Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 19, 2015 | Jun. 30, 2014 |
Document Documentand Entity Information [Abstract] | |||
Entity Registrant Name | MSA SAFETY INCORPORATED | ||
Entity Central Index Key | 66570 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MSA | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 37,451,901 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1.80 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Statement [Abstract] | ||||||
Net sales | $1,133,885 | $1,112,058 | $1,110,443 | |||
Other income (loss), net | 2,765 | -175 | 10,876 | |||
Sales | 1,136,650 | 1,111,883 | 1,121,319 | |||
Costs and expenses | ||||||
Cost of products sold | 618,536 | 615,213 | 620,895 | |||
Selling, general and administrative | 322,797 | 309,206 | 312,858 | |||
Research and development | 48,247 | 45,858 | 40,900 | |||
Restructuring and other charges | 8,515 | 5,344 | 2,787 | |||
Interest expense | 9,851 | 10,677 | 11,344 | |||
Currency exchange losses, net | 1,509 | 5,452 | 3,192 | |||
Costs and Expenses, Total | 1,009,455 | 991,750 | 991,976 | |||
Income from continuing operations before income taxes | 127,195 | [1] | 120,133 | [1] | 129,343 | [1] |
Provision for income taxes | 41,044 | [1] | 35,145 | [1] | 41,401 | [1] |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ||||||
Income from continuing operations | 86,151 | 84,988 | 87,942 | |||
Income from discontinued operations | 1,776 | 3,061 | 3,819 | |||
Net income | 87,927 | 88,049 | 91,761 | |||
Net loss (income) attributable to noncontrolling interests | 579 | 198 | -1,124 | |||
Net Income (Loss) Attributable to Parent | ||||||
Income from continuing operations | 87,447 | 85,858 | 87,557 | |||
Income from discontinued operations | 1,059 | 2,389 | 3,080 | |||
Net income attributable to MSA Safety Incorporated | $88,506 | $88,247 | $90,637 | |||
Earnings Per Share, Basic | ||||||
Income from continuing operations, Basic (dollars per share) | $2.34 | [2] | $2.31 | [2] | $2.37 | |
Income from discontinued operations, Basic (dollars per share) | $0.03 | [2] | $0.06 | [2] | $0.08 | |
Basic | $2.37 | $2.37 | $2.45 | |||
Earnings Per Share, Diluted | ||||||
Income from continuing operations, Diluted (dollars per share) | $2.30 | [2] | $2.28 | [2] | $2.34 | |
Income from discontinued operations, Diluted (dollars per share) | $0.03 | [2] | $0.06 | [2] | $0.08 | |
Diluted | $2.33 | $2.34 | $2.42 | |||
[1] | The components of income before income taxes and the provision for income taxes relate to continuing operations. | |||||
[2] | Per share amounts are calculated independently for each period presented; therefore, the sum of the quarterly per share amounts may not equal the per share amounts for the year. |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $87,927 | $88,049 | $91,761 |
Foreign currency translation adjustments | -40,568 | -7,281 | 3,846 |
Pension and post-retirement plan actuarial (losses) and gains | -48,490 | 54,951 | -28,018 |
Comprehensive (loss) income | -1,131 | 135,719 | 67,589 |
Comprehensive loss (income) attributable to noncontrolling interests | 1,176 | 1,331 | -840 |
Comprehensive income attributable to MSA Safety Incorporated | $45 | $137,050 | $66,749 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $105,998 | $96,265 |
Trade receivables, less allowance for doubtful accounts of $7,821 and $7,306 | 211,440 | 200,364 |
Inventories | 122,954 | 136,837 |
Deferred tax assets | 23,830 | 22,458 |
Income taxes receivable | 2,876 | 9,181 |
Prepaid expenses and other current assets | 30,771 | 35,861 |
Total current assets | 497,869 | 500,966 |
Property, plant, and equipment | 151,352 | 152,755 |
Prepaid pension cost | 75,017 | 121,054 |
Deferred tax assets | 20,227 | 14,996 |
Goodwill | 252,520 | 260,134 |
Intangible assets | 31,323 | 35,029 |
Other noncurrent assets | 236,484 | 149,336 |
Total assets | 1,264,792 | 1,234,270 |
Current Liabilities | ||
Notes payable and current portion of long-term debt | 6,700 | 7,500 |
Accounts payable | 70,210 | 66,902 |
Employees’ compensation | 40,249 | 38,164 |
Insurance and product liability | 47,456 | 14,251 |
Taxes on income | 5,545 | 3,662 |
Other current liabilities | 63,897 | 61,085 |
Total current liabilities | 234,057 | 191,564 |
Long-Term Debt | 245,000 | 260,667 |
Other Liabilities | ||
Pensions and other employee benefits | 174,598 | 152,084 |
Deferred tax liabilities | 26,306 | 49,621 |
Other noncurrent liabilities | 46,198 | 7,987 |
Total liabilities | 726,159 | 661,923 |
Commitments and Contingencies | ||
Mine Safety Appliances Company shareholders' equity: | ||
Preferred stock, 4 1/2% cumulative, $50 par value | 3,569 | 3,569 |
Common stock, no par value | 148,401 | 132,055 |
Stock compensation trust | 0 | -1,585 |
Treasury shares, at cost | -286,557 | -281,524 |
Accumulated other comprehensive loss | -166,730 | -78,269 |
Retained earnings | 835,126 | 792,206 |
Total shareholders’ equity | 533,809 | 566,452 |
Noncontrolling interests | 4,824 | 5,895 |
Total shareholders’ equity | 538,633 | 572,347 |
Total liabilities and shareholders’ equity | $1,264,792 | $1,234,270 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $7,821 | $7,306 |
Percentage of cumulative preferred stock | 4.50% | 4.50% |
Preferred stock, par value | $50 | $50 |
Common stock, par value | $0 | $0 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | |||
Net income | $87,927 | $88,049 | $91,761 |
Depreciation and amortization | 29,921 | 30,764 | 31,702 |
Pension expense | 4,836 | 12,268 | 3,673 |
Net gain from investing activities—asset disposals | -2,094 | -436 | -8,396 |
Stock-based compensation | 9,053 | 10,337 | 10,010 |
Deferred income tax provision | -5,388 | -3,234 | 213 |
Other noncurrent assets and liabilities | -53,482 | -18,162 | -14,104 |
Currency exchange losses, net | 1,393 | 5,127 | 3,151 |
Excess tax benefit related to stock plans | -2,573 | -2,246 | -2,799 |
Other, net | -5,168 | 4,386 | 1,103 |
Operating cash flow before changes in certain working capital items | 64,425 | 126,853 | 116,314 |
(Increase) decrease in trade receivables | -23,480 | -13,171 | 2,346 |
(Increase) decrease in inventories | -600 | -6,296 | 2,677 |
Increase in accounts payable and accrued liabilities | 56,988 | 10,732 | 17,776 |
Decrease (increase) in income taxes receivable, prepaid expenses and other current assets | 9,698 | -7,337 | 11,363 |
Decrease (increase) in certain working capital items | 42,606 | -16,072 | 34,162 |
Cash Flow From Operating Activities | 107,031 | 110,781 | 150,476 |
Investing Activities | |||
Capital expenditures | -33,583 | -36,517 | -32,209 |
Property disposals | 3,385 | 1,360 | 20,193 |
Other investing | -500 | 0 | -5,269 |
Cash Flow From Investing Activities | -30,698 | -35,157 | -17,285 |
Financing Activities | |||
(Payments on) proceeds from short-term debt, net | -796 | 662 | -128 |
Payments on long-term debt | -421,667 | -306,766 | -246,500 |
Proceeds from long-term debt | 406,000 | 295,100 | 183,500 |
Restricted cash | 86 | -2,790 | 0 |
Cash dividends paid | -45,586 | -43,994 | -50,990 |
Distributions to noncontrolling interests | 0 | -556 | 0 |
Company stock purchases | -5,654 | -11,785 | -3,508 |
Exercise of stock options | 6,926 | 9,643 | 4,306 |
Excess tax benefit related to stock plans | 2,573 | 2,246 | 2,799 |
Cash Flow From Financing Activities | -58,118 | -58,240 | -110,521 |
Effect of exchange rate changes on cash and cash equivalents | -8,482 | -3,837 | 110 |
Increase in cash and cash equivalents | 9,733 | 13,547 | 22,780 |
Beginning cash and cash equivalents | 96,265 | 82,718 | 59,938 |
Ending cash and cash equivalents | 105,998 | 96,265 | 82,718 |
Supplemental cash flow information: | |||
Interest payments | 9,663 | 10,884 | 10,772 |
Income tax payments | $31,679 | $36,242 | $29,807 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Retained Earnings and Accumulated Other Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | $572,347 | ||
Net income | 87,927 | 88,049 | 91,761 |
Pension and post-retirement plan adjustments, net of tax ($26,840, $30,849 and $11,364, ) | -48,490 | 54,951 | -28,018 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -1,176 | -1,331 | 840 |
Ending Balance | 538,633 | 572,347 | |
Retained Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | 792,206 | 747,953 | 708,306 |
Net income | 87,927 | 88,049 | 91,761 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 579 | 198 | -1,124 |
Common dividends | -45,544 | -43,952 | -50,948 |
Preferred dividends | -42 | -42 | -42 |
Ending Balance | 835,126 | 792,206 | 747,953 |
Accumulated Other Comprehensive (Loss) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | -78,269 | -127,072 | -103,184 |
Foreign currency translation adjustments | -40,568 | -7,281 | 3,846 |
Pension and post-retirement plan adjustments, net of tax ($26,840, $30,849 and $11,364, ) | -48,490 | 54,951 | -28,018 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 597 | 1,133 | 284 |
Ending Balance | ($166,730) | ($78,269) | ($127,072) |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Retained Earnings and Accumulated Other Comprehensive Loss (Parenthetical) (Accumulated Other Comprehensive (Loss), USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive (Loss) | |||
Pension and post-retirement plan adjustments, tax | $26,840 | $30,849 | $11,364 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies |
Basis of Presentation—The Consolidated Financial Statements of MSA Safety Incorporated are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and require management to make certain judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates upon subsequent resolution of identified matters. | |
Principles of Consolidation—The consolidated financial statements include the accounts of the company and all subsidiaries. Intercompany accounts and transactions are eliminated. | |
Noncontrolling Interests—Noncontrolling interests reflect noncontrolling shareholders’ investments in certain consolidated subsidiaries and their proportionate share of the income and accumulated other comprehensive income of those subsidiaries. | |
Currency Translation—The functional currency of all significant non-U.S. subsidiaries is the local currency. Assets and liabilities of these operations are translated at year-end exchange rates. Income statement accounts are translated using the average exchange rates for the reporting period. Translation adjustments for these companies are reported as a component of shareholders’ equity and are not included in income. Foreign currency transaction gains and losses are included in net income for the reporting period. | |
Cash Equivalents—Cash equivalents include temporary deposits with financial institutions and highly liquid investments with original maturities of 90 days or less. | |
Restricted Cash—Restricted cash, which is designated for use other than current operations is included in the prepaid expenses and other current assets in the Consolidated Balance Sheet. Restricted cash balances were $2.7 million and $2.8 million at December 31, 2014 and December 31, 2013, respectively. These balances were used to support letter of credit balances. | |
Inventories—Inventories are stated at the lower of cost or market. Most U.S. inventories are valued on the last-in, first-out (LIFO) cost method. Other inventories are valued on the average cost method or at standard costs which approximate actual costs. | |
Property and Depreciation—Property is recorded at cost. Depreciation is computed using straight-line and accelerated methods over the estimated useful lives of the assets, generally as follows: buildings 20 to 40 years and machinery and equipment 3 to 10 years. Expenditures for significant renewals and improvements are capitalized. Ordinary repairs and maintenance are expensed as incurred. Gains or losses on property dispositions are included in other income and the cost and related depreciation are removed from the accounts. Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $26.2 million, $27.1 million and $27.5 million, respectively. Properties, plants, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets is determined by comparing the estimated undiscounted net cash flows of the operations related to the assets to their carrying amount. An impairment loss would be recognized when the carrying amount of the assets exceeds the estimated undiscounted net cash flows. The amount of the impairment loss to be recorded is calculated as the excess of the carrying value of the assets over their fair value, with fair value determined using the best information available, which generally is a discounted cash flow model. | |
Goodwill and Other Intangible Assets—Intangible assets are amortized on a straight-line basis over their useful lives. Intangible assets are reviewed for possible impairment whenever circumstances change such that the recorded value of the asset may not be recoverable. Goodwill is not amortized, but is subject to impairment write-down tests. We test the goodwill of each of our reporting units for impairment at least annually. The annual goodwill impairment tests are performed as of September 30 each year. All goodwill is assigned to reporting units. For this purpose, we consider our operating segments to be our reporting units. We test goodwill for impairment by either performing a qualitative evaluation or a two-step quantitative test. The qualitative evaluation is an assessment of various factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. | |
Factors considered as part of the qualitative assessment include entity-specific industry, market and general economic conditions. We may elect to bypass the qualitative assessment for some or all of our reporting units and perform a two-step quantitative test. Quantitative testing involves estimating a reporting unit’s fair value. We estimate reporting unit fair value using discounted cash flow and market approach methodologies. There has been no impairment of our goodwill as of December 31, 2014. | |
Revenue Recognition—Revenue from the sale of products is recognized when title, ownership and the risk of loss have transferred to the customer, which generally occurs either when product is shipped to the customer or, in the case of most U.S. distributor customers, when product is delivered to the customer’s delivery site. We establish our shipping terms according to local practice and market characteristics. We do not ship product unless we have an order or other documentation authorizing shipment to our customers. We make appropriate provisions for uncollectible accounts receivable and product returns, both of which have historically been insignificant in relation to our net sales. Certain distributor customers receive price rebates based on their level of purchases and other performance criteria that are documented in established distributor programs. These rebates are accrued as a reduction of net sales as they are earned by the customer. | |
Shipping and Handling—Shipping and handling expenses for products sold to customers are charged to cost of products sold as incurred. Amounts billed to customers for shipping and handling are included in net sales. | |
Product Warranties—Estimated expenses related to product warranties and additional service actions are charged to cost of products sold in the period in which the related revenue is recognized or when significant product quality issues are identified. | |
Research and Development—Research and development costs are expensed as incurred. | |
Income Taxes—Deferred income taxes are provided for temporary differences between financial and tax reporting. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. We record tax benefits related to uncertain tax positions taken or expected to be taken on a tax return when such benefits meet a more likely than not threshold. We recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. No provision is made for possible U.S. taxes on the undistributed earnings of foreign subsidiaries that are considered to be reinvested indefinitely. | |
Stock-Based Compensation—We account for stock-based compensation in accordance with the FASB guidance on share-based payment, which requires that we recognize compensation expense for employee and non-employee director stock-based compensation based on the grant date fair value. Except for retirement-eligible participants, for whom there is no requisite service period, this expense is recognized ratably over the requisite service periods following the date of grant. For retirement-eligible participants, this expense is recognized at the grant date. | |
Derivative Instruments—We may use derivative instruments to minimize the effects of changes in currency exchange rates. We do not enter into derivative transactions for speculative purposes and do not hold derivative instruments for trading purposes. Changes in the fair value of derivative instruments designated as fair value hedges are recorded in the balance sheet as adjustments to the underlying hedged asset or liability. Changes in the fair value of derivative instruments that do not qualify for hedge accounting treatment are recognized in the income statement as currency exchange (income) loss in the current period. | |
Commitments and Contingencies—For asserted claims and assessments, liabilities are recorded when an unfavorable outcome of a matter is deemed to be probable and the loss is reasonably estimable. Management determines the likelihood of an unfavorable outcome based on many factors such as the nature of the matter, available defenses and case strategy, progress of the matter, views and opinions of legal counsel and other advisors, applicability and success of appeals processes, and the outcome of similar historical matters, among others. Once an unfavorable outcome is deemed probable, management weighs the probability of estimated losses, and the most reasonable loss estimate is recorded. If an unfavorable outcome of a matter is deemed to be reasonably possible, then the matter is disclosed and no liability is recorded. With respect to unasserted claims or assessments, management must first determine that the probability that an assertion will be made is likely, then, a determination as to the likelihood of an unfavorable outcome and the ability to reasonably estimate the potential loss is made. Legal matters are reviewed on a continuous basis to determine if there has been a change in management’s judgment regarding the likelihood of an unfavorable outcome or the estimate of a potential loss. | |
Discontinued Operations and Assets Held For Sale—For those businesses where management has committed to a plan to divest, each business is valued at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, an impairment loss is recognized. Fair value is estimated using accepted valuation techniques such as a discounted cash flow model, valuations performed by third parties, earnings multiples, or indicative bids, when available. A number of significant estimates and assumptions are involved in the application of these techniques, including the forecasting of markets and market share, sales volumes and prices, costs and expenses, and multiple other factors. Management considers historical experience and all available information at the time the estimates are made; however, the fair value that is ultimately realized upon the divestiture of a business may differ from the estimated fair value reflected in the Consolidated Financial Statements. Depreciation and amortization expense is not recorded on assets of a business to be divested once they are classified as held for sale. | |
For businesses classified as discontinued operations, the results of operations are reclassified from their historical presentation to discontinued operations on the Consolidated Statement of Income, for all periods presented. The gains or losses associated with these divested businesses are recorded in discontinued operations on the Consolidated Statement of Income. Additionally, segment information does not include the operating results of businesses classified as discontinued operations for all periods presented. Management does not expect any continuing involvement with these businesses following their divestiture, and these businesses are expected to be disposed of within one year. | |
Recently Adopted and Recently Issued Accounting Standards—In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of an Entity. This ASU amends the definition of a discontinued operation to include a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. This ASU will be effective beginning in 2015. The adoption of this ASU may have a material effect on our consolidated financial statements in the event that we were to divest of a component that meets the definition of a discontinued operation. | |
In May 2014, the FASB issued ASU 2014-09, Revenue with Contracts from Customers. This ASU clarifies the principles for recognizing revenue such that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU will be effective beginning in 2017. The Company is currently evaluating the impact that the adoption of this ASU will have on the consolidated financial statements. | |
In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period. This ASU clarifies the accounting treatment for share based payment awards that contain performance targets. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern. This ASU clarifies management's responsibility to evaluate whether there is a substantial doubt about the entity's ability to continue as a going concern and provides guidance for related footnote disclosures. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. | |
In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items. This ASU eliminates the requirement to separately present and disclose extraordinary and unusual items in the financial statements. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. |
Restructuring_and_Other_Charge
Restructuring and Other Charges | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring and Other Charges | Restructuring and Other Charges | |||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, we recorded restructuring charges of $8.5 million, $5.3 million and $2.8 million, respectively. These charges were primarily related to reorganization activities. | ||||||||||||||||
For the year ended December 31, 2014, European segment charges of $4.8 million were primarily related to severance from staff reductions in Central and Southern Europe as well as reorganization costs in Central Europe. International segment charges of $3.7 million for the year ended December 31, 2014 were primarily related to staff reductions in South Africa, Australia, and Brazil and asset disposals in Australia and South Africa, as the Company continues to focus manufacturing efforts in line with our core products and respond to changing economic conditions. | ||||||||||||||||
For the year ended December 31, 2013, European segment charges of $3.0 million were primarily related to staff reductions in Germany and Netherlands. International segment charges of $2.3 million for the year ended December 31, 2013 were primarily related to staff reductions in Australia and South Africa. | ||||||||||||||||
For the year ended December 31, 2012, North America, Europe and International segment charges of $1.5 million, $1.1 million and $0.2 million, respectively were primarily related to severance costs associated with staff reductions. | ||||||||||||||||
Activity and reserve balances for restructuring charges by segment were as follows: | ||||||||||||||||
(in millions) | North America | Europe | International | Total | ||||||||||||
Reserve balances at January 1, 2012 | $ | — | $ | 4.3 | $ | — | $ | 4.3 | ||||||||
Restructuring charges | 1.5 | 1.1 | 0.2 | 2.8 | ||||||||||||
Cash payments | (1.2 | ) | (2.9 | ) | — | (4.1 | ) | |||||||||
Reserve balances at December 31, 2012 | $ | 0.3 | $ | 2.5 | $ | 0.2 | $ | 3 | ||||||||
Restructuring charges | — | 3 | 2.3 | 5.3 | ||||||||||||
Cash payments | (0.3 | ) | (3.8 | ) | (2.5 | ) | (6.6 | ) | ||||||||
Reserve balances at December 31, 2013 | $ | — | $ | 1.7 | $ | — | $ | 1.7 | ||||||||
Restructuring charges | — | 4.8 | 3.7 | 8.5 | ||||||||||||
Asset disposals | — | (0.4 | ) | (1.7 | ) | (2.1 | ) | |||||||||
Cash payments | — | (3.5 | ) | (1.8 | ) | (5.3 | ) | |||||||||
Reserve balances at December 31, 2014 | $ | — | $ | 2.6 | $ | 0.2 | $ | 2.8 | ||||||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
The following table sets forth the components of inventory: | ||||||||
December 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Finished products | $ | 67,713 | $ | 74,466 | ||||
Work in process | 8,942 | 8,108 | ||||||
Raw materials and supplies | 46,299 | 54,263 | ||||||
Total inventories | 122,954 | 136,837 | ||||||
Excess of FIFO costs over LIFO costs | 44,468 | 44,670 | ||||||
Total FIFO inventories | 167,422 | 181,507 | ||||||
Inventories stated on the LIFO basis represent 21% and 15% of total inventories at December 31, 2014 and 2013, respectively. | ||||||||
Reductions in certain inventory quantities during the years ended December 31, 2014 and 2013 resulted in liquidations of LIFO inventories carried at lower costs prevailing in prior years. The effect of LIFO liquidations during 2014 were inconsequential to changes in cost of sales or net income. The effect of LIFO liquidations during 2013 reduced cost of sales by $2.1 million and increased net income by $1.4 million. |
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Property, Plant, and Equipment | |||||||
The following table sets forth the components of property, plant and equipment: | ||||||||
December 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Land | $ | 3,573 | $ | 3,835 | ||||
Buildings | 110,144 | 110,534 | ||||||
Machinery and equipment | 335,318 | 349,667 | ||||||
Construction in progress | 17,327 | 16,364 | ||||||
Total | 466,362 | 480,400 | ||||||
Less accumulated depreciation | (315,010 | ) | (327,645 | ) | ||||
Net property | 151,352 | 152,755 | ||||||
Reclassifications_out_of_Accum
Reclassifications out of Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications Out of Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
MSA Safety Incorporated | Noncontrolling Interests | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Pension and other post-retirement benefits | |||||||||||||||||||||||||
Balance at beginning of period | $ | (77,080 | ) | $ | (132,031 | ) | $ | (104,013 | ) | $ | — | $ | — | $ | — | ||||||||||
Unrecognized net actuarial (losses) gains | (84,495 | ) | 72,008 | (45,793 | ) | — | — | — | |||||||||||||||||
Unrecognized prior service credit | 302 | 239 | — | — | — | — | |||||||||||||||||||
Tax benefit (expense) | 29,832 | (25,783 | ) | 13,833 | — | — | — | ||||||||||||||||||
Total other comprehensive (loss) income before reclassifications, net of tax | (54,361 | ) | 46,464 | (31,960 | ) | — | — | — | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||||||||||||
Amortization of prior service cost | (251 | ) | (322 | ) | (353 | ) | — | — | — | ||||||||||||||||
Recognized net actuarial losses | 9,114 | 13,875 | 6,764 | — | — | — | |||||||||||||||||||
Tax benefit | (2,992 | ) | (5,066 | ) | (2,469 | ) | — | — | — | ||||||||||||||||
Total amount reclassified from accumulated other comprehensive loss, net of tax | 5,871 | 8,487 | 3,942 | — | — | — | |||||||||||||||||||
Total other comprehensive (loss) income | (48,490 | ) | 54,951 | (28,018 | ) | ||||||||||||||||||||
Balance at end of period | $ | (125,570 | ) | $ | (77,080 | ) | $ | (132,031 | ) | $ | — | $ | — | $ | — | ||||||||||
Foreign currency translation | |||||||||||||||||||||||||
Balance at beginning of period | $ | (1,189 | ) | $ | 4,959 | $ | 829 | $ | (1,602 | ) | $ | (469 | ) | $ | (185 | ) | |||||||||
Foreign currency translation adjustments | (39,971 | ) | (6,148 | ) | 4,130 | (597 | ) | (1,133 | ) | (284 | ) | ||||||||||||||
Balance at end of period | $ | (41,160 | ) | $ | (1,189 | ) | $ | 4,959 | $ | (2,199 | ) | $ | (1,602 | ) | $ | (469 | ) | ||||||||
The reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic pension and other post-retirement benefit costs (see Note 13—Pensions and Other Post-Retirement Benefits). |
Capital_Stock
Capital Stock | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure Capital Stock Additional Information [Abstract] | |||||||||||||||||||||
Capital Stock | Capital Stock | ||||||||||||||||||||
Preferred Stock - The Company has authorized 100,000 shares of $50 par value 4.5% cumulative preferred nonvoting stock which is callable at $52.50. There are 71,373 shares issued and 52,878 shares held in treasury at December 31, 2014. There were no treasury purchases of preferred stock during the three years ended December 31, 2014. The Company has also authorized 1,000,000 shares of $10 par value second cumulative preferred voting stock. No shares have been issued as of December 31, 2014. | |||||||||||||||||||||
Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 37,448,310 and 37,202,099 shares outstanding at December 31, 2014 and December 31, 2013, respectively. Common stock activity is summarized as follows: | |||||||||||||||||||||
Shares | Dollars | ||||||||||||||||||||
(Dollars in thousands) | Issued | Stock | Treasury | Common | Stock | Treasury | |||||||||||||||
Compensation | Stock | Compensation | Cost | ||||||||||||||||||
Trust | Trust | ||||||||||||||||||||
Balances January 1, 2012 | 62,081,391 | (1,162,784 | ) | (24,226,017 | ) | $ | 97,276 | $ | (6,070 | ) | $ | (264,479 | ) | ||||||||
Restricted stock awards | — | 136,295 | — | (711 | ) | 711 | — | ||||||||||||||
Restricted stock expense | — | — | — | 4,891 | — | — | |||||||||||||||
Restricted stock forfeitures | — | — | (10,815 | ) | (147 | ) | — | — | |||||||||||||
Stock options exercised | — | 223,022 | — | 3,141 | 1,165 | — | |||||||||||||||
Stock option expense | — | — | — | 2,435 | — | — | |||||||||||||||
Performance stock issued | — | 58,037 | — | (303 | ) | 303 | — | ||||||||||||||
Performance stock expense | — | — | — | 2,831 | — | — | |||||||||||||||
Tax benefit related to stock plans | — | — | — | 2,799 | — | — | |||||||||||||||
Treasury shares purchased | — | — | (91,330 | ) | — | — | (3,508 | ) | |||||||||||||
Other, net | — | — | — | (77 | ) | — | — | ||||||||||||||
Balances December 31, 2012 | 62,081,391 | (745,430 | ) | (24,328,162 | ) | 112,135 | (3,891 | ) | (267,987 | ) | |||||||||||
Restricted stock awards | — | 96,686 | — | (505 | ) | 505 | — | ||||||||||||||
Restricted stock expense | — | — | — | 4,244 | — | — | |||||||||||||||
Restricted stock forfeitures | — | — | (7,365 | ) | (115 | ) | — | — | |||||||||||||
Stock options exercised | — | 277,687 | — | 8,194 | 1,449 | — | |||||||||||||||
Stock option expense | — | — | — | 2,825 | — | — | |||||||||||||||
Performance stock issued | — | 67,389 | — | (352 | ) | 352 | — | ||||||||||||||
Performance stock expense | — | — | — | 3,383 | — | — | |||||||||||||||
Tax benefit related to stock plans | — | — | — | 2,246 | — | — | |||||||||||||||
Treasury shares purchased | — | — | (240,097 | ) | — | — | (11,785 | ) | |||||||||||||
Balances December 31, 2013 | 62,081,391 | (303,668 | ) | (24,575,624 | ) | 132,055 | (1,585 | ) | (279,772 | ) | |||||||||||
Restricted stock awards | — | 72,291 | 13,936 | (538 | ) | 377 | 161 | ||||||||||||||
Restricted stock expense | — | — | — | 4,372 | — | — | |||||||||||||||
Restricted stock forfeitures | — | — | (4,078 | ) | (346 | ) | — | — | |||||||||||||
Stock options exercised | — | 150,962 | 39,781 | 5,678 | 788 | 460 | |||||||||||||||
Stock option expense | — | — | — | 2,355 | — | — | |||||||||||||||
Performance stock issued | — | 80,415 | (420 | ) | 420 | — | |||||||||||||||
Performance stock expense | — | — | — | 2,705 | — | — | |||||||||||||||
Performance stock forfeitures | — | — | — | (33 | ) | — | — | ||||||||||||||
Tax benefit related to stock plans | — | — | — | 2,573 | — | — | |||||||||||||||
Treasury shares purchased | — | — | (107,096 | ) | — | — | (5,654 | ) | |||||||||||||
Balances December 31, 2014 | 62,081,391 | — | (24,633,081 | ) | 148,401 | — | (284,805 | ) | |||||||||||||
The Mine Safety Appliances Company Stock Compensation Trust was established to provide shares for certain benefit plans, including the management and non-employee directors’ equity incentive plans. Shares held by the Stock Compensation Trust, and the corresponding cost of those shares, are reported as a reduction of common shares issued. Differences between the cost of the shares held by the Stock Compensation Trust and the market value of shares released for stock-related benefits are reflected in common stock issued. The Company began issuing Treasury Shares for all Board of Director share based benefit plans in April 2014. The Company subsequently began issuing Treasury Shares for all share based benefit plans when the stock compensation trust was depleted in September 2014. Shares are issued from Treasury at the average Treasury Share cost on the date of the transaction. | |||||||||||||||||||||
The Board of Directors has authorized the purchase of up to $100 million of MSA common stock either through private transactions or open market transactions. The share purchase program has no expiration date. The maximum shares that may yet be purchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. We do not have any other share purchase programs. The above treasury share purchases are related to stock compensation transactions. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||
We are organized into nine geographic operating segments based on management responsibilities. The operating segments have been aggregated (based on economic similarities, the nature of their products, end-user markets and methods of distribution) into three reportable segments: North America, Europe, and International. | ||||||||||||||||||||
The Company's sales are allocated to each country based primarily on the destination of the end-customer. Effective January 1, 2014, the General Monitors business has been fully integrated into MSA. As such, sales made by General Monitors companies now follow a similar allocation methodology by which sales are allocated to each country based on the destination of the end-customer and based on the value added to that order. In prior years, sales made by General Monitors companies were reported as domestic sales based on the country from which the product was shipped. The 2013 and 2012 results presented below have been restated to reflect this change in allocation methodology. | ||||||||||||||||||||
Reportable segment information is presented in the following table: | ||||||||||||||||||||
(In thousands) | North America | Europe | International | Reconciling Items | Consolidated Totals | |||||||||||||||
2014 | ||||||||||||||||||||
Sales to external customers | $ | 547,739 | $ | 321,618 | $ | 264,528 | $ | — | $ | 1,133,885 | ||||||||||
Intercompany sales | 116,795 | 113,914 | 18,449 | (249,158 | ) | — | ||||||||||||||
Net income: | ||||||||||||||||||||
Continuing operations | 73,874 | 22,187 | 15,234 | (23,848 | ) | 87,447 | ||||||||||||||
Discontinued operations | — | — | 1,059 | — | 1,059 | |||||||||||||||
Total assets | 996,116 | 390,328 | 220,004 | (341,656 | ) | 1,264,792 | ||||||||||||||
Interest income | 995 | 111 | 711 | 5 | 1,822 | |||||||||||||||
Interest expense | 30 | 104 | 16 | 9,701 | 9,851 | |||||||||||||||
Noncash items: | ||||||||||||||||||||
Depreciation and amortization | 18,635 | 6,357 | 4,929 | — | 29,921 | |||||||||||||||
Pension income (expense) | 1,977 | (6,234 | ) | (579 | ) | — | (4,836 | ) | ||||||||||||
Income tax provision | 38,911 | 9,195 | 6,529 | (13,591 | ) | 41,044 | ||||||||||||||
Capital expenditures | 18,377 | 10,859 | 4,347 | — | 33,583 | |||||||||||||||
Net property | 86,718 | 32,892 | 31,741 | 1 | 151,352 | |||||||||||||||
2013 | ||||||||||||||||||||
Sales to external customers | 533,161 | 293,092 | 285,805 | — | 1,112,058 | |||||||||||||||
Intercompany sales | 120,952 | 98,491 | 22,136 | (241,579 | ) | — | ||||||||||||||
Net income: | ||||||||||||||||||||
Continuing operations | 62,835 | 20,204 | 27,206 | (24,387 | ) | 85,858 | ||||||||||||||
Discontinued operations | — | — | 2,389 | — | 2,389 | |||||||||||||||
Total assets | 828,413 | 394,463 | 209,578 | (198,184 | ) | 1,234,270 | ||||||||||||||
Interest income | 243 | 90 | 809 | — | 1,142 | |||||||||||||||
Interest expense | 52 | 175 | 2 | 10,448 | 10,677 | |||||||||||||||
Noncash items: | ||||||||||||||||||||
Depreciation and amortization | 19,639 | 5,357 | 5,768 | — | 30,764 | |||||||||||||||
Pension expense | (4,765 | ) | (6,328 | ) | (1,268 | ) | — | (12,361 | ) | |||||||||||
Income tax provision | 31,654 | 6,735 | 9,069 | (12,313 | ) | 35,145 | ||||||||||||||
Capital expenditures | 17,887 | 11,833 | 6,797 | — | 36,517 | |||||||||||||||
Net property | 84,104 | 33,162 | 35,488 | 1 | 152,755 | |||||||||||||||
2012 | ||||||||||||||||||||
Sales to external customers | 532,213 | 290,382 | 287,848 | — | 1,110,443 | |||||||||||||||
Intercompany sales | 112,964 | 98,096 | 20,031 | (231,091 | ) | — | ||||||||||||||
Net income: | ||||||||||||||||||||
Continuing operations | 58,376 | 21,553 | 24,819 | (17,191 | ) | 87,557 | ||||||||||||||
Discontinued operations | — | — | 3,080 | — | 3,080 | |||||||||||||||
Total assets | 718,545 | 352,601 | 209,979 | (169,379 | ) | 1,111,746 | ||||||||||||||
Interest income | 364 | 147 | 886 | 14 | 1,411 | |||||||||||||||
Interest expense | 106 | 350 | 78 | 10,810 | 11,344 | |||||||||||||||
Noncash items: | ||||||||||||||||||||
Depreciation and amortization | 21,382 | 5,354 | 4,966 | — | 31,702 | |||||||||||||||
Pension income (expense) | 2,138 | (4,700 | ) | (1,111 | ) | — | (3,673 | ) | ||||||||||||
Income tax provision | 35,537 | 7,771 | 10,450 | (12,357 | ) | 41,401 | ||||||||||||||
Capital expenditures | 20,119 | 5,106 | 6,984 | — | 32,209 | |||||||||||||||
Net property | 84,923 | 25,460 | 37,081 | 1 | 147,465 | |||||||||||||||
Reconciling items consist primarily of intercompany eliminations and items reported at the corporate level. | ||||||||||||||||||||
Geographic information on sales to external customers, based on country of origin: | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||
United States | $ | 530,845 | $ | 528,178 | $ | 527,550 | ||||||||||||||
Germany | 74,677 | 71,139 | 74,557 | |||||||||||||||||
Other | 528,363 | 512,741 | 508,336 | |||||||||||||||||
Total | 1,133,885 | 1,112,058 | 1,110,443 | |||||||||||||||||
Geographic information on net property, based on country of origin: | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||
United States | $ | 85,247 | $ | 82,274 | $ | 82,820 | ||||||||||||||
Germany | 17,654 | 16,882 | 8,781 | |||||||||||||||||
China | 15,128 | 16,010 | 14,780 | |||||||||||||||||
Other | 33,323 | 37,589 | 41,084 | |||||||||||||||||
Total | 151,352 | 152,755 | 147,465 | |||||||||||||||||
The percentage of total sales by product group were as follows: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Fixed Gas and Flame Detection | 23 | % | 22 | % | 20 | % | ||||||||||||||
Breathing Apparatus | 19 | % | 21 | % | 20 | % | ||||||||||||||
Portable Gas Detection | 15 | % | 14 | % | 13 | % | ||||||||||||||
Head Protection | 13 | % | 13 | % | 11 | % | ||||||||||||||
Fall Protection | 4 | % | 4 | % | 4 | % | ||||||||||||||
Other | 26 | % | 26 | % | 32 | % |
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings per Share | Earnings per Share | |||||||||||
Basic earnings per share is computed by dividing net income, after the deduction of preferred stock dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based payment awards that contain nonforfeitable rights to dividends. | ||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2012 | |||||||||
Net income attributable to continuing operations | $ | 87,447 | $ | 85,858 | $ | 87,557 | ||||||
Preferred stock dividends | (41 | ) | (41 | ) | (41 | ) | ||||||
Income from continuing operations available to common equity | 87,406 | 85,817 | 87,516 | |||||||||
Dividends and undistributed earnings allocated to participating securities | (546 | ) | (643 | ) | (836 | ) | ||||||
Income from continuing operations available to common shareholders | 86,860 | 85,174 | 86,680 | |||||||||
Net income attributable to discontinued operations | $ | 1,059 | $ | 2,389 | $ | 3,080 | ||||||
Preferred stock dividends | (1 | ) | (1 | ) | (1 | ) | ||||||
Income from discontinued operations available to common equity | 1,058 | 2,388 | 3,079 | |||||||||
Dividends and undistributed earnings allocated to participating securities | (7 | ) | (18 | ) | (29 | ) | ||||||
Income from discontinued operations available to common shareholders | 1,051 | 2,370 | 3,050 | |||||||||
Basic weighted-average shares outstanding | 37,138 | 36,868 | 36,564 | |||||||||
Stock options and other stock compensation | 590 | 582 | 478 | |||||||||
Diluted weighted-average shares outstanding | 37,728 | 37,450 | 37,042 | |||||||||
Antidilutive stock options | — | 15 | 744 | |||||||||
Earnings per share attributable to continuing operations: | ||||||||||||
Basic | $2.34 | $2.31 | $2.37 | |||||||||
Diluted | $2.30 | $2.28 | $2.34 | |||||||||
Earnings per share attributable to discontinued operations: | ||||||||||||
Basic | $0.03 | $0.06 | $0.08 | |||||||||
Diluted | $0.03 | $0.06 | $0.08 |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Components of income before income taxes* | ||||||||||||
U.S. income | $ | 58,209 | $ | 48,621 | $ | 67,043 | ||||||
Non-U.S. income | 68,986 | 71,512 | 62,300 | |||||||||
Income before income taxes | 127,195 | 120,133 | 129,343 | |||||||||
Provision for income taxes* | ||||||||||||
Current | ||||||||||||
Federal | $ | 23,659 | $ | 18,656 | $ | 18,774 | ||||||
State | 1,349 | 1,492 | 2,556 | |||||||||
Non-U.S. | 21,101 | 18,453 | 19,438 | |||||||||
Total current provision | 46,109 | 38,601 | 40,768 | |||||||||
Deferred | ||||||||||||
Federal | (3,650 | ) | (3,582 | ) | (518 | ) | ||||||
State | 317 | (483 | ) | (125 | ) | |||||||
Non-U.S. | (1,732 | ) | 609 | 1,276 | ||||||||
Total deferred provision | (5,065 | ) | (3,456 | ) | 633 | |||||||
Provision for income taxes | 41,044 | 35,145 | 41,401 | |||||||||
*The components of income before income taxes and the provision for income taxes relate to continuing operations. | ||||||||||||
Included in discontinued operations is tax expense of $0.6 million in 2014, $1.4 million in 2013 and $1.1 million in 2012. | ||||||||||||
Cash flows from operations in the Consolidated Statement of Cash Flows include a deferred income tax (benefit) provision from discontinued operations of $(0.3) million, $0.2 million and $(0.4) million in 2014, 2013 and 2012, respectively. | ||||||||||||
Reconciliation of the U.S. federal income tax rates to our effective tax rate: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes—U.S. | 0.8 | 0.6 | 1.2 | |||||||||
Taxes on non-U.S. income | (2.2 | ) | (4.5 | ) | (1.0 | ) | ||||||
Research and development credit | (0.7 | ) | (1.5 | ) | — | |||||||
Manufacturing deduction credit | (1.0 | ) | (1.1 | ) | (2.0 | ) | ||||||
Valuation allowances | (0.6 | ) | 0.5 | (0.2 | ) | |||||||
Other | 1 | 0.3 | (1.0 | ) | ||||||||
Effective income tax rate | 32.3 | % | 29.3 | % | 32 | % | ||||||
Components of deferred tax assets and liabilities: | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Deferred tax assets | ||||||||||||
Book expenses capitalized for tax | $ | 6,336 | $ | 7,204 | ||||||||
Post-retirement benefits | 23,335 | 18,027 | ||||||||||
Inventory reserves | 3,147 | 5,550 | ||||||||||
Vacation allowances | 932 | 1,036 | ||||||||||
Net operating losses and tax credit carryforwards | 7,479 | 6,711 | ||||||||||
Post employment benefits | 2,382 | 757 | ||||||||||
Foreign tax credit carryforwards | 11,231 | 2,227 | ||||||||||
Stock options | 10,157 | 10,185 | ||||||||||
Liability insurance | 3,918 | 3,686 | ||||||||||
Basis of capital assets | 1,009 | 891 | ||||||||||
Warranties | 3,210 | 3,049 | ||||||||||
Reserve for doubtful accounts | 1,948 | 1,569 | ||||||||||
Accrued payroll | 4,319 | 2,475 | ||||||||||
Other | 5,801 | 6,838 | ||||||||||
Total deferred tax assets | 85,204 | 70,205 | ||||||||||
Valuation allowances | (3,763 | ) | (4,938 | ) | ||||||||
Net deferred tax assets | 81,441 | 65,267 | ||||||||||
Deferred tax liabilities | ||||||||||||
Property, plant and equipment | (9,269 | ) | (8,935 | ) | ||||||||
Pension | (22,195 | ) | (40,833 | ) | ||||||||
Intangibles | (30,180 | ) | (25,212 | ) | ||||||||
Other | (2,045 | ) | (2,455 | ) | ||||||||
Total deferred tax liabilities | (63,689 | ) | (77,435 | ) | ||||||||
Net deferred taxes | 17,752 | (12,168 | ) | |||||||||
At December 31, 2014, we had net operating loss carryforwards of approximately $28.4 million, all of which are in non-U.S. tax jurisdictions. Net operating loss carryforwards of $1.6 million will expire in 2016, which are offset by valuation allowances. The remainder either have a valuation allowance or may be carried forward for a period of at least seven years. | ||||||||||||
No deferred U.S. income taxes have been provided on undistributed earnings of non-U.S. subsidiaries, which amounted to $334.7 million as of December 31, 2014. These earnings are considered to be reinvested for an indefinite period of time. Because we currently do not have any plans to repatriate these funds, we cannot determine the impact of local taxes, withholding taxes and foreign tax credits associated with the future repatriation of such earnings and, therefore, cannot reasonably estimate the associated tax liability. In cases where we intend to repatriate a portion of the undistributed earnings of our foreign subsidiaries, we provide U.S. income taxes on such earnings. | ||||||||||||
A reconciliation of the change in the tax liability for unrecognized tax benefits for the years ended December 31, 2014 and 2013 is as follows: | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Beginning balance | $ | 5,888 | $ | 9,520 | ||||||||
Adjustments for tax positions related to the current year | 4,072 | (3,628 | ) | |||||||||
Adjustments for tax positions related to prior years | 3 | 97 | ||||||||||
Statute expiration | (106 | ) | (101 | ) | ||||||||
Ending balance | 9,857 | 5,888 | ||||||||||
The total amount of unrecognized tax benefits, if recognized, would reduce our future effective tax rate. We have recognized tax benefits associated with these liabilities in the amount of $5.2 million and $5.1 million at December 31, 2014 and 2013, respectively. | ||||||||||||
We recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. Our liability for accrued interest and penalties related to uncertain tax positions was $0.5 million at December 31, 2013. During 2014, we increased interest related to uncertain tax positions by $0.3 million. Our liability for accrued interest and penalties related to uncertain tax positions was $0.8 million at December 31, 2014. | ||||||||||||
We file a U.S. federal income tax return along with various state and foreign income tax returns. Examinations of our U.S. federal returns have been completed through 2010, with the 2010 tax year closed by statute. Various state and foreign income tax returns may be subject to tax audits for periods after 2008. |
Stock_Plans
Stock Plans | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Stock Plans | Stock Plans | |||||||||||
The 2008 Management Equity Incentive Plan provides for various forms of stock-based compensation for eligible key employees through May 2018. Management stock-based compensation includes stock options, restricted stock and performance stock units. The 2008 Non-Employee Directors’ Equity Incentive Plan provides for grants of stock options and restricted stock to non-employee directors through May 2018. Stock options are granted at market prices and expire after ten years. Stock options are exercisable beginning three years after the grant date. Restricted stock is granted without payment to the company and generally vests three years after the grant date. Restricted stock is valued at the market value of the stock on the grant date. Performance stock units with a market condition are valued at an estimated fair value using the Monte Carlo model. The final number of shares to be issued for performance stock units may range from zero to 200% of the target award based on achieving the specified performance targets over the performance period. In general, unvested stock options, restricted stock and performance stock units are forfeited if the participant’s employment with the company terminates for any reason other than retirement, death or disability. We issue Treasury shares for stock option exercises and grants of restricted stock and performance stock. Please refer to Note 6 for further information regarding stock compensation share issuance. As of December 31, 2014, there were 1,441,276 and 170,766 shares, respectively, reserved for future grants under the management and non-employee directors’ equity incentive plans. | ||||||||||||
Stock-based compensation expense was as follows: | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Restricted stock | $ | 4,026 | $ | 4,129 | $ | 4,744 | ||||||
Stock options | 2,355 | 2,825 | 2,435 | |||||||||
Performance stock | 2,672 | 3,383 | 2,831 | |||||||||
Total compensation expense before income taxes | 9,053 | 10,337 | 10,010 | |||||||||
Income tax benefit | 3,293 | 3,810 | 3,700 | |||||||||
Total compensation expense, net of income tax benefit | 5,760 | 6,527 | 6,310 | |||||||||
We did not capitalize any stock-based compensation expense in 2014, 2013, or 2012. | ||||||||||||
Stock option expense is based on the fair value of stock option grants estimated on the grant dates using the Black-Scholes option pricing model and the following weighted average assumptions for options granted in 2014, 2013 and 2012. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Fair value per option | $ | 17.26 | $ | 14.17 | $ | 10.77 | ||||||
Risk-free interest rate | 2.1 | % | 1.2 | % | 1.2 | % | ||||||
Expected dividend yield | 2.4 | % | 2.8 | % | 3.1 | % | ||||||
Expected volatility | 41 | % | 39 | % | 41 | % | ||||||
Expected life (years) | 6.6 | 6.1 | 6.1 | |||||||||
The risk-free interest rate is based on the U.S. Treasury Constant Maturity rates as of the grant date converted into an implied spot rate yield curve. Expected dividend yield is based on the most recent annualized dividend divided by the 1 year average closing share price. Expected volatility is based on the ten year historical volatility using daily stock prices. Expected life is based on historical stock option exercise data. | ||||||||||||
A summary of option activity follows: | ||||||||||||
Shares | Weighted | Exercisable at | ||||||||||
Average | Year-end | |||||||||||
Exercise Price | ||||||||||||
Outstanding January 1, 2012 | 1,818,640 | $ | 30.94 | |||||||||
Granted | 196,469 | 37.33 | ||||||||||
Exercised | (223,022 | ) | 18.93 | |||||||||
Expired | (5,093 | ) | 43.33 | |||||||||
Forfeited | (2,334 | ) | 36.69 | |||||||||
Outstanding December 31, 2012 | 1,784,660 | 33.05 | 1,100,300 | |||||||||
Granted | 188,407 | 49.03 | ||||||||||
Exercised | (277,687 | ) | 34.72 | |||||||||
Outstanding December 31, 2013 | 1,695,380 | 34.55 | 1,178,657 | |||||||||
Granted | 138,519 | 51.69 | ||||||||||
Exercised | (190,743 | ) | 36.31 | |||||||||
Expired | (1,071 | ) | 45.68 | |||||||||
Forfeited | (23,524 | ) | 38.82 | |||||||||
Outstanding December 31, 2014 | 1,618,561 | 35.74 | 1,147,712 | |||||||||
For various exercise price ranges, characteristics of outstanding and exercisable stock options at December 31, 2014 were as follows: | ||||||||||||
Stock Options Outstanding | ||||||||||||
Range of Exercise Prices | Shares | Weighted-Average | ||||||||||
Exercise Price | Remaining Life | |||||||||||
$17.83 – $29.33 | 541,669 | $ | 21.71 | 4.6 years | ||||||||
$33.55 – $40.88 | 507,688 | 37.14 | 4.7 | |||||||||
$41.26 – $51.69 | 569,204 | 47.83 | 6.1 | |||||||||
$17.83 – $51.69 | 1,618,561 | 35.74 | 5.2 | |||||||||
Stock Options Exercisable | ||||||||||||
Range of Exercise Prices | Shares | Weighted-Average | ||||||||||
Exercise Price | Remaining Life | |||||||||||
$17.83 – $29.33 | 541,669 | $ | 21.71 | 4.6 years | ||||||||
$33.55 – $40.88 | 360,801 | 37.33 | 3.7 | |||||||||
$41.26 – $48.95 | 245,242 | 45.17 | 3 | |||||||||
$17.83 – $48.95 | 1,147,712 | 31.63 | 4 | |||||||||
Cash received from the exercise of stock options was $6.9 million, $9.6 million and $4.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. The tax benefit we realized from these exercises was $1.0 million, $0.5 million and $1.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
The aggregate intrinsic value of stock options exercisable at December 31, 2014 was $25.0 million. The aggregate intrinsic value of all stock options outstanding at December 31, 2014 was $28.1 million. | ||||||||||||
A summary of restricted stock activity follows: | ||||||||||||
Shares | Weighted Average | |||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Unvested at January 1, 2012 | 512,254 | $ | 25.66 | |||||||||
Granted | 130,985 | 37.61 | ||||||||||
Vested | (209,897 | ) | 20.44 | |||||||||
Forfeited | (15,499 | ) | 28.37 | |||||||||
Unvested at December 31, 2012 | 417,843 | 31.92 | ||||||||||
Granted | 92,448 | 48.98 | ||||||||||
Vested | (197,465 | ) | 27.42 | |||||||||
Forfeited | (9,407 | ) | 40.23 | |||||||||
Unvested at December 31, 2013 | 303,419 | 39.79 | ||||||||||
Granted | 83,543 | 51.91 | ||||||||||
Vested | (108,245 | ) | 34.94 | |||||||||
Forfeited | (9,974 | ) | 44.42 | |||||||||
Unvested at December 31, 2014 | 268,743 | 45.34 | ||||||||||
A summary of performance stock unit activity follows: | ||||||||||||
Shares | Weighted Average | |||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Unvested at January 1, 2012 | 125,443 | $ | 25.27 | |||||||||
Granted | 54,928 | 41.33 | ||||||||||
Vested | (47,706 | ) | 18.23 | |||||||||
Performance adjustments | 5,679 | 26.39 | ||||||||||
Forfeited | (672 | ) | 41.45 | |||||||||
Unvested at December 31, 2012 | 137,672 | 35.85 | ||||||||||
Granted | 53,357 | 57.58 | ||||||||||
Vested | (45,809 | ) | 26.08 | |||||||||
Performance adjustments | 4,169 | 25.84 | ||||||||||
Unvested at December 31, 2013 | 149,389 | 46.32 | ||||||||||
Granted | 46,242 | 57.42 | ||||||||||
Vested | (91,696 | ) | 39.19 | |||||||||
Performance adjustments | 41,428 | 39.42 | ||||||||||
Forfeited | (1,402 | ) | 48.85 | |||||||||
Unvested at December 31, 2014 | 143,961 | 52.42 | ||||||||||
The 2014 performance adjustments above relate to the final number of shares issued for the 2011 Management Performance Units, which were 200% of the target award based on Total Shareholder Return during the three year performance period, and vested in the first quarter of 2014. | ||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the total intrinsic value of stock options exercised (the difference between the market price on the date of exercise and the option price paid to exercise the option) was $3.7 million, $4.0 million and $4.4 million, respectively. The fair values of restricted stock vested during the years ended December 31, 2014, 2013 and 2012 were $5.8 million, $9.7 million and $8.0 million, respectively. The fair value of performance stock units vested during the year ended December 31, 2014 was $4.7 million. | ||||||||||||
On December 31, 2014, there was $5.2 million of unrecognized stock-based compensation expense. The weighted average period over which this expense is expected to be recognized was approximately one year. |
Short_and_LongTerm_Debt
Short and Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Short and Long-Term Debt | Short and Long-Term Debt | |||||||
Short-Term Debt | ||||||||
Short-term borrowings with banks, which excludes the current portion of long-term debt, was $0.1 million and $0.8 million at December 31, 2014 and 2013, respectively. The average month-end balance of total short-term borrowings during 2014 was $0.1 million. The maximum month-end balance of $0.6 million occurred in January, 2014. The weighted average interest rates on short-term borrowings were 14% and 7% at December 31, 2014 and December 31, 2013, respectively. | ||||||||
Long-Term Debt | ||||||||
December 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Industrial development debt issues payable through 2022, 0.30% | $ | — | $ | 4,000 | ||||
2006 Senior notes payable through 2021, 5.41% | 46,667 | 53,334 | ||||||
2010 Senior notes payable through 2021, 4.00% | 100,000 | 100,000 | ||||||
Senior revolving credit facility maturing in 2019 | 105,000 | 110,000 | ||||||
Total | 251,667 | 267,334 | ||||||
Amounts due within one year | 6,667 | 6,667 | ||||||
Long-term debt | 245,000 | 260,667 | ||||||
The Company completed a legal Reorganization on March 7, 2014. The Company's existing debt agreements, including its senior revolving credit facility and note purchase agreements were revised to reflect the changes in the Company's legal structure. | ||||||||
In connection with the legal Reorganization, the Company amended its unsecured senior revolving credit facility and extended the term of the facility until March 2019. This facility provides for borrowings of up to $300.0 million with sub-limits for the issuance of letters of credit, swingline borrowings and foreign currency denominated borrowings; and may be used for general corporate purposes, including working capital, permitted acquisitions, capital expenditures and repayment of existing indebtedness. The credit agreement also allows the Company to request increases in the aggregate commitments of the lenders of up to an additional $150.0 million. Loans under the revolving facility will bear interest, at a variable rate based on LIBOR or the federal funds rate, at the Company's option. Interest rates remained at 1.16% in 2014. At December 31, 2014, $193.0 million of the $300.0 million senior revolving credit facility was unused including letters of credit. | ||||||||
The Company also amended its $175.0 million senior unsecured shelf facility with a note holder. Under this agreement, the Company may request the note holder to purchase additional senior notes from time to time prior to March 7, 2017. The Company would be required to pay the note holder an issuance fee in addition to fees defined in the note purchase agreement upon issuance of additional senior notes. | ||||||||
Effective June 2, 2014, The Company entered into an additional $100.0 million note facility with a note holder. Under this agreement, the Company may issue senior notes to the note holder from time to time prior to June 2, 2017. The Company would be required to pay fees defined in the master note agreement upon issuance of senior notes. | ||||||||
The Company had outstanding bank guarantees and standby letters of credit with banks as of December 31, 2014 totaling $6.5 million, of which $2.8 million relate to the senior revolving credit facility. These letters of credit serve to cover customer requirements in connection with certain sales orders, insurance companies. No amounts were drawn on these arrangements at December 31, 2014. The Company is also required to provide cash collateral in connection with certain arrangements. At December 31, 2014, the Company has $2.7 million of restricted cash in support of these arrangements. | ||||||||
Approximate maturities on our long-term debt over the next five years are $6.7 million in 2015, $6.7 million in 2016, $26.7 million in 2017, $26.7 million in 2018, $131.7 million in 2019, and $53.2 million thereafter. The revolving credit facility and note purchase agreements require the Company to comply with specified financial covenants. In addition, the credit facility and the note purchase agreements contain negative covenants limiting the ability of the Company and its subsidiaries to enter into specified transactions. We were in compliance with all of our debt covenants at December 31, 2014. | ||||||||
In January 2014 the Company determined that it was in technical violation of one loan covenant related to the threshold for priority indebtedness in its 2006 Senior Note Purchase Agreement dated December 20, 2006 which resulted in cross default violations in two other loan agreements. The Company obtained the appropriate waivers from its lenders which were fully executed on February 12, 2014. The underlying financial covenants of the Note Purchase Agreement were amended at the same time. We are currently in compliance with all of our debt covenants. | ||||||||
The Company redeemed the $4.0 million of industrial development debt on February 28, 2014. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | |||||||||||||||||||||||
Changes in goodwill during the years ended December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||
Net balance at January 1 | $ | 260,134 | $ | 258,400 | ||||||||||||||||||||
Currency translation | (7,614 | ) | 1,734 | |||||||||||||||||||||
Net balance at December 31 | 252,520 | 260,134 | ||||||||||||||||||||||
At December 31, 2014, goodwill of $196.5 million, $53.9 million and $2.1 million related to the North American, European and International reporting segments, respectively. | ||||||||||||||||||||||||
Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||
Net balance at January 1 | $ | 35,029 | $ | 38,648 | ||||||||||||||||||||
Additions | 500 | — | ||||||||||||||||||||||
Amortization expense | (2,979 | ) | (3,708 | ) | ||||||||||||||||||||
Currency translation | (1,227 | ) | 89 | |||||||||||||||||||||
Net balance at December 31 | 31,323 | 35,029 | ||||||||||||||||||||||
(In thousands) | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||
Intangible Assets: | Life | Gross Carrying Amount | Accumulated Amortization and Reserves | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization and Reserves | Net Carrying Amount | |||||||||||||||||
Distribution agreements | 10-20 years | $ | 27.5 | $ | (6.5 | ) | $ | 21 | 27.6 | $ | (5.5 | ) | $ | 22.1 | ||||||||||
Patents, trademarks and copyrights | 5-20 years | 13.5 | (8.6 | ) | 4.9 | 14.3 | (8.8 | ) | 5.5 | |||||||||||||||
Technology related assets | 7-10 years | 11.5 | (6.6 | ) | 4.9 | 11 | (4.7 | ) | 6.3 | |||||||||||||||
License agreements | 10 years | 6.8 | (6.7 | ) | 0.1 | 7.1 | (7.0 | ) | 0.1 | |||||||||||||||
Other | 5-20 years | 7 | (6.6 | ) | 0.4 | 7 | (6.0 | ) | 1 | |||||||||||||||
66.3 | (35.0 | ) | 31.3 | 67 | (32.0 | ) | 35 | |||||||||||||||||
Intangible asset amortization expense over the next five years is expected to be approximately $3.8 million in 2015, $3.6 million in 2016, $3.2 million in 2017, $1.9 million in 2018, and $1.9 million in 2019. |
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Pensions and Other Postretirement Benefits | Pensions and Other Post-retirement Benefits | |||||||||||||||||||||||
We maintain various defined benefit and defined contribution plans covering the majority of our employees. Our principal U.S. plan is funded in compliance with the Employee Retirement Income Security Act (ERISA). It is our general policy to fund current costs for the international plans, except in Germany and Mexico, where it is common practice and permissible under tax laws to accrue book reserves. | ||||||||||||||||||||||||
We provide health care benefits and limited life insurance for certain retired employees who are covered by our principal U.S. defined benefit pension plan until they become Medicare-eligible. | ||||||||||||||||||||||||
Information pertaining to defined benefit pension plans and other post-retirement benefits plans is provided in the following table: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Change in Benefit Obligations | ||||||||||||||||||||||||
Benefit obligations at January 1 | $ | 440,359 | $ | 463,806 | $ | 26,732 | $ | 30,551 | ||||||||||||||||
Service cost | 9,425 | 11,132 | 538 | 687 | ||||||||||||||||||||
Interest cost | 19,340 | 17,934 | 1,107 | 1,050 | ||||||||||||||||||||
Participant contributions | 130 | 136 | 259 | 144 | ||||||||||||||||||||
Plan amendments | (302 | ) | (239 | ) | — | — | ||||||||||||||||||
Actuarial losses (gains) | 88,069 | (34,248 | ) | (200 | ) | (4,107 | ) | |||||||||||||||||
Benefits paid | (19,193 | ) | (19,232 | ) | (1,585 | ) | (1,593 | ) | ||||||||||||||||
Settlements | (717 | ) | (1,474 | ) | — | — | ||||||||||||||||||
Currency translation | (17,917 | ) | 2,544 | — | — | |||||||||||||||||||
Benefit obligations at December 31 | 519,194 | 440,359 | 26,851 | 26,732 | ||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | 434,569 | 384,452 | — | — | ||||||||||||||||||||
Actual return on plan assets | 30,209 | 67,391 | — | — | ||||||||||||||||||||
Employer contributions | 4,077 | 4,053 | 1,326 | 1,449 | ||||||||||||||||||||
Participant contributions | 130 | 136 | 259 | 144 | ||||||||||||||||||||
Settlements | (717 | ) | (1,474 | ) | — | — | ||||||||||||||||||
Benefits paid | (16,507 | ) | (16,316 | ) | (1,585 | ) | (1,593 | ) | ||||||||||||||||
Reimbursement of German benefits | (2,686 | ) | (2,916 | ) | — | — | ||||||||||||||||||
Currency translation | (3,776 | ) | (757 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at December 31 | 445,299 | 434,569 | — | — | ||||||||||||||||||||
Funded Status | ||||||||||||||||||||||||
Funded status at December 31 | (73,895 | ) | (5,790 | ) | (26,851 | ) | (26,732 | ) | ||||||||||||||||
Unrecognized transition losses | 16 | 21 | — | — | ||||||||||||||||||||
Unrecognized prior service cost (credit) | 10 | 374 | (1,858 | ) | (2,193 | ) | ||||||||||||||||||
Unrecognized net actuarial losses | 192,692 | 116,945 | 6,450 | 6,832 | ||||||||||||||||||||
Net amount recognized | 118,823 | 111,550 | (22,259 | ) | (22,093 | ) | ||||||||||||||||||
Amounts Recognized in the Balance Sheet | ||||||||||||||||||||||||
Noncurrent assets | 75,017 | 121,054 | — | — | ||||||||||||||||||||
Current liabilities | (5,380 | ) | (5,518 | ) | (1,457 | ) | (1,695 | ) | ||||||||||||||||
Noncurrent liabilities | (143,532 | ) | (121,326 | ) | (25,394 | ) | (25,037 | ) | ||||||||||||||||
Net amount recognized | (73,895 | ) | (5,790 | ) | (26,851 | ) | (26,732 | ) | ||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
Net actuarial losses | 192,692 | 116,945 | 6,450 | 6,832 | ||||||||||||||||||||
Prior service cost (credit) | 10 | 374 | (1,858 | ) | (2,193 | ) | ||||||||||||||||||
Unrecognized net initial obligation | 16 | 21 | — | — | ||||||||||||||||||||
Total (before tax effects) | 192,718 | 117,340 | 4,592 | 4,639 | ||||||||||||||||||||
Accumulated Benefit Obligations for all Defined Benefit Plans | 479,764 | 403,682 | — | — | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||
Service cost | $ | 9,425 | $ | 11,132 | $ | 9,511 | $ | 538 | $ | 687 | $ | 694 | ||||||||||||
Interest cost | 19,340 | 17,934 | 19,018 | 1,107 | 1,050 | 1,265 | ||||||||||||||||||
Expected return on plan assets | (32,944 | ) | (30,884 | ) | (32,328 | ) | — | — | — | |||||||||||||||
Amortization of transition amounts | 2 | 3 | 2 | — | — | — | ||||||||||||||||||
Amortization of prior service cost (credit) | 84 | 102 | 101 | (335 | ) | (424 | ) | (454 | ) | |||||||||||||||
Recognized net actuarial losses | 8,639 | 13,323 | 6,235 | 182 | 552 | 529 | ||||||||||||||||||
Settlement loss | 290 | 658 | 747 | — | — | — | ||||||||||||||||||
Termination benefits | — | — | 387 | — | — | — | ||||||||||||||||||
Net periodic benefit cost | 4,836 | 12,268 | 3,673 | 1,492 | 1,865 | 2,034 | ||||||||||||||||||
Amounts included in accumulated other comprehensive income expected to be recognized in 2015 net periodic benefit costs. | ||||||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | ||||||||||||||||||||||
Loss recognition | $ | 15,937 | $ | 320 | ||||||||||||||||||||
Prior service cost (credit) recognition | 66 | (335 | ) | |||||||||||||||||||||
Transition obligation recognition | 2 | — | ||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Assumptions used to determine benefit obligations | ||||||||||||||||||||||||
Average discount rate | 3.63 | % | 4.54 | % | 3.85 | % | 4.62 | % | ||||||||||||||||
Rate of compensation increase | 3.03 | % | 3.06 | % | — | — | ||||||||||||||||||
Assumptions used to determine net periodic benefit cost | ||||||||||||||||||||||||
Average discount rate | 4.54 | % | 3.96 | % | 4.62 | % | 3.75 | % | ||||||||||||||||
Expected return on plan assets | 8.2 | % | 8.15 | % | — | — | ||||||||||||||||||
Rate of compensation increase | 3.06 | % | 3.81 | % | — | — | ||||||||||||||||||
Discount rates were determined using various corporate bond indexes as indicators of interest rate levels and movements and by matching our projected benefit obligation payment stream to current yields on high quality bonds. | ||||||||||||||||||||||||
The expected return on assets for the 2014 net periodic pension cost was determined by multiplying the expected returns of each asset class (based on historical returns) by the expected percentage of the total portfolio invested in that asset class. A total return was determined by summing the expected returns over all asset classes. | ||||||||||||||||||||||||
Pension Plan Assets at | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Equity securities | 65 | % | 71 | % | ||||||||||||||||||||
Fixed income securities | 26 | 19 | ||||||||||||||||||||||
Pooled investment funds | 5 | 5 | ||||||||||||||||||||||
Insurance contracts | 3 | 3 | ||||||||||||||||||||||
Cash and cash equivalents | 1 | 2 | ||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The overall objective of our pension investment strategy is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and meet other cash requirements of our pension funds. Investment policies for our primary U.S. pension plan are determined by the plan’s Investment Committee and set forth in the plan’s investment policy. Asset managers are granted discretion for determining sector mix, selecting securities and timing transactions, subject to the guidelines of the investment policy. An aggressive, flexible management of the portfolio is permitted and encouraged, with shifts of emphasis among equities, fixed income securities and cash equivalents at the discretion of each manager. No target asset allocations are set forth in the investment policy. For our non-U.S. pension plans, our investment objective is generally met through the use of pooled investment funds and insurance contracts. | ||||||||||||||||||||||||
The following table summarizes our pension plan assets measured at fair value on a recurring basis by fair value hierarchy level (See Note 17): | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
(In thousands) | Quoted Prices | Significant | Significant | Total | ||||||||||||||||||||
in Active | Observable | Unobservable | Fair | |||||||||||||||||||||
Markets for | Inputs | Inputs | Value | |||||||||||||||||||||
Identical | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Equity securities | $ | 233,156 | $ | 54,614 | $ | 248 | $ | 288,018 | ||||||||||||||||
Fixed income securities | 41,447 | 72,412 | 505 | 114,364 | ||||||||||||||||||||
Pooled investment funds | — | 22,623 | — | 22,623 | ||||||||||||||||||||
Insurance contracts | — | — | 15,069 | 15,069 | ||||||||||||||||||||
Cash and cash equivalents | 5,225 | — | — | 5,225 | ||||||||||||||||||||
Total | 279,828 | 149,649 | 15,822 | 445,299 | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
(In thousands) | Quoted Prices | Significant | Significant | Total | ||||||||||||||||||||
in Active | Observable | Unobservable | Fair | |||||||||||||||||||||
Markets for | Inputs | Inputs | Value | |||||||||||||||||||||
Identical | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Equity securities | $ | 307,486 | $ | — | $ | 428 | $ | 307,914 | ||||||||||||||||
Fixed income securities | 36,749 | 47,545 | — | 84,294 | ||||||||||||||||||||
Pooled investment funds | — | 22,430 | — | 22,430 | ||||||||||||||||||||
Insurance contracts | — | — | 13,512 | 13,512 | ||||||||||||||||||||
Cash and cash equivalents | 6,067 | — | 352 | 6,419 | ||||||||||||||||||||
Total | 350,302 | 69,975 | 14,292 | 434,569 | ||||||||||||||||||||
Equity securities consist primarily of publicly traded U.S. and non-U.S. common stocks. Equities are valued at closing prices reported on the listing stock exchange. | ||||||||||||||||||||||||
Fixed income securities consist primarily of U.S. government and agency bonds and U.S. corporate bonds. Fixed income securities are valued at closing prices reported in active markets or based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, and may include adjustments, for certain risks that may not be observable, such as credit and liquidity risks. | ||||||||||||||||||||||||
Pooled investment funds consist of mutual and collective investment funds that invest primarily in publicly traded non-U.S. equity and fixed income securities. Pooled investment funds are valued at net asset values calculated by the fund manager based on fair value of the underlying securities. The underlying securities are generally valued at closing prices reported in active markets, quoted prices of similar securities, or discounted cash flows approach that maximizes observable inputs such as current value measurement at the reporting date. | ||||||||||||||||||||||||
Insurance contracts are valued in accordance with the terms of the applicable collective pension contract. | ||||||||||||||||||||||||
Cash equivalents consist primarily of money market and similar temporary investment funds. Cash equivalents are valued at closing prices reported in active markets. | ||||||||||||||||||||||||
The preceding methods may produce fair value measurements that are not indicative of net realizable value or reflective of future fair values. Although we believe the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | ||||||||||||||||||||||||
The following table presents a reconciliation of Level 3 assets: | ||||||||||||||||||||||||
(In thousands) | Insurance | Other | ||||||||||||||||||||||
Contracts | ||||||||||||||||||||||||
Balance January 1, 2013 | $ | 12,254 | $ | — | ||||||||||||||||||||
Net realized and unrealized gains included in earnings | 1,074 | — | ||||||||||||||||||||||
Net purchases, issuances and settlements | 173 | 428 | ||||||||||||||||||||||
Transfers into Level 3 | 11 | 352 | ||||||||||||||||||||||
Balance December 31, 2013 | 13,512 | 780 | ||||||||||||||||||||||
Net realized and unrealized gains included in earnings | 1,345 | (180 | ) | |||||||||||||||||||||
Net purchases, issuances and settlements | 212 | 505 | ||||||||||||||||||||||
Transfers out of Level 3 | — | (352 | ) | |||||||||||||||||||||
Balance December 31, 2014 | 15,069 | 753 | ||||||||||||||||||||||
We expect to make net contributions of $4.1 million to our pension plans in 2015. | ||||||||||||||||||||||||
For the 2014 beginning of the year measurement purposes (net periodic benefit expense), 7.0% increase in the costs of covered health care benefits was assumed decreasing by 0.5% for each successive year to 4.5% in 2019 and thereafter. For the 2014 end of the year measurement purposes (benefit obligation), 7.0% increase in the costs of covered health care benefits was assumed decreasing by 0.5% for each successive year to 4.5% in 2020 and thereafter. A one-percentage-point change in assumed health care cost trend rates would have increased or decreased the other post-retirement benefit obligations and current year plan expense by approximately $1.6 million and $1.4 million, respectively. | ||||||||||||||||||||||||
Expense for defined contribution pension plans was $6.5 million in 2014, $5.8 million in 2013 and $5.9 million in 2012. | ||||||||||||||||||||||||
Estimated pension benefits to be paid under our defined benefit pension plans during the next five years are $20.6 million in 2015, $20.9 million in 2016, $21.8 million in 2017, $22.7 million in 2018, $23.2 million in 2019, and are expected to aggregate $134.3 million for the five years thereafter. Estimated other post-retirement benefits to be paid during the next 5 years are $1.5 million in 2015, $1.6 million in 2016, $1.8 million in 2017, $2.0 million in 2018, $2.1 million in 2019, and are expected to aggregate $10.3 million for the five years thereafter. |
Other_Loss_Income_Net
Other (Loss) Income, Net | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Other (Loss) Income, Net | Other Income (Loss), Net | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Interest income | $ | 1,822 | $ | 1,142 | $ | 1,411 | ||||||
Gain on asset dispositions, net | 2,094 | 436 | 8,396 | |||||||||
Land impairment loss | (50 | ) | (1,557 | ) | — | |||||||
Escrow settlement | — | — | 4,790 | |||||||||
Intangible asset impairment loss | — | — | (4,272 | ) | ||||||||
Other, net | (1,101 | ) | (196 | ) | 551 | |||||||
Total | 2,765 | (175 | ) | 10,876 | ||||||||
During the year ended December 31, 2014, we recognized a $2.2 million gain on the sale of detector tube assets. See Note 19 for further information. | ||||||||||||
During the year ended December 31, 2013, impairment charges were taken on land not used in operations. | ||||||||||||
During the year ended December 31, 2012, we settled an escrow claim for indemnification with the sellers of General Monitors. Under the terms of the settlement, we received $4.8 million in December 2012. The settlement proceeds have been recognized in other income because the settlement occurred after the business combination measurement period ended. The escrow agreement has now expired and the remaining escrow account balance was released to the sellers. In addition, we recognized gains on the sale of assets totaling $8.4 million in 2012. These gains were primarily related to property sales in our Cranberry Woods office park. We also recognized a $4.3 million intangible asset impairment loss in 2012 when we discontinued our firefighter location development project. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2014 | |
Leases [Abstract] | |
Leases | Leases |
We lease office space, manufacturing and warehouse facilities, automobiles and other equipment under operating lease arrangements. Rent expense was $11.7 million in 2014, $12.9 million in 2013 and $12.5 million in 2012. Minimum rent commitments under noncancellable leases are $10.1 million in 2015, $8.9 million in 2016, $7.8 million in 2017, $6.9 million in 2018, $6.1 million in 2019 and $14.6 million thereafter. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Derivative Financial Instruments | Derivative Financial Instruments | ||||||||
As part of our currency exchange rate risk management strategy, we enter into certain derivative foreign currency forward contracts that do not meet the U.S. GAAP criteria for hedge accounting, but which have the impact of partially offsetting certain foreign currency exposures. We account for these forward contracts on a full mark-to-market basis and report the related gains or losses in currency exchange losses (gains) in the consolidated statement of income. At December 31, 2014, the notional amount of open forward contracts was $60.9 million and the unrealized loss on these contracts was $0.4 million. All open forward contracts will mature during the first quarter of 2015. | |||||||||
The following table presents the balance sheet location and fair value of assets and liabilities associated with derivative financial instruments. | |||||||||
December 31, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign exchange contracts - prepaid expenses and other current assets | $ | (395 | ) | $ | 1,308 | ||||
The following table presents the income statement location and impact of derivative financial instruments: | |||||||||
(In thousands) | Income Statement | Loss (Gain) | |||||||
Location | Recognized in Income | ||||||||
Year ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign exchange contracts | Currency exchange loss (gains), net | $ | 2,002 | $ | (755 | ) | |||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements |
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 at the measurement date. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are: | |
Level 1—Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. | |
Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |
Level 3—Unobservable inputs for the asset or liability. | |
The valuation methodologies we used to measure financial assets and liabilities were limited to the pension plan assets described in Note 13 and the derivative financial instruments described in Note 16. See Note 13 for the fair value hierarchy classification of pension plan assets. We estimate the fair value of the derivative financial instruments, consisting of foreign currency forward contracts, based upon valuation models with inputs that generally can be verified by observable market conditions and do not involve significant management judgment. Accordingly, the fair values of the derivative financial instruments are classified within Level 2 of the fair value hierarchy. | |
With the exception of fixed rate long-term debt, we believe that the reported carrying amounts of our financial assets and liabilities approximate their fair values. At December 31, 2014, the reported carrying amount of our fixed rate long-term debt (including the current portion) was $146.7 million and the fair value was $153.4 million. The fair value of our long-term debt was determined using cash flow valuation models to estimate the market value of similar transactions as of December 31, 2014. The fair value of this debt was determined using Level 3 inputs as described above. |
Contingencies
Contingencies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Contingencies | Contingencies | |||||||||||
Product Liability | ||||||||||||
MSA LLC, a subsidiary of MSA Safety Incorporated (formerly Mine Safety Appliances Company), categorizes the product liability losses that its various subsidiaries experience into two main categories: single incident and cumulative trauma. Single incident product liability claims are discrete incidents that are typically known to us when they occur and involve observable injuries which provide an objective basis for quantifying damages. MSA LLC estimates its liability for single incident product liability claims based on expected settlement costs for pending claims and an estimate of costs for unreported claims. The estimate for unreported claims is based on experience, sales volumes and other relevant information. The reserve for single incident product liability claims at December 31, 2014 and 2013 was $3.5 million and $4.0 million, respectively. Single incident product liability expense during the years ended December 31, 2014 and 2013 was not significant. Single incident product liability exposures are evaluated on an ongoing basis and adjustments are made to the reserve as appropriate. | ||||||||||||
Cumulative trauma product liability claims involve exposures to harmful substances (e.g., silica, asbestos and coal dust) that occurred many years ago and may have developed over long periods of time into diseases such as silicosis, asbestosis, or coal worker’s pneumoconiosis. MSA LLC is presently named as a defendant in 2,326 lawsuits, some of which involve multiple plaintiffs. In these lawsuits, plaintiffs allege to have contracted certain cumulative trauma diseases related to exposure to silica, asbestos, and/or coal dust. These lawsuits mainly involve respiratory protection products allegedly manufactured and sold by MSA LLC or its predecessors. | ||||||||||||
A summary of cumulative trauma product liability lawsuit activity follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Open lawsuits, January 1 | 2,840 | 2,609 | 2,321 | |||||||||
New lawsuits | 542 | 489 | 750 | |||||||||
Settled and dismissed lawsuits | (1,056 | ) | (258 | ) | (462 | ) | ||||||
Open lawsuits, December 31 | 2,326 | 2,840 | 2,609 | |||||||||
More than half of the open lawsuits at December 31, 2014 have had a de minimis level of activity over the last 5 years. It is possible that these cases could become active again at any point due to changes in circumstances. | ||||||||||||
Cumulative trauma product liability litigation has been difficult to predict. In our experience, until late in a lawsuit, we cannot reasonably determine whether it is probable that any of MSA LLC's cumulative trauma lawsuits will ultimately result in a liability. This uncertainty is caused by many factors, including the following: cumulative trauma complaints generally do not provide information sufficient to determine if a loss is probable; cumulative trauma litigation is inherently unpredictable; and information is often insufficient to determine if a lawsuit will develop into an actively litigated case. Even when a case is actively litigated, it is often difficult to determine if the lawsuit will be dismissed or otherwise resolved until late in the lawsuit. Moreover, even once it is probable that such a lawsuit will result in a loss, it is often difficult to reasonably estimate the amount of actual loss that will be incurred. These amounts are highly variable and turn on a case-by-case analysis of the relevant facts, which are often not learned until late in the lawsuit. Consequently, MSA LLC has historically been unable to estimate its cumulative trauma product liability exposure. | ||||||||||||
As part of the company's ongoing assessment of the ability to estimate MSA LLC's cumulative trauma product liability exposure for both pending and unasserted claims, in the 2014 third quarter, MSA LLC engaged an outside valuation consultant to assist with this effort. This assessment was based on MSA LLC’s cumulative claims experience, including recent claims trends, and the development of enhanced claims data analytics. The analysis focused on claims made or resolved over the last several years as these claims are likely to best represent future claim characteristics. | ||||||||||||
After extensive review by the valuation consultant, MSA LLC and its outside counsel, it was determined that MSA LLC cannot estimate its liability for cumulative trauma product liability claims. This is a result of numerous factors, including annual claims levels and indemnity payments that are highly variable and a lack of consistency in the source of the claims. MSA LLC will continue to regularly evaluate its ability to estimate its cumulative trauma product liability exposure. | ||||||||||||
During the 2014 fourth quarter and into January 2015, MSA LLC settled a number of cumulative trauma cases for $71.8 million, the vast majority of which were insured. The impact of these settlements has been reflected in MSA Safety Incorporated’s 2014 financial statements and in the above roll-forward of lawsuits. As a result of these settlements, at December 31, 2014, the cumulative trauma product liability reserve totaled $74.9 million, most of which will be paid equally over four quarters, beginning in the 2015 third quarter and ending in the 2016 second quarter. Of this amount, $35.1 million was recorded in other non-current liabilities and the remainder was recorded in the insurance and product liability line in the current liabilities section of the consolidated balance sheet. The cumulative trauma product liability reserve totaled $5.6 million at December 31, 2013. All of this amount was recorded in the insurance and product liability line in the other current liabilities section of the consolidated balance sheet. Because litigation is subject to inherent uncertainties, and unfavorable rulings or developments could occur, there can be no certainty that MSA LLC may not ultimately incur charges in excess of presently recorded liabilities. Our aggregate cumulative trauma product liability losses and administrative and defense costs for the three years ended December 31, 2014, totaled approximately $169.6 million, substantially all of which was insured. | ||||||||||||
Insurance Receivable | ||||||||||||
With some common contract exclusions, we maintain insurance for cumulative trauma product liability claims. We have purchased insurance policies for the policy years from 1952-1986 from over 20 different insurance carriers that provide coverage for cumulative trauma product liability losses, and in many instances, related defense costs (the "Occurrence-Based Policies"). The available limits of these policies well exceed the recorded insurance receivable balance. | ||||||||||||
In the normal course of business, we make payments to settle product liability claims and for related defense costs. We record receivables for the amounts that are covered by insurance. Since December 31, 2013, the insurance receivable has increased by $95.7 million as a result of the above noted settlements and related defense costs. | ||||||||||||
Various factors could affect the timing and amount of recovery of the insurance receivable, including the outcome of negotiations with insurers, legal proceedings with respect to product liability insurance coverage and the extent to which insurers may become insolvent in the future. | ||||||||||||
Insurance receivables at December 31, 2014 totaled $220.5 million, of which $2.0 million is reported in other current assets and $218.5 million in other non-current assets. Insurance receivables at December 31, 2013 totaled $124.8 million, all of which is reported in other non-current assets. | ||||||||||||
A summary of insurance receivable balances and activity related to cumulative trauma product liability losses follows: | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Balance January 1 | $ | 124.8 | $ | 130 | $ | 112.1 | ||||||
Additions | 98.2 | 34 | 29.7 | |||||||||
Collections and settlements | (2.5 | ) | (39.2 | ) | (11.8 | ) | ||||||
Balance December 31 | 220.5 | 124.8 | 130 | |||||||||
Additions to insurance receivables in the above table represent insured cumulative trauma product liability losses and related defense costs. Uninsured cumulative trauma product liability losses during the year ended December 31, 2014, 2013, and 2012 were $3.9 million, $1.7 million and $2.1 million, respectively. Collections primarily represent agreements with insurance companies to pay amounts due that are applicable to cumulative trauma claims. In cases where the payment stream covers multiple years, the present value of the payments is recorded as a note receivable (current and long-term) in the balance sheet within prepaid expenses and other current assets and other noncurrent assets. | ||||||||||||
MSA LLC believes that the increase in its insurance receivable balance that it has experienced since 2005 is primarily due to disagreements among its insurance carriers, and consequently with MSA LLC, as to when the individual obligations of insurance carriers to pay are triggered and the amount of each insurer’s obligation, as compared to other insurers. MSA LLC believes that its insurers do not contest that they have issued policies to our subsidiaries or that these policies cover cumulative trauma product liability claims. We believe that successful resolution of insurance litigation with various insurance carriers in recent years demonstrates that we have strong legal positions concerning MSA LLC's rights to coverage. | ||||||||||||
The collectability of MSA LLC's insurance receivables is regularly evaluated and the amounts recorded are probable of collection. These conclusions are based on analysis of the terms of the underlying insurance policies, experience in successfully recovering cumulative trauma product liability claims from our insurers under other policies, the financial ability of the insurance carriers to pay the claims, understanding and interpretation of the relevant facts and applicable law and the advice of MSA LLC's legal counsel, who believe that the insurers are required to provide coverage based on the terms of the policies. | ||||||||||||
Although it is impossible to predict the ultimate outcome of current open claims, based on current information, our experience in handling these matters, and our substantial insurance program, we do not believe that the resolution of these claims will have a material adverse effect on our future financial condition or liquidity. | ||||||||||||
Insurance Litigation | ||||||||||||
MSA LLC is currently involved in insurance coverage litigation with a number of our insurance carriers regarding its Occurrence-Based Policies. | ||||||||||||
In 2009, MSA LLC (as Mine Safety Appliances Company) sued The North River Insurance Company (North River) in the United States District Court for the Western District of Pennsylvania, alleging that North River breached one of its insurance policies by failing to pay amounts owed to MSA LLC and that it engaged in bad-faith claims handling. MSA LLC believes that North River’s refusal to indemnify it under the policy for product liability losses and legal fees paid by MSA LLC is wholly contrary to Pennsylvania law and MSA LLC is vigorously pursuing the legal actions necessary to collect all due amounts. Motions for summary judgment on certain issues will be submitted to the court at the earliest possible date. A trial date has not yet been scheduled. | ||||||||||||
In 2010, North River sued MSA LLC (as Mine Safety Appliances Company) in the Court of Common Pleas of Allegheny County, Pennsylvania seeking a declaratory judgment concerning their responsibilities under three additional policies. MSA LLC asserted claims against North River for breaches of contract for failures to pay amounts owed to MSA LLC. MSA LLC also alleges that North River engaged in bad-faith claims handling. MSA LLC believes that North River’s refusal to indemnify us under these policies for product liability losses and legal fees paid by MSA LLC is wholly contrary to Pennsylvania law and MSA LLC is vigorously pursuing the legal actions necessary to collect all due amounts. Summary judgment on certain issues is pending with the court. A trial date has not yet been scheduled. | ||||||||||||
In July 2010, MSA LLC (as Mine Safety Appliances Company) filed a lawsuit in the Superior Court of the State of Delaware seeking declaratory and other relief from the majority of its excess insurance carriers concerning the future rights and obligations of MSA LLC and its excess insurance carriers under various insurance policies. The reason for this insurance coverage action is to secure a comprehensive resolution of its rights under the insurance policies issued by the insurers. Motions for summary judgment on certain issues will be submitted to the court at various times in 2015. A trial date is currently scheduled for the second quarter of 2016. | ||||||||||||
MSA LLC has resolved claims against certain of its insurance carriers on some of their policies, including the Occurrence-Based Policies through negotiated settlements. When a settlement is reached, MSA LLC dismisses the settling carrier from relevant above noted lawsuit(s). Assuming satisfactory resolution, once disputes are resolved with each of the remaining carriers responsible for the Occurrence-Based Policies, MSA LLC anticipates having commitments to provide future payment streams which should be sufficient to satisfy its recorded receivables due from insurance carriers. In addition, MSA LLC likely will retain some coverage through coverage-in-place agreements, although that coverage may not be immediately accessible. When these insurance coverage matters are fully resolved, MSA LLC (and its coverage-in-place carriers, where applicable) will be responsible for expenses related to cumulative trauma product liability claims. |
Assets_Held_for_Sale_and_Disco
Assets Held for Sale and Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Assets Held for Sale and Discontinued Operations [Abstract] | ||||||||||||
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations | |||||||||||
Assets Held for Sale - In September 2013, we entered into an agreement to sell our detector tube assets. The transaction closed in January 2014. In addition to the asset sale agreement, we entered into transitional manufacturing and sales agreements with the buyer. Under the terms of the transitional agreements, we continued to manufacture and sell detector tubes on behalf of the buyer until mid-2014. We recognized a gain of $2.2 million on the transaction in 2014 and have collected all proceeds associated with the transaction at December 31, 2014. | ||||||||||||
Discontinued Operations - The Company is actively negotiating the sale of substantially all of the assets and liabilities of its South African personal protective equipment distribution business and its Zambian operations with a potential acquirer. Management has deemed it probable that the sale of these assets and liabilities will close in 2015. The operations of this business qualify as a component of an entity under FASB ASC 205-20 "Presentation of Financial Statements - Discontinued Operations", and thus the operations have been reclassified as discontinued operations and prior periods have been reclassified to conform to this presentation. Management does not believe the assets associated with the South African distribution business or the Zambian operations are impaired at December 31, 2014. | ||||||||||||
Summarized financial information for discontinued operations is as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Discontinued Operations | ||||||||||||
Net sales | $ | 47,516 | $ | 52,692 | $ | 58,461 | ||||||
Other income, net | 660 | 40 | 115 | |||||||||
Cost and expenses: | ||||||||||||
Cost of products sold | 38,259 | 41,181 | 45,277 | |||||||||
Selling, general and administrative | 7,650 | 7,389 | 8,376 | |||||||||
Interest expense | — | — | 17 | |||||||||
Currency exchange (gains), net | (116 | ) | (325 | ) | (41 | ) | ||||||
Income from discontinued operations before income taxes | 2,383 | 4,487 | 4,947 | |||||||||
Provision for income taxes | 607 | 1,426 | 1,128 | |||||||||
Income from discontinued operations, net of tax | 1,776 | 3,061 | 3,819 | |||||||||
The following assets and liabilities are included in the balance sheet line items noted below and are included in the International Segment detail in Note 7. | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Discontinued Operations assets and liabilities | ||||||||||||
Trade receivables, less allowance for doubtful accounts | $ | 6,638 | $ | 7,452 | ||||||||
Inventories | 11,829 | 11,359 | ||||||||||
Net property | 342 | 317 | ||||||||||
Other assets | 2,022 | 1,326 | ||||||||||
Total assets | 20,831 | 20,454 | ||||||||||
Accounts payable | 5,263 | 5,447 | ||||||||||
Accrued and other liabilities | 991 | 930 | ||||||||||
Total liabilities | 6,254 | 6,377 | ||||||||||
Net assets | 14,577 | 14,077 | ||||||||||
The following summary provides financial information for discontinued operations related to net loss (income) related to noncontrolling interests: | ||||||||||||
Year ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Net loss (income) attributable to noncontrolling interests | ||||||||||||
Loss (income) from continuing operations | $ | 1,296 | $ | 870 | $ | (385 | ) | |||||
(Income) from discontinued operations | (717 | ) | (672 | ) | (739 | ) | ||||||
Net loss (income) | 579 | 198 | (1,124 | ) | ||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Financial Information | Quarterly Financial Information (Unaudited) | |||||||||||||||||||
2014 | ||||||||||||||||||||
Quarters | Year | |||||||||||||||||||
(In thousands, except earnings per share) | 1st | 2nd | 3rd | 4th | ||||||||||||||||
Continuing Operations: | ||||||||||||||||||||
Net sales | $ | 265,045 | $ | 282,493 | $ | 275,159 | $ | 311,188 | $ | 1,133,885 | ||||||||||
Gross profit | 121,815 | 129,670 | 123,723 | 140,141 | 515,349 | |||||||||||||||
Net income attributable to MSA Safety Incorporated | 13,522 | 22,132 | 18,674 | 33,119 | 87,447 | |||||||||||||||
Earnings per share* | ||||||||||||||||||||
Basic | 0.37 | 0.59 | 0.5 | 0.88 | 2.34 | |||||||||||||||
Diluted | 0.36 | 0.58 | 0.49 | 0.87 | 2.3 | |||||||||||||||
Discontinued Operations: | ||||||||||||||||||||
Net sales | 10,060 | 10,589 | 14,645 | 12,222 | 47,516 | |||||||||||||||
Gross profit | 2,363 | 2,134 | 2,638 | 2,122 | 9,257 | |||||||||||||||
Net income attributable to MSA Safety Incorporated | 504 | 356 | 631 | (432 | ) | 1,059 | ||||||||||||||
Earnings (loss) per share* | ||||||||||||||||||||
Basic | 0.01 | 0.01 | 0.02 | (0.01 | ) | 0.03 | ||||||||||||||
Diluted | 0.01 | 0.01 | 0.02 | (0.01 | ) | 0.03 | ||||||||||||||
2013 | ||||||||||||||||||||
Quarters | Year | |||||||||||||||||||
(In thousands, except earnings per share) | 1st | 2nd | 3rd | 4th | ||||||||||||||||
Continuing Operations: | ||||||||||||||||||||
Net sales | $ | 269,886 | $ | 285,859 | $ | 264,884 | $ | 291,429 | $ | 1,112,058 | ||||||||||
Gross profit | 121,704 | 129,665 | 115,426 | 130,050 | 496,845 | |||||||||||||||
Net income attributable to MSA Safety Incorporated | 18,627 | 23,315 | 18,987 | 24,929 | 85,858 | |||||||||||||||
Earnings per share* | ||||||||||||||||||||
Basic | 0.5 | 0.63 | 0.51 | 0.67 | 2.31 | |||||||||||||||
Diluted | 0.49 | 0.62 | 0.51 | 0.66 | 2.28 | |||||||||||||||
Discontinued Operations: | ||||||||||||||||||||
Net sales | 13,353 | 13,836 | 13,361 | 12,142 | 52,692 | |||||||||||||||
Gross profit | 3,078 | 3,215 | 2,790 | 2,428 | 11,511 | |||||||||||||||
Net income attributable to MSA Safety Incorporated | 659 | 734 | 514 | 482 | 2,389 | |||||||||||||||
Earnings per share* | ||||||||||||||||||||
Basic | 0.02 | 0.02 | 0.01 | 0.01 | 0.06 | |||||||||||||||
Diluted | 0.02 | 0.02 | 0.01 | 0.01 | 0.06 | |||||||||||||||
* Per share amounts are calculated independently for each period presented; therefore, the sum of the quarterly per share amounts may not equal the per share amounts for the year. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event |
During January 2015, MSA LLC settled a number of cumulative trauma cases, the vast majority of which were insured. The impact of these settlements has been reflected in MSA Safety Incorporated’s 2014 financial statements. See Note 18 for additional details. |
Schedule_of_Valuation_and_Qual
Schedule of Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||
Valuation and Qualifying Accounts | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Allowance for doubtful accounts: | ||||||||||||
Balance at beginning of year | $ | 7,306 | $ | 7,402 | $ | 7,043 | ||||||
Additions— | ||||||||||||
Charged to costs and expenses | 1,249 | 763 | 1,289 | |||||||||
Deductions— | ||||||||||||
Deductions from reserves, net (1)(2) | 734 | 859 | 930 | |||||||||
Balance at end of year | 7,821 | 7,306 | 7,402 | |||||||||
Income tax valuation allowance: | ||||||||||||
Balance at beginning of year | $ | 4,938 | $ | 3,961 | $ | 2,777 | ||||||
Additions— | ||||||||||||
Charged to costs and expenses (3) | — | 977 | 1,184 | |||||||||
Deductions— | ||||||||||||
Deductions from reserves (3) | 1,175 | — | — | |||||||||
Balance at end of year | 3,763 | 4,938 | 3,961 | |||||||||
-1 | Bad debts written off, net of recoveries. | |||||||||||
-2 | Activity for 2014, 2013 and 2012 includes currency translation gains (losses) of $(332), $(121) and $428, respectively. | |||||||||||
-3 | Activity for 2014, 2013 and 2012 includes currency translation gains (losses) of $(643), $242 and $97, respectively. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation—The Consolidated Financial Statements of MSA Safety Incorporated are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and require management to make certain judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates upon subsequent resolution of identified matters. |
Principles of Consolidation | Principles of Consolidation—The consolidated financial statements include the accounts of the company and all subsidiaries. Intercompany accounts and transactions are eliminated. |
Noncontrolling Interests | Noncontrolling Interests—Noncontrolling interests reflect noncontrolling shareholders’ investments in certain consolidated subsidiaries and their proportionate share of the income and accumulated other comprehensive income of those subsidiaries. |
Currency Translation | Currency Translation—The functional currency of all significant non-U.S. subsidiaries is the local currency. Assets and liabilities of these operations are translated at year-end exchange rates. Income statement accounts are translated using the average exchange rates for the reporting period. Translation adjustments for these companies are reported as a component of shareholders’ equity and are not included in income. Foreign currency transaction gains and losses are included in net income for the reporting period. |
Cash Equivalents | Cash Equivalents—Cash equivalents include temporary deposits with financial institutions and highly liquid investments with original maturities of 90 days or less. |
Restricted Cash | Restricted Cash—Restricted cash, which is designated for use other than current operations is included in the prepaid expenses and other current assets in the Consolidated Balance Sheet. Restricted cash balances were $2.7 million and $2.8 million at December 31, 2014 and December 31, 2013, respectively. These balances were used to support letter of credit balances. |
Inventories | Inventories—Inventories are stated at the lower of cost or market. Most U.S. inventories are valued on the last-in, first-out (LIFO) cost method. Other inventories are valued on the average cost method or at standard costs which approximate actual costs. |
Property and Depreciation | Property and Depreciation—Property is recorded at cost. Depreciation is computed using straight-line and accelerated methods over the estimated useful lives of the assets, generally as follows: buildings 20 to 40 years and machinery and equipment 3 to 10 years. Expenditures for significant renewals and improvements are capitalized. Ordinary repairs and maintenance are expensed as incurred. Gains or losses on property dispositions are included in other income and the cost and related depreciation are removed from the accounts. Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $26.2 million, $27.1 million and $27.5 million, respectively. Properties, plants, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets is determined by comparing the estimated undiscounted net cash flows of the operations related to the assets to their carrying amount. An impairment loss would be recognized when the carrying amount of the assets exceeds the estimated undiscounted net cash flows. The amount of the impairment loss to be recorded is calculated as the excess of the carrying value of the assets over their fair value, with fair value determined using the best information available, which generally is a discounted cash flow model. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets—Intangible assets are amortized on a straight-line basis over their useful lives. Intangible assets are reviewed for possible impairment whenever circumstances change such that the recorded value of the asset may not be recoverable. Goodwill is not amortized, but is subject to impairment write-down tests. We test the goodwill of each of our reporting units for impairment at least annually. The annual goodwill impairment tests are performed as of September 30 each year. All goodwill is assigned to reporting units. For this purpose, we consider our operating segments to be our reporting units. We test goodwill for impairment by either performing a qualitative evaluation or a two-step quantitative test. The qualitative evaluation is an assessment of various factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. |
Factors considered as part of the qualitative assessment include entity-specific industry, market and general economic conditions. We may elect to bypass the qualitative assessment for some or all of our reporting units and perform a two-step quantitative test. Quantitative testing involves estimating a reporting unit’s fair value. We estimate reporting unit fair value using discounted cash flow and market approach methodologies. There has been no impairment of our goodwill as of December 31, 2014. | |
Revenue Recognition | Revenue Recognition—Revenue from the sale of products is recognized when title, ownership and the risk of loss have transferred to the customer, which generally occurs either when product is shipped to the customer or, in the case of most U.S. distributor customers, when product is delivered to the customer’s delivery site. We establish our shipping terms according to local practice and market characteristics. We do not ship product unless we have an order or other documentation authorizing shipment to our customers. We make appropriate provisions for uncollectible accounts receivable and product returns, both of which have historically been insignificant in relation to our net sales. Certain distributor customers receive price rebates based on their level of purchases and other performance criteria that are documented in established distributor programs. These rebates are accrued as a reduction of net sales as they are earned by the customer. |
Shipping and Handling | Shipping and Handling—Shipping and handling expenses for products sold to customers are charged to cost of products sold as incurred. Amounts billed to customers for shipping and handling are included in net sales. |
Product Warranties | Product Warranties—Estimated expenses related to product warranties and additional service actions are charged to cost of products sold in the period in which the related revenue is recognized or when significant product quality issues are identified. |
Research and Development | Research and Development—Research and development costs are expensed as incurred. |
Income Taxes | Income Taxes—Deferred income taxes are provided for temporary differences between financial and tax reporting. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. We record tax benefits related to uncertain tax positions taken or expected to be taken on a tax return when such benefits meet a more likely than not threshold. We recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. No provision is made for possible U.S. taxes on the undistributed earnings of foreign subsidiaries that are considered to be reinvested indefinitely. |
Stock-Based Compensation | Stock-Based Compensation—We account for stock-based compensation in accordance with the FASB guidance on share-based payment, which requires that we recognize compensation expense for employee and non-employee director stock-based compensation based on the grant date fair value. Except for retirement-eligible participants, for whom there is no requisite service period, this expense is recognized ratably over the requisite service periods following the date of grant. For retirement-eligible participants, this expense is recognized at the grant date. |
Derivative Instruments | Derivative Instruments—We may use derivative instruments to minimize the effects of changes in currency exchange rates. We do not enter into derivative transactions for speculative purposes and do not hold derivative instruments for trading purposes. Changes in the fair value of derivative instruments designated as fair value hedges are recorded in the balance sheet as adjustments to the underlying hedged asset or liability. Changes in the fair value of derivative instruments that do not qualify for hedge accounting treatment are recognized in the income statement as currency exchange (income) loss in the current period. |
Commitments and Contingencies | Commitments and Contingencies—For asserted claims and assessments, liabilities are recorded when an unfavorable outcome of a matter is deemed to be probable and the loss is reasonably estimable. Management determines the likelihood of an unfavorable outcome based on many factors such as the nature of the matter, available defenses and case strategy, progress of the matter, views and opinions of legal counsel and other advisors, applicability and success of appeals processes, and the outcome of similar historical matters, among others. Once an unfavorable outcome is deemed probable, management weighs the probability of estimated losses, and the most reasonable loss estimate is recorded. If an unfavorable outcome of a matter is deemed to be reasonably possible, then the matter is disclosed and no liability is recorded. With respect to unasserted claims or assessments, management must first determine that the probability that an assertion will be made is likely, then, a determination as to the likelihood of an unfavorable outcome and the ability to reasonably estimate the potential loss is made. Legal matters are reviewed on a continuous basis to determine if there has been a change in management’s judgment regarding the likelihood of an unfavorable outcome or the estimate of a potential loss. |
Discontinued Operations and Assets Held For Sale | Discontinued Operations and Assets Held For Sale—For those businesses where management has committed to a plan to divest, each business is valued at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, an impairment loss is recognized. Fair value is estimated using accepted valuation techniques such as a discounted cash flow model, valuations performed by third parties, earnings multiples, or indicative bids, when available. A number of significant estimates and assumptions are involved in the application of these techniques, including the forecasting of markets and market share, sales volumes and prices, costs and expenses, and multiple other factors. Management considers historical experience and all available information at the time the estimates are made; however, the fair value that is ultimately realized upon the divestiture of a business may differ from the estimated fair value reflected in the Consolidated Financial Statements. Depreciation and amortization expense is not recorded on assets of a business to be divested once they are classified as held for sale. |
For businesses classified as discontinued operations, the results of operations are reclassified from their historical presentation to discontinued operations on the Consolidated Statement of Income, for all periods presented. The gains or losses associated with these divested businesses are recorded in discontinued operations on the Consolidated Statement of Income. Additionally, segment information does not include the operating results of businesses classified as discontinued operations for all periods presented. Management does not expect any continuing involvement with these businesses following their divestiture, and these businesses are expected to be disposed of within one year. | |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted and Recently Issued Accounting Standards—In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of an Entity. This ASU amends the definition of a discontinued operation to include a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. This ASU will be effective beginning in 2015. The adoption of this ASU may have a material effect on our consolidated financial statements in the event that we were to divest of a component that meets the definition of a discontinued operation. |
In May 2014, the FASB issued ASU 2014-09, Revenue with Contracts from Customers. This ASU clarifies the principles for recognizing revenue such that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU will be effective beginning in 2017. The Company is currently evaluating the impact that the adoption of this ASU will have on the consolidated financial statements. | |
In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period. This ASU clarifies the accounting treatment for share based payment awards that contain performance targets. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern. This ASU clarifies management's responsibility to evaluate whether there is a substantial doubt about the entity's ability to continue as a going concern and provides guidance for related footnote disclosures. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. | |
In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items. This ASU eliminates the requirement to separately present and disclose extraordinary and unusual items in the financial statements. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. |
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring and Related Costs | Activity and reserve balances for restructuring charges by segment were as follows: | |||||||||||||||
(in millions) | North America | Europe | International | Total | ||||||||||||
Reserve balances at January 1, 2012 | $ | — | $ | 4.3 | $ | — | $ | 4.3 | ||||||||
Restructuring charges | 1.5 | 1.1 | 0.2 | 2.8 | ||||||||||||
Cash payments | (1.2 | ) | (2.9 | ) | — | (4.1 | ) | |||||||||
Reserve balances at December 31, 2012 | $ | 0.3 | $ | 2.5 | $ | 0.2 | $ | 3 | ||||||||
Restructuring charges | — | 3 | 2.3 | 5.3 | ||||||||||||
Cash payments | (0.3 | ) | (3.8 | ) | (2.5 | ) | (6.6 | ) | ||||||||
Reserve balances at December 31, 2013 | $ | — | $ | 1.7 | $ | — | $ | 1.7 | ||||||||
Restructuring charges | — | 4.8 | 3.7 | 8.5 | ||||||||||||
Asset disposals | — | (0.4 | ) | (1.7 | ) | (2.1 | ) | |||||||||
Cash payments | — | (3.5 | ) | (1.8 | ) | (5.3 | ) | |||||||||
Reserve balances at December 31, 2014 | $ | — | $ | 2.6 | $ | 0.2 | $ | 2.8 | ||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule Of Inventories | The following table sets forth the components of inventory: | |||||||
December 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Finished products | $ | 67,713 | $ | 74,466 | ||||
Work in process | 8,942 | 8,108 | ||||||
Raw materials and supplies | 46,299 | 54,263 | ||||||
Total inventories | 122,954 | 136,837 | ||||||
Excess of FIFO costs over LIFO costs | 44,468 | 44,670 | ||||||
Total FIFO inventories | 167,422 | 181,507 | ||||||
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | The following table sets forth the components of property, plant and equipment: | |||||||
December 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Land | $ | 3,573 | $ | 3,835 | ||||
Buildings | 110,144 | 110,534 | ||||||
Machinery and equipment | 335,318 | 349,667 | ||||||
Construction in progress | 17,327 | 16,364 | ||||||
Total | 466,362 | 480,400 | ||||||
Less accumulated depreciation | (315,010 | ) | (327,645 | ) | ||||
Net property | 151,352 | 152,755 | ||||||
Reclassifications_out_of_Accum1
Reclassifications out of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||
MSA Safety Incorporated | Noncontrolling Interests | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Pension and other post-retirement benefits | |||||||||||||||||||||||||
Balance at beginning of period | $ | (77,080 | ) | $ | (132,031 | ) | $ | (104,013 | ) | $ | — | $ | — | $ | — | ||||||||||
Unrecognized net actuarial (losses) gains | (84,495 | ) | 72,008 | (45,793 | ) | — | — | — | |||||||||||||||||
Unrecognized prior service credit | 302 | 239 | — | — | — | — | |||||||||||||||||||
Tax benefit (expense) | 29,832 | (25,783 | ) | 13,833 | — | — | — | ||||||||||||||||||
Total other comprehensive (loss) income before reclassifications, net of tax | (54,361 | ) | 46,464 | (31,960 | ) | — | — | — | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||||||||||||
Amortization of prior service cost | (251 | ) | (322 | ) | (353 | ) | — | — | — | ||||||||||||||||
Recognized net actuarial losses | 9,114 | 13,875 | 6,764 | — | — | — | |||||||||||||||||||
Tax benefit | (2,992 | ) | (5,066 | ) | (2,469 | ) | — | — | — | ||||||||||||||||
Total amount reclassified from accumulated other comprehensive loss, net of tax | 5,871 | 8,487 | 3,942 | — | — | — | |||||||||||||||||||
Total other comprehensive (loss) income | (48,490 | ) | 54,951 | (28,018 | ) | ||||||||||||||||||||
Balance at end of period | $ | (125,570 | ) | $ | (77,080 | ) | $ | (132,031 | ) | $ | — | $ | — | $ | — | ||||||||||
Foreign currency translation | |||||||||||||||||||||||||
Balance at beginning of period | $ | (1,189 | ) | $ | 4,959 | $ | 829 | $ | (1,602 | ) | $ | (469 | ) | $ | (185 | ) | |||||||||
Foreign currency translation adjustments | (39,971 | ) | (6,148 | ) | 4,130 | (597 | ) | (1,133 | ) | (284 | ) | ||||||||||||||
Balance at end of period | $ | (41,160 | ) | $ | (1,189 | ) | $ | 4,959 | $ | (2,199 | ) | $ | (1,602 | ) | $ | (469 | ) | ||||||||
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure Capital Stock Additional Information [Abstract] | |||||||||||||||||||||
Schedule Of Common Stock Activity | Common stock activity is summarized as follows: | ||||||||||||||||||||
Shares | Dollars | ||||||||||||||||||||
(Dollars in thousands) | Issued | Stock | Treasury | Common | Stock | Treasury | |||||||||||||||
Compensation | Stock | Compensation | Cost | ||||||||||||||||||
Trust | Trust | ||||||||||||||||||||
Balances January 1, 2012 | 62,081,391 | (1,162,784 | ) | (24,226,017 | ) | $ | 97,276 | $ | (6,070 | ) | $ | (264,479 | ) | ||||||||
Restricted stock awards | — | 136,295 | — | (711 | ) | 711 | — | ||||||||||||||
Restricted stock expense | — | — | — | 4,891 | — | — | |||||||||||||||
Restricted stock forfeitures | — | — | (10,815 | ) | (147 | ) | — | — | |||||||||||||
Stock options exercised | — | 223,022 | — | 3,141 | 1,165 | — | |||||||||||||||
Stock option expense | — | — | — | 2,435 | — | — | |||||||||||||||
Performance stock issued | — | 58,037 | — | (303 | ) | 303 | — | ||||||||||||||
Performance stock expense | — | — | — | 2,831 | — | — | |||||||||||||||
Tax benefit related to stock plans | — | — | — | 2,799 | — | — | |||||||||||||||
Treasury shares purchased | — | — | (91,330 | ) | — | — | (3,508 | ) | |||||||||||||
Other, net | — | — | — | (77 | ) | — | — | ||||||||||||||
Balances December 31, 2012 | 62,081,391 | (745,430 | ) | (24,328,162 | ) | 112,135 | (3,891 | ) | (267,987 | ) | |||||||||||
Restricted stock awards | — | 96,686 | — | (505 | ) | 505 | — | ||||||||||||||
Restricted stock expense | — | — | — | 4,244 | — | — | |||||||||||||||
Restricted stock forfeitures | — | — | (7,365 | ) | (115 | ) | — | — | |||||||||||||
Stock options exercised | — | 277,687 | — | 8,194 | 1,449 | — | |||||||||||||||
Stock option expense | — | — | — | 2,825 | — | — | |||||||||||||||
Performance stock issued | — | 67,389 | — | (352 | ) | 352 | — | ||||||||||||||
Performance stock expense | — | — | — | 3,383 | — | — | |||||||||||||||
Tax benefit related to stock plans | — | — | — | 2,246 | — | — | |||||||||||||||
Treasury shares purchased | — | — | (240,097 | ) | — | — | (11,785 | ) | |||||||||||||
Balances December 31, 2013 | 62,081,391 | (303,668 | ) | (24,575,624 | ) | 132,055 | (1,585 | ) | (279,772 | ) | |||||||||||
Restricted stock awards | — | 72,291 | 13,936 | (538 | ) | 377 | 161 | ||||||||||||||
Restricted stock expense | — | — | — | 4,372 | — | — | |||||||||||||||
Restricted stock forfeitures | — | — | (4,078 | ) | (346 | ) | — | — | |||||||||||||
Stock options exercised | — | 150,962 | 39,781 | 5,678 | 788 | 460 | |||||||||||||||
Stock option expense | — | — | — | 2,355 | — | — | |||||||||||||||
Performance stock issued | — | 80,415 | (420 | ) | 420 | — | |||||||||||||||
Performance stock expense | — | — | — | 2,705 | — | — | |||||||||||||||
Performance stock forfeitures | — | — | — | (33 | ) | — | — | ||||||||||||||
Tax benefit related to stock plans | — | — | — | 2,573 | — | — | |||||||||||||||
Treasury shares purchased | — | — | (107,096 | ) | — | — | (5,654 | ) | |||||||||||||
Balances December 31, 2014 | 62,081,391 | — | (24,633,081 | ) | 148,401 | — | (284,805 | ) | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Schedule Of Reportable Segment Information | Reportable segment information is presented in the following table: | |||||||||||||||||||
(In thousands) | North America | Europe | International | Reconciling Items | Consolidated Totals | |||||||||||||||
2014 | ||||||||||||||||||||
Sales to external customers | $ | 547,739 | $ | 321,618 | $ | 264,528 | $ | — | $ | 1,133,885 | ||||||||||
Intercompany sales | 116,795 | 113,914 | 18,449 | (249,158 | ) | — | ||||||||||||||
Net income: | ||||||||||||||||||||
Continuing operations | 73,874 | 22,187 | 15,234 | (23,848 | ) | 87,447 | ||||||||||||||
Discontinued operations | — | — | 1,059 | — | 1,059 | |||||||||||||||
Total assets | 996,116 | 390,328 | 220,004 | (341,656 | ) | 1,264,792 | ||||||||||||||
Interest income | 995 | 111 | 711 | 5 | 1,822 | |||||||||||||||
Interest expense | 30 | 104 | 16 | 9,701 | 9,851 | |||||||||||||||
Noncash items: | ||||||||||||||||||||
Depreciation and amortization | 18,635 | 6,357 | 4,929 | — | 29,921 | |||||||||||||||
Pension income (expense) | 1,977 | (6,234 | ) | (579 | ) | — | (4,836 | ) | ||||||||||||
Income tax provision | 38,911 | 9,195 | 6,529 | (13,591 | ) | 41,044 | ||||||||||||||
Capital expenditures | 18,377 | 10,859 | 4,347 | — | 33,583 | |||||||||||||||
Net property | 86,718 | 32,892 | 31,741 | 1 | 151,352 | |||||||||||||||
2013 | ||||||||||||||||||||
Sales to external customers | 533,161 | 293,092 | 285,805 | — | 1,112,058 | |||||||||||||||
Intercompany sales | 120,952 | 98,491 | 22,136 | (241,579 | ) | — | ||||||||||||||
Net income: | ||||||||||||||||||||
Continuing operations | 62,835 | 20,204 | 27,206 | (24,387 | ) | 85,858 | ||||||||||||||
Discontinued operations | — | — | 2,389 | — | 2,389 | |||||||||||||||
Total assets | 828,413 | 394,463 | 209,578 | (198,184 | ) | 1,234,270 | ||||||||||||||
Interest income | 243 | 90 | 809 | — | 1,142 | |||||||||||||||
Interest expense | 52 | 175 | 2 | 10,448 | 10,677 | |||||||||||||||
Noncash items: | ||||||||||||||||||||
Depreciation and amortization | 19,639 | 5,357 | 5,768 | — | 30,764 | |||||||||||||||
Pension expense | (4,765 | ) | (6,328 | ) | (1,268 | ) | — | (12,361 | ) | |||||||||||
Income tax provision | 31,654 | 6,735 | 9,069 | (12,313 | ) | 35,145 | ||||||||||||||
Capital expenditures | 17,887 | 11,833 | 6,797 | — | 36,517 | |||||||||||||||
Net property | 84,104 | 33,162 | 35,488 | 1 | 152,755 | |||||||||||||||
2012 | ||||||||||||||||||||
Sales to external customers | 532,213 | 290,382 | 287,848 | — | 1,110,443 | |||||||||||||||
Intercompany sales | 112,964 | 98,096 | 20,031 | (231,091 | ) | — | ||||||||||||||
Net income: | ||||||||||||||||||||
Continuing operations | 58,376 | 21,553 | 24,819 | (17,191 | ) | 87,557 | ||||||||||||||
Discontinued operations | — | — | 3,080 | — | 3,080 | |||||||||||||||
Total assets | 718,545 | 352,601 | 209,979 | (169,379 | ) | 1,111,746 | ||||||||||||||
Interest income | 364 | 147 | 886 | 14 | 1,411 | |||||||||||||||
Interest expense | 106 | 350 | 78 | 10,810 | 11,344 | |||||||||||||||
Noncash items: | ||||||||||||||||||||
Depreciation and amortization | 21,382 | 5,354 | 4,966 | — | 31,702 | |||||||||||||||
Pension income (expense) | 2,138 | (4,700 | ) | (1,111 | ) | — | (3,673 | ) | ||||||||||||
Income tax provision | 35,537 | 7,771 | 10,450 | (12,357 | ) | 41,401 | ||||||||||||||
Capital expenditures | 20,119 | 5,106 | 6,984 | — | 32,209 | |||||||||||||||
Net property | 84,923 | 25,460 | 37,081 | 1 | 147,465 | |||||||||||||||
Schedule Of Geographic Information On Sales To External Customers, Based On Country Of Origin | Geographic information on sales to external customers, based on country of origin: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||
United States | $ | 530,845 | $ | 528,178 | $ | 527,550 | ||||||||||||||
Germany | 74,677 | 71,139 | 74,557 | |||||||||||||||||
Other | 528,363 | 512,741 | 508,336 | |||||||||||||||||
Total | 1,133,885 | 1,112,058 | 1,110,443 | |||||||||||||||||
Schedule Of Geographic Information On Long-Lived Assets, Based On Country Of Origin | Geographic information on net property, based on country of origin: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||
United States | $ | 85,247 | $ | 82,274 | $ | 82,820 | ||||||||||||||
Germany | 17,654 | 16,882 | 8,781 | |||||||||||||||||
China | 15,128 | 16,010 | 14,780 | |||||||||||||||||
Other | 33,323 | 37,589 | 41,084 | |||||||||||||||||
Total | 151,352 | 152,755 | 147,465 | |||||||||||||||||
Revenue from External Customers by Products and Services | The percentage of total sales by product group were as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Fixed Gas and Flame Detection | 23 | % | 22 | % | 20 | % | ||||||||||||||
Breathing Apparatus | 19 | % | 21 | % | 20 | % | ||||||||||||||
Portable Gas Detection | 15 | % | 14 | % | 13 | % | ||||||||||||||
Head Protection | 13 | % | 13 | % | 11 | % | ||||||||||||||
Fall Protection | 4 | % | 4 | % | 4 | % | ||||||||||||||
Other | 26 | % | 26 | % | 32 | % |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule Of Earnings Per Share | ||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2012 | |||||||||
Net income attributable to continuing operations | $ | 87,447 | $ | 85,858 | $ | 87,557 | ||||||
Preferred stock dividends | (41 | ) | (41 | ) | (41 | ) | ||||||
Income from continuing operations available to common equity | 87,406 | 85,817 | 87,516 | |||||||||
Dividends and undistributed earnings allocated to participating securities | (546 | ) | (643 | ) | (836 | ) | ||||||
Income from continuing operations available to common shareholders | 86,860 | 85,174 | 86,680 | |||||||||
Net income attributable to discontinued operations | $ | 1,059 | $ | 2,389 | $ | 3,080 | ||||||
Preferred stock dividends | (1 | ) | (1 | ) | (1 | ) | ||||||
Income from discontinued operations available to common equity | 1,058 | 2,388 | 3,079 | |||||||||
Dividends and undistributed earnings allocated to participating securities | (7 | ) | (18 | ) | (29 | ) | ||||||
Income from discontinued operations available to common shareholders | 1,051 | 2,370 | 3,050 | |||||||||
Basic weighted-average shares outstanding | 37,138 | 36,868 | 36,564 | |||||||||
Stock options and other stock compensation | 590 | 582 | 478 | |||||||||
Diluted weighted-average shares outstanding | 37,728 | 37,450 | 37,042 | |||||||||
Antidilutive stock options | — | 15 | 744 | |||||||||
Earnings per share attributable to continuing operations: | ||||||||||||
Basic | $2.34 | $2.31 | $2.37 | |||||||||
Diluted | $2.30 | $2.28 | $2.34 | |||||||||
Earnings per share attributable to discontinued operations: | ||||||||||||
Basic | $0.03 | $0.06 | $0.08 | |||||||||
Diluted | $0.03 | $0.06 | $0.08 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components Of Income Before Income Taxes | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Components of income before income taxes* | ||||||||||||
U.S. income | $ | 58,209 | $ | 48,621 | $ | 67,043 | ||||||
Non-U.S. income | 68,986 | 71,512 | 62,300 | |||||||||
Income before income taxes | 127,195 | 120,133 | 129,343 | |||||||||
Provision for income taxes* | ||||||||||||
Current | ||||||||||||
Federal | $ | 23,659 | $ | 18,656 | $ | 18,774 | ||||||
State | 1,349 | 1,492 | 2,556 | |||||||||
Non-U.S. | 21,101 | 18,453 | 19,438 | |||||||||
Total current provision | 46,109 | 38,601 | 40,768 | |||||||||
Deferred | ||||||||||||
Federal | (3,650 | ) | (3,582 | ) | (518 | ) | ||||||
State | 317 | (483 | ) | (125 | ) | |||||||
Non-U.S. | (1,732 | ) | 609 | 1,276 | ||||||||
Total deferred provision | (5,065 | ) | (3,456 | ) | 633 | |||||||
Provision for income taxes | 41,044 | 35,145 | 41,401 | |||||||||
*The components of income before income taxes and the provision for income taxes relate to continuing operations. | ||||||||||||
Reconciliation Of U.S. Federal Income Tax Rates To Effective Tax Rate | Reconciliation of the U.S. federal income tax rates to our effective tax rate: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes—U.S. | 0.8 | 0.6 | 1.2 | |||||||||
Taxes on non-U.S. income | (2.2 | ) | (4.5 | ) | (1.0 | ) | ||||||
Research and development credit | (0.7 | ) | (1.5 | ) | — | |||||||
Manufacturing deduction credit | (1.0 | ) | (1.1 | ) | (2.0 | ) | ||||||
Valuation allowances | (0.6 | ) | 0.5 | (0.2 | ) | |||||||
Other | 1 | 0.3 | (1.0 | ) | ||||||||
Effective income tax rate | 32.3 | % | 29.3 | % | 32 | % | ||||||
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities: | |||||||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Deferred tax assets | ||||||||||||
Book expenses capitalized for tax | $ | 6,336 | $ | 7,204 | ||||||||
Post-retirement benefits | 23,335 | 18,027 | ||||||||||
Inventory reserves | 3,147 | 5,550 | ||||||||||
Vacation allowances | 932 | 1,036 | ||||||||||
Net operating losses and tax credit carryforwards | 7,479 | 6,711 | ||||||||||
Post employment benefits | 2,382 | 757 | ||||||||||
Foreign tax credit carryforwards | 11,231 | 2,227 | ||||||||||
Stock options | 10,157 | 10,185 | ||||||||||
Liability insurance | 3,918 | 3,686 | ||||||||||
Basis of capital assets | 1,009 | 891 | ||||||||||
Warranties | 3,210 | 3,049 | ||||||||||
Reserve for doubtful accounts | 1,948 | 1,569 | ||||||||||
Accrued payroll | 4,319 | 2,475 | ||||||||||
Other | 5,801 | 6,838 | ||||||||||
Total deferred tax assets | 85,204 | 70,205 | ||||||||||
Valuation allowances | (3,763 | ) | (4,938 | ) | ||||||||
Net deferred tax assets | 81,441 | 65,267 | ||||||||||
Deferred tax liabilities | ||||||||||||
Property, plant and equipment | (9,269 | ) | (8,935 | ) | ||||||||
Pension | (22,195 | ) | (40,833 | ) | ||||||||
Intangibles | (30,180 | ) | (25,212 | ) | ||||||||
Other | (2,045 | ) | (2,455 | ) | ||||||||
Total deferred tax liabilities | (63,689 | ) | (77,435 | ) | ||||||||
Net deferred taxes | 17,752 | (12,168 | ) | |||||||||
Schedule Of Reconciliation Of Change In Tax Liability For Unrecognized Tax Benefits | A reconciliation of the change in the tax liability for unrecognized tax benefits for the years ended December 31, 2014 and 2013 is as follows: | |||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Beginning balance | $ | 5,888 | $ | 9,520 | ||||||||
Adjustments for tax positions related to the current year | 4,072 | (3,628 | ) | |||||||||
Adjustments for tax positions related to prior years | 3 | 97 | ||||||||||
Statute expiration | (106 | ) | (101 | ) | ||||||||
Ending balance | 9,857 | 5,888 | ||||||||||
Stock_Plans_Tables
Stock Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Schedule Of Stock-Based Compensation Expense | Stock-based compensation expense was as follows: | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Restricted stock | $ | 4,026 | $ | 4,129 | $ | 4,744 | ||||||
Stock options | 2,355 | 2,825 | 2,435 | |||||||||
Performance stock | 2,672 | 3,383 | 2,831 | |||||||||
Total compensation expense before income taxes | 9,053 | 10,337 | 10,010 | |||||||||
Income tax benefit | 3,293 | 3,810 | 3,700 | |||||||||
Total compensation expense, net of income tax benefit | 5,760 | 6,527 | 6,310 | |||||||||
Schedule Of Fair Value Weighted Average Assumptions For Options Granted | Stock option expense is based on the fair value of stock option grants estimated on the grant dates using the Black-Scholes option pricing model and the following weighted average assumptions for options granted in 2014, 2013 and 2012. | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Fair value per option | $ | 17.26 | $ | 14.17 | $ | 10.77 | ||||||
Risk-free interest rate | 2.1 | % | 1.2 | % | 1.2 | % | ||||||
Expected dividend yield | 2.4 | % | 2.8 | % | 3.1 | % | ||||||
Expected volatility | 41 | % | 39 | % | 41 | % | ||||||
Expected life (years) | 6.6 | 6.1 | 6.1 | |||||||||
Summary Of Option Activity | A summary of option activity follows: | |||||||||||
Shares | Weighted | Exercisable at | ||||||||||
Average | Year-end | |||||||||||
Exercise Price | ||||||||||||
Outstanding January 1, 2012 | 1,818,640 | $ | 30.94 | |||||||||
Granted | 196,469 | 37.33 | ||||||||||
Exercised | (223,022 | ) | 18.93 | |||||||||
Expired | (5,093 | ) | 43.33 | |||||||||
Forfeited | (2,334 | ) | 36.69 | |||||||||
Outstanding December 31, 2012 | 1,784,660 | 33.05 | 1,100,300 | |||||||||
Granted | 188,407 | 49.03 | ||||||||||
Exercised | (277,687 | ) | 34.72 | |||||||||
Outstanding December 31, 2013 | 1,695,380 | 34.55 | 1,178,657 | |||||||||
Granted | 138,519 | 51.69 | ||||||||||
Exercised | (190,743 | ) | 36.31 | |||||||||
Expired | (1,071 | ) | 45.68 | |||||||||
Forfeited | (23,524 | ) | 38.82 | |||||||||
Outstanding December 31, 2014 | 1,618,561 | 35.74 | 1,147,712 | |||||||||
Characteristics of Outstanding and Exercisable Stock Options | For various exercise price ranges, characteristics of outstanding and exercisable stock options at December 31, 2014 were as follows: | |||||||||||
Stock Options Outstanding | ||||||||||||
Range of Exercise Prices | Shares | Weighted-Average | ||||||||||
Exercise Price | Remaining Life | |||||||||||
$17.83 – $29.33 | 541,669 | $ | 21.71 | 4.6 years | ||||||||
$33.55 – $40.88 | 507,688 | 37.14 | 4.7 | |||||||||
$41.26 – $51.69 | 569,204 | 47.83 | 6.1 | |||||||||
$17.83 – $51.69 | 1,618,561 | 35.74 | 5.2 | |||||||||
Stock Options Exercisable | ||||||||||||
Range of Exercise Prices | Shares | Weighted-Average | ||||||||||
Exercise Price | Remaining Life | |||||||||||
$17.83 – $29.33 | 541,669 | $ | 21.71 | 4.6 years | ||||||||
$33.55 – $40.88 | 360,801 | 37.33 | 3.7 | |||||||||
$41.26 – $48.95 | 245,242 | 45.17 | 3 | |||||||||
$17.83 – $48.95 | 1,147,712 | 31.63 | 4 | |||||||||
Summary of Restricted Stock Activity | ||||||||||||
Shares | Weighted Average | |||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Unvested at January 1, 2012 | 512,254 | $ | 25.66 | |||||||||
Granted | 130,985 | 37.61 | ||||||||||
Vested | (209,897 | ) | 20.44 | |||||||||
Forfeited | (15,499 | ) | 28.37 | |||||||||
Unvested at December 31, 2012 | 417,843 | 31.92 | ||||||||||
Granted | 92,448 | 48.98 | ||||||||||
Vested | (197,465 | ) | 27.42 | |||||||||
Forfeited | (9,407 | ) | 40.23 | |||||||||
Unvested at December 31, 2013 | 303,419 | 39.79 | ||||||||||
Granted | 83,543 | 51.91 | ||||||||||
Vested | (108,245 | ) | 34.94 | |||||||||
Forfeited | (9,974 | ) | 44.42 | |||||||||
Unvested at December 31, 2014 | 268,743 | 45.34 | ||||||||||
Summary of Performance Stock Unit Activity | A summary of performance stock unit activity follows: | |||||||||||
Shares | Weighted Average | |||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Unvested at January 1, 2012 | 125,443 | $ | 25.27 | |||||||||
Granted | 54,928 | 41.33 | ||||||||||
Vested | (47,706 | ) | 18.23 | |||||||||
Performance adjustments | 5,679 | 26.39 | ||||||||||
Forfeited | (672 | ) | 41.45 | |||||||||
Unvested at December 31, 2012 | 137,672 | 35.85 | ||||||||||
Granted | 53,357 | 57.58 | ||||||||||
Vested | (45,809 | ) | 26.08 | |||||||||
Performance adjustments | 4,169 | 25.84 | ||||||||||
Unvested at December 31, 2013 | 149,389 | 46.32 | ||||||||||
Granted | 46,242 | 57.42 | ||||||||||
Vested | (91,696 | ) | 39.19 | |||||||||
Performance adjustments | 41,428 | 39.42 | ||||||||||
Forfeited | (1,402 | ) | 48.85 | |||||||||
Unvested at December 31, 2014 | 143,961 | 52.42 | ||||||||||
ShortTerm_and_LongTerm_Debt_Ta
Short-Term and Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule Of Outstanding Debt | ||||||||
December 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Industrial development debt issues payable through 2022, 0.30% | $ | — | $ | 4,000 | ||||
2006 Senior notes payable through 2021, 5.41% | 46,667 | 53,334 | ||||||
2010 Senior notes payable through 2021, 4.00% | 100,000 | 100,000 | ||||||
Senior revolving credit facility maturing in 2019 | 105,000 | 110,000 | ||||||
Total | 251,667 | 267,334 | ||||||
Amounts due within one year | 6,667 | 6,667 | ||||||
Long-term debt | 245,000 | 260,667 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Changes In Goodwill | Changes in goodwill during the years ended December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||
Net balance at January 1 | $ | 260,134 | $ | 258,400 | ||||||||||||||||||||
Currency translation | (7,614 | ) | 1,734 | |||||||||||||||||||||
Net balance at December 31 | 252,520 | 260,134 | ||||||||||||||||||||||
Changes In Intangible Assets, Net Of Accumulated Amortization | Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||
Net balance at January 1 | $ | 35,029 | $ | 38,648 | ||||||||||||||||||||
Additions | 500 | — | ||||||||||||||||||||||
Amortization expense | (2,979 | ) | (3,708 | ) | ||||||||||||||||||||
Currency translation | (1,227 | ) | 89 | |||||||||||||||||||||
Net balance at December 31 | 31,323 | 35,029 | ||||||||||||||||||||||
(In thousands) | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||
Intangible Assets: | Life | Gross Carrying Amount | Accumulated Amortization and Reserves | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization and Reserves | Net Carrying Amount | |||||||||||||||||
Distribution agreements | 10-20 years | $ | 27.5 | $ | (6.5 | ) | $ | 21 | 27.6 | $ | (5.5 | ) | $ | 22.1 | ||||||||||
Patents, trademarks and copyrights | 5-20 years | 13.5 | (8.6 | ) | 4.9 | 14.3 | (8.8 | ) | 5.5 | |||||||||||||||
Technology related assets | 7-10 years | 11.5 | (6.6 | ) | 4.9 | 11 | (4.7 | ) | 6.3 | |||||||||||||||
License agreements | 10 years | 6.8 | (6.7 | ) | 0.1 | 7.1 | (7.0 | ) | 0.1 | |||||||||||||||
Other | 5-20 years | 7 | (6.6 | ) | 0.4 | 7 | (6.0 | ) | 1 | |||||||||||||||
66.3 | (35.0 | ) | 31.3 | 67 | (32.0 | ) | 35 | |||||||||||||||||
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule Of Defined Benefit Pension Plans And Other Postretirement Benefits Plan | Information pertaining to defined benefit pension plans and other post-retirement benefits plans is provided in the following table: | |||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Change in Benefit Obligations | ||||||||||||||||||||||||
Benefit obligations at January 1 | $ | 440,359 | $ | 463,806 | $ | 26,732 | $ | 30,551 | ||||||||||||||||
Service cost | 9,425 | 11,132 | 538 | 687 | ||||||||||||||||||||
Interest cost | 19,340 | 17,934 | 1,107 | 1,050 | ||||||||||||||||||||
Participant contributions | 130 | 136 | 259 | 144 | ||||||||||||||||||||
Plan amendments | (302 | ) | (239 | ) | — | — | ||||||||||||||||||
Actuarial losses (gains) | 88,069 | (34,248 | ) | (200 | ) | (4,107 | ) | |||||||||||||||||
Benefits paid | (19,193 | ) | (19,232 | ) | (1,585 | ) | (1,593 | ) | ||||||||||||||||
Settlements | (717 | ) | (1,474 | ) | — | — | ||||||||||||||||||
Currency translation | (17,917 | ) | 2,544 | — | — | |||||||||||||||||||
Benefit obligations at December 31 | 519,194 | 440,359 | 26,851 | 26,732 | ||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | 434,569 | 384,452 | — | — | ||||||||||||||||||||
Actual return on plan assets | 30,209 | 67,391 | — | — | ||||||||||||||||||||
Employer contributions | 4,077 | 4,053 | 1,326 | 1,449 | ||||||||||||||||||||
Participant contributions | 130 | 136 | 259 | 144 | ||||||||||||||||||||
Settlements | (717 | ) | (1,474 | ) | — | — | ||||||||||||||||||
Benefits paid | (16,507 | ) | (16,316 | ) | (1,585 | ) | (1,593 | ) | ||||||||||||||||
Reimbursement of German benefits | (2,686 | ) | (2,916 | ) | — | — | ||||||||||||||||||
Currency translation | (3,776 | ) | (757 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at December 31 | 445,299 | 434,569 | — | — | ||||||||||||||||||||
Funded Status | ||||||||||||||||||||||||
Funded status at December 31 | (73,895 | ) | (5,790 | ) | (26,851 | ) | (26,732 | ) | ||||||||||||||||
Unrecognized transition losses | 16 | 21 | — | — | ||||||||||||||||||||
Unrecognized prior service cost (credit) | 10 | 374 | (1,858 | ) | (2,193 | ) | ||||||||||||||||||
Unrecognized net actuarial losses | 192,692 | 116,945 | 6,450 | 6,832 | ||||||||||||||||||||
Net amount recognized | 118,823 | 111,550 | (22,259 | ) | (22,093 | ) | ||||||||||||||||||
Amounts Recognized in the Balance Sheet | ||||||||||||||||||||||||
Noncurrent assets | 75,017 | 121,054 | — | — | ||||||||||||||||||||
Current liabilities | (5,380 | ) | (5,518 | ) | (1,457 | ) | (1,695 | ) | ||||||||||||||||
Noncurrent liabilities | (143,532 | ) | (121,326 | ) | (25,394 | ) | (25,037 | ) | ||||||||||||||||
Net amount recognized | (73,895 | ) | (5,790 | ) | (26,851 | ) | (26,732 | ) | ||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
Net actuarial losses | 192,692 | 116,945 | 6,450 | 6,832 | ||||||||||||||||||||
Prior service cost (credit) | 10 | 374 | (1,858 | ) | (2,193 | ) | ||||||||||||||||||
Unrecognized net initial obligation | 16 | 21 | — | — | ||||||||||||||||||||
Total (before tax effects) | 192,718 | 117,340 | 4,592 | 4,639 | ||||||||||||||||||||
Accumulated Benefit Obligations for all Defined Benefit Plans | 479,764 | 403,682 | — | — | ||||||||||||||||||||
Components Of Net Periodic Benefit (Credit) Cost | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||
Service cost | $ | 9,425 | $ | 11,132 | $ | 9,511 | $ | 538 | $ | 687 | $ | 694 | ||||||||||||
Interest cost | 19,340 | 17,934 | 19,018 | 1,107 | 1,050 | 1,265 | ||||||||||||||||||
Expected return on plan assets | (32,944 | ) | (30,884 | ) | (32,328 | ) | — | — | — | |||||||||||||||
Amortization of transition amounts | 2 | 3 | 2 | — | — | — | ||||||||||||||||||
Amortization of prior service cost (credit) | 84 | 102 | 101 | (335 | ) | (424 | ) | (454 | ) | |||||||||||||||
Recognized net actuarial losses | 8,639 | 13,323 | 6,235 | 182 | 552 | 529 | ||||||||||||||||||
Settlement loss | 290 | 658 | 747 | — | — | — | ||||||||||||||||||
Termination benefits | — | — | 387 | — | — | — | ||||||||||||||||||
Net periodic benefit cost | 4,836 | 12,268 | 3,673 | 1,492 | 1,865 | 2,034 | ||||||||||||||||||
Schedule Of Amounts Included In Accumulated Other Comprehensive Income Expected To Be Recognized In Net Periodic Benefit Costs | Amounts included in accumulated other comprehensive income expected to be recognized in 2015 net periodic benefit costs. | |||||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | ||||||||||||||||||||||
Loss recognition | $ | 15,937 | $ | 320 | ||||||||||||||||||||
Prior service cost (credit) recognition | 66 | (335 | ) | |||||||||||||||||||||
Transition obligation recognition | 2 | — | ||||||||||||||||||||||
Schedule Of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Assumptions used to determine benefit obligations | ||||||||||||||||||||||||
Average discount rate | 3.63 | % | 4.54 | % | 3.85 | % | 4.62 | % | ||||||||||||||||
Rate of compensation increase | 3.03 | % | 3.06 | % | — | — | ||||||||||||||||||
Assumptions used to determine net periodic benefit cost | ||||||||||||||||||||||||
Average discount rate | 4.54 | % | 3.96 | % | 4.62 | % | 3.75 | % | ||||||||||||||||
Expected return on plan assets | 8.2 | % | 8.15 | % | — | — | ||||||||||||||||||
Rate of compensation increase | 3.06 | % | 3.81 | % | — | — | ||||||||||||||||||
Schedule Of Expected Return On Assets For Net Periodic Pension Cost | ||||||||||||||||||||||||
Pension Plan Assets at | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Equity securities | 65 | % | 71 | % | ||||||||||||||||||||
Fixed income securities | 26 | 19 | ||||||||||||||||||||||
Pooled investment funds | 5 | 5 | ||||||||||||||||||||||
Insurance contracts | 3 | 3 | ||||||||||||||||||||||
Cash and cash equivalents | 1 | 2 | ||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
Summary Of Pension Plan Assets Measured At Fair Value On A Recurring Basis By Fair Value Hierarchy | The following table summarizes our pension plan assets measured at fair value on a recurring basis by fair value hierarchy level (See Note 17): | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
(In thousands) | Quoted Prices | Significant | Significant | Total | ||||||||||||||||||||
in Active | Observable | Unobservable | Fair | |||||||||||||||||||||
Markets for | Inputs | Inputs | Value | |||||||||||||||||||||
Identical | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Equity securities | $ | 233,156 | $ | 54,614 | $ | 248 | $ | 288,018 | ||||||||||||||||
Fixed income securities | 41,447 | 72,412 | 505 | 114,364 | ||||||||||||||||||||
Pooled investment funds | — | 22,623 | — | 22,623 | ||||||||||||||||||||
Insurance contracts | — | — | 15,069 | 15,069 | ||||||||||||||||||||
Cash and cash equivalents | 5,225 | — | — | 5,225 | ||||||||||||||||||||
Total | 279,828 | 149,649 | 15,822 | 445,299 | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
(In thousands) | Quoted Prices | Significant | Significant | Total | ||||||||||||||||||||
in Active | Observable | Unobservable | Fair | |||||||||||||||||||||
Markets for | Inputs | Inputs | Value | |||||||||||||||||||||
Identical | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Equity securities | $ | 307,486 | $ | — | $ | 428 | $ | 307,914 | ||||||||||||||||
Fixed income securities | 36,749 | 47,545 | — | 84,294 | ||||||||||||||||||||
Pooled investment funds | — | 22,430 | — | 22,430 | ||||||||||||||||||||
Insurance contracts | — | — | 13,512 | 13,512 | ||||||||||||||||||||
Cash and cash equivalents | 6,067 | — | 352 | 6,419 | ||||||||||||||||||||
Total | 350,302 | 69,975 | 14,292 | 434,569 | ||||||||||||||||||||
Schedule Of Reconciliation Of Level 3 Assets | The following table presents a reconciliation of Level 3 assets: | |||||||||||||||||||||||
(In thousands) | Insurance | Other | ||||||||||||||||||||||
Contracts | ||||||||||||||||||||||||
Balance January 1, 2013 | $ | 12,254 | $ | — | ||||||||||||||||||||
Net realized and unrealized gains included in earnings | 1,074 | — | ||||||||||||||||||||||
Net purchases, issuances and settlements | 173 | 428 | ||||||||||||||||||||||
Transfers into Level 3 | 11 | 352 | ||||||||||||||||||||||
Balance December 31, 2013 | 13,512 | 780 | ||||||||||||||||||||||
Net realized and unrealized gains included in earnings | 1,345 | (180 | ) | |||||||||||||||||||||
Net purchases, issuances and settlements | 212 | 505 | ||||||||||||||||||||||
Transfers out of Level 3 | — | (352 | ) | |||||||||||||||||||||
Balance December 31, 2014 | 15,069 | 753 | ||||||||||||||||||||||
Other_Loss_Income_Net_Tables
Other (Loss) Income, Net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Schedule Of Other Income, Net | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Interest income | $ | 1,822 | $ | 1,142 | $ | 1,411 | ||||||
Gain on asset dispositions, net | 2,094 | 436 | 8,396 | |||||||||
Land impairment loss | (50 | ) | (1,557 | ) | — | |||||||
Escrow settlement | — | — | 4,790 | |||||||||
Intangible asset impairment loss | — | — | (4,272 | ) | ||||||||
Other, net | (1,101 | ) | (196 | ) | 551 | |||||||
Total | 2,765 | (175 | ) | 10,876 | ||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Balance Sheet Location And Fair Value Of Assets And Liabilities Associated With Derivative Financial Instruments | The following table presents the balance sheet location and fair value of assets and liabilities associated with derivative financial instruments. | ||||||||
December 31, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign exchange contracts - prepaid expenses and other current assets | $ | (395 | ) | $ | 1,308 | ||||
Income Statement Location and Impact of Derivative Financial Instruments | The following table presents the income statement location and impact of derivative financial instruments: | ||||||||
(In thousands) | Income Statement | Loss (Gain) | |||||||
Location | Recognized in Income | ||||||||
Year ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign exchange contracts | Currency exchange loss (gains), net | $ | 2,002 | $ | (755 | ) | |||
Contingencies_Tables
Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Summary of Cumulative Trauma Product Liability Claims Activity | A summary of cumulative trauma product liability lawsuit activity follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Open lawsuits, January 1 | 2,840 | 2,609 | 2,321 | |||||||||
New lawsuits | 542 | 489 | 750 | |||||||||
Settled and dismissed lawsuits | (1,056 | ) | (258 | ) | (462 | ) | ||||||
Open lawsuits, December 31 | 2,326 | 2,840 | 2,609 | |||||||||
Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses | A summary of insurance receivable balances and activity related to cumulative trauma product liability losses follows: | |||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Balance January 1 | $ | 124.8 | $ | 130 | $ | 112.1 | ||||||
Additions | 98.2 | 34 | 29.7 | |||||||||
Collections and settlements | (2.5 | ) | (39.2 | ) | (11.8 | ) | ||||||
Balance December 31 | 220.5 | 124.8 | 130 | |||||||||
Assets_Held_for_Sale_and_Disco1
Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Assets Held for Sale and Discontinued Operations [Abstract] | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | Summarized financial information for discontinued operations is as follows: | |||||||||||
Year ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Discontinued Operations | ||||||||||||
Net sales | $ | 47,516 | $ | 52,692 | $ | 58,461 | ||||||
Other income, net | 660 | 40 | 115 | |||||||||
Cost and expenses: | ||||||||||||
Cost of products sold | 38,259 | 41,181 | 45,277 | |||||||||
Selling, general and administrative | 7,650 | 7,389 | 8,376 | |||||||||
Interest expense | — | — | 17 | |||||||||
Currency exchange (gains), net | (116 | ) | (325 | ) | (41 | ) | ||||||
Income from discontinued operations before income taxes | 2,383 | 4,487 | 4,947 | |||||||||
Provision for income taxes | 607 | 1,426 | 1,128 | |||||||||
Income from discontinued operations, net of tax | 1,776 | 3,061 | 3,819 | |||||||||
The following assets and liabilities are included in the balance sheet line items noted below and are included in the International Segment detail in Note 7. | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Discontinued Operations assets and liabilities | ||||||||||||
Trade receivables, less allowance for doubtful accounts | $ | 6,638 | $ | 7,452 | ||||||||
Inventories | 11,829 | 11,359 | ||||||||||
Net property | 342 | 317 | ||||||||||
Other assets | 2,022 | 1,326 | ||||||||||
Total assets | 20,831 | 20,454 | ||||||||||
Accounts payable | 5,263 | 5,447 | ||||||||||
Accrued and other liabilities | 991 | 930 | ||||||||||
Total liabilities | 6,254 | 6,377 | ||||||||||
Net assets | 14,577 | 14,077 | ||||||||||
The following summary provides financial information for discontinued operations related to net loss (income) related to noncontrolling interests: | ||||||||||||
Year ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Net loss (income) attributable to noncontrolling interests | ||||||||||||
Loss (income) from continuing operations | $ | 1,296 | $ | 870 | $ | (385 | ) | |||||
(Income) from discontinued operations | (717 | ) | (672 | ) | (739 | ) | ||||||
Net loss (income) | 579 | 198 | (1,124 | ) | ||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Schedule Of Quarterly Financial Information | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Quarters | Year | |||||||||||||||||||
(In thousands, except earnings per share) | 1st | 2nd | 3rd | 4th | ||||||||||||||||
Continuing Operations: | ||||||||||||||||||||
Net sales | $ | 265,045 | $ | 282,493 | $ | 275,159 | $ | 311,188 | $ | 1,133,885 | ||||||||||
Gross profit | 121,815 | 129,670 | 123,723 | 140,141 | 515,349 | |||||||||||||||
Net income attributable to MSA Safety Incorporated | 13,522 | 22,132 | 18,674 | 33,119 | 87,447 | |||||||||||||||
Earnings per share* | ||||||||||||||||||||
Basic | 0.37 | 0.59 | 0.5 | 0.88 | 2.34 | |||||||||||||||
Diluted | 0.36 | 0.58 | 0.49 | 0.87 | 2.3 | |||||||||||||||
Discontinued Operations: | ||||||||||||||||||||
Net sales | 10,060 | 10,589 | 14,645 | 12,222 | 47,516 | |||||||||||||||
Gross profit | 2,363 | 2,134 | 2,638 | 2,122 | 9,257 | |||||||||||||||
Net income attributable to MSA Safety Incorporated | 504 | 356 | 631 | (432 | ) | 1,059 | ||||||||||||||
Earnings (loss) per share* | ||||||||||||||||||||
Basic | 0.01 | 0.01 | 0.02 | (0.01 | ) | 0.03 | ||||||||||||||
Diluted | 0.01 | 0.01 | 0.02 | (0.01 | ) | 0.03 | ||||||||||||||
2013 | ||||||||||||||||||||
Quarters | Year | |||||||||||||||||||
(In thousands, except earnings per share) | 1st | 2nd | 3rd | 4th | ||||||||||||||||
Continuing Operations: | ||||||||||||||||||||
Net sales | $ | 269,886 | $ | 285,859 | $ | 264,884 | $ | 291,429 | $ | 1,112,058 | ||||||||||
Gross profit | 121,704 | 129,665 | 115,426 | 130,050 | 496,845 | |||||||||||||||
Net income attributable to MSA Safety Incorporated | 18,627 | 23,315 | 18,987 | 24,929 | 85,858 | |||||||||||||||
Earnings per share* | ||||||||||||||||||||
Basic | 0.5 | 0.63 | 0.51 | 0.67 | 2.31 | |||||||||||||||
Diluted | 0.49 | 0.62 | 0.51 | 0.66 | 2.28 | |||||||||||||||
Discontinued Operations: | ||||||||||||||||||||
Net sales | 13,353 | 13,836 | 13,361 | 12,142 | 52,692 | |||||||||||||||
Gross profit | 3,078 | 3,215 | 2,790 | 2,428 | 11,511 | |||||||||||||||
Net income attributable to MSA Safety Incorporated | 659 | 734 | 514 | 482 | 2,389 | |||||||||||||||
Earnings per share* | ||||||||||||||||||||
Basic | 0.02 | 0.02 | 0.01 | 0.01 | 0.06 | |||||||||||||||
Diluted | 0.02 | 0.02 | 0.01 | 0.01 | 0.06 | |||||||||||||||
* Per share amounts are calculated independently for each period presented; therefore, the sum of the quarterly per share amounts may not equal the per share amounts for the year. |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Accounting Policies [Line Items] | |||
Restricted cash and cash equivalents | $2,700,000 | $2,800,000 | |
Depreciation expense | 26,200,000 | 27,100,000 | 27,500,000 |
Impairment of goodwill | $0 | ||
Building | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Useful Lives | 20 years | ||
Building | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Useful Lives | 40 years | ||
Machinery and Equipment | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Useful Lives | 3 years | ||
Machinery and Equipment | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Useful Lives | 10 years |
Restructuring_and_Other_Charge2
Restructuring and Other Charges - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $8,515 | $5,344 | $2,787 |
European Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4,800 | 3,000 | 1,100 |
North American Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 0 | 1,500 |
International Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $3,700 | $2,300 | $200 |
Restructuring_and_Other_Charge3
Restructuring and Other Charges Roll Forward (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $1,700,000 | $3,000,000 | $4,300,000 |
Restructuring charges | 8,515,000 | 5,344,000 | 2,787,000 |
Asset disposals | -2,100,000 | ||
Cash payments | -5,300,000 | -6,600,000 | -4,100,000 |
Restructuring reserve, ending balance | 2,800,000 | 1,700,000 | 3,000,000 |
North American Segment | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 300,000 | 0 |
Restructuring charges | 0 | 0 | 1,500,000 |
Asset disposals | 0 | ||
Cash payments | 0 | -300,000 | -1,200,000 |
Restructuring reserve, ending balance | 0 | 0 | 300,000 |
European Segment | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1,700,000 | 2,500,000 | 4,300,000 |
Restructuring charges | 4,800,000 | 3,000,000 | 1,100,000 |
Asset disposals | -400,000 | ||
Cash payments | -3,500,000 | -3,800,000 | -2,900,000 |
Restructuring reserve, ending balance | 2,600,000 | 1,700,000 | 2,500,000 |
International Segment | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 200,000 | 0 |
Restructuring charges | 3,700,000 | 2,300,000 | 200,000 |
Asset disposals | -1,700,000 | ||
Cash payments | -1,800,000 | -2,500,000 | 0 |
Restructuring reserve, ending balance | $200,000 | $0 | $200,000 |
Inventories_Schedule_Of_Invent
Inventories - Schedule Of Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished products | $67,713 | $74,466 |
Work in process | 8,942 | 8,108 |
Raw materials and supplies | 46,299 | 54,263 |
Total inventories | 122,954 | 136,837 |
Excess of FIFO costs over LIFO costs | 44,468 | 44,670 |
Total FIFO inventories | $167,422 | $181,507 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO inventories on total inventories | 15.00% | 21.00% |
Reduced cost of sales | $2.10 | |
Increase in income due to effect of liquidations | $1.40 |
Property_Plant_and_Equipment_D
Property, Plant, and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $466,362 | $480,400 | |
Less accumulated depreciation | -315,010 | -327,645 | |
Net property | 151,352 | 152,755 | 147,465 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 3,573 | 3,835 | |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 110,144 | 110,534 | |
Machinery and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 335,318 | 349,667 | |
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $17,327 | $16,364 |
Reclassifications_out_of_Accum2
Reclassifications out of Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit [Roll Forward] | |||
Total other comprehensive (loss) income | ($48,490) | $54,951 | ($28,018) |
MSA Safety Incorporated | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit [Roll Forward] | |||
Balance at beginning of period | -77,080 | -132,031 | -104,013 |
Unrecognized net actuarial (losses) gains | -84,495 | 72,008 | -45,793 |
Unrecognized prior service credit | 302 | 239 | 0 |
Tax benefit (expense) | 29,832 | -25,783 | 13,833 |
Total other comprehensive (loss) income before reclassifications, net of tax | -54,361 | 46,464 | -31,960 |
Amortization of prior service cost | -251 | -322 | -353 |
Recognized net actuarial losses | 9,114 | 13,875 | 6,764 |
Tax benefit | -2,992 | -5,066 | -2,469 |
Total amount reclassified from accumulated other comprehensive loss, net of tax | 5,871 | 8,487 | 3,942 |
Total other comprehensive (loss) income | -48,490 | 54,951 | -28,018 |
Balance at end of period | -125,570 | -77,080 | -132,031 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translations [Roll Forward] | |||
Balance at beginning of period | -1,189 | 4,959 | 829 |
Foreign currency translation adjustments, parent | -39,971 | -6,148 | 4,130 |
Balance at end of period | -41,160 | -1,189 | 4,959 |
Noncontrolling Interests | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translations [Roll Forward] | |||
Balance at beginning of period | -1,602 | -469 | -185 |
Foreign currency translation adjustments, noncontrolling interest | -597 | -1,133 | -284 |
Balance at end of period | ($2,199) | ($1,602) | ($469) |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2005 |
Capital Unit [Line Items] | |||
Preferred stock, par value | $50 | $50 | |
Percentage of cumulative preferred stock | 4.50% | 4.50% | |
Common stock, shares authorized | 180,000,000 | ||
Common stock, par value | $0 | $0 | |
Common Stock, Shares, Outstanding | 37,448,310 | 37,202,099 | |
Stock repurchased program, authorized amount | $100 | ||
4 1/2% Cumulative Preferred Nonvoting Stock | |||
Capital Unit [Line Items] | |||
Preferred stock, shares authorized | 100,000 | ||
Preferred stock, par value | $50 | ||
Percentage of cumulative preferred stock | 4.50% | ||
Preferred Stock, Callable Price Per Share | $52.50 | ||
Preferred stock, shares issued | 71,373 | ||
Treasury share, number of shares held | 52,878 | ||
Purchase of treasury shares | 0 | ||
Second Cumulative Preferred Voting Stock | |||
Capital Unit [Line Items] | |||
Preferred stock, shares authorized | 1,000,000 | ||
Preferred stock, par value | $10 | ||
Preferred stock, shares issued | 0 |
Capital_Stock_Summary_of_Commo
Capital Stock - Summary of Common Stock Activity (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balances (in shares) | 37,202,099 | |||
Stock options exercised (in shares) | 190,743 | 277,687 | 223,022 | |
Ending Balances (in shares) | 37,448,310 | 37,202,099 | ||
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balances (in shares) | 62,081,391 | 62,081,391 | 62,081,391 | |
Ending Balances (in shares) | 62,081,391 | 62,081,391 | 62,081,391 | |
Beginning Balances | 132,055 | 112,135 | 97,276 | |
Performance stock forfeitures | -33 | |||
Tax benefit related to stock plans | 2,573 | 2,246 | 2,799 | |
Other, net | -77 | |||
Ending Balances | 148,401 | 132,055 | 112,135 | |
Stock Compensation Trust | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balances (in shares) | -1,162,784 | |||
Ending Balances (in shares) | 0 | -303,668 | -745,430 | -1,162,784 |
Beginning Balances | -6,070 | |||
Ending Balances | 0 | -1,585 | -3,891 | -6,070 |
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balances (in shares) | -24,226,017 | |||
Ending Balances (in shares) | -24,633,081 | -24,575,624 | -24,328,162 | -24,226,017 |
Beginning Balances | -264,479 | |||
Ending Balances | -284,805 | -279,772 | -267,987 | -264,479 |
Restricted Stock | Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Restricted stock awards | -538 | -505 | -711 | |
Share-based compensation expense | 4,372 | 4,244 | 4,891 | |
Restricted stock forfeitures | -346 | -115 | -147 | |
Restricted Stock | Stock Compensation Trust | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Restricted stock awards (in shares) | 72,291 | 96,686 | 136,295 | |
Restricted stock awards | 377 | 505 | 711 | |
Restricted Stock | Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Restricted stock awards (in shares) | 13,936 | |||
Restricted stock forfeitures (in shares) | -4,078 | -7,365 | -10,815 | |
Restricted stock awards | 161 | |||
Stock Options | Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share-based compensation expense | 2,355 | 2,825 | 2,435 | |
Stock options exercised | 5,678 | 8,194 | 3,141 | |
Stock Options | Stock Compensation Trust | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock options exercised (in shares) | 150,962 | 277,687 | 223,022 | |
Stock options exercised | 788 | 1,449 | 1,165 | |
Stock Options | Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock options exercised (in shares) | 39,781 | |||
Stock options exercised | 460 | |||
Performance Shares | Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share-based compensation expense | 2,705 | 3,383 | 2,831 | |
Performance stock issued | -420 | -352 | -303 | |
Performance Shares | Stock Compensation Trust | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Performance stock issued (in shares) | 80,415 | 67,389 | 58,037 | |
Performance stock issued | 420 | 352 | 303 | |
Treasury Stock | Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Treasury shares purchased (in shares) | -107,096 | -240,097 | -91,330 | |
Treasury shares purchased | -5,654 | -11,785 | -3,508 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
segment | |
Segment Reporting [Abstract] | |
Number of geographic operating segments | 9 |
Number of reportable segments | 3 |
Segment_Information_Schedule_O
Segment Information - Schedule Of Reportable Segment Information (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 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales to external customers | $311,188 | $275,159 | $282,493 | $265,045 | $291,429 | $264,884 | $285,859 | $269,886 | $1,133,885 | $1,112,058 | $1,110,443 | |||
Intercompany sales | 0 | 0 | 0 | |||||||||||
Net income: | ||||||||||||||
Continuing operations | 33,119 | 18,674 | 22,132 | 13,522 | 24,929 | 18,987 | 23,315 | 18,627 | 87,447 | 85,858 | 87,557 | |||
Discontinued operations | -432 | 631 | 356 | 504 | 482 | 514 | 734 | 659 | 1,059 | 2,389 | 3,080 | |||
Total assets | 1,264,792 | 1,234,270 | 1,264,792 | 1,234,270 | 1,111,746 | |||||||||
Interest income | 1,822 | 1,142 | 1,411 | |||||||||||
Interest expense | 9,851 | 10,677 | 11,344 | |||||||||||
Noncash items: | ||||||||||||||
Depreciation and amortization | 29,921 | 30,764 | 31,702 | |||||||||||
Pension income (expense) | -4,836 | -12,361 | -3,673 | |||||||||||
Income tax provision | 41,044 | [1] | 35,145 | [1] | 41,401 | [1] | ||||||||
Capital expenditures | 33,583 | 36,517 | 32,209 | |||||||||||
Long-Lived Assets | 151,352 | 151,352 | ||||||||||||
Property, plant, and equipment | 151,352 | 152,755 | 151,352 | 152,755 | 147,465 | |||||||||
North America | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales to external customers | 547,739 | 533,161 | 532,213 | |||||||||||
Intercompany sales | 116,795 | 120,952 | 112,964 | |||||||||||
Net income: | ||||||||||||||
Continuing operations | 73,874 | 62,835 | 58,376 | |||||||||||
Discontinued operations | 0 | 0 | 0 | |||||||||||
Total assets | 996,116 | 828,413 | 996,116 | 828,413 | 718,545 | |||||||||
Interest income | 995 | 243 | 364 | |||||||||||
Interest expense | 30 | 52 | 106 | |||||||||||
Noncash items: | ||||||||||||||
Depreciation and amortization | 18,635 | 19,639 | 21,382 | |||||||||||
Pension income (expense) | 1,977 | -4,765 | 2,138 | |||||||||||
Income tax provision | 38,911 | 31,654 | 35,537 | |||||||||||
Capital expenditures | 18,377 | 17,887 | 20,119 | |||||||||||
Property, plant, and equipment | 86,718 | 84,104 | 86,718 | 84,104 | 84,923 | |||||||||
Europe | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales to external customers | 321,618 | 293,092 | 290,382 | |||||||||||
Intercompany sales | 113,914 | 98,491 | 98,096 | |||||||||||
Net income: | ||||||||||||||
Continuing operations | 22,187 | 20,204 | 21,553 | |||||||||||
Discontinued operations | 0 | 0 | 0 | |||||||||||
Total assets | 390,328 | 394,463 | 390,328 | 394,463 | 352,601 | |||||||||
Interest income | 111 | 90 | 147 | |||||||||||
Interest expense | 104 | 175 | 350 | |||||||||||
Noncash items: | ||||||||||||||
Depreciation and amortization | 6,357 | 5,357 | 5,354 | |||||||||||
Pension income (expense) | -6,234 | -6,328 | -4,700 | |||||||||||
Income tax provision | 9,195 | 6,735 | 7,771 | |||||||||||
Capital expenditures | 10,859 | 11,833 | 5,106 | |||||||||||
Property, plant, and equipment | 32,892 | 33,162 | 32,892 | 33,162 | 25,460 | |||||||||
International Segment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales to external customers | 264,528 | 285,805 | 287,848 | |||||||||||
Intercompany sales | 18,449 | 22,136 | 20,031 | |||||||||||
Net income: | ||||||||||||||
Continuing operations | 15,234 | 27,206 | 24,819 | |||||||||||
Discontinued operations | 1,059 | 2,389 | 3,080 | |||||||||||
Total assets | 220,004 | 209,578 | 220,004 | 209,578 | 209,979 | |||||||||
Interest income | 711 | 809 | 886 | |||||||||||
Interest expense | 16 | 2 | 78 | |||||||||||
Noncash items: | ||||||||||||||
Depreciation and amortization | 4,929 | 5,768 | 4,966 | |||||||||||
Pension income (expense) | -579 | -1,268 | -1,111 | |||||||||||
Income tax provision | 6,529 | 9,069 | 10,450 | |||||||||||
Capital expenditures | 4,347 | 6,797 | 6,984 | |||||||||||
Property, plant, and equipment | 31,741 | 35,488 | 31,741 | 35,488 | 37,081 | |||||||||
Segment Reconciling Items | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales to external customers | 0 | 0 | 0 | |||||||||||
Intercompany sales | -249,158 | -241,579 | -231,091 | |||||||||||
Net income: | ||||||||||||||
Continuing operations | -23,848 | -24,387 | -17,191 | |||||||||||
Discontinued operations | 0 | 0 | 0 | |||||||||||
Total assets | -341,656 | -198,184 | -341,656 | -198,184 | -169,379 | |||||||||
Interest income | 5 | 0 | 14 | |||||||||||
Interest expense | 9,701 | 10,448 | 10,810 | |||||||||||
Noncash items: | ||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||
Pension income (expense) | 0 | 0 | 0 | |||||||||||
Income tax provision | -13,591 | -12,313 | -12,357 | |||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||
Property, plant, and equipment | $1 | $1 | $1 | $1 | $1 | |||||||||
[1] | The components of income before income taxes and the provision for income taxes relate to continuing operations. |
Segment_Information_Geographic
Segment Information - Geographic Information on Sales to External Customers (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 |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Sales to external customers | $311,188 | $275,159 | $282,493 | $265,045 | $291,429 | $264,884 | $285,859 | $269,886 | $1,133,885 | $1,112,058 | $1,110,443 |
United States | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Sales to external customers | 530,845 | 528,178 | 527,550 | ||||||||
Germany | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Sales to external customers | 74,677 | 71,139 | 74,557 | ||||||||
Other Country | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Sales to external customers | $528,363 | $512,741 | $508,336 |
Segment_Information_Geographic1
Segment Information - Geographic Information on Long-lived Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Long-lived assets | $151,352 | $152,755 | $147,465 |
United States | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Long-lived assets | 85,247 | 82,274 | 82,820 |
Germany | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Long-lived assets | 17,654 | 16,882 | 8,781 |
China | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Long-lived assets | 15,128 | 16,010 | 14,780 |
Other Country | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Long-lived assets | $33,323 | $37,589 | $41,084 |
Segment_Information_Revenue_fr
Segment Information - Revenue from External Customers by Products and Services (Details) (Sales) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fix Gas & Flame Detection Instruments | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 23.00% | 22.00% | 20.00% |
Breathing Apparatus | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 19.00% | 21.00% | 20.00% |
Portable Instruments | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 15.00% | 14.00% | 13.00% |
Head Protection | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 13.00% | 13.00% | 11.00% |
Fall Protection | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 4.00% | 4.00% | 4.00% |
Other Products | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 26.00% | 26.00% | 32.00% |
Earnings_per_Share_Schedule_Of
Earnings per Share - Schedule Of Earnings Per Share (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 | ||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||
Net income attributable to continuing operations | $33,119 | $18,674 | $22,132 | $13,522 | $24,929 | $18,987 | $23,315 | $18,627 | $87,447 | $85,858 | $87,557 | ||||||||||
Preferred stock dividends | -41 | -41 | -41 | ||||||||||||||||||
Income from continuing operations available to common equity | 87,406 | 85,817 | 87,516 | ||||||||||||||||||
Dividends and undistributed earnings allocated to participating securities | -546 | -643 | -836 | ||||||||||||||||||
Income from continuing operations available to common shareholders | 86,860 | 85,174 | 86,680 | ||||||||||||||||||
Net income attributable to discontinued operations | -432 | 631 | 356 | 504 | 482 | 514 | 734 | 659 | 1,059 | 2,389 | 3,080 | ||||||||||
Preferred stock dividends | -1 | -1 | -1 | ||||||||||||||||||
Income from discontinued operations available to common equity | 1,058 | 2,388 | 3,079 | ||||||||||||||||||
Dividends and undistributed earnings allocated to participating securities | -7 | -18 | -29 | ||||||||||||||||||
Income from discontinued operations available to common shareholders | $1,051 | $2,370 | $3,050 | ||||||||||||||||||
Basic weighted-average shares outstanding | 37,138 | 36,868 | 36,564 | ||||||||||||||||||
Stock options and other stock compensation | 590 | 582 | 478 | ||||||||||||||||||
Diluted weighted-average shares outstanding | 37,728 | 37,450 | 37,042 | ||||||||||||||||||
Antidilutive stock options | 0 | 15 | 744 | ||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||
Income from continuing operations, Basic (dollars per share) | $0.88 | [1] | $0.50 | [1] | $0.59 | [1] | $0.37 | [1] | $0.67 | [1] | $0.51 | [1] | $0.63 | [1] | $0.50 | [1] | $2.34 | [1] | $2.31 | [1] | $2.37 |
Income from continuing operations, Diluted (dollars per share) | $0.87 | [1] | $0.49 | [1] | $0.58 | [1] | $0.36 | [1] | $0.66 | [1] | $0.51 | [1] | $0.62 | [1] | $0.49 | [1] | $2.30 | [1] | $2.28 | [1] | $2.34 |
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||
Income from discontinued operations, Basic (dollars per share) | ($0.01) | [1] | $0.02 | [1] | $0.01 | [1] | $0.01 | [1] | $0.01 | [1] | $0.01 | [1] | $0.02 | [1] | $0.02 | [1] | $0.03 | [1] | $0.06 | [1] | $0.08 |
Income from discontinued operations, Diluted (dollars per share) | ($0.01) | [1] | $0.02 | [1] | $0.01 | [1] | $0.01 | [1] | $0.01 | [1] | $0.01 | [1] | $0.02 | [1] | $0.02 | [1] | $0.03 | [1] | $0.06 | [1] | $0.08 |
[1] | Per share amounts are calculated independently for each period presented; therefore, the sum of the quarterly per share amounts may not equal the per share amounts for the year. |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Discontinued operation, tax effect of discontinue operation | $600,000 | $1,400,000 | $1,100,000 |
Deferred income tax expense (benefit), discontinued operation | -300,000 | 200,000 | -400,000 |
Net operating loss carryforwards | 28,400,000 | ||
Net operating loss carryforward expiring in year two | 1,600,000 | ||
Net operating loss carryforwards expiration year | 2016 | ||
Deferred income taxes on undistributed earnings | 0 | ||
Undistributed earnings of non-U.S. subsidiaries | 334,700,000 | ||
Recognized tax benefits | 5,200,000 | 5,100,000 | |
Liability for interest expense and penalties accrued | 800,000 | 500,000 | |
Reduction to interest related to uncertain tax positions | $300,000 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Tax Disclosure [Abstract] | ||||||
U.S. income | $58,209 | [1] | $48,621 | [1] | $67,043 | [1] |
Non-U.S. income | 68,986 | [1] | 71,512 | [1] | 62,300 | [1] |
Income from continuing operations before income taxes | 127,195 | [1] | 120,133 | [1] | 129,343 | [1] |
Current | ||||||
Federal | 23,659 | [1] | 18,656 | [1] | 18,774 | [1] |
State | 1,349 | [1] | 1,492 | [1] | 2,556 | [1] |
Non-U.S. | 21,101 | [1] | 18,453 | [1] | 19,438 | [1] |
Total current provision | 46,109 | [1] | 38,601 | [1] | 40,768 | [1] |
Deferred | ||||||
Federal | -3,650 | [1] | -3,582 | [1] | -518 | [1] |
State | 317 | [1] | -483 | [1] | -125 | [1] |
Non-U.S. | -1,732 | [1] | 609 | [1] | 1,276 | [1] |
Total deferred provision | -5,065 | [1] | -3,456 | [1] | 633 | [1] |
Provision for income taxes | $41,044 | [1] | $35,145 | [1] | $41,401 | [1] |
[1] | The components of income before income taxes and the provision for income taxes relate to continuing operations. |
Income_Taxes_Reconciliation_Be
Income Taxes - Reconciliation Between U.S. Federal Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes—U.S. | 0.80% | 0.60% | 1.20% |
Taxes on non-U.S. income | -2.20% | -4.50% | -1.00% |
Research and development credit | -0.70% | -1.50% | 0.00% |
Manufacturing deduction credit | -1.00% | -1.10% | -2.00% |
Valuation allowances | -0.60% | 0.50% | -0.20% |
Other | 1.00% | 0.30% | -1.00% |
Effective income tax rate | 32.30% | 29.30% | 32.00% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Components of Deferred Tax Provision [Line Items] | ||
Book expenses capitalized for tax | 6,336 | $7,204 |
Post-retirement benefits | 23,335 | 18,027 |
Inventory reserves | 3,147 | 5,550 |
Vacation allowances | 932 | 1,036 |
Net operating losses and tax credit carryforwards | 7,479 | 6,711 |
Post employment benefits | 2,382 | 757 |
Foreign tax credit carryforwards | 11,231 | 2,227 |
Stock options | 10,157 | 10,185 |
Liability insurance | 3,918 | 3,686 |
Basis of capital assets | 1,009 | 891 |
Warranties | 3,210 | 3,049 |
Reserve for doubtful accounts | 1,948 | 1,569 |
Accrued payroll | 4,319 | 2,475 |
Other | 5,801 | 6,838 |
Total deferred tax assets | 85,204 | 70,205 |
Valuation allowances | -3,763 | -4,938 |
Net deferred tax assets | 81,441 | 65,267 |
Property, plant and equipment | -9,269 | -8,935 |
Pension | -22,195 | -40,833 |
Intangibles | -30,180 | -25,212 |
Other | -2,045 | -2,455 |
Total deferred tax liabilities | -63,689 | -77,435 |
Net deferred taxes | 17,752 | ($12,168) |
Foreign | ||
Schedule of Components of Deferred Tax Provision [Line Items] | ||
Foreign tax credit carryforwards, expiration date | 2019 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Change in Tax Liability for Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $5,888 | $9,520 |
Adjustments for tax positions related to the current year | 4,072 | -3,628 |
Adjustments for tax positions related to prior years | 3 | 97 |
Statute expiration | -106 | -101 |
Ending balance | $9,857 | $5,888 |
Stock_Plans_Additional_Informa
Stock Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options exercisable period after grant date | 3 years | |||
Restricted stock vest period after grant date | 3 years | |||
Share-based Compensation Arrangement by Share-base Payment Award, Fair Value Assumptions, Average Closing Price Used to Calculate Expected Dividend Rate, Period | 1 year | |||
Stock options expiration period | 10 years | |||
Cash proceeds from exercise of options | $6,926,000 | $9,643,000 | $4,306,000 | |
Excess tax benefit (provision) related to stock plans | 2,573,000 | 2,246,000 | 2,799,000 | |
Aggregate intrinsic value of stock options exercisable | 25,000,000 | |||
Aggregate intrinsic value of stock options outstanding | 28,100,000 | |||
Total intrinsic value of stock options exercised | 3,700,000 | 4,000,000 | 4,400,000 | |
Unrecognized stock-based compensation expense | 5,200,000 | |||
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized, in years | 1 year | |||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target award based on achieving targeted performance conditions | 0.00% | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target award based on achieving targeted performance conditions | 200.00% | |||
Percentage of target award based on achieving targeted return on net assets based on which final number of shares to be issued for performance stock units | 200.00% | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefit (provision) related to stock plans | 1,000,000 | 500,000 | 1,600,000 | |
Restricted Stock Activity | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of stock units vested | 5,800,000 | 9,700,000 | 8,000,000 | |
Performance Stock Unit Activity | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 3 years | |||
Fair value of stock units vested | $4,700,000 | |||
Management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future grants | 1,441,276 | |||
Non Employee Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future grants | 170,766 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options expiration period | 10 years |
Stock_Plans_Schedule_of_Stock_
Stock Plans - Schedule of Stock Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Restricted stock | $4,026 | $4,129 | $4,744 |
Stock options | 2,355 | 2,825 | 2,435 |
Performance stock | 2,672 | 3,383 | 2,831 |
Total compensation expense before income taxes | 9,053 | 10,337 | 10,010 |
Income tax benefit | 3,293 | 3,810 | 3,700 |
Total compensation expense, net of income tax benefit | $5,760 | $6,527 | $6,310 |
Stock_Plans_Weighted_Average_A
Stock Plans - Weighted Average Assumptions and Fair Value of Stock Option Grants (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Fair value per option | $17.26 | $14.17 | $10.77 |
Risk-free interest rate | 2.10% | 1.20% | 1.20% |
Expected dividend yield | 2.40% | 2.80% | 3.10% |
Expected volatility | 41.00% | 39.00% | 41.00% |
Expected life (years) | 6 years 7 months 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days |
Stock_Plans_Summary_of_Stock_O
Stock Plans - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding Beginning balance, Shares | 1,695,380 | 1,784,660 | 1,818,640 |
Granted, Shares | 138,519 | 188,407 | 196,469 |
Exercised, Shares | -190,743 | -277,687 | -223,022 |
Expired, Shares | -1,071 | -5,093 | |
Forfeited, Shares | -23,524 | -2,334 | |
Outstanding Ending balance, Shares | 1,618,561 | 1,695,380 | 1,784,660 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding Beginning balance, Weighted Average Exercise Price | $34.55 | $33.05 | $30.94 |
Granted, Weighted Average Exercise Price | $51.69 | $49.03 | $37.33 |
Exercised, Weighted Average Exercise Price | $36.31 | $34.72 | $18.93 |
Expired, Weighted Average Exercise Price | $45.68 | $43.33 | |
Forfeited, Weighted Average Exercise Price | $38.82 | $36.69 | |
Outstanding Ending balance,Weighted Average Exercise Price | $35.74 | $34.55 | $33.05 |
Exercisable at end of period | 1,147,712 | 1,178,657 | 1,100,300 |
Stock_Plans_Schedule_of_Exerci
Stock Plans - Schedule of Exercise Price Ranges, Characteristics of Outstanding Stock Options (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
$17.83-$29.33 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $17.83 |
Range of Exercise Prices, maximum | $29.33 |
Stock Options Outstanding, Shares | 541,669 |
Stock Options Outstanding, Weighted-Average Exercise Price | $21.71 |
Stock Options Outstanding, Weighted-Average Remaining Life, in years | 4 years 7 months |
Stock Options Exercisable, Shares | 541,669 |
Exercisable, Weighted-Average Exercise Price | $21.71 |
Stock Options Exercisable, Weighted-Average Remaining Life, in years | 4 years 7 months |
$33.55-$40.88 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $33.55 |
Range of Exercise Prices, maximum | $40.88 |
Stock Options Outstanding, Shares | 507,688 |
Stock Options Outstanding, Weighted-Average Exercise Price | $37.14 |
Stock Options Outstanding, Weighted-Average Remaining Life, in years | 4 years 8 months 0 days |
Stock Options Exercisable, Shares | 360,801 |
Exercisable, Weighted-Average Exercise Price | $37.33 |
Stock Options Exercisable, Weighted-Average Remaining Life, in years | 3 years 8 months 2 days |
$41.26 – $51.69 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $41.26 |
Range of Exercise Prices, maximum | $51.69 |
Stock Options Outstanding, Shares | 569,204 |
Stock Options Outstanding, Weighted-Average Exercise Price | $47.83 |
Stock Options Outstanding, Weighted-Average Remaining Life, in years | 6 years 1 month 0 days |
$17.83 – $51.69 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $17.83 |
Range of Exercise Prices, maximum | $51.69 |
Stock Options Outstanding, Shares | 1,618,561 |
Stock Options Outstanding, Weighted-Average Exercise Price | $35.74 |
Stock Options Outstanding, Weighted-Average Remaining Life, in years | 5 years 2 months 10 days |
$41.26 – $48.95 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $41.26 |
Range of Exercise Prices, maximum | $48.95 |
Stock Options Exercisable, Shares | 245,242 |
Exercisable, Weighted-Average Exercise Price | $45.17 |
Stock Options Exercisable, Weighted-Average Remaining Life, in years | 3 years 0 months 6 days |
$17.83 – $48.95 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $17.83 |
Range of Exercise Prices, maximum | $48.95 |
Stock Options Exercisable, Shares | 1,147,712 |
Exercisable, Weighted-Average Exercise Price | $31.63 |
Stock Options Exercisable, Weighted-Average Remaining Life, in years | 4 years 0 months 18 days |
Stock_Plans_Summary_of_Restric
Stock Plans - Summary of Restricted Stock Activity (Detail) (Restricted Stock Activity, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Activity | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested Shares, Beginning Balance | 303,419 | 417,843 | 512,254 |
Granted, Shares | 83,543 | 92,448 | 130,985 |
Vested, Shares | -108,245 | -197,465 | -209,897 |
Forfeited, Shares | -9,974 | -9,407 | -15,499 |
Unvested Shares, Ending Balance | 268,743 | 303,419 | 417,843 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Unvested Weighted Average Grant Date Fair value, Beginning Balance | $39.79 | $31.92 | $25.66 |
Granted, Weighted Average Grant Date Fair Value | $51.91 | $48.98 | $37.61 |
Vested, Weighted Average Grant Date Fair Value | $34.94 | $27.42 | $20.44 |
Forfeited, Weighted Average Grant Date Fair value | $44.42 | $40.23 | $28.37 |
Unvested Weighted Average Grant Date Fair value, Ending Balance | $45.34 | $39.79 | $31.92 |
Stock_Plans_Summary_of_Perform
Stock Plans - Summary of Performance Stock Unit Activity (Detail) (Performance Stock Unit Activity, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Performance Stock Unit Activity | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Unvested Shares, Beginning Balance | 149,389 | 137,672 | 125,443 |
Granted, Shares | 46,242 | 53,357 | 54,928 |
Vested, Shares | -91,696 | -45,809 | -47,706 |
Performance adjustments, Shares | 41,428 | 4,169 | 5,679 |
Forfeited, Shares | -1,402 | -672 | |
Unvested Shares, Ending Balance | 143,961 | 149,389 | 137,672 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Unvested Weighted Average Grant Date Fair value, Beginning Balance | $46.32 | $35.85 | $25.27 |
Granted, Weighted Average Grant Date Fair Value | $57.42 | $57.58 | $41.33 |
Vested, Weighted Average Grant Date Fair Value | $39.19 | $26.08 | $18.23 |
Performance adjustments, Weighted Average Grant Date Fair value | $39.42 | $25.84 | $26.39 |
Forfeited, Weighted Average Grant Date Fair value | $48.85 | $41.45 | |
Unvested Weighted Average Grant Date Fair value, Ending Balance | $52.42 | $46.32 | $35.85 |
ShortTerm_and_LongTerm_Debt_Sh
Short-Term and Long-Term Debt - Short-Term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | |||
Short-term borrowings with banks, which excludes the current portion of long-term debt | $0.10 | $0.80 | |
Average month-end balance | 0.1 | ||
Maximum month-end balance | $0.60 | ||
Weighted average interest rate | 14.00% | 7.00% |
ShortTerm_and_LongTerm_Debt_Lo
Short-Term and Long-Term Debt - Long-Term Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||
Mar. 07, 2014 | Jan. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2014 | Jun. 02, 2014 | |
loan | |||||
Debt Instrument [Line Items] | |||||
Unsecured senior revolving credit facility | $300,000,000 | ||||
Letters of Credit Outstanding, Amount | 6,500,000 | ||||
Unsecured senior revolving credit facility, maturity date | 31-Mar-19 | ||||
Interest rate during period (percent) | 1.16% | ||||
Increase in the senior credit facility | 150,000,000 | ||||
Unused senior revolving credit facility | 193,000,000 | ||||
Cash collateral | 2,700,000 | ||||
Maturity obligation, 2015 | 6,700,000 | ||||
Maturity obligation, 2016 | 6,700,000 | ||||
Maturity obligation, 2017 | 26,700,000 | ||||
Maturity obligation, 2018 | 26,700,000 | ||||
Maturity obligation, 2019 | 131,700,000 | ||||
Maturity obligation, thereafter | 53,200,000 | ||||
Senior Notes Payable Through 2021, 5.41% | |||||
Debt Instrument [Line Items] | |||||
Number of loans in technical violation | 1 | ||||
Number of cross default violation loans | 2 | ||||
Industrial Development Debt Issues Payable Through 2022, 0.30% | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, debt amount expected to be redeemed | 4,000,000 | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Letters of Credit Outstanding, Amount | 2,800,000 | ||||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Potential Face Amount | 175,000,000 | ||||
Senior Notes | Senior Note due June 2, 2017 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Potential Face Amount | $100,000,000 |
ShortTerm_and_LongTerm_Debt_Sc
Short-Term and Long-Term Debt - Schedule of Outstanding Debt (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Senior revolving credit facility maturing in 2019 | $105,000 | $110,000 |
Total | 251,667 | 267,334 |
Amounts due within one year | 6,667 | 6,667 |
Long-term debt | 245,000 | 260,667 |
Debt instruments maturity date | 2016 | 2016 |
Industrial Development Debt Issues Payable Through 2022, 0.30% | ||
Debt Instrument [Line Items] | ||
Industrial development debt issues payable through 2022, 0.30% | 0 | 4,000 |
Debt instruments maturity date | 2022 | 2022 |
Senior Notes, interest rate | 0.30% | 0.30% |
Senior Notes Payable Through 2021, 5.41% | ||
Debt Instrument [Line Items] | ||
Senior notes payable | 46,667 | 53,334 |
Debt instruments maturity date | 2021 | 2021 |
Senior Notes, interest rate | 5.41% | 5.41% |
Senior Notes Payable Through 2021, 4.00% | ||
Debt Instrument [Line Items] | ||
Senior notes payable | $100,000 | $100,000 |
Debt instruments maturity date | 2021 | 2021 |
Senior Notes, interest rate | 4.00% | 4.00% |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $252,520,000 | $260,134,000 | $258,400,000 |
Intangible Assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Future amortization expense, 2015 | 3,800,000 | ||
Future amortization expense, 2016 | 3,600,000 | ||
Future amortization expense, 2017 | 3,200,000 | ||
Future amortization expense, 2018 | 1,900,000 | ||
Future amortization expense, 2019 | 1,900,000 | ||
North American | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 196,500,000 | ||
European | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 53,900,000 | ||
International | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $2,100,000 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Net balance at January 1 | $260,134 | $258,400 |
Currency translation | -7,614 | 1,734 |
Net balance at December 31 | $252,520 | $260,134 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Schedule of Changes in Intangible Assets, Net of Accumulated Amortization (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-lived Intangible Assets [Roll Forward] | ||
Net balance at January 1 | $35,029 | $38,648 |
Additions | 500 | 0 |
Amortization expense | -2,979 | -3,708 |
Currency translation | -1,227 | 89 |
Net balance at December 31 | $31,323 | $35,029 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Net Carrying Amount (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 66,300,000 | $67,000,000 | |
Accumulated Amortization and Reserves | -35,000,000 | -32,000,000 | |
Net Carrying Amount | 31,323,000 | 35,029,000 | 38,648,000 |
Distribution Rights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 27,500,000 | 27,600,000 | |
Accumulated Amortization and Reserves | -6,500,000 | -5,500,000 | |
Net Carrying Amount | 21,000,000 | 22,100,000 | |
Distribution Rights | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 10 years | ||
Distribution Rights | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 20 years | ||
Intellectual Property | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 13,500,000 | 14,300,000 | |
Accumulated Amortization and Reserves | -8,600,000 | -8,800,000 | |
Net Carrying Amount | 4,900,000 | 5,500,000 | |
Intellectual Property | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 5 years | ||
Intellectual Property | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 20 years | ||
Technology-Based Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 11,500,000 | 11,000,000 | |
Accumulated Amortization and Reserves | -6,600,000 | -4,700,000 | |
Net Carrying Amount | 4,900,000 | 6,300,000 | |
Technology-Based Intangible Assets | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 7 years | ||
Technology-Based Intangible Assets | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 10 years | ||
Licensing Agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 10 years | ||
Gross Carrying Amount | 6,800,000 | 7,100,000 | |
Accumulated Amortization and Reserves | -6,700,000 | -7,000,000 | |
Net Carrying Amount | 100,000 | 100,000 | |
Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 7,000,000 | 7,000,000 | |
Accumulated Amortization and Reserves | -6,600,000 | -6,000,000 | |
Net Carrying Amount | 400,000 | $1,000,000 | |
Other Intangible Assets | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 5 years | ||
Other Intangible Assets | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 20 years |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contributions by employer to pension plans | $4.10 | ||
Percentage Increase In Health Care Benefit Cost | 7.00% | ||
Percentage decrease in health care benefits for successive year | 0.50% | ||
Estimated future percentage of health care benefits | 4.50% | ||
Percentage of change in assumed health care cost trend rate | 1.00% | ||
Increase or decrease in other postretirement obligations | 1.6 | ||
Increase or decrease in current year plan expense | 1.4 | ||
Defined Contribution Plan, Cost Recognized | 6.5 | 5.8 | 5.9 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated benefit payments, 2015 | 20.6 | ||
Estimated benefit payments, 2016 | 20.9 | ||
Estimated benefit payments, 2017 | 21.8 | ||
Estimated benefit payments, 2018 | 22.7 | ||
Estimated benefit payments, 2019 | 23.2 | ||
Estimated benefit payments, thereafter | 134.3 | ||
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated benefit payments, 2015 | 1.5 | ||
Estimated benefit payments, 2016 | 1.6 | ||
Estimated benefit payments, 2017 | 1.8 | ||
Estimated benefit payments, 2018 | 2 | ||
Estimated benefit payments, 2019 | 2.1 | ||
Estimated benefit payments, thereafter | $10.30 |
Pensions_and_Other_Postretirem3
Pensions and Other Postretirement Benefits - Schedule of Defined Benefit Pension Plans and Other Postretirement Benefits Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Plan Assets | |||
Fair value of plan assets at December 31 | $445,299 | $434,569 | |
Funded Status | |||
Noncurrent assets | 75,017 | 121,054 | |
Noncurrent liabilities | -174,598 | -152,084 | |
Pension Benefits | |||
Change in Benefit Obligations | |||
Benefit obligations at January 1 | 440,359 | 463,806 | |
Service cost | 9,425 | 11,132 | 9,511 |
Interest cost | 19,340 | 17,934 | 19,018 |
Participant contributions | 130 | 136 | |
Plan amendments | -302 | -239 | |
Actuarial losses (gains) | 88,069 | -34,248 | |
Benefits paid | -19,193 | -19,232 | |
Settlements | -717 | -1,474 | |
Currency translation | -17,917 | 2,544 | |
Benefit obligations at December 31 | 519,194 | 440,359 | 463,806 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 434,569 | 384,452 | |
Actual return on plan assets | 30,209 | 67,391 | |
Employer contributions | 4,077 | 4,053 | |
Settlements | -717 | -1,474 | |
Benefits paid | -16,507 | -16,316 | |
Reimbursement of German benefits | -2,686 | -2,916 | |
Currency translation | -3,776 | -757 | |
Fair value of plan assets at December 31 | 445,299 | 434,569 | 384,452 |
Funded Status | |||
Funded status at December 31 | -73,895 | -5,790 | |
Unrecognized transition losses | 16 | 21 | |
Unrecognized prior service cost | 10 | 374 | |
Unrecognized net actuarial losses | 192,692 | 116,945 | |
Net amount recognized | 118,823 | 111,550 | |
Noncurrent assets | 75,017 | 121,054 | |
Current liabilities | -5,380 | -5,518 | |
Noncurrent liabilities | -143,532 | -121,326 | |
Net amount recognized | -73,895 | -5,790 | |
Amounts Recognized in Accumulated Other Comprehensive Loss | |||
Net actuarial losses | 192,692 | 116,945 | |
Prior service cost (credit) | 10 | 374 | |
Unrecognized net initial obligation | 16 | 21 | |
Total (before tax effects) | 192,718 | 117,340 | |
Accumulated Benefit Obligations for all Defined Benefit Plans | 479,764 | 403,682 | |
Other Benefits | |||
Change in Benefit Obligations | |||
Benefit obligations at January 1 | 26,732 | 30,551 | |
Service cost | 538 | 687 | 694 |
Interest cost | 1,107 | 1,050 | 1,265 |
Participant contributions | 259 | 144 | |
Plan amendments | 0 | 0 | |
Actuarial losses (gains) | -200 | -4,107 | |
Benefits paid | -1,585 | -1,593 | |
Settlements | 0 | 0 | |
Currency translation | 0 | 0 | |
Benefit obligations at December 31 | 26,851 | 26,732 | 30,551 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 1,326 | 1,449 | |
Settlements | 0 | 0 | |
Benefits paid | -1,585 | -1,593 | |
Reimbursement of German benefits | 0 | 0 | |
Currency translation | 0 | 0 | |
Fair value of plan assets at December 31 | 0 | 0 | 0 |
Funded Status | |||
Funded status at December 31 | -26,851 | -26,732 | |
Unrecognized transition losses | 0 | 0 | |
Unrecognized prior service cost | -1,858 | -2,193 | |
Unrecognized net actuarial losses | 6,450 | 6,832 | |
Net amount recognized | -22,259 | -22,093 | |
Noncurrent assets | 0 | 0 | |
Current liabilities | -1,457 | -1,695 | |
Noncurrent liabilities | -25,394 | -25,037 | |
Net amount recognized | -26,851 | -26,732 | |
Amounts Recognized in Accumulated Other Comprehensive Loss | |||
Net actuarial losses | 6,450 | 6,832 | |
Prior service cost (credit) | -1,858 | -2,193 | |
Unrecognized net initial obligation | 0 | 0 | |
Total (before tax effects) | 4,592 | 4,639 | |
Accumulated Benefit Obligations for all Defined Benefit Plans | $0 | $0 |
Pensions_and_Other_Postretirem4
Pensions and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Credit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $9,425 | $11,132 | $9,511 |
Interest cost | 19,340 | 17,934 | 19,018 |
Expected return on plan assets | -32,944 | -30,884 | -32,328 |
Amortization of transition amounts | 2 | 3 | 2 |
Amortization of prior service cost | 84 | 102 | 101 |
Recognized net actuarial losses | 8,639 | 13,323 | 6,235 |
Settlement loss | 290 | 658 | 747 |
Termination benefits | 0 | 0 | 387 |
Net periodic benefit cost | 4,836 | 12,268 | 3,673 |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 538 | 687 | 694 |
Interest cost | 1,107 | 1,050 | 1,265 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of transition amounts | 0 | 0 | 0 |
Amortization of prior service cost | -335 | -424 | -454 |
Recognized net actuarial losses | 182 | 552 | 529 |
Settlement loss | 0 | 0 | 0 |
Termination benefits | 0 | 0 | 0 |
Net periodic benefit cost | $1,492 | $1,865 | $2,034 |
Pensions_and_Other_Postretirem5
Pensions and Other Postretirement Benefits - Schedule of Amounts Included in Accumulated Other Comprehensive Income Expected To Be Recognized In Net Periodic Benefit Costs (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Pension Benefits | |
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Loss recognition | $15,937 |
Prior service cost recognition | 66 |
Transition obligation recognition | 2 |
Other Benefits | |
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Loss recognition | 320 |
Prior service cost recognition | -335 |
Transition obligation recognition | $0 |
Pensions_and_Other_Postretirem6
Pensions and Other Postretirement Benefits - Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumptions used to determine benefit obligations, Discount rate | 3.63% | 4.54% |
Assumptions used to determine benefit obligations, Rate of compensation increase | 3.03% | 3.06% |
Assumptions used to determine net periodic benefit cost, Discount rate | 4.54% | 3.96% |
Assumptions used to determine net periodic benefit cost, Expected return on plan assets | 8.20% | 8.15% |
Assumptions used to determine net periodic benefit cost, Rate of compensation increases | 3.06% | 3.81% |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumptions used to determine benefit obligations, Discount rate | 3.85% | 4.62% |
Assumptions used to determine benefit obligations, Rate of compensation increase | 0.00% | 0.00% |
Assumptions used to determine net periodic benefit cost, Discount rate | 4.62% | 3.75% |
Assumptions used to determine net periodic benefit cost, Expected return on plan assets | 0.00% | 0.00% |
Assumptions used to determine net periodic benefit cost, Rate of compensation increases | 0.00% | 0.00% |
Pensions_and_Other_Postretirem7
Pensions and Other Postretirement Benefits - Schedule of Expected Return on Assets for Net Periodic Pension Cost (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 65.00% | 71.00% |
Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 26.00% | 19.00% |
Pooled Investment Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 5.00% | 5.00% |
Insurance Contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 3.00% | 3.00% |
Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 1.00% | 2.00% |
Pensions_and_Other_Postretirem8
Pensions and Other Postretirement Benefits - Summary of Pension Plan Assets Measured at Fair Value on Recurring Basis by Fair Value Hierarchy (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | $445,299 | $434,569 | |
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 288,018 | 307,914 | |
Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 114,364 | 84,294 | |
Pooled Investment Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 22,623 | 22,430 | |
Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 15,069 | 13,512 | |
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 5,225 | 6,419 | |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 279,828 | 350,302 | |
Fair Value, Inputs, Level 1 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 233,156 | 307,486 | |
Fair Value, Inputs, Level 1 | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 41,447 | 36,749 | |
Fair Value, Inputs, Level 1 | Pooled Investment Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 | Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 5,225 | 6,067 | |
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 149,649 | 69,975 | |
Fair Value, Inputs, Level 2 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 54,614 | 0 | |
Fair Value, Inputs, Level 2 | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 72,412 | 47,545 | |
Fair Value, Inputs, Level 2 | Pooled Investment Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 22,623 | 22,430 | |
Fair Value, Inputs, Level 2 | Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Fair Value, Inputs, Level 2 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 15,822 | 14,292 | |
Fair Value, Inputs, Level 3 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 248 | 428 | |
Fair Value, Inputs, Level 3 | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 505 | 0 | |
Fair Value, Inputs, Level 3 | Pooled Investment Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 | Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 15,069 | 13,512 | 12,254 |
Fair Value, Inputs, Level 3 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | $0 | $352 |
Pensions_and_Other_Postretirem9
Pensions and Other Postretirement Benefits - Schedule of Reconciliation of Level Three Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at December 31 | $445,299 | $434,569 |
Insurance Contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at December 31 | 15,069 | 13,512 |
Fair Value, Inputs, Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at December 31 | 15,822 | 14,292 |
Fair Value, Inputs, Level 3 | Insurance Contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at January 1 | 13,512 | 12,254 |
Net realized and unrealized gains included in earnings | 1,345 | 1,074 |
Net purchases, issuances and settlements | 212 | 173 |
Transfers out of Level 3 | 0 | 11 |
Fair value of plan assets at December 31 | 15,069 | 13,512 |
Fair Value, Inputs, Level 3 | Other Contract | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at January 1 | 780 | 0 |
Net realized and unrealized gains included in earnings | -180 | 0 |
Net purchases, issuances and settlements | 505 | 428 |
Transfers out of Level 3 | -352 | 352 |
Fair value of plan assets at December 31 | $753 | $780 |
Other_Loss_Income_Net_Schedule
Other (Loss) Income, Net - Schedule of Other Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Long Lived Assets Held-for-sale [Line Items] | |||
Interest income | $1,822 | $1,142 | $1,411 |
Gain on asset dispositions, net | 2,094 | 436 | 8,396 |
Land impairment loss | -50 | -1,557 | 0 |
Escrow settlement | 0 | 0 | 4,790 |
Intangible asset impairment loss | 0 | 0 | -4,272 |
Other, net | -1,101 | -196 | 551 |
Total | 2,765 | -175 | 10,876 |
Detector Tube Assets | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Gain on asset dispositions, net | $2,200 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Rent expense | $11.70 | $12.90 | $12.50 |
Minimum rent commitments in 2015 | 10.1 | ||
Minimum rent commitments in 2016 | 8.9 | ||
Minimum rent commitments in 2017 | 7.8 | ||
Minimum rent commitments in 2018 | 6.9 | ||
Minimum rent commitments in 2019 | 6.1 | ||
Minimum rent commitments, thereafter | $14.60 |
Derivative_Financial_Instrumen2
Derivative Financial Instrument - Additional Information (Detail) (Foreign Exchange Forward, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Foreign Exchange Forward | |
Derivative [Line Items] | |
Notional amount of open forward contracts | $60.90 |
Unrealized gain (loss) on contract | ($0.40) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Balance Sheet Location And Fair Value Of Assets And Liabilities Associated With Derivative Financial Instruments (Detail) (Foreign Exchange Contract, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Foreign Exchange Contract | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts - prepaid expenses and other current assets | ($395) | $1,308 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Income Statement Location And Impact Of Derivative Financial Instruments (Detail) (Derivatives Not Designated As Hedging Instruments, Foreign Exchange Contract, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivatives Not Designated As Hedging Instruments | Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Currency exchange loss (gains), net | $2,002 | ($755) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | |
Carrying amount of fixed rate long-term debt | $146.70 |
Fair value of long-term debt | $153.40 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 4 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | Dec. 31, 2011 |
Vendor | LegalMatter | LegalMatter | |||
LegalMatter | |||||
Loss Contingencies [Line Items] | |||||
Number of lawsuits | 2,326 | 2,840 | 2,609 | 2,321 | |
Years of Activity | 5 years | ||||
Number of insurance carriers | 20 | ||||
Increase (decrease) in insurance settlements receivable | $95.70 | ||||
Insurance receivables | 220.5 | 124.8 | 130 | 112.1 | |
Insurance receivable, current | 2 | ||||
Insurance receivable, noncurrent | 218.5 | 124.8 | |||
Single Incident | |||||
Loss Contingencies [Line Items] | |||||
Reserves for product liability claims | 3.5 | 4 | |||
Cumulative Trauma | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual, product liability, net | 74.9 | 5.6 | |||
Product Liability Expense | 169.6 | 169.6 | 169.6 | ||
Uninsured Cumulative Trauma | |||||
Loss Contingencies [Line Items] | |||||
Product Liability Expense | 3.9 | 1.7 | 2.1 | ||
Other Noncurrent Liabilities | Cumulative Trauma | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual, product liability, net | 35.1 | ||||
Subsequent Event | Cumulative Trauma | |||||
Loss Contingencies [Line Items] | |||||
Litigation settlement amount | $71.80 |
Contingencies_Summary_of_Cumul
Contingencies - Summary of Cumulative Trauma Product Liability Claims Activity (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
LegalMatter | LegalMatter | LegalMatter | |
Loss Contingency, Quantities [Roll Forward] | |||
Open lawsuits, January 1 | 2,840 | 2,609 | 2,321 |
New lawsuits | 542 | 489 | 750 |
Settled and dismissed lawsuits | -1,056 | -258 | -462 |
Open lawsuits, December 31 | 2,326 | 2,840 | 2,609 |
Contingencies_Summary_of_Insur
Contingencies - Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | |||
Balance January 1 | $124.80 | $130 | $112.10 |
Additions | 98.2 | 34 | 29.7 |
Collections and settlements | -2.5 | -39.2 | -11.8 |
Balance December 31 | $220.50 | $124.80 | $130 |
Assets_Held_for_Sale_and_Disco2
Assets Held for Sale and Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Long Lived Assets Held-for-sale [Line Items] | |||
Gain (Loss) on disposition of assets | $2,094 | $436 | $8,396 |
Detector Tube Assets | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Gain (Loss) on disposition of assets | $2,200 |
Assets_Held_for_Sale_and_Disco3
Assets Held for Sale and Discontinued Operations - Discontinued Operations (Details) (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 |
Assets Held for Sale and Discontinued Operations [Abstract] | |||||||||||
Net sales | $12,222 | $14,645 | $10,589 | $10,060 | $12,142 | $13,361 | $13,836 | $13,353 | $47,516 | $52,692 | $58,461 |
Other income, net | 660 | 40 | 115 | ||||||||
Cost of products sold | 38,259 | 41,181 | 45,277 | ||||||||
Selling, general and administrative | 7,650 | 7,389 | 8,376 | ||||||||
Interest expense | 0 | 0 | 17 | ||||||||
Currency exchange losses, net | -116 | -325 | -41 | ||||||||
Income from discontinued operations before income taxes | 2,383 | 4,487 | 4,947 | ||||||||
Provision for income taxes | 607 | 1,426 | 1,128 | ||||||||
Income from discontinued operations, net of tax | $1,776 | $3,061 | $3,819 |
Assets_Held_for_Sale_and_Disco4
Assets Held for Sale and Discontinued Operations - Discontinued Operations Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets Held for Sale and Discontinued Operations [Abstract] | ||
Trade receivables, less allowance for doubtful accounts | $6,638 | $7,452 |
Inventories | 11,829 | 11,359 |
Net property | 342 | 317 |
Other assets | 2,022 | 1,326 |
Total assets | 20,831 | 20,454 |
Accounts payable | 5,263 | 5,447 |
Accrued and other liabilities | 991 | 930 |
Total liabilities | 6,254 | 6,377 |
Net assets | $14,577 | $14,077 |
Assets_Held_for_Sale_and_Disco5
Assets Held for Sale and Discontinued Operations - Discontinued Operations Related to Net Loss (Income) Related to Noncontrolling Interest (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets Held for Sale and Discontinued Operations [Abstract] | |||
Loss (income) from continuing operations | $1,296 | $870 | ($385) |
(Income) from discontinued operations | -717 | -672 | -739 |
Net loss (income) | $579 | $198 | ($1,124) |
Quarterly_Financial_Informatio2
Quarterly Financial Information - Schedule of Quarterly Financial Information (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 | $311,188 | $275,159 | $282,493 | $265,045 | $291,429 | $264,884 | $285,859 | $269,886 | $1,133,885 | $1,112,058 | $1,110,443 | ||||||||||
Gross profit | 140,141 | 123,723 | 129,670 | 121,815 | 130,050 | 115,426 | 129,665 | 121,704 | 515,349 | 496,845 | |||||||||||
Continuing operations | 33,119 | 18,674 | 22,132 | 13,522 | 24,929 | 18,987 | 23,315 | 18,627 | 87,447 | 85,858 | 87,557 | ||||||||||
Income from continuing operations, Basic (dollars per share) | $0.88 | [1] | $0.50 | [1] | $0.59 | [1] | $0.37 | [1] | $0.67 | [1] | $0.51 | [1] | $0.63 | [1] | $0.50 | [1] | $2.34 | [1] | $2.31 | [1] | $2.37 |
Income from continuing operations, Diluted (dollars per share) | $0.87 | [1] | $0.49 | [1] | $0.58 | [1] | $0.36 | [1] | $0.66 | [1] | $0.51 | [1] | $0.62 | [1] | $0.49 | [1] | $2.30 | [1] | $2.28 | [1] | $2.34 |
Net sales | 12,222 | 14,645 | 10,589 | 10,060 | 12,142 | 13,361 | 13,836 | 13,353 | 47,516 | 52,692 | 58,461 | ||||||||||
Gross profit | 2,122 | 2,638 | 2,134 | 2,363 | 2,428 | 2,790 | 3,215 | 3,078 | 9,257 | 11,511 | |||||||||||
Income from discontinued operations | ($432) | $631 | $356 | $504 | $482 | $514 | $734 | $659 | $1,059 | $2,389 | $3,080 | ||||||||||
Income from discontinued operations, Basic (dollars per share) | ($0.01) | [1] | $0.02 | [1] | $0.01 | [1] | $0.01 | [1] | $0.01 | [1] | $0.01 | [1] | $0.02 | [1] | $0.02 | [1] | $0.03 | [1] | $0.06 | [1] | $0.08 |
Income from discontinued operations, Diluted (dollars per share) | ($0.01) | [1] | $0.02 | [1] | $0.01 | [1] | $0.01 | [1] | $0.01 | [1] | $0.01 | [1] | $0.02 | [1] | $0.02 | [1] | $0.03 | [1] | $0.06 | [1] | $0.08 |
[1] | Per share amounts are calculated independently for each period presented; therefore, the sum of the quarterly per share amounts may not equal the per share amounts for the year. |
Schedule_of_Valuation_and_Qual1
Schedule of 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 | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at beginning of year | $7,306 | $7,402 | $7,043 | |||
Charged to costs and expenses | 1,249 | 763 | 1,289 | |||
Deductions from reserves, net | 734 | [1],[2] | 859 | [1],[2] | 930 | [1],[2] |
Balance at end of year | 7,821 | 7,306 | 7,402 | |||
Income Tax Valuation Allowance | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at beginning of year | 4,938 | 3,961 | 2,777 | |||
Charged to costs and expenses | 0 | [3] | 977 | [3] | 1,184 | [3] |
Deductions from reserves, net | 1,175 | [3] | 0 | [3] | 0 | [3] |
Balance at end of year | $3,763 | $4,938 | $3,961 | |||
[1] | Activity for 2014, 2013 and 2012 includes currency translation gains (losses) of $(332), $(121) and $428, respectively. | |||||
[2] | Bad debts written off, net of recoveries. | |||||
[3] | Activity for 2014, 2013 and 2012 includes currency translation gains (losses) of $(643), $242 and $97, respectively. |
Schedule_of_Valuation_and_Qual2
Schedule of Valuation and Qualifying Accounts - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Currency translation gains (losses) | ($332) | ($121) | $428 |
Income Tax Valuation Allowance | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Currency translation gains (losses) | ($643) | $242 | $97 |