Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 13, 2014 | Jun. 30, 2013 |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'TRIMAS CORP | ' | ' |
Entity Central Index Key | '0000842633 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 45,011,655 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,377.70 |
Consolidated_Balance_Sheet_Sta
Consolidated Balance Sheet Statement (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $27,000 | $20,580 |
Receivables, net | 180,210 | 150,390 |
Inventories | 270,690 | 238,020 |
Deferred income taxes | 18,340 | 18,270 |
Prepaid expenses and other current assets | 18,770 | 10,530 |
Total current assets | 515,010 | 437,790 |
Property and equipment, net | 206,150 | 185,030 |
Goodwill | 309,660 | 270,940 |
Other intangibles, net | 219,530 | 206,160 |
Other assets | 50,430 | 31,040 |
Total assets | 1,300,780 | 1,130,960 |
Current liabilities: | ' | ' |
Current maturities, long-term debt | 10,290 | 14,370 |
Accounts payable | 166,090 | 158,410 |
Accrued liabilities | 85,130 | 74,420 |
Total current liabilities | 261,510 | 247,200 |
Long-term debt | 295,450 | 408,070 |
Deferred income taxes | 64,940 | 60,370 |
Other long-term liabilities | 99,990 | 84,960 |
Total liabilities | 721,890 | 800,600 |
Redeemable noncontrolling interest | 29,480 | 26,780 |
Preferred stock $0.01 par: Authorized 100,000,000 shares; Issued and outstanding: None | 0 | 0 |
Common stock, $0.01 par: Authorized 400,000,000 shares; Issued and outstanding: 45,003,214 shares at December 31, 2013 and 39,375,790 shares at December 31, 2012 | 450 | 390 |
Paid-in capital | 816,450 | 634,800 |
Accumulated deficit | -295,320 | -370,870 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 27,830 | 39,260 |
Total shareholders' equity | 549,410 | 303,580 |
Total liabilities and shareholders' equity | $1,300,780 | $1,130,960 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet Parentheticals (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares, Issued | 45,003,214 | 39,375,790 |
Common Stock, Shares, Outstanding | 45,003,214 | 39,375,790 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income Statement (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $1,394,860 | $1,272,910 | $1,083,960 |
Cost of sales | -1,041,460 | -929,150 | -766,260 |
Gross profit | 353,400 | 343,760 | 317,700 |
Selling, general and administrative expenses | -244,640 | -216,170 | -186,520 |
Net gain (loss) on dispositions of property and equipment | 11,770 | 280 | 140 |
Operating profit | 120,530 | 127,870 | 131,320 |
Other expense, net: | ' | ' | ' |
Interest expense | -18,330 | -35,800 | -44,480 |
Debt extinguishment costs | -2,460 | -46,810 | -3,970 |
Other expense, net | -1,980 | -3,000 | -3,130 |
Other expense, net | -22,770 | -85,610 | -51,580 |
Income from continuing operations before income tax expense | 97,760 | 42,260 | 79,740 |
Income tax expense | -18,390 | -5,970 | -28,930 |
Income from continuing operations | 79,370 | 36,290 | 50,810 |
Income from discontinued operations, net of income taxes | 700 | 0 | 9,550 |
Net income | 80,070 | 36,290 | 60,360 |
Net income attributable to noncontrolling interest | 4,520 | 2,410 | 0 |
Net income attributable to TriMas Corporation | $75,550 | $33,880 | $60,360 |
Basic earnings per share attributable to TriMas Corporation: | ' | ' | ' |
Continuing operations | $1.83 | $0.90 | $1.48 |
Discontinued operations | $0.02 | $0 | $0.28 |
Net income per share | $1.85 | $0.90 | $1.76 |
Weighted average common sharesbbasic | 40,926,257 | 37,520,935 | 34,246,289 |
Diluted earnings per share attributable to TriMas Corporation: | ' | ' | ' |
Continuing operations | $1.81 | $0.89 | $1.46 |
Discontinued operations | $0.02 | $0 | $0.27 |
Net income per share | $1.83 | $0.89 | $1.73 |
Weighted average common sharesbdiluted | 41,395,706 | 37,949,021 | 34,779,693 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $80,070 | $36,290 | $60,360 |
Other comprehensive income | ' | ' | ' |
Defined pension and postretirement pension plans, net of tax | 1,600 | -2,570 | -3,120 |
Foreign currency translation | -15,770 | 3,930 | -3,590 |
Net changes in unrealized gain (loss) on derivative instruments, net of tax | 2,740 | -1,680 | 230 |
Other Comprehensive Income (Loss), Net of Tax | -11,430 | -320 | -6,480 |
Total comprehensive income | 68,640 | 35,970 | 53,880 |
Net income attributable to noncontrolling interest | 4,520 | 2,410 | 0 |
Total comprehensive income attributable to TriMas Corporation | $64,120 | $33,560 | $53,880 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income Parentheticals (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statement of Comprehensive Income | ' | ' | ' |
Defined pension and postretirement pension plans, tax | $1.50 | $1.10 | $1.70 |
Net changes in unrealized gain (loss) on derivative instruments, tax | $1.70 | $1 | $0.10 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows Statement (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income | $80,070 | $36,290 | $60,360 |
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: | ' | ' | ' |
Gain on dispositions of businesses and other assets | -11,770 | -280 | -10,380 |
Gain on bargain purchase | -2,880 | 0 | 0 |
Depreciation | 30,810 | 25,050 | 25,940 |
Amortization of intangible assets | 19,770 | 19,820 | 14,530 |
Amortization of debt issue costs | 1,780 | 2,490 | 2,910 |
Deferred income taxes | -8,800 | -8,330 | 12,680 |
Non-cash compensation expense | 9,200 | 9,280 | 3,510 |
Excess tax benefits from stock based compensation | -1,550 | -2,730 | -3,980 |
Debt extinguishment costs | 2,460 | 46,810 | 3,970 |
Increase in receivables | -25,580 | -3,800 | -21,420 |
Increase in inventories | -10,690 | -48,010 | -16,840 |
(Increase) decrease in prepaid expenses and other assets | -2,380 | 620 | -890 |
Increase (decrease) in accounts payable and accrued liabilities | 7,800 | -3,700 | 25,870 |
Other, net | -630 | -290 | -450 |
Net cash provided by operating activities, net of acquisition impact | 87,610 | 73,220 | 95,810 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures | -39,490 | -46,120 | -32,620 |
Acquisition of businesses, net of cash acquired | -105,790 | -89,880 | -31,390 |
Net proceeds from disposition of businesses and other assets | 14,940 | 3,000 | 38,780 |
Net cash used for investing activities | -130,340 | -133,000 | -25,230 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from sale of common stock in connection with the Company's equity offering, net of issuance costs | 174,670 | 79,040 | 0 |
Proceeds from borrowings on term loan facilities | 359,470 | 584,670 | 269,150 |
Repayments of borrowings on term loan facilities | -587,500 | -404,770 | -294,370 |
Proceeds from borrowings on revolving credit and accounts receivable facilities | 1,222,980 | 724,500 | 659,300 |
Repayments of borrowings on revolving credit and accounts receivable facilities | -1,113,910 | -706,500 | -659,300 |
Repurchase of senior secured notes | 0 | -250,000 | 0 |
Senior secured notes redemption premium and debt financing fees | -3,610 | -42,150 | -6,890 |
Distributions to noncontrolling interests | -2,710 | -1,260 | 0 |
Proceeds from contingent consideration related to disposition of businesses | 1,030 | 0 | 0 |
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | -4,440 | -990 | -900 |
Proceeds from exercise of stock options | 1,620 | 6,170 | 1,000 |
Excess tax benefits from stock based compensation | 1,550 | 2,730 | 3,980 |
Net cash provided by (used for) financing activities | 49,150 | -8,560 | -28,030 |
Increase (decrease) for the year | 6,420 | -68,340 | 42,550 |
At beginning of year | 20,580 | 88,920 | 46,370 |
At end of year | 27,000 | 20,580 | 88,920 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest | 16,750 | 31,300 | 40,550 |
Cash paid for income taxes | $37,700 | $25,820 | $15,710 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity Statement (USD $) | Total | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands | |||||
Balances at Dec. 31, 2010 | $112,320 | $340 | $531,030 | ($465,110) | $46,060 |
Net income attributable to TriMas Corporation | 60,360 | ' | ' | 60,360 | ' |
Other comprehensive income (loss) | -6,480 | ' | ' | ' | -6,480 |
Proceeds from sale of common stock | 0 | ' | ' | ' | ' |
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | -900 | 0 | -900 | ' | ' |
Stock option exercises and restricted stock vesting | 1,000 | 10 | 990 | ' | ' |
Excess tax benefits from stock based compensation | 3,980 | ' | 3,980 | ' | ' |
Non-cash compensation expense | 3,510 | ' | 3,510 | ' | ' |
Balances at Dec. 31, 2011 | 173,790 | 350 | 538,610 | -404,750 | 39,580 |
Net income attributable to TriMas Corporation | 33,880 | ' | ' | 33,880 | ' |
Other comprehensive income (loss) | -320 | ' | ' | ' | -320 |
Proceeds from sale of common stock | 79,040 | 40 | 79,000 | ' | ' |
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | -990 | 0 | -990 | ' | ' |
Stock option exercises and restricted stock vesting | 6,170 | 0 | 6,170 | ' | ' |
Excess tax benefits from stock based compensation | 2,730 | ' | 2,730 | ' | ' |
Non-cash compensation expense | 9,280 | ' | 9,280 | ' | ' |
Balances at Dec. 31, 2012 | 303,580 | 390 | 634,800 | -370,870 | 39,260 |
Net income attributable to TriMas Corporation | 75,550 | ' | ' | 75,550 | ' |
Other comprehensive income (loss) | -11,430 | ' | ' | ' | -11,430 |
Proceeds from sale of common stock | 174,670 | 50 | 174,620 | ' | ' |
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | -4,440 | 0 | -4,440 | ' | ' |
Stock option exercises and restricted stock vesting | 1,620 | 10 | 1,610 | ' | ' |
Excess tax benefits from stock based compensation | 1,550 | ' | 1,550 | ' | ' |
Non-cash compensation expense | 9,200 | ' | 9,200 | ' | ' |
Noncontrolling Interest, Change in Redemption Value | -890 | ' | -890 | ' | ' |
Balances at Dec. 31, 2013 | $549,410 | $450 | $816,450 | ($295,320) | $27,830 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, is a global manufacturer and distributor of products for commercial, industrial and consumer markets. The Company is principally engaged in the following reportable segments with diverse products and market channels: Packaging, Energy, Aerospace & Defense, Engineered Components, Cequent Asia Pacific Europe Africa ("Cequent APEA") and Cequent Americas. The Company renamed its former "Cequent Asia Pacific" reportable segment "Cequent APEA" effective in the second quarter of 2013 following the Company's recent acquisitions to more appropriately reflect the expanding geography covered by the businesses in this reportable segment. See Note 19, "Segment Information," for further information on each of the Company's reportable segments. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"). ASU 2013-11 requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. ASU 2013-11 further states that to the extent that a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with deferred tax assets. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The adoption of ASU 2013-11 will not have a material effect on our consolidated financial statements as it aligns with our current presentation. | |
In March 2013, the FASB issued ASU 2013-5, "Foreign Currency Matters (Topic 830): 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" ("ASU 2013-5"). ASU 2013-5 requires a reporting entity that either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, to release any cumulative translation adjustment into net income. ASU 2013-5 is effective for fiscal years beginning after December 15, 2013, with early adoption permitted. The Company applied the provisions of ASU 2013-5 to the sale of its business in Italy within the Packaging reportable segment. See Note 7, "Facility Closure and Sale of Business," for further details. | |
In February 2013, the FASB issued ASU 2013-2, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-2"). ASU 2013-2 requires an entity to provide information about the changes in accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not reclassified in their entirety to net income, an entity is required to cross-reference in a note to other required disclosures that provide additional detail about those amounts. ASU 2013-2 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted ASU 2013-2 in 2013. See Note 18, "Other Comprehensive Income," for additional details. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
Summary of Significant Accounting Policies | ||
Principles of Consolidation. The accompanying consolidated financial statements include the accounts and transactions of TriMas and its subsidiaries. Significant intercompany transactions have been eliminated. | ||
The Company records the initial carrying amount of redeemable noncontrolling interests at fair value. Each reporting period, the Company adjusts the carrying amount to the greater of (1) the initial carrying amount, increased or decreased for the redeemable noncontrolling interests' share of net income or loss, their share of comprehensive income or loss and dividends and (2) the redemption value as determined by a specified multiple of earnings, as defined. This method views the end of the reporting period as if it were also the redemption date for the redeemable noncontrolling interests. The Company conducts a quarterly review to determine if the fair value of the redeemable noncontrolling interests is less than the redemption value. If the fair value of the redeemable noncontrolling interests is less than the redemption value, there may be a charge to earnings per share attributable to TriMas Corporation. | ||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, goodwill and other intangibles, valuation allowances for receivables, inventories and deferred income tax assets, valuation of derivatives, estimated future unrecoverable lease costs, estimated unrecognized tax benefits, reserves for asbestos, legal and product liability matters, assets and obligations related to employee benefits and valuation of redeemable noncontrolling interests. Actual results may differ from such estimates and assumptions. | ||
Cash and Cash Equivalents. The Company considers cash on hand and on deposit and investments in all highly liquid debt instruments with initial maturities of three months or less to be cash and cash equivalents. | ||
Receivables. Receivables are presented net of allowances for doubtful accounts of approximately $3.6 million and $3.7 million at December 31, 2013 and 2012, respectively. The Company monitors its exposure for credit losses and maintains allowances for doubtful accounts based upon the Company's best estimate of probable losses inherent in the accounts receivable balances. The Company does not believe that significant credit risk exists due to its diverse customer base. | ||
Sales of Receivables. The Company may, from time to time, sell certain of its receivables to third parties. Sales of receivables are recognized at the point in which the receivables sold are transferred beyond the reach of the Company and its creditors, the purchaser has the right to pledge or exchange the receivables and the Company has surrendered control over the transferred receivables. | ||
Inventories. Inventories are stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out method. Direct materials, direct labor and allocations of variable and fixed manufacturing-related overhead are included in inventory cost. | ||
Property and Equipment. Property and equipment additions, including significant improvements, are recorded at cost. Upon retirement or disposal of property and equipment, the cost and accumulated depreciation are removed from the accounts, and any gain or loss is included in the accompanying statement of income. Repair and maintenance costs are charged to expense as incurred. | ||
Depreciation and Amortization. Depreciation is computed principally using the straight-line method over the estimated useful lives of the assets. Annual depreciation rates are as follows: land and land improvements/buildings, 10 to 40 years, and machinery and equipment, three to 15 years. Capitalized debt issuance costs are amortized over the underlying terms of the related debt securities. Customer relationship intangibles are amortized over periods ranging from five to 25 years, while technology and other intangibles are amortized over periods ranging from one to 30 years. | ||
Impairment of Long-Lived Assets and Definite-Lived Intangible Assets. The Company reviews, on at least a quarterly basis, the financial performance of each business unit for indicators of impairment. In reviewing for impairment indicators, the Company also considers events or changes in circumstances such as business prospects, customer retention, market trends, potential product obsolescence, competitive activities and other economic factors. An impairment loss is recognized when the carrying value of an asset group exceeds the future net undiscounted cash flows expected to be generated by that asset group. The impairment loss recognized is the amount by which the carrying value of the asset group exceeds its fair value. | ||
Goodwill. The Company assesses goodwill and indefinite-lived intangible assets (primarily trademark/trade names) for impairment on an annual basis by reviewing relevant qualitative and quantitative factors. More frequent evaluations may be required if the Company experiences changes in its business climate or as a result of other triggering events that take place. If carrying value exceeds fair value, a possible impairment exists and further evaluation is performed. | ||
The Company determines its reporting units at the individual operating segment level, or one level below, when there is discrete financial information available that is regularly reviewed by segment management for evaluating operating results. For purposes of the Company's 2013 goodwill impairment test, the Company had 12 reporting units within its six reportable segments, eight of which had goodwill. | ||
The Company performed a one-step ("Step Zero") qualitative assessment for its 2013, 2012 and 2011 annual goodwill impairment tests. In conducting the qualitative assessment, the Company considers relevant events and circumstances that affect the fair value or carrying amount of a reporting unit. Such events and circumstances can include macroeconomic conditions, industry and market considerations, overall financial performance, entity and reporting unit specific events, and capital markets pricing. The Company considers the extent to which each of the adverse events and circumstances identified affect the comparison of a reporting unit's fair value with its carrying amount. The Company places more weight on the events and circumstances that most affect a reporting unit's fair value or the carrying amount of its net assets. The Company considers positive and mitigating events and circumstances that may affect its determination of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company also considers recent valuations of its reporting units, including the difference between the most recent fair value estimate and the carrying amount. These factors are all considered by management in reaching its conclusion about whether to perform the first step of the goodwill impairment test. If management concludes that further testing is required, the Company would perform a quantitative valuation to estimate the fair value of its reporting units. | ||
Indefinite-Lived Intangibles. The Company performed a qualitative assessment for its 2013 and 2012 indefinite-lived intangible asset impairment tests. In conducting the qualitative assessment, the Company considers relevant events and circumstances to determine whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying values. In addition to the events and circumstances that the Company considers above in its Step Zero analysis for potential goodwill impairment, the Company also considers legal, regulatory and contractual factors that could affect the fair value or carrying amount of the Company's indefinite-lived intangible assets. The Company also considers recent valuations of its indefinite-lived intangible assets, including the difference between the most recent fair value estimates and the carrying amounts. These factors are all considered by management in reaching its conclusion about whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying values. If management concludes that further testing is required, the Company would perform a quantitative valuation to estimate the fair value of its indefinite-lived intangible assets. If the carrying value exceeds fair value, an impairment is recorded. | ||
Prior to 2012, before the qualitative assessment option was issued into the accounting rules, the Company utilized the royalty relief method to estimate the fair value of its indefinite-lived intangible assets, basing the estimate on discounted future cash flows related to the net amount of royalty expenses avoided due to the existence of the trademark or tradename. The Company then compared the estimated fair value to the carrying value. If the carrying value exceeds fair value, an impairment is recorded. | ||
Self-insurance. The Company is generally self-insured for losses and liabilities related to workers' compensation, health and welfare claims and comprehensive general, product and vehicle liability. The Company is generally responsible for up to $0.5 million per occurrence under its retention program for workers' compensation, between $0.3 million and $2.0 million per occurrence under its retention programs for comprehensive general, product and vehicle liability, and has a $0.3 million per occurrence stop-loss limit with respect to its self-insured group medical plan. Total insurance limits under these retention programs vary by year for comprehensive general, product and vehicle liability and extend to the applicable statutory limits for workers' compensation. Reserves for claims losses, including an estimate of related litigation defense costs, are recorded based upon the Company's estimates of the aggregate liability for claims incurred using actuarial assumptions about future events. Changes in assumptions for factors such as medical costs and actual experience could cause these estimates to change. | ||
Pension Plans and Postretirement Benefits Other Than Pensions. Annual net periodic pension expense and benefit liabilities under defined benefit pension plans are determined on an actuarial basis. Assumptions used in the actuarial calculations could have a significant impact on plan obligations, and a lesser impact on current period expense. Annually, the Company reviews the actual experience compared to the more significant assumptions used and makes adjustments to the assumptions, if warranted. The healthcare trend rates are reviewed based upon actual claims experience. Discount rates are based upon an expected benefit payments duration analysis and the equivalent average yield rate for high-quality fixed-income investments. Pension benefits are funded through deposits with trustees and the expected long-term rate of return on fund assets is based upon actual historical returns and a review of other public company pension asset return data, modified for known changes in the market and any expected change in investment policy. Postretirement benefits are not funded and it is the Company's policy to pay these benefits as they become due. | ||
Revenue Recognition. Revenues from product sales are recognized when products are shipped or services are provided to customers, the customer takes ownership and assumes risk of loss, the sales price is fixed and determinable and collectability is reasonably assured. Net sales is comprised of gross revenues less estimates of expected returns, trade discounts and customer allowances, which include incentives such as cooperative advertising agreements, volume discounts and other supply agreements in connection with various programs. Such deductions are recorded during the period the related revenue is recognized. | ||
Cost of Sales. Cost of sales includes material, labor and overhead costs incurred in the manufacture of products sold in the period. Material costs include raw material, purchased components, outside processing and inbound freight costs. Overhead costs consist of variable and fixed manufacturing costs, wages and fringe benefits, and purchasing, receiving and inspection costs. | ||
Selling, General and Administrative Expenses. Selling, general and administrative expenses include the following: costs related to the advertising, sale, marketing and distribution of the Company's products, shipping and handling costs, amortization of customer intangible assets, costs of finance, human resources, legal functions, executive management costs and other administrative expenses. | ||
Research and Development Costs. Research and development ("R&D") costs are expensed as incurred. R&D expenses were approximately $2.0 million, $1.3 million and $1.4 million for the years ended December 31, 2013, 2012 and 2011, respectively, and are included in cost of sales in the accompanying statement of income. | ||
Shipping and Handling Expenses. Freight costs are included in cost of sales and shipping and handling expenses, including those of Cequent Americas' distribution network, are included in selling, general and administrative expenses in the accompanying statement of income. Shipping and handling costs were $4.6 million for the year ended December 31, 2013 and $4.1 million for each of the years ended December 31, 2012 and 2011, respectively. | ||
Advertising and Sales Promotion Costs. Advertising and sales promotion costs are expensed as incurred. Advertising costs were approximately $8.9 million, $7.9 million and $7.6 million for the years ended December 31, 2013, 2012 and 2011, respectively, and are included in selling, general and administrative expenses in the accompanying statement of income. | ||
Income Taxes. The Company computes income taxes using the asset and liability method, whereby deferred income taxes using current enacted tax rates are provided for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities and for operating loss and tax credit carryforwards. The Company determines valuation allowances based on an assessment of positive and negative evidence on a jurisdiction-by-jurisdiction basis and records a valuation allowance to reduce deferred tax assets to the amount more likely than not to be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. | ||
Foreign Currency Translation. The financial statements of subsidiaries located outside of the United States are measured using the currency of the primary economic environment in which they operate as the functional currency. Net foreign currency transaction losses were approximately $1.1 million for each of the years ended December 31, 2013 and 2012, and $1.2 million for the year ended December 31, 2011, and are included in other expense, net in the accompanying statement of income. When translating into U.S. dollars, income and expense items are translated at average monthly exchange rates and assets and liabilities are translated at exchange rates in effect at the balance sheet date. Translation adjustments resulting from translating the functional currency into U.S. dollars are deferred as a component of accumulated other comprehensive income in the statement of shareholders' equity. | ||
Derivative Financial Instruments. The Company records all derivative financial instruments at fair value on the balance sheet as either assets or liabilities, and changes in their fair values are immediately recognized in earnings if the derivatives do not qualify as effective hedges. If a derivative is designated as a fair value hedge, then changes in the fair value of the derivative are offset against the changes in the fair value of the underlying hedged item. If a derivative is designated as a cash flow hedge, then the effective portion of the changes in the fair value of the derivative is recognized as a component of other comprehensive income until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable of occurring. The Company formally documents hedging relationships for all derivative transactions and the underlying hedged items, as well as its risk management objectives and strategies for undertaking the hedge transactions. See Note 13, "Derivative Instruments," for further information on the Company's financial instruments. | ||
Fair Value of Financial Instruments. In accounting for and disclosing the fair value of these instruments, the Company uses the following hierarchy: | ||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; | |
• | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and | |
• | Level 3 inputs are unobservable inputs for the asset or liability. | |
Valuation of the interest rate swaps and foreign currency forward contracts are based on the income approach, which uses observable inputs such as interest rate yield curves and forward currency exchange rates. | ||
The carrying value of financial instruments reported in the balance sheet for current assets and current liabilities approximates fair value due to the short maturity of these instruments. The Company's current senior secured term loan A facility traded at 99.9% as of December 31, 2013 and the Company's former senior secured term loan A facility traded at 99.3% of par value as of December 31, 2012. The Company's previous term loan B facility traded at 99.9% of par value as of December 31, 2012. The valuations of the term loans were determined based on Level 2 inputs. | ||
Earnings Per Share. Net earnings are divided by the weighted average number of shares outstanding during the year to calculate basic earnings per share. Diluted earnings per share are calculated to give effect to stock options and other stock-based awards. The calculation of diluted earnings per share included 293,021, 219,911 and 130,314 restricted shares for the years ended December 31, 2013, 2012 and 2011, respectively. Options to purchase 342,448, 675,665 and 1,271,149 shares of common stock were outstanding at December 31, 2013, 2012 and 2011, respectively. The calculation of diluted earnings per share included 176,428, 208,175 and 403,090 options to purchase shares of common stock for the years ended December 31, 2013, 2012 and 2011, respectively. | ||
Stock-based Compensation. The Company recognizes compensation expense related to equity awards based on their fair values as of the grant date. In addition, the Company periodically updates its estimate of attainment for each restricted share with a performance factor based on current and forecasted results, reflecting the change from prior estimate, if any, in current period compensation expense. The disclosed number of shares granted considers only the targeted number of shares until such time that the performance condition has been satisfied. If the performance conditions are not achieved, no award is earned. | ||
Other Comprehensive Income. The Company refers to other comprehensive income as revenues, expenses, gains and losses that under accounting principles generally accepted in the United States are included in comprehensive income but are excluded from net earnings as these amounts are recorded directly as an adjustment to stockholders' equity. Other comprehensive income is comprised of foreign currency translation adjustments, amortization of prior service costs and unrecognized gains and losses in actuarial assumptions and changes in unrealized gains and losses on derivatives. |
Equity_Offering
Equity Offering | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Equity Offering | ' |
Equity Offering | |
In September 2013, the Company issued 5,175,000 shares of its common stock via a public offering at a price of $35.40 per share. Net proceeds from the offering, after deducting underwriting discounts, commissions and offering expenses of $8.5 million, totaled approximately $174.7 million. The Company used the net offering proceeds for general corporate purposes, including retirement of debt in connection with the Company's October 2013 refinancing, acquisitions, capital expenditures and working capital requirements. | |
In May 2012, the Company issued 4,000,000 shares of its common stock via a public offering at a price of $20.75 per share. Net proceeds from the offering, after deducting underwriting discounts, commissions and offering expenses of $4.0 million, totaled approximately $79.0 million. Approximately $54.9 million of net proceeds were utilized to partially redeem $50.0 million aggregate principal of the Company's former 9 ¾% senior secured notes. The remaining proceeds were used for general corporate purposes, including acquisitions, capital expenditures and working capital requirements. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
Acquisitions | |||||||||
2013 Acquisitions | |||||||||
During 2013, the Company completed various 100%-owned acquisitions for an aggregate amount of approximately $105.8 million, net of cash acquired, with an additional $12.4 million of deferred purchase price and contingent consideration, based primarily on a fixed date and payment schedule over the next five years. Of these acquisitions, the most significant, in chronological order of acquisition date, are as follows: | |||||||||
• | Martinic Engineering, Inc. ("Martinic"), acquired in January, located in the United States and included in the Company's Aerospace & Defense reportable segment, is a manufacturer of highly-engineered, precision machined, complex parts for commercial and military aerospace applications, including auxiliary power units, as well as electrical, hydraulic and pneumatic systems located in the United States and generated approximately $13 million in revenue for the 12 months ended December 31, 2012. | ||||||||
• | Wulfrun Specialised Fasteners Limited ("Wulfrun"), acquired in March, located in the United Kingdom and included in the Company's Energy reportable segment, is a manufacturer and distributor of specialty bolting and CNC machined components for use in critical oil and gas, pipeline and power generation applications, and generated approximately $10 million in revenue for the 12 months ended December 31, 2012. | ||||||||
• | C.P. Witter Limited ("Witter"), acquired in April, located in the United Kingdom and included in the Company's Cequent APEA reportable segment, is a manufacturer of highly-engineered towbars and accessories which are distributed through a wide network of commercial dealers, and generated approximately $20 million in revenue for the 12 months ended March 31, 2013. | ||||||||
• | Towing technology and business assets of AL-KO GmbH ("AL-KO"), acquired in July, located in Germany and Finland and is included in the Company's Cequent APEA reportable segment. The acquired assets generated approximately $16 million of revenue for the 12 months ended June 30, 2013. The fair value of the AL-KO net assets acquired exceeded the purchase price, resulting in a bargain purchase gain of approximately $2.9 million, which is included in other income (expense), net in the accompanying consolidated statement of income for the year ended December 31, 2013. | ||||||||
• | Mac Fasteners, Inc. ("Mac Fasteners"), acquired in October, located in the United States and included in the Company's Aerospace & Defense reportable segment, is in the business of manufacturing and distribution of stainless steel aerospace fasteners, globally utilized by OEMs, aftermarket repair companies, and commercial and military aircraft producers and generated approximately $17 million in revenue for the 12 months ended September 30, 2013. | ||||||||
• | DHF Soluções Automotivas Ltda ("DHF"), acquired in November, located in Brazil within the Company's Cequent Americas reportable segment, is a manufacturer and distributor of aftermarket automotive hitching and accessory products, and generated approximately $12 million of revenue for the 12 months ended September 30, 2013. | ||||||||
While the individual and aggregate historical and current year revenue and earnings associated with the Company's 2013 acquisitions is not significant compared to the Company's total results of operations, the following information has been provided to summarize the aggregate fair value of consideration paid for the acquisitions, the assets acquired and liabilities assumed. | |||||||||
Year ended December 31, 2013 | |||||||||
(dollars in thousands) | |||||||||
Consideration | |||||||||
Initial cash paid net of cash acquired | $ | 105,790 | |||||||
Deferred/contingent consideration(a) | 12,370 | ||||||||
Total consideration | $ | 118,160 | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Receivables | $ | 12,420 | |||||||
Inventories | 27,350 | ||||||||
Intangible assets other than goodwill(b) | 41,140 | ||||||||
Prepaid expenses and other assets | 17,480 | ||||||||
Property and equipment, net | 20,930 | ||||||||
Accounts payable and accrued liabilities | (12,510 | ) | |||||||
Deferred income taxes | (8,900 | ) | |||||||
Other long-term liabilities | (18,580 | ) | |||||||
Total identifiable net assets | 79,330 | ||||||||
Goodwill(c) | 38,830 | ||||||||
$ | 118,160 | ||||||||
__________________________ | |||||||||
(a) Deferred/contingent consideration includes approximately $9.8 million of both short-term and long-term deferred purchase price, based on set amounts and fixed payment schedules per the purchase agreement, and an additional $2.6 million of contingent consideration to be paid based on a multiple of future earnings, as defined. | |||||||||
(b) Consists of approximately $27.6 million of customer relationships with an estimated weighted average useful life of 10 years, $1.5 million of technology and other intangible assets with an estimated weighted average useful life of four years and $12.1 million of trademark/trade names with an indefinite useful life. | |||||||||
(c) Goodwill includes approximately $2.9 million of bargain purchase gain resulting from the acquisition of the towing technology and business assets of AL-KO, which is included in other income (expense), net in the accompanying consolidated statement of income for the year ended December 31, 2013. | |||||||||
The Company has recorded preliminary purchase accounting adjustments for these acquisitions, but may refine such amounts as it finalizes these estimates during the requisite one-year measurement periods. | |||||||||
2012 Acquisitions | |||||||||
Arminak and Associates | |||||||||
On February 24, 2012, the Company acquired 70% of the membership interests of Arminak & Associates, LLC ("Arminak") for the purchase price of approximately $67.7 million. Arminak is in the business of designing, manufacturing and supplying foamers, lotion pumps, fine mist sprayers and other packaging solutions for the cosmetic, personal care and household product markets. The acquisition of Arminak enhances the Company's highly-engineered product offering and provides access to large global customers in the cosmetic and personal care markets. Arminak is included in the Company's Packaging reportable segment. | |||||||||
The purchase agreement provides the Company an option to purchase, and the Sellers an option to sell, the remaining 30% noncontrolling interest at specified dates in the future based on a multiple of earnings, as defined. The call and put options become exercisable during the first quarters of 2014, 2015 and 2016. During the first exercise period, in 2014, TriMas and Arminak's previous owners ("Sellers") have the opportunity to call or put a 10% interest in Arminak. During the second exercise period, in 2015, TriMas and the Sellers have the opportunity to call or put an additional 10%, or up to all remaining interests held by Sellers per joint agreement, as defined in the purchase agreement. Finally, during the third exercise period, in 2016, a call or put may be exercised for all or any portions of the remaining interests held by the Sellers. | |||||||||
The combination of a noncontrolling interest and a redemption feature resulted in a redeemable noncontrolling interest, which is classified outside of permanent equity on the accompanying consolidated balance sheet. In order to estimate the fair value of the redeemable noncontrolling interest in Arminak upon acquisition, the Company utilized the Monte Carlo valuation method, using variations of estimated future discounted cash flows given certain significant assumptions including expected revenue growth, minimum and maximum estimated levels of gross profit margin, future expected cash flows, amounts transferred during each call and put exercise period and appropriate discount rates. As these assumptions are not observable in the market, the calculation represents a Level 3 fair value measurement. The Company recorded the redeemable noncontrolling interest at fair value at the date of acquisition. | |||||||||
During the Company's quarterly review and comparison of the carrying, redemption and fair value of the redeemable noncontrolling interest conducted as of December 31, 2013, the Company concluded that the estimated redemption value exceeded the carrying value, requiring an adjustment to increase the carrying value to equal the estimated redemption value, with the offset recorded as a decrease in paid in capital in the accompanying consolidated balance sheet. The Company also concluded that the estimated fair value of the noncontrolling interest was greater than the estimated redemption value; therefore, no charge to earnings per share was required. | |||||||||
Changes in the carrying amount of redeemable noncontrolling interest are summarized as follows: | |||||||||
Year ended December 31, 2013 | |||||||||
(dollars in thousands) | |||||||||
Beginning balance, December 31, 2012 | $ | 26,780 | |||||||
Distributions to noncontrolling interests | (2,710 | ) | |||||||
Net income attributable to noncontrolling interests | 4,520 | ||||||||
Redemption value adjustment for noncontrolling interests | 890 | ||||||||
Ending balance, December 31, 2013 | $ | 29,480 | |||||||
The following table summarizes the fair value of consideration paid for Arminak, and the assets acquired and liabilities assumed, as well as the fair value of the noncontrolling interest in Arminak at the acquisition date. | |||||||||
February 24, 2012 | |||||||||
(dollars in thousands) | |||||||||
Consideration | |||||||||
Initial cash paid net of working capital adjustment | $ | 59,200 | |||||||
Contingent consideration (a) | 8,490 | ||||||||
Total consideration | $ | 67,690 | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Receivables | $ | 8,760 | |||||||
Inventories | 4,200 | ||||||||
Intangible assets other than goodwill (b) | 48,400 | ||||||||
Other assets | 2,450 | ||||||||
Accounts payable and accrued liabilities | (4,270 | ) | |||||||
Long-term liabilities | (1,610 | ) | |||||||
Total identifiable net assets | 57,930 | ||||||||
Redeemable noncontrolling interest | (25,630 | ) | |||||||
Goodwill (c) | 35,390 | ||||||||
$ | 67,690 | ||||||||
__________________________ | |||||||||
(a) The contingent consideration represented the Company's best estimate, based on its review, at the time of purchase, of the underlying potential obligations estimated at a range of $8 million to $9 million, of certain Seller tax-related liabilities for which the Company has indemnified the Sellers as part of the purchase agreement. During 2012, the Company paid $4.9 million of additional purchase price related to the contingent consideration. No additional amounts were paid during 2013. The remaining liability range of $3.1 million to $4.1 million continues to represent the Company's best estimate of the remaining potential obligation at December 31, 2013. | |||||||||
(b) Consists of $33.0 million of customer relationships with an estimated 10 year useful life, $7.9 million of trademarks/trade names with an indefinite useful life and $7.5 million of technology and other intangible assets with an estimated eight year useful life. | |||||||||
(c) All of the goodwill was assigned to the Company's Packaging reportable segment and is expected to be deductible for tax purposes. | |||||||||
The results of operations of Arminak are included in the Company's results beginning February 24, 2012. The actual amounts of net sales and net income of Arminak included in the accompanying consolidated statement of income for the year ended December 31, 2012 are $65.9 million and $8.0 million, respectively. | |||||||||
The following table summarizes the supplemental pro forma results of the combined entity as if the acquisition had occurred on January 1, 2011. The supplemental pro forma information presented below is for informational purposes and is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated on January 1, 2011: | |||||||||
Pro forma Combined (a) | |||||||||
Year ended December 31, | |||||||||
2012 | 2011 | ||||||||
(dollars in thousands) | |||||||||
Net sales | $ | 1,280,940 | $ | 1,144,020 | |||||
Net income attributable to TriMas Corporation | $ | 35,850 | $ | 54,540 | |||||
___________________________ | |||||||||
(a) The supplemental pro forma results reflect certain adjustments, such as adjustments for acquisition costs incurred and purchase accounting adjustments related to step-up in value and subsequent amortization of inventory and intangible assets. | |||||||||
Total acquisition costs incurred by the Company in connection with its purchase of Arminak, primarily related to third party legal, accounting and tax diligence fees, were approximately $1.3 million, of which approximately $0.3 million were incurred during the fourth quarter of 2011 and $1.0 million were incurred during the first quarter of 2012. These costs are recorded in selling, general and administrative expenses in the accompanying consolidated statement of income. | |||||||||
Other acquisitions | |||||||||
Also during 2012, the Company completed other acquisitions for approximately $26.8 million in cash, in aggregate, with an additional estimated $14.4 million of deferred purchase price and contingent consideration, based primarily on post-acquisition operating results, payable over the next five years. Of these acquisitions, the most significant, in chronological order of acquisition date, are as follows: | |||||||||
• | CIFAL Industrial e Comercial Ltda ("CIFAL"), within the Energy reportable segment, is a Brazilian manufacturer and supplier of specialty fasteners and stud bolts, primarily to the oil and gas industry and generated approximately $9 million in revenue for the twelve months ended June 30, 2012. | ||||||||
• | Engetran Engenharia, Indústria, e Comércio de Peças e Acessórios Veiculares Ltda ("Engetran"), within the Company's Cequent Americas reportable segment, is a Brazilian manufacturer of trailering and towing products including trailer hitches, skid plates and related accessories and generated approximately $6 million in revenue for the twelve months ended June 30, 2012. | ||||||||
• | Trail Com Limited ("Trail Com"), with locations in New Zealand and Australia, and included in the Company's Cequent APEA reportable segment, is a distributor of towing accessories and trailer components and generated approximately $12 million in revenue for the twelve months ended June 30, 2012. | ||||||||
2011 Acquisitions | |||||||||
The Company completed acquisitions for an aggregate amount of approximately $31.7 million. Of these acquisitions, the most significant was as follows: | |||||||||
• | Innovative Molding ("Innovative"), within the Company's Packaging reportable segment, is a manufacturer of specialty plastic closures for bottles and jars for the food and nutrition industries located in California, and generated approximately $28 million of revenue for the twelve months ended May 31, 2011. | ||||||||
The assets acquired, liabilities assumed and results of operations of the aforementioned "other acquisitions" of 2012 and 2011 are not significant individually or in aggregate compared to the overall assets, liabilities and results of operations of the Company. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
Discontinued Operations | |||||||||||||
During the third quarter of 2011, the Company committed to a plan to exit its precision tool cutting and specialty fittings lines of business, both of which were part of the Engineered Components reportable segment. The businesses were sold in December 2011 for cash proceeds of $36.4 million and a note receivable of $2.2 million, which was collected in 2012, resulting in a pre-tax gain on sale of approximately $10.3 million. The purchase agreement also includes up to $2.5 million of additional contingent consideration, based on achievement of certain levels of future financial performance in 2012 and 2013, to be finalized by the second quarter of the year following the performance condition. During the second quarter of 2013, the Company was paid approximately $1.0 million of a possible $1.3 million as payout for the 2012 financial performance criteria. This amount is included in the income from discontinued operations in the accompanying consolidated statement of income. No payout is expected to be received in 2014 for the 2013 financial performance criteria. | |||||||||||||
In February 2009, the Company completed the sale of certain assets within its specialty laminates, jacketings and insulation tapes line of business, which was part of the Packaging reportable segment. The Company's manufacturing facility is subject to a lease agreement expiring in 2024 that was not assumed by the purchaser of the business. During the fourth quarter of 2011, the Company re-evaluated its estimate of unrecoverable future obligations initially recorded in 2009 and recorded an additional charge of approximately $1.8 million, based on further deterioration of real estate values and market comparables for this facility. | |||||||||||||
The results of the aforementioned businesses are reported as discontinued operations for all periods presented. | |||||||||||||
Results of discontinued operations are summarized as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Net sales | $ | — | $ | — | $ | 45,480 | |||||||
Income from discontinued operations, before income taxes | $ | 1,000 | $ | — | $ | 14,600 | |||||||
Income tax expense | (300 | ) | — | (5,050 | ) | ||||||||
Income from discontinued operations, net of income taxes | $ | 700 | $ | — | $ | 9,550 | |||||||
Facility_Closures
Facility Closures | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Related Activities Disclosure | ' |
Facility Closure and Sale of Business | |
Goshen, Indiana facility | |
In November 2012, the Company announced plans to close its manufacturing facility in Goshen, Indiana, moving production from Goshen to lower-cost manufacturing facilities during 2013. The Company completed the move and ceased operations in Goshen during the fourth quarter of 2013. During 2013, upon the cease use date of the facility, the Company recorded a pre-tax charge within its Cequent Americas reportable segment of approximately $4.6 million for estimated future unrecoverable lease obligations on the Goshen facility, net of estimated sublease recoveries, for the lease agreement that expires in 2022. | |
Also in 2013, upon completion of negotiations pursuant to a collective bargaining agreement, the Company recorded charges, primarily for severance benefits for its approximately 350 union hourly workers to be involuntarily terminated, of approximately $4.0 million, of which $3.6 million is included in cost of sales and $0.4 million is included in selling, general and administrative expenses in the accompanying consolidated statement of income. During 2012, the Company recorded charges, primarily related to severance benefits for approximately 70 salaried employees to be involuntarily terminated as part of the closure of approximately $1.2 million, of which $0.8 million is included in cost of sales and $0.4 million is included in selling, general and administrative expenses in the accompanying consolidated statement of income. Through December 31, 2013, the Company paid approximately $4.1 million of the total hourly and salaried severance benefits, with the remainder expected to be paid by mid-2014. | |
In addition, the Company incurred approximately $2.4 million and $0.2 million in 2013 and 2012, respectively, of pre-tax non-cash charges related to accelerated depreciation expense as a result of shortening the expected lives on certain machinery, equipment and leasehold improvement assets that the Company no longer utilizes following the facility closure. | |
Tekonsha, Michigan facility | |
In November 2011, the Company announced plans to close its manufacturing facility in Tekonsha, Michigan by the end of the third quarter of 2012, moving production currently in Tekonsha to lower-cost manufacturing facilities or to third-party sourcing partners. The production move was completed in 2012; however, the Company continues to use the facility as a distribution warehouse. In connection with this action, the Company recorded a charge in 2011, primarily related to cash costs for severance benefits for approximately 40 employees to be involuntarily terminated as part of the closure, within its Cequent Americas reportable segment of approximately $0.5 million, of which $0.4 million is included in cost of sales and $0.1 million is included in selling, general and administrative expenses in the accompanying consolidated statement of income. The Company also incurred approximately $0.4 million and $0.1 million in 2012 and 2011, respectively, of pre-tax non-cash charges related to accelerated depreciation expense as a result of shortening the expected useful lives on certain machinery and equipment assets that the Company no longer utilizes following the closure. | |
Sale of Business | |
On August 5, 2013, the Company announced the sale of its business in Italy within the Packaging reportable segment for cash of approximately $10.3 million, with the final sale price remaining subject to a working capital adjustment, if any, which is expected to be completed by mid-2014. As a result, the Company recorded a pre-tax gain of approximately $10.5 million, of which $7.9 million related to the release of historical currency translation adjustments into income, as proscribed under ASU 2013-5. See Note 2, "New Accounting Pronouncements," for further details. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||
The Company conducted its annual goodwill impairment test as of October 1, 2013. For purposes of its 2013, 2012 and 2011 goodwill impairment tests, the Company performed a Step Zero qualitative assessment of potential goodwill impairment. In performing the Step Zero assessment, the Company considered relevant events and circumstances that could affect the fair value or carrying amount of the Company's reporting units, such as macroeconomic conditions, industry and market considerations, overall financial performance, entity and reporting unit specific events and capital markets pricing. The Company also considered the 2010 annual goodwill impairment quantitative test results, where the estimated fair value of each of the Company's reporting units with goodwill exceeded the carrying value by more than 30%, and subsequent changes in the reporting units' revenues, profitability and carrying values. Based on the Step Zero analysis performed, the Company does not believe that it is more likely than not that the fair value of a reporting unit is less than its carrying amount in 2013, 2012 and 2011; therefore, the Company determined that Steps I and II were not required for the 2013, 2012 and 2011 goodwill impairment tests. | ||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||
Aerospace | Engineered | Cequent | Cequent | |||||||||||||||||||||||||
Packaging | Energy | & Defense | Components | APEA | Americas | Total | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 122,330 | $ | 48,720 | $ | 41,130 | $ | 3,180 | $ | — | $ | — | $ | 215,360 | ||||||||||||||
Goodwill from acquisitions | 35,420 | 15,500 | — | — | — | 3,470 | 54,390 | |||||||||||||||||||||
Foreign currency translation and other | 1,230 | (10 | ) | — | — | — | (30 | ) | 1,190 | |||||||||||||||||||
Balance, December 31, 2012 | $ | 158,980 | $ | 64,210 | $ | 41,130 | $ | 3,180 | $ | — | $ | 3,440 | $ | 270,940 | ||||||||||||||
Goodwill from acquisitions | — | 14,440 | 19,950 | 4,240 | — | 4,410 | 43,040 | |||||||||||||||||||||
Goodwill associated with sold businesses | (2,060 | ) | — | — | — | — | — | (2,060 | ) | |||||||||||||||||||
Foreign currency translation and other | 1,140 | (2,730 | ) | — | — | — | (670 | ) | (2,260 | ) | ||||||||||||||||||
Balance, December 31, 2013 | $ | 158,060 | $ | 75,920 | $ | 61,080 | $ | 7,420 | $ | — | $ | 7,180 | $ | 309,660 | ||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||||||
The Company conducted its annual indefinite-lived intangible asset impairment test as of October 1, 2013. For the purposes of the Company's 2013 and 2012 indefinite-lived intangible asset impairment tests, the Company performed a qualitative assessment to determine whether it was more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying values. In performing the qualitative assessment, the Company considered similar events and circumstances to those considered in the Step Zero analysis for goodwill impairment testing and also considered legal, regulatory and contractual factors that could affect the fair value or carrying amount of the Company's indefinite-lived intangible assets. The Company also considered the 2011 annual indefinite-lived intangible asset impairment quantitative test results, where the estimated fair value of each of the Company's indefinite-lived intangible assets exceeded the carrying value by more than 35%, as well as the Company's results of operations and improved capital structure. Based on the qualitative assessment performed, the Company does not believe that it is more likely than not that the fair values of each of its indefinite-lived intangible assets are less than the carrying values; therefore, a fair value calculation of the indefinite-lived intangible assets is not required for the 2013 and 2012 annual indefinite-lived intangible asset impairment tests. | ||||||||||||||||||||||||||||
For purposes of the Company's 2011 indefinite-lived intangible asset impairment test, the Company applied the royalty relief method to estimate the fair value of the indefinite-lived intangible assets. Upon completion of its 2011 indefinite-lived intangible asset impairment test, the Company determined that each of its indefinite-lived intangible assets had a fair value in excess of its carrying value. | ||||||||||||||||||||||||||||
The gross carrying amounts and accumulated amortization of the Company's other intangibles as of December 31, 2013 and 2012 are summarized below. The Company amortizes these assets over periods ranging from one to 30 years. | ||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||
Intangible Category by Useful Life | Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||||
Customer relationships, 5 - 12 years | $ | 105,090 | $ | (36,260 | ) | $ | 85,740 | $ | (30,080 | ) | ||||||||||||||||||
Customer relationships, 15 - 25 years | 154,610 | (94,200 | ) | 154,610 | (85,960 | ) | ||||||||||||||||||||||
Total customer relationships | 259,700 | (130,460 | ) | 240,350 | (116,040 | ) | ||||||||||||||||||||||
Technology and other, 1 - 15 years | 38,980 | (28,940 | ) | 37,130 | (26,320 | ) | ||||||||||||||||||||||
Technology and other, 17 - 30 years | 43,990 | (25,310 | ) | 43,800 | (23,070 | ) | ||||||||||||||||||||||
Total technology and other | 82,970 | (54,250 | ) | 80,930 | (49,390 | ) | ||||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||||
Trademark/Trade names | 61,570 | — | 50,310 | — | ||||||||||||||||||||||||
Total other intangible assets | $ | 404,240 | $ | (184,710 | ) | $ | 371,590 | $ | (165,430 | ) | ||||||||||||||||||
Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Technology and other, included in cost of sales | $ | 4,870 | $ | 4,940 | $ | 3,490 | ||||||||||||||||||||||
Customer relationships, included in selling, general and administrative expenses | 14,900 | 14,880 | 11,020 | |||||||||||||||||||||||||
Total amortization expense | $ | 19,770 | $ | 19,820 | $ | 14,510 | ||||||||||||||||||||||
Estimated amortization expense for the next five fiscal years beginning after December 31, 2013 is as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | Estimated Amortization Expense | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
2014 | $21,990 | |||||||||||||||||||||||||||
2015 | $21,230 | |||||||||||||||||||||||||||
2016 | $20,430 | |||||||||||||||||||||||||||
2017 | $20,070 | |||||||||||||||||||||||||||
2018 | $16,590 |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consist of the following components: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(dollars in thousands) | |||||||||
Finished goods | $ | 173,140 | $ | 159,550 | |||||
Work in process | 31,880 | 29,270 | |||||||
Raw materials | 65,670 | 49,200 | |||||||
Total inventories | $ | 270,690 | $ | 238,020 | |||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property and Equipment, Net | ' | ||||||||||||
Property and Equipment, Net | |||||||||||||
Property and equipment consists of the following components: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(dollars in thousands) | |||||||||||||
Land and land improvements | $ | 5,520 | $ | 6,410 | |||||||||
Buildings | 61,960 | 59,610 | |||||||||||
Machinery and equipment | 351,960 | 332,040 | |||||||||||
419,440 | 398,060 | ||||||||||||
Less: Accumulated depreciation | 213,290 | 213,030 | |||||||||||
Property and equipment, net | $ | 206,150 | $ | 185,030 | |||||||||
Depreciation expense as included in the accompanying consolidated statement of income is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Depreciation expense, included in cost of sales | $ | 26,410 | $ | 21,530 | $ | 20,800 | |||||||
Depreciation expense, included in selling, general and administrative expense | 4,400 | 3,520 | 2,970 | ||||||||||
Total depreciation expense | $ | 30,810 | $ | 25,050 | $ | 23,770 | |||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Accrued Liabilities | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(dollars in thousands) | |||||||||
Self-insurance | $ | 12,610 | $ | 12,050 | |||||
Wages and bonus | 23,670 | 22,080 | |||||||
Other | 48,850 | 40,290 | |||||||
Total accrued liabilities | $ | 85,130 | $ | 74,420 | |||||
Longterm_Debt
Long-term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term debt | ' | ||||||||
Long-term Debt | |||||||||
The Company's long-term debt consists of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(dollars in thousands) | |||||||||
Credit Agreement | $ | 246,130 | $ | 399,500 | |||||
Receivables facility and other | 59,610 | 22,940 | |||||||
305,740 | 422,440 | ||||||||
Less: Current maturities, long-term debt | 10,290 | 14,370 | |||||||
Long-term debt | $ | 295,450 | $ | 408,070 | |||||
Credit Agreement | |||||||||
During the fourth quarter of 2013, the Company entered into a new credit agreement (the "Credit Agreement"), pursuant to which the Company was able to reduce interest rates, extend maturities and increase its available liquidity. The Credit Agreement consists of a $575.0 million senior secured revolving credit facility, which permits revolving borrowings denominated in specific foreign currencies ("Foreign Currency Loans"), subject to a $75.0 million sub limit, and a $175.0 million senior secured term loan A facility. | |||||||||
Below is a summary of key terms under the Credit Agreement as of December 31, 2013 and the key terms of the previous credit agreement, in place immediately prior to entering into the new Credit Agreement on October 16, 2013, with term loan(s) showing borrowings outstanding at each date and revolving credit facilities showing gross availability at each date: | |||||||||
Instrument | Amount | Maturity Date | Interest Rate | ||||||
($ in millions) | |||||||||
New Credit Agreement | |||||||||
Senior secured revolving credit facility | $ | 575 | 10/16/18 | LIBOR(a) plus 1.625%(b) | |||||
Senior secured term loan A facility | 175 | 10/16/18 | LIBOR(a) plus 1.625%(b) | ||||||
Previous Credit Agreement | |||||||||
Senior secured revolving credit facility | $ | 250 | 10/11/17 | LIBOR plus 2.00% | |||||
Senior secured term loan A facility | 200 | 10/11/17 | LIBOR plus 2.00% | ||||||
Senior secured term loan B facility | 200 | 10/11/19 | LIBOR plus 2.75% with a 1.00% LIBOR floor | ||||||
__________________________ | |||||||||
(a) London Interbank Offered Rate ("LIBOR") | |||||||||
(b) The interest rate spread is based upon the leverage ratio, as defined, as of the most recent determination date. | |||||||||
The Credit Agreement also provides incremental term loan and/or revolving credit facility commitments in an amount not to exceed the greater of $300 million and an amount such that, after giving effect to such incremental commitments and the incurrence of any other indebtedness substantially simultaneously with the making of such commitments, the senior secured net leverage ratio, as defined, is no greater than 2.50 to 1.00. The terms and conditions of any incremental term loan and/or revolving credit facility commitments must be no more favorable than the existing credit facility. | |||||||||
Beginning with the fiscal year ending December 31, 2014 (payable in 2015), the Company may be required to prepay a portion of its term loan A facility in an amount equal to a percentage of the Company's excess cash flow, as defined, with such percentage based on the Company's leverage ratio, as defined. In April 2012, the Company paid $5.0 million of its former term loan B facility under the then-current excess cash flow provision for the year ended December 31, 2011. | |||||||||
The Company is also able to issue letters of credit, not to exceed $75.0 million in aggregate, against its revolving credit facility commitments. At December 31, 2013 and 2012, the Company had letters of credit of approximately $24.1 million and $23.3 million, respectively, issued and outstanding. | |||||||||
At December 31, 2013, the Company had $71.1 million outstanding under its revolving credit facility and had $479.8 million potentially available after giving effect to approximately $24.1 million of letters of credit issued and outstanding. At December 31, 2012, the Company had no amounts outstanding under its revolving credit facility and had $226.7 million potentially available after giving effect to approximately $23.3 million of letters of credit issued and outstanding. However, including availability under its accounts receivable facility and after consideration of leverage restrictions contained in the Credit Agreement and the previous credit agreement, the Company had $360.3 million and $230.5 million, respectively, of borrowing capacity available for general corporate purposes. | |||||||||
Principal payments required under the Credit Agreement for the Term Loan A facility are approximately $2.2 million due each calendar quarter beginning March 2014 through December 2016 and approximately $3.3 million from March 2017 through September 2018, with final payment of $125.8 million due on October 16, 2018. | |||||||||
The debt under the Credit Agreement is an obligation of the Company and certain of its domestic subsidiaries and is secured by substantially all of the assets of such parties. Borrowings under the $75.0 million foreign currency sub limit of the $575.0 million senior secured revolving credit facility are secured by a pledge of the assets of the foreign subsidiary borrowers that are a party to the agreement. The Credit Agreement also contains various negative and affirmative covenants and other requirements affecting the Company and its subsidiaries that are comparable to the previous credit agreement, including restrictions on incurrence of debt, liens, mergers, investments, loans, advances, guarantee obligations, acquisitions, asset dispositions, sale-leaseback transactions, hedging agreements, dividends and other restricted payments, transactions with affiliates, restrictive agreements and amendments to charters, bylaws, and other material documents. The terms of the Credit Agreement also require the Company and its subsidiaries to meet certain restrictive financial covenants and ratios computed quarterly, including a maximum leverage ratio (total consolidated indebtedness plus outstanding amounts under the accounts receivable securitization facility over consolidated EBITDA, as defined) and a minimum interest expense coverage ratio (consolidated EBITDA, as defined, over cash interest expense, as defined). At December 31, 2013, the Company was in compliance with its financial and other covenants contained in the Credit Agreement. | |||||||||
The Company incurred approximately $3.6 million in fees to complete the Credit Agreement, of which $3.1 million was capitalized as deferred financing fees and $0.5 million was recorded as debt extinguishment costs in the accompanying consolidated statement of income. The Company also recorded non-cash debt extinguishment costs of $1.9 million related to the write-off of deferred financing fees associated with the previous credit agreement. | |||||||||
During 2012 and 2011, the Company incurred $6.4 million and $6.8 million, respectively, in fees to complete the refinance of its previous credit agreements, of which $4.5 million and $4.4 million was capitalized as deferred financing fees and $1.9 million and $2.4 million, respectively, was recorded as debt extinguishment costs in the accompanying consolidated statement of income. The Company also recorded non-cash debt extinguishment costs of $1.1 million and $1.6 million related to the write-off of deferred financing fees associated with the previous credit agreements for the years ended December 31, 2012 and 2011, respectively. | |||||||||
Receivables Facility | |||||||||
The Company is a party to an accounts receivable facility through TSPC, Inc. ("TSPC"), a wholly-owned subsidiary, to sell trade accounts receivable of substantially all of the Company's domestic business operations. The Company amended the facility in December 2012, increasing the committed funding from $90.0 million to $105.0 million, and reducing the margin on amounts outstanding from 1.50% or 1.75% to 1.20% or 1.35%, respectively, depending on the amounts drawn under the facility. The amendment also reduced the cost of the unused portion of the facility from 0.45% to 0.40% and extended the maturity date from September 15, 2015 to October 12, 2017. | |||||||||
Under this facility, TSPC, from time to time, may sell an undivided fractional ownership interest in the pool of receivables up to approximately $105.0 million to a third party multi-seller receivables funding company. The net amount financed under the facility is less than the face amount of accounts receivable by an amount that approximates the purchaser's financing costs. The cost of funds under this facility consisted of a 3-month LIBOR plus a usage fee of 1.35% as of December 31, 2013 and 2012, respectively, and a fee on the unused portion of the facility of 0.40% as of December 31, 2013 and 2012, respectively. | |||||||||
The Company had $57.0 million and $18.0 million outstanding under the facility as of December 31, 2013 and 2012, respectively, and $20.2 million and $51.9 million available but not utilized as of December 31, 2013 and 2012, respectively. Aggregate costs incurred under the facility were $1.4 million, $1.3 million and $1.6 million for the years ended December 31, 2013, 2012 and 2011, and are included in interest expense in the accompanying consolidated statement of income. | |||||||||
The cost of funds fees incurred are determined by calculating the estimated present value of the receivables sold compared to their carrying amount. The estimated present value factor is based on historical collection experience and a discount rate based on a 3-month LIBOR-based rate plus the usage fee discussed above and is computed in accordance with the terms of the securitization agreement. As of December 31, 2013, the cost of funds under the facility was based on an average liquidation period of the portfolio of approximately 1.6 months and an average discount rate of 1.8%. | |||||||||
Other Bank Debt | |||||||||
In Australia, the Company's subsidiary is party to a debt agreement which matures on March 31, 2014 and is secured by substantially all the assets of the subsidiary. The balance outstanding under this agreement was approximately $0.7 million and $4.8 million at December 31, 2013 and 2012, respectively, at an average interest rate of 2.7% and 3.2% at December 31, 2013 and 2012, respectively. | |||||||||
Senior Notes | |||||||||
In 2009, the Company issued $250.0 million principal amount of its 93/4% senior secured notes due 2017 ("Senior Notes") at a discount of $5.0 million. Prior to December 15, 2012, the Company was able to redeem, on one or more occasions, up to 35% of the principal amount of Senior Notes at a redemption price equal to 109.750% of the principal amount, plus accrued and unpaid interest to the applicable redemption date plus additional interest, if any, with the net cash proceeds of one or more equity offerings, provided that at least 65% of the original principal amount of Senior Notes issued remains outstanding after such redemption, and provided further that each such redemption occurs within 90 days of the date of closing of each such equity offering. In June 2012, the Company completed a partial redemption of its Senior Notes, using cash proceeds from its May 2012 equity offering, paying approximately $54.9 million to redeem $50.0 million in aggregate principal at a redemption price equal to 109.750% of the principal amount. See Note 4, "Equity Offering," for further information on the Company's equity offering. | |||||||||
Under the Senior Notes indenture, the Company was also able to redeem all or a part of the Senior Notes, at a redemption price equal to 100% of the principal amount of the Senior Notes redeemed plus the applicable "make whole premium," accrued and unpaid interest and additional interest, if any, to the date of such redemption. During the fourth quarter of 2012, the proceeds from the borrowings obtained under the previous credit agreement were utilized to redeem all of the remaining outstanding Senior Notes ($200.0 million), and to pay tender costs, fees and expenses related thereto. As a result, at December 31, 2013 and 2012, there were no Senior Notes outstanding. | |||||||||
During 2012, the Company incurred approximately $35.7 million in premium, legal and other transaction advisory fees to complete the aforementioned redemptions of its Senior Notes and approximately $8.1 million in non-cash debt extinguishment costs related to the write-off of deferred financing fees and unamortized discount. The amounts are recorded as debt extinguishment costs in the accompanying consolidated statement of income. | |||||||||
Long-term Debt Maturities | |||||||||
Future maturities of the face value of long-term debt at December 31, 2013 are as follows: | |||||||||
Year Ending December 31: | (dollars | ||||||||
in thousands) | |||||||||
2014 | $ | 10,330 | |||||||
2015 | 9,300 | ||||||||
2016 | 9,010 | ||||||||
2017 | 70,280 | ||||||||
2018 | 206,820 | ||||||||
Thereafter | — | ||||||||
Total | $ | 305,740 | |||||||
Debt Issuance Costs | |||||||||
The Company's unamortized debt issuance costs approximated $8.7 million and $9.1 million at December 31, 2013 and 2012, respectively, and are included in other assets in the accompanying consolidated balance sheet. These amounts consist primarily of legal, accounting and other transaction advisory fees as well as facility fees paid to the lenders. Debt issuance costs for the current and previous term loan facilities and the previous discount on the Senior Notes are amortized using the interest method over the terms of the underlying debt instruments to which these amounts relate. The debt issuance costs for the current and previous revolving credit facilities and the receivables facility are amortized on a straight line basis over the term of the facilities. Amortization expense for these items was approximately $1.8 million, $2.5 million and $2.9 million in 2013, 2012 and 2011, respectively, and is included in interest expense in the accompanying consolidated statement of income. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||||
In December 2012, the Company entered into interest rate swap agreements to fix the LIBOR-based variable portion of the interest rates on its term loan facilities. The term loan A swap agreement fixes the LIBOR-based variable portion of the interest rate, beginning February 2013, on a total of $175.0 million notional amount at 0.74% and expires on October 11, 2017. The term loan B swap agreement fixed the LIBOR-based variable portion of the interest rate, beginning February 2015, on a total of $150.0 million notional amount at 2.05% and expired on October 11, 2019. At inception, the Company designated both swap agreements as cash flow hedges. However, the Company entered into a new Credit Agreement during the fourth quarter of 2013 and, as a result, the term loan B swap was no longer expected to be an effective economic hedge. The Company terminated the interest rate swap and received cash of $3.3 million upon completion of the new Credit Agreement. Up to the date of the new Credit Agreement, the Company utilized hedge accounting, which allows for the effective portion of the interest rate swap to be recorded in accumulated other comprehensive income in the accompanying consolidated balance sheet. At the date of the Credit Agreement, the Company de-designated this swap, which had $2.0 million (net of tax of $1.3 million) of unrealized gain remaining in accumulated other comprehensive income in the accompanying consolidated balance sheet, which was reclassified into earnings during the fourth quarter of 2013. | |||||||||||||||||||||||
In March 2012, the Company entered into an interest rate swap agreement to fix the LIBOR-based variable portion of the interest rate on a total of $100.0 million notional amount of its previous term loan B facility. The swap agreement fixed the LIBOR-based variable portion of the interest rate at 1.80% through June 23, 2016. At inception, the Company formally designated this swap agreement as a cash flow hedge. Upon the Company's amendment and restatement of its credit agreement during the fourth quarter of 2012, the Company determined that the interest rate swap was no longer expected to be an effective economic hedge. The Company terminated the interest rate swap and repaid the obligation upon completion of the previous credit agreement. Up to that date, the Company utilized hedge accounting and the effective portion of the interest rate swap was recorded in accumulated other comprehensive income in the accompanying consolidated balance sheet. After that date, the Company de-designated this swap, which had $1.0 million (net of tax of $0.6 million) of unrealized loss remaining in accumulated other comprehensive income, which was being amortized into earnings during the period in which the originally hedged transactions would have affected earnings. However, when the Company entered into a new Credit Agreement during the fourth quarter of 2013, the Company reclassified the remaining $0.6 million (net of tax of $0.4 million) of unrealized loss remaining in accumulated other comprehensive income into earnings. | |||||||||||||||||||||||
In addition, the Company was party to a $125.0 million notional amount interest rate swap which expired in the second quarter of 2011 and a second interest rate swap with a notional amount of $75.0 million which expired in the first quarter of 2011. Both of these swaps were associated with the Company's previous term loan facility (in effect until June 21, 2011), but during 2011 neither was designated as a hedging instrument. | |||||||||||||||||||||||
As of December 31, 2013 and 2012, the fair value carrying amount of the Company's interest rate swaps are recorded as follows: | |||||||||||||||||||||||
Asset / (Liability) Derivatives | |||||||||||||||||||||||
Balance Sheet Caption | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Interest rate swaps | Long-term asset | $ | 2,080 | $ | — | ||||||||||||||||||
Interest rate swaps | Accrued liabilities | (360 | ) | (530 | ) | ||||||||||||||||||
Interest rate swaps | Other long-term liabilities | — | (690 | ) | |||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 1,720 | $ | (1,220 | ) | ||||||||||||||||||
The following tables summarize the income (loss) recognized in accumulated other comprehensive income ("AOCI"), the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||
Amount of Income (Loss) Recognized | Location of Loss Reclassified from AOCI into Earnings | Amount of Income (Loss) Reclassified from | |||||||||||||||||||||
in AOCI on Derivative | (Effective Portion) | AOCI into Earnings | |||||||||||||||||||||
(Effective Portion, net of tax) | |||||||||||||||||||||||
As of December 31, | Year ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | |||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Interest rate swaps | $ | 1,060 | $ | (760 | ) | Interest expense | $ | 2,510 | $ | (250 | ) | $ | (360 | ) | |||||||||
Over the next 12 months, the Company expects to reclassify approximately $0.4 million of pre-tax deferred losses from AOCI to interest expense as the related interest payments for the designated interest rate swaps are funded. | |||||||||||||||||||||||
Amount of Loss Recognized in Earnings | |||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
Location of Loss Recognized in Earnings on Derivatives | 2013 | 2012 | 2011 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | (1,480 | ) | $ | (80 | ) | $ | (10 | ) | |||||||||||||
Valuations of the interest rate swaps were based on the income approach, which uses observable inputs such as interest rate yield curves and forward currency exchange rates. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 are shown below. | |||||||||||||||||||||||
Description | Frequency | Asset / (Liability) | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
31-Dec-13 | Interest rate swaps | Recurring | $ | 1,720 | $ | — | $ | 1,720 | $ | — | |||||||||||||
31-Dec-12 | Interest rate swaps | Recurring | $ | (1,220 | ) | $ | — | $ | (1,220 | ) | $ | — | |||||||||||
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure | ' | ||||
Leases | |||||
The Company leases certain equipment and facilities under non-cancelable operating leases. Rental expense for the Company totaled approximately $29.4 million in 2013, $22.8 million in 2012 and $18.9 million in 2011. | |||||
Minimum payments for operating leases having initial or remaining non-cancelable lease terms in excess of one year at December 31, 2013, including approximately $2.5 million annually related to discontinued operations, are summarized below: | |||||
Year ended December 31, | (dollars in | ||||
thousands) | |||||
2014 | $ | 27,980 | |||
2015 | 27,510 | ||||
2016 | 24,340 | ||||
2017 | 22,600 | ||||
2018 | 20,050 | ||||
Thereafter | 49,010 | ||||
Total | $ | 171,490 | |||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||
Environmental | |||||||||||||||||||||
The Company is subject to increasingly stringent environmental laws and regulations, including those relating to air emissions, wastewater discharges and chemical and hazardous waste management and disposal. Some of these environmental laws hold owners or operators of land or businesses liable for their own and for previous owners' or operators' releases of hazardous or toxic substances or wastes. Other environmental laws and regulations require the obtainment and compliance with environmental permits. To date, costs of complying with environmental, health and safety requirements have not been material. However, the nature of the Company's operations and the long history of industrial activities at certain of the Company's current or former facilities, as well as those acquired, could potentially result in material environmental liabilities. | |||||||||||||||||||||
While the Company must comply with existing and pending climate change legislation, regulation and international treaties or accords, current laws and regulations have not had a material impact on the Company's business, capital expenditures or financial position. Future events, including those relating to climate change or greenhouse gas regulation could require the Company to incur expenses related to the modification or curtailment of operations, installation of pollution control equipment or investigation and cleanup of contaminated sites. | |||||||||||||||||||||
Asbestos | |||||||||||||||||||||
As of December 31, 2013, the Company was a party to 1,080 pending cases involving an aggregate of 7,975 claimants primarily alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by certain of its subsidiaries for use primarily in the petrochemical refining and exploration industries. The following chart summarizes the number of claimants, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, excluding amounts reimbursed under the Company's primary insurance, at the applicable date and for the applicable periods: | |||||||||||||||||||||
Claims | Claims filed | Claims | Claims | Average | Total defense | ||||||||||||||||
pending at | during | dismissed | settled | settlement | costs during | ||||||||||||||||
beginning of | period | during | during | amount per | period | ||||||||||||||||
period | period | period | claim during | ||||||||||||||||||
period | |||||||||||||||||||||
Fiscal year ended December 31, 2011 | 8,200 | 476 | 607 | 21 | $ | 14,300 | $ | 2,510,000 | |||||||||||||
Fiscal year ended December 31, 2012 | 8,048 | 367 | 519 | 16 | $ | 14,513 | $ | 2,650,000 | |||||||||||||
Fiscal year ended December 31, 2013 | 7,880 | 360 | 226 | 39 | $ | 8,294 | $ | 2,620,000 | |||||||||||||
In addition, the Company acquired various companies to distribute its products that had distributed gaskets of other manufacturers prior to acquisition. The Company believes that many of the pending cases relate to locations at which none of its gaskets were distributed or used. | |||||||||||||||||||||
The Company may be subjected to significant additional asbestos-related claims in the future, the cost of settling cases in which product identification can be made may increase, and the Company may be subjected to further claims in respect of the former activities of its acquired gasket distributors. The Company is unable to make a meaningful statement concerning the monetary claims made in the asbestos cases given that, among other things, claims may be initially made in some jurisdictions without specifying the amount sought or by simply stating the requisite or maximum permissible monetary relief, and may be amended to alter the amount sought. The large majority of claims do not specify the amount sought. Of the 7,975 claims pending at December 31, 2013, 134 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). | |||||||||||||||||||||
Below is a breakdown of the amount sought for those claims seeking specific amounts: | |||||||||||||||||||||
Compensatory & Punitive | Compensatory Only | Punitive Only | |||||||||||||||||||
Range of damages sought (in millions) | $0.0 to $5.0 | $5.0 to $10.0 | $10.0+ | $0.0 to $0.6 | $0.6 to $5.0 | $5.0+ | $0.0 to $2.5 | $2.5 to $5.0 | $5.0+ | ||||||||||||
Number of claims | 102 | 18 | 14 | 63 | 53 | 18 | 117 | 13 | 4 | ||||||||||||
In addition, relatively few of the claims have reached the discovery stage and even fewer claims have gone past the discovery stage. | |||||||||||||||||||||
Total settlement costs (exclusive of defense costs) for all such cases, some of which were filed over 20 years ago, have been approximately $6.6 million. All relief sought in the asbestos cases is monetary in nature. To date, approximately 40% of the Company's costs related to settlement and defense of asbestos litigation have been covered by its primary insurance. Effective February 14, 2006, the Company entered into a coverage-in-place agreement with its first level excess carriers regarding the coverage to be provided to the Company for asbestos-related claims when the primary insurance is exhausted. The coverage-in-place agreement makes asbestos defense costs and indemnity insurance coverage available to the Company that might otherwise be disputed by the carriers and provides a methodology for the administration of such expenses. Nonetheless, the Company believes it is likely that there will be a period within the next one or two years, prior to the commencement of coverage under this agreement and following exhaustion of the Company's primary insurance coverage, during which the Company likely will be solely responsible for defense costs and indemnity payments, the duration of which would be subject to the scope of damage awards and settlements paid. | |||||||||||||||||||||
Based on the settlements made to date and the number of claims dismissed or withdrawn for lack of product identification, the Company believes that the relief sought (when specified) does not bear a reasonable relationship to its potential liability. Based upon the Company's experience to date, including the trend in annual defense and settlement costs incurred to date, and other available information (including the availability of excess insurance), the Company does not believe that these cases will have a material adverse effect on its financial position and results of operations or cash flows. | |||||||||||||||||||||
Metaldyne Corporation | |||||||||||||||||||||
Prior to June 6, 2002, the Company was wholly-owned by Metaldyne Corporation ("Metaldyne"). In connection with the reorganization between TriMas and Metaldyne in June 2002, TriMas assumed certain liabilities and obligations of Metaldyne, mainly comprised of contractual obligations to former TriMas employees, tax related matters, benefit plan liabilities and reimbursements to Metaldyne of normal course payments to be made on TriMas' behalf. | |||||||||||||||||||||
On January 11, 2007, Metaldyne merged into a subsidiary of Asahi Tec Corporation (“Asahi”) whereby Metaldyne became a wholly-owned subsidiary of Asahi. In connection with the consummation of the merger, Metaldyne dividended the 4,825,587 shares of the Company's common stock that it owned on a pro rata basis to the holders of Metaldyne's common stock at the time of such dividend. As a result of the merger, Metaldyne and the Company were no longer related parties. In addition, as a result of the merger, it has been asserted that Metaldyne may be obligated to accelerate funding and payment of actuarially determined amounts owing to seven former Metaldyne executives under a supplemental executive retirement plan (“SERP”). Under the stock purchase agreement between Metaldyne and Heartland Industrial Partners (“Heartland”), TriMas is required to reimburse Metaldyne, when billed, for its allocated portion of the amounts due to certain Metaldyne SERP participants, as defined. At December 31, 2013, TriMas has accrued an estimated liability to Metaldyne on its reported balance sheet of approximately $6.4 million. However, if Metaldyne is required to accelerate funding of the SERP liability, TriMas may be obligated to reimburse Metaldyne up to approximately $8.8 million, which could result in future charges to the Company's statement of income of up to $2.4 million. | |||||||||||||||||||||
Additionally, on May 28, 2009, Metaldyne and its U.S. subsidiaries filed voluntary petitions in the United States Bankruptcy Court under Chapter 11 of the U.S. Bankruptcy Code. On February 23, 2010, the U.S. Bankruptcy Court confirmed the reorganization plan of Metaldyne and its U.S. subsidiaries. The Company continues to evaluate the impact of Metaldyne's reorganization plans on its estimated SERP obligations to Metaldyne. | |||||||||||||||||||||
Subject to certain limited exceptions, Metaldyne and TriMas retained separate liabilities associated with the respective businesses following the reorganization in June 2002. Accordingly, the Company will indemnify and hold Metaldyne harmless from all liabilities associated with TriMas and its subsidiaries and the respective operations and assets, whenever conducted, and Metaldyne will indemnify and hold harmless Heartland and TriMas from all liabilities associated with Metaldyne and its subsidiaries (excluding TriMas and its subsidiaries) and their respective operations and assets, whenever conducted. In addition, TriMas agreed with Metaldyne to indemnify one another for its allocated share (42.01% with respect to TriMas and 57.99% with respect to Metaldyne) of liabilities not readily associated with either business, or otherwise addressed including certain costs related to other matters intended to effectuate other provisions of the agreement. These indemnification provisions survive indefinitely and are subject to a $50,000 deductible. | |||||||||||||||||||||
Ordinary Course Claims | |||||||||||||||||||||
The Company is subject to other claims and litigation in the ordinary course of business, but does not believe that any such claim or litigation is likely to have a material adverse effect on its financial position and results of operations or cash flows. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||||
Pension and Profit-Sharing Benefits | |||||||||||||||||||||||||
The Company provides a defined contribution profit sharing plan for the benefit of substantially all the Company's domestic salaried and non-union hourly employees. The plan contains both contributory and noncontributory profit sharing arrangements, as defined. Aggregate charges included in the accompanying statement of income under this plan for both continuing and discontinued operations were approximately $5.6 million, $5.4 million and $4.5 million in 2013, 2012 and 2011, respectively. The Company's foreign and union hourly employees participate in defined benefit pension plans. | |||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
The Company provides postretirement medical and life insurance benefits, none of which are pre-funded, for certain of its active and retired employees. | |||||||||||||||||||||||||
Plan Assets, Expenses and Obligations | |||||||||||||||||||||||||
Plan assets, expenses and obligations for pension and postretirement benefit plans disclosed herein include both continuing and discontinued operations. | |||||||||||||||||||||||||
Net periodic pension and postretirement benefit expense (income) recorded in the Company's statement of income for defined benefit pension plans and postretirement benefit plans include the following components: | |||||||||||||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Service cost | $ | 680 | $ | 600 | $ | 640 | $ | — | $ | — | $ | — | |||||||||||||
Interest cost | 1,610 | 1,620 | 1,590 | 40 | 50 | 50 | |||||||||||||||||||
Expected return on plan assets | (1,810 | ) | (1,720 | ) | (1,600 | ) | — | — | — | ||||||||||||||||
Amortization of prior-service cost | — | — | — | — | (200 | ) | (270 | ) | |||||||||||||||||
Settlement/curtailment | — | 190 | — | — | (1,490 | ) | — | ||||||||||||||||||
Amortization of net (gain)/loss | 1,280 | 1,070 | 720 | (80 | ) | (80 | ) | (90 | ) | ||||||||||||||||
Net periodic benefit expense (income) | $ | 1,760 | $ | 1,760 | $ | 1,350 | $ | (40 | ) | $ | (1,720 | ) | $ | (310 | ) | ||||||||||
The estimated net actuarial loss and prior service cost for the defined benefit pension and postretirement benefit plans that is expected to be amortized from accumulated other comprehensive income into net periodic benefit cost in 2014 is $1.0 million. | |||||||||||||||||||||||||
Actuarial valuations of the Company's defined benefit pension and postretirement plans were prepared as of December 31, 2013, 2012 and 2011. Weighted-average assumptions used in accounting for the U.S. defined benefit pension plans and postretirement benefit plans are as follows: | |||||||||||||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount rate for obligations | 5.01 | % | 4.24 | % | 4.78 | % | 4.48 | % | 3.69 | % | 4.54 | % | |||||||||||||
Discount rate for benefit costs | 4.24 | % | 4.78 | % | 5.5 | % | 3.69 | % | 4.54 | % | 4.66 | % | |||||||||||||
Rate of increase in compensation levels | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.75 | % | 7.75 | % | N/A | N/A | N/A | ||||||||||||||||
The Company utilizes a high-quality (Aa) corporate bond yield curve as the basis for its domestic discount rate for its pension and postretirement benefit plans. Management believes this yield curve removes the impact of including additional required corporate bond yields (potentially considered in the above-median curve) resulting from the uncertain economic climate that does not necessarily reflect the general trend in high-quality interest rates. | |||||||||||||||||||||||||
Actuarial valuations of the Company's non-U.S. defined benefit pension plans were prepared as of December 31, 2013, 2012 and 2011. Weighted-average assumptions used in accounting for the non-U.S. defined benefit pension plans are as follows: | |||||||||||||||||||||||||
Pension Benefit | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Discount rate for obligations | 4.5 | % | 4.5 | % | 4.8 | % | |||||||||||||||||||
Discount rate for benefit costs | 4.5 | % | 4.8 | % | 5.5 | % | |||||||||||||||||||
Rate of increase in compensation levels | 4.1 | % | 3.7 | % | 4 | % | |||||||||||||||||||
Expected long-term rate of return on plan assets | 5.4 | % | 5.5 | % | 7 | % | |||||||||||||||||||
The following provides a reconciliation of the changes in the Company's defined benefit pension and postretirement benefit plans' projected benefit obligations and fair value of assets for each of the years ended December 31, 2013 and 2012 and the funded status as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Changes in Projected Benefit Obligations | |||||||||||||||||||||||||
Benefit obligations at January 1 | $ | (38,730 | ) | $ | (34,560 | ) | $ | (970 | ) | $ | (1,040 | ) | |||||||||||||
Service cost | (680 | ) | (600 | ) | — | — | |||||||||||||||||||
Interest cost | (1,610 | ) | (1,620 | ) | (40 | ) | (50 | ) | |||||||||||||||||
Participant contributions | (60 | ) | (40 | ) | — | (10 | ) | ||||||||||||||||||
Actuarial gain (loss) | 1,280 | (2,900 | ) | 170 | 80 | ||||||||||||||||||||
Benefit payments | 1,850 | 1,890 | 30 | 50 | |||||||||||||||||||||
Settlement/curtailment | — | (190 | ) | — | — | ||||||||||||||||||||
Change in foreign currency | (280 | ) | (710 | ) | — | — | |||||||||||||||||||
Projected benefit obligations at December 31 | (38,230 | ) | (38,730 | ) | (810 | ) | (970 | ) | |||||||||||||||||
Changes in Plan Assets | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 27,860 | $ | 21,280 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 2,270 | 1,680 | — | — | |||||||||||||||||||||
Employer contributions | 3,240 | 6,130 | 30 | 40 | |||||||||||||||||||||
Participant contributions | 60 | 40 | — | 10 | |||||||||||||||||||||
Benefit payments | (1,850 | ) | (1,890 | ) | (30 | ) | (50 | ) | |||||||||||||||||
Change in foreign currency | 200 | 620 | — | — | |||||||||||||||||||||
Fair value of plan assets at December 31 | 31,780 | 27,860 | — | — | |||||||||||||||||||||
Funded status at December 31 | $ | (6,450 | ) | $ | (10,870 | ) | $ | (810 | ) | $ | (970 | ) | |||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Amounts Recognized in Balance Sheet | |||||||||||||||||||||||||
Prepaid benefit cost | $ | 980 | $ | 1,020 | $ | — | $ | — | |||||||||||||||||
Current liabilities | (410 | ) | (410 | ) | (90 | ) | (90 | ) | |||||||||||||||||
Noncurrent liabilities | (7,020 | ) | (11,480 | ) | (720 | ) | (880 | ) | |||||||||||||||||
Net liability recognized at December 31 | $ | (6,450 | ) | $ | (10,870 | ) | $ | (810 | ) | $ | (970 | ) | |||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss | |||||||||||||||||||||||||
Unrecognized prior-service cost | $ | 110 | $ | 130 | $ | — | $ | — | |||||||||||||||||
Unrecognized net loss/(gain) | 16,420 | 19,430 | (670 | ) | (570 | ) | |||||||||||||||||||
Total accumulated other comprehensive (income) loss recognized at December 31 | $ | 16,530 | $ | 19,560 | $ | (670 | ) | $ | (570 | ) | |||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Accumulated benefit obligations at December 31 | $ | (20,200 | ) | $ | (36,320 | ) | $ | (810 | ) | $ | (970 | ) | |||||||||||||
Plans with Benefit Obligation Exceeding Plan Assets | |||||||||||||||||||||||||
Benefit obligation | $ | (37,430 | ) | $ | (37,660 | ) | $ | (810 | ) | $ | (970 | ) | |||||||||||||
Plan assets | 30,000 | 25,770 | — | — | |||||||||||||||||||||
Benefit obligation in excess of plan assets | $ | (7,430 | ) | $ | (11,890 | ) | $ | (810 | ) | $ | (970 | ) | |||||||||||||
The assumptions regarding discount rates and expected return on plan assets can have a significant impact on amounts reported for benefit plans. A 25 basis point change in benefit obligation discount rates or 50 basis point change in expected return on plan assets would have the following affect: | |||||||||||||||||||||||||
31-Dec-13 | 2013 Expense | ||||||||||||||||||||||||
Benefit Obligation | |||||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||||
Benefit | Benefit | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Discount rate | |||||||||||||||||||||||||
25 basis point increase | $ | (1,340 | ) | $ | (20 | ) | $ | (120 | ) | $ | — | ||||||||||||||
25 basis point decrease | $ | 1,400 | $ | 20 | $ | 120 | — | ||||||||||||||||||
Expected return on assets | |||||||||||||||||||||||||
50 basis point increase | N/A | N/A | $ | (160 | ) | N/A | |||||||||||||||||||
50 basis point decrease | N/A | N/A | $ | 160 | N/A | ||||||||||||||||||||
The Company expects to make contributions of approximately $2.3 million to fund its pension plans and $0.1 million to fund its postretirement benefit plans during 2014. | |||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
The Company's overall investment goal is to provide for capital growth with a moderate level of volatility by investing assets in targeted allocation ranges. Specific long term investment goals include total investment return, diversity to reduce volatility and risk, and to achieve an asset allocation profile that reflects the general nature and sensitivity of the plans' liabilities. Investment goals are established after a comprehensive review of current and projected financial statement requirements, plan assets and liability structure, market returns and risks as well as special requirements of the plans. The Company reviews investment goals and actual results annually to determine whether stated objectives are still relevant and the continued feasibility of achieving the objectives. | |||||||||||||||||||||||||
The actual weighted average asset allocation of the Company's domestic and foreign pension plans' assets at December 31, 2013 and 2012 and target allocations by class, were as follows: | |||||||||||||||||||||||||
Domestic Pension | Foreign Pension | ||||||||||||||||||||||||
Actual | Actual | ||||||||||||||||||||||||
Target | 2013 | 2012 | Target | 2013 | 2012 | ||||||||||||||||||||
Equity securities | 50%-70% | 61 | % | 61 | % | 50 | % | 57 | % | 30 | % | ||||||||||||||
Fixed income securities | 30%-50% | 36 | % | 37 | % | 50 | % | 42 | % | 49 | % | ||||||||||||||
Cash and cash equivalents | — | 3 | % | 2 | % | — | 1 | % | 21 | % | |||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||
Actual allocations to each asset vary from target allocations due to periodic investment strategy changes, market value fluctuations and the timing of benefit payments and contributions. The expected long-term rate of return for both the domestic and foreign plans' total assets is based on the expected return of each of the above categories, weighted based on the target allocation for each class. Actual allocation is reviewed regularly and rebalancing investments to their targeted allocation range is performed when deemed appropriate. During 2012, the Company made higher than expected contributions to one of its foreign defined benefit plans as part of a recovery plan to reduce the plan's net funding deficit, as of December 31, 2012 the contribution was held as a cash investment. As of December 31, 2013, the Company has completed its investment allocation strategy with respect to the incremental contributions, with the funds invested in equity securities. | |||||||||||||||||||||||||
In managing the plan assets, the Company reviews and manages risk associated with the funded status risk, interest rate risk, market risk, liquidity risk and operational risk. Investment policies reflect the unique circumstances of the respective plans and include requirements designed to mitigate these risks by including quality and diversification standards. | |||||||||||||||||||||||||
The following table summarizes the level under the fair value hierarchy (see Note 3, "Summary of Significant Accounting Policies") that the Company's pension plan assets are measured on a recurring basis as of December 31, 2013: | |||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||
Investment funds | $ | 18,200 | $ | — | $ | 18,200 | $ | — | |||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||
Investment funds | 7,790 | — | 7,790 | — | |||||||||||||||||||||
Government bonds | 2,800 | 2,800 | — | — | |||||||||||||||||||||
Government agencies | 400 | 400 | — | — | |||||||||||||||||||||
Corporate bonds | 1,000 | 1,000 | — | — | |||||||||||||||||||||
Other(a) | 920 | — | 920 | — | |||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||
Short term investment funds | 670 | 670 | — | — | |||||||||||||||||||||
Total | $ | 31,780 | $ | 4,870 | $ | 26,910 | $ | — | |||||||||||||||||
________________________________________ | |||||||||||||||||||||||||
(a) Comprised of mortgage-backed and asset backed securities. | |||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||
Benefit | Benefit | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
31-Dec-14 | $ | 2,040 | $ | 90 | |||||||||||||||||||||
31-Dec-15 | 2,070 | 80 | |||||||||||||||||||||||
31-Dec-16 | 2,160 | 80 | |||||||||||||||||||||||
31-Dec-17 | 2,300 | 70 | |||||||||||||||||||||||
31-Dec-18 | 2,430 | 60 | |||||||||||||||||||||||
Years 2019-2023 | 13,720 | 240 | |||||||||||||||||||||||
The assumed health care cost trend rate used for purposes of calculating the Company's postretirement benefit obligation in 2013 was 7.5% for both pre-65 and post-65 plan participants, decreasing to an ultimate rate of 5.0% in 2018. A one-percentage point change in the assumed health care cost trend would have the following effects: | |||||||||||||||||||||||||
One Percentage-Point Increase | One Percentage-Point Decrease | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Effect on total service and interest cost | $ | — | $ | — | |||||||||||||||||||||
Effect on postretirement benefit obligation | 50 | (40 | ) | ||||||||||||||||||||||
Equity_Awards
Equity Awards | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Equity Awards | ' | |||||||||||||
Equity Awards | ||||||||||||||
The Company maintains the following long-term equity incentive plans (collectively, the "Plans"): | ||||||||||||||
Plan Names | Shares Approved for Issuance | Fungible Ratio | ||||||||||||
2011 Omnibus Incentive Compensation Plan | 2,850,000 | 1.75:1 | ||||||||||||
2006 Long Term Equity Incentive Plan | 2,435,877 | 2:01 | ||||||||||||
2002 Long Term Equity Incentive Plan | 1,786,123 | 1:01 | ||||||||||||
The fungible ratio presented above applies to restricted shares of common stock. Stock options and stock appreciation rights have a fungible ratio of 1:1 (one granted option/appreciation right counts as one share against the aggregate available to issue) under each Plan. In addition, the 2002 Long Term Equity Incentive Plan expired in 2012, such that, while existing grants will remain outstanding until exercised, vested or cancelled, no new new shares may be issued under the plan. | ||||||||||||||
Stock Options | ||||||||||||||
The Company did not grant any stock options during 2013 or 2012. In 2011, the Company granted 17,030 stock options to certain key employees, each of which may be used to purchase one share of the Company's common stock. These stock options have a ten year life, vest ratably over three years from date of grant, have an exercise price of $21.55 and had a weighted-average fair value at grant date of $9.17. The fair value of these options at the grant date was estimated using the Black-Scholes option pricing model using the following weighted-average assumptions: expected life of six years, risk-free interest rate of 2.6% and expected volatility of 40%. | ||||||||||||||
Information related to stock options at December 31, 2013 is as follows: | ||||||||||||||
Number of | Weighted Average | Average | Aggregate | |||||||||||
Stock Options | Option Price | Remaining | Intrinsic Value | |||||||||||
Contractual Life (Years) | ||||||||||||||
Outstanding at January 1, 2013 | 675,665 | $ | 15.52 | |||||||||||
Exercised | (333,217 | ) | 21.27 | |||||||||||
Cancelled | — | — | ||||||||||||
Expired | — | — | ||||||||||||
Outstanding at December 31, 2013 | 342,448 | $ | 9.92 | 4 | $ | 10,262,180 | ||||||||
As of December 31, 2013, 341,648 stock options were exercisable under the Plans. During 2013, 13,920 stock options vested in which the associated fair value was less than $0.1 million. The fair value of options which vested during the years ended December 31, 2012 and 2011 was $0.4 million and $0.3 million, respectively. | ||||||||||||||
The Company did not incur significant stock-based compensation expense related to stock options during the years ended December 31, 2013 and 2012. The Company recognized approximately $0.3 million of stock-based compensation expense related to options for the year ended December 31, 2011. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying statement of income. | ||||||||||||||
Restricted Shares | ||||||||||||||
During 2013, 2012 and 2011, the Company issued 29,498, 19,532 and 49,360 shares, respectively, of its common stock to certain employees which are subject only to a service condition and vest ratably over three years so long as the employee remains with the Company. | ||||||||||||||
The Company awarded 41,480, 60,665 and 81,851 restricted shares of common stock to certain employees during 2013, 2012 and 2011, respectively. These shares are subject only to a service condition and vest on the first anniversary date of the award. The awards were made to participants in the Company's Short-Term Incentive Compensation Plan ("STI"), where, beginning in the 2010 plan year, all STI participants whose target STI annual award exceeds $20 thousand receive 80% of the value in earned cash and 20% in the form of a restricted stock award upon finalization of the award amount in the first quarter each year, following the previous plan year. | ||||||||||||||
The Company also awarded 238,808 and 206,064 restricted shares to certain Company key employees during 2013 and 2012. Half of the restricted shares granted are service-based restricted stock units. These awards vest ratably over three years. The other half of the shares are subject to a performance condition and are earned based upon the achievement of two performance metrics over a period of three calendar years. Of this award, 75% of the awards are earned based upon the Company's earnings per share ("EPS") cumulative average growth rate ("EPS CAGR") over the performance period. The remaining 25% of the grants are earned based upon the Company's cash generation results. Cash generation is defined as the Company's cumulative three year cash flow from operating activities less capital expenditures, as publicly reported by the Company, plus or minus special items that may occur from time-to-time, divided by the Company's three-year income from continuing operations as publicly reported by the Company, plus or minus special items that may occur from time-to-time. Depending on the performance achieved for these two metrics, the amount of shares earned can vary from 30% of the target award to a maximum amount of 200% of the target award for the cash flow metric and 250% of the target award for the EPS CAGR metric. The performance awards vest on a "cliff" basis at the end of the three-year performance period. | ||||||||||||||
During 2012, the Company also awarded 166,530 restricted shares to certain Company key employees which are performance-based grants. Of this award, 60% are earned based on 2012 earnings per share growth, and the remaining 40% are earned based on the EPS CAGR for 2012 and 2013. Depending on the performance achieved for these two specific metrics, the amount of shares earned can vary from 30% of the target award to a maximum amount of 250% of the target award. For the 60% of shares subject to the 2012 earnings per share growth metric only, the performance conditions were satisfied, resulting in an attainment level of 175% of target. This resulted in an additional 72,576 share grants during the first quarter of 2013. For the 40% of shares subject to the 2012-2013 EPS CAGR metric, the performance conditions was satisfied, resulting in an attainment level of 125% of target. | ||||||||||||||
In addition, during 2013, 2012 and 2011, the Company granted 17,240, 16,440 and 19,392 shares, respectively, of its common stock to its non-employee independent directors, which vest one year from date of grant so long as the director and/or Company does not terminate his services prior to the vesting date. | ||||||||||||||
The Company allows for its non-employee independent directors to make an annual election to defer all or a portion of their director fees and to receive the deferred amount in cash or equity. Certain of the Company's directors have elected to defer all or a portion of their director fees and to receive the amount in Company common stock at a future date. The Company issued 5,215, 7,979 and 9,123 shares in 2013, 2012 and 2011, respectively, related to director fee deferrals. | ||||||||||||||
The Company also awarded 81,680 restricted shares to certain Company officers during 2011. Half of the shares are subject to a performance condition and are earned based upon the Company achieving at least $2.00 of cumulative earnings per share for any consecutive four financial quarters beginning April 1, 2011 through September 30, 2013, where 50% of the restricted shares vest on the business day immediately following the release of earnings for the quarter in which the EPS performance measure is met (the "EPS Vesting Date") and the remaining 50% vest in two equal parts on the first and second anniversary of the EPS Vesting Date, all subject to continued employment as of each vesting date. The other half of the shares are subject to market conditions and are earned based upon the Company's stock price closing at or above each of $30 and $35 per share for 30 consecutive trading days (20,420 shares subject to each target stock price), with the last such trading day occurring on or prior to September 30, 2013. Once the target stock price is met, 50% of the restricted shares immediately vest and the remaining 50% vest in two equal parts on the first and second anniversary of the date on which the respective trading threshold is met, all subject to continued employment as of each vesting date. The Company estimated the grant-date fair value and estimated term of the awards subject to a market condition using a Monte Carlo simulation model, using the following weighted-average assumptions: risk-free interest rate of 1.0% and expected volatility of 70%. During 2013, the Company achieved the performance conditions for the restricted shares and the market conditions were satisfied. | ||||||||||||||
Information related to restricted shares at December 31, 2013 is as follows: | ||||||||||||||
Number of | Weighted | Average | Aggregate | |||||||||||
Unvested | Average | Remaining | Intrinsic Value | |||||||||||
Restricted | Grant Date | Contractual | ||||||||||||
Shares | Fair Value | Life (Years) | ||||||||||||
Outstanding at January 1, 2013 | 636,037 | $ | 22.02 | |||||||||||
Granted | 404,817 | 28.27 | ||||||||||||
Vested | (380,990 | ) | 21.76 | |||||||||||
Cancelled | (5,464 | ) | 25.94 | |||||||||||
Outstanding at December 31, 2013 | 654,400 | $ | 26 | 1 | $ | 26,104,016 | ||||||||
As of December 31, 2013, there was approximately $6.6 million of unrecognized compensation cost related to unvested restricted shares that is expected to be recorded over a weighted-average period of 1.9 years. | ||||||||||||||
The Company recognized stock-based compensation expense related to restricted shares of approximately $9.2 million, $9.3 million and $3.2 million for the years ended December 31, 2013, 2012, and 2011, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying statement of income. |
Other_Comprehensive_Income_Not
Other Comprehensive Income (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Other Comprehensive Income [Abstract] | ' | ||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||
Other Comprehensive Income | |||||||||||||||||
Changes in AOCI by component for the year ended December 31, 2013 are summarized as follows, net of tax: | |||||||||||||||||
Defined Benefit Plans | Derivative Instruments | Foreign Currency Translation | Total | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance, December 31, 2012 | $ | (12,440 | ) | $ | (1,680 | ) | $ | 53,380 | $ | 39,260 | |||||||
Net unrealized gains (losses) arising during the period | 800 | 3,370 | (7,860 | ) | (3,690 | ) | |||||||||||
Less: Net realized gains (losses) reclassified to net income (a) | (800 | ) | 630 | 7,910 | 7,740 | ||||||||||||
Net current-period change | 1,600 | 2,740 | (15,770 | ) | (11,430 | ) | |||||||||||
Balance, December 31, 2013 | $ | (10,840 | ) | $ | 1,060 | $ | 37,610 | $ | 27,830 | ||||||||
__________________________ | |||||||||||||||||
(a) Defined benefit plans, net of income tax expense of $0.4 million. See Note 16, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax expense of $0.4 million. See Note 13, "Derivative Instruments," for further details. | |||||||||||||||||
The Company reclassified approximately $7.9 million from AOCI into net income related to the sale of a business during the year ended December 31, 2013. See Note 7, "Facility Closure and Sale of Business," for additional details. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||
TriMas groups its operating segments into reportable segments that provide similar products and services. Each operating segment has discrete financial information evaluated regularly by the Company's chief operating decision maker in determining resource allocation and assessing performance. Within these reportable segments, there are no individual products or product families for which reported net sales accounted for more than 10% of the Company's consolidated net sales. For purposes of this Note, the Company defines operating net assets as total assets less current liabilities. See below for more information regarding the types of products and services provided within each reportable segment: | |||||||||||||||||||||||||
Packaging-Highly engineered closure and dispensing systems for a range of end markets, including steel and plastic industrial and consumer packaging applications. | |||||||||||||||||||||||||
Energy-Metallic and non-metallic industrial sealant products and fasteners for the petroleum refining, petrochemical and other industrial markets. | |||||||||||||||||||||||||
Aerospace & Defense-Permanent blind bolts, temporary fasteners, highly engineered specialty fasteners and other precision machined parts used in the commercial, business and military aerospace industries and military munitions components for the defense industry. | |||||||||||||||||||||||||
Engineered Components-High-pressure and low-pressure cylinders for the transportation, storage and dispensing of compressed gases, and natural gas engines, compressors, gas production equipment and chemical pumps engineered at well sites for the oil and gas industry. | |||||||||||||||||||||||||
Cequent APEA & Cequent Americas-Custom-engineered towing, trailering and electrical products including trailer couplers, winches, jacks, trailer brakes and brake control solutions, lighting accessories and roof racks for the recreational vehicle, agricultural/utility, marine, automotive and commercial trailer markets, functional vehicle accessories and cargo management solutions including vehicle hitches and receivers, sway controls, weight distribution and fifth-wheel hitches, hitch-mounted accessories and other accessory components. | |||||||||||||||||||||||||
Segment activity is as follows: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||
Packaging | $ | 313,220 | $ | 275,160 | $ | 185,240 | |||||||||||||||||||
Energy | 205,580 | 190,210 | 166,780 | ||||||||||||||||||||||
Aerospace & Defense | 101,790 | 78,580 | 78,590 | ||||||||||||||||||||||
Engineered Components | 185,370 | 200,000 | 175,350 | ||||||||||||||||||||||
Cequent APEA | 151,620 | 128,560 | 94,290 | ||||||||||||||||||||||
Cequent Americas | 437,280 | 400,400 | 383,710 | ||||||||||||||||||||||
Total | $ | 1,394,860 | $ | 1,272,910 | $ | 1,083,960 | |||||||||||||||||||
Operating Profit (Loss) | |||||||||||||||||||||||||
Packaging | $ | 83,770 | $ | 57,550 | $ | 48,060 | |||||||||||||||||||
Energy | 8,620 | 17,810 | 19,740 | ||||||||||||||||||||||
Aerospace & Defense | 23,760 | 20,820 | 18,640 | ||||||||||||||||||||||
Engineered Components | 19,450 | 27,990 | 27,620 | ||||||||||||||||||||||
Cequent APEA | 13,920 | 12,300 | 13,900 | ||||||||||||||||||||||
Cequent Americas | 8,850 | 27,420 | 32,730 | ||||||||||||||||||||||
Corporate | (37,840 | ) | (36,020 | ) | (29,370 | ) | |||||||||||||||||||
Total | $ | 120,530 | $ | 127,870 | $ | 131,320 | |||||||||||||||||||
Capital Expenditures | |||||||||||||||||||||||||
Packaging | $ | 11,010 | $ | 15,470 | $ | 5,420 | |||||||||||||||||||
Energy | 5,250 | 5,210 | 3,710 | ||||||||||||||||||||||
Aerospace & Defense | 4,810 | 3,210 | 2,410 | ||||||||||||||||||||||
Engineered Components | 2,190 | 4,090 | 5,490 | ||||||||||||||||||||||
Cequent APEA | 9,650 | 8,290 | 8,780 | ||||||||||||||||||||||
Cequent Americas | 5,610 | 9,670 | 2,400 | ||||||||||||||||||||||
Corporate | 970 | 180 | 170 | ||||||||||||||||||||||
Total | $ | 39,490 | $ | 46,120 | $ | 28,380 | |||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||||
Packaging | $ | 18,960 | $ | 17,970 | $ | 13,200 | |||||||||||||||||||
Energy | 3,820 | 3,600 | 2,790 | ||||||||||||||||||||||
Aerospace & Defense | 3,820 | 2,660 | 2,580 | ||||||||||||||||||||||
Engineered Components | 4,270 | 3,860 | 3,540 | ||||||||||||||||||||||
Cequent APEA | 5,770 | 3,840 | 3,860 | ||||||||||||||||||||||
Cequent Americas | 13,680 | 12,780 | 12,170 | ||||||||||||||||||||||
Corporate | 260 | 160 | 150 | ||||||||||||||||||||||
Total | $ | 50,580 | $ | 44,870 | $ | 38,290 | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Operating Net Assets | |||||||||||||||||||||||||
Packaging | $ | 377,480 | $ | 376,040 | $ | 310,520 | |||||||||||||||||||
Energy | 180,410 | 158,710 | 116,980 | ||||||||||||||||||||||
Aerospace & Defense | 150,750 | 80,620 | 71,280 | ||||||||||||||||||||||
Engineered Components | 73,780 | 68,870 | 63,420 | ||||||||||||||||||||||
Cequent APEA | 81,120 | 51,790 | 42,010 | ||||||||||||||||||||||
Cequent Americas | 164,590 | 145,360 | 126,680 | ||||||||||||||||||||||
Corporate | 11,140 | 2,370 | 34,670 | ||||||||||||||||||||||
Total operating net assets | 1,039,270 | 883,760 | 765,560 | ||||||||||||||||||||||
Current liabilities | 261,510 | 247,200 | 226,340 | ||||||||||||||||||||||
Consolidated assets | $ | 1,300,780 | $ | 1,130,960 | $ | 991,900 | |||||||||||||||||||
The following table presents the Company's revenues for each of the years ended December 31 and operating net assets at each year ended December 31, attributed to each subsidiary's continent of domicile. Other than Australia, there was no single non-U.S. country for which net sales and net assets were significant to the combined net sales and net assets of the Company taken as a whole. | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Net | Operating | Net | Operating | Net | Operating | ||||||||||||||||||||
Sales | Net Assets | Sales | Net Assets | Sales | Net Assets | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Non-U.S. | |||||||||||||||||||||||||
Europe | $ | 97,500 | $ | 136,490 | $ | 62,400 | $ | 102,250 | $ | 68,820 | $ | 113,950 | |||||||||||||
Australia | 97,580 | 27,080 | 100,620 | 32,400 | 88,640 | 30,870 | |||||||||||||||||||
Asia | 44,870 | 59,120 | 32,230 | 38,130 | 9,500 | 30,630 | |||||||||||||||||||
Africa | 3,310 | 4,770 | 4,180 | 3,090 | 950 | 2,990 | |||||||||||||||||||
Other Americas | 46,210 | 83,080 | 34,090 | 68,660 | 29,600 | 38,660 | |||||||||||||||||||
Total non-U.S | 289,470 | 310,540 | 233,520 | 244,530 | 197,510 | 217,100 | |||||||||||||||||||
Total U.S. | 1,105,390 | 728,730 | 1,039,390 | 639,230 | 886,450 | 548,460 | |||||||||||||||||||
Total | $ | 1,394,860 | $ | 1,039,270 | $ | 1,272,910 | $ | 883,760 | $ | 1,083,960 | $ | 765,560 | |||||||||||||
The Company's export sales from the U.S. approximated $123.7 million, $139.7 million and $132.5 million in 2013, 2012 and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure | ' | ||||||||||||
Income Taxes | |||||||||||||
The Company's income before income taxes and income tax expense for continuing operations, each by tax jurisdiction, consisted of the following: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Income before income taxes: | |||||||||||||
Domestic | $ | 50,150 | $ | 11,920 | $ | 49,060 | |||||||
Foreign | 47,610 | 30,340 | 30,680 | ||||||||||
Total income before income taxes | $ | 97,760 | $ | 42,260 | $ | 79,740 | |||||||
Current income tax expense: | |||||||||||||
Federal | $ | 16,080 | $ | 8,250 | $ | 4,500 | |||||||
State and local | 1,460 | 1,860 | 2,490 | ||||||||||
Foreign | 9,650 | 4,190 | 9,890 | ||||||||||
Total current income tax expense | 27,190 | 14,300 | 16,880 | ||||||||||
Deferred income tax expense (benefit): | |||||||||||||
Federal | (4,490 | ) | (6,200 | ) | 10,390 | ||||||||
State and local | (1,020 | ) | (750 | ) | 830 | ||||||||
Foreign | (3,290 | ) | (1,380 | ) | 830 | ||||||||
Total deferred income tax expense | (8,800 | ) | (8,330 | ) | 12,050 | ||||||||
Income tax expense | $ | 18,390 | $ | 5,970 | $ | 28,930 | |||||||
The components of deferred taxes at December 31, 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Accounts receivable | $ | 1,240 | $ | 1,110 | |||||||||
Inventories | 7,840 | 5,670 | |||||||||||
Accrued liabilities and other long-term liabilities | 40,410 | 34,880 | |||||||||||
Tax loss and credit carryforwards | 10,010 | 6,740 | |||||||||||
Gross deferred tax asset | 59,500 | 48,400 | |||||||||||
Valuation allowances | (6,530 | ) | (4,440 | ) | |||||||||
Net deferred tax asset | 52,970 | 43,960 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | (20,420 | ) | (19,800 | ) | |||||||||
Goodwill and other intangible assets | (66,440 | ) | (60,990 | ) | |||||||||
Other, principally deferred income | (6,310 | ) | (3,860 | ) | |||||||||
Gross deferred tax liability | (93,170 | ) | (84,650 | ) | |||||||||
Net deferred tax liability | $ | (40,200 | ) | $ | (40,690 | ) | |||||||
The following is a reconciliation of income tax expense computed at the U.S. federal statutory rate to income tax expense allocated to income from continuing operations before income taxes: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Tax at U.S. federal statutory rate | $ | 34,220 | $ | 14,790 | $ | 27,910 | |||||||
State and local taxes, net of federal tax benefit | 270 | 730 | 2,440 | ||||||||||
Differences in statutory foreign tax rates | (8,550 | ) | (4,920 | ) | (2,250 | ) | |||||||
Change in recognized tax benefits | (1,630 | ) | (1,320 | ) | (700 | ) | |||||||
Tax holiday(a) | (1,980 | ) | (1,160 | ) | — | ||||||||
Nontaxable gains | (5,460 | ) | — | — | |||||||||
Restructuring (benefits)/charges | 2,230 | (2,400 | ) | 1,300 | |||||||||
Noncontrolling interest | (1,410 | ) | (790 | ) | — | ||||||||
Net change in valuation allowance | 1,980 | 1,600 | 130 | ||||||||||
Other, net | (1,280 | ) | (560 | ) | 100 | ||||||||
Income tax expense | $ | 18,390 | $ | 5,970 | $ | 28,930 | |||||||
__________________________ | |||||||||||||
(a) Tax holiday related to Thailand which expires on December 31, 2015. | |||||||||||||
The Company has recorded deferred tax assets of $2.5 million related to various state operating loss carryforwards and $6.8 million related to various foreign operating loss carryforwards. The majority of the state tax loss carryforwards expire between 2024 and 2027 and the majority of the foreign losses have indefinite carryforward periods. | |||||||||||||
In general, it is the practice and intention of the Company to reinvest the earnings of its non-U.S. subsidiaries in those operations. As of December 31, 2013, the Company has not made a provision for U.S. or additional non-U.S. withholding taxes on approximately $228.0 million of undistributed earnings of non-U.S. subsidiaries that are considered to be permanently reinvested. Generally, such amounts become subject to U.S. taxation upon remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability related to investments in these non-U.S. subsidiaries. | |||||||||||||
Unrecognized tax benefits | |||||||||||||
The Company has approximately $31.6 million and $21.7 million of unrecognized tax benefits ("UTBs") as of December 31, 2013 and 2012, respectively. If the unrecognized tax benefits were recognized, the impact to the Company's effective tax rate would be to reduce reported income tax expense for the years ended December 31, 2013 and 2012 approximately $25.7 million and $14.0 million, respectively. | |||||||||||||
A reconciliation of the change in the UTBs and related accrued interest and penalties for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||
Unrecognized | |||||||||||||
Tax Benefits | |||||||||||||
(dollars in thousands) | |||||||||||||
Balance at December 31, 2011 | $ | 13,390 | |||||||||||
Tax positions related to current year: | |||||||||||||
Additions | 3,990 | ||||||||||||
Tax positions related to prior years: | |||||||||||||
Additions | 6,760 | ||||||||||||
Reductions | (320 | ) | |||||||||||
Settlements | (720 | ) | |||||||||||
Lapses in the statutes of limitations | (1,370 | ) | |||||||||||
Balance at December 31, 2012 | $ | 21,730 | |||||||||||
Tax positions related to current year: | |||||||||||||
Additions | 1,300 | ||||||||||||
Tax positions related to prior years: | |||||||||||||
Additions | 15,340 | ||||||||||||
Reductions | (4,310 | ) | |||||||||||
Settlements | — | ||||||||||||
Lapses in the statutes of limitations | (2,490 | ) | |||||||||||
Balance at December 31, 2013 | $ | 31,570 | |||||||||||
In addition to the UTBs summarized above, the Company has recorded approximately $1.8 million and $1.6 million in potential interest and penalties associated with uncertain tax positions as of December 31, 2013 and 2012, respectively. | |||||||||||||
The increase in UTBs related to prior years is primarily due to the Company's business acquisitions during 2013. The Company maintains an indemnification asset for the acquired UTBs and corresponding interest and penalties. | |||||||||||||
The Company is subject to U.S. federal, state and local, and certain non-U.S. income tax examinations for tax years 2002 through 2013. The Company is currently under audit by the Internal Revenue Service for tax year 2011. Additionally, there are currently two foreign income tax examinations in process. The Company does not believe that the results of these examinations will have a significant impact on the Company's tax position or its effective tax rate. | |||||||||||||
Management monitors changes in tax statutes and regulations and the issuance of judicial decisions to determine the potential impact to unrecognized tax benefits and is not aware of, nor does it anticipate, any material subsequent events that could have a significant impact on the Company's financial position during the next twelve months. |
Summary_Quarterly_Financial_Da
Summary Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary Quarterly Financial Data | ' | ||||||||||||||||
Summary Quarterly Financial Data | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
(unaudited, dollars in thousands, except for per share data) | |||||||||||||||||
Net sales | $ | 337,780 | $ | 378,030 | $ | 355,620 | $ | 323,430 | |||||||||
Gross profit | 83,400 | 103,310 | 94,150 | 72,540 | |||||||||||||
Income from continuing operations | 14,040 | 27,100 | 29,950 | 8,280 | |||||||||||||
Income from discontinued operations, net of income taxes | — | 700 | — | — | |||||||||||||
Net income | 14,040 | 27,800 | 29,950 | 8,280 | |||||||||||||
Less: Net income attributable to noncontrolling interests | 860 | 910 | 1,320 | 1,430 | |||||||||||||
Net income attributable to TriMas Corporation | 13,180 | 26,890 | 28,630 | 6,850 | |||||||||||||
Earnings per share attributable to TriMas Corporation—basic: | |||||||||||||||||
Continuing operations | $ | 0.34 | $ | 0.66 | $ | 0.71 | $ | 0.15 | |||||||||
Discontinued operations | — | 0.02 | — | — | |||||||||||||
Net income per share | $ | 0.34 | $ | 0.68 | $ | 0.71 | $ | 0.15 | |||||||||
Weighted average shares—basic | 39,234,780 | 39,425,471 | 40,345,828 | 44,698,948 | |||||||||||||
Earnings per share attributable to TriMas Corporation—diluted: | |||||||||||||||||
Continuing operations | $ | 0.33 | $ | 0.65 | $ | 0.7 | $ | 0.15 | |||||||||
Discontinued operations | — | 0.02 | — | — | |||||||||||||
Net income per share | $ | 0.33 | $ | 0.67 | $ | 0.7 | $ | 0.15 | |||||||||
Weighted average shares—diluted | 39,790,524 | 39,886,593 | 40,746,503 | 45,159,205 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
(unaudited, dollars in thousands, except for per share data) | |||||||||||||||||
Net sales | $ | 297,570 | $ | 338,430 | $ | 335,870 | $ | 301,040 | |||||||||
Gross profit | 78,910 | 95,890 | 90,140 | 78,820 | |||||||||||||
Net income (loss) | 12,250 | 17,170 | 19,960 | (13,090 | ) | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (240 | ) | 510 | 1,290 | 850 | ||||||||||||
Net income (loss) attributable to TriMas Corporation | 12,490 | 16,660 | 18,670 | (13,940 | ) | ||||||||||||
Earnings per share attributable to TriMas Corporation—basic: | |||||||||||||||||
Net income (loss) per share | $ | 0.36 | $ | 0.45 | $ | 0.48 | $ | (0.36 | ) | ||||||||
Weighted average shares—basic | 34,592,267 | 37,345,026 | 39,045,282 | 39,101,163 | |||||||||||||
Earnings per share attributable to TriMas Corporation—diluted: | |||||||||||||||||
Net income (loss) per share | $ | 0.36 | $ | 0.44 | $ | 0.47 | $ | (0.35 | ) | ||||||||
Weighted average shares—diluted | 35,027,899 | 37,694,221 | 39,508,503 | 39,680,565 | |||||||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
22. Subsequent Event (unaudited) | |
In January 2014, the Company entered into a series of monthly foreign currency forward contracts to purchase a notional amount of approximately $19 million of Mexican pesos during 2014. These contracts are intended to match amounts, payable in pesos, to be owed for certain forecasted inventory purchases from our lower-cost Mexican manufacturing facilities within our Cequent Americas reportable segment. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Principles of Consolidation | ' | |
Principles of Consolidation. The accompanying consolidated financial statements include the accounts and transactions of TriMas and its subsidiaries. Significant intercompany transactions have been eliminated. | ||
The Company records the initial carrying amount of redeemable noncontrolling interests at fair value. Each reporting period, the Company adjusts the carrying amount to the greater of (1) the initial carrying amount, increased or decreased for the redeemable noncontrolling interests' share of net income or loss, their share of comprehensive income or loss and dividends and (2) the redemption value as determined by a specified multiple of earnings, as defined. This method views the end of the reporting period as if it were also the redemption date for the redeemable noncontrolling interests. The Company conducts a quarterly review to determine if the fair value of the redeemable noncontrolling interests is less than the redemption value. If the fair value of the redeemable noncontrolling interests is less than the redemption value, there may be a charge to earnings per share attributable to TriMas Corporation. | ||
Use of Estimates | ' | |
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, goodwill and other intangibles, valuation allowances for receivables, inventories and deferred income tax assets, valuation of derivatives, estimated future unrecoverable lease costs, estimated unrecognized tax benefits, reserves for asbestos, legal and product liability matters, assets and obligations related to employee benefits and valuation of redeemable noncontrolling interests. Actual results may differ from such estimates and assumptions. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents. The Company considers cash on hand and on deposit and investments in all highly liquid debt instruments with initial maturities of three months or less to be cash and cash equivalents. | ||
Receivables | ' | |
Receivables. Receivables are presented net of allowances for doubtful accounts of approximately $3.6 million and $3.7 million at December 31, 2013 and 2012, respectively. The Company monitors its exposure for credit losses and maintains allowances for doubtful accounts based upon the Company's best estimate of probable losses inherent in the accounts receivable balances. The Company does not believe that significant credit risk exists due to its diverse customer base. | ||
Sales of Receivables | ' | |
Sales of Receivables. The Company may, from time to time, sell certain of its receivables to third parties. Sales of receivables are recognized at the point in which the receivables sold are transferred beyond the reach of the Company and its creditors, the purchaser has the right to pledge or exchange the receivables and the Company has surrendered control over the transferred receivables. | ||
Inventories | ' | |
Inventories. Inventories are stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out method. Direct materials, direct labor and allocations of variable and fixed manufacturing-related overhead are included in inventory cost. | ||
Property and Equipment | ' | |
Property and Equipment. Property and equipment additions, including significant improvements, are recorded at cost. Upon retirement or disposal of property and equipment, the cost and accumulated depreciation are removed from the accounts, and any gain or loss is included in the accompanying statement of income. Repair and maintenance costs are charged to expense as incurred. | ||
Depreciation and Amortization and Impairment of Long-Lived Assets and Definted-Lived Intangible Assets | ' | |
Depreciation and Amortization. Depreciation is computed principally using the straight-line method over the estimated useful lives of the assets. Annual depreciation rates are as follows: land and land improvements/buildings, 10 to 40 years, and machinery and equipment, three to 15 years. Capitalized debt issuance costs are amortized over the underlying terms of the related debt securities. Customer relationship intangibles are amortized over periods ranging from five to 25 years, while technology and other intangibles are amortized over periods ranging from one to 30 years. | ||
Impairment of Long-Lived Assets and Definite-Lived Intangible Assets. The Company reviews, on at least a quarterly basis, the financial performance of each business unit for indicators of impairment. In reviewing for impairment indicators, the Company also considers events or changes in circumstances such as business prospects, customer retention, market trends, potential product obsolescence, competitive activities and other economic factors. An impairment loss is recognized when the carrying value of an asset group exceeds the future net undiscounted cash flows expected to be generated by that asset group. The impairment loss recognized is the amount by which the carrying value of the asset group exceeds its fair value. | ||
Goodwill and Indefinite-Lived Intangibles | ' | |
Goodwill. The Company assesses goodwill and indefinite-lived intangible assets (primarily trademark/trade names) for impairment on an annual basis by reviewing relevant qualitative and quantitative factors. More frequent evaluations may be required if the Company experiences changes in its business climate or as a result of other triggering events that take place. If carrying value exceeds fair value, a possible impairment exists and further evaluation is performed. | ||
The Company determines its reporting units at the individual operating segment level, or one level below, when there is discrete financial information available that is regularly reviewed by segment management for evaluating operating results. For purposes of the Company's 2013 goodwill impairment test, the Company had 12 reporting units within its six reportable segments, eight of which had goodwill. | ||
The Company performed a one-step ("Step Zero") qualitative assessment for its 2013, 2012 and 2011 annual goodwill impairment tests. In conducting the qualitative assessment, the Company considers relevant events and circumstances that affect the fair value or carrying amount of a reporting unit. Such events and circumstances can include macroeconomic conditions, industry and market considerations, overall financial performance, entity and reporting unit specific events, and capital markets pricing. The Company considers the extent to which each of the adverse events and circumstances identified affect the comparison of a reporting unit's fair value with its carrying amount. The Company places more weight on the events and circumstances that most affect a reporting unit's fair value or the carrying amount of its net assets. The Company considers positive and mitigating events and circumstances that may affect its determination of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company also considers recent valuations of its reporting units, including the difference between the most recent fair value estimate and the carrying amount. These factors are all considered by management in reaching its conclusion about whether to perform the first step of the goodwill impairment test. If management concludes that further testing is required, the Company would perform a quantitative valuation to estimate the fair value of its reporting units. | ||
Indefinite-Lived Intangibles. The Company performed a qualitative assessment for its 2013 and 2012 indefinite-lived intangible asset impairment tests. In conducting the qualitative assessment, the Company considers relevant events and circumstances to determine whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying values. In addition to the events and circumstances that the Company considers above in its Step Zero analysis for potential goodwill impairment, the Company also considers legal, regulatory and contractual factors that could affect the fair value or carrying amount of the Company's indefinite-lived intangible assets. The Company also considers recent valuations of its indefinite-lived intangible assets, including the difference between the most recent fair value estimates and the carrying amounts. These factors are all considered by management in reaching its conclusion about whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying values. If management concludes that further testing is required, the Company would perform a quantitative valuation to estimate the fair value of its indefinite-lived intangible assets. If the carrying value exceeds fair value, an impairment is recorded. | ||
Prior to 2012, before the qualitative assessment option was issued into the accounting rules, the Company utilized the royalty relief method to estimate the fair value of its indefinite-lived intangible assets, basing the estimate on discounted future cash flows related to the net amount of royalty expenses avoided due to the existence of the trademark or tradename. The Company then compared the estimated fair value to the carrying value. If the carrying value exceeds fair value, an impairment is recorded. | ||
Self-insurance | ' | |
Self-insurance. The Company is generally self-insured for losses and liabilities related to workers' compensation, health and welfare claims and comprehensive general, product and vehicle liability. The Company is generally responsible for up to $0.5 million per occurrence under its retention program for workers' compensation, between $0.3 million and $2.0 million per occurrence under its retention programs for comprehensive general, product and vehicle liability, and has a $0.3 million per occurrence stop-loss limit with respect to its self-insured group medical plan. Total insurance limits under these retention programs vary by year for comprehensive general, product and vehicle liability and extend to the applicable statutory limits for workers' compensation. Reserves for claims losses, including an estimate of related litigation defense costs, are recorded based upon the Company's estimates of the aggregate liability for claims incurred using actuarial assumptions about future events. Changes in assumptions for factors such as medical costs and actual experience could cause these estimates to change. | ||
Pension Plans and Postretirement Benefits Other Than Pensions | ' | |
Pension Plans and Postretirement Benefits Other Than Pensions. Annual net periodic pension expense and benefit liabilities under defined benefit pension plans are determined on an actuarial basis. Assumptions used in the actuarial calculations could have a significant impact on plan obligations, and a lesser impact on current period expense. Annually, the Company reviews the actual experience compared to the more significant assumptions used and makes adjustments to the assumptions, if warranted. The healthcare trend rates are reviewed based upon actual claims experience. Discount rates are based upon an expected benefit payments duration analysis and the equivalent average yield rate for high-quality fixed-income investments. Pension benefits are funded through deposits with trustees and the expected long-term rate of return on fund assets is based upon actual historical returns and a review of other public company pension asset return data, modified for known changes in the market and any expected change in investment policy. Postretirement benefits are not funded and it is the Company's policy to pay these benefits as they become due. | ||
Revenue Recognition | ' | |
Revenue Recognition. Revenues from product sales are recognized when products are shipped or services are provided to customers, the customer takes ownership and assumes risk of loss, the sales price is fixed and determinable and collectability is reasonably assured. Net sales is comprised of gross revenues less estimates of expected returns, trade discounts and customer allowances, which include incentives such as cooperative advertising agreements, volume discounts and other supply agreements in connection with various programs. Such deductions are recorded during the period the related revenue is recognized. | ||
Cost of Sales | ' | |
Cost of Sales. Cost of sales includes material, labor and overhead costs incurred in the manufacture of products sold in the period. Material costs include raw material, purchased components, outside processing and inbound freight costs. Overhead costs consist of variable and fixed manufacturing costs, wages and fringe benefits, and purchasing, receiving and inspection costs. | ||
Selling, General and Administrative Expenses | ' | |
Selling, General and Administrative Expenses. Selling, general and administrative expenses include the following: costs related to the advertising, sale, marketing and distribution of the Company's products, shipping and handling costs, amortization of customer intangible assets, costs of finance, human resources, legal functions, executive management costs and other administrative expenses. | ||
Research and Development Costs | ' | |
Research and Development Costs. Research and development ("R&D") costs are expensed as incurred. R&D expenses were approximately $2.0 million, $1.3 million and $1.4 million for the years ended December 31, 2013, 2012 and 2011, respectively, and are included in cost of sales in the accompanying statement of income. | ||
Shipping and Handling Expenses | ' | |
Shipping and Handling Expenses. Freight costs are included in cost of sales and shipping and handling expenses, including those of Cequent Americas' distribution network, are included in selling, general and administrative expenses in the accompanying statement of income. Shipping and handling costs were $4.6 million for the year ended December 31, 2013 and $4.1 million for each of the years ended December 31, 2012 and 2011, respectively. | ||
Advertising and Sales Promotion Costs | ' | |
Advertising and Sales Promotion Costs. Advertising and sales promotion costs are expensed as incurred. Advertising costs were approximately $8.9 million, $7.9 million and $7.6 million for the years ended December 31, 2013, 2012 and 2011, respectively, and are included in selling, general and administrative expenses in the accompanying statement of income. | ||
Income Taxes | ' | |
Income Taxes. The Company computes income taxes using the asset and liability method, whereby deferred income taxes using current enacted tax rates are provided for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities and for operating loss and tax credit carryforwards. The Company determines valuation allowances based on an assessment of positive and negative evidence on a jurisdiction-by-jurisdiction basis and records a valuation allowance to reduce deferred tax assets to the amount more likely than not to be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. | ||
Foreign Currency Translation | ' | |
Foreign Currency Translation. The financial statements of subsidiaries located outside of the United States are measured using the currency of the primary economic environment in which they operate as the functional currency. Net foreign currency transaction losses were approximately $1.1 million for each of the years ended December 31, 2013 and 2012, and $1.2 million for the year ended December 31, 2011, and are included in other expense, net in the accompanying statement of income. When translating into U.S. dollars, income and expense items are translated at average monthly exchange rates and assets and liabilities are translated at exchange rates in effect at the balance sheet date. Translation adjustments resulting from translating the functional currency into U.S. dollars are deferred as a component of accumulated other comprehensive income in the statement of shareholders' equity. | ||
Derivative Financial Instruments | ' | |
Derivative Financial Instruments. The Company records all derivative financial instruments at fair value on the balance sheet as either assets or liabilities, and changes in their fair values are immediately recognized in earnings if the derivatives do not qualify as effective hedges. If a derivative is designated as a fair value hedge, then changes in the fair value of the derivative are offset against the changes in the fair value of the underlying hedged item. If a derivative is designated as a cash flow hedge, then the effective portion of the changes in the fair value of the derivative is recognized as a component of other comprehensive income until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable of occurring. The Company formally documents hedging relationships for all derivative transactions and the underlying hedged items, as well as its risk management objectives and strategies for undertaking the hedge transactions. See Note 13, "Derivative Instruments," for further information on the Company's financial instruments. | ||
Fair Value of Financial Instruments | ' | |
Fair Value of Financial Instruments. In accounting for and disclosing the fair value of these instruments, the Company uses the following hierarchy: | ||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; | |
• | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and | |
• | Level 3 inputs are unobservable inputs for the asset or liability. | |
Valuation of the interest rate swaps and foreign currency forward contracts are based on the income approach, which uses observable inputs such as interest rate yield curves and forward currency exchange rates. | ||
The carrying value of financial instruments reported in the balance sheet for current assets and current liabilities approximates fair value due to the short maturity of these instruments. The Company's current senior secured term loan A facility traded at 99.9% as of December 31, 2013 and the Company's former senior secured term loan A facility traded at 99.3% of par value as of December 31, 2012. The Company's previous term loan B facility traded at 99.9% of par value as of December 31, 2012. The valuations of the term loans were determined based on Level 2 inputs. | ||
Earnings Per Share | ' | |
Earnings Per Share. Net earnings are divided by the weighted average number of shares outstanding during the year to calculate basic earnings per share. Diluted earnings per share are calculated to give effect to stock options and other stock-based awards. The calculation of diluted earnings per share included 293,021, 219,911 and 130,314 restricted shares for the years ended December 31, 2013, 2012 and 2011, respectively. Options to purchase 342,448, 675,665 and 1,271,149 shares of common stock were outstanding at December 31, 2013, 2012 and 2011, respectively. The calculation of diluted earnings per share included 176,428, 208,175 and 403,090 options to purchase shares of common stock for the years ended December 31, 2013, 2012 and 2011, respectively. | ||
Stock-based Compensation | ' | |
Stock-based Compensation. The Company recognizes compensation expense related to equity awards based on their fair values as of the grant date. In addition, the Company periodically updates its estimate of attainment for each restricted share with a performance factor based on current and forecasted results, reflecting the change from prior estimate, if any, in current period compensation expense. The disclosed number of shares granted considers only the targeted number of shares until such time that the performance condition has been satisfied. If the performance conditions are not achieved, no award is earned. | ||
Other Comprehensive Income | ' | |
Other Comprehensive Income. The Company refers to other comprehensive income as revenues, expenses, gains and losses that under accounting principles generally accepted in the United States are included in comprehensive income but are excluded from net earnings as these amounts are recorded directly as an adjustment to stockholders' equity. Other comprehensive income is comprised of foreign currency translation adjustments, amortization of prior service costs and unrecognized gains and losses in actuarial assumptions and changes in unrealized gains and losses on derivatives. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Redeemable Noncontrolling Interest | ' | ||||||||
Year ended December 31, 2013 | |||||||||
(dollars in thousands) | |||||||||
Beginning balance, December 31, 2012 | $ | 26,780 | |||||||
Distributions to noncontrolling interests | (2,710 | ) | |||||||
Net income attributable to noncontrolling interests | 4,520 | ||||||||
Redemption value adjustment for noncontrolling interests | 890 | ||||||||
Ending balance, December 31, 2013 | $ | 29,480 | |||||||
Schedule of Purchase Price Allocation | ' | ||||||||
Year ended December 31, 2013 | |||||||||
(dollars in thousands) | |||||||||
Consideration | |||||||||
Initial cash paid net of cash acquired | $ | 105,790 | |||||||
Deferred/contingent consideration(a) | 12,370 | ||||||||
Total consideration | $ | 118,160 | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Receivables | $ | 12,420 | |||||||
Inventories | 27,350 | ||||||||
Intangible assets other than goodwill(b) | 41,140 | ||||||||
Prepaid expenses and other assets | 17,480 | ||||||||
Property and equipment, net | 20,930 | ||||||||
Accounts payable and accrued liabilities | (12,510 | ) | |||||||
Deferred income taxes | (8,900 | ) | |||||||
Other long-term liabilities | (18,580 | ) | |||||||
Total identifiable net assets | 79,330 | ||||||||
Goodwill(c) | 38,830 | ||||||||
$ | 118,160 | ||||||||
__________________________ | |||||||||
(a) Deferred/contingent consideration includes approximately $9.8 million of both short-term and long-term deferred purchase price, based on set amounts and fixed payment schedules per the purchase agreement, and an additional $2.6 million of contingent consideration to be paid based on a multiple of future earnings, as defined. | |||||||||
(b) Consists of approximately $27.6 million of customer relationships with an estimated weighted average useful life of 10 years, $1.5 million of technology and other intangible assets with an estimated weighted average useful life of four years and $12.1 million of trademark/trade names with an indefinite useful life. | |||||||||
(c) Goodwill includes approximately $2.9 million of bargain purchase gain resulting from the acquisition of the towing technology and business assets of AL-KO, which is included in other income (expense), net in the accompanying consolidated statement of income for the year ended December 31, 2013. | |||||||||
February 24, 2012 | |||||||||
(dollars in thousands) | |||||||||
Consideration | |||||||||
Initial cash paid net of working capital adjustment | $ | 59,200 | |||||||
Contingent consideration (a) | 8,490 | ||||||||
Total consideration | $ | 67,690 | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||
Receivables | $ | 8,760 | |||||||
Inventories | 4,200 | ||||||||
Intangible assets other than goodwill (b) | 48,400 | ||||||||
Other assets | 2,450 | ||||||||
Accounts payable and accrued liabilities | (4,270 | ) | |||||||
Long-term liabilities | (1,610 | ) | |||||||
Total identifiable net assets | 57,930 | ||||||||
Redeemable noncontrolling interest | (25,630 | ) | |||||||
Goodwill (c) | 35,390 | ||||||||
$ | 67,690 | ||||||||
__________________________ | |||||||||
(a) The contingent consideration represented the Company's best estimate, based on its review, at the time of purchase, of the underlying potential obligations estimated at a range of $8 million to $9 million, of certain Seller tax-related liabilities for which the Company has indemnified the Sellers as part of the purchase agreement. During 2012, the Company paid $4.9 million of additional purchase price related to the contingent consideration. No additional amounts were paid during 2013. The remaining liability range of $3.1 million to $4.1 million continues to represent the Company's best estimate of the remaining potential obligation at December 31, 2013. | |||||||||
(b) Consists of $33.0 million of customer relationships with an estimated 10 year useful life, $7.9 million of trademarks/trade names with an indefinite useful life and $7.5 million of technology and other intangible assets with an estimated eight year useful life. | |||||||||
(c) All of the goodwill was assigned to the Company's Packaging reportable segment and is expected to be deductible for tax purposes. | |||||||||
Business Combination, Results Of Operations Of Acquiree Since Acquisition | ' | ||||||||
The results of operations of Arminak are included in the Company's results beginning February 24, 2012. The actual amounts of net sales and net income of Arminak included in the accompanying consolidated statement of income for the year ended December 31, 2012 are $65.9 million and $8.0 million, respectively | |||||||||
Business Acquisition, Pro Forma Information | ' | ||||||||
The following table summarizes the supplemental pro forma results of the combined entity as if the acquisition had occurred on January 1, 2011. The supplemental pro forma information presented below is for informational purposes and is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated on January 1, 2011: | |||||||||
Pro forma Combined (a) | |||||||||
Year ended December 31, | |||||||||
2012 | 2011 | ||||||||
(dollars in thousands) | |||||||||
Net sales | $ | 1,280,940 | $ | 1,144,020 | |||||
Net income attributable to TriMas Corporation | $ | 35,850 | $ | 54,540 | |||||
___________________________ | |||||||||
(a) The supplemental pro forma results reflect certain adjustments, such as adjustments for acquisition costs incurred and purchase accounting adjustments related to step-up in value and subsequent amortization of inventory and intangible assets. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||||||
Results of discontinued operations are summarized as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Net sales | $ | — | $ | — | $ | 45,480 | |||||||
Income from discontinued operations, before income taxes | $ | 1,000 | $ | — | $ | 14,600 | |||||||
Income tax expense | (300 | ) | — | (5,050 | ) | ||||||||
Income from discontinued operations, net of income taxes | $ | 700 | $ | — | $ | 9,550 | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||
Aerospace | Engineered | Cequent | Cequent | |||||||||||||||||||||||||
Packaging | Energy | & Defense | Components | APEA | Americas | Total | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 122,330 | $ | 48,720 | $ | 41,130 | $ | 3,180 | $ | — | $ | — | $ | 215,360 | ||||||||||||||
Goodwill from acquisitions | 35,420 | 15,500 | — | — | — | 3,470 | 54,390 | |||||||||||||||||||||
Foreign currency translation and other | 1,230 | (10 | ) | — | — | — | (30 | ) | 1,190 | |||||||||||||||||||
Balance, December 31, 2012 | $ | 158,980 | $ | 64,210 | $ | 41,130 | $ | 3,180 | $ | — | $ | 3,440 | $ | 270,940 | ||||||||||||||
Goodwill from acquisitions | — | 14,440 | 19,950 | 4,240 | — | 4,410 | 43,040 | |||||||||||||||||||||
Goodwill associated with sold businesses | (2,060 | ) | — | — | — | — | — | (2,060 | ) | |||||||||||||||||||
Foreign currency translation and other | 1,140 | (2,730 | ) | — | — | — | (670 | ) | (2,260 | ) | ||||||||||||||||||
Balance, December 31, 2013 | $ | 158,060 | $ | 75,920 | $ | 61,080 | $ | 7,420 | $ | — | $ | 7,180 | $ | 309,660 | ||||||||||||||
Schedule of Intangible Assets (excluding Goodwill) by Major Class | ' | |||||||||||||||||||||||||||
The gross carrying amounts and accumulated amortization of the Company's other intangibles as of December 31, 2013 and 2012 are summarized below. The Company amortizes these assets over periods ranging from one to 30 years. | ||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||
Intangible Category by Useful Life | Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||||
Customer relationships, 5 - 12 years | $ | 105,090 | $ | (36,260 | ) | $ | 85,740 | $ | (30,080 | ) | ||||||||||||||||||
Customer relationships, 15 - 25 years | 154,610 | (94,200 | ) | 154,610 | (85,960 | ) | ||||||||||||||||||||||
Total customer relationships | 259,700 | (130,460 | ) | 240,350 | (116,040 | ) | ||||||||||||||||||||||
Technology and other, 1 - 15 years | 38,980 | (28,940 | ) | 37,130 | (26,320 | ) | ||||||||||||||||||||||
Technology and other, 17 - 30 years | 43,990 | (25,310 | ) | 43,800 | (23,070 | ) | ||||||||||||||||||||||
Total technology and other | 82,970 | (54,250 | ) | 80,930 | (49,390 | ) | ||||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||||
Trademark/Trade names | 61,570 | — | 50,310 | — | ||||||||||||||||||||||||
Total other intangible assets | $ | 404,240 | $ | (184,710 | ) | $ | 371,590 | $ | (165,430 | ) | ||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Amortization Expense | ' | |||||||||||||||||||||||||||
Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Technology and other, included in cost of sales | $ | 4,870 | $ | 4,940 | $ | 3,490 | ||||||||||||||||||||||
Customer relationships, included in selling, general and administrative expenses | 14,900 | 14,880 | 11,020 | |||||||||||||||||||||||||
Total amortization expense | $ | 19,770 | $ | 19,820 | $ | 14,510 | ||||||||||||||||||||||
Schedule of Expected Amortization Expense [Table Text Block] | ' | |||||||||||||||||||||||||||
Estimated amortization expense for the next five fiscal years beginning after December 31, 2013 is as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | Estimated Amortization Expense | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
2014 | $21,990 | |||||||||||||||||||||||||||
2015 | $21,230 | |||||||||||||||||||||||||||
2016 | $20,430 | |||||||||||||||||||||||||||
2017 | $20,070 | |||||||||||||||||||||||||||
2018 | $16,590 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
Inventories consist of the following components: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(dollars in thousands) | |||||||||
Finished goods | $ | 173,140 | $ | 159,550 | |||||
Work in process | 31,880 | 29,270 | |||||||
Raw materials | 65,670 | 49,200 | |||||||
Total inventories | $ | 270,690 | $ | 238,020 | |||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property and Equipment | ' | ||||||||||||
Property and equipment consists of the following components: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(dollars in thousands) | |||||||||||||
Land and land improvements | $ | 5,520 | $ | 6,410 | |||||||||
Buildings | 61,960 | 59,610 | |||||||||||
Machinery and equipment | 351,960 | 332,040 | |||||||||||
419,440 | 398,060 | ||||||||||||
Less: Accumulated depreciation | 213,290 | 213,030 | |||||||||||
Property and equipment, net | $ | 206,150 | $ | 185,030 | |||||||||
Depreciation Expense | ' | ||||||||||||
Depreciation expense as included in the accompanying consolidated statement of income is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Depreciation expense, included in cost of sales | $ | 26,410 | $ | 21,530 | $ | 20,800 | |||||||
Depreciation expense, included in selling, general and administrative expense | 4,400 | 3,520 | 2,970 | ||||||||||
Total depreciation expense | $ | 30,810 | $ | 25,050 | $ | 23,770 | |||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(dollars in thousands) | |||||||||
Self-insurance | $ | 12,610 | $ | 12,050 | |||||
Wages and bonus | 23,670 | 22,080 | |||||||
Other | 48,850 | 40,290 | |||||||
Total accrued liabilities | $ | 85,130 | $ | 74,420 | |||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
The Company's long-term debt consists of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(dollars in thousands) | |||||||||
Credit Agreement | $ | 246,130 | $ | 399,500 | |||||
Receivables facility and other | 59,610 | 22,940 | |||||||
305,740 | 422,440 | ||||||||
Less: Current maturities, long-term debt | 10,290 | 14,370 | |||||||
Long-term debt | $ | 295,450 | $ | 408,070 | |||||
Schedule of Maturities of Long-term Debt | ' | ||||||||
Future maturities of the face value of long-term debt at December 31, 2013 are as follows: | |||||||||
Year Ending December 31: | (dollars | ||||||||
in thousands) | |||||||||
2014 | $ | 10,330 | |||||||
2015 | 9,300 | ||||||||
2016 | 9,010 | ||||||||
2017 | 70,280 | ||||||||
2018 | 206,820 | ||||||||
Thereafter | — | ||||||||
Total | $ | 305,740 | |||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||||||||
As of December 31, 2013 and 2012, the fair value carrying amount of the Company's interest rate swaps are recorded as follows: | |||||||||||||||||||||||
Asset / (Liability) Derivatives | |||||||||||||||||||||||
Balance Sheet Caption | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Interest rate swaps | Long-term asset | $ | 2,080 | $ | — | ||||||||||||||||||
Interest rate swaps | Accrued liabilities | (360 | ) | (530 | ) | ||||||||||||||||||
Interest rate swaps | Other long-term liabilities | — | (690 | ) | |||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 1,720 | $ | (1,220 | ) | ||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||||||||||
The following tables summarize the income (loss) recognized in accumulated other comprehensive income ("AOCI"), the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||
Amount of Income (Loss) Recognized | Location of Loss Reclassified from AOCI into Earnings | Amount of Income (Loss) Reclassified from | |||||||||||||||||||||
in AOCI on Derivative | (Effective Portion) | AOCI into Earnings | |||||||||||||||||||||
(Effective Portion, net of tax) | |||||||||||||||||||||||
As of December 31, | Year ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | |||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Interest rate swaps | $ | 1,060 | $ | (760 | ) | Interest expense | $ | 2,510 | $ | (250 | ) | $ | (360 | ) | |||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||||||
Amount of Loss Recognized in Earnings | |||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
Location of Loss Recognized in Earnings on Derivatives | 2013 | 2012 | 2011 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | (1,480 | ) | $ | (80 | ) | $ | (10 | ) | |||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | ' | ||||||||||||||||||||||
Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 are shown below. | |||||||||||||||||||||||
Description | Frequency | Asset / (Liability) | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
31-Dec-13 | Interest rate swaps | Recurring | $ | 1,720 | $ | — | $ | 1,720 | $ | — | |||||||||||||
31-Dec-12 | Interest rate swaps | Recurring | $ | (1,220 | ) | $ | — | $ | (1,220 | ) | $ | — | |||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
Minimum payments for operating leases having initial or remaining non-cancelable lease terms in excess of one year at December 31, 2013, including approximately $2.5 million annually related to discontinued operations, are summarized below: | |||||
Year ended December 31, | (dollars in | ||||
thousands) | |||||
2014 | $ | 27,980 | |||
2015 | 27,510 | ||||
2016 | 24,340 | ||||
2017 | 22,600 | ||||
2018 | 20,050 | ||||
Thereafter | 49,010 | ||||
Total | $ | 171,490 | |||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Damages Sought for Specific Claims | ' | ||||||||||||||||||||
Below is a breakdown of the amount sought for those claims seeking specific amounts: | |||||||||||||||||||||
Compensatory & Punitive | Compensatory Only | Punitive Only | |||||||||||||||||||
Range of damages sought (in millions) | $0.0 to $5.0 | $5.0 to $10.0 | $10.0+ | $0.0 to $0.6 | $0.6 to $5.0 | $5.0+ | $0.0 to $2.5 | $2.5 to $5.0 | $5.0+ | ||||||||||||
Number of claims | 102 | 18 | 14 | 63 | 53 | 18 | 117 | 13 | 4 | ||||||||||||
Schedule of Loss Contingencies by Contingency | ' | ||||||||||||||||||||
The following chart summarizes the number of claimants, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, excluding amounts reimbursed under the Company's primary insurance, at the applicable date and for the applicable periods: | |||||||||||||||||||||
Claims | Claims filed | Claims | Claims | Average | Total defense | ||||||||||||||||
pending at | during | dismissed | settled | settlement | costs during | ||||||||||||||||
beginning of | period | during | during | amount per | period | ||||||||||||||||
period | period | period | claim during | ||||||||||||||||||
period | |||||||||||||||||||||
Fiscal year ended December 31, 2011 | 8,200 | 476 | 607 | 21 | $ | 14,300 | $ | 2,510,000 | |||||||||||||
Fiscal year ended December 31, 2012 | 8,048 | 367 | 519 | 16 | $ | 14,513 | $ | 2,650,000 | |||||||||||||
Fiscal year ended December 31, 2013 | 7,880 | 360 | 226 | 39 | $ | 8,294 | $ | 2,620,000 | |||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Costs of Retirement Plans | ' | ||||||||||||||||||||||||
Net periodic pension and postretirement benefit expense (income) recorded in the Company's statement of income for defined benefit pension plans and postretirement benefit plans include the following components: | |||||||||||||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Service cost | $ | 680 | $ | 600 | $ | 640 | $ | — | $ | — | $ | — | |||||||||||||
Interest cost | 1,610 | 1,620 | 1,590 | 40 | 50 | 50 | |||||||||||||||||||
Expected return on plan assets | (1,810 | ) | (1,720 | ) | (1,600 | ) | — | — | — | ||||||||||||||||
Amortization of prior-service cost | — | — | — | — | (200 | ) | (270 | ) | |||||||||||||||||
Settlement/curtailment | — | 190 | — | — | (1,490 | ) | — | ||||||||||||||||||
Amortization of net (gain)/loss | 1,280 | 1,070 | 720 | (80 | ) | (80 | ) | (90 | ) | ||||||||||||||||
Net periodic benefit expense (income) | $ | 1,760 | $ | 1,760 | $ | 1,350 | $ | (40 | ) | $ | (1,720 | ) | $ | (310 | ) | ||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||||||||||
Weighted-average assumptions used in accounting for the U.S. defined benefit pension plans and postretirement benefit plans are as follows: | |||||||||||||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount rate for obligations | 5.01 | % | 4.24 | % | 4.78 | % | 4.48 | % | 3.69 | % | 4.54 | % | |||||||||||||
Discount rate for benefit costs | 4.24 | % | 4.78 | % | 5.5 | % | 3.69 | % | 4.54 | % | 4.66 | % | |||||||||||||
Rate of increase in compensation levels | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.75 | % | 7.75 | % | N/A | N/A | N/A | ||||||||||||||||
The Company utilizes a high-quality (Aa) corporate bond yield curve as the basis for its domestic discount rate for its pension and postretirement benefit plans. Management believes this yield curve removes the impact of including additional required corporate bond yields (potentially considered in the above-median curve) resulting from the uncertain economic climate that does not necessarily reflect the general trend in high-quality interest rates. | |||||||||||||||||||||||||
Actuarial valuations of the Company's non-U.S. defined benefit pension plans were prepared as of December 31, 2013, 2012 and 2011. Weighted-average assumptions used in accounting for the non-U.S. defined benefit pension plans are as follows: | |||||||||||||||||||||||||
Pension Benefit | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Discount rate for obligations | 4.5 | % | 4.5 | % | 4.8 | % | |||||||||||||||||||
Discount rate for benefit costs | 4.5 | % | 4.8 | % | 5.5 | % | |||||||||||||||||||
Rate of increase in compensation levels | 4.1 | % | 3.7 | % | 4 | % | |||||||||||||||||||
Expected long-term rate of return on plan assets | 5.4 | % | 5.5 | % | 7 | % | |||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets | ' | ||||||||||||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Changes in Projected Benefit Obligations | |||||||||||||||||||||||||
Benefit obligations at January 1 | $ | (38,730 | ) | $ | (34,560 | ) | $ | (970 | ) | $ | (1,040 | ) | |||||||||||||
Service cost | (680 | ) | (600 | ) | — | — | |||||||||||||||||||
Interest cost | (1,610 | ) | (1,620 | ) | (40 | ) | (50 | ) | |||||||||||||||||
Participant contributions | (60 | ) | (40 | ) | — | (10 | ) | ||||||||||||||||||
Actuarial gain (loss) | 1,280 | (2,900 | ) | 170 | 80 | ||||||||||||||||||||
Benefit payments | 1,850 | 1,890 | 30 | 50 | |||||||||||||||||||||
Settlement/curtailment | — | (190 | ) | — | — | ||||||||||||||||||||
Change in foreign currency | (280 | ) | (710 | ) | — | — | |||||||||||||||||||
Projected benefit obligations at December 31 | (38,230 | ) | (38,730 | ) | (810 | ) | (970 | ) | |||||||||||||||||
Changes in Plan Assets | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 27,860 | $ | 21,280 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 2,270 | 1,680 | — | — | |||||||||||||||||||||
Employer contributions | 3,240 | 6,130 | 30 | 40 | |||||||||||||||||||||
Participant contributions | 60 | 40 | — | 10 | |||||||||||||||||||||
Benefit payments | (1,850 | ) | (1,890 | ) | (30 | ) | (50 | ) | |||||||||||||||||
Change in foreign currency | 200 | 620 | — | — | |||||||||||||||||||||
Fair value of plan assets at December 31 | 31,780 | 27,860 | — | — | |||||||||||||||||||||
Funded status at December 31 | $ | (6,450 | ) | $ | (10,870 | ) | $ | (810 | ) | $ | (970 | ) | |||||||||||||
Schedule of Amounts Recognized in Balance Sheet | ' | ||||||||||||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Amounts Recognized in Balance Sheet | |||||||||||||||||||||||||
Prepaid benefit cost | $ | 980 | $ | 1,020 | $ | — | $ | — | |||||||||||||||||
Current liabilities | (410 | ) | (410 | ) | (90 | ) | (90 | ) | |||||||||||||||||
Noncurrent liabilities | (7,020 | ) | (11,480 | ) | (720 | ) | (880 | ) | |||||||||||||||||
Net liability recognized at December 31 | $ | (6,450 | ) | $ | (10,870 | ) | $ | (810 | ) | $ | (970 | ) | |||||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss | |||||||||||||||||||||||||
Unrecognized prior-service cost | $ | 110 | $ | 130 | $ | — | $ | — | |||||||||||||||||
Unrecognized net loss/(gain) | 16,420 | 19,430 | (670 | ) | (570 | ) | |||||||||||||||||||
Total accumulated other comprehensive (income) loss recognized at December 31 | $ | 16,530 | $ | 19,560 | $ | (670 | ) | $ | (570 | ) | |||||||||||||||
Changes in AOCI by component for the year ended December 31, 2013 are summarized as follows, net of tax: | |||||||||||||||||||||||||
Defined Benefit Plans | Derivative Instruments | Foreign Currency Translation | Total | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Balance, December 31, 2012 | $ | (12,440 | ) | $ | (1,680 | ) | $ | 53,380 | $ | 39,260 | |||||||||||||||
Net unrealized gains (losses) arising during the period | 800 | 3,370 | (7,860 | ) | (3,690 | ) | |||||||||||||||||||
Less: Net realized gains (losses) reclassified to net income (a) | (800 | ) | 630 | 7,910 | 7,740 | ||||||||||||||||||||
Net current-period change | 1,600 | 2,740 | (15,770 | ) | (11,430 | ) | |||||||||||||||||||
Balance, December 31, 2013 | $ | (10,840 | ) | $ | 1,060 | $ | 37,610 | $ | 27,830 | ||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | ' | ||||||||||||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Accumulated benefit obligations at December 31 | $ | (20,200 | ) | $ | (36,320 | ) | $ | (810 | ) | $ | (970 | ) | |||||||||||||
Plans with Benefit Obligation Exceeding Plan Assets | |||||||||||||||||||||||||
Benefit obligation | $ | (37,430 | ) | $ | (37,660 | ) | $ | (810 | ) | $ | (970 | ) | |||||||||||||
Plan assets | 30,000 | 25,770 | — | — | |||||||||||||||||||||
Benefit obligation in excess of plan assets | $ | (7,430 | ) | $ | (11,890 | ) | $ | (810 | ) | $ | (970 | ) | |||||||||||||
Schedule of Effect of Change in Discount Rate and Expected Return on Assets on Benefit Obligations and Expense | ' | ||||||||||||||||||||||||
31-Dec-13 | 2013 Expense | ||||||||||||||||||||||||
Benefit Obligation | |||||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||||
Benefit | Benefit | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Discount rate | |||||||||||||||||||||||||
25 basis point increase | $ | (1,340 | ) | $ | (20 | ) | $ | (120 | ) | $ | — | ||||||||||||||
25 basis point decrease | $ | 1,400 | $ | 20 | $ | 120 | — | ||||||||||||||||||
Expected return on assets | |||||||||||||||||||||||||
50 basis point increase | N/A | N/A | $ | (160 | ) | N/A | |||||||||||||||||||
50 basis point decrease | N/A | N/A | $ | 160 | N/A | ||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||||||||||
The actual weighted average asset allocation of the Company's domestic and foreign pension plans' assets at December 31, 2013 and 2012 and target allocations by class, were as follows: | |||||||||||||||||||||||||
Domestic Pension | Foreign Pension | ||||||||||||||||||||||||
Actual | Actual | ||||||||||||||||||||||||
Target | 2013 | 2012 | Target | 2013 | 2012 | ||||||||||||||||||||
Equity securities | 50%-70% | 61 | % | 61 | % | 50 | % | 57 | % | 30 | % | ||||||||||||||
Fixed income securities | 30%-50% | 36 | % | 37 | % | 50 | % | 42 | % | 49 | % | ||||||||||||||
Cash and cash equivalents | — | 3 | % | 2 | % | — | 1 | % | 21 | % | |||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes the level under the fair value hierarchy (see Note 3, "Summary of Significant Accounting Policies") that the Company's pension plan assets are measured on a recurring basis as of December 31, 2013: | |||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||
Investment funds | $ | 18,200 | $ | — | $ | 18,200 | $ | — | |||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||
Investment funds | 7,790 | — | 7,790 | — | |||||||||||||||||||||
Government bonds | 2,800 | 2,800 | — | — | |||||||||||||||||||||
Government agencies | 400 | 400 | — | — | |||||||||||||||||||||
Corporate bonds | 1,000 | 1,000 | — | — | |||||||||||||||||||||
Other(a) | 920 | — | 920 | — | |||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||
Short term investment funds | 670 | 670 | — | — | |||||||||||||||||||||
Total | $ | 31,780 | $ | 4,870 | $ | 26,910 | $ | — | |||||||||||||||||
________________________________________ | |||||||||||||||||||||||||
(a) Comprised of mortgage-backed and asset backed securities. | |||||||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||
Benefit | Benefit | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
31-Dec-14 | $ | 2,040 | $ | 90 | |||||||||||||||||||||
31-Dec-15 | 2,070 | 80 | |||||||||||||||||||||||
31-Dec-16 | 2,160 | 80 | |||||||||||||||||||||||
31-Dec-17 | 2,300 | 70 | |||||||||||||||||||||||
31-Dec-18 | 2,430 | 60 | |||||||||||||||||||||||
Years 2019-2023 | 13,720 | 240 | |||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||
A one-percentage point change in the assumed health care cost trend would have the following effects: | |||||||||||||||||||||||||
One Percentage-Point Increase | One Percentage-Point Decrease | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Effect on total service and interest cost | $ | — | $ | — | |||||||||||||||||||||
Effect on postretirement benefit obligation | 50 | (40 | ) | ||||||||||||||||||||||
Equity_Awards_Tables
Equity Awards (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||
Information related to stock options at December 31, 2013 is as follows: | ||||||||||||||
Number of | Weighted Average | Average | Aggregate | |||||||||||
Stock Options | Option Price | Remaining | Intrinsic Value | |||||||||||
Contractual Life (Years) | ||||||||||||||
Outstanding at January 1, 2013 | 675,665 | $ | 15.52 | |||||||||||
Exercised | (333,217 | ) | 21.27 | |||||||||||
Cancelled | — | — | ||||||||||||
Expired | — | — | ||||||||||||
Outstanding at December 31, 2013 | 342,448 | $ | 9.92 | 4 | $ | 10,262,180 | ||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | |||||||||||||
Information related to restricted shares at December 31, 2013 is as follows: | ||||||||||||||
Number of | Weighted | Average | Aggregate | |||||||||||
Unvested | Average | Remaining | Intrinsic Value | |||||||||||
Restricted | Grant Date | Contractual | ||||||||||||
Shares | Fair Value | Life (Years) | ||||||||||||
Outstanding at January 1, 2013 | 636,037 | $ | 22.02 | |||||||||||
Granted | 404,817 | 28.27 | ||||||||||||
Vested | (380,990 | ) | 21.76 | |||||||||||
Cancelled | (5,464 | ) | 25.94 | |||||||||||
Outstanding at December 31, 2013 | 654,400 | $ | 26 | 1 | $ | 26,104,016 | ||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Other Comprehensive Income [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss | |||||||||||||||||
Unrecognized prior-service cost | $ | 110 | $ | 130 | $ | — | $ | — | |||||||||
Unrecognized net loss/(gain) | 16,420 | 19,430 | (670 | ) | (570 | ) | |||||||||||
Total accumulated other comprehensive (income) loss recognized at December 31 | $ | 16,530 | $ | 19,560 | $ | (670 | ) | $ | (570 | ) | |||||||
Changes in AOCI by component for the year ended December 31, 2013 are summarized as follows, net of tax: | |||||||||||||||||
Defined Benefit Plans | Derivative Instruments | Foreign Currency Translation | Total | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance, December 31, 2012 | $ | (12,440 | ) | $ | (1,680 | ) | $ | 53,380 | $ | 39,260 | |||||||
Net unrealized gains (losses) arising during the period | 800 | 3,370 | (7,860 | ) | (3,690 | ) | |||||||||||
Less: Net realized gains (losses) reclassified to net income (a) | (800 | ) | 630 | 7,910 | 7,740 | ||||||||||||
Net current-period change | 1,600 | 2,740 | (15,770 | ) | (11,430 | ) | |||||||||||
Balance, December 31, 2013 | $ | (10,840 | ) | $ | 1,060 | $ | 37,610 | $ | 27,830 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||||||
Segment activity is as follows: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||
Packaging | $ | 313,220 | $ | 275,160 | $ | 185,240 | |||||||||||||||||||
Energy | 205,580 | 190,210 | 166,780 | ||||||||||||||||||||||
Aerospace & Defense | 101,790 | 78,580 | 78,590 | ||||||||||||||||||||||
Engineered Components | 185,370 | 200,000 | 175,350 | ||||||||||||||||||||||
Cequent APEA | 151,620 | 128,560 | 94,290 | ||||||||||||||||||||||
Cequent Americas | 437,280 | 400,400 | 383,710 | ||||||||||||||||||||||
Total | $ | 1,394,860 | $ | 1,272,910 | $ | 1,083,960 | |||||||||||||||||||
Operating Profit (Loss) | |||||||||||||||||||||||||
Packaging | $ | 83,770 | $ | 57,550 | $ | 48,060 | |||||||||||||||||||
Energy | 8,620 | 17,810 | 19,740 | ||||||||||||||||||||||
Aerospace & Defense | 23,760 | 20,820 | 18,640 | ||||||||||||||||||||||
Engineered Components | 19,450 | 27,990 | 27,620 | ||||||||||||||||||||||
Cequent APEA | 13,920 | 12,300 | 13,900 | ||||||||||||||||||||||
Cequent Americas | 8,850 | 27,420 | 32,730 | ||||||||||||||||||||||
Corporate | (37,840 | ) | (36,020 | ) | (29,370 | ) | |||||||||||||||||||
Total | $ | 120,530 | $ | 127,870 | $ | 131,320 | |||||||||||||||||||
Capital Expenditures | |||||||||||||||||||||||||
Packaging | $ | 11,010 | $ | 15,470 | $ | 5,420 | |||||||||||||||||||
Energy | 5,250 | 5,210 | 3,710 | ||||||||||||||||||||||
Aerospace & Defense | 4,810 | 3,210 | 2,410 | ||||||||||||||||||||||
Engineered Components | 2,190 | 4,090 | 5,490 | ||||||||||||||||||||||
Cequent APEA | 9,650 | 8,290 | 8,780 | ||||||||||||||||||||||
Cequent Americas | 5,610 | 9,670 | 2,400 | ||||||||||||||||||||||
Corporate | 970 | 180 | 170 | ||||||||||||||||||||||
Total | $ | 39,490 | $ | 46,120 | $ | 28,380 | |||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||||
Packaging | $ | 18,960 | $ | 17,970 | $ | 13,200 | |||||||||||||||||||
Energy | 3,820 | 3,600 | 2,790 | ||||||||||||||||||||||
Aerospace & Defense | 3,820 | 2,660 | 2,580 | ||||||||||||||||||||||
Engineered Components | 4,270 | 3,860 | 3,540 | ||||||||||||||||||||||
Cequent APEA | 5,770 | 3,840 | 3,860 | ||||||||||||||||||||||
Cequent Americas | 13,680 | 12,780 | 12,170 | ||||||||||||||||||||||
Corporate | 260 | 160 | 150 | ||||||||||||||||||||||
Total | $ | 50,580 | $ | 44,870 | $ | 38,290 | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Operating Net Assets | |||||||||||||||||||||||||
Packaging | $ | 377,480 | $ | 376,040 | $ | 310,520 | |||||||||||||||||||
Energy | 180,410 | 158,710 | 116,980 | ||||||||||||||||||||||
Aerospace & Defense | 150,750 | 80,620 | 71,280 | ||||||||||||||||||||||
Engineered Components | 73,780 | 68,870 | 63,420 | ||||||||||||||||||||||
Cequent APEA | 81,120 | 51,790 | 42,010 | ||||||||||||||||||||||
Cequent Americas | 164,590 | 145,360 | 126,680 | ||||||||||||||||||||||
Corporate | 11,140 | 2,370 | 34,670 | ||||||||||||||||||||||
Total operating net assets | 1,039,270 | 883,760 | 765,560 | ||||||||||||||||||||||
Current liabilities | 261,510 | 247,200 | 226,340 | ||||||||||||||||||||||
Consolidated assets | $ | 1,300,780 | $ | 1,130,960 | $ | 991,900 | |||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated | ' | ||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Operating Net Assets | |||||||||||||||||||||||||
Packaging | $ | 377,480 | $ | 376,040 | $ | 310,520 | |||||||||||||||||||
Energy | 180,410 | 158,710 | 116,980 | ||||||||||||||||||||||
Aerospace & Defense | 150,750 | 80,620 | 71,280 | ||||||||||||||||||||||
Engineered Components | 73,780 | 68,870 | 63,420 | ||||||||||||||||||||||
Cequent APEA | 81,120 | 51,790 | 42,010 | ||||||||||||||||||||||
Cequent Americas | 164,590 | 145,360 | 126,680 | ||||||||||||||||||||||
Corporate | 11,140 | 2,370 | 34,670 | ||||||||||||||||||||||
Total operating net assets | 1,039,270 | 883,760 | 765,560 | ||||||||||||||||||||||
Current liabilities | 261,510 | 247,200 | 226,340 | ||||||||||||||||||||||
Consolidated assets | $ | 1,300,780 | $ | 1,130,960 | $ | 991,900 | |||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | ||||||||||||||||||||||||
The following table presents the Company's revenues for each of the years ended December 31 and operating net assets at each year ended December 31, attributed to each subsidiary's continent of domicile. Other than Australia, there was no single non-U.S. country for which net sales and net assets were significant to the combined net sales and net assets of the Company taken as a whole. | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Net | Operating | Net | Operating | Net | Operating | ||||||||||||||||||||
Sales | Net Assets | Sales | Net Assets | Sales | Net Assets | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Non-U.S. | |||||||||||||||||||||||||
Europe | $ | 97,500 | $ | 136,490 | $ | 62,400 | $ | 102,250 | $ | 68,820 | $ | 113,950 | |||||||||||||
Australia | 97,580 | 27,080 | 100,620 | 32,400 | 88,640 | 30,870 | |||||||||||||||||||
Asia | 44,870 | 59,120 | 32,230 | 38,130 | 9,500 | 30,630 | |||||||||||||||||||
Africa | 3,310 | 4,770 | 4,180 | 3,090 | 950 | 2,990 | |||||||||||||||||||
Other Americas | 46,210 | 83,080 | 34,090 | 68,660 | 29,600 | 38,660 | |||||||||||||||||||
Total non-U.S | 289,470 | 310,540 | 233,520 | 244,530 | 197,510 | 217,100 | |||||||||||||||||||
Total U.S. | 1,105,390 | 728,730 | 1,039,390 | 639,230 | 886,450 | 548,460 | |||||||||||||||||||
Total | $ | 1,394,860 | $ | 1,039,270 | $ | 1,272,910 | $ | 883,760 | $ | 1,083,960 | $ | 765,560 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
The Company's income before income taxes and income tax expense for continuing operations, each by tax jurisdiction, consisted of the following: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Income before income taxes: | |||||||||||||
Domestic | $ | 50,150 | $ | 11,920 | $ | 49,060 | |||||||
Foreign | 47,610 | 30,340 | 30,680 | ||||||||||
Total income before income taxes | $ | 97,760 | $ | 42,260 | $ | 79,740 | |||||||
Current income tax expense: | |||||||||||||
Federal | $ | 16,080 | $ | 8,250 | $ | 4,500 | |||||||
State and local | 1,460 | 1,860 | 2,490 | ||||||||||
Foreign | 9,650 | 4,190 | 9,890 | ||||||||||
Total current income tax expense | 27,190 | 14,300 | 16,880 | ||||||||||
Deferred income tax expense (benefit): | |||||||||||||
Federal | (4,490 | ) | (6,200 | ) | 10,390 | ||||||||
State and local | (1,020 | ) | (750 | ) | 830 | ||||||||
Foreign | (3,290 | ) | (1,380 | ) | 830 | ||||||||
Total deferred income tax expense | (8,800 | ) | (8,330 | ) | 12,050 | ||||||||
Income tax expense | $ | 18,390 | $ | 5,970 | $ | 28,930 | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The components of deferred taxes at December 31, 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Accounts receivable | $ | 1,240 | $ | 1,110 | |||||||||
Inventories | 7,840 | 5,670 | |||||||||||
Accrued liabilities and other long-term liabilities | 40,410 | 34,880 | |||||||||||
Tax loss and credit carryforwards | 10,010 | 6,740 | |||||||||||
Gross deferred tax asset | 59,500 | 48,400 | |||||||||||
Valuation allowances | (6,530 | ) | (4,440 | ) | |||||||||
Net deferred tax asset | 52,970 | 43,960 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | (20,420 | ) | (19,800 | ) | |||||||||
Goodwill and other intangible assets | (66,440 | ) | (60,990 | ) | |||||||||
Other, principally deferred income | (6,310 | ) | (3,860 | ) | |||||||||
Gross deferred tax liability | (93,170 | ) | (84,650 | ) | |||||||||
Net deferred tax liability | $ | (40,200 | ) | $ | (40,690 | ) | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
The following is a reconciliation of income tax expense computed at the U.S. federal statutory rate to income tax expense allocated to income from continuing operations before income taxes: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Tax at U.S. federal statutory rate | $ | 34,220 | $ | 14,790 | $ | 27,910 | |||||||
State and local taxes, net of federal tax benefit | 270 | 730 | 2,440 | ||||||||||
Differences in statutory foreign tax rates | (8,550 | ) | (4,920 | ) | (2,250 | ) | |||||||
Change in recognized tax benefits | (1,630 | ) | (1,320 | ) | (700 | ) | |||||||
Tax holiday(a) | (1,980 | ) | (1,160 | ) | — | ||||||||
Nontaxable gains | (5,460 | ) | — | — | |||||||||
Restructuring (benefits)/charges | 2,230 | (2,400 | ) | 1,300 | |||||||||
Noncontrolling interest | (1,410 | ) | (790 | ) | — | ||||||||
Net change in valuation allowance | 1,980 | 1,600 | 130 | ||||||||||
Other, net | (1,280 | ) | (560 | ) | 100 | ||||||||
Income tax expense | $ | 18,390 | $ | 5,970 | $ | 28,930 | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||||||||||
A reconciliation of the change in the UTBs and related accrued interest and penalties for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||
Unrecognized | |||||||||||||
Tax Benefits | |||||||||||||
(dollars in thousands) | |||||||||||||
Balance at December 31, 2011 | $ | 13,390 | |||||||||||
Tax positions related to current year: | |||||||||||||
Additions | 3,990 | ||||||||||||
Tax positions related to prior years: | |||||||||||||
Additions | 6,760 | ||||||||||||
Reductions | (320 | ) | |||||||||||
Settlements | (720 | ) | |||||||||||
Lapses in the statutes of limitations | (1,370 | ) | |||||||||||
Balance at December 31, 2012 | $ | 21,730 | |||||||||||
Tax positions related to current year: | |||||||||||||
Additions | 1,300 | ||||||||||||
Tax positions related to prior years: | |||||||||||||
Additions | 15,340 | ||||||||||||
Reductions | (4,310 | ) | |||||||||||
Settlements | — | ||||||||||||
Lapses in the statutes of limitations | (2,490 | ) | |||||||||||
Balance at December 31, 2013 | $ | 31,570 | |||||||||||
Summary_Quarterly_Financial_Da1
Summary Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
(unaudited, dollars in thousands, except for per share data) | |||||||||||||||||
Net sales | $ | 337,780 | $ | 378,030 | $ | 355,620 | $ | 323,430 | |||||||||
Gross profit | 83,400 | 103,310 | 94,150 | 72,540 | |||||||||||||
Income from continuing operations | 14,040 | 27,100 | 29,950 | 8,280 | |||||||||||||
Income from discontinued operations, net of income taxes | — | 700 | — | — | |||||||||||||
Net income | 14,040 | 27,800 | 29,950 | 8,280 | |||||||||||||
Less: Net income attributable to noncontrolling interests | 860 | 910 | 1,320 | 1,430 | |||||||||||||
Net income attributable to TriMas Corporation | 13,180 | 26,890 | 28,630 | 6,850 | |||||||||||||
Earnings per share attributable to TriMas Corporation—basic: | |||||||||||||||||
Continuing operations | $ | 0.34 | $ | 0.66 | $ | 0.71 | $ | 0.15 | |||||||||
Discontinued operations | — | 0.02 | — | — | |||||||||||||
Net income per share | $ | 0.34 | $ | 0.68 | $ | 0.71 | $ | 0.15 | |||||||||
Weighted average shares—basic | 39,234,780 | 39,425,471 | 40,345,828 | 44,698,948 | |||||||||||||
Earnings per share attributable to TriMas Corporation—diluted: | |||||||||||||||||
Continuing operations | $ | 0.33 | $ | 0.65 | $ | 0.7 | $ | 0.15 | |||||||||
Discontinued operations | — | 0.02 | — | — | |||||||||||||
Net income per share | $ | 0.33 | $ | 0.67 | $ | 0.7 | $ | 0.15 | |||||||||
Weighted average shares—diluted | 39,790,524 | 39,886,593 | 40,746,503 | 45,159,205 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
(unaudited, dollars in thousands, except for per share data) | |||||||||||||||||
Net sales | $ | 297,570 | $ | 338,430 | $ | 335,870 | $ | 301,040 | |||||||||
Gross profit | 78,910 | 95,890 | 90,140 | 78,820 | |||||||||||||
Net income (loss) | 12,250 | 17,170 | 19,960 | (13,090 | ) | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (240 | ) | 510 | 1,290 | 850 | ||||||||||||
Net income (loss) attributable to TriMas Corporation | 12,490 | 16,660 | 18,670 | (13,940 | ) | ||||||||||||
Earnings per share attributable to TriMas Corporation—basic: | |||||||||||||||||
Net income (loss) per share | $ | 0.36 | $ | 0.45 | $ | 0.48 | $ | (0.36 | ) | ||||||||
Weighted average shares—basic | 34,592,267 | 37,345,026 | 39,045,282 | 39,101,163 | |||||||||||||
Earnings per share attributable to TriMas Corporation—diluted: | |||||||||||||||||
Net income (loss) per share | $ | 0.36 | $ | 0.44 | $ | 0.47 | $ | (0.35 | ) | ||||||||
Weighted average shares—diluted | 35,027,899 | 37,694,221 | 39,508,503 | 39,680,565 | |||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Receivables (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Allowance for Doubtful Accounts | $3.60 | $3.70 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Depreciation and Amortization (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Assets, Useful Life | '1 year |
Minimum [Member] | Customer Relationships [Member] | ' |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Assets, Useful Life | '5 years |
Minimum [Member] | Technology and Other [Member] | ' |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Assets, Useful Life | '1 year |
Minimum [Member] | Land and Land Improvements/Buildings [Member] | ' |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Minimum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Maximum [Member] | ' |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Assets, Useful Life | '30 years |
Maximum [Member] | Customer Relationships [Member] | ' |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Assets, Useful Life | '25 years |
Maximum [Member] | Technology and Other [Member] | ' |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Assets, Useful Life | '30 years |
Maximum [Member] | Land and Land Improvements/Buildings [Member] | ' |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Maximum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Goodwill and Indefinite-Lived Intangibles (Details) | 12 Months Ended |
Dec. 31, 2013 | |
number | |
Annual Goodwill Impairment Assessment [Abstract] | ' |
Number of reporting units | 12 |
Number of Reportable Segments | 6 |
Number of reporting units that have goodwill | 8 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Self-insurance (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Minimum [Member] | General Liability [Member] | ' |
Self-insurance coverage [Line Items] | ' |
Maximum Retention | $0.30 |
Maximum [Member] | Workers' Compensation [Member] | ' |
Self-insurance coverage [Line Items] | ' |
Maximum Retention | 0.5 |
Maximum [Member] | General Liability [Member] | ' |
Self-insurance coverage [Line Items] | ' |
Maximum Retention | 2 |
Maximum [Member] | Group Medical Plan [Member] | ' |
Self-insurance coverage [Line Items] | ' |
Stop Loss Limit | $0.30 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Research and Development Costs (Details) (Cost of Sales [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cost of Sales [Member] | ' | ' | ' |
Research and Development Assets Acquired Other than Through Business Combination [Line Items] | ' | ' | ' |
Research and Development Expense | $2 | $1.30 | $1.40 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Shipping and Handling Expenses (Details) (Selling, General and Administrative Expenses [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Shipping and Handling Costs [Line Items] | ' | ' | ' |
Shipping and Handling Costs | $4.60 | $4.10 | $4.10 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Advertising and Sales Promotion Costs (Details) (Selling, General and Administrative Expenses [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Advertising Costs [Line Items] | ' | ' | ' |
Advertising Costs | $8.90 | $7.90 | $7.60 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Foreign Currency Translation (Details) (Other Expense, Net [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Expense, Net [Member] | ' | ' | ' |
Foreign Currency Translation [Line Items] | ' | ' | ' |
Net Foreign Currency Transaction Gains (Losses) | ($1.10) | ($1.10) | ($1.20) |
Recovered_Sheet1
Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) (Fair Value, Inputs, Level 2 [Member]) | Dec. 31, 2013 | Dec. 31, 2012 |
Rate | Rate | |
Senior Secured Term Loan A [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Fair Value, % of par value | 99.90% | 99.30% |
Senior Secured Term Loan B [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Fair Value, % of par value | ' | 99.90% |
Recovered_Sheet2
Summary of Significant Accounting Policies - Earnings Per Share (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 342,448 | 675,665 | ' |
Restricted Shares [Member] | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 293,021 | 219,911 | 130,314 |
Stock Options [Member] | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 176,428 | 208,175 | 403,090 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 342,448 | 675,665 | 1,271,149 |
Equity_Offering_Details
Equity Offering (Details) (USD $) | 12 Months Ended | 3 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 29, 2009 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 16, 2013 | 8-May-12 | |
Senior secured notes [Member] | Senior secured notes [Member] | Senior secured notes [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||
Equity Offering [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | 5,175,000 | 4,000,000 | ' | ' |
Stock Issued During Period, Value, Per Share Offering Price | ' | ' | ' | ' | ' | ' | ' | ' | $35.40 | $20.75 |
Stock Issuance Costs | ' | ' | ' | ' | ' | ' | $8,500,000 | $4,000,000 | ' | ' |
Proceeds from sale of common stock | 174,670,000 | 79,040,000 | 0 | ' | ' | ' | 174,700,000 | 79,000,000 | ' | ' |
Proceeds Used for Early Extinguishment of Debt | ' | ' | ' | ' | 54,900,000 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 9.75% | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | $200,000,000 | $50,000,000 | ' | ' | ' | ' | ' |
Acquisitions_Overview_Details
Acquisitions - Overview (Details) (Business Acquisition, Arminak & Associates [Member], USD $) | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 23, 2012 | Mar. 31, 2013 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | |
Redeemable Noncontrolling Interest by Exercise Period [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $67,690,000 | ' | ' | ' | ' |
Business Combination, Consideration Transferred | 67,690,000 | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | 30.00% |
Business Combination, Acquisition Related Costs | ' | $1,000,000 | $300,000 | $1,300,000 | ' |
First Exercise Period [Member] | ' | ' | ' | ' | ' |
Redeemable Noncontrolling Interest by Exercise Period [Line Items] | ' | ' | ' | ' | ' |
Redeemable Noncontrolling Interest, Put or Call Option | ' | ' | ' | ' | 10.00% |
Second Exercise Period [Member] | ' | ' | ' | ' | ' |
Redeemable Noncontrolling Interest by Exercise Period [Line Items] | ' | ' | ' | ' | ' |
Redeemable Noncontrolling Interest, Put or Call Option | ' | ' | ' | ' | 10.00% |
Acquisitions_Redeemable_Noncon
Acquisitions - Redeemable Noncontrolling Interest (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Distributions to noncontrolling interests | ' | ($2,710) | ' | ' |
Net income attributable to noncontrolling interest | ' | 4,520 | 2,410 | 0 |
Noncontrolling Interest, Change in Redemption Value | 890 | -890 | ' | ' |
Redeemable noncontrolling interest, ending balance | 29,480 | 29,480 | 26,780 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Redeemable noncontrolling interest, ending balance | ' | ' | $26,780 | ' |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocation (Details) (USD $) | 12 Months Ended | 2 Months Ended | 10 Months Ended | 12 Months Ended | 3 Months Ended | 10 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 23, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||
Business Acquisition, Arminak & Associates [Member] | Business Acquisition, Arminak & Associates [Member] | Business Acquisition, Arminak & Associates [Member] | Business Acquisition, Arminak & Associates [Member] | Business Acquisition, Arminak & Associates [Member] | Business Acquisition, Arminak & Associates [Member] | Business Acquisition, Arminak & Associates [Member] | Business Acquisition, Arminak & Associates [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||||
Trademarks and Trade Names [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Technology and Other [Member] | Technology and Other [Member] | Trademarks and Trade Names [Member] | Customer Relationships [Member] | Technology and Other [Member] | |||||||||||
Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Payments to Acquire Businesses, Net of Cash Acquired | $105,790,000 | $89,880,000 | $31,390,000 | ' | ' | ' | ' | ' | ' | ' | ' | $105,790,000 | ' | ' | ' | ' | ||
Initial cash paid net of working capital adjustment | ' | ' | ' | 59,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition, Deferred Purchase Price and Contingent Consideration | ' | ' | ' | 8,490,000 | [1] | ' | ' | ' | ' | ' | ' | ' | 12,370,000 | [2] | 14,400,000 | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | 67,690,000 | ' | ' | ' | ' | ' | ' | ' | 118,160,000 | ' | ' | ' | ' | ||
Recognized amounts of identifiable assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Combination, Acquired Receivables, Fair Value | ' | ' | ' | 8,760,000 | ' | ' | ' | ' | ' | ' | ' | 12,420,000 | ' | ' | ' | ' | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | 27,350,000 | ' | ' | ' | ' | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | 48,400,000 | [3] | ' | ' | ' | ' | ' | ' | ' | 41,140,000 | [4] | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Prepaid Expenses and Other Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,480,000 | ' | ' | ' | ' | ||
Other assets | ' | ' | ' | 2,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,930,000 | ' | ' | ' | ' | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | ' | ' | ' | -4,270,000 | ' | ' | ' | ' | ' | ' | ' | -12,510,000 | ' | ' | ' | ' | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,900,000 | ' | ' | ' | ' | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Long-term Liabilities | ' | ' | ' | -1,610,000 | ' | ' | ' | ' | ' | ' | ' | -18,580,000 | ' | ' | ' | ' | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | 57,930,000 | ' | ' | ' | ' | ' | ' | ' | 79,330,000 | ' | ' | ' | ' | ||
Redeemable noncontrolling interest | ' | ' | ' | -25,630,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Goodwill | 309,660,000 | 270,940,000 | 215,360,000 | 35,390,000 | [5] | ' | ' | ' | ' | ' | ' | ' | 38,830,000 | [6] | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | ' | ' | 67,690,000 | ' | ' | ' | ' | ' | ' | ' | 118,160,000 | ' | ' | ' | ' | ||
Contingent Consideration Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition, Deferred Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000 | ' | ' | ' | ' | ||
Business Acquisition, Contingent Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ||
Contingent consideration low value | ' | ' | ' | 8,000,000 | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Contingent consideration high value | ' | ' | ' | 9,000,000 | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Contingent consideration paid | ' | ' | ' | ' | 4,900,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Acquired Intangible Assets Other than Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Acquired Finite-lived Intangible Asset, Amount | ' | ' | ' | ' | ' | ' | ' | 33,000,000 | ' | 7,500,000 | ' | ' | ' | ' | 27,600,000 | 1,500,000 | ||
Acquired Indefinite-lived Intangible Asset, Amount | ' | ' | ' | ' | ' | ' | $7,900,000 | ' | ' | ' | ' | ' | ' | $12,100,000 | ' | ' | ||
Finite-Lived Intangible Assets, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '8 years | ' | ' | ' | '10 years | '4 years | ||
[1] | The contingent consideration represented the Company's best estimate, based on its review, at the time of purchase, of the underlying potential obligations estimated at a range of $8 million to $9 million, of certain Seller tax-related liabilities for which the Company has indemnified the Sellers as part of the purchase agreement. During 2012, the Company paid $4.9 million of additional purchase price related to the contingent consideration. No additional amounts were paid during 2013. The remaining liability range of $3.1 million to $4.1 million continues to represent the Company's best estimate of the remaining potential obligation at DecemberB 31, 2013. | |||||||||||||||||
[2] | Deferred/contingent consideration includes approximately $9.8 million of both short-term and long-term deferred purchase price, based on set amounts and fixed payment schedules per the purchase agreement, and an additional $2.6 million of contingent consideration to be paid based on a multiple of future earnings, as defined. | |||||||||||||||||
[3] | Consists of $33.0 million of customer relationships with an estimated 10 year useful life, $7.9 million of trademarks/trade names with an indefinite useful life and $7.5 million of technology and other intangible assets with an estimated eight year useful life. | |||||||||||||||||
[4] | Consists of approximately $27.6 million of customer relationships with an estimated weighted average useful life of 10 years, $1.5 million of technology and other intangible assets with an estimated weighted average useful life of four years and $12.1 million of trademark/trade names with an indefinite useful life. | |||||||||||||||||
[5] | All of the goodwill was assigned to the Company's Packaging reportable segment and is expected to be deductible for tax purposes. | |||||||||||||||||
[6] | Goodwill includes approximately $2.9 million of bargain purchase gain resulting from the acquisition of the towing technology and business assets of AL-KO, which is included in other income (expense), net in the accompanying consolidated statement of income for the year ended December 31, 2013. |
Acquisitions_Results_of_Operat
Acquisitions - Results of Operations (Details) (USD $) | 10 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Business Combinations [Abstract] | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $65.90 |
Business Combination, Results Of Operations Of Acquiree Since Acquisition | $8 |
Acquisitions_Pro_Forma_Details
Acquisitions - Pro Forma (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Business Combinations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net sales | $323,430 | $355,620 | $378,030 | $337,780 | $301,040 | $335,870 | $338,430 | $297,570 | $1,394,860 | $1,272,910 | $1,083,960 | ||
Business Acquisition, Pro Forma Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,280,940 | [1] | 1,144,020 | [1] | ' |
Net income attributable to TriMas Corporation | ' | ' | ' | ' | ' | ' | ' | ' | $35,850 | [1] | $54,540 | [1] | ' |
[1] | The supplemental pro forma results reflect certain adjustments, such as adjustments for acquisition costs incurred and purchase accounting adjustments related to step-up in value and subsequent amortization of inventory and intangible assets. |
Acquisitions_Acquisitions_Othe
Acquisitions Acquisitions - Other Acquisitions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 2 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | 31-May-11 | Feb. 23, 2012 | |||
Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Business Acquisition, Martinic [Member] | Business Acquisition, Wulfrun [Member] | Business Acquisition, Witter [Domain] | Business Acquisition, AL-KO [Domain] | Business Acquisition, AL-KO [Domain] | Business Acquisition, Mac Fasteners [Domain] | Business Acquisition - DHF [Domain] | CIFAL [Member] | Engetran [Member] | Trail Com [Member] | Innovative Molding [Member] | Business Acquisition, Arminak & Associates [Member] | ||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ||
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,800,000 | $31,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition, Deferred Purchase Price and Contingent Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,370,000 | [1] | 14,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,490,000 | [2] |
Net sales | 323,430,000 | 355,620,000 | 378,030,000 | 337,780,000 | 301,040,000 | 335,870,000 | 338,430,000 | 297,570,000 | 1,394,860,000 | 1,272,910,000 | 1,083,960,000 | ' | ' | ' | 13,000,000 | 10,000,000 | 20,000,000 | ' | 16,000,000 | 17,000,000 | 12,000,000 | 9,000,000 | 6,000,000 | 12,000,000 | 28,000,000 | ' | ||
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | ' | ' | ' | ' | ' | ' | ' | $2,880,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | $2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Deferred/contingent consideration includes approximately $9.8 million of both short-term and long-term deferred purchase price, based on set amounts and fixed payment schedules per the purchase agreement, and an additional $2.6 million of contingent consideration to be paid based on a multiple of future earnings, as defined. | |||||||||||||||||||||||||||
[2] | The contingent consideration represented the Company's best estimate, based on its review, at the time of purchase, of the underlying potential obligations estimated at a range of $8 million to $9 million, of certain Seller tax-related liabilities for which the Company has indemnified the Sellers as part of the purchase agreement. During 2012, the Company paid $4.9 million of additional purchase price related to the contingent consideration. No additional amounts were paid during 2013. The remaining liability range of $3.1 million to $4.1 million continues to represent the Company's best estimate of the remaining potential obligation at DecemberB 31, 2013. |
Discontinued_Operations_Narrat
Discontinued Operations - Narrative (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Precision Tool Cutting and Specialty Fittings Line of Business [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | $1 | $2.20 | $36.40 | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | 1.3 |
Discontinued Operation, Gain from Disposal of Discontinued Operation, before Income Tax | ' | ' | 10.3 | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | ' | ' | ' | 2.5 |
Specialty Laminates, Jacketings and Insulation Tapes Line of Business [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | $1.80 | ' |
Discontinued_Operations_Result
Discontinued Operations - Results of Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | $0 | $0 | $45,480 |
Income from discontinued operations, before income tax expense | ' | ' | ' | ' | 1,000 | 0 | 14,600 |
Income tax expense | ' | ' | ' | ' | -300 | 0 | -5,050 |
Income from discontinued operations, net of income tax expense | $0 | $0 | $700 | $0 | $700 | $0 | $9,550 |
Facility_Closures_Details
Facility Closures (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Sep. 30, 2013 |
Facility Closing Goshen [Member] | Facility Closing Goshen [Member] | Facility Closing Goshen [Member] | Facility Closing Goshen [Member] | Facility Closing Goshen [Member] | Facility Closing Goshen [Member] | Facility Closing Goshen [Member] | Facility Closing Goshen [Member] | Facility Closing Tekonsha [Member] | Facility Closing Tekonsha [Member] | Facility Closing Tekonsha [Member] | Facility Closing Tekonsha [Member] | Sale of Business, Italy [Member] | |
employees | employees | Cost of Sales [Member] | Cost of Sales [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | employees | Cost of Sales [Member] | Selling, General and Administrative Expenses [Member] | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future Lease Obligation, Net of Sublease Income | $4.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance Costs | ' | ' | 1.2 | 4 | 0.8 | 3.6 | 0.4 | 0.4 | 0.5 | ' | 0.4 | 0.1 | ' |
Restructuring and Related Cost, Expected Number of Positions Eliminated | ' | 350 | 70 | ' | ' | ' | ' | ' | 40 | ' | ' | ' | ' |
Payments for Postemployment Benefits | ' | ' | ' | 4.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated Depreciation | ' | ' | 0.2 | 2.4 | ' | ' | ' | ' | 0.1 | 0.4 | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.3 |
Gain (Loss) on Disposition of Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.5 |
Translation Adjustment Functional to Reporting Currency, Loss (Gain), Reclassified to Earnings, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.90 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill Narrative (Details) (Minimum [Member]) | 12 Months Ended |
Dec. 31, 2010 | |
Minimum [Member] | ' |
Goodwill [Line Items] | ' |
Estimated Fair Value Exceeding Carrying Value, Percentage | 30.00% |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | $270,940 | $215,360 |
Goodwill from acquisitions | 43,040 | 54,390 |
Goodwill, Written off Related to Sale of Business Unit | -2,060 | ' |
Foreign currency translation | -2,260 | 1,190 |
Balance, ending | 309,660 | 270,940 |
Packaging [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | 158,980 | 122,330 |
Goodwill from acquisitions | 0 | 35,420 |
Goodwill, Written off Related to Sale of Business Unit | -2,060 | ' |
Foreign currency translation | 1,140 | 1,230 |
Balance, ending | 158,060 | 158,980 |
Energy [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | 64,210 | 48,720 |
Goodwill from acquisitions | 14,440 | 15,500 |
Goodwill, Written off Related to Sale of Business Unit | 0 | ' |
Foreign currency translation | -2,730 | -10 |
Balance, ending | 75,920 | 64,210 |
Aerospace & Defense [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | 41,130 | 41,130 |
Goodwill from acquisitions | 19,950 | 0 |
Goodwill, Written off Related to Sale of Business Unit | 0 | ' |
Foreign currency translation | 0 | 0 |
Balance, ending | 61,080 | 41,130 |
Engineered Components [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | 3,180 | 3,180 |
Goodwill from acquisitions | 4,240 | 0 |
Goodwill, Written off Related to Sale of Business Unit | 0 | ' |
Foreign currency translation | 0 | 0 |
Balance, ending | 7,420 | 3,180 |
Cequent Asia Pacific [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | 0 | 0 |
Goodwill from acquisitions | 0 | 0 |
Goodwill, Written off Related to Sale of Business Unit | 0 | ' |
Foreign currency translation | 0 | 0 |
Balance, ending | 0 | 0 |
Cequent Americas [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | 3,440 | 0 |
Goodwill from acquisitions | 4,410 | 3,470 |
Goodwill, Written off Related to Sale of Business Unit | 0 | ' |
Foreign currency translation | -670 | -30 |
Balance, ending | $7,180 | $3,440 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Customer Relationships [Member] | Customer Relationships [Member] | Technology and Other [Member] | Technology and Other [Member] | Trademarks and Trade Names [Member] | Trademarks and Trade Names [Member] | Useful Life Five to Twelve Years [Member] | Useful Life Five to Twelve Years [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Useful Life One to Fifteen Years [Member] | Useful Life One to Fifteen Years [Member] | Useful Life Seventeen to Thirty Years [Member] | Useful Life Seventeen to Thirty Years [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Technology and Other [Member] | Technology and Other [Member] | Technology and Other [Member] | Technology and Other [Member] | Customer Relationships [Member] | Technology and Other [Member] | Useful Life Five to Twelve Years [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Useful Life One to Fifteen Years [Member] | Useful Life Seventeen to Thirty Years [Member] | Customer Relationships [Member] | Technology and Other [Member] | Useful Life Five to Twelve Years [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Useful Life One to Fifteen Years [Member] | Useful Life Seventeen to Thirty Years [Member] | ||||||||||||
Customer Relationships [Member] | Customer Relationships [Member] | Technology and Other [Member] | Technology and Other [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Technology and Other [Member] | Technology and Other [Member] | ||||||||||||||||||||||||
Intangible Assets, excluding Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Fair Value of Indefinite-lived Intangible Assets Exceeding Carrying Value, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | '5 years | '1 year | '5 years | '15 years | '1 year | '17 years | '30 years | '25 years | '30 years | '12 years | '25 years | '15 years | '30 years |
Finite-lived intangible assets, gross carrying amount | ' | ' | $259,700 | $240,350 | $82,970 | $80,930 | ' | ' | $105,090 | $85,740 | $154,610 | $154,610 | $38,980 | $37,130 | $43,990 | $43,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible assets, accumulated amortization | -184,710 | -165,430 | -130,460 | -116,040 | -54,250 | -49,390 | ' | ' | -36,260 | -30,080 | -94,200 | -85,960 | -28,940 | -26,320 | -25,310 | -23,070 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-lived intangible assets, gross carrying amount | ' | ' | ' | ' | ' | ' | 61,570 | 50,310 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total finite and indefinite-lived other intangible assets, gross carrying amount | $404,240 | $371,590 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Other Intangible Assets Amortization Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortization of Intangible Assets [Line Items] | ' | ' | ' |
Amortization of intangible assets | $19,770 | $19,820 | $14,530 |
Continuing Operations [Member] | ' | ' | ' |
Amortization of Intangible Assets [Line Items] | ' | ' | ' |
Amortization of intangible assets | 19,770 | 19,820 | 14,510 |
Continuing Operations [Member] | Cost of Sales [Member] | Technology and Other [Member] | ' | ' | ' |
Amortization of Intangible Assets [Line Items] | ' | ' | ' |
Amortization of intangible assets | 4,870 | 4,940 | 3,490 |
Continuing Operations [Member] | Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ' | ' | ' |
Amortization of Intangible Assets [Line Items] | ' | ' | ' |
Amortization of intangible assets | $14,900 | $14,880 | $11,020 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Expected Amortization Expense (Details) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months (2014) | $21,990 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two (2015) | 21,230 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three (2016) | 20,430 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four (2017) | 20,070 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five (2018) | $16,590 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $173,140 | $159,550 |
Work in process | 31,880 | 29,270 |
Raw materials | 65,670 | 49,200 |
Total inventories | $270,690 | $238,020 |
Property_and_Equipment_Net_Pro
Property and Equipment, Net - Property and Equipment Table (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $419,440 | $398,060 |
Less: Accumulated depreciation | 213,290 | 213,030 |
Property and equipment, net | 206,150 | 185,030 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 5,520 | 6,410 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 61,960 | 59,610 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $351,960 | $332,040 |
Property_and_Equipment_Net_Dep
Property and Equipment, Net - Depreciation Expense Table (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Depreciation Expense [Line Items] | ' | ' | ' |
Depreciation expense | $30,810 | $25,050 | $25,940 |
Continuing Operations [Member] | ' | ' | ' |
Depreciation Expense [Line Items] | ' | ' | ' |
Depreciation expense | 30,810 | 25,050 | 23,770 |
Cost of Sales [Member] | Continuing Operations [Member] | ' | ' | ' |
Depreciation Expense [Line Items] | ' | ' | ' |
Depreciation expense | 26,410 | 21,530 | 20,800 |
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member] | ' | ' | ' |
Depreciation Expense [Line Items] | ' | ' | ' |
Depreciation expense | $4,400 | $3,520 | $2,970 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ' | ' |
Self-insurance | $12,610 | $12,050 |
Wages and bonus | 23,670 | 22,080 |
Other | 48,850 | 40,290 |
Total accrued liabilities | $85,130 | $74,420 |
Longterm_Debt_Debt_Table_Detai
Long-term Debt - Debt Table (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 29, 2009 | Dec. 31, 2013 | Oct. 15, 2013 | Dec. 31, 2013 | Oct. 15, 2013 | Oct. 15, 2013 |
Credit Agreement [Member] | Credit Agreement [Member] | Receivables Facility and other [Member] [Member] | Receivables Facility and other [Member] [Member] | Senior secured notes [Member] | Senior secured notes [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Senior Secured Term Loan A [Member] | Senior Secured Term Loan A [Member] | Senior Secured Term Loan B [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | 16-Oct-18 | 11-Oct-17 | 16-Oct-18 | 11-Oct-17 | 11-Oct-19 |
Debt | $305,740,000 | $422,440,000 | $246,130,000 | $399,500,000 | $59,610,000 | $22,940,000 | ' | ' | ' | ' | ' | ' | ' |
Current maturities, debt | 10,290,000 | 14,370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 295,450,000 | 408,070,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 9.75% | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | 175,000,000 | 200,000,000 | 200,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | $575,000,000 | $250,000,000 | ' | ' | ' |
Longterm_Debt_US_Bank_Debt_Det
Long-term Debt - U.S. Bank Debt (Details) (USD $) | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 15, 2013 | Oct. 10, 2012 | Dec. 31, 2013 | Oct. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Dec. 31, 2013 | Oct. 15, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Revolving credit and term loan facilities [Member] | Revolving credit and term loan facilities [Member] | Revolving credit and term loan facilities [Member] | Senior Secured Term Loan B [Member] | Senior Secured Term Loan B [Member] | Senior Secured Term Loan A [Member] | Senior Secured Term Loan A [Member] | U.S. bank debt and receivables facility [Member] | U.S. bank debt and receivables facility [Member] | Receivables Facility [Member] | Receivables Facility [Member] | Senior Secured Term Loan A [Member] | Senior Secured Term Loan A [Member] | Senior Secured Term Loan B [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Letters of credit [Member] | Letters of credit [Member] | Principal payment, March 2014 through December 2016 [Member] | Principal payment, March 2017 through December 2018 [Member] | |
Senior Secured Term Loan A [Member] | Senior Secured Term Loan A [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $175 | $200 | $200 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | ' | ' | ' | ' | ' |
Interest rate, LIBOR plus | ' | ' | ' | 2.75% | ' | ' | 2.00% | ' | ' | 1.35% | ' | 1.63% | ' | ' | 1.63% | 2.00% | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 575 | 250 | ' | 75 | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16-Oct-18 | 11-Oct-17 | 11-Oct-19 | 16-Oct-18 | 11-Oct-17 | ' | ' | ' | ' | ' |
Incremental debt commitments capacity | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan Facility, Required Prepay Portion Under Excess Cash Flow Sweep Provision [Line Items] | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.1 | 23.3 | ' | ' |
Revolving Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71.1 | ' | 0 | ' | ' | ' | ' |
Revolving Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 479.8 | ' | 226.7 | ' | ' | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Amount | ' | ' | ' | ' | ' | ' | ' | 360.3 | 230.5 | 20.2 | 51.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan Facility, Quarterly Principal Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.2 | 3.3 |
Term Loan Facility, Principal Payment on Maturity Date | ' | ' | ' | ' | ' | 125.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Extinguishment and Issuance Costs | 3.6 | 6.4 | 6.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Noncurrent, Net | 3.1 | 4.5 | 4.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | 0.5 | 1.9 | 2.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | $1.90 | $1.10 | $1.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Receivables_Faci
Long-term Debt - Receivables Facility (Details) (Receivables Facility [Member], USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Secured debt, Maximum Borrowing Capacity | $105 | $90 | $105 | ' | ' |
Debt cost, 3-month LIBOR plus | ' | ' | 1.35% | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Fee percentage | ' | 0.45% | 0.40% | ' | ' |
Receivables facility debt outstanding | 57 | ' | 57 | 18 | ' |
Receivables facility debt available but not utilized | 20.2 | ' | 20.2 | 51.9 | ' |
Receivables facililty, debt aggregate costs | $1.40 | ' | ' | $1.30 | $1.60 |
Average liquidation period, Receivables pool | '1.6 | ' | '1.6 | ' | ' |
Average discount rate, Receivables facility | 1.80% | ' | 1.80% | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt cost, 3-month LIBOR plus | ' | 1.50% | 1.20% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt cost, 3-month LIBOR plus | ' | 1.75% | 1.35% | ' | ' |
Longterm_Debt_NonUS_Bank_Debt_
Long-term Debt - Non-U.S. Bank Debt (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign Debt [Member] | Foreign Debt [Member] | ||
Short-term Debt [Line Items] | ' | ' | ' |
Debt Instrument, Maturity Date, Description | 'MarchB 31, 2014 | ' | ' |
Foreign Debt, Amount Outstanding | ' | $0.70 | $4.80 |
Short-term Debt, Percentage Bearing Variable Interest Rate | ' | 2.70% | 3.20% |
Longterm_Debt_Senior_secured_n
Long-term Debt - Senior secured notes (Details) (Senior secured notes [Member], USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 14, 2012 | Dec. 31, 2012 |
Prior to December 15, 2013 [Member] | Prior to December 15, 2013 [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | $200 | $50 | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | 250 | ' | ' |
Debt Instrument, Discount | ' | ' | ' | 5 | ' | ' |
Debt redeemed, % of principal | ' | ' | ' | ' | 35.00% | ' |
Debt outstanding, % of principal | ' | ' | ' | ' | 65.00% | ' |
Proceeds Used for Early Extinguishment of Debt | ' | 54.9 | ' | ' | ' | ' |
Long-term Debt, Redemption Price, % of principal amount | ' | 109.75% | ' | ' | 109.75% | 100.00% |
Non-cash Debt Extinguishment Costs | ' | ' | 8.1 | ' | ' | ' |
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | ' | ' | $35.70 | ' | ' | ' |
Longterm_Debt_Longterm_Debt_Ma
Long-term Debt - Long-term Debt Maturities (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Long-term Debt, Fiscal Year Maturity | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months (2014) | $10,330 |
Long-term Debt, Maturities, Repayments of Principal in Year Two (2015) | 9,300 |
Long-term Debt, Maturities, Repayments of Principal in Year Three (2016) | 9,010 |
Long-term Debt, Maturities, Repayments of Principal in Year Four (2017) | 70,280 |
Long-term Debt, Maturities, Repayments of Principal in Year Five (2018) | 206,820 |
Long-term Debt, Maturities, Repayments of Principal after Year Five (Thereafter) | 0 |
Long-term Debt | $305,740 |
Longterm_Debt_Debt_Issuance_Co
Long-term Debt - Debt Issuance Costs (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | ' | ' | ' |
Unamortized Debt Issuance Costs | $8,700,000 | $9,100,000 | ' |
Amortization of Debt Issuance Costs | $1,780,000 | $2,490,000 | $2,910,000 |
Derivative_Instruments_Derivat
Derivative Instruments - Derivative Narrative (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 10, 2012 | Oct. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Senior Secured Term Loan A [Member] | Senior Secured Term Loan B [Member] | Senior Secured Term Loan B [Member] | Senior Secured Term Loan B [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | July 2011 Maturity [Member] | Q1 2011 Maturity [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||||||||
Interest Expense [Member] | ||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($400,000) | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' | 0.74% | ' | 2.05% | ' | ' | ' |
Derivative, Cash Received on Hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | ' | ' | ' | ' | ' | 2,510,000 | -250,000 | -360,000 | ' | ' | ' | ' | ' | 2,000,000 | ' | ' |
Derivative, Notional Amount | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | 125,000,000 | 75,000,000 | 175,000,000 | ' | 150,000,000 | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion | ' | ' | ' | ' | -1,000,000 | 1,060,000 | -760,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 1,700,000 | 1,000,000 | 100,000 | ' | -600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' |
Derivatives, Loss on Derivatives, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 |
Derivative, Loss on Derivatives, Amount of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 |
Derivative_Instruments_Designa
Derivative Instruments - Designated as hedging, Financial Position (Details) (Designated as Hedging Instrument [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $1,720 | ' |
Liability Derivatives | ' | -1,220 |
Interest Rate Swap [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 2,080 | 0 |
Interest Rate Swap [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | -360 | -530 |
Interest Rate Swap [Member] | Other long-term liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | $0 | ($690) |
Derivative_Instruments_Designa1
Derivative Instruments - Designated as hedging, Financial Performance (Details) (Interest Rate Swap [Member], Designated as Hedging Instrument [Member], USD $) | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Oct. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion | ($1,000) | $1,060 | ($760) | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | ' | $2,510 | ($250) | ($360) |
Derivative_Instruments_Not_des
Derivative Instruments - Not designated as hedging, Financial Performance (Details) (Not Designated as Hedging Instrument [Member], Interest Rate Swap [Member], Interest Expense [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Loss Recognized in Income | ($1,480) | ($80) | ($10) |
Derivative_Instruments_Fair_Va
Derivative Instruments - Fair Value Measurements (Details) (Interest Rate Swap [Member], Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset Derivatives | $1,720 | ' |
Liability Derivatives | ' | -1,220 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset Derivatives | 0 | ' |
Liability Derivatives | ' | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset Derivatives | 1,720 | ' |
Liability Derivatives | ' | -1,220 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset Derivatives | 0 | ' |
Liability Derivatives | ' | $0 |
Leases_Details
Leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $27,980 |
Operating Leases, Future Minimum Payments, Due in Two Years | 27,510 |
Operating Leases, Future Minimum Payments, Due in Three Years | 24,340 |
Operating Leases, Future Minimum Payments, Due in Four Years | 22,600 |
Operating Leases, Future Minimum Payments, Due in Five Years | 20,050 |
Operating Leases, Future Minimum Payments, Due Thereafter | 49,010 |
Operating Leases, Future Minimum Payments Due | $171,490 |
Leases_Narrative_Details
Leases Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, For Discontinued Operations Annually | $2.50 | ' | ' |
Operating Leases, Rent Expense, Net | $29.40 | $22.80 | $18.90 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Asbestos Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Minimum [Member] | Maximum [Member] | Asbestos [Member] | Asbestos [Member] |
Pending Litigation [Member] | ||||
claimants | ||||
cases | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Number of pending cases | ' | ' | ' | 1,080 |
Number of pending claims | ' | ' | ' | 7,975 |
Number of pending claims seeking specific amounts of damages | ' | ' | ' | 134 |
Total settlement costs | ' | ' | $6.60 | ' |
Estimated time until primary insurance is exhausted | '1 year | '2 years | ' | ' |
Percentage of settlement and defense costs covered by insurance | ' | ' | 40.00% | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Asbestos Claimant and Settlement (Details) (Asbestos [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
claimants | claimants | claimants | |
Asbestos [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Number of pending claims at the beginning of period | 7,880 | 8,048 | 8,200 |
Number of pending claims filed during period | 360 | 367 | 476 |
Number of pending claims dismissed during period | 226 | 519 | 607 |
Number of pending claims settled during period | 39 | 16 | 21 |
Average settlement amount per claim during period | $8,294 | $14,513 | $14,300 |
Total defense costs during period | $2,620,000 | $2,650,000 | $2,510,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Asbestos Damages Sought (Details) (Asbestos [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Compensatory and Punitive Damages [Member] | Range 1 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | $0 |
Compensatory and Punitive Damages [Member] | Range 1 [Member] | Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 5 |
Compensatory and Punitive Damages [Member] | Range 2 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 5 |
Compensatory and Punitive Damages [Member] | Range 2 [Member] | Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 10 |
Compensatory and Punitive Damages [Member] | Range 3 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 10 |
Compensatory Only Damages [Member] | Range 1 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 0 |
Compensatory Only Damages [Member] | Range 1 [Member] | Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 0.6 |
Compensatory Only Damages [Member] | Range 2 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 0.6 |
Compensatory Only Damages [Member] | Range 2 [Member] | Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 5 |
Compensatory Only Damages [Member] | Range 3 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 5 |
Punitive Only Damages [Member] | Range 1 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 0 |
Punitive Only Damages [Member] | Range 1 [Member] | Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 2.5 |
Punitive Only Damages [Member] | Range 2 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 2.5 |
Punitive Only Damages [Member] | Range 2 [Member] | Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | 5 |
Punitive Only Damages [Member] | Range 3 [Member] | Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Specified amount of damages sought | $5 |
Pending Litigation [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 134 |
Pending Litigation [Member] | Compensatory and Punitive Damages [Member] | Range 1 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 102 |
Pending Litigation [Member] | Compensatory and Punitive Damages [Member] | Range 2 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 18 |
Pending Litigation [Member] | Compensatory and Punitive Damages [Member] | Range 3 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 14 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 1 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 63 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 2 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 53 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 18 |
Pending Litigation [Member] | Punitive Only Damages [Member] | Range 1 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 117 |
Pending Litigation [Member] | Punitive Only Damages [Member] | Range 2 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 13 |
Pending Litigation [Member] | Punitive Only Damages [Member] | Range 3 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending claims seeking specific amounts of damages | 4 |
Commitments_and_Contingencies_4
Commitments and Contingencies Metaldyne Corporation (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2007 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ' | ' |
Common Stock Dividends, Shares | 4,825,587 | ' |
Loss Contingency, Estimate of Possible Loss | ' | $6,400,000 |
Loss Contingency, Range of Possible Loss, Maximum | ' | 8,800,000 |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | ' | 2,400,000 |
Allocated Share of Liabilities Not Readily Associated with the Business - TriMas | ' | 42.01% |
Allocated Share of Liabilities Not Readily Associated with the Business - Metaldyne | ' | 57.99% |
Indemnification Deductible | ' | $50,000 |
Employee_Benefit_Plans_Defined
Employee Benefit Plans Defined Contribution Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $5.60 | $5.40 | $4.50 |
Employee_Benefit_Plans_Defined1
Employee Benefit Plans Defined Benefit Plan Narrative (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Rate | |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | ' |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | $1 |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.50% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | '2018 |
Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan, Estimated Future Employer Contributions | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 2.3 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan, Estimated Future Employer Contributions | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $0.10 |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans - Net Periodic Pension and Postretirement Benefit Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service costs | $680 | $600 | $640 |
Interest costs | 1,610 | 1,620 | 1,590 |
Expected return on plan assets | -1,810 | -1,720 | -1,600 |
Amortization of prior service cost | 0 | 0 | 0 |
Settlements and curtailments gain | 0 | 190 | 0 |
Amortization of net (gain)/loss | 1,280 | 1,070 | 720 |
Net periodic benefit cost (income) | 1,760 | 1,760 | 1,350 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service costs | 0 | 0 | 0 |
Interest costs | 40 | 50 | 50 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | -200 | -270 |
Settlements and curtailments gain | 0 | -1,490 | 0 |
Amortization of net (gain)/loss | -80 | -80 | -90 |
Net periodic benefit cost (income) | ($40) | ($1,720) | ($310) |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans Assumptions Used for. U.S Defined Benefit Plans Table (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate for obligations | 5.01% | 4.24% | 4.78% |
Discount rate for benefit costs | 4.24% | 4.78% | 5.50% |
Expected long-term rate of return on plan assets | 7.50% | 7.75% | 7.75% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate for obligations | 4.48% | 3.69% | 4.54% |
Discount rate for benefit costs | 3.69% | 4.54% | 4.66% |
Employee_Benefit_Plans_Assumpt1
Employee Benefit Plans Assumptions Used for Non-U.S. Defined Pension Plans Table (Details) (Foreign Pension Plans, Defined Benefit [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate for obligations | 4.50% | 4.50% | 4.80% |
Discount rate for benefit costs | 4.50% | 4.80% | 5.50% |
Rate of increase in compensation levels | 4.10% | 3.70% | 4.00% |
Expected long-term rate of return on plan assets | 5.40% | 5.50% | 7.00% |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans Weighted Average Asset Allocation by Pension Plan (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 61.00% | 61.00% |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 50.00% | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 70.00% | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 36.00% | 37.00% |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 30.00% | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 50.00% | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 3.00% | 2.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ' |
Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 57.00% | 30.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 50.00% | ' |
Foreign Pension Plans, Defined Benefit [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 42.00% | 49.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 50.00% | ' |
Foreign Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 1.00% | 21.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | ' |
Employee_Benefit_Plans_Pension
Employee Benefit Plans Pension Plan Assets Fair Value Hierarchy Table (Details) (Pension Plans, Defined Benefit [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Thousands, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | $31,780 | $27,860 | $21,280 | |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 4,870 | ' | ' | |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 26,910 | ' | ' | |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | ' | ' | |
Equity Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 18,200 | ' | ' | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | ' | ' | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 18,200 | ' | ' | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | ' | ' | |
Fixed Income Funds [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 7,790 | ' | ' | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | ' | ' | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 7,790 | ' | ' | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | ' | ' | |
US Treasury Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 2,800 | ' | ' | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 2,800 | ' | ' | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | ' | ' | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | ' | ' | |
US Government Agencies Debt Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 400 | ' | ' | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 400 | ' | ' | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | ' | ' | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | ' | ' | |
Corporate Debt Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 1,000 | ' | ' | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 1,000 | ' | ' | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | ' | ' | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | ' | ' | |
Asset-backed Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 920 | [1] | ' | ' |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | [1] | ' | ' |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 920 | [1] | ' | ' |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | [1] | ' | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 670 | ' | ' | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 670 | ' | ' | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | 0 | ' | ' | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair Value of Plan Assets | $0 | ' | ' | |
[1] | Comprised of mortgage-backed and asset backed securities. |
Employee_Benefit_Plans_Future_
Employee Benefit Plans Future Benefit Payments Table (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expected Future Benefit Payments, Next Twelve Months | $2,040 |
Expected Future Benefit Payments, Year Two | 2,070 |
Expected Future Benefit Payments, Year Three | 2,160 |
Expected Future Benefit Payments, Year Four | 2,300 |
Expected Future Benefit Payments, Year Five | 2,430 |
Expected Future Benefit Payments, Five Fiscal Years Thereafter | 13,720 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expected Future Benefit Payments, Next Twelve Months | 90 |
Expected Future Benefit Payments, Year Two | 80 |
Expected Future Benefit Payments, Year Three | 80 |
Expected Future Benefit Payments, Year Four | 70 |
Expected Future Benefit Payments, Year Five | 60 |
Expected Future Benefit Payments, Five Fiscal Years Thereafter | $240 |
Employee_Benefit_Plans_Effect_
Employee Benefit Plans Effect of One Percentage Point Change in Assumed Health Care Cost Trend Table (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates | ' |
Effect of One Percentage Point Increase on Service and Interest Cost Components | $0 |
Effect of One Percentage Point Decrease on Service and Interest Cost Components | 0 |
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 50 |
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | ($40) |
Employee_Benefit_Plans_Defined2
Employee Benefit Plans Defined Benefit Plan Change in Benefit Obligations and Plan Assets Table (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligations at December 31 | ($20,200) | ($36,320) | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | -38,730 | -34,560 | ' |
Service costs | -680 | -600 | -640 |
Interest costs | -1,610 | -1,620 | -1,590 |
Participant contributions | 60 | 40 | ' |
Actuarial gain (loss) | 1,280 | -2,900 | ' |
Benefit payments | -1,850 | -1,890 | ' |
Curtailment/terminations | 0 | -190 | ' |
Change in foreign currency | -280 | -710 | ' |
Defined Benefit Plan, Benefit Obligation | -38,230 | -38,730 | -34,560 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 27,860 | 21,280 | ' |
Actual return on plan assets | 2,270 | 1,680 | ' |
Employer contributions | 3,240 | 6,130 | ' |
Participant contributions | 60 | 40 | ' |
Benefit payments | -1,850 | -1,890 | ' |
Change in foreign currency | 200 | 620 | ' |
Fair value of plan assets | 31,780 | 27,860 | 21,280 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' | ' |
Funded Status at December 31 | -6,450 | -10,870 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligations at December 31 | -810 | -970 | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | -970 | -1,040 | ' |
Service costs | 0 | 0 | 0 |
Interest costs | -40 | -50 | -50 |
Participant contributions | 0 | 10 | ' |
Actuarial gain (loss) | 170 | 80 | ' |
Benefit payments | -30 | -50 | ' |
Curtailment/terminations | 0 | 0 | ' |
Change in foreign currency | 0 | 0 | ' |
Defined Benefit Plan, Benefit Obligation | -810 | -970 | -1,040 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 30 | 40 | ' |
Participant contributions | 0 | 10 | ' |
Benefit payments | -30 | -50 | ' |
Change in foreign currency | 0 | 0 | ' |
Fair value of plan assets | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' | ' |
Funded Status at December 31 | ($810) | ($970) | ' |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans Amounts Recognized on Balance Sheet Table (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | ' | ' |
Prepaid benefit cost | $980 | $1,020 |
Current liabilities | -410 | -410 |
Noncurrent liabilities | -7,020 | -11,480 |
Net liability recognized at December 31 | -6,450 | -10,870 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | ' | ' |
Prepaid benefit cost | 0 | 0 |
Current liabilities | -90 | -90 |
Noncurrent liabilities | -720 | -880 |
Net liability recognized at December 31 | ($810) | ($970) |
Employee_Benefit_Plans_Amounts1
Employee Benefit Plans Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax | ' | ' |
Unrecognized prior service cost | $110 | $130 |
Unrecognized net loss/(gain) | 16,420 | 19,430 |
Total accumulated other comprehensive income (loss) recognized at December 31 | 16,530 | 19,560 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax | ' | ' |
Unrecognized prior service cost | 0 | 0 |
Unrecognized net loss/(gain) | -670 | -570 |
Total accumulated other comprehensive income (loss) recognized at December 31 | ($670) | ($570) |
Employee_Benefit_Plans_Plans_w
Employee Benefit Plans Plans with Benefit Obligations in Excess of Assets Table (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligations at December 31 | ($20,200) | ($36,320) |
Benefit obligation | -37,430 | -37,660 |
Plan assets | 30,000 | 25,770 |
Benefit obligation in excess of plan assets | -7,430 | -11,890 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligations at December 31 | -810 | -970 |
Benefit obligation | -810 | -970 |
Plan assets | 0 | 0 |
Benefit obligation in excess of plan assets | ($810) | ($970) |
Employee_Benefit_Plans_Effect_1
Employee Benefit Plans Effect of Change in Discount Rate and Expected Return on Plan Assets Table (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Plans, Defined Benefit [Member] | ' |
Effect of Twenty-Five Basis Point Change in Discount Rate | ' |
Effect of Twenty-Five Basis Point Increase in Discount Rate on Benefit Obligation | ($1,340) |
Effect of Twenty-Five Basis Point Decrease in Discount Rate on Benefit Obligation | 1,400 |
Effect of Twenty-Five Basis Point Increase in Discount Rate on Expense | -120 |
Effect of Twenty-Five Basis Point Decrease in Discount Rate on Expense | 120 |
Effect of Fifty Basis Point Change in Expected Return on Plan Assets | ' |
Effect of Fifty Basis Point Increase in Expected Return on Plan Assets on Expense | -160 |
Effect of Fifty Basis Point Decrease in Expected Return on Plan Assets on Expense | 160 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Effect of Twenty-Five Basis Point Change in Discount Rate | ' |
Effect of Twenty-Five Basis Point Increase in Discount Rate on Benefit Obligation | -20 |
Effect of Twenty-Five Basis Point Decrease in Discount Rate on Benefit Obligation | 20 |
Effect of Twenty-Five Basis Point Increase in Discount Rate on Expense | 0 |
Effect of Twenty-Five Basis Point Decrease in Discount Rate on Expense | $0 |
Equity_Awards_Equity_Awards_Na
Equity Awards - Equity Awards Narrative (Details) | Dec. 31, 2013 |
2011 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Fungible Ratio | 1.75 |
Shares Approved for Issuance | 2,850,000 |
2006 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Fungible Ratio | 2 |
Shares Approved for Issuance | 2,435,877 |
2002 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Fungible Ratio | 1 |
Shares Approved for Issuance | 1,786,123 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Fungible Ratio | 1 |
Equity_Awards_Stock_Options_Na
Equity Awards - Stock Options Narrative (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Options Granted | 0 | 0 | 17,030 |
Contractual Life | ' | ' | '10 years |
Award Vesting Period | ' | ' | '3 years |
Options Granted, Weighted Average Price | ' | ' | $21.55 |
Options Granted, Weighted Average Grant Date Fair Value | ' | ' | $9.17 |
Expected Life | ' | ' | '6 years |
Risk-Free Interest Rate | ' | ' | 2.60% |
Expected Volatility | ' | ' | 40.00% |
Exercisable/Vested stock options | 341,648 | ' | ' |
Stock Options Vested | 13,920 | ' | ' |
Fair value of exercisable/vested stock options | $0.10 | $0.40 | $0.30 |
Stock-based compensation expense | $0 | $0 | $0.30 |
Equity_Awards_Stock_Option_Act
Equity Awards - Stock Option Activity Table (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Number of Options Outstanding, beginning balance | 675,665 |
Number of Options Exercised | -333,217 |
Number of Options Cancelled | 0 |
Number of Options Expired | 0 |
Number of Options Outstanding, ending balance | 342,448 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Options Outstanding, Weighted Average Price, beginning | $15.52 |
Options Exercised, Weighted Average Price | $21.27 |
Options Cancelled, Weighted Average Price | $0 |
Options Expired, Weighted Average Price | $0 |
Options Outstanding, Weighted Average Price, ending | $9.92 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | ' |
Options Average Remaining Contractual Life (Years) | '4 years 0 months |
Options Aggregate Intrinsic Value | $10,262,180 |
Equity_Awards_Restricted_Share
Equity Awards - Restricted Shares Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Plan 1 [Member] | Plan 1 [Member] | Plan 1 [Member] | Plan 2 [Member] | Plan 2 [Member] | Plan 2 [Member] | Plan 3 [Member] | Plan 3 [Member] | Plan 3 [Member] | Plan 3 [Member] | Plan 3 [Member] | Plan 4 [Member] | Plan 4 [Member] | Plan 5 [Member] | Plan 5 [Member] | Plan 5 [Member] | Plan 6 [Member] | Plan 6 [Member] | Plan 6 [Member] | Plan 6 [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | 3 year cash flow metric [Member] | 3 year cash flow metric [Member] | 3 year cash flow metric [Member] | 3 year EPS CAGR metric [Member] | 3 year EPS CAGR metric [Member] | 3 year EPS CAGR metric [Member] | 2012 EPS growth metric [Member] | 2012 EPS growth metric [Member] | 2012 & 2013 EPS CAGR metric [Member] | 4 consecutive quarters cumulative EPS 1 [Member] | 4 consecutive quarters cumulative EPS 1 [Member] | 30 consecutive trading days stock price 1 [Member] | 30 consecutive trading days stock price 1 [Member] | 30 consecutive trading days stock price 2 [Member] | 30 consecutive trading days stock price 2 [Member] | |
Non-employee independent director [Member] | Non-employee independent director [Member] | Non-employee independent director [Member] | Service-based restriced shares [Member] | Service-based restriced shares [Member] | Service-based restriced shares [Member] | Service-based restriced shares [Member] | Service-based restriced shares [Member] | Service-based restriced shares [Member] | number | Restricted Shares [Member] | Restricted Shares [Member] | Service-based restriced shares [Member] | Performance-based restriced shares [Member] | number | Performance-based restriced shares [Member] | Service-based restriced shares [Member] | Service-based restriced shares [Member] | Service-based restriced shares [Member] | number | Restricted Shares [Member] | Performance-based restriced shares [Member] | Market-based restricted shares [Member] | Plan 2 [Member] | Plan 4 [Member] | Plan 4 [Member] | Plan 3 [Member] | Minimum [Member] | Maximum [Member] | Plan 3 [Member] | Minimum [Member] | Maximum [Member] | Plan 4 [Member] | Plan 4 [Member] | Plan 4 [Member] | Plan 6 [Member] | Plan 6 [Member] | Plan 6 [Member] | Plan 6 [Member] | Plan 6 [Member] | Plan 6 [Member] | ||||
Deferred Compensation, Share-based Payments [Member] | Deferred Compensation, Share-based Payments [Member] | Deferred Compensation, Share-based Payments [Member] | Non-employee independent director [Member] | Non-employee independent director [Member] | Non-employee independent director [Member] | Service-based restriced shares [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | Plan 3 [Member] | Plan 3 [Member] | Performance-based restriced shares [Member] | Plan 3 [Member] | Plan 3 [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | Market-based restricted shares [Member] | Market-based restricted shares [Member] | Market-based restricted shares [Member] | Market-based restricted shares [Member] | |||||||||||||||||||||
Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | Performance-based restriced shares [Member] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Unvested Restricted Shares Granted | 404,817 | ' | ' | ' | ' | ' | 29,498 | 19,532 | 49,360 | 41,480 | 60,665 | 81,851 | ' | 238,808 | 206,064 | 103,032 | 103,032 | ' | 166,530 | 17,240 | 16,440 | 19,392 | ' | 81,680 | 40,840 | 40,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,576 | ' | ' | ' | ' | ' | 20,420 | ' | 20,420 |
Award requisite service period | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '1 year | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ICP, Threshold target for granting stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash value of incentive plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restriced shares value of incentive plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award percentage earned based on metric over the performance period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | 75.00% | ' | ' | ' | 60.00% | 40.00% | 50.00% | ' | 50.00% | ' | 50.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175.00% | 125.00% | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of vesting metrics in restricted shares award type plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of performance metrics in restricted shares award type plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of shares earned % of target award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 250.00% | ' | 30.00% | 200.00% | ' | 30.00% | 250.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares issued related to director fee deferrals | ' | ' | ' | 5,215 | 7,979 | 9,123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Closing Stock Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | 35 |
Risk-Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Compensation Cost | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for Recognition of Share-based Compensation Cost Not yet Recognized | '1 year 11 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares-based compensation expense | $9,200,000 | $9,300,000 | $3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Awards_Restricted_Share1
Equity Awards - Restricted Shares Activity Table (Details) (Restricted Shares [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Number of Unvested Restricted Shares Granted | 404,817 | ' |
Number of Unvested Restricted Shares Vested | -380,990 | ' |
Number of Unvested Restricted Shares Cancelled | -5,464 | ' |
Number of Unvested Restricted Shares Outstanding, ending balance | 654,400 | 636,037 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' |
Unvested Restricted Shares Outstanding, Weighted Average Grant Date Fair Value, beginning | $22.02 | ' |
Unvested Restricted Shares Granted, Weighted Average Grant Date Fair Value | $28.27 | ' |
Unvested Restricted Shares Vested, Weighted Average Grant Date Fair Value | $21.76 | ' |
Unvested Restricted Shares Cancelled, Weighted Average Grant Date Fair Value | $25.94 | ' |
Unvested Restricted Shares Outstanding, Weighted Average Grant Date Fair Value, ending | $26 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures | ' | ' |
Restricted Shares Average Remaining Contractual Life (Years) | '1 year 0 months | ' |
Restricted Shares Aggregate Intrinsic Value | $26,104,016 | ' |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | |
Balance, December 31, 2012 | $39,260,000 | ' | ' | |
Net unrealized gains (losses) arising during the period | -3,690,000 | ' | ' | |
Less: Net realized gains reclassified to net income | 7,740,000 | ' | ' | |
Other Comprehensive Income (Loss), Net of Tax | -11,430,000 | -320,000 | -6,480,000 | |
Balance, December 31, 2013 | 27,830,000 | 39,260,000 | ' | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 400,000 | ' | ' | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 400,000 | ' | ' | |
Defined Benefit Plans | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | |
Balance, December 31, 2012 | -12,440,000 | ' | ' | |
Net unrealized gains (losses) arising during the period | 800,000 | ' | ' | |
Less: Net realized gains reclassified to net income | -800,000 | [1] | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 1,600,000 | ' | ' | |
Balance, December 31, 2013 | -10,840,000 | ' | ' | |
Derivative Instruments | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | |
Balance, December 31, 2012 | -1,680,000 | ' | ' | |
Net unrealized gains (losses) arising during the period | 3,370,000 | ' | ' | |
Less: Net realized gains reclassified to net income | 630,000 | [1] | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 2,740,000 | ' | ' | |
Balance, December 31, 2013 | 1,060,000 | ' | ' | |
Foreign Currency Translation | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | |
Balance, December 31, 2012 | 53,380,000 | ' | ' | |
Net unrealized gains (losses) arising during the period | -7,860,000 | ' | ' | |
Less: Net realized gains reclassified to net income | 7,910,000 | ' | ' | |
Other Comprehensive Income (Loss), Net of Tax | -15,770,000 | ' | ' | |
Balance, December 31, 2013 | $37,610,000 | ' | ' | |
[1] | Defined benefit plans, net of income tax expense of $0.4 million. See Note 16, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax expense of $0.4 million. See Note 13, "Derivative Instruments," for further details. |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Operating Profit (Loss) | $120,530 | $127,870 | $131,320 |
Capital Expenditures | 39,490 | 46,120 | 32,620 |
Continuing Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 1,394,860 | 1,272,910 | 1,083,960 |
Operating Profit (Loss) | 120,530 | 127,870 | 131,320 |
Capital Expenditures | 39,490 | 46,120 | 28,380 |
Depreciation and Amortization | 50,580 | 44,870 | 38,290 |
Packaging [Member] | Continuing Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 313,220 | 275,160 | 185,240 |
Operating Profit (Loss) | 83,770 | 57,550 | 48,060 |
Capital Expenditures | 11,010 | 15,470 | 5,420 |
Depreciation and Amortization | 18,960 | 17,970 | 13,200 |
Energy [Member] | Continuing Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 205,580 | 190,210 | 166,780 |
Operating Profit (Loss) | 8,620 | 17,810 | 19,740 |
Capital Expenditures | 5,250 | 5,210 | 3,710 |
Depreciation and Amortization | 3,820 | 3,600 | 2,790 |
Aerospace & Defense [Member] | Continuing Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 101,790 | 78,580 | 78,590 |
Operating Profit (Loss) | 23,760 | 20,820 | 18,640 |
Capital Expenditures | 4,810 | 3,210 | 2,410 |
Depreciation and Amortization | 3,820 | 2,660 | 2,580 |
Engineered Components [Member] | Continuing Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 185,370 | 200,000 | 175,350 |
Operating Profit (Loss) | 19,450 | 27,990 | 27,620 |
Capital Expenditures | 2,190 | 4,090 | 5,490 |
Depreciation and Amortization | 4,270 | 3,860 | 3,540 |
Cequent Asia Pacific [Member] | Continuing Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 151,620 | 128,560 | 94,290 |
Operating Profit (Loss) | 13,920 | 12,300 | 13,900 |
Capital Expenditures | 9,650 | 8,290 | 8,780 |
Depreciation and Amortization | 5,770 | 3,840 | 3,860 |
Cequent Americas [Member] | Continuing Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 437,280 | 400,400 | 383,710 |
Operating Profit (Loss) | 8,850 | 27,420 | 32,730 |
Capital Expenditures | 5,610 | 9,670 | 2,400 |
Depreciation and Amortization | 13,680 | 12,780 | 12,170 |
Corporate [Member] | Continuing Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Operating Profit (Loss) | -37,840 | -36,020 | -29,370 |
Capital Expenditures | 970 | 180 | 170 |
Depreciation and Amortization | $260 | $160 | $150 |
Segment_Information_Operating_
Segment Information Operating Net Assets by Segment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Operating Net Assets | $1,039,270 | $883,760 | $765,560 |
Current Liabilities | 261,510 | 247,200 | 226,340 |
Consolidated Assets | 1,300,780 | 1,130,960 | 991,900 |
Continuing Operations [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Operating Net Assets | 1,039,270 | 883,760 | 765,560 |
Continuing Operations [Member] | Packaging [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Operating Net Assets | 377,480 | 376,040 | 310,520 |
Continuing Operations [Member] | Energy [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Operating Net Assets | 180,410 | 158,710 | 116,980 |
Continuing Operations [Member] | Aerospace & Defense [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Operating Net Assets | 150,750 | 80,620 | 71,280 |
Continuing Operations [Member] | Engineered Components [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Operating Net Assets | 73,780 | 68,870 | 63,420 |
Continuing Operations [Member] | Cequent Asia Pacific [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Operating Net Assets | 81,120 | 51,790 | 42,010 |
Continuing Operations [Member] | Cequent Americas [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Operating Net Assets | 164,590 | 145,360 | 126,680 |
Continuing Operations [Member] | Corporate [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Operating Net Assets | $11,140 | $2,370 | $34,670 |
Segment_Information_Revenues_a
Segment Information Revenues and Operating Net Assets by Geographical Areas (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Operating Net Assets | $1,039,270 | $883,760 | $765,560 |
Continuing Operations [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Sales | 1,394,860 | 1,272,910 | 1,083,960 |
Operating Net Assets | 1,039,270 | 883,760 | 765,560 |
Continuing Operations [Member] | Europe [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Sales | 97,500 | 62,400 | 68,820 |
Operating Net Assets | 136,490 | 102,250 | 113,950 |
Continuing Operations [Member] | Australia [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Sales | 97,580 | 100,620 | 88,640 |
Operating Net Assets | 27,080 | 32,400 | 30,870 |
Continuing Operations [Member] | Asia [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Sales | 44,870 | 32,230 | 9,500 |
Operating Net Assets | 59,120 | 38,130 | 30,630 |
Continuing Operations [Member] | Africa [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Sales | 3,310 | 4,180 | 950 |
Operating Net Assets | 4,770 | 3,090 | 2,990 |
Continuing Operations [Member] | Other Americas [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Sales | 46,210 | 34,090 | 29,600 |
Operating Net Assets | 83,080 | 68,660 | 38,660 |
Continuing Operations [Member] | Reportable Geographical Components [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Sales | 289,470 | 233,520 | 197,510 |
Operating Net Assets | 310,540 | 244,530 | 217,100 |
Continuing Operations [Member] | Total U.S. [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Sales | 1,105,390 | 1,039,390 | 886,450 |
Operating Net Assets | $728,730 | $639,230 | $548,460 |
Segment_Information_Narrative_
Segment Information Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
Export Sales from the United States of America | $123.70 | $139.70 | $132.50 |
Income_Taxes_Income_Tax_by_Jur
Income Taxes Income Tax by Jurisdiction (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $50,150 | $11,920 | $49,060 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 47,610 | 30,340 | 30,680 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 97,760 | 42,260 | 79,740 |
Current Federal Tax Expense (Benefit) | 16,080 | 8,250 | 4,500 |
Current State and Local Tax Expense (Benefit) | 1,460 | 1,860 | 2,490 |
Current Foreign Tax Expense (Benefit) | 9,650 | 4,190 | 9,890 |
Current Income Tax Expense (Benefit) | 27,190 | 14,300 | 16,880 |
Deferred Federal Income Tax Expense (Benefit) | -4,490 | -6,200 | 10,390 |
Deferred State and Local Income Tax Expense (Benefit) | -1,020 | -750 | 830 |
Deferred Foreign Income Tax Expense (Benefit) | -3,290 | -1,380 | 830 |
Deferred Income Tax Expense (Benefit) | -8,800 | -8,330 | 12,050 |
Income Tax Expense (Benefit), Continuing Operations | $18,390 | $5,970 | $28,930 |
Income_Taxes_Components_of_Def
Income Taxes Components of Deferred Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets | ' | ' |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | $1,240 | $1,110 |
Deferred Tax Assets, Inventory | 7,840 | 5,670 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 40,410 | 34,880 |
Deferred Tax Assets, Operating Loss and Credit Carryforwards | 10,010 | 6,740 |
Deferred Tax Assets, Gross | 59,500 | 48,400 |
Deferred Tax Assets, Valuation Allowance | -6,530 | -4,440 |
Deferred Tax Assets, Net of Valuation Allowance | 52,970 | 43,960 |
Components of Deferred Tax Liabilities | ' | ' |
Deferred Tax Liabilities, Property, Plant and Equipment | -20,420 | -19,800 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | -66,440 | -60,990 |
Deferred Tax Liabilities, Other | -6,310 | -3,860 |
Deferred Tax Liabilities, Gross | -93,170 | -84,650 |
Deferred Tax Liabilities, Net | ($40,200) | ($40,690) |
Income_Taxes_Income_Tax_Expens
Income Taxes Income Tax Expense Reconciliation (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation | ' | ' | ' | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% | |||
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | $34,220 | $14,790 | $27,910 | |||
Income Tax Reconciliation, State and Local Income Taxes | 270 | 730 | 2,440 | |||
Income Tax Reconciliation, Foreign Income Tax Rate Differential | -8,550 | -4,920 | -2,250 | |||
Income Tax Reconciliation, Tax Contingencies | -1,630 | -1,320 | -700 | |||
Income Tax Reconciliation, Tax Holidays | -1,980 | [1] | -1,160 | [1] | 0 | [1] |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | -5,460 | 0 | 0 | |||
Income Tax Reconciliation, Nondeductible Expense, Restructuring Charges (Benefits) | 2,230 | -2,400 | 1,300 | |||
Income Tax Reconciliation, Noncontrolling Interest Income (Expense) | -1,410 | -790 | 0 | |||
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 1,980 | 1,600 | 130 | |||
Income Tax Reconciliation, Other Adjustments | -1,280 | -560 | 100 | |||
Income Tax Expense (Benefit), Continuing Operations | $18,390 | $5,970 | $28,930 | |||
[1] | (a) Tax holiday related to Thailand which expires on December 31, 2015. |
Income_Taxes_Operating_Loss_Ca
Income Taxes Operating Loss Carryforwards Narrative (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
State and Local Jurisdiction [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 2.5 |
Foreign Tax Authority [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 6.8 |
Minimum [Member] | State and Local Jurisdiction [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards, Expiration Date | 1-Jan-24 |
Maximum [Member] | State and Local Jurisdiction [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards, Expiration Date | 31-Dec-27 |
Income_Taxes_Narrative_Details
Income Taxes Narrative (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Undistributed Earnings of Foreign Subsidiaries | $228 |
Income_Taxes_Unrecognized_Tax_
Income Taxes Unrecognized Tax Benefits Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Minimum [Member] | Maximum [Member] | Foreign Tax Authority [Member] | ||||
number | ||||||
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits | $31,570,000 | $21,730,000 | $13,390,000 | ' | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 25,700,000 | 14,000,000 | ' | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $1,800,000 | $1,600,000 | ' | ' | ' | ' |
Open Tax Year | ' | ' | ' | '2013 | '2002 | ' |
Income Tax Examinations, Number | ' | ' | ' | ' | ' | 2 |
Income_Taxes_Unrecognized_Tax_1
Income Taxes Unrecognized Tax Benefits Rollforward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Unrecognized Tax Benefits, Beginning | $21,730 | $13,390 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 1,300 | 3,990 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 15,340 | 6,760 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | -4,310 | -320 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | -720 |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | -2,490 | -1,370 |
Unrecognized Tax Benefits, Ending | $31,570 | $21,730 |
Summary_Quarterly_Financial_Da2
Summary Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $323,430 | $355,620 | $378,030 | $337,780 | $301,040 | $335,870 | $338,430 | $297,570 | $1,394,860 | $1,272,910 | $1,083,960 |
Gross Profit | 72,540 | 94,150 | 103,310 | 83,400 | 78,820 | 90,140 | 95,890 | 78,910 | 353,400 | 343,760 | 317,700 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 8,280 | 29,950 | 27,100 | 14,040 | ' | ' | ' | ' | 79,370 | 36,290 | 50,810 |
Income from discontinued operations, net of income taxes | 0 | 0 | 700 | 0 | ' | ' | ' | ' | 700 | 0 | 9,550 |
Net income (loss) | 8,280 | 29,950 | 27,800 | 14,040 | -13,090 | 19,960 | 17,170 | 12,250 | 80,070 | 36,290 | 60,360 |
Net income (loss) attributable to noncontrolling interests | 1,430 | 1,320 | 910 | 860 | 850 | 1,290 | 510 | -240 | ' | ' | ' |
Net income (loss) attributable to TriMas Corporation | $6,850 | $28,630 | $26,890 | $13,180 | ($13,940) | $18,670 | $16,660 | $12,490 | $75,550 | $33,880 | $60,360 |
Basic earnings per share attributable to TriMas Corporation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations | $0.15 | $0.71 | $0.66 | $0.34 | ' | ' | ' | ' | $1.83 | $0.90 | $1.48 |
Discontinued operations | $0 | $0 | $0.02 | $0 | ' | ' | ' | ' | $0.02 | $0 | $0.28 |
Net income (loss) per share | $0.15 | $0.71 | $0.68 | $0.34 | ($0.36) | $0.48 | $0.45 | $0.36 | $1.85 | $0.90 | $1.76 |
Weighted average sharesbbasic | 44,698,948 | 40,345,828 | 39,425,471 | 39,234,780 | 39,101,163 | 39,045,282 | 37,345,026 | 34,592,267 | 40,926,257 | 37,520,935 | 34,246,289 |
Diluted earnings per share attributable to TriMas Corporation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations | $0.15 | $0.70 | $0.65 | $0.33 | ' | ' | ' | ' | $1.81 | $0.89 | $1.46 |
Discontinued operations | $0 | $0 | $0.02 | $0 | ' | ' | ' | ' | $0.02 | $0 | $0.27 |
Net income (loss) per share | $0.15 | $0.70 | $0.67 | $0.33 | ($0.35) | $0.47 | $0.44 | $0.36 | $1.83 | $0.89 | $1.73 |
Weighted average sharesbdiluted | 45,159,205 | 40,746,503 | 39,886,593 | 39,790,524 | 39,680,565 | 39,508,503 | 37,694,221 | 35,027,899 | 41,395,706 | 37,949,021 | 34,779,693 |
Subsequent_Events_Details
Subsequent Events (Details) (Foreign Exchange Forward [Member], Subsequent Event [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Foreign Exchange Forward [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Derivative, Notional Amount | $19 |