Cover
Cover - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Feb. 19, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2020 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-37589 | |
Entity Registrant Name | ARMSTRONG FLOORING, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-4303305 | |
Entity Address, Address Line One | 2500 Columbia Avenue, | |
Entity Address, City or Town | Lancaster, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 17603 | |
City Area Code | (717) | |
Local Phone Number | 672-9611 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Trading Symbol | AFI | |
Security Exchange Name | NYSE | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | true | |
Entity Shell Company | false | |
Entity Public Float | $ 53 | |
Entity Common Stock, Shares Outstanding | 21,664,811 | |
Documents Incorporated by Reference | Certain sections of Armstrong Flooring, Inc.’s definitive Proxy Statement for use in connection with its 2021 annual meeting of stockholders, to be filed no later than April 30, 2021 (120 days after the last day of our 2020 fiscal year), are incorporated by reference into Part III of this Form 10-K Report where indicated. | |
Amendment Flag | false | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2020 | |
Entity Central Index Key | 0001655075 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 584.8 | $ 626.3 | $ 728.2 |
Cost of goods sold | 501.3 | 541 | 585 |
Gross profit | 83.5 | 85.3 | 143.2 |
Selling, general and administrative expenses | 145.2 | 146.4 | 160.6 |
Operating (loss) | (61.7) | (61.1) | (17.4) |
Interest expense | 7.5 | 4.4 | 4.8 |
Other Operating Income (Expense), Net | (4.8) | 1.8 | 2.9 |
(Loss) from continuing operations before income taxes | (64.4) | (67.3) | (25.1) |
Income tax (benefit) expense | (0.8) | 1.6 | (6) |
(Loss) from continuing operations | (63.6) | (68.9) | (19.1) |
Earnings from discontinued operations, net of tax | 0 | 0 | 9.9 |
Gain (loss) on disposal of discontinued operations, net of tax | 0 | 10.4 | (153.8) |
Net earnings (loss) from discontinued operations | 0 | 10.4 | (143.9) |
Net (loss) | $ (63.6) | $ (58.5) | $ (163) |
Basic (loss) per share of common stock: | |||
Basic (loss) per share of common stock from continuing operations (in dollars per share) | $ (2.90) | $ (2.85) | $ (0.73) |
Basic (loss) earnings per share of common stock from discontinued operations (in dollars per share) | 0 | 0.43 | (5.54) |
Basic (loss) earnings per share of common stock (in dollars per share) | (2.90) | (2.42) | (6.27) |
Diluted (loss) per share of common stock: | |||
Diluted (loss) per share of common stock from continuing operations (in dollars per share) | (2.90) | (2.85) | (0.73) |
Diluted (loss) earnings per share of common stock from discontinued operations (in dollars per share) | 0 | 0.43 | (5.54) |
Diluted (loss) earnings per share of common stock (in dollars per share) | $ (2.90) | $ (2.42) | $ (6.27) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) Statement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) | $ (63.6) | $ (58.5) | $ (163) |
Changes in other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 7.2 | (2.2) | (6) |
Cash flow hedge adjustments | (0.4) | (1.4) | 1.7 |
Pension and postretirement adjustments | 8.6 | (9.5) | 7.8 |
Other comprehensive income (loss) | 15.4 | (13.1) | 3.5 |
Total comprehensive (loss) | $ (48.2) | $ (71.6) | $ (159.5) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 13,700,000 | $ 27,100,000 |
Accounts and notes receivable, net | 43,000,000 | 36,100,000 |
Inventories, net | 122,900,000 | 111,600,000 |
Prepaid expenses and other current assets | 12,900,000 | 10,700,000 |
Assets held-for-sale | 17,800,000 | 0 |
Total current assets | 210,300,000 | 185,500,000 |
Property, plant and equipment, net | 246,900,000 | 277,200,000 |
Operating lease assets | 8,500,000 | 6,000,000 |
Intangible assets, net | 19,000,000 | 25,400,000 |
Deferred income taxes | 4,400,000 | 5,300,000 |
Other noncurrent assets | 4,400,000 | 2,800,000 |
Total assets | 493,500,000 | 502,200,000 |
Current liabilities: | ||
Short-term debt | 5,500,000 | 0 |
Current installments of long-term debt | 2,900,000 | 200,000 |
Accounts payable and accrued expenses | 113,700,000 | 104,400,000 |
Total current liabilities | 122,100,000 | 104,600,000 |
Long-term debt, net of unamortized debt issuance costs | 71,400,000 | 42,500,000 |
Operating lease liabilities | 5,800,000 | 2,700,000 |
Postretirement benefit liabilities | 55,600,000 | 59,700,000 |
Pension benefit liabilities | 4,600,000 | 16,000,000 |
Other long-term liabilities | 9,000,000 | 6,000,000 |
Deferred income taxes | 2,400,000 | 2,400,000 |
Total liabilities | 270,900,000 | 233,900,000 |
Stockholders' equity: | ||
Common stock with par value $0.0001 per share: 100,000,000 shares authorized; 28,376,662 issued and 21,638,141 outstanding shares as of December 31, 2020 and 28,357,658 issued and 21,519,761 outstanding shares as of December 31, 2019 | 0 | 0 |
Preferred stock with par value $0.0001 per share: 15,000,000 shares authorized; none issued | 0 | 0 |
Treasury Stock, Value | 87,100,000 | 88,900,000 |
Additional paid-in capital | 677,400,000 | 676,700,000 |
Accumulated deficit | (308,400,000) | (244,800,000) |
Accumulated other comprehensive (loss) | (59,300,000) | (74,700,000) |
Total stockholders' equity | 222,600,000 | 268,300,000 |
Total liabilities and stockholders' equity | $ 493,500,000 | $ 502,200,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, authorized (in shares) | 100,000,000 | |
Common stock, issued (in shares) | 28,376,662 | 28,357,658 |
Common stock, outstanding (in shares) | 21,638,141 | 21,519,761 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | |
Preferred stock, authorized (in shares) | 15,000,000 | |
Treasury stock (in shares) | 6,738,521 | 6,837,897 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment |
Beginning balance at Dec. 31, 2017 | $ 550 | $ (4.1) | $ 0 | $ (39.9) | $ 674.2 | $ (52.5) | $ (31.8) | $ (4.1) |
Beginning balance (in shares) at Dec. 31, 2017 | 25,734,222 | 2,448,996 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) | (163) | (163) | ||||||
Repurchase of common stock | (1) | $ (1) | ||||||
Repurchase of common stock (in shares) | 69,353 | 69,353 | ||||||
Stock-based employee compensation, net | 5.6 | $ 1.2 | 4.4 | |||||
Stock-based employee compensation, net (in shares) | 167,324 | (66,184) | ||||||
Other comprehensive income | 3.5 | 3.5 | ||||||
Ending balance at Dec. 31, 2018 | 391 | $ 0 | $ (39.7) | 678.6 | (61.6) | (186.3) | ||
Ending balance (in shares) at Dec. 31, 2018 | 25,832,193 | 2,452,165 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) | (58.5) | (58.5) | ||||||
Repurchase of common stock | (51.4) | $ (51.4) | ||||||
Repurchase of common stock (in shares) | 4,504,504 | 4,504,504 | ||||||
Stock-based employee compensation, net | 0.3 | $ 2.2 | (1.9) | |||||
Stock-based employee compensation, net (in shares) | 192,072 | (118,772) | ||||||
Other comprehensive income | (13.1) | (13.1) | ||||||
Ending balance at Dec. 31, 2019 | 268.3 | $ 0 | $ (88.9) | 676.7 | (74.7) | (244.8) | ||
Ending balance (in shares) at Dec. 31, 2019 | 21,519,761 | 6,837,897 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) | (63.6) | (63.6) | ||||||
Stock-based employee compensation, net | 2.5 | $ 1.8 | 0.7 | |||||
Stock-based employee compensation, net (in shares) | 118,380 | (99,376) | ||||||
Other comprehensive income | 15.4 | 15.4 | ||||||
Ending balance at Dec. 31, 2020 | $ 222.6 | $ 0 | $ (87.1) | $ 677.4 | $ (59.3) | $ (308.4) | ||
Ending balance (in shares) at Dec. 31, 2020 | 21,638,141 | 6,738,521 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net (loss) | $ (63,600,000) | $ (58,500,000) | $ (163,000,000) |
Adjustments to reconcile net (loss) to net cash (used for) provided by operating activities: | |||
Depreciation and amortization | 47,800,000 | 50,700,000 | 55,100,000 |
(Gain) loss on disposal of discontinued operations | 0 | (10,400,000) | 153,800,000 |
Inventory write down | 0 | 13,600,000 | 0 |
Deferred income taxes | (1,600,000) | 1,100,000 | 2,400,000 |
Stock-based compensation | 2,700,000 | 1,200,000 | 5,400,000 |
Gains from postretirement plan changes | (2,900,000) | 0 | 0 |
U.S. pension expense | 3,800,000 | 5,600,000 | 6,800,000 |
Write off of debt financing costs | 0 | 800,000 | 600,000 |
Other non-cash adjustments, net | 300,000 | 200,000 | (800,000) |
Changes in operating assets and liabilities: | |||
Receivables | (2,700,000) | 2,900,000 | 16,300,000 |
Inventories | (9,700,000) | 14,100,000 | (39,400,000) |
Accounts payable and accrued expenses | 5,000,000 | (26,000,000) | 16,800,000 |
Income taxes payable and receivable | 900,000 | (500,000) | 2,800,000 |
Other assets and liabilities | (8,200,000) | (800,000) | 5,700,000 |
Net cash (used for) provided by operating activities | (28,200,000) | (6,000,000) | 62,500,000 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (22,800,000) | (28,900,000) | (35,300,000) |
Proceeds from the sale of assets | 1,700,000 | 1,400,000 | 5,700,000 |
Net (payments) proceeds related to sale of discontinued operations | 0 | (1,900,000) | 90,200,000 |
Net cash (used for) provided by investing activities | (21,100,000) | (29,400,000) | 60,600,000 |
Cash flows from financing activities: | |||
Proceeds from revolving credit facility and other short-term debt | 58,200,000 | 47,200,000 | 82,000,000 |
Payments on revolving credit facility and other short-term debt | (85,100,000) | (30,000,000) | (142,000,000) |
Issuance of long-term debt | 70,000,000 | 0 | 75,000,000 |
Payments of long-term debt | (300,000) | (75,300,000) | 0 |
Financing costs | (7,700,000) | (800,000) | (700,000) |
Payments on capital lease | 0 | 0 | (200,000) |
Purchases of treasury stock | 0 | (51,400,000) | (1,000,000) |
Proceeds from exercised stock options | 0 | 100,000 | 800,000 |
Value of shares withheld related to employee tax withholding | (100,000) | (900,000) | (600,000) |
Net cash provided by financing activities | 35,000,000 | (111,100,000) | 13,300,000 |
Effect of exchange rate changes on cash and cash equivalents | 900,000 | (200,000) | (1,600,000) |
Net (decrease) increase in cash and cash equivalents | (13,400,000) | (146,700,000) | 134,800,000 |
Cash and cash equivalents at beginning of year | 27,100,000 | 173,800,000 | 39,000,000 |
Cash and cash equivalents at end of year | 13,700,000 | 27,100,000 | 173,800,000 |
Cash and cash equivalents at end of year of continuing operations | 13,700,000 | 27,100,000 | 173,800,000 |
Supplemental Cash Flow Disclosure: | |||
Amounts in accounts payable for capital expenditures | 5,900,000 | 5,600,000 | 8,500,000 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 6,200,000 | 3,100,000 | 3,400,000 |
Income taxes (refunded) paid, net | $ 100,000 | $ 1,000,000 | $ (1,400,000) |
Business And Basis of Presentat
Business And Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BUSINESS AND BASIS OF PRESENTATION | BUSINESS AND BASIS OF PRESENTATION Business Armstrong Flooring, Inc. ("AFI" or the "Company") is a leading global producer of resilient flooring products for use primarily in the construction and renovation of residential, commercial and institutional buildings. AFI designs, manufactures, sources and sells resilient flooring products in North America and the Pacific Rim. When we refer to "we," "our," and "us" in this report, we are referring to Armstrong Flooring, Inc., a Delaware corporation, and its consolidated subsidiaries. Separation On April 1, 2016, we became an independent company as a result of the separation by Armstrong World Industries, Inc. ("AWI"), a Pennsylvania corporation, of its Resilient Flooring and Wood Flooring segments from its Building Products segment (the "Separation"). The Separation was affected by allocating the assets and liabilities related primarily to the Resilient Flooring and Wood Flooring segments to AFI and then distributing the common stock of AFI to AWI’s shareholders (the "Distribution"). The Separation and Distribution (together, the "Spin-off") resulted in AFI and AWI becoming two independent, publicly traded companies, with AFI owning and operating the Resilient Flooring and Wood Flooring segments and AWI continuing to own and operate a ceilings business. In connection with the completion of the Spin-off, we entered into several agreements with AWI that provided for the separation and allocation between AFI and AWI of the assets, employees, liabilities and obligations of AWI and its subsidiaries attributable to periods prior to, at and after the Spin-off. These agreements also govern the relationship between AFI and AWI subsequent to the completion of the Spin-off. On December 31, 2020 we notified AWI of our intention to terminate the Campus Lease Agreement effective June 30, 2021. Discontinued Operations On November 14, 2018, AFI entered into a Stock Purchase Agreement with Tarzan Holdco, Inc. ("TZI"), a Delaware corporation and an affiliate of American Industrial Partners ("AIP"), to sell its North American wood flooring business. On December 31, 2018, AIP completed the purchase of all of the issued and outstanding shares of Armstrong Wood Products, Inc., a Delaware corporation, including its direct and indirect wholly owned subsidiaries. See Note 7, Discontinued Operations, for additional information. COVID The COVID-19 pandemic has significantly impacted our business and resulted in lower than expected revenue in 2020. In response, we have implemented several cost reduction initiatives including reduced capital spending, implementing a furlough of certain salaried employees and reduced employee benefits for a portion of the year. We are also pursuing a plan expected to monetize non-core assets. The ultimate duration and impact of the pandemic on our future results is unknown. We have incurred net losses for the past several years and negative cash flows from operations beginning in 2019. The pandemic’s impacts, our recurring losses and our negative cash flows resulted in the identification of a triggering event requiring impairment testing of our North American asset group in the first quarter of 2020, the results of which indicated no impairment. There were no significant inventory write-down or significant incremental accounts receivable reserves recorded in 2020. Such charges are possible in the future, which could have a material adverse effect on our future results. Reclassifications Certain reclassifications have been made to prior year amounts to conform with current year classifications. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Policy The Consolidated Financial Statements and accompanying data in this report include the accounts of AFI and its subsidiaries. Intercompany accounts and transactions have been eliminated from the Consolidated Financial Statements. Use of Estimates We prepare our financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. When preparing an estimate, management determines the amount based upon the consideration of relevant internal and external information. Actual results may differ from these estimates. Revenue Recognition We recognize revenue when control of the promised goods is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. Our primary performance obligation to our customers is the delivery of flooring products pursuant to purchase orders. Control of the products we sell generally transfers to our customers at the point in time when the goods are shipped. Our standard sales terms are primarily free-on-board shipping point. Our typical payment terms are 30 days and our sales arrangements do not contain any significant financing component for our customers. Our customer arrangements do not generate contract assets or liabilities that are material to the Consolidated Financial Statements. Each purchase order sets forth the transaction price for the products purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, some of which depend upon our customers meeting specified performance criteria, such as a purchasing level over a period of time. We use judgment to estimate the most likely amount of variable consideration at each reporting date. Costs to obtain a contract are capitalized and amortized over the life of the related contract when the incremental costs directly relate to a specific contract, generates or enhances resources of the company that will be used to satisfy performance of the terms of the contract and the cost are expected to be recovered from the customer. During the fourth quarter of 2020 we capitalized $1.1 million of costs to obtain a contract, related to a single new arrangement, which will be amortized over the three year contractual agreement. We disaggregate revenue based on customer geography as this category represents the most appropriate depiction of how the nature, timing and uncertainty of revenues and cash flows are impacted by economic factors. See Note 3, Nature of Operations, to the Consolidated Financial Statements for our revenues disaggregated by geography. Warranties - We provide our customers with a product warranty that provides assurance that the products we sell meet standard specifications and are free of defects. We maintain a reserve for claims and related costs based on historical experience and periodically adjusts these provisions to reflect actual experience. See Note 9, Accounts and Notes Receivable, to the Consolidated Financial Statements for additional information. Sales Incentives - Sales incentives to customers are reflected as a reduction of net sales. Shipping and Handling Costs - We treat shipping and handling that occurs after customers obtain control of the products as a fulfillment activity and not as a promised service. Shipping and handling costs are reflected as a component of cost of goods sold. Taxes - Taxes collected from customers and remitted to governmental authorities are reported on a net basis. Advertising Costs We recognize advertising expenses as they are incurred. Pension and Postretirement Benefits We have benefit plans that provide for pension, medical and life insurance benefits to certain eligible employees when they retire from active service. The cost of plan amendments that provide for benefits already earned by plan participants is amortized over the expected future working lifetime or the life expectancy of plan participants. A market-related value of plan assets methodology is utilized in the calculation of expected return on assets. The methodology recognizes gains and losses on long duration bonds immediately, while gains and losses on other assets are recognized in the calculation over a five-year period. We use a December 31 measurement date for our pension and postretirement benefit plans. See Note 15, Pension and Other Postretirement Benefit Programs, to the Consolidated Financial Statements for additional information. Taxes The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes to reflect the expected future tax consequences of events recognized in the Consolidated Financial Statements. Deferred income tax assets and liabilities are recognized by applying enacted tax rates to temporary differences that exist as of the balance sheet date which result from differences in the timing of reported taxable income between tax and financial reporting. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard for all periods, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and foreign source income, the duration of statutory carryforward periods and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are not used as positive evidence related to the realization of the deferred tax assets in the assessment. We recognize the tax benefits of an uncertain tax position only if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earlier. We account for all interest and penalties on uncertain income tax positions as income tax expense. See Note 6, Income Taxes, to the Consolidated Financial Statements for additional information. Earnings Per Share Basic earnings per share is computed by dividing the earnings attributable to common shares by the sum of the weighted average number of shares of common stock outstanding during the period and the weighted average number of stock-based awards that have vested but not yet been issued during the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings. See Note 8, Earnings Per Share of Common Stock, to the Consolidated Financial Statements for additional information. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term investments that have maturities of three months or less when purchased. The Company has no restricted cash. Receivables We sell the vast majority of our products to select, pre-approved customers using customary trade terms that allow for payment in the future. Customer trade receivables and miscellaneous receivables, net of allowances for current expected credit losses, customer credits and warranties are reported in accounts and notes receivable on a net basis. Cash flows from the collection of receivables are classified as operating cash flows on the Consolidated Statements of Cash Flows. We establish credit-worthiness prior to extending credit. We estimate the net of allowances for current expected credit losses of receivables each period. This estimate is based upon the current and forecasted economic conditions as well as an analysis of prior credit losses by receivable type. Account balances are charged off against the allowance when the potential for recovery is considered remote. We do not have any off-balance-sheet credit exposure related to our customers. See Note 9, Accounts and Notes Receivable, to the Consolidated Financial Statements for additional information. Inventories U.S. inventories are valued at the lower of cost or market and cost is determined using the last-in, first-out ("LIFO") method of accounting. Non-U.S. inventories are valued at the lower of cost or net realizable value and cost is determined using the first-in, first-out ("FIFO") method of accounting. Additionally, inventory balances are adjusted for estimated obsolete or unmarketable inventory equal to the difference between the cost of inventory and its net realizable value or estimated market value, as applicable. See Note 10, Inventories, to the Consolidated Financial Statements for additional information. Property Plant and Equipment Property, plant and equipment is recorded at cost reduced by accumulated depreciation. Depreciation expense is recognized on a straight-line basis over assets’ estimated useful lives. Machinery and equipment includes manufacturing equipment (depreciated over 3 to 15 years), computer equipment (depreciated over 3 to 5 years) and office furniture and equipment (depreciated over 5 to 7 years). Within manufacturing equipment, assets that are subject to accelerated obsolescence or wear, such as tooling and engraving equipment, are depreciated over shorter periods (3 to 7 years). Heavy production equipment, such as conveyors, kilns and mixers, are depreciated over longer periods (10 to 15 years). Buildings are depreciated over 15 to 30 years, depending on factors such as type of construction and use. Computer software is amortized over 3 to 7 years. Property, plant and equipment is tested for impairment when indicators of impairment exist, such as operating losses and/or negative cash flows. If an evaluation of the undiscounted future cash flows generated by an asset group indicates impairment, the asset group is written down to its estimated fair value, which is based on its discounted future cash flows. The principal assumption used in these impairment tests is future cash flows, which are derived from those used in our operating plan and strategic planning processes. See Note 11, Property, Plant and Equipment, to the Consolidated Financial Statements for additional information. Intangible Assets Our indefinite-lived intangible assets are primarily trademarks which are integral to our corporate identity and expected to contribute indefinitely to our corporate cash flows. We conduct our annual impairment test for indefinite-lived intangible assets during the fourth quarter and we conduct interim impairment tests if indicators of potential impairment exist. An impairment is recognized if the carrying amount of the asset exceeds its fair value. We first perform a qualitative assessment to determine if it is necessary to perform a quantitative impairment test. If a quantitative impairment test is deemed necessary, the method used to determine the fair value of our indefinite-lived intangible assets is the relief-from-royalty method. The principal assumptions used in our application of this method are revenue growth rate, discount rate and royalty rate. Revenue growth rates are derived from those used in our operating plan and strategic planning processes. The discount rate assumption is calculated based upon an estimated weighted average cost of capital, which we believe reflects the overall level of inherent risk and the rate of return a market participant would expect to achieve. The royalty rate assumption represents the estimated contribution of the intangible asset to overall profits. The method used for valuing our indefinite-lived intangible assets did not change from prior periods. Our long-lived intangible assets are primarily contractual arrangements (amortized over 5 years), wh ich includes non-compete agreements, and intellectual property (amortized over 2 to 15 years), which includes developed technology and patents. We review long-lived intangible assets for impairment if indicators of potential impairment exist, such as operating losses and/or negative cash flows. If an evaluation of the undiscounted future cash flows generated by the asset group indicates impairment, the asset group is written down to its estimated fair value, which is based on its discounted future cash flows. The principal assumption used in these impairment tests is future cash flows, which are derived from those used in our operating plan and strategic planning processes. See Note 12, Intangible Assets, to the Consolidated Financial Statements for additional information. Foreign Currency Transactions For our subsidiaries with non-U.S. dollar functional currency, assets and liabilities are translated at period-end exchange rates. Revenues and expenses are translated at exchange rates effective during each month. Foreign currency translation gains or losses are included as a component of accumulated other comprehensive (loss) ("AOCI") within equity. Gains or losses on foreign currency transactions are recognized through net income (loss). Stock-Based Employee Compensation We issue stock-based compensation to certain employees and non-employee directors in different forms, including various types of performance-based share compensation including performance-based stock awards ("PSAs"), performance-based stock units ("PSUs"), performance-based restricted stock units ("PBRSUs"); and restricted stock units ("RSUs"). We record stock-based compensation expense based on an estimated grant-date fair value. The expense is reflected as a component of selling, general and administrative (“SG&A”) expenses on our Consolidated Statements of Operations. Stock-based compensation expense includes an estimate for forfeitures and anticipated achievement levels and is generally recognized on a straight-line basis over the vesting period for the entire award. See Note 4, Stock-based Compensation, to the Consolidated Financial Statements for additional information. Leases We lease certain real estate (warehouse and office space), vehicles and equipment. For leases with an initial term of one year or less we recognize lease expense for these leases on a straight-line basis over the lease term. Leases with an initial term of one year or more are recorded on the balance sheet. We consider all payments fixed unless there is a material impact to the balance sheet at any given time during the lease period. We determine if a contract is a lease at inception. Operating leases are included in operating lease assets, accounts payable and accrued expenses and noncurrent operating lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, current installments of long-term debt and long-term debt in our consolidated balance sheets. Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. We update these rates annually. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain with a compelling economic reason that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have elected to combine lease and non-lease components as a single component and account for it as a lease for all asset classes with the exception of land and non-operating buildings. Lease and non-lease components of land and non-operating buildings are generally accounted for separately. We have elected to use a portfolio approach to determine the discount rate and defined portfolio based on the geographic location of the asset by country and duration of the lease. See Note 5, Leases, to the Consolidated Financial Statements for additional information. Recently Adopted Accounting Standards On January 1, 2020, we adopted Accounting Standards Update (" ASU") 2016-13, "Measurement of Credit Losses on Financial Instruments." The guidance requires immediate recognition of estimated credit losses that are expected to occur over the remaining life of many financial assets. The most notable impact of this ASU related to our processes around the assessment of the adequacy of our allowance for doubtful accounts on trade account receivables. We adopted using the modified retrospective transition method. The adoption of the standard did not have a material impact on our financial condition, results of operations or cash flows. On January 1, 2020, we adopted ASU 2018-13, "Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement." The guidance eliminates, adds and modifies certain disclosure requirements. Adoption of the standard did not have an impact our financial condition, results of operations or cash flows. On January 1, 2020, we adopted ASU 2018-14, "Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans." The guidance changes the disclosure requirements by eliminating certain disclosures that are no longer considered cost beneficial and added new ones that are considered pertinent. Adoption of the standard did not have an impact our financial condition, results of operations or cash flows. On January 1, 2020, we adopted ASU 2018-15, " Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." The guidance aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal use software license. Capitalized implementation costs should be amortized over the term of the service agreement on a straight line basis and should be assessed for impairment in a manner similar to long-lived assets. We adopted using the prospective transition method. This standard did not have a material impact on our financial condition, results of operations or cash flows. On January 1, 2019, we adopted ASU 2016-02, " Leases ." The guidance, and subsequent amendments issued, requires a lessee to recognize the assets and liabilities that arise from a lease agreement. Specifically, this new guidance requires lessees to recognize a liability to make lease payments and a ROU asset representing its right to use the underlying asset for the lease term, with limited exceptions. Adoption of the new standard resulted in the recording of lease assets and lease liabilities of $9.2 million as of January 1, 2019 and the adoption is not expected to have a significant impact on the Company's Consolidated Financial Statements. On January 1, 2018, we adopted ASU 2014-09, " Revenue from Contracts with Customers " and all the related amendments. The impact of the standard is limited to our accounting for warranties and returns. We adopted the standard using the modified retrospective transition method and we recorded a cumulative catch up adjustment as of January 1, 2018 to increase accumulated deficit in the amount of $4.1 million, increase prepaid expenses and other current assets by $0.4 million and decrease accounts receivable, net by $4.5 million. The adoption of the standard did not have a material impact on our results of operations or cash flows, but did result in new disclosures. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" This new standard eliminates certain exceptions in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, guidance on accounting for franchise taxes and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. We will adopt ASU 2019-12 as of January 1, 2021 and the adoption is not expected to have a significant impact on our consolidated financial statements. Subsequent Events We have evaluated all activity of the Company and concluded that subsequent events are properly reflected in the Company's Consolidated Financial Statements and Notes as required by U.S. GAAP. See Note 20, Subsequent Events, to the Consolidated Financial Statements for additional information. |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Nature of Operations | NATURE OF OPERATIONS Geographic Areas The net sales in the table below are allocated to geographic areas based upon the location of the customer. Year Ended December 31, 2020 2019 2018 Net sales United States $ 451.6 $ 474.4 $ 563.4 China 66.5 68.4 68.7 Canada 30.1 37.9 49.2 Australia 24.9 28.0 30.2 Other 11.7 17.6 16.7 Total $ 584.8 $ 626.3 $ 728.2 The long-lived assets in the table below include property, plant and equipment, net. Long-lived assets by geographic area are reported by location of the operations to which the asset is attributed. December 31, 2020 December 31, 2019 United States $ 160.4 $ 192.3 China 73.5 72.7 Australia 13.0 12.2 Total $ 246.9 $ 277.2 Information about Major Customers In both 2020 and 2019, net sales to one customer exceeded 10% of our total net sales. Total net sales to this customer were $111.6 million and $124.4 million in 2020 and 2019, respectively. We monitor the creditworthiness of our customers and generally do not require collateral. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION In April 2016, AFI adopted the Armstrong Flooring, Inc. 2016 Long-Term Incentive Plan (the "2016 LTI Plan") and the Armstrong Flooring, Inc. 2016 Directors' Stock Unit Plan (the "2016 Directors' Plan"), which collectively comprised a new compensation program that allows for the grant of stock-based compensation awards to certain employees and non-employee directors of AFI different forms of benefits, including performance-based awards and RSUs. On June 2, 2017, our stockholders approved an amendment and restatement of the 2016 LTI Plan. Under the 2016 LTI Plan, as amended, our Board of Directors (the "Board") has authorized up to 7,600,000 shares of common stock for issuance. Our Board authorized up to 600,000 shares of common stock that may be issued pursuant to the 2016 Directors' Plan. As of December 31, 2020, 1,185,860 shares and 17,101 shares were available for future grants under the 2016 LTI Plan and the 2016 Directors' Plan, respectively. Prior to the Spin-off, AWI issued stock-based compensation awards to employees and directors that became employees or directors of AFI. In connection with the Spin-off, these awards were converted into new AFI equity awards using a formula designed to preserve the intrinsic value of the awards immediately prior to the Spin-off. The modification did not result in a change to the value of the awards. The terms and conditions of the AWI awards were replicated and, as necessary, adjusted to ensure that the vesting schedule and economic value of the awards was unchanged by the conversion. At December 31, 2020 only stock option awards remained outstanding related to AWI issued stock-based compensation awards. Stock-based compensation expense Stock-based compensation expense is generally recognized on a straight-line basis over the vesting period and is recorded as a component of SG&A. Total stock-based compensation expense included in the Consolidated Statements of Operations and the related tax effects are presented in the table below: Year Ended December 31, 2020 2019 2018 Stock-based compensation expense $ 2.7 $ 1.2 $ 4.7 Income tax benefit — — 1.1 To the extent that the vesting-date fair value of an award is greater than the grant-date fair value, the excess tax benefit is recorded as an income tax benefit in the Consolidated Statements of Operations. For the years ended December 31, 2020, 2019 and 2018 the income tax expense was $0.3 million, $0.1 million and $0.1 million, respectively, related to vested stock-based compensation awards. As of December 31, 2020, $4.1 million of total unrecognized compensation expense related to non-vested stock-based compensation arrangements is expected to be recognized over a weighted-average period of 2.8 years. Performance-based stock compensation The Company grants PSAs, PSUs and PBRSUs to key executive employees and certain management employees of AFI under the 2016 LTI Plan. These awards represent units of restricted Company common stock that vest based on the achievement of certain performance or market conditions. PSAs and PSUs - The performance condition for 75% of the awards is based on earnings before interest, taxes, depreciation and amortization. The performance condition for the remaining 25% of the awards is based on cumulative free cash flow, defined as cash flow from operations, less cash used in investing activities. PSAs issued to key executive employees are also indexed to the achievement of specified levels of absolute total shareholder return and the fair value was measured using a Monte-Carlo simulation on the date of grant. For PSUs that are not indexed to the achievement of specified levels of absolute total shareholder return, the fair value was measured using our stock price on the date of grant. If the performance conditions are met, the awards vest at the conclusion of the performance period, which is generally at the end of the third fiscal year following the date of grant. We did not issue any PSAs during 2020, 2019 or 2018 and did not issue any PSUs during 2020. Details of PSUs issued during 2019 and 2018 are as follows: 2019 2018 Issued (in thousands) 200.9 354.7 Weighted-average grant date fair value $ 13.25 $ 13.97 PBRSUs - The Company issued 691,130 PBRSUs to key executive employees and certain management employees on March 24, 2020. The market condition is based on price targets for the Company's common stock at a future date. Price targets are achieved if the average closing sale stock price of one share of Company Stock, over the 20 trading days following the date of the 2022 year-end earnings release, equals or surpasses the price targets. The number of shares earned is based upon the achievement of four stock price hurdles: $6.00, $7.50, $9.00 and $10.50. Following the first price target achievement, 50% of the overall performance units are earned. With each of the next three Price Target Achievements, an additional 25% of the overall performance units are earned. Payout percentages will be linearly interpolated for stock price performance between the hurdles. The Monte-Carlo valuation provided a weighted average fair value of $0.90 per share for the grant-date fair value. The Company issued 371,430 PBRSUs to the CEO on September 11, 2019. The market condition is based on price targets for the Company's common stock at a future date. The number of shares earned is based upon the achievement of five stock price hurdles over the period from September 11, 2019 through September 11, 2024. The five per share stock price hurdles are $10.50, $12.25, $14.00, $15.75 and $17.50. A Monte-Carlo valuation was performed to simulate possible future stock prices for AFI over the time remaining period of the award. The Monte-Carlo valuation provided a fair value for each of the five per share stock price hurdles discussed above, respectively: $5.93, $5.28, $4.70, $4.20 and $3.75 (weighted average value of $4.77); and provided derived service periods of 3 years for the first two hurdles and 4 years for the remaining three hurdles. The following table summarizes the Monte-Carlo inputs and grant-date fair value price used for PBRSU issuances. March 24, September 11, Grant-date stock price (AFI closing stock price on date of grant) $ 2.18 $ 7.43 Assumptions Risk-free rate of return 0.44 % 1.59 % Expected volatility 66.29 % 41.45 % Expected dividend yield — — The risk-free rate of return was determined based on the implied yield available on zero-coupon U.S. Treasury bills at the time of grant with a remaining term equal the expected term of the award. The expected volatility was based on a weighted average of the volatility of AFI and (or) the average volatility of our compensation peer group's volatility. The expected dividend yield was assumed to be zero because, at the time of the grant, we had no plans to declare a dividend. The table below summarizes activity related to the PSAs, PSUs and PBRSUs. PSAs, PSUs and PBRSUs Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value (per share) Non-vested as of December 31, 2019 868.3 $ 10.53 Granted 691.1 0.90 Vested — — Cancelled (211.7) 16.54 Forfeited (90.3) 4.15 Non-vested as of December 31, 2020 1,257.4 4.69 The table above contains 4,174 PSUs as of December 31, 2019 which are accounted for as liability awards as they may be settled in cash. These relate to employees in certain international jurisdictions which have prohibitions related to stock settled awards. PSAs with a measurement period that ended on December 31, 2019 resulted in no shares being issued during 2020. PSUs with a measurement period that ended on December 31, 2020 will result in no shares being issued during 2021. Restricted Stock Awards RSUs - RSUs were granted to key executive employees and certain management employees of AFI. The RSUs are units representing shares of Company common stock which are converted to shares of Company common stock at the end of the service period. There are no performance or market conditions associated with these awards. For awards issued prior to 2020, vesting generally occurs with one third of the awards vesting at the end of one, two and three years from the date of grant. In 2020, most newly issued RSUs cliff vest three years from the date of grant. The fair value of RSUs was measured using our stock price on the date of grant. Details of RSUs issued during 2020, 2019 and 2018 are as follows: 2020 2019 2018 Issued (in thousands) 165.0 622.8 308.3 Weighted-average grant date fair value 4.36 7.39 16.12 The table below summarizes activity related to RSUs. The non-employee director activity is not reflected in the RSU activity below: RSUs Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value (per share) Non-vested as of December 31, 2019 670.8 $ 8.28 Granted 165.0 4.36 Vested (131.6) 11.40 Forfeited (65.9) 6.95 Non-vested as of December 31, 2020 638.3 6.71 The table above contains 8,334 and 14,118 RSUs as of December 31, 2020 and 2019, respectively, which are accounted for as liability awards as they may be settled in cash. These relate to employees in certain international jurisdictions which have prohibitions related to stock settled awards. Director Awards - RSUs were granted to our non-employee directors under the 2016 Directors' Plan. These awards generally have a vesting period of one year and any dividends paid prior to vesting are forfeitable if the award does not vest. The awards are generally payable six months following the director’s separation from service on the Board. The fair value of non-employee director RSUs was measured using our stock price on the date of grant. Details of Director awarded RSUs issued during 2020, 2019 and 2018 are as follows: 2020 2019 2018 Issued (in thousands) 171.2 57.0 67.3 Weighted-average grant date fair value 3.83 $ 11.05 $ 13.30 The following table summarizes activity related to the non-employee director RSUs. Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value (per share) Vested and not yet delivered as of December 31, 2019 260.3 $ 13.07 Granted 171.2 3.83 Distributed (19.0) 11.05 Outstanding as of December 31, 2020 412.5 9.32 Stock Options There was no activity related to stock options during 2020. The following table summarizes information about AFI's stock options: Number of Shares (in thousands) Weighted-Average Exercise Price (per share) Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding (and exercisable) as of December 31, 2019 442.1 $ 12.85 2.7 $ — Outstanding (and exercisable) as of December 31, 2020 442.1 12.85 1.7 — Remaining stock options expire between 2021 and 2024. When stock options are exercised, we may issue new shares, use treasury shares (if available), acquire shares held by investors, or a combination of these alternatives. The following table presents information related to stock option exercises: Year Ended December 31, 2020 2019 Total intrinsic value of stock options exercised $ — $ — Cash proceeds received from stock options exercised — 0.1 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
LEASES | LEASES Our leases have remaining lease terms of one month to nine years. Many leases include one or more options to renew, with renewal terms that can extend the lease term from one month to ten years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. 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 or material restrictive covenants. The following table summarizes components of lease expense: Year Ended December 31, 2020 December 31, 2019 Finance lease cost $ 0.3 $ 0.3 Operating lease cost 4.4 4.1 Short-term lease cost 1.0 1.4 Sublease income (0.1) (1.4) Total lease cost $ 5.6 $ 4.4 The following table summarizes supplemental balance sheet information related to leases: Lease Category Balance Sheet Classification December 31, 2020 December 31, 2019 Assets Operating lease assets Operating lease assets $ 8.5 $ 6.0 Finance lease assets Property, plant and equipment, net 1.0 0.6 Total lease assets $ 9.5 $ 6.6 Liabilities Current Operating lease liabilities Accounts payable and accrued expenses $ 2.7 $ 3.3 Finance lease liabilities Current installments of long-term debt 0.3 0.2 Noncurrent Operating lease liabilities Noncurrent operating lease liabilities 5.8 2.7 Finance lease liabilities Long-term debt, net of unamortized debt issuance costs 0.7 0.3 Total lease liabilities $ 9.5 $ 6.5 The following table summarizes supplemental cash flow information related to leases: Year Ended December 31, 2020 December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4.4 $ 4.1 Financing cash flows from finance leases 0.3 0.3 Non-cash lease liability activity (a) : Lease assets obtained in exchange for new operating lease liabilities 6.9 10.1 Lease assets obtained in exchange for new finance lease liabilities 0.7 0.9 (a) 2019 includes leased assets of $9.2 million that were recorded on January 1, 2019 upon adoption of the new leasing standard. The following table summarized weighted average remaining lease term and weighted average discount rate: December 31, 2020 Weighted average remaining lease term - Operating leases (in years) 4.1 Weighted average remaining lease term - Finance leases (in years) 3.0 Weighted average discount rate - Operating leases (%) 9.5 % Weighted average discount rate - Finances leases (%) 7.1 % The following table provides future minimum payments at December 31, 2020, by year and in the aggregate, for leases having non-cancelable lease terms in excess of one year: Operating Leases Finance Leases 2021 $ 3.1 $ 0.4 2022 1.9 0.3 2023 1.7 0.2 2024 1.6 0.1 2025 1.2 — Thereafter 0.9 — Total lease payments 10.4 1.0 Less: Unamortized interest 1.9 — Total $ 8.5 $ 1.0 As of December 31, 2020, we have additional operating leases for our new headquarters and tech center, that have not yet commenced with an estimated initial ROU asset of $11.6 million. These operating leases are expected to commence during first-half fiscal year 2021 with lease terms of 10 years. |
LEASES | LEASES Our leases have remaining lease terms of one month to nine years. Many leases include one or more options to renew, with renewal terms that can extend the lease term from one month to ten years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. 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 or material restrictive covenants. The following table summarizes components of lease expense: Year Ended December 31, 2020 December 31, 2019 Finance lease cost $ 0.3 $ 0.3 Operating lease cost 4.4 4.1 Short-term lease cost 1.0 1.4 Sublease income (0.1) (1.4) Total lease cost $ 5.6 $ 4.4 The following table summarizes supplemental balance sheet information related to leases: Lease Category Balance Sheet Classification December 31, 2020 December 31, 2019 Assets Operating lease assets Operating lease assets $ 8.5 $ 6.0 Finance lease assets Property, plant and equipment, net 1.0 0.6 Total lease assets $ 9.5 $ 6.6 Liabilities Current Operating lease liabilities Accounts payable and accrued expenses $ 2.7 $ 3.3 Finance lease liabilities Current installments of long-term debt 0.3 0.2 Noncurrent Operating lease liabilities Noncurrent operating lease liabilities 5.8 2.7 Finance lease liabilities Long-term debt, net of unamortized debt issuance costs 0.7 0.3 Total lease liabilities $ 9.5 $ 6.5 The following table summarizes supplemental cash flow information related to leases: Year Ended December 31, 2020 December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4.4 $ 4.1 Financing cash flows from finance leases 0.3 0.3 Non-cash lease liability activity (a) : Lease assets obtained in exchange for new operating lease liabilities 6.9 10.1 Lease assets obtained in exchange for new finance lease liabilities 0.7 0.9 (a) 2019 includes leased assets of $9.2 million that were recorded on January 1, 2019 upon adoption of the new leasing standard. The following table summarized weighted average remaining lease term and weighted average discount rate: December 31, 2020 Weighted average remaining lease term - Operating leases (in years) 4.1 Weighted average remaining lease term - Finance leases (in years) 3.0 Weighted average discount rate - Operating leases (%) 9.5 % Weighted average discount rate - Finances leases (%) 7.1 % The following table provides future minimum payments at December 31, 2020, by year and in the aggregate, for leases having non-cancelable lease terms in excess of one year: Operating Leases Finance Leases 2021 $ 3.1 $ 0.4 2022 1.9 0.3 2023 1.7 0.2 2024 1.6 0.1 2025 1.2 — Thereafter 0.9 — Total lease payments 10.4 1.0 Less: Unamortized interest 1.9 — Total $ 8.5 $ 1.0 As of December 31, 2020, we have additional operating leases for our new headquarters and tech center, that have not yet commenced with an estimated initial ROU asset of $11.6 million. These operating leases are expected to commence during first-half fiscal year 2021 with lease terms of 10 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The following table presents loss from continuing operations before income taxes for U.S. and international operations based on the location of the entity to which such earnings are attributable: Year Ended December 31, 2020 2019 2018 Domestic $ (65.5) $ (65.6) $ (28.1) Foreign 1.1 (1.7) 3.0 Total $ (64.4) $ (67.3) $ (25.1) The following table presents the components of the income tax (benefit) expense: Year Ended December 31, 2020 2019 2018 Current Federal $ 0.2 $ 0.3 $ 0.3 Foreign 0.7 0.4 0.6 State and local 0.1 0.1 0.2 Subtotal 1.0 0.8 1.1 Deferred Federal (2.5) 0.1 (4.6) Foreign 1.1 0.6 (2.5) State and local (0.4) 0.1 — Subtotal (1.8) 0.8 (7.1) Total $ (0.8) $ 1.6 $ (6.0) As of December 31, 2020, we reviewed our position with regard to foreign unremitted earnings and determined that unremitted earnings would continue to be permanently reinvested. Accordingly, we have not recorded foreign withholding taxes on approximately $15.3 million of undistributed earnings of foreign subsidiaries that could be subject to taxation if remitted to the U.S. because we currently plan to keep these amounts permanently invested overseas. It is not practicable to calculate the residual income tax that would result if these basis differences reversed due to the complexities of the tax law and the hypothetical nature of the calculations. The following table presents the differences between our income tax benefit at the U.S. federal statutory income tax rate and our effective income tax rate: Year Ended December 31, 2020 2019 2018 Continuing operations tax at statutory rate $ (13.5) $ (14.1) $ (5.3) Increase in valuation allowances on deferred federal income tax assets 10.4 14.3 0.2 Increase in valuation allowances on deferred state income tax assets 2.6 2.1 0.7 State income tax benefit, net of federal benefit (2.7) (1.8) (0.6) Tax on foreign and foreign-source income 0.5 1.2 1.1 Permanent book/tax differences 0.6 1.1 1.7 Increase (decrease) in valuation allowances on deferred foreign income tax assets 1.3 0.1 (3.4) Impact of Tax Cuts and Jobs Act — — 0.1 Other — (1.3) (0.5) Total $ (0.8) $ 1.6 $ (6.0) The tax effects of principal temporary differences between the carrying amounts of assets and liabilities and their tax bases are summarized in the following table. Management believes it is more likely than not that the results of future operations will generate sufficient taxable income in the appropriate jurisdiction and foreign source income to realize deferred tax assets, net of valuation allowances. In arriving at this conclusion, we considered the profit or loss before tax generated for the years 2018 through 2020, as well as future reversals of existing taxable temporary differences and projections of future profit before tax and foreign source income. December 31, 2020 December 31, 2019 Deferred income tax assets (liabilities) Postretirement and postemployment benefits $ 15.8 $ 17.5 Net operating losses 38.1 25.1 Accrued expenses 5.0 4.2 Deferred compensation 3.2 2.6 Customer claims reserves 4.3 4.2 Goodwill 2.1 2.2 Pension benefit liabilities 0.3 3.5 Tax credit carryforwards 2.5 3.4 Intangibles 3.8 2.8 163(j) Disqualified Interest 2.3 0.6 Other 2.4 2.0 Total deferred income tax assets 79.8 68.1 Valuation allowances (48.5) (35.8) Net deferred income tax assets 31.3 32.3 Accumulated depreciation (20.7) (20.6) Inventories (6.1) (6.7) Other (2.5) (2.1) Total deferred income tax liabilities (29.3) (29.4) Net deferred income tax assets $ 2.0 $ 2.9 Deferred income taxes have been classified in the Consolidated Balance Sheet as: Deferred income tax assets—noncurrent $ 4.4 $ 5.3 Deferred income tax liabilities—noncurrent (2.4) (2.4) Net deferred income tax assets $ 2.0 $ 2.9 We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard for all periods, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and foreign source income, the duration of statutory carryforward periods and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are not used as positive evidence related to the realization of the deferred tax assets in the assessment. The following table presents the components of our valuation allowance against deferred income tax assets: Year Ended December 31, 2020 2019 Federal $ 33.1 $ 20.3 State 8.0 5.4 Foreign 7.4 10.1 Total $ 48.5 $ 35.8 The valuation allowances offset federal, state and foreign deferred tax assets, credits and operating loss carryforwards. The following is a summary of our NOL carryforwards: Year Ended December 31, 2020 2019 Federal $ 124.1 $ 54.7 State 103.0 56.7 Foreign 28.1 42.0 As of December 31, 2020, $74.0 million of state NOL carryforwards expire between 2021 and 2040; and $28.1 million foreign NOL carryforwards expire between 2021 and 2025. The remainder are available for carryforward indefinitely. We estimate we will need to generate future taxable income of approximately $209.0 million for state income tax purposes during the respective realization periods (ranging from 2021 to 2040) in order to fully realize the net deferred income tax assets discussed above. We have $1.3 million of unrecognized tax benefits ("UTBs") as of December 31, 2020. Of this amount, $0.1 million, net of federal benefit, if recognized in future periods, would impact the reported effective tax rate. It is reasonably possible that certain UTBs may increase or decrease within the next twelve months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities. Over the next twelve months, we estimate UTB's may decrease by $0.1 million related to state statutes expiring. The following table presents a reconciliation of the total amounts of UTBs, excluding interest and penalties: 2020 2019 2018 Unrecognized tax benefits as of January 1 $ 0.7 $ 1.6 $ 4.8 Gross change for current year positions — — 0.2 Increase for prior period positions 0.7 — — (Decreases) for prior period positions — (0.9) (3.4) Decrease due to statute expirations (0.1) — — Unrecognized tax benefits balance as of December 31 $ 1.3 $ 0.7 $ 1.6 The 2018 decrease related to prior period positions includes $3.1 million related to discontinued operations. We conduct business globally, and as a result, we file income tax returns in the U.S., various states and international jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world in such major jurisdictions as Australia, Canada, China and the U.S. Generally, we have open tax years subject to tax audit on average of between three years and six years. With few exceptions, the statute of limitations is no longer open for state or non-U.S. income tax examinations for the years before 2014. We have not significantly extended any open statutes of limitation for any major jurisdiction and have reviewed and accrued for, where necessary, tax liabilities for open periods. The tax years 2014 through 2019 are subject to future potential tax adjustments. The following table details amounts related to certain other taxes: Year Ended December 31, 2020 2019 2018 Payroll taxes $ 9.8 $ 10.0 $ 11.7 Property and franchise taxes 3.0 3.2 2.5 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS In November 2018, we entered into a definitive agreement to sell our wood business to TZI, an affiliate of AIP. The sale was completed in December 2018. The proceeds from the sale were $90.2 million, net of closing costs, transaction fees and taxes. The transaction was subject to a customary post-closing working capital adjustment process which resulted in a $1.9 million payment to TZI in the third quarter of 2019. On December 31, 2018, in connection with the sale of our wood business, TZI and AFI entered into agreements related to transition services, intellectual property and subleases. Pursuant to the transition service agreement AFI provided transitional services in areas including human resources, customer service, operations, finance and IT. In consideration for the services, TZI paid AFI $11.9 million of net fees that varied based on the scope of services provided, plus a $3.0 million administrative fee, which are reflected as a reduction of SG&A expense during year-ended December 31, 2019 and $0.5 million of net fees during year-ended December 31, 2020. TZI reimbursed AFI for AFI’s out-of-pocket costs and expenses in connection with providing the services. Pursuant to the intellectual property agreement, AFI provided TZI a non-exclusive, royalty-free, non-sublicensable, non-assignable license in and to certain trademarks. Under the sublease agreements TZI leased certain premises located at the AFI campus through March 30, 2021 with the option to terminate the sublease any time after six months from the effective date of the sublease with 30-days' prior notice. TZI terminated the lease in 2019 and paid a termination fee of $2.5 million. Sublease income received during year-ended December 31, 2019 prior to the termination totaled $1.4 million. As a part of the transition service agreement, we facilitated sales into Canada for TZI during year-ended December 31, 2019 through our Canadian subsidiary as an agent. The financial results of the wood business have been classified as discontinued operations for all periods presented. The Consolidated Statements of Cash Flows does not separately report the cash flows of the discontinued operation. The following is a summary of the operating results of the wood business, which are included in discontinued operations. These results exclude overhead allocations. Year Ended December 31, 2018 Net Sales $ 387.0 Cost of goods sold 330.7 Gross profit 56.3 Selling, general and administrative expenses 36.6 Operating earnings 19.7 Income tax expense 9.8 Net earnings from discontinued operations $ 9.9 The following is selected financial information included on the Consolidated Statements of Cash Flows attributable to the wood business: Year Ended December 31, 2018 Depreciation and Amortization $ 10.3 Capital Expenditures (8.0) The following is a summary of the results related to the net gain (loss) on disposal of wood business which is included in discontinued operations: Year Ended December 31, 2019 2018 Gain (loss) on disposal of discontinued operations before income tax $ 10.4 $ (153.8) Income tax expense — 0 Net gain (loss) on disposal of discontinued operations $ 10.4 $ (153.8) |
Earnings Per Share of Common St
Earnings Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Of Common Stock | EARNINGS PER SHARE OF COMMON STOCK The table below shows a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated. Year Ended December 31, 2020 2019 2018 (Loss) from continuing operations $ (63.6) $ (68.9) $ (19.1) Earnings (loss) from discontinued operations, net of tax — 10.4 (143.9) Net (loss) $ (63.6) $ (58.5) $ (163.0) Weighted average number of common shares outstanding 21,583,041 23,597,877 25,780,214 Weighted average number of vested shares not yet issued 345,513 518,460 188,195 Weighted average number of common shares outstanding - Basic 21,928,554 24,116,337 25,968,409 Dilutive stock-based compensation awards outstanding — — — Weighted average number of common shares outstanding - Diluted 21,928,554 24,116,337 25,968,409 (Loss) per share of common stock from continuing operations: Basic (loss) per share of common stock from continuing operations $ (2.90) $ (2.85) $ (0.73) Diluted (loss) per share of common stock from continuing operations $ (2.90) $ (2.85) $ (0.73) The diluted loss per share was calculated using basic common shares outstanding, as inclusion of potentially dilutive common shares would be anti-dilutive for those calculations. Performance-based employee compensation awards are considered potentially dilutive in the periods in which the performance conditions are met. The following awards were excluded from the computation of diluted (loss) earnings per share: Year Ended December 31, 2020 2019 2018 Potentially dilutive common shares excluded from diluted computation as inclusion would be anti-dilutive 982,133 611,399 474,910 Performance-based awards excluded from diluted computation, as performance conditions not met 142,817 343,505 862,256 |
Accounts And Notes Receivable
Accounts And Notes Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Receivables and Warranty Accruals [Abstract] | |
Accounts And Notes Receivable | ACCOUNTS AND NOTES RECEIVABLE The following table presents accounts and notes receivables, net of allowances: December 31, 2020 December 31, 2019 Customer trade accounts receivable $ 52.4 $ 47.1 Miscellaneous receivables (a) 9.0 7.2 Less: allowance for product warranties, discounts and losses (18.4) (18.2) Total $ 43.0 $ 36.1 (a) Miscellaneous receivables primarily relates to insurance receivables, the current portion of a distributor note receivable and tax claim receivables not included in Customer trade accounts receivable On January 1, 2020 we adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." The guidance requires immediate recognition of estimated credit losses that are expected to occur over the remaining life of many financial assets. Generally, we sell our products to select, pre-approved customers whose businesses are affected by changes in economic and market conditions. We consider these factors and the financial condition of each customer when establishing our allowance for expected credit losses. We adopted this ASU using the modified retrospective transition method. The adoption of the standard did not have a material impact on our results of operations or cash flows. Allowance for product claims represents expected reimbursements for cost associated with warranty repairs and customer accommodation claims, the majority of which is provided to our independent distributors through a credit against accounts receivable from the distributor to AFI. The following table summarizes the activity for the allowance for product claims: Year Ended December 31, 2020 2019 Balance as of January 1 $ (9.0) $ (6.4) Reductions for payments 7.5 6.8 Current year claim accruals (8.8) (9.4) Balance as of December 31 $ (10.3) $ (9.0) |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT The following table presents details related to our property, plant and equipment, net: December 31, 2020 December 31, 2019 Land $ 10.6 $ 28.2 Buildings 81.8 88.3 Machinery and equipment 458.9 444.6 Computer software 15.9 15.3 Construction in progress 16.4 19.2 Less accumulated depreciation and amortization (336.7) (318.4) Total $ 246.9 $ 277.2 Year Ended December 31, 2020 2019 Depreciation expense $ 40.8 $ 43.7 At September 30, 2020, the Company reclassified to Assets held-for-sale, $19.3 million of primarily land and buildings for two properties that met all related criteria under U.S. GAAP. During December 2020 we sold one of these properties located in Vicksburg, Mississippi which resulted in a gain of $0.2 million. The remaining property still classified as Assets held-for-sale at December 31, 2020 is located in South Gate, California. The ultimate sale of these assets is expected to occur within one year from initial classification as Assets held-for-sale. Long-lived assets that meet the held-for-sale criteria are reported at the lower of their carrying value or fair value, less estimated costs to sell. Assets held-for-sale are recorded as current assets and are presented as a separate caption on the Company's Consolidated Balance Sheets. The following table presents details related to our Assets held-for-sale: December 31, 2020 December 31, 2019 Land held for sale $ 16.9 $ — Buildings held for sale 0.8 — Other tangible assets 0.1 — Total $ 17.8 $ — |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS The following table details amounts related to our intangible assets: December 31, 2020 December 31, 2019 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Long-lived intangible assets Contractual arrangements 5 years $ 36.6 $ 24.1 $ 36.4 $ 17.3 Intellectual property 2-15 years 5.6 2.0 5.3 1.7 Subtotal 42.2 26.1 41.7 19.0 Indefinite-lived intangible assets Trademarks and brand names Indefinite 2.9 2.7 Total $ 45.1 $ 26.1 $ 44.4 $ 19.0 Year Ended December 31, 2020 2019 2018 Amortization expense $ 7.0 $ 7.0 $ 7.2 2021 2022 2023 2024 2025 Expected annual amortization expense $ 7.0 $ 3.7 $ 0.4 $ 0.4 $ 0.4 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable And Accrued Expenses | ACCOUNTS PAYABLE AND ACCRUED EXPENSES The following table details amounts related to our accounts payable and accrued expenses: December 31, 2020 December 31, 2019 Payables, trade and other $ 78.5 $ 70.5 Accrued payroll and other employee costs 14.8 13.8 Other accrued expenses 17.6 16.8 Current operating lease liabilities 2.7 3.3 Income tax payable 0.1 — Total $ 113.7 $ 104.4 |
Pension And Other Postretiremen
Pension And Other Postretirement Benefit Programs | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Programs | PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS We have defined-benefit pension and other postretirement benefit plans covering eligible employees in North America. Benefits from defined-benefit pension plans are based primarily on years of service. We fund our pension plans when appropriate. We fund postretirement benefits on a pay-as-you-go basis, with the retiree paying a portion of the cost for health care benefits by means of deductibles and contributions. In recent months, our company approved two plan changes. One of our U.S. defined-benefit pension plans, the Retirement Income Plan ("RIP"), was amended as of December 31, 2020 to freeze the accrual of additional benefits for the company's non-union production employees and Lancaster International Association of Machinists and Aerospace Workers participants. Also, our U.S. postretirement plan’s life insurance benefit is no longer being offered for hourly participants at various locations (Beech Creek, Kankakee, South Gate and Stillwater) and for traditional salaried participants who retire on or after January 1, 2021. We also have defined contribution plans providing for the Company to contribute a specified matching amount for participating employees’ contributions to the plan. The matching amount is dependent upon employee classification, but is generally either a 50% match on the first 6% of pay contributed with a maximum company matching contribution of 3% or a 100% match on the first 4% of pay contributed plus 50% match on the next 4% of pay contributed with a maximum company matching contribution of 6%. Participants become vested in the Company’s matching amount when they have completed three calendar years of company service and worked at least 1,000 hours in each year. Costs for defined-contribution plans were $3.6 million and $5.5 million in 2020 and 2019, respectively. The decrease during 2020 was due to the suspension of Company contributions from May 2020 through September 2020 as a countermeasure to the impact of the COVID 19 pandemic. Defined-Benefit Pension Plans The following tables summarize the balance sheet impact of the pension benefit plans, as well as the related benefit obligations, assets, funded status and rate assumptions. The pension benefits disclosures include both the qualified, funded RIP and the Retirement Benefit Equity Plan, which is a nonqualified, unfunded plan designed to provide pension benefits in excess of the limits defined under Sections 415 and 401(a)(17) of the Internal Revenue Code. The disclosures also include our two Canadian pension plans. U.S. Pension Plans Canadian Pension Plans 2020 2019 2020 2019 Change in benefit obligation: Projected benefit obligations as of January 1 $ 394.6 $ 346.4 $ 16.3 $ 15.6 Service cost 2.6 2.7 — — Interest cost 12.5 15.0 0.5 0.6 Foreign currency translation adjustment — — 0.4 0.6 Effect of plan curtailment (0.9) — — — Actuarial loss 30.4 49.2 1.2 1.3 Benefits paid (20.8) (18.7) (1.3) (1.8) Projected benefit obligations as of December 31 418.4 394.6 17.1 16.3 Change in plan assets: Fair value of plan assets as of January 1 380.7 337.1 14.2 13.6 Actual return on plan assets 57.2 62.2 1.4 1.7 Employer contribution 0.1 0.1 0.1 0.1 Foreign currency translation adjustment — — 0.4 0.6 Benefits paid (20.8) (18.7) (1.3) (1.8) Fair value of plan assets as of December 31 417.2 380.7 14.8 14.2 Funded status of the plans $ (1.2) $ (13.9) $ (2.3) $ (2.1) Accumulated benefit obligation as of December 31 $ 418.4 $ 393.2 $ 17.1 $ 16.3 Changes in actuarial losses related to the change in the benefit obligation for the U.S. and Canadian pension plans for the years ended December 31, 2020 and 2019, respectively, were primarily due to the decrease in the discount rate each period. The table below presents the weighted-average assumptions used in computing the benefit obligations and net periodic benefit cost for the defined-benefit pension plans: U.S. Pension Plans Canadian Pension Plans 2020 2019 2020 2019 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 2.50 % 3.25 % 2.30 % 3.00 % Rate of compensation increase 3.25 % 3.25 % n/a n/a Weighted average assumptions used to determine net periodic benefit cost for the period: Discount rate 3.25 % 4.40 % 3.00 % 3.80 % Expected return on plan assets 5.70 % 6.30 % 4.00 % 4.90 % Rate of compensation increase 3.25 % 3.25 % n/a n/a Basis of Rate-of-Return Assumption Long-term asset class return assumptions are determined based on the expected performance of the asset classes over 20 years. For the U.S. plans, these forecasted gross returns were reduced by estimated management fees and expenses, yielding a long-term return forecast of 5.70% and 6.30% for the years ended December 31, 2020 and 2019, respectively. For our Canadian plans, these forecasted gross returns were reduced by estimated management fees and expenses, yielding a long-term return forecast of 4.00% and 4.90% for the years ended December 31, 2020 and 2019, respectively. Defined-benefit pension plans with benefit obligations in excess of plan assets were as follows: U.S. Pension Plans Canadian Pension Plans 2020 2019 2020 2019 Projected benefit obligation, December 31 $ 2.3 $ 394.6 $ 16.7 $ 15.8 Accumulated benefit obligation, December 31 2.3 393.2 16.7 15.8 Fair value of plan assets, December 31 — 380.7 14.4 13.7 Changes in the above table related to U.S. pension plans are due to the one defined benefit pension plan that changed from an underfunded liability position at December 31, 2019 to prepaid asset position at December 31, 2020. This plan had a prepaid asset balance of $1.1 million at December 31, 2020 compared to an underfunded liability balance of $11.8 million at December 31, 2019. The components of net periodic pension cost for the U.S. and Canadian defined-benefit pension plans were as follows: Year Ended December 31, U.S. Pension Plans Canadian Pension Plans 2020 2019 2018 2020 2019 2018 Service cost of benefits earned during the period $ 2.6 $ 2.7 $ 3.8 $ — $ — $ — Interest cost on projected benefit obligation 12.5 15.0 14.6 0.5 0.6 0.6 Expected return on plan assets (21.3) (21.7) (22.2) (0.5) (0.7) (0.8) Recognized net actuarial loss 10.1 9.7 10.7 0.3 0.4 0.2 Net periodic pension cost $ 3.9 $ 5.7 $ 6.9 $ 0.3 $ 0.3 $ — Investment Policies Our primary investment objective is to maintain the funded status of the plans such that the likelihood that we will be required to make significant contributions to the plan is limited. This objective is expected to be achieved by: • Investing a substantial portion of the plan assets in high quality corporate and treasury bonds whose duration is at least equal to that of the plan’s liabilities such that there is a relatively high correlation between the movements of the plan’s liability and asset values. • Investing in publicly traded equities in order to increase the ratio of plan assets to liabilities over time. • Limiting investment return volatility by diversifying among additional asset classes with differing expected rates of return and return correlations. Each asset class used has a defined asset allocation target and allowable range. The tables below show the asset allocation targets and the December 31, 2020 and 2019 positions for each asset class: Target Weight at Position at December 31, December 31, 2020 2020 2019 U.S. Asset Class Fixed income securities 60 % 54 % 55 % Equities 40 % 46 % 45 % Canadian Asset Class Fixed income securities 50 % 50 % 50 % Equities 48 % 48 % 48 % Other 2 % 2 % 2 % Pension plan assets are required to be reported and disclosed at fair value in the financial statements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Three levels of inputs may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following tables set forth by level within the fair value hierarchy a summary of the U.S. and Canadian defined-benefit pension plan assets, net of payables for administrative expenses, measured at fair value on a recurring basis: Value at December 31, 2020 Level 1 Level 2 Level 3 Total U.S. Plans Fixed income securities $ — $ 226.5 $ — $ 226.5 Equities — 191.0 — 191.0 Other (0.3) — — (0.3) Net assets measured at fair value $ (0.3) $ 417.5 $ — $ 417.2 Value at December 31, 2019 Level 1 Level 2 Level 3 Total U.S. Plans Fixed income securities $ — $ 207.9 $ — $ 207.9 Equities — 173.2 — 173.2 Other (0.4) — — (0.4) Net assets measured at fair value $ (0.4) $ 381.1 $ — 380.7 Value at December 31, 2020 Level 1 Level 2 Level 3 Total Canadian Plans Fixed income securities $ — $ 7.5 $ — $ 7.5 Equities — 7.1 — 7.1 Other 0.2 — — 0.2 Net assets measured at fair value $ 0.2 $ 14.6 $ — $ 14.8 Value at December 31, 2019 Level 1 Level 2 Level 3 Total Canadian Plans Fixed income securities $ — $ 7.0 $ — $ 7.0 Equities — 6.9 — 6.9 Other 0.3 — — 0.3 Net assets measured at fair value $ 0.3 $ 13.9 $ — $ 14.2 Following is a description of the valuation methodologies used for assets. Fixed income securities - Consists of registered investment funds, common trust funds, collective trust funds and segregated funds investing in fixed income securities tailored to institutional investors. The fair values of the investments in this class are based on the underlying securities in each fund’s portfolio, which is the amount the fund would receive for the security upon a current sale. Equities - Consists of investments in funds investing in equities tailored to institutional investors. The fair value of each fund is based on the underlying securities in each fund’s portfolio, which is the amount the fund would receive for the security upon a current sale. Other - Consists of cash and cash equivalents and other payables and receivables (net). The carrying amounts of cash and cash equivalents approximate fair value due to the short-term maturity of these instruments. The carrying amounts of payables and receivables approximate fair value due to the short-term nature of these instruments. Defined-Benefit Postretirement Benefit Plans The following tables summarize the balance sheet impact of the postretirement benefit plans, as well as the related benefit obligations, assets, funded status and rate assumptions. 2020 2019 Change in benefit obligation: Projected benefit obligations as January 1 $ 65.3 $ 62.2 Service cost — 0.2 Interest cost 1.9 2.5 Plan participants' contributions 1.2 2.2 Plan amendments (6.4) (2.6) Actuarial loss 4.5 10.0 Benefits paid (6.9) (9.2) Projected benefit obligation as of December 31 59.6 65.3 Change in plan assets: Fair value of plan assets as January 1 — — Employer contribution 5.7 7.0 Plan participants' contribution 1.2 2.2 Benefits paid (6.9) (9.2) Fair value of plan assets as of December 31 — — Funded status of the plans $ (59.6) $ (65.3) The change in actuarial loss related to the change in the benefit obligation for the postretirement benefit plans for the year ended December 31, 2020 was primarily due to the decrease in the discount rate and new claim costs being higher than assumed, partially offset by a gain from the census data updates. The change in actuarial loss related to the change in the benefit obligation for the postretirement benefit plans for the year ended December 31, 2019 was primarily due to the decrease in the discount rate, medical trend assumption changes and new claim costs being higher than assumed. The table below presents the weighted-average assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. defined-benefit postretirement benefit plans: 2020 2019 Weighted average discount rate used to determine benefit obligations as of December 31 2.45 % 3.20 % Weighted average discount rate used to determine net periodic benefit cost 3.20 % 4.30 % The components of net periodic postretirement (benefit) cost were as follows: Year Ended December 31, 2020 2019 2018 Service cost of benefits earned during the period $ — $ 0.2 $ 0.4 Interest cost on accumulated postretirement benefit obligations 1.9 2.5 2.6 Amortization of prior service (credit) (0.2) — — Amortization of net actuarial (gain) (4.8) (3.1) (2.5) Net periodic postretirement (benefit) cost $ (3.1) $ (0.4) $ 0.5 As a result of the elimination of future life insurance benefits for certain employees, we recorded a curtailment gain of $1.8 million in 2020 in other income. This gain is not reflected in the above table. For measurement purposes, an average rate of annual increase in the per capita cost of covered health care benefits of 6.7% for pre-65 retirees was assumed for 2021, decreasing ratably to an ultimate rate of 4.5% by 2027. Financial Statement Impacts Amounts recognized in assets and (liabilities) on the Consolidated Balance Sheets at year end consist of: U.S. Pension Benefits Canadian Pension Benefits Postretirement Benefits 2020 2019 2020 2019 2020 2019 Other noncurrent assets $ 1.1 $ — $ — $ — $ — $ — Accounts payable and accrued expenses — — — — (4.0) (5.6) Postretirement benefit liabilities — — — — (55.6) (59.7) Pension benefit liabilities (2.3) (13.9) (2.3) (2.1) — — Net amount recognized $ (1.2) $ (13.9) $ (2.3) $ (2.1) $ (59.6) $ (65.3) Pre-tax amounts recognized in AOCI at year end for our pension and postretirement benefit plans consist of: U.S. Pension Benefits Canadian Pension Benefits Postretirement Benefits 2020 2019 2020 2019 2020 2019 Net actuarial gain (loss) $ (106.7) $ (123.1) $ (4.9) $ (4.8) $ 25.6 $ 30.5 We expect to contribute $0.1 million each to our U.S. and Canadian defined-benefit pension plans and $4.1 million to our U.S. postretirement benefit plans in 2021. Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years for our U.S. and Canadian plans: U.S. Pension Benefits Canadian Pension Benefits Postretirement Benefits 2021 $ 19.9 $ 1.3 $ 4.1 2022 20.9 1.3 3.8 2023 21.6 1.2 3.6 2024 21.7 1.2 3.5 2025 22.1 1.1 3.4 2026-2030 114.1 5.3 15.7 These estimated benefit payments are based on assumptions about future events. Actual benefit payments may vary significantly from these estimates. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to market risk from changes in foreign currency exchange rates that could impact our financial condition, results of operations and cash flows. We enter into derivative contracts, including contracts to hedge our foreign currency exchange rate exposures. Exposure to individual counterparties is controlled and derivative financial instruments are entered into with a diversified group of major financial institutions. Forward swap contracts are entered into for periods consistent with underlying exposure and do not constitute positions independent of those exposures. Derivative instruments are viewed as risk management tools by the Company and are not used for trading or speculative purposes. All derivative instruments are recorded on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting. Counterparty Risk We only enter into derivative transactions with established counterparties having a credit rating of BBB or better. Counterparty credit default swap levels and credit ratings are monitored on a regular basis in an effort to reduce the risk of counterparty default. All of our derivative transactions with counterparties are governed by master International Swap and Derivatives Association agreements (“ISDAs”) with netting arrangements. These agreements can limit exposure in situations where gain and loss positions are outstanding with a single counterparty. We neither post nor receive cash collateral with any counterparty for our derivative transactions. These ISDAs do not have credit contingent features; however, a default under our Credit Facility would trigger a default under these agreements. Currency Rate Risk – Sales and Purchases We manufacture and sell our products in a number of countries and, as a result, we are exposed to movements in foreign currency exchange rates. To a large extent, our global manufacturing and sales provide a natural hedge of foreign currency exchange rate movement, as foreign currency expenses generally offset foreign currency revenues. We manage our cash flow exposures on a net basis and use derivatives to hedge the majority of our unmatched foreign currency cash inflows and outflows. Before considering the impacts of any hedging, our major foreign currency exposures as of December 31, 2020, based on operating profits by currency, are from the Canadian Dollar, the Chinese Renminbi and the Australian Dollar. We use foreign currency forward exchange contracts to reduce our exposure to the risk that the eventual net cash inflows and outflows resulting from the sale of products to foreign customers and purchases from foreign suppliers will be adversely affected by changes in exchange rates. These derivative instruments are used for forecasted transactions and are classified as cash flow hedges. These cash flow hedges are executed quarterly, generally up to 18 months forward. The notional amount of these hedges was $17.3 million and $23.1 million as of December 31, 2020 and 2019, respectively. Gains and losses on these instruments are recorded in AOCI, to the extent effective, until the underlying transaction is recognized in earnings. The mark-to-market gains or losses on ineffective portions of hedges are recognized in SG&A expense. Currency Rate Risk – Intercompany Loans and Dividends We may use foreign currency forward exchange contracts to hedge exposures created by cross-currency intercompany loans and dividends. The translation adjustments related to these loans are recorded in other (income) expense, net . The offsetting gains and losses on the related derivative contracts are also recorded in other (income) expense, net . These contracts are decreased or increased as repayments are made or additional intercompany loans are extended or adjusted for intercompany dividend activity as necessary. The notional amount of these hedges was $12.1 million and $16.6 million as of December 31, 2020 and 2019, respectively. Financial Statement Impacts The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets. The foreign exchange contracts outstanding are presented gross as we have not netted derivative assets with derivative liabilities: December 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Derivatives designated as cash flow hedging instruments: Foreign exchange contracts $ — $ 1.0 $ — $ 0.4 Derivatives not designated as hedging instruments: Foreign exchange contracts — 0.1 — 0.3 Total $ — $ 1.1 $ — $ 0.7 The following tables summarize the impact of the effective portion of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss): Gains (losses) recognized in other comprehensive income (loss) (Losses) gains reclassified from Year Ended December 31, Year Ended December 31, 2020 2019 2018 2020 2019 2018 Cash flow hedges: Foreign exchange contracts $ 0.3 $ (0.8) $ 2.0 $ (0.2) $ 0.7 $ (0.3) Gains recognized in income Year Ended December 31, 2020 2019 2018 Non-designated hedges: Foreign exchange contracts $ 0.3 $ 0.1 $ 1.5 Derivative assets are classified within prepaid expenses and other current assets as well as other non-current assets on the Consolidated Balance Sheets. Derivative liabilities are classified within accounts payable and accrued expenses as well as other long-term liabilities on the Consolidated Balance Sheets. Gains (losses) from derivatives were included in net sales and cost of goods sold on the Consolidated Statements of Operations. As of December 31, 2020, the amount of existing gains in AOCI expected to be recognized in earnings over the next twelve months is $0.8 million. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS Financial instruments are required to be disclosed at fair value in the financial statements. The fair value of cash, accounts and notes receivable and accounts payable and accrued expenses approximate their carrying amounts due to the short-term maturities of these assets and liabilities. Fair Value at December 31, 2020 Carrying amount Level 1 Level 2 Level 3 Total Financial liabilities Foreign exchange contracts $ 1.1 $ 1.1 $ — $ — $ 1.1 Total Amended ABL Credit Facility 10.0 — 10.0 — 10.0 Total foreign credit facilities 4.5 — 4.5 — 4.5 Term Loan Facility 70.0 — 73.8 — 73.8 Total financial liabilities $ 85.6 $ 1.1 $ 88.3 $ — $ 89.4 Fair Value at December 31, 2019 Carrying amount Level 1 Level 2 Level 3 Total Financial liabilities Foreign exchange contracts $ 0.7 $ 0.7 $ — $ — $ 0.7 Total Amended ABL Credit Facility 42.2 — 42.2 — 42.2 Total financial liabilities $ 42.9 $ 0.7 $ 42.2 $ — $ 42.9 The fair values of our net foreign currency contracts were estimated from market quotes, which are considered to be Level 1 inputs. Borrowings under the Amended ABL Credit Facility and the Term Loan Facility are quoted in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the liability (Level 2 inputs). We do not have any assets or liabilities that are valued using Level 3 unobservable inputs. |
Stockholders' Equity
Stockholders' Equity | 26 Months Ended |
May 03, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | STOCKHOLDERS' EQUITY Common Stock Repurchase Plan On March 6, 2017, we announced that our Board had approved a share repurchase program pursuant to which we were authorized to repurchase up to $50.0 million of our outstanding shares of common stock. From inception of the share repurchase program through May 3, 2019, we repurchased approximately 2.5 million shares for a total cost of $41.0 million, with an average price of $16.23 per share. On May 3, 2019, we announced that our Board had authorized an increased share repurchase program for an additional $50.0 million beyond the $41.0 million already repurchased under the prior share repurchase program, effective immediately. Repurchases under the new program could be made through open market, block and privately negotiated transactions, including Rule 10b5-1 plans, at times and in such amounts as management deemed appropriate, subject to market and business conditions, regulatory requirements and other factors. On May 17, 2019, we announced the commencement of a modified "Dutch auction" self-tender offer to repurchase up to $50.0 million in cash of shares of our common stock. As a result of the auction, on June 21, 2019 we purchased 4,504,504 shares of common stock at a purchase price of $11.42 per share, for a total cost of $51.4 million , including fees and expenses. After the completion of the tender offer, we have no remaining authorization to purchase further shares. Accumulated Other Comprehensive (Loss) The amounts and related tax effects allocated to each component of AOCI in 2020, 2019 and 2018 are presented in the table below: Pre-tax Amount Tax Impact After-tax Amount 2020 Foreign currency translation adjustments $ 7.2 $ — $ 7.2 Derivative adjustments (0.6) 0.2 (0.4) Pension and postretirement adjustments 11.5 (2.9) 8.6 Total other comprehensive income $ 18.1 $ (2.7) $ 15.4 2019 Foreign currency translation adjustments $ (2.2) $ — $ (2.2) Derivative adjustments (1.5) 0.1 (1.4) Pension and postretirement adjustments (9.5) — (9.5) Total other comprehensive loss $ (13.2) $ 0.1 $ (13.1) 2018 Foreign currency translation adjustments $ (6.0) $ — $ (6.0) Derivative adjustments 2.3 (0.6) 1.7 Pension and postretirement adjustments 8.5 (0.7) 7.8 Total other comprehensive income $ 4.8 $ (1.3) $ 3.5 The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2020 and 2019: Foreign Currency Translation Adjustments Derivative Adjustments Pension and Postretirement Adjustments Total Accumulated Other Comprehensive (Loss) Balance, December 31, 2018 $ 1.7 $ 0.8 $ (64.1) $ (61.6) Other comprehensive (loss) income before reclassifications, net of tax impact of $— , $0.1, $— and $0.1 (2.2) (0.7) (16.5) (19.4) Amounts reclassified from accumulated other comprehensive (loss) income — (0.7) 7.0 6.3 Net current period other comprehensive (loss) income (2.2) (1.4) (9.5) (13.1) Balance, December 31, 2019 $ (0.5) $ (0.6) $ (73.6) $ (74.7) Other comprehensive income (loss) before reclassifications, net of tax impact of $—, $0.2, , $(2.0) and $(1.8) 7.2 (0.2) 5.9 12.9 Amounts reclassified from accumulated other comprehensive (loss) income — (0.2) 2.7 2.5 Net current period other comprehensive income (loss) income 7.2 (0.4) 8.6 15.4 Balance, December 31, 2020 $ 6.7 $ (1.0) $ (65.0) $ (59.3) The amounts reclassified from AOCI and the affected line item of the Consolidated Statements of Operations are presented in the table below. Year Ended December 31, 2020 2019 2018 Affected Line Item Derivative adjustments Foreign exchange contracts - purchases $ (0.1) $ (0.4) $ (0.1) Cost of goods sold Foreign exchange contracts - sales (0.1) (0.3) 0.4 Net sales Foreign exchange contracts - sales — — 0.1 Earnings from discontinued operations Total reclassifications before tax (0.2) (0.7) 0.4 Tax impact — — (0.1) Income tax (benefit) expense Total reclassifications, net of tax (0.2) (0.7) 0.3 Pension and postretirement adjustments Prior service credit amortization (2.0) — — Other (income) expense, net Amortization of net actuarial loss 5.6 7.0 8.4 Other (income) expense, net Amortization of net actuarial loss — — (0.1) Earnings from discontinued operations Total reclassifications before tax 3.6 7.0 8.3 Tax impact (0.9) — (1.8) Income tax (benefit) expense Tax impact — — 0.1 Earnings from discontinued operations Total reclassifications, net of tax 2.7 7.0 6.6 Total reclassifications for the period $ 2.5 $ 6.3 $ 6.9 |
Litigation And Related Matters
Litigation And Related Matters | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation And Related Matters | LITIGATION AND RELATED MATTERS Environmental Matters Environmental Compliance Our manufacturing and research facilities are affected by various federal, state and local requirements relating to the discharge of materials and the protection of the environment. We make expenditures necessary for compliance with applicable environmental requirements at each of our operating facilities. These regulatory requirements continually change, therefore we cannot predict with certainty future expenditures associated with compliance with environmental requirements. Environmental Sites In connection with our current or legacy manufacturing operations, or those of former owners, we may from time to time become involved in the investigation, closure and/or remediation of existing or potential environmental contamination under the Comprehensive Environmental Response, Compensation and Liability Act as well as state or international Superfund and similar type environmental laws. For those matters, we may have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies; however, we cannot predict with certainty the future identification of or expenditure for any investigation, closure or remediation of any environmental site. Summary of Financial Position There were no material liabilities recorded as of December 31, 2020 and December 31, 2019 for potential environmental liabilities that we consider probable and for which a reasonable estimate of the probable liability could be made. Other Claims We are involved in various lawsuits, claims, investigations and other legal matters from time to time that arise in the ordinary course of conducting business, including matters involving our products, intellectual property, relationships with suppliers, distributors and competitors, employees and other matters. For example, we are currently a party to various litigation matters that involve product liability, tort liability and other claims under a wide range of allegations, including illness due to exposure to certain chemicals used in the workplace, or medical conditions arising from exposure to product ingredients or the presence of trace contaminants. In some cases, these allegations involve multiple defendants and relate to legacy products that we and other defendants purportedly manufactured or sold. We believe these claims and allegations to be without merit and intend to defend them vigorously. For these matters, we also may have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. On November 15, 2019, a shareholder filed a putative class action complaint in the United States District Court for the Central District of California alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder, based on alleged false and/or misleading statements or omissions made between March 6, 2018 and November 4, 2019. On March 2, 2020, the court issued an order appointing a lead plaintiff and lead counsel. On July 2, 2020, the lead plaintiff filed an amended complaint asserting similar violations and expanding the alleged class period to cover alleged false and/or misleading statements or omissions made between March 6, 2018 and March 3, 2020. On August 17, 2020, the Company moved to dismiss the amended complaint, and the lead plaintiff filed an opposition on October 1, 2020. On November 30, 2020, the Company reached a settlement in principle to fully resolve this matter. The settlement agreement, which is subject to final court approval, provides in part for a settlement payment of $3.75 million in exchange for the dismissal and a release of all claims against the defendants. Neither the Company nor any individual defendant admits any wrongdoing through the settlement agreement. The $3.75 million settlement payment will be paid by our insurance provider under our relevant insurance policy. On January 15, 2021, the lead plaintiff filed a motion for preliminary approval of the settlement. On February 23, 2021, the court granted preliminary approval of the settlement, preliminary certification of the settlement class and approval to provide notice to the class. The final settlement approval hearing is currently scheduled for July 19, 2021. The Company has recognized a corresponding $3.75 million insurance receivable and $3.75 million accrued expense related to this matter in the captions Accounts and notes receivable, net and Accounts payable and accrued expenses on the Consolidated Balance Sheets as of December 31, 2020. While complete assurance cannot be given to the outcome of these proceedings, we do not believe that any of these matters, individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or cash flows. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) 2020 Quarter Ended March 31 June 30 September 30 December 31 Net sales $ 138.7 $ 145.6 $ 156.6 $ 143.9 Gross profit 23.3 24.7 27.6 7.9 (Loss) from continuing operations (13.2) (6.3) (11.7) (32.4) Per share of common stock: Basic $ (0.60) $ (0.29) $ (0.53) $ (1.48) Diluted (0.60) (0.29) (0.53) (1.48) 2019 Quarter Ended March 31 June 30 September 30 December 31 Net sales $ 141.7 $ 177.7 $ 165.6 $ 141.3 Gross profit 22.1 36.2 11.8 15.2 (Loss) earnings from continuing operations (16.6) 5.3 (29.7) (27.9) Per share of common stock: Basic $ (0.63) $ 0.20 $ (1.36) $ (1.27) Diluted (0.63) $ 0.20 (1.36) (1.27) The amounts above are reported on a continuing operations basis. The sum of the quarterly earnings per share data may not equal the total year amounts due to changes in the average shares outstanding or rounding and, for diluted data, the exclusion of the anti-dilutive effect in certain quarters. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Reserves | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Reserves | SCHEDULE II Armstrong Flooring, Inc. Valuation and Qualifying Reserves ( Dollars in millions ) Balance at beginning of year Additions charged to earnings Deductions ASC 606 Cumulative Adjustment Balance at end of year 2020 Provision for current expected credit losses (a) $ 0.8 $ — $ (0.2) $ — $ 0.6 Provision for discounts 8.4 51.8 (52.7) — 7.5 Provision for warranties 9.0 8.8 (7.5) — 10.3 Reserve for inventory obsolescence 6.6 1.3 (0.9) — 7.0 Valuation allowance for deferred tax assets 35.8 12.7 — — 48.5 2019 Provision for doubtful accounts (a) $ 0.6 $ 0.3 $ (0.1) $ — $ 0.8 Provision for discounts 5.6 72.1 (69.3) — 8.4 Provision for warranties 6.4 9.4 (6.8) — 9.0 Reserve for inventory obsolescence 0.6 9.1 (3.1) — 6.6 Valuation allowance for deferred tax assets 29.7 6.1 — — 35.8 2018 Provision for doubtful accounts (a) $ 0.4 $ 0.2 $ — $ — $ 0.6 Provision for discounts 6.0 61.0 (59.7) (1.7) 5.6 Provision for warranties 5.6 6.6 (7.5) 1.7 6.4 Reserve for inventory obsolescence 0.9 0.3 (0.6) — 0.6 Valuation allowance for deferred tax assets 29.7 — — — 29.7 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSOn February 25, 2021, the Company entered into a definitive agreement to sell its South Gate, California facility for a purchase price of $76.7 million. The Company will receive initial proceeds of approximately $65.0 million, net of fees, expenses and certain amounts held in an environmental-related escrow account. The transaction is subject to customary closing conditions and is expected to close during the first quarter of 2021. At December 31, 2020, the Company classified $17.8 million of primarily land and buildings associated with the South Gate, California facility as Assets held-for-sale on the Consolidated Balance Sheets. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation Policy | Consolidation Policy The Consolidated Financial Statements and accompanying data in this report include the accounts of AFI and its subsidiaries. Intercompany accounts and transactions have been eliminated from the Consolidated Financial Statements. |
Use of Estimates | Use of Estimates We prepare our financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. When preparing an estimate, management determines the amount based upon the consideration of relevant internal and external information. Actual results may differ from these estimates. |
Revenue Recognition | Revenue Recognition We recognize revenue when control of the promised goods is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. Our primary performance obligation to our customers is the delivery of flooring products pursuant to purchase orders. Control of the products we sell generally transfers to our customers at the point in time when the goods are shipped. Our standard sales terms are primarily free-on-board shipping point. Our typical payment terms are 30 days and our sales arrangements do not contain any significant financing component for our customers. Our customer arrangements do not generate contract assets or liabilities that are material to the Consolidated Financial Statements. Each purchase order sets forth the transaction price for the products purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, some of which depend upon our customers meeting specified performance criteria, such as a purchasing level over a period of time. We use judgment to estimate the most likely amount of variable consideration at each reporting date. Costs to obtain a contract are capitalized and amortized over the life of the related contract when the incremental costs directly relate to a specific contract, generates or enhances resources of the company that will be used to satisfy performance of the terms of the contract and the cost are expected to be recovered from the customer. During the fourth quarter of 2020 we capitalized $1.1 million of costs to obtain a contract, related to a single new arrangement, which will be amortized over the three year contractual agreement. We disaggregate revenue based on customer geography as this category represents the most appropriate depiction of how the nature, timing and uncertainty of revenues and cash flows are impacted by economic factors. See Note 3, Nature of Operations, to the Consolidated Financial Statements for our revenues disaggregated by geography. |
Warranties | Warranties - We provide our customers with a product warranty that provides assurance that the products we sell meet standard specifications and are free of defects. We maintain a reserve for claims and related costs based on historical experience and periodically adjusts these provisions to reflect actual experience. |
Sales Incentives | Sales Incentives - Sales incentives to customers are reflected as a reduction of net sales. |
Shipping and Handling Costs | Shipping and Handling Costs - We treat shipping and handling that occurs after customers obtain control of the products as a fulfillment activity and not as a promised service. Shipping and handling costs are reflected as a component of cost of goods sold. |
Advertising Costs | Advertising Costs |
Pension and Postretirement Benefits | Pension and Postretirement Benefits We have benefit plans that provide for pension, medical and life insurance benefits to certain eligible employees when they retire from active service. The cost of plan amendments that provide for benefits already earned by plan participants is amortized over the expected future working lifetime or the life expectancy of plan participants. A market-related value of plan assets methodology is utilized in the calculation of expected return on assets. The methodology recognizes gains and losses on long duration bonds immediately, while gains and losses on other assets are recognized in the calculation over a five-year period. We use a December 31 measurement date for our pension and postretirement benefit plans. See Note 15, Pension and Other Postretirement Benefit Programs, to the Consolidated Financial Statements for additional information. |
Taxes | Taxes The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes to reflect the expected future tax consequences of events recognized in the Consolidated Financial Statements. Deferred income tax assets and liabilities are recognized by applying enacted tax rates to temporary differences that exist as of the balance sheet date which result from differences in the timing of reported taxable income between tax and financial reporting. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard for all periods, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and foreign source income, the duration of statutory carryforward periods and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are not used as positive evidence related to the realization of the deferred tax assets in the assessment. We recognize the tax benefits of an uncertain tax position only if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earlier. We account for all interest and penalties on uncertain income tax positions as income tax expense. See Note 6, Income Taxes, to the Consolidated Financial Statements for additional information. |
Earnings per Share | Earnings Per ShareBasic earnings per share is computed by dividing the earnings attributable to common shares by the sum of the weighted average number of shares of common stock outstanding during the period and the weighted average number of stock-based awards that have vested but not yet been issued during the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings. See Note 8, Earnings Per Share of Common Stock, to the Consolidated Financial Statements for additional information. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term investments that have maturities of three months or less when purchased. The Company has no restricted cash. |
Receivables | Receivables We sell the vast majority of our products to select, pre-approved customers using customary trade terms that allow for payment in the future. Customer trade receivables and miscellaneous receivables, net of allowances for current expected credit losses, customer credits and warranties are reported in accounts and notes receivable on a net basis. Cash flows from the collection of receivables are classified as operating cash flows on the Consolidated Statements of Cash Flows. |
Inventories | Inventories U.S. inventories are valued at the lower of cost or market and cost is determined using the last-in, first-out ("LIFO") method of accounting. Non-U.S. inventories are valued at the lower of cost or net realizable value and cost is determined using the first-in, first-out ("FIFO") method of accounting. Additionally, inventory balances are adjusted for estimated obsolete or unmarketable inventory equal to the difference between the cost of inventory and its net realizable value or estimated market value, as applicable. See Note 10, Inventories, to the Consolidated Financial Statements for additional information. |
Property Plant and Equipment | Property Plant and Equipment Property, plant and equipment is recorded at cost reduced by accumulated depreciation. Depreciation expense is recognized on a straight-line basis over assets’ estimated useful lives. Machinery and equipment includes manufacturing equipment (depreciated over 3 to 15 years), computer equipment (depreciated over 3 to 5 years) and office furniture and equipment (depreciated over 5 to 7 years). Within manufacturing equipment, assets that are subject to accelerated obsolescence or wear, such as tooling and engraving equipment, are depreciated over shorter periods (3 to 7 years). Heavy production equipment, such as conveyors, kilns and mixers, are depreciated over longer periods (10 to 15 years). Buildings are depreciated over 15 to 30 years, depending on factors such as type of construction and use. Computer software is amortized over 3 to 7 years. Property, plant and equipment is tested for impairment when indicators of impairment exist, such as operating losses and/or negative cash flows. If an evaluation of the undiscounted future cash flows generated by an asset group indicates impairment, the asset group is written down to its estimated fair value, which is based on its discounted future cash flows. The principal assumption used in these impairment tests is future cash flows, which are derived from those used in our operating plan and strategic planning processes. |
Intangible Assets | Intangible Assets Our indefinite-lived intangible assets are primarily trademarks which are integral to our corporate identity and expected to contribute indefinitely to our corporate cash flows. We conduct our annual impairment test for indefinite-lived intangible assets during the fourth quarter and we conduct interim impairment tests if indicators of potential impairment exist. An impairment is recognized if the carrying amount of the asset exceeds its fair value. We first perform a qualitative assessment to determine if it is necessary to perform a quantitative impairment test. If a quantitative impairment test is deemed necessary, the method used to determine the fair value of our indefinite-lived intangible assets is the relief-from-royalty method. The principal assumptions used in our application of this method are revenue growth rate, discount rate and royalty rate. Revenue growth rates are derived from those used in our operating plan and strategic planning processes. The discount rate assumption is calculated based upon an estimated weighted average cost of capital, which we believe reflects the overall level of inherent risk and the rate of return a market participant would expect to achieve. The royalty rate assumption represents the estimated contribution of the intangible asset to overall profits. The method used for valuing our indefinite-lived intangible assets did not change from prior periods. Our long-lived intangible assets are primarily contractual arrangements (amortized over 5 years), wh ich includes non-compete agreements, and |
Foreign Currency Transactions | Foreign Currency Transactions For our subsidiaries with non-U.S. dollar functional currency, assets and liabilities are translated at period-end exchange rates. Revenues and expenses are translated at exchange rates effective during each month. Foreign currency translation gains or losses are included as a component of accumulated other comprehensive (loss) ("AOCI") within equity. Gains or losses on foreign currency transactions are recognized through net income (loss). |
Stock-Based Employee Compensation | Stock-Based Employee Compensation We issue stock-based compensation to certain employees and non-employee directors in different forms, including various types of performance-based share compensation including performance-based stock awards ("PSAs"), performance-based stock units ("PSUs"), performance-based restricted stock units ("PBRSUs"); and restricted stock units ("RSUs"). We record stock-based compensation expense based on an estimated grant-date fair value. The expense is reflected as a component of selling, general and administrative (“SG&A”) expenses on our Consolidated Statements of Operations. Stock-based compensation expense includes an estimate for forfeitures and anticipated achievement levels and is generally recognized on a straight-line basis over the vesting period for the entire award. See Note 4, Stock-based Compensation, to the Consolidated Financial Statements for additional information. Leases We lease certain real estate (warehouse and office space), vehicles and equipment. For leases with an initial term of one year or less we recognize lease expense for these leases on a straight-line basis over the lease term. Leases with an initial term of one year or more are recorded on the balance sheet. We consider all payments fixed unless there is a material impact to the balance sheet at any given time during the lease period. We determine if a contract is a lease at inception. Operating leases are included in operating lease assets, accounts payable and accrued expenses and noncurrent operating lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, current installments of long-term debt and long-term debt in our consolidated balance sheets. Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. We update these rates annually. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain with a compelling economic reason that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have elected to combine lease and non-lease components as a single component and account for it as a lease for all asset classes with the exception of land and non-operating buildings. Lease and non-lease components of land and non-operating buildings are generally accounted for separately. We have elected to use a portfolio approach to determine the discount rate and defined portfolio based on the geographic location of the asset by country and duration of the lease. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards | Recently Adopted Accounting Standards On January 1, 2020, we adopted Accounting Standards Update (" ASU") 2016-13, "Measurement of Credit Losses on Financial Instruments." The guidance requires immediate recognition of estimated credit losses that are expected to occur over the remaining life of many financial assets. The most notable impact of this ASU related to our processes around the assessment of the adequacy of our allowance for doubtful accounts on trade account receivables. We adopted using the modified retrospective transition method. The adoption of the standard did not have a material impact on our financial condition, results of operations or cash flows. On January 1, 2020, we adopted ASU 2018-13, "Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement." The guidance eliminates, adds and modifies certain disclosure requirements. Adoption of the standard did not have an impact our financial condition, results of operations or cash flows. On January 1, 2020, we adopted ASU 2018-14, "Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans." The guidance changes the disclosure requirements by eliminating certain disclosures that are no longer considered cost beneficial and added new ones that are considered pertinent. Adoption of the standard did not have an impact our financial condition, results of operations or cash flows. On January 1, 2020, we adopted ASU 2018-15, " Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." The guidance aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal use software license. Capitalized implementation costs should be amortized over the term of the service agreement on a straight line basis and should be assessed for impairment in a manner similar to long-lived assets. We adopted using the prospective transition method. This standard did not have a material impact on our financial condition, results of operations or cash flows. On January 1, 2019, we adopted ASU 2016-02, " Leases ." The guidance, and subsequent amendments issued, requires a lessee to recognize the assets and liabilities that arise from a lease agreement. Specifically, this new guidance requires lessees to recognize a liability to make lease payments and a ROU asset representing its right to use the underlying asset for the lease term, with limited exceptions. Adoption of the new standard resulted in the recording of lease assets and lease liabilities of $9.2 million as of January 1, 2019 and the adoption is not expected to have a significant impact on the Company's Consolidated Financial Statements. On January 1, 2018, we adopted ASU 2014-09, " Revenue from Contracts with Customers " and all the related amendments. The impact of the standard is limited to our accounting for warranties and returns. We adopted the standard using the modified retrospective transition method and we recorded a cumulative catch up adjustment as of January 1, 2018 to increase accumulated deficit in the amount of $4.1 million, increase prepaid expenses and other current assets by $0.4 million and decrease accounts receivable, net by $4.5 million. The adoption of the standard did not have a material impact on our results of operations or cash flows, but did result in new disclosures. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" |
Subsequent Events | Subsequent Events We have evaluated all activity of the Company and concluded that subsequent events are properly reflected in the Company's Consolidated Financial Statements and Notes as required by U.S. GAAP. See Note 20, Subsequent Events, to the Consolidated Financial Statements for additional information. |
Nature of Operations (Tables)
Nature of Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Revenues by Geographic Areas | The net sales in the table below are allocated to geographic areas based upon the location of the customer. Year Ended December 31, 2020 2019 2018 Net sales United States $ 451.6 $ 474.4 $ 563.4 China 66.5 68.4 68.7 Canada 30.1 37.9 49.2 Australia 24.9 28.0 30.2 Other 11.7 17.6 16.7 Total $ 584.8 $ 626.3 $ 728.2 |
Schedule of Property, Plant and Equipment by Geographic Area | The long-lived assets in the table below include property, plant and equipment, net. Long-lived assets by geographic area are reported by location of the operations to which the asset is attributed. December 31, 2020 December 31, 2019 United States $ 160.4 $ 192.3 China 73.5 72.7 Australia 13.0 12.2 Total $ 246.9 $ 277.2 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense included in the Consolidated Statements of Operations and the related tax effects are presented in the table below: Year Ended December 31, 2020 2019 2018 Stock-based compensation expense $ 2.7 $ 1.2 $ 4.7 Income tax benefit — — 1.1 |
Summary of Performance Share Activity | Details of PSUs issued during 2019 and 2018 are as follows: 2019 2018 Issued (in thousands) 200.9 354.7 Weighted-average grant date fair value $ 13.25 $ 13.97 |
Summary of Valuation Assumptions | The following table summarizes the Monte-Carlo inputs and grant-date fair value price used for PBRSU issuances. March 24, September 11, Grant-date stock price (AFI closing stock price on date of grant) $ 2.18 $ 7.43 Assumptions Risk-free rate of return 0.44 % 1.59 % Expected volatility 66.29 % 41.45 % Expected dividend yield — — |
Summary of Activity Related to PSAs, PSUs and PBRSUs | The table below summarizes activity related to the PSAs, PSUs and PBRSUs. PSAs, PSUs and PBRSUs Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value (per share) Non-vested as of December 31, 2019 868.3 $ 10.53 Granted 691.1 0.90 Vested — — Cancelled (211.7) 16.54 Forfeited (90.3) 4.15 Non-vested as of December 31, 2020 1,257.4 4.69 |
Schedule of Restricted Stock Unit Award Activity | The fair value of RSUs was measured using our stock price on the date of grant. Details of RSUs issued during 2020, 2019 and 2018 are as follows: 2020 2019 2018 Issued (in thousands) 165.0 622.8 308.3 Weighted-average grant date fair value 4.36 7.39 16.12 The table below summarizes activity related to RSUs. The non-employee director activity is not reflected in the RSU activity below: RSUs Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value (per share) Non-vested as of December 31, 2019 670.8 $ 8.28 Granted 165.0 4.36 Vested (131.6) 11.40 Forfeited (65.9) 6.95 Non-vested as of December 31, 2020 638.3 6.71 2020 2019 2018 Issued (in thousands) 171.2 57.0 67.3 Weighted-average grant date fair value 3.83 $ 11.05 $ 13.30 The following table summarizes activity related to the non-employee director RSUs. Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value (per share) Vested and not yet delivered as of December 31, 2019 260.3 $ 13.07 Granted 171.2 3.83 Distributed (19.0) 11.05 Outstanding as of December 31, 2020 412.5 9.32 |
Summary of Information about AFI's Stock Options and Options Exercised | The following table summarizes information about AFI's stock options: Number of Shares (in thousands) Weighted-Average Exercise Price (per share) Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding (and exercisable) as of December 31, 2019 442.1 $ 12.85 2.7 $ — Outstanding (and exercisable) as of December 31, 2020 442.1 12.85 1.7 — The following table presents information related to stock option exercises: Year Ended December 31, 2020 2019 Total intrinsic value of stock options exercised $ — $ — Cash proceeds received from stock options exercised — 0.1 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | The following table summarizes components of lease expense: Year Ended December 31, 2020 December 31, 2019 Finance lease cost $ 0.3 $ 0.3 Operating lease cost 4.4 4.1 Short-term lease cost 1.0 1.4 Sublease income (0.1) (1.4) Total lease cost $ 5.6 $ 4.4 |
Other Balance Sheet Information | The following table summarizes supplemental balance sheet information related to leases: Lease Category Balance Sheet Classification December 31, 2020 December 31, 2019 Assets Operating lease assets Operating lease assets $ 8.5 $ 6.0 Finance lease assets Property, plant and equipment, net 1.0 0.6 Total lease assets $ 9.5 $ 6.6 Liabilities Current Operating lease liabilities Accounts payable and accrued expenses $ 2.7 $ 3.3 Finance lease liabilities Current installments of long-term debt 0.3 0.2 Noncurrent Operating lease liabilities Noncurrent operating lease liabilities 5.8 2.7 Finance lease liabilities Long-term debt, net of unamortized debt issuance costs 0.7 0.3 Total lease liabilities $ 9.5 $ 6.5 |
Supplemental Cash Flow Information | The following table summarizes supplemental cash flow information related to leases: Year Ended December 31, 2020 December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4.4 $ 4.1 Financing cash flows from finance leases 0.3 0.3 Non-cash lease liability activity (a) : Lease assets obtained in exchange for new operating lease liabilities 6.9 10.1 Lease assets obtained in exchange for new finance lease liabilities 0.7 0.9 (a) 2019 includes leased assets of $9.2 million that were recorded on January 1, 2019 upon adoption of the new leasing standard. |
Lease, Other Information Related To Leases | The following table summarized weighted average remaining lease term and weighted average discount rate: December 31, 2020 Weighted average remaining lease term - Operating leases (in years) 4.1 Weighted average remaining lease term - Finance leases (in years) 3.0 Weighted average discount rate - Operating leases (%) 9.5 % Weighted average discount rate - Finances leases (%) 7.1 % |
Lessee, Operating Lease, Liability, Maturity | The following table provides future minimum payments at December 31, 2020, by year and in the aggregate, for leases having non-cancelable lease terms in excess of one year: Operating Leases Finance Leases 2021 $ 3.1 $ 0.4 2022 1.9 0.3 2023 1.7 0.2 2024 1.6 0.1 2025 1.2 — Thereafter 0.9 — Total lease payments 10.4 1.0 Less: Unamortized interest 1.9 — Total $ 8.5 $ 1.0 |
Finance Lease, Liability, Fiscal Year Maturity | The following table provides future minimum payments at December 31, 2020, by year and in the aggregate, for leases having non-cancelable lease terms in excess of one year: Operating Leases Finance Leases 2021 $ 3.1 $ 0.4 2022 1.9 0.3 2023 1.7 0.2 2024 1.6 0.1 2025 1.2 — Thereafter 0.9 — Total lease payments 10.4 1.0 Less: Unamortized interest 1.9 — Total $ 8.5 $ 1.0 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The following table presents loss from continuing operations before income taxes for U.S. and international operations based on the location of the entity to which such earnings are attributable: Year Ended December 31, 2020 2019 2018 Domestic $ (65.5) $ (65.6) $ (28.1) Foreign 1.1 (1.7) 3.0 Total $ (64.4) $ (67.3) $ (25.1) |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of the income tax (benefit) expense: Year Ended December 31, 2020 2019 2018 Current Federal $ 0.2 $ 0.3 $ 0.3 Foreign 0.7 0.4 0.6 State and local 0.1 0.1 0.2 Subtotal 1.0 0.8 1.1 Deferred Federal (2.5) 0.1 (4.6) Foreign 1.1 0.6 (2.5) State and local (0.4) 0.1 — Subtotal (1.8) 0.8 (7.1) Total $ (0.8) $ 1.6 $ (6.0) |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents the differences between our income tax benefit at the U.S. federal statutory income tax rate and our effective income tax rate: Year Ended December 31, 2020 2019 2018 Continuing operations tax at statutory rate $ (13.5) $ (14.1) $ (5.3) Increase in valuation allowances on deferred federal income tax assets 10.4 14.3 0.2 Increase in valuation allowances on deferred state income tax assets 2.6 2.1 0.7 State income tax benefit, net of federal benefit (2.7) (1.8) (0.6) Tax on foreign and foreign-source income 0.5 1.2 1.1 Permanent book/tax differences 0.6 1.1 1.7 Increase (decrease) in valuation allowances on deferred foreign income tax assets 1.3 0.1 (3.4) Impact of Tax Cuts and Jobs Act — — 0.1 Other — (1.3) (0.5) Total $ (0.8) $ 1.6 $ (6.0) |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2020 December 31, 2019 Deferred income tax assets (liabilities) Postretirement and postemployment benefits $ 15.8 $ 17.5 Net operating losses 38.1 25.1 Accrued expenses 5.0 4.2 Deferred compensation 3.2 2.6 Customer claims reserves 4.3 4.2 Goodwill 2.1 2.2 Pension benefit liabilities 0.3 3.5 Tax credit carryforwards 2.5 3.4 Intangibles 3.8 2.8 163(j) Disqualified Interest 2.3 0.6 Other 2.4 2.0 Total deferred income tax assets 79.8 68.1 Valuation allowances (48.5) (35.8) Net deferred income tax assets 31.3 32.3 Accumulated depreciation (20.7) (20.6) Inventories (6.1) (6.7) Other (2.5) (2.1) Total deferred income tax liabilities (29.3) (29.4) Net deferred income tax assets $ 2.0 $ 2.9 Deferred income taxes have been classified in the Consolidated Balance Sheet as: Deferred income tax assets—noncurrent $ 4.4 $ 5.3 Deferred income tax liabilities—noncurrent (2.4) (2.4) Net deferred income tax assets $ 2.0 $ 2.9 |
Summary of Valuation Allowance | The following table presents the components of our valuation allowance against deferred income tax assets: Year Ended December 31, 2020 2019 Federal $ 33.1 $ 20.3 State 8.0 5.4 Foreign 7.4 10.1 Total $ 48.5 $ 35.8 |
Summary of Operating Loss Carryforwards | The following is a summary of our NOL carryforwards: Year Ended December 31, 2020 2019 Federal $ 124.1 $ 54.7 State 103.0 56.7 Foreign 28.1 42.0 |
Schedule of Unrecognized Tax Benefits | The following table presents a reconciliation of the total amounts of UTBs, excluding interest and penalties: 2020 2019 2018 Unrecognized tax benefits as of January 1 $ 0.7 $ 1.6 $ 4.8 Gross change for current year positions — — 0.2 Increase for prior period positions 0.7 — — (Decreases) for prior period positions — (0.9) (3.4) Decrease due to statute expirations (0.1) — — Unrecognized tax benefits balance as of December 31 $ 1.3 $ 0.7 $ 1.6 |
Schedule of Other Income Tax Amounts | The following table details amounts related to certain other taxes: Year Ended December 31, 2020 2019 2018 Payroll taxes $ 9.8 $ 10.0 $ 11.7 Property and franchise taxes 3.0 3.2 2.5 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Discontinued Operations | The following is a summary of the operating results of the wood business, which are included in discontinued operations. These results exclude overhead allocations. Year Ended December 31, 2018 Net Sales $ 387.0 Cost of goods sold 330.7 Gross profit 56.3 Selling, general and administrative expenses 36.6 Operating earnings 19.7 Income tax expense 9.8 Net earnings from discontinued operations $ 9.9 The following is selected financial information included on the Consolidated Statements of Cash Flows attributable to the wood business: Year Ended December 31, 2018 Depreciation and Amortization $ 10.3 Capital Expenditures (8.0) The following is a summary of the results related to the net gain (loss) on disposal of wood business which is included in discontinued operations: Year Ended December 31, 2019 2018 Gain (loss) on disposal of discontinued operations before income tax $ 10.4 $ (153.8) Income tax expense — 0 Net gain (loss) on disposal of discontinued operations $ 10.4 $ (153.8) |
Earnings Per Share Of Common _2
Earnings Per Share Of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The table below shows a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated. Year Ended December 31, 2020 2019 2018 (Loss) from continuing operations $ (63.6) $ (68.9) $ (19.1) Earnings (loss) from discontinued operations, net of tax — 10.4 (143.9) Net (loss) $ (63.6) $ (58.5) $ (163.0) Weighted average number of common shares outstanding 21,583,041 23,597,877 25,780,214 Weighted average number of vested shares not yet issued 345,513 518,460 188,195 Weighted average number of common shares outstanding - Basic 21,928,554 24,116,337 25,968,409 Dilutive stock-based compensation awards outstanding — — — Weighted average number of common shares outstanding - Diluted 21,928,554 24,116,337 25,968,409 (Loss) per share of common stock from continuing operations: Basic (loss) per share of common stock from continuing operations $ (2.90) $ (2.85) $ (0.73) Diluted (loss) per share of common stock from continuing operations $ (2.90) $ (2.85) $ (0.73) |
Schedule of Awards Excluded from Computation of Diluted (Loss) Earnings Per Share | The following awards were excluded from the computation of diluted (loss) earnings per share: Year Ended December 31, 2020 2019 2018 Potentially dilutive common shares excluded from diluted computation as inclusion would be anti-dilutive 982,133 611,399 474,910 Performance-based awards excluded from diluted computation, as performance conditions not met 142,817 343,505 862,256 |
Accounts And Notes Receivable (
Accounts And Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables and Warranty Accruals [Abstract] | |
Schedule of Accounts and Notes Receivable, Net | The following table presents accounts and notes receivables, net of allowances: December 31, 2020 December 31, 2019 Customer trade accounts receivable $ 52.4 $ 47.1 Miscellaneous receivables (a) 9.0 7.2 Less: allowance for product warranties, discounts and losses (18.4) (18.2) Total $ 43.0 $ 36.1 |
Summary of Activity For the allowance for Product Claims | he following table summarizes the activity for the allowance for product claims: Year Ended December 31, 2020 2019 Balance as of January 1 $ (9.0) $ (6.4) Reductions for payments 7.5 6.8 Current year claim accruals (8.8) (9.4) Balance as of December 31 $ (10.3) $ (9.0) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The following table presents details related to inventories, net: December 31, 2020 December 31, 2019 Finished goods $ 94.0 $ 87.1 Goods in process 5.7 4.5 Raw materials and supplies 23.2 20.0 Total $ 122.9 $ 111.6 Inventories valued on a LIFO basis $ 93.2 $ 84.6 Inventories valued on FIFO or other basis 29.7 27.0 Total $ 122.9 $ 111.6 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following table presents details related to our property, plant and equipment, net: December 31, 2020 December 31, 2019 Land $ 10.6 $ 28.2 Buildings 81.8 88.3 Machinery and equipment 458.9 444.6 Computer software 15.9 15.3 Construction in progress 16.4 19.2 Less accumulated depreciation and amortization (336.7) (318.4) Total $ 246.9 $ 277.2 Year Ended December 31, 2020 2019 Depreciation expense $ 40.8 $ 43.7 |
Schedule of Assets Held-for-sale | The following table presents details related to our Assets held-for-sale: December 31, 2020 December 31, 2019 Land held for sale $ 16.9 $ — Buildings held for sale 0.8 — Other tangible assets 0.1 — Total $ 17.8 $ — |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The following table details amounts related to our intangible assets: December 31, 2020 December 31, 2019 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Long-lived intangible assets Contractual arrangements 5 years $ 36.6 $ 24.1 $ 36.4 $ 17.3 Intellectual property 2-15 years 5.6 2.0 5.3 1.7 Subtotal 42.2 26.1 41.7 19.0 Indefinite-lived intangible assets Trademarks and brand names Indefinite 2.9 2.7 Total $ 45.1 $ 26.1 $ 44.4 $ 19.0 |
Schedule of Finite-Lived Intangible Assets | The following table details amounts related to our intangible assets: December 31, 2020 December 31, 2019 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Long-lived intangible assets Contractual arrangements 5 years $ 36.6 $ 24.1 $ 36.4 $ 17.3 Intellectual property 2-15 years 5.6 2.0 5.3 1.7 Subtotal 42.2 26.1 41.7 19.0 Indefinite-lived intangible assets Trademarks and brand names Indefinite 2.9 2.7 Total $ 45.1 $ 26.1 $ 44.4 $ 19.0 |
Summary of Intangible Asset Amortization Expense | Year Ended December 31, 2020 2019 2018 Amortization expense $ 7.0 $ 7.0 $ 7.2 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | 2021 2022 2023 2024 2025 Expected annual amortization expense $ 7.0 $ 3.7 $ 0.4 $ 0.4 $ 0.4 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | The following table details amounts related to our accounts payable and accrued expenses: December 31, 2020 December 31, 2019 Payables, trade and other $ 78.5 $ 70.5 Accrued payroll and other employee costs 14.8 13.8 Other accrued expenses 17.6 16.8 Current operating lease liabilities 2.7 3.3 Income tax payable 0.1 — Total $ 113.7 $ 104.4 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | December 31, 2020 December 31, 2019 Credit lines (international) $ 4.5 $ — Insurance premiums financing 1.0 — Short-term debt 5.5 — Current installment of Term Loan Facility 2.6 — Current installment of finance leases 0.3 0.2 Current installments of long-term debt 2.9 0.2 Noncurrent portion of Term Loan Facility 67.4 — Noncurrent portion of finance leases 0.7 0.3 Amended ABL Credit Facility 10.0 42.2 Total principal balance outstanding 78.1 42.5 Less: Deferred financing costs, net (6.7) — Long-term debt, net of unamortized debt issuance costs 71.4 42.5 Total $ 79.8 $ 42.7 |
Schedule of Maturities of Long-term Debt | The maturities of debt for the five years following December 31, 2020 are as follows: Year of Maturity 2021 $ 8.4 2022 3.8 2023 13.7 2024 3.6 2025 57.0 |
Pension And Other Postretirem_2
Pension And Other Postretirement Benefit Programs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Changes in Projected Benefit Obligations | The following tables summarize the balance sheet impact of the pension benefit plans, as well as the related benefit obligations, assets, funded status and rate assumptions. The pension benefits disclosures include both the qualified, funded RIP and the Retirement Benefit Equity Plan, which is a nonqualified, unfunded plan designed to provide pension benefits in excess of the limits defined under Sections 415 and 401(a)(17) of the Internal Revenue Code. The disclosures also include our two Canadian pension plans. U.S. Pension Plans Canadian Pension Plans 2020 2019 2020 2019 Change in benefit obligation: Projected benefit obligations as of January 1 $ 394.6 $ 346.4 $ 16.3 $ 15.6 Service cost 2.6 2.7 — — Interest cost 12.5 15.0 0.5 0.6 Foreign currency translation adjustment — — 0.4 0.6 Effect of plan curtailment (0.9) — — — Actuarial loss 30.4 49.2 1.2 1.3 Benefits paid (20.8) (18.7) (1.3) (1.8) Projected benefit obligations as of December 31 418.4 394.6 17.1 16.3 Change in plan assets: Fair value of plan assets as of January 1 380.7 337.1 14.2 13.6 Actual return on plan assets 57.2 62.2 1.4 1.7 Employer contribution 0.1 0.1 0.1 0.1 Foreign currency translation adjustment — — 0.4 0.6 Benefits paid (20.8) (18.7) (1.3) (1.8) Fair value of plan assets as of December 31 417.2 380.7 14.8 14.2 Funded status of the plans $ (1.2) $ (13.9) $ (2.3) $ (2.1) Accumulated benefit obligation as of December 31 $ 418.4 $ 393.2 $ 17.1 $ 16.3 2020 2019 Change in benefit obligation: Projected benefit obligations as January 1 $ 65.3 $ 62.2 Service cost — 0.2 Interest cost 1.9 2.5 Plan participants' contributions 1.2 2.2 Plan amendments (6.4) (2.6) Actuarial loss 4.5 10.0 Benefits paid (6.9) (9.2) Projected benefit obligation as of December 31 59.6 65.3 Change in plan assets: Fair value of plan assets as January 1 — — Employer contribution 5.7 7.0 Plan participants' contribution 1.2 2.2 Benefits paid (6.9) (9.2) Fair value of plan assets as of December 31 — — Funded status of the plans $ (59.6) $ (65.3) |
Schedule of Assumptions Used | The table below presents the weighted-average assumptions used in computing the benefit obligations and net periodic benefit cost for the defined-benefit pension plans: U.S. Pension Plans Canadian Pension Plans 2020 2019 2020 2019 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 2.50 % 3.25 % 2.30 % 3.00 % Rate of compensation increase 3.25 % 3.25 % n/a n/a Weighted average assumptions used to determine net periodic benefit cost for the period: Discount rate 3.25 % 4.40 % 3.00 % 3.80 % Expected return on plan assets 5.70 % 6.30 % 4.00 % 4.90 % Rate of compensation increase 3.25 % 3.25 % n/a n/a The table below presents the weighted-average assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. defined-benefit postretirement benefit plans: 2020 2019 Weighted average discount rate used to determine benefit obligations as of December 31 2.45 % 3.20 % Weighted average discount rate used to determine net periodic benefit cost 3.20 % 4.30 % |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Defined-benefit pension plans with benefit obligations in excess of plan assets were as follows: U.S. Pension Plans Canadian Pension Plans 2020 2019 2020 2019 Projected benefit obligation, December 31 $ 2.3 $ 394.6 $ 16.7 $ 15.8 Accumulated benefit obligation, December 31 2.3 393.2 16.7 15.8 Fair value of plan assets, December 31 — 380.7 14.4 13.7 |
Schedule of Net Periodic Pension Cost | The components of net periodic pension cost for the U.S. and Canadian defined-benefit pension plans were as follows: Year Ended December 31, U.S. Pension Plans Canadian Pension Plans 2020 2019 2018 2020 2019 2018 Service cost of benefits earned during the period $ 2.6 $ 2.7 $ 3.8 $ — $ — $ — Interest cost on projected benefit obligation 12.5 15.0 14.6 0.5 0.6 0.6 Expected return on plan assets (21.3) (21.7) (22.2) (0.5) (0.7) (0.8) Recognized net actuarial loss 10.1 9.7 10.7 0.3 0.4 0.2 Net periodic pension cost $ 3.9 $ 5.7 $ 6.9 $ 0.3 $ 0.3 $ — The components of net periodic postretirement (benefit) cost were as follows: Year Ended December 31, 2020 2019 2018 Service cost of benefits earned during the period $ — $ 0.2 $ 0.4 Interest cost on accumulated postretirement benefit obligations 1.9 2.5 2.6 Amortization of prior service (credit) (0.2) — — Amortization of net actuarial (gain) (4.8) (3.1) (2.5) Net periodic postretirement (benefit) cost $ (3.1) $ (0.4) $ 0.5 |
Schedule of Allocation of Plan Assets | Each asset class used has a defined asset allocation target and allowable range. The tables below show the asset allocation targets and the December 31, 2020 and 2019 positions for each asset class: Target Weight at Position at December 31, December 31, 2020 2020 2019 U.S. Asset Class Fixed income securities 60 % 54 % 55 % Equities 40 % 46 % 45 % Canadian Asset Class Fixed income securities 50 % 50 % 50 % Equities 48 % 48 % 48 % Other 2 % 2 % 2 % The following tables set forth by level within the fair value hierarchy a summary of the U.S. and Canadian defined-benefit pension plan assets, net of payables for administrative expenses, measured at fair value on a recurring basis: Value at December 31, 2020 Level 1 Level 2 Level 3 Total U.S. Plans Fixed income securities $ — $ 226.5 $ — $ 226.5 Equities — 191.0 — 191.0 Other (0.3) — — (0.3) Net assets measured at fair value $ (0.3) $ 417.5 $ — $ 417.2 Value at December 31, 2019 Level 1 Level 2 Level 3 Total U.S. Plans Fixed income securities $ — $ 207.9 $ — $ 207.9 Equities — 173.2 — 173.2 Other (0.4) — — (0.4) Net assets measured at fair value $ (0.4) $ 381.1 $ — 380.7 Value at December 31, 2020 Level 1 Level 2 Level 3 Total Canadian Plans Fixed income securities $ — $ 7.5 $ — $ 7.5 Equities — 7.1 — 7.1 Other 0.2 — — 0.2 Net assets measured at fair value $ 0.2 $ 14.6 $ — $ 14.8 Value at December 31, 2019 Level 1 Level 2 Level 3 Total Canadian Plans Fixed income securities $ — $ 7.0 $ — $ 7.0 Equities — 6.9 — 6.9 Other 0.3 — — 0.3 Net assets measured at fair value $ 0.3 $ 13.9 $ — $ 14.2 |
Schedule of Assets and (Liabilities) Recognized in Balance Sheet | Amounts recognized in assets and (liabilities) on the Consolidated Balance Sheets at year end consist of: U.S. Pension Benefits Canadian Pension Benefits Postretirement Benefits 2020 2019 2020 2019 2020 2019 Other noncurrent assets $ 1.1 $ — $ — $ — $ — $ — Accounts payable and accrued expenses — — — — (4.0) (5.6) Postretirement benefit liabilities — — — — (55.6) (59.7) Pension benefit liabilities (2.3) (13.9) (2.3) (2.1) — — Net amount recognized $ (1.2) $ (13.9) $ (2.3) $ (2.1) $ (59.6) $ (65.3) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Pre-tax amounts recognized in AOCI at year end for our pension and postretirement benefit plans consist of: U.S. Pension Benefits Canadian Pension Benefits Postretirement Benefits 2020 2019 2020 2019 2020 2019 Net actuarial gain (loss) $ (106.7) $ (123.1) $ (4.9) $ (4.8) $ 25.6 $ 30.5 We expect to contribute $0.1 million each to our U.S. and Canadian defined-benefit pension plans and $4.1 million to our U.S. postretirement benefit plans in 2021. Future Benefit Payments |
Schedule of Expected Future Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years for our U.S. and Canadian plans: U.S. Pension Benefits Canadian Pension Benefits Postretirement Benefits 2021 $ 19.9 $ 1.3 $ 4.1 2022 20.9 1.3 3.8 2023 21.6 1.2 3.6 2024 21.7 1.2 3.5 2025 22.1 1.1 3.4 2026-2030 114.1 5.3 15.7 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of the Fair Value of Derivative Assets and Liabilities | The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets. The foreign exchange contracts outstanding are presented gross as we have not netted derivative assets with derivative liabilities: December 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Derivatives designated as cash flow hedging instruments: Foreign exchange contracts $ — $ 1.0 $ — $ 0.4 Derivatives not designated as hedging instruments: Foreign exchange contracts — 0.1 — 0.3 Total $ — $ 1.1 $ — $ 0.7 |
Summary of Derivative Gain (Loss) | The following tables summarize the impact of the effective portion of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss): Gains (losses) recognized in other comprehensive income (loss) (Losses) gains reclassified from Year Ended December 31, Year Ended December 31, 2020 2019 2018 2020 2019 2018 Cash flow hedges: Foreign exchange contracts $ 0.3 $ (0.8) $ 2.0 $ (0.2) $ 0.7 $ (0.3) Gains recognized in income Year Ended December 31, 2020 2019 2018 Non-designated hedges: Foreign exchange contracts $ 0.3 $ 0.1 $ 1.5 Derivative assets are classified within prepaid expenses and other current assets as well as other non-current assets on the Consolidated Balance Sheets. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Estimated Fair Values of Financial Instruments | The fair value of cash, accounts and notes receivable and accounts payable and accrued expenses approximate their carrying amounts due to the short-term maturities of these assets and liabilities. Fair Value at December 31, 2020 Carrying amount Level 1 Level 2 Level 3 Total Financial liabilities Foreign exchange contracts $ 1.1 $ 1.1 $ — $ — $ 1.1 Total Amended ABL Credit Facility 10.0 — 10.0 — 10.0 Total foreign credit facilities 4.5 — 4.5 — 4.5 Term Loan Facility 70.0 — 73.8 — 73.8 Total financial liabilities $ 85.6 $ 1.1 $ 88.3 $ — $ 89.4 Fair Value at December 31, 2019 Carrying amount Level 1 Level 2 Level 3 Total Financial liabilities Foreign exchange contracts $ 0.7 $ 0.7 $ — $ — $ 0.7 Total Amended ABL Credit Facility 42.2 — 42.2 — 42.2 Total financial liabilities $ 42.9 $ 0.7 $ 42.2 $ — $ 42.9 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The amounts and related tax effects allocated to each component of AOCI in 2020, 2019 and 2018 are presented in the table below: Pre-tax Amount Tax Impact After-tax Amount 2020 Foreign currency translation adjustments $ 7.2 $ — $ 7.2 Derivative adjustments (0.6) 0.2 (0.4) Pension and postretirement adjustments 11.5 (2.9) 8.6 Total other comprehensive income $ 18.1 $ (2.7) $ 15.4 2019 Foreign currency translation adjustments $ (2.2) $ — $ (2.2) Derivative adjustments (1.5) 0.1 (1.4) Pension and postretirement adjustments (9.5) — (9.5) Total other comprehensive loss $ (13.2) $ 0.1 $ (13.1) 2018 Foreign currency translation adjustments $ (6.0) $ — $ (6.0) Derivative adjustments 2.3 (0.6) 1.7 Pension and postretirement adjustments 8.5 (0.7) 7.8 Total other comprehensive income $ 4.8 $ (1.3) $ 3.5 The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2020 and 2019: Foreign Currency Translation Adjustments Derivative Adjustments Pension and Postretirement Adjustments Total Accumulated Other Comprehensive (Loss) Balance, December 31, 2018 $ 1.7 $ 0.8 $ (64.1) $ (61.6) Other comprehensive (loss) income before reclassifications, net of tax impact of $— , $0.1, $— and $0.1 (2.2) (0.7) (16.5) (19.4) Amounts reclassified from accumulated other comprehensive (loss) income — (0.7) 7.0 6.3 Net current period other comprehensive (loss) income (2.2) (1.4) (9.5) (13.1) Balance, December 31, 2019 $ (0.5) $ (0.6) $ (73.6) $ (74.7) Other comprehensive income (loss) before reclassifications, net of tax impact of $—, $0.2, , $(2.0) and $(1.8) 7.2 (0.2) 5.9 12.9 Amounts reclassified from accumulated other comprehensive (loss) income — (0.2) 2.7 2.5 Net current period other comprehensive income (loss) income 7.2 (0.4) 8.6 15.4 Balance, December 31, 2020 $ 6.7 $ (1.0) $ (65.0) $ (59.3) |
Reclassification out of Accumulated Other Comprehensive Income | The amounts reclassified from AOCI and the affected line item of the Consolidated Statements of Operations are presented in the table below. Year Ended December 31, 2020 2019 2018 Affected Line Item Derivative adjustments Foreign exchange contracts - purchases $ (0.1) $ (0.4) $ (0.1) Cost of goods sold Foreign exchange contracts - sales (0.1) (0.3) 0.4 Net sales Foreign exchange contracts - sales — — 0.1 Earnings from discontinued operations Total reclassifications before tax (0.2) (0.7) 0.4 Tax impact — — (0.1) Income tax (benefit) expense Total reclassifications, net of tax (0.2) (0.7) 0.3 Pension and postretirement adjustments Prior service credit amortization (2.0) — — Other (income) expense, net Amortization of net actuarial loss 5.6 7.0 8.4 Other (income) expense, net Amortization of net actuarial loss — — (0.1) Earnings from discontinued operations Total reclassifications before tax 3.6 7.0 8.3 Tax impact (0.9) — (1.8) Income tax (benefit) expense Tax impact — — 0.1 Earnings from discontinued operations Total reclassifications, net of tax 2.7 7.0 6.6 Total reclassifications for the period $ 2.5 $ 6.3 $ 6.9 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2020 Quarter Ended March 31 June 30 September 30 December 31 Net sales $ 138.7 $ 145.6 $ 156.6 $ 143.9 Gross profit 23.3 24.7 27.6 7.9 (Loss) from continuing operations (13.2) (6.3) (11.7) (32.4) Per share of common stock: Basic $ (0.60) $ (0.29) $ (0.53) $ (1.48) Diluted (0.60) (0.29) (0.53) (1.48) 2019 Quarter Ended March 31 June 30 September 30 December 31 Net sales $ 141.7 $ 177.7 $ 165.6 $ 141.3 Gross profit 22.1 36.2 11.8 15.2 (Loss) earnings from continuing operations (16.6) 5.3 (29.7) (27.9) Per share of common stock: Basic $ (0.63) $ 0.20 $ (1.36) $ (1.27) Diluted (0.63) $ 0.20 (1.36) (1.27) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) | Jan. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | |||||
Capitalized contract cost | $ 1,100,000 | ||||
Lease assets obtained in exchange for new operating lease liabilities | 6,900,000 | $ 10,100,000 | |||
Cumulative effect adjustment | (222,600,000) | (268,300,000) | $ (391,000,000) | $ (550,000,000) | |
Prepaid expenses and other current assets | 12,900,000 | 10,700,000 | |||
Retained Earnings (Accumulated Deficit) | |||||
Property, Plant and Equipment [Line Items] | |||||
Cumulative effect adjustment | $ 308,400,000 | 244,800,000 | $ 186,300,000 | 31,800,000 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||
Property, Plant and Equipment [Line Items] | |||||
Lease assets obtained in exchange for new operating lease liabilities | $ 9,200,000 | ||||
Cumulative effect adjustment | 4,100,000 | ||||
Prepaid expenses and other current assets | 400,000 | ||||
Decrease in accounts receivable | $ (4,500,000) | ||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings (Accumulated Deficit) | |||||
Property, Plant and Equipment [Line Items] | |||||
Cumulative effect adjustment | $ 4,100,000 | ||||
Minimum | Manufacturing equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 3 years | ||||
Minimum | Computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 3 years | ||||
Minimum | Office furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 5 years | ||||
Minimum | Tooling and engraving equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 3 years | ||||
Minimum | Heavy production equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 10 years | ||||
Minimum | Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 15 years | ||||
Minimum | Computer software | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 3 years | ||||
Maximum | Manufacturing equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 15 years | ||||
Maximum | Computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 5 years | ||||
Maximum | Office furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 7 years | ||||
Maximum | Tooling and engraving equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 7 years | ||||
Maximum | Heavy production equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 15 years | ||||
Maximum | Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 30 years | ||||
Maximum | Computer software | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of property, plant, and equipment | 7 years | ||||
Contractual Rights | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of finite-lived intangible assets | 5 years | ||||
Intellectual Property | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of finite-lived intangible assets | 2 years | ||||
Intellectual Property | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of finite-lived intangible assets | 15 years |
Nature of Operations - Sales by
Nature of Operations - Sales by Geographic Region (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 143,900,000 | $ 156,600,000 | $ 145,600,000 | $ 138,700,000 | $ 141,300,000 | $ 165,600,000 | $ 177,700,000 | $ 141,700,000 | $ 584,800,000 | $ 626,300,000 | $ 728,200,000 |
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 451,600,000 | 474,400,000 | 563,400,000 | ||||||||
CHINA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 66,500,000 | 68,400,000 | 68,700,000 | ||||||||
CANADA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 30,100,000 | 37,900,000 | 49,200,000 | ||||||||
AUSTRALIA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 24,900,000 | 28,000,000 | 30,200,000 | ||||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 11,700,000 | $ 17,600,000 | $ 16,700,000 |
Nature of Operations - Property
Nature of Operations - Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net property, plant and equipment | $ 246.9 | $ 277.2 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net property, plant and equipment | 160.4 | 192.3 |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net property, plant and equipment | 73.5 | 72.7 |
AUSTRALIA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net property, plant and equipment | $ 13 | $ 12.2 |
Nature of Operations - Narrativ
Nature of Operations - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Major Customer [Line Items] | |||||||||||
Net sales | $ 143.9 | $ 156.6 | $ 145.6 | $ 138.7 | $ 141.3 | $ 165.6 | $ 177.7 | $ 141.7 | $ 584.8 | $ 626.3 | $ 728.2 |
Customer A | |||||||||||
Revenue from Major Customer [Line Items] | |||||||||||
Net sales | $ 111.6 | $ 124.4 |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense and Related Tax Effects (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Stock-based compensation expense | $ 2.7 | $ 1.2 | $ 4.7 |
Income tax benefit | $ 0 | $ 0 | $ 1.1 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 24, 2020 | Sep. 11, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Excess tax benefit | $ 0.3 | $ 0.1 | $ 0.1 | |||
Stock based comp percent of award earned after first hurdle | 50.00% | |||||
Stock based comp percent of award earned after subsequent hurdle | 25.00% | |||||
Monte-Carlo Model | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance Achievement, Stock Price Hurdle, Weighted Average Value | $ 0.90 | $ 4.77 | ||||
Performance Share Awards (PSAs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance condition based on earnings before interest, taxes, depreciation and amortization | 75.00% | |||||
Performance condition based on cumulative free cash flow | 25.00% | |||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares accounted for as liability awards (in shares) | 638,300 | 670,800 | ||||
Performance Share Units that may be settled in cash | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares accounted for as liability awards (in shares) | 4,174 | |||||
Restricted Stock Units that may be settled in cash | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares accounted for as liability awards (in shares) | 8,334 | 14,118 | ||||
Performance Shares, Performance Share Units and Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total unrecognized compensation expense | $ 4.1 | |||||
Weighted average period | 2 years 9 months 18 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 371,430 | 691,130 | ||||
Number of shares accounted for as liability awards (in shares) | 1,257,400 | 868,300 | ||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance Achievement, Stock Price Hurdle | 6 | $ 10.50 | ||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price One | Monte-Carlo Model | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance Achievement, Stock Price Hurdle, Fair Value | 5.93 | |||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance Achievement, Stock Price Hurdle | 7.50 | 12.25 | ||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Two | Monte-Carlo Model | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance Achievement, Stock Price Hurdle, Fair Value | 5.28 | |||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Three | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance Achievement, Stock Price Hurdle | 9 | 14 | ||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Three | Monte-Carlo Model | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance Achievement, Stock Price Hurdle, Fair Value | 4.70 | |||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Four | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance Achievement, Stock Price Hurdle | $ 10.50 | 15.75 | ||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Four | Monte-Carlo Model | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance Achievement, Stock Price Hurdle, Fair Value | 4.20 | |||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Five | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance Achievement, Stock Price Hurdle | 17.50 | |||||
Performance Shares, Performance Share Units and Restricted Stock Units | Hurdle Price Five | Monte-Carlo Model | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance Achievement, Stock Price Hurdle, Fair Value | $ 3.75 | |||||
2016 LTIP Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for grant (in shares) | 1,185,860 | |||||
2016 Directors' Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for grant (in shares) | 17,101 | |||||
2016 Directors' Plan | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares accounted for as liability awards (in shares) | 412,500 | |||||
Weighted-average grant date fair value of PSUs and RSUs (in dollars per share) | $ 3.83 | $ 11.05 | $ 13.30 | |||
Award vesting period | 1 year | |||||
Common Stock | 2016 LTIP Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (in shares) | 7,600,000 | |||||
Common Stock | 2016 Directors' Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (in shares) | 600,000 |
Stock-Based Compensation - PSA
Stock-Based Compensation - PSA Valuation Assumptions (Details) - USD ($) | Mar. 24, 2020 | Sep. 11, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Performance Share Awards (PSAs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 13.25 | $ 13.97 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $ 2.18 | $ 7.43 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 66.29% | 41.45% | |||
Risk-free rate of return | 0.44% | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ 0 | $ 0 | |||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 165,000 | 622,800 | 308,300 | ||
Granted (in dollars per share) | $ 4.36 | $ 7.39 | $ 16.12 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 6.71 | $ 8.28 | |||
Number of shares accounted for as liability awards (in shares) | 638,300 | 670,800 | |||
Vested (in shares) | (131,600) | ||||
Forfeited (in shares) | (65,900) | ||||
Vested (in dollars per share) | $ 11.40 | ||||
Forfeited (in dollars per share) | $ 6.95 | ||||
Performance Shares, Performance Share Units and Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 691,100 | ||||
Granted (in dollars per share) | $ 0.90 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (211,700) | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 16.54 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4.69 | $ 10.53 | |||
Number of shares accounted for as liability awards (in shares) | 1,257,400 | 868,300 | |||
Vested (in shares) | 0 | ||||
Forfeited (in shares) | (90,300) | ||||
Vested (in dollars per share) | $ 0 | ||||
Forfeited (in dollars per share) | $ 4.15 |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation - Summary of Non-Employee RSU Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Term (years), Outstanding | 1 year 8 months 12 days | 2 years 8 months 12 days | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested as of December 31 (in shares) | 131,600 | ||
Outstanding as of December 31 (in shares) | 638,300 | 670,800 | |
Restricted Stock Units that may be settled in cash | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding as of December 31 (in shares) | 8,334 | 14,118 | |
2016 Directors' Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested as of December 31 (in shares) | 260,300 | ||
Granted (in shares) | 171,200 | 57,000 | 67,300 |
Weighted-average grant date fair value of PSUs and RSUs (in dollars per share) | $ 3.83 | $ 11.05 | $ 13.30 |
Exercised (in dollars per share) | $ 11.05 | ||
Number of Shares, Exercised (in shares) | (19,000) | ||
Outstanding as of December 31 (in shares) | 412,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 9.32 | $ 13.07 | |
Award vesting period | 1 year |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Modified Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares (in thousands) | ||
Number of Shares, Outstanding, Beginning of Period (in shares) | 442,100 | |
Number of Shares, Outstanding, Ending of Period (in shares) | 442,100 | |
Weighted Average Exercise Price (per share) | ||
Outstanding, beginning of period (in dollars per share) | $ 12.85 | |
Outstanding, end of period (in dollars per share) | $ 12.85 | |
Additional Stock Option Activity Disclosures | ||
Aggregate Intrinsic Value, Outstanding | $ 0 | $ 0 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Exercises (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Total intrinsic value of stock options exercised | $ 0 | $ 0 | |
Cash proceeds received from options exercised | $ 0 | $ 0.1 | $ 0.8 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Activity Related to PSAs, PSUs, and RSUs (Details) - $ / shares | Sep. 11, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Performance Shares, Performance Share Units and Restricted Stock Units | ||||
Number of Shares (in thousands) | ||||
Outstanding at beginning of period (in shares) | 868,300 | |||
Granted (in shares) | 691,100 | |||
Vested (in shares) | 0 | |||
Forfeited (in shares) | (90,300) | |||
Outstanding at end of period (in shares) | 1,257,400 | 868,300 | ||
Weighted-Average Grant-Date Fair Value (per share) | ||||
Outstanding at beginning of period (in dollars per share) | $ 10.53 | |||
Granted (in dollars per share) | 0.90 | |||
Vested (in dollars per share) | 0 | |||
Forfeited (in dollars per share) | 4.15 | |||
Outstanding at end of period (in dollars per share) | $ 4.69 | $ 10.53 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 371,430 | 691,130 | ||
Performance Shares | ||||
Weighted-Average Grant-Date Fair Value (per share) | ||||
Outstanding at beginning of period (in dollars per share) | $ 13.25 | 13.97 | ||
Outstanding at end of period (in dollars per share) | $ 13.25 | $ 13.97 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 200,900 | 354,700 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)numberOfLeaseRenewals | |
Lessee, Lease, Description [Line Items] | |
Lease not yet commenced, right-of use asset | $ | $ 11,600,000 |
Lease not yet commenced, term | 10 years |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease, remaining lease term | 1 month |
Number of renewal options | numberOfLeaseRenewals | 1 |
Lease renewal term | 1 month |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease, remaining lease term | 9 years |
Lease renewal term | 10 years |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Finance Lease, Right-of-Use Asset, Amortization | $ 0.3 | $ 0.3 |
Operating Lease, Cost | 4.4 | 4.1 |
Short-term Lease, Cost | 1 | 1.4 |
Sublease Income | (0.1) | (1.4) |
Lease, Cost | $ 5.6 | $ 4.4 |
Leases - Balance Sheet Location
Leases - Balance Sheet Location (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Operating lease assets | $ 8,500,000 | $ 6,000,000 |
Finance lease assets | 1,000,000 | 600,000 |
Total lease assets | 9,500,000 | 6,600,000 |
Current liabilities: | ||
Operating lease liabilities | $ 2,700,000 | $ 3,300,000 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent |
Finance lease liabilities | $ 300,000 | $ 200,000 |
Liabilities, Noncurrent [Abstract] | ||
Operating lease liabilities | 5,800,000 | 2,700,000 |
Finance lease liabilities | 700,000 | 300,000 |
Total lease liabilities | $ 9,500,000 | $ 6,500,000 |
Leases - Cash Flow Information
Leases - Cash Flow Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease, Cash Flows [Abstract] | ||
Operating cash flows from operating leases | $ 4,400,000 | $ 4,100,000 |
Financing cash flows from finance leases | 0.3 | 300,000 |
Lease Liability [Abstract] | ||
Lease assets obtained in exchange for new operating lease liabilities | 6,900,000 | 10,100,000 |
Lease assets obtained in exchange for new finance lease liabilities | $ 700,000 | $ 900,000 |
Leases- Weighted Average Lease
Leases- Weighted Average Lease Terms and Discount Rates (Details) | Dec. 31, 2020 |
Leases [Abstract] | |
Weighted average remaining lease term - Operating leases (in years) | 4 years 1 month 6 days |
Weighted average remaining lease term - Finance leases (in years) | 3 years |
Weighted average discount rate - Operating leases (%) | 9.50% |
Weighted average discount rate - Finances leases (%) | 7.10% |
Leases - Lease Liability Maturi
Leases - Lease Liability Maturity (Details) | Dec. 31, 2020USD ($) |
Operating Leases | |
2021 | $ 3,100,000 |
2022 | 1,900,000 |
2023 | 1,700,000 |
2024 | 1,600,000 |
2025 | 1,200,000 |
Thereafter | 900,000 |
Total lease payments | 10,400,000 |
Less: Unamortized interest | 1,900,000 |
Total | 8,500,000 |
Finance Leases | |
2021 | 400,000 |
2022 | 300,000 |
2023 | 200,000 |
2024 | 100,000 |
2025 | 0 |
Thereafter | 0 |
Total lease payments | 1,000,000 |
Less: Unamortized interest | 0 |
Total | $ 1,000,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||||
Undistributed earnings of foreign subsidiaries | $ 15,300,000 | |||
Future annual required taxable income for state tax purposes | 209,000,000 | |||
Unrecognized tax benefits | 1,300,000 | $ 700,000 | $ 1,600,000 | $ 4,800,000 |
Unrecognized tax benefit that would impact effective tax rate, net of federal tax benefits | 100,000 | |||
Decrease resulting from prior period tax positions | 0 | 900,000 | $ 3,400,000 | |
Decrease to prior period tax positions related to Tax Cuts and Jobs Act of 2017 | $ 3,100,000 | |||
Foreign | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 28,100,000 | |||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 100,000 | |||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 74,000,000 |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (65.5) | $ (65.6) | $ (28.1) |
Foreign | 1.1 | (1.7) | 3 |
(Loss) from continuing operations before income taxes | $ (64.4) | $ (67.3) | $ (25.1) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Federal | $ 0.2 | $ 0.3 | $ 0.3 |
Foreign | 0.7 | 0.4 | 0.6 |
State and local | 0.1 | 0.1 | 0.2 |
Subtotal | 1 | 0.8 | 1.1 |
Deferred | |||
Federal | (2.5) | 0.1 | (4.6) |
Foreign | 1.1 | 0.6 | (2.5) |
State and local | (0.4) | 0.1 | 0 |
Subtotal | (1.8) | 0.8 | (7.1) |
Total income tax expense (benefit) | $ (0.8) | $ 1.6 | $ (6) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation Allowance [Line Items] | |||
Continuing operations tax at statutory rate | $ (13.5) | $ (14.1) | $ (5.3) |
Permanent book/tax differences | 0.6 | 1.1 | 1.7 |
Tax on foreign and foreign-source income | 0.5 | 1.2 | 1.1 |
State income tax expense (benefit), net of federal benefit | (2.7) | (1.8) | (0.6) |
Other | 0 | (1.3) | (0.5) |
Total income tax expense (benefit) | (0.8) | 1.6 | (6) |
State | |||
Valuation Allowance [Line Items] | |||
(Decrease)/increase in valuation allowances on deferred foreign income tax assets | 2.6 | 2.1 | 0.7 |
Federal | |||
Valuation Allowance [Line Items] | |||
(Decrease)/increase in valuation allowances on deferred foreign income tax assets | 10.4 | 14.3 | 0.2 |
Law changes | 0 | 0 | 0.1 |
Foreign | |||
Valuation Allowance [Line Items] | |||
(Decrease)/increase in valuation allowances on deferred foreign income tax assets | $ 1.3 | $ 0.1 | $ (3.4) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred income tax assets (liabilities) | ||
Postretirement and postemployment benefits | $ 15,800,000 | $ 17,500,000 |
Net operating losses | 38,100,000 | 25,100,000 |
Accrued expenses | 5,000,000 | 4,200,000 |
Deferred compensation | 3,200,000 | 2,600,000 |
Customer claims reserves | 4,300,000 | 4,200,000 |
Goodwill | 2,100,000 | 2,200,000 |
Pension benefit liabilities | 300,000 | 3,500,000 |
Tax credit carryforwards | 2,500,000 | 3,400,000 |
Intangibles | 3,800,000 | 2,800,000 |
Deferred Tax Asset, Interest Carryforward | 2,300,000 | 600,000 |
Other | 2,400,000 | 2,000,000 |
Total deferred income tax assets | 79,800,000 | 68,100,000 |
Valuation allowances | (48,500,000) | (35,800,000) |
Net deferred income tax assets | 31,300,000 | 32,300,000 |
Accumulated depreciation | (20,700,000) | (20,600,000) |
Inventories | (6,100,000) | (6,700,000) |
Other | (2,500,000) | (2,100,000) |
Total deferred income tax liabilities | (29,300,000) | (29,400,000) |
Net deferred income tax assets | 2,000,000 | 2,900,000 |
Deferred Income Taxes and Other Assets, Noncurrent | 4,400,000 | 5,300,000 |
Deferred income taxes have been classified in the Consolidated Balance Sheet as: | ||
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | $ 2,400,000 | $ 2,400,000 |
Income Taxes Income Taxes - Sch
Income Taxes Income Taxes - Schedule of Valuation Allowance (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||
Valuation allowance | $ 48.5 | $ 35.8 |
Federal | ||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||
Valuation allowance | 33.1 | 20.3 |
State | ||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||
Valuation allowance | 8 | 5.4 |
Foreign | ||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||
Valuation allowance | $ 7.4 | $ 10.1 |
Income Taxes Income Taxes - S_2
Income Taxes Income Taxes - Schedule of Net Operating Loss Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 103 | $ 56.7 |
Foreign | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 28.1 | 42 |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 124.1 | $ 54.7 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 700,000 | $ 1,600,000 | |
Gross change for current year positions | 0 | 0 | $ 200,000 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 700,000 | 0 | 0 |
Decreases for prior period positions | 0 | (900,000) | (3,400,000) |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (100,000) | 0 | 0 |
Unrecognized tax benefits, ending balance | $ 1,300,000 | $ 700,000 | $ 1,600,000 |
Income Taxes - Schedule of Othe
Income Taxes - Schedule of Other Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Payroll taxes | $ 9.8 | $ 10 | $ 11.7 |
Property and franchise taxes | $ 3 | $ 3.2 | $ 2.5 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of discontinued operations | $ 90,200,000 | ||||
Capital expenditure | $ 1,900,000 | ||||
Sublease Income | $ 100,000 | $ 1,400,000 | |||
Reversal of previously recognized liability | $ 11,400,000 | ||||
TZI | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Termination fee to cancel sublease before end of term | 2,500,000 | ||||
TZI | Transition Service Agreement | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Other Income | $ 500,000 | 11,900,000 | |||
TZI | Administrative fees | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Other Income | $ 3,000,000 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Results of Discontinued Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating earnings | $ (61,700,000) | $ (61,100,000) | $ (17,400,000) | |
Net earnings from discontinued operations | 0 | 0 | 9,900,000 | |
Capital Expenditures | $ (1,900,000) | |||
Gain (loss) on disposal of discontinued operations, net of tax | $ 0 | 10,400,000 | (153,800,000) | |
DLW Subsidiary | Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net Sales | 387,000,000 | |||
Cost of goods sold | 330,700,000 | |||
Gross profit | 56,300,000 | |||
Selling, general and administrative expenses | 36,600,000 | |||
Operating earnings | 19,700,000 | |||
Income tax expense | 9,800,000 | |||
Net earnings from discontinued operations | 9,900,000 | |||
Depreciation and Amortization | 10,300,000 | |||
Capital Expenditures | (8,000,000) | |||
Gain (loss) on disposal of discontinued operations before income tax | 10,400,000 | (153,800,000) | ||
Income tax (benefit) | 0 | 0 | ||
Gain (loss) on disposal of discontinued operations, net of tax | $ 10,400,000 | $ (153,800,000) |
Earnings Per Share Of Common _3
Earnings Per Share Of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator | |||||||||||
Income from continuing operations | $ (32.4) | $ (11.7) | $ (6.3) | $ (13.2) | $ (27.9) | $ (29.7) | $ 5.3 | $ (16.6) | $ (63.6) | $ (68.9) | $ (19.1) |
Earnings (loss) from discontinued operations, net of tax | 0 | 10.4 | (143.9) | ||||||||
Net (loss) | $ (63.6) | $ (58.5) | $ (163) | ||||||||
Denominator | |||||||||||
Weighted average number of common shares outstanding (in shares) | 21,583,041 | 23,597,877 | 25,780,214 | ||||||||
Weighted average number of vested shares not yet issued (in shares) | 345,513 | 518,460 | 188,195 | ||||||||
Weighted average number of common shares outstanding - Basic (in shares) | 21,928,554 | 24,116,337 | 25,968,409 | ||||||||
Dilutive stock-based compensation awards outstanding (in shares) | 0 | 0 | 0 | ||||||||
Weighted average number of common shares outstanding - Diluted (in shares) | 21,928,554 | 24,116,337 | 25,968,409 | ||||||||
Basic (loss) per share of common stock from continuing operations (in dollars per share) | $ (2.90) | $ (2.85) | $ (0.73) | ||||||||
Diluted (loss) per share of common stock from continuing operations (in dollars per share) | $ (2.90) | $ (2.85) | $ (0.73) | ||||||||
Stock Compensation Plan | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Securities excluded from computation of earnings per share (in shares) | 982,133 | 611,399 | 474,910 | ||||||||
Performance Share Awards (PSAs) | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Securities excluded from computation of earnings per share (in shares) | 142,817 | 343,505 | 862,256 |
Accounts And Notes Receivable -
Accounts And Notes Receivable - Receivables Net of Allowances (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables and Warranty Accruals [Abstract] | ||
Customer trade accounts receivable | $ 52.4 | $ 47.1 |
Miscellaneous receivables (a) | 9 | 7.2 |
Less: allowance for product warranties, discounts and losses | (18.4) | (18.2) |
Total | $ 43 | $ 36.1 |
Accounts And Notes Receivable_2
Accounts And Notes Receivable - Product Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Beginning Balance | $ (9) | $ (6.4) |
Reductions for payments | 7.5 | 6.8 |
Current year claim accruals | (8.8) | (9.4) |
Ending Balance | $ (10.3) | $ (9) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 94 | $ 87.1 |
Goods in process | 5.7 | 4.5 |
Raw materials and supplies | 23.2 | 20 |
Total | 122.9 | 111.6 |
Inventories valued on FIFO or other basis | 93.2 | 84.6 |
Inventories valued on a LIFO basis | $ 29.7 | $ 27 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |||
Change in accounting principle effect on inventory | $ 5,200,000 | $ 4,700,000 | |
Inventory Valuation Reserves | 7,000,000 | 6,600,000 | |
Inventory write down | $ 0 | $ 13,600,000 | $ 0 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation and amortization | $ (336,700,000) | $ (318,400,000) |
Total | 246,900,000 | 277,200,000 |
Depreciation | 40,800,000 | 43,700,000 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,600,000 | 28,200,000 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 81,800,000 | 88,300,000 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 458,900,000 | 444,600,000 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 15,900,000 | 15,300,000 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 16,400,000 | $ 19,200,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Assets Held for Sale (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Assets held-for-sale | $ 17,800,000 | $ 0 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Assets held-for-sale | 16,900,000 | 0 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Assets held-for-sale | 800,000 | 0 |
Other Assets | ||
Property, Plant and Equipment [Line Items] | ||
Assets held-for-sale | $ 100,000 | $ 0 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets assigned | $ 42.2 | $ 41.7 |
Contractual Rights | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets assigned | 36.6 | 36.4 |
Intellectual Property | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets assigned | $ 5.6 | $ 5.3 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 42.2 | $ 41.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | 26.1 | 19 |
Indefinite-lived Intangible Assets [Line Items] | ||
Total | 45.1 | 44.4 |
Trademarks and brand names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2.9 | 2.7 |
Contractual Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 36.6 | 36.4 |
Finite-Lived Intangible Assets, Accumulated Amortization | 24.1 | 17.3 |
Intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5.6 | 5.3 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 2 | $ 1.7 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 7 | $ 7 | $ 7.2 |
Intangible Assets - Schedule _3
Intangible Assets - Schedule of Expected Future Annual Amortization Expense (Details) | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 | $ 7,000,000 |
2020 | 3,700,000 |
2021 | 400,000 |
2022 | 400,000 |
2023 | $ 400,000 |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Expenses (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Payables, trade and other | $ 78,500,000 | $ 70,500,000 |
Accrued payroll and other employee costs | 14,800,000 | 13,800,000 |
Other accrued expenses | 17,600,000 | 16,800,000 |
Operating lease liabilities | 2,700,000 | 3,300,000 |
Taxes Payable | 100,000 | 0 |
Total | $ 113,700,000 | $ 104,400,000 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Other Short-term Borrowings | $ 1,000,000 | $ 0 |
Short-term debt | 5,500,000 | 0 |
Finance lease liabilities | 300,000 | 200,000 |
Long-term Debt, Current Maturities | 2,900,000 | 200,000 |
Finance lease liabilities | 700,000 | 300,000 |
Long-term debt excluding current maturities | 71,400,000 | 42,500,000 |
Debt, Long-term and Short-term, Combined Amount | 79,800,000 | 42,700,000 |
Long-term Debt, Gross | 78,100,000 | 42,500,000 |
Debt Issuance Costs, Net | (6,700,000) | 0 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 10,000,000 | 42,200,000 |
CHINA | ||
Debt Instrument [Line Items] | ||
Line of Credit, Current | 4,500,000 | 0 |
Loans | ||
Debt Instrument [Line Items] | ||
Loans Payable, Current | 2,600,000 | 0 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Loans Payable, Noncurrent | $ 67,400,000 | $ 0 |
Debt -Schedule of Debt Maturiti
Debt -Schedule of Debt Maturities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Extinguishment of Debt [Line Items] | ||
2021 | $ 8,400,000 | |
2022 | 3,800,000 | |
2023 | 13,700,000 | |
2024 | $ 3,600,000 | |
2025 | $ 57,000,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Jun. 23, 2020 | Dec. 31, 2018 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||
Assets of wholly owned domestic subsidiaries individually or together (more than) | $ 1,000,000 | |||
Long-term obligations, net of fees | 71,400,000 | $ 42,500,000 | ||
Short-term obligation | 2,900,000 | 200,000 | ||
Debt Related Commitment Fees and Debt Issuance Costs | $ 7,400,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||
Temporary Reduction in ABL Debt Facility | $ 30,000,000 | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding | $ 5,400,000 | |||
Fees for outstanding letters of credit, percentage | 4.125% | |||
Debt, Weighted Average Interest Rate | 5.00% | |||
Loans | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | $ 70,000,000 | |||
ABL Facility | Line of Credit | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 90,000,000 | $ 100,000,000 | ||
ABL Facility | Line of Credit | Revolving Credit Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Consolidated Leverage Ratio | 0.0300 | |||
Unused capacity commitment fee (percent) | 0.50% | |||
ABL Facility | Line of Credit | Revolving Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Consolidated Leverage Ratio | 0.0175 | |||
Unused capacity commitment fee (percent) | 0.375% | |||
ABL Facility | Line of Credit | Revolving Credit Facility | Fed Funds Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
ABL Facility | Line of Credit | Revolving Credit Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.00% | |||
ABL Facility | Line of Credit | Revolving Credit Facility | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.75% | |||
ABL Facility | Line of Credit | Revolving Credit Facility | Eurodollar | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 4.00% |
Pension And Other Postretirem_3
Pension And Other Postretirement Benefit Programs - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined contribution plan costs | $ 3,600,000 | $ 5,500,000 |
Defined Contribution Plan, Plan A | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
defined contribution plan, employer matching contribution, level 1 percent of employees' gross pay | 6.00% | |
Defined Contribution Plan, Plan B | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 600.00% | |
defined contribution plan, employer matching contribution, level 1 percent of employees' gross pay | 4.00% | |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions in 2019 | $ 100,000 | |
Retiree Health and Life Insurance Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | $ 1,800,000 | |
Health care cost trend rate assumed for next fiscal year, pre-65 retiree | 6.70% | |
Health care cost rate assumed by 2026 | 4.50% | |
2019 | $ 4,100,000 | |
Expected employer contributions in 2019 | 4,100,000 | |
Liability, Defined Benefit Pension Plan | 4,000,000 | 5,600,000 |
United States | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 418,400,000 | $ 393,200,000 |
Expected return on plan assets (in percentage) | 5.70% | 6.30% |
2019 | $ 19,900,000 | |
Prepaid Expense and Other Assets, Noncurrent | 1,100,000 | |
Liability, Defined Benefit Pension Plan | $ 11,800,000 | |
Canadian Pension Plan | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 17,100,000 | $ 16,300,000 |
Expected return on plan assets (in percentage) | 4.00% | 4.90% |
2019 | $ 1,300,000 |
Pension And Other Postretirem_4
Pension And Other Postretirement Benefit Programs - Schedule of Change in Benefit Obligation and Change in Plan Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retiree Health and Life Insurance Plans | |||
Change in benefit obligation: | |||
Benefit obligations as of beginning of period | $ 65,300,000 | $ 62,200,000 | |
Service cost | 0 | 200,000 | $ 400,000 |
Interest cost | 1,900,000 | 2,500,000 | 2,600,000 |
Actuarial (gain) loss | 4,500,000 | 10,000,000 | |
Benefits paid | (6,900,000) | (9,200,000) | |
Benefit obligation as of end of period | 59,600,000 | 65,300,000 | 62,200,000 |
Change in plan assets: | |||
Fair value of plan assets as of beginning of period | 0 | 0 | |
Employer contribution | 5,700,000 | 7,000,000 | |
Plan participants' contribution | 1,200,000 | 2,200,000 | |
Benefits paid | (6,900,000) | (9,200,000) | |
Fair value of plan assets as of end of period | 0 | 0 | 0 |
Funded status of the plans | (59,600,000) | (65,300,000) | |
United States | Pension Plan | |||
Change in benefit obligation: | |||
Benefit obligations as of beginning of period | 394,600,000 | 346,400,000 | |
Service cost | 2,600,000 | 2,700,000 | 3,800,000 |
Interest cost | 12,500,000 | 15,000,000 | 14,600,000 |
Effect of plan curtailment | (900,000) | 0 | |
Actuarial (gain) loss | 30,400,000 | 49,200,000 | |
Benefits paid | (20,800,000) | (18,700,000) | |
Benefit obligation as of end of period | 418,400,000 | 394,600,000 | 346,400,000 |
Change in plan assets: | |||
Fair value of plan assets as of beginning of period | 380,700,000 | 337,100,000 | |
Actual return on plan assets | 57,200,000 | 62,200,000 | |
Employer contribution | 100,000 | 100,000 | |
Benefits paid | (20,800,000) | (18,700,000) | |
Fair value of plan assets as of end of period | 417,200,000 | 380,700,000 | 337,100,000 |
Funded status of the plans | (1,200,000) | (13,900,000) | |
Accumulated benefit obligation | 418,400,000 | 393,200,000 | |
Canadian Pension Plan | Pension Plan | |||
Change in benefit obligation: | |||
Benefit obligations as of beginning of period | 16,300,000 | 15,600,000 | |
Service cost | 0 | 0 | 0 |
Interest cost | 500,000 | 600,000 | 600,000 |
Foreign currency translation adjustment | 400,000 | 600,000 | |
Actuarial (gain) loss | 1,200,000 | 1,300,000 | |
Benefits paid | (1,300,000) | (1,800,000) | |
Benefit obligation as of end of period | 17,100,000 | 16,300,000 | 15,600,000 |
Change in plan assets: | |||
Fair value of plan assets as of beginning of period | 14,200,000 | 13,600,000 | |
Actual return on plan assets | 1,400,000 | 1,700,000 | |
Employer contribution | 100,000 | 100,000 | |
Foreign currency translation adjustment | 400,000 | 600,000 | |
Benefits paid | (1,300,000) | (1,800,000) | |
Fair value of plan assets as of end of period | 14,800,000 | 14,200,000 | $ 13,600,000 |
Funded status of the plans | (2,300,000) | (2,100,000) | |
Accumulated benefit obligation | $ 17,100,000 | $ 16,300,000 |
Pension And Other Postretirem_5
Pension And Other Postretirement Benefit Programs - Weighted Average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Retiree Health and Life Insurance Plans | ||
Weighted average assumptions used to determine benefit obligations as of December 31: | ||
Discount rate (in percentage) | 2.45% | 3.20% |
Weighted average assumptions used to determine net periodic benefit cost for the period: | ||
Discount rate (in percentage) | 3.20% | 4.30% |
United States | Pension Plan | ||
Weighted average assumptions used to determine benefit obligations as of December 31: | ||
Discount rate (in percentage) | 2.50% | 3.25% |
Rate of compensation increase (in percentage) | 3.25% | 3.25% |
Weighted average assumptions used to determine net periodic benefit cost for the period: | ||
Discount rate (in percentage) | 3.25% | 4.40% |
Expected return on plan assets (in percentage) | 5.70% | 6.30% |
Rate of compensation increase (in percentage) | 3.25% | 3.25% |
Canadian Pension Plan | Pension Plan | ||
Weighted average assumptions used to determine benefit obligations as of December 31: | ||
Discount rate (in percentage) | 2.30% | 3.00% |
Weighted average assumptions used to determine net periodic benefit cost for the period: | ||
Discount rate (in percentage) | 3.00% | 3.80% |
Expected return on plan assets (in percentage) | 4.00% | 4.90% |
Pension And Other Postretirem_6
Pension And Other Postretirement Benefit Programs - Benefit Obligations in Excess of Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
United States | ||
Defined-benefit pension plans with benefit obligations in excess of assets | ||
Projected benefit obligation, December 31 | $ 2.3 | $ 394.6 |
Accumulated benefit obligation, December 31 | 2.3 | 393.2 |
Fair value of plan assets, December 31 | 0 | 380.7 |
Canadian Pension Plan | ||
Defined-benefit pension plans with benefit obligations in excess of assets | ||
Projected benefit obligation, December 31 | 16.7 | 15.8 |
Accumulated benefit obligation, December 31 | 16.7 | 15.8 |
Fair value of plan assets, December 31 | $ 14.4 | $ 13.7 |
Pension And Other Postretirem_7
Pension And Other Postretirement Benefit Programs - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retiree Health and Life Insurance Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0.2 | $ 0.4 |
Interest cost | 1.9 | 2.5 | 2.6 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 1.2 | 2.2 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (6.4) | (2.6) | |
Amortization of prior service cost (credit) | (0.2) | 0 | 0 |
Recognized net actuarial loss | 4.8 | 3.1 | 2.5 |
Net periodic pension cost | (3.1) | (0.4) | 0.5 |
United States | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2.6 | 2.7 | 3.8 |
Interest cost | 12.5 | 15 | 14.6 |
Expected return on plan assets | (21.3) | (21.7) | (22.2) |
Recognized net actuarial loss | (10.1) | (9.7) | (10.7) |
Net periodic pension cost | 3.9 | 5.7 | 6.9 |
Canadian Pension Plan | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 0.5 | 0.6 | 0.6 |
Expected return on plan assets | (0.5) | (0.7) | (0.8) |
Recognized net actuarial loss | (0.3) | (0.4) | (0.2) |
Net periodic pension cost | $ 0.3 | $ 0.3 | $ 0 |
Pension And Other Postretirem_8
Pension And Other Postretirement Benefit Programs - Asset Allocation (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 417.2 | $ 380.7 | $ 337.1 |
United States | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight End of Period | 60.00% | ||
Position at End of Period | 54.00% | 55.00% | |
Fair Value of Plan Assets | $ 226.5 | $ 207.9 | |
United States | Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight End of Period | 40.00% | ||
Position at End of Period | 46.00% | 45.00% | |
United States | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ (0.3) | $ (0.4) | |
Canadian Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 14.8 | $ 14.2 | $ 13.6 |
Canadian Pension Plan | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight End of Period | 50.00% | ||
Position at End of Period | 50.00% | 50.00% | |
Fair Value of Plan Assets | $ 7.5 | $ 7 | |
Canadian Pension Plan | Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight End of Period | 48.00% | ||
Position at End of Period | 48.00% | 48.00% | |
Canadian Pension Plan | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight End of Period | 2.00% | ||
Position at End of Period | 2.00% | 2.00% | |
Fair Value of Plan Assets | $ 0.2 | $ 0.3 |
Pension And Other Postretirem_9
Pension And Other Postretirement Benefit Programs - Fair Value Measurement (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 417.2 | $ 380.7 | $ 337.1 |
United States | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | (0.3) | (0.4) | |
United States | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 417.5 | 381.1 | |
United States | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
United States | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 226.5 | 207.9 | |
United States | Fixed income securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
United States | Fixed income securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 226.5 | 207.9 | |
United States | Fixed income securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
United States | Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 191 | 173.2 | |
United States | Equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
United States | Equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 191 | 173.2 | |
United States | Equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
United States | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | (0.3) | (0.4) | |
United States | Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | (0.3) | (0.4) | |
United States | Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
United States | Other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Canadian Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 14.8 | 14.2 | $ 13.6 |
Canadian Pension Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0.2 | 0.3 | |
Canadian Pension Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 14.6 | 13.9 | |
Canadian Pension Plan | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Canadian Pension Plan | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7.5 | 7 | |
Canadian Pension Plan | Fixed income securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Canadian Pension Plan | Fixed income securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7.5 | 7 | |
Canadian Pension Plan | Fixed income securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Canadian Pension Plan | Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7.1 | 6.9 | |
Canadian Pension Plan | Equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Canadian Pension Plan | Equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7.1 | 6.9 | |
Canadian Pension Plan | Equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Canadian Pension Plan | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0.2 | 0.3 | |
Canadian Pension Plan | Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0.2 | 0.3 | |
Canadian Pension Plan | Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Canadian Pension Plan | Other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 0 | $ 0 |
Pension And Other Postretire_10
Pension And Other Postretirement Benefit Programs Summary of Balance Sheet Impact of Postretirement Benefit Plans, Related Benefit Obligations, Assets, Funded Status Rate Assumptions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations as of beginning of period | $ 65,300,000 | $ 62,200,000 | |
Service cost | 0 | 200,000 | $ 400,000 |
Interest cost | 1,900,000 | 2,500,000 | 2,600,000 |
Plan participants' contributions | 1,200,000 | 2,200,000 | |
Actuarial loss | (4,500,000) | (10,000,000) | |
Benefits paid | 6,900,000 | 9,200,000 | |
Benefit obligation as of end of period | 59,600,000 | 65,300,000 | 62,200,000 |
Fair value of plan assets as of beginning of period | 0 | 0 | |
Employer contribution | 5,700,000 | 7,000,000 | |
Plan participants' contribution | 1,200,000 | 2,200,000 | |
Benefits paid | 6,900,000 | 9,200,000 | |
Fair value of plan assets as of end of period | 0 | 0 | 0 |
Funded status of the plans | (59,600,000) | (65,300,000) | |
Pension Plan | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations as of beginning of period | 394,600,000 | 346,400,000 | |
Service cost | 2,600,000 | 2,700,000 | 3,800,000 |
Interest cost | 12,500,000 | 15,000,000 | 14,600,000 |
Effect of plan curtailment | (900,000) | 0 | |
Actuarial loss | (30,400,000) | (49,200,000) | |
Benefits paid | 20,800,000 | 18,700,000 | |
Benefit obligation as of end of period | 418,400,000 | 394,600,000 | 346,400,000 |
Fair value of plan assets as of beginning of period | 380,700,000 | 337,100,000 | |
Employer contribution | 100,000 | 100,000 | |
Benefits paid | 20,800,000 | 18,700,000 | |
Fair value of plan assets as of end of period | 417,200,000 | 380,700,000 | $ 337,100,000 |
Funded status of the plans | $ (1,200,000) | $ (13,900,000) |
Pension And Other Postretire_11
Pension And Other Postretirement Benefit Programs - Amounts Recognized on the Consolidated Balance Sheets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefit liabilities | $ (4,600,000) | $ (16,000,000) |
Postretirement benefit liabilities | (55,600,000) | (59,700,000) |
Retiree Health and Life Insurance Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts payable and accrued expenses | (4,000,000) | (5,600,000) |
Postretirement benefit liabilities | (55,600,000) | (59,700,000) |
Net amount recognized | (59,600,000) | (65,300,000) |
United States | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid Expense, Noncurrent | 1,100,000 | |
Pension benefit liabilities | (2,300,000) | (13,900,000) |
Accounts payable and accrued expenses | (11,800,000) | |
Net amount recognized | (1,200,000) | (13,900,000) |
Canadian Pension Plan | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefit liabilities | (2,300,000) | (2,100,000) |
Net amount recognized | $ (2,300,000) | $ (2,100,000) |
Pension And Other Postretire_12
Pension And Other Postretirement Benefit Programs - Amounts Recognized in AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Retiree Health and Life Insurance Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | $ 25.6 | $ 30.5 |
United States | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | (106.7) | (123.1) |
Canadian Pension Plan | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | $ (4.9) | $ (4.8) |
Pension And Other Postretire_13
Pension And Other Postretirement Benefit Programs - Expected Future Benefit Payments (Details) | Dec. 31, 2020USD ($) |
Retiree Health and Life Insurance Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions, next fiscal year | $ 4,100,000 |
U.S. Pension Benefits, Canadian Pension Benefits, and Retiree Health and Life Insurance Benefits, Gross | |
2019 | 4,100,000 |
2020 | 3,800,000 |
2021 | 3,600,000 |
2022 | 3,500,000 |
2023 | 3,400,000 |
2026-2030 | 15,700,000 |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions, next fiscal year | 100,000 |
United States | Pension Plan | |
U.S. Pension Benefits, Canadian Pension Benefits, and Retiree Health and Life Insurance Benefits, Gross | |
2019 | 19,900,000 |
2020 | 20,900,000 |
2021 | 21,600,000 |
2022 | 21,700,000 |
2023 | 22,100,000 |
2026-2030 | 114,100,000 |
Canadian Pension Plan | Pension Plan | |
U.S. Pension Benefits, Canadian Pension Benefits, and Retiree Health and Life Insurance Benefits, Gross | |
2019 | 1,300,000 |
2020 | 1,300,000 |
2021 | 1,200,000 |
2022 | 1,200,000 |
2023 | 1,100,000 |
2026-2030 | $ 5,300,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Gains expected to be reclassified to earnings within the next twelve months | $ 0.8 | |
Cash flow hedging | Foreign currency forward | ||
Derivative [Line Items] | ||
Length of derivative hedge (up to) | 18 months | |
Derivative, Notional Amount | $ 17.3 | $ 23.1 |
Fair value hedging | Foreign currency forward | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 12.1 | $ 16.6 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset | $ 0 | $ 0 |
Derivative liability | 1.1 | 0.7 |
Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0.1 | 0.3 |
Cash flow hedging | Foreign exchange contracts | Designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | $ 1 | $ 0.4 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Gain (Loss) on Derivative Instruments (Details) - Foreign exchange contracts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flow hedges: | Cash flow hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in other comprehensive income (OCI) | $ 0.3 | $ (0.8) | $ 2 |
(Losses) gains reclassified from AOCI | (0.2) | 0.7 | (0.3) |
Non-designated hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Losses) gains recognized in income | $ 0.3 | $ 0.1 | $ 1.5 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Estimated Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurement [Domain] | Total Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | $ 73.8 | |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 1.1 | $ 0.7 |
Level 1 | Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 1.1 | 0.7 |
Level 1 | Total Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 0 | |
Level 1 | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 0 | |
Level 1 | Revolving Credit Facility | Not Designated as Hedging Instrument | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 0 | |
Level 1 | Line of Credit, Current | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 0 | |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 88.3 | 42.2 |
Level 2 | Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 0 | 0 |
Level 2 | Total Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 73.8 | |
Level 2 | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 10 | |
Level 2 | Revolving Credit Facility | Not Designated as Hedging Instrument | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 42.2 | |
Level 2 | Line of Credit, Current | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 4.5 | |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 0 | 0 |
Level 3 | Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 0 | 0 |
Level 3 | Total Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 0 | |
Level 3 | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 0 | |
Level 3 | Revolving Credit Facility | Not Designated as Hedging Instrument | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 0 | |
Level 3 | Line of Credit, Current | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 0 | |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 85.6 | 42.9 |
Carrying amount | Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 1.1 | 0.7 |
Carrying amount | Total Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 70 | |
Carrying amount | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 10 | 42.2 |
Carrying amount | Line of Credit, Current | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 4.5 | |
Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | $ 89.4 | $ 42.9 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | Jun. 21, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | May 03, 2019 | May 17, 2019 | Mar. 06, 2017 |
Equity [Abstract] | ||||||
Shares authorized to repurchase | $ 50,000,000 | $ 50,000,000 | ||||
Repurchase of common stock (in shares) | 4,504,504 | 2,500,000 | ||||
Repurchase of common stock | $ 51,400,000 | $ 1,000,000 | $ 41,000,000 | |||
Average cost per share | $ 11.42 | $ 16.23 | ||||
Share Repurchase Program additional authorized amount | $ 50,000,000 | |||||
Shares repurchased amount | $ 51,400,000 |
Stockholders' Equity - Componen
Stockholders' Equity - Components of AOCI and Related Tax Effect (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) | $ 15.4 | $ (13.1) | $ 3.5 |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax Amount | 7.2 | (2.2) | (6) |
Tax Impact | 0 | 0 | 0 |
Other comprehensive income (loss) | 7.2 | (2.2) | (6) |
Derivative gain (loss), net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax Amount | (0.6) | (1.5) | 2.3 |
Tax Impact | 0.2 | 0.1 | (0.6) |
Other comprehensive income (loss) | (0.4) | (1.4) | 1.7 |
Pension and postretirement adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax Amount | 11.5 | (9.5) | 8.5 |
Tax Impact | (2.9) | 0 | (0.7) |
Other comprehensive income (loss) | 8.6 | (9.5) | 7.8 |
Accumulated other comprehensive (loss) income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-tax Amount | 18.1 | (13.2) | 4.8 |
Tax Impact | (2.7) | 0.1 | (1.3) |
Other comprehensive income (loss) | $ 15.4 | $ (13.1) | $ 3.5 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of AOCI Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 268.3 | $ 391 | $ 550 |
Other comprehensive income (loss) | 15.4 | (13.1) | 3.5 |
Ending balance | 222.6 | 268.3 | 391 |
Foreign currency translation adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (0.5) | 1.7 | |
Other comprehensive (loss) before reclassifications, net of tax impact | 7.2 | (2.2) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 0 | |
Other comprehensive income (loss) | 7.2 | (2.2) | (6) |
Ending balance | 6.7 | (0.5) | 1.7 |
AOCI tax (expense) benefit | 0 | 0 | |
Derivative Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (0.6) | 0.8 | |
Other comprehensive (loss) before reclassifications, net of tax impact | (0.2) | (0.7) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0.2 | (0.7) | |
Other comprehensive income (loss) | (0.4) | (1.4) | 1.7 |
Ending balance | (1) | (0.6) | 0.8 |
AOCI tax (expense) benefit | 0.2 | 0.1 | |
Pension and postretirement adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (73.6) | (64.1) | |
Other comprehensive (loss) before reclassifications, net of tax impact | 5.9 | (16.5) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 2.7 | 7 | |
Other comprehensive income (loss) | 8.6 | (9.5) | 7.8 |
Ending balance | (65) | (73.6) | (64.1) |
AOCI tax (expense) benefit | (2) | 0 | |
Accumulated other comprehensive (loss) income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (74.7) | (61.6) | (52.5) |
Other comprehensive (loss) before reclassifications, net of tax impact | 12.9 | (19.4) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 2.5 | 6.3 | |
Other comprehensive income (loss) | 15.4 | (13.1) | 3.5 |
Ending balance | (59.3) | (74.7) | $ (61.6) |
AOCI tax (expense) benefit | $ (1.8) | $ 0.1 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Amounts Reclassified from AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of goods sold | $ 501.3 | $ 541 | $ 585 | ||||||||
Net earnings (loss) from discontinued operations | 0 | 10.4 | (143.9) | ||||||||
Net sales | $ 143.9 | $ 156.6 | $ 145.6 | $ 138.7 | $ 141.3 | $ 165.6 | $ 177.7 | $ 141.7 | 584.8 | 626.3 | 728.2 |
(Loss) income from continuing operations before income taxes | 64.4 | 67.3 | 25.1 | ||||||||
Income tax (benefit) expense | (0.8) | 1.6 | (6) | ||||||||
Net (loss) income | 63.6 | 58.5 | 163 | ||||||||
Reclassification out of accumulated other comprehensive income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications for the period | 2.5 | 6.3 | 6.9 | ||||||||
Derivative Adjustments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications for the period | (0.2) | 0.7 | |||||||||
Derivative Adjustments | Reclassification out of accumulated other comprehensive income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
(Loss) income from continuing operations before income taxes | (0.2) | (0.7) | 0.4 | ||||||||
Income tax (benefit) expense | 0 | 0 | (0.1) | ||||||||
Net (loss) income | (0.2) | (0.7) | 0.3 | ||||||||
Derivative Adjustments | Reclassification out of accumulated other comprehensive income | Purchases | Foreign exchange contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of goods sold | (0.1) | (0.4) | (0.1) | ||||||||
Derivative Adjustments | Reclassification out of accumulated other comprehensive income | Sales | Foreign exchange contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net sales | (0.1) | (0.3) | 0.4 | ||||||||
Prior service cost amortization | Reclassification out of accumulated other comprehensive income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other expense, net | (2) | 0 | 0 | ||||||||
Amortization of net actuarial loss | Reclassification out of accumulated other comprehensive income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other expense, net | 5.6 | 7 | 8.4 | ||||||||
Pension and Postretirement Adjustments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications for the period | (2.7) | (7) | |||||||||
Pension and Postretirement Adjustments | Reclassification out of accumulated other comprehensive income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications before tax | 3.6 | 7 | 8.3 | ||||||||
Tax impact | (0.9) | 0 | (1.8) | ||||||||
Total reclassifications for the period | 2.7 | 7 | 6.6 | ||||||||
Discontinued Operations, Disposed of by Sale | Derivative Adjustments | Reclassification out of accumulated other comprehensive income | Sales | Foreign exchange contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net earnings (loss) from discontinued operations | 0 | 0 | 0.1 | ||||||||
Discontinued Operations, Disposed of by Sale | Amortization of net actuarial loss | Reclassification out of accumulated other comprehensive income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net earnings (loss) from discontinued operations | 0 | 0 | (0.1) | ||||||||
Discontinued Operations, Disposed of by Sale | Pension and Postretirement Adjustments | Reclassification out of accumulated other comprehensive income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net earnings (loss) from discontinued operations | $ 0 | $ 0 | $ 0.1 |
Litigation and Related Matters
Litigation and Related Matters (Details) - USD ($) | Oct. 01, 2020 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Environmental liabilities | $ 0 | |
Loss Contingencies [Line Items] | ||
Environmental liabilities | $ 0 | |
Litigation Settlement, Amount Awarded to Other Party | $ 3,750,000 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 143.9 | $ 156.6 | $ 145.6 | $ 138.7 | $ 141.3 | $ 165.6 | $ 177.7 | $ 141.7 | $ 584.8 | $ 626.3 | $ 728.2 |
Gross profit | 7.9 | 27.6 | 24.7 | 23.3 | 15.2 | 11.8 | 36.2 | 22.1 | 83.5 | 85.3 | 143.2 |
Net earnings (loss) from continuing operations | $ (32.4) | $ (11.7) | $ (6.3) | $ (13.2) | $ (27.9) | $ (29.7) | $ 5.3 | $ (16.6) | $ (63.6) | $ (68.9) | $ (19.1) |
Per share of common stock: | |||||||||||
Basic (in dollars per share) | $ (1.48) | $ (0.53) | $ (0.29) | $ (0.60) | $ (1.27) | $ (1.36) | $ 0.20 | $ (0.63) | $ (2.90) | $ (2.42) | $ (6.27) |
Diluted (in dollars per share) | $ (1.48) | $ (0.53) | $ (0.29) | $ (0.60) | $ (1.27) | $ (1.36) | $ 0.20 | $ (0.63) | $ (2.90) | $ (2.42) | $ (6.27) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Reserves (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Provision for doubtful accounts (a) | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 800,000 | $ 600,000 | $ 400,000 |
Additions charged to earnings | 0 | 300,000 | 200,000 |
Deductions | (200,000) | (100,000) | 0 |
Balance at end of year | 600,000 | 800,000 | 600,000 |
Provision for discounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 8,400,000 | 5,600,000 | 6,000,000 |
Additions charged to earnings | 51,800,000 | 72,100,000 | 61,000,000 |
Deductions | (52,700,000) | (69,300,000) | (59,700,000) |
Balance at end of year | 7,500,000 | 8,400,000 | 5,600,000 |
Provision for discounts | Cumulative Effect, Period of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | 1,700,000 | ||
Provision for warranties | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 9,000,000 | 6,400,000 | 5,600,000 |
Additions charged to earnings | 8,800,000 | 9,400,000 | 6,600,000 |
Deductions | (7,500,000) | (6,800,000) | (7,500,000) |
Balance at end of year | 10,300,000 | 9,000,000 | 6,400,000 |
Provision for warranties | Cumulative Effect, Period of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | 1,700,000 | ||
Reserve for inventory obsolescence | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 6,600,000 | 600,000 | 900,000 |
Additions charged to earnings | 1,300,000 | 9,100,000 | 300,000 |
Deductions | (900,000) | (3,100,000) | (600,000) |
Balance at end of year | 7,000,000 | 6,600,000 | 600,000 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 35,800,000 | 29,700,000 | 29,700,000 |
Additions charged to earnings | 12,700,000 | 6,100,000 | 0 |
Deductions | 0 | 0 | 0 |
Balance at end of year | $ 48,500,000 | $ 35,800,000 | $ 29,700,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Feb. 25, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||
Assets held-for-sale | $ 17,800,000 | $ 0 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Price for sale of facility | $ 76,700,000 | ||
Proceeds from sale of facility | 65,000,000 | ||
Assets held-for-sale | $ 17,800,000 |
Uncategorized Items - afi-20201
Label | Element | Value |
Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | us-gaap_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect | $ (12,600,000) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | us-gaap_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect | $ 12,600,000 |