Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 28, 2020 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-4639 | |
Entity Registrant Name | CTS CORPORATION | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-0225010 | |
Entity Address, Address Line One | 4925 Indiana Avenue | |
Entity Address, City or Town | Lisle | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60532 | |
City Area Code | (630) | |
Local Phone Number | 577-8800 | |
Title of Each Class | Common stock, without par value | |
Trading Symbol | CTS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000026058 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 32,267,524 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - Unaudited - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 84,197 | $ 120,684 | $ 187,272 | $ 238,308 |
Cost of goods sold | 57,630 | 79,480 | 127,806 | 156,490 |
Gross margin | 26,567 | 41,204 | 59,466 | 81,818 |
Selling, general and administrative expenses | 14,668 | 17,036 | 31,427 | 34,597 |
Research and development expenses | 5,522 | 6,257 | 12,930 | 13,048 |
Restructuring charges | 135 | 911 | 375 | 2,995 |
Gain on sale of assets | 0 | (83) | 0 | (122) |
Operating earnings | 6,242 | 17,083 | 14,734 | 31,300 |
Other (expense) income: | ||||
Interest expense | (909) | (467) | (1,760) | (933) |
Interest income | 304 | 440 | 635 | 872 |
Other (expense) income, net | 256 | (1,107) | (1,726) | (1,010) |
Total other (expense) income. net | (349) | (1,134) | (2,851) | (1,071) |
Earnings before income taxes | 5,893 | 15,949 | 11,883 | 30,229 |
Income tax expense | 1,036 | 4,006 | 3,218 | 6,867 |
Net earnings | $ 4,857 | $ 11,943 | $ 8,665 | $ 23,362 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.15 | $ 0.36 | $ 0.27 | $ 0.71 |
Diluted (in dollars per share) | $ 0.15 | $ 0.36 | $ 0.27 | $ 0.70 |
Basic weighted - average common shares outstanding (in shares): | 32,262 | 32,799 | 32,364 | 32,803 |
Effect of dilutive securities (in shares) | 242 | 406 | 284 | 422 |
Diluted weighted - average common shares outstanding (in shares) | 32,504 | 33,205 | 32,648 | 33,225 |
Cash dividends declared per share (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.08 | $ 0.08 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Earnings - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 4,857 | $ 11,943 | $ 8,665 | $ 23,362 |
Other comprehensive (loss) earnings: | ||||
Changes in fair market value of derivatives, net of tax | 644 | (294) | (3,770) | (216) |
Changes in unrealized pension cost, net of tax | 1,209 | 1,026 | 2,494 | 2,048 |
Cumulative translation adjustment, net of tax | (14) | (87) | (153) | 4 |
Other comprehensive (loss) earnings | 1,839 | 645 | (1,429) | 1,836 |
Comprehensive earnings | $ 6,696 | $ 12,588 | $ 7,236 | $ 25,198 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 145,981 | $ 100,241 |
Accounts receivable, net | 59,798 | 78,008 |
Inventories, net | 44,266 | 42,237 |
Other current assets | 14,750 | 16,992 |
Total current assets | 264,795 | 237,478 |
Property, plant and equipment, net | 99,349 | 105,038 |
Operating lease assets | 24,369 | 24,644 |
Other Assets | ||
Prepaid pension asset | 64,104 | 62,082 |
Goodwill | 106,056 | 106,056 |
Other intangible assets, net | 80,622 | 85,215 |
Deferred income taxes | 21,278 | 19,795 |
Other | 2,816 | 3,046 |
Total other assets | 274,876 | 276,194 |
Total Assets | 663,389 | 643,354 |
Current Liabilities | ||
Accounts payable | 32,820 | 48,219 |
Operating lease obligations | 3,051 | 2,787 |
Accrued payroll and benefits | 8,725 | 9,564 |
Accrued expenses and other liabilities | 33,175 | 36,378 |
Total current liabilities | 77,771 | 96,948 |
Long-term debt | 141,300 | 99,700 |
Long-term operating lease obligations | 24,473 | 24,926 |
Long-term pension obligations | 6,504 | 6,632 |
Deferred income taxes | 6,303 | 5,637 |
Other long-term obligations | 6,146 | 4,292 |
Total Liabilities | 262,497 | 238,135 |
Shareholders’ Equity | ||
Common stock | 310,953 | 307,932 |
Additional contributed capital | 39,775 | 43,689 |
Retained earnings | 515,841 | 509,766 |
Accumulated other comprehensive loss | (93,155) | (91,726) |
Total shareholders’ equity before treasury stock | 773,414 | 769,661 |
Treasury stock | (372,522) | (364,442) |
Total shareholders’ equity | 400,892 | 405,219 |
Total Liabilities and Shareholders’ Equity | $ 663,389 | $ 643,354 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 8,665 | $ 23,362 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 13,143 | 11,919 |
Pension and other post-retirement plan expense | 1,348 | 502 |
Stock-based compensation | 1,045 | 2,793 |
Deferred income taxes | (466) | 1,937 |
(Gain) on sales of fixed assets | 0 | (122) |
Impairment of fixed assets | 1,016 | 892 |
(Gain) loss on foreign currency hedges, net of cash | (133) | 88 |
Changes in assets and liabilities, net of acquisition: | ||
Accounts receivable | 17,850 | (5,394) |
Inventories | (2,328) | 360 |
Operating lease assets | (275) | 1,780 |
Other assets | 1,460 | (2,370) |
Accounts payable | (12,294) | (1,582) |
Accrued payroll and benefits | (512) | (4,713) |
Accrued liabilities | (4,026) | (3,622) |
Income taxes payable | (974) | (588) |
Operating lease liabilities | (189) | 1,986 |
Accrued expenses and other liabilities | (26) | 660 |
Pension and other post-retirement plans | (130) | (144) |
Net cash provided by operating activities | 23,724 | 24,184 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (7,245) | (9,430) |
Proceeds from sale of assets | 0 | 122 |
Net cash used in investing activities | (7,245) | (9,308) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments of long-term debt | (2,207,450) | (309,100) |
Proceeds from borrowings of long-term debt | 2,249,050 | 309,100 |
Purchase of treasury stock | (8,080) | (5,002) |
Dividends paid | (2,598) | (2,625) |
Taxes paid on behalf of equity award participants | (1,903) | (2,637) |
Net cash provided by (used) in financing activities | 29,019 | (10,264) |
Effect of exchange rate changes on cash and cash equivalents | 242 | 33 |
Net increase (decrease) in cash and cash equivalents | 45,740 | 4,645 |
Cash and cash equivalents at beginning of period | 100,241 | 100,933 |
Cash and cash equivalents at end of period | 145,981 | 105,578 |
Supplemental cash flow information: | ||
Cash paid for interest | 1,442 | 574 |
Cash paid for income taxes, net | 4,114 | 5,448 |
Capital expenditures incurred but not yet paid | $ 1,158 | $ 4,807 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Contributed Capital | Retained Earnings | Accumulated Other Comprehensive Earnings/(Loss) | Treasury Stock |
Beginning Balance at Dec. 31, 2018 | $ 377,929 | $ 306,697 | $ 42,820 | $ 478,847 | $ (97,739) | $ (352,696) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 11,419 | 11,419 | ||||
Changes in fair market value of derivatives, net of tax | 78 | 78 | ||||
Changes in unrealized pension cost, net of tax | 1,022 | 1,022 | ||||
Cumulative translation adjustment, net of tax | 91 | 91 | ||||
Cash dividends | (1,315) | (1,315) | ||||
Acquired shares for treasury stock | (849) | (849) | ||||
Issued shares on vesting of restricted stock units | (2,636) | 967 | (3,603) | |||
Stock compensation | 1,154 | 1,154 | ||||
Ending Balance at Mar. 31, 2019 | 386,893 | 307,664 | 40,371 | 488,951 | (96,548) | (353,545) |
Beginning Balance at Dec. 31, 2018 | 377,929 | 306,697 | 42,820 | 478,847 | (97,739) | (352,696) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 23,362 | |||||
Changes in fair market value of derivatives, net of tax | (216) | |||||
Changes in unrealized pension cost, net of tax | 2,048 | |||||
Cumulative translation adjustment, net of tax | 4 | |||||
Ending Balance at Jun. 30, 2019 | 395,545 | 307,775 | 41,786 | 499,585 | (95,903) | (357,698) |
Beginning Balance at Mar. 31, 2019 | 386,893 | 307,664 | 40,371 | 488,951 | (96,548) | (353,545) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 11,943 | 11,943 | ||||
Changes in fair market value of derivatives, net of tax | (294) | (294) | ||||
Changes in unrealized pension cost, net of tax | 1,026 | 1,026 | ||||
Cumulative translation adjustment, net of tax | (87) | (87) | ||||
Cash dividends | (1,309) | (1,309) | ||||
Acquired shares for treasury stock | (4,153) | 4,153 | ||||
Issued shares on vesting of restricted stock units | 0 | 111 | (111) | |||
Stock compensation | 1,526 | 1,526 | ||||
Ending Balance at Jun. 30, 2019 | 395,545 | 307,775 | 41,786 | 499,585 | (95,903) | (357,698) |
Beginning Balance at Dec. 31, 2019 | 405,219 | 307,932 | 43,689 | 509,766 | (91,726) | (364,442) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 3,808 | 3,808 | ||||
Changes in fair market value of derivatives, net of tax | (4,414) | (4,414) | ||||
Changes in unrealized pension cost, net of tax | 1,285 | 1,285 | ||||
Cumulative translation adjustment, net of tax | (139) | (139) | ||||
Cash dividends | (1,298) | (1,298) | ||||
Acquired shares for treasury stock | (5,304) | (5,304) | ||||
Issued shares on vesting of restricted stock units | (1,903) | 2,166 | (4,069) | |||
Stock compensation | 212 | 212 | ||||
Ending Balance at Mar. 31, 2020 | 397,466 | 310,098 | 39,832 | 512,276 | (94,994) | (369,746) |
Beginning Balance at Dec. 31, 2019 | 405,219 | 307,932 | 43,689 | 509,766 | (91,726) | (364,442) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 8,665 | |||||
Changes in fair market value of derivatives, net of tax | (3,770) | |||||
Changes in unrealized pension cost, net of tax | 2,494 | |||||
Cumulative translation adjustment, net of tax | (153) | |||||
Ending Balance at Jun. 30, 2020 | 400,892 | 310,953 | 39,775 | 515,841 | (93,155) | (372,522) |
Beginning Balance at Mar. 31, 2020 | 397,466 | 310,098 | 39,832 | 512,276 | (94,994) | (369,746) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 4,857 | 4,857 | ||||
Changes in fair market value of derivatives, net of tax | 644 | 644 | ||||
Changes in unrealized pension cost, net of tax | 1,209 | 1,209 | ||||
Cumulative translation adjustment, net of tax | (14) | (14) | ||||
Cash dividends | (1,292) | (1,292) | ||||
Acquired shares for treasury stock | (2,776) | (2,776) | ||||
Issued shares on vesting of restricted stock units | 0 | 855 | (855) | |||
Stock compensation | 798 | 798 | ||||
Ending Balance at Jun. 30, 2020 | $ 400,892 | $ 310,953 | $ 39,775 | $ 515,841 | $ (93,155) | $ (372,522) |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Shareholders Equity (parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per share (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 |
Treasury Stock, Shares, Acquired | 122,000 | 220,731 | 148,466 | 31,500 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1—Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS” "we", "our", "us" or the "Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, notes thereto, and other information included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2019 . The accompanying unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments (consisting of normal recurring items) necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no impact on previously reported net earnings. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 2 – Revenue Recognition The core principle of Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step process to achieve that core principle: • Identify the contract(s) with a customer • Identify the performance obligations • Determine the transaction price • Allocate the transaction price • Recognize revenue when the performance obligations are met We recognize revenue when the performance obligations specified in our contracts have been satisfied, after considering the impact of variable consideration and other factors that may affect the transaction price. Our contracts normally contain a single performance obligation that is fulfilled on the date of delivery based on shipping terms stipulated in the contract. We usually expect payment within 30 to 90 days from the shipping date, depending on our terms with the customer. None of our contracts as of June 30, 2020 contained a significant financing component. Differences between the amount of revenue recognized and the amount invoiced, collected from, or paid to our customers are recognized as contract assets or liabilities. Contract assets will be reviewed for impairment when events or circumstances indicate that they may not be recoverable. To the extent the transaction price includes variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing the most likely amount method based on an analysis of historical experience and current facts and circumstances, which requires significant judgment. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Disaggregated Revenue The following table presents revenues disaggregated by the major markets we serve: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Transportation $ 38,129 $ 80,343 $ 99,663 $ 159,184 Industrial 20,213 19,500 41,056 37,656 Medical 13,038 8,973 22,408 18,639 Aerospace & Defense 9,373 6,988 18,378 14,511 Telecom & IT 3,444 4,880 5,767 8,318 Total $ 84,197 $ 120,684 $ 187,272 $ 238,308 |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Accounts Receivable | NOTE 3 – Accounts Receivable The components of accounts receivable, net are as follows: As of June 30, December 31, 2020 2019 Accounts receivable, gross $ 60,425 $ 78,269 Less: Allowance for credit losses (627 ) (261 ) Accounts receivable, net $ 59,798 $ 78,008 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 – Inventories Inventories, net consist of the following: As of June 30, December 31, 2020 2019 Finished goods $ 8,937 $ 9,447 Work-in-process 15,754 14,954 Raw materials 24,943 23,363 Less: Inventory reserves (5,368 ) (5,527 ) Inventories, net $ 44,266 $ 42,237 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 5 – Property, Plant and Equipment Property, plant and equipment is comprised of the following: As of June 30, December 31, 2020 2019 Land and land improvements $ 1,095 $ 1,095 Buildings and improvements 68,424 68,350 Machinery and equipment 226,465 224,312 Less: Accumulated depreciation (196,635 ) (188,719 ) Property, plant and equipment, net $ 99,349 $ 105,038 Depreciation expense for the six months ended June 30, 2020 $ 8,580 Depreciation expense for the six months ended June 30, 2019 $ 8,537 |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Plans | NOTE 6 – Retirement Plans Pension Plans Net pension expense for our domestic and foreign plans included in other income (expense) in the Condensed Consolidated Statement of Earnings is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Net pension expense $ 666 $ 249 $ 1,330 $ 499 The components of net pension expense for our domestic and foreign plans include the following: Domestic Pension Plans Foreign Pension Plans Three Months Ended Three Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Service cost $ — $ — $ 8 $ 9 Interest cost 1,443 1,931 6 7 Expected return on plan assets (1) (2,454 ) (3,047 ) (3 ) (4 ) Amortization of loss 1,622 1,311 44 42 Total expense, net $ 611 $ 195 $ 55 $ 54 (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses. Domestic Pension Plans Foreign Pension Plans Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Service cost $ — $ — $ 15 $ 18 Interest cost 2,886 3,862 13 15 Expected return on plan assets (1) (4,908 ) (6,094 ) (7 ) (9 ) Amortization of loss 3,244 2,623 87 84 Total expense, net $ 1,222 $ 391 $ 108 $ 108 (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses. In February 2020, the CTS Board of Directors authorized management to explore termination of our U.S. based pension plan ("Plan") at management's discretion, subject to certain conditions. On June 1, 2020, we entered into the Fifth Amendment to the Plan whereby we set an effective termination date of July 31, 2020. The Plan termination process is expected to take twelve to eighteen months and requires certain approvals from both the Internal Revenue Service and Pension Benefit Guaranty Corporation. Once we receive such approvals, an insurance company will be selected to purchase annuities and fulfill the obligations of the Plan including administering payments to participants. Upon settlement of the pension liabilities, we will reclassify the related pension losses currently recorded in accumulated other comprehensive loss into earnings. We do not expect any cash contributions from the Company to the Plan as a result of this termination because plan assets exceed estimated liabilities. Other Post-retirement Benefit Plan Net post-retirement expense for our other post-retirement plan includes the following components: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Service cost $ — $ 1 $ — $ 1 Interest cost 30 43 60 85 Amortization of gain (21 ) (42 ) (42 ) (83 ) Total expense, net $ 9 $ 2 $ 18 $ 3 |
Other Intangible Assets
Other Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | NOTE 7 – Other Intangible Assets Other intangible assets, net consist of the following components: As of June 30, 2020 Gross Accumulated Net Amount Customer lists/relationships $ 92,194 $ (41,370 ) $ 50,824 Technology and other intangibles 47,925 (20,327 ) 27,598 In process research and development 2,200 — 2,200 Other intangible assets, net $ 142,319 $ (61,697 ) $ 80,622 Amortization expense for the three months ended June 30, 2020 $ 2,268 Amortization expense for the six months ended June 30, 2020 $ 4,563 As of December 31, 2019 Gross Accumulated Net Amount Customer lists/relationships $ 92,194 $ (38,682 ) $ 53,512 Technology and other intangibles 47,925 (18,422 ) 29,503 In process research and development 2,200 — 2,200 Other intangible assets, net $ 142,319 $ (57,104 ) $ 85,215 Amortization expense for the three months ended June 30, 2019 $ 1,692 Amortization expense for the six months ended June 30, 2019 $ 3,382 Remaining amortization expense for other intangible assets as of June 30, 2020 is as follows: Amortization 2020 $ 4,459 2021 8,893 2022 8,657 2023 6,651 2024 6,489 Thereafter 45,473 Total amortization expense $ 80,622 |
Costs Associated with Exit and
Costs Associated with Exit and Restructuring Activities | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | |
Costs Associated with Exit and Restructuring Activities | NOTE 8 – Costs Associated with Exit and Restructuring Activities Restructuring charges are reported as a separate line within operating earnings in the Condensed Consolidated Statement of Earnings. Total restructuring charges are as follows: Three Months Ended June 30, 2020 June 30, 2019 Restructuring charges $ 135 $ 911 Six Months Ended June 30, 2020 June 30, 2019 Restructuring charges $ 375 $ 2,995 2016 Plan In June 2016, we announced plans to restructure operations by phasing out production at our Elkhart, IN facility and transitioning it into a research and development center supporting our global operations ("June 2016 Plan"). Additional organizational changes were also implemented in various other locations. In 2017, we revised this plan to include an additional $1,100 in planned costs related to the relocation of our corporate headquarters in Lisle, IL and our plant in Bolingbrook, IL, both of which have now been consolidated into a single facility. Restructuring charges under this plan, which is substantially complete, were $0 and $911 during the three months ended June 30, 2020 and June 30, 2019 , respectively. Restructuring charges under this plan were $(32) and $2,995 during the six months ended June 30, 2020 and June 30, 2019 , respectively. The total restructuring liability related to the June 2016 Plan was $48 at June 30, 2020 and $233 at December 31, 2019 . Additional costs related to production line movements, equipment charges, and other costs will be expensed as incurred. The following table displays the planned restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through June 30, 2020 : Actual costs Planned incurred through June 2016 Plan Costs June 30, 2020 Workforce reduction $ 3,075 $ 3,312 Building and equipment relocation 9,025 10,530 Other charges (1) 1,300 2,156 Total restructuring charges $ 13,400 $ 15,998 (1) Other charges includes the effects of currency translation, non-cash asset write-downs and other charges. 2014 Plan In April 2014, we announced plans to restructure our operations and consolidate our Canadian operations into other existing facilities as part of our overall plan to simplify our business model and rationalize our global footprint (“April 2014 Plan”). These restructuring actions were completed in 2015. Restructuring charges associated with this plan were $(248) for the three and six months ended June 30, 2019 . There were no restructuring charges incurred under this plan during the three or six months ended June 30, 2020 . The total restructuring liability related to the April 2014 Plan was $672 at June 30, 2020 , and $703 at December 31, 2019 . Other Restructuring Activities From time to time we incur other restructuring activities that are not part of a formal plan. During the three and six months ended June 30, 2020 , we incurred restructuring charges of $135 and $407 , respectively, primarily relating to workforce reduction actions taken during the quarter. There were no such charges incurred during the three and six months ended June 30, 2019 . The total remaining restructuring liability associated with these actions was $183 at June 30, 2020 and $1,057 at December 31, 2019 . The following table displays the restructuring liability activity included in Accrued expenses and other liabilities for all plans for the six months ended June 30, 2020 : Restructuring liability at January 1, 2020 $ 1,993 Restructuring charges 375 Cost paid (1,039 ) Other activity (1) (426 ) Restructuring liability at June 30, 2020 $ 903 (1) Other activity includes the effects of currency translation, non-cash asset write-downs and other charges that do not flow through restructuring expense. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Accrued Liabilities | NOTE 9 – Accrued Liabilities The components of Accrued expenses and other liabilities are as follows: As of June 30, December 31, 2020 2019 Accrued product related costs $ 3,090 $ 2,950 Accrued income taxes 6,921 7,903 Accrued property and other taxes 1,948 1,574 Accrued professional fees 903 1,599 Accrued customer related liabilities 3,673 4,391 Dividends payable 1,291 1,299 Remediation reserves 9,300 11,444 Derivative liabilities 2,220 — Other accrued liabilities 3,829 5,218 Total accrued expenses and other liabilities $ 33,175 $ 36,378 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | NOTE 10 – Commitments and Contingencies Certain processes in the manufacture of our current and past products create by-products classified as hazardous waste. We have been notified by the U.S. Environmental Protection Agency, state environmental agencies, and in some cases, groups of potentially responsible parties, that we may be potentially liable for environmental contamination at several sites currently and formerly owned or operated by us. Two of those sites, Asheville, North Carolina and Mountain View, California, are designated National Priorities List sites under the U.S. Environmental Protection Agency’s Superfund program. We accrue a liability for probable remediation activities, claims and proceedings against us with respect to environmental matters if the amount can be reasonably estimated, and provide disclosures including the nature of a loss whenever it is probable or reasonably possible that a potentially material loss may have occurred but cannot be estimated. We record contingent loss accruals on an undiscounted basis. A roll-forward of remediation reserves included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets is comprised of the following: As of June 30, 2020 December 31, 2019 Balance at beginning of period $ 11,444 $ 11,274 Remediation expense 791 2,602 Net remediation payments (2,956 ) (2,455 ) Other activity (1) 21 23 Balance at end of the period $ 9,300 $ 11,444 (1) Other activity includes currency translation adjustments not recorded through remediation expense. Unrelated to the environmental claims described above, certain other legal claims are pending against us with respect to matters arising out of the ordinary conduct of our business. We provide product warranties when we sell our products and accrue for estimated liabilities at the time of sale. Warranty estimates are forecasts based on the best available information and historical claims experience. We accrue for specific warranty claims if we believe that the facts of a specific claim make it probable that a liability in excess of our historical experience has been incurred, and provide disclosures for specific claims whenever it is reasonably possible that a material loss may be incurred which cannot be estimated. We cannot provide assurance that the ultimate disposition of environmental, legal, and product warranty claims will not materially exceed the amount of our accrued losses and adversely impact our consolidated financial position, results of operations, or cash flows. Our accrued liabilities and disclosures will be adjusted accordingly if additional information becomes available in the future. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 11 - Debt Long-term debt was comprised of the following: As of June 30, December 31, 2020 2019 Total credit facility $ 300,000 $ 300,000 Balance outstanding 141,300 99,700 Standby letters of credit 1,740 1,800 Amount available, subject to covenant restrictions $ 157,000 $ 198,500 Weighted-average interest rate 2.17 % 3.25 % Commitment fee percentage per annum 0.25 % 0.23 % On February 12, 2019, we entered into an amended and restated five-year Credit Agreement with a group of banks (the "Credit Agreement") to extend the term of the facility. The Credit Agreement provides for a revolving credit facility of $300,000 , which may be increased by $150,000 at the request of the Company, subject to the administrative agent's approval. This unsecured credit facility replaces the prior $300,000 unsecured credit facility, which would have expired August 10, 2020. Borrowings of $50,000 under the prior credit agreement were refinanced into the Credit Agreement. The revolving credit facility includes a swing line sublimit of $15,000 and a letter of credit sublimit of $10,000 . Borrowings under the Revolving Credit Facility bear interest at the base rate defined in the Credit Agreement. We also pay a quarterly commitment fee on the unused portion of the Revolving Credit Facility. The commitment fee ranges from 0.20% to 0.30% based on our total leverage ratio. The Credit Agreement requires, among other things, that we comply with a maximum total leverage ratio and a minimum fixed charge coverage ratio. Failure to comply with these covenants could reduce the borrowing availability under the credit facility. We were in compliance with all debt covenants at June 30, 2020 . The Credit Agreement requires that we deliver quarterly financial statements, annual financial statements, auditor certifications, and compliance certificates within a specified number of days after the end of a quarter and year. Additionally, it contains restrictions limiting our ability to: dispose of assets; incur certain additional debt; repay other debt or amend subordinated debt instruments; create liens on assets; make investments, loans or advances; make acquisitions or engage in mergers or consolidations; engage in certain transactions with our subsidiaries and affiliates; and make stock repurchases and dividend payments. Interest rates on the credit facility fluctuate based upon the LIBOR and the Company’s quarterly total leverage ratio. We have debt issuance costs related to our long-term debt that are being amortized using the straight-line method over the life of the debt. Amortization expense for the three and six months ended June 30, 2020 and 2019 was approximately $42 and $41 and $84 and $77 , respectively. These costs are included in interest expense in our Condensed Consolidated Statement of Earnings. We use interest rate swaps to convert the revolving credit facility's variable rate of interest into a fixed rate on a portion of the debt as described more fully in Note 12 "Derivative Financial Instruments". These swaps are treated as cash flow hedges and consequently, the changes in fair value were recorded in other comprehensive earnings. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 12 - Derivative Financial Instruments Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and interest rates. We selectively use derivative financial instruments including foreign currency forward contracts and interest rate swaps to manage our exposure to these risks. The use of derivative financial instruments exposes the Company to credit risk, which relates to the risk of nonperformance by a counterparty to the derivative contracts. We manage our credit risk by entering into derivative contracts with only highly rated financial institutions and by using netting agreements. The effective portion of derivative gains and losses are recorded in accumulated other comprehensive (loss) income until the hedged transaction affects earnings upon settlement, at which time they are reclassified to cost of goods sold or net sales. If it is probable that an anticipated hedged transaction will not occur by the end of the originally specified time period, we reclassify the gains or losses related to that hedge from accumulated other comprehensive (loss) income to other income (expense). We assess hedge effectiveness qualitatively by verifying that the critical terms of the hedging instrument and the forecasted transaction continue to match, and that there have been no adverse developments that have increased the risk that the counterparty will default. In accordance with FASB Staff Q&A - Topic 815: Cash Flow Hedge Accounting Affected by the COVID-19 Pandemic (“FASB Staff Q&A Hedge”) issued in April 2020, companies may elect to assess the ineffectiveness of our cashflow hedges utilizing the two-month grace period for assessing whether forecasted transactions will occur. We have made this election in assessing the effectiveness of our cash flow hedges during the three months ended June 30, 2020 . Foreign Currency Hedges We use forward contracts to mitigate currency risk related to a portion of our forecasted foreign currency revenues and costs. The currency forward contracts are designed as cash flow hedges and are recorded in the Condensed Consolidated Balance Sheets at fair value. We continue to monitor the Company’s overall currency exposure and may elect to add cash flow hedges in the future. At June 30, 2020 , we had a net unrealized loss of $1,247 in accumulated other comprehensive (loss) income, of which $1,037 is expected to be reclassified to earnings within the next 12 months. At June 30, 2019 we had a net unrealized gain of $784 in accumulated other comprehensive (loss) income. The notional amount of foreign currency forward contracts outstanding was $24,434 at June 30, 2020 . Interest Rate Swaps We use interest rate swaps to convert a portion of our revolving credit facility’s outstanding balance from a variable rate of interest to a fixed rate. As of June 30, 2020 , we have agreements to fix interest rates on $50,000 of long-term debt through February 2024. The difference to be paid or received under the terms of the swap agreements will be recognized as an adjustment to interest expense when settled. These swaps are treated as cash flow hedges and consequently, the changes in fair value are recorded in other comprehensive (loss) income. The estimated net amount of the existing losses that are reported in accumulated other comprehensive (loss) income that are expected to be reclassified into earnings within the next twelve months is approximately $505 . The location and fair values of derivative instruments designated as hedging instruments in the Condensed Consolidated Balance Sheets as of June 30, 2020 , are shown in the following table: As of June 30, December 31, 2020 2019 Interest rate swaps reported in Other current assets $ — $ 82 Interest rate swaps reported in Accrued liabilities $ (656 ) $ — Interest rate swaps reported in Other long-term obligations $ (1,959 ) $ (78 ) Foreign currency hedges reported in Other current assets $ — $ 580 Foreign currency hedges reported in Accrued liabilities $ (1,564 ) $ — The Company has elected to net its foreign currency derivative assets and liabilities in the balance sheet in accordance with ASC 210-20 ( Balance Sheet, Offsetting ). On a gross basis, there were foreign currency derivative assets of $57 and foreign currency derivative liabilities of $1,621 at June 30, 2020 . The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Net sales $ 73 $ — $ 73 $ — Cost of goods sold (519 ) 233 (271 ) 276 Selling, general and administrative expense — 23 (5 ) 39 Total (loss) gain reclassified from AOCI to earnings (446 ) 256 (203 ) 315 Gain recognized in other expense for hedge ineffectiveness 3 — 3 — Total derivative (loss) gain on foreign exchange contracts recognized in earnings $ (443 ) $ 256 $ (200 ) $ 315 Interest Rate Swaps: (Expense) benefit recorded in Interest expense $ (109 ) $ 156 $ (71 ) $ 313 Total (losses) gains on derivatives $ (552 ) $ 412 $ (271 ) $ 628 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | NOTE 13 – Accumulated Other Comprehensive (Loss) Income Shareholders’ equity includes certain items classified as accumulated other comprehensive (loss) income (“AOCI”) in the Condensed Consolidated Balance Sheets, including: • Unrealized gains (losses) on hedges relate to interest rate swaps to convert a portion of our revolving credit facility's outstanding balance from a variable rate of interest into a fixed rate and foreign currency forward contracts used to hedge our exposure to changes in exchange rates affecting certain revenues and costs denominated in foreign currencies. These hedges are designated as cash flow hedges, and we have deferred income statement recognition of gains and losses until the hedged transactions occur, at which time amounts are reclassified into earnings. Further information related to our derivative financial instruments is included in Note 12 - Derivative Financial Instruments and Note 16 – Fair Value Measurements. • Unrealized gains (losses) on pension obligations are deferred from income statement recognition until the gains or losses are realized. Amounts reclassified to income from AOCI are included in net periodic pension income (expense). Further information related to our pension obligations is included in Note 6 – Retirement Plans. • Cumulative translation adjustments relate to our non-U.S. subsidiary companies that have designated a functional currency other than the U.S. dollar. We are required to translate the subsidiary functional currency financial statements to dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of other comprehensive income. Changes in exchange rates between the functional currency and the currency in which a transaction is denominated are foreign exchange transaction gains or losses. Transaction gains (losses) for the three and six months ended June 30, 2020 were $892 and $(379) , respectively and transaction losses for the three and six months ended June 30, 2019 were $829 and $355 , respectively, which have been included in other income (expense) in the Condensed Consolidated Statement of Earnings. The components of accumulated other comprehensive (loss) income for the three months ended June 30, 2020 , are as follows: Loss As of Gain (Loss) Reclassified As of March 31, Recognized from AOCI June 30, 2020 in OCI to Income 2020 Changes in fair market value of hedges: Gross $ (5,044 ) $ 250 $ 555 $ (4,239 ) Income tax benefit (expense) 1,139 (44 ) (117 ) 978 Net (3,905 ) 206 438 (3,261 ) Changes in unrealized pension cost: Gross (122,480 ) — 1,574 (120,906 ) Income tax benefit (expense) 33,643 — (365 ) 33,278 Net (88,837 ) — 1,209 (87,628 ) Cumulative translation adjustment: Gross (2,252 ) (14 ) — (2,266 ) Income tax benefit — — — — Net (2,252 ) (14 ) — (2,266 ) Total accumulated other comprehensive (loss) income $ (94,994 ) $ 192 $ 1,647 $ (93,155 ) The components of accumulated other comprehensive (loss) income for the three months ended June 30, 2019 , are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of March 31, Recognized from AOCI June 30, 2019 in OCI to Income 2019 Changes in fair market value of hedges: Gross $ 1,416 $ 32 $ (412 ) $ 1,036 Income tax (expense) benefit (320 ) (7 ) 93 (234 ) Net 1,096 25 (319 ) 802 Changes in unrealized pension cost: Gross (131,135 ) — 1,325 (129,810 ) Income tax benefit (expense) 35,596 — (299 ) 35,297 Net (95,539 ) — 1,026 (94,513 ) Cumulative translation adjustment: Gross (2,203 ) (84 ) — (2,287 ) Income tax benefit (expense) 98 (3 ) — 95 Net (2,105 ) (87 ) — (2,192 ) Total accumulated other comprehensive (loss) income $ (96,548 ) $ (62 ) $ 707 $ (95,903 ) The components of accumulated other comprehensive (loss) income for the six months ended June 30, 2020 , are as follows: Loss As of Loss Reclassified As of December 31, Recognized from AOCI June 30, 2019 in OCI to Income 2020 Changes in fair market value of hedges: Gross $ 659 $ (5,172 ) 274 $ (4,239 ) Income tax (expense) benefit (150 ) 1,181 (53 ) 978 Net 509 (3,991 ) 221 (3,261 ) Changes in unrealized pension cost: Gross (124,140 ) — 3,234 (120,906 ) Income tax benefit (expense) 34,018 — (740 ) 33,278 Net (90,122 ) — 2,494 (87,628 ) Cumulative translation adjustment: Gross (2,211 ) (55 ) — (2,266 ) Income tax benefit (expense) 98 (98 ) — — Net (2,113 ) (153 ) — (2,266 ) Total accumulated other comprehensive (loss) income $ (91,726 ) $ (4,144 ) $ 2,715 $ (93,155 ) The components of accumulated other comprehensive (loss) income for the six months ended June 30, 2019 , are as follows: Loss As of Gain Reclassified As of December 31, Recognized from AOCI June 30, 2018 in OCI to Income 2019 Changes in fair market value of hedges: Gross $ 1,316 $ 348 $ (628 ) $ 1,036 Income tax (expense) benefit (298 ) (78 ) 142 (234 ) Net 1,018 270 486 802 Changes in unrealized pension cost: Gross (132,454 ) — 2,644 (129,810 ) Income tax benefit (expense) 35,893 — (596 ) 35,297 Net (96,561 ) — 2,048 (94,513 ) Cumulative translation adjustment: Gross (2,291 ) 4 — (2,287 ) Income tax benefit 95 — — 95 Net (2,196 ) 4 — (2,192 ) Total accumulated other comprehensive (loss) income $ (97,739 ) $ 274 $ 1,562 $ (95,903 ) |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | NOTE 14 – Shareholders’ Equity Share count and par value data related to shareholders’ equity are as follows: As of June 30, December 31, 2020 2019 Preferred Stock Par value per share No par value No par value Shares authorized 25,000,000 25,000,000 Shares outstanding — — Common Stock Par value per share No par value No par value Shares authorized 75,000,000 75,000,000 Shares issued 57,066,930 56,929,298 Shares outstanding 32,267,307 32,472,406 Treasury stock Shares held 24,799,623 24,456,892 On February 7, 2019, the Board of Directors authorized a new stock repurchase program with a maximum dollar limit of $25,000 in stock repurchases, which replaced the previous program. During the six months ended June 30, 2020 and 2019, 342,731 and 179,966 shares of common stock were repurchased for $8,080 and $5,002 , respectively. Approximately $5,740 is available for future purchases. A roll-forward of common shares outstanding is as follows: Six Months Ended June 30, June 30, 2020 2019 Balance at the beginning of the year 32,472,406 32,750,727 Repurchases (342,731 ) (179,966 ) Restricted share issuances 137,632 136,520 Balance at the end of the period 32,267,307 32,707,281 Certain potentially dilutive restricted stock units are excluded from diluted earning per share because they are anti-dilutive. The number of outstanding awards that were anti-dilutive for the three months ended June 30, 2020 was 84,720 . There were no anti-dilutive awards outstanding for the three months ended June 30, 2019 . The number of outstanding awards that were anti-dilutive for the six months ended June 30, 2020 and June 30, 2019 were 61,780 and 108,894 |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Compensation | NOTE 15 - Stock-Based Compensation At June 30, 2020 , we had five active stock-based compensation plans: the Non-Employee Directors’ Stock Retirement Plan (“Directors’ Plan”), the 2004 Omnibus Long-Term Incentive Plan (“2004 Plan”), the 2009 Omnibus Equity and Performance Incentive Plan (“2009 Plan”), the 2014 Performance & Incentive Plan (“2014 Plan”), and the 2018 Equity and Incentive Compensation Plan ("2018 Plan"). Future grants can only be made under the 2018 Plan. These plans allow for grants of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance shares, performance units, and other stock awards subject to the terms of the specific plans under which the awards are granted. The following table summarizes the compensation expense included in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings related to stock-based compensation plans: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Service-based RSUs $ 779 $ 488 $ 1,359 $ 1,094 Performance-based RSUs 19 1,038 (349 ) 1,586 Cash-settled RSUs 19 53 35 113 Total $ 817 $ 1,579 $ 1,045 $ 2,793 Income tax benefit 189 357 240 631 Net expense $ 628 $ 1,222 $ 805 $ 2,162 The following table summarizes the unrecognized compensation expense related to non-vested RSUs by type and the weighted-average period in which the expense is to be recognized: Unrecognized Compensation Weighted- Expense at Average June 30, 2020 Period Service-based RSUs $ 2,860 1.53 Performance-based RSUs 2,968 2.12 Total $ 5,828 1.83 We recognize expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. The following table summarizes the status of these plans as of June 30, 2020 : 2018 Plan 2014 Plan 2009 Plan 2004 Plan Directors' Plan Awards originally available 2,500,000 1,500,000 3,400,000 6,500,000 N/A Performance-based options outstanding — — — — — Maximum potential RSU and cash settled awards outstanding 536,819 200,804 75,200 35,952 5,522 Maximum potential awards outstanding 536,819 200,804 75,200 35,952 5,522 RSUs and cash settled awards vested and released 35,637 — — — — Awards available for grant 1,927,544 — — — — Performance-Based Stock Options During 2015, the Compensation Committee of the Board of Directors granted a total of 350,000 performance-based stock option awards for certain employees under the 2014 Plan. We did not recognized any expense on these awards because the attainment of the performance target was not deemed to be likely to occur. These performance options expired unexercised in May 2020. Service-Based Restricted Stock Units The following table summarizes the service-based RSU activity for the six months ended June 30, 2020 : Units Weighted Outstanding at December 31, 2019 364,396 $ 19.87 Granted 92,996 27.73 Vested and released (90,595 ) 22.71 Forfeited (3,893 ) 28.43 Outstanding at June 30, 2020 362,904 $ 21.08 Releasable at June 30, 2020 185,974 $ 14.63 Performance and Market-Based Restricted Stock Units The following table summarizes the performance and market-based RSU activity for the six months ended June 30, 2020 : Units Weighted Outstanding at December 31, 2019 217,229 $ 27.73 Granted 120,521 28.65 Attained by performance 38,820 23.84 Released (111,838 ) 23.74 Forfeited (11,884 ) 25.69 Outstanding at June 30, 2020 252,848 $ 29.31 Releasable at June 30, 2020 — $ — The following table summarizes each grant of performance awards outstanding at June 30, 2020 . Description Grant Date Vesting Year Vesting Dependency Target Units Outstanding Maximum Number of Units to be Granted 2018 - 2020 Performance RSUs February 8, 2018 2020 35% RTSR, 35% sales growth, 30% operating cash flow 31,398 62,796 2018 - 2020 Performance RSUs February 16, 2018 2020 35% RTSR, 35% sales growth, 30% operating cash flow 31,820 63,640 2019 - 2021 Performance RSUs February 7, 2019 2021 35% RTSR, 35% sales growth, 30% operating cash flow 60,414 120,828 2019 Supplemental Performance RSUs February 7, 2019 2021 Succession Planning Targets 6,945 13,890 2020 - 2022 QTI Performance RSUs September 24, 2019 2022 50% EBITDA growth, 50% Sales growth 1,750 3,500 2020 - 2022 Performance RSUs February 6, 2020 2022 25% RTSR, 40% sales growth, 35% operating cash flow 72,521 145,042 Focus 2025 Performance RSUs April 23, 2020 2024 Cumulative revenues of $750 million over a trailing four-quarter period 48,000 48,000 Total 252,848 457,696 Cash-Settled Restricted Stock Units Cash-Settled RSUs entitle the holder to receive the cash equivalent of one share of common stock for each unit when the unit vests. These RSUs are issued to key employees residing in foreign locations as direct compensation. Generally, these RSUs vest over a three-year period. Cash-Settled RSUs are classified as liabilities and are remeasured at each reporting date until settled. At June 30, 2020 and December 31, 2019 we had 33,697 and 17,271 cash-settled RSUs outstanding, respectively. At June 30, 2020 and December 31, 2019 , liabilities of $154 and $353 , respectively, were included in Accrued expenses and other liabilities on our Condensed Consolidated Balance Sheets. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 16 — Fair Value Measurements We use interest rate swaps to convert a portion of our Revolving Credit Facility’s outstanding balance from a variable rate of interest into a fixed rate and foreign currency forward contracts to hedge the effect of foreign currency changes on certain revenues and costs denominated in foreign currencies. These derivative financial instruments are measured at fair value on a recurring basis. Due to changes in interest rates and foreign exchange rates, these fair values fluctuated significantly during the second quarter and may continue to fluctuate based on market conditions and other factors. The table below summarizes our financial liabilities that were measured at fair value on a recurring basis at June 30, 2020 : Quoted Prices Liability in Active Significant Carrying Markets for Other Significant Value at Identical Observable Unobservable June 30, Instruments Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) Interest rate swaps $ (2,615 ) $ — $ (2,615 ) $ — Foreign currency hedges $ (1,564 ) $ — $ (1,564 ) $ — The table below summarizes the financial assets that were measured at fair value on a recurring basis as of December 31, 2019 : Quoted Prices Asset in Active Significant Carrying Markets for Other Significant Value at Identical Observable Unobservable December 31, Instruments Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) Interest rate swaps $ 4 $ — $ 4 $ — Foreign currency hedges $ 580 $ — $ 580 $ — The fair value of our interest rate swaps and foreign currency hedges were measured using standard valuation models using market-based observable inputs over the contractual terms, including forward yield curves, among others. There is a readily determinable market for these derivative instruments, but that market is not active and therefore they are classified within Level 2 of the fair value hierarchy. Our long-term debt consists of the Revolving Credit Facility which is recorded at its carrying value. There is a readily determinable market for our long-term debt and it is classified within Level 2 of the fair value hierarchy as the market is not deemed to be active. The fair value of long-term debt approximates carrying value and was determined by valuing a similar hypothetical coupon bond and attributing that value to our long-term debt under the Revolving Credit Facility. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 17 — Income Taxes The effective tax rates for the three and six -month periods ended June 30, 2020 and 2019 are as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Effective tax rate 17.6 % 25.1 % 27.1 % 22.7 % Our effective income tax rate was 17.6% and 25.1% in the second quarters of 2020 and 2019 , respectively. This decrease is primarily attributed to the change in the mix of earnings by jurisdiction, a reduction in reserves related to uncertain tax positions, and other favorable permanent items, partially offset by a provision recorded due to the company's decision to no longer permanently reinvest the earnings from our Taiwan subsidiary. The second quarter 2020 tax rate was lower than the U.S. statutory federal tax rate for the same reasons as noted above. The second quarter 2019 tax rate was higher than the U.S. statutory federal tax rate primarily due to state taxes and foreign earnings that are taxed at higher rates. Our effective income tax rate was 27.1% and 22.7% in the first half of 2020 and 2019, respectively. This increase is primarily attributed to establishment of valuation allowances on certain U.S. tax credits and the company's decision to no longer reinvest the earnings of its Taiwan subsidiary, offset by a reduction in reserves related to uncertain tax positions. The tax rate in the first half of 2020 was higher than the U.S. statutory federal tax rate for the same reasons noted above. The tax rate in the first half of 2019 was higher than the U.S. statutory federal tax rate primarily due to higher foreign tax rates applicable on foreign earnings offset by tax benefits recorded upon vesting of restricted stock units. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 18 — Leases We lease certain land, buildings and equipment under non-cancellable operating leases used in our operations. Operating lease assets represent our right to use an underlying asset for the lease term. Operating lease liabilities represent the present value of lease payments over the lease term, discounted using an estimate of our secured incremental borrowing rate because none of our leases contain a rate implicit in the lease arrangement. In accordance with FASB Staff Q&A - Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic ("FASB Staff Q&A") issued in April 2020, we have elected to account for any lease concessions resulting directly from COVID-19 as if the enforceable rights and obligations for the concessions existed in the respective contracts at lease inception and as such we will not account for any concession as a lease modification. Guidance from the FASB Staff Q&A provided methods to account for rent deferrals which include the option to treat the lease as if no changes to the lease contract were made or to treat deferred payments as variable lease payments. The FASB Staff Q&A allows entities to select the most practical approach and does not require the same approach be applied consistently to all leases. As a result, we have accounted for lease deferrals as if no changes to the lease contract were made and will continue to recognize lease expense, on a straight-line basis, during the deferral periods. During the three and six months ended June 30, 2020, these rent concessions related to COVID-19 were not material. Components of lease expense for the three and six months ended June 30, 2020 were as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Operating lease cost $ 1,190 $ 1,075 $ 2,389 $ 2,069 Short-term lease cost 170 176 337 249 Total lease cost $ 1,360 $ 1,251 $ 2,726 $ 2,318 Supplemental cash flow information related to leases was as follows: Six Months Ended June 30, June 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities $ 2,299 $ 1,862 Leased assets obtained in exchange for new operating lease liabilities $ 1,179 $ 2,961 Supplemental balance sheet information related to leases was as follows: As of June 30, December 31, 2020 2019 Balance Sheet Classification: Operating lease obligations $ 3,051 $ 2,787 Long-term operating lease obligations 24,473 24,926 Total lease liabilities $ 27,524 $ 27,713 Weighted-average remaining lease terms (years) 8.43 9.04 Weighted-average discount rate 6.46 % 6.54 % Remaining maturity of our existing lease liabilities as of June 30, 2020 is as follows: Operating Leases (1) 2020 $ 2,344 2021 4,686 2022 4,547 2023 4,185 2024 4,075 Thereafter 16,950 Total $ 36,787 Less: interest (9,263 ) Present value of lease liabilities $ 27,524 (1) Operating lease payments include $3,822 of payments related to options to extend lease terms that are reasonably expected to be exercised. |
Business Acquisitions
Business Acquisitions | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 19 – Business Acquisitions On July 31, 2019, we acquired 100% of the outstanding shares of Quality Thermistor, Inc. ("QTI") for $75 million plus a contingent earn out of up to $5 million based on sales performance objectives. The purchase price included adjustments for debt assumed and changes in working capital. QTI, doing business as QTI Sensing Solutions, is a leading designer and manufacturer of high-quality temperature sensors serving original equipment manufacturers with mission-critical applications in the industrial, aerospace, defense and medical markets. This acquisition provided us with a new core temperature sensing technology that expands our sensing product portfolio, while increasing our presence in the industrial and medical markets. The final purchase price of $73,906 was allocated to the fair values of assets and liabilities acquired as of July 31, 2019. The following table summarizes the consideration paid and the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: Consideration Paid Cash paid, net of cash acquired of $567 $ 72,850 Contingent consideration 1,056 Purchase price $ 73,906 Fair Values at July 31, 2019 Current assets $ 6,221 Property, plant and equipment 2,567 Other assets 29 Goodwill 34,999 Intangible assets 32,800 Fair value of assets acquired 76,616 Less fair value of liabilities acquired (2,710 ) Purchase price $ 73,906 Goodwill represents value the Company expects to be created by combining the operations of the acquired business with the Company's operations, including the expansion of customer relationships within our existing business, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. The contingent earn out was payable in cash upon the achievement of a revenue performance target for the year ending December 31, 2019. The Company recorded contingent consideration for the earn out of $1,056 based on the achievement performance target for the full year 2019 results. This amount is reflected as an addition to the purchase price. The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets: Carrying Value Weighted Average Amortization Period Customer lists/relationships $ 31,000 15.0 Technology and other intangibles 1,800 5.0 Total $ 32,800 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Recent Accounting Pronouncements [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NOTE 20 — Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement" In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2018-13 " Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement ". This ASU modified the disclosures related to recurring and nonrecurring fair value measurements. Disclosures related to the transfer of assets between Level 1 and Level 2 hierarchies have been eliminated and various additional disclosures related to Level 3 fair value measurements have been added, modified or removed. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements. ASU No. 2016-16 "Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory" In October 2016, the FASB issued ASU No. 2016-16, " Intra-Entity Transfers of Assets Other Than Inventory ". This ASU is meant to improve the accounting for the income tax effect of intra-entity transfers of assets other than inventory. Currently, U.S. GAAP prohibits the recognition of current and deferred income taxes for intra-entity asset transfers until the asset is sold to a third party. This ASU will now require companies to recognize the income tax effect of an intra-entity asset transfer (other than inventory) when the transaction occurs. This ASU is effective for public companies, for fiscal years beginning after December 15, 2019 and interim periods within those annual reporting periods and is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements. ASU 2016-13 " Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments " In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, we will be required to use a forward-looking expected loss model that reflects losses that are probable rather than the incurred loss model for recognizing credit losses. The standard became effective for interim and annual periods beginning after December 15, 2019. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements. Recently Issued Accounting Pronouncements ASU No. 2020-04 "Reference Rate Reform" In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ”, which provides temporary optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting as it relates to our LIBOR indexed instruments. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022, and an entity may elect to apply ASU 2020-04 for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. ASU No. 2019-12 "Simplifying the Accounting for Income Taxes" In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes , as part of its simplification initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this ASU on our financial statements. ASU No. 2018-14 "Compensation - Retirement Benefits - Defined Benefit Plans - General" In August 2018, the FASB issued ASU No. 2018-14, " Compensation - Retirement Benefits - Defined Benefit Plans - General ." This ASU modifies the disclosure requirements for defined benefit and other postretirement plans. This ASU eliminates certain disclosures associated with accumulated other comprehensive income, plan assets, related parties, and the effects of interest rate basis point changes on assumed health care costs; while other disclosures have been added to address significant gains and losses related to changes in benefit obligations. This ASU also clarifies disclosure requirements for projected benefit and accumulated benefit obligations. The amendments in this ASU are effective for fiscal years ending after December 15, 2020 and for interim periods therein with early adoption permitted. Adoption on a retrospective basis for all periods presented is required. This ASU will impact our annual financial statement disclosures but will not impact our interim financial statements and does not have an impact on our consolidated financial position, results of operations, or cash flows. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1—Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS” "we", "our", "us" or the "Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, notes thereto, and other information included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2019 . |
Recent Accounting Pronouncements | NOTE 20 — Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement" In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2018-13 " Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement ". This ASU modified the disclosures related to recurring and nonrecurring fair value measurements. Disclosures related to the transfer of assets between Level 1 and Level 2 hierarchies have been eliminated and various additional disclosures related to Level 3 fair value measurements have been added, modified or removed. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements. ASU No. 2016-16 "Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory" In October 2016, the FASB issued ASU No. 2016-16, " Intra-Entity Transfers of Assets Other Than Inventory ". This ASU is meant to improve the accounting for the income tax effect of intra-entity transfers of assets other than inventory. Currently, U.S. GAAP prohibits the recognition of current and deferred income taxes for intra-entity asset transfers until the asset is sold to a third party. This ASU will now require companies to recognize the income tax effect of an intra-entity asset transfer (other than inventory) when the transaction occurs. This ASU is effective for public companies, for fiscal years beginning after December 15, 2019 and interim periods within those annual reporting periods and is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements. ASU 2016-13 " Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments " In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, we will be required to use a forward-looking expected loss model that reflects losses that are probable rather than the incurred loss model for recognizing credit losses. The standard became effective for interim and annual periods beginning after December 15, 2019. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements. Recently Issued Accounting Pronouncements ASU No. 2020-04 "Reference Rate Reform" In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ”, which provides temporary optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting as it relates to our LIBOR indexed instruments. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022, and an entity may elect to apply ASU 2020-04 for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. ASU No. 2019-12 "Simplifying the Accounting for Income Taxes" In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes , as part of its simplification initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this ASU on our financial statements. ASU No. 2018-14 "Compensation - Retirement Benefits - Defined Benefit Plans - General" In August 2018, the FASB issued ASU No. 2018-14, " Compensation - Retirement Benefits - Defined Benefit Plans - General ." This ASU modifies the disclosure requirements for defined benefit and other postretirement plans. This ASU eliminates certain disclosures associated with accumulated other comprehensive income, plan assets, related parties, and the effects of interest rate basis point changes on assumed health care costs; while other disclosures have been added to address significant gains and losses related to changes in benefit obligations. This ASU also clarifies disclosure requirements for projected benefit and accumulated benefit obligations. The amendments in this ASU are effective for fiscal years ending after December 15, 2020 and for interim periods therein with early adoption permitted. Adoption on a retrospective basis for all periods presented is required. This ASU will impact our annual financial statement disclosures but will not impact our interim financial statements and does not have an impact on our consolidated financial position, results of operations, or cash flows. |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregated Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disaggregation of Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents revenues disaggregated by the major markets we serve: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Transportation $ 38,129 $ 80,343 $ 99,663 $ 159,184 Industrial 20,213 19,500 41,056 37,656 Medical 13,038 8,973 22,408 18,639 Aerospace & Defense 9,373 6,988 18,378 14,511 Telecom & IT 3,444 4,880 5,767 8,318 Total $ 84,197 $ 120,684 $ 187,272 $ 238,308 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Components of Accounts Receivable | The components of accounts receivable, net are as follows: As of June 30, December 31, 2020 2019 Accounts receivable, gross $ 60,425 $ 78,269 Less: Allowance for credit losses (627 ) (261 ) Accounts receivable, net $ 59,798 $ 78,008 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories, net consist of the following: As of June 30, December 31, 2020 2019 Finished goods $ 8,937 $ 9,447 Work-in-process 15,754 14,954 Raw materials 24,943 23,363 Less: Inventory reserves (5,368 ) (5,527 ) Inventories, net $ 44,266 $ 42,237 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment is comprised of the following: As of June 30, December 31, 2020 2019 Land and land improvements $ 1,095 $ 1,095 Buildings and improvements 68,424 68,350 Machinery and equipment 226,465 224,312 Less: Accumulated depreciation (196,635 ) (188,719 ) Property, plant and equipment, net $ 99,349 $ 105,038 Depreciation expense for the six months ended June 30, 2020 $ 8,580 Depreciation expense for the six months ended June 30, 2019 $ 8,537 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Net Pension Income or Postretirement Expense | Net post-retirement expense for our other post-retirement plan includes the following components: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Service cost $ — $ 1 $ — $ 1 Interest cost 30 43 60 85 Amortization of gain (21 ) (42 ) (42 ) (83 ) Total expense, net $ 9 $ 2 $ 18 $ 3 Net pension expense for our domestic and foreign plans included in other income (expense) in the Condensed Consolidated Statement of Earnings is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Net pension expense $ 666 $ 249 $ 1,330 $ 499 The components of net pension expense for our domestic and foreign plans include the following: Domestic Pension Plans Foreign Pension Plans Three Months Ended Three Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Service cost $ — $ — $ 8 $ 9 Interest cost 1,443 1,931 6 7 Expected return on plan assets (1) (2,454 ) (3,047 ) (3 ) (4 ) Amortization of loss 1,622 1,311 44 42 Total expense, net $ 611 $ 195 $ 55 $ 54 (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses. |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill [Line Items] | |
Summary of other intangible assets | Other intangible assets, net consist of the following components: As of June 30, 2020 Gross Accumulated Net Amount Customer lists/relationships $ 92,194 $ (41,370 ) $ 50,824 Technology and other intangibles 47,925 (20,327 ) 27,598 In process research and development 2,200 — 2,200 Other intangible assets, net $ 142,319 $ (61,697 ) $ 80,622 Amortization expense for the three months ended June 30, 2020 $ 2,268 Amortization expense for the six months ended June 30, 2020 $ 4,563 |
Summary of amortization expense remaining for other intangible assets | Remaining amortization expense for other intangible assets as of June 30, 2020 is as follows: Amortization 2020 $ 4,459 2021 8,893 2022 8,657 2023 6,651 2024 6,489 Thereafter 45,473 Total amortization expense $ 80,622 |
Costs Associated with Exit an_2
Costs Associated with Exit and Restructuring Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 8 – Costs Associated with Exit and Restructuring Activities Restructuring charges are reported as a separate line within operating earnings in the Condensed Consolidated Statement of Earnings. Total restructuring charges are as follows: Three Months Ended June 30, 2020 June 30, 2019 Restructuring charges $ 135 $ 911 Six Months Ended June 30, 2020 June 30, 2019 Restructuring charges $ 375 $ 2,995 2016 Plan In June 2016, we announced plans to restructure operations by phasing out production at our Elkhart, IN facility and transitioning it into a research and development center supporting our global operations ("June 2016 Plan"). Additional organizational changes were also implemented in various other locations. In 2017, we revised this plan to include an additional $1,100 in planned costs related to the relocation of our corporate headquarters in Lisle, IL and our plant in Bolingbrook, IL, both of which have now been consolidated into a single facility. Restructuring charges under this plan, which is substantially complete, were $0 and $911 during the three months ended June 30, 2020 and June 30, 2019 , respectively. Restructuring charges under this plan were $(32) and $2,995 during the six months ended June 30, 2020 and June 30, 2019 , respectively. The total restructuring liability related to the June 2016 Plan was $48 at June 30, 2020 and $233 at December 31, 2019 . Additional costs related to production line movements, equipment charges, and other costs will be expensed as incurred. The following table displays the planned restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through June 30, 2020 : Actual costs Planned incurred through June 2016 Plan Costs June 30, 2020 Workforce reduction $ 3,075 $ 3,312 Building and equipment relocation 9,025 10,530 Other charges (1) 1,300 2,156 Total restructuring charges $ 13,400 $ 15,998 (1) Other charges includes the effects of currency translation, non-cash asset write-downs and other charges. 2014 Plan In April 2014, we announced plans to restructure our operations and consolidate our Canadian operations into other existing facilities as part of our overall plan to simplify our business model and rationalize our global footprint (“April 2014 Plan”). These restructuring actions were completed in 2015. Restructuring charges associated with this plan were $(248) for the three and six months ended June 30, 2019 . There were no restructuring charges incurred under this plan during the three or six months ended June 30, 2020 . The total restructuring liability related to the April 2014 Plan was $672 at June 30, 2020 , and $703 at December 31, 2019 . Other Restructuring Activities From time to time we incur other restructuring activities that are not part of a formal plan. During the three and six months ended June 30, 2020 , we incurred restructuring charges of $135 and $407 , respectively, primarily relating to workforce reduction actions taken during the quarter. There were no such charges incurred during the three and six months ended June 30, 2019 . The total remaining restructuring liability associated with these actions was $183 at June 30, 2020 and $1,057 at December 31, 2019 . The following table displays the restructuring liability activity included in Accrued expenses and other liabilities for all plans for the six months ended June 30, 2020 : Restructuring liability at January 1, 2020 $ 1,993 Restructuring charges 375 Cost paid (1,039 ) Other activity (1) (426 ) Restructuring liability at June 30, 2020 $ 903 (1) Other activity includes the effects of currency translation, non-cash asset write-downs and other charges that do not flow through restructuring expense. |
Restructuring Reserve Activity | The following table displays the restructuring liability activity included in Accrued expenses and other liabilities for all plans for the six months ended June 30, 2020 : Restructuring liability at January 1, 2020 $ 1,993 Restructuring charges 375 Cost paid (1,039 ) Other activity (1) (426 ) Restructuring liability at June 30, 2020 $ 903 (1) Other activity includes the effects of currency translation, non-cash asset write-downs and other charges that do not flow through restructuring expense. |
Other Restructuring [Member] | |
Restructuring and Related Activities Disclosure [Text Block] | Other Restructuring Activities From time to time we incur other restructuring activities that are not part of a formal plan. During the three and six months ended June 30, 2020 , we incurred restructuring charges of $135 and $407 , respectively, primarily relating to workforce reduction actions taken during the quarter. There were no such charges incurred during the three and six months ended June 30, 2019 . The total remaining restructuring liability associated with these actions was $183 at June 30, 2020 |
Restructuring Charges [Member] | |
Restructuring and Related Activities Disclosure [Text Block] | Consolidated Statement of Earnings. Total restructuring charges are as follows: Three Months Ended June 30, 2020 June 30, 2019 Restructuring charges $ 135 $ 911 Six Months Ended June 30, 2020 June 30, 2019 Restructuring charges $ 375 $ 2,995 |
June 2016 Plan | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 2016 Plan In June 2016, we announced plans to restructure operations by phasing out production at our Elkhart, IN facility and transitioning it into a research and development center supporting our global operations ("June 2016 Plan"). Additional organizational changes were also implemented in various other locations. In 2017, we revised this plan to include an additional $1,100 in planned costs related to the relocation of our corporate headquarters in Lisle, IL and our plant in Bolingbrook, IL, both of which have now been consolidated into a single facility. Restructuring charges under this plan, which is substantially complete, were $0 and $911 during the three months ended June 30, 2020 and June 30, 2019 , respectively. Restructuring charges under this plan were $(32) and $2,995 during the six months ended June 30, 2020 and June 30, 2019 , respectively. The total restructuring liability related to the June 2016 Plan was $48 at June 30, 2020 and $233 at December 31, 2019 . Additional costs related to production line movements, equipment charges, and other costs will be expensed as incurred. The following table displays the planned restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through June 30, 2020 : Actual costs Planned incurred through June 2016 Plan Costs June 30, 2020 Workforce reduction $ 3,075 $ 3,312 Building and equipment relocation 9,025 10,530 Other charges (1) 1,300 2,156 Total restructuring charges $ 13,400 $ 15,998 (1) Other charges includes the effects of currency translation, non-cash asset write-downs and other charges. |
April 2014 Plan | |
Restructuring and Related Activities Disclosure [Text Block] | 2014 Plan In April 2014, we announced plans to restructure our operations and consolidate our Canadian operations into other existing facilities as part of our overall plan to simplify our business model and rationalize our global footprint (“April 2014 Plan”). These restructuring actions were completed in 2015. Restructuring charges associated with this plan were $(248) for the three and six months ended June 30, 2019 . There were no restructuring charges incurred under this plan during the three or six months ended June 30, 2020 . The total restructuring liability related to the April 2014 Plan was $672 at June 30, 2020 , and $703 at December 31, 2019 |
Accrued expenses and other liab
Accrued expenses and other liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Components of Accrued Liabilities | The components of Accrued expenses and other liabilities are as follows: As of June 30, December 31, 2020 2019 Accrued product related costs $ 3,090 $ 2,950 Accrued income taxes 6,921 7,903 Accrued property and other taxes 1,948 1,574 Accrued professional fees 903 1,599 Accrued customer related liabilities 3,673 4,391 Dividends payable 1,291 1,299 Remediation reserves 9,300 11,444 Derivative liabilities 2,220 — Other accrued liabilities 3,829 5,218 Total accrued expenses and other liabilities $ 33,175 $ 36,378 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt was comprised of the following: As of June 30, December 31, 2020 2019 Total credit facility $ 300,000 $ 300,000 Balance outstanding 141,300 99,700 Standby letters of credit 1,740 1,800 Amount available, subject to covenant restrictions $ 157,000 $ 198,500 Weighted-average interest rate 2.17 % 3.25 % Commitment fee percentage per annum 0.25 % 0.23 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The location and fair values of derivative instruments designated as hedging instruments in the Condensed Consolidated Balance Sheets as of June 30, 2020 , are shown in the following table: As of June 30, December 31, 2020 2019 Interest rate swaps reported in Other current assets $ — $ 82 Interest rate swaps reported in Accrued liabilities $ (656 ) $ — Interest rate swaps reported in Other long-term obligations $ (1,959 ) $ (78 ) Foreign currency hedges reported in Other current assets $ — $ 580 Foreign currency hedges reported in Accrued liabilities $ (1,564 ) $ — |
Derivative Instruments, Gain (Loss) | The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Net sales $ 73 $ — $ 73 $ — Cost of goods sold (519 ) 233 (271 ) 276 Selling, general and administrative expense — 23 (5 ) 39 Total (loss) gain reclassified from AOCI to earnings (446 ) 256 (203 ) 315 Gain recognized in other expense for hedge ineffectiveness 3 — 3 — Total derivative (loss) gain on foreign exchange contracts recognized in earnings $ (443 ) $ 256 $ (200 ) $ 315 Interest Rate Swaps: (Expense) benefit recorded in Interest expense $ (109 ) $ 156 $ (71 ) $ 313 Total (losses) gains on derivatives $ (552 ) $ 412 $ (271 ) $ 628 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The components of accumulated other comprehensive (loss) income for the three months ended June 30, 2020 , are as follows: Loss As of Gain (Loss) Reclassified As of March 31, Recognized from AOCI June 30, 2020 in OCI to Income 2020 Changes in fair market value of hedges: Gross $ (5,044 ) $ 250 $ 555 $ (4,239 ) Income tax benefit (expense) 1,139 (44 ) (117 ) 978 Net (3,905 ) 206 438 (3,261 ) Changes in unrealized pension cost: Gross (122,480 ) — 1,574 (120,906 ) Income tax benefit (expense) 33,643 — (365 ) 33,278 Net (88,837 ) — 1,209 (87,628 ) Cumulative translation adjustment: Gross (2,252 ) (14 ) — (2,266 ) Income tax benefit — — — — Net (2,252 ) (14 ) — (2,266 ) Total accumulated other comprehensive (loss) income $ (94,994 ) $ 192 $ 1,647 $ (93,155 ) The components of accumulated other comprehensive (loss) income for the three months ended June 30, 2019 , are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of March 31, Recognized from AOCI June 30, 2019 in OCI to Income 2019 Changes in fair market value of hedges: Gross $ 1,416 $ 32 $ (412 ) $ 1,036 Income tax (expense) benefit (320 ) (7 ) 93 (234 ) Net 1,096 25 (319 ) 802 Changes in unrealized pension cost: Gross (131,135 ) — 1,325 (129,810 ) Income tax benefit (expense) 35,596 — (299 ) 35,297 Net (95,539 ) — 1,026 (94,513 ) Cumulative translation adjustment: Gross (2,203 ) (84 ) — (2,287 ) Income tax benefit (expense) 98 (3 ) — 95 Net (2,105 ) (87 ) — (2,192 ) Total accumulated other comprehensive (loss) income $ (96,548 ) $ (62 ) $ 707 $ (95,903 ) The components of accumulated other comprehensive (loss) income for the six months ended June 30, 2020 , are as follows: Loss As of Loss Reclassified As of December 31, Recognized from AOCI June 30, 2019 in OCI to Income 2020 Changes in fair market value of hedges: Gross $ 659 $ (5,172 ) 274 $ (4,239 ) Income tax (expense) benefit (150 ) 1,181 (53 ) 978 Net 509 (3,991 ) 221 (3,261 ) Changes in unrealized pension cost: Gross (124,140 ) — 3,234 (120,906 ) Income tax benefit (expense) 34,018 — (740 ) 33,278 Net (90,122 ) — 2,494 (87,628 ) Cumulative translation adjustment: Gross (2,211 ) (55 ) — (2,266 ) Income tax benefit (expense) 98 (98 ) — — Net (2,113 ) (153 ) — (2,266 ) Total accumulated other comprehensive (loss) income $ (91,726 ) $ (4,144 ) $ 2,715 $ (93,155 ) The components of accumulated other comprehensive (loss) income for the six months ended June 30, 2019 , are as follows: Loss As of Gain Reclassified As of December 31, Recognized from AOCI June 30, 2018 in OCI to Income 2019 Changes in fair market value of hedges: Gross $ 1,316 $ 348 $ (628 ) $ 1,036 Income tax (expense) benefit (298 ) (78 ) 142 (234 ) Net 1,018 270 486 802 Changes in unrealized pension cost: Gross (132,454 ) — 2,644 (129,810 ) Income tax benefit (expense) 35,893 — (596 ) 35,297 Net (96,561 ) — 2,048 (94,513 ) Cumulative translation adjustment: Gross (2,291 ) 4 — (2,287 ) Income tax benefit 95 — — 95 Net (2,196 ) 4 — (2,192 ) Total accumulated other comprehensive (loss) income $ (97,739 ) $ 274 $ 1,562 $ (95,903 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Summary of Share Count and Par Value Data Related to Shareholders' Equity | Share count and par value data related to shareholders’ equity are as follows: As of June 30, December 31, 2020 2019 Preferred Stock Par value per share No par value No par value Shares authorized 25,000,000 25,000,000 Shares outstanding — — Common Stock Par value per share No par value No par value Shares authorized 75,000,000 75,000,000 Shares issued 57,066,930 56,929,298 Shares outstanding 32,267,307 32,472,406 Treasury stock Shares held 24,799,623 24,456,892 |
Treasury Stock [Text Block] | On February 7, 2019, the Board of Directors authorized a new stock repurchase program with a maximum dollar limit of $25,000 in stock repurchases, which replaced the previous program. During the six months ended June 30, 2020 and 2019, 342,731 and 179,966 shares of common stock were repurchased for $8,080 and $5,002 , respectively. Approximately $5,740 is available for future purchases. |
Summary of Common Shares Outstanding | A roll-forward of common shares outstanding is as follows: Six Months Ended June 30, June 30, 2020 2019 Balance at the beginning of the year 32,472,406 32,750,727 Repurchases (342,731 ) (179,966 ) Restricted share issuances 137,632 136,520 Balance at the end of the period 32,267,307 32,707,281 Certain potentially dilutive restricted stock units are excluded from diluted earning per share because they are anti-dilutive. The number of outstanding awards that were anti-dilutive for the three months ended June 30, 2020 was 84,720 . There were no anti-dilutive awards outstanding for the three months ended June 30, 2019 . The number of outstanding awards that were anti-dilutive for the six months ended June 30, 2020 and June 30, 2019 were 61,780 and 108,894 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Equity-Based Compensation Expense | The following table summarizes the compensation expense included in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings related to stock-based compensation plans: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Service-based RSUs $ 779 $ 488 $ 1,359 $ 1,094 Performance-based RSUs 19 1,038 (349 ) 1,586 Cash-settled RSUs 19 53 35 113 Total $ 817 $ 1,579 $ 1,045 $ 2,793 Income tax benefit 189 357 240 631 Net expense $ 628 $ 1,222 $ 805 $ 2,162 |
Schedule of Unrecognized Equity-Based Compensation Expense | The following table summarizes the unrecognized compensation expense related to non-vested RSUs by type and the weighted-average period in which the expense is to be recognized: Unrecognized Compensation Weighted- Expense at Average June 30, 2020 Period Service-based RSUs $ 2,860 1.53 Performance-based RSUs 2,968 2.12 Total $ 5,828 1.83 |
Summary of Status of Equity-Based Compensation Plans | The following table summarizes the status of these plans as of June 30, 2020 : 2018 Plan 2014 Plan 2009 Plan 2004 Plan Directors' Plan Awards originally available 2,500,000 1,500,000 3,400,000 6,500,000 N/A Performance-based options outstanding — — — — — Maximum potential RSU and cash settled awards outstanding 536,819 200,804 75,200 35,952 5,522 Maximum potential awards outstanding 536,819 200,804 75,200 35,952 5,522 RSUs and cash settled awards vested and released 35,637 — — — — Awards available for grant 1,927,544 — — — — |
Summary of Service-Based Restricted Stock Units | The following table summarizes the service-based RSU activity for the six months ended June 30, 2020 : Units Weighted Outstanding at December 31, 2019 364,396 $ 19.87 Granted 92,996 27.73 Vested and released (90,595 ) 22.71 Forfeited (3,893 ) 28.43 Outstanding at June 30, 2020 362,904 $ 21.08 Releasable at June 30, 2020 185,974 $ 14.63 |
Schedule of Components of Performance-Based RSU's | The following table summarizes the performance and market-based RSU activity for the six months ended June 30, 2020 : Units Weighted Outstanding at December 31, 2019 217,229 $ 27.73 Granted 120,521 28.65 Attained by performance 38,820 23.84 Released (111,838 ) 23.74 Forfeited (11,884 ) 25.69 Outstanding at June 30, 2020 252,848 $ 29.31 Releasable at June 30, 2020 — $ — The following table summarizes each grant of performance awards outstanding at June 30, 2020 . Description Grant Date Vesting Year Vesting Dependency Target Units Outstanding Maximum Number of Units to be Granted 2018 - 2020 Performance RSUs February 8, 2018 2020 35% RTSR, 35% sales growth, 30% operating cash flow 31,398 62,796 2018 - 2020 Performance RSUs February 16, 2018 2020 35% RTSR, 35% sales growth, 30% operating cash flow 31,820 63,640 2019 - 2021 Performance RSUs February 7, 2019 2021 35% RTSR, 35% sales growth, 30% operating cash flow 60,414 120,828 2019 Supplemental Performance RSUs February 7, 2019 2021 Succession Planning Targets 6,945 13,890 2020 - 2022 QTI Performance RSUs September 24, 2019 2022 50% EBITDA growth, 50% Sales growth 1,750 3,500 2020 - 2022 Performance RSUs February 6, 2020 2022 25% RTSR, 40% sales growth, 35% operating cash flow 72,521 145,042 Focus 2025 Performance RSUs April 23, 2020 2024 Cumulative revenues of $750 million over a trailing four-quarter period 48,000 48,000 Total 252,848 457,696 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Liability Measured at Fair Value on a Recurring Basis | The table below summarizes our financial liabilities that were measured at fair value on a recurring basis at June 30, 2020 : Quoted Prices Liability in Active Significant Carrying Markets for Other Significant Value at Identical Observable Unobservable June 30, Instruments Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) Interest rate swaps $ (2,615 ) $ — $ (2,615 ) $ — Foreign currency hedges $ (1,564 ) $ — $ (1,564 ) $ — The table below summarizes the financial assets that were measured at fair value on a recurring basis as of December 31, 2019 : Quoted Prices Asset in Active Significant Carrying Markets for Other Significant Value at Identical Observable Unobservable December 31, Instruments Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) Interest rate swaps $ 4 $ — $ 4 $ — Foreign currency hedges $ 580 $ — $ 580 $ — |
Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps | The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Net sales $ 73 $ — $ 73 $ — Cost of goods sold (519 ) 233 (271 ) 276 Selling, general and administrative expense — 23 (5 ) 39 Total (loss) gain reclassified from AOCI to earnings (446 ) 256 (203 ) 315 Gain recognized in other expense for hedge ineffectiveness 3 — 3 — Total derivative (loss) gain on foreign exchange contracts recognized in earnings $ (443 ) $ 256 $ (200 ) $ 315 Interest Rate Swaps: (Expense) benefit recorded in Interest expense $ (109 ) $ 156 $ (71 ) $ 313 Total (losses) gains on derivatives $ (552 ) $ 412 $ (271 ) $ 628 |
Leases Operating Cost (Tables)
Leases Operating Cost (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | lease expense for the three and six months ended June 30, 2020 were as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Operating lease cost $ 1,190 $ 1,075 $ 2,389 $ 2,069 Short-term lease cost 170 176 337 249 Total lease cost $ 1,360 $ 1,251 $ 2,726 $ 2,318 |
Leases Future Lease Schedule (T
Leases Future Lease Schedule (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Remaining maturity of our existing lease liabilities as of June 30, 2020 is as follows: Operating Leases (1) 2020 $ 2,344 2021 4,686 2022 4,547 2023 4,185 2024 4,075 Thereafter 16,950 Total $ 36,787 Less: interest (9,263 ) Present value of lease liabilities $ 27,524 (1) Operating lease payments include $3,822 of payments related to options to extend lease terms that are reasonably expected to be exercised. |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Carrying Value Weighted Average Amortization Period Customer lists/relationships $ 31,000 15.0 Technology and other intangibles 1,800 5.0 Total $ 32,800 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair Values at July 31, 2019 Current assets $ 6,221 Property, plant and equipment 2,567 Other assets 29 Goodwill 34,999 Intangible assets 32,800 Fair value of assets acquired 76,616 Less fair value of liabilities acquired (2,710 ) Purchase price $ 73,906 |
Revenue Recognition Disaggreg_2
Revenue Recognition Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 84,197 | $ 120,684 | $ 187,272 | $ 238,308 |
Aerospace and Defense [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 38,129 | 80,343 | 99,663 | 159,184 |
Industrial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 20,213 | 19,500 | 41,056 | 37,656 |
Medical [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 13,038 | 8,973 | 22,408 | 18,639 |
Telecommunications & IT [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 9,373 | 6,988 | 18,378 | 14,511 |
Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 3,444 | $ 4,880 | $ 5,767 | $ 8,318 |
Accounts Receivable - Component
Accounts Receivable - Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts Receivable | ||
Accounts receivable, gross | $ 60,425 | $ 78,269 |
Less: Allowance for credit losses | (627) | (261) |
Accounts receivable, net | $ 59,798 | $ 78,008 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Inventories | ||
Finished goods | $ 8,937 | $ 9,447 |
Work-in-process | 15,754 | 14,954 |
Raw materials | 24,943 | 23,363 |
Less: Inventory reserves | (5,368) | (5,527) |
Inventories, net | $ 44,266 | $ 42,237 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Property, plant and equipment | |||
Less: Accumulated depreciation | $ (196,635) | $ (188,719) | |
Property, plant and equipment, net | 99,349 | 105,038 | |
Depreciation | 8,580 | $ 8,537 | |
Land and land improvements | |||
Property, plant and equipment | |||
Property, plant and equipment gross | 1,095 | 1,095 | |
Buildings and improvements | |||
Property, plant and equipment | |||
Property, plant and equipment gross | 68,424 | 68,350 | |
Machinery and equipment | |||
Property, plant and equipment | |||
Property, plant and equipment gross | $ 226,465 | $ 224,312 |
Retirement Plans - Net Pension
Retirement Plans - Net Pension Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Pension Plans | ||||
Defined Benefit Plan Disclosure | ||||
Net pension expense | $ 666 | $ 249 | $ 1,330 | $ 499 |
Retirement Plans - Net Pensio_2
Retirement Plans - Net Pension Income Domestic and Foreign (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Pension Plans | ||||
Net pension expense (income) | ||||
Total expense, net | $ 666 | $ 249 | $ 1,330 | $ 499 |
UNITED STATES | ||||
Net pension expense (income) | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 1,443 | 1,931 | 2,886 | 3,862 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (2,454) | (3,047) | (4,908) | (6,094) |
Amortization of loss | 1,622 | 1,311 | 3,244 | 2,623 |
Total expense, net | 611 | 195 | 1,222 | 391 |
Foreign Plan [Member] | ||||
Net pension expense (income) | ||||
Service cost | 8 | 9 | 15 | 18 |
Interest cost | 6 | 7 | 13 | 15 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (3) | (4) | (7) | (9) |
Amortization of loss | 44 | 42 | 87 | 84 |
Total expense, net | $ 55 | $ 54 | $ 108 | $ 108 |
Retirement Plans - Other Postre
Retirement Plans - Other Postretirement Benefit Plan (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Defined Benefit Plan Disclosure | ||||
Service cost | $ 0 | $ 1 | $ 0 | $ 1 |
Interest cost | 30 | 43 | 60 | 85 |
Amortization of gain | (21) | (42) | (42) | (83) |
Total expense, net | $ 9 | $ 2 | $ 18 | $ 3 |
Other Intangible Assets - Summa
Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Other Intangible Assets | |||||
Gross Carrying Amount | $ 142,319 | $ 142,319 | $ 142,319 | ||
Accumulated Amortization | (61,697) | (61,697) | (57,104) | ||
Total amortization expense | 80,622 | 80,622 | 85,215 | ||
Amortization expense | 2,268 | $ 1,692 | 4,563 | $ 3,382 | |
Customer lists/relationships | |||||
Other Intangible Assets | |||||
Gross Carrying Amount | 92,194 | 92,194 | 92,194 | ||
Accumulated Amortization | (41,370) | (41,370) | (38,682) | ||
Total amortization expense | 50,824 | 50,824 | 53,512 | ||
Technology and other intangibles | |||||
Other Intangible Assets | |||||
Gross Carrying Amount | 47,925 | 47,925 | 47,925 | ||
Accumulated Amortization | (20,327) | (20,327) | (18,422) | ||
Total amortization expense | 27,598 | 27,598 | 29,503 | ||
In process research and development | |||||
Other Intangible Assets | |||||
Gross Carrying Amount | 2,200 | ||||
Total amortization expense | 2,200 | 2,200 | $ 2,200 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 2,200 | $ 2,200 |
Other Intangible Assets - Sum_2
Other Intangible Assets - Summary of Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule | ||
2020 | $ 4,459 | |
2021 | 8,893 | |
2022 | 8,657 | |
2023 | 6,651 | |
2024 | 6,489 | |
Thereafter | 45,473 | |
Total amortization expense | $ 80,622 | $ 85,215 |
Costs Associated with Exit an_3
Costs Associated with Exit and Restructuring Activities - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Document Period End Date | Jun. 30, 2020 | |||
Total restructuring, impairment and restructuring related charges | ||||
Restructuring charges | $ 135 | $ 911 | $ 375 | $ 2,995 |
April 2014 Plan and June 2016 Plan [Member] | ||||
Total restructuring, impairment and restructuring related charges | ||||
Restructuring charges | 375 | |||
Operating Earnings | April 2014 Plan and June 2016 Plan [Member] | ||||
Total restructuring, impairment and restructuring related charges | ||||
Restructuring charges | $ 135 | $ 911 | $ 375 | $ 2,995 |
Costs Associated with Exit an_4
Costs Associated with Exit and Restructuring Activities Costs Associated with Exit and Restructuring Activities - June 2016 Plan (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jun. 03, 2016 | |
Total restructuring, impairment and restructuring related charges | ||||||
Restructuring charges | $ 135,000 | $ 911,000 | $ 375,000 | $ 2,995,000 | ||
Document Period End Date | Jun. 30, 2020 | |||||
June 2016 Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Actual costs incurred | 10,530,000 | $ 10,530,000 | ||||
Total restructuring, impairment and restructuring related charges | ||||||
Restructuring charges | 0 | $ 911,000 | 32,000 | $ 2,995 | ||
Restructuring Reserve | 48,000 | 48,000 | $ 233,000 | |||
June 2016 Plan | Operating Earnings | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Planned Costs | $ 13,400,000 | |||||
Actual costs incurred | 15,998,000 | 15,998,000 | ||||
Equipment relocation | June 2016 Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Planned Costs | 9,025,000 | |||||
Other charges | June 2016 Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Planned Costs | 1,300,000 | |||||
Other charges | June 2016 Plan | Operating Earnings | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Actual costs incurred | 2,156,000 | 2,156,000 | ||||
Workforce reduction | June 2016 Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Planned Costs | $ 3,075,000 | |||||
Workforce reduction | June 2016 Plan | Operating Earnings | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Actual costs incurred | $ 3,312,000 | $ 3,312,000 |
Costs Associated with Exit an_5
Costs Associated with Exit and Restructuring Activities - April 2014 Plan (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Activities Disclosure [Text Block] | NOTE 8 – Costs Associated with Exit and Restructuring Activities Restructuring charges are reported as a separate line within operating earnings in the Condensed Consolidated Statement of Earnings. Total restructuring charges are as follows: Three Months Ended June 30, 2020 June 30, 2019 Restructuring charges $ 135 $ 911 Six Months Ended June 30, 2020 June 30, 2019 Restructuring charges $ 375 $ 2,995 2016 Plan In June 2016, we announced plans to restructure operations by phasing out production at our Elkhart, IN facility and transitioning it into a research and development center supporting our global operations ("June 2016 Plan"). Additional organizational changes were also implemented in various other locations. In 2017, we revised this plan to include an additional $1,100 in planned costs related to the relocation of our corporate headquarters in Lisle, IL and our plant in Bolingbrook, IL, both of which have now been consolidated into a single facility. Restructuring charges under this plan, which is substantially complete, were $0 and $911 during the three months ended June 30, 2020 and June 30, 2019 , respectively. Restructuring charges under this plan were $(32) and $2,995 during the six months ended June 30, 2020 and June 30, 2019 , respectively. The total restructuring liability related to the June 2016 Plan was $48 at June 30, 2020 and $233 at December 31, 2019 . Additional costs related to production line movements, equipment charges, and other costs will be expensed as incurred. The following table displays the planned restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through June 30, 2020 : Actual costs Planned incurred through June 2016 Plan Costs June 30, 2020 Workforce reduction $ 3,075 $ 3,312 Building and equipment relocation 9,025 10,530 Other charges (1) 1,300 2,156 Total restructuring charges $ 13,400 $ 15,998 (1) Other charges includes the effects of currency translation, non-cash asset write-downs and other charges. 2014 Plan In April 2014, we announced plans to restructure our operations and consolidate our Canadian operations into other existing facilities as part of our overall plan to simplify our business model and rationalize our global footprint (“April 2014 Plan”). These restructuring actions were completed in 2015. Restructuring charges associated with this plan were $(248) for the three and six months ended June 30, 2019 . There were no restructuring charges incurred under this plan during the three or six months ended June 30, 2020 . The total restructuring liability related to the April 2014 Plan was $672 at June 30, 2020 , and $703 at December 31, 2019 . Other Restructuring Activities From time to time we incur other restructuring activities that are not part of a formal plan. During the three and six months ended June 30, 2020 , we incurred restructuring charges of $135 and $407 , respectively, primarily relating to workforce reduction actions taken during the quarter. There were no such charges incurred during the three and six months ended June 30, 2019 . The total remaining restructuring liability associated with these actions was $183 at June 30, 2020 and $1,057 at December 31, 2019 . The following table displays the restructuring liability activity included in Accrued expenses and other liabilities for all plans for the six months ended June 30, 2020 : Restructuring liability at January 1, 2020 $ 1,993 Restructuring charges 375 Cost paid (1,039 ) Other activity (1) (426 ) Restructuring liability at June 30, 2020 $ 903 (1) Other activity includes the effects of currency translation, non-cash asset write-downs and other charges that do not flow through restructuring expense. | ||||
Total restructuring, impairment and restructuring related charges | |||||
Restructuring charges | $ (135,000) | $ (911,000) | $ (375,000) | $ (2,995,000) | |
April 2014 Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Activities Disclosure [Text Block] | 2014 Plan In April 2014, we announced plans to restructure our operations and consolidate our Canadian operations into other existing facilities as part of our overall plan to simplify our business model and rationalize our global footprint (“April 2014 Plan”). These restructuring actions were completed in 2015. Restructuring charges associated with this plan were $(248) for the three and six months ended June 30, 2019 . There were no restructuring charges incurred under this plan during the three or six months ended June 30, 2020 . The total restructuring liability related to the April 2014 Plan was $672 at June 30, 2020 , and $703 at December 31, 2019 | ||||
Restructuring Reserve | $ 672,000 | $ 672,000 | $ 703,000 | ||
Total restructuring, impairment and restructuring related charges | |||||
Restructuring charges | $ (248,000) |
Costs Associated with Exit an_6
Costs Associated with Exit and Restructuring Activities - Restructuring Reserve Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring reserve activity | ||||
Restructuring charges | $ 135 | $ 911 | $ 375 | $ 2,995 |
April 2014 Plan and June 2016 Plan [Member] | ||||
Restructuring reserve activity | ||||
Restructuring liability at beginning | 1,993 | |||
Restructuring charges | 375 | |||
Cost paid | (1,039) | |||
Restructuring liability at ending | $ 903 | 903 | ||
Restructuring Reserve, Translation and Other Adjustment | $ (426) |
Costs Associated with Exit an_7
Costs Associated with Exit and Restructuring Activities Other Restructuring Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ (135) | $ (911) | $ (375) | $ (2,995) | |
Document Period End Date | Jun. 30, 2020 | ||||
Other Restructuring Activities [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | (135) | $ (407) | |||
Restructuring Reserve | $ 183 | $ 183 | $ 1,057 |
Accrued Liabilities - Component
Accrued Liabilities - Components of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities | |||
Accrued product related costs | $ 3,090 | $ 2,950 | |
Accrued income taxes | 6,921 | 7,903 | |
Accrued property and other taxes | 1,948 | 1,574 | |
Accrued professional fees | 903 | 1,599 | |
Contract with Customer, Liability | 3,673 | 4,391 | |
Dividends payable | 1,291 | 1,299 | |
Remediation reserves | 9,300 | 11,444 | $ 11,274 |
Derivative Liability | 2,220 | 0 | |
Other accrued liabilities | 3,829 | 5,218 | |
Total accrued expenses and other liabilities | $ 33,175 | $ 36,378 |
Contingencies Remediation Liabi
Contingencies Remediation Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |||
Accrued Environmental Loss Contingencies, Current | $ 9,300 | $ 11,444 | $ 11,274 |
Accrual for Environmental Loss Contingencies, Charges to Expense for New Losses | 791 | 2,602 | |
Accrual for Environmental Loss Contingencies Payments, Net of Reimbursements | (2,956) | (2,455) | |
Accrual for Environmental Loss Contingencies, Foreign Currency Translation Gain (Loss) | $ 21 | $ 23 |
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Feb. 12, 2019 | May 23, 2016 | |
Long-term debt | |||||||
Total credit facility | $ 300,000 | $ 300,000 | |||||
Amount available | 157,000 | 157,000 | $ 198,500 | ||||
Long-term Line of Credit, Noncurrent | 141,300 | 141,300 | 99,700 | ||||
Letters of Credit Outstanding, Amount | 1,740 | 1,740 | 1,800 | ||||
Amortization of Debt Issuance Costs | 42 | $ 41 | 84 | $ 77 | |||
Line of Credit | Revolving Credit Facility Due 2024 | |||||||
Long-term debt | |||||||
Total credit facility | $ 300,000 | $ 300,000 | $ 300,000 | ||||
Line of Credit Facility Contingent Increase to Maximum Borrowing Capacity | $ 150,000 | ||||||
Long-term Line of Credit, Noncurrent | $ 141,300 | $ 141,300 | |||||
Weighted-average interest rate | 2.17% | 2.17% | 3.25% | ||||
Commitment fee percentage per annum | 0.25% | 0.23% | |||||
Line of Credit | Revolving Credit Facility [Member] | |||||||
Long-term debt | |||||||
Long-term Line of Credit, Noncurrent | $ 99,700 |
Debt - Narratives (Details)
Debt - Narratives (Details) - USD ($) $ in Thousands | Feb. 12, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | May 23, 2016 |
Line of Credit Facility | |||||||
Line of credit maximum borrowing amount | $ 300,000 | $ 300,000 | |||||
Debt amortization expense | 42 | $ 41 | 84 | $ 77 | |||
Long-term Line of Credit, Noncurrent | 141,300 | $ 141,300 | $ 99,700 | ||||
Line of Credit | Revolving Credit Facility Due 2024 | |||||||
Line of Credit Facility | |||||||
Debt instrument, term | 5 years | ||||||
Line of credit maximum borrowing amount | $ 300,000 | $ 300,000 | $ 300,000 | ||||
Line of credit facility contingent increase to maximum borrowing capacity | 150,000 | ||||||
Commitment fee percentage per annum | 0.25% | 0.23% | |||||
Long-term Line of Credit, Noncurrent | $ 141,300 | $ 141,300 | |||||
Line of Credit | Revolving Credit Facility Due 2024 Swingline Sublimit | |||||||
Line of Credit Facility | |||||||
Line of credit maximum borrowing amount | 15,000 | ||||||
Line of Credit | Revolving Credit Facility Due 2024 Letter Of Credit Sublimit | |||||||
Line of Credit Facility | |||||||
Line of credit maximum borrowing amount | $ 10,000 | ||||||
Minimum | Line of Credit | Revolving Credit Facility Due 2024 | |||||||
Line of Credit Facility | |||||||
Commitment fee percentage per annum | 0.20% | ||||||
Maximum | Line of Credit | Revolving Credit Facility Due 2024 | |||||||
Line of Credit Facility | |||||||
Commitment fee percentage per annum | 0.30% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narratives (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Derivative | |||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 1,247 | $ 784 | |
Derivative Liability | 2,220 | $ 0 | |
Foreign currency derivatives | |||
Derivative | |||
Derivative Asset | 57 | ||
Derivative Liability | 1,621 | ||
Cash Flow Hedging [Member] | Designated As Hedging | Foreign currency forward contracts | |||
Derivative | |||
Foreign currency cash flow hedge gain to be reclassified during next 12 months | 1,037 | ||
Derivative, notional amount | 24,434 | ||
Cash Flow Hedging [Member] | Designated As Hedging | Interest rate swap | |||
Derivative | |||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | $ 505 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Liability | ||
Derivative Liability | $ 2,220 | $ 0 |
Interest rate swap | Other Current Assets [Member] | Cash Flow Hedging [Member] | ||
Derivative Liability | ||
Derivative Asset | 0 | 82 |
Interest rate swap | Other Noncurrent Liabilities [Member] | Cash Flow Hedging [Member] | ||
Derivative Liability | ||
Derivative Liability | (1,959) | (78) |
Cash Flow Hedging [Member] | Other Current Liabilities [Member] | Interest rate swap | ||
Derivative Liability | ||
Derivative Liability | (656) | 0 |
Foreign currency hedges | Other Current Liabilities [Member] | Cash Flow Hedging [Member] | ||
Derivative Liability | ||
Derivative Liability | (1,564) | 0 |
Foreign currency hedges | Other Current Assets [Member] | Cash Flow Hedging [Member] | ||
Derivative Liability | ||
Derivative Asset | 0 | $ 580 |
Designated as Hedging Instrument [Member] | Foreign currency hedges | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 1,037 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative, Gain (Loss) on Derivative, Net | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (552) | $ 412 | $ (271) | $ 628 |
Foreign currency derivatives | Designated As Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (446) | 256 | (203) | 315 |
Derivative, Gain (Loss) on Derivative, Net | ||||
Derivative, Gain (Loss) on Derivative, Net | (443) | 256 | (200) | 315 |
Foreign currency derivatives | Foreign currency derivatives | Designated As Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 73 | 0 | ||
Derivative, Gain (Loss) on Derivative, Net | ||||
Derivative, Gain (Loss) on Derivative, Net | 73 | 0 | ||
Foreign currency derivatives | Cost of goods sold | Designated As Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (519) | 233 | ||
Derivative, Gain (Loss) on Derivative, Net | ||||
Derivative, Gain (Loss) on Derivative, Net | (271) | 276 | ||
Foreign currency derivatives | Selling, general and administrative expenses | Designated As Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 23 | ||
Derivative, Gain (Loss) on Derivative, Net | ||||
Derivative, Gain (Loss) on Derivative, Net | (5) | 39 | ||
Foreign currency derivatives | Other income and expenses | Designated As Hedging | ||||
Derivative, Gain (Loss) on Derivative, Net | ||||
Derivative, Gain (Loss) on Derivative, Net | 3 | 0 | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 3 | 0 | ||
Interest rate swap | Interest expense | Designated As Hedging | ||||
Derivative, Gain (Loss) on Derivative, Net | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (109) | $ 156 | $ (71) | $ 313 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Summary of Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Foreign currency transaction loss | ||||||||
Foreign currency transaction gain (loss) | $ 892 | $ 829 | $ (379) | $ 355 | ||||
AOCI Attributable to Parent, Net of Tax | ||||||||
Total accumulated other comprehensive (loss) income, end of period | (93,155) | (93,155) | $ (91,726) | |||||
Accumulated Other Comprehensive Earnings/(Loss) | ||||||||
AOCI Attributable to Parent, Net of Tax | ||||||||
Gain (Loss) recognized in OCI, Net | 192 | (62) | (4,144) | 274 | ||||
Gain (Loss) reclassified from AOCI to income, Net | 1,647 | 707 | 2,715 | 1,562 | ||||
Total accumulated other comprehensive (loss) income, end of period | (93,155) | (95,903) | (93,155) | (95,903) | $ (94,994) | (91,726) | $ (96,548) | $ (97,739) |
Changes in fair market value of hedges | ||||||||
Changes in AOCI, Gross | ||||||||
Gross, beginning of the period | (5,044) | 1,416 | 659 | 1,316 | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 250 | 32 | (5,172) | 348 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 555 | (412) | 274 | (628) | ||||
Gross, ending balance | (4,239) | 1,036 | (4,239) | 1,036 | ||||
Changes in AOCI, Income tax (benefit) | ||||||||
Income tax (benefit), beginning of period | 1,139 | (320) | (150) | (298) | ||||
Income tax (benefit), Gain (Loss) recognized in OCI | (44) | (7) | 1,181 | (78) | ||||
Income tax (benefit), Gain (Loss) reclassified from AOCI to income | (117) | 93 | (53) | 142 | ||||
Income tax (benefit), ending of period | 978 | (234) | 978 | (234) | ||||
AOCI Attributable to Parent, Net of Tax | ||||||||
Gain (Loss) recognized in OCI, Net | 206 | 25 | (3,991) | 270 | ||||
Gain (Loss) reclassified from AOCI to income, Net | 438 | (319) | 221 | 486 | ||||
Total accumulated other comprehensive (loss) income, end of period | (3,261) | 802 | (3,261) | 802 | (3,905) | 509 | 1,096 | 1,018 |
Changes in unrealized pension cost | ||||||||
Changes in AOCI, Gross | ||||||||
Gross, beginning of the period | (122,480) | (131,135) | (124,140) | (132,454) | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1,574 | 1,325 | 3,234 | 2,644 | ||||
Gross, ending balance | (120,906) | (129,810) | (120,906) | (129,810) | ||||
Changes in AOCI, Income tax (benefit) | ||||||||
Income tax (benefit), beginning of period | 33,643 | 35,596 | 34,018 | 35,893 | ||||
Income tax (benefit), Gain (Loss) recognized in OCI | 0 | 0 | 0 | 0 | ||||
Income tax (benefit), Gain (Loss) reclassified from AOCI to income | (365) | (299) | (740) | (596) | ||||
Income tax (benefit), ending of period | 33,278 | 35,297 | 33,278 | 35,297 | ||||
AOCI Attributable to Parent, Net of Tax | ||||||||
Gain (Loss) recognized in OCI, Net | 0 | 0 | 0 | 0 | ||||
Gain (Loss) reclassified from AOCI to income, Net | 1,209 | 1,026 | 2,494 | 2,048 | ||||
Total accumulated other comprehensive (loss) income, end of period | (87,628) | (94,513) | (87,628) | (94,513) | (88,837) | (90,122) | (95,539) | (96,561) |
Cumulative translation adjustment | ||||||||
Changes in AOCI, Gross | ||||||||
Gross, beginning of the period | (2,252) | (2,203) | (2,211) | (2,291) | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (14) | (84) | (55) | 4 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | 0 | ||||
Gross, ending balance | (2,266) | (2,287) | (2,266) | (2,287) | ||||
Changes in AOCI, Income tax (benefit) | ||||||||
Income tax (benefit), beginning of period | 0 | 98 | 98 | 95 | ||||
Income tax (benefit), Gain (Loss) recognized in OCI | 0 | (3) | (98) | 0 | ||||
Income tax (benefit), Gain (Loss) reclassified from AOCI to income | 0 | 0 | 0 | 0 | ||||
Income tax (benefit), ending of period | 0 | 95 | 0 | 95 | ||||
AOCI Attributable to Parent, Net of Tax | ||||||||
Gain (Loss) recognized in OCI, Net | (14) | (87) | (153) | 4 | ||||
Gain (Loss) reclassified from AOCI to income, Net | 0 | 0 | 0 | 0 | ||||
Total accumulated other comprehensive (loss) income, end of period | $ (2,266) | $ (2,192) | $ (2,266) | $ (2,192) | $ (2,252) | $ (2,113) | $ (2,105) | $ (2,196) |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Share Count and Par Value Data Related to Shareholders' Equity (Details) - shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Preferred Stock | |||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 | ||
Preferred stock, shares outstanding | 0 | 0 | 0 | ||
Common Stock | |||||
Common stock, shares authorized | 75,000,000 | 75,000,000 | 75,000,000 | ||
Common stock, shares issued | 57,066,930 | 57,066,930 | 56,929,298 | ||
Common stock, shares outstanding | 32,267,307 | 32,267,307 | 32,707,281 | 32,472,406 | 32,750,727 |
Treasury stock | |||||
Treasury stock, shares held | 24,799,623 | 24,799,623 | 24,456,892 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 84,720 | 61,780 | 108,894 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Feb. 07, 2019 | |
Stockholders' Equity Note [Abstract] | ||||
Treasury Shares Authorized to be Purchased | $ 25,000 | |||
Common stock repurchased, shares | 342,731 | 179,966 | ||
Common stock repurchased, value | $ 8,080 | $ 5,002 | ||
Shares are available for future issuances | $ 5,740 | $ 5,740 | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 84,720 | 61,780 | 108,894 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Common Shares Outstanding (Details) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Roll forward of common shares outstanding | ||
Balance at the beginning of the year | 32,472,406 | 32,750,727 |
Restricted share issuances | 137,632 | 136,520 |
Balance at the end of the period | 32,267,307 | 32,707,281 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Equity-Based Compensation Expense (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)plan$ / sharesshares | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)plan$ / sharesshares | Jun. 30, 2019USD ($) | Dec. 31, 2019$ / sharesshares | |
Share-based Compensation | |||||
Number of Equity-Based Compensation Plans | plan | 5 | 5 | |||
Restricted stock units | $ (1,045) | $ (2,793) | |||
Share-based Payment Arrangement, Expense, after Tax | $ 628 | $ 1,222 | 805 | 2,162 | |
Service-Based RSUs | |||||
Share-based Compensation | |||||
Restricted stock units | (779) | (488) | (1,359) | (1,094) | |
Performance-Based RSUs | |||||
Share-based Compensation | |||||
Restricted stock units | $ (19) | (1,038) | $ (349) | (1,586) | |
Cash Settled Awards | |||||
Share-based Compensation | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | shares | 33,697 | 33,697 | 17,271 | ||
Restricted stock units | $ (19) | $ (35) | (113) | ||
Restricted Stock Expense (Benefit) | 53 | ||||
RSUs | |||||
Share-based Compensation | |||||
Restricted stock units | (817) | (1,579) | (1,045) | (2,793) | |
Income tax benefit | $ 189 | $ 357 | $ 240 | $ 631 | |
Officers, key employees, and non-employee directors | Service-Based RSUs | |||||
Share-based Compensation | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | shares | 3,893 | ||||
Releasable - weighted average fair value | $ / shares | $ 14.63 | $ 14.63 | |||
Granted - shares | shares | 92,996 | ||||
Forfeited - weighted average fair value | $ / shares | $ 28.43 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Released Number | shares | 90,595 | ||||
Granted - weighted average fair value | $ / shares | $ 27.73 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 21.08 | 21.08 | $ 19.87 | ||
Converted - weighted average fair value | $ / shares | $ 22.71 | ||||
Releasable - shares | shares | 185,974 | 185,974 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | shares | 362,904 | 362,904 | 364,396 |
Equity-Based Compensation - S_2
Equity-Based Compensation - Summary of Equity-Based Compensation Expense related to Non-Vested RSUs (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Service-Based RSUs | |
Share-based Compensation | |
Unrecognized compensation cost | $ 2,860 |
Weighted average period | 1 year 6 months 10 days |
Performance-Based RSUs | |
Share-based Compensation | |
Unrecognized compensation cost | $ 2,968 |
Weighted average period | 2 years 1 month 13 days |
RSUs | |
Share-based Compensation | |
Unrecognized compensation cost | $ 5,828 |
Weighted average period | 1 year 9 months 29 days |
Equity-Based Compensation - S_3
Equity-Based Compensation - Summary of Status of Equity-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Summary of Status of Equity-Based Compensation Plans | ||
Other accrued liabilities | $ 3,829 | $ 5,218 |
2018 Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Awards originally available | 2,500,000 | |
Shares outstanding | 536,819 | |
Stock options outstanding | 536,819 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Released Number | 35,637 | |
Awards available for grant | 1,927,544 | |
2014 Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Awards originally available | 1,500,000 | |
Stock options outstanding | 35,952 | |
2009 Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Awards originally available | 3,400,000 | |
Stock options outstanding | 200,804 | |
2004 Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Awards originally available | 6,500,000 | |
Stock options outstanding | 5,522 | |
Directors' Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Stock options outstanding | 75,200 | |
RSUs | 2014 Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Shares outstanding | 200,804 | |
RSUs | 2009 Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Shares outstanding | 75,200 | |
RSUs | 2004 Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Shares outstanding | 35,952 | |
RSUs | Directors' Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Shares outstanding | 5,522 | |
Performance-Based Stock Options | 2014 Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Awards originally available | 350,000 | |
Stock options outstanding | 0 | |
Cash Settled Awards | ||
Summary of Status of Equity-Based Compensation Plans | ||
Other accrued liabilities | $ 154 | $ 353 |
Officers, key employees, and non-employee directors | Service-Based RSUs | ||
Share-based Compensation | ||
Releasable - weighted average fair value | $ 14.63 |
Equity-Based Compensation - Per
Equity-Based Compensation - Performance-Based Stock Options (Details) | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Performance and Market-based Restricted Stock Units | |
Share-based Compensation | |
Attained by performance - weighted average fair value | $ / shares | $ 23.84 |
2014 Plan | |
Share-based Compensation | |
Awards granted (in shares) | 1,500,000 |
2014 Plan | Performance-Based Stock Options | |
Share-based Compensation | |
Awards granted (in shares) | 350,000 |
Equity-Based Compensation - S_4
Equity-Based Compensation - Summary of Service-Based Restricted Stock Units (Details) - Officers, key employees, and non-employee directors - Service-Based RSUs | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Units | |
Outstanding at beginning of year - shares | shares | 364,396 |
Granted - shares | shares | 92,996 |
Released - shares | shares | (90,595) |
Forfeited - shares | shares | (3,893) |
Outstanding at end of year - shares | shares | 362,904 |
Releasable - shares | shares | 185,974 |
Weighted Average Grant Date Fair Value | |
Beginning of year - weighted average fair value | $ / shares | $ 19.87 |
Granted - weighted average fair value | $ / shares | 27.73 |
Converted - weighted average fair value | $ / shares | 22.71 |
Forfeited - weighted average fair value | $ / shares | 28.43 |
End of year - weighted average fair value | $ / shares | 21.08 |
Releasable - weighted average fair value | $ / shares | $ 14.63 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Performance-Based RSUs (Details) - shares | Jun. 30, 2020 | Apr. 23, 2020 | Feb. 06, 2020 | Sep. 04, 2019 | Feb. 07, 2019 | Feb. 16, 2018 | Feb. 08, 2018 |
Performance and Market-based Restricted Stock Units | |||||||
Share-based Compensation | |||||||
Maximum potential units outstanding at June 30, 2016 - shares | 0 | ||||||
Performance-Based RSUs | |||||||
Share-based Compensation | |||||||
Target Units Outstanding | 60,414 | 31,820 | 31,398 | ||||
Shared Based Compensation Maximum Potential Awards | 120,828 | 63,640 | 62,796 | ||||
Performance Goal [Member] | |||||||
Share-based Compensation | |||||||
Target Units Outstanding | 252,848 | 48,000 | 72,521 | 1,750 | 6,945 | ||
Shared Based Compensation Maximum Potential Awards | 457,696 | 48,000 | 145,042 | 3,500 | 13,890 |
Equity-Based Compensation Equit
Equity-Based Compensation Equity-Based Compensation - Performance and Market Based RSUs (Details) - $ / shares | 6 Months Ended | ||||
Jun. 30, 2020 | Apr. 23, 2020 | Feb. 06, 2020 | Sep. 04, 2019 | Feb. 07, 2019 | |
Performance Goal [Member] | |||||
Units | |||||
Target Units Outstanding | 252,848 | 48,000 | 72,521 | 1,750 | 6,945 |
Shared Based Compensation Maximum Potential Awards | 457,696 | 48,000 | 145,042 | 3,500 | 13,890 |
Performance and Market-based Restricted Stock Units | |||||
Units | |||||
Outstanding at beginning of year - shares | 217,229 | ||||
Granted - shares | 120,521 | ||||
Attained by performance - shares | 38,820 | ||||
Vested and released - shares | (111,838) | ||||
Forfeited - shares | (11,884) | ||||
Outstanding at end of year - shares | 252,848 | ||||
Maximum potential units outstanding at June 30, 2016 - shares | 0 | ||||
Weighted Average Grant Date Fair Value | |||||
Beginning of year - weighted average fair value | $ 27.73 | ||||
Granted - weighted average fair value | 28.65 | ||||
Attained by performance - weighted average fair value | 23.84 | ||||
Vested and released - weighted average fair value | 23.74 | ||||
Forfeited - weighted average fair value | 25.69 | ||||
End of year - weighted average fair value | 29.31 | ||||
Maximum potential units outstanding at June 30, 2016 - weighted average fair value | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Liability Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Recurring financial liability that was measured at carrying value | ||
Derivative liability | $ (2,220) | $ 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swap | Designated As Hedging | Cash Flow Hedge | ||
Recurring financial liability that was measured at carrying value | ||
Derivative liability | 2,615 | (4) |
Recurring | Significant Other Observable Inputs (Level 2) | Foreign currency hedges | Designated As Hedging | Cash Flow Hedge | ||
Recurring financial liability that was measured at carrying value | ||
Derivative liability | (580) | |
Derivative Asset | (1,564) | |
Recurring | Carrying Value | Interest rate swap | Designated As Hedging | Cash Flow Hedge | ||
Recurring financial liability that was measured at carrying value | ||
Derivative liability | 2,615 | (4) |
Recurring | Carrying Value | Foreign currency hedges | Designated As Hedging | Cash Flow Hedge | ||
Recurring financial liability that was measured at carrying value | ||
Derivative liability | $ (580) | |
Derivative Asset | $ (1,564) |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Reconciliation of the recurring financial derivatives | |
Beginning balance, derivative liability | $ 0 |
Total gains/(losses) for the period: | |
Ending balance, derivative liability | $ (2,220) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 17.60% | 25.10% | 27.10% | 22.70% |
Leases Lease Cost (Details)
Leases Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating Lease, Expense | $ 1,190 | $ 1,075 | $ 2,389 | $ 2,069 |
Short-term Lease Payments | 170 | 176 | 337 | 249 |
Operating Leases, Rent Expense, Net | $ 1,360 | $ 1,251 | $ 2,726 | $ 2,318 |
Leases Schedule of Future Minim
Leases Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 2,344 | |
2021 | 4,686 | |
2022 | 4,547 | |
2023 | 4,185 | |
2024 | 4,075 | |
Thereafter | 16,950 | |
Total | 36,787 | |
Less: Interest | (9,263) | |
Present value of lease liabilities | $ 27,524 | $ 27,713 |
Leases Operating Lease Disclosu
Leases Operating Lease Disclosure (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating Lease, Weighted Average Remaining Lease Term | 8 years 5 months 4 days | 9 years 14 days | |
Operating lease obligations | $ 3,051 | $ 2,787 | |
Long-term operating lease obligations | 24,473 | 24,926 | |
Operating Lease, Liability | $ 27,524 | $ 27,713 | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.46% | 6.54% | |
Operating Lease, Payments, Use | $ 2,299 | $ 1,862 |
Leases Supplemental Cashflow In
Leases Supplemental Cashflow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | ||
Operating Lease, Payments, Use | $ 2,299 | $ 1,862 |
Lessee, Operating Lease Payment on Extension Option | $ 1,179 | $ 2,961 |
Business Acquisition (Details)
Business Acquisition (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Business Acquisition | |||
Business Combination, Consideration Transferred | $ 72,850,000 | ||
Business Acquisitions, Consideration Transferred, Liabilities Incurred | 1,056,000 | ||
Cash Acquired from Acquisition | $ 567,000 | ||
Current assets | 6,221,000 | 6,221,000 | |
Property, plant and equipment | 2,567,000 | 2,567,000 | |
Other assets | 29,000 | 29,000 | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 34,999,000 | 34,999,000 | |
Business Acquisitions, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 32,800,000 | 32,800,000 | |
Fair Value of Assets Acquired | 76,616,000 | ||
Business Acquisitions, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (2,710,000) | $ (2,710,000) | |
Net cash paid | $ 73,906,000 | $ 73,906,000 |
Business Acquisitions Schedule
Business Acquisitions Schedule of Finite Lived Intangibles Acquired (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Customer lists/relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 31,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
Technology and other intangibles | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 1,800 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Finite-Lived Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 32,800 |
Business Acquisitions Schedul_2
Business Acquisitions Schedule of intangible assets acquired (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Consideration Transferred | $ 72,850,000 | |
Business Acquisitions, Consideration Transferred, Liabilities Incurred | 1,056,000 | |
Payments to Acquire Businesses, Net of Cash Acquired | $ 73,906,000 | $ 73,906,000 |