Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 12, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AP | ||
Entity Registrant Name | AMPCO PITTSBURGH CORP | ||
Entity Central Index Key | 6176 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 10,425,664 | ||
Entity Public Float | $191.60 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $97,098 | $97,910 |
Receivables, less allowance for doubtful accounts of $1,374 in 2014 and $551 in 2013 | 54,863 | 50,279 |
Inventories | 54,713 | 64,129 |
Insurance receivable - asbestos | 17,000 | 24,500 |
Other current assets | 8,582 | 9,968 |
Total current assets | 232,256 | 246,786 |
Property, plant and equipment, net | 149,839 | 151,288 |
Insurance receivable - asbestos | 123,651 | 86,241 |
Deferred income tax assets | 20,055 | 6,832 |
Investments in joint ventures | 3,914 | 5,010 |
Other noncurrent assets | 6,694 | 6,516 |
Total Assets | 536,409 | 502,673 |
Current liabilities: | ||
Accounts payable | 16,721 | 15,768 |
Accrued payrolls and employee benefits | 8,250 | 8,875 |
Industrial Revenue Bond debt | 13,311 | 13,311 |
Asbestos liability - current portion | 21,000 | 27,000 |
Other current liabilities | 22,208 | 21,720 |
Total current liabilities | 81,490 | 86,674 |
Employee benefit obligations | 81,216 | 49,146 |
Asbestos liability | 168,048 | 131,293 |
Other noncurrent liabilities | 507 | 565 |
Total liabilities | 331,261 | 267,678 |
Commitments and contingent liabilities (Note 8) | ||
Shareholders' equity: | ||
Common stock - par value $1; authorized 20,000 shares; issued and outstanding 10,426 shares in 2014 and 10,373 shares in 2013 | 10,426 | 10,373 |
Additional paid-in capital | 127,526 | 125,852 |
Retained earnings | 135,949 | 144,635 |
Accumulated other comprehensive loss | -68,753 | -45,865 |
Total shareholders' equity | 205,148 | 234,995 |
Total Liabilities and Shareholders' Equity | $536,409 | $502,673 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $1,374 | $551 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 10,426,000 | 10,373,000 |
Common stock, shares outstanding | 10,426,000 | 10,373,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net sales | $272,858 | $281,050 | $292,905 |
Operating costs and expenses: | |||
Costs of products sold (excluding depreciation) | 218,597 | 217,342 | 225,906 |
Selling and administrative | 37,380 | 39,682 | 40,530 |
Depreciation | 11,818 | 11,342 | 10,661 |
Charge (credit) for asbestos litigation | 4,487 | -16,340 | -540 |
Loss on disposition of assets | 496 | 57 | 56 |
Total operating expenses | 272,778 | 252,083 | 276,613 |
Income from operations | 80 | 28,967 | 16,292 |
Other income (expense): | |||
Investment-related income | 171 | 89 | 63 |
Interest expense | -236 | -245 | -246 |
Other - net | -907 | -1,631 | -942 |
Total other income (expense) | -972 | -1,787 | -1,125 |
(Loss) income before income taxes and equity losses in Chinese joint venture | -892 | 27,180 | 15,167 |
Income tax benefit (provision) | 766 | -5,813 | -5,218 |
Equity losses in Chinese joint venture (including an impairment charge of $6,407 in 2013) | -1,061 | -8,930 | -1,594 |
Net (loss) income | ($1,187) | $12,437 | $8,355 |
Net (loss) income per common share: | |||
Basic | ($0.11) | $1.20 | $0.81 |
Diluted | ($0.11) | $1.20 | $0.80 |
Weighted average number of common shares outstanding: | |||
Basic | 10,405,000 | 10,358,000 | 10,338,000 |
Diluted | 10,404,744 | 10,406,478 | 10,389,678 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Income Statement [Abstract] | ||
Joint venture recognized impairment charge | $6,407 | $6,407 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | ($1,187) | $12,437 | $8,355 |
Adjustments for changes in: | |||
Foreign exchange translation | -4,703 | 1,820 | 3,193 |
Unrecognized employee benefit costs (including effects of foreign currency translation) | -21,392 | 28,678 | -10,520 |
Unrealized holding gains on marketable securities | 88 | 431 | 149 |
Fair value of cash flow hedges | -323 | -251 | 102 |
Reclassification adjustments for items included in net income: | |||
Amortization of unrecognized employee benefit costs | 3,458 | 5,643 | 3,962 |
Realized gains from sale of marketable securities | -111 | -57 | -78 |
Realized (gains) losses from settlement of cash flow hedges | 95 | 246 | 107 |
Other comprehensive (loss) income | -22,888 | 36,510 | -3,085 |
Comprehensive (loss) income | ($24,075) | $48,947 | $5,270 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, unless otherwise specified | |||||
Beginning Balance at Dec. 31, 2011 | $192,872 | $10,326 | $123,088 | $138,748 | ($79,290) |
Stock-based compensation | 1,058 | 1,058 | |||
Comprehensive income (loss): | |||||
Net income (loss) | 8,355 | 8,355 | |||
Other comprehensive income | -3,085 | -3,085 | |||
Comprehensive (loss) income | 5,270 | ||||
Issuance of common stock including excess tax benefits of $16, $5 and $60 for 2012, 2013 and 2014 | 338 | 20 | 318 | ||
Cash dividends ($0.72 per share) | -7,445 | -7,445 | |||
Ending Balance at Dec. 31, 2012 | 192,093 | 10,346 | 124,464 | 139,658 | -82,375 |
Stock-based compensation | 996 | 996 | |||
Comprehensive income (loss): | |||||
Net income (loss) | 12,437 | 12,437 | |||
Other comprehensive income | 36,510 | 36,510 | |||
Comprehensive (loss) income | 48,947 | ||||
Issuance of common stock including excess tax benefits of $16, $5 and $60 for 2012, 2013 and 2014 | 419 | 27 | 392 | ||
Cash dividends ($0.72 per share) | -7,460 | -7,460 | |||
Ending Balance at Dec. 31, 2013 | 234,995 | 10,373 | 125,852 | 144,635 | -45,865 |
Stock-based compensation | 835 | 835 | |||
Comprehensive income (loss): | |||||
Net income (loss) | -1,187 | -1,187 | |||
Other comprehensive income | -22,888 | -22,888 | |||
Comprehensive (loss) income | -24,075 | ||||
Issuance of common stock including excess tax benefits of $16, $5 and $60 for 2012, 2013 and 2014 | 892 | 53 | 839 | ||
Cash dividends ($0.72 per share) | -7,499 | -7,499 | |||
Ending Balance at Dec. 31, 2014 | $205,148 | $10,426 | $127,526 | $135,949 | ($68,753) |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Issuance of common stock tax benefits | $60 | $5 | $16 |
Cash dividends | $0.72 | $0.72 | $0.72 |
Common Stock [Member] | |||
Issuance of common stock tax benefits | 60 | 5 | 16 |
Additional Paid-in Capital [Member] | |||
Issuance of common stock tax benefits | $60 | $5 | $16 |
Retained Earnings [Member] | |||
Cash dividends | $0.72 | $0.72 | $0.72 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net (loss) income | ($1,187) | $12,437 | $8,355 |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | |||
Depreciation | 11,818 | 11,342 | 10,661 |
Charge (credit) for asbestos litigation | 4,487 | -16,340 | -540 |
Deferred income tax provision | -4,556 | 111 | 2,545 |
Pension and other post retirement expense in excess of contributions | 5,248 | 6,491 | 10,074 |
Stock-based compensation | 1,102 | 1,196 | 1,258 |
Equity losses in Chinese joint venture (including an impairment charge of $6,407 in 2013) | 1,061 | 8,930 | 1,594 |
Provisions for bad debts and inventories | 2,343 | 155 | 346 |
Provision for warranties net of settlements | -36 | 204 | 988 |
Excess tax benefits from the exercise of stock options | -60 | -5 | -16 |
Loss on disposition of assets | 496 | 57 | 56 |
Other - net | 51 | 51 | -69 |
Changes in assets/liabilities: | |||
Receivables | -6,863 | 4,196 | 5,188 |
Inventories | 7,125 | 7,060 | -1,101 |
Other assets, including insurance receivable - asbestos | 18,161 | 28,179 | 10,507 |
Accounts payable | 1,588 | -183 | -3,894 |
Accrued payrolls and employee benefits | -938 | -2,045 | -1,209 |
Other liabilities, including asbestos liability | -19,865 | -24,062 | -19,299 |
Net cash flows provided by operating activities | 19,975 | 37,774 | 25,444 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | -13,309 | -11,805 | -9,668 |
Purchases of long-term marketable securities | -843 | -921 | -770 |
Proceeds from the sale of long-term marketable securities | 748 | 782 | 694 |
Proceeds from government grant | 0 | 0 | 373 |
Other | 185 | 18 | 2 |
Net cash flows used in investing activities | -13,219 | -11,926 | -9,369 |
Cash flows from financing activities: | |||
Dividends paid | -7,489 | -7,455 | -7,442 |
Proceeds from the issuance of common stock | 581 | 214 | 123 |
Excess tax benefits from the exercise of stock options | 60 | 5 | 16 |
Net cash flows used in financing activities | -6,848 | -7,236 | -7,303 |
Effect of exchange rate changes on cash and cash equivalents | -720 | 409 | 229 |
Net (decrease) increase in cash and cash equivalents | -812 | 19,021 | 9,001 |
Cash and cash equivalents at beginning of year | 97,910 | 78,889 | 69,888 |
Cash and cash equivalents at end of year | 97,098 | 97,910 | 78,889 |
Supplemental disclosures of cash flow information: | |||
Income tax payments | 3,418 | 2,905 | 4,462 |
Interest payments | 237 | 246 | 246 |
Non-cash investing activities: | |||
Purchases of property, plant and equipment in accounts payable | $387 | $884 | $710 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Statement of Cash Flows [Abstract] | ||
Joint venture recognized impairment charge | $6,407 | $6,407 |
Description_of_Business
Description of Business | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business |
Ampco-Pittsburgh Corporation (the “Corporation”) operates in two business segments. The Forged and Cast Engineered Products segment consists of Union Electric Steel Corporation (“Union Electric Steel” or “UES”) and Union Electric Steel UK Limited (“UES-UK”). Union Electric Steel produces ingot and forged products that service a wide variety of industries globally. It specializes in the production of forged hardened steel rolls used in cold rolling by producers of steel, aluminum and other metals throughout the world. In addition, it produces ingot and open die forged products which are used in the gas and oil industry and the aluminum and plastic extrusion industries. Headquartered in Carnegie, Pennsylvania with three manufacturing facilities in Pennsylvania and one in Indiana, UES is one of the largest producers of forged hardened steel rolls in the world. UES-UK produces cast rolls for hot and cold strip mills, medium/heavy section mills and plate mills in a variety of iron and steel qualities. It is located in Gateshead, England and is a major supplier of cast rolls to the metalworking industry worldwide. The Air and Liquid Processing segment includes Aerofin, Buffalo Air Handling and Buffalo Pumps, all divisions of Air & Liquid Systems Corporation (“Air and Liquid”), a wholly-owned subsidiary of the Corporation. Aerofin produces custom-engineered finned tube heat exchange coils and related heat transfer products for a variety of industries including fossil fuel and nuclear power generation, automotive, industrial process and HVAC. Buffalo Air Handling produces large custom-designed air handling systems for commercial, institutional and industrial building markets. Buffalo Pumps manufactures centrifugal pumps for the marine defense, refrigeration and power generation industries. The segment has operations in Virginia and New York with headquarters in Pennsylvania. The segment distributes a significant portion of its products through a common independent group of sales offices located throughout the United States and Canada. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: |
The Corporation’s accounting policies conform to accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to estimates and assumptions include valuing the assets and obligations related to employee benefit plans, assessing the carrying value of long-lived assets, accounting for loss contingencies associated with claims and lawsuits, accounting for income taxes and estimating the fair value of stock options granted. Actual results could differ from those estimates. A summary of the significant accounting policies followed by the Corporation is presented below. Certain amounts for the preceding periods have been reclassified for comparative purposes. | |
Consolidation | |
All subsidiaries are wholly owned and are included in the consolidated financial statements of the Corporation. Intercompany accounts and transactions are eliminated. Investments in joint ventures whereby the Corporation owns 20% to 50% of the voting stock and has the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the equity method of accounting. Investments in joint ventures whereby the Corporation does not have the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the cost method of accounting. Investments in joint ventures are reviewed for impairment whenever events or circumstances indicate the carrying amount of the investment may not be recoverable. If the estimated fair value of the investment is less than the carrying amount and such decline is determined to be “other than temporary,” then the investment may not be fully recoverable potentially resulting in a write-down of the investment value. | |
Cash and Cash Equivalents | |
Securities with purchased original maturities of three months or less are considered to be cash equivalents. The Corporation maintains cash and cash equivalents at various financial institutions which may exceed federally insured amounts. | |
Inventories | |
Inventories are valued at the lower of cost or market. Cost includes the cost of raw materials, direct labor and overhead for those items manufactured but not yet sold or for which title has not yet transferred. Fixed production overhead is allocated to inventories based on normal capacity of the production facilities. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost. The amount of fixed overhead allocated to inventories is not increased as a consequence of abnormally low production or idle plant. Costs for abnormal amounts of spoilage, handling costs and freight costs are charged to expense when incurred. Cost of domestic raw materials, work-in-process and finished goods inventories is primarily determined by the last-in, first-out (LIFO) method. Cost of domestic supplies and foreign inventories is determined primarily by the first-in, first-out (FIFO) method. | |
Property, Plant and Equipment | |
Property, plant and equipment are recorded at cost with depreciation computed using the straight-line method over the following estimated useful lives: land improvements – 15 to 20 years, buildings – 25 to 50 years and machinery and equipment – 3 to 25 years. Expenditures that extend economic useful lives are capitalized. Routine maintenance is charged to expense. Gains or losses are recognized on retirements or disposals. Property, plant and equipment are reviewed for impairment whenever events or circumstances indicate the carrying amount of the asset may not be recoverable. If the undiscounted cash flows generated from the use and eventual disposition of the assets are less than their carrying value, then the asset value may not be fully recoverable potentially resulting in a write-down of the asset value. Estimates of future cash flows are based on expected market conditions over the remaining useful life of the primary asset(s). Proceeds from government grants are recorded as a reduction in the purchase price of the underlying assets and amortized against depreciation over the lives of the related assets. | |
Product Warranty | |
Provisions for product warranties are recognized at the time the underlying sale is recorded. The provision is based on historical experience as a percentage of sales adjusted for potential claims when a liability is probable and for known claims. | |
Employee Benefit Plans | |
Funded Status | |
If the fair value of the plan assets exceeds the projected benefit obligation, the over-funded projected benefit obligation is recognized as an asset (prepaid pensions) on the consolidated balance sheet. Conversely, if the projected benefit obligation exceeds the fair value of the plan assets, the under-funded projected benefit obligation is recognized as a liability (employee benefit obligations) on the consolidated balance sheet. Gains and losses arising from the difference between actuarial assumptions and actual experience and unamortized prior service costs are recorded as a separate component of accumulated other comprehensive loss and presented net of income tax. | |
Net Periodic Pension and Other Postretirement Costs | |
Net periodic pension and other postretirement costs includes service cost, interest cost, expected rate of return on the market-related value of plan assets, amortization of prior service costs and recognized actuarial gains or losses. When actuarial gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement costs over the average remaining service period of employees expected to receive benefits under the plan. When the actuarial gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. The market-related value of plan assets is determined using a five-year moving average which recognizes 20% of unrealized gains and losses each year. | |
Other Comprehensive Income (Loss) | |
Other comprehensive income (loss) includes changes in assets and liabilities from non-owner sources including foreign currency translation adjustments, unamortized prior service costs and unrecognized actuarial gains and losses associated with employee benefit plans, unrealized holding gains and losses on securities designated as available for sale and changes in the fair value of derivatives designated and effective as cash flow hedges. Certain components of other comprehensive income (loss) are presented net of income tax. Foreign currency translation adjustments exclude the effect of income tax since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. | |
Reclassification adjustments are amounts which are realized during the year and, accordingly, are deducted from other comprehensive income (loss) in the period in which they are included in net income (loss) or when a transaction no longer qualifies as a cash flow hedge. Foreign currency translation adjustments are included in net income (loss) upon sale or upon complete or substantially complete liquidation of an investment in a foreign entity. Unamortized prior service costs and unrecognized actuarial gains and losses associated with employee benefit plans are included in net income (loss) either over the average remaining service period of employees expected to receive benefits under the plans or indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. Unrealized holding gains and losses on securities are included in net income (loss) when the underlying security is sold. Changes in the fair value of derivatives are included in net income (loss) when the projected sale occurs or, if a foreign currency purchase contract, over the estimated useful life of the underlying asset. | |
Revenue Recognition | |
Revenue from sales is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Persuasive evidence of an arrangement identifies the final understanding between the parties as to the specific nature and terms of the agreed-upon transaction that creates enforceable obligations. It can be in the form of an executed purchase order from the customer, sales agreement issued by the Corporation or a similar arrangement deemed to be normal and customary business practice for that particular customer or class of customer (collectively, a sales agreement). | |
Delivery and performance is considered to have occurred when the customer has taken title and assumed the risks and rewards of ownership of the product. Typically this occurs when the product is shipped to the customer (i.e., FOB shipping point), delivered to the customer (i.e., FOB destination), or, for foreign sales, in accordance with trading guidelines known as Incoterms. Incoterms are standard trade definitions used in international contracts and are developed, maintained and promoted by the ICC Commission on Commercial Law and Practice. | |
The sales price required to be paid by the customer is fixed or determinable from the sales agreement. It is not subject to refund or adjustment except for a variable-index surcharge provision which increases or decreases, as applicable, the selling price of a rolling mill roll for corresponding changes in the published index cost of certain raw materials. The variable-index surcharge is recognized as revenue when the corresponding revenue for the inventory is recognized. Likelihood of collectability is assessed prior to acceptance of an order. There are no customer-acceptance provisions other than customer inspection and testing prior to shipment. Post-shipment obligations are insignificant. | |
Amounts billed to the customer for shipping and handling are recorded within net sales and the related costs are recorded within costs of products sold (excluding depreciation). Amounts billed for taxes assessed by various government authorities (e.g. sales tax, value-added tax, etc.) are excluded from the determination of net income and instead are recorded as a liability until remitted to the government authority. | |
Foreign Currency Translation | |
Assets and liabilities of the Corporation’s foreign operations are translated at year-end exchange rates and the statements of operations are translated at the average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive loss until the entity is sold or substantially liquidated. | |
Derivative Instruments | |
Derivative instruments which include forward exchange (for foreign currency sales and purchases) and futures contracts are recorded on the consolidated balance sheet as either an asset or a liability measured at their fair value. The accounting for changes in the fair value of a derivative depends on the use of the derivative. To the extent that a derivative is designated and effective as a cash flow hedge of an exposure to future changes in value, the change in the fair value of the derivative is deferred in accumulated other comprehensive loss. Any portion considered to be ineffective, including that arising from the unlikelihood of an anticipated transaction to occur, is reported as a component of earnings (other income/expense) immediately. | |
Upon occurrence of the anticipated sale, the foreign currency sales contract designated and effective as a cash flow hedge is de-designated as a fair value hedge and the change in fair value previously deferred in accumulated other comprehensive loss is reclassified to earnings (net sales) with subsequent changes in fair value recorded as a component of earnings (other income/expense). Upon occurrence of the anticipated purchase, the foreign currency purchase contract is settled and the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (depreciation expense) over the life of the underlying assets. Upon settlement of a futures contract, the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (costs of products sold, excluding depreciation) when the corresponding inventory is sold and revenue is recognized. To the extent that a derivative is designated and effective as a hedge of an exposure to changes in fair value, the change in the derivative’s fair value will be offset in the statement of operations by the change in the fair value of the item being hedged and is recorded as a component of earnings (other income/expense). Cash flows associated with the derivative instruments are recorded as a component of operating activities on the consolidated statement of cash flows. | |
The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. | |
Fair Value | |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy of inputs is used to determine fair value measurements with three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities and are considered the most reliable evidence of fair value. Level 2 inputs are observable prices that are not quoted on active exchanges. Level 3 inputs are unobservable inputs used for measuring the fair value of assets or liabilities. | |
Stock-Based Compensation | |
Compensation expense is recognized for stock-based compensation awards over the requisite service period based on the estimated fair value of the award as of the date of grant calculated using the Black-Scholes option-pricing model. Fair value is affected by the Corporation’s stock price and various assumptions including assumptions about the expected term of the options, forfeitures, volatility, dividends and the risk-free interest rate. The expected life of the options is estimated by considering the historical exercise experience of the employee group and the vesting period of the awards. The expected forfeiture rate is estimated based on the historical forfeiture rate of the employee group. The expected volatility is based on the historical prices of the Corporation’s stock and dividend amounts over the expected life of the stock options. The expected dividend yield is based on a dividend amount giving consideration to the Corporation’s past pattern and future expectations of dividends over the expected life of the options. The risk-free interest rate is equal to the yield available on U.S. Treasury zero-coupon issues at the date of grant with a remaining term equal to the expected life of the options. | |
Legal Costs | |
Legal costs expected to be incurred in connection with loss contingencies are accrued when such costs are probable and estimable. | |
Income Taxes | |
Income taxes are recognized during the year in which transactions enter into the determination of financial statement income. Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences between the book carrying amount and the tax basis of assets and liabilities including net operating loss carryforwards. Unremitted earnings of the Corporation’s non-U.S. subsidiaries and affiliates are deemed to be permanently reinvested and, accordingly, no deferred income tax liability is recorded. A valuation allowance is provided against a deferred income tax asset when it is “more likely than not” the asset will not be realized. Similarly, if a determination is made that it is “more likely than not” the deferred income tax asset will be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded. Penalties and interest are recognized as a component of the income tax provision. | |
Tax benefits are recognized in the financial statements for tax positions taken or expected to be taken in a tax return when it is “more likely than not” that the tax authorities will sustain the tax position solely on the basis of the position’s technical merits. Consideration is given primarily to legislation and statutes, legislative intent, regulations, rulings and case law as well as their applicability to the facts and circumstances of the tax position when assessing the sustainability of the tax position. In the event a tax position no longer meets the “more likely than not” criteria, the tax benefit is reversed by recognizing a liability and recording a charge to earnings. Conversely, if a tax position subsequently meets the “more likely than not” criteria, a tax benefit would be recognized by reducing the liability and recording a credit to earnings. | |
Earnings Per Common Share | |
Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per common share is similar to basic earnings per common share except that the denominator is increased to include the dilutive effect of the net additional common shares that would have been outstanding assuming exercise of outstanding stock options, calculated using the treasury stock method. The computation of diluted earnings per share would not assume the exercise of outstanding stock options if the effect on earnings per common share would be antidilutive. Similarly, the computation of diluted earnings per share would not assume the exercise of outstanding stock options if the Corporation incurred a net loss since the effect on earnings per common share would be antidilutive. The weighted average number of common shares outstanding assuming exercise of dilutive stock options was 10,404,744 for 2014, 10,406,478 for 2013 and 10,389,678 for 2012. Weighted-average outstanding stock options excluded from the diluted earnings per common share calculation, since the effect would have been antidilutive, were 1,242,545 for 2014, 781,325 for 2013 and 671,977 for 2012. | |
Recently Implemented Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (FASB) issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires, under certain circumstances, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred income tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance became effective January 1, 2014 but did not affect the balance sheet, operating results or liquidity of the Corporation. | |
Recently Issued Accounting Pronouncements | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides a common revenue standard for U.S. GAAP and IFRS. The guidance establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company’s contracts with customers. It requires companies to apply a five-step model when recognizing revenue relating to the transfer of goods or services to customers in an amount that reflects the consideration that the company expects to be entitled to receive for those goods and services. It also requires comprehensive disclosures regarding revenue recognition. The guidance becomes effective January 1, 2017. The Corporation is currently evaluating the impact that the guidance will have on its financial position, operating results and liquidity. |
Investments_in_Joint_Ventures
Investments in Joint Ventures | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
Investments in Joint Ventures | NOTE 2 – INVESTMENTS IN JOINT VENTURES: | ||||||||
In 2007, a subsidiary of UES entered into an agreement with Maanshan Iron & Steel Company Limited (Maanshan) to form a joint venture company in China. UES owns 49% of the joint venture company and Maanshan owns 51%. Both companies contributed cash for their respective interests (which equated to $14,700 for UES). The joint venture company principally manufactures and sells forged backup rolling mill rolls of a size and weight currently not able to be produced by UES. A significant portion of its sales have been to Maanshan or entities controlled by Maanshan. Additionally, the majority of its raw materials are purchased from Maanshan or entities controlled by Maanshan. UES has not guaranteed any of the obligations of the joint venture; accordingly, its maximum exposure of loss is limited to its investment. Since UES is the minority shareholder and allocation of earnings and voting rights are proportional to ownership interests, UES is not considered the primary beneficiary and, accordingly, accounts for its 49% interest in the joint venture under the equity method of accounting. | |||||||||
Losses of the joint venture approximated $(2,165), $(4,203) and $(3,254) for the twelve month period ended September 30, 2014, 2013 and 2012, respectively, of which the Corporation has recognized its share (49%) in its consolidated statements of operations. The joint venture has been adversely impacted by the global economy, with significantly depressed pricing, reduced demand and excess roll inventories of its potential customer base in China - all hindering profitability. Losses have been incurred since 2009, in which we have recognized our share (49%) in our consolidated statements of operations, and are expected to continue in 2015. Additionally, the overall financial strength of the joint venture continues to deteriorate with a greater reliance on the 51% partner or entities controlled by the 51% partner to provide financing and working capital. In the fourth quarter of 2013, the Corporation, with the help of outside consultants and appraisers, concluded that the estimated fair value of its investment was less than its carrying amount and that the decline was “other than temporary.” Accordingly, the Corporation recognized an impairment charge of $6,407 reducing the carrying amount of its investment to $3,670. The carrying amount of the investment at December 31, 2014 is $2,574. The Corporation will continue to monitor the carrying value of the investment to determine if additional impairment charges are necessary. | |||||||||
Assets, liabilities and shareholders’ equity of the joint venture as of September 30, 2014 and 2013 are summarized below. The differences between the carrying amount of the investment and the value of the underlying equity in the net assets of the joint venture relates primarily to the impairment charge recognized in 2013 and elimination of 49% of the profit (“intercompany profit”) on the sale of technology from UES to the joint venture in earlier years which will be recognized when realized outside of the controlled group. | |||||||||
2014 | 2013 | ||||||||
Assets: | |||||||||
Current assets (includes receivables from related parties of $524 and $636, respectively) | $ | 10,743 | $ | 9,431 | |||||
Noncurrent assets | 32,948 | 36,840 | |||||||
$ | 43,691 | $ | 46,271 | ||||||
Liabilities and Shareholders’ Equity: | |||||||||
Current liabilities (include liabilities to related parties of $22,039 and $19,278, respectively) | $ | 22,156 | $ | 22,498 | |||||
Shareholders’ equity | 21,535 | 23,773 | |||||||
$ | 43,691 | $ | 46,271 | ||||||
The Corporation also has a 25% investment in a Chinese cast roll joint venture company which is recorded at cost, or $1,340. The Corporation does not participate in the management or daily operation of the joint venture company, has not guaranteed any of its obligations and has no ongoing responsibilities to it. Dividends may be declared by the Board of Directors of the joint venture company after allocation of after-tax profits to various “funds” equal to the minimum amount required under Chinese law. No dividends were declared or received in 2014, 2013 or 2012. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | NOTE 3 – INVENTORIES: | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 15,076 | $ | 17,411 | |||||
Work-in-progress | 20,544 | 29,322 | |||||||
Finished goods | 8,201 | 5,894 | |||||||
Supplies | 10,892 | 11,502 | |||||||
$ | 54,713 | $ | 64,129 | ||||||
At December 31, 2014 and 2013, approximately 52% and 56%, respectively, of the inventories was valued using the LIFO method. The LIFO reserve approximated $(23,299) and $(26,404) at December 31, 2014 and 2013, respectively. During each of the years, inventory quantities decreased resulting in a liquidation of LIFO layers which were at lower costs. The effect of the liquidations was to decrease costs of products sold (excluding depreciation) by approximately $2,196, $1,803 and $277 for 2014, 2013 and 2012, respectively, which reduced net loss by approximately $1,427 or $0.14 per common share for 2014 and increased net income by approximately $1,172 or $0.11 per common share for 2013 and $180 or $0.02 per common share for 2012. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | NOTE 4 – PROPERTY, PLANT AND EQUIPMENT: | ||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 5,209 | $ | 5,122 | |||||
Buildings | 44,610 | 44,116 | |||||||
Machinery and equipment | 259,406 | 250,936 | |||||||
Construction-in-process | 2,374 | 5,315 | |||||||
Other | 8,716 | 8,711 | |||||||
320,315 | 314,200 | ||||||||
Accumulated depreciation | (170,476 | ) | (162,912 | ) | |||||
$ | 149,839 | $ | 151,288 | ||||||
Land and buildings of UES-UK equal to approximately $3,150 (£2,022) at December 31, 2014 are held as collateral by the trustees of the UES-UK defined benefit pension plan (see Note 7). |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||
Other Current Liabilities | NOTE 5 – OTHER CURRENT LIABILITIES: | ||||||||||||
2014 | 2013 | ||||||||||||
Customer-related liabilities | $ | 11,539 | $ | 10,610 | |||||||||
Income taxes payable | 1,717 | 1,063 | |||||||||||
Accrued sales commissions | 1,623 | 1,648 | |||||||||||
Other | 7,329 | 8,399 | |||||||||||
$ | 22,208 | $ | 21,720 | ||||||||||
Customer-related liabilities include liabilities for product warranty claims and deposits received on future orders. The following summarizes changes in the liability for product warranty claims for the year ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at the beginning of the year | $ | 6,899 | $ | 6,625 | $ | 5,498 | |||||||
Satisfaction of warranty claims | (2,335 | ) | (1,908 | ) | (2,411 | ) | |||||||
Provision for warranty claims | 2,300 | 2,112 | 3,399 | ||||||||||
Other, primarily impact from changes in foreign currency exchange rates | (192 | ) | 70 | 139 | |||||||||
Balance at the end of the year | $ | 6,672 | $ | 6,899 | $ | 6,625 |
Borrowing_Arrangements
Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | NOTE 6 – BORROWING ARRANGEMENTS: |
The Corporation maintains short-term lines of credit of approximately $9,200 (including £3,000 in the United Kingdom and €400 in Belgium). No amounts were outstanding under these lines of credit as of December 31, 2014 and 2013. | |
As of December 31, 2014, the Corporation had the following Industrial Revenue Bonds (IRBs) outstanding: (1) $4,120 tax-exempt IRB maturing in 2020, interest at a floating rate which averaged 0.10% during the current year; (2) $7,116 taxable IRB maturing in 2027, interest at a floating rate which averaged 0.15% during the current year and (3) $2,075 tax-exempt IRB maturing in 2029, interest at a floating rate which averaged 0.12% during the current year. The IRBs are remarketed periodically at which time interest rates are reset. The IRBs are secured by letters of credit of equivalent amounts. The letter of credit agreements require, among other things, maintenance of a minimum net worth and prohibit a leverage ratio in excess of a stipulated amount. The Corporation was in compliance with the applicable bank covenants as of December 31, 2014. | |
Despite principal not beginning to become due until 2020, the IRBs can be put back to the Corporation on short notice if, although considered remote by the Corporation and its bankers, the bonds cannot be remarketed. At that time, the bondholders can seek reimbursement from the letters of credit. As provided by a separate agreement with the Corporation’s bank, funding of the letters of credit, if so drawn against, would be satisfied with equal and immediate borrowings under a separate IRB Standby Letter of Credit facility (the “Facility”). The Facility expires on August 1, 2016 and is expected to be renewed annually to provide for a continual term of greater than one year. However, the Facility includes language regarding “material adverse change” to the Corporation’s business which could result in it being called or cancelled at the bank’s discretion; accordingly, the IRBs remain classified as a current liability. The availability under the Facility is $13,566, equal to the letters of credit, and as of December 31, 2014 no amounts were outstanding. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | NOTE 7 – PENSION AND OTHER POSTRETIREMENT BENEFITS: | ||||||||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||||||||
The Corporation has a qualified defined benefit pension plan covering substantially all of its U.S. employees. Generally, benefits are based on years of service multiplied by either a fixed amount or a percentage of compensation. During 2014, the plan was amended to permit lump sum distributions to participants, deferred vested participants and deferred beneficiaries with a lump sum value under a prescribed threshold which resulted in lump sum payments totaling $9,304. The defined benefit pension plan is covered by the Employee Retirement Income Security Act of 1974 (“ERISA”); accordingly, the Corporation’s policy is to fund at least the minimum actuarially computed annual contribution required under ERISA. Although no minimum contributions were required for any of the three years, voluntary contributions of $5,000 were made in 2013. Additionally, due to voluntary contributions and relief provided by Moving Ahead for Progress in the 21st Century (“MAP-21”) and, subsequently, the Highway and Transportation Funding Act of 2014 (“HAFTA”), which reduces funding requirements for single-employer defined benefit plans, no minimum contributions are required for 2015; however, voluntary contributions may be made. Estimated benefit payments for subsequent years are $9,019 for 2015, $9,413 for 2016, $9,885 for 2017, $10,264 for 2018, 10,640 for 2019 and $58,457 for 2020 – 2024. The fair value of the plan’s assets as of December 31, 2014 and 2013 approximated $157,048 and $164,085, respectively, in comparison to accumulated benefit obligations of $186,870 and $167,723 for the same periods. | |||||||||||||||||||||||||||||||||||||
Employees of UES-UK participate in a defined benefit pension plan that was curtailed effective December 31, 2004 and replaced with a defined contribution pension plan. The UES-UK plans are non-U.S. plans and therefore are not covered by ERISA. Instead, the Trustees and UES-UK have agreed to a recovery plan that estimates the amount of employer contributions at £1,123 annually through October 2021, based on U.K. regulations, necessary to eliminate the funding deficit of the plan with such estimates subject to change based on the future investment performance of the plan’s assets. The U.S. dollar equivalent of employer contributions to the defined benefit pension plan approximated $1,849, $1,764 and $1,786 in 2014, 2013 and 2012, respectively, and are expected to approximate $1,750 in 2015. The fair value of the plan’s assets as of December 31, 2014 and 2013 approximated $50,533 (£32,437) and $48,536 (£29,315), respectively, in comparison to accumulated benefit obligations of $70,523 (£45,268) and $60,830 (£36,740) for the same periods. Estimated benefit payments for subsequent years are $1,622 for 2015, $1,529 for 2016, $2,144 for 2017, $1,638 for 2018, $2,661 for 2019 and $14,407 for 2020 – 2024. Contributions to the defined contribution pension plan approximated $407, $316 and $311 in 2014, 2013 and 2012, respectively, and are expected to approximate $412 in 2015. | |||||||||||||||||||||||||||||||||||||
The Corporation also maintains nonqualified defined benefit pension plans for selected executives in addition to the benefits provided under the Corporation’s qualified defined benefit pension plan. The objectives of the nonqualified plans are to provide supplemental retirement benefits or restore benefits lost due to limitations set by the Internal Revenue Service. The assets of the nonqualified plans are held in a grantor tax trust known as a “Rabbi” trust and are subject to claims of the Corporation’s creditors, but otherwise must be used only for purposes of providing benefits under the plans. No contributions were made to the trust in 2012 – 2014 and none are expected in 2015. The fair market value of the trust at December 31, 2014 and 2013, which is included in other noncurrent assets, was $4,280 and $4,092, respectively. Changes in the fair market value of the trust are recorded as a component of other comprehensive income (loss). The plan is treated as a non-funded pension plan for financial reporting purposes. Accumulated benefit obligations approximated $4,294 and $2,794 at December 31, 2014 and 2013, respectively. Estimated benefit payments for subsequent years, which would represent employer contributions, are approximately $74 for 2015, $95 for 2016, $119 for 2017, $418 for 2018, $425 for 2019 and $2,212 for 2020 – 2024. | |||||||||||||||||||||||||||||||||||||
Employees at one location participate in a multi-employer plan, I.A.M. National Pension Fund, in lieu of the Corporation’s defined benefit pension plan. A multi-employer plan generally receives contributions from two or more unrelated employers pursuant to one or more collective bargaining agreements. The assets contributed by one employer may be used to fund the benefits provided to employees of other employers in the plan because the plan assets, once contributed, are not restricted to individual employers. The latest report of summary plan information (for the 2013 plan year) provided by I.A.M. National Pension Fund indicates: | |||||||||||||||||||||||||||||||||||||
• | More than 1,750 employer locations contribute to the plan | ||||||||||||||||||||||||||||||||||||
• | Approximately 275,000 employees participate in the plan | ||||||||||||||||||||||||||||||||||||
• | Assets of nearly $10.5 billion and a funded status in excess of 100%. | ||||||||||||||||||||||||||||||||||||
Less than 100 of the Corporation’s employees participate in the plan and contributions are based on a rate per hour. The Corporation’s contributions to the plan equaled $233, $230 and $241 in 2014, 2013 and 2012, respectively, and represent less than five percent of total contributions to the plan by all contributing employers. Contributions are expected to approximate $267 in 2015. | |||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||
The Corporation provides postretirement health care benefits principally to the bargaining groups of one subsidiary. The plan covers participants and their spouses and/or dependents who retire under the existing pension plan on other than a deferred vested basis and at the time of retirement have also rendered 15 or more years of continuous service irrespective of age. During the year, the plan was modified. Effective January 1, 2015, existing coverage for the bargaining groups will be replaced with monthly reimbursements. The plan change resulted in a remeasurement of the plan liability as of May 1, 2014, reducing the liability by approximately $8,914. Retiree life insurance continues to be provided to substantially all retirees. The Corporation also provides health care and life insurance benefits to former employees of certain discontinued operations. This obligation had been estimated and provided for at the time of disposal. The Corporation’s postretirement health care and life insurance plans are not funded or subject to any minimum regulatory funding requirements. Estimated benefit payments for subsequent years, which would represent employer contributions, are approximately $795 for 2015, $785 for 2016, $788 for 2017, $801 for 2018, $802 for 2019, and $4,402 for 2020 – 2024. | |||||||||||||||||||||||||||||||||||||
Reconciliations | |||||||||||||||||||||||||||||||||||||
The following provides a reconciliation of projected benefit obligations, plan assets, the funded status of the plans and the amounts recognized in the consolidated balance sheets for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years. | |||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits(a) | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Change in projected benefit obligations: | |||||||||||||||||||||||||||||||||||||
Projected benefit obligations at January 1 | $ | 181,606 | $ | 197,057 | $ | 60,830 | $ | 59,210 | $ | 20,129 | $ | 22,806 | |||||||||||||||||||||||||
Service cost | 3,683 | 4,424 | 0 | 0 | 505 | 943 | |||||||||||||||||||||||||||||||
Interest cost | 8,762 | 8,070 | 2,695 | 2,551 | 688 | 926 | |||||||||||||||||||||||||||||||
Plan amendments | 163 | 681 | 0 | 0 | (8,914 | ) | 0 | ||||||||||||||||||||||||||||||
Plan settlements | (9,304 | ) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | 0 | 0 | (4,351 | ) | 1,154 | 0 | 0 | ||||||||||||||||||||||||||||||
Actuarial loss (gain) | 29,023 | (20,806 | ) | 13,993 | (823 | ) | 1,920 | (3,949 | ) | ||||||||||||||||||||||||||||
Participant contributions | 0 | 0 | 0 | 0 | 386 | 423 | |||||||||||||||||||||||||||||||
Benefits paid from plan assets | (8,494 | ) | (7,812 | ) | (2,644 | ) | (1,262 | ) | 0 | 0 | |||||||||||||||||||||||||||
Benefits paid by the Corporation | (40 | ) | (8 | ) | 0 | 0 | (975 | ) | (1,020 | ) | |||||||||||||||||||||||||||
Projected benefit obligations at | $ | 205,399 | $ | 181,606 | $ | 70,523 | $ | 60,830 | $ | 13,739 | $ | 20,129 | |||||||||||||||||||||||||
31-Dec | |||||||||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 164,085 | $ | 140,218 | $ | 48,536 | $ | 41,875 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Actual return on plan assets | 10,761 | 26,679 | 5,936 | 5,061 | 0 | 0 | |||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | 0 | 0 | (3,144 | ) | 1,098 | 0 | 0 | ||||||||||||||||||||||||||||||
Corporate contributions | 40 | 5,008 | 1,849 | 1,764 | 589 | 597 | |||||||||||||||||||||||||||||||
Participant contributions | 0 | 0 | 0 | 0 | 386 | 423 | |||||||||||||||||||||||||||||||
Plan settlements | (9,304 | ) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Gross benefits paid | (8,534 | ) | (7,820 | ) | (2,644 | ) | (1,262 | ) | (975 | ) | (1,020 | ) | |||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 157,048 | $ | 164,085 | $ | 50,533 | $ | 48,536 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Funded status of the plans: | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 157,048 | $ | 164,085 | $ | 50,533 | $ | 48,536 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Less benefit obligations | 205,399 | 181,606 | 70,523 | 60,830 | 13,739 | 20,129 | |||||||||||||||||||||||||||||||
Funded status at December 31 | $ | (48,351 | ) | $ | (17,521 | ) | $ | (19,990 | ) | $ | (12,294 | ) | $ | (13,739 | ) | $ | (20,129 | ) | |||||||||||||||||||
(a) Includes the nonqualified defined benefit pension plans. | |||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Amounts recognized in the balance sheets: | |||||||||||||||||||||||||||||||||||||
Employee benefit obligations: | |||||||||||||||||||||||||||||||||||||
Accrued payrolls and employee benefits(a) | $ | (73 | ) | $ | (51 | ) | $ | 0 | $ | 0 | $ | (791 | ) | $ | (752 | ) | |||||||||||||||||||||
Employee benefit obligations(b) | (48,278 | ) | (17,470 | ) | (19,990 | ) | (12,294 | ) | (12,948 | ) | (19,377 | ) | |||||||||||||||||||||||||
$ | (48,351 | ) | $ | (17,521 | ) | $ | (19,990 | ) | $ | (12,294 | ) | $ | (13,739 | ) | $ | (20,129 | ) | ||||||||||||||||||||
Accumulated other comprehensive loss:(c) | |||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 64,387 | $ | 39,562 | $ | 32,989 | $ | 24,386 | $ | 4,029 | $ | 2,213 | |||||||||||||||||||||||||
Prior service cost | 1,464 | 2,154 | 0 | 0 | (8,331 | ) | 142 | ||||||||||||||||||||||||||||||
$ | 65,851 | $ | 41,716 | $ | 32,989 | $ | 24,386 | $ | (4,302 | ) | $ | 2,355 | |||||||||||||||||||||||||
(a) Recorded as a current liability in the consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||
(b) Recorded as a noncurrent liability in the consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||
(c) Amounts are pre-tax. | |||||||||||||||||||||||||||||||||||||
Amounts included in accumulated other comprehensive loss as of December 31, 2014 expected to be recognized in net periodic pension and other postretirement costs in 2015 include: | |||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Net actuarial loss | $ 5,591 | $ | 911 | $ 233 | |||||||||||||||||||||||||||||||||
Prior service cost | 551 | 0 | (672) | ||||||||||||||||||||||||||||||||||
$ 6,142 | $ | 911 | $ (439) | ||||||||||||||||||||||||||||||||||
Investment Policies and Strategies | |||||||||||||||||||||||||||||||||||||
The investment policies and strategies are determined and monitored by the Investment Committee of the Board of Directors for the U.S. pension plan and by the Trustees (as appointed by UES-UK and the employees of UES-UK) for the foreign pension plan, each of whom employ their own investment managers to manage the plan’s assets in accordance with the policy guidelines. Pension assets are invested with the objective of maximizing long-term returns while minimizing material losses to meet future benefit obligations as they become due. Investments in equity securities are primarily in common stocks of publicly-traded U.S. and international companies across a broad spectrum of industry sectors. Investments in fixed-income securities are principally A-rated or better bonds with maturities of less than ten years, preferred stocks and convertible bonds. The Corporation believes there are no significant concentrations of risk associated with the Plans’ assets. | |||||||||||||||||||||||||||||||||||||
Attempts to minimize risk include allowing temporary changes to the allocation mix in response to market conditions, diversifying investments among asset categories (e.g., equity securities, fixed-income securities, alternative investments, cash and cash equivalents) and within these asset categories (e.g., economic sector, industry, geographic distribution, size) and consulting with independent financial and legal counsels to assure that the investments and their expected returns and risks are consistent with the goals of the Investment Committee or Trustees. | |||||||||||||||||||||||||||||||||||||
With respect to the U.S. pension plan, the following investments are prohibited unless otherwise approved by the Investment Committee: stock of the Corporation, futures and options except for hedging purposes, unregistered or restricted stock, warrants, margin trading, short-selling, real estate excluding public or real estate partnerships, and commodities including art, jewelry and gold. The foreign pension plan invests in specific funds. Any investments other than those specifically identified would be considered prohibited. | |||||||||||||||||||||||||||||||||||||
The following summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. | |||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Foreign Pension Benefits | ||||||||||||||||||||||||||||||||||||
Target | Percentage of Plan | Target | Percentage of Plan | ||||||||||||||||||||||||||||||||||
Allocation | Assets | Allocation | Assets | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | 2014 | 2013 | Dec. 31, 2014 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Equity Securities | 65% | 64% | 65% | 44% | 44% | 46% | |||||||||||||||||||||||||||||||
Fixed-Income Securities | 15% | 18% | 19% | 35% | 35% | 31% | |||||||||||||||||||||||||||||||
Alternative Investments | 15% | 16% | 15% | 21% | 21% | 23% | |||||||||||||||||||||||||||||||
Other (primarily cash and cash equivalents) | 5% | 2% | 1% | 0% | 0% | 0% | |||||||||||||||||||||||||||||||
Fair Value Measurement of Plan Assets | |||||||||||||||||||||||||||||||||||||
Equity securities and mutual funds are actively traded on exchanges and price quotes for these investments are readily available. Similarly, corporate debt and preferred securities consist of fixed-income securities of U.S. and U.K. corporations and price quotes for these investments are readily available. Common collective trust and commingled funds are not traded publicly, but the underlying assets (such as stocks and bonds) held in these funds are traded on active markets and the prices for the underlying assets are readily observable. For securities not actively traded, the fair value may be based on third-party appraisals, discounted cash flow analysis, benchmark yields and inputs that are currently observable in markets for similar securities. | |||||||||||||||||||||||||||||||||||||
Investment Strategies | |||||||||||||||||||||||||||||||||||||
The significant investment strategies of the various funds are summarized below. | |||||||||||||||||||||||||||||||||||||
Fund | Investment Strategy | Primary Investment Objective | |||||||||||||||||||||||||||||||||||
Temporary Investment Funds | Invests primarily in a diversified portfolio of investment grade money market instruments. | Achieve a high level of current income while maintaining stability of principal and liquidity. | |||||||||||||||||||||||||||||||||||
Various Equity Funds | Each fund maintains a diversified holding in common stock of applicable companies (e.g. common stock of small capitalization companies if a small-cap fund, common stock of medium capitalization companies if a mid-cap fund, common stock of foreign corporations if an international fund, etc.). | Outperform the fund’s related index. | |||||||||||||||||||||||||||||||||||
Various Growth and Value Funds – Domestic | Invests primarily in common stocks and other equity securities or in common collective funds which invest in common stocks and other equity securities, generally traded on a major U.S. exchange. | Exceed the return of the applicable Russell or S&P Index over a market cycle. | |||||||||||||||||||||||||||||||||||
Various Growth and Value Funds – International | Invests primarily in common stocks and other equity securities or in common collective funds which invest in common stocks and other equity securities of issuers organized or conducting business in countries other than the United States. | For the U.S. Plan – to exceed the return of the corresponding Morgan Stanley Index over a market cycle. | |||||||||||||||||||||||||||||||||||
For the U.K. Plan – to outperform the applicable FTSE index over a market cycle. | |||||||||||||||||||||||||||||||||||||
Return Funds | Invests primarily in a diversified portfolio of fixed-income securities of varying maturities or in commingled funds which invest in a diversified portfolio of fixed-income securities of varying maturities. | For the U.S. Plan – to outperform either the Barclays Capital U.S. Aggregate Index or US Corporate High Yield Index, as applicable, over a prescribed period. | |||||||||||||||||||||||||||||||||||
For the U.K Plan – to outperform the applicable FTSE index over a prescribed period. | |||||||||||||||||||||||||||||||||||||
Alternative Investments – Managed Funds | Invests in equities and equity-like asset classes and strategies, (such as public equities, venture capital, private equity, real estate, natural resources and hedged strategies) and fixed-income securities. | Generate a minimum annual inflation adjusted return of 5% and outperform a traditional 70/30 equities/bond portfolio. | |||||||||||||||||||||||||||||||||||
Alternative Investments – Hedge and Absolute Return Funds | Invests in a diversified portfolio of alternative investment styles and strategies. | Generate long-term capital appreciation while maintaining a low correlation with the traditional global financial markets. | |||||||||||||||||||||||||||||||||||
Categories of Plan Assets | |||||||||||||||||||||||||||||||||||||
Asset categories based on the nature and risks of the U.S. Pension Benefit Plan’s assets as of December 31, 2014 are summarized below. | |||||||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||||||||||||||
U.S. | |||||||||||||||||||||||||||||||||||||
Capital goods | $ | 1,684 | $ | 0 | $ | 0 | $ | 1,684 | |||||||||||||||||||||||||||||
Chemicals | 2,424 | 0 | 0 | 2,424 | |||||||||||||||||||||||||||||||||
Commercial property | 1,012 | 0 | 0 | 1,012 | |||||||||||||||||||||||||||||||||
Commercial services | 1,210 | 0 | 0 | 1,210 | |||||||||||||||||||||||||||||||||
Common collective trust funds | 0 | 34,871 | 0 | 34,871 | |||||||||||||||||||||||||||||||||
Electronics | 1,050 | 0 | 0 | 1,050 | |||||||||||||||||||||||||||||||||
Engineering & construction | 778 | 0 | 0 | 778 | |||||||||||||||||||||||||||||||||
Food processing | 3,423 | 0 | 0 | 3,423 | |||||||||||||||||||||||||||||||||
Health care | 1,345 | 0 | 0 | 1,345 | |||||||||||||||||||||||||||||||||
Limited partnerships – public equity | 6,482 | 0 | 0 | 6,482 | |||||||||||||||||||||||||||||||||
Manufacturing | 2,224 | 0 | 0 | 2,224 | |||||||||||||||||||||||||||||||||
Oil & gas | 2,503 | 0 | 0 | 2,503 | |||||||||||||||||||||||||||||||||
Retail | 935 | 0 | 0 | 935 | |||||||||||||||||||||||||||||||||
Technology | 2,022 | 0 | 0 | 2,022 | |||||||||||||||||||||||||||||||||
Transportation | 926 | 0 | 0 | 926 | |||||||||||||||||||||||||||||||||
Wholesale distribution | 927 | 0 | 0 | 927 | |||||||||||||||||||||||||||||||||
Other (represents 10 business sectors) | 5,681 | 0 | 0 | 5,681 | |||||||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||||
Bank & financial services | 1,790 | 0 | 0 | 1,790 | |||||||||||||||||||||||||||||||||
Common collective trust funds | 0 | 6,364 | 0 | 6,364 | |||||||||||||||||||||||||||||||||
Engineering & construction | 600 | 0 | 0 | 600 | |||||||||||||||||||||||||||||||||
Oil & gas | 1,422 | 0 | 0 | 1,422 | |||||||||||||||||||||||||||||||||
Real estate | 1,321 | 0 | 0 | 1,321 | |||||||||||||||||||||||||||||||||
Technology | 965 | 0 | 0 | 965 | |||||||||||||||||||||||||||||||||
Other (represents 9 business sectors) | 3,106 | 0 | 0 | 3,106 | |||||||||||||||||||||||||||||||||
Total Equity Securities | 43,830 | 41,235 | 0 | 85,065 | |||||||||||||||||||||||||||||||||
Fixed-Income Securities: | |||||||||||||||||||||||||||||||||||||
Commingled funds | 0 | 16,533 | 0 | 16,533 | |||||||||||||||||||||||||||||||||
Preferred (represents 5 business sectors) | 7,242 | 0 | 0 | 7,242 | |||||||||||||||||||||||||||||||||
Other (represents 6 business sectors) | 0 | 2,035 | 0 | 2,035 | |||||||||||||||||||||||||||||||||
Total Fixed-Income Securities | 7,242 | 18,568 | 0 | 25,810 | |||||||||||||||||||||||||||||||||
Alternative Investments: | |||||||||||||||||||||||||||||||||||||
Managed funds (a) | 0 | 0 | 33,602 | 33,602 | |||||||||||||||||||||||||||||||||
Hedge and absolute return funds | 0 | 0 | 8,592 | 8,592 | |||||||||||||||||||||||||||||||||
Total Alternative Investments | 0 | 0 | 42,194 | 42,194 | |||||||||||||||||||||||||||||||||
Other (primarily cash and cash equivalents): | |||||||||||||||||||||||||||||||||||||
Mutual funds | 237 | 0 | 0 | 237 | |||||||||||||||||||||||||||||||||
Commingled funds | 0 | 1,081 | 0 | 1,081 | |||||||||||||||||||||||||||||||||
Other (b) | 2,661 | 0 | 0 | 2,661 | |||||||||||||||||||||||||||||||||
Total Other | 2,898 | 1,081 | 0 | 3,979 | |||||||||||||||||||||||||||||||||
$ | 53,970 | $ | 60,884 | $ | 42,194 | $ | 157,048 | ||||||||||||||||||||||||||||||
(a) | Includes approximately 43% in equity and equity-like asset securities, 50% in alternative investments (real assets, commodities and resources, absolute return funds) and 7% in fixed income securities and cash and cash equivalents. | ||||||||||||||||||||||||||||||||||||
(b) | Includes accrued receivables and pending broker settlements. | ||||||||||||||||||||||||||||||||||||
Asset categories based on the nature and risks of the U.S. Pension Benefit Plan’s assets as of December 31, 2013 are summarized below. | |||||||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||||||||||||||
U.S. | |||||||||||||||||||||||||||||||||||||
Capital goods | $ | 1,751 | $ | 0 | $ | 0 | $ | 1,751 | |||||||||||||||||||||||||||||
Chemicals | 2,203 | 0 | 0 | 2,203 | |||||||||||||||||||||||||||||||||
Commercial property | 1,747 | 0 | 0 | 1,747 | |||||||||||||||||||||||||||||||||
Commercial services | 1,052 | 0 | 0 | 1,052 | |||||||||||||||||||||||||||||||||
Common collective trust funds | 0 | 37,495 | 0 | 37,495 | |||||||||||||||||||||||||||||||||
Electronics | 1,371 | 0 | 0 | 1,371 | |||||||||||||||||||||||||||||||||
Engineering & construction | 1,096 | 0 | 0 | 1,096 | |||||||||||||||||||||||||||||||||
Food processing | 3,339 | 0 | 0 | 3,339 | |||||||||||||||||||||||||||||||||
Health care | 1,216 | 0 | 0 | 1,216 | |||||||||||||||||||||||||||||||||
Limited partnerships – public equity | 9,125 | 0 | 0 | 9,125 | |||||||||||||||||||||||||||||||||
Manufacturing | 2,653 | 0 | 0 | 2,653 | |||||||||||||||||||||||||||||||||
Oil & gas | 2,342 | 0 | 0 | 2,342 | |||||||||||||||||||||||||||||||||
Retail | 1,006 | 0 | 0 | 1,006 | |||||||||||||||||||||||||||||||||
Technology | 1,855 | 0 | 0 | 1,855 | |||||||||||||||||||||||||||||||||
Other (represents 10 business sectors) | 6,300 | 0 | 0 | 6,300 | |||||||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||||
Bank & financial services | 1,808 | 0 | 0 | 1,808 | |||||||||||||||||||||||||||||||||
Common collective trust funds | 0 | 7,024 | 0 | 7,024 | |||||||||||||||||||||||||||||||||
Engineering & construction | 1,187 | 0 | 0 | 1,187 | |||||||||||||||||||||||||||||||||
Oil & gas | 1,969 | 0 | 0 | 1,969 | |||||||||||||||||||||||||||||||||
Real estate | 1,440 | 0 | 0 | 1,440 | |||||||||||||||||||||||||||||||||
Technology | 1,366 | 0 | 0 | 1,366 | |||||||||||||||||||||||||||||||||
Other (represents 9 business sectors) | 3,756 | 0 | 0 | 3,756 | |||||||||||||||||||||||||||||||||
Total Equity Securities | 48,582 | 44,519 | 0 | 93,101 | |||||||||||||||||||||||||||||||||
Fixed-Income Securities: | |||||||||||||||||||||||||||||||||||||
Commingled funds | 0 | 17,159 | 0 | 17,159 | |||||||||||||||||||||||||||||||||
Preferred (represents 4 business sectors) | 5,851 | 0 | 0 | 5,851 | |||||||||||||||||||||||||||||||||
Other (represents 7 business sectors) | 0 | 3,849 | 0 | 3,849 | |||||||||||||||||||||||||||||||||
Total Fixed-Income Securities | 5,851 | 21,008 | 0 | 26,859 | |||||||||||||||||||||||||||||||||
Alternative Investments: | |||||||||||||||||||||||||||||||||||||
Managed funds (a) | 0 | 0 | 32,433 | 32,433 | |||||||||||||||||||||||||||||||||
Hedge and absolute return funds | 0 | 0 | 8,389 | 8,389 | |||||||||||||||||||||||||||||||||
Total Alternative Investments | 0 | 0 | 40,822 | 40,822 | |||||||||||||||||||||||||||||||||
Other (primarily cash and cash equivalents): | |||||||||||||||||||||||||||||||||||||
Mutual funds | 64 | 0 | 0 | 64 | |||||||||||||||||||||||||||||||||
Commingled funds | 0 | 1,065 | 0 | 1,065 | |||||||||||||||||||||||||||||||||
Other (b) | 2,174 | 0 | 0 | 2,174 | |||||||||||||||||||||||||||||||||
Total Other | 2,238 | 1,065 | 0 | 3,303 | |||||||||||||||||||||||||||||||||
$ | 56,671 | $ | 66,592 | $ | 40,822 | $ | 164,085 | ||||||||||||||||||||||||||||||
(a) | Includes approximately 43% in equity and equity-like asset securities, 50% in alternative investments (real assets, commodities and resources, absolute return funds) and 7% in fixed income securities and cash and cash equivalents. | ||||||||||||||||||||||||||||||||||||
(b) | Includes accrued receivables and pending broker settlements. | ||||||||||||||||||||||||||||||||||||
Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2014 are summarized below. | |||||||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||||||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||||||||||||||||||
Identical Inputs | Inputs | Inputs | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||||||||||||||
Commingled Funds (U.K.) | $ | 0 | $ | 3,848 | $ | 0 | $ | 3,848 | |||||||||||||||||||||||||||||
Commingled Funds (International) | 0 | 18,449 | 0 | 18,449 | |||||||||||||||||||||||||||||||||
Total Equity Securities | 0 | 22,297 | 0 | 22,297 | |||||||||||||||||||||||||||||||||
Fixed-Income Securities: | |||||||||||||||||||||||||||||||||||||
Commingled Funds (U.K.) | 0 | 17,366 | 0 | 17,366 | |||||||||||||||||||||||||||||||||
Alternative Investments: | |||||||||||||||||||||||||||||||||||||
Hedge and Absolute Return Funds | 0 | 0 | 10,799 | 10,799 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 71 | 0 | 0 | 71 | |||||||||||||||||||||||||||||||||
$ | 71 | $ | 39,663 | $ | 10,799 | $ | 50,533 | ||||||||||||||||||||||||||||||
Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2013 are summarized below. | |||||||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||||||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||||||||||||||||||
Identical Inputs | Inputs | Inputs | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||||||||||||||
Commingled Funds (U.K.) | $ | 0 | $ | 4,043 | $ | 0 | $ | 4,043 | |||||||||||||||||||||||||||||
Commingled Funds (International) | 0 | 18,086 | 0 | 18,086 | |||||||||||||||||||||||||||||||||
Total Equity Securities | 0 | 22,129 | 0 | 22,129 | |||||||||||||||||||||||||||||||||
Fixed-Income Securities: | |||||||||||||||||||||||||||||||||||||
Commingled Funds (U.K.) | 0 | 15,211 | 0 | 15,211 | |||||||||||||||||||||||||||||||||
Alternative Investments: | |||||||||||||||||||||||||||||||||||||
Hedge and Absolute Return Funds | 0 | 0 | 11,041 | 11,041 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 155 | 0 | 0 | 155 | |||||||||||||||||||||||||||||||||
$ | 155 | $ | 37,340 | $ | 11,041 | $ | 48,536 | ||||||||||||||||||||||||||||||
During 2014, the Corporation determined that certain Foreign Pension Benefit Plan assets as of December 31, 2013 previously presented in the Level 1 category should have been presented in the Level 2 category based on the inputs used to value the securities. Accordingly, the 2013 presentation of asset categories has been revised in the table above. The revision had no impact on the Corporation’s consolidated balance sheet, statement of operations or statement of cash flows. | |||||||||||||||||||||||||||||||||||||
The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2014. | |||||||||||||||||||||||||||||||||||||
Alternative Investments | |||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | ||||||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
Fair value as of January 1, 2014 | $ | 8,389 | $ | 32,433 | $ | 11,041 | |||||||||||||||||||||||||||||||
Withdrawals | (200 | ) | (2,550 | ) | (181 | ) | |||||||||||||||||||||||||||||||
Realized gains | 66 | 821 | 0 | ||||||||||||||||||||||||||||||||||
Change in net unrealized gains | 337 | 2,898 | 615 | ||||||||||||||||||||||||||||||||||
Other, primarily impact from changes in foreign currency exchange rates | 0 | 0 | (676 | ) | |||||||||||||||||||||||||||||||||
Fair value as of December 31, 2014 | $ | 8,592 | $ | 33,602 | $ | 10,799 | |||||||||||||||||||||||||||||||
The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||
Alternative Investments | |||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | ||||||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
Fair value as of January 1, 2013 | $ | 6,490 | $ | 30,064 | $ | 9,031 | |||||||||||||||||||||||||||||||
Acquisitions | 2,225 | 0 | 1,100 | ||||||||||||||||||||||||||||||||||
Withdrawals | (1,320 | ) | (2,070 | ) | 0 | ||||||||||||||||||||||||||||||||
Realized gains | 563 | 451 | 0 | ||||||||||||||||||||||||||||||||||
Change in net unrealized gains | 431 | 3,988 | 644 | ||||||||||||||||||||||||||||||||||
Other, primarily impact from changes in foreign currency exchange rates | 0 | 0 | 266 | ||||||||||||||||||||||||||||||||||
Fair value as of December 31, 2013 | $ | 8,389 | $ | 32,433 | $ | 11,041 | |||||||||||||||||||||||||||||||
Net Periodic Pension and Other Postretirement Benefit Costs | |||||||||||||||||||||||||||||||||||||
The actual return on the fair value of plan assets is included in determining the funded status of the plans. In determining net periodic pension costs, the expected long-term rate of return on the market-related value of plan assets is used. Differences between the actual return on plan assets and the expected long-term rate of return on plan assets are classified as part of unrecognized actuarial gains or losses and are recorded as a component of accumulated other comprehensive loss on the consolidated balance sheet. When these gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement costs over the average remaining service period of employees expected to receive benefits under the plans. When the gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. | |||||||||||||||||||||||||||||||||||||
Net periodic pension and other postretirement benefit costs include the following components for the year ended December 31: | |||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Service cost | $ | 3,683 | $ | 4,424 | $ | 3,943 | $ | 0 | $ | 0 | $ | 0 | $ | 505 | $ | 943 | $ | 804 | |||||||||||||||||||
Interest cost | 8,762 | 8,070 | 8,514 | 2,695 | 2,551 | 2,506 | 688 | 926 | 919 | ||||||||||||||||||||||||||||
Expected return on plan assets | (10,747 | ) | (9,368 | ) | (9,556 | ) | (3,157 | ) | (2,485 | ) | (2,101 | ) | 0 | 0 | 0 | ||||||||||||||||||||||
Amortization of prior service cost | 854 | 640 | 668 | 0 | 0 | 0 | (441 | ) | 85 | 85 | |||||||||||||||||||||||||||
Amortization of actuarial loss | 4,183 | 7,146 | 6,087 | 599 | 687 | 598 | 104 | 241 | 71 | ||||||||||||||||||||||||||||
Net cost | $ | 6,735 | $ | 10,912 | $ | 9,656 | $ | 137 | $ | 753 | $ | 1,003 | $ | 856 | $ | 2,195 | $ | 1,879 | |||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||||||
Assumptions are reviewed on an annual basis. The expected long-term rate of return on plan assets is an estimate of average rates of earnings expected to be earned on funds invested or to be invested to provide for the benefits included in the projected benefit obligation. Since these benefits will be paid over many years, the expected long-term rate of return is reflective of current investment returns and investment returns over a longer period. Consideration is also given to target and actual asset allocations, inflation and real risk-free return. The discount rates used in determining future pension obligations and other postretirement benefits for each of the plans are based on rates of return on high-quality fixed-income investments currently available and expected to be available during the period to maturity of the pension and other postretirement benefits. High-quality fixed-income investments are defined as those investments which have received one of the two highest ratings given by a recognized rating agency with maturities of 10+ years. | |||||||||||||||||||||||||||||||||||||
The discount rates and weighted-average wage increases used to determine the benefit obligations as of December 31, 2014 and 2013 are summarized below. The change in discounts rates increased plan benefit obligations and reduced the funded status of the plans by approximately $39,000 as of December 31, 2014 in comparison to December 31, 2013. In addition, longevity assumptions used to estimate the life expectancy of plan participants over which plan benefits will be received were revised during the year. Based on actuarial studies, life expectancies are longer than previously estimated which had the effect of increasing projected and accumulated benefit obligations and reducing the funded status of the plans by approximately $9,000 as of December 31, 2014 in comparison to December 31, 2013. | |||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 5 | % | 3.5 | % | 4.5 | % | 4 | % | 5 | % | |||||||||||||||||||||||||
Wage increases | 4 | % | 4 | % | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||||
In addition, the assumed health care cost trend rate at December 31, 2014 for other postretirement benefits is 6% for 2015 gradually decreasing to 4.75% in 2018. In selecting rates for current and long-term health care assumptions, the Corporation considers known health care cost increases, the design of the benefit programs, the demographics of its active and retiree populations and expectations of inflation rates in the future. A one percentage point increase or decrease in the assumed health care cost trend rate would change the postretirement benefit obligation at December 31, 2014 and the annual benefit expense for 2014 by approximately $40 and $100, respectively. | |||||||||||||||||||||||||||||||||||||
The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the year ended December 31: | |||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.25 | % | 5.00% | 4.5 | % | 4.5 | % | 4.9 | % | 5 | % | 4.25 | % | 5 | % | ||||||||||||||||||||
Expected long-term rate of return | 8 | % | 8 | % | 8.00% | 6.5 | % | 6.09 | % | 5.61 | % | n/a | n/a | n/a | |||||||||||||||||||||||
Wages increases | 4 | % | 4 | % | 4.00% | n/a | n/a | n/a | n/a | n/a | n/a |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE 8 – COMMITMENTS AND CONTINGENT LIABILITIES: |
Outstanding standby and commercial letters of credit as of December 31, 2014 approximated $18,903, the majority of which serves as collateral for the IRBs. | |
In 2010, UES-UK was awarded a government grant of approximately $1,083 (£680) toward the purchase and installation of certain machinery and equipment – portions of which were received through 2012. Under the agreement, the grant is repayable if certain conditions are not met including achieving and maintaining a targeted level of employment through 2017. UES-UK’s level of employment currently exceeds and is expected to continue to exceed the targeted level of employment; accordingly, no liability has been recorded. | |
Approximately 53% of the Corporation’s employees are covered by collective bargaining agreements. Of the six bargaining agreements, one of the agreements, representing approximately 18% of the covered employees, expired in 2012; however, employees continue to work under the expired agreement while negotiations proceed. The remaining agreements have expiration dates ranging from December 2015 to May 2018. Collective bargaining agreements expiring in 2015 (representing approximately 39% of covered employees) will be negotiated with the intent to secure mutually beneficial, long-term arrangements. | |
See Note 11 regarding derivative instruments. | |
See Note 17 regarding litigation and Note 18 for environmental matters. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||
Stock-Based Compensation | NOTE 9 – STOCK-BASED COMPENSATION: | ||||||||||||||||||
In May 2011, the shareholders of the Corporation approved the adoption of the 2011 Omnibus Incentive Plan (“Incentive Plan”) which authorizes the issuance of up to 1,000,000 shares of the Corporation’s common stock for grants of equity-based compensation. Awards under the Incentive Plan may include incentive non-qualified stock options, stock appreciation rights, restricted shares and restricted stock units, performance awards, other stock-based awards or short-term cash incentive awards. Unexercised portions of terminated or forfeited awards are available for new awards. The Incentive Plan is administered by the Compensation Committee of the Board of Directors who has the authority to determine, within the limits of the express provisions of the Incentive Plan, the individuals to whom the awards will be granted; the nature, amount and terms of such awards; and the objectives and conditions for earning such awards. | |||||||||||||||||||
The Compensation Committee granted non-qualified stock options in each of the years as outlined below. Options granted under the Incentive Plan have a ten-year life and vest over a three-year period. Options previously granted under earlier incentive plans have a ten-year life with one-third vesting at the date of grant, one-third vesting on the first anniversary date of the date of grant and one-third vesting on the second anniversary date of the date of grant. The exercise prices are equal to the closing prices of the Corporation’s common stock on the New York Stock Exchange on the dates of grant. | |||||||||||||||||||
The Incentive Plan also provides for annual grants of shares of the Corporation’s common stock to non-employee directors following the Corporation’s annual shareholder meeting. Each annual director award will be for a number of shares having a fair market value equal to $25 and will fully vest as of the grant date. The number of shares of common stock issued to non-employee directors was 12,500 shares in 2014, 11,656 shares in 2013 and 11,320 shares in 2012. | |||||||||||||||||||
The fair value of the options as of the dates of grant was calculated using the Black-Scholes option-pricing model based on the assumptions outlined below. | |||||||||||||||||||
Grant Date | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Options granted | 176,000 | 173,750 | 164,500 | ||||||||||||||||
Exercise price | $ | 20 | $ | 17.16 | $ | 17.67 | |||||||||||||
Assumptions: | |||||||||||||||||||
Expected life in years | 6 | 6 | 6 | ||||||||||||||||
Risk-free interest rate | 1.98% | 1.26% | 0.76% | ||||||||||||||||
Expected annual dividend yield | 3.60% | 4.20% | 3.01% | ||||||||||||||||
Expected forfeiture rate | 8.00% | 5.00% | 0% | ||||||||||||||||
Expected volatility | 53.02% | 52.68% | 53.46% | ||||||||||||||||
Grant date fair value | $ | 7.4 | $ | 5.82 | $ | 6.68 | |||||||||||||
Resulting stock-based compensation expense | $ | 1,199 | $ | 961 | $ | 1,099 | |||||||||||||
Stock-based compensation expense, including expense for shares to be issued to non-employee directors, approximated $1,102, $1,196 and $1,258 for 2014, 2013 and 2012, respectively. The related income tax benefit recognized in the consolidated statements of operations was $386, $419 and $440 for the respective years. Unrecognized stock-based compensation expense equaled $1,375 at December 31, 2014 and is expected to be recognized over a weighted-average period of approximately 2 years. | |||||||||||||||||||
A summary of stock options outstanding and exercisable and activity for the year ended December 31, 2014 is as follows: | |||||||||||||||||||
Shares | Weighted | Remaining | Intrinsic | ||||||||||||||||
Under | Average | Contractual | Value | ||||||||||||||||
Options | Exercise | Life In | |||||||||||||||||
Price | Years | ||||||||||||||||||
Outstanding at January 1, 2014 | 1,201,753 | $ | 24.85 | 6.5 | $ | 982 | |||||||||||||
Granted | 176,000 | 20 | |||||||||||||||||
Exercised | (40,084 | ) | 14.5 | ||||||||||||||||
Forfeited | (135,500 | ) | 26.87 | ||||||||||||||||
Outstanding at December 31, 2014 | 1,202,169 | $ | 24.25 | 6 | $ | 778 | |||||||||||||
Exercisable at December 31, 2014 | 914,752 | $ | 25.97 | 5.2 | $ | 778 | |||||||||||||
Vested or expected to vest at December 31, 2014 | 1,197,365 | $ | 24.27 | 6 | $ | 778 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Accumulated Other Comprehensive Loss | NOTE 10 – ACCUMULATED OTHER COMPREHENSIVE LOSS: | ||||||||||||||||||||
Net change and ending balances for the various components of other comprehensive income (loss) and for accumulated other comprehensive loss as of and for the year ended December 31, 2012, 2013 and 2014 are summarized below. | |||||||||||||||||||||
Foreign | Unrecognized | Unrealized | Derivatives | Accumulated | |||||||||||||||||
Currency | Components | Holding Gains | Other | ||||||||||||||||||
Translation | of Employee | (Losses) on | Comprehensive | ||||||||||||||||||
Adjustments | Benefit Plans | Securities | Loss | ||||||||||||||||||
Balance at January 1, 2012 | $ | (4,736 | ) | $ | (75,225 | ) | $ | 562 | $ | 109 | $ | (79,290 | ) | ||||||||
Net Change | 3,193 | (6,558 | ) | 71 | 209 | (3,085 | ) | ||||||||||||||
Balance at December 31, 2012 | (1,543 | ) | (81,783 | ) | 633 | 318 | (82,375 | ) | |||||||||||||
Net Change | 1,820 | 34,321 | 374 | (5 | ) | 36,510 | |||||||||||||||
Balance at December 31, 2013 | 277 | (47,462 | ) | 1,007 | 313 | (45,865 | ) | ||||||||||||||
Net Change | (4,703 | ) | (17,934 | ) | (23 | ) | (228 | ) | (22,888 | ) | |||||||||||
Balance at December 31, 2014 | $ | (4,426 | ) | $ | (65,396 | ) | $ | 984 | $ | 85 | $ | (68,753 | ) | ||||||||
The following summarizes the line items affected on the consolidated statements of operations for components reclassified from accumulated other comprehensive loss for each of the years ended December 31. Amounts in parentheses represent credits to net income (loss). | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Amortization of unrecognized employee benefit costs: | |||||||||||||||||||||
Costs of products sold (excluding depreciation) | $ | 3,601 | $ | 5,691 | $ | 4,807 | |||||||||||||||
Selling and administrative | 1,524 | 2,241 | 1,939 | ||||||||||||||||||
Other income (expense) | 174 | 867 | 763 | ||||||||||||||||||
Total before income tax | 5,299 | 8,799 | 7,509 | ||||||||||||||||||
Income tax provision | (1,841 | ) | (3,156 | ) | (3,547 | ) | |||||||||||||||
Net of income tax | $ | 3,458 | $ | 5,643 | $ | 3,962 | |||||||||||||||
Realized gains on sale of marketable securities: | |||||||||||||||||||||
Selling and administrative | $ | (171 | ) | $ | (87 | ) | $ | (120 | ) | ||||||||||||
Income tax provision | 60 | 30 | 42 | ||||||||||||||||||
Net of income tax | $ | (111 | ) | $ | (57 | ) | $ | (78 | ) | ||||||||||||
Realized gains/losses from settlement of cash flow hedges: | |||||||||||||||||||||
Net sales (foreign currency sales contracts) | $ | 33 | $ | 0 | $ | (197 | ) | ||||||||||||||
Depreciation (foreign currency purchase contracts) | (27 | ) | (27 | ) | (27 | ) | |||||||||||||||
Costs of products sold (excluding depreciation) (futures contracts – copper and aluminum) | 146 | 419 | 398 | ||||||||||||||||||
Total before income tax | 152 | 392 | 174 | ||||||||||||||||||
Income tax provision | (57 | ) | (146 | ) | (67 | ) | |||||||||||||||
Net of income tax | $ | 95 | $ | 246 | $ | 107 | |||||||||||||||
The income tax expense (benefit) associated with the various components of other comprehensive income (loss) for each of the years ended December 31 is summarized below. Foreign currency translation adjustments exclude the effect of income taxes since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Income tax expense (benefit) associated with changes in: | |||||||||||||||||||||
Unrecognized employee benefit costs | $ | 10,265 | $ | (15,890 | ) | $ | 5,256 | ||||||||||||||
Unrealized holding gains on marketable securities | (47 | ) | (232 | ) | (80 | ) | |||||||||||||||
Fair value of cash flow hedges | 206 | 149 | (61 | ) | |||||||||||||||||
Income tax expense (benefit) associated with reclassification adjustments: | |||||||||||||||||||||
Amortization of unrecognized employee benefit costs | (1,841 | ) | (3,156 | ) | (3,547 | ) | |||||||||||||||
Realized gains from sale of marketable securities | 60 | 30 | 42 | ||||||||||||||||||
Realized gains/losses from settlement of cash flow hedges | (57 | ) | (146 | ) | (67 | ) |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Derivative Instruments | NOTE 11 – DERIVATIVE INSTRUMENTS: | ||||||||||||||||||
Certain operations of the Corporation are subject to risk from exchange rate fluctuations in connection with sales in foreign currencies. To minimize this risk, foreign currency sales contracts are entered into which are designated as cash flow or fair value hedges. As of December 31, 2014, approximately $16,126 of anticipated foreign-denominated sales has been hedged which are covered by fair value contracts settling at various dates through April 2016. The fair value of assets held as collateral for the fair value contracts as of December 31, 2014 approximated $800. | |||||||||||||||||||
Additionally, certain of the divisions of the Air and Liquid Processing segment are subject to risk from increases in the price of commodities (copper and aluminum) used in the production of inventory. To minimize this risk, futures contracts are entered into which are designated as cash flow hedges. At December 31, 2014, approximately 57% or $2,700 of anticipated copper purchases over the next nine months and 38% or $500 of anticipated aluminum purchases over the next six months are hedged. | |||||||||||||||||||
The Corporation previously entered into foreign currency purchase contracts to manage the volatility associated with euro-denominated progress payments to be made for certain machinery and equipment. As of December 31, 2010, all contracts had been settled and the underlying fixed assets were placed in service. | |||||||||||||||||||
No portion of the existing cash flow or fair value hedges is considered to be ineffective, including any ineffectiveness arising from the unlikelihood of an anticipated transaction to occur. Additionally, no amounts have been excluded from assessing the effectiveness of a hedge. | |||||||||||||||||||
At December 31, 2014, the Corporation has purchase commitments covering 32% or $2,691 of anticipated natural gas usage through 2017 for one of its subsidiaries. The commitments qualify as normal purchases and, accordingly, are not reflected on the consolidated balance sheet. Purchases of natural gas under previously existing commitments approximated $2,190, $2,694 and $4,314 for 2014, 2013 and 2012, respectively. | |||||||||||||||||||
The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. | |||||||||||||||||||
The following summarizes location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets as of December 31: | |||||||||||||||||||
Location | 2014 | 2013 | |||||||||||||||||
Cash flow hedge contracts | Other current liabilities | $ | 6 | $ | 0 | ||||||||||||||
Fair value hedge contracts | Other current assets | 217 | 426 | ||||||||||||||||
Other noncurrent assets | 15 | 17 | |||||||||||||||||
Other current liabilities | 399 | 0 | |||||||||||||||||
Other noncurrent liabilities | 5 | 0 | |||||||||||||||||
Fair value hedged item | Accounts receivable | 69 | (36 | ) | |||||||||||||||
Other current assets | 327 | 0 | |||||||||||||||||
Other noncurrent assets | 4 | 0 | |||||||||||||||||
Other current liabilities | 218 | 488 | |||||||||||||||||
Other noncurrent liabilities | 35 | 40 | |||||||||||||||||
The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. Amounts recognized as and reclassified from accumulated other comprehensive loss are recorded as a component of other comprehensive income (loss) and are summarized below. All amounts are after-tax. | |||||||||||||||||||
For the Year Ended December 31, 2014 | Comprehensive | Plus | Less | Comprehensive | |||||||||||||||
Income (Loss) | Recognized as | Gain (Loss) | Income (Loss) | ||||||||||||||||
Beginning of | Comprehensive | Reclassified from | End of | ||||||||||||||||
the Year | Income (Loss) | Accumulated Other | the Year | ||||||||||||||||
Comprehensive | |||||||||||||||||||
Loss | |||||||||||||||||||
Foreign currency sales contracts—cash flow hedges | $ | 0 | $ | (21 | ) | $ | (21 | ) | $ | 0 | |||||||||
Foreign currency purchase contracts | 275 | 0 | 17 | 258 | |||||||||||||||
Future contracts – copper and aluminum | 38 | (302 | ) | (91 | ) | (173 | ) | ||||||||||||
$ | 313 | $ | (323 | ) | $ | (95 | ) | $ | 85 | ||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||
Foreign currency sales contracts—cash flow hedges | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Foreign currency purchase contracts | 292 | 0 | 17 | 275 | |||||||||||||||
Future contracts – copper and aluminum | 26 | (251 | ) | (263 | ) | 38 | |||||||||||||
$ | 318 | $ | (251 | ) | $ | (246 | ) | $ | 313 | ||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||
Foreign currency sales contracts—cash flow hedges | $ | 114 | $ | 10 | $ | 124 | $ | 0 | |||||||||||
Foreign currency purchase contracts | 309 | 0 | 17 | 292 | |||||||||||||||
Future contracts – copper and aluminum | (314 | ) | 92 | (248 | ) | 26 | |||||||||||||
$ | 109 | $ | 102 | $ | (107 | ) | $ | 318 | |||||||||||
The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. | |||||||||||||||||||
Location of | Estimated to be | Year Ended December 31, | |||||||||||||||||
Gain (Loss) | Reclassified in | ||||||||||||||||||
in Statements | the Next | ||||||||||||||||||
of Operations | 12 Months | 2014 | 2013 | 2012 | |||||||||||||||
Foreign currency sales contracts—cash flow hedges | Net sales | $ | 0 | $ | (33 | ) | $ | 0 | $ | 197 | |||||||||
Foreign currency purchase contracts | Depreciation | 27 | 27 | 27 | 27 | ||||||||||||||
Futures contracts – copper and aluminum | Costs of products sold (excluding depreciation) | (290 | ) | (146 | ) | (419 | ) | (398 | ) | ||||||||||
(Losses) gains on foreign exchange transactions included in other income (expense) approximated $(488), $(227) and $107 for 2014, 2013 and 2012, respectively. |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value | NOTE 12 – FAIR VALUE: | ||||||||||||||||
The following summarizes financial assets and liabilities reported at fair value on a recurring basis in the accompanying consolidated balance sheets at December 31: | |||||||||||||||||
2014 | Quoted Prices | Significant | Significant | Total | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Inputs | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Investments | |||||||||||||||||
Other noncurrent assets | $ | 4,280 | $ | 0 | $ | 0 | $ | 4,280 | |||||||||
Foreign currency exchange contracts | |||||||||||||||||
Other current assets | 0 | 544 | 0 | 544 | |||||||||||||
Other noncurrent assets | 0 | 19 | 0 | 19 | |||||||||||||
Other current liabilities | 0 | 623 | 0 | 623 | |||||||||||||
Other noncurrent liabilities | 0 | 40 | 0 | 40 | |||||||||||||
2013 | |||||||||||||||||
Investments | |||||||||||||||||
Other noncurrent assets | $ | 4,092 | $ | 0 | $ | 0 | $ | 4,092 | |||||||||
Foreign currency exchange contracts | |||||||||||||||||
Other current assets | 0 | 426 | 0 | 426 | |||||||||||||
Other noncurrent assets | 0 | 17 | 0 | 17 | |||||||||||||
Other current liabilities | 0 | 488 | 0 | 488 | |||||||||||||
Other noncurrent liabilities | 0 | 40 | 0 | 40 | |||||||||||||
The investments held as other noncurrent assets represent assets held in the “Rabbi” trust for the purpose of providing benefits under the non-qualified defined benefit pension plan. The fair value of the investments is based on quoted prices of the investments in active markets. The fair value of foreign currency exchange contracts is determined based on the fair value of similar contracts with similar terms and remaining maturities. The fair value of futures contracts is based on market quotations. The fair value of the variable-rate IRB debt approximates its carrying value. Additionally, the fair value of trade receivables and trade payables approximates their carrying value. | |||||||||||||||||
During 2013, the Corporation recorded an impairment charge of $6,407 to reduce the carrying amount of its investment in a forged roll joint venture company to its estimated fair value. The investment was measured at fair value on a nonrecurring basis and is considered a Level 3 measurement due to significant inputs that are unobservable. The Corporation considered all relevant valuation approaches including the market, income and asset approaches and selected the asset approach as the most appropriate measure of fair value. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | NOTE 13 – INCOME TAXES: | ||||||||||||
(Loss) income before income taxes and equity losses in Chinese joint venture is comprised of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | (1,182 | ) | $ | 25,269 | $ | 14,754 | ||||||
Foreign | 290 | 1,911 | 413 | ||||||||||
$ | (892 | ) | $ | 27,180 | $ | 15,167 | |||||||
At December 31, 2014, the Corporation has state net operating loss carryforwards of $20,392, which begin to expire in 2018, foreign net operating loss carryforwards of $18 which begin to expire in 2026 and capital loss carryforwards of $940 which do not expire. | |||||||||||||
The income tax provision consisted of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 3,458 | $ | 5,535 | $ | 2,550 | |||||||
State | 210 | 139 | 184 | ||||||||||
Foreign | 122 | 28 | (61 | ) | |||||||||
3,790 | 5,702 | 2,673 | |||||||||||
Deferred: | |||||||||||||
Federal | (4,678 | ) | (488 | ) | 2,142 | ||||||||
State | 54 | 133 | 360 | ||||||||||
Foreign | 101 | 622 | 175 | ||||||||||
Reversal of valuation allowance | (33 | ) | (156 | ) | (132 | ) | |||||||
(4,556 | ) | 111 | 2,545 | ||||||||||
$ | (766 | ) | $ | 5,813 | $ | 5,218 | |||||||
The income tax provision was affected by the reversal of valuation allowances previously provided against deferred income tax assets associated with state net operating loss carryforwards for each of the years. | |||||||||||||
The difference between statutory U.S. federal income tax and the Corporation’s effective income tax was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Computed at statutory rate | $ | (312 | ) | $ | 9,513 | $ | 5,309 | ||||||
Tax differential on non-U.S. earnings | 128 | (340 | ) | (119 | ) | ||||||||
State income taxes | (227 | ) | 741 | 619 | |||||||||
Manufacturers deduction (I.R.C. Section 199) | (359 | ) | (566 | ) | (257 | ) | |||||||
Meals and entertainment | 224 | 205 | 198 | ||||||||||
Tax credits | (12 | ) | (145 | ) | (64 | ) | |||||||
Chinese joint venture | (371 | ) | (3,125 | ) | (558 | ) | |||||||
Reversal of valuation allowance | (33 | ) | (156 | ) | (132 | ) | |||||||
Change in tax rates | 301 | (472 | ) | (143 | ) | ||||||||
Change in uncertain tax positions | (80 | ) | (172 | ) | 87 | ||||||||
Other – net | (25 | ) | 330 | 278 | |||||||||
$ | (766 | ) | $ | 5,813 | $ | 5,218 | |||||||
Deferred income tax assets and liabilities as of December 31, 2014 and 2013 are summarized below. The current portion of net deferred income tax assets is included in other current assets in the consolidated balance sheets. Unremitted earnings of the Corporation’s non-U.S. subsidiaries and affiliates are deemed to be permanently reinvested and, accordingly, no deferred income tax liability has been recorded. It is not practical to estimate the income tax effect that might be incurred if cumulative prior year earnings not previously taxed in the United States were remitted to the United States. | |||||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Employment – related liabilities | $ | 10,726 | $ | 11,946 | |||||||||
Pension liability – foreign | 4,041 | 2,434 | |||||||||||
Pension liability – domestic | 15,849 | 5,137 | |||||||||||
Liabilities related to discontinued operations | 733 | 959 | |||||||||||
Capital loss carryforwards | 253 | 273 | |||||||||||
Asbestos-related liability | 18,252 | 18,172 | |||||||||||
Net operating loss – state | 2,029 | 1,654 | |||||||||||
Inventory related | 3,458 | 2,644 | |||||||||||
Impairment charge associated with investment in UES-MG | 2,344 | 2,316 | |||||||||||
Other | 3,546 | 3,939 | |||||||||||
Gross deferred income tax assets | 61,231 | 49,474 | |||||||||||
Valuation allowance | (3,254 | ) | (2,639 | ) | |||||||||
57,977 | 46,835 | ||||||||||||
Liabilities: | |||||||||||||
Depreciation | (30,429 | ) | (31,918 | ) | |||||||||
Mark-to-market adjustment – derivatives | (23 | ) | (73 | ) | |||||||||
Other | (1,993 | ) | (2,495 | ) | |||||||||
Gross deferred income tax liabilities | (32,445 | ) | (34,486 | ) | |||||||||
Net deferred income tax assets | $ | 25,532 | $ | 12,349 | |||||||||
The following summarizes changes in unrecognized tax benefits for the year ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at the beginning of the year | $ | 270 | $ | 442 | $ | 311 | |||||||
Gross increases for tax positions taken in the current year | 0 | 8 | 233 | ||||||||||
Gross increases for tax positions taken in prior years | 2 | 12 | 18 | ||||||||||
Gross decreases in tax positions due to lapse in statute of limitations | (61 | ) | 0 | (120 | ) | ||||||||
Gross decreases for tax positions taken in prior years | (17 | ) | (192 | ) | 0 | ||||||||
Gross decreases for tax settlements with taxing authorities | (142 | ) | 0 | 0 | |||||||||
Balance at the end of the year | $ | 52 | $ | 270 | $ | 442 | |||||||
If the unrecognized tax benefits were recognized, $34 would reduce the Corporation’s effective income tax rate. The amount of penalties and interest recognized in the consolidated balance sheets as of December 31, 2014 and 2013 and in the consolidated statements of operations for 2014, 2013 and 2012 is insignificant. Unrecognized tax benefits of $22 are to expire due to the lapse in the statute of limitations within the next 12 months. | |||||||||||||
The Corporation is subject to taxation in the United States, various states and foreign jurisdictions, and remains subject to examination by tax authorities for tax years 2011-2014. The combined Indiana income tax returns for 2010-2013 are under examination by the Indiana Department of Revenue which started during the first quarter of 2015. |
Operating_Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2014 | |
Leases [Abstract] | |
Operating Leases | NOTE 14 – OPERATING LEASES: |
The Corporation leases certain factory and office space and certain office equipment. Operating lease expense was $995 in 2014, $945 in 2013 and $1,013 in 2012. Operating lease payments for subsequent years are $823 for 2015, $287 for 2016, $184 for 2017, $83 for 2018, $23 for 2019 and $0 thereafter. |
Research_and_Development_Costs
Research and Development Costs | 12 Months Ended |
Dec. 31, 2014 | |
Research and Development [Abstract] | |
Research and Development Costs | NOTE 15 – RESEARCH AND DEVELOPMENT COSTS: |
Expenditures relating to the development of new products, identification of products or process alternatives and modifications and improvements to existing products and processes are expensed as incurred. These expenses approximated $1,328 for 2014, $1,413 for 2013 and $1,476 for 2012. |
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 16 – RELATED PARTIES: |
In the ordinary course of business, the Corporation purchases industrial supplies from a subsidiary of The Louis Berkman Company (“LB Co”). Certain directors of the Corporation are either officers, directors and/or shareholders of LB Co. Purchases from LB Co approximated $1,358 in 2014, $1,489 in 2013 and $1,538 in 2012. In addition, LB Co paid the Corporation approximately $100 in 2014, $150 in 2013 and $253 in 2012 for certain administrative services. At December 31, 2014 and 2013, the net amount payable to LB Co approximated $28 and $79, respectively. |
Litigation
Litigation | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Litigation | NOTE 17 – LITIGATION: | ||||||||
The Corporation and its subsidiaries are involved in various claims and lawsuits incidental to their businesses. In addition, it is also subject to asbestos litigation as described below. | |||||||||
Asbestos Litigation | |||||||||
Claims have been asserted alleging personal injury from exposure to asbestos-containing components historically used in some products of predecessors of the Corporation’s Air & Liquid subsidiary (“Asbestos Liability”) and of an inactive subsidiary in dissolution. During 2013, all pending claims against the inactive subsidiary in dissolution were settled, dismissed or barred and the dissolution court issued a final order thereby concluding the dissolution proceedings. Those subsidiaries, and in some cases the Corporation, are defendants (among a number of defendants, often in excess of 50) in cases filed in various state and federal courts. | |||||||||
Asbestos Claims | |||||||||
The following table reflects approximate information about the claims for Asbestos Liability against the subsidiaries and the Corporation for the two years ended December 31, 2014 and 2013 (2013 includes asbestos claims asserted against the inactive subsidiary in dissolution): | |||||||||
2014 | 2013 | ||||||||
Total claims pending at the beginning of the period | 8,319 | 8,007 | |||||||
New claims served | 1,466 | 1,432 | |||||||
Claims dismissed | (1,094 | ) | (803 | ) | |||||
Claims settled | (234 | ) | (317 | ) | |||||
Total claims pending at the end of the period (1) | 8,457 | 8,319 | |||||||
Gross settlement and defense costs (in 000’s) | $ | 20,801 | $ | 22,618 | |||||
Average gross settlement and defense costs per claim resolved (in 000’s) | $ | 15.66 | $ | 20.19 | |||||
-1 | Included as “open claims” are approximately 1,647 and 1,636 claims in 2014 and 2013, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation, commonly referred to as the MDL. | ||||||||
A substantial majority of the settlement and defense costs reflected in the above table was reported and paid by insurers. Because claims are often filed and can be settled or dismissed in large groups, the amount and timing of settlements, as well as the number of open claims, can fluctuate significantly from period to period. | |||||||||
Asbestos Insurance | |||||||||
The Corporation and its Air & Liquid subsidiary are parties to a series of settlement agreements (“Settlement Agreements”) with insurers that have coverage obligations for Asbestos Liability (the “Settling Insurers”). Under the Settlement Agreements, the Settling Insurers accept financial responsibility, subject to the terms and conditions of the respective agreements, including overall coverage limits, for pending and future claims for Asbestos Liability. The Settlement Agreements encompass the substantial majority of insurance policies that provide coverage for claims for Asbestos Liability. | |||||||||
The Settlement Agreements include acknowledgements that Howden North America, Inc. (“Howden”) is entitled to coverage under policies covering Asbestos Liability for claims arising out of the historical products manufactured or distributed by Buffalo Forge, a former subsidiary of the Corporation (the “Products”). The Settlement Agreements do not provide for any prioritization on access to the applicable policies or any sublimits of liability as to Howden or the Corporation and Air & Liquid, and, accordingly, Howden may access the coverage afforded by the Settling Insurers for any covered claim arising out of a Product. In general, access by Howden to the coverage afforded by the Settling Insurers for the Products will erode coverage under the Settlement Agreements available to the Corporation and Air & Liquid for Asbestos Liability. | |||||||||
On February 24, 2011, the Corporation and Air & Liquid filed a lawsuit in the United States District Court for the Western District of Pennsylvania against thirteen domestic insurance companies, certain underwriters at Lloyd’s, London and certain London market insurance companies, and Howden. The lawsuit seeks a declaratory judgment regarding the respective rights and obligations of the parties under excess insurance policies that were issued to the Corporation from 1981 through 1984 as respects claims against the Corporation and its subsidiary for Asbestos Liability and as respects asbestos bodily-injury claims against Howden arising from the Products. The Corporation and Air & Liquid have reached Settlement Agreements with all but two of the defendant insurers in the coverage action. Those Settlement Agreements specify the terms and conditions upon which the insurer parties are to contribute to defense and indemnity costs for claims for Asbestos Liability. One of the Settlement Agreements entered into by the Corporation and Air & Liquid also provided for the dismissal of claims, without prejudice, regarding two upper-level excess policies issued by one of the insurers. The Court has entered Orders dismissing all claims in the action filed against each other by the Corporation and Air & Liquid, on the one hand, and by the settling insurers, on the other. Howden also reached an agreement with eight domestic insurers addressing asbestos-related bodily injury claims arising from the Products, and claims as to those insurers and Howden have been dismissed. Various counterclaims, cross claims and third party claims have been filed in the litigation and remain pending although only two domestic insurers and Howden remain in the litigation as to the Corporation and Air & Liquid. On September 27, 2013, the Court issued a memorandum opinion and order granting in part and denying in part cross motions for summary judgment filed by the Corporation and Air & Liquid, Howden, and the insurer parties still in the litigation. The September 27, 2013 ruling is not a final ruling for appellate purposes, but when final it could be appealed by the parties to the litigation. At a hearing on January 13, 2015, the Court ruled that final judgment in accordance with the Court’s prior rulings will be entered in the case. Upon entry of final judgment, the Corporation, Air & Liquid, certain insurers, and Howden may appeal to the United States Court of Appeals for the Third Circuit. | |||||||||
Asbestos Valuations | |||||||||
In 2006, the Corporation retained Hamilton, Rabinovitz & Associates, Inc. (“HR&A”), a nationally recognized expert in the valuation of asbestos liabilities, to assist the Corporation in estimating the potential liability for pending and unasserted future claims for Asbestos Liability. HR&A was not requested to estimate asbestos claims against the inactive subsidiary in dissolution, which the Corporation believes are immaterial. Based on this analysis, the Corporation recorded a reserve for Asbestos Liability claims pending or projected to be asserted through 2013 as of December 31, 2006. HR&A’s analysis has been periodically updated since that time. Most recently, the HR&A analysis was updated in 2014, and additional reserves were established by the Corporation as of December 31, 2014 for Asbestos Liability claims pending or projected to be asserted through 2024. The methodology used by HR&A in its projection in 2014 of the operating subsidiaries’ liability for pending and unasserted potential future claims for Asbestos Liability, which is substantially the same as the methodology employed by HR&A in prior estimates, relied upon and included the following factors: | |||||||||
¡ | HR&A’s interpretation of a widely accepted forecast of the population likely to have been exposed to asbestos; | ||||||||
¡ | epidemiological studies estimating the number of people likely to develop asbestos-related diseases; | ||||||||
¡ | HR&A’s analysis of the number of people likely to file an asbestos-related injury claim against the subsidiaries and the Corporation based on such epidemiological data and relevant claims history from January 1, 2012 to December 8, 2014; | ||||||||
¡ | an analysis of pending cases, by type of injury claimed and jurisdiction where the claim is filed; | ||||||||
¡ | an analysis of claims resolution history from January 1, 2012 to December 8, 2014 to determine the average settlement value of claims, by type of injury claimed and jurisdiction of filing; and | ||||||||
¡ | an adjustment for inflation in the future average settlement value of claims, at an annual inflation rate based on the Congressional Budget Office’s ten year forecast of inflation. | ||||||||
Using this information, HR&A estimated in 2014 the number of future claims for Asbestos Liability that would be filed through the year 2024, as well as the settlement or indemnity costs that would be incurred to resolve both pending and future unasserted claims through 2024. This methodology has been accepted by numerous courts. | |||||||||
In conjunction with developing the aggregate liability estimate referenced above, the Corporation also developed an estimate of probable insurance recoveries for its Asbestos Liabilities. In developing the estimate, the Corporation considered HR&A’s projection for settlement or indemnity costs for Asbestos Liability and management’s projection of associated defense costs (based on the current defense to indemnity cost ratio), as well as a number of additional factors. These additional factors included the Settlement Agreements then in effect, policy exclusions, policy limits, policy provisions regarding coverage for defense costs, attachment points, prior impairment of policies and gaps in the coverage, policy exhaustions, insolvencies among certain of the insurance carriers, and the nature of the underlying claims for Asbestos Liability asserted against the subsidiaries and the Corporation as reflected in the Corporation’s asbestos claims database, as well as estimated erosion of insurance limits on account of claims against Howden arising out of the Products. In addition to consulting with the Corporation’s outside legal counsel on these insurance matters, the Corporation consulted with a nationally-recognized insurance consulting firm it retained to assist the Corporation with certain policy allocation matters that also are among the several factors considered by the Corporation when analyzing potential recoveries from relevant historical insurance for Asbestos Liabilities. Based upon all of the factors considered by the Corporation, and taking into account the Corporation’s analysis of publicly available information regarding the credit-worthiness of various insurers, the Corporation estimated the probable insurance recoveries for Asbestos Liability and defense costs through 2024. Although the Corporation believes that the assumptions employed in the insurance valuation were reasonable and previously consulted with its outside legal counsel and insurance consultant regarding those assumptions, there are other assumptions that could have been employed that would have resulted in materially lower insurance recovery projections. | |||||||||
Based on the analyses described above, the Corporation’s reserve at December 31, 2014 for the total costs, including defense costs, for Asbestos Liability claims pending or projected to be asserted through 2024 was $189,048 of which approximately 64% was attributable to settlement costs for unasserted claims projected to be filed through 2024 and future defense costs. While it is reasonably possible that the Corporation will incur additional charges for Asbestos Liability and defense costs in excess of the amounts currently reserved, the Corporation believes that there is too much uncertainty to provide for reasonable estimation of the number of future claims, the nature of such claims and the cost to resolve them beyond 2024. Accordingly, no reserve has been recorded for any costs that may be incurred after 2024. | |||||||||
The Corporation’s receivable at December 31, 2014 for insurance recoveries attributable to the claims for which the Corporation’s Asbestos Liability reserve has been established, including the portion of incurred defense costs covered by the Settlement Agreements in effect through December 31, 2014, and the probable payments and reimbursements relating to the estimated indemnity and defense costs for pending and unasserted future Asbestos Liability claims, was $140,651 | |||||||||
The following table summarizes activity relating to insurance recoveries for each of the years ended December 31, 2014 and 2013. | |||||||||
2014 | 2013 | ||||||||
Insurance receivable – asbestos, beginning of the year | $ | 110,741 | $ | 118,115 | |||||
Settlement and defense costs paid by insurance carriers | (17,159 | ) | (23,714 | ) | |||||
Changes in estimated coverage | 47,069 | 16,340 | |||||||
Insurance receivable – asbestos, end of the year | $ | 140,651 | $ | 110,741 | |||||
The insurance receivable recorded by the Corporation does not assume any recovery from insolvent carriers and a substantial majority of the insurance recoveries deemed probable was from insurance companies rated A – (excellent) or better by A.M. Best Corporation. There can be no assurance, however, that there will not be further insolvencies among the relevant insurance carriers, or that the assumed percentage recoveries for certain carriers will prove correct. The difference between insurance recoveries and projected costs is not due to exhaustion of all insurance coverage for Asbestos Liability. The Corporation and the subsidiaries have substantial additional insurance coverage which the Corporation expects to be available for Asbestos Liability claims and defense costs that the subsidiaries and it may incur after 2024. However, this insurance coverage also can be expected to have gaps creating significant shortfalls of insurance recoveries as against claims expense, which could be material in future years. | |||||||||
The amounts recorded by the Corporation for Asbestos Liabilities and insurance receivables rely on assumptions that are based on currently known facts and strategy. The Corporation’s actual expenses or insurance recoveries could be significantly higher or lower than those recorded if assumptions used in the Corporation’s or HR&A’s calculations vary significantly from actual results. Key variables in these assumptions are identified above and include the number and type of new claims to be filed each year, the average cost of disposing of each such new claim, average annual defense costs, compliance by relevant parties with the terms of the Settlement Agreements, the resolution of remaining coverage issues with insurance carriers, and the solvency risk with respect to the relevant insurance carriers. Other factors that may affect the Corporation’s Asbestos Liability and ability to recover under its insurance policies include uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, reforms that may be made by state and federal courts, and the passage of state or federal tort reform legislation. | |||||||||
The Corporation intends to evaluate its estimated Asbestos Liability and related insurance receivables as well as the underlying assumptions on a regular basis to determine whether any adjustments to the estimates are required. Due to the uncertainties surrounding asbestos litigation and insurance, these regular reviews may result in the Corporation incurring future charges; however, the Corporation is currently unable to estimate such future charges. Adjustments, if any, to the Corporation’s estimate of its recorded Asbestos Liability and/or insurance receivables could be material to operating results for the periods in which the adjustments to the liability or receivable are recorded, and to the Corporation’s liquidity and consolidated financial position. |
Environmental_Matters
Environmental Matters | 12 Months Ended |
Dec. 31, 2014 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | NOTE 18 – ENVIRONMENTAL MATTERS: |
The Corporation is currently performing certain remedial actions in connection with the sale of real estate previously owned. Environmental exposures are difficult to assess and estimate for numerous reasons including lack of reliable data, the multiplicity of possible solutions, the years of remedial and monitoring activity required, and identification of new sites. In the opinion of management and in consideration of advice from the Corporation’s consultants, the potential liability for all environmental proceedings of approximately $325 at December 31, 2014 is considered adequate based on information known to date. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||
Business Segments | NOTE 19 – BUSINESS SEGMENTS: | ||||||||||||||||||||||||||||||||||||
The Corporation organizes its business into two operating segments—Forged and Cast Engineered Products and Air and Liquid Processing. Summarized financial information concerning the Corporation’s reportable segments is shown in the following tables. Corporate assets included under Identifiable Assets represent primarily cash and cash equivalents and other items not allocated to reportable segments. Long-lived assets exclude deferred income tax assets. Corporate costs are comprised of operating costs of the corporate office and other costs not allocated to the segments. | |||||||||||||||||||||||||||||||||||||
The accounting policies are the same as those described in Note 1. | |||||||||||||||||||||||||||||||||||||
Net Sales | (Loss) Income Before Income | ||||||||||||||||||||||||||||||||||||
Taxes and Equity Losses in | |||||||||||||||||||||||||||||||||||||
Chinese Joint Venture | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Forged and Cast Engineered Products | $ | 179,388 | $ | 187,286 | $ | 189,470 | $ | 4,380 | $ | 13,936 | $ | 18,415 | |||||||||||||||||||||||||
Air and Liquid Processing(1) | 93,470 | 93,764 | 103,435 | 4,222 | 24,945 | 7,267 | |||||||||||||||||||||||||||||||
Total Reportable Segments | 272,858 | 281,050 | 292,905 | 8,602 | 38,881 | 25,682 | |||||||||||||||||||||||||||||||
Corporate costs, including other income (expense) | (9,494 | ) | (11,701 | ) | (10,515 | ) | |||||||||||||||||||||||||||||||
$ | 272,858 | $ | 281,050 | $ | 292,905 | $ | (892 | ) | $ | 27,180 | $ | 15,167 | |||||||||||||||||||||||||
Capital Expenditures | Depreciation Expense | Identifiable Assets(2) | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Forged and Cast Engineered Products | $ | 12,884 | $ | 11,016 | $ | 8,867 | $ | 10,303 | $ | 9,976 | $ | 9,282 | $ | 260,384 | $ | 263,012 | $ | 268,489 | |||||||||||||||||||
Air and Liquid Processing | 356 | 757 | 798 | 1,444 | 1,300 | 1,311 | 197,518 | 168,977 | 186,340 | ||||||||||||||||||||||||||||
Corporate | 69 | 32 | 3 | 71 | 66 | 68 | 78,507 | 70,684 | 78,350 | ||||||||||||||||||||||||||||
$ | 13,309 | $ | 11,805 | $ | 9,668 | $ | 11,818 | $ | 11,342 | $ | 10,661 | $ | 536,409 | $ | 502,673 | $ | 533,179 | ||||||||||||||||||||
Net Sales(3) | Long-Lived Assets(4) | (Loss) Income Before Income | |||||||||||||||||||||||||||||||||||
Taxes and Equity Losses in | |||||||||||||||||||||||||||||||||||||
Chinese Joint Venture | |||||||||||||||||||||||||||||||||||||
Geographic Areas: | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
United States(1) | $ | 143,493 | $ | 134,695 | $ | 143,579 | $ | 252,739 | $ | 213,332 | $ | 228,177 | $ | (1,471 | ) | $ | 26,137 | $ | 14,707 | ||||||||||||||||||
Foreign | 129,365 | 146,355 | 149,326 | 31,359 | 35,723 | 41,620 | 579 | 1,043 | 460 | ||||||||||||||||||||||||||||
$ | 272,858 | $ | 281,050 | $ | 292,905 | $ | 284,098 | $ | 249,055 | $ | 269,797 | $ | (892 | ) | $ | 27,180 | $ | 15,167 | |||||||||||||||||||
Net Sales by Product Line | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Forged and cast engineered products(5) | $ | 179,388 | $ | 187,286 | $ | 189,470 | |||||||||||||||||||||||||||||||
Heat exchange coils | 39,109 | 42,364 | 44,477 | ||||||||||||||||||||||||||||||||||
Centrifugal pumps | 32,983 | 32,341 | 30,551 | ||||||||||||||||||||||||||||||||||
Air handling systems | 21,378 | 19,059 | 28,407 | ||||||||||||||||||||||||||||||||||
$ | 272,858 | $ | 281,050 | $ | 292,905 | ||||||||||||||||||||||||||||||||
-1 | (Loss) income before income taxes and equity losses in Chinese joint venture for 2014 includes a pre-tax charge of $4,487 for estimated costs of asbestos-related litigation through 2024 net of estimated insurance recoveries whereas 2013 includes a pre-tax credit of $16,340 for estimated additional insurance recoveries expected to be available to satisfy asbestos liabilities through 2022 resulting from settlement agreements reached with various insurance carriers and 2012 includes a pre-tax credit of $540 for estimated costs of asbestos-related litigation through 2022 net of estimated insurance recoveries. See Note 17. | ||||||||||||||||||||||||||||||||||||
-2 | Identifiable assets for the Forged and Cast Engineered Products segment include investments in joint ventures of $3,914, $5,010 and $13,319 at December 31, 2014, 2013 and 2012, respectively. The change in the identifiable assets of the Air and Liquid Processing segment relates primarily to the movement in asbestos-related insurance receivables, the balances of which equaled $140,651, $110,741 and $118,115 at December 31, 2014, 2013 and 2012, respectively. See Note 17. | ||||||||||||||||||||||||||||||||||||
-3 | Net sales are attributed to countries based on location of the customer. Sales to individual countries were less than 10% of consolidated net sales each of the years. | ||||||||||||||||||||||||||||||||||||
-4 | Foreign long-lived assets represent primarily investments in joint ventures of $3,914, $5,010 and $13,319 at December 31, 2014, 2013 and 2012, respectively, and assets of the U.K. operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $123,651, $86,241 and, $99,715 for 2014, 2013 and, 2012, respectively. | ||||||||||||||||||||||||||||||||||||
-5 | For the Forged and Cast Engineered Products segment, two customers accounted for 29% of its net sales for 2014, 26% of its net sales for 2013 and, 23% of its net sales for 2012. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 20 – SUBSEQUENT EVENT: |
On March 12, 2015, the Executive Committee of the Board of Directors elected to freeze the U.S. Pension Benefits Plan for current and future salary and non-union hourly participants effective July 1, 2015 and replace the U.S. Pension Benefits Plan with a defined contribution plan which will include employer contributions. The Corporation is currently evaluating the financial statement effects of this modification. |
Quarterly_Information_Unaudite
Quarterly Information - Unaudited | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Information - Unaudited | QUARTERLY INFORMATION – UNAUDITED | ||||||||||||||||
(in thousands, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
2014 | |||||||||||||||||
Net sales | $ 62,913 | $ 69,949 | $ 65,409 | $ 74,587 | |||||||||||||
Gross profit(a) | 12,850 | 14,541 | 12,165 | 14,705 | |||||||||||||
Net income (loss)(b) | 78 | 1,121 | (343 | ) | (2,043 | ) | |||||||||||
Net income (loss) per common share: | |||||||||||||||||
Basic(b) | 0.01 | 0.11 | (0.03 | ) | (0.20 | ) | |||||||||||
Diluted(b) | 0.01 | 0.11 | (0.03 | ) | (0.20 | ) | |||||||||||
Comprehensive income (loss) (c) | 1,298 | 7,992 | (2,701 | ) | (30,664 | ) | |||||||||||
2013 | |||||||||||||||||
Net sales | $ 69,624 | $ 69,938 | $ 64,433 | $ 77,055 | |||||||||||||
Gross profit(a) | 14,534 | 14,628 | 16,256 | 18,290 | |||||||||||||
Net income (loss)(d) | 126 | 1,106 | 12,705 | (1,500 | ) | ||||||||||||
Net income (loss) per common share: | |||||||||||||||||
Basic(d) | 0.01 | 0.11 | 1.23 | (0.14 | ) | ||||||||||||
Diluted(d) | 0.01 | 0.11 | 1.22 | (0.14 | ) | ||||||||||||
Comprehensive income (loss) (c) | (1,326 | ) | 2,387 | 17,478 | 30,408 | ||||||||||||
(a) | Gross profit excludes depreciation. | ||||||||||||||||
(b) | Fourth quarter includes an after-tax charge of $2,916 or $0.28 per common share for estimated costs of asbestos-related litigation through 2024 net of estimated insurance recoveries. | ||||||||||||||||
(c) | Second quarter of 2014 includes a net-of-tax adjustment to recognize the effect of a plan amendment to the other postretirement benefit plan of $4,776. Fourth quarter includes a net-of-tax adjustment to reflect the funded status of the various pension and other postretirement benefit plans of $(27,252) and $29,080 for 2014 and 2013, respectively. | ||||||||||||||||
(d) | Third quarter includes an after-tax credit of $10,621 or $1.03 per common share for estimated additional insurance recoveries expected to be available to satisfy asbestos liabilities through 2022 resulting from settlement agreements reached with various insurance carriers. Fourth quarter includes an after-tax charge of $4,165 or $0.40 per common share to recognize an other-than-temporary impairment of the Corporation’s investment in a forged roll joint venture company. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||
Valuation and Qualifying Accounts | SCHEDULE II | ||||||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||||||
For the Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions | Other(3) | Balance at | |||||||||||||||||||
Beginning of | Costs and | Other | End of | ||||||||||||||||||||||
Period | Expenses | Accounts(1) | Period | ||||||||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 551 | $ | 1,381 | $ | 0 | $ | (531 | ) | $ | (27 | ) | $ | 1,374 | |||||||||||
Valuation allowance against gross deferred income tax assets | $ | 2,639 | $ | 0 | $ | 721 | $ | (33 | )(2) | $ | (73 | ) | $ | 3,254 | |||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 519 | $ | 33 | $ | 0 | $ | (3 | ) | $ | 2 | $ | 551 | ||||||||||||
Valuation allowance against gross deferred income tax assets | $ | 2,887 | $ | 0 | $ | 35 | $ | (156 | )(2) | $ | (127 | ) | $ | 2,639 | |||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 141 | $ | 379 | $ | 0 | $ | (4 | ) | $ | 3 | $ | 519 | ||||||||||||
Valuation allowance against gross deferred income tax assets | $ | 3,042 | $ | 0 | $ | 11 | $ | (132 | )(2) | $ | (34 | ) | $ | 2,887 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation |
All subsidiaries are wholly owned and are included in the consolidated financial statements of the Corporation. Intercompany accounts and transactions are eliminated. Investments in joint ventures whereby the Corporation owns 20% to 50% of the voting stock and has the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the equity method of accounting. Investments in joint ventures whereby the Corporation does not have the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the cost method of accounting. Investments in joint ventures are reviewed for impairment whenever events or circumstances indicate the carrying amount of the investment may not be recoverable. If the estimated fair value of the investment is less than the carrying amount and such decline is determined to be “other than temporary,” then the investment may not be fully recoverable potentially resulting in a write-down of the investment value. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Securities with purchased original maturities of three months or less are considered to be cash equivalents. The Corporation maintains cash and cash equivalents at various financial institutions which may exceed federally insured amounts. | |
Inventories | Inventories |
Inventories are valued at the lower of cost or market. Cost includes the cost of raw materials, direct labor and overhead for those items manufactured but not yet sold or for which title has not yet transferred. Fixed production overhead is allocated to inventories based on normal capacity of the production facilities. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost. The amount of fixed overhead allocated to inventories is not increased as a consequence of abnormally low production or idle plant. Costs for abnormal amounts of spoilage, handling costs and freight costs are charged to expense when incurred. Cost of domestic raw materials, work-in-process and finished goods inventories is primarily determined by the last-in, first-out (LIFO) method. Cost of domestic supplies and foreign inventories is determined primarily by the first-in, first-out (FIFO) method. | |
Property, Plant and Equipment | Property, Plant and Equipment |
Property, plant and equipment are recorded at cost with depreciation computed using the straight-line method over the following estimated useful lives: land improvements – 15 to 20 years, buildings – 25 to 50 years and machinery and equipment – 3 to 25 years. Expenditures that extend economic useful lives are capitalized. Routine maintenance is charged to expense. Gains or losses are recognized on retirements or disposals. Property, plant and equipment are reviewed for impairment whenever events or circumstances indicate the carrying amount of the asset may not be recoverable. If the undiscounted cash flows generated from the use and eventual disposition of the assets are less than their carrying value, then the asset value may not be fully recoverable potentially resulting in a write-down of the asset value. Estimates of future cash flows are based on expected market conditions over the remaining useful life of the primary asset(s). Proceeds from government grants are recorded as a reduction in the purchase price of the underlying assets and amortized against depreciation over the lives of the related assets. | |
Product Warranty | Product Warranty |
Provisions for product warranties are recognized at the time the underlying sale is recorded. The provision is based on historical experience as a percentage of sales adjusted for potential claims when a liability is probable and for known claims. | |
Employee Benefit Plans | Employee Benefit Plans |
Funded Status | |
If the fair value of the plan assets exceeds the projected benefit obligation, the over-funded projected benefit obligation is recognized as an asset (prepaid pensions) on the consolidated balance sheet. Conversely, if the projected benefit obligation exceeds the fair value of the plan assets, the under-funded projected benefit obligation is recognized as a liability (employee benefit obligations) on the consolidated balance sheet. Gains and losses arising from the difference between actuarial assumptions and actual experience and unamortized prior service costs are recorded as a separate component of accumulated other comprehensive loss and presented net of income tax. | |
Net Periodic Pension and Other Postretirement Costs | |
Net periodic pension and other postretirement costs includes service cost, interest cost, expected rate of return on the market-related value of plan assets, amortization of prior service costs and recognized actuarial gains or losses. When actuarial gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement costs over the average remaining service period of employees expected to receive benefits under the plan. When the actuarial gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. The market-related value of plan assets is determined using a five-year moving average which recognizes 20% of unrealized gains and losses each year. | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) |
Other comprehensive income (loss) includes changes in assets and liabilities from non-owner sources including foreign currency translation adjustments, unamortized prior service costs and unrecognized actuarial gains and losses associated with employee benefit plans, unrealized holding gains and losses on securities designated as available for sale and changes in the fair value of derivatives designated and effective as cash flow hedges. Certain components of other comprehensive income (loss) are presented net of income tax. Foreign currency translation adjustments exclude the effect of income tax since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. | |
Reclassification adjustments are amounts which are realized during the year and, accordingly, are deducted from other comprehensive income (loss) in the period in which they are included in net income (loss) or when a transaction no longer qualifies as a cash flow hedge. Foreign currency translation adjustments are included in net income (loss) upon sale or upon complete or substantially complete liquidation of an investment in a foreign entity. Unamortized prior service costs and unrecognized actuarial gains and losses associated with employee benefit plans are included in net income (loss) either over the average remaining service period of employees expected to receive benefits under the plans or indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. Unrealized holding gains and losses on securities are included in net income (loss) when the underlying security is sold. Changes in the fair value of derivatives are included in net income (loss) when the projected sale occurs or, if a foreign currency purchase contract, over the estimated useful life of the underlying asset. | |
Revenue Recognition | Revenue Recognition |
Revenue from sales is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Persuasive evidence of an arrangement identifies the final understanding between the parties as to the specific nature and terms of the agreed-upon transaction that creates enforceable obligations. It can be in the form of an executed purchase order from the customer, sales agreement issued by the Corporation or a similar arrangement deemed to be normal and customary business practice for that particular customer or class of customer (collectively, a sales agreement). | |
Delivery and performance is considered to have occurred when the customer has taken title and assumed the risks and rewards of ownership of the product. Typically this occurs when the product is shipped to the customer (i.e., FOB shipping point), delivered to the customer (i.e., FOB destination), or, for foreign sales, in accordance with trading guidelines known as Incoterms. Incoterms are standard trade definitions used in international contracts and are developed, maintained and promoted by the ICC Commission on Commercial Law and Practice. | |
The sales price required to be paid by the customer is fixed or determinable from the sales agreement. It is not subject to refund or adjustment except for a variable-index surcharge provision which increases or decreases, as applicable, the selling price of a rolling mill roll for corresponding changes in the published index cost of certain raw materials. The variable-index surcharge is recognized as revenue when the corresponding revenue for the inventory is recognized. Likelihood of collectability is assessed prior to acceptance of an order. There are no customer-acceptance provisions other than customer inspection and testing prior to shipment. Post-shipment obligations are insignificant. | |
Amounts billed to the customer for shipping and handling are recorded within net sales and the related costs are recorded within costs of products sold (excluding depreciation). Amounts billed for taxes assessed by various government authorities (e.g. sales tax, value-added tax, etc.) are excluded from the determination of net income and instead are recorded as a liability until remitted to the government authority. | |
Foreign Currency Translation | Foreign Currency Translation |
Assets and liabilities of the Corporation’s foreign operations are translated at year-end exchange rates and the statements of operations are translated at the average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive loss until the entity is sold or substantially liquidated. | |
Derivative Instruments | Derivative Instruments |
Derivative instruments which include forward exchange (for foreign currency sales and purchases) and futures contracts are recorded on the consolidated balance sheet as either an asset or a liability measured at their fair value. The accounting for changes in the fair value of a derivative depends on the use of the derivative. To the extent that a derivative is designated and effective as a cash flow hedge of an exposure to future changes in value, the change in the fair value of the derivative is deferred in accumulated other comprehensive loss. Any portion considered to be ineffective, including that arising from the unlikelihood of an anticipated transaction to occur, is reported as a component of earnings (other income/expense) immediately. | |
Upon occurrence of the anticipated sale, the foreign currency sales contract designated and effective as a cash flow hedge is de-designated as a fair value hedge and the change in fair value previously deferred in accumulated other comprehensive loss is reclassified to earnings (net sales) with subsequent changes in fair value recorded as a component of earnings (other income/expense). Upon occurrence of the anticipated purchase, the foreign currency purchase contract is settled and the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (depreciation expense) over the life of the underlying assets. Upon settlement of a futures contract, the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (costs of products sold, excluding depreciation) when the corresponding inventory is sold and revenue is recognized. To the extent that a derivative is designated and effective as a hedge of an exposure to changes in fair value, the change in the derivative’s fair value will be offset in the statement of operations by the change in the fair value of the item being hedged and is recorded as a component of earnings (other income/expense). Cash flows associated with the derivative instruments are recorded as a component of operating activities on the consolidated statement of cash flows. | |
The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. | |
Fair Value | Fair Value |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy of inputs is used to determine fair value measurements with three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities and are considered the most reliable evidence of fair value. Level 2 inputs are observable prices that are not quoted on active exchanges. Level 3 inputs are unobservable inputs used for measuring the fair value of assets or liabilities. | |
Stock-Based Compensation | Stock-Based Compensation |
Compensation expense is recognized for stock-based compensation awards over the requisite service period based on the estimated fair value of the award as of the date of grant calculated using the Black-Scholes option-pricing model. Fair value is affected by the Corporation’s stock price and various assumptions including assumptions about the expected term of the options, forfeitures, volatility, dividends and the risk-free interest rate. The expected life of the options is estimated by considering the historical exercise experience of the employee group and the vesting period of the awards. The expected forfeiture rate is estimated based on the historical forfeiture rate of the employee group. The expected volatility is based on the historical prices of the Corporation’s stock and dividend amounts over the expected life of the stock options. The expected dividend yield is based on a dividend amount giving consideration to the Corporation’s past pattern and future expectations of dividends over the expected life of the options. The risk-free interest rate is equal to the yield available on U.S. Treasury zero-coupon issues at the date of grant with a remaining term equal to the expected life of the options. | |
Legal Costs | Legal Costs |
Legal costs expected to be incurred in connection with loss contingencies are accrued when such costs are probable and estimable. | |
Income Taxes | Income Taxes |
Income taxes are recognized during the year in which transactions enter into the determination of financial statement income. Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences between the book carrying amount and the tax basis of assets and liabilities including net operating loss carryforwards. Unremitted earnings of the Corporation’s non-U.S. subsidiaries and affiliates are deemed to be permanently reinvested and, accordingly, no deferred income tax liability is recorded. A valuation allowance is provided against a deferred income tax asset when it is “more likely than not” the asset will not be realized. Similarly, if a determination is made that it is “more likely than not” the deferred income tax asset will be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded. Penalties and interest are recognized as a component of the income tax provision. | |
Tax benefits are recognized in the financial statements for tax positions taken or expected to be taken in a tax return when it is “more likely than not” that the tax authorities will sustain the tax position solely on the basis of the position’s technical merits. Consideration is given primarily to legislation and statutes, legislative intent, regulations, rulings and case law as well as their applicability to the facts and circumstances of the tax position when assessing the sustainability of the tax position. In the event a tax position no longer meets the “more likely than not” criteria, the tax benefit is reversed by recognizing a liability and recording a charge to earnings. Conversely, if a tax position subsequently meets the “more likely than not” criteria, a tax benefit would be recognized by reducing the liability and recording a credit to earnings. | |
Earnings Per Common Share | Earnings Per Common Share |
Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per common share is similar to basic earnings per common share except that the denominator is increased to include the dilutive effect of the net additional common shares that would have been outstanding assuming exercise of outstanding stock options, calculated using the treasury stock method. The computation of diluted earnings per share would not assume the exercise of outstanding stock options if the effect on earnings per common share would be antidilutive. Similarly, the computation of diluted earnings per share would not assume the exercise of outstanding stock options if the Corporation incurred a net loss since the effect on earnings per common share would be antidilutive. The weighted average number of common shares outstanding assuming exercise of dilutive stock options was 10,404,744 for 2014, 10,406,478 for 2013 and 10,389,678 for 2012. Weighted-average outstanding stock options excluded from the diluted earnings per common share calculation, since the effect would have been antidilutive, were 1,242,545 for 2014, 781,325 for 2013 and 671,977 for 2012. | |
Recently Implemented Accounting Pronouncements | Recently Implemented Accounting Pronouncements |
In July 2013, the Financial Accounting Standards Board (FASB) issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires, under certain circumstances, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred income tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance became effective January 1, 2014 but did not affect the balance sheet, operating results or liquidity of the Corporation. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides a common revenue standard for U.S. GAAP and IFRS. The guidance establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company’s contracts with customers. It requires companies to apply a five-step model when recognizing revenue relating to the transfer of goods or services to customers in an amount that reflects the consideration that the company expects to be entitled to receive for those goods and services. It also requires comprehensive disclosures regarding revenue recognition. The guidance becomes effective January 1, 2017. The Corporation is currently evaluating the impact that the guidance will have on its financial position, operating results and liquidity. |
Investments_in_Joint_Ventures_
Investments in Joint Ventures (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
Assets, Liabilities and Shareholders' Equity of Joint Venture | Assets, liabilities and shareholders’ equity of the joint venture as of September 30, 2014 and 2013 are summarized below. | ||||||||
2014 | 2013 | ||||||||
Assets: | |||||||||
Current assets (includes receivables from related parties of $524 and $636, respectively) | $ | 10,743 | $ | 9,431 | |||||
Noncurrent assets | 32,948 | 36,840 | |||||||
$ | 43,691 | $ | 46,271 | ||||||
Liabilities and Shareholders’ Equity: | |||||||||
Current liabilities (include liabilities to related parties of $22,039 and $19,278, respectively) | $ | 22,156 | $ | 22,498 | |||||
Shareholders’ equity | 21,535 | 23,773 | |||||||
$ | 43,691 | $ | 46,271 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventories | INVENTORIES: | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 15,076 | $ | 17,411 | |||||
Work-in-progress | 20,544 | 29,322 | |||||||
Finished goods | 8,201 | 5,894 | |||||||
Supplies | 10,892 | 11,502 | |||||||
$ | 54,713 | $ | 64,129 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: | ||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 5,209 | $ | 5,122 | |||||
Buildings | 44,610 | 44,116 | |||||||
Machinery and equipment | 259,406 | 250,936 | |||||||
Construction-in-process | 2,374 | 5,315 | |||||||
Other | 8,716 | 8,711 | |||||||
320,315 | 314,200 | ||||||||
Accumulated depreciation | (170,476 | ) | (162,912 | ) | |||||
$ | 149,839 | $ | 151,288 | ||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||
Schedule of Other Current Liabilities | OTHER CURRENT LIABILITIES: | ||||||||||||
2014 | 2013 | ||||||||||||
Customer-related liabilities | $ | 11,539 | $ | 10,610 | |||||||||
Income taxes payable | 1,717 | 1,063 | |||||||||||
Accrued sales commissions | 1,623 | 1,648 | |||||||||||
Other | 7,329 | 8,399 | |||||||||||
$ | 22,208 | $ | 21,720 | ||||||||||
Schedule of Changes in Liability for Product Warranty Claims | The following summarizes changes in the liability for product warranty claims for the year ended December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at the beginning of the year | $ | 6,899 | $ | 6,625 | $ | 5,498 | |||||||
Satisfaction of warranty claims | (2,335 | ) | (1,908 | ) | (2,411 | ) | |||||||
Provision for warranty claims | 2,300 | 2,112 | 3,399 | ||||||||||
Other, primarily impact from changes in foreign currency exchange rates | (192 | ) | 70 | 139 | |||||||||
Balance at the end of the year | $ | 6,672 | $ | 6,899 | $ | 6,625 |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Reconciliation of Projected Benefit Obligations, Plan Assets, the Funded Status of the Plans and the Amounts Recognized in the Consolidated Balance Sheets | The following provides a reconciliation of projected benefit obligations, plan assets, the funded status of the plans and the amounts recognized in the consolidated balance sheets for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years. | ||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits(a) | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Change in projected benefit obligations: | |||||||||||||||||||||||||||||||||||||
Projected benefit obligations at January 1 | $ | 181,606 | $ | 197,057 | $ | 60,830 | $ | 59,210 | $ | 20,129 | $ | 22,806 | |||||||||||||||||||||||||
Service cost | 3,683 | 4,424 | 0 | 0 | 505 | 943 | |||||||||||||||||||||||||||||||
Interest cost | 8,762 | 8,070 | 2,695 | 2,551 | 688 | 926 | |||||||||||||||||||||||||||||||
Plan amendments | 163 | 681 | 0 | 0 | (8,914 | ) | 0 | ||||||||||||||||||||||||||||||
Plan settlements | (9,304 | ) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | 0 | 0 | (4,351 | ) | 1,154 | 0 | 0 | ||||||||||||||||||||||||||||||
Actuarial loss (gain) | 29,023 | (20,806 | ) | 13,993 | (823 | ) | 1,920 | (3,949 | ) | ||||||||||||||||||||||||||||
Participant contributions | 0 | 0 | 0 | 0 | 386 | 423 | |||||||||||||||||||||||||||||||
Benefits paid from plan assets | (8,494 | ) | (7,812 | ) | (2,644 | ) | (1,262 | ) | 0 | 0 | |||||||||||||||||||||||||||
Benefits paid by the Corporation | (40 | ) | (8 | ) | 0 | 0 | (975 | ) | (1,020 | ) | |||||||||||||||||||||||||||
Projected benefit obligations at | $ | 205,399 | $ | 181,606 | $ | 70,523 | $ | 60,830 | $ | 13,739 | $ | 20,129 | |||||||||||||||||||||||||
31-Dec | |||||||||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 164,085 | $ | 140,218 | $ | 48,536 | $ | 41,875 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Actual return on plan assets | 10,761 | 26,679 | 5,936 | 5,061 | 0 | 0 | |||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | 0 | 0 | (3,144 | ) | 1,098 | 0 | 0 | ||||||||||||||||||||||||||||||
Corporate contributions | 40 | 5,008 | 1,849 | 1,764 | 589 | 597 | |||||||||||||||||||||||||||||||
Participant contributions | 0 | 0 | 0 | 0 | 386 | 423 | |||||||||||||||||||||||||||||||
Plan settlements | (9,304 | ) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Gross benefits paid | (8,534 | ) | (7,820 | ) | (2,644 | ) | (1,262 | ) | (975 | ) | (1,020 | ) | |||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 157,048 | $ | 164,085 | $ | 50,533 | $ | 48,536 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Funded status of the plans: | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 157,048 | $ | 164,085 | $ | 50,533 | $ | 48,536 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Less benefit obligations | 205,399 | 181,606 | 70,523 | 60,830 | 13,739 | 20,129 | |||||||||||||||||||||||||||||||
Funded status at December 31 | $ | (48,351 | ) | $ | (17,521 | ) | $ | (19,990 | ) | $ | (12,294 | ) | $ | (13,739 | ) | $ | (20,129 | ) | |||||||||||||||||||
(a) Includes the nonqualified defined benefit pension plans. | |||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Amounts recognized in the balance sheets: | |||||||||||||||||||||||||||||||||||||
Employee benefit obligations: | |||||||||||||||||||||||||||||||||||||
Accrued payrolls and employee benefits(a) | $ | (73 | ) | $ | (51 | ) | $ | 0 | $ | 0 | $ | (791 | ) | $ | (752 | ) | |||||||||||||||||||||
Employee benefit obligations(b) | (48,278 | ) | (17,470 | ) | (19,990 | ) | (12,294 | ) | (12,948 | ) | (19,377 | ) | |||||||||||||||||||||||||
$ | (48,351 | ) | $ | (17,521 | ) | $ | (19,990 | ) | $ | (12,294 | ) | $ | (13,739 | ) | $ | (20,129 | ) | ||||||||||||||||||||
Accumulated other comprehensive loss:(c) | |||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 64,387 | $ | 39,562 | $ | 32,989 | $ | 24,386 | $ | 4,029 | $ | 2,213 | |||||||||||||||||||||||||
Prior service cost | 1,464 | 2,154 | 0 | 0 | (8,331 | ) | 142 | ||||||||||||||||||||||||||||||
$ | 65,851 | $ | 41,716 | $ | 32,989 | $ | 24,386 | $ | (4,302 | ) | $ | 2,355 | |||||||||||||||||||||||||
(a) Recorded as a current liability in the consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||
(b) Recorded as a noncurrent liability in the consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||
(c) Amounts are pre-tax. | |||||||||||||||||||||||||||||||||||||
Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Year | Amounts included in accumulated other comprehensive loss as of December 31, 2014 expected to be recognized in net periodic pension and other postretirement costs in 2015 include: | ||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Net actuarial loss | $ 5,591 | $ | 911 | $ 233 | |||||||||||||||||||||||||||||||||
Prior service cost | 551 | 0 | (672) | ||||||||||||||||||||||||||||||||||
$ 6,142 | $ | 911 | $ (439) | ||||||||||||||||||||||||||||||||||
Summary of Target Asset Allocations and Major Asset Categories | The following summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Foreign Pension Benefits | ||||||||||||||||||||||||||||||||||||
Target | Percentage of Plan | Target | Percentage of Plan | ||||||||||||||||||||||||||||||||||
Allocation | Assets | Allocation | Assets | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | 2014 | 2013 | Dec. 31, 2014 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Equity Securities | 65% | 64% | 65% | 44% | 44% | 46% | |||||||||||||||||||||||||||||||
Fixed-Income Securities | 15% | 18% | 19% | 35% | 35% | 31% | |||||||||||||||||||||||||||||||
Alternative Investments | 15% | 16% | 15% | 21% | 21% | 23% | |||||||||||||||||||||||||||||||
Other (primarily cash and cash equivalents) | 5% | 2% | 1% | 0% | 0% | 0% | |||||||||||||||||||||||||||||||
Asset Categories Based on the Nature and Risks of the Plans Assets | Asset categories based on the nature and risks of the U.S. Pension Benefit Plan’s assets as of December 31, 2014 are summarized below. | ||||||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||||||||||||||
U.S. | |||||||||||||||||||||||||||||||||||||
Capital goods | $ | 1,684 | $ | 0 | $ | 0 | $ | 1,684 | |||||||||||||||||||||||||||||
Chemicals | 2,424 | 0 | 0 | 2,424 | |||||||||||||||||||||||||||||||||
Commercial property | 1,012 | 0 | 0 | 1,012 | |||||||||||||||||||||||||||||||||
Commercial services | 1,210 | 0 | 0 | 1,210 | |||||||||||||||||||||||||||||||||
Common collective trust funds | 0 | 34,871 | 0 | 34,871 | |||||||||||||||||||||||||||||||||
Electronics | 1,050 | 0 | 0 | 1,050 | |||||||||||||||||||||||||||||||||
Engineering & construction | 778 | 0 | 0 | 778 | |||||||||||||||||||||||||||||||||
Food processing | 3,423 | 0 | 0 | 3,423 | |||||||||||||||||||||||||||||||||
Health care | 1,345 | 0 | 0 | 1,345 | |||||||||||||||||||||||||||||||||
Limited partnerships – public equity | 6,482 | 0 | 0 | 6,482 | |||||||||||||||||||||||||||||||||
Manufacturing | 2,224 | 0 | 0 | 2,224 | |||||||||||||||||||||||||||||||||
Oil & gas | 2,503 | 0 | 0 | 2,503 | |||||||||||||||||||||||||||||||||
Retail | 935 | 0 | 0 | 935 | |||||||||||||||||||||||||||||||||
Technology | 2,022 | 0 | 0 | 2,022 | |||||||||||||||||||||||||||||||||
Transportation | 926 | 0 | 0 | 926 | |||||||||||||||||||||||||||||||||
Wholesale distribution | 927 | 0 | 0 | 927 | |||||||||||||||||||||||||||||||||
Other (represents 10 business sectors) | 5,681 | 0 | 0 | 5,681 | |||||||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||||
Bank & financial services | 1,790 | 0 | 0 | 1,790 | |||||||||||||||||||||||||||||||||
Common collective trust funds | 0 | 6,364 | 0 | 6,364 | |||||||||||||||||||||||||||||||||
Engineering & construction | 600 | 0 | 0 | 600 | |||||||||||||||||||||||||||||||||
Oil & gas | 1,422 | 0 | 0 | 1,422 | |||||||||||||||||||||||||||||||||
Real estate | 1,321 | 0 | 0 | 1,321 | |||||||||||||||||||||||||||||||||
Technology | 965 | 0 | 0 | 965 | |||||||||||||||||||||||||||||||||
Other (represents 9 business sectors) | 3,106 | 0 | 0 | 3,106 | |||||||||||||||||||||||||||||||||
Total Equity Securities | 43,830 | 41,235 | 0 | 85,065 | |||||||||||||||||||||||||||||||||
Fixed-Income Securities: | |||||||||||||||||||||||||||||||||||||
Commingled funds | 0 | 16,533 | 0 | 16,533 | |||||||||||||||||||||||||||||||||
Preferred (represents 5 business sectors) | 7,242 | 0 | 0 | 7,242 | |||||||||||||||||||||||||||||||||
Other (represents 6 business sectors) | 0 | 2,035 | 0 | 2,035 | |||||||||||||||||||||||||||||||||
Total Fixed-Income Securities | 7,242 | 18,568 | 0 | 25,810 | |||||||||||||||||||||||||||||||||
Alternative Investments: | |||||||||||||||||||||||||||||||||||||
Managed funds (a) | 0 | 0 | 33,602 | 33,602 | |||||||||||||||||||||||||||||||||
Hedge and absolute return funds | 0 | 0 | 8,592 | 8,592 | |||||||||||||||||||||||||||||||||
Total Alternative Investments | 0 | 0 | 42,194 | 42,194 | |||||||||||||||||||||||||||||||||
Other (primarily cash and cash equivalents): | |||||||||||||||||||||||||||||||||||||
Mutual funds | 237 | 0 | 0 | 237 | |||||||||||||||||||||||||||||||||
Commingled funds | 0 | 1,081 | 0 | 1,081 | |||||||||||||||||||||||||||||||||
Other (b) | 2,661 | 0 | 0 | 2,661 | |||||||||||||||||||||||||||||||||
Total Other | 2,898 | 1,081 | 0 | 3,979 | |||||||||||||||||||||||||||||||||
$ | 53,970 | $ | 60,884 | $ | 42,194 | $ | 157,048 | ||||||||||||||||||||||||||||||
(a) | Includes approximately 43% in equity and equity-like asset securities, 50% in alternative investments (real assets, commodities and resources, absolute return funds) and 7% in fixed income securities and cash and cash equivalents. | ||||||||||||||||||||||||||||||||||||
(b) | Includes accrued receivables and pending broker settlements. | ||||||||||||||||||||||||||||||||||||
Asset categories based on the nature and risks of the U.S. Pension Benefit Plan’s assets as of December 31, 2013 are summarized below. | |||||||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||
Identical Inputs | (Level 2) | Inputs | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||||||||||||||
U.S. | |||||||||||||||||||||||||||||||||||||
Capital goods | $ | 1,751 | $ | 0 | $ | 0 | $ | 1,751 | |||||||||||||||||||||||||||||
Chemicals | 2,203 | 0 | 0 | 2,203 | |||||||||||||||||||||||||||||||||
Commercial property | 1,747 | 0 | 0 | 1,747 | |||||||||||||||||||||||||||||||||
Commercial services | 1,052 | 0 | 0 | 1,052 | |||||||||||||||||||||||||||||||||
Common collective trust funds | 0 | 37,495 | 0 | 37,495 | |||||||||||||||||||||||||||||||||
Electronics | 1,371 | 0 | 0 | 1,371 | |||||||||||||||||||||||||||||||||
Engineering & construction | 1,096 | 0 | 0 | 1,096 | |||||||||||||||||||||||||||||||||
Food processing | 3,339 | 0 | 0 | 3,339 | |||||||||||||||||||||||||||||||||
Health care | 1,216 | 0 | 0 | 1,216 | |||||||||||||||||||||||||||||||||
Limited partnerships – public equity | 9,125 | 0 | 0 | 9,125 | |||||||||||||||||||||||||||||||||
Manufacturing | 2,653 | 0 | 0 | 2,653 | |||||||||||||||||||||||||||||||||
Oil & gas | 2,342 | 0 | 0 | 2,342 | |||||||||||||||||||||||||||||||||
Retail | 1,006 | 0 | 0 | 1,006 | |||||||||||||||||||||||||||||||||
Technology | 1,855 | 0 | 0 | 1,855 | |||||||||||||||||||||||||||||||||
Other (represents 10 business sectors) | 6,300 | 0 | 0 | 6,300 | |||||||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||||
Bank & financial services | 1,808 | 0 | 0 | 1,808 | |||||||||||||||||||||||||||||||||
Common collective trust funds | 0 | 7,024 | 0 | 7,024 | |||||||||||||||||||||||||||||||||
Engineering & construction | 1,187 | 0 | 0 | 1,187 | |||||||||||||||||||||||||||||||||
Oil & gas | 1,969 | 0 | 0 | 1,969 | |||||||||||||||||||||||||||||||||
Real estate | 1,440 | 0 | 0 | 1,440 | |||||||||||||||||||||||||||||||||
Technology | 1,366 | 0 | 0 | 1,366 | |||||||||||||||||||||||||||||||||
Other (represents 9 business sectors) | 3,756 | 0 | 0 | 3,756 | |||||||||||||||||||||||||||||||||
Total Equity Securities | 48,582 | 44,519 | 0 | 93,101 | |||||||||||||||||||||||||||||||||
Fixed-Income Securities: | |||||||||||||||||||||||||||||||||||||
Commingled funds | 0 | 17,159 | 0 | 17,159 | |||||||||||||||||||||||||||||||||
Preferred (represents 4 business sectors) | 5,851 | 0 | 0 | 5,851 | |||||||||||||||||||||||||||||||||
Other (represents 7 business sectors) | 0 | 3,849 | 0 | 3,849 | |||||||||||||||||||||||||||||||||
Total Fixed-Income Securities | 5,851 | 21,008 | 0 | 26,859 | |||||||||||||||||||||||||||||||||
Alternative Investments: | |||||||||||||||||||||||||||||||||||||
Managed funds (a) | 0 | 0 | 32,433 | 32,433 | |||||||||||||||||||||||||||||||||
Hedge and absolute return funds | 0 | 0 | 8,389 | 8,389 | |||||||||||||||||||||||||||||||||
Total Alternative Investments | 0 | 0 | 40,822 | 40,822 | |||||||||||||||||||||||||||||||||
Other (primarily cash and cash equivalents): | |||||||||||||||||||||||||||||||||||||
Mutual funds | 64 | 0 | 0 | 64 | |||||||||||||||||||||||||||||||||
Commingled funds | 0 | 1,065 | 0 | 1,065 | |||||||||||||||||||||||||||||||||
Other (b) | 2,174 | 0 | 0 | 2,174 | |||||||||||||||||||||||||||||||||
Total Other | 2,238 | 1,065 | 0 | 3,303 | |||||||||||||||||||||||||||||||||
$ | 56,671 | $ | 66,592 | $ | 40,822 | $ | 164,085 | ||||||||||||||||||||||||||||||
(a) | Includes approximately 43% in equity and equity-like asset securities, 50% in alternative investments (real assets, commodities and resources, absolute return funds) and 7% in fixed income securities and cash and cash equivalents. | ||||||||||||||||||||||||||||||||||||
(b) | Includes accrued receivables and pending broker settlements. | ||||||||||||||||||||||||||||||||||||
Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2014 are summarized below. | |||||||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||||||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||||||||||||||||||
Identical Inputs | Inputs | Inputs | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||||||||||||||
Commingled Funds (U.K.) | $ | 0 | $ | 3,848 | $ | 0 | $ | 3,848 | |||||||||||||||||||||||||||||
Commingled Funds (International) | 0 | 18,449 | 0 | 18,449 | |||||||||||||||||||||||||||||||||
Total Equity Securities | 0 | 22,297 | 0 | 22,297 | |||||||||||||||||||||||||||||||||
Fixed-Income Securities: | |||||||||||||||||||||||||||||||||||||
Commingled Funds (U.K.) | 0 | 17,366 | 0 | 17,366 | |||||||||||||||||||||||||||||||||
Alternative Investments: | |||||||||||||||||||||||||||||||||||||
Hedge and Absolute Return Funds | 0 | 0 | 10,799 | 10,799 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 71 | 0 | 0 | 71 | |||||||||||||||||||||||||||||||||
$ | 71 | $ | 39,663 | $ | 10,799 | $ | 50,533 | ||||||||||||||||||||||||||||||
Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2013 are summarized below. | |||||||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||||||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||||||||||||||||||
Identical Inputs | Inputs | Inputs | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||||||||||||||
Commingled Funds (U.K.) | $ | 0 | $ | 4,043 | $ | 0 | $ | 4,043 | |||||||||||||||||||||||||||||
Commingled Funds (International) | 0 | 18,086 | 0 | 18,086 | |||||||||||||||||||||||||||||||||
Total Equity Securities | 0 | 22,129 | 0 | 22,129 | |||||||||||||||||||||||||||||||||
Fixed-Income Securities: | |||||||||||||||||||||||||||||||||||||
Commingled Funds (U.K.) | 0 | 15,211 | 0 | 15,211 | |||||||||||||||||||||||||||||||||
Alternative Investments: | |||||||||||||||||||||||||||||||||||||
Hedge and Absolute Return Funds | 0 | 0 | 11,041 | 11,041 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 155 | 0 | 0 | 155 | |||||||||||||||||||||||||||||||||
$ | 155 | $ | 37,340 | $ | 11,041 | $ | 48,536 | ||||||||||||||||||||||||||||||
Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans | The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||
Alternative Investments | |||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | ||||||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
Fair value as of January 1, 2014 | $ | 8,389 | $ | 32,433 | $ | 11,041 | |||||||||||||||||||||||||||||||
Withdrawals | (200 | ) | (2,550 | ) | (181 | ) | |||||||||||||||||||||||||||||||
Realized gains | 66 | 821 | 0 | ||||||||||||||||||||||||||||||||||
Change in net unrealized gains | 337 | 2,898 | 615 | ||||||||||||||||||||||||||||||||||
Other, primarily impact from changes in foreign currency exchange rates | 0 | 0 | (676 | ) | |||||||||||||||||||||||||||||||||
Fair value as of December 31, 2014 | $ | 8,592 | $ | 33,602 | $ | 10,799 | |||||||||||||||||||||||||||||||
The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||
Alternative Investments | |||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | ||||||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
Fair value as of January 1, 2013 | $ | 6,490 | $ | 30,064 | $ | 9,031 | |||||||||||||||||||||||||||||||
Acquisitions | 2,225 | 0 | 1,100 | ||||||||||||||||||||||||||||||||||
Withdrawals | (1,320 | ) | (2,070 | ) | 0 | ||||||||||||||||||||||||||||||||
Realized gains | 563 | 451 | 0 | ||||||||||||||||||||||||||||||||||
Change in net unrealized gains | 431 | 3,988 | 644 | ||||||||||||||||||||||||||||||||||
Other, primarily impact from changes in foreign currency exchange rates | 0 | 0 | 266 | ||||||||||||||||||||||||||||||||||
Fair value as of December 31, 2013 | $ | 8,389 | $ | 32,433 | $ | 11,041 | |||||||||||||||||||||||||||||||
Net Periodic Pension and Other Postretirement Benefit Costs | Net periodic pension and other postretirement benefit costs include the following components for the year ended December 31: | ||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Service cost | $ | 3,683 | $ | 4,424 | $ | 3,943 | $ | 0 | $ | 0 | $ | 0 | $ | 505 | $ | 943 | $ | 804 | |||||||||||||||||||
Interest cost | 8,762 | 8,070 | 8,514 | 2,695 | 2,551 | 2,506 | 688 | 926 | 919 | ||||||||||||||||||||||||||||
Expected return on plan assets | (10,747 | ) | (9,368 | ) | (9,556 | ) | (3,157 | ) | (2,485 | ) | (2,101 | ) | 0 | 0 | 0 | ||||||||||||||||||||||
Amortization of prior service cost | 854 | 640 | 668 | 0 | 0 | 0 | (441 | ) | 85 | 85 | |||||||||||||||||||||||||||
Amortization of actuarial loss | 4,183 | 7,146 | 6,087 | 599 | 687 | 598 | 104 | 241 | 71 | ||||||||||||||||||||||||||||
Net cost | $ | 6,735 | $ | 10,912 | $ | 9,656 | $ | 137 | $ | 753 | $ | 1,003 | $ | 856 | $ | 2,195 | $ | 1,879 | |||||||||||||||||||
Discount Rates and Weighted-Average Wage Increases Used to Determine the Benefit Obligations | The discount rates and weighted-average wage increases used to determine the benefit obligations as of December 31, 2014 and 2013 are summarized below. | ||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 5 | % | 3.5 | % | 4.5 | % | 4 | % | 5 | % | |||||||||||||||||||||||||
Wage increases | 4 | % | 4 | % | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||||
Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs | The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the year ended December 31: | ||||||||||||||||||||||||||||||||||||
U.S. Pension | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.25 | % | 5.00% | 4.5 | % | 4.5 | % | 4.9 | % | 5 | % | 4.25 | % | 5 | % | ||||||||||||||||||||
Expected long-term rate of return | 8 | % | 8 | % | 8.00% | 6.5 | % | 6.09 | % | 5.61 | % | n/a | n/a | n/a | |||||||||||||||||||||||
Wages increases | 4 | % | 4 | % | 4.00% | n/a | n/a | n/a | n/a | n/a | n/a |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||
Fair Values of Options Calculated Based on Assumptions Using Black-Scholes Option-Pricing Model | The fair value of the options as of the dates of grant was calculated using the Black-Scholes option-pricing model based on the assumptions outlined below. | ||||||||||||||||||
Grant Date | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Options granted | 176,000 | 173,750 | 164,500 | ||||||||||||||||
Exercise price | $ | 20 | $ | 17.16 | $ | 17.67 | |||||||||||||
Assumptions: | |||||||||||||||||||
Expected life in years | 6 | 6 | 6 | ||||||||||||||||
Risk-free interest rate | 1.98% | 1.26% | 0.76% | ||||||||||||||||
Expected annual dividend yield | 3.60% | 4.20% | 3.01% | ||||||||||||||||
Expected forfeiture rate | 8.00% | 5.00% | 0% | ||||||||||||||||
Expected volatility | 53.02% | 52.68% | 53.46% | ||||||||||||||||
Grant date fair value | $ | 7.4 | $ | 5.82 | $ | 6.68 | |||||||||||||
Resulting stock-based compensation expense | $ | 1,199 | $ | 961 | $ | 1,099 | |||||||||||||
Summary of Stock Options Outstanding and Exercisable | A summary of stock options outstanding and exercisable and activity for the year ended December 31, 2014 is as follows: | ||||||||||||||||||
Shares | Weighted | Remaining | Intrinsic | ||||||||||||||||
Under | Average | Contractual | Value | ||||||||||||||||
Options | Exercise | Life In | |||||||||||||||||
Price | Years | ||||||||||||||||||
Outstanding at January 1, 2014 | 1,201,753 | $ | 24.85 | 6.5 | $ | 982 | |||||||||||||
Granted | 176,000 | 20 | |||||||||||||||||
Exercised | (40,084 | ) | 14.5 | ||||||||||||||||
Forfeited | (135,500 | ) | 26.87 | ||||||||||||||||
Outstanding at December 31, 2014 | 1,202,169 | $ | 24.25 | 6 | $ | 778 | |||||||||||||
Exercisable at December 31, 2014 | 914,752 | $ | 25.97 | 5.2 | $ | 778 | |||||||||||||
Vested or expected to vest at December 31, 2014 | 1,197,365 | $ | 24.27 | 6 | $ | 778 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Net Change and Ending Balances for Various Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | Net change and ending balances for the various components of other comprehensive income (loss) and for accumulated other comprehensive loss as of and for the year ended December 31, 2012, 2013 and 2014 are summarized below. | ||||||||||||||||||||
Foreign | Unrecognized | Unrealized | Derivatives | Accumulated | |||||||||||||||||
Currency | Components | Holding Gains | Other | ||||||||||||||||||
Translation | of Employee | (Losses) on | Comprehensive | ||||||||||||||||||
Adjustments | Benefit Plans | Securities | Loss | ||||||||||||||||||
Balance at January 1, 2012 | $ | (4,736 | ) | $ | (75,225 | ) | $ | 562 | $ | 109 | $ | (79,290 | ) | ||||||||
Net Change | 3,193 | (6,558 | ) | 71 | 209 | (3,085 | ) | ||||||||||||||
Balance at December 31, 2012 | (1,543 | ) | (81,783 | ) | 633 | 318 | (82,375 | ) | |||||||||||||
Net Change | 1,820 | 34,321 | 374 | (5 | ) | 36,510 | |||||||||||||||
Balance at December 31, 2013 | 277 | (47,462 | ) | 1,007 | 313 | (45,865 | ) | ||||||||||||||
Net Change | (4,703 | ) | (17,934 | ) | (23 | ) | (228 | ) | (22,888 | ) | |||||||||||
Balance at December 31, 2014 | $ | (4,426 | ) | $ | (65,396 | ) | $ | 984 | $ | 85 | $ | (68,753 | ) | ||||||||
Line Items Affected on Condensed Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss | The following summarizes the line items affected on the consolidated statements of operations for components reclassified from accumulated other comprehensive loss for each of the years ended December 31. Amounts in parentheses represent credits to net income (loss). | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Amortization of unrecognized employee benefit costs: | |||||||||||||||||||||
Costs of products sold (excluding depreciation) | $ | 3,601 | $ | 5,691 | $ | 4,807 | |||||||||||||||
Selling and administrative | 1,524 | 2,241 | 1,939 | ||||||||||||||||||
Other income (expense) | 174 | 867 | 763 | ||||||||||||||||||
Total before income tax | 5,299 | 8,799 | 7,509 | ||||||||||||||||||
Income tax provision | (1,841 | ) | (3,156 | ) | (3,547 | ) | |||||||||||||||
Net of income tax | $ | 3,458 | $ | 5,643 | $ | 3,962 | |||||||||||||||
Realized gains on sale of marketable securities: | |||||||||||||||||||||
Selling and administrative | $ | (171 | ) | $ | (87 | ) | $ | (120 | ) | ||||||||||||
Income tax provision | 60 | 30 | 42 | ||||||||||||||||||
Net of income tax | $ | (111 | ) | $ | (57 | ) | $ | (78 | ) | ||||||||||||
Realized gains/losses from settlement of cash flow hedges: | |||||||||||||||||||||
Net sales (foreign currency sales contracts) | $ | 33 | $ | 0 | $ | (197 | ) | ||||||||||||||
Depreciation (foreign currency purchase contracts) | (27 | ) | (27 | ) | (27 | ) | |||||||||||||||
Costs of products sold (excluding depreciation) (futures contracts – copper and aluminum) | 146 | 419 | 398 | ||||||||||||||||||
Total before income tax | 152 | 392 | 174 | ||||||||||||||||||
Income tax provision | (57 | ) | (146 | ) | (67 | ) | |||||||||||||||
Net of income tax | $ | 95 | $ | 246 | $ | 107 | |||||||||||||||
Summary of Income Tax Expense (Benefit) Associated with Various Components of Other Comprehensive Income (Loss) | The income tax expense (benefit) associated with the various components of other comprehensive income (loss) for each of the years ended December 31 is summarized below. Foreign currency translation adjustments exclude the effect of income taxes since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Income tax expense (benefit) associated with changes in: | |||||||||||||||||||||
Unrecognized employee benefit costs | $ | 10,265 | $ | (15,890 | ) | $ | 5,256 | ||||||||||||||
Unrealized holding gains on marketable securities | (47 | ) | (232 | ) | (80 | ) | |||||||||||||||
Fair value of cash flow hedges | 206 | 149 | (61 | ) | |||||||||||||||||
Income tax expense (benefit) associated with reclassification adjustments: | |||||||||||||||||||||
Amortization of unrecognized employee benefit costs | (1,841 | ) | (3,156 | ) | (3,547 | ) | |||||||||||||||
Realized gains from sale of marketable securities | 60 | 30 | 42 | ||||||||||||||||||
Realized gains/losses from settlement of cash flow hedges | (57 | ) | (146 | ) | (67 | ) |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Location and Fair Value of Foreign Currency Sales Contracts Recorded on Consolidated Balance Sheets | The following summarizes location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets as of December 31: | ||||||||||||||||||
Location | 2014 | 2013 | |||||||||||||||||
Cash flow hedge contracts | Other current liabilities | $ | 6 | $ | 0 | ||||||||||||||
Fair value hedge contracts | Other current assets | 217 | 426 | ||||||||||||||||
Other noncurrent assets | 15 | 17 | |||||||||||||||||
Other current liabilities | 399 | 0 | |||||||||||||||||
Other noncurrent liabilities | 5 | 0 | |||||||||||||||||
Fair value hedged item | Accounts receivable | 69 | (36 | ) | |||||||||||||||
Other current assets | 327 | 0 | |||||||||||||||||
Other noncurrent assets | 4 | 0 | |||||||||||||||||
Other current liabilities | 218 | 488 | |||||||||||||||||
Other noncurrent liabilities | 35 | 40 | |||||||||||||||||
Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss) | The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. Amounts recognized as and reclassified from accumulated other comprehensive loss are recorded as a component of other comprehensive income (loss) and are summarized below. All amounts are after-tax. | ||||||||||||||||||
For the Year Ended December 31, 2014 | Comprehensive | Plus | Less | Comprehensive | |||||||||||||||
Income (Loss) | Recognized as | Gain (Loss) | Income (Loss) | ||||||||||||||||
Beginning of | Comprehensive | Reclassified from | End of | ||||||||||||||||
the Year | Income (Loss) | Accumulated Other | the Year | ||||||||||||||||
Comprehensive | |||||||||||||||||||
Loss | |||||||||||||||||||
Foreign currency sales contracts—cash flow hedges | $ | 0 | $ | (21 | ) | $ | (21 | ) | $ | 0 | |||||||||
Foreign currency purchase contracts | 275 | 0 | 17 | 258 | |||||||||||||||
Future contracts – copper and aluminum | 38 | (302 | ) | (91 | ) | (173 | ) | ||||||||||||
$ | 313 | $ | (323 | ) | $ | (95 | ) | $ | 85 | ||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||
Foreign currency sales contracts—cash flow hedges | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Foreign currency purchase contracts | 292 | 0 | 17 | 275 | |||||||||||||||
Future contracts – copper and aluminum | 26 | (251 | ) | (263 | ) | 38 | |||||||||||||
$ | 318 | $ | (251 | ) | $ | (246 | ) | $ | 313 | ||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||
Foreign currency sales contracts—cash flow hedges | $ | 114 | $ | 10 | $ | 124 | $ | 0 | |||||||||||
Foreign currency purchase contracts | 309 | 0 | 17 | 292 | |||||||||||||||
Future contracts – copper and aluminum | (314 | ) | 92 | (248 | ) | 26 | |||||||||||||
$ | 109 | $ | 102 | $ | (107 | ) | $ | 318 | |||||||||||
Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings | The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. | ||||||||||||||||||
Location of | Estimated to be | Year Ended December 31, | |||||||||||||||||
Gain (Loss) | Reclassified in | ||||||||||||||||||
in Statements | the Next | ||||||||||||||||||
of Operations | 12 Months | 2014 | 2013 | 2012 | |||||||||||||||
Foreign currency sales contracts—cash flow hedges | Net sales | $ | 0 | $ | (33 | ) | $ | 0 | $ | 197 | |||||||||
Foreign currency purchase contracts | Depreciation | 27 | 27 | 27 | 27 | ||||||||||||||
Futures contracts – copper and aluminum | Costs of products sold (excluding depreciation) | (290 | ) | (146 | ) | (419 | ) | (398 | ) |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Assets and Liabilities | The following summarizes financial assets and liabilities reported at fair value on a recurring basis in the accompanying consolidated balance sheets at December 31: | ||||||||||||||||
2014 | Quoted Prices | Significant | Significant | Total | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Inputs | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Investments | |||||||||||||||||
Other noncurrent assets | $ | 4,280 | $ | 0 | $ | 0 | $ | 4,280 | |||||||||
Foreign currency exchange contracts | |||||||||||||||||
Other current assets | 0 | 544 | 0 | 544 | |||||||||||||
Other noncurrent assets | 0 | 19 | 0 | 19 | |||||||||||||
Other current liabilities | 0 | 623 | 0 | 623 | |||||||||||||
Other noncurrent liabilities | 0 | 40 | 0 | 40 | |||||||||||||
2013 | |||||||||||||||||
Investments | |||||||||||||||||
Other noncurrent assets | $ | 4,092 | $ | 0 | $ | 0 | $ | 4,092 | |||||||||
Foreign currency exchange contracts | |||||||||||||||||
Other current assets | 0 | 426 | 0 | 426 | |||||||||||||
Other noncurrent assets | 0 | 17 | 0 | 17 | |||||||||||||
Other current liabilities | 0 | 488 | 0 | 488 | |||||||||||||
Other noncurrent liabilities | 0 | 40 | 0 | 40 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | (Loss) income before income taxes and equity losses in Chinese joint venture is comprised of the following: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | (1,182 | ) | $ | 25,269 | $ | 14,754 | ||||||
Foreign | 290 | 1,911 | 413 | ||||||||||
$ | (892 | ) | $ | 27,180 | $ | 15,167 | |||||||
Income Tax Provision | The income tax provision consisted of the following: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 3,458 | $ | 5,535 | $ | 2,550 | |||||||
State | 210 | 139 | 184 | ||||||||||
Foreign | 122 | 28 | (61 | ) | |||||||||
3,790 | 5,702 | 2,673 | |||||||||||
Deferred: | |||||||||||||
Federal | (4,678 | ) | (488 | ) | 2,142 | ||||||||
State | 54 | 133 | 360 | ||||||||||
Foreign | 101 | 622 | 175 | ||||||||||
Reversal of valuation allowance | (33 | ) | (156 | ) | (132 | ) | |||||||
(4,556 | ) | 111 | 2,545 | ||||||||||
$ | (766 | ) | $ | 5,813 | $ | 5,218 | |||||||
Difference Between Statutory U.S. Federal Income Tax and the Corporation's Effective Income Tax | The difference between statutory U.S. federal income tax and the Corporation’s effective income tax was as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Computed at statutory rate | $ | (312 | ) | $ | 9,513 | $ | 5,309 | ||||||
Tax differential on non-U.S. earnings | 128 | (340 | ) | (119 | ) | ||||||||
State income taxes | (227 | ) | 741 | 619 | |||||||||
Manufacturers deduction (I.R.C. Section 199) | (359 | ) | (566 | ) | (257 | ) | |||||||
Meals and entertainment | 224 | 205 | 198 | ||||||||||
Tax credits | (12 | ) | (145 | ) | (64 | ) | |||||||
Chinese joint venture | (371 | ) | (3,125 | ) | (558 | ) | |||||||
Reversal of valuation allowance | (33 | ) | (156 | ) | (132 | ) | |||||||
Change in tax rates | 301 | (472 | ) | (143 | ) | ||||||||
Change in uncertain tax positions | (80 | ) | (172 | ) | 87 | ||||||||
Other – net | (25 | ) | 330 | 278 | |||||||||
$ | (766 | ) | $ | 5,813 | $ | 5,218 | |||||||
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities as of December 31, 2014 and 2013 are summarized below. | ||||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Employment – related liabilities | $ | 10,726 | $ | 11,946 | |||||||||
Pension liability – foreign | 4,041 | 2,434 | |||||||||||
Pension liability – domestic | 15,849 | 5,137 | |||||||||||
Liabilities related to discontinued operations | 733 | 959 | |||||||||||
Capital loss carryforwards | 253 | 273 | |||||||||||
Asbestos-related liability | 18,252 | 18,172 | |||||||||||
Net operating loss – state | 2,029 | 1,654 | |||||||||||
Inventory related | 3,458 | 2,644 | |||||||||||
Impairment charge associated with investment in UES-MG | 2,344 | 2,316 | |||||||||||
Other | 3,546 | 3,939 | |||||||||||
Gross deferred income tax assets | 61,231 | 49,474 | |||||||||||
Valuation allowance | (3,254 | ) | (2,639 | ) | |||||||||
57,977 | 46,835 | ||||||||||||
Liabilities: | |||||||||||||
Depreciation | (30,429 | ) | (31,918 | ) | |||||||||
Mark-to-market adjustment – derivatives | (23 | ) | (73 | ) | |||||||||
Other | (1,993 | ) | (2,495 | ) | |||||||||
Gross deferred income tax liabilities | (32,445 | ) | (34,486 | ) | |||||||||
Net deferred income tax assets | $ | 25,532 | $ | 12,349 | |||||||||
Summary of Changes in Unrecognized Tax Benefits | The following summarizes changes in unrecognized tax benefits for the year ended December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at the beginning of the year | $ | 270 | $ | 442 | $ | 311 | |||||||
Gross increases for tax positions taken in the current year | 0 | 8 | 233 | ||||||||||
Gross increases for tax positions taken in prior years | 2 | 12 | 18 | ||||||||||
Gross decreases in tax positions due to lapse in statute of limitations | (61 | ) | 0 | (120 | ) | ||||||||
Gross decreases for tax positions taken in prior years | (17 | ) | (192 | ) | 0 | ||||||||
Gross decreases for tax settlements with taxing authorities | (142 | ) | 0 | 0 | |||||||||
Balance at the end of the year | $ | 52 | $ | 270 | $ | 442 |
Litigation_Tables
Litigation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Schedule of Loss Contingencies by Contingency | The following table reflects approximate information about the claims for Asbestos Liability against the subsidiaries and the Corporation for the two years ended December 31, 2014 and 2013 (2013 includes asbestos claims asserted against the inactive subsidiary in dissolution): | ||||||||
2014 | 2013 | ||||||||
Total claims pending at the beginning of the period | 8,319 | 8,007 | |||||||
New claims served | 1,466 | 1,432 | |||||||
Claims dismissed | (1,094 | ) | (803 | ) | |||||
Claims settled | (234 | ) | (317 | ) | |||||
Total claims pending at the end of the period (1) | 8,457 | 8,319 | |||||||
Gross settlement and defense costs (in 000’s) | $ | 20,801 | $ | 22,618 | |||||
Average gross settlement and defense costs per claim resolved (in 000’s) | $ | 15.66 | $ | 20.19 | |||||
Summary of Activity in Asbestos Insurance Recoveries | The following table summarizes activity relating to insurance recoveries for each of the years ended December 31, 2014 and 2013. | ||||||||
2014 | 2013 | ||||||||
Insurance receivable – asbestos, beginning of the year | $ | 110,741 | $ | 118,115 | |||||
Settlement and defense costs paid by insurance carriers | (17,159 | ) | (23,714 | ) | |||||
Changes in estimated coverage | 47,069 | 16,340 | |||||||
Insurance receivable – asbestos, end of the year | $ | 140,651 | $ | 110,741 |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||
Business Segment Net Sales and Income Before Income Taxes | The accounting policies are the same as those described in Note 1. | ||||||||||||||||||||||||||||||||||||
Net Sales | (Loss) Income Before Income | ||||||||||||||||||||||||||||||||||||
Taxes and Equity Losses in | |||||||||||||||||||||||||||||||||||||
Chinese Joint Venture | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Forged and Cast Engineered Products | $ | 179,388 | $ | 187,286 | $ | 189,470 | $ | 4,380 | $ | 13,936 | $ | 18,415 | |||||||||||||||||||||||||
Air and Liquid Processing(1) | 93,470 | 93,764 | 103,435 | 4,222 | 24,945 | 7,267 | |||||||||||||||||||||||||||||||
Total Reportable Segments | 272,858 | 281,050 | 292,905 | 8,602 | 38,881 | 25,682 | |||||||||||||||||||||||||||||||
Corporate costs, including other income (expense) | (9,494 | ) | (11,701 | ) | (10,515 | ) | |||||||||||||||||||||||||||||||
$ | 272,858 | $ | 281,050 | $ | 292,905 | $ | (892 | ) | $ | 27,180 | $ | 15,167 | |||||||||||||||||||||||||
Capital Expenditures | Depreciation Expense | Identifiable Assets(2) | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Forged and Cast Engineered Products | $ | 12,884 | $ | 11,016 | $ | 8,867 | $ | 10,303 | $ | 9,976 | $ | 9,282 | $ | 260,384 | $ | 263,012 | $ | 268,489 | |||||||||||||||||||
Air and Liquid Processing | 356 | 757 | 798 | 1,444 | 1,300 | 1,311 | 197,518 | 168,977 | 186,340 | ||||||||||||||||||||||||||||
Corporate | 69 | 32 | 3 | 71 | 66 | 68 | 78,507 | 70,684 | 78,350 | ||||||||||||||||||||||||||||
$ | 13,309 | $ | 11,805 | $ | 9,668 | $ | 11,818 | $ | 11,342 | $ | 10,661 | $ | 536,409 | $ | 502,673 | $ | 533,179 | ||||||||||||||||||||
Net Sales(3) | Long-Lived Assets(4) | (Loss) Income Before Income | |||||||||||||||||||||||||||||||||||
Taxes and Equity Losses in | |||||||||||||||||||||||||||||||||||||
Chinese Joint Venture | |||||||||||||||||||||||||||||||||||||
Geographic Areas: | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
United States(1) | $ | 143,493 | $ | 134,695 | $ | 143,579 | $ | 252,739 | $ | 213,332 | $ | 228,177 | $ | (1,471 | ) | $ | 26,137 | $ | 14,707 | ||||||||||||||||||
Foreign | 129,365 | 146,355 | 149,326 | 31,359 | 35,723 | 41,620 | 579 | 1,043 | 460 | ||||||||||||||||||||||||||||
$ | 272,858 | $ | 281,050 | $ | 292,905 | $ | 284,098 | $ | 249,055 | $ | 269,797 | $ | (892 | ) | $ | 27,180 | $ | 15,167 | |||||||||||||||||||
Net Sales by Product Line | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Forged and cast engineered products(5) | $ | 179,388 | $ | 187,286 | $ | 189,470 | |||||||||||||||||||||||||||||||
Heat exchange coils | 39,109 | 42,364 | 44,477 | ||||||||||||||||||||||||||||||||||
Centrifugal pumps | 32,983 | 32,341 | 30,551 | ||||||||||||||||||||||||||||||||||
Air handling systems | 21,378 | 19,059 | 28,407 | ||||||||||||||||||||||||||||||||||
$ | 272,858 | $ | 281,050 | $ | 292,905 | ||||||||||||||||||||||||||||||||
-1 | (Loss) income before income taxes and equity losses in Chinese joint venture for 2014 includes a pre-tax charge of $4,487 for estimated costs of asbestos-related litigation through 2024 net of estimated insurance recoveries whereas 2013 includes a pre-tax credit of $16,340 for estimated additional insurance recoveries expected to be available to satisfy asbestos liabilities through 2022 resulting from settlement agreements reached with various insurance carriers and 2012 includes a pre-tax credit of $540 for estimated costs of asbestos-related litigation through 2022 net of estimated insurance recoveries. See Note 17. | ||||||||||||||||||||||||||||||||||||
-2 | Identifiable assets for the Forged and Cast Engineered Products segment include investments in joint ventures of $3,914, $5,010 and $13,319 at December 31, 2014, 2013 and 2012, respectively. The change in the identifiable assets of the Air and Liquid Processing segment relates primarily to the movement in asbestos-related insurance receivables, the balances of which equaled $140,651, $110,741 and $118,115 at December 31, 2014, 2013 and 2012, respectively. See Note 17. | ||||||||||||||||||||||||||||||||||||
-3 | Net sales are attributed to countries based on location of the customer. Sales to individual countries were less than 10% of consolidated net sales each of the years. | ||||||||||||||||||||||||||||||||||||
-4 | Foreign long-lived assets represent primarily investments in joint ventures of $3,914, $5,010 and $13,319 at December 31, 2014, 2013 and 2012, respectively, and assets of the U.K. operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $123,651, $86,241 and, $99,715 for 2014, 2013 and, 2012, respectively. | ||||||||||||||||||||||||||||||||||||
-5 | For the Forged and Cast Engineered Products segment, two customers accounted for 29% of its net sales for 2014, 26% of its net sales for 2013 and, 23% of its net sales for 2012. |
Quarterly_Information_Unaudite1
Quarterly Information - Unaudited (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Information | (in thousands, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2014 | |||||||||||||||||
Net sales | $ 62,913 | $ 69,949 | $ 65,409 | $ 74,587 | |||||||||||||
Gross profit(a) | 12,850 | 14,541 | 12,165 | 14,705 | |||||||||||||
Net income (loss)(b) | 78 | 1,121 | (343 | ) | (2,043 | ) | |||||||||||
Net income (loss) per common share: | |||||||||||||||||
Basic(b) | 0.01 | 0.11 | (0.03 | ) | (0.20 | ) | |||||||||||
Diluted(b) | 0.01 | 0.11 | (0.03 | ) | (0.20 | ) | |||||||||||
Comprehensive income (loss) (c) | 1,298 | 7,992 | (2,701 | ) | (30,664 | ) | |||||||||||
2013 | |||||||||||||||||
Net sales | $ 69,624 | $ 69,938 | $ 64,433 | $ 77,055 | |||||||||||||
Gross profit(a) | 14,534 | 14,628 | 16,256 | 18,290 | |||||||||||||
Net income (loss)(d) | 126 | 1,106 | 12,705 | (1,500 | ) | ||||||||||||
Net income (loss) per common share: | |||||||||||||||||
Basic(d) | 0.01 | 0.11 | 1.23 | (0.14 | ) | ||||||||||||
Diluted(d) | 0.01 | 0.11 | 1.22 | (0.14 | ) | ||||||||||||
Comprehensive income (loss) (c) | (1,326 | ) | 2,387 | 17,478 | 30,408 | ||||||||||||
(a) | Gross profit excludes depreciation. | ||||||||||||||||
(b) | Fourth quarter includes an after-tax charge of $2,916 or $0.28 per common share for estimated costs of asbestos-related litigation through 2024 net of estimated insurance recoveries. | ||||||||||||||||
(c) | Second quarter of 2014 includes a net-of-tax adjustment to recognize the effect of a plan amendment to the other postretirement benefit plan of $4,776. Fourth quarter includes a net-of-tax adjustment to reflect the funded status of the various pension and other postretirement benefit plans of $(27,252) and $29,080 for 2014 and 2013, respectively. | ||||||||||||||||
(d) | Third quarter includes an after-tax credit of $10,621 or $1.03 per common share for estimated additional insurance recoveries expected to be available to satisfy asbestos liabilities through 2022 resulting from settlement agreements reached with various insurance carriers. Fourth quarter includes an after-tax charge of $4,165 or $0.40 per common share to recognize an other-than-temporary impairment of the Corporation’s investment in a forged roll joint venture company. |
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Schedule Of Description Of Business [Line Items] | |
Number of business segments | 2 |
Pennsylvania [Member] | |
Schedule Of Description Of Business [Line Items] | |
Number of manufacturing facility | 3 |
Indiana [Member] | |
Schedule Of Description Of Business [Line Items] | |
Number of manufacturing facility | 1 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of unrealized gains and losses used to determine market related value of plan asset | 20.00% | ||
Moving average period to determine market value of plan assets | 5 years | ||
Deferred income tax liability | $0 | ||
Weighted average diluted common shares outstanding | 10,404,744 | 10,406,478 | 10,389,678 |
Stock Option [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Weighted average outstanding stock options | 1,242,545 | 781,325 | 671,977 |
Minimum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Investments in joint ventures | 20.00% | ||
Defined benefit plan actuarial gain loss percentage | 10.00% | ||
Minimum [Member] | Land Improvements [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 15 years | ||
Minimum [Member] | Buildings [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 25 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 3 years | ||
Maximum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Investments in joint ventures | 50.00% | ||
Defined benefit plan actuarial gain loss percentage | 10.00% | ||
Maximum [Member] | Land Improvements [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 20 years | ||
Maximum [Member] | Buildings [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 50 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 25 years |
Investments_in_Joint_Ventures_1
Investments in Joint Ventures - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 24, 2014 | Dec. 24, 2013 | Dec. 24, 2012 | Dec. 31, 2014 | Dec. 31, 2012 | |
Schedule of Investments [Line Items] | |||||||
Joint venture recognized impairment charge | $6,407,000 | $6,407,000 | |||||
Carrying value investment | 3,670,000 | 3,670,000 | 2,574,000 | ||||
Chinese Cast Roll Joint Venture [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Percentage of ownership in Chinese cast roll joint venture | 25.00% | ||||||
Recorded cost in Chinese cast roll joint venture | 1,340,000 | ||||||
UES [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Percentage of ownership in joint venture | 49.00% | ||||||
Cash payment for joint venture | 14,700,000 | ||||||
Losses of the joint venture approximated | -4,203,000 | -2,165,000 | -3,254,000 | ||||
Percentage of intercompany profit | 49.00% | ||||||
Dividend declared | $0 | $0 | $0 | ||||
Maanshan [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Percentage of ownership in joint venture | 51.00% |
Investments_in_Joint_Ventures_2
Investments in Joint Ventures - Assets, Liabilities and Shareholders' Equity of Joint Venture (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Current assets (includes receivables from related parties of $524 and $636, respectively) | $10,743 | $9,431 |
Noncurrent assets | 32,948 | 36,840 |
Total assets | 43,691 | 46,271 |
Liabilities and Shareholders' Equity: | ||
Current liabilities (include liabilities to related parties of $22,039 and $19,278, respectively) | 22,156 | 22,498 |
Shareholders' equity | 21,535 | 23,773 |
Total liabilities and shareholders' equity | $43,691 | $46,271 |
Investments_in_Joint_Ventures_3
Investments in Joint Ventures - Assets, Liabilities and Shareholders' Equity of Joint Venture (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment In Joint Venture [Abstract] | ||
Receivables from related parties | $524 | $636 |
Liabilities to related parties | $22,039 | $19,278 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $15,076 | $17,411 |
Work-in-progress | 20,544 | 29,322 |
Finished goods | 8,201 | 5,894 |
Supplies | 10,892 | 11,502 |
Inventories | $54,713 | $64,129 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | |||
Percentage of inventories valued on the LIFO method | 52.00% | 56.00% | |
The LIFO reserve approximated | ($23,299) | ($26,404) | |
Decrease in costs of products sold | 2,196 | 1,803 | 277 |
Net income | $1,427 | $1,172 | $180 |
Common per share | $0.14 | $0.11 | $0.02 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $320,315 | $314,200 |
Accumulated depreciation | -170,476 | -162,912 |
Property, plant and equipment, Net | 149,839 | 151,288 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 5,209 | 5,122 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 44,610 | 44,116 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 259,406 | 250,936 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 2,374 | 5,315 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $8,716 | $8,711 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | GBP (£) |
Property, Plant and Equipment [Abstract] | ||
Land and Building | $3,150 | £ 2,022 |
Other_Current_Liabilities_Sche
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Customer-related liabilities | $11,539 | $10,610 |
Income taxes payable | 1,717 | 1,063 |
Accrued sales commissions | 1,623 | 1,648 |
Other | 7,329 | 8,399 |
Other current liabilities | $22,208 | $21,720 |
Other_Current_Liabilities_Sche1
Other Current Liabilities - Schedule of Changes in Liability for Product Warranty Claims (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Liabilities Disclosure [Abstract] | |||
Balance at the beginning of the year | $6,899 | $6,625 | $5,498 |
Satisfaction of warranty claims | -2,335 | -1,908 | -2,411 |
Provision for warranty claims | 2,300 | 2,112 | 3,399 |
Other, primarily impact from changes in foreign currency exchange rates | -192 | 70 | 139 |
Balance at the end of the year | $6,672 | $6,899 | $6,625 |
Borrowing_Arrangements_Additio
Borrowing Arrangements - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | EUR (€) | GBP (£) | USD ($) | Letter of Credit [Member] | Minimum [Member] | Tax Exempt Industrial Revenue Bond One [Member] | Taxable Industrial Revenue Bond [Member] | Tax Exempt Industrial Revenue Bond Two [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | ||||||
Line of Credit Facility [Line Items] | |||||||||
Short-term lines of credit maintained | $9,200,000 | € 400,000 | £ 3,000,000 | ||||||
Credit amount outstanding | 0 | 0 | 0 | ||||||
Tax-exempt IRB maturing in 2020/2027/2029 | 4,120,000 | 7,116,000 | 2,075,000 | ||||||
Interest at a floating rate on tax-exempt IRB maturing in 2020/2027/2029 | 0.10% | 0.15% | 0.12% | ||||||
Expiry date of credit facility | 1-Aug-16 | ||||||||
Period for renewing the facility | 1 year | ||||||||
Available letter of credit facility | $13,566,000 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | 1-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | GBP (£) | USD ($) | USD ($) | Minimum [Member] | Minimum [Member] | Maximum [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Nonqualified Defined Benefit Pension Plan [Member] | Nonqualified Defined Benefit Pension Plan [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | |
Employees | Multi-Employer Plan [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||
Location | Customer | ||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||||||||||||||||||
Total of lump sum payments | $9,304,000 | $0 | $0 | $0 | $0 | $9,304,000 | $0 | ||||||||||||||
Minimum contributions required | 0 | ||||||||||||||||||||
Voluntary contributions made | 5,000,000 | 589,000 | 597,000 | 1,849,000 | 1,764,000 | 1,786,000 | 40,000 | 5,008,000 | |||||||||||||
Minimum contributions expected in 2015 | 0 | ||||||||||||||||||||
Estimated benefit payments, in 2015 | 795,000 | 1,622,000 | 74,000 | 9,019,000 | |||||||||||||||||
Estimated benefit payments, in 2016 | 785,000 | 1,529,000 | 95,000 | 9,413,000 | |||||||||||||||||
Estimated benefit payments, in 2017 | 788,000 | 2,144,000 | 119,000 | 9,885,000 | |||||||||||||||||
Estimated benefit payments, in 2018 | 801,000 | 1,638,000 | 418,000 | 10,264,000 | |||||||||||||||||
Estimated benefit payments, in 2019 | 802,000 | 2,661,000 | 425,000 | 10,640,000 | |||||||||||||||||
Estimated benefit payments, in 2020-2024 | 4,402,000 | 14,407,000 | 2,212,000 | 58,457,000 | |||||||||||||||||
Fair value of plan assets | 157,048,000 | 0 | 0 | 0 | 50,533,000 | 48,536,000 | 41,875,000 | 32,437,000 | 29,315,000 | 157,048,000 | 164,085,000 | 140,218,000 | |||||||||
Accumulated benefit obligations | 70,523,000 | 60,830,000 | 45,268,000 | 36,740,000 | 4,294,000 | 2,794,000 | 186,870,000 | 167,723,000 | |||||||||||||
Contributions to defined contribution pension plan | 1,123,000 | 407,000 | 316,000 | 311,000 | |||||||||||||||||
Employer contribution expected in 2015 | 1,750,000 | ||||||||||||||||||||
Contributions to the defined contribution pension plan expected in 2015 | 412,000 | ||||||||||||||||||||
Defined benefit plan contribution made to trusts | 0 | ||||||||||||||||||||
Fair market value included in other noncurrent assets | 4,280,000 | 4,092,000 | |||||||||||||||||||
Number of employer locations contributed to the plan | 1,750 | ||||||||||||||||||||
Number of employees participate in the plan | 275,000 | 275,000 | |||||||||||||||||||
Multiemployer plan number of employees description | Approximately 275,000 | Approximately 275,000 | |||||||||||||||||||
Total amount of assets collected | 10,500,000,000 | ||||||||||||||||||||
Percentage of funded status in excess | 100.00% | 100.00% | |||||||||||||||||||
Participation of corporation's employees in the plan | Less than 100 | Less than 100 | |||||||||||||||||||
Corporation's contributions | 233,000 | 230,000 | 241,000 | ||||||||||||||||||
Percentage of employers contributions | 5.00% | 5.00% | |||||||||||||||||||
Contributions expected in 2015 | 267,000 | ||||||||||||||||||||
Number of subsidiary having postretirement health care benefits | 1 | ||||||||||||||||||||
Service period to avail existing pension plan | 15 years | 15 years | |||||||||||||||||||
Reduction in plan liability | 8,914,000 | -8,914,000 | 0 | 0 | 0 | 163,000 | 681,000 | ||||||||||||||
Maximum maturity period of fixed income investments | 10 years | 10 years | |||||||||||||||||||
Investments in diversified portfolio | Invests primarily in a diversified portfolio of fixed-income securities of varying maturities or in commingled funds which invest in a diversified portfolio of fixed-income securities of varying maturities. | Invests primarily in a diversified portfolio of fixed-income securities of varying maturities or in commingled funds which invest in a diversified portfolio of fixed-income securities of varying maturities. | |||||||||||||||||||
Target allocation | Generate a minimum annual inflation adjusted return of 5% and outperform a traditional 70/30 equities/bond portfolio. | Generate a minimum annual inflation adjusted return of 5% and outperform a traditional 70/30 equities/bond portfolio. | |||||||||||||||||||
Defined benefit plan actuarial gain loss percentage | 10.00% | 10.00% | |||||||||||||||||||
High-quality fixed-income investments maturity | 10 years | 10 years | |||||||||||||||||||
Change in discounts rates increased plan benefit obligations and reduced the funded status of the plans | -39,000,000 | -13,739,000 | -20,129,000 | -19,990,000 | -12,294,000 | -48,351,000 | -17,521,000 | ||||||||||||||
Increasing projected and accumulated benefit obligations and reducing the funded status of the plans | 9,000,000 | ||||||||||||||||||||
Assumed health care cost trend rate for 2015 | 6.00% | 6.00% | |||||||||||||||||||
Percentage decrease in other postretirement benefits in 2018 | 4.75% | ||||||||||||||||||||
Year related to decrease in health care cost trend rate | 2018 | ||||||||||||||||||||
Percentage point increase or decrease in the assumed health care cost trend rate | 1.00% | ||||||||||||||||||||
One percent effect on postretirement benefit obligation | 40,000 | ||||||||||||||||||||
One percent effect on annual benefit expense | $100,000 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefits - Schedule of Changes in Projected Benefit Obligations (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | 1-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in projected benefit obligations: | ||||
Plan settlements | ($9,304) | |||
U.S. Pension Benefits [Member] | ||||
Change in projected benefit obligations: | ||||
Projected benefit obligations, Beginning balance | 181,606 | 197,057 | ||
Service cost | 3,683 | 4,424 | 3,943 | |
Interest cost | 8,762 | 8,070 | 8,514 | |
Plan amendments | 163 | 681 | ||
Plan settlements | -9,304 | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Actuarial loss (gain) | 29,023 | -20,806 | ||
Participant contributions | 0 | 0 | ||
Benefits paid from plan assets | -8,494 | -7,812 | ||
Benefits paid by the Corporation | -40 | -8 | ||
Projected benefit obligations, Ending balance | 205,399 | 181,606 | 197,057 | |
Foreign Pension Benefits [Member] | ||||
Change in projected benefit obligations: | ||||
Projected benefit obligations, Beginning balance | 60,830 | 59,210 | ||
Service cost | 0 | 0 | 0 | |
Interest cost | 2,695 | 2,551 | 2,506 | |
Plan amendments | 0 | 0 | ||
Plan settlements | 0 | 0 | ||
Foreign currency exchange rate changes | -4,351 | 1,154 | ||
Actuarial loss (gain) | 13,993 | -823 | ||
Participant contributions | 0 | 0 | ||
Benefits paid from plan assets | -2,644 | -1,262 | ||
Benefits paid by the Corporation | 0 | 0 | ||
Projected benefit obligations, Ending balance | 70,523 | 60,830 | 59,210 | |
Other Postretirement Benefits [Member] | ||||
Change in projected benefit obligations: | ||||
Projected benefit obligations, Beginning balance | 20,129 | 22,806 | ||
Service cost | 505 | 943 | 804 | |
Interest cost | 688 | 926 | 919 | |
Plan amendments | 8,914 | -8,914 | 0 | |
Plan settlements | 0 | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Actuarial loss (gain) | 1,920 | -3,949 | ||
Participant contributions | 386 | 423 | ||
Benefits paid from plan assets | 0 | 0 | ||
Benefits paid by the Corporation | -975 | -1,020 | ||
Projected benefit obligations, Ending balance | $13,739 | $20,129 | $22,806 |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefits - Schedule of Changes in Plan Assets (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
USD ($) | USD ($) | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | GBP (£) | USD ($) | USD ($) | |||
Change in plan assets: | |||||||||||
Fair value of plan assets, Beginning balance | $157,048 | $164,085 | $140,218 | $48,536 | $41,875 | £ 32,437 | £ 29,315 | $0 | $0 | ||
Actual return on plan assets | 10,761 | 26,679 | 5,936 | 5,061 | 0 | 0 | |||||
Foreign currency exchange rate changes | 0 | 0 | -3,144 | 1,098 | 0 | 0 | |||||
Corporate contributions | 5,000 | 40 | 5,008 | 1,849 | 1,764 | 1,786 | 589 | 597 | |||
Participant contributions | 0 | 0 | 0 | 0 | 386 | 423 | |||||
Plan settlements | -9,304 | 0 | 0 | 0 | 0 | 0 | |||||
Gross benefits paid | -8,534 | -7,820 | -2,644 | -1,262 | -975 | -1,020 | |||||
Fair value of plan assets, Ending balance | $157,048 | $157,048 | $164,085 | $50,533 | $48,536 | $41,875 | £ 32,437 | £ 29,315 | $0 | $0 |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefits - Schedule of Net Funded Status of the Plans (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Funded status of the plans: | ||||||||||||
Fair value of plan assets | $157,048 | $157,048 | $164,085 | $140,218 | $50,533 | £ 32,437 | $48,536 | £ 29,315 | $41,875 | $0 | $0 | $0 |
Less benefit obligations | 205,399 | 181,606 | 197,057 | 70,523 | 60,830 | 59,210 | 13,739 | 20,129 | 22,806 | |||
Funded status at December 31 | ($39,000) | ($48,351) | ($17,521) | ($19,990) | ($12,294) | ($13,739) | ($20,129) |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefits - Schedule of Amounts Recognized in the Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Employee benefit obligations: | ||
Employee benefit obligations | ($81,216) | ($49,146) |
U.S. Pension Benefits [Member] | ||
Employee benefit obligations: | ||
Accrued payrolls and employee benefits | -73 | -51 |
Employee benefit obligations | -48,278 | -17,470 |
Employee benefit obligations current and non current | -48,351 | -17,521 |
Foreign Pension Benefits [Member] | ||
Employee benefit obligations: | ||
Accrued payrolls and employee benefits | 0 | 0 |
Employee benefit obligations | -19,990 | -12,294 |
Employee benefit obligations current and non current | -19,990 | -12,294 |
Other Postretirement Benefits [Member] | ||
Employee benefit obligations: | ||
Accrued payrolls and employee benefits | -791 | -752 |
Employee benefit obligations | -12,948 | -19,377 |
Employee benefit obligations current and non current | ($13,739) | ($20,129) |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefits - Schedule of Accumulated Other Comprehensive Loss (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
U.S. Pension Benefits [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss | $64,387 | $39,562 |
Prior service cost | 1,464 | 2,154 |
Total | 65,851 | 41,716 |
Foreign Pension Benefits [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss | 32,989 | 24,386 |
Prior service cost | 0 | 0 |
Total | 32,989 | 24,386 |
Other Postretirement Benefits [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss | 4,029 | 2,213 |
Prior service cost | -8,331 | 142 |
Total | ($4,302) | $2,355 |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Benefits - Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Year (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
U.S. Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $5,591 |
Prior service cost | 551 |
Total amounts included in accumulated other comprehensive loss to be recognized over next year | 6,142 |
Foreign Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 911 |
Prior service cost | 0 |
Total amounts included in accumulated other comprehensive loss to be recognized over next year | 911 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 233 |
Prior service cost | -672 |
Total amounts included in accumulated other comprehensive loss to be recognized over next year | ($439) |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Benefits - Summary of Target Asset Allocations and Major Asset Categories (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Pension Benefits [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 65.00% | |
Percentage of Plan Assets | 64.00% | 65.00% |
U.S. Pension Benefits [Member] | Fixed - Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 15.00% | |
Percentage of Plan Assets | 18.00% | 19.00% |
U.S. Pension Benefits [Member] | Alternative Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 15.00% | |
Percentage of Plan Assets | 16.00% | 15.00% |
U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 5.00% | |
Percentage of Plan Assets | 2.00% | 1.00% |
Foreign Pension Benefits [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 44.00% | |
Percentage of Plan Assets | 44.00% | 46.00% |
Foreign Pension Benefits [Member] | Fixed - Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 35.00% | |
Percentage of Plan Assets | 35.00% | 31.00% |
Foreign Pension Benefits [Member] | Alternative Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 21.00% | |
Percentage of Plan Assets | 21.00% | 23.00% |
Foreign Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 0.00% | 0.00% |
Recovered_Sheet1
Pension and Other Postretirement Benefits - Asset Categories Based on the Nature and Risks of the Plan Assets (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | Transportation [Member] | Wholesale Distribution [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] |
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Fixed - Income Securities [Member] | Fixed - Income Securities [Member] | Alternative Investments [Member] | Alternative Investments [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | USD ($) | USD ($) | USD ($) | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Fixed - Income Securities [Member] | Fixed - Income Securities [Member] | Fixed - Income Securities [Member] | Fixed - Income Securities [Member] | Fixed - Income Securities [Member] | Fixed - Income Securities [Member] | Fixed - Income Securities [Member] | Fixed - Income Securities [Member] | Alternative Investments [Member] | Alternative Investments [Member] | Alternative Investments [Member] | Alternative Investments [Member] | Alternative Investments [Member] | Alternative Investments [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | USD ($) | Transportation [Member] | Wholesale Distribution [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits 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Public Equity [Member] | Limited Partnerships - Public Equity [Member] | Manufacturing [Member] | Manufacturing [Member] | Oil & Gas [Member] | Oil & Gas [Member] | Retail [Member] | Retail [Member] | Technology [Member] | Technology [Member] | U.S., Other [Member] | U.S., Other [Member] | Common Collective Trust Funds [Member] | Common Collective Trust Funds [Member] | Engineering & Construction [Member] | Engineering & Construction [Member] | Oil & Gas [Member] | Oil & Gas [Member] | Technology [Member] | Technology [Member] | Bank & Financial Services [Member] | Bank & Financial Services [Member] | Real Estate [Member] | Real Estate [Member] | International, Other [Member] | International, Other [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset categories based on the nature and risks of the plans assets | $157,048 | $926 | $927 | $50,533 | £ 32,437 | $48,536 | £ 29,315 | $41,875 | $22,297 | $22,129 | $18,449 | $18,086 | $3,848 | $4,043 | $17,366 | $15,211 | $10,799 | $11,041 | $71 | $155 | $157,048 | $164,085 | $140,218 | $85,065 | $93,101 | $1,684 | $1,751 | $2,424 | $2,203 | $1,012 | $1,747 | $1,210 | $1,052 | $34,871 | $37,495 | $1,050 | $1,371 | $778 | $1,096 | $3,423 | $3,339 | $1,345 | $1,216 | $6,482 | $9,125 | $2,224 | $2,653 | $2,503 | $2,342 | $935 | $1,006 | $2,022 | $1,855 | $5,681 | $6,300 | $6,364 | $7,024 | $600 | $1,187 | $1,422 | $1,969 | $965 | $1,366 | $1,790 | $1,808 | $1,321 | $1,440 | $3,106 | $3,756 | $25,810 | $26,859 | $16,533 | $17,159 | $7,242 | $5,851 | $2,035 | $3,849 | $42,194 | $40,822 | $8,592 | $8,389 | $33,602 | $32,433 | $3,979 | $3,303 | $1,081 | $1,065 | $237 | $64 | $2,661 | $2,174 | $53,970 | $926 | $927 | $71 | $155 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $71 | $155 | $56,671 | $43,830 | $48,582 | $1,684 | $1,751 | $2,424 | $2,203 | $1,012 | $1,747 | $1,210 | $1,052 | $0 | $0 | $1,050 | $1,371 | $778 | $1,096 | $3,423 | $3,339 | $1,345 | $1,216 | $6,482 | $9,125 | $2,224 | $2,653 | $2,503 | $2,342 | $935 | $1,006 | $2,022 | $1,855 | $5,681 | $6,300 | $0 | $0 | $600 | $1,187 | $1,422 | $1,969 | $965 | $1,366 | $1,790 | $1,808 | $1,321 | $1,440 | $3,106 | $3,756 | $7,242 | $5,851 | $0 | $0 | $7,242 | $5,851 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2,898 | $2,238 | $0 | $0 | $237 | $64 | $2,661 | $2,174 | $60,884 | $0 | $0 | $39,663 | $37,340 | $22,297 | $22,129 | $18,449 | $18,086 | $3,848 | $4,043 | $17,366 | $15,211 | $0 | $0 | $0 | $0 | $66,592 | $41,235 | $44,519 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $34,871 | $37,495 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6,364 | $7,024 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $18,568 | $21,008 | $16,533 | $17,159 | $0 | $0 | $2,035 | $3,849 | $0 | $0 | $0 | $0 | $0 | $0 | $1,081 | $1,065 | $1,081 | $1,065 | $0 | $0 | $0 | $0 | $42,194 | $0 | $0 | $10,799 | $11,041 | $9,031 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $10,799 | $11,041 | $0 | $0 | $40,822 | $8,592 | $8,389 | $6,490 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $42,194 | $40,822 | $8,592 | $8,389 | $33,602 | $32,433 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Recovered_Sheet2
Pension and Other Postretirement Benefits - Asset Categories Based on the Nature and Risks of the Plan Assets (Parenthetical) (Detail) (U.S. Pension Benefits [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 65.00% | |
Equity Securities [Member] | Managed Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 43.00% | 43.00% |
Alternative Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 15.00% | |
Alternative Investments [Member] | Managed Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 50.00% | 50.00% |
Fixed Income and Cash and Cash Equivalents [Member] | Managed Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 7.00% | 7.00% |
Recovered_Sheet3
Pension and Other Postretirement Benefits - Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | U.S. Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] | Foreign Pension Benefits [Member] |
USD ($) | USD ($) | USD ($) | Significant Unobservable Inputs (Level 3) [Member] | Hedge and Absolute Return Funds [Member] | Hedge and Absolute Return Funds [Member] | Managed Funds [Member] | Managed Funds [Member] | USD ($) | USD ($) | GBP (£) | GBP (£) | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
USD ($) | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | USD ($) | USD ($) | |||||||||
USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets, Beginning balance | $157,048 | $42,194 | $164,085 | $140,218 | $40,822 | $8,389 | $6,490 | $32,433 | $30,064 | $48,536 | $41,875 | £ 32,437 | £ 29,315 | $11,041 | $9,031 |
Acquisitions | 2,225 | 0 | 1,100 | ||||||||||||
Withdrawals | -200 | -1,320 | -2,550 | -2,070 | -181 | 0 | |||||||||
Realized gains | 66 | 563 | 821 | 451 | 0 | 0 | |||||||||
Change in net unrealized gains | 29,023 | -20,806 | 337 | 431 | 2,898 | 3,988 | 13,993 | -823 | 615 | 644 | |||||
Other, primarily impact from changes in foreign currency exchange rates | 0 | 0 | 0 | 0 | 0 | 0 | -3,144 | 1,098 | -676 | 266 | |||||
Fair value of plan assets, Ending balance | $157,048 | $42,194 | $157,048 | $164,085 | $40,822 | $8,592 | $8,389 | $33,602 | $32,433 | $50,533 | $48,536 | £ 32,437 | £ 29,315 | $10,799 | $11,041 |
Recovered_Sheet4
Pension and Other Postretirement Benefits - Net Periodic Pension and Other Postretirement Benefit Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $3,683 | $4,424 | $3,943 |
Interest cost | 8,762 | 8,070 | 8,514 |
Expected return on plan assets | -10,747 | -9,368 | -9,556 |
Amortization of prior service cost | 854 | 640 | 668 |
Amortization of actuarial loss | 4,183 | 7,146 | 6,087 |
Net cost | 6,735 | 10,912 | 9,656 |
Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 2,695 | 2,551 | 2,506 |
Expected return on plan assets | -3,157 | -2,485 | -2,101 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of actuarial loss | 599 | 687 | 598 |
Net cost | 137 | 753 | 1,003 |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 505 | 943 | 804 |
Interest cost | 688 | 926 | 919 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | -441 | 85 | 85 |
Amortization of actuarial loss | 104 | 241 | 71 |
Net cost | $856 | $2,195 | $1,879 |
Recovered_Sheet5
Pension and Other Postretirement Benefits - Discount Rates and Weighted-Average Wage Increases Used to Determine the Benefit Obligations (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.10% | 5.00% |
Wage increases | 4.00% | 4.00% |
Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.50% | 4.50% |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.00% | 5.00% |
Recovered_Sheet6
Pension and Other Postretirement Benefits - Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.00% | 4.25% | 5.00% |
Expected long-term rate of return | 8.00% | 8.00% | 8.00% |
Wages increases | 4.00% | 4.00% | 4.00% |
Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.50% | 4.50% | 4.90% |
Expected long-term rate of return | 6.50% | 6.09% | 5.61% |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.00% | 4.25% | 5.00% |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | GBP (£) | Collective Bargaining Agreement One [Member] | Collective Bargaining Agreement Two [Member] | |
Agreement | |||||
Commitments And Contingent Liabilities [Line Items] | |||||
Outstanding standby and commercial letters of credit | $18,903,000 | ||||
Government grants received | 1,083,000 | 680,000 | |||
Recorded liability | $0 | ||||
Percentage on employees covered by collective bargaining agreements | 53.00% | ||||
Number of bargaining agreements | 6 | ||||
Number of expired agreements | 1 | ||||
Percentage of covered employees | 18.00% | 39.00% | |||
Bargaining agreement expiration year | 2012 | ||||
Bargaining agreement beginning expiration year | 2015-12 | ||||
Bargaining agreement ending expiration year | 2018-05 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-11 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized under Omnibus Incentive Plan | 1,000,000 | |||
Stock options life, years | 6 years | 6 years 6 months | ||
Stock options vesting period, years | 3 years | |||
Fair market value of fully vested shares as of the grant date | $25 | |||
Shares of common stock issued to non-employee directors | 12,500 | 11,656 | 11,320 | |
Stock-based compensation expense | 1,102 | 1,196 | 1,258 | |
Income tax benefit from stock-based compensation expense | 386 | 419 | 440 | |
Unrecognized stock-based compensation expense to be recognized in period, years | 2 years | |||
Unrecognized stock-based compensation expense | $1,375 | |||
Non-Qualified Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options life, years | 10 years |
StockBased_Compensation_Fair_V
Stock-Based Compensation - Fair Values of Options Calculated Based on Assumptions Using Black-Scholes Option-Pricing Model (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Options granted | 176,000 | 173,750 | 164,500 |
Exercise price | $20 | $17.16 | $17.67 |
Assumptions: | |||
Expected life in years | 6 years | 6 years | 6 years |
Risk-free interest rate | 1.98% | 1.26% | 0.76% |
Expected annual dividend yield | 3.60% | 4.20% | 3.01% |
Expected forfeiture rate | 8.00% | 5.00% | 0.00% |
Expected volatility | 53.02% | 52.68% | 53.46% |
Grant date fair value | $7.40 | $5.82 | $6.68 |
Resulting stock-based compensation expense | $1,199 | $961 | $1,099 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Options Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Shares Under Options, Outstanding at January 1, 2014 | 1,201,753 | ||
Shares Under Options, Granted | 176,000 | 173,750 | 164,500 |
Shares Under Options, Exercised | -40,084 | ||
Shares Under Options, Forfeited | -135,500 | ||
Shares Under Options, Outstanding at December 31, 2014 | 1,202,169 | 1,201,753 | |
Shares Under Options, Exercisable at December 31, 2014 | 914,752 | ||
Shares Under Options, Vested or expected to vest at December 31, 2014 | 1,197,365 | ||
Weighted Average Exercise Price, Outstanding at January 1, 2014 | $24.85 | ||
Weighted Average Exercise Price, Granted | $20 | $17.16 | $17.67 |
Weighted Average Exercise Price, Exercised | $14.50 | ||
Weighted Average Exercise Price, Forfeited | $26.87 | ||
Weighted Average Exercise Price, Outstanding at December 31, 2014 | $24.25 | $24.85 | |
Weighted Average Exercise Price, Exercisable at December 31, 2014 | $25.97 | ||
Weighted Average Exercise Price, Vested or expected to vest at December 31, 2014 | $24.27 | ||
Remaining Contractual Life In Years, Outstanding at December 31, 2014 | 6 years | 6 years 6 months | |
Stock options life, years | 6 years | 6 years 6 months | |
Remaining Contractual Life In Years, Exercisable at December 31, 2014 | 5 years 2 months 12 days | ||
Remaining Contractual Life In Years, Vested or expected to vest at December 31, 2014 | 6 years | ||
Intrinsic Value, Outstanding at January 1, 2014 | $982 | ||
Intrinsic Value, Outstanding at December 31, 2014 | 778 | 982 | |
Intrinsic Value, Exercisable at December 31, 2014 | 778 | ||
Intrinsic Value, Vested or expected to vest at December 31, 2014 | $778 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Net Change and Ending Balances for Various Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | ($45,865) | ($82,375) | ($79,290) |
Net Change | -22,888 | 36,510 | -3,085 |
Ending balance | -68,753 | -45,865 | -82,375 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 277 | -1,543 | -4,736 |
Net Change | -4,703 | 1,820 | 3,193 |
Ending balance | -4,426 | 277 | -1,543 |
Unrecognized Components of Employee Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -47,462 | -81,783 | -75,225 |
Net Change | -17,934 | 34,321 | -6,558 |
Ending balance | -65,396 | -47,462 | -81,783 |
Unrealized Holding Gains (Losses) on Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 1,007 | 633 | 562 |
Net Change | -23 | 374 | 71 |
Ending balance | 984 | 1,007 | 633 |
Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 313 | 318 | 109 |
Net Change | -228 | -5 | 209 |
Ending balance | $85 | $313 | $318 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Line Items Affected on Condensed Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Costs of products sold (excluding depreciation) | $218,597 | $217,342 | $225,906 | ||||||||
Selling and administrative | 37,380 | 39,682 | 40,530 | ||||||||
Other income (expense) | 907 | 1,631 | 942 | ||||||||
Income tax provision | -766 | 5,813 | 5,218 | ||||||||
Net (loss) income | 2,043 | 343 | -1,121 | -78 | 1,500 | -12,705 | -1,106 | -126 | 1,187 | -12,437 | -8,355 |
Net sales (foreign currency sales contracts) | -74,587 | -65,409 | -69,949 | -62,913 | -77,055 | -64,433 | -69,938 | -69,624 | -272,858 | -281,050 | -292,905 |
Depreciation (foreign currency purchase contracts) | 11,818 | 11,342 | 10,661 | ||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Amortization of Unrecognized Employee Benefit Costs [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Costs of products sold (excluding depreciation) | 3,601 | 5,691 | 4,807 | ||||||||
Selling and administrative | 1,524 | 2,241 | 1,939 | ||||||||
Other income (expense) | 174 | 867 | 763 | ||||||||
Total before income tax | 5,299 | 8,799 | 7,509 | ||||||||
Income tax provision | -1,841 | -3,156 | -3,547 | ||||||||
Net (loss) income | 3,458 | 5,643 | 3,962 | ||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) from Sale of Marketable Securities [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Selling and administrative | -171 | -87 | -120 | ||||||||
Income tax provision | 60 | 30 | 42 | ||||||||
Net (loss) income | -111 | -57 | -78 | ||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before income tax | 152 | 392 | 174 | ||||||||
Income tax provision | -57 | -146 | -67 | ||||||||
Net (loss) income | 95 | 246 | 107 | ||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | Foreign Currency Sales Contracts [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net sales (foreign currency sales contracts) | 33 | 0 | -197 | ||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | Foreign Currency Purchase Contracts [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Depreciation (foreign currency purchase contracts) | -27 | -27 | -27 | ||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | Futures Contracts - Copper and Aluminum [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Costs of products sold (excluding depreciation) | $146 | $419 | $398 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss - Summary of Income Tax Expense (Benefit) Associated with Various Components of Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income tax expense (benefit) associated with changes in: | |||
Unrecognized employee benefit costs | $10,265 | ($15,890) | $5,256 |
Unrealized holding gains on marketable securities | -47 | -232 | -80 |
Fair value of cash flow hedges | 206 | 149 | -61 |
Income tax expense (benefit) associated with reclassification adjustments: | |||
Amortization of unrecognized employee benefit costs | -1,841 | -3,156 | -3,547 |
Realized gains from sale of marketable securities | 60 | 30 | 42 |
Realized gains/losses from settlement of cash flow hedges | ($57) | ($146) | ($67) |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Customer | |||
Derivative [Line Items] | |||
Anticipated foreign-denominated sales hedge | $16,126 | ||
Percentage of purchase commitments covering anticipated natural gas usage | 32.00% | ||
Purchase commitment amount of anticipated natural gas usage | 2,691 | ||
Number of subsidiaries purchased commitments for natural gas usage | 1 | ||
Purchase commitments covering period anticipated usage, Description | Through 2017 for one of its subsidiaries | ||
Purchase of natural gas | 2,190 | 2,694 | 4,314 |
(Losses) gains on foreign exchange transactions included in other income (expense) | -488 | -227 | 107 |
Foreign Currency Sales Contract - Fair Value Hedges [Member] | |||
Derivative [Line Items] | |||
Fair value of assets held as collateral related to forward exchange contracts | 800 | ||
Copper Purchases [Member] | |||
Derivative [Line Items] | |||
Percentage of anticipated purchases hedged | 57.00% | ||
Time period for hedged purchases | 9 months | ||
Copper Purchases [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Anticipated purchases, hedged | 2,700 | ||
Aluminum Purchases [Member] | |||
Derivative [Line Items] | |||
Percentage of anticipated purchases hedged | 38.00% | ||
Time period for hedged purchases | 6 months | ||
Aluminum Purchases [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Anticipated purchases, hedged | $500 |
Derivative_Instruments_Locatio
Derivative Instruments - Location and Fair Value of Foreign Currency Sales Contracts Recorded on Consolidated Balance Sheets (Detail) (Foreign Currency Sales Contracts [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Cash flow hedge contracts | $6 | $0 |
Fair value hedge contracts | 399 | 0 |
Fair value hedged item | 218 | 488 |
Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 217 | 426 |
Fair value hedged item | 327 | 0 |
Other Noncurrent Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 15 | 17 |
Fair value hedged item | 4 | 0 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 5 | 0 |
Fair value hedged item | 35 | 40 |
Receivable [Member] | ||
Derivative [Line Items] | ||
Fair value hedged item | $69 | ($36) |
Derivative_Instruments_Summary
Derivative Instruments - Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | |||
Comprehensive Income (Loss) Beginning of the Year | $313 | $318 | $109 |
Plus Recognized as Comprehensive Income (Loss) | -323 | -251 | 102 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | -95 | -246 | -107 |
Comprehensive Income (Loss) End of the Year | 85 | 313 | 318 |
Foreign Currency Sales Contracts [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Comprehensive Income (Loss) Beginning of the Year | 0 | 0 | 114 |
Plus Recognized as Comprehensive Income (Loss) | -21 | 0 | 10 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | -21 | 0 | 124 |
Comprehensive Income (Loss) End of the Year | 0 | 0 | 0 |
Foreign Currency Purchase Contracts [Member] | |||
Derivative [Line Items] | |||
Comprehensive Income (Loss) Beginning of the Year | 275 | 292 | 309 |
Plus Recognized as Comprehensive Income (Loss) | 0 | 0 | 0 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 17 | 17 | 17 |
Comprehensive Income (Loss) End of the Year | 258 | 275 | 292 |
Futures Contracts - Copper and Aluminum [Member] | |||
Derivative [Line Items] | |||
Comprehensive Income (Loss) Beginning of the Year | 38 | 26 | -314 |
Plus Recognized as Comprehensive Income (Loss) | -302 | -251 | 92 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | -91 | -263 | -248 |
Comprehensive Income (Loss) End of the Year | ($173) | $38 | $26 |
Derivative_Instruments_Summary1
Derivative Instruments - Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign Currency Sales Contracts [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Amount released to pre - tax earnings | $0 | ||
Amount released to pre - tax earnings | -33 | 0 | 197 |
Foreign Currency Purchase Contracts [Member] | |||
Derivative [Line Items] | |||
Amount released to pre - tax earnings | 27 | ||
Amount released to pre - tax earnings | 27 | 27 | 27 |
Futures Contracts - Copper and Aluminum [Member] | |||
Derivative [Line Items] | |||
Amount released to pre - tax earnings | -290 | ||
Amount released to pre - tax earnings | ($146) | ($419) | ($398) |
Fair_Value_Fair_Value_of_Finan
Fair Value - Fair Value of Financial Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $19 | $17 |
Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 544 | 426 |
Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 623 | 488 |
Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 40 | 40 |
Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,280 | 4,092 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,280 | 4,092 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 19 | 17 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 544 | 426 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 623 | 488 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 40 | 40 |
Significant Other Observable Inputs (Level 2) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $0 | $0 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||
Joint venture recognized impairment charge | $6,407 | $6,407 |
Income_Taxes_Loss_Income_Befor
Income Taxes - (Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic | ($1,182) | $25,269 | $14,754 |
Foreign | 290 | 1,911 | 413 |
(Loss) income before income taxes and equity losses in Chinese joint venture | ($892) | $27,180 | $15,167 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |
Deferred tax liability recorded | $0 |
Unrecognized tax benefits | 34,000 |
Expiration period of unrecognized tax benefits due to lapse in statue of limitations | Within the next 12 months |
Expiring in the Next Twelve Months [Member] | |
Income Tax Contingency [Line Items] | |
Unrecognized tax benefits | 22,000 |
State [Member] | |
Income Tax Contingency [Line Items] | |
Net operating loss carryforwards | 20,392,000 |
Operating loss carry forwards expiration period | 2018 |
Foreign Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Net operating loss carryforwards | 18,000 |
Capital loss carryforwards | $940,000 |
Capital loss carry forwards expiration period | Capital loss carryforwards of $940 which do not expire. |
Operating loss carry forwards expiration period | 2026 |
Income_Taxes_Income_Tax_Provis
Income Taxes - Income Tax Provision (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $3,458 | $5,535 | $2,550 |
State | 210 | 139 | 184 |
Foreign | 122 | 28 | -61 |
Total current income tax expense | 3,790 | 5,702 | 2,673 |
Deferred: | |||
Federal | -4,678 | -488 | 2,142 |
State | 54 | 133 | 360 |
Foreign | 101 | 622 | 175 |
Reversal of valuation allowance | -33 | -156 | -132 |
Deferred income tax expense benefit | -4,556 | 111 | 2,545 |
Total provision (benefit) for taxes on income | ($766) | $5,813 | $5,218 |
Income_Taxes_Difference_Betwee
Income Taxes - Difference Between Statutory U.S. Federal Income Tax and the Corporation's Effective Income Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Computed at statutory rate | ($312) | $9,513 | $5,309 |
Tax differential on non-U.S. earnings | 128 | -340 | -119 |
State income taxes | -227 | 741 | 619 |
Manufacturers deduction (I.R.C. Section 199) | -359 | -566 | -257 |
Meals and entertainment | 224 | 205 | 198 |
Tax credits | -12 | -145 | -64 |
Chinese joint venture | -371 | -3,125 | -558 |
Reversal of valuation allowance | -33 | -156 | -132 |
Change in tax rates | 301 | -472 | -143 |
Change in uncertain tax positions | -80 | -172 | 87 |
Other - net | -25 | 330 | 278 |
Total provision (benefit) for taxes on income | ($766) | $5,813 | $5,218 |
Income_Taxes_Deferred_Income_T
Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Employment - related liabilities | $10,726 | $11,946 |
Liabilities related to discontinued operations | 733 | 959 |
Capital loss carryforwards | 253 | 273 |
Asbestos-related liability | 18,252 | 18,172 |
Net operating loss - state | 2,029 | 1,654 |
Inventory related | 3,458 | 2,644 |
Impairment charge associated with investment in UES-MG | 2,344 | 2,316 |
Other | 3,546 | 3,939 |
Gross deferred income tax assets | 61,231 | 49,474 |
Valuation allowance | -3,254 | -2,639 |
Deferred tax assets, net, Total | 57,977 | 46,835 |
Liabilities: | ||
Depreciation | -30,429 | -31,918 |
Mark-to-market adjustment - derivatives | -23 | -73 |
Other | -1,993 | -2,495 |
Gross deferred income tax liabilities | -32,445 | -34,486 |
Net deferred income tax assets | 25,532 | 12,349 |
Foreign Tax Authority [Member] | ||
Assets: | ||
Pension liability | 4,041 | 2,434 |
Domestic Tax Authority [Member] | ||
Assets: | ||
Pension liability | $15,849 | $5,137 |
Income_Taxes_Summary_of_Change
Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at the beginning of the year | $270 | $442 | $311 |
Gross increases for tax positions taken in the current year | 0 | 8 | 233 |
Gross increases for tax positions taken in prior years | 2 | 12 | 18 |
Gross decreases in tax positions due to lapse in statute of limitations | -61 | 0 | -120 |
Gross decreases for tax positions taken in prior years | -17 | -192 | 0 |
Gross decreases for tax settlements with taxing authorities | -142 | 0 | 0 |
Balance at the end of the year | $52 | $270 | $442 |
Operating_Leases_Additional_In
Operating Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Operating lease expense | $995 | $945 | $1,013 |
Operating lease payments, in 2015 | 823 | ||
Operating lease payments, in 2016 | 287 | ||
Operating lease payments, in 2017 | 184 | ||
Operating lease payments, in 2018 | 83 | ||
Operating lease payments, in 2019 | 23 | ||
Operating lease payments, thereafter | $0 |
Research_and_Development_Costs1
Research and Development Costs - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Research and Development [Abstract] | |||
Expenses relating to product development | $1,328 | $1,413 | $1,476 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (LB Co [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
LB Co [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases | $1,358 | $1,489 | $1,538 |
LB Co paid Corporation for administrative services | 100 | 150 | 253 |
Net amount payable | $28 | $79 |
Litigation_Schedule_of_Loss_Co
Litigation - Schedule of Loss Contingencies by Contingency (Detail) (Asbestos Claims [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Claim | Claim | |
Asbestos Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Total claims pending at the beginning of the period | 8,319 | 8,007 |
New claims served | 1,466 | 1,432 |
Claims dismissed | -1,094 | -803 |
Claims settled | -234 | -317 |
Total claims pending at the end of the period | 8,457 | 8,319 |
Gross settlement and defense costs | $20,801,000 | $22,618,000 |
Average gross settlement and defense costs per claim resolved | $15,660 | $20,190 |
Litigation_Schedule_of_Loss_Co1
Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Claim | Claim | |
Commitments and Contingencies Disclosure [Abstract] | ||
Number of claims inactive or transferred to MDL panel | 1,647 | 1,636 |
Litigation_Additional_Informat
Litigation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 24, 2011 | Dec. 31, 2014 | Feb. 24, 2011 |
Defendant | Defendant | ||
Company | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Number of domestic insurance companies, lawsuit filed against | 13 | ||
Number of defendant insurers in the coverage action | 2 | ||
Number of domestic defendant insurers in action | 8 | ||
Number of domestic insurance companies, remain in litigation | 2 | ||
Reserves for total costs for asbestos liability claims pending or projected | $189,048 | ||
Percentage attributable to settlement costs for unasserted claims projected to be filed | 64.00% | ||
Insurance recoveries receivable | $140,651 |
Litigation_Summary_of_Activity
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, end of the year | $140,651 | |
Asbestos Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, beginning of the year | 110,741 | 118,115 |
Settlement and defense costs paid by insurance carriers | -17,159 | -23,714 |
Changes in estimated coverage | 47,069 | 16,340 |
Insurance receivable - asbestos, end of the year | $140,651 | $110,741 |
Environmental_Matters_Addition
Environmental Matters - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Environmental Remediation Obligations [Abstract] | |
Potential liability for all environmental proceedings | $325 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Business_Segments_Business_Seg
Business Segments - Business Segment Net Sales and (Loss) Income Before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $74,587 | $65,409 | $69,949 | $62,913 | $77,055 | $64,433 | $69,938 | $69,624 | $272,858 | $281,050 | $292,905 |
Long-Lived Assets | 284,098 | 249,055 | 284,098 | 249,055 | 269,797 | ||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | -892 | 27,180 | 15,167 | ||||||||
Capital Expenditures | 13,309 | 11,805 | 9,668 | ||||||||
Depreciation Expense | 11,818 | 11,342 | 10,661 | ||||||||
Identifiable Assets | 536,409 | 502,673 | 536,409 | 502,673 | 533,179 | ||||||
Heat Exchange Coils [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 39,109 | 42,364 | 44,477 | ||||||||
Centrifugal Pumps [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 32,983 | 32,341 | 30,551 | ||||||||
Air Handling Systems [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 21,378 | 19,059 | 28,407 | ||||||||
Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 272,858 | 281,050 | 292,905 | ||||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | 8,602 | 38,881 | 25,682 | ||||||||
Corporate Costs, Including Other Income (Expense) [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | -9,494 | -11,701 | -10,515 | ||||||||
Capital Expenditures | 69 | 32 | 3 | ||||||||
Depreciation Expense | 71 | 66 | 68 | ||||||||
Identifiable Assets | 78,507 | 70,684 | 78,507 | 70,684 | 78,350 | ||||||
U.S. [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 143,493 | 134,695 | 143,579 | ||||||||
Long-Lived Assets | 252,739 | 213,332 | 252,739 | 213,332 | 228,177 | ||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | -1,471 | 26,137 | 14,707 | ||||||||
Foreign [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 129,365 | 146,355 | 149,326 | ||||||||
Long-Lived Assets | 31,359 | 35,723 | 31,359 | 35,723 | 41,620 | ||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | 579 | 1,043 | 460 | ||||||||
Forged and Cast Engineered Products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 179,388 | 187,286 | 189,470 | ||||||||
Forged and Cast Engineered Products [Member] | Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 179,388 | 187,286 | 189,470 | ||||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | 4,380 | 13,936 | 18,415 | ||||||||
Capital Expenditures | 12,884 | 11,016 | 8,867 | ||||||||
Depreciation Expense | 10,303 | 9,976 | 9,282 | ||||||||
Identifiable Assets | 260,384 | 263,012 | 260,384 | 263,012 | 268,489 | ||||||
Air and Liquid Processing [Member] | Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 93,470 | 93,764 | 103,435 | ||||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | 4,222 | 24,945 | 7,267 | ||||||||
Capital Expenditures | 356 | 757 | 798 | ||||||||
Depreciation Expense | 1,444 | 1,300 | 1,311 | ||||||||
Identifiable Assets | $197,518 | $168,977 | $197,518 | $168,977 | $186,340 |
Business_Segments_Business_Seg1
Business Segments - Business Segment Net Sales and (Loss) Income Before Income Taxes (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | |||
Estimated costs of asbestos-related litigation, net of estimated insurance recoveries | $4,487 | $16,340 | $540 |
Investments in joint ventures | 3,914 | 5,010 | 13,319 |
Change in the identifiable assets of the Air and Liquid / Long-lived assets | 123,651 | 86,241 | 99,715 |
Forged and Cast Engineered Products [Member] | |||
Revenue from External Customer [Line Items] | |||
Investments in joint ventures | 3,914 | 5,010 | 13,319 |
Number of customers accounted for net sales | 2 | 2 | 2 |
Forged and Cast Engineered Products [Member] | Net Sales [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 29.00% | 26.00% | 23.00% |
U.S. [Member] | Air and Liquid Processing [Member] | |||
Revenue from External Customer [Line Items] | |||
Change in the identifiable assets of the Air and Liquid / Long-lived assets | $140,651 | $110,741 | $118,115 |
Maximum [Member] | Individual Countries [Member] | Sales Revenue, Net [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 10.00% | 10.00% | 10.00% |
Quarterly_Information_Quarterl
Quarterly Information - Quarterly Information - Unaudited (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $74,587 | $65,409 | $69,949 | $62,913 | $77,055 | $64,433 | $69,938 | $69,624 | $272,858 | $281,050 | $292,905 |
Gross profit | 14,705 | 12,165 | 14,541 | 12,850 | 18,290 | 16,256 | 14,628 | 14,534 | |||
Net income (loss) | -2,043 | -343 | 1,121 | 78 | -1,500 | 12,705 | 1,106 | 126 | -1,187 | 12,437 | 8,355 |
Net income (loss) per common share: | |||||||||||
Basic | ($0.20) | ($0.03) | $0.11 | $0.01 | ($0.14) | $1.23 | $0.11 | $0.01 | ($0.11) | $1.20 | $0.81 |
Diluted | ($0.20) | ($0.03) | $0.11 | $0.01 | ($0.14) | $1.22 | $0.11 | $0.01 | ($0.11) | $1.20 | $0.80 |
Comprehensive income (loss) | ($30,664) | ($2,701) | $7,992 | $1,298 | $30,408 | $17,478 | $2,387 | ($1,326) | ($24,075) | $48,947 | $5,270 |
Quarterly_Information_Quarterl1
Quarterly Information - Quarterly Information - Unaudited (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||
After-tax credit | $10,621 | ||||||
After-tax credit per common share for the estimated additional insurance recoveries | $1.03 | ||||||
After-tax charge | 2,916 | 4,165 | |||||
After-tax charge per common share to recognize | $0.28 | $0.40 | |||||
Unrecognized employee benefit costs | ($27,252) | $4,776 | $29,080 | ($21,392) | $28,678 | ($10,520) |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $551 | $519 | $141 |
Charged to Costs and Expenses | 1,381 | 33 | 379 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | -531 | -3 | -4 |
Other | -27 | 2 | 3 |
Balance at End of Period | 1,374 | 551 | 519 |
Valuation Allowance Against Gross Deferred Income Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 2,639 | 2,887 | 3,042 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Charged to Other Accounts | 721 | 35 | 11 |
Deductions | -33 | -156 | -132 |
Other | -73 | -127 | -34 |
Balance at End of Period | $3,254 | $2,639 | $2,887 |