Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 26, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CIRCOR INTERNATIONAL, INC | |
Entity Central Index Key | 0001091883 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 19,904,899 |
Document and Entity Informati_2
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 26, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-14962 | |
Entity Registrant Name | CIRCOR INTERNATIONAL, INC | |
Entity Central Index Key | 0001091883 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3477276 | |
Entity Address, Postal Zip Code | 01803-4238 | |
City Area Code | 781 | |
Local Phone Number | 270-1200 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CIR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,904,899 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 76,082 | $ 68,517 |
Trade accounts receivable, less allowance for doubtful accounts of $4,695 and $6,735 at June 30, 2019 and December 31, 2018, respectively | 183,552 | |
Inventories | 226,953 | 217,378 |
Prepaid expenses and other current assets | 99,012 | 90,659 |
Assets held for sale | 4,520 | 87,940 |
Total Current Assets | 573,190 | 648,046 |
PROPERTY, PLANT AND EQUIPMENT, NET | 194,932 | 201,799 |
OTHER ASSETS: | ||
Goodwill | 461,771 | 459,205 |
Intangibles, net | 410,957 | 441,302 |
Deferred income taxes | 31,548 | 28,462 |
Other assets | 40,299 | 12,798 |
TOTAL ASSETS | 1,712,697 | 1,791,612 |
CURRENT LIABILITIES: | ||
Accounts payable | 118,648 | 123,881 |
Accrued expenses and other current liabilities | 107,445 | 107,312 |
Accrued compensation and benefits | 30,314 | 33,878 |
Current portion of long-term debt | 0 | 7,850 |
Liabilities held for sale | 0 | 11,141 |
Total Current Liabilities | 256,407 | 284,062 |
LONG-TERM DEBT | 728,653 | 778,187 |
DEFERRED INCOME TAXES | 38,232 | 33,932 |
Liability, Pension and Other Postretirement and Postemployment Benefits, Noncurrent | 149,204 | 150,623 |
OTHER NON-CURRENT LIABILITIES | 45,302 | 15,815 |
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; 19,900,885 and 19,845,205 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 212 | 212 |
Additional paid-in capital | 444,109 | 440,890 |
Retained earnings | 210,065 | 232,102 |
Common treasury stock, at cost (1,372,488 shares at June 30, 2019 and December 31, 2018) | (74,472) | (74,472) |
Accumulated other comprehensive loss, net of tax | (85,015) | (69,739) |
Total Shareholders’ Equity | 494,899 | 528,993 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,712,697 | $ 1,791,612 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Trade accounts receivable, allowance for doubtful accounts | $ 4,695 | $ 6,735 |
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 | 19,900,885 | 19,845,205 |
Common Stock, Shares, Outstanding | 19,900,885 | 19,845,205 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | |
Net revenues | $ 269,607 | $ 301,368 | $ 540,002 | $ 576,948 |
Cost of revenues | 191,079 | 213,117 | 387,605 | 412,393 |
GROSS PROFIT | 78,528 | 88,251 | 152,397 | 164,555 |
Selling, general and administrative expenses | 69,408 | 77,999 | 139,380 | 155,237 |
Restructuring and Related Cost, Incurred Cost | 4,992 | 2,000 | (2,823) | 14,446 |
OPERATING INCOME (LOSS) | 4,128 | 8,252 | 15,840 | (5,128) |
Other expense (income): | ||||
Interest expense, net | 12,856 | 13,755 | 26,035 | 25,556 |
Other expense (income), net | 81 | (3,759) | (1,832) | (5,620) |
TOTAL OTHER EXPENSE, NET | 12,937 | 9,996 | 24,203 | 19,936 |
LOSS BEFORE INCOME TAXES | (8,809) | (1,744) | (8,363) | (25,064) |
Provision for (benefit from) income taxes | 9,711 | (7,646) | 14,790 | (13,525) |
NET (LOSS) INCOME | $ (18,520) | $ 5,902 | $ (23,153) | $ (11,539) |
(Loss) earnings per common share: | ||||
Basic | $ (0.93) | $ 0.30 | $ (1.16) | $ (0.58) |
Diluted | $ (0.93) | $ 0.30 | $ (1.16) | $ (0.58) |
Weighted average number of common shares outstanding: | ||||
Basic | 19,906 | 19,836 | 19,888 | 19,821 |
Diluted | 19,906 | 20,005 | 19,888 | 19,821 |
Statements Of Consolidated Comp
Statements Of Consolidated Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (18,520) | $ 5,902 | $ (23,153) | $ (11,539) |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustments | (1,271) | (26,849) | (9,718) | (18,508) |
Interest rate swap adjustments (1) | (3,031) | 1,225 | (5,165) | 1,225 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect | (393) | |||
Overstated (understated) comprehensive income | (4,302) | (25,624) | (15,276) | (17,283) |
COMPREHENSIVE INCOME (LOSS) | $ (22,822) | $ (19,722) | $ (38,429) | $ (28,822) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jul. 01, 2018 | |
OPERATING ACTIVITIES | ||
Net loss | $ (23,153) | $ (11,539) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 12,173 | 14,491 |
Amortization | 24,355 | 24,611 |
Provision for bad debt expense | 75 | 903 |
Loss on write down of inventory | 6,620 | 4,076 |
Amortization of inventory step-up | 0 | 6,600 |
Compensation expense for share-based plans | 3,132 | 2,866 |
Amortization of debt issuance costs | 1,997 | 2,008 |
(Gain) Loss on sale or write-down of property, plant and equipment | 826 | 1,037 |
Gain (Loss) on Disposition of Business | 9,165 | 0 |
Changes in operating assets and liabilities, net of effects of acquisition and disposition: | ||
Trade accounts receivable | 13,570 | 13,163 |
Inventories | (15,048) | (14,824) |
Prepaid expenses and other assets | (5,363) | (16,617) |
Accounts payable, accrued expenses and other liabilities | (18,406) | (27,385) |
Net cash provided by operating activities | (10,039) | (610) |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (7,542) | (11,879) |
Proceeds from the sale of property, plant and equipment | 858 | 175 |
Goodwill, Purchase Accounting Adjustments | 0 | 6,300 |
Net cash provided by (used in) investing activities | 75,519 | (5,404) |
FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 149,500 | 136,600 |
Payments of long-term debt | (208,300) | (105,511) |
Proceeds from the exercise of stock options | 106 | 440 |
Return of cash to Fluid Handling Seller | 0 | (61,201) |
Net cash used in financing activities | (58,694) | (29,672) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 793 | (5,785) |
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 7,579 | (41,471) |
Cash, cash equivalents, and restricted cash at beginning of period | 69,525 | 112,293 |
Cash, cash equivalents, and restricted cash at end of period | 77,104 | 70,822 |
Non-cash investing activities: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | 1,483 | 1,763 |
Proceeds from Divestiture of Businesses | $ 82,203 | $ 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Shareholder's Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock |
BALANCE, Shares at December 31, 2018 at Dec. 31, 2017 | 19,785,000 | |||||
BALANCE at December 31, 2018 at Dec. 31, 2017 | $ 601,974 | $ 212 | $ 438,721 | $ 274,243 | $ (36,730) | $ (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (17,441) | (17,441) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 8,000 | |||||
Stock Issued During Period, Value, Stock Options Exercised | 301 | 301 | ||||
Conversion of restricted stock units (shares) | 37,000 | |||||
Conversion of restricted stock units | 312 | 312 | ||||
Share-based plan compensation | 1,365 | 1,365 | ||||
BALANCE, Shares at March 31, 2019 at Apr. 01, 2018 | 19,830,000 | |||||
BALANCE at March 31, 2019 at Apr. 01, 2018 | 592,096 | $ 212 | 440,699 | 254,046 | (28,389) | (74,472) |
BALANCE, Shares at December 31, 2018 at Dec. 31, 2017 | 19,785,000 | |||||
BALANCE at December 31, 2018 at Dec. 31, 2017 | 601,974 | $ 212 | 438,721 | 274,243 | (36,730) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (11,539) | |||||
Overstated (understated) comprehensive income | (17,283) | |||||
BALANCE, Shares at March 31, 2019 at Jul. 01, 2018 | 19,836,000 | |||||
BALANCE at March 31, 2019 at Jul. 01, 2018 | 573,992 | $ 212 | 442,318 | 259,948 | (54,013) | (74,472) |
BALANCE, Shares at December 31, 2018 at Dec. 31, 2017 | 19,785,000 | |||||
BALANCE at December 31, 2018 at Dec. 31, 2017 | $ 601,974 | $ 212 | 438,721 | 274,243 | (36,730) | (74,472) |
BALANCE, Shares at March 31, 2019 at Dec. 31, 2018 | 19,845,205 | 19,845,000 | ||||
BALANCE at March 31, 2019 at Dec. 31, 2018 | $ 528,993 | $ 212 | 440,890 | 232,102 | (69,739) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative translation adjustment | (2,756) | 8,341 | ||||
BALANCE, Shares at December 31, 2018 at Apr. 01, 2018 | 19,830,000 | |||||
BALANCE at December 31, 2018 at Apr. 01, 2018 | 592,096 | $ 212 | 440,699 | 254,046 | (28,389) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | 5,902 | 5,902 | ||||
Overstated (understated) comprehensive income | (25,624) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 4,000 | |||||
Stock Issued During Period, Value, Stock Options Exercised | 139 | 139 | ||||
Conversion of restricted stock units (shares) | 2,000 | |||||
Conversion of restricted stock units | (21) | (21) | ||||
Share-based plan compensation | 1,501 | 1,501 | ||||
BALANCE, Shares at March 31, 2019 at Jul. 01, 2018 | 19,836,000 | |||||
BALANCE at March 31, 2019 at Jul. 01, 2018 | $ 573,992 | $ 212 | 442,318 | 259,948 | (54,013) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative translation adjustment | (25,624) | |||||
BALANCE, Shares at December 31, 2018 at Dec. 31, 2018 | 19,845,205 | 19,845,000 | ||||
BALANCE at December 31, 2018 at Dec. 31, 2018 | $ 528,993 | $ 212 | 440,890 | 232,102 | (69,739) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (4,633) | (4,633) | ||||
Overstated (understated) comprehensive income | (10,974) | |||||
Conversion of restricted stock units (shares) | 31,000 | |||||
Conversion of restricted stock units | 246 | 246 | ||||
Share-based plan compensation | 1,432 | 1,432 | ||||
BALANCE, Shares at March 31, 2019 at Mar. 31, 2019 | 19,876,000 | |||||
BALANCE at March 31, 2019 at Mar. 31, 2019 | $ 516,177 | $ 212 | 442,568 | 228,582 | (80,713) | (74,472) |
BALANCE, Shares at December 31, 2018 at Dec. 31, 2018 | 19,845,205 | 19,845,000 | ||||
BALANCE at December 31, 2018 at Dec. 31, 2018 | $ 528,993 | $ 212 | 440,890 | 232,102 | (69,739) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (23,153) | |||||
Overstated (understated) comprehensive income | $ (15,276) | 3 | ||||
BALANCE, Shares at March 31, 2019 at Jun. 30, 2019 | 19,900,885 | 19,902,000 | ||||
BALANCE at March 31, 2019 at Jun. 30, 2019 | $ 494,899 | $ 212 | 444,109 | 210,065 | (85,015) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative translation adjustment | 1,113 | |||||
BALANCE, Shares at December 31, 2018 at Mar. 31, 2019 | 19,876,000 | |||||
BALANCE at December 31, 2018 at Mar. 31, 2019 | 516,177 | $ 212 | 442,568 | 228,582 | (80,713) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (18,520) | (18,520) | ||||
Overstated (understated) comprehensive income | (4,302) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 3,000 | |||||
Stock Issued During Period, Value, Stock Options Exercised | 43 | 43 | ||||
Conversion of restricted stock units (shares) | 23,000 | |||||
Conversion of restricted stock units | (202) | (202) | ||||
Share-based plan compensation | $ 1,700 | 1,700 | ||||
BALANCE, Shares at March 31, 2019 at Jun. 30, 2019 | 19,900,885 | 19,902,000 | ||||
BALANCE at March 31, 2019 at Jun. 30, 2019 | $ 494,899 | $ 212 | $ 444,109 | 210,065 | (85,015) | $ (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative translation adjustment | $ (4,302) | $ 3 | $ (4,302) |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation The accompanying unaudited, condensed consolidated financial statements have been prepared according to the rules and regulations of the United States (the "U.S.") Securities and Exchange Commission (“SEC”) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the consolidated balance sheets, consolidated statements of (loss) income, consolidated statements of comprehensive loss, consolidated statements of cash flows and consolidated statements of shareholders' equity of CIRCOR International, Inc. (“CIRCOR”, the “Company”, “us”, “we” or “our”) for the periods presented. We prepare our interim financial information using the same accounting principles we use for our annual audited consolidated financial statements. Certain information and note disclosures normally included in the annual audited consolidated financial statements have been condensed or omitted in accordance with SEC rules. We believe that the disclosures made in our condensed consolidated financial statements and the accompanying notes are adequate to make the information presented not misleading. The consolidated balance sheet as of December 31, 2018 is as reported in our audited consolidated financial statements as of that date but does not contain all of the footnote disclosures from the annual financial statements. Our accounting policies are described in the notes to our December 31, 2018 consolidated financial statements, which were included in our Annual Report on Form 10-K for the year ended December 31, 2018 , as updated by Note 2 with respect to newly adopted accounting standards. We recommend that the financial statements included in our Quarterly Report on Form 10-Q be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 . We operate and report financial information using a fiscal year ending December 31. The data periods contained within our Quarterly Reports on Form 10-Q reflect the results of operations for the 13-week, 26-week and 39-week periods which generally end on the Sunday nearest the calendar quarter-end date. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any future quarter. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2019 are consistent with those discussed in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2018 , except as updated below with respect to newly adopted accounting standards. New Accounting Standards - Adopted On January 1, 2019 we adopted the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases, and all related amendments ("ASC 842"), specifically, ASU 2018-11, Leases: Targeted Improvements, under the modified retrospective approach. The amendment provides us with transition relief, as we elected not to recast the comparable periods and rather used the effective adoption date of the standard as the date of initial application. Comparable periods and the related disclosures are reflected herein under ASC 840. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. Adoption of the new standard resulted in the recording of additional Right-of-Use ("ROU") assets and lease liabilities of $23.8 million and $24.1 million |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 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. These contracts 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. Revenue is recognized from products and services transferred to customers 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. As of June 30, 2019 , we had $526.9 million of revenue related to remaining unfulfilled performance obligations. We expect to recognize approximately 69 percent of our remaining performance obligations as revenue during the remainder of 2019, 17 percent in 2020, and the remaining 14 percent in 2021 and thereafter. 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 impact of adjustments in contract estimates on our operating earnings can be reflected in either operating expenses or revenue. There have been no significant changes in estimates in the three and six months ended June 30, 2019 . Disaggregation of Revenue. The following tables present our revenue disaggregated by major product line and geographical market (in thousands): Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Energy Segment Oil & Gas - Upstream, Midstream & Other $ 38,612 $ 54,993 $ 84,277 $ 102,878 Oil & Gas - Downstream 46,979 57,811 99,731 109,898 Total 85,591 112,804 184,008 212,776 Aerospace & Defense Segment Commercial Aerospace & Other 27,980 27,452 56,686 66,204 Defense 36,714 30,048 69,248 49,773 Total 64,694 57,500 125,934 115,977 Industrial Segment Valves 32,337 30,462 60,869 58,141 Pumps 86,985 100,602 169,191 190,054 Total 119,322 131,064 230,060 248,195 Net Revenue $ 269,607 $ 301,368 $ 540,002 $ 576,948 Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Energy Segment EMEA $ 27,430 $ 27,063 $ 61,882 $ 46,961 North America 48,615 67,884 101,572 132,351 Other 9,546 17,857 20,554 33,464 Total 85,591 112,804 184,008 212,776 Aerospace & Defense Segment EMEA $ 16,834 $ 15,460 $ 34,566 $ 30,856 North America 41,485 35,745 78,878 73,494 Other 6,375 6,295 12,490 11,627 Total 64,694 57,500 125,934 115,977 Industrial Segment EMEA $ 51,684 $ 62,609 $ 106,176 $ 123,289 North America 42,122 42,361 76,669 74,612 Other 25,516 26,094 47,215 50,294 Total 119,322 131,064 230,060 248,195 Net Revenue $ 269,607 $ 301,368 $ 540,002 $ 576,948 Contract Balances. The Company’s contract assets and contract liabilities balances as of December 31, 2018 and June 30, 2019 are as follows (in thousands): December 31, 2018 June 30, 2019 Increase/(Decrease) Trade accounts receivables, net $ 183,552 $ 166,623 $ (16,929 ) Contract assets (1) 61,618 69,293 7,675 Contract liabilities (2) (3) 48,325 37,749 (10,576 ) (1) Recorded within prepaid expenses and other current assets. (2) Recorded within accrued expenses and other current liabilities. (3) The Contract Liabilities balance as of December 31, 2018 has been adjusted by $1.4 million attributed to the divestiture of our Reliability Services business. Trade accounts receivable, net decreased by $16.9 million as of June 30, 2019, primarily due to the timing of cash collections during the six months ended June 30, 2019. Contract assets, excluding divestiture, increased by $7.7 million, or 12%, to $69.3 million primarily driven by unbilled revenue recognized during the six months ended June 30, 2019 within our Pumps business (+15%), Refinery Valves business (+12%) and U.S. Defense business (+8%). Contract liabilities, excluding divestiture, decreased by $ 10.6 million , or (-22%), to $ 37.7 million |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases We lease certain office spaces, warehouses, vehicles and equipment. Leases with an initial term of 12-months or less have not been capitalized on the balance sheet. We recognize lease expense associated with these short-term leases on a straight-line basis over the lease term. For lease agreements entered into after the adoption of ASC 842, we combine lease and non-lease fixed components for real estate, vehicles and equipment leases. We do not combine lease and non-lease components for information technology leases. Variable lease costs were not included within the measurement of the lease liability as they were entirely variable or the difference between the portion captured within the lease liability and the actual cost will be expensed as incurred. Variable costs are contractually obligated and relate primarily to common area maintenance and taxes, which were not material to the financial statements. We elected the package of practical expedients permitted under the transition guidance, which allowed us to carry forward the historical lease classification, not to reassess if existing contracts are or contain leases, and not to reassess indirect costs for existing leases. We have elected not to recast the comparable periods and rather used the effective adoption date of the standard as the date of initial application. Leases which contain a renewal option to extend an existing lease term, or a termination option to end a lease early are exercisable at our sole discretion. We evaluate such leases to determine if we are reasonably certain to exercise the option. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees. In determining the present value of lease payments, we use the implicit borrowing rate in the lease, if available. In cases where a lease does not provide an implicit borrowing rate, we use the incremental borrowing rate based on available information at the commencement date. As of June 30, 2019 , none of our existing leases provided an implicit borrowing rate. We give consideration to our debt issuances as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. Additionally, we perform an entity-level financial assessment along with risk assessment by country or jurisdiction in the determination of our incremental borrowing rate. We will update our financial and risk assessments periodically. We will reassess lease classification and / or remeasure the lease liability in the event of the following: changes in assessment of renewal, termination or purchase option based on triggering events within our control, change in amounts probable of being owed under a residual guarantee, or contingency resolution. The Balance Sheet impact at June 30, 2019 is as follows (in thousands): Leases Assets Operating Finance Gross ROU Assets (1) $ 27,747 $ 2,930 Less: Accumulated Amortization 2,878 173 Net ROU Assets $ 24,869 $ 2,757 Liabilities Operating Finance Current (2) $ 4,933 $ 634 Non-current (3) 19,861 2,433 Total Lease Liabilities $ 24,794 $ 3,067 (1) Operating and Finance ROU Assets are included within other assets on the Balance Sheet. (2) The current portion of operating and finance lease liabilities are recorded within accrued expenses and other current liabilities on the Balance Sheet. (3) The non-current portion of operating and finance lease liabilities are recorded within other non-current liabilities on the Balance Sheet. The components of lease costs are as follows (in thousands): Three Months Ended Six Months Ended Lease Costs June 30, 2019 June 30, 2019 Operating lease cost (1) $ 2,277 $ 3,758 Finance lease cost Amortization of leased assets (2) 91 95 Interest on lease liabilities (3) 10 10 Total finance lease costs 101 105 Total lease cost $ 2,378 $ 3,863 (1) Operating lease costs are recorded within selling, general and administrative expenses or Cost of Revenue within the Condensed Consolidated Statements of (Loss) Income depending upon the nature of the underlying lease. (2) Finance lease amortization costs are recorded in selling, general and administrative expenses within the Condensed Consolidated Statements of (Loss) Income. (3) Finance lease interest costs are recorded in interest expense, net within the Condensed Consolidated Statements of (Loss) Income. Short-term lease expense for the three and six months ended June 30, 2019 are $0.0 million and $0.1million, respectively. Variable lease cost for the three and six months ended June 30, 2019 are $0.0 million and $0.1 million, respectively. The estimated future minimum lease payments only include obligations for which we are reasonably certain to exercise our renewal option. Such future payments are as follows (in thousands): Maturity of Lease Liabilities Operating Leases Finance Leases Total 2019 $ 4,027 $ 207 $ 4,234 2020 6,085 414 6,499 2021 4,989 414 5,403 2022 3,607 403 4,010 2023 2,976 403 3,379 After 2023 8,241 1,233 9,474 Less: Interest $ (5,131 ) $ (7 ) $ (5,138 ) Present value of lease liabilities $ 24,794 $ 3,067 $ 27,861 The weighted average remaining lease term and discount rates are as follows: Lease Term and Discount Rate June 30, 2019 Weighted average remaining lease term (years) Operating leases 5.9 Finance leases 7.6 Weighted average discount rate (percentage) Operating leases 5.5 % Finance leases 2.0 % Supplemental cash flow information related to leases are as follows (in thousands): Other Information June 30, 2019 Operating Activities Noncash lease expense on operating ROU assets $ (24,869 ) Amortization expense on finance ROU assets 95 Change in total operating lease liabilities 24,794 Principal paid on operating lease liabilities (3,010 ) Total Operating Activities $ (2,990 ) Financing Activities Principal paid on finance lease liabilities $ (94 ) Supplemental Interest Paid on finance lease liabilities $ 10 As of June 30, 2019 , the Company has not entered into any lease agreements with related parties. Operating Lease Commitments Disclosure under ASC 840 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 |
Leases | Leases We lease certain office spaces, warehouses, vehicles and equipment. Leases with an initial term of 12-months or less have not been capitalized on the balance sheet. We recognize lease expense associated with these short-term leases on a straight-line basis over the lease term. For lease agreements entered into after the adoption of ASC 842, we combine lease and non-lease fixed components for real estate, vehicles and equipment leases. We do not combine lease and non-lease components for information technology leases. Variable lease costs were not included within the measurement of the lease liability as they were entirely variable or the difference between the portion captured within the lease liability and the actual cost will be expensed as incurred. Variable costs are contractually obligated and relate primarily to common area maintenance and taxes, which were not material to the financial statements. We elected the package of practical expedients permitted under the transition guidance, which allowed us to carry forward the historical lease classification, not to reassess if existing contracts are or contain leases, and not to reassess indirect costs for existing leases. We have elected not to recast the comparable periods and rather used the effective adoption date of the standard as the date of initial application. Leases which contain a renewal option to extend an existing lease term, or a termination option to end a lease early are exercisable at our sole discretion. We evaluate such leases to determine if we are reasonably certain to exercise the option. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees. In determining the present value of lease payments, we use the implicit borrowing rate in the lease, if available. In cases where a lease does not provide an implicit borrowing rate, we use the incremental borrowing rate based on available information at the commencement date. As of June 30, 2019 , none of our existing leases provided an implicit borrowing rate. We give consideration to our debt issuances as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. Additionally, we perform an entity-level financial assessment along with risk assessment by country or jurisdiction in the determination of our incremental borrowing rate. We will update our financial and risk assessments periodically. We will reassess lease classification and / or remeasure the lease liability in the event of the following: changes in assessment of renewal, termination or purchase option based on triggering events within our control, change in amounts probable of being owed under a residual guarantee, or contingency resolution. The Balance Sheet impact at June 30, 2019 is as follows (in thousands): Leases Assets Operating Finance Gross ROU Assets (1) $ 27,747 $ 2,930 Less: Accumulated Amortization 2,878 173 Net ROU Assets $ 24,869 $ 2,757 Liabilities Operating Finance Current (2) $ 4,933 $ 634 Non-current (3) 19,861 2,433 Total Lease Liabilities $ 24,794 $ 3,067 (1) Operating and Finance ROU Assets are included within other assets on the Balance Sheet. (2) The current portion of operating and finance lease liabilities are recorded within accrued expenses and other current liabilities on the Balance Sheet. (3) The non-current portion of operating and finance lease liabilities are recorded within other non-current liabilities on the Balance Sheet. The components of lease costs are as follows (in thousands): Three Months Ended Six Months Ended Lease Costs June 30, 2019 June 30, 2019 Operating lease cost (1) $ 2,277 $ 3,758 Finance lease cost Amortization of leased assets (2) 91 95 Interest on lease liabilities (3) 10 10 Total finance lease costs 101 105 Total lease cost $ 2,378 $ 3,863 (1) Operating lease costs are recorded within selling, general and administrative expenses or Cost of Revenue within the Condensed Consolidated Statements of (Loss) Income depending upon the nature of the underlying lease. (2) Finance lease amortization costs are recorded in selling, general and administrative expenses within the Condensed Consolidated Statements of (Loss) Income. (3) Finance lease interest costs are recorded in interest expense, net within the Condensed Consolidated Statements of (Loss) Income. Short-term lease expense for the three and six months ended June 30, 2019 are $0.0 million and $0.1million, respectively. Variable lease cost for the three and six months ended June 30, 2019 are $0.0 million and $0.1 million, respectively. The estimated future minimum lease payments only include obligations for which we are reasonably certain to exercise our renewal option. Such future payments are as follows (in thousands): Maturity of Lease Liabilities Operating Leases Finance Leases Total 2019 $ 4,027 $ 207 $ 4,234 2020 6,085 414 6,499 2021 4,989 414 5,403 2022 3,607 403 4,010 2023 2,976 403 3,379 After 2023 8,241 1,233 9,474 Less: Interest $ (5,131 ) $ (7 ) $ (5,138 ) Present value of lease liabilities $ 24,794 $ 3,067 $ 27,861 The weighted average remaining lease term and discount rates are as follows: Lease Term and Discount Rate June 30, 2019 Weighted average remaining lease term (years) Operating leases 5.9 Finance leases 7.6 Weighted average discount rate (percentage) Operating leases 5.5 % Finance leases 2.0 % Supplemental cash flow information related to leases are as follows (in thousands): Other Information June 30, 2019 Operating Activities Noncash lease expense on operating ROU assets $ (24,869 ) Amortization expense on finance ROU assets 95 Change in total operating lease liabilities 24,794 Principal paid on operating lease liabilities (3,010 ) Total Operating Activities $ (2,990 ) Financing Activities Principal paid on finance lease liabilities $ (94 ) Supplemental Interest Paid on finance lease liabilities $ 10 As of June 30, 2019 , the Company has not entered into any lease agreements with related parties. Operating Lease Commitments Disclosure under ASC 840 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 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory, Net [Abstract] | |
Inventories | Inventories Inventories consisted of the following (in thousands): June 30, 2019 December 31, 2018 Raw materials $ 72,591 $ 69,910 Work in process 124,328 116,088 Finished goods 30,034 31,380 Total inventories $ 226,953 $ 217,378 |
Special Charges_Recoveries
Special Charges/Recoveries | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Special Charges/Recoveries | Special and Restructuring Charges (Recoveries), net Special and Restructuring Charges (Recoveries), 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 (recoveries), net on our consolidated statements of loss. 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 (recoveries), net line item on the Condensed Consolidated Statements of (Loss) Income for the three and six months ended June 30, 2019 and July 1, 2018 : Special & Restructuring Charges (Recoveries), net Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Special charges (recoveries), net $ 3,465 $ 1,156 $ (5,213 ) $ 3,987 Restructuring charges, net 1,527 844 2,390 10,459 Total special and restructuring charges (recoveries), net $ 4,992 $ 2,000 $ (2,823 ) $ 14,446 Special Charges (Recoveries), net The table below (in thousands) outlines the special charges (recoveries), net recorded for the three and six months ended June 30, 2019 : Special Charges, net For the three months ended June 30, 2019 Energy Aerospace & Defense Industrial Corporate Total Reliability Services divestiture $ 1,104 $ — $ — $ 286 $ 1,390 Professional fees to review and respond to an unsolicited tender offer to acquire the Company — — — 2,075 2,075 Total special charges, net $ 1,104 $ — $ — $ 2,361 $ 3,465 Special (Recoveries) Charges, net For the six months ended June 30, 2019 Energy Aerospace & Defense Industrial Corporate Total Reliability Services divestiture $ (9,177 ) $ — $ — $ 286 $ (8,891 ) Reliability Services 2019 operating expenses 1,450 — — — 1,450 Rosscor divestiture related charges — — 153 — 153 Professional fees to review and respond to an unsolicited tender offer to acquire the Company — — 2,075 2,075 Total special (recoveries) charges, net $ (7,727 ) $ — $ 153 $ 2,361 $ (5,213 ) Reliability Services Divestiture: In January 2019, the Company sold its Reliability Services business. The Company recognized a gain of $9.2 million for the six months ended June 30, 2019 in connection with the divestiture. Reliability Services 2019 Operating Expenses: The Company classified the 2019 operating expenses of the Reliability Services business as special given the business was held for sale as of 2018 and was sold in January 2019. Special charges associated with these expenses for the three and six months ended June 30, 2019 were $0.0 million and $1.5 million, respectively. 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. Special charges associated with these expenses for the three and six months ended June 30, 2019 were $0.0 million and $0.2 million, respectively. Professional Fees: The Company incurred $2.1 million in special charges associated with the review and response to an unsolicited tender offer to acquire the Company for the three months ended June 30, 2019. The table below (in thousands) outlines the special charges, net recorded for the three and six months ended July 1, 2018 : Special Charges, net For the three months ended July 1, 2018 Energy Aerospace & Defense Industrial Corporate Total Acquisition related charges $ — $ — $ — $ 1,000 $ 1,000 Brazil closure 156 — — — 156 Total special charges, net $ 156 $ — $ — $ 1,000 $ 1,156 Special Charges, net For the six months ended July 1, 2018 Energy Aerospace & Defense Industrial Corporate Total Acquisition related charges $ — $ — $ — $ 3,455 $ 3,455 Brazil closure 532 — — — 532 Total special (recoveries) charges, net $ 532 $ — $ — $ 3,455 $ 3,987 Acquisition related charges: • On December 11, 2017, we acquired fluid handing business of Colfax Corporation ("FH"). In connection with our acquisition, we recorded $1.0 million and $3.5 million during the three and six months ended July 1, 2018, respectively, related to internal costs and external professional fees to separate FH from Colfax Corporation and integrate FH business into our legacy framework. • 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 $0.2 million and $0.5 million of charges within the Energy segment during the three and six months ended July 1, 2018, respectively, which relates to losses incurred subsequent to our closure of manufacturing operations during the first quarter of 2016. Restructuring Charges, net The tables below (in thousands) outline the charges associated with restructuring actions recorded for the three and six months ended June 30, 2019 and July 1, 2018 . A description of the restructuring actions is provided in the section titled "Restructuring Programs Summary" below. Restructuring Charges, net As of and for the three months ended June 30, 2019 Energy Aerospace & Defense Industrial Corporate Total Facility related expenses $ 573 $ 145 $ — $ — $ 718 Employee related expenses, net 758 — 51 — 809 Total restructuring charges, net $ 1,331 $ 145 $ 51 $ — $ 1,527 Accrued restructuring charges as of March 31, 2019 $ 757 Total quarter to date charges, net (shown above) 1,527 Charges paid / settled, net (1,721 ) Accrued restructuring charges as of June 30, 2019 $ 563 Restructuring Charges, net As of and for the six months ended June 30, 2019 Energy Aerospace & Defense Industrial Corporate Total Facility related expenses $ 833 $ 217 $ — $ — $ 1,050 Employee related expenses, net 1,020 (3 ) 323 — 1,340 Total restructuring charges, net $ 1,853 $ 214 $ 323 $ — $ 2,390 Accrued restructuring charges as of December 31, 2018 $ 982 Total year to date charges, net (shown above) 2,390 Charges paid / settled, net (2,809 ) Accrued restructuring charges as of June 30, 2019 $ 563 We expect to make payment or settle the majority of the restructuring charges accrued as of June 30, 2019 during the second half of 2019. Restructuring Charges, net As of and for the three months ended July 1, 2018 Energy Aerospace & Defense Industrial Corporate Total Facility related expenses $ 191 $ 48 $ — $ — $ 239 Employee related (recoveries) expenses 605 — — — 605 Total restructuring charges, net $ 796 $ 48 $ — $ — $ 844 Accrued restructuring charges as of April 1, 2018 $ 6,304 Total quarter to date charges, net (shown above) 844 Charges paid / settled, net (5,601 ) Accrued restructuring charges as of July 1, 2018 $ 1,547 Restructuring Charges, net As of and for the six months ended July 1, 2018 Energy Aerospace & Defense Industrial Corporate Total Facility related expenses $ 1,672 $ 130 $ — $ — $ 1,802 Employee related expenses 7,448 — 1,209 — 8,657 Total restructuring charges, net $ 9,120 $ 130 $ 1,209 $ — $ 10,459 Accrued restructuring charges as of December 31, 2017 $ 1,586 Total year to date charges, net (shown above) 10,459 Charges paid / settled, net (10,498 ) Accrued restructuring charges as of July 1, 2018 $ 1,547 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 2018 Actions (as discussed below) will be recorded in 2018 and 2019. The amounts shown below reflect the total cost for that restructuring program. During 2018, we initiated certain restructuring activities, under which we continued to simplify our business ("2018 Actions"). 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 and 2019. 2018 Actions Restructuring Charges, net as of June 30, 2019 Energy Aerospace & Defense Industrial Total Facility related expenses - incurred to date $ 3,021 $ 215 $ — $ 3,236 Employee related expenses - incurred to date 8,651 380 1,859 10,890 Total restructuring related special charges - incurred to date $ 11,672 $ 595 $ 1,859 $ 14,126 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. For the three and six months ended June 30, 2019, we recorded $1.3 million and $4.1 million , respectively, of inventory related restructuring charges within our Energy segment for restructuring actions within our Distributed Valves business. For the three and six months ended June 30, 2019, we recorded $0.0 million and $0.3 million , respectively, of inventory related restructuring charges related to the January 2019 results of the Reliability Services business. For the three and six months ended July 1, 2018, we recorded $1.1 million and $1.6 million |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | Goodwill and Intangibles, net The following table shows goodwill by segment as of December 31, 2018 and June 30, 2019 (in thousands): Energy Aerospace & Defense Industrial Total Goodwill as of December 31, 2018 $ 104,872 $ 57,418 $ 296,915 $ 459,205 R.S. Divestiture 110 — 110 Currency translation adjustments (4,883 ) (13 ) 7,352 2,456 Goodwill as of June 30, 2019 $ 100,099 $ 57,405 $ 304,267 $ 461,771 The table below presents gross intangible assets and the related accumulated amortization as of June 30, 2019 (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Value Patents $ 5,399 $ (5,399 ) $ — Customer relationships 302,564 (68,919 ) 233,645 Backlog 22,905 (21,760 ) 1,145 Acquired technology 131,883 (32,346 ) 99,537 Other 3,781 (3,781 ) — Total Amortized Assets $ 466,532 $ (132,205 ) $ 334,327 Non-amortized intangibles (primarily trademarks and trade names) $ 76,630 $ — $ 76,630 Total Non-Amortized Intangibles $ 76,630 $ — $ 76,630 Net carrying value of intangible assets $ 410,957 The table below presents estimated remaining amortization expense for intangible assets recorded as of June 30, 2019 (in thousands): 2019 2020 2021 2022 2023 After 2023 Estimated amortization expense $ 23,669 $ 43,868 $ 42,126 $ 37,063 $ 32,490 $ 155,111 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our Chief Operating Decision Maker 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. We organize our reporting structure into three segments: Energy, Aerospace & Defense and Industrial. The following table presents certain reportable segment information (in thousands): Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Net revenues Energy $ 85,591 $ 112,804 $ 184,008 $ 212,776 Aerospace & Defense 64,694 57,500 125,934 115,977 Industrial 119,322 131,064 230,060 248,195 Consolidated net revenues $ 269,607 $ 301,368 $ 540,002 $ 576,948 Results from operations before income taxes Energy - Segment Operating Income $ 3,498 $ 9,242 $ 10,281 $ 14,938 Aerospace & Defense - Segment Operating Income 10,443 6,992 19,817 15,923 Industrial - Segment Operating Income 16,138 15,037 26,924 27,983 Corporate expenses (6,493 ) (6,450 ) (13,196 ) (14,249 ) Segment Operating Income 23,586 24,821 43,826 44,595 Restructuring charges, net 1,527 844 2,390 10,459 Special charges (recoveries), net 3,465 1,156 (5,213 ) 3,987 Special and restructuring charges (recoveries), net 4,992 2,000 (2,823 ) 14,446 Restructuring related inventory charges 2,112 1,067 5,255 1,540 Amortization of inventory step-up — — — 6,600 Acquisition amortization 11,247 11,665 23,325 23,565 Acquisition depreciation 1,107 1,837 2,229 3,572 Acquisition amortization and other costs, net 14,466 14,569 30,809 35,277 Consolidated Operating Income 4,128 8,252 15,840 (5,128 ) Interest expense, net 12,856 13,755 26,035 25,556 Other income, net 81 (3,759 ) (1,832 ) (5,620 ) Loss from operations before income taxes $ (8,809 ) $ (1,744 ) $ (8,363 ) $ (25,064 ) Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Capital expenditures Energy $ 1,505 $ 935 $ 2,474 $ 4,280 Aerospace & Defense 591 897 1,379 1,841 Industrial 1,225 2,226 2,367 5,850 Corporate 269 111 655 387 Consolidated capital expenditures $ 3,590 $ 4,169 $ 6,875 $ 12,358 Depreciation and amortization Energy $ 3,431 $ 3,865 $ 6,756 $ 8,066 Aerospace & Defense 2,775 5,349 5,448 8,142 Industrial 11,668 10,033 24,037 22,473 Corporate 145 192 287 421 Consolidated depreciation and amortization $ 18,019 $ 19,439 $ 36,528 $ 39,102 Identifiable assets June 30, 2019 July 1, 2018 Energy $ 696,520 $ 900,117 Aerospace & Defense 419,692 333,090 Industrial 1,113,569 1,330,358 Corporate (517,084 ) (727,685 ) Consolidated identifiable assets $ 1,712,697 $ 1,835,880 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 excluding intercompany assets were $15.9 million and $9.6 million as of June 30, 2019 and July 1, 2018 , respectively. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Financial Instruments Fair Value 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 value measurements of the Company's financial instruments as of June 30, 2019 are summarized in the table below: Significant Other Observable Inputs Level 2 Derivatives $ (8,490 ) 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. As of June 30, 2019 and December 31, 2018 , 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 and is a Level 2 financial instrument. As of June 30, 2019 and December 31, 2018, the Company observed restricted cash balances of $1.0 Million and $2.3 Million, respectively. These balances are recorded within Other Current Assets on the Balance Sheet. Total Cash and Cash Equivalents per the Statement Of Cash Flow is inclusive of the restricted cash balances. 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. Effective July 12, 2019, the Company entered into a cross-currency swap ("cross-currency swap") agreement to hedge its net investment in non-U.S. subsidiaries against future volatility in exchange rates between the U.S. dollar and the Euro. The cross-currency swap agreement is pursuant to an ISDA Master Agreement with Duetsche Bank AG. The three-year cross-currency swap has a fixed notional value of $100.0 million at an annual rate of 2.4065% and a maturity date of July 12, 2022. At inception, the cross-currency swap was designated as a net investment hedge. The net investment hedge was deemed effective after quarter-end, and the only financial statement impact was the effect of it being marked to market. This hedging agreement was entered into to mitigate foreign currency exchange rate exposure, 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 aggregate net fair value of the interest rate swap and cross-currency swap was $ (8.5) million . These balances are recorded in other long-term liabilities of $8.1 million , accrued expenses and other current liabilities of $2.9 million , and long-term deferred tax asset of $2.5 million on our condensed consolidated balance sheet as of June 30, 2019 . The unrealized losses recognized in other comprehensive income (loss), net of tax, were $ 3.0 million and $5.2 million for the three and six months ended June 30, 2019 , respectively. The realized loss of $0.2 million and $0.3 million was reclassified from other comprehensive income (loss) to interest expense as interest expense was accrued on the swap during the three and six months ended June 30, 2019 , respectively. Amounts expected to be reclassified from other comprehensive income into interest expense in the coming 12 months is a loss of $3.1 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 $6.2 million and $12.4 million for the three and six months ended June 30, 2019 . |
Guarantees And Indemnification
Guarantees And Indemnification Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Guarantees And Indemnification Obligations [Abstract] | |
Guarantees And Indemnification Obligations | 10) 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 insure us with respect to certain events covered under the policies and should enable us to recover a portion of any future amounts paid under the indemnification agreements. We have no liabilities recorded from those agreements as of June 30, 2019 . We record provisions for the estimated cost of product warranties, primarily from historical information, at the time product revenue is recognized. We also record provisions with respect to any significant individual warranty issues as they arise. 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. The following table sets forth information related to our product warranty reserves for the six months ended June 30, 2019 (in thousands): Balance beginning December 31, 2018 $ 4,050 Provisions 1,080 Claims settled (1,076 ) Currency translation adjustment (19 ) Balance ending June 30, 2019 $ 4,035 Warranty obligations were $4.1 million as of December 31, 2018 and $4.0 million as of June 30, 2019 |
Contingencies And Commitments
Contingencies And Commitments | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies And Commitments | (11) Commitments and Contingencies We are subject to various legal proceedings and claims pertaining to matters such as product liability or contract disputes, including issues arising 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 expect 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 third 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 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 $61.8 million at June 30, 2019 . We believe that the likelihood of demand for a significant payment relating to the outstanding instruments is remote. These instruments generally have expiration dates ranging from less than 1 month to 5 years from June 30, 2019 . The following table contains information related to standby letters of credit instruments outstanding as of June 30, 2019 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 48,191 Greater than 12 months 13,601 Total $ 61,792 |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits, Description [Abstract] | |
Retirement Plans | (12) Retirement Plans The following table sets forth the components of total net periodic benefit cost (income) of the Company’s defined benefit pension plans and other post-retirement employee benefit plans (in thousands): Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Pension Benefits - U.S. Plans Service cost $ — $ — $ — $ — Interest cost 1,967 1,762 3,934 3,523 Expected return on plan assets (2,742 ) (3,771 ) (5,484 ) (7,542 ) Amortization 129 146 259 293 Net periodic benefit income $ (646 ) $ (1,863 ) $ (1,291 ) $ (3,726 ) Pension Benefits - Non-U.S. Plans Service cost $ 688 $ 758 $ 1,382 $ 1,535 Interest cost 549 540 1,104 1,094 Expected return on plan assets (244 ) (254 ) (491 ) (513 ) Amortization 5 — 9 — Net periodic benefit cost $ 998 $ 1,044 $ 2,004 $ 2,116 Other Post-Retirement Benefits Service cost $ — $ — $ — $ — Interest cost 93 86 187 173 Amortization — — — — Net periodic benefit cost $ 93 $ 86 $ 187 $ 173 The periodic benefit service costs are included in the selling, general, and administrative costs, while the remaining net periodic benefit costs are included in other (income) expense, net in our Condensed Consolidated Statements of (Loss) Income for the three months ended June 30, 2019 and July 1, 2018 , respectively. There were no employer contributions to the Company's U.S. and non- U.S. based pension plans during the three and six months ended June 30, 2019. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (13) Income Taxes As of June 30, 2019 and December 31, 2018, we had $0.6 million and $0.6 million , respectively, of unrecognized tax benefits, of which $0.5 million and $0.5 million , respectively, would affect our effective tax rate if recognized in any future period. The Company files income tax returns in U.S. federal, state and local jurisdictions and in foreign jurisdictions. The Company is no longer subject to examination by the Internal Revenue Service (the "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 . The Company is currently under examination for income tax filings in various foreign jurisdictions. The Company has a net U.S. deferred tax asset and a net foreign deferred tax liability. Due to uncertainties related to our ability to utilize certain foreign deferred income tax assets, we maintained a total valuation allowance of $17.4 million at June 30, 2019 and $ 17.6 million |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | (14) Share-Based Compensation As of June 30, 2019 , there were 729,667 stock options and 438,656 Restricted Stock Unit Awards ("RSU Awards") and Restricted Stock Unit Management Stock Plan Awards ("RSU MSPs") outstanding. On May 9, 2019, our shareholders approved the 2019 Stock Option and Incentive Plan (the "2019 Plan") at the Company's annual meeting which was adopted, subject to shareholder approval, by the Board on February 20, 2019. The 2019 Plan authorizes issuance of up to 1,000,000 shares of common stock (subject to adjustment for stock splits and similar events). Under this new 2019 Plan, there were 959,113 shares available for grant as of June 30, 2019 . During the six months ended June 30, 2019 , we granted 153,726 stock options compared with 127,704 stock options granted during the six months ended July 1, 2018 . The average fair value of stock options granted during the first six months of 2019 and 2018 was $11.84 and $14.68 per share, respectively, and was estimated using the following weighted-average assumptions: June 30, 2019 July 1, 2018 Risk-free interest rate 2.6 % 2.5 % Expected life (years) 4.4 4.4 Expected stock volatility 38.1 % 37.2 % Expected dividend yield — % — % For additional information regarding the historical issuance of stock options, refer to Note 12 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 . During the six months ended June 30, 2019 and July 1, 2018 , we granted 196,231 and 158,369 RSU Awards with approximate fair values of $32.60 and $43.11 per RSU Award, respectively. During the first six months of 2019 and 2018 , we granted performance-based RSU Awards as part of the overall mix of RSU Awards. In 2019, these performance-based RSU Awards include metrics for achieving Adjusted Operating Margin and Adjusted Free Cash Flow with target payouts ranging from 0% to 200% . In 2018, the performance-based RSU Awards include metrics for achieving Return on Invested Capital and Adjusted Operating Margin with the same target payout ranges. Of the 196,231 RSU Awards granted during the six months ended June 30, 2019 , 67,362 are performance-based RSU Awards. The Company has determined the performance conditions are likely to be achieved and as such were considered probable to vest. This compares to 48,080 performance-based RSU Awards granted during the six months ended July 1, 2018 . RSU MSPs totaling 56,379 and 34,937 with per unit discount amounts representing fair values of $11.10 and $14.06 per share were granted during the six months ended June 30, 2019 and July 1, 2018 , respectively. Compensation expense related to our share-based plans for the six months ended June 30, 2019 and July 1, 2018 was $3.1 million and $2.9 million , respectively. Compensation expense for both periods was recorded as selling, general and administrative expenses. As of June 30, 2019 , there was $12.6 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 2.1 years. The weighted average contractual term for stock options outstanding and options exercisable as of June 30, 2019 was 4.6 years and 3.8 years, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2019 was $0.0 million and the aggregate intrinsic value of stock options outstanding and options exercisable as of June 30, 2019 was $4.0 million and $1.8 million , respectively. The aggregate intrinsic value of RSU Awards settled during the six months ended June 30, 2019 was $1.6 million and the aggregate intrinsic value of RSU Awards outstanding and RSU Awards vested and deferred as of June 30, 2019 was $15.0 million and $0.3 million , respectively. The aggregate intrinsic value of RSU MSPs settled during the six months ended June 30, 2019 was $0.1 million and the aggregate intrinsic value of RSU MSPs outstanding and RSU MSPs vested and deferred as of June 30, 2019 was $2.0 million and $0.1 million , respectively. International participants are issued Cash Settled Stock Unit Awards. As of June 30, 2019 , there were 60,344 Cash Settled Stock Unit Awards outstanding compared to 50,907 as of December 31, 2018. During the six months ended June 30, 2019 , the aggregate cash used to settle Cash Settled Stock Unit Awards was $0.6 million . As of June 30, 2019 , we had $0.8 million of accrued expenses in other non-current liabilities associated with these Cash Settled Stock Unit Awards compared with $0.6 million as of December 31, 2018 . Cash Settled Stock Unit Award related compensation costs for the six months ended June 30, 2019 and July 1, 2018 was $0.8 million and $0.2 million |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss, net of tax, which is reported as a component of shareholders' equity, for the six months ended June 30, 2019 (in thousands): Foreign Currency Translation Adjustments Pension, net Derivative Total Balance as of December 31, 2018 $ (49,109 ) $ (19,114 ) $ (1,516 ) $ (69,739 ) Other comprehensive loss (9,718 ) (393 ) (5,165 ) (15,276 ) Balance as of June 30, 2019 $ (58,827 ) $ (19,507 ) $ 1 $ (6,681 ) $ (85,015 ) During the first quarter of 2019, an immaterial error was identified in the Company's calculation of currency translation adjustments related to goodwill, intangible assets and property, plant and equipment acquired in the FH acquisition. This error impacts other comprehensive income. Specifically, other comprehensive income (loss) was overstated by $5.4 and $2.2 million for the first quarter and fiscal 2018, respectively, and was understated by $2.2 million for first quarter of 2019. The Company has determined that these adjustments were not material to the current or prior periods, or the forecasted 2019 results. These items were immaterial and were adjusted for during the first quarter of 2019. The quarterly impact ($ in millions) in 2018 was: Q1 Q2 Q3 Q4 2018 Overstated (understated) comprehensive income $ 5.4 $ (5.1 ) $ (0.2 ) $ 2.1 $ 2.2 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | (16) (Loss) Earnings Per Common Share ("EPS") (in thousands, except per share amounts) Three Months Ended June 30, 2019 July 1, 2018 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ (18,520 ) 19,906 $ (0.93 ) $ 5,902 19,836 $ 0.30 Dilutive securities, common stock options — — — — 169 — Diluted EPS $ (18,520 ) 19,906 $ (0.93 ) $ 5,902 20,005 $ 0.30 Six Months Ended June 30, 2019 July 1, 2018 Net Loss Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ (23,153 ) 19,888 $ (1.16 ) $ (11,539 ) 19,821 $ (0.58 ) Dilutive securities, common stock options — — — — — — Diluted EPS $ (23,153 ) 19,888 $ (1.16 ) $ (11,539 ) 19,821 $ (0.58 ) Stock options, RSU Awards, and RSU MSPs covering 447,764 and 381,326 shares of common stock for the six months ended June 30, 2019 and July 1, 2018 , respectively, were not included in the computation of diluted EPS because their effect would be anti-dilutive. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 13, 2019, the company entered a definitive agreement dispose of its long-cycle upstream oil & gas engineered valve business (Pibiviesse S.p.A.) for €1 million ( $1 million ) with an earn-out of 50 percent of net income over seven years up to a maximum of €18.0 million ( $20.3 million ). The transaction closed on July 26, 2019. CIRCOR expects to record a loss on the disposal, primarily related to non-cash charges. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Cumulative Effect of Changes for Adoption of Revenue Standard | (2) Summary of Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2019 are consistent with those discussed in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2018 , except as updated below with respect to newly adopted accounting standards. New Accounting Standards - Adopted On January 1, 2019 we adopted the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases, and all related amendments ("ASC 842"), specifically, ASU 2018-11, Leases: Targeted Improvements, under the modified retrospective approach. The amendment provides us with transition relief, as we elected not to recast the comparable periods and rather used the effective adoption date of the standard as the date of initial application. Comparable periods and the related disclosures are reflected herein under ASC 840. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. Adoption of the new standard resulted in the recording of additional Right-of-Use ("ROU") assets and lease liabilities of $23.8 million and $24.1 million |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Energy Segment Oil & Gas - Upstream, Midstream & Other $ 38,612 $ 54,993 $ 84,277 $ 102,878 Oil & Gas - Downstream 46,979 57,811 99,731 109,898 Total 85,591 112,804 184,008 212,776 Aerospace & Defense Segment Commercial Aerospace & Other 27,980 27,452 56,686 66,204 Defense 36,714 30,048 69,248 49,773 Total 64,694 57,500 125,934 115,977 Industrial Segment Valves 32,337 30,462 60,869 58,141 Pumps 86,985 100,602 169,191 190,054 Total 119,322 131,064 230,060 248,195 Net Revenue $ 269,607 $ 301,368 $ 540,002 $ 576,948 Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Energy Segment EMEA $ 27,430 $ 27,063 $ 61,882 $ 46,961 North America 48,615 67,884 101,572 132,351 Other 9,546 17,857 20,554 33,464 Total 85,591 112,804 184,008 212,776 Aerospace & Defense Segment EMEA $ 16,834 $ 15,460 $ 34,566 $ 30,856 North America 41,485 35,745 78,878 73,494 Other 6,375 6,295 12,490 11,627 Total 64,694 57,500 125,934 115,977 Industrial Segment EMEA $ 51,684 $ 62,609 $ 106,176 $ 123,289 North America 42,122 42,361 76,669 74,612 Other 25,516 26,094 47,215 50,294 Total 119,322 131,064 230,060 248,195 Net Revenue $ 269,607 $ 301,368 $ 540,002 $ 576,948 Contract Balances. The Company’s contract assets and contract liabilities balances as of December 31, 2018 and June 30, 2019 are as follows (in thousands): December 31, 2018 June 30, 2019 Increase/(Decrease) Trade accounts receivables, net $ 183,552 $ 166,623 $ (16,929 ) Contract assets (1) 61,618 69,293 7,675 Contract liabilities (2) (3) 48,325 37,749 (10,576 ) (1) Recorded within prepaid expenses and other current assets. (2) Recorded within accrued expenses and other current liabilities. (3) The Contract Liabilities balance as of December 31, 2018 has been adjusted by $1.4 million attributed to the divestiture of our Reliability Services business. Trade accounts receivable, net decreased by $16.9 million as of June 30, 2019, primarily due to the timing of cash collections during the six months ended June 30, 2019. Contract assets, excluding divestiture, increased by $7.7 million, or 12%, to $69.3 million primarily driven by unbilled revenue recognized during the six months ended June 30, 2019 within our Pumps business (+15%), Refinery Valves business (+12%) and U.S. Defense business (+8%). Contract liabilities, excluding divestiture, decreased by $ 10.6 million , or (-22%), to $ 37.7 million |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Balance Sheet Impact of Leases | The Balance Sheet impact at June 30, 2019 is as follows (in thousands): Leases Assets Operating Finance Gross ROU Assets (1) $ 27,747 $ 2,930 Less: Accumulated Amortization 2,878 173 Net ROU Assets $ 24,869 $ 2,757 Liabilities Operating Finance Current (2) $ 4,933 $ 634 Non-current (3) 19,861 2,433 Total Lease Liabilities $ 24,794 $ 3,067 (1) Operating and Finance ROU Assets are included within other assets on the Balance Sheet. (2) The current portion of operating and finance lease liabilities are recorded within accrued expenses and other current liabilities on the Balance Sheet. (3) The non-current portion of operating and finance lease liabilities are recorded within other non-current liabilities on the Balance Sheet. |
Components of Lease Costs | The components of lease costs are as follows (in thousands): Three Months Ended Six Months Ended Lease Costs June 30, 2019 June 30, 2019 Operating lease cost (1) $ 2,277 $ 3,758 Finance lease cost Amortization of leased assets (2) 91 95 Interest on lease liabilities (3) 10 10 Total finance lease costs 101 105 Total lease cost $ 2,378 $ 3,863 (1) Operating lease costs are recorded within selling, general and administrative expenses or Cost of Revenue within the Condensed Consolidated Statements of (Loss) Income depending upon the nature of the underlying lease. (2) Finance lease amortization costs are recorded in selling, general and administrative expenses within the Condensed Consolidated Statements of (Loss) Income. (3) Finance lease interest costs are recorded in interest expense, net within the Condensed Consolidated Statements of (Loss) Income. |
Estimated Future Minimum Finance Lease Payments | The estimated future minimum lease payments only include obligations for which we are reasonably certain to exercise our renewal option. Such future payments are as follows (in thousands): Maturity of Lease Liabilities Operating Leases Finance Leases Total 2019 $ 4,027 $ 207 $ 4,234 2020 6,085 414 6,499 2021 4,989 414 5,403 2022 3,607 403 4,010 2023 2,976 403 3,379 After 2023 8,241 1,233 9,474 Less: Interest $ (5,131 ) $ (7 ) $ (5,138 ) Present value of lease liabilities $ 24,794 $ 3,067 $ 27,861 |
Estimated Future Minimum Operating Lease Payments | The estimated future minimum lease payments only include obligations for which we are reasonably certain to exercise our renewal option. Such future payments are as follows (in thousands): Maturity of Lease Liabilities Operating Leases Finance Leases Total 2019 $ 4,027 $ 207 $ 4,234 2020 6,085 414 6,499 2021 4,989 414 5,403 2022 3,607 403 4,010 2023 2,976 403 3,379 After 2023 8,241 1,233 9,474 Less: Interest $ (5,131 ) $ (7 ) $ (5,138 ) Present value of lease liabilities $ 24,794 $ 3,067 $ 27,861 |
Schedule of Weighted Average Remaining Lease Term and Discount Rates | The weighted average remaining lease term and discount rates are as follows: Lease Term and Discount Rate June 30, 2019 Weighted average remaining lease term (years) Operating leases 5.9 Finance leases 7.6 Weighted average discount rate (percentage) Operating leases 5.5 % Finance leases 2.0 % |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases are as follows (in thousands): Other Information June 30, 2019 Operating Activities Noncash lease expense on operating ROU assets $ (24,869 ) Amortization expense on finance ROU assets 95 Change in total operating lease liabilities 24,794 Principal paid on operating lease liabilities (3,010 ) Total Operating Activities $ (2,990 ) Financing Activities Principal paid on finance lease liabilities $ (94 ) Supplemental Interest Paid on finance lease liabilities $ 10 |
Schedule of Future Minimum Rental Payments for Operating Leases | Operating Lease Commitments Disclosure under ASC 840 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 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory, Net [Abstract] | |
Components Of Inventory | Inventories consisted of the following (in thousands): June 30, 2019 December 31, 2018 Raw materials $ 72,591 $ 69,910 Work in process 124,328 116,088 Finished goods 30,034 31,380 Total inventories $ 226,953 $ 217,378 |
Special Charges_Recoveries (Tab
Special Charges/Recoveries (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Restructuring Charges, net As of and for the three months ended July 1, 2018 Energy Aerospace & Defense Industrial Corporate Total Facility related expenses $ 191 $ 48 $ — $ — $ 239 Employee related (recoveries) expenses 605 — — — 605 Total restructuring charges, net $ 796 $ 48 $ — $ — $ 844 Accrued restructuring charges as of April 1, 2018 $ 6,304 Total quarter to date charges, net (shown above) 844 Charges paid / settled, net (5,601 ) Accrued restructuring charges as of July 1, 2018 $ 1,547 Restructuring Charges, net As of and for the six months ended July 1, 2018 Energy Aerospace & Defense Industrial Corporate Total Facility related expenses $ 1,672 $ 130 $ — $ — $ 1,802 Employee related expenses 7,448 — 1,209 — 8,657 Total restructuring charges, net $ 9,120 $ 130 $ 1,209 $ — $ 10,459 Accrued restructuring charges as of December 31, 2017 $ 1,586 Total year to date charges, net (shown above) 10,459 Charges paid / settled, net (10,498 ) Accrued restructuring charges as of July 1, 2018 $ 1,547 The table below (in thousands) outlines the special charges (recoveries), net recorded for the three and six months ended June 30, 2019 : Special Charges, net For the three months ended June 30, 2019 Energy Aerospace & Defense Industrial Corporate Total Reliability Services divestiture $ 1,104 $ — $ — $ 286 $ 1,390 Professional fees to review and respond to an unsolicited tender offer to acquire the Company — — — 2,075 2,075 Total special charges, net $ 1,104 $ — $ — $ 2,361 $ 3,465 Special (Recoveries) Charges, net For the six months ended June 30, 2019 Energy Aerospace & Defense Industrial Corporate Total Reliability Services divestiture $ (9,177 ) $ — $ — $ 286 $ (8,891 ) Reliability Services 2019 operating expenses 1,450 — — — 1,450 Rosscor divestiture related charges — — 153 — 153 Professional fees to review and respond to an unsolicited tender offer to acquire the Company — — 2,075 2,075 Total special (recoveries) charges, net $ (7,727 ) $ — $ 153 $ 2,361 $ (5,213 ) During 2018, we initiated certain restructuring activities, under which we continued to simplify our business ("2018 Actions"). 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 and 2019. 2018 Actions Restructuring Charges, net as of June 30, 2019 Energy Aerospace & Defense Industrial Total Facility related expenses - incurred to date $ 3,021 $ 215 $ — $ 3,236 Employee related expenses - incurred to date 8,651 380 1,859 10,890 Total restructuring related special charges - incurred to date $ 11,672 $ 595 $ 1,859 $ 14,126 The table below (in thousands) summarizes the amounts recorded within the special and restructuring charges (recoveries), net line item on the Condensed Consolidated Statements of (Loss) Income for the three and six months ended June 30, 2019 and July 1, 2018 : Special & Restructuring Charges (Recoveries), net Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Special charges (recoveries), net $ 3,465 $ 1,156 $ (5,213 ) $ 3,987 Restructuring charges, net 1,527 844 2,390 10,459 Total special and restructuring charges (recoveries), net $ 4,992 $ 2,000 $ (2,823 ) $ 14,446 July 1, 2018 : Special Charges, net For the three months ended July 1, 2018 Energy Aerospace & Defense Industrial Corporate Total Acquisition related charges $ — $ — $ — $ 1,000 $ 1,000 Brazil closure 156 — — — 156 Total special charges, net $ 156 $ — $ — $ 1,000 $ 1,156 Special Charges, net For the six months ended July 1, 2018 Energy Aerospace & Defense Industrial Corporate Total Acquisition related charges $ — $ — $ — $ 3,455 $ 3,455 Brazil closure 532 — — — 532 Total special (recoveries) charges, net $ 532 $ — $ — $ 3,455 $ 3,987 The tables below (in thousands) outline the charges associated with restructuring actions recorded for the three and six months ended June 30, 2019 and July 1, 2018 . A description of the restructuring actions is provided in the section titled "Restructuring Programs Summary" below. Restructuring Charges, net As of and for the three months ended June 30, 2019 Energy Aerospace & Defense Industrial Corporate Total Facility related expenses $ 573 $ 145 $ — $ — $ 718 Employee related expenses, net 758 — 51 — 809 Total restructuring charges, net $ 1,331 $ 145 $ 51 $ — $ 1,527 Accrued restructuring charges as of March 31, 2019 $ 757 Total quarter to date charges, net (shown above) 1,527 Charges paid / settled, net (1,721 ) Accrued restructuring charges as of June 30, 2019 $ 563 Restructuring Charges, net As of and for the six months ended June 30, 2019 Energy Aerospace & Defense Industrial Corporate Total Facility related expenses $ 833 $ 217 $ — $ — $ 1,050 Employee related expenses, net 1,020 (3 ) 323 — 1,340 Total restructuring charges, net $ 1,853 $ 214 $ 323 $ — $ 2,390 Accrued restructuring charges as of December 31, 2018 $ 982 Total year to date charges, net (shown above) 2,390 Charges paid / settled, net (2,809 ) Accrued restructuring charges as of June 30, 2019 $ 563 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, By Segment | The following table shows goodwill by segment as of December 31, 2018 and June 30, 2019 (in thousands): Energy Aerospace & Defense Industrial Total Goodwill as of December 31, 2018 $ 104,872 $ 57,418 $ 296,915 $ 459,205 R.S. Divestiture 110 — 110 Currency translation adjustments (4,883 ) (13 ) 7,352 2,456 Goodwill as of June 30, 2019 $ 100,099 $ 57,405 $ 304,267 $ 461,771 |
Gross Intangible Assets And Related Accumulated Amortization | The table below presents gross intangible assets and the related accumulated amortization as of June 30, 2019 (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Value Patents $ 5,399 $ (5,399 ) $ — Customer relationships 302,564 (68,919 ) 233,645 Backlog 22,905 (21,760 ) 1,145 Acquired technology 131,883 (32,346 ) 99,537 Other 3,781 (3,781 ) — Total Amortized Assets $ 466,532 $ (132,205 ) $ 334,327 Non-amortized intangibles (primarily trademarks and trade names) $ 76,630 $ — $ 76,630 Total Non-Amortized Intangibles $ 76,630 $ — $ 76,630 Net carrying value of intangible assets $ 410,957 |
Estimated Remaining Amortization Expense For Intangible Assets | The table below presents estimated remaining amortization expense for intangible assets recorded as of June 30, 2019 (in thousands): 2019 2020 2021 2022 2023 After 2023 Estimated amortization expense $ 23,669 $ 43,868 $ 42,126 $ 37,063 $ 32,490 $ 155,111 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | We organize our reporting structure into three segments: Energy, Aerospace & Defense and Industrial. The following table presents certain reportable segment information (in thousands): Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Net revenues Energy $ 85,591 $ 112,804 $ 184,008 $ 212,776 Aerospace & Defense 64,694 57,500 125,934 115,977 Industrial 119,322 131,064 230,060 248,195 Consolidated net revenues $ 269,607 $ 301,368 $ 540,002 $ 576,948 Results from operations before income taxes Energy - Segment Operating Income $ 3,498 $ 9,242 $ 10,281 $ 14,938 Aerospace & Defense - Segment Operating Income 10,443 6,992 19,817 15,923 Industrial - Segment Operating Income 16,138 15,037 26,924 27,983 Corporate expenses (6,493 ) (6,450 ) (13,196 ) (14,249 ) Segment Operating Income 23,586 24,821 43,826 44,595 Restructuring charges, net 1,527 844 2,390 10,459 Special charges (recoveries), net 3,465 1,156 (5,213 ) 3,987 Special and restructuring charges (recoveries), net 4,992 2,000 (2,823 ) 14,446 Restructuring related inventory charges 2,112 1,067 5,255 1,540 Amortization of inventory step-up — — — 6,600 Acquisition amortization 11,247 11,665 23,325 23,565 Acquisition depreciation 1,107 1,837 2,229 3,572 Acquisition amortization and other costs, net 14,466 14,569 30,809 35,277 Consolidated Operating Income 4,128 8,252 15,840 (5,128 ) Interest expense, net 12,856 13,755 26,035 25,556 Other income, net 81 (3,759 ) (1,832 ) (5,620 ) Loss from operations before income taxes $ (8,809 ) $ (1,744 ) $ (8,363 ) $ (25,064 ) Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Capital expenditures Energy $ 1,505 $ 935 $ 2,474 $ 4,280 Aerospace & Defense 591 897 1,379 1,841 Industrial 1,225 2,226 2,367 5,850 Corporate 269 111 655 387 Consolidated capital expenditures $ 3,590 $ 4,169 $ 6,875 $ 12,358 Depreciation and amortization Energy $ 3,431 $ 3,865 $ 6,756 $ 8,066 Aerospace & Defense 2,775 5,349 5,448 8,142 Industrial 11,668 10,033 24,037 22,473 Corporate 145 192 287 421 Consolidated depreciation and amortization $ 18,019 $ 19,439 $ 36,528 $ 39,102 Identifiable assets June 30, 2019 July 1, 2018 Energy $ 696,520 $ 900,117 Aerospace & Defense 419,692 333,090 Industrial 1,113,569 1,330,358 Corporate (517,084 ) (727,685 ) Consolidated identifiable assets $ 1,712,697 $ 1,835,880 |
Financial Instruments Fair Valu
Financial Instruments Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The fair value measurements of the Company's financial instruments as of June 30, 2019 are summarized in the table below: Significant Other Observable Inputs Level 2 Derivatives $ (8,490 ) |
Guarantees And Indemnificatio_2
Guarantees And Indemnification Obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Guarantees And Indemnification Obligations [Abstract] | |
Product Warranty Reserves | The following table sets forth information related to our product warranty reserves for the six months ended June 30, 2019 (in thousands): Balance beginning December 31, 2018 $ 4,050 Provisions 1,080 Claims settled (1,076 ) Currency translation adjustment (19 ) Balance ending June 30, 2019 $ 4,035 Warranty obligations were $4.1 million as of December 31, 2018 and $4.0 million as of June 30, 2019 |
Contingencies And Commitments (
Contingencies And Commitments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 48,191 Greater than 12 months 13,601 Total $ 61,792 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits, Description [Abstract] | |
Components Of Net Pension Benefit Expense | The following table sets forth the components of total net periodic benefit cost (income) of the Company’s defined benefit pension plans and other post-retirement employee benefit plans (in thousands): Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Pension Benefits - U.S. Plans Service cost $ — $ — $ — $ — Interest cost 1,967 1,762 3,934 3,523 Expected return on plan assets (2,742 ) (3,771 ) (5,484 ) (7,542 ) Amortization 129 146 259 293 Net periodic benefit income $ (646 ) $ (1,863 ) $ (1,291 ) $ (3,726 ) Pension Benefits - Non-U.S. Plans Service cost $ 688 $ 758 $ 1,382 $ 1,535 Interest cost 549 540 1,104 1,094 Expected return on plan assets (244 ) (254 ) (491 ) (513 ) Amortization 5 — 9 — Net periodic benefit cost $ 998 $ 1,044 $ 2,004 $ 2,116 Other Post-Retirement Benefits Service cost $ — $ — $ — $ — Interest cost 93 86 187 173 Amortization — — — — Net periodic benefit cost $ 93 $ 86 $ 187 $ 173 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The average fair value of stock options granted during the first six months of 2019 and 2018 was $11.84 and $14.68 per share, respectively, and was estimated using the following weighted-average assumptions: June 30, 2019 July 1, 2018 Risk-free interest rate 2.6 % 2.5 % Expected life (years) 4.4 4.4 Expected stock volatility 38.1 % 37.2 % Expected dividend yield — % — % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | (15) Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss, net of tax, which is reported as a component of shareholders' equity, for the six months ended June 30, 2019 (in thousands): Foreign Currency Translation Adjustments Pension, net Derivative Total Balance as of December 31, 2018 $ (49,109 ) $ (19,114 ) $ (1,516 ) $ (69,739 ) Other comprehensive loss (9,718 ) (393 ) (5,165 ) (15,276 ) Balance as of June 30, 2019 $ (58,827 ) $ (19,507 ) $ 1 $ (6,681 ) $ (85,015 ) During the first quarter of 2019, an immaterial error was identified in the Company's calculation of currency translation adjustments related to goodwill, intangible assets and property, plant and equipment acquired in the FH acquisition. This error impacts other comprehensive income. Specifically, other comprehensive income (loss) was overstated by $5.4 and $2.2 million for the first quarter and fiscal 2018, respectively, and was understated by $2.2 million for first quarter of 2019. The Company has determined that these adjustments were not material to the current or prior periods, or the forecasted 2019 results. These items were immaterial and were adjusted for during the first quarter of 2019. The quarterly impact ($ in millions) in 2018 was: Q1 Q2 Q3 Q4 2018 Overstated (understated) comprehensive income $ 5.4 $ (5.1 ) $ (0.2 ) $ 2.1 $ 2.2 |
Schedule of Impact of Overstatement (Understatement) of Comprehensive Income | The quarterly impact ($ in millions) in 2018 was: Q1 Q2 Q3 Q4 2018 Overstated (understated) comprehensive income $ 5.4 $ (5.1 ) $ (0.2 ) $ 2.1 $ 2.2 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | (in thousands, except per share amounts) Three Months Ended June 30, 2019 July 1, 2018 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ (18,520 ) 19,906 $ (0.93 ) $ 5,902 19,836 $ 0.30 Dilutive securities, common stock options — — — — 169 — Diluted EPS $ (18,520 ) 19,906 $ (0.93 ) $ 5,902 20,005 $ 0.30 Six Months Ended June 30, 2019 July 1, 2018 Net Loss Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ (23,153 ) 19,888 $ (1.16 ) $ (11,539 ) 19,821 $ (0.58 ) Dilutive securities, common stock options — — — — — — Diluted EPS $ (23,153 ) 19,888 $ (1.16 ) $ (11,539 ) 19,821 $ (0.58 ) |
Summary of Sign Accounting Poli
Summary of Sign Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease liabilities | $ 27,861 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Leases, right-of-use asset | $ 23,800 | |
Lease liabilities | $ 24,100 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Dec. 31, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Increase (Decrease) in Accounts Receivable | $ (13,570) | $ (13,163) | |
Trade accounts receivable, less allowance for doubtful accounts of $4,695 and $6,735 at June 30, 2019 and December 31, 2018, respectively | $ 183,552 | ||
Total backlog | 526,900 | ||
Contract with Customer, Liability | $ 37,700 | 48,325 | |
Contract with Customer, Asset, after Allowance for Credit Loss | $ 61,618 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-02 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation, percentage | 69.00% | ||
Remaining performance obligation, expected period of recognition | 9 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation, percentage | 17.00% | ||
Remaining performance obligation, expected period of recognition | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation, percentage | 14.00% | ||
Remaining performance obligation, expected period of recognition | |||
Accounting Standards Update 2014-09 [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Increase (Decrease) in Accounts and Other Receivables | $ 16,929 | ||
Trade accounts receivable, less allowance for doubtful accounts of $4,695 and $6,735 at June 30, 2019 and December 31, 2018, respectively | 166,623 | ||
Increase in contract liabilities | 10,576 | ||
Contract with Customer, Liability | 37,749 | ||
Increase/(Decrease) | 7,675 | ||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 69,293 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||
Trade accounts receivable, less allowance for doubtful accounts of $4,695 and $6,735 at June 30, 2019 and December 31, 2018, respectively | $ 183,552 | ||||
Revenue by major product line | $ 269,607 | $ 301,368 | $ 540,002 | $ 576,948 | |
Contract with Customer, Asset, after Allowance for Credit Loss | 61,618 | ||||
Contract with Customer, Liability | 37,700 | 37,700 | $ 48,325 | ||
Energy Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 85,591 | 112,804 | 184,008 | 212,776 | |
Energy Segment | EMEA | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 27,430 | 27,063 | 61,882 | 46,961 | |
Energy Segment | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 48,615 | 67,884 | 101,572 | 132,351 | |
Energy Segment | Total | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 9,546 | 17,857 | 20,554 | 33,464 | |
Energy Segment | Oil & Gas - Upstream, Midstream & Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 38,612 | 54,993 | 84,277 | 102,878 | |
Energy Segment | Oil & Gas - Downstream | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 46,979 | 57,811 | 99,731 | 109,898 | |
Aerospace & Defense Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 64,694 | 57,500 | 125,934 | 115,977 | |
Aerospace & Defense Segment | EMEA | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 16,834 | 15,460 | 34,566 | 30,856 | |
Aerospace & Defense Segment | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 41,485 | 35,745 | 78,878 | 73,494 | |
Aerospace & Defense Segment | Total | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 6,375 | 6,295 | 12,490 | 11,627 | |
Aerospace & Defense Segment | Commercial Aerospace & Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 27,980 | 27,452 | 56,686 | 66,204 | |
Aerospace & Defense Segment | Defense | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 36,714 | 30,048 | 69,248 | 49,773 | |
Industrial Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 119,322 | 131,064 | 230,060 | 248,195 | |
Industrial Segment | EMEA | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 51,684 | 62,609 | 106,176 | 123,289 | |
Industrial Segment | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 42,122 | 42,361 | 76,669 | 74,612 | |
Industrial Segment | Total | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 25,516 | 26,094 | 47,215 | 50,294 | |
Industrial Segment | Valves | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 32,337 | 30,462 | 58,141 | ||
Industrial Segment | Pumps | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 86,985 | $ 100,602 | $ 190,054 | ||
Pumps | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 169,191 | ||||
Valves | EMEA | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue by major product line | 60,869 | ||||
Accounting Standards Update 2014-09 [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Trade accounts receivable, less allowance for doubtful accounts of $4,695 and $6,735 at June 30, 2019 and December 31, 2018, respectively | 166,623 | 166,623 | |||
Increase (Decrease) in Accounts and Other Receivables | (16,929) | ||||
Contract with Customer, Asset, after Allowance for Credit Loss | 69,293 | 69,293 | |||
ContractwithCustomerAssetPeriodIncreaseDecrease | 7,675 | ||||
Contract with Customer, Liability | $ 37,749 | 37,749 | |||
Contract with Customer, Liability, Period Increase (Decrease) | $ (10,576) |
Leases - Balance Sheet Impact o
Leases - Balance Sheet Impact of Leases (Details) | Jun. 30, 2019USD ($) |
Operating Lease, Assets [Abstract] | |
Gross ROU Assets | $ 27,747,000 |
Less: Accumulated Amortization | 2,878,000 |
Net ROU Assets | 24,869,000 |
Finance Lease, Assets [Abstract] | |
Gross ROU Assets | 2,930,000 |
Less: Accumulated Amortization | 173,000 |
Net ROU Assets | 2,757,000 |
Operating Lease, Liabilities [Abstract] | |
Current | 4,933,000 |
Noncurrent | 19,861,000 |
Total Lease Liabilities | 24,794,000 |
Finance Lease, Liabilities [Abstract] | |
Current | 634,000 |
Noncurrent | 2,433,000 |
Total Lease Liabilities | $ 3,067,000 |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating Lease, Liability | $ 24,794,000 | $ 24,794,000 |
Operating lease cost | 2,277,000 | 3,758,000 |
Finance lease cost | ||
Amortization of leased assets | 91,000 | 95,000 |
Interest on lease liabilities | 10,000 | 10,000 |
Total finance lease costs | 101,000 | 105,000 |
Total lease cost | $ 2,378,000 | 3,863,000 |
Short-term lease cost | 100,000 | |
Variable lease cost | $ 100,000 |
Leases - Estimated Future Minim
Leases - Estimated Future Minimum Operating and Finance Lease Payments (Details) | Jun. 30, 2019USD ($) |
Operating Leases | |
2019 | $ 4,027,000 |
2020 | 6,085,000 |
2021 | 4,989,000 |
2022 | 3,607,000 |
2023 | 2,976,000 |
After 2023 | 8,241,000 |
Less: Interest | (5,131,000) |
Present value of lease liabilities | 24,794,000 |
Finance Leases | |
2019 | 207,000 |
2020 | 414,000 |
2021 | 414,000 |
2022 | 403,000 |
2023 | 403,000 |
After 2023 | 1,233,000 |
Less: Interest | (7,000) |
Present value of lease liabilities | 3,067,000 |
Total | |
2019 | 4,234,000 |
2020 | 6,499,000 |
2021 | 5,403,000 |
2022 | 4,010,000 |
2023 | 3,379,000 |
After 2023 | 9,474,000 |
Less: Interest | (5,138,000) |
Present value of lease liabilities | $ 27,861,000 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rates (Details) | Jun. 30, 2019 |
Leases [Abstract] | |
Operating lease, weighted average remaining lease term (years) | 5 years 10 months 24 days |
Finance lease, weighted average remaining lease term (years) | 7 years 7 months 6 days |
Operating lease, weighted average discount rate, percent | 5.50% |
Finance lease, weighted average discount rate, percent | 2.00% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Operating Activities | ||
Noncash lease expense on operating ROU assets | $ (24,869,000) | |
Amortization expense on finance ROU assets | $ 91,000 | 95,000 |
Change in total operating lease liabilities | 24,794,000 | |
Operating Lease, Payments | (3,010,000) | |
Total Operating Activities | (2,990,000) | |
Financing Activities | ||
Principal paid on finance lease liabilities | (94,000) | |
Supplemental | ||
Interest Paid on finance lease liabilities | $ 10,000 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 9,481 |
2020 | 6,303 |
2021 | 4,573 |
2022 | 3,345 |
2023 | 2,540 |
Thereafter | $ 6,032 |
Inventories (Components Of Inve
Inventories (Components Of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory, Net [Abstract] | ||
Raw materials | $ 72,591 | $ 69,910 |
Work in process | 124,328 | 116,088 |
Finished goods | 30,034 | 31,380 |
Inventories | $ 226,953 | $ 217,378 |
Special Charges_Recoveries (Det
Special Charges/Recoveries (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve Beginning of Period | $ 757 | $ 6,304 | $ 982 | $ 1,586 |
Restructuring Charges | 1,527 | 844 | 2,390 | 10,459 |
Total special charges, net | 3,465 | 1,156 | (5,213) | 3,987 |
Special charges paid | (1,721) | (5,601) | (2,809) | (10,498) |
Restructuring Reserve End of Period | 563 | 1,547 | 563 | 1,547 |
Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 809 | 605 | 1,340 | 8,657 |
Energy [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 1,331 | 796 | 1,853 | 9,120 |
Total special charges, net | 1,104 | 156 | (7,727) | 532 |
Energy [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 758 | 605 | 1,020 | 7,448 |
Corporate [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 0 | 0 | 0 | 0 |
Total special charges, net | 2,361 | 1,000 | 2,361 | 3,455 |
Corporate [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | $ 0 | $ 0 | $ 0 | $ 0 |
Special Charges_Recoveries Char
Special Charges/Recoveries Charges Incurred to Date (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Jul. 01, 2018 | Apr. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | $ 1,527 | $ 844 | $ 2,390 | $ 10,459 | ||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 2,075 | 2,075 | ||||||
Special Charges, Net | 844 | 10,459 | ||||||
Total special charges, net | 3,465 | 1,156 | (5,213) | 3,987 | ||||
Restructuring and Related Cost, Incurred Cost | 4,992 | 2,000 | (2,823) | 14,446 | ||||
Restructuring Reserve | 563 | 1,547 | $ 6,304 | 563 | 1,547 | $ 757 | $ 982 | $ 1,586 |
Payments for Restructuring | (1,721) | (5,601) | (2,809) | (10,498) | ||||
Two Thousand and Eighteen Actions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charges incurred to date | (14,126) | (14,126) | ||||||
Inventory Related Charges [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 300 | 0 | ||||||
Divestiture [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 1,000 | 3,455 | ||||||
Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 809 | 605 | 1,340 | 8,657 | ||||
Employee Severance [Member] | Two Thousand and Eighteen Actions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charges incurred to date | (10,890) | (10,890) | ||||||
Facility Closing [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Recoveries of Restructuring Charges | 718 | 239 | 1,050 | 1,802 | ||||
Facility Closing [Member] | Two Thousand and Eighteen Actions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charges incurred to date | (3,236) | (3,236) | ||||||
Critical Flow Solutions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Business Combination, Acquisition Related Costs | 1,000 | 3,500 | ||||||
Energy [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 1,331 | 796 | 1,853 | 9,120 | ||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 0 | 156 | $ 200 | 532 | ||||
Total special charges, net | 1,104 | 156 | (7,727) | 532 | ||||
Energy [Member] | Two Thousand and Eighteen Actions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charges incurred to date | (11,672) | (11,672) | ||||||
Energy [Member] | Inventory Related Charges [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 1,300 | 4,100 | ||||||
Energy [Member] | Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 758 | 605 | 1,020 | 7,448 | ||||
Energy [Member] | Employee Severance [Member] | Two Thousand and Eighteen Actions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charges incurred to date | (8,651) | (8,651) | ||||||
Energy [Member] | Facility Closing [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Recoveries of Restructuring Charges | 573 | (191) | 833 | (1,672) | ||||
Energy [Member] | Facility Closing [Member] | Two Thousand and Eighteen Actions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charges incurred to date | (3,021) | (3,021) | ||||||
Advanced Flow Solutions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 145 | 48 | 214 | 130 | ||||
Total special charges, net | 0 | 0 | ||||||
Advanced Flow Solutions [Member] | Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 0 | 0 | (3) | 0 | ||||
Advanced Flow Solutions [Member] | Facility Closing [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Recoveries of Restructuring Charges | 145 | (48) | 217 | (130) | ||||
Total Aerospace and Defense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 0 | |||||||
Total special charges, net | 0 | 0 | ||||||
Total Aerospace and Defense | Two Thousand and Eighteen Actions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charges incurred to date | (595) | (595) | ||||||
Total Aerospace and Defense | Divestiture [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 0 | 0 | ||||||
Total Aerospace and Defense | Employee Severance [Member] | Two Thousand and Eighteen Actions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charges incurred to date | (380) | (380) | ||||||
Total Aerospace and Defense | Facility Closing [Member] | Two Thousand and Eighteen Actions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charges incurred to date | (215) | (215) | ||||||
Total Industrial | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 51 | 0 | 323 | 1,209 | ||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 0 | |||||||
Total special charges, net | 0 | 0 | 153 | 0 | ||||
Total Industrial | Two Thousand and Eighteen Actions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charges incurred to date | (1,859) | (1,859) | ||||||
Total Industrial | Divestiture [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 0 | 0 | ||||||
Total Industrial | Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 51 | 0 | 323 | 1,209 | ||||
Total Industrial | Employee Severance [Member] | Two Thousand and Eighteen Actions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charges incurred to date | (1,859) | (1,859) | ||||||
Total Industrial | Facility Closing [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Recoveries of Restructuring Charges | 0 | 0 | 0 | 0 | ||||
Total Industrial | Facility Closing [Member] | Two Thousand and Eighteen Actions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charges incurred to date | 0 | 0 | ||||||
Corporate Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 0 | 0 | 0 | 0 | ||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 2,075 | 2,075 | ||||||
Total special charges, net | 2,361 | 1,000 | 2,361 | 3,455 | ||||
Corporate Segment [Member] | Divestiture [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 1,000 | 3,455 | ||||||
Corporate Segment [Member] | Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 0 | 0 | 0 | 0 | ||||
Corporate Segment [Member] | Facility Closing [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Recoveries of Restructuring Charges | 0 | $ 0 | 0 | $ 0 | ||||
Reliability Services divestiture | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total special charges, net | 1,390 | (8,891) | ||||||
Reliability Services divestiture | Energy [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total special charges, net | 1,104 | (9,177) | ||||||
Reliability Services divestiture | Total Aerospace and Defense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total special charges, net | 0 | 0 | ||||||
Reliability Services divestiture | Total Industrial | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total special charges, net | 0 | 0 | ||||||
Reliability Services divestiture | Corporate Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total special charges, net | $ 286 | 286 | ||||||
Rosscor divestiture related charges | Total Industrial | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total special charges, net | 153 | |||||||
Operating Expense [Member] | Energy [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total special charges, net | $ 1,450 |
Special Charges Narrative (Deta
Special Charges Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2019 | Jun. 30, 2019 | Jul. 01, 2018 | Apr. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | Dec. 31, 2018 | |
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | $ 2,075 | $ 2,075 | |||||
Inventories | 226,953 | 226,953 | $ 217,378 | ||||
Restructuring Charges | 1,527 | $ 844 | 2,390 | $ 10,459 | |||
Special and restructuring (recoveries) charges, net | 3,465 | 1,156 | (5,213) | 3,987 | |||
Industrial Segment | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 0 | ||||||
Restructuring Charges | 51 | 0 | 323 | 1,209 | |||
Special and restructuring (recoveries) charges, net | 0 | 0 | 153 | 0 | |||
Energy [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 0 | 156 | $ 200 | 532 | |||
Restructuring Charges | 1,331 | 796 | 1,853 | 9,120 | |||
Special and restructuring (recoveries) charges, net | 1,104 | 156 | (7,727) | 532 | |||
Critical Flow Solutions [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Business Combination, Acquisition Related Costs | $ 1,000 | 3,500 | |||||
Aerospace & Defense [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 0 | ||||||
Special and restructuring (recoveries) charges, net | 0 | 0 | |||||
Advanced Flow Solutions [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Restructuring Charges | 145 | 48 | 214 | 130 | |||
Special and restructuring (recoveries) charges, net | 0 | 0 | |||||
Corporate Segment [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 2,075 | 2,075 | |||||
Restructuring Charges | 0 | 0 | 0 | 0 | |||
Special and restructuring (recoveries) charges, net | 2,361 | 1,000 | 2,361 | 3,455 | |||
Inventory Related Charges [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Restructuring Charges | 300 | 0 | |||||
Inventory Related Charges [Member] | Energy [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Restructuring Charges | 1,300 | 4,100 | |||||
Divestiture [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Restructuring Charges | 1,000 | 3,455 | |||||
Divestiture [Member] | Industrial Segment | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Restructuring Charges | 0 | 0 | |||||
Divestiture [Member] | Aerospace & Defense [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Restructuring Charges | 0 | 0 | |||||
Divestiture [Member] | Corporate Segment [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Restructuring Charges | $ 1,000 | 3,455 | |||||
Reliability Services [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Restructuring Charges | 1,100 | $ 1,600 | |||||
Reliability Services divestiture | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 9,200 | ||||||
Special and restructuring (recoveries) charges, net | 1,390 | (8,891) | |||||
Reliability Services divestiture | Industrial Segment | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Special and restructuring (recoveries) charges, net | 0 | 0 | |||||
Reliability Services divestiture | Energy [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Special and restructuring (recoveries) charges, net | 1,104 | (9,177) | |||||
Reliability Services divestiture | Aerospace & Defense [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Special and restructuring (recoveries) charges, net | 0 | 0 | |||||
Reliability Services divestiture | Corporate Segment [Member] | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Special and restructuring (recoveries) charges, net | $ 286 | 286 | |||||
Rosscor divestiture related charges | Industrial Segment | |||||||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||||||
Special and restructuring (recoveries) charges, net | $ 153 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Goodwill, By Segment) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Goodwill [Line Items] | |
Goodwill, Purchase Accounting Adjustments | $ 110 |
Goodwill [Roll Forward] | |
Goodwill as of December 31, 2018 | 459,205 |
Currency translation adjustments | 2,456 |
Goodwill as of June 30, 2019 | 461,771 |
Energy [Member] | |
Goodwill [Line Items] | |
Goodwill, Purchase Accounting Adjustments | 110 |
Goodwill [Roll Forward] | |
Goodwill as of December 31, 2018 | 104,872 |
Currency translation adjustments | (4,883) |
Goodwill as of June 30, 2019 | 100,099 |
Aerospace [Member] | |
Goodwill [Roll Forward] | |
Goodwill as of December 31, 2018 | 57,418 |
Currency translation adjustments | (13) |
Goodwill as of June 30, 2019 | 57,405 |
Total Industrial | |
Goodwill [Roll Forward] | |
Goodwill as of December 31, 2018 | 296,915 |
Currency translation adjustments | 7,352 |
Goodwill as of June 30, 2019 | $ 304,267 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 466,532 | |
Accumulated Amortization | (132,205) | |
Finite-Lived Intangible Assets, Gross | 334,327 | |
Net carrying value of intangible assets | 410,957 | $ 441,302 |
Patents [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,399 | |
Accumulated Amortization | (5,399) | |
Finite-Lived Intangible Assets, Net | 0 | |
Non-amortized intangibles (primarily trademarks and trade names) [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 76,630 | |
Accumulated Amortization | 0 | |
Indefinite-Lived Intangible Assets Net of Impairment | 76,630 | |
Customer relationships | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 302,564 | |
Accumulated Amortization | (68,919) | |
Finite-Lived Intangible Assets, Net | 233,645 | |
Backlog [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22,905 | |
Accumulated Amortization | (21,760) | |
Finite-Lived Intangible Assets, Net | 1,145 | |
Acquired Technology [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 131,883 | |
Accumulated Amortization | (32,346) | |
Finite-Lived Intangible Assets, Net | 99,537 | |
Other [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,781 | |
Accumulated Amortization | (3,781) | |
Finite-Lived Intangible Assets, Net | $ 0 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Estimated Remaining Amortization Expense For Intangible Assets) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2018 | $ 23,669 |
2019 | 43,868 |
2020 | 42,126 |
2021 | 37,063 |
2022 | 32,490 |
After 2022 | $ 155,111 |
Segment Information (Reportable
Segment Information (Reportable Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Restructuring Costs and Asset Impairment Charges | $ 14,466 | $ 14,569 | $ 30,809 | $ 35,277 | |
Net revenues | 269,607 | 301,368 | 540,002 | 576,948 | |
Operating Income (Loss) | 4,128 | 8,252 | 15,840 | (5,128) | |
Other Operating Income | 23,586 | 24,821 | 43,826 | 44,595 | |
Special Charges, Net | 844 | 10,459 | |||
Total special charges, net | 3,465 | 1,156 | (5,213) | 3,987 | |
Restructuring Charges | 1,527 | 844 | 2,390 | 10,459 | |
Amortization of inventory step-up | 0 | 0 | 0 | 6,600 | |
Interest expense | 12,856 | 13,755 | 26,035 | 25,556 | |
Other income, net | 81 | (3,759) | (1,832) | (5,620) | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (8,809) | (1,744) | (8,363) | (25,064) | |
Identifiable assets | 1,712,697 | 1,835,880 | 1,712,697 | 1,835,880 | $ 1,791,612 |
Capital expenditures | 7,542 | 11,879 | |||
Depreciation, Depletion and Amortization | 18,019 | 19,439 | 36,528 | 39,102 | |
Corporate Identifiable Assets After Elimination Of Intercompany Assets [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Identifiable assets | 15,900 | 9,600 | 15,900 | 9,600 | |
Energy [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 85,591 | 112,804 | 184,008 | 212,776 | |
Operating Income (Loss) | 3,498 | 9,242 | 10,281 | 14,938 | |
Total special charges, net | 1,104 | 156 | (7,727) | 532 | |
Restructuring Charges | 1,331 | 796 | 1,853 | 9,120 | |
Identifiable assets | 696,520 | 900,117 | 696,520 | 900,117 | |
Capital expenditures | 1,505 | 935 | 2,474 | 4,280 | |
Depreciation, Depletion and Amortization | 3,431 | 3,865 | 6,756 | 8,066 | |
Aerospace & Defense [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 64,694 | 57,500 | 125,934 | 115,977 | |
Total special charges, net | 0 | 0 | |||
Aerospace [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | 10,443 | 6,992 | 19,817 | 15,923 | |
Identifiable assets | 419,692 | 333,090 | 419,692 | 333,090 | |
Capital expenditures | 591 | 897 | 1,379 | 1,841 | |
Depreciation, Depletion and Amortization | 2,775 | 5,349 | 5,448 | 8,142 | |
Corporate/Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | (6,493) | (6,450) | (13,196) | (14,249) | |
Capital expenditures | 269 | 111 | 655 | 387 | |
Depreciation, Depletion and Amortization | 24,037 | ||||
Industrial Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 119,322 | 131,064 | 230,060 | 248,195 | |
Operating Income (Loss) | 16,138 | 15,037 | 26,924 | 27,983 | |
Total special charges, net | 0 | 0 | 153 | 0 | |
Restructuring Charges | 51 | 0 | 323 | 1,209 | |
Identifiable assets | 1,113,569 | 1,330,358 | 1,113,569 | 1,330,358 | |
Capital expenditures | 1,225 | 2,226 | 2,367 | 5,850 | |
Depreciation, Depletion and Amortization | 11,668 | 10,033 | 22,473 | ||
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total special charges, net | 2,361 | 1,000 | 2,361 | 3,455 | |
Restructuring Charges | 0 | 0 | 0 | 0 | |
Identifiable assets | (517,084) | (727,685) | (517,084) | (727,685) | |
Depreciation, Depletion and Amortization | 145 | 192 | 287 | 421 | |
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Special Restructuring Charges | 1,527 | 844 | 2,390 | 10,459 | |
Special Other Charges | 3,465 | 1,156 | (5,213) | 3,987 | |
Total special charges, net | 4,992 | 2,000 | (2,823) | 14,446 | |
Restructuring Charges | 2,112 | 1,067 | 5,255 | 1,540 | |
Special Acquisition Amortization | 11,247 | 11,665 | 23,325 | 23,565 | |
Restatement Impact | 1,107 | 1,837 | 2,229 | 3,572 | |
Restatement Adjustment [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital expenditures | 3,590 | $ 4,169 | 6,875 | $ 12,358 | |
Interest Rate Swap [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Unrealized Gain (Loss) on Derivatives | (3,000) | (5,200) | |||
Interest expense | $ 6,200 | $ 12,400 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) | Apr. 12, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | Jul. 12, 2019 |
Derivative [Line Items] | ||||||
Derivative, Fair Value, Net | $ (8,490,000) | $ (8,490,000) | ||||
Interest Expense | 12,856,000 | $ 13,755,000 | 26,035,000 | $ 25,556,000 | ||
Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Term of Contract | 4 years | |||||
Derivative, notional amount | $ 400,000,000 | |||||
Derivative, Floor Interest Rate | 1.00% | |||||
Derivative, Basis Spread on Variable Rate | 2.6475% | |||||
Derivative, Variable Interest Rate | 6.1475% | |||||
Cash flow hedge derivative instrument assets at fair value | (8,500,000) | (8,500,000) | ||||
Unrealized Gain (Loss) on Derivatives | (3,000,000) | (5,200,000) | ||||
Derivative, Loss on Derivative | 200,000 | 300,000 | ||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (3,100,000) | (3,100,000) | ||||
Interest Expense | 6,200,000 | 12,400,000 | ||||
Cross Currency Interest Rate Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Term of Contract | 3 years | |||||
Base Rate [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Basis Spread on Variable Rate | 35000.00% | |||||
Other Assets [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Cash flow hedge derivative instrument assets at fair value | 8,100,000 | 8,100,000 | ||||
Accrued Expenses and Other Current Liabilities [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Cash flow hedge derivative instrument assets at fair value | 2,900,000 | 2,900,000 | ||||
Deferred Tax Asset [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Cash flow hedge derivative instrument assets at fair value | $ 2,500,000 | $ 2,500,000 | ||||
Subsequent Event [Member] | Cross Currency Interest Rate Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 100,000,000 | |||||
Derivative, fixed interest rate | 2.4065% |
Guarantees And Indemnificatio_3
Guarantees And Indemnification Obligations (Product Warranty Reserves) (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
Balance beginning December 31, 2014 | $ 4,050,000 |
Provisions | 1,080,000 |
Claims settled | (1,076,000) |
Currency translation adjustments | (19,000) |
Balance ending October 1, 2017 | 4,035,000 |
Liability for indemnification agreements | $ 0 |
Contingencies And Commitments_2
Contingencies And Commitments (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Contingencies, Commitments And Guarantees [Line Items] | ||
Aggregate notional value standby letters of credit | $ 61,792 | |
Minimum [Member] | ||
Contingencies, Commitments And Guarantees [Line Items] | ||
Expiration period, minimum in months and maximum in years | 1 month | |
Maximum [Member] | ||
Contingencies, Commitments And Guarantees [Line Items] | ||
Expiration period, minimum in months and maximum in years | 5 years | |
Settled Litigation | Wage and Hour Action California | ||
Contingencies, Commitments And Guarantees [Line Items] | ||
Settlement liability | $ 2,400 | $ 2,400 |
Contingencies And Commitments_3
Contingencies And Commitments (Standby Letters Of Credit Instruments) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Contingencies, Commitments And Guarantees [Line Items] | |
Letters of Credit Outstanding, Amount | $ 61,792 |
0-12 months [Member] | |
Contingencies, Commitments And Guarantees [Line Items] | |
Letters of Credit Outstanding, Amount | 48,191 |
Greater than 12 months [Member] | |
Contingencies, Commitments And Guarantees [Line Items] | |
Letters of Credit Outstanding, Amount | $ 13,601 |
Retirement Plans (Components Of
Retirement Plans (Components Of Net Pension Benefit Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | |
Pension Benefits | U.S. Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 1,967 | 1,762 | 3,934 | 3,523 |
Expected return on plan assets | 2,742 | 3,771 | 5,484 | 7,542 |
Amortization | (129) | (146) | (259) | (293) |
Net periodic benefit income | (646) | (1,863) | (1,291) | (3,726) |
Pension Benefits | Non-U.S. Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 688 | 758 | 1,382 | 1,535 |
Interest cost | 549 | 540 | 1,104 | 1,094 |
Expected return on plan assets | 244 | 254 | 491 | 513 |
Amortization | (5) | 0 | (9) | 0 |
Net periodic benefit income | 998 | 1,044 | 2,004 | 2,116 |
Other Post-Retirement Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 93 | 86 | 187 | 173 |
Amortization | 0 | 0 | 0 | 0 |
Net periodic benefit income | $ 93 | $ 86 | $ 187 | $ 173 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits that would impact effective tax rate | $ 0.6 | $ 0.6 |
Unrecognized tax benefits that would affect the effective tax rate if recognized | 0.5 | 0.5 |
Deferred tax assets, valuation allowance | $ 17.4 | $ 17.6 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU outstanding | 438,656 | ||
Shares available for grant | 959,113 | ||
Compensation expense (benefit) | $ 3.1 | $ 2.9 | |
Unrecognized compensation costs | $ 12.6 | ||
Weighted average period of recognition of compensation expense (in years) | 2 years 1 month 6 days | ||
Weighted average contractual term for stock options outstanding, years | 4 years 7 months 6 days | ||
Weighted average contractual term for stock options exercisable, years | 3 years 9 months 18 days | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Grant Date Fair Value | $ 11.84 | $ 14.68 | |
Stock options outstanding | 729,667 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | ||
Aggregate intrinsic value of stock options outstanding | $ 4 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 196,231 | 158,369 | |
Granted RSU awards fair value | $ 32.60 | $ 43.11 | |
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ 1.6 | ||
Aggregate intrinsic value of RSU Awards outstanding | 15 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0.3 | ||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance target threshold (as a percent) | 0.00% | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance target threshold (as a percent) | 200.00% | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 67,362 | 48,080 | |
Restricted Stock Units Management Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 56,379 | 34,937 | |
Restricted stock units discount amount | 11.10 | 14.06 | |
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ 0.1 | ||
Aggregate intrinsic value of RSU Awards outstanding | 2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 0.1 | ||
Cash Settled Stock Unit Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU outstanding | 60,344 | 50,907 | |
Cash used to settle awards | $ 0.6 | ||
Accrued expenses and current liabilities for Cash Settled Stock Unit Awards | 0.8 | $ 0.6 | |
Cash Settled Stock Unit Awards [Member] | Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense (benefit) | $ 0.8 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Estimated Weighted-Average Assumptions Of Stock Options) (Details) | 3 Months Ended | 6 Months Ended |
Jul. 01, 2018 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | ||
Risk-free interest rate | 2.50% | 2.60% |
Expected life | 4 years 4 months 24 days | 4 years 4 months 24 days |
Expected stock volatility | 37.20% | 38.10% |
Expected dividend yield | 0.00% | 0.00% |
Share-Based Compensation CEO In
Share-Based Compensation CEO Inducement Stock Award (Details) - Stock Options [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 01, 2018 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Stock options granted (in shares) | 153,726 | 127,704 |
Grant Date Fair Value (in usd per share) | $ 11.84 | $ 14.68 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (4,302,000) | $ (25,624,000) | $ (15,276,000) | $ (17,283,000) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Balance as of December 31, 2018 | $ (69,739,000) | (69,739,000) | |||||||
Foreign currency translation adjustments | (1,271,000) | (26,849,000) | (9,718,000) | (18,508,000) | |||||
Interest rate swap adjustments (1) | (3,031,000) | 1,225,000 | (5,165,000) | $ 1,225,000 | |||||
Other comprehensive loss | (15,276,000) | ||||||||
Balance as of June 30, 2019 | (85,015,000) | $ (69,739,000) | (85,015,000) | $ (69,739,000) | |||||
Foreign Currency Translation Adjustments | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Balance as of December 31, 2018 | (49,109,000) | (49,109,000) | |||||||
Balance as of June 30, 2019 | (58,827,000) | (49,109,000) | (58,827,000) | (49,109,000) | |||||
Pension, net | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Balance as of December 31, 2018 | (19,114,000) | (19,114,000) | |||||||
Pension, net | (393,000) | ||||||||
Balance as of June 30, 2019 | (19,507,000) | (19,114,000) | (19,507,000) | (19,114,000) | |||||
Derivative | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Balance as of December 31, 2018 | (1,516,000) | (1,516,000) | |||||||
Balance as of June 30, 2019 | $ (6,681,000) | (1,516,000) | $ (6,681,000) | (1,516,000) | |||||
Currency Translation Adjustments [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 2,200 | $ 2,100 | $ (200) | $ (5,100) | $ 5,400 | $ 2,200 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Impact on Comprehensive Income) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | Dec. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Overstated (understated) comprehensive income | $ (4,302,000) | $ (25,624,000) | $ (15,276,000) | $ (17,283,000) | |||||
Currency Translation Adjustments [Member] | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Overstated (understated) comprehensive income | $ 2,200 | $ 2,100 | $ (200) | $ (5,100) | $ 5,400 | $ 2,200 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jul. 01, 2018 | Apr. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Net loss | $ (18,520) | $ (4,633) | $ 5,902 | $ (17,441) | $ (23,153) | $ (11,539) |
Basic Earnings Per Common Share (EPS), Shares | 19,906,000 | 19,836,000 | 19,888,000 | 19,821,000 | ||
Basic EPS, Per Share Amount | $ (0.93) | $ 0.30 | $ (1.16) | $ (0.58) | ||
Dilutive securities, common stock options, Shares | 0 | 169,000 | 0 | 0 | ||
Dilutive securities, common stock options, Per Share Amount | $ 0 | $ 0 | $ 0 | $ 0 | ||
Diluted EPS, Shares | 19,906,000 | 20,005,000 | 19,888,000 | 19,821,000 | ||
Diluted EPS, Per Share Amount | $ (0.93) | $ 0.30 | $ (1.16) | $ (0.58) | ||
Stock Options [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Anti-dilutive options and RSUs, shares | 447,764 | |||||
RSU Awards [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Anti-dilutive options and RSUs, shares | 381,326 |
Subsequent Event (Details)
Subsequent Event (Details) - Jul. 13, 2019 - Disposal Group, Not Discontinued Operations [Member] - Pibiviesse S.p.A. [Member] - Subsequent Event [Member] | USD ($) | EUR (€) |
Subsequent Event [Line Items] | ||
Definitive agreement amount | $ 1,000,000 | € 1,000,000 |
Earn-out as percent of net income (percent) | 50.00% | |
Earn-out period | 7 years | |
Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Maximum earn-out receivable | $ 20,300,000 | € 18,000,000 |