cash and cash equivalents, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments. Cash equivalents are carried at cost which approximates fair value at the balance sheet date and is a Level 1 financial instrument. The Company's outstanding debt balances are characterized as Level 2 financial instruments. As of December 31, 2018 , the fair value of our gross term loan debt (before netting debt issuance costs) was $735.7 million , or $41.4 M below our carrying cost of $777.1 million . As of December 31, 2017 , the outstanding balance of the Company’s debt approximated fair value based on current rates available to the Company for debt of the same maturity. Effective April 12, 2018, the Company entered into an interest rate swap pursuant to an International Swaps and Derivatives Association ("ISDA") Master Agreement with Citizens Bank, National Association ("interest rate swap"). The four -year interest rate swap has a fixed notional value of $400.0 million with a 1% LIBOR floor and a maturity date of April 12, 2022. The fixed rate of interest paid by the Company is comprised of our current credit spread of 350 basis points plus 2.6475% for a total interest rate of 6.1475% . The ISDA Master Agreement, together with its related schedules, contain customary representations, warranties and covenants. This hedging agreement was entered into to mitigate the interest rate risk inherent in the Company’s variable rate debt and is not for speculative trading purposes. The Company has designated the interest rate swap as a qualifying hedging instrument and is treating it as a cash flow hedge for accounting purposes pursuant to ASC 815, Derivatives and Hedging . The net fair value of the interest rate swap was $( 2.0 ) million and is recorded in Accrued Expenses and Other Current Liabilities of $0.5 million and Other Non-Current Liabilities of $1.5 million on our condensed consolidated balance sheet as of December 31, 2018 . The unrealized loss recognized in other comprehensive loss was $2.0 million for the twelve months ended December 31, 2018 . The realized loss of $1.6 million was reclassified from other comprehensive loss to interest expense as interest expense was accrued on the swap during the twelve months ended December 31, 2018 . Amounts expected to be reclassified from other comprehensive income into interest expense in the coming 12 months is a loss of $0.6 million . Interest expense (including the effects of the cash flow hedges) related to the portion of the Company's term loan subject to the aforementioned interest-rate swap agreement was $23.8 million for twelve months ended December 31, 2018 . Foreign Currency Contracts The Company is exposed to certain risks relating to its ongoing business operations including foreign currency exchange rate risk and interest rate risk. The Company currently uses derivative instruments to manage foreign currency risk on certain business transactions denominated in foreign currencies. To the extent the underlying transactions hedged are completed, these forward contracts do not subject us to significant risk from exchange rate movements because they offset gains and losses on the related foreign currency denominated transactions. These forward contracts do not qualify as hedging instruments and, therefore, do not qualify for fair value or cash flow hedge treatment. Any gains and losses on our contracts are recognized as a component of other expense in our consolidated statements of income. As of December 31, 2018 and December 31, 2017 , we had no forward contracts. Our foreign currency forward contracts fall within Level 2 of the fair value hierarchy, in accordance with ASC Topic 820. The foreign exchange (gains)/losses for the year ended December 31, 2018 , 2017 and 2016 were $0.0 million , $0.1 million , and $(0.6) million , respectively, and are included in other (income) expense in our consolidated statements of income. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment and Geographical Information Our reportable segments have been identified in accordance with ASC 280-10-50 through our evaluation of how the Company engages in business activities to earn revenues and incur expenses, which operating results are regularly reviewed by our chief operating decision maker (“CODM”) to assess performance and make decisions about resources to be allocated, and the availability of discrete financial information. CIRCOR’s reportable segments are generally organized based upon the end markets we sell our product and services into. No individual operating segments have been aggregated for purposes of determining our reportable segments. Effective January 1, 2018, we realigned our businesses with end markets to simplify the business, clarify customer and channel relationships and help us exploit growth synergy opportunities across the organization. Our reporting segments are Energy, Aerospace & Defense and Industrial. The Energy segment remains unchanged except for the addition of Reliability Services, a business from the FH acquisition. The Aerospace & Defense segment includes the Aerospace business out of our previous Advanced Flow Solutions segment, as well as the Pumps Defense business of Fluid Handling. The Industrial segment includes the remaining portion of Fluid Handling as well as the industrial solutions and power and process businesses (mainly control valves) that were part of Advanced Flow Solutions. In addition, a number of smaller product lines were realigned as part of this change to better manage and serve our customers. The current and prior periods are reported under the new segment structure. Each reporting segment is individually managed, as each requires different technology and marketing strategies, and has separate financial results that are reviewed by our CODM. Our CODM evaluates segment performance and determines how to allocate resources utilizing, among other data, segment operating income. Segment operating income excludes special and restructuring charges, net. In addition, certain administrative expenses incurred at the corporate level for the benefit of the reporting segments are allocated to the segments based upon specific identification of costs, employment related information or net revenues. Each segment contains related products and services particular to that segment. Corporate is reported on a net “after allocations” basis. Inter-segment intercompany transactions affecting net operating profit have been eliminated within the respective reportable segments. The amounts reported in the Corporate expenses line item in the following table consists primarily of the following: compensation and fringe benefit costs for executive management and other corporate staff; Board of Director compensation; corporate development costs (relating to mergers and acquisitions); human resource development and benefit plan administration expenses; legal, accounting and other professional and consulting costs; facilities, equipment and maintenance costs; and travel and various other administrative costs related to our corporate office and respective functions. The above costs are incurred in the course of furthering the business prospects of the Company and relate to activities such as: implementing strategic business growth opportunities; corporate governance; risk management; tax; treasury; investor relations and shareholder services; regulatory compliance; strategic tax planning; and stock transfer agent costs. Our CODM evaluates segment operating performance using segment operating income. Segment operating income is defined as GAAP operating income excluding intangible amortization and amortization of fair value step-ups of inventory and fixed assets from acquisitions completed subsequent to December 31, 2011, the impact of restructuring related inventory write-offs, impairment charges and special charges or gains. The Company also refers to this measure as adjusted operating income. The Company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitate comparison of performance for determining incentive compensation achievement. The following table presents certain reportable segment information (in thousands): 2018 2017 2016 Net revenues Energy $ 451,232 $ 339,617 $ 305,939 Aerospace & Defense 237,017 182,983 166,127 Industrial 487,576 139,110 118,193 Consolidated revenues $ 1,175,825 $ 661,710 $ 590,259 Segment income Energy - Segment Operating Income $ 33,496 $ 30,131 $ 32,651 Aerospace & Defense - Segment Operating Income 36,047 23,375 15,368 Industrial - Segment Operating Income 57,340 19,932 20,056 Corporate expenses (30,299 ) (21,744 ) (25,672 ) Subtotal 96,584 51,694 42,403 Special restructuring charges, net 12,752 6,062 8,975 Special other charges, net 11,087 7,989 8,196 Special and restructuring charges, net 23,839 14,051 17,171 Restructuring related inventory charges 2,402 — 2,846 Amortization of inventory step-up 6,600 4,300 1,365 Impairment charges — — 202 Acquisition amortization 47,310 12,542 9,901 Acquisition depreciation 7,049 233 — Brazil restatement impact — — — Restructuring and other cost, net 63,361 17,075 14,314 Consolidated Operating Income 9,384 20,568 10,918 Interest Expense, net (a) 52,913 10,777 3,310 Other Expense (Income), net (a) (7,435 ) 3,678 (2,072 ) Income from continuing operations before income taxes $ (36,094 ) $ 6,113 $ 9,680 Identifiable assets Energy $ 882,630 $ 837,492 $ 463,359 Aerospace & Defense 399,102 375,094 486,369 Industrial 1,279,048 1,408,217 — Corporate $ (769,168 ) (714,004 ) (279,813 ) Consolidated Identifiable assets $ 1,791,612 $ 1,906,799 $ 669,915 Capital expenditures Energy $ 7,448 $ 3,840 $ 3,902 Aerospace & Defense 4,739 3,400 4,441 Industrial 9,813 5,928 4,094 Corporate 1,787 1,378 1,775 Consolidated Capital expenditures $ 23,787 $ 14,546 $ 14,212 Depreciation and amortization Energy $ 16,482 $ 12,518 $ 7,102 Aerospace & Defense 10,937 4,325 15,624 Industrial 49,939 11,881 — Corporate 750 1,313 1,209 Consolidated Depreciation and amortization $ 78,108 $ 30,037 $ 23,935 The total assets for each reportable segment have been reported as the Identifiable Assets for that segment, including inter-segment intercompany receivables, payables and investments in other CIRCOR companies. Identifiable assets reported in Corporate include both corporate assets, such as cash, deferred taxes, prepaid and other assets, fixed assets, as well as the elimination of all inter-segment intercompany assets. The elimination of intercompany assets results in negative amounts reported in Corporate for Identifiable Assets. Corporate Identifiable Assets after elimination of intercompany assets were $ 23.8 million , $ 15.6 million , and $ 50.5 million as of December 31, 2018 , 2017 and 2016 , respectively. The following tables present net revenue and long-lived assets by geographic area. The net revenue amounts are based on shipments to each of the respective areas. Year Ended December 31, Net revenues by geographic area (in thousands) 2018 2017 2016 United States $ 535,008 $ 324,204 $ 232,650 France 48,346 41,584 42,908 Germany 97,771 32,480 26,451 Canada 45,919 28,703 32,750 Saudi Arabia 10,037 28,626 68,693 United Kingdom 37,154 26,872 27,579 China 35,735 16,875 11,157 Norway 29,523 13,462 21,668 Rest of Europe 106,105 56,638 32,460 Rest of Asia-Pacific 102,131 55,265 39,808 Other 128,096 37,001 54,135 Total net revenues $ 1,175,825 $ 661,710 $ 590,259 December 31, Long-lived assets by geographic area (in thousands) 2018 2017 United States $ 129,527 $ 130,587 Germany 41,852 42,651 UK 11,330 12,592 India 8,535 7,618 Italy 3,999 5,213 Mexico 3,689 2,853 France 3,271 3,851 Netherlands 2,291 2,823 Other 5,325 9,351 Total long-lived assets $ 209,819 $ 217,539 |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information Summary Quarterly Data — Unaudited (in thousands, except per share information) First Quarter Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2018 Net revenues $ 275,580 $ 301,368 $ 297,514 $ 301,363 Gross profit 76,304 88,251 85,078 92,018 Net income (loss) (17,441 ) 5,902 (6,841 ) (21,005 ) Earnings (loss) per common share: Basic $ (0.88 ) $ 0.30 $ (0.34 ) $ (1.06 ) Diluted (0.88 ) 0.30 (0.34 ) (1.06 ) Dividends per common share — — — — Year Ended December 31, 2017 Net revenues $ 145,208 $ 151,231 $ 159,693 $ 205,578 Gross profit 46,633 47,668 47,303 59,216 Net income (loss) 4,773 8,970 3,617 (5,571 ) Earnings per common share: Basic $ 0.29 $ 0.54 $ 0.22 $ (0.32 ) Diluted 0.29 0.54 0.22 (0.32 ) Dividends per common share 0.0375 0.0375 0.0375 0.0375 |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | Additions (Reductions) Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions (1) Balance at End of Period (in thousands) Year ended December 31, 2018 Deducted from asset account: Allowance for doubtful accounts $ 4,791 $ 1,107 $ 1,075 $ (238 ) $ 6,735 Year ended December 31, 2017 Deducted from asset account: Allowance for doubtful accounts (2) $ 5,056 $ (87 ) $ 378 $ (556 ) $ 4,791 Year ended December 31, 2016 Deducted from asset account: Allowance for doubtful accounts $ 8,290 $ 613 $ 425 $ (4,272 ) $ 5,056 (1) Uncollectible accounts written off, net of recoveries. |
Subsequent Event (Notes)
Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event In January 2019, the Company announced the sale of its Reliability Services ("RS") business to an affiliate of RelaDyne LLC, a leading provider of lubricants and industrial reliability services, for approximately $85 million in cash, on a cash-free, debt-free basis. The RS business provides critical lubrication and flushing services, and oil misting equipment to customers in the Oil & Gas, Petrochemical, Power Generation, Industrial and Navy markets. The RS business was acquired as part of the December 2017 fluid handing acquisition and was previously reported within the Energy segment As of December 31, 2018,the RS business is collapsed as "held for sale" with the current assets and current liabilities section of our balance sheet. We anticipate recording a special gain on the RS sale during the first quarter of 2019 in the range of $4.0 million to $8.0 million . The divestiture is in line with CIRCOR's strategy to focus on its core mission-critical flow control platform and underscores its commitment to strengthening its balance sheet. The Company expects to use the net proceeds from the sale to pay down outstanding debt. |
Other (Income) Expense, Net
Other (Income) Expense, Net | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense, Net | Other (Income) Expense, Net The following table outlines other (income) expense, net (in thousands): December 31, 2018 2017 Pension - Interest cost $ 9,164 $ — Pension - Expected return on assets (15,418 ) — Foreign Currency Translations (1,840 ) 2,136 Other 659 1,542 Other (income) expense, net $ (7,435 ) $ 3,678 On January 1, 2018, we adopted the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715), which amends the presentation requirements of service cost and other components of net benefit cost in the income statement. Service costs are recorded within the selling, general, and administrative caption of our consolidated income statement, while the other components of net benefit cost are recorded in the other expense (income), net caption of our consolidated income statement. Refer to Note 2, Summary of Significant Accounting Policies, for further details of adopting ASU 2017-07. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation And Basis Of Presentation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of CIRCOR and its subsidiaries. The results of companies acquired are included in the consolidated financial statements from the date of acquisition. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. These reclassifications have no effect on the previously reported net income. |
Use Of Estimates | Use of Estimates The preparation of these financial statements in conformity with generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Some of the more significant estimates relate to acquisition accounting, estimated total costs for ongoing long-term contracts accounted for under the percentage of completion method, inventory valuation, share-based compensation, amortization and impairment of long-lived assets, pension benefits obligations, income taxes, penalty accruals for late shipments, asset valuations, and product warranties. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ materially from those estimates. |
Revenue Recognition | Revenue Recognition Revenues disclosed for 2017 and 2016 were accounted for in accordance with ASC 605. Under this standard, revenue was primarily recognized when title and risk of loss have passed to the customer, persuasive evidence of an arrangement exists, no significant post delivery obligations remain, the price to the buyers is fixed or determinable and collection of the resulting receivable is reasonably assured. Revenues and costs on certain long-term capital contracts are recognized on the percentage-of-completion method measured on the basis of costs incurred to estimated total costs for each contract. This method is used because management considers it to be the best available measure of progress towards completion on these contracts. Revenues and costs on contracts are subject to change in estimate throughout the duration of the contracts, and any required adjustments are made in the period in which a change in estimate becomes known. Estimated losses on contracts in progress are recognized in the period in which a loss becomes known. Unbilled receivables for net revenues recognized in excess of the amounts billed for active projects are recognized within other current assets on the balance sheet. The Company provides for the estimated costs to fulfill customer warranty obligations upon the recognition of the related revenue. Shipping and handling costs invoiced to customers are recorded as components of revenues and the associated costs are recorded as cost of revenues. We recognize revenue net of sales returns, rebates, penalties, and discounts. Accounts receivable allowances include sales returns and bad debt allowances. The Company monitors and tracks the amount of product returns and reduces revenue at the time of shipment for the estimated amount of such future returns, based on historical experience. The Company makes estimates evaluating its allowance for doubtful accounts. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon its historical experience and any specific customer collection issues that it has identified. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. Refer to Note 3, Revenue Recognition for CIRCOR's revenue recognition policy |
Cost Of Revenue | ost of Revenue Cost of revenue primarily reflects the costs of manufacturing and preparing products for sale and, to a much lesser extent, the costs of performing services. Cost of revenue is primarily comprised of the cost of materials, outside processing, inbound freight, production, direct labor and overhead including indirect labor, which are expenses that directly result from the level of production activity at the manufacturing plant. Additional expenses that directly result from the level of production activity at the manufacturing plant include: purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, utility expenses, property taxes, amortization of inventory step-up from revaluation at the date of acquisition, depreciation of production building and equipment assets, warranty costs, salaries and benefits paid to plant manufacturing management and maintenance supplies. |
Inventories | Inventories Inventories are stated at net realizable value. Cost is generally determined on the first-in, first-out (“FIFO”) basis. Where appropriate, standard cost systems are utilized for purposes of determining cost; the standards are adjusted as necessary to ensure they approximate actual cost. We typically analyze our inventory aging and projected future usage on a quarterly basis to assess the adequacy of our inventory allowance, which primarily consist of obsolescence and net realizable value estimates. These estimates are measured either on an item-by-item basis or higher-level inventory grouping and determined based on the difference between the cost of the inventory and estimated market value. The provision for inventory allowance is a component of our cost of revenues. Assumptions about future demand are among the primary factors utilized to estimate market value. At the point of the loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Only subsequent inventory transaction via sale or disposal would then release the established inventory reserve. If there were to be a sudden and significant decrease in demand for our products, significant price reductions, or if there were a higher incidence of inventory obsolescence for any reason, including a change in technology or customer requirements, we could be required to increase our inventory allowances and our gross profit could be adversely affected. |
Penalty Accruals | |
Business Acquisitions | Business Acquisitions The definition of a business introduces a “screen test” that is a quantitative threshold for defining asset acquisitions. If substantially all of the acquisition is made up of one asset or several similar assets, then the acquisition is an asset acquisition. “Substantially all” is commonly considered to be approximately 90%. While it is not a bright line, if it meets or exceeds the threshold it’s an asset acquisition. Otherwise, the analysis must continue through the “full model.” This means that the structure of the transaction will be important in determining the accounting result. We account for business combinations under the acquisition method, and accordingly, the assets and liabilities of the acquired businesses are recorded at their estimated fair value on the acquisition date with the excess of the purchase price over their estimated fair value recorded as goodwill. We determine acquisition related asset and liability fair values through established valuation techniques for industrial manufacturing companies and utilize third party valuation firms to assist in the valuation of certain tangible and intangible assets. The consideration for our acquisitions may include future payments that are contingent upon the occurrence of a particular event. For acquisitions that qualify as business combinations, we record an obligation for such contingent payments at fair value on the acquisition date. We estimate the fair value of contingent consideration obligations through valuation models that incorporate probability adjusted assumptions related to the achievement of the milestones and thus likelihood of making related payments or by using a Monte Carlo simulation model. We revalue these contingent consideration obligations each reporting period. Changes in the fair value of our contingent consideration obligations are recognized within general and administrative expense in our consolidated statements of income. Accounting Standards Codification ("ASC") Topic 805, Business Combinations, provides guidance regarding business combinations and requires acquisition-date fair value measurement of identifiable assets acquired, liabilities assumed, and non-controlling interests in the acquiree. For additional information, refer to Note 4, Business Acquisitions. |
Goodwill And Intangible Assets | Goodwill Goodwill is measured as the excess of the cost of acquisition over the sum of the amounts assigned to identifiable tangible and intangible assets acquired less liabilities assumed. For goodwill, we perform an impairment assessment at the reporting unit level on an annual basis as of the end of our October month end or more frequently if circumstances warrant. Our annual impairment assessment requires a comparison of the fair value of each of our reporting units to the respective carrying value. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying value of a reporting unit is greater than its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Additionally, we will consider the income tax effect from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. Determining the fair value of a reporting unit is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, we estimate the fair value of our reporting units using an income approach based on the present value of future cash flows. We believe this approach yields the most appropriate evidence of fair value. We also utilize the comparable company multiples method and market transaction fair value method to validate the fair value amount we obtain using the income approach. The key assumptions utilized in our discounted cash flow model include our estimates of future cash flows from operating activities, including those used in the estimated terminal value as well as the discount rate based on a weighted average cost of capital. Any unfavorable material changes to these key assumptions could potentially impact our fair value determinations. As such, we may experience fluctuations in revenues and operating results resulting in the non-achievement of our estimated growth rates, operating performance and working capital estimates utilized in our discounted cash flow models. For more information related to our Goodwill, see Note 8, Goodwill and Other Intangible Assets. Indefinite-Lived Intangible Assets For intangible assets with indefinite lives, we perform an impairment assessment at the asset level on an annual basis as of the October month end or more frequently if circumstances warrant. Indefinite-lived intangible assets, such as trade names, are generally recorded and valued in connection with a business acquisition. These assets are reviewed at least annually for impairment, or more frequently if facts and circumstances warrant. We also utilized a fair value calculation to evaluate these intangibles. Determining the fair value is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, we estimate the fair value using an income approach based on the present value of future cash flows. We note the fair value of each individual indefinite-lived asset exceeded the respective carrying amount, and no intangible impairments were recorded. |
Impairment Of Other Long-Lived Assets | Other Long-Lived Assets In accordance with ASC 360, Plant, Property, and Equipment, we perform impairment analyses of our long-lived assets group whenever events and circumstances indicate that they may be impaired. When the undiscounted future cash flows are expected to be less than the carrying value of identified asset groups being reviewed for impairment, the asset groups are written down to fair value. See Note 7, Property, Plant and Equipment, for further information on impairment of other long-lived assets. |
Pension Benefits | Post Retirement Benefits Pensions and other post-retirement benefits obligations and net periodic benefit costs are actuarially determined and are affected by several assumptions including the discount rate, mortality, and the expected long-term return on plan assets. Changes in the assumptions and differences from actual results will affect the amounts of net periodic benefit cost recognized in future periods. These assumptions may also have an effect on the amount and timing of future cash contributions. As required in the recognition and disclosure provisions of ASC Topic 715, Compensation - Retirement Benefits, the Company recognizes the over-funded or under-funded status of defined benefit post-retirement plans in its balance sheet, measured as the difference between the fair value of plan assets and the benefit obligations (the projected benefit obligation for pension plans and the accumulated post-retirement benefit obligation for other post-retirement plans). The change in the funded status is the net of the recognized net periodic benefit cost, cash contributions to the trust/benefits paid directly by CIRCOR and recognized changes in other comprehensive income. Other comprehensive income changes are due to new actuarial gains and losses and new plan amendments and the amortizations of amounts in the net periodic benefit cost. Unrecognized actuarial gains and losses in excess of the 10% corridor (defined as the threshold above which gains or losses need to be amortized) are being recognized for all plans over the weighted average expected remaining service period of the employee group unless substantially all participants are inactive in which case the average remaining lifetime of covered participants is used. Unrecognized actuarial gains and losses arise from several factors including changes in the benefit obligations from actuarial experience and assumption changes and from the difference between expected returns and actual returns on plan assets. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if we anticipate that it is more likely than not that we may not realize some or all of a deferred tax asset. In accordance with the provisions of ASC Topic 740, Income Taxes, the Company initially recognizes the financial statement effect of a tax position when, based solely on its technical merits, it is more likely than not (a likelihood of greater than fifty percent) that the position will be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard, are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. If future results of operations exceed our current expectations, our existing tax valuation allowances may be adjusted, resulting in future tax benefits. Alternatively, if future results of operations are less than expected, future assessments may result in a determination that some or all of the deferred tax assets are not realizable. Consequently, we may need to establish additional tax valuation allowances for a portion or all of the gross deferred tax assets, which may have a material adverse effect on our results of operations. Under ASC Topic 740, only the portion of the liability that is expected to be paid within one year is classified as a current liability. As a result, liabilities expected to be resolved without the payment of cash (e.g., due to the expiration of the statute of limitations) or are not expected to be paid within one year are classified as non-current. It is the Company’s policy to record estimated interest and penalties as income tax expense and tax credits as a reduction in income tax expense. With respect to GILTI, the company has adopted a policy to account for this provision as a period cost. Also, the Company has adopted the impact of ASU 2018-05 in our financial statements. For more information related to our Income Taxes, see Note 9, Income Taxes. |
Share-Based Compensation | Share-Based Compensation Share-based compensation costs are based on the grant date fair value estimated in accordance with the provisions of ASC 718, Accounting for Share Based Payments, and these costs are recognized over the requisite vesting period. The Black-Scholes option pricing model is used to estimate the fair value of each stock option at the date of grant excluding the 2013 and 2014 CEO stock option awards which are valued using the Monte Carlo option pricing model as these are market condition awards. Black-Scholes utilizes assumptions related to volatility, the risk-free interest rate, the dividend yield and employee exercise behavior. Expected volatilities utilized in the model are based on the historic volatility of the Company’s stock price. The risk-free interest rate is derived from the U.S. Treasury Yield curve in effect at the time of the grant. The model incorporates exercise and post-vesting forfeiture assumptions based on an analysis of historical data. Market condition stock option awards include both a service period and a market performance vesting condition. The stock options vest if certain stock price targets are met based on the stock price closing at or above the target for 60 consecutive trading days. Vested options may be exercised 25% at the time of vesting, 50% one year from the date of vesting and 100% two years from the date of vesting. These market condition stock option awards are being expensed utilizing a graded method and are subject to forfeiture in the event of employment termination (whether voluntary or involuntary) prior to vesting. To the extent that the market conditions above (stock price targets) are not met, those options will not vest and will forfeit 5 years from grant date. The Company used a Monte Carlo simulation option pricing model to value these option awards. See Note 12, Share-Based Compensation, for further information on share-based compensation. |
Environmental Compliance And Remediation | Environmental Compliance and Remediation Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to existing conditions caused by past operations, which do not contribute to current or future revenue generation, are expensed. Expenditures that meet the criteria of "Regulated Operations" are capitalized. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. In accordance with ASC 450, Contingencies, estimated costs are based upon current laws and regulations, existing technology and the most probable method of remediation. |
Foreign Currency Translation | Foreign Currency Our international subsidiaries operate and report their financial results using local functional currencies. Accordingly, all assets, liabilities, revenues and costs of these subsidiaries are translated into United States dollars using exchange rates in effect at the end of the relevant periods. The resulting translation adjustments are presented as a separate component of other comprehensive income. We do not provide for U.S. income taxes on foreign currency translation adjustments since we do not provide for such taxes on undistributed earnings of foreign subsidiaries. Our net foreign exchange losses / (gains) recorded for the years ended December 31, 2018 , 2017 and 2016 were ($1.8) million , $2.1 million , and $2.1 million , respectively and are included in other (income) expense in the consolidated statements of income. See Note 17, Fair Value, for additional information on foreign currency exchange risk. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share are calculated by dividing net income by the number of weighted average common shares outstanding. Diluted earnings per common share is calculated by dividing net income by the weighted average common shares outstanding and assumes the conversion of all dilutive securities when the effects of such conversion would not be anti-dilutive. Earnings per common share and the weighted average number of shares used to compute net earnings per common share, basic and assuming full dilution, are reconciled below (in thousands, except per share data): Year Ended December 31, 2018 2017 2016 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ (39,384 ) 19,834 $ (1.99 ) $ 11,789 16,674 $ 0.71 $ 10,101 16,418 $ 0.62 Dilutive securities, principally common stock options — 0.00 175 (0.01 ) 118 (0.01 ) Diluted EPS $ (39,384 ) 19,834 $ (1.99 ) $ 11,789 16,849 $ 0.70 $ 10,101 16,536 $ 0.61 Certain stock options to purchase common shares and restricted stock units ("RSUs") were anti-dilutive. There were 1,041,454 anti-dilutive stock options, RSUs, and RSU MSPs for the year ended December 31, 2018 with exercise prices ranging from $26.06 to $71.56 . There were 252,001 anti-dilutive stock options and RSUs for the year ended December 31, 2017 with exercise prices ranging from $51.84 to $71.56 . There were 36,281 anti-dilutive stock options and RSUs for the year ended December 31, 2016 with exercise prices ranging from $70.42 to $79.33 . As of December 31, 2018 , there were 13,029 outstanding RSUs that contain rights to nonforfeitable dividend equivalents and are considered participating securities that are included in our computation of basic and fully diluted earnings per share. |
Fair Value | Fair Value ASC Topic 820, Fair Value Measurement, defines fair value and includes a framework for measuring fair value and disclosing fair value measurements in financial statements. Fair value is a market-based measurement rather than an entity-specific measurement. The fair value hierarchy makes a distinction between assumptions developed based on market data obtained from independent sources (observable inputs) and the reporting entity’s own assumptions (unobservable inputs). This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). We utilize fair value measurements for forward currency contracts, guarantee and indemnification obligations, certain pension plan assets, and certain intangible assets. Certain pension plan asset investments are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”). |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets, which typically range from 3 to 40 years for buildings and improvements, 3 to 10 years for manufacturing machinery and equipment, computer equipment and software, and furniture and fixtures. Motor vehicles are depreciated over a range of 2 to 6 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Repairs and maintenance costs are expensed as incurred. The Company reports depreciation of property, plant and equipment in cost of revenue and selling, general and administrative expenses based on the nature of the underlying assets. Depreciation primarily related to equipment used in the production of inventory is recorded in cost of revenue. Depreciation related to selling and administrative functions is reported in selling, general and administrative expenses. See Note 7, Property, Plant and Equipment for additional information. |
Research and Development | Research and Development Research and development expenditures, including certain engineering costs, are expensed when incurred and are included in selling, general and administrative expenses. Our research and development expenditures for the years ended December 31, 2018 , 2017 and 2016 were $8.8 million , $5.5 million and $5.9 million , respectively. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Reconciliation Of Earnings Per Share | Earnings Per Common Share Basic earnings per common share are calculated by dividing net income by the number of weighted average common shares outstanding. Diluted earnings per common share is calculated by dividing net income by the weighted average common shares outstanding and assumes the conversion of all dilutive securities when the effects of such conversion would not be anti-dilutive. Earnings per common share and the weighted average number of shares used to compute net earnings per common share, basic and assuming full dilution, are reconciled below (in thousands, except per share data): Year Ended December 31, 2018 2017 2016 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ (39,384 ) 19,834 $ (1.99 ) $ 11,789 16,674 $ 0.71 $ 10,101 16,418 $ 0.62 Dilutive securities, principally common stock options — 0.00 175 (0.01 ) 118 (0.01 ) Diluted EPS $ (39,384 ) 19,834 $ (1.99 ) $ 11,789 16,849 $ 0.70 $ 10,101 16,536 $ 0.61 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables presents our revenue disaggregated by major product line and geographical market (in millions): December 31, 2018 Twelve Months Ended Energy Segment Oil & Gas - Upstream, Midstream & Other $ 230.1 Oil & Gas - Downstream 221.1 Total 451.2 Aerospace & Defense Segment Commercial Aerospace & Other 105.9 Defense 131.1 Total 237.0 Industrial Segment Valves 117.5 Pumps 370.1 Total 487.6 Net Revenue $ 1,175.8 December 31, 2018 Twelve Months Ended Energy Segment EMEA $ 115.0 North America 271.0 Other 65.3 Total 451.3 Aerospace & Defense Segment EMEA $ 65.6 North America 149.0 Other 22.4 Total 237.0 Industrial Segment EMEA $ 238.2 North America 151.0 Other 98.3 Total 487.5 Net Revenue $ 1,175.8 |
Business Acquisitions Business
Business Acquisitions Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair value of the assets acquired and the liabilities assumed, as of December 31, 2017 and the final valuation as of December 31, 2018: (in thousands) December 31, 2017 December 31, 2018 Twelve Months Ended Measurement Period Adjustment Twelve Months Ended Cash and cash equivalents (a) $ 63,403 $ — $ 63,403 Restricted cash (a) 1,911 — 1,911 Accounts receivable 77,970 (2,128 ) 75,842 Inventory 79,329 (402 ) 78,927 Prepaid expenses and other current assets 16,937 (1,348 ) 15,589 Property, plant and equipment 115,891 5,033 120,924 Identifiable intangible assets 388,000 (3,000 ) 385,000 Other assets 338 586 924 Accounts payable (46,045 ) 20 (46,025 ) Cash payable to seller (a) (65,314 ) — (65,314 ) Accrued and other expenses (63,115 ) (9,273 ) (72,388 ) Long-term post-retirement liabilities (143,067 ) 2,600 (140,467 ) Other long-term liabilities (11,215 ) — (11,215 ) Deferred tax liabilities (4,479 ) (10,366 ) (14,845 ) Total identifiable net assets $ 410,544 $ (18,278 ) $ 392,266 Goodwill 293,344 8,195 301,539 Total purchase price $ 703,888 $ (10,083 ) $ 693,805 Consideration Base purchase price 542,000 — 542,000 Net working capital and other purchase accounting adjustments 18,121 (6,300 ) 11,821 Common Stock 143,767 (3,783 ) 139,984 Total $ 703,888 $ (10,083 ) $ 693,805 (a) Cash acquired and returned to seller by the second quarter of 2018, net of fx impact of $2.3 million and cash withheld to pay Colfax obligations to foreign taxing authorities of $1.8 million. The following table summarizes the fair value of the assets acquired and the liabilities assumed, at the date of acquisition: (in thousands) Cash and cash equivalents $ 6,603 Accounts receivable 28,128 Unbilled receivable 10,786 Inventory 18,701 Prepaid and other current assets 5,671 Property, plant and equipment 21,214 Identifiable intangible assets 101,600 Accounts payable (11,655 ) Accrued and other expenses (8,866 ) Deferred revenue (3,997 ) Deferred income taxes (40,645 ) Long term income tax payable (556 ) Total identifiable net assets $ 126,984 Goodwill 89,473 Total purchase price $ 216,457 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The FH acquisition resulted in the preliminary identification of the following identifiable intangible assets (in thousands): Original Estimate Measurement Period Adjustment Fair Value Weighted average amortization period (in years) Customer relationships $ 215,000 $ — $ 215,000 19 Acquired technologies 107,000 6,000 113,000 20 Trade names 44,000 (3,000 ) 41,000 Indefinite-life Backlog 22,000 (6,000 ) 16,000 4 Total intangible assets $ 388,000 $ (3,000 ) $ 385,000 |
Pro Forma Information | Fluid Handling On September 24, 2017, CIRCOR entered into a Purchase Agreement (the “Purchase Agreement”) with Colfax Corporation (“Colfax”). Pursuant to the Purchase Agreement, on December 11, 2017, the Company acquired the fluid handling business of Colfax ("FH") for consideration consisting of $542.0 million in cash, 3,283,424 unregistered shares of the Company's common stock, with a fair value of approximately $140.0 million at closing, and the assumption of net pension and post-retirement liabilities of FH. The Company financed the cash consideration through a combination of committed debt financing and cash on hand. During the second quarter of 2018, the shares were registered and sold with all proceeds going to Colfax. FH is a leader in the engineering, development‚ manufacturing‚ distribution‚ service and support of fluid handling systems. With a history dating back to 1860‚ FH is a leading supplier of screw pumps for high demand, severe service applications across a range of markets including general industry, commercial marine, defense, and oil & gas. FH leverages differentiated technology, and provides critical aftermarket customer support, to maintain leading positions in high demand niche markets. Effective January 1, 2018, the operating results of FH have been split between each of our operating segments, Energy, Aerospace & Defense, and Industrial based upon the end markets of the sub-businesses within FH. The purchase price allocation is based upon a valuation of assets and liabilities that was prepared with assistance from a third party valuation specialist. The purchase accounting was finalized in the fourth quarter of 2018. During 2018, the Company paid Colfax approximately $2.6 million pursuant to a transition services agreement which facilitated the orderly separation of the Fluid Handling business from Colfax. Colfax was a significant shareholder of the Company during the first six months of 2018. The following table summarizes the preliminary fair value of the assets acquired and the liabilities assumed, as of December 31, 2017 and the final valuation as of December 31, 2018: (in thousands) December 31, 2017 December 31, 2018 Twelve Months Ended Measurement Period Adjustment Twelve Months Ended Cash and cash equivalents (a) $ 63,403 $ — $ 63,403 Restricted cash (a) 1,911 — 1,911 Accounts receivable 77,970 (2,128 ) 75,842 Inventory 79,329 (402 ) 78,927 Prepaid expenses and other current assets 16,937 (1,348 ) 15,589 Property, plant and equipment 115,891 5,033 120,924 Identifiable intangible assets 388,000 (3,000 ) 385,000 Other assets 338 586 924 Accounts payable (46,045 ) 20 (46,025 ) Cash payable to seller (a) (65,314 ) — (65,314 ) Accrued and other expenses (63,115 ) (9,273 ) (72,388 ) Long-term post-retirement liabilities (143,067 ) 2,600 (140,467 ) Other long-term liabilities (11,215 ) — (11,215 ) Deferred tax liabilities (4,479 ) (10,366 ) (14,845 ) Total identifiable net assets $ 410,544 $ (18,278 ) $ 392,266 Goodwill 293,344 8,195 301,539 Total purchase price $ 703,888 $ (10,083 ) $ 693,805 Consideration Base purchase price 542,000 — 542,000 Net working capital and other purchase accounting adjustments 18,121 (6,300 ) 11,821 Common Stock 143,767 (3,783 ) 139,984 Total $ 703,888 $ (10,083 ) $ 693,805 (a) Cash acquired and returned to seller by the second quarter of 2018, net of fx impact of $2.3 million and cash withheld to pay Colfax obligations to foreign taxing authorities of $1.8 million. As illustrated in the table above, during the measurement period we identified certain uncollectible account receivable balances, unsubstantiated prepaid and other assets, certain existence or valuation adjustments to inventory amounts, revised valuation of property, plant, and equipment from our third party specialists, revised valuation of intangibles from our third party specialists, and accrual adjustments primarily relating to a loss contract for which we needed to establish a liability in purchase accounting. Additionally, we settled customary working capital adjustments ( $11.8 million ) with Colfax. The excess of purchase price paid over the fair value of FH's net assets was recorded to goodwill, which is primarily attributable to projected future profitable growth, market penetration, as well as an expanded customer base for the acquired businesses. As of December 31, 2018, approximately 65.5% of goodwill is projected to be deductible for income tax purposes. The FH acquisition resulted in the preliminary identification of the following identifiable intangible assets (in thousands): Original Estimate Measurement Period Adjustment Fair Value Weighted average amortization period (in years) Customer relationships $ 215,000 $ — $ 215,000 19 Acquired technologies 107,000 6,000 113,000 20 Trade names 44,000 (3,000 ) 41,000 Indefinite-life Backlog 22,000 (6,000 ) 16,000 4 Total intangible assets $ 388,000 $ (3,000 ) $ 385,000 During the measurement period, with the help of third party specialists, we adjusted the fair value of the acquired FH intangibles based upon better information regarding discount rates, royalty rates, and more detailed business unit forecasts that was determinable at the time of acquisition. The revised fair value of acquired FH intangibles have been recorded against our FH opening balance sheet during 2018. The fair value of the intangible assets was based on variations of the income approach, which estimates fair value based on the present value of cash flows that the assets are expected to generate. These approaches included the relief-from-royalty method and multi-period excess earnings method, depending on the intangible asset being valued. Customer relationships, backlog, and existing technology are amortized on a cash flow basis which reflects the economic benefit consumed. The trade name was assigned an indefinite life based on the Company’s intention to keep the trade names for an indefinite period of time. Refer to Note 8, Goodwill and Intangibles, net for future expected amortization to be recorded. The results of operations of FH have been included in our consolidated financial statements beginning on the acquisition date and reported within the Fluid Handling segment, with the exception of the U.S. Defense business which is reported in the Aerospace & Defense segment and Reliability Services business which is reported in the Energy segment. The consolidated results for the year ended December 31, 2018 include $484.8 million of net revenue and $6.1 million operating loss. The results for the year ended December 31, 2017 include $36.5 million of net revenue and a $1.1 million operating loss. The following unaudited pro forma information presents the combined results of operations as if the acquisition had been completed on January 1, 2016, the beginning of the comparable prior annual reporting period. The unaudited pro forma results include: (i) amortization associated with preliminary estimates for the acquired intangible assets; (ii) interest expense on borrowings in connection with the acquisition; (iii) the associated tax impact on these unaudited pro forma adjustments; and the transaction costs presented in the earliest period (2016). The unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies or the effect of the incremental costs incurred in integrating the two companies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations (in thousands): (Unaudited) Year ended December 31, Year ended December 31, 2017 2016 Net Revenues $ 1,098,978 $ 1,052,277 Net Income $ (6,475 ) $ (51,288 ) CFS Acquisition On October 12, 2016, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Downstream Holding, LLC, a Delaware limited liability company which does business as Critical Flow Solutions (“Downstream” or “CFS”), Downstream Acquisition LLC, a Delaware limited liability company and subsidiary of the Company, and Sun Downstream, LP, a Delaware limited partnership, to acquire all of the outstanding units of Downstream. The consideration payable by the Company pursuant to the terms of the Merger Agreement was $195.0 million , subject to (i) up to an additional $15.0 million payable pursuant to an earn-out relating to achievement of a specified order bookings target by the acquired business in the twelve month period ending September 30, 2017, (ii) increase or decrease based on deviation, subject to certain limitations, from a working capital target, (iii) decrease for indebtedness and certain transaction expenses of CFS, (iv) increase for the amount of CFS cash as of the closing, and (v) a potential increase for certain transaction related tax benefits, net of certain adjustments, if and when realized by the Company. The total consideration paid at closing on October 13, 2016 was approximately $198.0 million in cash, net of cash acquired and including amounts paid at closing for estimated adjustments for CFS working capital, the repayment of CFS outstanding indebtedness and payment of certain transaction expenses. The Company funded the purchase price and payments at closing from borrowings under the Company’s existing credit agreement. The estimated fair value of the earn-out, using the Monte Carlo simulation model, was $12.2 million as of the acquisition date and December 31, 2016. The Monte Carlo model calculates the probability of satisfying the target conditions stipulated in the earn-out. Based on actual performance through the earn-out period ending September 30, 2017, the specified order bookings target in the specified timeframe was not achieved, as project bookings shifted out to the future. Accordingly, the actual achievement resulted in an earn-out of zero as of October 1, 2017. The fair value of the earn-out decreased $12.2 million during the year ended December 31, 2017 and was recorded within Special and restructuring charges (recoveries), net as a gain. The Company received $1.5 million as settlement for working capital adjustments during 2017. This reduction of purchase price was recorded as a reduction of goodwill. The operating results of CFS have been included in our consolidated financial statements from the date of acquisition and reported within the Energy segment. The purchase price allocation is based upon a valuation of assets and liabilities that was prepared with assistance from a third party valuation specialist. The assets and liabilities include the valuation of acquired intangible assets, certain operating liabilities, and the evaluation of deferred income taxes. The purchase accounting was finalized during the third quarter of 2017. The following table summarizes the fair value of the assets acquired and the liabilities assumed, at the date of acquisition: (in thousands) Cash and cash equivalents $ 6,603 Accounts receivable 28,128 Unbilled receivable 10,786 Inventory 18,701 Prepaid and other current assets 5,671 Property, plant and equipment 21,214 Identifiable intangible assets 101,600 Accounts payable (11,655 ) Accrued and other expenses (8,866 ) Deferred revenue (3,997 ) Deferred income taxes (40,645 ) Long term income tax payable (556 ) Total identifiable net assets $ 126,984 Goodwill 89,473 Total purchase price $ 216,457 The fair value of accounts receivable acquired approximates the contractual value of $28.1 million . The excess of purchase price paid over the fair value of CFS' net assets was recorded to goodwill, which is primarily attributable to projected future profitable growth, market penetration, as well as an expanded customer base for the Energy segment. Goodwill is not deductible for income tax purposes. The CFS acquisition resulted in the identification of the following identifiable intangible assets: Intangible assets acquired (in thousands) Weighted average amortization period (in years) Customer relationships $ 49,600 14 Existing technologies 25,800 10 Trade names 24,100 Indefinite Backlog 2,100 1 Total intangible assets $ 101,600 The fair value of the intangible assets was based on variations of the income approach, which estimates fair value based on the present value of cash flows that the assets are expected to generate. These approaches included the relief-from-royalty method, incremental cash flow method, multi-period excess earnings method and direct cash flow method, depending on the intangible asset being valued. Customer relationships, aftermarket backlog, and existing technology are amortized on a cash flow basis which reflects the economic benefit consumed. The trade name was assigned an indefinite life based on the Company’s intention to keep the DeltaValve and TapcoEnpro names for an indefinite period of time. Refer to Note 8, Goodwill and Other Intangible Assets, for future expected amortization to be recorded. |
Special Charges (Tables)
Special Charges (Tables) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | ||
Schedule of Restructuring and Related Costs | The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2018: Special Charges, net For the year ended December 31, 2018 Energy Aerospace & Defense Industrial Corporate Total Brazil closure $ 921 $ — $ — $ — $ 921 R.S. Divestiture related charges — — — 2,165 2,165 Rosscor Divestiture related charges — — 1,888 — 1,888 Acquisition related charges — — — 6,113 6,113 Total special charges, net $ 921 $ — $ 1,888 $ 8,278 $ 11,087 2018 Actions Restructuring Charges, net as of December 31, 2018 Energy Aerospace & Defense Industrial Total Facility related expenses - incurred to date $ 2,187 $ — $ — $ 2,187 Employee related expenses - incurred to date 7,631 382 1,536 9,549 Total restructuring related special charges - incurred to date $ 9,818 $ 382 $ 1,536 $ 11,736 $1.0 million of the 2018 actions has not yet been paid as of December 31, 2018. We expect to finalize the 2018 actions during the first quarter of 2019. 2017 Actions Restructuring Charges (Recoveries), net as of December 31, 2018 Energy Aerospace & Defense Total Facility related expenses - incurred to date $ — $ 366 $ 366 Employee related expenses - incurred to date 598 1,892 2,490 Total restructuring related special charges - incurred to date $ 598 $ 2,258 $ 2,856 The 2017 action was finalized during 2017. No remaining cash payments for these actions. 2016 Actions Restructuring Charges / (Recoveries), net as of December 31, 2018 Energy Aerospace & Defense Total Facility related expenses - incurred to date $ 708 $ 94 $ 802 Employee related expenses - incurred to date 2,476 1,181 3,657 Total restructuring related special charges - incurred to date $ 3,184 $ 1,275 $ 4,459 In July 2015, we announced the closure of one of the two Corona, California manufacturing facilities ("California Restructuring"). Under this restructuring, we are reducing certain general, manufacturing and facility related expenses. Charges with this action were finalized in the fourth quarter of 2016. No remaining cash payments for these actions. California Restructuring Charges, net as of December 31, 2017 Aerospace & Defense Facility related expenses - incurred to date $ 3,700 Employee related expenses - incurred to date 800 Total restructuring related special charges - incurred to date $ 4,500 The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2016: Special Charges, net For the year ended December 31, 2016 Energy Aerospace & Defense Corporate Total Acquisition related charges — (161 ) 978 817 Brazil closure 2,920 — 2 2,922 Pension settlement — — 4,457 4,457 Total special charges, net $ 2,920 $ (161 ) $ 5,437 $ 8,196 The table below (in thousands) summarizes the amounts recorded within the special and restructuring charges, net line item on the consolidated statements of income for the periods ending December 31, 2018, 2017, and 2016: Special & Restructuring Charges, net For the year ended December 31, 2018 2017 2016 Special charges, net $ 11,087 $ 7,989 $ 8,196 Restructuring charges, net 12,752 6,062 8,975 Total special and restructuring charges, net $ 23,839 $ 14,051 $ 17,171 The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2017: Special Charges, net For the year ended December 31, 2017 Energy Aerospace & Defense Corporate Total Acquisition related charges 54 12 12,995 13,061 Brazil closure 879 — — 879 Divestitures — 3,748 101 3,849 Contingent consideration revaluation (12,200 ) — — (12,200 ) California Legal Settlement — 2,400 — 2,400 Total special charges, net $ (11,267 ) $ 6,160 $ 13,096 $ 7,989 The tables below (in thousands) outline the charges (or any recoveries) associated with restructuring actions recorded for the year ending December 31, 2018, 2017, and 2016. A description of the restructuring actions is provided in the section titled "Restructuring Programs Summary" below. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2018 Energy Aerospace & Defense Industrial Total Facility related expenses $ 2,827 $ 190 $ — $ 3,017 Employee related expenses 7,738 436 1,561 9,735 Total restructuring charges, net $ 10,565 $ 626 $ 1,561 $ 12,752 Accrued restructuring charges as of December 31, 2017 $ 1,586 Total year to date charges, net (shown above) 12,752 Charges paid / settled, net (13,356 ) Accrued restructuring charges as of December 31, 2018 $ 982 We expect to make payment or settle the majority of the restructuring charges accrued as of December 31, 2018 during the first half of 2019. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2017 Energy Aerospace & Defense Total Facility related expenses $ 2,523 $ 443 $ 2,966 Employee related expenses 1,035 2,062 3,097 Total restructuring charges, net $ 3,558 $ 2,505 $ 6,063 Accrued restructuring charges as of December 31, 2016 $ 1,618 Total year to date charges, net (shown above) 6,063 Charges paid / settled, net (6,095 ) Accrued restructuring charges as of December 31, 2017 1,586 $ 1,586 Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2016 Energy Aerospace & Defense Corporate Total Facility related expenses $ 792 $ 3,701 $ — $ 4,493 Employee related expenses 2,393 2,089 — 4,482 Total restructuring charges, net $ 3,185 $ 5,790 $ — $ 8,975 Accrued restructuring charges as of December 31, 2015 $ 663 Total year to date charges, net (shown above) 8,975 Charges paid / settled, net (8,020 ) Accrued restructuring charges as of December 31, 2016 $ 1,618 | Special and Restructuring charges, net Special and Restructuring Charges, net Special and restructuring charges, net consist of restructuring costs (including costs to exit a product line or program) as well as certain special charges such as significant litigation settlements and other transactions (charges or recoveries) that are described below. All items described below are recorded in Special and restructuring charges, net on our consolidated statements of income. Certain other special and restructuring charges such as inventory related items may be recorded in cost of revenues given the nature of the item. The table below (in thousands) summarizes the amounts recorded within the special and restructuring charges, net line item on the consolidated statements of income for the periods ending December 31, 2018, 2017, and 2016: Special & Restructuring Charges, net For the year ended December 31, 2018 2017 2016 Special charges, net $ 11,087 $ 7,989 $ 8,196 Restructuring charges, net 12,752 6,062 8,975 Total special and restructuring charges, net $ 23,839 $ 14,051 $ 17,171 Special Charges, net The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2018: Special Charges, net For the year ended December 31, 2018 Energy Aerospace & Defense Industrial Corporate Total Brazil closure $ 921 $ — $ — $ — $ 921 R.S. Divestiture related charges — — — 2,165 2,165 Rosscor Divestiture related charges — — 1,888 — 1,888 Acquisition related charges — — — 6,113 6,113 Total special charges, net $ 921 $ — $ 1,888 $ 8,278 $ 11,087 Brazil Closure: On November 3, 2015, our Board of Directors approved the closure and exit of our Brazil manufacturing operations due to the economic realities in Brazil and the ongoing challenges with our only significant end customer, Petrobras. CIRCOR Brazil reported substantial operating losses every year since it was acquired in 2011 while the underlying market conditions and outlook deteriorated. In connection with the closure, we recorded $0.9 million of charges within the Energy segment during the twelve months ended December 31, 2018, respectively, which relates to losses incurred subsequent to our closure of manufacturing operations during the first quarter of 2016. Reliability Services Divestiture: In January 2019, the Company announced the sale of its Reliability Services ("RS") business. In connection with the divestiture, we incurred $2.2 million of transaction costs that were accrued during the fourth quarter of 2018. Refer to Note 19, "Subsequent Event" for additional disclosure. Rosscor Divestiture: On November 6, 2018, we announced the divestiture of our Rosscor B.V. and SES International B.V. subsidiaries (the “Delden Business”) for a nominal amount. The Delden Business was our Netherlands-based fluid handling skids and systems business, primarily for the Oil and Gas end market. We maintain a 19.9% interest in the Delden Business, which is not material to our financial statements, as well as the intellectual property rights to our two-screw pump product line. In addition, we entered into a supply agreement allowing us to continue to supply two-screw pumps on a contract-by-contract basis. The Delden Business was reported as part of the Industrial segment. During the fourth quarter of 2018 we recorded a $1.9 million loss on the Rosscor divestiture. Acquisition related charges: On December 11, 2017, we acquired FH. In connection with our acquisition, we recorded $6.1 million during the twelve months ended December 31, 2018, related to internal costs and external professional fees to separate the FH business from Colfax and integrate the FH business into our legacy structure. The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2017: Special Charges, net For the year ended December 31, 2017 Energy Aerospace & Defense Corporate Total Acquisition related charges 54 12 12,995 13,061 Brazil closure 879 — — 879 Divestitures — 3,748 101 3,849 Contingent consideration revaluation (12,200 ) — — (12,200 ) California Legal Settlement — 2,400 — 2,400 Total special charges, net $ (11,267 ) $ 6,160 $ 13,096 $ 7,989 Acquisition related charges: • On December 11, 2017, we acquired FH. In connection with our acquisition, we recorded $13.0 million of acquisition related professional fees and debt extinguishment fees during the twelve months ended December 31, 2017. • On October 12, 2016, we acquired CFS. In connection with our acquisition, we recorded $0.1 million of acquisition related professional fees during the twelve months ended December 31, 2017. Brazil Closure: In connection with the closure, we recorded $0.9 million of charges within the Energy segment during the year ended December 31, 2017, which relates to losses incurred subsequent to our closure of manufacturing operations during the first quarter of 2016. Divestiture: On July 7, 2017, we divested our French non-core aerospace build-to-print business within our Advanced Flow Solutions segment as part of our simplification strategy. We considered this business as non-core because the products or services did not fit our strategy and the long-term profitable growth prospects were below our expectations. Divestiture of this non-core business enables us to focus resources on businesses where there is greater opportunity to achieve sales growth, higher margins, and market leadership. We measured the disposal group at its fair value less cost to sell, which was lower than its carrying value, and recorded a $3.8 million charge during the second quarter of 2017. Also, in connection with this disposition we recorded a $1.5 million of severance included as a restructuring charge. Contingent Consideration Revaluation: The fair value of the earn-out decreased $12.2 million related to the CFS acquisition during the twelve months ended December 31, 2017. The change in fair value during the year ended December 31, 2017 was recorded as a recovery within the special and restructuring charges (recoveries) line on our condensed consolidated statement of income. The actual achievement of the earn-out was zero and the earn-out period expired on September 30, 2017. California Legal Settlement: We recorded a special charge of $2.4 million during the fourth quarter of 2017 related to settlement of a wage and hour claim in our California Aerospace business. The claim was settled on February 21, 2018. Refer to Note 15, " Contingencies, Commitments and Guarantees" for additional disclosure. The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2016: Special Charges, net For the year ended December 31, 2016 Energy Aerospace & Defense Corporate Total Acquisition related charges — (161 ) 978 817 Brazil closure 2,920 — 2 2,922 Pension settlement — — 4,457 4,457 Total special charges, net $ 2,920 $ (161 ) $ 5,437 $ 8,196 Acquisition related charges (recoveries) are described below: • On October 12, 2016, we acquired CFS. In connection with our acquisition, we recorded $1.0 million of acquisition related professional fees for the year ended December 31, 2016. • On April 15, 2015, we acquired Germany-based Schroedahl. In connection with our acquisition of Schroedahl, we recorded a $0.2 million acquisition related professional fees adjusted for the year ended December 31, 2016. Brazil Closure: In connection with the closure, we recorded $2.9 million of charges within the Energy segment during the twelve months ended December 31, 2016, which primarily related to employee termination costs and losses incurred subsequent to our closure of manufacturing operations during the first quarter of 2016. Pension Settlement: During the third quarter of 2016, management offered a lump sum cash payout option to terminated and vested pension plan participants. In connection with this action, the window for participants who opted to avail themselves of this program closed in the fourth quarter of 2016. During the fourth quarter of 2016, we incurred a settlement charge of $4.5 million recorded within the special and restructuring charges, net line item. Restructuring Charges, net The tables below (in thousands) outline the charges (or any recoveries) associated with restructuring actions recorded for the year ending December 31, 2018, 2017, and 2016. A description of the restructuring actions is provided in the section titled "Restructuring Programs Summary" below. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2018 Energy Aerospace & Defense Industrial Total Facility related expenses $ 2,827 $ 190 $ — $ 3,017 Employee related expenses 7,738 436 1,561 9,735 Total restructuring charges, net $ 10,565 $ 626 $ 1,561 $ 12,752 Accrued restructuring charges as of December 31, 2017 $ 1,586 Total year to date charges, net (shown above) 12,752 Charges paid / settled, net (13,356 ) Accrued restructuring charges as of December 31, 2018 $ 982 We expect to make payment or settle the majority of the restructuring charges accrued as of December 31, 2018 during the first half of 2019. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2017 Energy Aerospace & Defense Total Facility related expenses $ 2,523 $ 443 $ 2,966 Employee related expenses 1,035 2,062 3,097 Total restructuring charges, net $ 3,558 $ 2,505 $ 6,063 Accrued restructuring charges as of December 31, 2016 $ 1,618 Total year to date charges, net (shown above) 6,063 Charges paid / settled, net (6,095 ) Accrued restructuring charges as of December 31, 2017 1,586 $ 1,586 Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2016 Energy Aerospace & Defense Corporate Total Facility related expenses $ 792 $ 3,701 $ — $ 4,493 Employee related expenses 2,393 2,089 — 4,482 Total restructuring charges, net $ 3,185 $ 5,790 $ — $ 8,975 Accrued restructuring charges as of December 31, 2015 $ 663 Total year to date charges, net (shown above) 8,975 Charges paid / settled, net (8,020 ) Accrued restructuring charges as of December 31, 2016 $ 1,618 Restructuring Programs Summary As specific restructuring programs are announced, the amounts associated with that particular action may be recorded in periods other than when announced to comply with the applicable accounting rules. For example, total cost associated with 2017 Actions (as discussed below) were recorded in 2017 and 2018. The amounts shown below reflect the total cost for that restructuring program. During 2018, 2017, and 2016 we initiated certain restructuring activities, under which we continued to simplify our business ("2018 Actions", "2017 Actions", "2016 Actions", respectively). Under these restructurings, we reduced expenses, primarily through reductions in force and closing a number of smaller facilities. Charges associated with the 2018 Actions were recorded during 2018. Charges associated with the 2017 Actions and 2016 Actions were finalized in 2017. 2018 Actions Restructuring Charges, net as of December 31, 2018 Energy Aerospace & Defense Industrial Total Facility related expenses - incurred to date $ 2,187 $ — $ — $ 2,187 Employee related expenses - incurred to date 7,631 382 1,536 9,549 Total restructuring related special charges - incurred to date $ 9,818 $ 382 $ 1,536 $ 11,736 $1.0 million of the 2018 actions has not yet been paid as of December 31, 2018. We expect to finalize the 2018 actions during the first quarter of 2019. 2017 Actions Restructuring Charges (Recoveries), net as of December 31, 2018 Energy Aerospace & Defense Total Facility related expenses - incurred to date $ — $ 366 $ 366 Employee related expenses - incurred to date 598 1,892 2,490 Total restructuring related special charges - incurred to date $ 598 $ 2,258 $ 2,856 The 2017 action was finalized during 2017. No remaining cash payments for these actions. 2016 Actions Restructuring Charges / (Recoveries), net as of December 31, 2018 Energy Aerospace & Defense Total Facility related expenses - incurred to date $ 708 $ 94 $ 802 Employee related expenses - incurred to date 2,476 1,181 3,657 Total restructuring related special charges - incurred to date $ 3,184 $ 1,275 $ 4,459 In July 2015, we announced the closure of one of the two Corona, California manufacturing facilities ("California Restructuring"). Under this restructuring, we are reducing certain general, manufacturing and facility related expenses. Charges with this action were finalized in the fourth quarter of 2016. No remaining cash payments for these actions. California Restructuring Charges, net as of December 31, 2017 Aerospace & Defense Facility related expenses - incurred to date $ 3,700 Employee related expenses - incurred to date 800 Total restructuring related special charges - incurred to date $ 4,500 Additional Restructuring Charges In conjunction with the restructuring actions noted above, we incur certain costs, primarily related to inventory, that are recorded in cost of revenues instead of special and restructuring charges. These types of inventory restructuring costs typically relate to the discontinuance of a product line or manufacturing inefficiencies directly related to the restructuring action. Such restructuring-related amounts totaled $2.4 million , $0.0 million , and $2.8 million , for the years ending December 31, 2018, 2017 and 2016, respectively, and are described further below. During the twelve months ended December 31, 2018, we recorded $2.4 million of inventory related restructuring charges within our Energy segment for restructuring actions with our Reliability Services, Engineered Valves, and Distributed Valves businesses. During the first and fourth quarters of 2016, in connection with the restructuring of certain structural landing gear product lines, we recorded inventory related charges of less than $0.1 million , and $0.8 million respectively, within the Aerospace & Defense segment. During the first and second quarters of 2016, we recorded restructuring related inventory of $1.9 million and $0.1 million respectively, associated with the closure of manufacturing operations and the exit of the gate, globe and check valves product line in Brazil. As of December 31, 2017, no inventory amounts remain on our balance sheet for the gate, globe, and check valves product line. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory, Net [Abstract] | |
Components Of Inventory | Inventories consisted of the following (in thousands): December 31, 2018 2017 Raw materials $ 69,910 $ 82,372 Work in process 116,088 121,709 Finished goods 31,380 40,815 Inventories $ 217,378 $ 244,896 We regularly review inventory quantities on hand and record a provision to write-down excess and obsolete inventory to its estimated net realizable value, if less than cost, based primarily on our estimated forecast of product demand. Once our inventory value is written-down a new cost basis has been established. For 2018, 2017 and 2016, our charges for acquisition inventory step-up amortization, excess and obsolete inventory and net realizable value reserves totaled $11.5 million , $7.3 million and $9.3 million respectively. |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): December 31, 2018 2017 Land $ 32,849 $ 33,428 Buildings and improvements 96,241 101,016 Manufacturing machinery and equipment 176,167 196,939 Computer equipment and software 38,500 31,204 Furniture and fixtures 28,846 12,526 Vehicles 467 1,118 Construction in progress 21,323 18,787 Property, plant and equipment, at cost 394,393 395,018 Less: Accumulated depreciation (192,594 ) (177,479 ) Property, plant and equipment, at cost, net $ 201,799 $ 217,539 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by Segment | The following table shows goodwill by segment as of December 31, 2018 and 2017 (in thousands): Energy Aerospace & Defense Industrial Consolidated Total Goodwill as of December 31, 2017 $ 154,058 $ 62,548 $ 289,156 $ 505,762 Measurement period adjustments related to acquisition (4,742 ) (5,046 ) 17,984 8,196 Business divestiture — — (3,394 ) (3,394 ) Held for sale (40,372 ) — — (40,372 ) Currency translation adjustments (4,072 ) (84 ) (6,831 ) (10,987 ) Goodwill as of December 31, 2018 $ 104,872 $ 57,418 $ 296,915 $ 459,205 In January 2019, the Company announced the sale of its Reliability Services business. The RS business is collapsed as "held for sale" with the current assets and current liabilities section of our balance sheet. Refer to Note 19, Subsequent Events, for further details. Energy Aerospace & Defense Industrial Consolidated Total Goodwill as of December 31, 2016 $ 144,405 $ 18,459 $ 43,795 $ 206,659 Business acquisition (1) 6,944 43,900 238,744 289,588 Currency translation adjustments 2,709 189 6,617 9,515 Goodwill as of December 31, 2017 $ 154,058 $ 62,548 $ 289,156 $ 505,762 (1) The activity in the Energy segment relates to settlement of escrow amounts and tax amounts. |
Gross Intangible Assets and Related Accumulated Amortization | The tables below present gross intangible assets and the related accumulated amortization (in thousands): December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Value Patents $ 5,399 $ (5,399 ) $ — Customer relationships 307,593 (57,822 ) 249,771 Order backlog 23,354 (18,746 ) 4,608 Acquired technology 133,246 (23,882 ) 109,364 Other 5,065 (4,661 ) 404 Total Amortized Assets $ 474,657 $ (110,510 ) $ 364,147 Non-amortized intangibles (primarily trademarks and trade names) $ 77,155 $ — $ 77,155 Total Non-Amortized Intangibles $ 77,155 $ — $ 77,155 Net Carrying Value of Intangible assets $ 441,302 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Value Patents $ 5,399 $ (5,399 ) $ — Customer relationships 320,015 (41,471 ) 278,544 Order backlog 29,650 (8,850 ) 20,800 Acquired technology 135,360 (5,687 ) 129,673 Other 5,372 (4,897 ) 475 Total Amortized Assets $ 495,796 $ (66,304 ) $ 429,492 Non-amortized intangibles (primarily trademarks and trade names) $ 83,872 $ — $ 83,872 Total Non-Amortized Intangibles $ 83,872 $ — $ 83,872 Net Carrying Value of Intangible assets $ 513,364 |
Estimated Future Amortization Expense | The table below presents estimated future amortization expense for intangible assets recorded as of December 31, 2018 (in thousands): 2019 2020 2021 2022 2023 After 2024 Estimated amortization expense $ 47,564 $ 43,889 $ 42,136 $ 37,069 $ 32,495 $ 160,994 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components Of Deferred Income Tax Liabilities And Assets | The significant components of our deferred income tax liabilities and assets were as follows (in thousands): December 31, 2018 2017 Deferred income tax (liabilities): Excess tax over book depreciation $ (6,201 ) $ (17,505 ) Other — (8,507 ) Intangible assets (73,926 ) (57,968 ) Total deferred income tax liabilities (80,127 ) (83,980 ) Deferred income tax assets: Accrued expenses 15,752 6,956 Equity compensation 4,760 4,622 Inventories 5,843 8,405 Net operating loss and state credit carry-forward 14,342 16,698 Foreign tax credit carryforward 16,750 16,602 Pension benefit obligation 29,400 46,030 Other 5,372 2,946 Total deferred income tax assets 92,219 102,259 Valuation allowance (17,562 ) (22,067 ) Deferred income tax asset, net of valuation allowance 74,657 80,192 Deferred income tax (liability)/asset, net $ (5,470 ) $ (3,788 ) |
Deferred Income Taxes Classified In Balance Sheets | The deferred income taxes by classification were as follows: December 31, 2018 2017 Long-term deferred income tax asset, net $ 28,462 $ 22,334 Long-term deferred income tax liability, net (33,932 ) (26,122 ) Deferred income tax (liability)/asset, net $ (5,470 ) $ (3,788 ) |
Components Of Pre-Tax Income (Loss) | The (benefit from) provision for income taxes is based on the following pre-tax income (in thousands): Year Ended December 31, 2018 2017 2016 Domestic $ (66,330 ) $ 4,946 $ (16,766 ) Foreign 30,236 1,167 26,446 Income before income taxes $ (36,094 ) $ 6,113 $ 9,680 |
Provision (Benefit) For Income Taxes | The provision for income taxes consisted of the following (in thousands): Year Ended December 31, 2018 2017 2016 Current provision: Federal - U.S. $ — $ (447 ) $ (232 ) Foreign 7,553 2,762 10,823 State -U.S. 235 442 (275 ) Total current $ 7,788 $ 2,757 $ 10,316 Deferred provision (benefit): Federal - U.S. $ (1,510 ) $ (3,406 ) $ (8,992 ) Foreign (1,323 ) (4,640 ) (3,328 ) State -U.S. (1,665 ) (388 ) 1,583 Total (benefit) deferred $ (4,498 ) $ (8,434 ) $ (10,737 ) Total (benefit) provision for income taxes $ 3,290 $ (5,676 ) $ (421 ) |
Reconciliation Of Effective Income Tax Rate | Actual income taxes reported from operations were different from those that would have been computed by applying the federal statutory tax rate to income before income taxes. The expense for income taxes differed from the U.S. statutory rate due to the following: Year Ended December 31, 2018 2017 2016 Expected federal income tax rate 21.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 3.1 0.3 (4.8 ) Change in valuation allowance on state net operating losses — — 18.9 Foreign tax rate differential 4.7 (38.9 ) (38.4 ) Unbenefited foreign losses (4.7 ) 2.9 14.7 Foreign tax credits — — (26.6 ) Manufacturing deduction — (2.8 ) — GILTI (5.5 ) — — Research and development credit 3.3 (8.4 ) (6.6 ) Transaction costs 1.4 8.5 3.1 Release of contingent consideration — (69.9 ) — Provisional Impact of Tax Cuts and Jobs Act (30.2 ) (8.2 ) — Change in tax reserves 1.8 (16.3 ) (0.5 ) Equity Compensation (2.8 ) (1.6 ) — Other, net (1.2 ) 6.5 0.8 Effective tax rate (9.1 )% (92.9 )% (4.4 )% |
Summary of Valuation Allowance | The following table provides a summary of the changes in the deferred tax valuation allowance for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): December 31, 2018 2017 2016 Deferred tax valuation allowance at January 1 $ 22,067 $ 3,028 $ 892 Additions 10,960 712 2,257 Acquired (15,431 ) 18,494 — Deductions (34 ) (167 ) (121 ) Translation adjustments — — Deferred tax valuation allowance at December 31 $ 17,562 $ 22,067 $ 3,028 |
Reconciliation Of Total Gross Unrecognized Tax Benefits | December 31, 2018 2017 2016 Balance beginning January 1 $ 3,014 $ 3,000 $ 2,937 Additions/(reductions) for tax positions of prior years (460 ) (7 ) (102 ) Additions/(reductions) based on tax positions related to current year (340 ) (65 ) 483 Acquired uncertain tax position balance (512 ) 1,221 — Settlements (1,103 ) (338 ) — Lapse of statute of limitations (6 ) (978 ) (328 ) Currency movement — 181 10 Balance ending December 31 $ 593 $ 3,014 $ 3,000 |
Accrued Expenses And Other Cu_2
Accrued Expenses And Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued Expenses And Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, 2018 2017 Customer deposits and obligations $ 31,625 $ 17,661 Commissions payable and sales incentive 7,929 8,891 Penalty accruals 3,455 2,395 Warranty reserve 4,050 4,623 Professional fees 2,992 3,498 Taxes other than income tax 3,405 4,059 Cash due to FH seller — 64,561 Other Contract Liabilities 14,646 16,057 Income tax payable 3,359 1,785 Other 35,851 39,059 Total accrued expenses and other current liabilities $ 107,312 $ 162,589 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt consisted of the following (in thousands): December 31, 2018 2017 Term Loan at interest rates ranging from 4.93%-5.92% in 2018 and 4.93% in 2017 $ 777,150 $ 785,000 Line of Credit at interest rates ranging from 4.93%-8.00% in 2018 and 4.93% in 2017 29,900 33,900 Total Principal Debt Outstanding $ 807,050 $ 818,900 Less: Term Loan Debt Issuance Costs 21,013 23,707 Less: Current Portion 7,850 7,865 Total Long-Term Debt, net $ 778,187 $ 787,343 |
Schedule of Financing Receivables, Minimum Payments [Table Text Block] | 2019 2020 2021 2022 2023 Thereafter Minimum principal payments $ 7,850 7,850 $ 7,850 $ 7,850 $ 7,850 $ 7,850 $ 737,900 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Estimated Weighted-Average Assumptions Of Stock Options | The average fair value of stock options granted during the year ended December 31, 2018, 2017, and 2016 of $14.68 , $19.36 , and $17.88 , respectively, was estimated using the following weighted-average assumptions: Year Ended December 31, 2018 2017 2016 Risk-free interest rate 2.5 % 1.7 % 1.2 % Expected life (years) 4.4 4.5 4.5 Expected stock volatility 37.2 % 35.1 % 36.2 % Expected dividend yield — % 0.2 % 0.4 % |
Stock-Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock Options Granted To Employees And Non-Employee Directors | A summary of the status of all stock options granted to employees and non-employee directors as of December 31, 2018 , 2017 , and 2016 and changes during the years are presented in the table below: December 31, 2018 2017 2016 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options outstanding at beginning of period 848,427 $ 53.99 736,319 $ 52.30 570,737 $ 56.86 Granted 127,704 42.62 142,428 60.99 210,633 38.89 Exercised (18,304 ) 37.70 (17,708 ) 39.91 (5,982 ) 41.05 Forfeited (204,702 ) 61.89 (10,136 ) 51.99 (33,014 ) 45.25 Expired (10,467 ) 54.18 (2,476 ) 61.38 (6,055 ) 65.34 Options outstanding at end of period 742,658 $ 50.26 848,427 $ 53.99 736,319 $ 52.30 Options exercisable at end of period 415,873 $ 46.90 309,824 $ 45.66 226,386 $ 45.20 |
Summarized Information About Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2018 : Options Outstanding Options Exercisable Range of Exercise Prices Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Weighted Average Exercise Price $32.76 - $40.09 160,571 3.6 $ 38.79 115,067 $ 38.74 40.10 - 41.90 150,000 4.3 41.17 150,000 41.17 41.91 - 56.42 186,730 4.6 46.35 75,481 51.84 56.43 - 71.56 245,357 4.5 66.31 75,325 65.79 $32.76 - $71.56 742,658 4.3 $ 50.26 415,873 $ 46.90 |
RSU Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of RSUs Granted To Employees And Non-Employee Directors | A summary of the status of all RSU Awards granted to employees and non-employee directors as of December 31, 2018 , 2017 , and 2016 and changes during the year are presented in the table below: December 31, 2018 2017 2016 RSUs Weighted Average Price RSUs Weighted Average Price RSUs Weighted Average Price RSU Awards outstanding at beginning of period 186,905 $ 49.76 138,761 $ 46.60 109,281 $ 52.90 Granted 167,480 42.87 90,725 55.28 98,942 41.09 Settled (27,503 ) 52.70 (29,803 ) 46.15 (54,034 ) 48.50 Canceled (100,199 ) 46.71 (12,778 ) 62.92 (22,527 ) 46.86 Added by Performance Factor — — — — 7,099 41.55 RSU Awards outstanding at end of period 226,683 $ 45.66 186,905 $ 49.76 138,761 46.60 RSU Awards exercisable at end of period 5,057 $ 52.44 2,876 $ 59.17 3,040 $ 60.92 |
Summarized Information About RSUs Outstanding | The following table summarizes information about RSU Awards outstanding at December 31, 2018 : RSU Awards Outstanding Fair Values at Grant Date RSUs Weighted Average Remaining Contractual Life (Years) Weighted Average Fair Value $32.25 - $42.99 149,561 1.6 $ 41.51 43.00 - 51.99 35,714 2.1 47.00 52.00 - 71.56 41,408 0.2 59.51 $32.25 - $71.56 226,683 1.4 $ 45.67 |
RSU MSPs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of RSUs Granted To Employees And Non-Employee Directors | A summary of the status of all RSU MSPs granted to employees and non-employee directors as of December 31, 2018 , 2017 , and 2016 and changes during the year are presented in the table below: December 31, 2018 2017 2016 RSUs Weighted Average Exercise Price RSUs Weighted Average Exercise Price RSUs Weighted Average Exercise Price RSU MSPs outstanding at beginning of period 72,452 $ 35.01 67,924 $ 36.50 78,732 $ 37.46 Granted 34,937 28.56 26,726 40.86 20,130 26.06 Settled (29,232 ) 48.87 (19,843 ) 42.28 (27,375 ) 29.94 Canceled (6,044 ) 32.33 (2,355 ) 37.48 (3,563 ) 35.35 RSU MSPs outstanding at end of period 72,113 $ 32.25 72,452 $ 35.01 67,924 $ 36.50 MSP Awards exercisable at end of period 7,972 $ 31.97 — — — — |
Summarized Information About RSUs Outstanding | The following table summarizes information about RSU MSPs outstanding at December 31, 2018 : RSU MSPs Outstanding Range of Grant Prices RSUs Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $26.06 - 33.99 46,536 1.5 $ 27.74 34.00 - 39.99 1,728 0.0 34.73 40.00 - 40.86 23,849 1.2 40.86 $26.06 - $40.86 72,113 1.4 $ 32.25 |
Chief Financial Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | 2014 CEO Option Award: Stock Price Target Cumulative Vested Portion of Stock Options (in Shares) $87.50 25,000 $100.00 50,000 $112.50 75,000 $125.00 100,000 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits, Description [Abstract] | |
Components Of Net Benefit Expense | The cost of our 401K plan is outlined below: Year Ended December 31, 2018 2017 2016 Cost of 401(k) plan $ 1,847 $ 1,978 $ 1,509 : Pension Benefits Other Post-retirement Benefits (1) Other Post-retirement Benefits (1) Year Ended December 31, Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 Components of net periodic benefit cost: Service cost $ 2,993 $ 181 $ — $ 1 $ — Interest cost $ 9,164 $ 2,158 $ 2,185 $ 336 $ 20 Expected return on assets (15,418 ) (2,994 ) (2,562 ) — — Net periodic benefit cost (3,261 ) (655 ) (377 ) 337 20 Net (gain) loss amortization 153 735 893 — — Prior service cost amortization — — — — — Total amortization 153 735 893 — — Pension settlement charge — — 4,457 — Net periodic benefit cost $ (3,108 ) $ 80 $ 4,973 $ 337 $ 20 Net periodic benefit cost $ (3,108 ) $ 80 $ 9,430 $ 337 $ 20 (1) No Other Post-retirement Benefits in 2016 |
Weighted Average Assumptions Used In Determining Net Periodic Benefit Cost And Benefit Obligations | The weighted average assumptions used in determining the net periodic benefit cost and benefit obligations for the post-retirement plans are shown below: Pension Benefits Other Post-retirement Benefits Other Post-retirement Benefits Year Ended December 31, Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 Net periodic benefit cost (1): Discount rate – U.S. 3.27% 3.86% 4.11% 3.48% 3.63% Discount rate – Foreign 1.97% N/A N/A N/A N/A Expected return on plan assets - U.S. (2) 7.00% 7.25% 6.75% N/A N/A Expected return on plan assets - Foreign 3.53% N/A N/A N/A N/A Rate of compensation increase - U.S. N/A NA N/A N/A N/A Rate of compensation increase - Foreign 3.11% N/A N/A N/A N/A Benefit obligations: N/A Discount rate – U.S. 3.93% 3.27% 3.86% 4.10% 3.48% Discount rate – Foreign 2.00% 1.97% N/A N/A N/A Rate of compensation increase - U.S. N/A N/A N/A N/A N/A Rate of compensation increase - Foreign 3.14% 3.11% N/A N/A N/A (1) 2017 Assumption excludes those that would have been applicable for 21 days of CIRCOR's ownership of FH. (2) 2017 excludes estimate of return on assets still held in the prior plan which had an expected long-term return on plan assets for the time since acquisition of 6.25% for 2017 for which CIRCOR is entitled to their portion of the return. |
Schedule of Defined Benefit Plans Disclosures | The funded status of the defined benefit post-retirement plans and amounts recognized in the consolidated balance sheets, measured as of December 31, 2018 and December 31, 2017 were as follows (in thousands): Pension Benefits Other Post-retirement Benefits December 31, December 31, 2018 2017 2018 2017 Change in projected benefit obligation: Balance at beginning of year $ 399,638 $ 45,300 $ 11,685 $ — Service cost 2,993 181 1 — Interest cost 9,164 2,158 336 20 Amendments 341 — — — Actuarial loss (gain) (16,081 ) 413 (1,166 ) 263 Exchange rate (gain) / loss (9,661 ) 5,759 — — Acquisitions — 348,542 — 11,445 Benefits paid (23,060 ) (2,715 ) (580 ) (43 ) Settlement payments — — — — Balance at end of year $ 363,334 $ 399,638 $ 10,276 $ 11,685 Change in fair value of plan assets: Balance at beginning of year $ 247,583 $ 31,776 $ — $ — Actual return on assets (1) (15,183 ) 10,374 (580 ) — Exchange rate (gain) / loss (2,430 ) 1,256 — Acquisitions - Transferred — 28,903 — Acquisitions - Plan receivable from Colfax — 176,572 — Benefits paid (23,060 ) (2,715 ) (43 ) Settlement payments — — — Employer contributions 4,083 1,417 580 43 Fair value of plan assets at end of year (2) $ 210,993 $ 247,583 $ — $ — Funded status: Excess of benefit obligation over the fair value of plan assets $ (152,341 ) $ (152,055 ) $ (10,276 ) $ (11,685 ) Pension plan accumulated benefit obligation (“ABO”) $ 363,334 $ 399,638 N/A N/A (1) 2017 includes $2.3 million of plan assets still held in the prior plan at Colfax. (2) Refer to Note 17, Fair Value for further disclosure regarding our fair value hierarchy assessment. The following information is presented as of December 31, 2018 and 2017 (in thousands): Pension Benefits Other Post-retirement Benefits 2018 2017 2018 2017 Funded status, end of year: Fair value of plan assets $ 210,993 $ 247,583 $ — $ — Projected Benefit obligation $ (363,334 ) (399,638 ) (10,276 ) — Net pension liability $ (152,341 ) $ (152,055 ) $ (10,276 ) $ — Post-retirement amounts recognized in the balance sheet consists of: Non-current asset $ 1,776 $ 1,517 $ — $ — Current liability $ (3,494 ) (2,853 ) (701 ) (746 ) Non-current liability $ (150,623 ) (150,719 ) (9,575 ) (10,939 ) Total $ (152,341 ) $ (152,055 ) $ (10,276 ) $ (11,685 ) Amounts recognized in accumulated other comprehensive income consist of: Net losses $ 28,497 $ 13,937 $ (902 ) $ 263 Prior service cost (gain) 325 — — — Total 28,822 13,937 (902 ) 263 Estimated future benefit expense to be recognized in other comprehensive income (loss): 2019 Amortization of net losses $ 521 Prior service cost 15 Total $ 536 |
Expected Benefit Payments | 2019 2020 2021 2022 2023 2024-2028 Pension Benefits - All Plans $ 23,249 $ 23,093 $ 22,912 $ 22,656 $ 22,402 $ 105,518 Other Post-retirement Benefits 701 668 662 636 622 2,854 Expected benefit payments $ 23,950 $ 23,761 $ 23,574 $ 23,292 $ 23,024 $ 108,372 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 1% Increase 1% Decrease Effect on total service and interest cost components for the year ended December 31, 2018 54 (43 ) Effect on post-retirement benefit obligation at December 31, 2018 $ 1,353 $ (1,096 ) |
Contingencies, Commitments An_2
Contingencies, Commitments And Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Standby Letters Of Credit Instruments | The following table contains information related to standby letters of credit instruments outstanding as of December 31, 2018 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 48,740 Greater than 12 months 21,928 Total $ 70,668 |
Minimum Rental Commitments | Minimum rental commitments due under non-cancelable operating leases, primarily for office and warehouse facilities, were as follows at December 31, 2018 (in thousands): 2019 2020 2021 2022 2023 Thereafter Minimum lease commitments $ 9,481 $ 6,303 $ 4,573 $ 3,345 $ 2,540 $ 6,032 |
Guarantees And Indemnificatio_2
Guarantees And Indemnification Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees And Indemnification Obligations [Abstract] | |
Product Warranty Reserves | The following table sets forth information related to our product warranty reserves for the years ended December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Balance beginning January 1 $ 4,623 $ 4,559 Provisions 2,854 2,590 Claims settled (2,946 ) (4,508 ) Acquired reserves/other (347 ) 1,759 Currency translation adjustment (134 ) 223 Balance ending December 31 $ 4,050 $ 4,623 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Values Of Pension Plan Assets | The fair values of the Company’s pension plan assets as of December 31, 2018 and 2017 , utilizing the fair value hierarchy were as follows (in thousands): December 31, 2018 December 31, 2017 Measured at Net Asset Value (1, 3) Level 1 Level 2 Total Measured at Net Asset Value (1, 2) Level 1 Level 2 Total U.S. Plans: Cash Equivalents: Money Market Funds $ 3,831 $ — $ — $ 3,831 $ 237 $ 237 Mutual Funds: Bond Funds — — — — — — — — Large Cap Funds — — — — — — — — International Funds 20,295 — — 20,295 4,838 — — 4,838 Small Cap Funds — — — — — — — — Blended Funds — — — — — — — — Mid Cap Funds — — — — — — — — Comingled Pools: Opportunistic 15,461 — — 15,461 3,106 — — 3,106 Investment Grade 51,340 — — 51,340 10,664 — — 10,664 Non-U.S. Equity 17,432 — — 17,432 4,730 — — 4,730 U.S. Equity 70,059 — — 70,059 14,773 — — 14,773 Global Low Volatility $ 5,400 $ — — 5,400 — — — — Foreign Plans: Cash 22 — 22 — 518 — 518 Equity 8,623 — 8,623 10,499 — 184 10,683 Non-U.S. government and corporate bonds 13,569 — 13,569 15,146 — 669 15,815 Insurance Contracts 240 3,542 3,782 306 — 2,932 3,238 Other 368 368 — 38 — 38 Total Fair Value $ 206,250 $ 22 $ 3,910 $ 210,182 $ 64,062 $ 793 $ 3,785 $ 68,640 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”) have not been classified in the fair value hierarchy. These investments, consisting of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund, that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term. (2) $179 million of pension plan asset receivable was excluded from the December 31, 2017 leveling table above as CIRCOR did not yet control the assets. The fair value was determined based on CIRCOR's percent of Colfax U.S. pension plan assets which were valued by Colfax using NAV as described in (1). (3) $0.8 million of pension plan asset receivable was excluded from the FY'18 leveling table above as CIRCOR did not yet control the assets. |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | The fair value of the Company’s assets which are to be reimbursed to Colfax for 2018 pension benefits paid, expenses and investment return on those payments were as follows (in thousands): December 31, 2018 Measured at Net Asset Value (1) Level 1 Level 2 Total Investments owed to Colfax: Cash Equivalents: Money Market Funds $ 2,852 $ — $ — $ 2,852 The fair value measurements of the Company's financial instruments as of December 31, 2018 are summarized in the table below: Significant Other Observable Inputs Level 2 Derivatives $ (1,969 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | The following table presents certain reportable segment information (in thousands): 2018 2017 2016 Net revenues Energy $ 451,232 $ 339,617 $ 305,939 Aerospace & Defense 237,017 182,983 166,127 Industrial 487,576 139,110 118,193 Consolidated revenues $ 1,175,825 $ 661,710 $ 590,259 Segment income Energy - Segment Operating Income $ 33,496 $ 30,131 $ 32,651 Aerospace & Defense - Segment Operating Income 36,047 23,375 15,368 Industrial - Segment Operating Income 57,340 19,932 20,056 Corporate expenses (30,299 ) (21,744 ) (25,672 ) Subtotal 96,584 51,694 42,403 Special restructuring charges, net 12,752 6,062 8,975 Special other charges, net 11,087 7,989 8,196 Special and restructuring charges, net 23,839 14,051 17,171 Restructuring related inventory charges 2,402 — 2,846 Amortization of inventory step-up 6,600 4,300 1,365 Impairment charges — — 202 Acquisition amortization 47,310 12,542 9,901 Acquisition depreciation 7,049 233 — Brazil restatement impact — — — Restructuring and other cost, net 63,361 17,075 14,314 Consolidated Operating Income 9,384 20,568 10,918 Interest Expense, net (a) 52,913 10,777 3,310 Other Expense (Income), net (a) (7,435 ) 3,678 (2,072 ) Income from continuing operations before income taxes $ (36,094 ) $ 6,113 $ 9,680 Identifiable assets Energy $ 882,630 $ 837,492 $ 463,359 Aerospace & Defense 399,102 375,094 486,369 Industrial 1,279,048 1,408,217 — Corporate $ (769,168 ) (714,004 ) (279,813 ) Consolidated Identifiable assets $ 1,791,612 $ 1,906,799 $ 669,915 Capital expenditures Energy $ 7,448 $ 3,840 $ 3,902 Aerospace & Defense 4,739 3,400 4,441 Industrial 9,813 5,928 4,094 Corporate 1,787 1,378 1,775 Consolidated Capital expenditures $ 23,787 $ 14,546 $ 14,212 Depreciation and amortization Energy $ 16,482 $ 12,518 $ 7,102 Aerospace & Defense 10,937 4,325 15,624 Industrial 49,939 11,881 — Corporate 750 1,313 1,209 Consolidated Depreciation and amortization $ 78,108 $ 30,037 $ 23,935 |
Net Revenues By Geographic Area | Year Ended December 31, Net revenues by geographic area (in thousands) 2018 2017 2016 United States $ 535,008 $ 324,204 $ 232,650 France 48,346 41,584 42,908 Germany 97,771 32,480 26,451 Canada 45,919 28,703 32,750 Saudi Arabia 10,037 28,626 68,693 United Kingdom 37,154 26,872 27,579 China 35,735 16,875 11,157 Norway 29,523 13,462 21,668 Rest of Europe 106,105 56,638 32,460 Rest of Asia-Pacific 102,131 55,265 39,808 Other 128,096 37,001 54,135 Total net revenues $ 1,175,825 $ 661,710 $ 590,259 |
Long-Lived Assets By Geographic Area | December 31, Long-lived assets by geographic area (in thousands) 2018 2017 United States $ 129,527 $ 130,587 Germany 41,852 42,651 UK 11,330 12,592 India 8,535 7,618 Italy 3,999 5,213 Mexico 3,689 2,853 France 3,271 3,851 Netherlands 2,291 2,823 Other 5,325 9,351 Total long-lived assets $ 209,819 $ 217,539 |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Information Summary Quarterly Data — Unaudited (in thousands, except per share information) First Quarter Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2018 Net revenues $ 275,580 $ 301,368 $ 297,514 $ 301,363 Gross profit 76,304 88,251 85,078 92,018 Net income (loss) (17,441 ) 5,902 (6,841 ) (21,005 ) Earnings (loss) per common share: Basic $ (0.88 ) $ 0.30 $ (0.34 ) $ (1.06 ) Diluted (0.88 ) 0.30 (0.34 ) (1.06 ) Dividends per common share — — — — Year Ended December 31, 2017 Net revenues $ 145,208 $ 151,231 $ 159,693 $ 205,578 Gross profit 46,633 47,668 47,303 59,216 Net income (loss) 4,773 8,970 3,617 (5,571 ) Earnings per common share: Basic $ 0.29 $ 0.54 $ 0.22 $ (0.32 ) Diluted 0.29 0.54 0.22 (0.32 ) Dividends per common share 0.0375 0.0375 0.0375 0.0375 |
Schedule Of Quarterly Financial Information | First Quarter Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2018 Net revenues $ 275,580 $ 301,368 $ 297,514 $ 301,363 Gross profit 76,304 88,251 85,078 92,018 Net income (loss) (17,441 ) 5,902 (6,841 ) (21,005 ) Earnings (loss) per common share: Basic $ (0.88 ) $ 0.30 $ (0.34 ) $ (1.06 ) Diluted (0.88 ) 0.30 (0.34 ) (1.06 ) Dividends per common share — — — — Year Ended December 31, 2017 Net revenues $ 145,208 $ 151,231 $ 159,693 $ 205,578 Gross profit 46,633 47,668 47,303 59,216 Net income (loss) 4,773 8,970 3,617 (5,571 ) Earnings per common share: Basic $ 0.29 $ 0.54 $ 0.22 $ (0.32 ) Diluted 0.29 0.54 0.22 (0.32 ) Dividends per common share 0.0375 0.0375 0.0375 0.0375 |
Description Of Business (Detail
Description Of Business (Details) | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 3 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Jan. 01, 2018 | Oct. 12, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Revenue, Net | $ 301,363 | $ 297,514 | $ 301,368 | $ 275,580 | $ 205,578 | $ 159,693 | $ 151,231 | $ 145,208 | $ 1,175,825 | $ 661,710 | $ 590,259 | ||||
Cost of revenues | 834,175 | 460,890 | 407,144 | ||||||||||||
Provision for income taxes | 3,290 | (5,676) | (421) | ||||||||||||
Net Income (Loss) Attributable to Parent | (21,005) | (6,841) | $ 5,902 | $ (17,441) | (5,571) | $ 3,617 | $ 8,970 | $ 4,773 | (39,384) | 11,789 | 10,101 | ||||
Contract with Customer, Asset, Net | 61,618 | 61,618 | $ 12,024 | ||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 28,462 | 22,334 | 28,462 | 22,334 | 23,457 | ||||||||||
Contract with Customer, Liability | (49,725) | (49,725) | (37,630) | ||||||||||||
Capital Expenditures Incurred but Not yet Paid | 1,500 | ||||||||||||||
Inventories | 217,378 | 244,896 | 217,378 | 244,896 | 245,436 | ||||||||||
Goodwill | $ 459,205 | 505,762 | 459,205 | 505,762 | 206,659 | ||||||||||
Foreign Currency Translations | (1,840) | $ 2,136 | $ 2,100 | ||||||||||||
Anti-dilutive options and RSUs, shares | 36,281 | ||||||||||||||
Range of exercise prices, lower range limit | $ 26.06 | $ 51.84 | $ 70.42 | ||||||||||||
Range of exercise prices, upper range limit | $ 71.56 | $ 71.56 | $ 79.33 | ||||||||||||
Research and development expenditures | $ 8,800 | $ 5,500 | $ 5,900 | ||||||||||||
Outstanding | 298,796 | 298,796 | |||||||||||||
Stock Price for consecutive trading days (in days) | 60 days | ||||||||||||||
Award vesting, percentage | 25.00% | ||||||||||||||
Term of forfeiture (in years) | 5 years | ||||||||||||||
Decrease in retained earnings | $ (232,102) | (274,243) | $ (232,102) | $ (274,243) | (271,486) | ||||||||||
Deferred Tax Liabilities, Net, Noncurrent | (33,932) | (26,122) | (33,932) | (26,122) | (26,030) | ||||||||||
Total restructuring charges, net | 12,752 | 6,063 | 8,975 | ||||||||||||
Downstream [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Goodwill | $ 89,473 | ||||||||||||||
Energy [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Revenue, Net | 451,232 | 339,617 | 305,939 | ||||||||||||
Goodwill | 104,872 | 154,058 | 104,872 | 154,058 | 144,405 | ||||||||||
Total restructuring charges, net | 10,565 | 3,558 | 3,185 | ||||||||||||
Aerospace [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Revenue, Net | 237,017 | 182,983 | 166,127 | ||||||||||||
Goodwill | $ 57,418 | $ 62,548 | $ 57,418 | $ 62,548 | $ 18,459 | ||||||||||
Stock-Options [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Anti-dilutive options and RSUs, shares | 1,041,454 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Anti-dilutive options and RSUs, shares | 252,001 | ||||||||||||||
Outstanding | 226,683 | 186,905 | 226,683 | 186,905 | 138,761 | 109,281 | |||||||||
Inventory Related Charges [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Total restructuring charges, net | $ 2,400 | $ 0 | $ 2,800 | ||||||||||||
Inventory Related Charges [Member] | Energy [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Total restructuring charges, net | 2,400 | ||||||||||||||
Vesting Year 1 [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Award vesting, percentage | 50.00% | ||||||||||||||
Vesting Year 2 [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Award vesting, percentage | 100.00% | ||||||||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Contract with Customer, Asset, Net | 12,024 | ||||||||||||||
Contract with Customer, Liability | (37,630) | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Revenue, Net | 1,118,765 | ||||||||||||||
Cost of revenues | 797,612 | ||||||||||||||
Provision for income taxes | (1,353) | ||||||||||||||
Net Income (Loss) Attributable to Parent | (55,239) | ||||||||||||||
Contract with Customer, Asset, Net | $ 11,966 | $ 15,019 | 11,966 | $ 15,019 | |||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 32,800 | 22,334 | 32,800 | 22,334 | |||||||||||
Contract with Customer, Liability | (69,286) | (36,113) | (69,286) | (36,113) | |||||||||||
Inventories | 264,694 | 244,896 | 264,694 | 244,896 | |||||||||||
Decrease in retained earnings | (214,848) | (274,243) | (214,848) | (274,243) | |||||||||||
Deferred Tax Liabilities, Net, Noncurrent | (33,627) | $ (26,122) | (33,627) | $ (26,122) | |||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Revenue, Net | 57,060 | ||||||||||||||
Cost of revenues | 36,563 | ||||||||||||||
Provision for income taxes | 4,643 | ||||||||||||||
Net Income (Loss) Attributable to Parent | 15,855 | ||||||||||||||
Contract with Customer, Asset, Net | 49,652 | (2,995) | |||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | (4,338) | 1,123 | |||||||||||||
Contract with Customer, Liability | 19,561 | 1,517 | |||||||||||||
Inventories | (47,316) | 540 | |||||||||||||
Decrease in retained earnings | (17,254) | (2,757) | |||||||||||||
Deferred Tax Liabilities, Net, Noncurrent | $ (305) | $ (92) | |||||||||||||
Maximum [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | 10.00% | |||||||||||||
Transferred over Time [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 2,500 | 2,500 | |||||||||||||
Transferred at Point in Time [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 5,300 | $ 5,300 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Property, Plant and Equipment) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | Building And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Minimum [Member] | Manufacturing Machinery [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Minimum [Member] | Motor Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 2 years |
Maximum [Member] | Building And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Maximum [Member] | Manufacturing Machinery [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Maximum [Member] | Motor Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 6 years |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Reconciliation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||||||||||
Basic EPS, Net Income | $ (21,005) | $ (6,841) | $ 5,902 | $ (17,441) | $ (5,571) | $ 3,617 | $ 8,970 | $ 4,773 | $ (39,384) | $ 11,789 | $ 10,101 |
Dilutive securities, principally common stock options, Net Income | |||||||||||
Diluted EPS, Net Income | $ (39,384) | $ 11,789 | $ 10,101 | ||||||||
Basic EPS, Shares | 19,834 | 16,674 | 16,418 | ||||||||
Dilutive securities, principally common stock options, Shares | 0 | 175 | 118 | ||||||||
Diluted EPS, Shares | 19,834 | 16,849 | 16,536 | ||||||||
Basic EPS, Per Share Amount | $ (1.06) | $ (0.34) | $ 0.30 | $ (0.88) | $ (0.32) | $ 0.22 | $ 0.54 | $ 0.29 | $ (1.99) | $ 0.71 | $ 0.62 |
Dilutive securities, principally common stock options, Per Share Amount | 0 | (0.01) | (0.01) | ||||||||
Diluted EPS, Per Share Amount | $ (1.06) | $ (0.34) | $ 0.30 | $ (0.88) | $ (0.32) | $ 0.22 | $ 0.54 | $ 0.29 | $ (1.99) | $ 0.70 | $ 0.61 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Revenue, Remaining Performance Obligation | $ 0 | ||
Trade accounts receivable, less allowance for doubtful accounts of $6,735 and $4,791, respectively | 183,552 | ||
Contract with Customer, Asset, Net | 61,618 | $ 12,024 | |
Contract with Customer, Liability | 49,725 | 37,630 | |
Accounting Standards Update 2014-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Trade accounts receivable, less allowance for doubtful accounts of $6,735 and $4,791, respectively | $ 223,922 | ||
Increase (Decrease) in Accounts and Other Receivables | (40,370) | ||
Contract with Customer, Asset, Net | 12,024 | ||
Contract with Customer, Asset, Period Increase (Decrease) | 49,594 | ||
Contract with Customer, Liability | $ 37,630 | ||
Contract with Customer, Liability, Period Increase (Decrease) | $ 12,095 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,175,800 |
Energy [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 451,300 |
Energy [Member] | Oil and Gas - Upstream, Midstream and Other [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 200,000 |
Energy [Member] | Oil and Gas - Downstream [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 200,000 |
Aerospace & Defense [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 237,000 |
Aerospace & Defense [Member] | Commercial Aerospace and Other [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 100,000 |
Aerospace & Defense [Member] | Defense [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 100,000 |
Industrial [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 487,500 |
Industrial [Member] | Valves [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 100,000 |
Industrial [Member] | Pumps [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 400,000 |
EMEA [Member] | Energy [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 115,000 |
EMEA [Member] | Aerospace & Defense [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 65,600 |
EMEA [Member] | Industrial [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 238,200 |
North America [Member] | Energy [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 271,000 |
North America [Member] | Aerospace & Defense [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 149,000 |
North America [Member] | Industrial [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 151,000 |
Geographical Other [Member] | Energy [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 65,300 |
Geographical Other [Member] | Aerospace & Defense [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | 22,400 |
Geographical Other [Member] | Industrial [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 98,300 |
Business Acquisitions (Narrativ
Business Acquisitions (Narrative) (Details) - USD ($) | Dec. 11, 2017 | Sep. 24, 2017 | Oct. 13, 2016 | Oct. 12, 2016 | Sep. 30, 2018 | Oct. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ (3,727,000) | $ 488,517,000 | $ 197,489,000 | |||||||
Goodwill, Other Increase (Decrease) | $ 1,500,000 | |||||||||
Colfax, Inc. Fluid Handing Business [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Business Combination, Consideration Transferred, Net Working Capital Adjustments | $ 18,121,000 | 11,821,000 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred, Net Working Capital | $ 6,300,000 | |||||||||
Business Combination, Purchase Agreement, Consideration To Be Transferred | $ 542,000,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 388,000,000 | 385,000,000 | 385,000,000 | |||||||
Finite-lived Intangible Assets Acquired | (3,000,000) | |||||||||
Common Stock | 144,000,000 | 140,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Accounts Receivable | 77,970,000 | 75,842,000 | 75,842,000 | |||||||
Downstream [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Accounts Receivable | $ 28,128,000 | |||||||||
Cash consideration | 195,000,000 | |||||||||
Contingent consideration | 15,000,000 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 198,000,000 | |||||||||
Contingent Consideration Classified as Equity, Fair Value Disclosure | $ 12,000,000 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Instruments Classified in Shareholders' Equity, Period Increase (Decrease) | $ 12,200,000 | |||||||||
Acquired receivables, fair value | 28,100,000 | |||||||||
Trade Names [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 44,000,000 | 41,000,000 | 41,000,000 | |||||||
Finite-lived Intangible Assets Acquired | (3,000,000) | |||||||||
Technology-Based Intangible Assets [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 107,000,000 | 113,000,000 | 113,000,000 | |||||||
Finite-lived Intangible Assets Acquired | 6,000,000 | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |||||||||
Technology-Based Intangible Assets [Member] | Downstream [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 25,800,000 | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||||||
Customer Relationships [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 215,000,000 | 215,000,000 | 215,000,000 | |||||||
Finite-lived Intangible Assets Acquired | 0 | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years | |||||||||
Customer Relationships [Member] | Downstream [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 49,600,000 | |||||||||
Backlog [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 22,000,000 | 16,000,000 | $ 16,000,000 | |||||||
Finite-lived Intangible Assets Acquired | $ (6,000,000) | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years | |||||||||
Backlog [Member] | Downstream [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,100,000 | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | |||||||||
Backlog [Member] | Schroedahl [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | |||||||||
Common Stock [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Business Combination, Purchase Agreement, Consideration To Be Transferred, Equity Interests Issuable | 3,283,424 |
Business Acquisitions (Assets A
Business Acquisitions (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 11, 2017 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 12, 2016 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 459,205 | $ 459,205 | $ 505,762 | $ 206,659 | ||
Downstream [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 6,603 | |||||
Accounts receivable | 28,128 | |||||
Unbilled receivable | 10,786 | |||||
Inventory | 18,701 | |||||
Prepaid and other current assets | 5,671 | |||||
Property, plant and equipment | 21,214 | |||||
Identifiable intangible assets | 101,600 | |||||
Accounts payable | (11,655) | |||||
Accrued and other expenses | (8,866) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (3,997) | |||||
Deferred income taxes | (40,645) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (556) | |||||
Total identifiable net assets | 126,984 | |||||
Goodwill | 89,473 | |||||
Total purchase price | $ 216,457 | |||||
Colfax, Inc. Fluid Handing Business [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | (10,083) | |||||
Cash and cash equivalents | $ 63,403 | 63,403 | 63,403 | |||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Cash and Cash Equivalents | 0 | |||||
Restricted cash (a) | 1,911 | 1,911 | 1,911 | |||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Restricted Cash | 0 | |||||
Accounts receivable | 77,970 | 75,842 | 75,842 | |||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Accounts Receivable | (2,128) | |||||
Inventory | 79,329 | 78,927 | 78,927 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | (402) | |||||
Prepaid and other current assets | 16,937 | 15,589 | 15,589 | |||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Prepaid Expenses And Other Current Assets | (1,348) | |||||
Property, plant and equipment | 115,891 | 120,924 | 120,924 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 5,033 | |||||
Identifiable intangible assets | 388,000 | 385,000 | 385,000 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (3,000) | |||||
Other assets | 338 | 924 | 924 | |||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Other Assets | 586 | |||||
Accounts payable | (46,045) | (46,025) | (46,025) | |||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Accounts Payable | 20 | |||||
Cash payable to seller (a) | (65,314) | (65,314) | (65,314) | $ 65,314 | ||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Cash Payable to Seller | 0 | |||||
Accrued and other expenses | (63,115) | (72,388) | (72,388) | |||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Accrued And Other Expenses | (9,273) | |||||
Long-term post-retirement liabilities | (143,067) | (140,467) | (140,467) | |||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Long-Term Post Retirement Liabilities | 2,600 | |||||
Other long-term liabilities | (11,215) | (11,215) | (11,215) | |||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Other Long Term Liabilities | 0 | |||||
Deferred income taxes | (4,479) | (14,845) | (14,845) | |||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Deferred Tax Liabilities | (10,366) | |||||
Total identifiable net assets | 410,544 | 392,266 | 392,266 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Assets Acquired And Liabilities Assumed | (18,278) | |||||
Goodwill | 293,344 | 301,539 | 301,539 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Goodwill | 8,195 | |||||
Total purchase price | 703,888 | 693,805 | 693,805 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Goodwill, Assets Acquired And Liabilities Assumed | (10,083) | |||||
Base purchase price | 542,000 | 542,000 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred, Base Purchase Price | 0 | |||||
Net working capital and other purchase accounting adjustments | 18,121 | 11,821 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred, Net Working Capital | (6,300) | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 144,000 | $ 140,000 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred, Common Stock | $ (3,783) |
Business Acquisitions (Intangib
Business Acquisitions (Intangible Assets Acquired as Part of Business Combination) (Details) - USD ($) $ in Thousands | Oct. 12, 2016 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 11, 2017 |
Colfax, Inc. Fluid Handing Business [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets acquired | $ 385,000 | $ 388,000 | |||
Total intangible assets | 385,000 | 388,000 | |||
Downstream [Member] | |||||
Business Acquisition [Line Items] | |||||
Total intangible assets | $ 101,600 | ||||
Trade Names [Member] | Colfax, Inc. Fluid Handing Business [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets acquired | 41,000 | 44,000 | |||
Trade Names [Member] | Downstream [Member] | |||||
Business Acquisition [Line Items] | |||||
Indefinite-lived intangible assets acquired | 24,100 | ||||
Customer Relationships [Member] | Colfax, Inc. Fluid Handing Business [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets acquired | 215,000 | 215,000 | |||
Weighted average amortization period (in years) | 19 years | ||||
Customer Relationships [Member] | Downstream [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets acquired | $ 49,600 | ||||
Customer Relationships [Member] | CFS Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Weighted average amortization period (in years) | 14 years | ||||
Order or Aftermarket Backlog [Member] | Colfax, Inc. Fluid Handing Business [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets acquired | 16,000 | 22,000 | |||
Weighted average amortization period (in years) | 4 years | ||||
Order or Aftermarket Backlog [Member] | Downstream [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets acquired | $ 2,100 | ||||
Weighted average amortization period (in years) | 2 years | ||||
Order or Aftermarket Backlog [Member] | Schroedahl [Member] | |||||
Business Acquisition [Line Items] | |||||
Weighted average amortization period (in years) | 1 year | ||||
Technology-Based Intangible Assets [Member] | Colfax, Inc. Fluid Handing Business [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets acquired | $ 113,000 | $ 107,000 | |||
Weighted average amortization period (in years) | 20 years | ||||
Technology-Based Intangible Assets [Member] | Downstream [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets acquired | $ 25,800 | ||||
Weighted average amortization period (in years) | 10 years | ||||
Technology-Based Intangible Assets [Member] | CFS Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Weighted average amortization period (in years) | 10 years | ||||
Minimum [Member] | Customer Relationships [Member] | Downstream [Member] | |||||
Business Acquisition [Line Items] | |||||
Weighted average amortization period (in years) | 14 years | ||||
Maximum [Member] | Customer Relationships [Member] | Downstream [Member] | |||||
Business Acquisition [Line Items] | |||||
Weighted average amortization period (in years) | 15 years |
Special Charges (Special and Re
Special Charges (Special and Restructuring Charges, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 2,922 | ||||
Total restructuring charges, net | $ 12,752 | $ 6,063 | 8,975 | ||
Restructuring and Related Cost, Incurred Cost | 23,839 | 14,051 | 17,171 | ||
Total special and restructuring charges, net | 11,087 | 7,989 | 8,196 | ||
Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 921 | 879 | |||
Recoveries of Restructuring Charges | (3,017) | (2,966) | (4,493) | ||
Divestiture [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges, net | 3,849 | ||||
Energy Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 2,920 | ||||
Total restructuring charges, net | 10,565 | 3,558 | 3,185 | ||
Total special and restructuring charges, net | 921 | (11,267) | 2,920 | ||
Energy Segment [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 921 | 879 | |||
Recoveries of Restructuring Charges | (2,827) | (2,523) | (792) | ||
Energy Segment [Member] | Divestiture [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges, net | 879 | 0 | |||
Corporate Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 2 | ||||
Total restructuring charges, net | 0 | ||||
Total special and restructuring charges, net | 8,278 | 13,096 | 5,437 | ||
Corporate Segment [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | 0 | |||
Recoveries of Restructuring Charges | $ 0 | ||||
Corporate Segment [Member] | Divestiture [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges, net | $ 101 | ||||
Reliability Services [Member] | Divestiture [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges, net | 2,165 | ||||
Reliability Services [Member] | Energy Segment [Member] | Divestiture [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges, net | 0 | ||||
Reliability Services [Member] | Corporate Segment [Member] | Divestiture [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges, net | $ 2,165 | ||||
Delden Business [Member] | Subsequent Event [Member] | Disposal Group, Not Discontinued Operations [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 19.90% | ||||
Rosscor B.V. and SES International B.V. [Member] | Divestiture [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges, net | 1,888 | ||||
Rosscor B.V. and SES International B.V. [Member] | Energy Segment [Member] | Divestiture [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges, net | 0 | ||||
Rosscor B.V. and SES International B.V. [Member] | Corporate Segment [Member] | Divestiture [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring charges, net | $ 0 |
Special Charges (Special Charge
Special Charges (Special Charges, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2016 | Apr. 03, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | $ 12,752 | $ 6,063 | $ 8,975 | |||
Brazil closure | 2,922 | |||||
Defined Benefit Plan, Plan Assets, Payment for Settlement | 4,457 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 2,400 | |||||
Other Nonrecurring (Income) Expense | 11,087 | 7,989 | 8,196 | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 12,200 | |||||
Inventory Related Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 2,400 | 0 | 2,800 | |||
Acquisitions [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 6,113 | 13,061 | 817 | |||
Facility Closing [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Divestiture recoveries | 3,017 | 2,966 | 4,493 | |||
Brazil closure | 921 | 879 | ||||
Divestiture [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 3,849 | |||||
Divestiture [Member] | R.S. Divestiture [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 2,165 | |||||
Divestiture [Member] | Rosscor [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 1,888 | |||||
Contingent Consideration Revaluation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | (12,200) | |||||
Energy [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 10,565 | 3,558 | 3,185 | |||
Brazil closure | 2,920 | |||||
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | |||||
Other Nonrecurring (Income) Expense | 921 | (11,267) | 2,920 | |||
Energy [Member] | Inventory Related Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 2,400 | |||||
Energy [Member] | Acquisitions [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 0 | 54 | 0 | |||
Energy [Member] | Facility Closing [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Divestiture recoveries | 2,827 | 2,523 | 792 | |||
Brazil closure | 921 | 879 | ||||
Energy [Member] | Divestiture [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 879 | 0 | ||||
Energy [Member] | Divestiture [Member] | R.S. Divestiture [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 0 | |||||
Energy [Member] | Divestiture [Member] | Rosscor [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 0 | |||||
Energy [Member] | Contingent Consideration Revaluation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | (12,200) | |||||
Aerospace and Defense Segment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 2,400 | |||||
Other Nonrecurring (Income) Expense | 0 | 6,160 | ||||
Aerospace and Defense Segment [Member] | Acquisitions [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 0 | 12 | ||||
Aerospace and Defense Segment [Member] | Facility Closing [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Brazil closure | 0 | 0 | ||||
Aerospace and Defense Segment [Member] | Divestiture [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 3,748 | |||||
Aerospace and Defense Segment [Member] | Divestiture [Member] | R.S. Divestiture [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 0 | |||||
Aerospace and Defense Segment [Member] | Divestiture [Member] | Rosscor [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 0 | |||||
Aerospace and Defense Segment [Member] | Contingent Consideration Revaluation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 0 | |||||
Advanced Flow Solutions [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 626 | 2,505 | 5,790 | |||
Brazil closure | 0 | |||||
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | |||||
Other Nonrecurring (Income) Expense | (161) | |||||
Advanced Flow Solutions [Member] | Inventory Related Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | $ 800 | $ 100 | ||||
Advanced Flow Solutions [Member] | Acquisitions [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | (161) | |||||
Advanced Flow Solutions [Member] | Facility Closing [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Divestiture recoveries | 190 | 443 | 3,701 | |||
Industrial Segment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Other Nonrecurring (Income) Expense | 1,888 | |||||
Industrial Segment [Member] | Acquisitions [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 0 | |||||
Industrial Segment [Member] | Facility Closing [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Brazil closure | 0 | |||||
Industrial Segment [Member] | Divestiture [Member] | R.S. Divestiture [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 0 | |||||
Industrial Segment [Member] | Divestiture [Member] | Rosscor [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 1,888 | |||||
Corporate [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 0 | |||||
Brazil closure | 2 | |||||
Defined Benefit Plan, Plan Assets, Payment for Settlement | 4,457 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | |||||
Other Nonrecurring (Income) Expense | 8,278 | 13,096 | 5,437 | |||
Corporate [Member] | Acquisitions [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 6,113 | 12,995 | 978 | |||
Corporate [Member] | Facility Closing [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Divestiture recoveries | $ 0 | |||||
Brazil closure | 0 | 0 | ||||
Corporate [Member] | Divestiture [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | 101 | |||||
Corporate [Member] | Divestiture [Member] | R.S. Divestiture [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | $ 2,165 | |||||
Corporate [Member] | Divestiture [Member] | Rosscor [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | $ 0 | |||||
Corporate [Member] | Contingent Consideration Revaluation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total restructuring charges, net | $ 0 |
Special Charges (Restructuring
Special Charges (Restructuring Programs Summary) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 02, 2017 | Oct. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | |||||
Accrued restructuring charges | $ 1,618 | $ 1,586 | $ 1,618 | $ 663 | |
Total restructuring charges, net | 12,752 | 6,063 | 8,975 | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 2,922 | ||||
Charges paid / settled, net | (13,356) | (6,095) | (8,020) | ||
Accrued restructuring charges | 982 | 1,586 | 1,618 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 12,200 | ||||
Divestiture [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | 3,849 | ||||
Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Facility related expenses | 3,017 | 2,966 | 4,493 | ||
Restructuring Reserve [Roll Forward] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 921 | 879 | |||
Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | 9,735 | 3,097 | 4,482 | ||
Fluid Handling [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Business Combination, Acquisition Related Costs | 12,995 | ||||
Critical Flow Solutions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Business Combination, Acquisition Related Costs | $ 136 | 1,000 | |||
Schroedahl [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Business Combination, Acquisition Related Costs | 200 | ||||
Energy [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | 10,565 | 3,558 | 3,185 | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 2,920 | ||||
Energy [Member] | Divestiture [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | 879 | 0 | |||
Energy [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Facility related expenses | 2,827 | 2,523 | 792 | ||
Restructuring Reserve [Roll Forward] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 921 | 879 | |||
Energy [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | 7,738 | 1,035 | 2,393 | ||
Employee Severance [Member] | Aerospace & Defense [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | $ 1,500 | ||||
Advanced Flow Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | 626 | 2,505 | 5,790 | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | ||||
Advanced Flow Solutions [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Facility related expenses | 190 | 443 | 3,701 | ||
Advanced Flow Solutions [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | 436 | 2,062 | 2,089 | ||
Industrial [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | 1,561 | ||||
Industrial [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Facility related expenses | 0 | ||||
Industrial [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | 1,561 | ||||
Corporate [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | 0 | ||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 2 | ||||
Corporate [Member] | Divestiture [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | 101 | ||||
Corporate [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Facility related expenses | 0 | ||||
Restructuring Reserve [Roll Forward] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 0 | $ 0 | |||
Corporate [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total restructuring charges, net | $ 0 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 3,800 |
Special Charges (Announced Rest
Special Charges (Announced Restructuring Charges (Recoveries)) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
2018 Actions Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | $ 11,736 | ||
2017 Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | $ 2,856 | ||
2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | $ 4,459 | ||
Facility Closing [Member] | 2018 Actions Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 2,187 | ||
Facility Closing [Member] | 2017 Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 366 | ||
Facility Closing [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 802 | ||
Employee Severance [Member] | 2018 Actions Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 9,549 | ||
Employee Severance [Member] | 2017 Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 2,490 | ||
Employee Severance [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 3,657 | ||
Energy [Member] | 2018 Actions Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 9,818 | ||
Energy [Member] | 2017 Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 598 | ||
Energy [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 3,184 | ||
Energy [Member] | Facility Closing [Member] | 2018 Actions Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 2,187 | ||
Energy [Member] | Facility Closing [Member] | 2017 Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 0 | ||
Energy [Member] | Facility Closing [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 708 | ||
Energy [Member] | Employee Severance [Member] | 2018 Actions Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 7,631 | ||
Energy [Member] | Employee Severance [Member] | 2017 Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 598 | ||
Energy [Member] | Employee Severance [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 2,476 | ||
Aerospace and Defense Segment [Member] | 2018 Actions Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 382 | ||
Aerospace and Defense Segment [Member] | 2017 Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 2,258 | ||
Aerospace and Defense Segment [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 1,275 | ||
Aerospace and Defense Segment [Member] | California Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 4,500 | ||
Aerospace and Defense Segment [Member] | Facility Closing [Member] | 2018 Actions Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 0 | ||
Aerospace and Defense Segment [Member] | Facility Closing [Member] | 2017 Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 366 | ||
Aerospace and Defense Segment [Member] | Facility Closing [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 94 | ||
Aerospace and Defense Segment [Member] | Facility Closing [Member] | California Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 3,700 | ||
Aerospace and Defense Segment [Member] | Employee Severance [Member] | 2018 Actions Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 382 | ||
Aerospace and Defense Segment [Member] | Employee Severance [Member] | 2017 Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | $ 1,892 | ||
Aerospace and Defense Segment [Member] | Employee Severance [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | $ 1,181 | ||
Aerospace and Defense Segment [Member] | Employee Severance [Member] | California Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 800 | ||
Industrial Segment [Member] | 2018 Actions Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 1,536 | ||
Industrial Segment [Member] | Facility Closing [Member] | 2018 Actions Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 0 | ||
Industrial Segment [Member] | Employee Severance [Member] | 2018 Actions Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | $ 1,536 |
Special Charges (Narrative) (De
Special Charges (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | $ 1,618 | $ 982 | $ 1,586 | $ 1,618 | $ 663 | |||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 2,922 | |||||||
Total restructuring charges, net | 12,752 | 6,063 | 8,975 | |||||
Inventories | 217,378 | 244,896 | $ 245,436 | |||||
Non cash settlement | 4,500 | |||||||
Facility Closing [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 921 | 879 | ||||||
Inventory Related Charges [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total restructuring charges, net | 2,400 | 0 | 2,800 | |||||
Inventory Related Charges [Member] | Brazil Closure [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total restructuring charges, net | $ 100 | $ 1,900 | ||||||
Energy [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 2,920 | |||||||
Total restructuring charges, net | 10,565 | 3,558 | 3,185 | |||||
Energy [Member] | Facility Closing [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 921 | 879 | ||||||
Energy [Member] | Inventory Related Charges [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total restructuring charges, net | 2,400 | |||||||
Advanced Flow Solutions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | |||||||
Total restructuring charges, net | 626 | 2,505 | 5,790 | |||||
Advanced Flow Solutions [Member] | Inventory Related Charges [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total restructuring charges, net | $ 800 | $ 100 | ||||||
Corporate Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 2 | |||||||
Total restructuring charges, net | $ 0 | |||||||
Corporate Segment [Member] | Facility Closing [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 0 | $ 0 |
Inventories (Components Of Inve
Inventories (Components Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory, Net [Abstract] | |||
Raw materials | $ 69,910 | $ 82,372 | |
Work in process | 116,088 | 121,709 | |
Finished goods | 31,380 | 40,815 | |
Inventories | $ 217,378 | $ 245,436 | $ 244,896 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Inventory [Line Items] | ||||
Inventory, Raw Materials, Gross | $ 69,910 | $ 82,372 | ||
Provision Bankruptcy Settlement | 11,499 | 7,337 | $ 9,297 | |
Total restructuring charges, net | 12,752 | 6,063 | 8,975 | |
Inventories | 217,378 | 244,896 | $ 245,436 | |
Inventory Related Charges [Member] | ||||
Inventory [Line Items] | ||||
Total restructuring charges, net | 2,400 | 0 | 2,800 | |
Energy [Member] | ||||
Inventory [Line Items] | ||||
Total restructuring charges, net | 10,565 | $ 3,558 | $ 3,185 | |
Energy [Member] | Inventory Related Charges [Member] | ||||
Inventory [Line Items] | ||||
Total restructuring charges, net | $ 2,400 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Components Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 11, 2017 | |
Property, Plant and Equipment [Line Items] | ||||
Land | $ 32,849 | $ 33,428 | ||
Buildings and improvements | 96,241 | 101,016 | ||
Manufacturing machinery and equipment | 176,167 | 196,939 | ||
Computer equipment and software | 38,500 | 31,204 | ||
Furniture and fixtures | 28,846 | 12,526 | ||
Motor vehicles | 467 | 1,118 | ||
Construction in progress | 21,323 | 18,787 | ||
Property, Plant and Equipment, Gross, Total | 394,393 | 395,018 | ||
Accumulated depreciation | (192,594) | (177,479) | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 201,799 | 217,539 | ||
Depreciation expense | 28,754 | $ 15,290 | $ 13,304 | |
Capital Expenditures Incurred but Not yet Paid | 1,500 | |||
Colfax, Inc. Fluid Handing Business [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 120,924 | $ 115,891 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Indefinite-lived Intangible Assets by Segment [Line Items] | |||
Impairment charges | $ 0 | $ 0 | $ 208,000 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | ||
Goodwill | 459,205,000 | 505,762,000 | 206,659,000 |
Goodwill, Acquired During Period | 8,196,000 | 289,588,000 | |
Goodwill, Transfers | (3,394,000) | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (10,987,000) | 9,515,000 | |
Trademarks and Trade Names [Member] | |||
Indefinite-lived Intangible Assets by Segment [Line Items] | |||
Goodwill, impairment charges | 0 | ||
Energy [Member] | |||
Indefinite-lived Intangible Assets by Segment [Line Items] | |||
Goodwill | 104,872,000 | 154,058,000 | 144,405,000 |
Goodwill, Acquired During Period | (4,742,000) | 6,944,000 | |
Goodwill, Transfers | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (4,072,000) | 2,709,000 | |
Aerospace [Member] | |||
Indefinite-lived Intangible Assets by Segment [Line Items] | |||
Goodwill | 57,418,000 | 62,548,000 | $ 18,459,000 |
Goodwill, Acquired During Period | (5,046,000) | 43,900,000 | |
Goodwill, Transfers | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | $ (84,000) | $ 189,000 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Goodwill By Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 505,762 | $ 206,659 |
Goodwill, acquired during period | 8,196 | 289,588 |
Goodwill, Transfers | (3,394) | |
Held for sale | (40,372) | |
Currency translation adjustments | (10,987) | 9,515 |
Goodwill, Ending Balance | 459,205 | 505,762 |
Energy [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 154,058 | 144,405 |
Goodwill, acquired during period | (4,742) | 6,944 |
Goodwill, Transfers | 0 | |
Held for sale | (40,372) | |
Currency translation adjustments | (4,072) | 2,709 |
Goodwill, Ending Balance | 104,872 | 154,058 |
Aerospace [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 62,548 | 18,459 |
Goodwill, acquired during period | (5,046) | 43,900 |
Goodwill, Transfers | 0 | |
Held for sale | 0 | |
Currency translation adjustments | (84) | 189 |
Goodwill, Ending Balance | 57,418 | 62,548 |
Industrial [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 289,156 | 43,795 |
Goodwill, acquired during period | 17,984 | 238,744 |
Goodwill, Transfers | (3,394) | |
Held for sale | 0 | |
Currency translation adjustments | (6,831) | 6,617 |
Goodwill, Ending Balance | $ 296,915 | $ 289,156 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 364,147 | $ 429,492 |
Accumulated Amortization | (110,510) | (66,304) |
Intangible Assets, Gross (Excluding Goodwill) | 474,657 | 495,796 |
Intangible Assets, Net (Excluding Goodwill) | 441,302 | 513,364 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,399 | 5,399 |
Accumulated Amortization | (5,399) | (5,399) |
Net carrying value of intangible assets | 0 | 0 |
Trademarks And Trade Names (Non-Amortizing) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 77,155 | 83,872 |
Accumulated Amortization | 0 | 0 |
Indefinite-Lived Intangible Assets Net of Impairment | 77,155 | 83,872 |
Intangible Assets, Gross (Excluding Goodwill) | 77,155 | 83,872 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 307,593 | 320,015 |
Accumulated Amortization | (57,822) | (41,471) |
Net carrying value of intangible assets | 249,771 | 278,544 |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 23,354 | 29,650 |
Accumulated Amortization | (18,746) | (8,850) |
Net carrying value of intangible assets | 4,608 | 20,800 |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 133,246 | 135,360 |
Accumulated Amortization | (23,882) | (5,687) |
Net carrying value of intangible assets | 109,364 | 129,673 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,065 | 5,372 |
Accumulated Amortization | (4,661) | (4,897) |
Net carrying value of intangible assets | $ 404 | $ 475 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 47,564 |
2,020 | 43,889 |
2,021 | 42,136 |
2,022 | 37,069 |
2,023 | 32,495 |
After 2,024 | $ 160,994 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Foreign tax rate differential | 4.70% | 38.90% | 38.40% | ||
Other, net | (1.20%) | 6.50% | 0.80% | ||
Valuation allowance | $ (3,028,000) | $ (17,562,000) | $ (22,067,000) | $ (3,028,000) | $ (892,000) |
Valuation allowance related to operating loss carryfowards | 1,800,000 | 1,800,000 | |||
Tax Cuts and Jobs Act, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | 500,000 | ||||
Tax Cuts and Jobs Act, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Income Tax Expense | 0 | ||||
Tax Cuts and Jobs Act of 2017, Change in Tax Rate, Income Tax Expense (Benefit) | 500,000 | ||||
Tax Cuts and Jobs Act of 2017,Measurement Period Adjustment,Income Tax Expense (Benefit) | 10,900,000 | ||||
Foreign tax credits | 16,700,000 | 16,400,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 45,600,000 | ||||
State net operating losses | 70,000,000 | 56,300,000 | |||
State tax credits | 2,400,000 | 2,200,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 20.2 | ||||
Foreign Earnings Repatriated | 32,000,000 | ||||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 2,600,000 | ||||
Valuation Allowance, Deferred Tax Asset, Decrease, Amount | (34,000) | (167,000) | (121,000) | ||
Unrecognized Tax Benefits | 3,000,000 | $ 593,000 | 3,014,000 | 3,000,000 | $ 2,937,000 |
Accrued interest and penalties | 400,000 | 0 | 400,000 | ||
Uncertain income tax position | 500,000 | ||||
Undistributed earnings of foreign subsidiaries | $ 221,300,000 | $ 259,900,000 | $ 221,300,000 |
Income Taxes (Components Of Def
Income Taxes (Components Of Deferred Income Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||||
Excess tax over book depreciation | $ (6,201) | $ (17,505) | ||
Deferred Tax Liabilities, Other | 0 | (8,507) | ||
Intangibles | (73,926) | (57,968) | ||
Total deferred income tax liabilities | (80,127) | (83,980) | ||
Accrued expenses | 15,752 | 6,956 | ||
Equity Compensation | 4,760 | 4,622 | ||
Inventories | 5,843 | 8,405 | ||
Net operating loss and credit carry-forward | 14,342 | 16,698 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 16,750 | 16,602 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 16,700 | 16,400 | ||
Accumulated other comprehensive income-pension benefit obligation | 29,400 | 46,030 | ||
Other | 5,372 | 2,946 | ||
Total deferred income tax assets | 92,219 | 102,259 | ||
Valuation allowance | (17,562) | (22,067) | $ (3,028) | $ (892) |
Deferred income tax asset, net of valuation allowance | 74,657 | 80,192 | ||
Deferred income tax asset, net | $ (5,470) | $ (3,788) |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Taxes Classified In Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Tax Credit Carryforward [Line Items] | |||
Net non-current deferred income tax asset | $ 28,462 | $ 23,457 | $ 22,334 |
Net non-current deferred income tax liability | (33,932) | $ (26,030) | (26,122) |
Deferred income tax asset, net | $ (5,470) | $ (3,788) |
Income Taxes (Components Of Pre
Income Taxes (Components Of Pre-Tax Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (66,330) | $ 4,946 | $ (16,766) |
Foreign | 30,236 | 1,167 | 26,446 |
INCOME BEFORE INCOME TAXES | $ (36,094) | $ 6,113 | $ 9,680 |
Income Taxes (Provision (Benefi
Income Taxes (Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal, Current - US | $ 0 | $ (447) | $ (232) |
Foreign, Current | 7,553 | 2,762 | 10,823 |
State, Current - US | 235 | 442 | (275) |
Total current | 7,788 | 2,757 | 10,316 |
Federal, Deferred (prepaid) - US | (1,510) | (3,406) | (8,992) |
Foreign, Deferred (prepaid) | (1,323) | (4,640) | (3,328) |
State, Deferred (prepaid) - US | (1,665) | (388) | 1,583 |
Total deferred (benefit) | (4,498) | (8,434) | (10,737) |
Total provision (benefit) for income taxes | $ 3,290 | $ (5,676) | $ (421) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Examination [Line Items] | |||
Expected federal income tax rate | 21.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | (3.10%) | (0.30%) | 4.80% |
Foreign tax rate differential | (4.70%) | (38.90%) | (38.40%) |
Unbenefited foreign losses | (4.70%) | 2.90% | 14.70% |
Foreign tax credits | 0.00% | 0.00% | (26.60%) |
GILTI | (5.50%) | (0.00%) | (0.00%) |
Manufacturing deduction | (0.00%) | (2.80%) | (0.00%) |
Research and development credit | 3.30% | (8.40%) | (6.60%) |
Transaction costs | 1.40% | 8.50% | 3.10% |
Release of contingent consideration | 0.00% | (69.90%) | 0.00% |
Equity Compensation | (2.80%) | (1.60%) | |
Other, net | (1.20%) | 6.50% | 0.80% |
Effective tax rate | (9.10%) | (92.90%) | (4.40%) |
State and Local Jurisdiction [Member] | |||
Income Tax Examination [Line Items] | |||
Change in valuation allowance on state net operating losses | 0.00% | 0.00% | 18.90% |
Domestic Tax Authority [Member] | |||
Income Tax Examination [Line Items] | |||
Change in valuation allowance on state net operating losses | 1.80% | (16.30%) | (0.50%) |
Provisional Impact of Tax Cuts and Jobs Act | (30.20%) | (8.20%) | 0.00% |
Income Taxes (Summary of Valuat
Income Taxes (Summary of Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 22,067 | $ 3,028 | $ 892 |
Additions | 10,960 | 712 | 2,257 |
Acquired | (15,431) | 18,494 | 0 |
Deductions | 34 | 167 | 121 |
Translation adjustments | 0 | 0 | |
Ending balance | $ 17,562 | $ 22,067 | $ 3,028 |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation Of Total Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Tax Credit Carryforward, Amount | $ 2,400 | $ 2,200 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance beginning January 1 | 3,014 | 3,000 | $ 2,937 |
Additions for tax positions of prior years | (460) | (7) | (102) |
Additions based on tax positions related to current year | (340) | (65) | 483 |
Acquired uncertain tax position balance | (512) | 1,221 | 0 |
Settlements | (1,103) | (338) | 0 |
Lapse of statute of limitations | (6) | (978) | 328 |
Currency movement | 0 | 181 | 10 |
Balance ending December 31 | $ 593 | $ 3,014 | $ 3,000 |
Accrued Expenses And Other Cu_3
Accrued Expenses And Other Current Liabilities (Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Customer deposits and obligations | $ 31,625 | $ 17,661 |
Commissions payable and sales incentive | 7,929 | 8,891 |
Penalty accruals | 3,455 | 2,395 |
Warranty reserve | 4,050 | 4,623 |
Professional fees | 2,992 | 3,498 |
Taxes other than income tax | 3,405 | 4,059 |
Cash due to FH seller | 0 | 64,561 |
Other Contract Liabilities | 14,646 | 16,057 |
Income tax payable | 3,359 | 1,785 |
Other | 35,851 | 39,059 |
Accrued expenses and other current liabilities, Total | $ 107,312 | $ 162,589 |
Financing Arrangements (Narrati
Financing Arrangements (Narrative) (Details) - USD ($) $ in Thousands | Dec. 11, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 807,050 | $ 818,900 | ||
Extinguishment of Debt, Amount | 1,600 | |||
Other Deferred Costs, Net | 600 | |||
Less: Current Portion | 7,850 | 7,865 | ||
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | 23,900 | |||
Payments for Other Fees | 5,200 | |||
Write off of Deferred Debt Issuance Cost | 200 | |||
Interest Expense, Debt | 3,900 | $ 800 | $ 400 | |
Outstanding letters of credit | 35,600 | |||
New Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving line of credit | $ 150,000 | |||
Increase, additional borrowings | $ 150,000 | |||
Debt Instrument, Periodic Payment, Percentage of Principal | 0.25% | |||
Less: Current Portion | 7,850 | |||
Debt Instrument, Periodic Payment, Principal | $ 2,000 | |||
Tier One Leverage Capital to Average Assets | 450.00% | |||
Debt Instrument, Prepayment Premium, Percentage of Principal | 1.00% | |||
Long-term Line of Credit | $ 807,100 | |||
New Credit Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum facility size | $ 785,000 | |||
Prior Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | $ 274,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | New Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||
Base Rate [Member] | New Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Financing Arrangements (Schedul
Financing Arrangements (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Less: Term Loan Debt Issuance Costs | $ (21,013) | $ (23,707) |
Less: Current Portion | 7,850 | 7,865 |
Total Long-Term Debt, net | $ 778,187 | $ 787,343 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Varying interest rates | 0.00% | 0.00% |
Line of Credit at interest rates range | 0.00% | 1.59% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Varying interest rates | 0.00% | 0.00% |
Line of Credit at interest rates range | 0.00% | 4.00% |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 777,150 | $ 785,000 |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 29,900 | $ 33,900 |
Financing Arrangements (Sched_2
Financing Arrangements (Schedule Of Minimum Principal Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 7,850 |
2,020 | 7,850 |
2,021 | 7,850 |
2,022 | 7,850 |
2,023 | 7,850 |
Thereafter | $ 737,900 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | Mar. 05, 2014$ / sharesshares | Dec. 02, 2013$ / sharesshares | Oct. 04, 2015$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Outstanding | 298,796 | ||||||
Shares available for grant | 493,811 | ||||||
Estimated weighted-average fair value of stock options granted | $ / shares | $ 14.68 | $ 19.36 | $ 17.88 | ||||
Compensation expense | $ | $ 5 | $ 3.8 | $ 5.5 | ||||
Unrecognized compensation costs | $ | $ 7.6 | $ 6.8 | $ 7.8 | ||||
Weighted average period of recognition of compensation expense (in years) | 1 year 11 months 16 days | ||||||
2014 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation shares authorized | 1,700,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Other than Options, Number of Shares per Share Counted Towards Aggregate Limit | 1.9 | ||||||
Stock-Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation shares authorized | 200,000 | ||||||
Stock options outstanding | 742,658 | 848,427 | 736,319 | 570,737 | |||
Options granted | 127,704 | 142,428 | 210,633 | ||||
Exercised, Weighted Average Exercise Price | $ / shares | $ 41.17 | $ 37.70 | $ 39.91 | $ 41.05 | |||
Vesting period, (in years) | 60 days | ||||||
Options Exercisable, Options | 415,873 | 309,824 | 226,386 | ||||
Unrecognized compensation costs | $ | $ 2 | ||||||
Weighted average period of recognition of compensation expense (in years) | 1 year 8 months 16 days | ||||||
Weighted average contractual term for stock-options outstanding | 4 years 3 months 11 days | ||||||
Weighted average contractual term for stock-options exercisable, years | 3 years 5 months 3 days | ||||||
Aggregate intrinsic value of stock-options exercised | $ | $ 0.2 | $ 0.4 | $ 0.1 | ||||
Aggregate fair value of stock-options vested | $ | 2.1 | 1.6 | $ 1.7 | ||||
Aggregate intrinsic value of stock-options outstanding | $ | $ 0 | ||||||
Aggregate intrinsic value of stock-options exercisable | $ | $ 0 | ||||||
Stock-Options [Member] | Chief Financial Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options granted | 100,000 | ||||||
Exercised, Weighted Average Exercise Price | $ / shares | $ 79.33 | ||||||
Stock-Options [Member] | Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options granted | 100,000 | ||||||
Exercised, Weighted Average Exercise Price | $ / shares | $ 70.42 | ||||||
Stock-Options [Member] | Range 1 [Member] | Chief Financial Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Price Target | $ / shares | $ 87.50 | ||||||
Shares Authorized for Issuance | 25,000 | ||||||
Stock-Options [Member] | Range 2 [Member] | Chief Financial Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Price Target | $ / shares | $ 100 | ||||||
Shares Authorized for Issuance | 50,000 | ||||||
Stock-Options [Member] | Range 3 [Member] | Chief Financial Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Price Target | $ / shares | $ 112.50 | ||||||
Shares Authorized for Issuance | 75,000 | ||||||
Stock-Options [Member] | Vesting Year 1 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 25.00% | ||||||
Stock-Options [Member] | Vesting Year 2 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 50.00% | ||||||
Stock-Options [Member] | Vesting Year 3 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 100.00% | ||||||
Restricted Stock Units with Special Rights [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Outstanding | 13,029 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercisable Number | 5,057 | 2,876 | 3,040 | ||||
Outstanding | 226,683 | 186,905 | 138,761 | 109,281 | |||
Restricted stock units granted | 167,480 | 90,725 | 98,942 | ||||
Granted, Weighted Average Price | $ / shares | $ 42.87 | $ 55.28 | $ 41.09 | ||||
Unrecognized compensation costs | $ | $ 5.1 | ||||||
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ | 1.2 | $ 1.7 | $ 2.5 | ||||
Aggregate fair value of RSU Awards vested | $ | 1.5 | 1.4 | $ 2.7 | ||||
Aggregate intrinsic value of RSU Awards outstanding | $ | $ 4.8 | ||||||
Aggregate intrinsic value of RSU awards exercisable | $ | $ 0.1 | ||||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance Target Threshold | 0.00% | ||||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance Target Threshold | 200.00% | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units granted | 48,080 | 31,369 | |||||
Restricted Stock Units Management Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercisable Number | 7,972 | ||||||
Outstanding | 72,113 | 72,452 | 67,924 | 78,732 | |||
Vesting period, (in years) | 3 years | ||||||
Restricted stock units granted | 34,937 | 26,726 | 20,130 | ||||
Granted, Weighted Average Price | $ / shares | $ 28.56 | $ 40.86 | $ 26.06 | ||||
Discount rate granted for RSU MSPs | 33.00% | ||||||
Amortization period of discount | four | ||||||
Restricted stock units discount amount | $ / shares | 14.06 | 20.13 | |||||
Unrecognized compensation costs | $ | $ 0.5 | ||||||
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ | 0.4 | $ 0.3 | $ 0.4 | ||||
Aggregate fair value of RSU Awards vested | $ | $ 0.6 | 0.5 | 0.4 | ||||
Aggregate intrinsic value of RSU Awards outstanding | $ | $ 0 | ||||||
Phantom Share Units (PSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Outstanding | 50,907 | 40,469 | |||||
Cash Used to Settle Awards | $ | $ 0.3 | ||||||
Compensation Liability | $ | 0.6 | $ 0.9 | |||||
Phantom Share Units (PSUs) [Member] | Selling, General and Administrative Expenses [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | $ | $ 0 | $ 0.2 | $ 0.9 | ||||
$32.25 - $71.56 | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Outstanding | 226,683 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 5 months | ||||||
$32.25 - $71.56 | Restricted Stock Units Management Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 4 months 10 days |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation (CEO & CFO Inducement Stock Award) (Details) - Stock-Options [Member] - Chief Financial Officer [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Range 1 [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ / shares | $ 87.50 |
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | shares | 25,000 |
Range 2 [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ / shares | $ 100 |
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | shares | 50,000 |
Range 3 [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ / shares | $ 112.50 |
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | shares | 75,000 |
Range 4 [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ / shares | $ 125 |
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | shares | 100,000 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Estimated Weighted-Average Assumptions Of Stock Options) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |||
Risk-free interest rate | 3.00% | 2.00% | 1.00% |
Expected life (years) | 4 years 5 months 1 day | 4 years 6 months | 4 years 6 months |
Expected stock volatility | 37.20% | 35.10% | 36.20% |
Expected dividend yield | 0.00% | 0.20% | 0.40% |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Stock Options Granted To Employees And Non-Employee Directors) (Details) - Stock-Options [Member] - $ / shares | 9 Months Ended | 12 Months Ended | ||
Oct. 04, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding at beginning of period, Options | 848,427 | 736,319 | 570,737 | |
Granted, Options | 127,704 | 142,428 | 210,633 | |
Exercised, Options | (18,304) | (17,708) | (5,982) | |
Forfeited, Options | (204,702) | (10,136) | (33,014) | |
Expired, Options | (10,467) | (2,476) | (6,055) | |
Options outstanding at end of period, Options | 742,658 | 848,427 | 736,319 | |
Options exercisable at end of period, Options | 415,873 | 309,824 | 226,386 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Options outstanding at beginning of period, Weighted Average Exercise Price | $ 53.99 | $ 52.30 | $ 56.86 | |
Granted, Weighted Average Exercise Price | 42.62 | 60.99 | 38.89 | |
Exercised, Weighted Average Exercise Price | $ 41.17 | 37.70 | 39.91 | 41.05 |
Forfeited, Weighted Average Exercise Price | 61.89 | 51.99 | 45.25 | |
Expired, Weighted Average Exercise Price | 54.18 | 61.38 | 65.34 | |
Options outstanding at end of period, Weighted Average Exercise Price | 50.26 | 53.99 | 52.30 | |
Options exercisable at end of period, Weighted Average Exercise Price | $ 46.90 | $ 45.66 | $ 45.20 |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summarized Information About Stock Options Outstanding) (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Range of Exercise Prices, Lower Range Limit | $ 26.06 | $ 51.84 | $ 70.42 | ||
Range of Exercise Prices, Upper Range Limit | $ 71.56 | $ 71.56 | $ 79.33 | ||
Stock-Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding, Options | 742,658 | 848,427 | 736,319 | 570,737 | |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 3 months 11 days | ||||
Options Outstanding, Weighted Average Exercise Price | $ 50.26 | $ 53.99 | $ 52.30 | $ 56.86 | |
Options Exercisable, Options | 415,873 | 309,824 | 226,386 | ||
Options Exercisable, Weighted Average Exercise Price | $ 46.90 | $ 45.66 | $ 45.20 | ||
$32.76 - $40.09 | Stock-Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding, Options | 160,571 | ||||
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 6 months 29 days | ||||
Options Outstanding, Weighted Average Exercise Price | $ 38.79 | ||||
Options Exercisable, Options | 115,067 | ||||
Options Exercisable, Weighted Average Exercise Price | $ 38.74 | ||||
Range of Exercise Prices, Lower Range Limit | 32.76 | ||||
Range of Exercise Prices, Upper Range Limit | $ 40.09 | ||||
40.10 - 41.90 | Stock-Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding, Options | 150,000 | ||||
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 3 months 7 days | ||||
Options Outstanding, Weighted Average Exercise Price | $ 41.17 | ||||
Options Exercisable, Options | 150,000 | ||||
Options Exercisable, Weighted Average Exercise Price | $ 41.17 | ||||
Range of Exercise Prices, Lower Range Limit | 40.10 | ||||
Range of Exercise Prices, Upper Range Limit | $ 41.90 | ||||
41.91 - 56.42 | Stock-Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding, Options | 186,730 | ||||
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 7 months 8 days | ||||
Options Outstanding, Weighted Average Exercise Price | $ 46.35 | ||||
Options Exercisable, Options | 75,481 | ||||
Options Exercisable, Weighted Average Exercise Price | $ 51.84 | ||||
Range of Exercise Prices, Lower Range Limit | 41.91 | ||||
Range of Exercise Prices, Upper Range Limit | $ 56.42 | ||||
56.43 - 71.56 | Stock-Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding, Options | 245,357 | ||||
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 5 months 29 days | ||||
Options Outstanding, Weighted Average Exercise Price | $ 66.31 | ||||
Options Exercisable, Options | 75,325 | ||||
Options Exercisable, Weighted Average Exercise Price | $ 65.79 | ||||
Range of Exercise Prices, Lower Range Limit | 56.43 | ||||
Range of Exercise Prices, Upper Range Limit | $ 71.56 | ||||
$32.76 - $71.56 | Stock-Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding, Options | 742,658 | ||||
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 3 months 11 days | ||||
Options Outstanding, Weighted Average Exercise Price | $ 50.26 | ||||
Options Exercisable, Options | 415,873 | ||||
Options Exercisable, Weighted Average Exercise Price | $ 46.90 | ||||
Range of Exercise Prices, Lower Range Limit | 32.76 | ||||
Range of Exercise Prices, Upper Range Limit | $ 71.56 |
Share-Based Compensation (Sum_3
Share-Based Compensation (Summary Of All RSU Awards Granted To Employees And Non-Employee Directors) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU outstanding at end of period, RSUs | 298,796 | ||
RSU Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU outstanding at beginning of period, RSUs | 186,905 | 138,761 | 109,281 |
Granted, RSUs | 167,480 | 90,725 | 98,942 |
Settled, RSUs | (27,503) | (29,803) | (54,034) |
Cancelled, RSUs | (100,199) | (12,778) | (22,527) |
RSU outstanding at end of period, RSUs | 226,683 | 186,905 | 138,761 |
RSU exercisable at end of period, RSUs | 5,057 | 2,876 | 3,040 |
RSU outstanding at beginning of period, Weighted Average Price | $ 49.76 | $ 46.60 | $ 52.90 |
Granted, Weighted Average Price | 42.87 | 55.28 | 41.09 |
Settled, Weighted Average Price | 52.70 | 46.15 | 48.50 |
Cancelled, Weighted Average Price | $ 46.71 | $ 62.92 | $ 46.86 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 7,099 |
RSU outstanding at end of period, Weighted Average Price | $ 45.66 | $ 49.76 | $ 46.60 |
RSU exercisable at end of period, Weighted Average Price | 52.44 | 59.17 | 60.92 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 41.55 |
Share-Based Compensation (Sum_4
Share-Based Compensation (Summarized Information About RSU Awards Outstanding) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 298,796 | |||
RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 226,683 | 186,905 | 138,761 | 109,281 |
RSU Outstanding, Weighted Average Exercise Price | $ 45.66 | $ 49.76 | $ 46.60 | $ 52.90 |
RSU Vested, RSUs | 5,057 | 2,876 | 3,040 | |
RSU Vested, Weighted Average Exercise Price | $ 52.44 | $ 59.17 | $ 60.92 | |
$32.25 - $42.99 | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 32.25 | |||
Range of Exercise Prices, Upper Range Limit | $ 42.99 | |||
RSU Outstanding, RSUs | 149,561 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 7 months 1 day | |||
RSU Outstanding, Weighted Average Exercise Price | $ 41.51 | |||
43.00 - 51.99 | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 43 | |||
Range of Exercise Prices, Upper Range Limit | $ 51.99 | |||
RSU Outstanding, RSUs | 35,714 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 years 26 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 47 | |||
Forty Point Zero Zero to Forty Two Point Ninety Nine [Member] | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 52 | |||
Range of Exercise Prices, Upper Range Limit | $ 71.56 | |||
43.00 - 79.33 | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 41,408 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 months 29 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 59.51 | |||
$32.25 - $71.56 | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 32.25 | |||
Range of Exercise Prices, Upper Range Limit | $ 71.56 | |||
RSU Outstanding, RSUs | 226,683 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 5 months | |||
RSU Outstanding, Weighted Average Exercise Price | $ 45.67 |
Share-Based Compensation (Sum_5
Share-Based Compensation (Summary Of All RSU MSPs Granted To Employees And Non-Employee Directors) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
RSU outstanding at end of period, RSUs | 298,796 | ||
RSU MSPs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
RSU outstanding at beginning of period, RSUs | 72,452 | 67,924 | 78,732 |
Granted, RSUs | 34,937 | 26,726 | 20,130 |
Settled, RSUs | (29,232) | (19,843) | (27,375) |
Cancelled, RSUs | (6,044) | (2,355) | (3,563) |
RSU outstanding at end of period, RSUs | 72,113 | 72,452 | 67,924 |
RSU exercisable at end of period, RSUs | 7,972 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
RSU outstanding at beginning of period, Weighted Average Price | $ 35.01 | $ 36.50 | $ 37.46 |
Granted, Weighted Average Price | 28.56 | 40.86 | 26.06 |
Settled, Weighted Average Price | 48.87 | 42.28 | 29.94 |
Cancelled, Weighted Average Price | 32.33 | 37.48 | 35.35 |
RSU outstanding at end of period, Weighted Average Price | 32.25 | $ 35.01 | $ 36.50 |
RSU exercisable at end of period, Weighted Average Price | $ 31.97 |
Share-Based Compensation (Sum_6
Share-Based Compensation (Summarized Information About RSU MSPs Outstanding) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 298,796 | |||
RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 72,113 | 72,452 | 67,924 | 78,732 |
RSU Outstanding, Weighted Average Exercise Price | $ 32.25 | $ 35.01 | $ 36.50 | $ 37.46 |
RSU Vested, RSUs | 7,972 | |||
RSU Vested, Weighted Average Exercise Price | $ 31.97 | |||
$26.06 - 33.99 | RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 26.06 | |||
Range of Exercise Prices, Upper Range Limit | $ 33.99 | |||
RSU Outstanding, RSUs | 46,536 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 6 months 4 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 27.74 | |||
34.00 - 39.99 | RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 34 | |||
Range of Exercise Prices, Upper Range Limit | $ 39.99 | |||
RSU Outstanding, RSUs | 1,728 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 0 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 34.73 | |||
40.00 - 40.86 | RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 40 | |||
Range of Exercise Prices, Upper Range Limit | $ 40.86 | |||
RSU Outstanding, RSUs | 23,849 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 1 month 28 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 40.86 | |||
$26.06 - $40.86 | RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 26.06 | |||
Range of Exercise Prices, Upper Range Limit | $ 40.86 | |||
RSU Outstanding, RSUs | 72,113 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 4 months 10 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 32.25 |
Concentrations Of Risk (Details
Concentrations Of Risk (Details) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2018customer | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | ||||
Number of customers derived revenue exceed the threshold of 10% | 0 | 0 | 0 | 0 |
Revenue threshold | 10.00% | 5.00% | 5.00% |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | Aug. 28, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed Pre-65, Next Fiscal Year | 7.00% | 5.90% | ||
Non-current asset | $ 1,776 | $ 1,517 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 108,372 | |||
Employer matching contribution, percent | 100.00% | 50.00% | ||
Employers matching contribution, annual vesting percentage | 20.00% | |||
Employers matching contribution, vesting term (in years) | 5 years | |||
Defined benefit plan, business combinations and acquisitions, plan assets | $ 0 | $ 28,903 | ||
Defined benefit plan, cost of employer contribution | 1,847 | 1,978 | $ 1,509 | |
Fair value of plan assets | 210,993 | 247,583 | 31,776 | |
Defined benefit plan, settlement charge | $ 4,457 | |||
Defined Benefit Plan, Other Cost (Credit) | $ 0 | $ 0 | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate, Pre-65 | 5.00% | 5.00% | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed Post-65, Next Fiscal Year | 7.00% | 5.50% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate, Post-65 | 5.00% | 5.30% | ||
401K [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching contribution, percent of employees' gross pay | 4.00% | 5.00% | ||
Nonqualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension contributions | $ 400 | |||
Domestic Plan [Member] | Qualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.27% | 3.86% | 4.11% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.93% | 3.27% | 3.86% | |
Domestic Plan [Member] | Nonqualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension contributions | $ 1,100 | |||
Foreign Plan [Member] | Nonqualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension contributions | 4,300 | |||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 105,518 | |||
Defined benefit plan, settlement charge | $ 0 | $ 0 | $ 4,457 | |
Pension Plan [Member] | Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.97% | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.00% | 1.97% | ||
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Non-current asset | $ 0 | $ 0 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 2,854 | |||
Defined benefit plan, business combinations and acquisitions, plan assets | 0 | |||
Fair value of plan assets | 0 | 0 | $ 0 | |
Defined benefit plan, settlement charge | 0 | |||
Defined Benefit Plan, Other Cost (Credit) | $ 0 | $ 0 | ||
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.10% | 3.48% | ||
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | Qualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.48% | 3.63% | ||
Vesting Year 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employers matching contribution, annual vesting percentage | 0.00% | |||
Employers matching contribution, vesting term (in years) | 1 year | |||
Vesting Year 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employers matching contribution, annual vesting percentage | 50.00% | |||
Employers matching contribution, vesting term (in years) | 2 years | |||
Vesting Year 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employers matching contribution, annual vesting percentage | 100.00% | |||
Employers matching contribution, vesting term (in years) | 3 years |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Benefit Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | $ 2,993 | $ 181 | |
Interest cost on benefits obligation | 9,164 | 2,158 | |
Expected return on assets | (15,418) | 0 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | $ 4,457 | ||
Cost of 401(k) plan company contributions | 1,847 | 1,978 | 1,509 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 2,993 | 181 | 0 |
Interest cost on benefits obligation | 2,158 | 2,185 | |
Expected return on assets | (2,994) | (2,562) | |
Net pension costs and return | (3,261) | (655) | (377) |
Net loss amortization | 153 | 735 | 893 |
Total amortization items | 153 | 735 | 893 |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | 4,457 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (3,108) | 80 | 4,973 |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | (3,108) | 80 | $ 9,430 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 1 | 0 | |
Interest cost on benefits obligation | 336 | 20 | |
Expected return on assets | 0 | ||
Net loss amortization | 0 | ||
Total amortization items | 0 | ||
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 337 | $ 20 |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted Average Assumptions Used In Determining Net Periodic Benefit Cost And Benefit Obligations) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 7.00% | 7.25% | 6.75% |
Domestic Plan [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Net periodic benefit cost | 3.27% | 3.86% | 4.11% |
Discount rate, Benefit obligations | 3.93% | 3.27% | 3.86% |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Net periodic benefit cost | 1.97% | ||
Discount rate, Benefit obligations | 2.00% | 1.97% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.14% | ||
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Benefit obligations | 4.10% | 3.48% | |
Other Postretirement Benefits Plan [Member] | Domestic Plan [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Net periodic benefit cost | 3.48% | 3.63% |
Employee Benefit Plans - One Pe
Employee Benefit Plans - One Percentage Point Change In Assumed Health Care Cost Trend Rates (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Retirement Benefits, Description [Abstract] | |
Defined benefit plan, effect of one percentage point increase on service and interest cost components | $ 54 |
Defined benefit plan, effect of one percentage point decrease on service and interest cost components | (43) |
Defined benefit plan, effect of one percentage point increase on accumulated postretirement benefit obligation | 1,353 |
Defined benefit plan, effect of one percentage point decrease on accumulated postretirement benefit obligation | $ (1,096) |
Employee Benefit Plans (Change
Employee Benefit Plans (Change In Projected Benefit Obligation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 2,993 | $ 181 | ||
Fair value of plan assets | $ 210,993 | 210,993 | 247,583 | $ 31,776 |
Employer contributions | 4,083 | 1,417 | ||
Defined Benefit Plan, Plan with Benefit Obligation in Excess of Plan Assets, Benefit Obligation | (152,341) | (152,341) | (152,055) | |
Actual return on assets | (15,183) | 10,374 | ||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (2,430) | 1,256 | ||
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (9,661) | 5,759 | ||
Defined Benefit Plan, Plan Assets, Business Combination | 0 | 28,903 | ||
Defined Benefit Plan, Business Combination, Plan Assets Receivable | 0 | 176,572 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | (23,060) | (2,715) | ||
Balance at beginning of year | 399,638 | 45,300 | ||
Pension - Interest cost | 9,164 | 2,158 | ||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 341 | 0 | ||
Actuarial loss | (16,081) | 413 | ||
Defined Benefit Plan, Benefit Obligation, Business Combination | 0 | 348,542 | ||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (23,060) | (2,715) | ||
Defined Benefit Plan, Other Cost (Credit) | 0 | 0 | ||
Balance at end of year | 363,334 | 363,334 | 399,638 | 45,300 |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 2,993 | 181 | 0 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 363,334 | 363,334 | 399,638 | |
Pension - Interest cost | 2,158 | 2,185 | ||
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 1 | 0 | ||
Fair value of plan assets | 0 | 0 | 0 | 0 |
Employer contributions | 580 | 43 | ||
Defined Benefit Plan, Plan with Benefit Obligation in Excess of Plan Assets, Benefit Obligation | (10,276) | (10,276) | (11,685) | |
Actual return on assets | (580) | 0 | ||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | |||
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||
Defined Benefit Plan, Plan Assets, Business Combination | 0 | |||
Defined Benefit Plan, Business Combination, Plan Assets Receivable | 0 | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | (43) | |||
Balance at beginning of year | 11,685 | 0 | ||
Pension - Interest cost | 336 | 20 | ||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | ||
Actuarial loss | (1,166) | 263 | ||
Defined Benefit Plan, Benefit Obligation, Business Combination | 0 | 11,445 | ||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (580) | (43) | ||
Defined Benefit Plan, Other Cost (Credit) | 0 | 0 | ||
Balance at end of year | $ 10,276 | $ 10,276 | $ 11,685 | $ 0 |
Employee Benefit Plans (Funded
Employee Benefit Plans (Funded Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 210,993 | $ 247,583 | $ 31,776 |
Excess of projected benefit obligation over the fair value of plan assets | (152,341) | (152,055) | |
Non-current asset | 1,776 | 1,517 | |
Current liability | (3,494) | (2,853) | |
Non-current liability | (150,623) | (150,719) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (152,341) | (152,055) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 28,497 | 13,937 | |
Prior service cost | 325 | 0 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 28,822 | 13,937 | |
Defined Benefit Plan, Amortization of Net Gains (Losses) | (521) | ||
Prior service cost | 15 | ||
Defined Benefit Plan, Benefit Obligation | (363,334) | (399,638) | (45,300) |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (152,341) | (152,055) | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | 536 | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Aggregate accumulated benefit obligation (ABO) | 363,334 | 399,638 | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | 0 |
Excess of projected benefit obligation over the fair value of plan assets | (10,276) | (11,685) | |
Non-current asset | 0 | 0 | |
Current liability | (701) | (746) | |
Non-current liability | (9,575) | (10,939) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (10,276) | (11,685) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (902) | 263 | |
Defined Benefit Plan, Benefit Obligation | (10,276) | (11,685) | $ 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (10,276) | $ 0 |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 23,950 |
2,019 | 23,761 |
2,020 | 23,574 |
2,021 | 23,292 |
2,022 | 23,024 |
2024-2028 | 108,372 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 23,249 |
2,019 | 23,093 |
2,020 | 22,912 |
2,021 | 22,656 |
2,022 | 22,402 |
2024-2028 | 105,518 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 701 |
2,019 | 668 |
2,020 | 662 |
2,021 | 636 |
2,022 | 622 |
2024-2028 | $ 2,854 |
Contingencies, Commitments An_3
Contingencies, Commitments And Guarantees (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Contingencies, Commitments And Guarantees [Line Items] | |||
Aggregate notional value standby letters of credit | $ 70,668 | ||
Rental expense under operating lease commitments | 9,500 | $ 6,400 | $ 5,600 |
Commercial Contract [Member] | |||
Contingencies, Commitments And Guarantees [Line Items] | |||
Approximate commitments | $ 118,300 | ||
Minimum [Member] | |||
Contingencies, Commitments And Guarantees [Line Items] | |||
Letter Of Credit Maturity Term | 1 month | ||
Maximum [Member] | |||
Contingencies, Commitments And Guarantees [Line Items] | |||
Letter Of Credit Maturity Term | 5 years | ||
Settled Litigation [Member] | Wage and Hour Action California [Member] | |||
Contingencies, Commitments And Guarantees [Line Items] | |||
Estimated Litigation Liability | $ 2,400 | ||
Standby Letters of Credit [Member] | |||
Contingencies, Commitments And Guarantees [Line Items] | |||
Aggregate notional value standby letters of credit | $ 35,600 |
Contingencies, Commitments An_4
Contingencies, Commitments And Guarantees (Standby Letters Of Credit Instruments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Contingencies, Commitments And Guarantees [Line Items] | |
Outstanding letters of credit | $ 70,668 |
0-12 Months [Member] | |
Contingencies, Commitments And Guarantees [Line Items] | |
Outstanding letters of credit | 48,740 |
Greater Than 12 Months [Member] | |
Contingencies, Commitments And Guarantees [Line Items] | |
Outstanding letters of credit | $ 21,928 |
Contingencies, Commitments An_5
Contingencies, Commitments And Guarantees (Minimal Rental Commitments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 9,481 |
2,018 | 6,303 |
2,019 | 4,573 |
2,020 | 3,345 |
2,021 | 2,540 |
Thereafter | $ 6,032 |
Guarantees And Indemnificatio_3
Guarantees And Indemnification Obligations (Product Warranty Reserves) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Guarantor Obligations [Line Items] | ||
Standard and Extended Product Warranty Accrual, Period Increase (Decrease) | $ 500 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance beginning December 31, 2011 | (4,623) | $ (4,559) |
Provisions | 2,854 | 2,590 |
Claims settled | (4,508) | |
Product Warranty Accrual, Additions from Business Acquisition | 1,759 | |
Currency translation adjustments | (134) | 223 |
Balance ending September 30, 2012 | (4,050) | (4,623) |
Liability for indemnification agreements | 0 | |
Schroedahl [Member] | ||
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance beginning December 31, 2011 | (2,946) | |
Balance ending September 30, 2012 | $ (2,946) | |
Fluid Handling [Member] | ||
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance ending September 30, 2012 | $ 347 |
Fair Value Fair Value of Pensio
Fair Value Fair Value of Pension Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 210,993 | $ 247,583 | $ 31,776 |
Non-current asset | 1,776 | 1,517 | |
2,018 | 23,950 | ||
Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, reimbursed to acquiree | 2,852 | ||
Bond Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Large Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,295 | 4,838 | |
Small Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Blended Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mid Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Comingled Pools, Opportunistic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,461 | 3,106 | |
Comingled Pools, Investment Grade [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 51,340 | 10,664 | |
Comingled Pools, Non-domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,432 | 4,730 | |
Comingled Pools, Domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 70,059 | 14,773 | |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22 | 518 | |
Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,623 | 10,683 | |
Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,569 | 15,815 | |
Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,782 | 3,238 | |
Defined Benefit Plant Assets, Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 368 | 38 | |
Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 206,250 | 64,062 | |
Net Asset Value Per Share [Member] | Bond Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Net Asset Value Per Share [Member] | Large Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Net Asset Value Per Share [Member] | Small Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Net Asset Value Per Share [Member] | Blended Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Net Asset Value Per Share [Member] | Mid Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Net Asset Value Per Share [Member] | Comingled Pools, Opportunistic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,461 | 3,106 | |
Net Asset Value Per Share [Member] | Comingled Pools, Investment Grade [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 51,340 | 10,664 | |
Net Asset Value Per Share [Member] | Comingled Pools, Non-domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,432 | 4,730 | |
Net Asset Value Per Share [Member] | Comingled Pools, Domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,400 | 14,773 | |
Net Asset Value Per Share [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Net Asset Value Per Share [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,623 | 10,499 | |
Net Asset Value Per Share [Member] | Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,569 | 15,146 | |
Net Asset Value Per Share [Member] | Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 240 | 306 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22 | 793 | |
Non-current asset | 210,182 | 68,640 | |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,831 | 237 | |
Fair value of plan assets, reimbursed to acquiree | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Bond Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Large Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Small Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Blended Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Mid Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Comingled Pools, Opportunistic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Comingled Pools, Investment Grade [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Comingled Pools, Non-domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Comingled Pools, Domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22 | 518 | |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,910 | 3,785 | |
Derivative Liability | (1,969) | ||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, reimbursed to acquiree | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Bond Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Large Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | International Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Small Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Blended Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Mid Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Comingled Pools, Opportunistic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Comingled Pools, Investment Grade [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Comingled Pools, Non-domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Comingled Pools, Domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 184 | |
Fair Value, Inputs, Level 2 [Member] | Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 669 | |
Fair Value, Inputs, Level 2 [Member] | Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 3,542 | $ 2,932 |
Fair Value (Details)
Fair Value (Details) | Apr. 12, 2018USD ($) | Dec. 31, 2018USD ($)Forward_Contracts | Dec. 31, 2018USD ($)Forward_Contracts | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Long-term Debt, Fair Value | $ 735,700,000 | $ 735,700,000 | |||
Long Term Debt, Difference Between Carrying Value And Fair Value | $ 41,400,000 | $ 41,400,000 | |||
Interest Expense | $ 3,310,000 | ||||
Number | Forward_Contracts | 0 | 0 | |||
Maximum [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Unrealized foreign exchange gain (loss) | $ 0 | $ 100,000 | (600,000) | ||
Interest Rate Swap [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Derivative, Basis Spread on Variable Rate | 2.6475% | ||||
Derivative, Term of Contract | 4 years | ||||
Derivative, Variable Interest Rate | 6.1475% | ||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (600,000) | (600,000) | |||
Interest Expense | 6,400,000 | 23,800,000 | |||
Derivative, Notional Amount | $ 400,000,000 | ||||
Derivative, Floor Interest Rate | 1.00% | ||||
Downstream [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Fair value of the contingent consideration | $ 12,000,000 | ||||
Net Asset Value Per Share [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 800,000 | 800,000 | 179,000,000 | ||
Base Rate [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Derivative, Basis Spread on Variable Rate | 3.50% | ||||
Term Loan [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Long-term Debt, Gross | 777,150,000 | 777,150,000 | $ 785,000,000 | ||
Cash Flow Hedging [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 5,800,000 | 2,000,000 | |||
Derivative, Gain (Loss) on Derivative, Net | 400,000 | 1,600,000 | |||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 2,000,000 | 2,000,000 | |||
Accrued Expenses and Other Current Liabilities [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 500,000 | 500,000 | |||
Other Noncurrent Liabilities [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | $ 1,500,000 | $ 1,500,000 |
Segment Information (Reportable
Segment Information (Reportable Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 301,363 | $ 297,514 | $ 301,368 | $ 275,580 | $ 205,578 | $ 159,693 | $ 151,231 | $ 145,208 | $ 1,175,825 | $ 661,710 | $ 590,259 |
Operating income (loss) | 9,384 | 20,568 | 10,918 | ||||||||
Other Operating Income | 96,584 | 51,694 | 42,403 | ||||||||
Special charges | 11,087 | 7,989 | 8,196 | ||||||||
Restructuring related inventory charges | 12,752 | 6,063 | 8,975 | ||||||||
Amortization of inventory step-up | 6,600 | 4,300 | 1,365 | ||||||||
Impairment charges | 0 | 0 | 208 | ||||||||
Restructuring Costs and Asset Impairment Charges | 63,361 | 17,075 | 14,314 | ||||||||
Interest expense | 3,310 | ||||||||||
Interest Income (Expense), Net | (52,913) | (10,777) | (3,310) | ||||||||
Other income, net | (7,435) | 3,678 | (2,072) | ||||||||
Income before income taxes | (36,094) | 6,113 | 9,680 | ||||||||
Identifiable assets | 1,791,612 | 1,906,799 | 1,791,612 | 1,906,799 | 669,915 | ||||||
Capital expenditures | 23,588 | 14,541 | 14,692 | ||||||||
Depreciation and amortization | 78,108 | 30,037 | 23,935 | ||||||||
Energy [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 451,232 | 339,617 | 305,939 | ||||||||
Operating income (loss) | 33,496 | 30,131 | 32,651 | ||||||||
Special charges | 921 | (11,267) | 2,920 | ||||||||
Restructuring related inventory charges | 10,565 | 3,558 | 3,185 | ||||||||
Identifiable assets | 882,630 | 837,492 | 882,630 | 837,492 | 463,359 | ||||||
Capital expenditures | 7,448 | 3,840 | 3,902 | ||||||||
Depreciation and amortization | 16,482 | 12,518 | 7,102 | ||||||||
Aerospace [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 237,017 | 182,983 | 166,127 | ||||||||
Operating income (loss) | 36,047 | 23,375 | 15,368 | ||||||||
Identifiable assets | 399,102 | 375,094 | 399,102 | 375,094 | 486,369 | ||||||
Capital expenditures | 4,739 | 3,400 | 4,441 | ||||||||
Depreciation and amortization | 10,937 | 4,325 | 15,624 | ||||||||
Fluid Handling [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 487,576 | 139,110 | 118,193 | ||||||||
Operating income (loss) | 57,340 | 19,932 | 20,056 | ||||||||
Identifiable assets | 1,279,048 | 1,408,217 | 1,279,048 | 1,408,217 | 0 | ||||||
Capital expenditures | 9,813 | 5,928 | 4,094 | ||||||||
Depreciation and amortization | 49,939 | 11,881 | |||||||||
Corporate/Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (30,299) | (21,744) | (25,672) | ||||||||
Identifiable assets | (769,168) | (714,004) | (769,168) | (714,004) | (279,813) | ||||||
Capital expenditures | 1,787 | 1,378 | 1,775 | ||||||||
Depreciation and amortization | 750 | 1,313 | 1,209 | ||||||||
Corporate Identifiable Assets After Elimination Of Intercompany Assets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | $ 23,800 | $ 15,600 | 23,800 | 15,600 | 50,500 | ||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Special restructuring charges, net | 11,087 | ||||||||||
Special Charges, Net | 7,989 | 8,196 | |||||||||
Special other charges, net | 12,752 | 6,062 | 8,975 | ||||||||
Special charges | 23,839 | 14,051 | 17,171 | ||||||||
Restructuring related inventory charges | 2,402 | 0 | 2,846 | ||||||||
Impairment charges | 0 | 0 | 202 | ||||||||
Acquisition amortization | 47,310 | 12,542 | 9,901 | ||||||||
Special Acquisition Depreciation | 7,049 | 233 | |||||||||
Brazil restatement impact | 0 | 0 | 0 | ||||||||
Restatement Adjustment [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | $ 23,787 | $ 14,546 | $ 14,212 |
Segment Information (Net Revenu
Segment Information (Net Revenues By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | $ 301,363 | $ 297,514 | $ 301,368 | $ 275,580 | $ 205,578 | $ 159,693 | $ 151,231 | $ 145,208 | $ 1,175,825 | $ 661,710 | $ 590,259 |
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 535,008 | 324,204 | 232,650 | ||||||||
France | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 48,346 | 41,584 | 42,908 | ||||||||
Germany | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 97,771 | 32,480 | 26,451 | ||||||||
Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 45,919 | 28,703 | 32,750 | ||||||||
Saudi Arabia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 10,037 | 28,626 | 68,693 | ||||||||
United Kingdom | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 37,154 | 26,872 | 27,579 | ||||||||
China | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 35,735 | 16,875 | 11,157 | ||||||||
Norway | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 29,523 | 13,462 | 21,668 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 106,105 | 56,638 | 32,460 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 102,131 | 55,265 | 39,808 | ||||||||
Other Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | $ 128,096 | $ 37,001 | $ 54,135 |
Segment Information (Long-Lived
Segment Information (Long-Lived Assets By Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 209,819 | $ 217,539 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 129,527 | 130,587 |
Germany | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 41,852 | 42,651 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 11,330 | 12,592 |
India | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 8,535 | 7,618 |
Italy | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 3,999 | 5,213 |
Mexico | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 3,689 | 2,853 |
France | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 3,271 | 3,851 |
Netherlands | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 2,291 | 2,823 |
Other Countries [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 5,325 | $ 9,351 |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly financial information [Line Items] | |||||||||||
Net revenues | $ 301,363 | $ 297,514 | $ 301,368 | $ 275,580 | $ 205,578 | $ 159,693 | $ 151,231 | $ 145,208 | $ 1,175,825 | $ 661,710 | $ 590,259 |
Gross profit | 92,018 | 85,078 | 88,251 | 76,304 | 59,216 | 47,303 | 47,668 | 46,633 | 341,650 | 200,820 | 183,115 |
Net income | $ (21,005) | $ (6,841) | $ 5,902 | $ (17,441) | $ (5,571) | $ 3,617 | $ 8,970 | $ 4,773 | $ (39,384) | $ 11,789 | $ 10,101 |
Basic | $ (1.06) | $ (0.34) | $ 0.30 | $ (0.88) | $ (0.32) | $ 0.22 | $ 0.54 | $ 0.29 | $ (1.99) | $ 0.71 | $ 0.62 |
Earnings (loss) per common share: Diluted | $ (1.06) | $ (0.34) | $ 0.30 | $ (0.88) | (0.32) | 0.22 | 0.54 | 0.29 | $ (1.99) | $ 0.70 | $ 0.61 |
Dividends paid per common share | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts (Schedule Of Valuation And Qualifying Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Engineered Values [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Long-term accounts receivable allowances | $ 2,400 | |||
Allowance For Doubtful Accounts [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | $ 4,791 | $ 5,056 | 8,290 | |
Additions (Reductions) Charged to Costs and Expenses | 1,107 | (87) | 613 | |
Additions (Reductions) Charged to Other Accounts | 1,075 | 378 | 425 | |
Deductions | [1] | (238) | (556) | (4,272) |
Balance at End of Period | $ 6,735 | $ 4,791 | $ 5,056 | |
[1] | Uncollectible accounts written off, net of recoveries.(2)Balance at end of period excludes the engineered valves accounts receivable allowances of $2.4 million, which are classified as long-term as of December 31, 2015. |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | Jan. 31, 2019USD ($) |
R.S. Divestiture [Member] | Discontinued Operations, Disposed of by Sale [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Disposal Group, Including Discontinued Operation, Consideration | $ 85 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Pension - Interest cost | $ 9,164 | $ 2,158 | |
Pension - Expected return on assets | (15,418) | 0 | |
Foreign Currency Translations | (1,840) | 2,136 | $ 2,100 |
Other | 659 | 1,542 | |
Other (income) expense, net | $ (7,435) | $ 3,678 | $ (2,072) |
Uncategorized Items - cir-20181
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 54,541,000 |
Payments for Return of Cash to Seller | cir_PaymentsforReturnofCashtoSeller | $ 62,917,000 |