Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 21, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
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 | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 32,426,574 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 129,585 | $ 84,197 | $ 258,012 | $ 187,272 |
Cost of goods sold | 81,889 | 57,630 | 167,725 | 127,806 |
Gross margin | 47,696 | 26,567 | 90,287 | 59,466 |
Selling, general and administrative expenses | 20,937 | 14,668 | 39,262 | 31,427 |
Research and development expenses | 6,029 | 5,522 | 11,716 | 12,930 |
Restructuring charges | 151 | 135 | 232 | 375 |
Operating earnings | 20,579 | 6,242 | 39,077 | 14,734 |
Other (expense) income: | ||||
Interest expense | (508) | (909) | (1,063) | (1,760) |
Interest income | 257 | 304 | 459 | 635 |
Other (expense) income, net | (20,929) | 256 | (24,285) | (1,726) |
Total other expense, net | (21,180) | (349) | (24,889) | (2,851) |
(Loss) earnings before income taxes | (601) | 5,893 | 14,188 | 11,883 |
Income tax (benefit) expense | (1,476) | 1,036 | 1,323 | 3,218 |
Net earnings | $ 875 | $ 4,857 | $ 12,865 | $ 8,665 |
Earnings per share: | ||||
Basic | $ 0.03 | $ 0.15 | $ 0.40 | $ 0.27 |
Diluted | $ 0.03 | $ 0.15 | $ 0.39 | $ 0.27 |
Basic weighted – average common shares outstanding: | 32,397 | 32,262 | 32,358 | 32,364 |
Effect of dilutive securities | 229 | 242 | 259 | 284 |
Diluted weighted – average common shares outstanding: | 32,626 | 32,504 | 32,617 | 32,648 |
Cash dividends declared per share | $ 0.04 | $ 0.04 | $ 0.08 | $ 0.08 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings | $ 875 | $ 4,857 | $ 12,865 | $ 8,665 |
Other comprehensive earnings (loss): | ||||
Changes in fair market value of derivatives, net of tax | 268 | 644 | 392 | (3,770) |
Changes in unrealized pension cost, net of tax | 17,024 | 1,209 | 18,446 | 2,494 |
Cumulative translation adjustment, net of tax | 1 | (14) | 13 | (153) |
Other comprehensive earnings (loss) | 17,293 | 1,839 | 18,851 | (1,429) |
Comprehensive earnings | $ 18,168 | $ 6,696 | $ 31,716 | $ 7,236 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 117,397 | $ 91,773 |
Accounts receivable, net | 80,795 | 80,981 |
Inventories, net | 48,972 | 45,870 |
Other current assets | 16,180 | 14,607 |
Total current assets | 263,344 | 233,231 |
Property, plant and equipment, net | 93,017 | 97,437 |
Operating lease assets, net | 23,150 | 23,281 |
Other Assets | ||
Prepaid pension asset | 56,903 | 56,642 |
Goodwill | 109,898 | 109,497 |
Other intangible assets, net | 74,584 | 79,121 |
Deferred income taxes | 23,949 | 24,250 |
Other | 2,453 | 2,590 |
Total other assets | 267,787 | 272,100 |
Total Assets | 647,298 | 626,049 |
Current Liabilities | ||
Accounts payable | 47,753 | 50,489 |
Operating lease obligations | 3,360 | 3,294 |
Accrued payroll and benefits | 14,433 | 12,978 |
Accrued expenses and other liabilities | 36,765 | 38,171 |
Total current liabilities | 102,311 | 104,932 |
Long-term debt | 50,000 | 54,600 |
Long-term operating lease obligations | 22,953 | 23,163 |
Long-term pension obligations | 7,199 | 7,466 |
Deferred income taxes | 6,924 | 7,010 |
Other long-term obligations | 3,602 | 5,196 |
Total Liabilities | 192,989 | 202,367 |
Commitments and Contingencies (Note 11) | ||
Shareholders’ Equity | ||
Common stock | 314,341 | 311,190 |
Additional contributed capital | 40,007 | 41,654 |
Retained earnings | 549,553 | 539,281 |
Accumulated other comprehensive loss | (77,070) | (95,921) |
Total shareholders’ equity before treasury stock | 826,831 | 796,204 |
Treasury stock | (372,522) | (372,522) |
Total shareholders’ equity | 454,309 | 423,682 |
Total Liabilities and Shareholders’ Equity | $ 647,298 | $ 626,049 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 12,865 | $ 8,665 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 13,512 | 13,143 |
Pension and other post-retirement plan expense | 23,823 | 1,348 |
Stock-based compensation | 3,122 | 1,045 |
Asset impairment charges | 1,016 | |
Deferred income taxes | (4,875) | (466) |
Gain on foreign currency hedges, net of cash | (26) | (133) |
Changes in assets and liabilities, net of acquisition: | ||
Accounts receivable | 316 | 17,850 |
Inventories | (2,994) | (2,328) |
Operating lease assets | 131 | 275 |
Other assets | (1,440) | 1,460 |
Accounts payable | (3,433) | (12,294) |
Accrued payroll and benefits | 1,145 | (512) |
Operating lease liabilities | (143) | (189) |
Accrued expenses and other liabilities | (3,028) | (5,026) |
Pension and other post-retirement plans | (190) | (130) |
Net cash provided by operating activities | 38,785 | 23,724 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (3,970) | (7,245) |
Payments for acquisitions, net of cash acquired | (255) | |
Net cash used in investing activities | (4,225) | (7,245) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments of long-term debt | (430,300) | (2,207,450) |
Proceeds from borrowings of long-term debt | 425,700 | 2,249,050 |
Purchase of treasury stock | (8,080) | |
Dividends paid | (2,585) | (2,598) |
Payments of contingent consideration | (350) | |
Taxes paid on behalf of equity award participants | (1,480) | (1,903) |
Net cash (used in) provided by financing activities | (9,015) | 29,019 |
Effect of exchange rate changes on cash and cash equivalents | 79 | 242 |
Net increase in cash and cash equivalents | 25,624 | 45,740 |
Cash and cash equivalents at beginning of period | 91,773 | 100,241 |
Cash and cash equivalents at end of period | 117,397 | 145,981 |
Supplemental cash flow information: | ||
Cash paid for interest | 716 | 1,442 |
Cash paid for income taxes, net | 7,516 | 4,114 |
Capital expenditures incurred but not paid | $ 1,288 | $ 1,158 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands | Total | Common Stock | Additional Contributed Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
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) | |||||
Acquired shares for treasury stock | (8,080) | |||||
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 | 855 | (855) | ||||
Stock compensation | 798 | 798 | ||||
Ending Balance at Jun. 30, 2020 | 400,892 | 310,953 | 39,775 | 515,841 | (93,155) | (372,522) |
Beginning Balance at Dec. 31, 2020 | 423,682 | 311,190 | 41,654 | 539,281 | (95,921) | (372,522) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 11,990 | 11,990 | ||||
Changes in fair market value of derivatives, net of tax | 124 | 124 | ||||
Changes in unrealized pension cost, net of tax | 1,422 | 1,422 | ||||
Cumulative translation adjustment, net of tax | 12 | 12 | ||||
Cash dividends | (1,294) | (1,294) | ||||
Issued shares on vesting of restricted stock units | (1,400) | 1,818 | (3,218) | |||
Stock compensation | 1,180 | 1,180 | ||||
Ending Balance at Mar. 31, 2021 | 435,716 | 313,008 | 39,616 | 549,977 | (94,363) | (372,522) |
Beginning Balance at Dec. 31, 2020 | 423,682 | 311,190 | 41,654 | 539,281 | (95,921) | (372,522) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 12,865 | |||||
Changes in fair market value of derivatives, net of tax | 392 | |||||
Changes in unrealized pension cost, net of tax | 18,446 | |||||
Cumulative translation adjustment, net of tax | 13 | |||||
Ending Balance at Jun. 30, 2021 | 454,309 | 314,341 | 40,007 | 549,553 | (77,070) | (372,522) |
Beginning Balance at Mar. 31, 2021 | 435,716 | 313,008 | 39,616 | 549,977 | (94,363) | (372,522) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 875 | 875 | ||||
Changes in fair market value of derivatives, net of tax | 268 | 268 | ||||
Changes in unrealized pension cost, net of tax | 17,024 | 17,024 | ||||
Cumulative translation adjustment, net of tax | 1 | 1 | ||||
Cash dividends | (1,299) | (1,299) | ||||
Issued shares on vesting of restricted stock units | (80) | 1,333 | (1,413) | |||
Stock compensation | 1,804 | 1,804 | ||||
Ending Balance at Jun. 30, 2021 | $ 454,309 | $ 314,341 | $ 40,007 | $ 549,553 | $ (77,070) | $ (372,522) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - UNAUDITED (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||||||
Cash dividends declared per share | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.08 | $ 0.08 |
Treasury stock, shares, acquired | 122,000 | 220,731 | 0 | 342,731 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | NOTE 1 — Basis of Presentation and Summary of Significant Accounting Policies 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, 2020. 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. There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Accounting Pronouncements Recently Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes We adopted this ASU on January 1, 2021 and it did not have a material impact on our financial statements. Recently Issued Accounting Pronouncements 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 U.S. 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 impact of the transition from LIBOR to an alternative reference interest rate in our financial instruments including the potential election of certain practical expedients. Our LIBOR based revolving credit facility includes a provision for the determination of a successor LIBOR rate, and we are still evaluating the impact to potential future hedging activities. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | NOTE 2 – Revenue Recognition The core principle of Accounting Standard Codification (“ASC”) 606 Revenue from Contracts with Customers • 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 or shipment 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, 2021 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, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Transportation $ 71,556 $ 38,129 $ 147,410 $ 99,663 Industrial 29,260 20,213 55,885 41,056 Medical 12,802 13,038 24,078 22,408 Aerospace & Defense 12,779 9,373 24,449 18,378 Telecom & IT 3,188 3,444 6,190 5,767 Total $ 129,585 $ 84,197 $ 258,012 $ 187,272 |
Business Acquisitions
Business Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Business Acquisitions | NOTE 3 – Business Acquisitions On December 30, 2020, we acquired 100% of the outstanding shares of Sensor Scientific, Inc. (“SSI”). SSI is a manufacturer of high-quality thermistors and temperature sensor assemblies serving original equipment manufacturers (“OEMs”) for applications that require precision and reliability in the medical, industrial and defense markets. SSI has complementary capabilities with our existing temperature sensing platform and the acquisition expands our presence in the medical and industrial end markets. It also provides high quality ceramic processing capabilities and valuable customer partnerships that expands our temperature sensing product portfolio and builds on our strategy to focus on innovative products that sense, connect and move. The purchase price, which includes assumed changes in working capital, of $10,309 has been allocated to the fair values of assets and liabilities acquired as of December 30, 2020. The allocation of the purchase price continues to be preliminary pending the completion of the final net working capital adjustment, which is expected to occur in the third quarter. The information included below represents our current estimate of the purchase price allocation and is not expected to materially change. 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 of SSI: Consideration Paid Cash paid, net of cash acquired of $470 $ 8,309 Contingent consideration 2,000 Purchase price $ 10,309 Fair Values at December 30, 2020 Current assets $ 2,550 Property, plant and equipment 67 Other assets 12 Goodwill 3,412 Intangible assets 5,340 Fair value of assets acquired 11,381 Less fair value of liabilities acquired (1,072 ) Purchase price $ 10,309 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, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. All contingent consideration is payable in cash and is based on success factors related to the integration process as well as upon the achievement of a revenue performance target through the year ending December 31, 2022, with the possibility of prorated interim payments. The Company recorded $2,000 as the acquisition date fair value of the contingent consideration based on an estimate of the probability of achieving the performance targets. This represents the maximum amount of contingent consideration payable by the Company. This amount is also reflected as an addition to the purchase price and will be evaluated quarterly. Refer to Note 17 for further information on contingent consideration. 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 $ 5,200 11.0 Technology and other intangibles 140 3.0 Total $ 5,340 |
Accounts Receivable, Net
Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Accounts Receivable, Net | NOTE 4 – Accounts Receivable, net The components of accounts receivable, net are as follows: As of June 30, December 31, 2021 2020 Accounts receivable, gross $ 81,681 $ 81,745 Less: Allowance for credit losses (886 ) (764 ) Accounts receivable, net $ 80,795 $ 80,981 |
Inventories, Net
Inventories, Net | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | NOTE 5 – Inventories, net Inventories, net consists of the following: As of June 30, December 31, 2021 2020 Finished goods $ 11,527 $ 10,647 Work-in-process 16,434 16,927 Raw materials 29,070 24,893 Less: Inventory reserves (8,059 ) (6,597 ) Inventories, net $ 48,972 $ 45,870 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | NOTE 6 – Property, Plant and Equipment, net Property, plant and equipment, net is comprised of the following: As of June 30, December 31, 2021 2020 Land and land improvements $ 1,095 $ 1,095 Buildings and improvements 69,373 69,360 Machinery and equipment 237,507 233,743 Less: Accumulated depreciation (214,958 ) (206,761 ) Property, plant and equipment, net $ 93,017 $ 97,437 Depreciation expense for the six months ended June 30, 2021 and June 30, 2020 was $8,795 and $8,580, respectively. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | NOTE 7 – Retirement Plans Pension Plans Net pension expense for our domestic and foreign plans included in other expense, net in the Condensed Consolidated Statements of Earnings is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2021 2020 2021 2020 Net pension expense $ 21,823 $ 666 $ 23,780 $ 1,330 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, 2021 2020 2021 2020 Service cost $ — $ — $ 6 $ 8 Interest cost 1,218 1,443 4 6 Expected return on plan assets (1) (1,058 ) (2,454 ) (3 ) (3 ) Amortization of loss 1,550 1,622 43 44 Settlement charges 20,063 — — — Total expense, net $ 21,773 $ 611 $ 50 $ 55 (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, 2021 2020 2021 2020 Service cost $ — $ — $ 12 $ 15 Interest cost 2,471 2,886 8 13 Expected return on plan assets (1) (2,171 ) (4,908 ) (6 ) (7 ) Amortization of loss 3,317 3,244 86 87 Settlement charges 20,063 — — — Total expense, net $ 23,680 $ 1,222 $ 100 $ 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 the U.S.-based pension plan ("Plan"), subject to certain conditions. On June 1, 2020, we entered into the Fifth Amendment to the Plan whereby we set an effective termination date for the Plan of July 31, 2020. In February 2021, we received a determination letter from the Internal Revenue Service that allowed us to proceed with the termination process for the Plan. During the second quarter of 2021, the Company offered the option of receiving a lump sum payment to eligible participants with vested qualified Plan benefits in lieu of receiving monthly annuity payments. Approximately participants elected to receive the settlement, and lump sum payments of approximately $ were made from Plan assets to these participants in June 2021. As required under US GAAP, t he Company recognizes a settlement gain or loss when the aggregate amount of lump-sum distributions to participants equals or exceeds the sum of the service and interest cost components of the net periodic pension cost. The amount of settlement gain or loss recognized is the pro rata amount of the existing unrealized gain or loss immediately prior to the settlement. In general, both the projected benefit obligation and fair value of plan assets are required to be remeasured in order to determine the settlement gain or loss. Upon the partial settlement of the pension liability due to the lump sum offering the Company recognized a non-cash and non-operating settlement charge of $20,063 related to pension losses, reclassified from accumulated other comprehensive loss to other (income) expense in the Company's Condensed Consolidated Statements of Earnings. Upon final settlement of the pension liability with the purchase of annuities, expected to occur in the third quarter, we will reclassify the remaining related unrecognized pension losses, currently recorded in accumulated other comprehensive loss, to the Condensed Consolidated Statements of Earnings. Since the final amount of the settlement depends on a number of factors determined as of the liquidation date, including the annuity pricing interest rate environment and asset performance, the unrecognized losses value may fluctuate from June 30, 2021. As of June 30, 2021, we had gross unrecognized pension losses related to the Plan of $101,125. We do not expect any cash contributions from the Company to the Plan as a result of this termination as Plan assets continue to significantly 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, 2021 2020 2021 2020 Service cost $ — $ — $ — $ — Interest cost 20 30 43 60 Amortization of gain — (21 ) — (42 ) Total expense, net $ 20 $ 9 $ 43 $ 18 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 8 – Goodwill and Other Intangible Assets Other Intangible Assets Other intangible assets, net consist of the following components: As of June 30, 2021 Gross Carrying Amount Accumulated Amortization Net Amount Customer lists/relationships $ 96,889 $ (46,367 ) $ 50,522 Technology and other intangibles 47,441 (23,379 ) 24,062 In process research and development 2,200 (2,200 ) — Other intangible assets, net $ 146,530 $ (71,946 ) $ 74,584 Amortization expense for the three months ended June 30, 2021 $ 2,348 Amortization expense for the six months ended June 30, 2021 $ 4,717 As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Amount Customer lists/relationships $ 97,355 $ (44,002 ) $ 53,353 Technology and other intangibles 47,301 (21,533 ) 25,768 In process research and development 2,200 (2,200 ) — Other intangible assets, net $ 146,856 $ (67,735 ) $ 79,121 Amortization expense for the three months ended June 30, 2020 $ 2,268 Amortization expense for the six months ended June 30, 2020 $ 4,563 Remaining amortization expense for other intangible assets as of June 30, 2021 is as follows: Amortization Expense 2021 $ 4,696 2022 9,176 2023 7,170 2024 7,008 2025 6,787 Thereafter 39,747 Total amortization expense $ 74,584 G oodwill Changes in the net carrying amount of goodwill were as follows: Total Goodwill as of December 31, 2020 $ 109,497 Decrease from purchase accounting adjustments (29 ) Increase due to acquisition 430 Goodwill as of June 30, 2021 $ 109,898 In addition to the purchase accounting adjustments from the SSI transaction, goodwill increased due to an acquisition completed during the second quarter. The purchase price was approximately $510, with $255 paid in the second quarter of 2021 and an additional $255 to be paid in the second quarter of 2022. We expect small adjustments to the purchase price allocation to be completed in the third quarter. |
Costs Associated with Exit and
Costs Associated with Exit and Restructuring Activities | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Costs Associated with Exit and Restructuring Activities | NOTE 9 – Costs Associated with Exit and Restructuring Activities Restructuring charges are reported as a separate line within operating earnings in the Condensed Consolidated Statements of Earnings. Total restructuring charges are as follows: Three Months Ended June 30, 2021 June 30, 2020 Restructuring charges $ 151 $ 135 Six Months Ended June 30, 2021 June 30, 2020 Restructuring charges $ 232 $ 375 September 2020 Plan In September 2020, we initiated a restructuring plan focused on optimizing our manufacturing footprint and improving operational efficiency by better utilizing our systems capabilities (the "September 2020 Plan"). This plan includes transitioning certain administrative functions to a shared service center, realignment of manufacturing locations, and certain other efficiency improvement actions. The restructuring cost of the September 2020 Plan is estimated to be in the range of $4,600 to $6,000, including workforce reduction charges, building and equipment relocation charges and other contract and asset-related costs. In addition to these charges, we expect an additional $4,000 to $5,100 of other costs to be incurred related to initiatives that would not qualify as restructuring charges. These costs would include certain employee overlap and training costs as well as additional capital expenditures. Restructuring charges under the September 2020 Plan were $(10) during the three months ended June 30, 2021, consisting of $(10) in workforce reduction adjustments. Restructuring charges for the six months ended June 30, 2021 were $(27), consisting of $26 in workforce reduction costs and $(53) of other contract termination and facility closure cost true ups. The total restructuring liability related to the September 2020 Plan was $38 at June 30, 2021 and $512 at December 31, 2020. June 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 (the "June 2016 Plan"). Additional organizational changes were also implemented in various other locations. In 2017, we revised the June 2016 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. These restructuring actions were completed as of March 31, 2021. April 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 (the “April 2014 Plan”). These restructuring actions were substantially completed during 2015 and the remaining liability was settled in the second quarter of 2021. Other Restructuring Activities From time to time we undertake other restructuring activities that are not part of a formal plan. Charges associated with these restructuring activities primarily relate to workforce reduction costs. During the three and six months ended June 30, 2021 we incurred restructuring charges of $161 and $262, respectively. During the three and six months ended June 30, 2020, we incurred restructuring charges of $135 and $407, respectively. The total restructuring liability associated with these actions was $163 at June 30, 2021 and $9 at December 31, 2020. 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, 2021: Restructuring liability at January 1, 2021 $ 1,363 Restructuring charges 232 Cost paid (1,242 ) Other activity ( 1) (152 ) Restructuring liability at June 30, 2021 $ 201 (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 Expenses and Other Liab
Accrued Expenses and Other Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | NOTE 10 – Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities are as follows: As of June 30, December 31, 2021 2020 Accrued product related costs $ 4,484 $ 4,470 Accrued income taxes 6,027 7,320 Accrued property and other taxes 1,525 2,478 Accrued professional fees 1,281 1,663 Accrued customer related liabilities 5,242 3,815 Dividends payable 1,297 1,291 Remediation reserves 10,265 10,642 Derivative liabilities 680 671 Other accrued liabilities 5,964 5,821 Total accrued expenses and other liabilities $ 36,765 $ 38,171 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 – 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, December 31, 2021 2020 Balance at beginning of period $ 10,642 $ 11,444 Remediation expense 421 2,769 Net remediation payments (806 ) (3,639 ) Other activity ( 1) 8 68 Balance at end of the period $ 10,265 $ 10,642 (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 or will be 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, 2021 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 12 - Debt Long-term debt was comprised of the following: As of June 30, December 31, 2021 2020 Total credit facility $ 300,000 $ 300,000 Balance outstanding 50,000 54,600 Standby letters of credit 1,740 1,740 Amount available, subject to covenant restrictions $ 248,260 $ 243,660 Weighted-average interest rate 1.21 % 1.92 % Commitment fee percentage per annum 0.20 % 0.23 % On February 12, 2019, we entered into an amended and restated five-year 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 revolving credit facility. We were compliant with all debt covenants at June 30, 2021. 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, 2021 and 2020 was approximately $42 and $42 and $84 and $84, respectively. These costs are included in interest expense in our Condensed Consolidated Statements 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 13 "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, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 13 - 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 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 o ther expense , net . 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. No 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, 2021, we had a net unrealized gain of $811 in accumulated other comprehensive (loss) income, of which $808 is expected to be reclassified to earnings within the next 12 months. At June 30, 2020, we had a net unrealized loss of $1,247 in accumulated other comprehensive (loss) income. The notional amount of foreign currency forward contracts outstanding was $11,430 at June 30, 2021. 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, 2021, 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 $523. The location and fair values of derivative instruments designated as hedging instruments in the Condensed Consolidated Balance Sheets as of June 30, 2021, are shown in the following table: As of June 30, December 31, 2021 2020 Interest rate swaps reported in accrued expenses and other liabilities $ (680 ) $ (671 ) Interest rate swaps reported in other long-term obligations $ (899 ) $ (1,546 ) Foreign currency hedges reported in other current assets $ 1,023 $ 1,125 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 $ 1,023 and foreign currency derivative liabilities of $ 0 at June 30, 2021 . 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, 2021 2020 2021 2020 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Net sales $ — $ 73 $ — $ 73 Cost of goods sold 329 (519 ) 550 (271 ) Selling, general and administrative expense — — — (5 ) Total gain (loss) reclassified from AOCI to earnings 329 (446 ) 550 (203 ) Gain recognized in other expense for hedge ineffectiveness — 3 — 3 Total derivative gain (loss) on foreign exchange contracts recognized in earnings $ 329 $ (443 ) $ 550 $ (200 ) Interest Rate Swaps: (Expense) recorded in Interest expense $ (187 ) $ (109 ) $ (363 ) $ (71 ) Total gains (losses) on derivatives $ 142 $ (552 ) $ 187 $ (271 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | NOTE 14 – 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 13 - Derivative Financial Instruments and Note 17 – 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 7 – 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 losses for the three and six months ended June 30, 2021 were $928 and $(401), respectively, and transaction losses for the three and six months ended June 30, 2020 were $892 and $(379), respectively, which have been included in other (expense) income in the Condensed Consolidated Statements of Earnings. The components of accumulated other comprehensive (loss) income for the three months ended June 30, 2021 are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of March 31, Recognized from AOCI June 30, 2021 in OCI to Earnings 2021 Changes in fair market value of derivatives: Gross $ (877 ) $ 490 $ (142 ) $ (529 ) Income tax benefit (expense) 203 (113 ) 33 123 Net (674 ) 377 (109 ) (406 ) Changes in unrealized pension cost: Gross (126,157 ) 499 21,606 (104,052 ) Income tax benefit (expense) 34,492 (115 ) (4,966 ) 29,411 Net (91,665 ) 384 16,640 (74,641 ) Cumulative translation adjustment: Gross (2,024 ) 1 — (2,023 ) Total accumulated other comprehensive (loss) income $ (94,363 ) $ 762 $ 16,531 $ (77,070 ) 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 Earnings 2020 Changes in fair market value of derivatives: Gross $ (5,044 ) $ 250 $ 555 $ (4,239 ) Income tax (expense) benefit 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 ) Total accumulated other comprehensive (loss) income $ (94,994 ) $ 192 $ 1,647 $ (93,155 ) The components of accumulated other comprehensive (loss) income for the six months ended June 30, 2021, are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of December 31, Recognized from AOCI June 30, 2020 in OCI to Earnings 2021 Changes in fair market value of derivatives: Gross $ (1,038 ) $ 696 (187 ) $ (529 ) Income tax (expense) benefit 240 (160 ) 43 123 Net (798 ) 536 (144 ) (406 ) Changes in unrealized pension cost: Gross (128,004 ) 499 23,453 (104,052 ) Income tax benefit (expense) 34,917 (115 ) (5,391 ) 29,411 Net (93,087 ) 384 18,062 (74,641 ) Cumulative translation adjustment: Gross (2,036 ) 13 — (2,023 ) Total accumulated other comprehensive (loss) income $ (95,921 ) $ 933 $ 17,918 $ (77,070 ) The components of accumulated other comprehensive (loss) income for the six months ended June 30, 2020, are as follows: Loss As of Gain Reclassified As of December 31, Recognized from AOCI June 30, 2019 in OCI to Earnings 2020 Changes in fair market value of derivatives: 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 98 (98 ) — 0 Net (2,113 ) (153 ) — (2,266 ) Total accumulated other comprehensive (loss) income $ (91,726 ) $ (4,144 ) $ 2,715 $ (93,155 ) |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | NOTE 15 – Shareholders’ Equity Share count and par value data related to shareholders’ equity are as follows: As of June 30, December 31, 2021 2020 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 57,235,379 57,076,410 Shares outstanding 32,435,756 32,276,787 Treasury stock Shares held 24,799,623 24,799,623 On May 13, 2021, the Board of Directors approved a new share repurchase program that authorizes the Company to repurchase up to $50,000 of the Company’s common stock. The repurchase program has no set expiration date and replaces the repurchase program approved by the Board of Directors on February 7, 2019. During the six months ended June 30, 2021, no shares of common stock were repurchased. During the six months ended June 30, 2020, 342,731 shares of common stock were repurchased for $8,080. Approximately $50,000 is available for future purchases. A roll-forward of common shares outstanding is as follows: Six Months Ended June 30, June 30, 2021 2020 Balance at the beginning of the year 32,276,787 32,472,406 Repurchases — (342,731 ) Restricted share issuances 158,969 137,632 Balance at the end of the period 32,435,756 32,267,307 Certain potentially dilutive restricted stock units are excluded from diluted earnings per share because they are anti-dilutive. The number of outstanding awards that were anti-dilutive for the three months ended June 30, 2021 and 2020 were 93 and 84,720, respectively. The number of outstanding awards that were anti-dilutive for the six months ended June 30, 2021 and 2020 were 46,810 and 61,780, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 16 - Stock-Based Compensation At June 30, 2021, 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 and Incentive Compensation 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, 2021 2020 2021 2020 Service-based RSUs $ 738 $ 779 $ 1,425 $ 1,359 Performance-based RSUs 1,066 19 1,559 (349 ) Cash-settled RSUs 99 19 138 35 Total $ 1,903 $ 817 $ 3,122 $ 1,045 Income tax benefit 438 189 718 240 Net expense $ 1,465 $ 628 $ 2,404 $ 805 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, 2021 Period (years) Service-based RSUs $ 2,564 1.43 Performance-based RSUs 3,692 1.98 Total $ 6,256 1.75 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, 2021: 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 Maximum potential awards outstanding 645,035 35,100 45,200 14,545 4,722 RSUs and cash settled awards vested and released 116,967 — — — — Awards available for grant 1,737,998 — — — — Service-Based Restricted Stock Units The following table summarizes the service-based RSU activity for the six months ended June 30, 2021: Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 367,428 $ 21.28 Granted 65,950 32.80 Vested and released (151,280 ) 20.88 Forfeited (7,889 ) 27.27 Outstanding at June 30, 2021 274,209 $ 24.11 Releasable at June 30, 2021 116,767 $ 15.83 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, 2021: Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 225,559 $ 28.97 Granted 81,622 34.38 Attained by performance 18,107 28.33 Released (53,137 ) 28.33 Forfeited (25,872 ) 26.82 Outstanding at June 30, 2021 246,279 $ 31.08 Releasable at June 30, 2021 — $ — 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, 2021 and December 31, 2020 we had 32,085 and 30,009 cash-settled RSUs outstanding, respectively. At June 30, 2021 and December 31, 2020, liabilities of $261 and $396, 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, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 17 — Fair Value Measurements The table below summarizes our financial liabilities that were measured at fair value on a recurring basis at June 30, 2021: Quoted Prices (Liability) Asset in Active Significant Carrying Markets for Other Significant Value at Identical Observable Unobservable June 30, Instruments Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) Interest rate swaps $ (1,579 ) $ — $ (1,579 ) $ — Foreign currency hedges $ 1,023 $ — $ 1,023 $ — Contingent consideration $ 1,500 $ — $ — $ 1,500 The table below summarizes the financial assets that were measured at fair value on a recurring basis as of December 31, 2020: Quoted Prices (Liability) Asset in Active Significant Carrying Markets for Other Significant Value at Identical Observable Unobservable December 31, Instruments Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) Interest rate swaps $ (2,217 ) $ — $ (2,217 ) $ — Foreign currency hedges $ 1,125 $ — $ 1,125 $ — Contingent consideration $ 2,000 $ — $ — $ 2,000 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. 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. The fair value of the contingent consideration requires significant judgment. The Company's fair value estimates used in the contingent consideration valuation are considered Level 3 fair value measurements. The fair value estimates were based on assumptions management believes to be reasonable, but that are inherently uncertain, including estimates of future revenues and timing of events and activities that are expected to take place. Refer to Note 3 for further discussion on contingent consideration. A roll-forward of the contingent consideration is as follows: Contingent Consideration Balance at December 31, 2020 $ 2,000 Settled in cash (350 ) Reclassified to payable in accrued expenses and other liabilities (150 ) Balance at June 30, 2021 $ 1,500 Less current portion in accrued expenses and other liabilities (1,200 ) Total long-term portion in other long-term obligations $ 300 Our long-term debt consists of debt outstanding under 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, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 18 — Income Taxes The effective tax rates for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2021 2020 2021 2020 Effective tax rate 245.6 % 17.6 % 9.3 % 27.1 % Our effective income tax rate was 245.6% and 17.6% in the second quarters of 2021 and 2020, respectively. This increase is primarily attributed to a one-time settlement expense related to lump sum payments made for the CTS Corporation U.S. pension plan. The second quarter 2021 tax rate was higher than the U.S. statutory federal tax rate for the same reason noted above. The second quarter 2020 tax rate was lower than the U.S. statutory federal tax rate due to foreign earnings that are taxed at lower rates and a reduction in reserves related to uncertain tax positions. Our effective income tax rate was 9.3% and 27.1% in the first half of 2021 and 2020, respectively. This decrease is primarily attributed to the change in mix of earnings by jurisdiction, a one-time settlement expense related to lump sum payments made for the CTS Corporation U.S. pension plan, and tax benefits recorded upon vesting of restricted stock units. The tax rate in the first half of 2021 was lower than the U.S. statutory federal tax rate for the same reason noted above. The tax rate in the first half of 2020 was higher than the U.S. statutory federal tax rate primarily due to the 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. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
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, 2020. 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. |
Recent Accounting Pronouncements | Accounting Pronouncements Recently Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes We adopted this ASU on January 1, 2021 and it did not have a material impact on our financial statements. Recently Issued Accounting Pronouncements 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 U.S. 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 impact of the transition from LIBOR to an alternative reference interest rate in our financial instruments including the potential election of certain practical expedients. Our LIBOR based revolving credit facility includes a provision for the determination of a successor LIBOR rate, and we are still evaluating the impact to potential future hedging activities. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregated Revenues | The following table presents revenues disaggregated by the major markets we serve: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Transportation $ 71,556 $ 38,129 $ 147,410 $ 99,663 Industrial 29,260 20,213 55,885 41,056 Medical 12,802 13,038 24,078 22,408 Aerospace & Defense 12,779 9,373 24,449 18,378 Telecom & IT 3,188 3,444 6,190 5,767 Total $ 129,585 $ 84,197 $ 258,012 $ 187,272 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Summary of Consideration Paid and Fair Values of Assets Acquired and Liabilities Assumed | 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 of SSI: Consideration Paid Cash paid, net of cash acquired of $470 $ 8,309 Contingent consideration 2,000 Purchase price $ 10,309 Fair Values at December 30, 2020 Current assets $ 2,550 Property, plant and equipment 67 Other assets 12 Goodwill 3,412 Intangible assets 5,340 Fair value of assets acquired 11,381 Less fair value of liabilities acquired (1,072 ) Purchase price $ 10,309 |
Summary of Carrying Amounts and Weighted Average Lives of Acquired Intangible Assets | 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 $ 5,200 11.0 Technology and other intangibles 140 3.0 Total $ 5,340 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Components of Accounts Receivable, Net | The components of accounts receivable, net are as follows: As of June 30, December 31, 2021 2020 Accounts receivable, gross $ 81,681 $ 81,745 Less: Allowance for credit losses (886 ) (764 ) Accounts receivable, net $ 80,795 $ 80,981 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories, Net | Inventories, net consists of the following: As of June 30, December 31, 2021 2020 Finished goods $ 11,527 $ 10,647 Work-in-process 16,434 16,927 Raw materials 29,070 24,893 Less: Inventory reserves (8,059 ) (6,597 ) Inventories, net $ 48,972 $ 45,870 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net is comprised of the following: As of June 30, December 31, 2021 2020 Land and land improvements $ 1,095 $ 1,095 Buildings and improvements 69,373 69,360 Machinery and equipment 237,507 233,743 Less: Accumulated depreciation (214,958 ) (206,761 ) Property, plant and equipment, net $ 93,017 $ 97,437 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Pension Expense or Postretirement Expense | Net pension expense for our domestic and foreign plans included in other expense, net in the Condensed Consolidated Statements of Earnings is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2021 2020 2021 2020 Net pension expense $ 21,823 $ 666 $ 23,780 $ 1,330 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, 2021 2020 2021 2020 Service cost $ — $ — $ 6 $ 8 Interest cost 1,218 1,443 4 6 Expected return on plan assets (1) (1,058 ) (2,454 ) (3 ) (3 ) Amortization of loss 1,550 1,622 43 44 Settlement charges 20,063 — — — Total expense, net $ 21,773 $ 611 $ 50 $ 55 (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, 2021 2020 2021 2020 Service cost $ — $ — $ 12 $ 15 Interest cost 2,471 2,886 8 13 Expected return on plan assets (1) (2,171 ) (4,908 ) (6 ) (7 ) Amortization of loss 3,317 3,244 86 87 Settlement charges 20,063 — — — Total expense, net $ 23,680 $ 1,222 $ 100 $ 108 (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses. |
Other Postretirement Benefits Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Pension Expense 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, 2021 2020 2021 2020 Service cost $ — $ — $ — $ — Interest cost 20 30 43 60 Amortization of gain — (21 ) — (42 ) Total expense, net $ 20 $ 9 $ 43 $ 18 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Other Intangible Assets | Other intangible assets, net consist of the following components: As of June 30, 2021 Gross Carrying Amount Accumulated Amortization Net Amount Customer lists/relationships $ 96,889 $ (46,367 ) $ 50,522 Technology and other intangibles 47,441 (23,379 ) 24,062 In process research and development 2,200 (2,200 ) — Other intangible assets, net $ 146,530 $ (71,946 ) $ 74,584 Amortization expense for the three months ended June 30, 2021 $ 2,348 Amortization expense for the six months ended June 30, 2021 $ 4,717 As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Amount Customer lists/relationships $ 97,355 $ (44,002 ) $ 53,353 Technology and other intangibles 47,301 (21,533 ) 25,768 In process research and development 2,200 (2,200 ) — Other intangible assets, net $ 146,856 $ (67,735 ) $ 79,121 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, 2021 is as follows: Amortization Expense 2021 $ 4,696 2022 9,176 2023 7,170 2024 7,008 2025 6,787 Thereafter 39,747 Total amortization expense $ 74,584 |
Summary Changes in Net Carrying Amount of Goodwill | Changes in the net carrying amount of goodwill were as follows: Total Goodwill as of December 31, 2020 $ 109,497 Decrease from purchase accounting adjustments (29 ) Increase due to acquisition 430 Goodwill as of June 30, 2021 $ 109,898 |
Costs Associated with Exit an_2
Costs Associated with Exit and Restructuring Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring Charges | Total restructuring charges are as follows: Three Months Ended June 30, 2021 June 30, 2020 Restructuring charges $ 151 $ 135 Six Months Ended June 30, 2021 June 30, 2020 Restructuring charges $ 232 $ 375 |
Schedule of Restructuring Liability 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, 2021: Restructuring liability at January 1, 2021 $ 1,363 Restructuring charges 232 Cost paid (1,242 ) Other activity ( 1) (152 ) Restructuring liability at June 30, 2021 $ 201 (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 Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Components of Accrued Expenses and Other Liabilities | The components of accrued expenses and other liabilities are as follows: As of June 30, December 31, 2021 2020 Accrued product related costs $ 4,484 $ 4,470 Accrued income taxes 6,027 7,320 Accrued property and other taxes 1,525 2,478 Accrued professional fees 1,281 1,663 Accrued customer related liabilities 5,242 3,815 Dividends payable 1,297 1,291 Remediation reserves 10,265 10,642 Derivative liabilities 680 671 Other accrued liabilities 5,964 5,821 Total accrued expenses and other liabilities $ 36,765 $ 38,171 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Roll-forward of Remediation Reserves Included in Accrued Expenses and Other Liabilities | 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, December 31, 2021 2020 Balance at beginning of period $ 10,642 $ 11,444 Remediation expense 421 2,769 Net remediation payments (806 ) (3,639 ) Other activity ( 1) 8 68 Balance at end of the period $ 10,265 $ 10,642 (1) Other activity includes currency translation adjustments not recorded through remediation expense. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt was comprised of the following: As of June 30, December 31, 2021 2020 Total credit facility $ 300,000 $ 300,000 Balance outstanding 50,000 54,600 Standby letters of credit 1,740 1,740 Amount available, subject to covenant restrictions $ 248,260 $ 243,660 Weighted-average interest rate 1.21 % 1.92 % Commitment fee percentage per annum 0.20 % 0.23 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Location and Fair Values of Derivative Instruments | The location and fair values of derivative instruments designated as hedging instruments in the Condensed Consolidated Balance Sheets as of June 30, 2021, are shown in the following table: As of June 30, December 31, 2021 2020 Interest rate swaps reported in accrued expenses and other liabilities $ (680 ) $ (671 ) Interest rate swaps reported in other long-term obligations $ (899 ) $ (1,546 ) Foreign currency hedges reported in other current assets $ 1,023 $ 1,125 |
Schedule of Effect of Derivative Instruments on Consolidated Statements of Earnings | 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, 2021 2020 2021 2020 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Net sales $ — $ 73 $ — $ 73 Cost of goods sold 329 (519 ) 550 (271 ) Selling, general and administrative expense — — — (5 ) Total gain (loss) reclassified from AOCI to earnings 329 (446 ) 550 (203 ) Gain recognized in other expense for hedge ineffectiveness — 3 — 3 Total derivative gain (loss) on foreign exchange contracts recognized in earnings $ 329 $ (443 ) $ 550 $ (200 ) Interest Rate Swaps: (Expense) recorded in Interest expense $ (187 ) $ (109 ) $ (363 ) $ (71 ) Total gains (losses) on derivatives $ 142 $ (552 ) $ 187 $ (271 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive (loss) Income | The components of accumulated other comprehensive (loss) income for the three months ended June 30, 2021 are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of March 31, Recognized from AOCI June 30, 2021 in OCI to Earnings 2021 Changes in fair market value of derivatives: Gross $ (877 ) $ 490 $ (142 ) $ (529 ) Income tax benefit (expense) 203 (113 ) 33 123 Net (674 ) 377 (109 ) (406 ) Changes in unrealized pension cost: Gross (126,157 ) 499 21,606 (104,052 ) Income tax benefit (expense) 34,492 (115 ) (4,966 ) 29,411 Net (91,665 ) 384 16,640 (74,641 ) Cumulative translation adjustment: Gross (2,024 ) 1 — (2,023 ) Total accumulated other comprehensive (loss) income $ (94,363 ) $ 762 $ 16,531 $ (77,070 ) 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 Earnings 2020 Changes in fair market value of derivatives: Gross $ (5,044 ) $ 250 $ 555 $ (4,239 ) Income tax (expense) benefit 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 ) Total accumulated other comprehensive (loss) income $ (94,994 ) $ 192 $ 1,647 $ (93,155 ) The components of accumulated other comprehensive (loss) income for the six months ended June 30, 2021, are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of December 31, Recognized from AOCI June 30, 2020 in OCI to Earnings 2021 Changes in fair market value of derivatives: Gross $ (1,038 ) $ 696 (187 ) $ (529 ) Income tax (expense) benefit 240 (160 ) 43 123 Net (798 ) 536 (144 ) (406 ) Changes in unrealized pension cost: Gross (128,004 ) 499 23,453 (104,052 ) Income tax benefit (expense) 34,917 (115 ) (5,391 ) 29,411 Net (93,087 ) 384 18,062 (74,641 ) Cumulative translation adjustment: Gross (2,036 ) 13 — (2,023 ) Total accumulated other comprehensive (loss) income $ (95,921 ) $ 933 $ 17,918 $ (77,070 ) The components of accumulated other comprehensive (loss) income for the six months ended June 30, 2020, are as follows: Loss As of Gain Reclassified As of December 31, Recognized from AOCI June 30, 2019 in OCI to Earnings 2020 Changes in fair market value of derivatives: 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 98 (98 ) — 0 Net (2,113 ) (153 ) — (2,266 ) Total accumulated other comprehensive (loss) income $ (91,726 ) $ (4,144 ) $ 2,715 $ (93,155 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 2020 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 57,235,379 57,076,410 Shares outstanding 32,435,756 32,276,787 Treasury stock Shares held 24,799,623 24,799,623 |
Summary of Common Shares Outstanding | A roll-forward of common shares outstanding is as follows: Six Months Ended June 30, June 30, 2021 2020 Balance at the beginning of the year 32,276,787 32,472,406 Repurchases — (342,731 ) Restricted share issuances 158,969 137,632 Balance at the end of the period 32,435,756 32,267,307 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of 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, 2021 2020 2021 2020 Service-based RSUs $ 738 $ 779 $ 1,425 $ 1,359 Performance-based RSUs 1,066 19 1,559 (349 ) Cash-settled RSUs 99 19 138 35 Total $ 1,903 $ 817 $ 3,122 $ 1,045 Income tax benefit 438 189 718 240 Net expense $ 1,465 $ 628 $ 2,404 $ 805 |
Summary of Unrecognized Compensation Expense related to Non-Vested RSUs | 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, 2021 Period (years) Service-based RSUs $ 2,564 1.43 Performance-based RSUs 3,692 1.98 Total $ 6,256 1.75 |
Summary of Status of Plans | The following table summarizes the status of these plans as of June 30, 2021: 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 Maximum potential awards outstanding 645,035 35,100 45,200 14,545 4,722 RSUs and cash settled awards vested and released 116,967 — — — — Awards available for grant 1,737,998 — — — — |
Summary of Service-Based Restricted Stock Units | The following table summarizes the service-based RSU activity for the six months ended June 30, 2021: Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 367,428 $ 21.28 Granted 65,950 32.80 Vested and released (151,280 ) 20.88 Forfeited (7,889 ) 27.27 Outstanding at June 30, 2021 274,209 $ 24.11 Releasable at June 30, 2021 116,767 $ 15.83 |
Summary of Performance and Market Based RSUs | The following table summarizes the performance and market-based RSU activity for the six months ended June 30, 2021: Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 225,559 $ 28.97 Granted 81,622 34.38 Attained by performance 18,107 28.33 Released (53,137 ) 28.33 Forfeited (25,872 ) 26.82 Outstanding at June 30, 2021 246,279 $ 31.08 Releasable at June 30, 2021 — $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Liabilities and Assets Measured at Fair Value on Recurring Basis | The table below summarizes our financial liabilities that were measured at fair value on a recurring basis at June 30, 2021: Quoted Prices (Liability) Asset in Active Significant Carrying Markets for Other Significant Value at Identical Observable Unobservable June 30, Instruments Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) Interest rate swaps $ (1,579 ) $ — $ (1,579 ) $ — Foreign currency hedges $ 1,023 $ — $ 1,023 $ — Contingent consideration $ 1,500 $ — $ — $ 1,500 The table below summarizes the financial assets that were measured at fair value on a recurring basis as of December 31, 2020: Quoted Prices (Liability) Asset in Active Significant Carrying Markets for Other Significant Value at Identical Observable Unobservable December 31, Instruments Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) Interest rate swaps $ (2,217 ) $ — $ (2,217 ) $ — Foreign currency hedges $ 1,125 $ — $ 1,125 $ — Contingent consideration $ 2,000 $ — $ — $ 2,000 |
Roll-forward of the Contingent Consideration | A roll-forward of the contingent consideration is as follows: Contingent Consideration Balance at December 31, 2020 $ 2,000 Settled in cash (350 ) Reclassified to payable in accrued expenses and other liabilities (150 ) Balance at June 30, 2021 $ 1,500 Less current portion in accrued expenses and other liabilities (1,200 ) Total long-term portion in other long-term obligations $ 300 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate | The effective tax rates for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2021 2020 2021 2020 Effective tax rate 245.6 % 17.6 % 9.3 % 27.1 % |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - ASU No. 2019-12 | Jun. 30, 2021 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregated Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 129,585 | $ 84,197 | $ 258,012 | $ 187,272 |
Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 71,556 | 38,129 | 147,410 | 99,663 |
Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 29,260 | 20,213 | 55,885 | 41,056 |
Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 12,802 | 13,038 | 24,078 | 22,408 |
Aerospace and Defense | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 12,779 | 9,373 | 24,449 | 18,378 |
Telecom & IT | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 3,188 | $ 3,444 | $ 6,190 | $ 5,767 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Details) - Sensor Scientific, Inc. $ in Thousands | Dec. 30, 2020USD ($) |
Business Acquisition [Line Items] | |
Percentage of outstanding shares acquired | 100.00% |
Purchase price of fair values of assets and liabilities acquired | $ 10,309 |
Contingent consideration | $ 2,000 |
Business Acquisitions - Summary
Business Acquisitions - Summary of Consideration Paid and Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Consideration Paid | |||
Purchase price | $ 255 | ||
Fair Values | |||
Goodwill | $ 109,898 | $ 109,497 | |
Sensor Scientific, Inc. | |||
Consideration Paid | |||
Cash paid, net of cash acquired of $470 | $ 8,309 | ||
Contingent consideration | 2,000 | ||
Purchase price | 10,309 | ||
Fair Values | |||
Current assets | 2,550 | ||
Property, plant and equipment | 67 | ||
Other assets | 12 | ||
Goodwill | 3,412 | ||
Intangible assets | 5,340 | ||
Fair value of assets acquired | 11,381 | ||
Less fair value of liabilities acquired | (1,072) | ||
Purchase price | $ 10,309 |
Business Acquisitions - Summa_2
Business Acquisitions - Summary of Consideration Paid and Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Details) $ in Thousands | Dec. 30, 2020USD ($) |
Sensor Scientific, Inc. | |
Business Acquisition [Line Items] | |
Cash acquired from acquisition | $ 470 |
Business Acquisitions - Summa_3
Business Acquisitions - Summary of Carrying Amounts and Weighted Average Lives of Acquired Intangible Assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Carrying Value | $ 5,340 |
Customer Lists/Relationships | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Carrying Value | $ 5,200 |
Weighted Average Amortization Period | 11 years |
Technology and Other Intangibles | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Carrying Value | $ 140 |
Weighted Average Amortization Period | 3 years |
Accounts Receivable, Net - Comp
Accounts Receivable, Net - Components of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Accounts receivable, gross | $ 81,681 | $ 81,745 |
Less: Allowance for credit losses | (886) | (764) |
Accounts receivable, net | $ 80,795 | $ 80,981 |
Inventories, Net - Summary of I
Inventories, Net - Summary of Inventories, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 11,527 | $ 10,647 |
Work-in-process | 16,434 | 16,927 |
Raw materials | 29,070 | 24,893 |
Less: Inventory reserves | (8,059) | (6,597) |
Inventories, net | $ 48,972 | $ 45,870 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated depreciation | $ (214,958) | $ (206,761) |
Property, plant and equipment, net | 93,017 | 97,437 |
Land and Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 1,095 | 1,095 |
Buildings and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 69,373 | 69,360 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | $ 237,507 | $ 233,743 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information - (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 8,795 | $ 8,580 |
Retirement Plans - Net Pension
Retirement Plans - Net Pension Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net pension expense | $ 21,823 | $ 666 | $ 23,780 | $ 1,330 |
Retirement Plans - Net Pensio_2
Retirement Plans - Net Pension Expense Domestic and Foreign (Details) - Pension Plans - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net pension expense (income) | ||||
Total expense, net | $ 21,823 | $ 666 | $ 23,780 | $ 1,330 |
UNITED STATES | ||||
Net pension expense (income) | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 1,218 | 1,443 | 2,471 | 2,886 |
Expected return on plan assets | (1,058) | (2,454) | (2,171) | (4,908) |
Amortization of loss | 1,550 | 1,622 | 3,317 | 3,244 |
Settlement charges | 20,063 | 0 | 20,063 | 0 |
Total expense, net | 21,773 | 611 | 23,680 | 1,222 |
Foreign Plan | ||||
Net pension expense (income) | ||||
Service cost | 6 | 8 | 12 | 15 |
Interest cost | 4 | 6 | 8 | 13 |
Expected return on plan assets | (3) | (3) | (6) | (7) |
Amortization of loss | 43 | 44 | 86 | 87 |
Settlement charges | 0 | 0 | 0 | 0 |
Total expense, net | $ 50 | $ 55 | $ 100 | $ 108 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($)Participant | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Gross unrecognized pension losses reclassified in accumulated other comprehensive loss | $ 101,125 | $ 101,125 | $ 101,125 | ||
Pension Plans | UNITED STATES | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, termination process description | In February 2021, we received a determination letter from the Internal Revenue Service that allowed us to proceed with the termination process for the Plan. During the second quarter of 2021, the Company offered the option of receiving a lump sum payment to eligible participants with vested qualified Plan benefits in lieu of receiving monthly annuity payments. | ||||
Number of participants elected to receive settlement | Participant | 365 | ||||
Lump sum payments from plan assets | $ 35,594 | ||||
Non-operating settlement charge | $ 20,063 | $ 0 | $ 20,063 | $ 0 |
Retirement Plans - Other Postre
Retirement Plans - Other Postretirement Benefit Plan (Details) - Other Postretirement Benefits Plan - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 20 | 30 | 43 | 60 |
Amortization of gain | 0 | (21) | 0 | (42) |
Total expense, net | $ 20 | $ 9 | $ 43 | $ 18 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 146,530 | $ 146,530 | $ 146,856 | ||
Accumulated Amortization | (71,946) | (71,946) | (67,735) | ||
Net Amount | 74,584 | 74,584 | 79,121 | ||
Amortization expense | 2,348 | $ 2,268 | 4,717 | $ 4,563 | |
Customer Lists/Relationships | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 96,889 | 96,889 | 97,355 | ||
Accumulated Amortization | (46,367) | (46,367) | (44,002) | ||
Net Amount | 50,522 | 50,522 | 53,353 | ||
Technology and Other Intangibles | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 47,441 | 47,441 | 47,301 | ||
Accumulated Amortization | (23,379) | (23,379) | (21,533) | ||
Net Amount | 24,062 | 24,062 | 25,768 | ||
In Process Research and Development | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 2,200 | 2,200 | 2,200 | ||
Accumulated Amortization | $ (2,200) | $ (2,200) | $ (2,200) |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule | ||
2021 | $ 4,696 | |
2022 | 9,176 | |
2023 | 7,170 | |
2024 | 7,008 | |
2025 | 6,787 | |
Thereafter | 39,747 | |
Net Amount | $ 74,584 | $ 79,121 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary Changes in Net Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill Roll Forward | |
Beginning balance | $ 109,497 |
Decrease from purchase accounting adjustments | (29) |
Increase due to acquisition | 430 |
Ending balance | $ 109,898 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Additional Information (Details) - Sensor Scientific, Inc. $ in Thousands | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill [Line Items] | |
Acquisition, purchase price | $ 510 |
Acquisition, purchase price paid during the period | 255 |
Acquisition, purchase price to be paid in the second quarter of 2022 | $ 255 |
Costs Associated with Exit an_3
Costs Associated with Exit and Restructuring Activities - Schedule of Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring And Related Activities [Abstract] | ||||
Restructuring charges | $ 151 | $ 135 | $ 232 | $ 375 |
Costs Associated with Exit an_4
Costs Associated with Exit and Restructuring Activities -Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2017 | |
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring charges | $ 151,000 | $ 135,000 | $ 232,000 | $ 375,000 | |||
Restructuring reserve | 201,000 | 201,000 | $ 1,363,000 | ||||
Workforce Reduction | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring charges | 161,000 | $ 135,000 | 262,000 | $ 407,000 | |||
Other Restructuring Activities | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring reserve | 163,000 | 163,000 | 9,000 | ||||
September 2020 Plan | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring charges | (10,000) | (27,000) | |||||
Restructuring reserve | 38,000 | 38,000 | $ 512,000 | ||||
September 2020 Plan | Other Contract Termination and Facility Closure Cost True Ups | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring charges | (53,000) | ||||||
September 2020 Plan | Workforce Reduction | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring charges | $ (10,000) | $ 26,000 | |||||
September 2020 Plan | Minimum | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring and related cost, expected cost of plan | $ 4,600,000 | ||||||
Expected initiatives cost incurred not qualify as restructuring charges | 4,000,000 | ||||||
September 2020 Plan | Maximum | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring and related cost, expected cost of plan | 6,000,000 | ||||||
Expected initiatives cost incurred not qualify as restructuring charges | $ 5,100,000 | ||||||
June 2016 Plan | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring and related cost additional cost | $ 1,100,000 |
Costs Associated with Exit an_5
Costs Associated with Exit and Restructuring Activities - Schedule of Restructuring Liability Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring And Related Activities [Abstract] | ||||
Restructuring liability | $ 1,363 | |||
Restructuring charges | $ 151 | $ 135 | 232 | $ 375 |
Cost paid | (1,242) | |||
Other activity | (152) | |||
Restructuring liability | $ 201 | $ 201 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities - Components of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | |||
Accrued product related costs | $ 4,484 | $ 4,470 | |
Accrued income taxes | 6,027 | 7,320 | |
Accrued property and other taxes | 1,525 | 2,478 | |
Accrued professional fees | 1,281 | 1,663 | |
Accrued customer related liabilities | 5,242 | 3,815 | |
Dividends payable | 1,297 | 1,291 | |
Remediation reserves | 10,265 | 10,642 | $ 11,444 |
Derivative liabilities | 680 | 671 | |
Other accrued liabilities | 5,964 | 5,821 | |
Total accrued expenses and other liabilities | $ 36,765 | $ 38,171 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021Site | |
U.S. Environmental Protection Agency | |
Loss Contingencies [Line Items] | |
Number of sites under National Priorities List of Superfund program | 2 |
Commitments and Contingencies_2
Commitments and Contingencies - Roll-forward of Remediation Reserves Included in Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Balance at beginning of period | $ 10,642 | $ 11,444 |
Remediation expense | 421 | 2,769 |
Net remediation payments | (806) | (3,639) |
Other activity | 8 | 68 |
Balance at end of the period | $ 10,265 | $ 10,642 |
Debt - Summary of Long-Term Deb
Debt - Summary of Long-Term Debt (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Feb. 12, 2019 | |
Long-term debt | |||
Total credit facility | $ 300,000,000 | $ 300,000,000 | |
Balance outstanding | 50,000,000 | 54,600,000 | |
Standby letters of credit | 1,740,000 | 1,740,000 | |
Amount available, subject to covenant restrictions | 248,260,000 | 243,660,000 | |
Revolving Credit Facility Due 2024 | |||
Long-term debt | |||
Total credit facility | $ 300,000,000 | ||
Balance outstanding | $ 50,000,000 | $ 54,600,000 | |
Weighted-average interest rate | 1.21% | 1.92% | |
Commitment fee percentage per annum | 0.20% | 0.23% |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Feb. 12, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Line of Credit Facility | ||||||
Line of credit maximum borrowing amount | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | |||
Debt amortization expense | $ 42,000 | $ 42,000 | $ 84,000 | $ 84,000 | ||
Revolving Credit Facility Due 2024 | ||||||
Line of Credit Facility | ||||||
Line of credit maximum borrowing amount | $ 300,000,000 | |||||
Line of credit facility contingent increase to maximum borrowing capacity | $ 150,000,000 | |||||
Commitment fee percentage per annum | 0.20% | 0.23% | ||||
Revolving Credit Facility Due 2024 | Minimum | ||||||
Line of Credit Facility | ||||||
Commitment fee percentage per annum | 0.20% | |||||
Revolving Credit Facility Due 2024 | Maximum | ||||||
Line of Credit Facility | ||||||
Commitment fee percentage per annum | 0.30% | |||||
Revolving Credit Facility Due 2024 Swingline Sublimit | ||||||
Line of Credit Facility | ||||||
Line of credit maximum borrowing amount | $ 15,000,000 | |||||
Revolving Credit Facility Due 2024 Letter Of Credit Sublimit | ||||||
Line of Credit Facility | ||||||
Line of credit maximum borrowing amount | $ 10,000,000 | |||||
Line of Credit | Revolving Credit Facility Due 2024 | ||||||
Line of Credit Facility | ||||||
Debt instrument, term | 5 years |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | ||||
Derivative hedge, Ineffectiveness recognized | $ 0 | $ 0 | ||
Unrealized gain (loss) on foreign currency derivatives, net, before tax | 811,000 | $ (1,247,000) | ||
Derivative liabilities | 680,000 | 680,000 | $ 671,000 | |
Foreign Currency Derivatives | ||||
Derivative [Line Items] | ||||
Derivative asset | 1,023,000 | 1,023,000 | ||
Derivative liabilities | 0 | 0 | ||
Cash Flow Hedging | Designated As Hedging | Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | 50,000,000 | 50,000,000 | ||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | 523,000 | 523,000 | ||
Cash Flow Hedging | Designated As Hedging | Foreign Currency Forward Contracts | ||||
Derivative [Line Items] | ||||
Foreign currency cash flow hedge gain (loss) to be reclassified during next 12 months | 808,000 | 808,000 | ||
Derivative, notional amount | $ 11,430,000 | $ 11,430,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Location and Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives Fair Value [Line Items] | ||
Derivative liabilities | $ 680 | $ 671 |
Cash Flow Hedging | Foreign Currency Forward Contracts | Other Current Assets | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset | 1,023 | 1,125 |
Interest Rate Swap | Cash Flow Hedging | Accrued Expenses and Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivative liabilities | (680) | (671) |
Interest Rate Swap | Cash Flow Hedging | Other Long-term Obligations | ||
Derivatives Fair Value [Line Items] | ||
Derivative liabilities | $ (899) | $ (1,546) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on Consolidated Statements of Earnings (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain recognized in other expense for hedge ineffectiveness | $ 0 | $ 0 | ||
Derivative, Gain (Loss) on Derivative, Net | 142,000 | $ (552,000) | 187,000 | $ (271,000) |
Foreign Currency Derivatives | Designated As Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) reclassified from AOCI to earnings | 329,000 | (446,000) | 550,000 | (203,000) |
Derivative, Gain (Loss) on Derivative, Net | 329,000 | (443,000) | 550,000 | (200,000) |
Foreign Currency Derivatives | Net Sales | Designated As Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) reclassified from AOCI to earnings | 0 | 73,000 | 0 | 73,000 |
Foreign Currency Derivatives | Cost of Goods Sold | Designated As Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) reclassified from AOCI to earnings | 329,000 | (519,000) | 550,000 | (271,000) |
Foreign Currency Derivatives | Selling, General and Administrative Expenses | Designated As Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) reclassified from AOCI to earnings | 0 | 0 | 0 | (5,000) |
Foreign Currency Derivatives | Other Nonoperating Income (Expense) | Designated As Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain recognized in other expense for hedge ineffectiveness | 0 | 3,000 | 0 | 3,000 |
Interest Rate Swap | Interest Expense | Designated As Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (187,000) | $ (109,000) | $ (363,000) | $ (71,000) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Foreign currency transaction loss | ||||
Foreign currency transaction gain (loss) | $ 928 | $ 892 | $ (401) | $ (379) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Changes in AOCI, Net | ||||
Total accumulated other comprehensive (loss) income, beginning of period | $ (95,921) | |||
Total accumulated other comprehensive (loss) income, end of period | $ (77,070) | (77,070) | ||
Changes in Fair Market Value of Derivatives | ||||
Changes in AOCI, Gross | ||||
Gross, beginning of the period | (877) | $ (5,044) | (1,038) | $ 659 |
Gross, gain (loss) recognized in OCI | 490 | 250 | 696 | (5,172) |
Gross, gain (loss) reclassified from AOCI to earnings | (142) | 555 | (187) | 274 |
Gross, ending balance | (529) | (4,239) | (529) | (4,239) |
Changes in AOCI, Income tax benefit (expense) | ||||
Income tax benefit (expense), beginning of period | 203 | 1,139 | 240 | (150) |
Income tax benefit (expense), gain (loss) recognized in OCI | (113) | (44) | (160) | 1,181 |
Income tax benefit (expense), gain (loss) reclassified from AOCI to earnings | 33 | (117) | 43 | (53) |
Income tax benefit (expense), ending of period | 123 | 978 | 123 | 978 |
Changes in AOCI, Net | ||||
Total accumulated other comprehensive (loss) income, beginning of period | (674) | (3,905) | (798) | 509 |
Gain (loss) recognized in OCI, net | 377 | 206 | 536 | (3,991) |
(Gain) Loss reclassified from AOCI to earnings, net | (109) | 438 | (144) | 221 |
Total accumulated other comprehensive (loss) income, end of period | (406) | (3,261) | (406) | (3,261) |
Changes in Unrealized Pension Cost | ||||
Changes in AOCI, Gross | ||||
Gross, beginning of the period | (126,157) | (122,480) | (128,004) | (124,140) |
Gross, gain (loss) recognized in OCI | 499 | 0 | 499 | 0 |
Gross, gain (loss) reclassified from AOCI to earnings | 21,606 | 1,574 | 23,453 | 3,234 |
Gross, ending balance | (104,052) | (120,906) | (104,052) | (120,906) |
Changes in AOCI, Income tax benefit (expense) | ||||
Income tax benefit (expense), beginning of period | 34,492 | 33,643 | 34,917 | 34,018 |
Income tax benefit (expense), gain (loss) recognized in OCI | (115) | 0 | (115) | 0 |
Income tax benefit (expense), gain (loss) reclassified from AOCI to earnings | (4,966) | (365) | (5,391) | (740) |
Income tax benefit (expense), ending of period | 29,411 | 33,278 | 29,411 | 33,278 |
Changes in AOCI, Net | ||||
Total accumulated other comprehensive (loss) income, beginning of period | (91,665) | (88,837) | (93,087) | (90,122) |
Gain (loss) recognized in OCI, net | 384 | 0 | 384 | 0 |
(Gain) Loss reclassified from AOCI to earnings, net | 16,640 | 1,209 | 18,062 | 2,494 |
Total accumulated other comprehensive (loss) income, end of period | (74,641) | (87,628) | (74,641) | (87,628) |
Cumulative Translation Adjustment | ||||
Changes in AOCI, Gross | ||||
Gross, beginning of the period | (2,024) | (2,252) | (2,036) | (2,211) |
Gross, gain (loss) recognized in OCI | 1 | (14) | 13 | (55) |
Gross, gain (loss) reclassified from AOCI to earnings | 0 | 0 | 0 | 0 |
Gross, ending balance | (2,023) | (2,266) | (2,023) | (2,266) |
Changes in AOCI, Income tax benefit (expense) | ||||
Income tax benefit (expense), beginning of period | 98 | |||
Income tax benefit (expense), gain (loss) recognized in OCI | (98) | |||
Income tax benefit (expense), gain (loss) reclassified from AOCI to earnings | 0 | |||
Income tax benefit (expense), ending of period | 0 | 0 | ||
Changes in AOCI, Net | ||||
Total accumulated other comprehensive (loss) income, beginning of period | (2,113) | |||
Gain (loss) recognized in OCI, net | (153) | |||
(Gain) Loss reclassified from AOCI to earnings, net | 0 | |||
Total accumulated other comprehensive (loss) income, end of period | (2,266) | (2,266) | ||
Accumulated Other Comprehensive Earnings/(Loss) | ||||
Changes in AOCI, Net | ||||
Total accumulated other comprehensive (loss) income, beginning of period | (94,363) | (94,994) | (95,921) | (91,726) |
Gain (loss) recognized in OCI, net | 762 | 192 | 933 | (4,144) |
(Gain) Loss reclassified from AOCI to earnings, net | 16,531 | 1,647 | 17,918 | 2,715 |
Total accumulated other comprehensive (loss) income, end of period | $ (77,070) | $ (93,155) | $ (77,070) | $ (93,155) |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Share Count and Par Value Data Related to Shareholders' Equity (Details) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Preferred Stock | ||||
Preferred stock, par value per share | ||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common Stock | ||||
Common stock, par value per share | ||||
Common stock, shares authorized | 75,000,000 | 75,000,000 | ||
Common stock, shares issued | 57,235,379 | 57,076,410 | ||
Common stock, shares outstanding | 32,435,756 | 32,276,787 | 32,267,307 | 32,472,406 |
Treasury stock | ||||
Treasury stock, shares held | 24,799,623 | 24,799,623 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | May 13, 2021 | |
Equity Class Of Treasury Stock [Line Items] | ||||||
Common stock repurchased, shares | 122,000 | 220,731 | 0 | 342,731 | ||
Common stock repurchased, value | $ 2,776,000 | $ 5,304,000 | $ 8,080,000 | |||
Shares available for future purchases | $ 50,000,000 | $ 50,000,000 | ||||
Antidilutive securities excluded from computation of earnings per share (shares) | 93 | 84,720 | 46,810 | 61,780 | ||
Maximum | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Treasury shares authorized to be purchased | $ 50,000,000 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Common Shares Outstanding (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Roll forward of common shares outstanding | ||||
Balance at the beginning of the year | 32,472,406 | 32,276,787 | 32,472,406 | |
Repurchases | (122,000) | (220,731) | 0 | (342,731) |
Restricted share issuances | 158,969 | 137,632 | ||
Balance at the end of the period | 32,267,307 | 32,435,756 | 32,267,307 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Thousands | Jun. 30, 2021USD ($)planshares | Dec. 31, 2020USD ($)shares |
Share-based Compensation | ||
Number of equity based compensation plan | plan | 5 | |
Other accrued liabilities | $ 5,964 | $ 5,821 |
Cash Settled Awards | ||
Share-based Compensation | ||
Outstanding shares | shares | 32,085 | 30,009 |
Other accrued liabilities | $ 261 | $ 396 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Net expense | $ 1,465 | $ 628 | $ 2,404 | $ 805 |
Service-Based RSUs | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 738 | 779 | 1,425 | 1,359 |
Performance-Based RSUs | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 1,066 | 19 | 1,559 | (349) |
Cash Settled Awards | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 99 | 19 | 138 | 35 |
RSUs | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 1,903 | 817 | 3,122 | 1,045 |
Income tax benefit | $ 438 | $ 189 | $ 718 | $ 240 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Unrecognized Compensation Expense related to Non-vested RSUs (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Service-Based RSUs | |
Share-based Compensation | |
Unrecognized compensation expense | $ 2,564 |
Weighted-average period (years) | 1 year 5 months 4 days |
Performance-Based RSUs | |
Share-based Compensation | |
Unrecognized compensation expense | $ 3,692 |
Weighted-average period (years) | 1 year 11 months 23 days |
RSUs | |
Share-based Compensation | |
Unrecognized compensation expense | $ 6,256 |
Weighted-average period (years) | 1 year 9 months |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Status of Plans (Details) | 6 Months Ended |
Jun. 30, 2021shares | |
2018 Plan | |
Summary of Status of Equity-Based Compensation Plans | |
Awards originally available | 2,500,000 |
Stock options outstanding | 645,035 |
RSUs and cash settled awards vested and released | 116,967 |
Awards available for grant | 1,737,998 |
2014 Plan | |
Summary of Status of Equity-Based Compensation Plans | |
Awards originally available | 1,500,000 |
Stock options outstanding | 35,100 |
2009 Plan | |
Summary of Status of Equity-Based Compensation Plans | |
Awards originally available | 3,400,000 |
Stock options outstanding | 45,200 |
2004 Plan | |
Summary of Status of Equity-Based Compensation Plans | |
Awards originally available | 6,500,000 |
Stock options outstanding | 14,545 |
Directors' Plan | |
Summary of Status of Equity-Based Compensation Plans | |
Stock options outstanding | 4,722 |
Stock-Based Compensation - Su_4
Stock-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, 2021$ / sharesshares | |
Units | |
Outstanding at beginning of year - Units | shares | 367,428 |
Granted - Units | shares | 65,950 |
Vested and released - Units | shares | (151,280) |
Forfeited - Units | shares | (7,889) |
Outstanding at end of year - Units | shares | 274,209 |
Releasable - Units | shares | 116,767 |
Weighted Average Grant Date Fair Value | |
Beginning of year - Weighted Average Grant Date Fair Value | $ / shares | $ 21.28 |
Granted - Weighted Average Grant Date Fair Value | $ / shares | 32.80 |
Vested and released - Weighted Average Grant Date Fair Value | $ / shares | 20.88 |
Forfeited - Weighted Average Grant Date Fair Value | $ / shares | 27.27 |
End of year - Weighted Average Grant Date Fair Value | $ / shares | 24.11 |
Releasable - Weighted Average Grant Date Fair Value | $ / shares | $ 15.83 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Performance and Market Based RSUs (Details) - Performance and Market-based Restricted Stock Units | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Units | |
Outstanding at beginning of year - Units | shares | 225,559 |
Granted - Units | shares | 81,622 |
Attained by performance - Units | shares | 18,107 |
Released - Units | shares | (53,137) |
Forfeited - Units | shares | (25,872) |
Outstanding at end of year - Units | shares | 246,279 |
Weighted Average Grant Date Fair Value | |
Beginning of year - Weighted Average Grant Date Fair Value | $ / shares | $ 28.97 |
Granted - Weighted Average Grant Date Fair Value | $ / shares | 34.38 |
Attained by performance - Weighted Average Grant Date Fair Value | $ / shares | 28.33 |
Vested and released - Weighted Average Grant Date Fair Value | $ / shares | 28.33 |
Forfeited - Weighted Average Grant Date Fair Value | $ / shares | 26.82 |
End of year - Weighted Average Grant Date Fair Value | $ / shares | $ 31.08 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Liabilities and Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets (liabilities), measured at fair value | ||
Derivative liabilities | $ (680) | $ (671) |
Recurring | Carrying Value | Designated As Hedging | Cash Flow Hedge | ||
Financial assets (liabilities), measured at fair value | ||
Contingent consideration | 1,500 | 2,000 |
Recurring | Interest Rate Swaps | Carrying Value | Designated As Hedging | Cash Flow Hedge | ||
Financial assets (liabilities), measured at fair value | ||
Derivative liabilities | (1,579) | (2,217) |
Recurring | Foreign Currency Hedges | Carrying Value | Designated As Hedging | Cash Flow Hedge | ||
Financial assets (liabilities), measured at fair value | ||
Derivative assets | 1,023 | 1,125 |
Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Swaps | Designated As Hedging | Cash Flow Hedge | ||
Financial assets (liabilities), measured at fair value | ||
Derivative liabilities | (1,579) | (2,217) |
Recurring | Significant Other Observable Inputs (Level 2) | Foreign Currency Hedges | Designated As Hedging | Cash Flow Hedge | ||
Financial assets (liabilities), measured at fair value | ||
Derivative assets | 1,023 | 1,125 |
Recurring | Significant Unobservable Inputs (Level 3) | Designated As Hedging | Cash Flow Hedge | ||
Financial assets (liabilities), measured at fair value | ||
Contingent consideration | $ 1,500 | $ 2,000 |
Fair Value Measurements - Roll-
Fair Value Measurements - Roll-forward of the Contingent Consideration (Details) - Contingent Consideration $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Balance at December 31, 2020 | $ 2,000 |
Settled in cash | (350) |
Reclassified to payable in accrued expenses and other liabilities | (150) |
Balance at June 30, 2021 | 1,500 |
Accrued Expenses and Other Liabilities | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Less current portion in accrued expenses and other liabilities | (1,200) |
Other Noncurrent Liabilities | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Total long-term portion in other long-term obligations | $ 300 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 245.60% | 17.60% | 9.30% | 27.10% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 245.60% | 17.60% | 9.30% | 27.10% |