Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PARK OHIO HOLDINGS CORP | ' |
Entity Central Index Key | '0000076282 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 12,429,788 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $59 | $55.20 |
Accounts receivable, less allowances for doubtful accounts of $3.5 million at March 31, 2014 and $3.7 million at December 31, 2013 | 184.5 | 165.7 |
Inventories, net | 227.5 | 221.4 |
Deferred tax assets | 26.3 | 25.2 |
Unbilled contract revenue | 9.4 | 8.7 |
Other current assets | 18.1 | 20.1 |
Total current assets | 524.8 | 496.3 |
Property, plant and equipment, net | 114.6 | 115.4 |
Goodwill | 60.4 | 60.4 |
Intangible assets, net | 65.2 | 66.2 |
Other long-term assets | 82.2 | 80.4 |
Total assets | 847.2 | 818.7 |
Current liabilities: | ' | ' |
Trade accounts payable | 121.5 | 112 |
Accrued expenses and other | 84.7 | 79.9 |
Current portion of long-term debt | 4.5 | 4.4 |
Current portion of other postretirement benefits | 1.7 | 1.7 |
Total current liabilities | 212.4 | 198 |
Long-term liabilities, less current portion: | ' | ' |
Senior Notes | 250 | 250 |
Credit facility | 128.7 | 126.2 |
Other long-term debt | 2.9 | 3 |
Deferred tax liabilities | 46.3 | 45.3 |
Other postretirement benefits and other long-term liabilities | 31.5 | 32.2 |
Total long-term liabilities | 459.4 | 456.7 |
Capital stock, par value $1 a share | ' | ' |
Serial preferred stock: Authorized -- 632,470 shares: Issued and outstanding -- none | 0 | 0 |
Common stock: Authorized -- 40,000,000 shares; Issued -- 14,379,405 shares in 2014 and 14,364,239 in 2013 | 14.4 | 14.4 |
Additional paid-in capital | 84.8 | 82.4 |
Retained earnings | 95.7 | 85.6 |
Treasury stock, at cost, 1,949,617 shares in 2014 and 1,934,959 shares in 2013 | -27.6 | -26.8 |
Accumulated other comprehensive income | 2.9 | 3.4 |
Total Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity | 170.2 | 159 |
Noncontrolling interest | 5.2 | 5 |
Total equity | 175.4 | 164 |
Total liabilities and shareholders' equity | $847.20 | $818.70 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $3.50 | $3.70 |
Capital stock, par value (in dollars per share) | $1 | $1 |
Serial preferred stock, shares authorized (in shares) | 632,470 | 632,470 |
Serial preferred stock, shares issued (in shares) | 0 | 0 |
Serial preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 14,379,405 | 14,364,239 |
Treasury stock, shares (in shares) | 1,949,617 | 1,934,959 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Statement [Abstract] | ' | ' | |
Net sales | $317.80 | $283 | [1] |
Cost of sales | 261.8 | 231.4 | [1] |
Gross profit | 56 | 51.6 | [1] |
Selling, general and administrative expenses | 33.1 | 28.4 | [1] |
Operating income | 22.9 | 23.2 | [1] |
Interest expense | 7 | 6.5 | [1] |
Income from continuing operations before income taxes | 15.9 | 16.7 | [1] |
Income tax expense | 5.6 | 6 | [1] |
Net income from continuing operations | 10.3 | 10.7 | [1] |
Loss from discontinued operations, net of taxes | 0 | -0.4 | [1] |
Net income | 10.3 | 10.3 | [1] |
Net income attributable to noncontrolling interest | -0.2 | 0 | [1] |
Net income attributable to ParkOhio common shareholders | $10.10 | $10.30 | [1] |
Earnings (loss) per common share attributable to ParkOhio common shareholders - Basic: | ' | ' | |
Continuing operations (in dollars per share) | $0.84 | $0.90 | [1] |
Discontinued operations (in dollars per share) | $0 | ($0.03) | [1] |
Total (in dollars per share) | $0.84 | $0.87 | [1] |
Earnings (loss) per common share attributable to ParkOhio common shareholders - Diluted: | ' | ' | |
Continuing operations | $0.82 | $0.88 | [1] |
Discontinued operations | $0 | ($0.03) | [1] |
Total (in dollars per share) | $0.82 | $0.85 | [1] |
Weighted-average shares used to compute earnings per share: | ' | ' | |
Basic (in shares) | 12,023,453 | 11,862,406 | [1] |
Diluted (in shares) | 12,331,020 | 12,132,868 | [1] |
[1] | Adjusted to reflect the discontinued operations. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | ' | ' | |
Net income | $10.30 | $10.30 | [1] |
Other comprehensive income (loss): | ' | ' | |
Foreign currency translation loss | -0.4 | -2.2 | |
Pension and postretirement benefit adjustments, net of tax | -0.1 | 0.4 | |
Total other comprehensive loss | -0.5 | -1.8 | |
Total comprehensive income, net of tax | 9.8 | 8.5 | |
Comprehensive income attributable to noncontrolling interest | -0.2 | 0 | |
Comprehensive income attributable to ParkOhio common shareholders | $9.60 | $8.50 | |
[1] | Adjusted to reflect the discontinued operations. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest [Member] |
In Millions, except Share data | |||||||
Beginning balance at Dec. 31, 2013 | $164 | $14.40 | $82.40 | $85.60 | ($26.80) | $3.40 | $5 |
Shares, Issued at Dec. 31, 2013 | ' | 14,364,239 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 9.8 | ' | ' | 10.1 | ' | -0.5 | 0.2 |
Share-based compensation | 1.6 | ' | 1.6 | ' | ' | ' | ' |
Restricted stock awards (in shares) | ' | 15,166 | ' | ' | ' | ' | ' |
Restricted stock awards | 0.8 | ' | 0.8 | ' | ' | ' | ' |
Purchase of treasury stock | -0.8 | ' | ' | ' | -0.8 | ' | ' |
Ending balance at Mar. 31, 2014 | $175.40 | $14.40 | $84.80 | $95.70 | ($27.60) | $2.90 | $5.20 |
Shares, Issued at Mar. 31, 2014 | ' | 14,379,405 | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
OPERATING ACTIVITIES | ' | ' | |
Net income | $10.30 | $10.30 | [1] |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | |
Depreciation and amortization | 5.3 | 4.6 | |
Share-based compensation | 1.3 | 1.4 | |
Changes in operating assets and liabilities: | ' | ' | |
Accounts receivable | -17.2 | -10.1 | |
Inventories and other current assets | -6.2 | -9.2 | |
Accounts payable and accrued expenses | 11.7 | 18.1 | |
Other | -1.2 | 1.3 | |
Net cash provided by operating activities | 4 | 16.4 | |
INVESTING ACTIVITIES | ' | ' | |
Purchases of property, plant and equipment | -3.1 | -6 | |
Proceeds from sale and leaseback transactions | 0 | 1.9 | |
Net cash used by investing activities | -3.1 | -4.1 | |
FINANCING ACTIVITIES | ' | ' | |
Payments on term loans and other debt | -1.1 | -0.9 | |
Proceeds from (payments on) revolving credit facility, net | 3.5 | -3.7 | |
Issuance of common stock under stock option plan | 0.8 | 0 | |
Purchase of treasury stock | -0.8 | -0.1 | |
Net cash provided (used) by financing activities | 2.4 | -4.7 | |
Effect of exchange rate changes on cash | 0.5 | -1.1 | |
Increase in cash and cash equivalents | 3.8 | 6.5 | |
Cash and cash equivalents at beginning of period | 55.2 | 44.4 | |
Cash and cash equivalents at end of period | 59 | 50.9 | |
Income taxes paid | 1.4 | 4.7 | |
Interest paid | $1.10 | $0.80 | |
[1] | Adjusted to reflect the discontinued operations. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The condensed consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries (collectively, “we” or the “Company”). All significant intercompany transactions have been eliminated in consolidation. Certain amounts in the prior years’ financial statements have been reclassified to conform to the current year presentation. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month periods ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
On September 3, 2013, we sold all of the outstanding equity interests of a non-core business unit in the Supply Technologies segment during the third quarter of 2013. This business unit is a provider of high-quality machine to machine information technology solutions, products and services. As of September 30, 2013, the results of the business unit have been reported as discontinued operations in the financial statements. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
Accounting Pronouncements Adopted | |
In February 2013, the FASB issued ASU 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date,” which requires entities to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors plus additional amounts the reporting entity expects to pay on behalf of its co-obligors. Entities are also required to disclose the nature and amount of the obligation as well as other information about those obligations. This ASU is effective prospectively for reporting periods beginning after December 15, 2013. The adoption of this ASU has not had a material effect on our consolidated financial statements as it aligns with our current presentation. | |
In February 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” requiring reporting entities that no longer have a controlling financial interest in a subsidiary or group of assets that is considered a business within a foreign entity, to release the cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. For equity method investments that are foreign entities, the partial sale requires a pro rata portion of the cumulative translation adjustment to be released into net income upon a partial sale of such an equity investment. However, for an equity method investment that is not a foreign entity, the release of the cumulative translation adjustment into net income is required only if the partial sale represents a complete or substantially complete liquidation of the foreign entity that contains the equity method investment. Additionally, the amendments in this update clarify that the sale of an investment in a foreign entity requiring release into net income the cumulative translation adjustment upon the occurrence of events that includes (1) events that result in the loss of a controlling financial interest in a foreign entity and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. This ASU is effective prospectively for reporting periods beginning after December 15, 2013. The adoption of this ASU has not had a material effect on our consolidated financial statements as it aligns with our current presentation. | |
Recent Accounting Pronouncements Not Yet Adopted | |
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which raises the threshold for disposals to qualify as discontinued operations and requires new disclosures for discontinued operations and for individually material disposal transactions that do not meet the definition of a discontinued operation. The ASU is effective prospectively for reporting periods beginning with the first quarter of 2015. The Company is currently evaluating the impact of adopting this guidance. |
Segments
Segments | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segments | ' | |||||||
Segments | ||||||||
The Company operates through three reportable segments: Supply Technologies, Assembly Components and Engineered Products. Supply Technologies provides our customers with Total Supply Management™ services for a broad range of high-volume, specialty production components. Total Supply Management™ manages the efficiencies of every aspect of supplying production parts and materials to our customers’ manufacturing floor, from strategic planning to program implementation, and includes such services as engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing services and ongoing technical support. Assembly Components manufactures cast aluminum components, automotive and industrial rubber and thermoplastic products, fuel filler and hydraulic assemblies for automotive, agricultural equipment, construction equipment, heavy-duty truck and marine equipment industries. Assembly Components also provides value-added services such as design and engineering, machining and assembly. Engineered Products operates a diverse group of niche manufacturing businesses that design and manufacture a broad range of high quality products engineered for specific customer applications. | ||||||||
The Company primarily evaluates performance and allocates resources based on segment operating income as well as projected future performance. Segment operating income is defined as revenues less expenses identifiable to the product lines included within each segment. Segment operating income reconciles to consolidated income from continuing operations before income taxes by deducting corporate costs and other income or expense items that are not attributed to the segments and net interest expense. | ||||||||
Results by business segment were as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
Adjusted (1) | ||||||||
2014 | 2013 | |||||||
(In millions) | ||||||||
Net sales: | ||||||||
Supply Technologies | $ | 134.4 | $ | 111.8 | ||||
Assembly Components | 108.1 | 92.2 | ||||||
Engineered Products | 75.3 | 79 | ||||||
$ | 317.8 | $ | 283 | |||||
Income from continuing operations before income taxes: | ||||||||
Supply Technologies | $ | 10.8 | $ | 9.4 | ||||
Assembly Components | 8.1 | 6.8 | ||||||
Engineered Products | 10.6 | 12.3 | ||||||
Total segment operating income | 29.5 | 28.5 | ||||||
Corporate costs | (6.6 | ) | (5.3 | ) | ||||
Interest expense | (7.0 | ) | (6.5 | ) | ||||
Income from continuing operations before income taxes | $ | 15.9 | $ | 16.7 | ||||
-1 | Adjusted to reflect the discontinued operations. | |||||||
31-Mar-14 | 31-Dec-13 | |||||||
(In millions) | ||||||||
Identifiable assets: | ||||||||
Supply Technologies | $ | 257.3 | $ | 241.7 | ||||
Assembly Components | 283.6 | 276.7 | ||||||
Engineered Products | 186 | 183.1 | ||||||
General corporate | 120.3 | 117.2 | ||||||
$ | 847.2 | $ | 818.7 | |||||
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Discontinued Operations | ' | |||
Discontinued Operations | ||||
On September 3, 2013, the Company sold all of the outstanding equity interests of a non-core business unit in the Supply Technologies segment, for $8.5 million in cash. This business unit is a provider of high-quality machine to machine information technology solutions, products and services. As a result of the sale, this business unit has been removed from the Supply Technologies segment and presented as a discontinued operation for all of the periods presented. Select financial information included in discontinued operations were as follows: | ||||
Three Months Ended March 31, 2013 | ||||
(In millions) | ||||
Net sales | $ | 2.1 | ||
Loss from discontinued operations before tax | (0.6 | ) | ||
Income tax benefit from operations | 0.2 | |||
Income (loss) from discontinued operations, net of taxes | $ | (0.4 | ) |
Accounts_Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2014 | |
Receivables [Abstract] | ' |
Accounts Receivable | ' |
Accounts Receivable | |
During the first three months of 2014 and 2013, the Company sold approximately $23.0 million and $14.4 million, respectively, of accounts receivable to mitigate accounts receivable concentration risk and to provide additional financing capacity and recorded a loss in the amount of $0.1 million and $0.1 million, respectively, in the condensed consolidated statements of income. These losses represented implicit interest on the transactions. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
The components of inventory consist of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(In millions) | ||||||||
Finished goods | $ | 119.2 | $ | 115.5 | ||||
Work in process | 39.7 | 37.3 | ||||||
Raw materials and supplies | 68.6 | 68.6 | ||||||
Inventories, net | $ | 227.5 | $ | 221.4 | ||||
Goodwill
Goodwill | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill | ' | |||||||||||||||
Goodwill | ||||||||||||||||
The changes in the carrying amount of goodwill by reportable segment for the periods ended March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
Supply Technologies | Assembly Components | Engineered Products | Total | |||||||||||||
(In millions) | ||||||||||||||||
Balance at January 1, 2013 | $ | — | $ | 44.8 | $ | 4.9 | $ | 49.7 | ||||||||
Acquisitions | 6.2 | 4.2 | — | 10.4 | ||||||||||||
Foreign currency translation | 0.2 | — | 0.1 | 0.3 | ||||||||||||
Balance at December 31, 2013 | 6.4 | 49 | 5 | 60.4 | ||||||||||||
Foreign currency translation | — | — | — | — | ||||||||||||
Balance at March 31, 2014 | $ | 6.4 | $ | 49 | $ | 5 | $ | 60.4 | ||||||||
The increase in goodwill in 2013 was due to the acquisitions of Bates Rubber (“Bates”) in the second quarter of 2013 and Henry Halstead Ltd. (“Henry Halstead”) and QEF Global Limited (“QEF”) in the fourth quarter of 2013. Bates is included in the Assembly Components reportable segment and Henry Halstead and QEF are included in the Supply Technologies reportable segment. The goodwill associated with the Bates transaction is deductible for income tax purposes. The goodwill associated with the Henry Halstead and QEF transactions are not deductible for income tax purposes. |
Other_Intangible_Assets
Other Intangible Assets | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Other Intangible Assets | ' | |||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||||
Information regarding other intangible assets as of March 31, 2014 and December 31, 2013 follows: | ||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Weighted Average Useful Life | Acquisition | Accumulated | Net | Acquisition | Accumulated | Net | ||||||||||||||||||||
Costs | Amortization | Costs | Amortization | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Non-contractual customer relationships | 13.0 years | $ | 61.2 | $ | 9.8 | $ | 51.4 | $ | 61.1 | $ | 8.7 | $ | 52.4 | |||||||||||||
Other | 9.4 years | 3.9 | 1.8 | 2.1 | 3.9 | 1.8 | 2.1 | |||||||||||||||||||
$ | 65.1 | $ | 11.6 | $ | 53.5 | $ | 65 | $ | 10.5 | $ | 54.5 | |||||||||||||||
Indefinite-lived tradenames | 11.7 | 11.7 | ||||||||||||||||||||||||
Total | $ | 65.2 | $ | 66.2 | ||||||||||||||||||||||
Amortization expense for the three months ended March 31, 2014 and 2013 was $1.1 million and $0.8 million, respectively. |
Accrued_Warranty_Costs
Accrued Warranty Costs | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Accrued Warranty Costs | ' | |||||||
Accrued Warranty Costs | ||||||||
The Company estimates the amount of warranty claims on sold products that may be incurred based on current and historical data. The actual warranty expense could differ from the estimates made by the Company based on product performance. The following table presents the changes in the Company’s product warranty liability for the three months ended March 31, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
(In millions) | ||||||||
Balance at January 1, | $ | 5.4 | $ | 6.9 | ||||
Claims paid during the period | (0.8 | ) | (1.1 | ) | ||||
Warranty expense | 0.5 | 1.4 | ||||||
Balance at March 31, | $ | 5.1 | $ | 7.2 | ||||
Financing_Arrangements
Financing Arrangements | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Financing Arrangements | ' | |||||||
Financing Arrangements | ||||||||
The Company is a party to a credit and security agreement, dated November 5, 2003, as amended (the “Credit Agreement”), with a group of banks, under which it may borrow or issue standby letters of credit or commercial letters of credit. On March 23, 2012, the Credit Agreement was amended and restated to, among other things, increase the revolving loan commitment from $200.0 million to $220.0 million, and provide a term loan for $25.0 million that is secured by certain real estate and machinery and equipment. Amounts borrowed under the revolving credit facility may be borrowed at either (i) LIBOR plus 1.75% to 2.75% or (ii) the bank’s prime lending rate minus 0.25% to 1.00%, at the Company’s election. The LIBOR-based interest rate is dependent on the Company’s debt service coverage ratio, as defined in the Credit Agreement. Under the Credit Agreement, a detailed borrowing base formula provides borrowing availability to the Company based on percentages of eligible accounts receivable and inventory. On April 3, 2013, the Credit Agreement was amended to increase the advance rate on eligible accounts receivable and inventory. The interest rate on the revolving credit facility was 1.94% at March 31, 2014. Interest on the term loan is at either (i) LIBOR plus 2.75% or (ii) the bank’s prime lending rate plus 0.25%, at the Company’s election. The term loan is amortized based on a seven-year schedule with the balance due at maturity (April 7, 2016). The interest rate on the term loan was 3.00% at March 31, 2014. | ||||||||
Long-term debt consists of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(In millions) | ||||||||
8.125% Senior Notes due 2021 | $ | 250 | $ | 250 | ||||
Revolving credit | 114.4 | 111 | ||||||
Term loan | 17.9 | 18.7 | ||||||
Other | 3.8 | 3.9 | ||||||
Total debt | 386.1 | 383.6 | ||||||
Less current maturities | 4.5 | 4.4 | ||||||
Total long-term debt, net of current portion | $ | 381.6 | $ | 379.2 | ||||
The following table represents fair value information of the Company's 8.125% Senior Notes due 2021, classified as Level 1, at March 31, 2014 and December 31, 2013. The fair value was estimated using quoted market prices. | ||||||||
31-Mar-14 | 31-Dec-13 | |||||||
(In millions) | ||||||||
Carrying amount | $ | 250 | $ | 250 | ||||
Fair value | $ | 280 | $ | 275.6 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company’s tax provision for interim periods is determined using an estimate of its annual effective income tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the Company updates the estimated annual effective income tax rate, and if the estimated income tax rate changes, a cumulative adjustment is made. | |
The effective tax rate for the first three months of 2014 and 2013 was 35.2% and 35.9%, respectively. As of March 31, 2014, there have been no material changes to the balance of unrecognized tax benefits reported at December 31, 2013. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
A summary of stock option activity as of March 31, 2014 and changes during the quarter then ended is presented below: | ||||||||||||||
2014 | ||||||||||||||
Number of Shares | Weighted Average | Weighted | Aggregate | |||||||||||
Exercise Price | Average | Intrinsic | ||||||||||||
Remaining | Value | |||||||||||||
Contractual | ||||||||||||||
Term | ||||||||||||||
(In whole shares) | (In millions) | |||||||||||||
Outstanding - beginning of year | 146,000 | $ | 16.71 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (2,500 | ) | 14.12 | |||||||||||
Canceled or expired | — | — | ||||||||||||
Outstanding - end of period | 143,500 | $ | 16.76 | 2.3 years | $ | 5.7 | ||||||||
Options exercisable | 143,500 | $ | 16.76 | 2.3 years | $ | 5.7 | ||||||||
A summary of restricted share and performance share activity for the quarter ended March 31, 2014 is as follows: | ||||||||||||||
2014 | ||||||||||||||
Time-Based | Performance-Based | |||||||||||||
Number of Shares | Weighted Average | Number of Shares | Weighted Average | |||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
(In whole shares) | (In whole shares) | |||||||||||||
Outstanding - beginning of year | 422,898 | $ | 21.04 | 42,000 | $ | 20.3 | ||||||||
Granted | — | — | — | — | ||||||||||
Vested | (41,666 | ) | 20.34 | (14,000 | ) | 20.3 | ||||||||
Canceled or expired | (1,334 | ) | 19.38 | — | — | |||||||||
Outstanding - end of period | 379,898 | $ | 21.12 | 28,000 | $ | 20.3 | ||||||||
Total stock-based compensation expense included in selling, general and administrative expenses during the first quarter of 2014 and 2013 was $1.3 million and $1.4 million, respectively. As of March 31, 2014, there was $6.7 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted average period of 1.94 years. |
Commitments_Contingencies_and_
Commitments, Contingencies and Litigation Judgment | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments, Contingencies and Litigation Judgment | ' |
Commitments, Contingencies and Litigation Judgment | |
The Company is subject to various pending and threatened legal proceedings arising in the ordinary course of business. Although the Company cannot precisely predict the amount of any liability that may ultimately arise with respect to any of these matters, the Company records provisions when it considers the liability probable and reasonably estimable. Our provisions are based on historical experience and legal advice, reviewed quarterly and adjusted according to developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments about potential actions by third parties, such as regulators, courts, and state and federal legislatures. Changes in the amounts of our loss provisions, which can be material, affect our financial condition. Due to the inherent uncertainties in the process undertaken to estimate potential losses, we are unable to estimate an additional range of loss in excess of our accruals. While it is reasonably possible that such excess liabilities, if they were to occur, could be material to operating results in any given quarter or year of their recognition, we do not believe that it is reasonably possible that such excess liabilities would have a material adverse effect on our long-term results of operations, liquidity or consolidated financial position. | |
Our subsidiaries are involved in a number of contractual and warranty related disputes. At this time, we cannot reasonably determine the probability of a loss, and the timing and amount of loss, if any, cannot be reasonably estimated. We believe that appropriate liabilities for these contingencies have been recorded; however, actual results may differ materially from our estimates. | |
Ajax Tocco Magnethermic Corporation (“ATM”) was the defendant in a lawsuit in the United States District Court for the Eastern District of Arkansas. The plaintiff is IPSCO Tubulars Inc. d/b/a TMK IPSCO. The complaint alleged claims for breach of contract, gross negligence and constructive fraud, and TMK IPSCO sought approximately $6.0 million in direct and $4.0 million in consequential damages as well as an unspecified amount of punitive damages. ATM denied the allegations against it, believes it has a number of meritorious defenses and vigorously defended the lawsuit. A motion for partial summary judgment filed by ATM that, among other things, denied the plaintiff's fraud claims was granted by the district court. The remaining claims were the subject of a bench trial in May 2013. At the close of TMK IPSCO's case, the court entered partial judgment in favor of ATM, dismissing the gross negligence claim, dismissing a portion of the breach of contract claim, and dismissing any claim for punitive damages. The trial proceeded with respect to the remainder of TMK IPSCO's claim for damages and, in September 2013, the district court awarded TMK IPSCO damages of approximately $5.2 million. ATM is appealing the court’s decision. TMK IPSCO is also appealing the decision and, additionally, it has asked the court for $3.8 million in attorney's fees. | |
In August 2013, the Company received a subpoena from the staff of the Securities and Exchange Commission (“SEC”) in connection with the staff’s investigation of a third party. At that time, the Company also learned that the U.S. Department of Justice (“DOJ”) is conducting a criminal investigation of the third party. In connection with responding to the staff’s subpoena, the Company disclosed to the staff of the SEC that, in November 2007, the third party participated in a payment on behalf of the Company to a foreign tax official that implicates the Foreign Corrupt Practices Act. | |
The Board of Directors of the Company has formed a special committee to review the Company’s transactions with the third party and to make any recommendations to the Board of Directors with respect thereto. | |
The Company intends to cooperate fully with the SEC and the DOJ in connection with their investigations of the third party and with the SEC in light of the Company’s disclosure. The Company is unable to predict the outcome or impact of the special committee’s investigation or the length, scope or results of the SEC’s review or the impact on its results of operations. |
Pension_Plans_and_Other_Postre
Pension Plans and Other Postretirement Benefits | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension Plans and Other Postretirement Benefits | ' | |||||||||||||||
Pension Plans and Other Postretirement Benefits | ||||||||||||||||
The components of net periodic benefit (gains) costs recognized during interim periods were as follows: | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Service costs | $ | 0.6 | $ | 0.6 | $ | 0.2 | $ | — | ||||||||
Interest costs | 0.6 | 0.5 | — | 0.1 | ||||||||||||
Expected return on plan assets | (2.6 | ) | (2.2 | ) | — | — | ||||||||||
Recognized net actuarial loss | — | 0.2 | 0.1 | 0.2 | ||||||||||||
Net periodic benefit (gains) costs | $ | (1.4 | ) | $ | (0.9 | ) | $ | 0.3 | $ | 0.3 | ||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
The components of and changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2014 and 2013 were as follows: | ||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||
Cumulative Translation Adjustment | Pension and Postretirement Benefits | Total | ||||||||||
(In millions) | ||||||||||||
Beginning balance | $ | 2.8 | $ | 0.6 | $ | 3.4 | ||||||
Foreign currency translation adjustments (a) | (0.4 | ) | — | (0.4 | ) | |||||||
Recognition of actuarial loss (b) | — | (0.1 | ) | (0.1 | ) | |||||||
Tax adjustment (c) | — | — | — | |||||||||
Change in pension and postretirement benefits, net | — | (0.1 | ) | (0.1 | ) | |||||||
Ending balance | $ | 2.4 | $ | 0.5 | $ | 2.9 | ||||||
Three Months Ended March 31, 2013 | ||||||||||||
Cumulative Translation Adjustment | Pension and Postretirement Benefits | Total | ||||||||||
(In millions) | ||||||||||||
Beginning balance | $ | 5.4 | $ | (12.2 | ) | $ | (6.8 | ) | ||||
Foreign currency translation adjustments (a) | (2.2 | ) | — | (2.2 | ) | |||||||
Recognition of actuarial loss (b) | — | 0.4 | 0.4 | |||||||||
Tax adjustment (c) | — | — | — | |||||||||
Change in pension and postretirement benefits, net | — | 0.4 | 0.4 | |||||||||
Ending balance | $ | 3.2 | $ | (11.8 | ) | $ | (8.6 | ) | ||||
(a) | No income taxes are provided on foreign currency translation adjustments as foreign earnings are considered permanently invested. | |||||||||||
(b) | The recognition of actuarial losses are reclassified out of accumulated other comprehensive income and included in the computation of net periodic benefit cost in selling, general and administrative expenses. | |||||||||||
(c) | The tax adjustments are reclassified out of accumulated other comprehensive income and included in income tax expense. |
WeightedAverage_Number_of_Shar
Weighted-Average Number of Shares Used in Computing Earnings Per Share | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Weighted-Average Number of Shares Used in Computing Earnings Per Share | ' | |||||
Weighted-Average Number of Shares Used in Computing Earnings Per Share | ||||||
The following table sets forth the weighted-average number of shares used in the computation of earnings per share: | ||||||
Three Months Ended March 31, | ||||||
2014 | 2013 | |||||
(In whole shares) | ||||||
Weighted average basic shares outstanding | 12,023,453 | 11,862,406 | ||||
Plus dilutive impact of employee stock options | 307,567 | 270,462 | ||||
Weighted average diluted shares outstanding | 12,331,020 | 12,132,868 | ||||
Earnings from continuing operations per common share is computed as net income from continuing operations less net income attributable to noncontrolling interests divided by the weighted average basic shares outstanding. Diluted earnings from continuing operations per common share is computed as net income from continuing operations less net income attributable to noncontrolling interests divided by the weighted average diluted shares outstanding. | ||||||
Loss from discontinued operations per common share is computed as loss from discontinued operations, net of taxes divided by the weighted average basic shares outstanding. Diluted loss from discontinued operations per common share is computed as loss from discontinued operations, net of taxes divided by the weighted average diluted shares outstanding. | ||||||
Total basic earnings per common share is computed as net income attributable to Park-Ohio common shareholders divided by the weighted average basic shares outstanding. Total diluted earnings per common share is computed as net income attributable to Park-Ohio common shareholders divided by the weighted average diluted shares outstanding. | ||||||
Outstanding stock options with exercise prices greater than the average price of the common shares are anti-dilutive and are not included in the computation of diluted earnings per share. For the three months ended March 31, 2014 and 2013, the anti-dilutive shares were insignificant. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Subsequent Event | |
In May 2014, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend will be paid on June 9, 2014 to all shareholders of record as of the close of business on May 23, 2014, which will result in a cash outlay of approximately $1.6 million in the second quarter of 2014. |
New_Accounting_Pronouncements_
New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
Accounting Pronouncements Adopted | |
In February 2013, the FASB issued ASU 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date,” which requires entities to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors plus additional amounts the reporting entity expects to pay on behalf of its co-obligors. Entities are also required to disclose the nature and amount of the obligation as well as other information about those obligations. This ASU is effective prospectively for reporting periods beginning after December 15, 2013. The adoption of this ASU has not had a material effect on our consolidated financial statements as it aligns with our current presentation. | |
In February 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” requiring reporting entities that no longer have a controlling financial interest in a subsidiary or group of assets that is considered a business within a foreign entity, to release the cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. For equity method investments that are foreign entities, the partial sale requires a pro rata portion of the cumulative translation adjustment to be released into net income upon a partial sale of such an equity investment. However, for an equity method investment that is not a foreign entity, the release of the cumulative translation adjustment into net income is required only if the partial sale represents a complete or substantially complete liquidation of the foreign entity that contains the equity method investment. Additionally, the amendments in this update clarify that the sale of an investment in a foreign entity requiring release into net income the cumulative translation adjustment upon the occurrence of events that includes (1) events that result in the loss of a controlling financial interest in a foreign entity and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. This ASU is effective prospectively for reporting periods beginning after December 15, 2013. The adoption of this ASU has not had a material effect on our consolidated financial statements as it aligns with our current presentation. | |
Recent Accounting Pronouncements Not Yet Adopted | |
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which raises the threshold for disposals to qualify as discontinued operations and requires new disclosures for discontinued operations and for individually material disposal transactions that do not meet the definition of a discontinued operation. The ASU is effective prospectively for reporting periods beginning with the first quarter of 2015. The Company is currently evaluating the impact of adopting this guidance. |
Segments_Tables
Segments (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Results by business segment | ' | |||||||
Results by business segment were as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
Adjusted (1) | ||||||||
2014 | 2013 | |||||||
(In millions) | ||||||||
Net sales: | ||||||||
Supply Technologies | $ | 134.4 | $ | 111.8 | ||||
Assembly Components | 108.1 | 92.2 | ||||||
Engineered Products | 75.3 | 79 | ||||||
$ | 317.8 | $ | 283 | |||||
Income from continuing operations before income taxes: | ||||||||
Supply Technologies | $ | 10.8 | $ | 9.4 | ||||
Assembly Components | 8.1 | 6.8 | ||||||
Engineered Products | 10.6 | 12.3 | ||||||
Total segment operating income | 29.5 | 28.5 | ||||||
Corporate costs | (6.6 | ) | (5.3 | ) | ||||
Interest expense | (7.0 | ) | (6.5 | ) | ||||
Income from continuing operations before income taxes | $ | 15.9 | $ | 16.7 | ||||
-1 | Adjusted to reflect the discontinued operations. | |||||||
31-Mar-14 | 31-Dec-13 | |||||||
(In millions) | ||||||||
Identifiable assets: | ||||||||
Supply Technologies | $ | 257.3 | $ | 241.7 | ||||
Assembly Components | 283.6 | 276.7 | ||||||
Engineered Products | 186 | 183.1 | ||||||
General corporate | 120.3 | 117.2 | ||||||
$ | 847.2 | $ | 818.7 | |||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Schedule of Select Financial Information Included in Discontinued Operations | ' | |||
Select financial information included in discontinued operations were as follows: | ||||
Three Months Ended March 31, 2013 | ||||
(In millions) | ||||
Net sales | $ | 2.1 | ||
Loss from discontinued operations before tax | (0.6 | ) | ||
Income tax benefit from operations | 0.2 | |||
Income (loss) from discontinued operations, net of taxes | $ | (0.4 | ) |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components of inventory | ' | |||||||
The components of inventory consist of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(In millions) | ||||||||
Finished goods | $ | 119.2 | $ | 115.5 | ||||
Work in process | 39.7 | 37.3 | ||||||
Raw materials and supplies | 68.6 | 68.6 | ||||||
Inventories, net | $ | 227.5 | $ | 221.4 | ||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of goodwill | ' | |||||||||||||||
The changes in the carrying amount of goodwill by reportable segment for the periods ended March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
Supply Technologies | Assembly Components | Engineered Products | Total | |||||||||||||
(In millions) | ||||||||||||||||
Balance at January 1, 2013 | $ | — | $ | 44.8 | $ | 4.9 | $ | 49.7 | ||||||||
Acquisitions | 6.2 | 4.2 | — | 10.4 | ||||||||||||
Foreign currency translation | 0.2 | — | 0.1 | 0.3 | ||||||||||||
Balance at December 31, 2013 | 6.4 | 49 | 5 | 60.4 | ||||||||||||
Foreign currency translation | — | — | — | — | ||||||||||||
Balance at March 31, 2014 | $ | 6.4 | $ | 49 | $ | 5 | $ | 60.4 | ||||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Schedule of other intangible assets | ' | |||||||||||||||||||||||||
Information regarding other intangible assets as of March 31, 2014 and December 31, 2013 follows: | ||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Weighted Average Useful Life | Acquisition | Accumulated | Net | Acquisition | Accumulated | Net | ||||||||||||||||||||
Costs | Amortization | Costs | Amortization | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Non-contractual customer relationships | 13.0 years | $ | 61.2 | $ | 9.8 | $ | 51.4 | $ | 61.1 | $ | 8.7 | $ | 52.4 | |||||||||||||
Other | 9.4 years | 3.9 | 1.8 | 2.1 | 3.9 | 1.8 | 2.1 | |||||||||||||||||||
$ | 65.1 | $ | 11.6 | $ | 53.5 | $ | 65 | $ | 10.5 | $ | 54.5 | |||||||||||||||
Indefinite-lived tradenames | 11.7 | 11.7 | ||||||||||||||||||||||||
Total | $ | 65.2 | $ | 66.2 | ||||||||||||||||||||||
Accrued_Warranty_Costs_Tables
Accrued Warranty Costs (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Changes in product warranty liability | ' | |||||||
The following table presents the changes in the Company’s product warranty liability for the three months ended March 31, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
(In millions) | ||||||||
Balance at January 1, | $ | 5.4 | $ | 6.9 | ||||
Claims paid during the period | (0.8 | ) | (1.1 | ) | ||||
Warranty expense | 0.5 | 1.4 | ||||||
Balance at March 31, | $ | 5.1 | $ | 7.2 | ||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term debt | ' | |||||||
Long-term debt consists of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(In millions) | ||||||||
8.125% Senior Notes due 2021 | $ | 250 | $ | 250 | ||||
Revolving credit | 114.4 | 111 | ||||||
Term loan | 17.9 | 18.7 | ||||||
Other | 3.8 | 3.9 | ||||||
Total debt | 386.1 | 383.6 | ||||||
Less current maturities | 4.5 | 4.4 | ||||||
Total long-term debt, net of current portion | $ | 381.6 | $ | 379.2 | ||||
Fair Value of Debt | ' | |||||||
The following table represents fair value information of the Company's 8.125% Senior Notes due 2021, classified as Level 1, at March 31, 2014 and December 31, 2013. The fair value was estimated using quoted market prices. | ||||||||
31-Mar-14 | 31-Dec-13 | |||||||
(In millions) | ||||||||
Carrying amount | $ | 250 | $ | 250 | ||||
Fair value | $ | 280 | $ | 275.6 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Summary of Stock Option Activity | ' | |||||||||||||
A summary of stock option activity as of March 31, 2014 and changes during the quarter then ended is presented below: | ||||||||||||||
2014 | ||||||||||||||
Number of Shares | Weighted Average | Weighted | Aggregate | |||||||||||
Exercise Price | Average | Intrinsic | ||||||||||||
Remaining | Value | |||||||||||||
Contractual | ||||||||||||||
Term | ||||||||||||||
(In whole shares) | (In millions) | |||||||||||||
Outstanding - beginning of year | 146,000 | $ | 16.71 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (2,500 | ) | 14.12 | |||||||||||
Canceled or expired | — | — | ||||||||||||
Outstanding - end of period | 143,500 | $ | 16.76 | 2.3 years | $ | 5.7 | ||||||||
Options exercisable | 143,500 | $ | 16.76 | 2.3 years | $ | 5.7 | ||||||||
Summary of Restricted Share Activity | ' | |||||||||||||
A summary of restricted share and performance share activity for the quarter ended March 31, 2014 is as follows: | ||||||||||||||
2014 | ||||||||||||||
Time-Based | Performance-Based | |||||||||||||
Number of Shares | Weighted Average | Number of Shares | Weighted Average | |||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
(In whole shares) | (In whole shares) | |||||||||||||
Outstanding - beginning of year | 422,898 | $ | 21.04 | 42,000 | $ | 20.3 | ||||||||
Granted | — | — | — | — | ||||||||||
Vested | (41,666 | ) | 20.34 | (14,000 | ) | 20.3 | ||||||||
Canceled or expired | (1,334 | ) | 19.38 | — | — | |||||||||
Outstanding - end of period | 379,898 | $ | 21.12 | 28,000 | $ | 20.3 | ||||||||
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||||
The components of net periodic benefit (gains) costs recognized during interim periods were as follows: | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Service costs | $ | 0.6 | $ | 0.6 | $ | 0.2 | $ | — | ||||||||
Interest costs | 0.6 | 0.5 | — | 0.1 | ||||||||||||
Expected return on plan assets | (2.6 | ) | (2.2 | ) | — | — | ||||||||||
Recognized net actuarial loss | — | 0.2 | 0.1 | 0.2 | ||||||||||||
Net periodic benefit (gains) costs | $ | (1.4 | ) | $ | (0.9 | ) | $ | 0.3 | $ | 0.3 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Changes in accumulated comprehensive income (loss) | ' | |||||||||||
The components of and changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2014 and 2013 were as follows: | ||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||
Cumulative Translation Adjustment | Pension and Postretirement Benefits | Total | ||||||||||
(In millions) | ||||||||||||
Beginning balance | $ | 2.8 | $ | 0.6 | $ | 3.4 | ||||||
Foreign currency translation adjustments (a) | (0.4 | ) | — | (0.4 | ) | |||||||
Recognition of actuarial loss (b) | — | (0.1 | ) | (0.1 | ) | |||||||
Tax adjustment (c) | — | — | — | |||||||||
Change in pension and postretirement benefits, net | — | (0.1 | ) | (0.1 | ) | |||||||
Ending balance | $ | 2.4 | $ | 0.5 | $ | 2.9 | ||||||
Three Months Ended March 31, 2013 | ||||||||||||
Cumulative Translation Adjustment | Pension and Postretirement Benefits | Total | ||||||||||
(In millions) | ||||||||||||
Beginning balance | $ | 5.4 | $ | (12.2 | ) | $ | (6.8 | ) | ||||
Foreign currency translation adjustments (a) | (2.2 | ) | — | (2.2 | ) | |||||||
Recognition of actuarial loss (b) | — | 0.4 | 0.4 | |||||||||
Tax adjustment (c) | — | — | — | |||||||||
Change in pension and postretirement benefits, net | — | 0.4 | 0.4 | |||||||||
Ending balance | $ | 3.2 | $ | (11.8 | ) | $ | (8.6 | ) | ||||
(a) | No income taxes are provided on foreign currency translation adjustments as foreign earnings are considered permanently invested. | |||||||||||
(b) | The recognition of actuarial losses are reclassified out of accumulated other comprehensive income and included in the computation of net periodic benefit cost in selling, general and administrative expenses. | |||||||||||
(c) | The tax adjustments are reclassified out of accumulated other comprehensive income and included in income tax expense. |
WeightedAverage_Number_of_Shar1
Weighted-Average Number of Shares Used in Computing Earnings Per Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Schedule of Weighted Average Number of Shares Used in Computing Earnings Per Share | ' | |||||
The following table sets forth the weighted-average number of shares used in the computation of earnings per share: | ||||||
Three Months Ended March 31, | ||||||
2014 | 2013 | |||||
(In whole shares) | ||||||
Weighted average basic shares outstanding | 12,023,453 | 11,862,406 | ||||
Plus dilutive impact of employee stock options | 307,567 | 270,462 | ||||
Weighted average diluted shares outstanding | 12,331,020 | 12,132,868 | ||||
Segments_Textual_Details
Segments (Textual) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 3 |
Segments_Schedule_of_Segment_I
Segments (Schedule of Segment Information) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Net sales: | ' | ' | ' | |
Net sales | $317.80 | $283 | [1] | ' |
Income from continuing operations before income taxes: | ' | ' | ' | |
Total segment operating income | 22.9 | 23.2 | [1] | ' |
Corporate costs | -6.6 | -5.3 | [1] | ' |
Interest expense | -7 | -6.5 | [1] | ' |
Income from continuing operations before income taxes | 15.9 | 16.7 | [1] | ' |
Identifiable assets: | ' | ' | ' | |
Identifiable assets | 847.2 | ' | 818.7 | |
Supply Technologies [Member] | ' | ' | ' | |
Net sales: | ' | ' | ' | |
Net sales | 134.4 | 111.8 | [1] | ' |
Income from continuing operations before income taxes: | ' | ' | ' | |
Total segment operating income | 10.8 | 9.4 | [1] | ' |
Identifiable assets: | ' | ' | ' | |
Identifiable assets | 257.3 | ' | 241.7 | |
Assembly Components [Member] | ' | ' | ' | |
Net sales: | ' | ' | ' | |
Net sales | 108.1 | 92.2 | [1] | ' |
Income from continuing operations before income taxes: | ' | ' | ' | |
Total segment operating income | 8.1 | 6.8 | [1] | ' |
Identifiable assets: | ' | ' | ' | |
Identifiable assets | 283.6 | ' | 276.7 | |
Engineered Products [Member] | ' | ' | ' | |
Net sales: | ' | ' | ' | |
Net sales | 75.3 | 79 | [1] | ' |
Income from continuing operations before income taxes: | ' | ' | ' | |
Total segment operating income | 10.6 | 12.3 | [1] | ' |
Identifiable assets: | ' | ' | ' | |
Identifiable assets | 186 | ' | 183.1 | |
General corporate [Member] | ' | ' | ' | |
Identifiable assets: | ' | ' | ' | |
Identifiable assets | 120.3 | ' | 117.2 | |
Operating Segments [Member] | ' | ' | ' | |
Income from continuing operations before income taxes: | ' | ' | ' | |
Total segment operating income | $29.50 | $28.50 | [1] | ' |
[1] | Adjusted to reflect the discontinued operations. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Sep. 03, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | |
Proceeds from sale of non-core business unit | $8.50 | ' | ' | |
Select financial information of discontinued operations: | ' | ' | ' | |
Income (loss) from discontinued operations, net of taxes | ' | 0 | -0.4 | [1] |
Supply Technologies [Member] | Discontinued Operations [Member] | Non-core Business Unit [Member] | ' | ' | ' | |
Select financial information of discontinued operations: | ' | ' | ' | |
Net sales | ' | ' | 2.1 | |
Loss from discontinued operations before tax | ' | ' | -0.6 | |
Income tax benefit from operations | ' | ' | 0.2 | |
Income (loss) from discontinued operations, net of taxes | ' | ' | ($0.40) | |
[1] | Adjusted to reflect the discontinued operations. |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounts Receivable (Textual) [Abstract] | ' | ' |
Accounts receivables sold | $23 | $14.40 |
Loss on sale of accounts receivable | $0.10 | $0.10 |
Inventories_Components_of_Inve
Inventories (Components of Inventory) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Components of inventory | ' | ' |
Finished goods | $119.20 | $115.50 |
Work in process | 39.7 | 37.3 |
Raw materials and supplies | 68.6 | 68.6 |
Inventories, net | $227.50 | $221.40 |
Goodwill_Change_in_Goodwill_De
Goodwill - Change in Goodwill (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | $60.40 | $49.70 |
Acquisitions | ' | 10.4 |
Foreign currency translation | 0 | 0.3 |
Goodwill, end of period | 60.4 | 60.4 |
Supply Technologies [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | 6.4 | 0 |
Acquisitions | ' | 6.2 |
Foreign currency translation | 0 | 0.2 |
Goodwill, end of period | 6.4 | 6.4 |
Assembly Components [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | 49 | 44.8 |
Acquisitions | ' | 4.2 |
Foreign currency translation | 0 | 0 |
Goodwill, end of period | 49 | 49 |
Engineered Products [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | 5 | 4.9 |
Acquisitions | ' | 0 |
Foreign currency translation | 0 | 0.1 |
Goodwill, end of period | $5 | $5 |
Other_Intangible_Assets_Textua
Other Intangible Assets - Textual (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization expense | $1.10 | $0.80 |
Other_Intangible_Assets_Schedu
Other Intangible Assets - Schedule of Other Intangible Assets (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Details of other intangible assets | ' | ' |
Acquisition Costs | $65.10 | $65 |
Accumulated Amortization | 11.6 | 10.5 |
Net | 53.5 | 54.5 |
Total | 65.2 | 66.2 |
Tradenames [Member] | ' | ' |
Details of other intangible assets | ' | ' |
Indefinite-lived tradenames | 11.7 | 11.7 |
Non-contractual customer relationships [Member] | ' | ' |
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Useful Life | '12 years 11 months 16 days | ' |
Details of other intangible assets | ' | ' |
Acquisition Costs | 61.2 | 61.1 |
Accumulated Amortization | 9.8 | 8.7 |
Net | 51.4 | 52.4 |
Other [Member] | ' | ' |
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Useful Life | '9 years 4 months 12 days | ' |
Details of other intangible assets | ' | ' |
Acquisition Costs | 3.9 | 3.9 |
Accumulated Amortization | 1.8 | 1.8 |
Net | $2.10 | $2.10 |
Accrued_Warranty_Costs_Details
Accrued Warranty Costs (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Changes in product warranty liability | ' | ' |
Balance at beginning of period | $5.40 | $6.90 |
Claims paid during the period | -0.8 | -1.1 |
Warranty expense | 0.5 | 1.4 |
Balance at end of period | $5.10 | $7.20 |
Financing_Arrangements_Schedul
Financing Arrangements - Schedule of Long-term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Components of Long-term debt | ' | ' |
Long-term debt | $386.10 | $383.60 |
Less current maturities | 4.5 | 4.4 |
Total long-term debt, net of current portion | 381.6 | 379.2 |
8.125% senior notes due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes, interest rate | 8.13% | ' |
Components of Long-term debt | ' | ' |
Long-term debt | 250 | 250 |
Other [Member] | ' | ' |
Components of Long-term debt | ' | ' |
Long-term debt | 3.8 | 3.9 |
Revolving credit facility [Member] | ' | ' |
Components of Long-term debt | ' | ' |
Long-term debt | 114.4 | 111 |
Term Loan [Member] | ' | ' |
Components of Long-term debt | ' | ' |
Long-term debt | $17.90 | $18.70 |
Financing_Arrangements_Fair_Va
Financing Arrangements - Fair Value of Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | $386.10 | $383.60 |
Level 1 [Member] | Carrying amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | 250 | 250 |
Level 1 [Member] | Fair value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, Fair value | $280 | $275.60 |
Financing_Arrangements_Details
Financing Arrangements (Details Textual) (USD $) | Mar. 31, 2014 | Mar. 23, 2012 | Mar. 22, 2012 | Mar. 23, 2012 | Mar. 31, 2014 | Mar. 23, 2012 | Mar. 23, 2012 | Mar. 23, 2012 | Mar. 23, 2012 | Mar. 23, 2012 | Mar. 23, 2012 | Mar. 31, 2014 |
Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Term Loan [Member] | Term Loan [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | Prime lending rate [Member] | Prime lending rate [Member] | Prime lending rate [Member] | 8.125% senior notes due 2021 [Member] | |
Revolving credit facility [Member] | Revolving credit facility [Member] | Term Loan [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Term Loan [Member] | |||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | $220,000,000 | $200,000,000 | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable interest rate | ' | ' | ' | ' | ' | 1.75% | 2.75% | 2.75% | -0.25% | -1.00% | 0.25% | ' |
Interest rate at end of period | 1.94% | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' |
Term loan, period | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.13% |
Debt instrument maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2021 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes (Textual) [Abstract] | ' | ' |
Effective tax rate | 35.20% | 35.90% |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Stock-based compensation expense | $1.30 | $1.40 |
Unrecognized compensation cost related to non-vested stock-based compensation | $6.70 | ' |
Weighted average period | '1 year 11 months 9 days | ' |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Stock Option Activity) (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Number of Shares | ' |
Outstanding - beginning of year, number of shares | 146,000 |
Granted, number of shares | 0 |
Exercised, number of shares | -2,500 |
Canceled or expired, number of shares | 0 |
Outstanding - end of year, number of shares | 143,500 |
Options exercisable, number of shares | 143,500 |
Weighted Average Exercise Price | ' |
Outstanding - beginning of year, Weighted Average Exercise Price | $16.71 |
Granted, Weighted Average Exercise Price | $0 |
Exercised, Weighted Average Exercise Price | $14.12 |
Canceled or Expired, Weighted Average Exercise Price | $0 |
Outstanding - end of year, Weighted Average Exercise Price | $16.76 |
Options Exercisable - end of year, Weighted Average Exercise Price | $16.76 |
Outstanding - end of year, weighted average remaining contractual term | '2 years 3 months 18 days |
Options Exercisable, Weighted Average remaining contractual term | '2 years 3 months 18 days |
Outstanding - end of year, Aggregate intrinsic value | $5.70 |
Options Exercisable, Aggregate intrinsic value | $5.70 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Restricted Share Activity) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Shares | ' |
Number of Shares | ' |
Outstanding - beginning of year, number of shares | 422,898 |
Granted, number of shares | 0 |
Vested, number of shares | -41,666 |
Canceled or expired, number of shares | -1,334 |
Outstanding - end of year, number of shares | 379,898 |
Weighted Average Grant Date Fair Value | ' |
Outstanding - beginning of year, weighted average grant date fair value | $21.04 |
Granted, weighted average grant date fair value | $0 |
Vested, weighted average grant date fair value | $20.34 |
Canceled or expired, weighted average grant date fair value | ($19.38) |
Outstanding - end of year, weighted average grant date fair value | $21.12 |
Performance Shares | ' |
Number of Shares | ' |
Outstanding - beginning of year, number of shares | 42,000 |
Granted, number of shares | 0 |
Vested, number of shares | -14,000 |
Canceled or expired, number of shares | 0 |
Outstanding - end of year, number of shares | 28,000 |
Weighted Average Grant Date Fair Value | ' |
Outstanding - beginning of year, weighted average grant date fair value | $20.30 |
Granted, weighted average grant date fair value | $0 |
Vested, weighted average grant date fair value | $20.30 |
Canceled or expired, weighted average grant date fair value | $0 |
Outstanding - end of year, weighted average grant date fair value | $20.30 |
Commitments_Contingencies_and_1
Commitments, Contingencies and Litigation Judgment (Details) (TMK IPSCO [Member], USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2014 |
TMK IPSCO [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Direct damages sought | ' | $6 |
Consequential damages sought | ' | 4 |
Damages awarded | 5.2 | ' |
Additional damages sought | $3.80 | ' |
Pension_Plans_and_Other_Postre2
Pension Plans and Other Postretirement Benefits (Components of net periodic benefit) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits [Member] | ' | ' |
Components of net periodic benefit cost | ' | ' |
Service costs | $0.60 | $0.60 |
Interest costs | 0.6 | 0.5 |
Expected return on plan assets | -2.6 | -2.2 |
Recognized net actuarial loss | 0 | 0.2 |
Net periodic benefit (gains) costs | -1.4 | -0.9 |
Postretirement Benefits [Member] | ' | ' |
Components of net periodic benefit cost | ' | ' |
Service costs | 0.2 | 0 |
Interest costs | 0 | 0.1 |
Expected return on plan assets | 0 | 0 |
Recognized net actuarial loss | 0.1 | 0.2 |
Net periodic benefit (gains) costs | $0.30 | $0.30 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Components of accumulated comprehensive loss) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||||
In Millions, unless otherwise specified | Cumulative Translation Adjustment | Cumulative Translation Adjustment | Pension and Postretirement Benefits | Pension and Postretirement Benefits | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Beginning balance | $2.90 | $3.40 | $2.80 | $5.40 | $0.60 | ($12.20) | $3.40 | ($6.80) | ||||||
Foreign currency translation adjustments | ' | ' | -0.4 | [1] | -2.2 | [1] | 0 | [1] | 0 | [1] | -0.4 | [1] | -2.2 | [1] |
Recognition of actuarial loss | ' | ' | 0 | [2] | 0 | [2] | -0.1 | [2] | 0.4 | [2] | -0.1 | [2] | 0.4 | [2] |
Tax adjustment | ' | ' | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
Change in pension and postretirement benefits, net | ' | ' | 0 | 0 | -0.1 | 0.4 | -0.1 | 0.4 | ||||||
Beginning balance | $2.90 | $3.40 | $2.40 | $3.20 | $0.50 | ($11.80) | $2.90 | ($8.60) | ||||||
[1] | No income taxes are provided on foreign currency translation adjustments as foreign earnings are considered permanently invested. | |||||||||||||
[2] | The recognition of actuarial losses are reclassified out of accumulated other comprehensive income and included in the computation of net periodic benefit cost in selling, general and administrative expenses. | |||||||||||||
[3] | The tax adjustments are reclassified out of accumulated other comprehensive income and included in income tax expense. |
WeightedAverage_Number_of_Shar2
Weighted-Average Number of Shares Used in Computing Earnings Per Share (Details) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | ||
Earnings Per Share [Abstract] | ' | ' | |
Weighted average basic shares outstanding | 12,023,453 | 11,862,406 | [1] |
Plus dilutive impact of employee stock options | 307,567 | 270,462 | |
Weighted average diluted shares outstanding | 12,331,020 | 12,132,868 | [1] |
[1] | Adjusted to reflect the discontinued operations. |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, except Per Share data, unless otherwise specified | 9-May-14 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Quarterly dividend declared, per common share | $0.13 |
Dividends declared | $1.60 |