Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | TRIMAS CORP | |
Entity Central Index Key | 842633 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 45,290,599 |
Consolidated_Balance_Sheet_Sta
Consolidated Balance Sheet Statement (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $23,730 | $24,420 |
Receivables, net of reserves | 220,380 | 196,320 |
Inventories | 301,440 | 294,630 |
Deferred income taxes | 28,720 | 28,870 |
Prepaid expenses and other current assets | 17,630 | 14,380 |
Total current assets | 591,900 | 558,620 |
Property and equipment, net | 228,170 | 232,650 |
Goodwill | 461,700 | 466,660 |
Other intangibles, net | 354,840 | 363,930 |
Other assets | 37,130 | 39,890 |
Total assets | 1,673,740 | 1,661,750 |
Current liabilities: | ||
Current maturities, long-term debt | 23,590 | 23,860 |
Accounts payable | 174,710 | 185,010 |
Accrued liabilities | 90,730 | 101,050 |
Total current liabilities | 289,030 | 309,920 |
Long-term debt | 647,910 | 615,470 |
Deferred income taxes | 54,250 | 55,290 |
Other long-term liabilities | 84,030 | 90,440 |
Total liabilities | 1,075,220 | 1,071,120 |
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: 45,227,584 shares at March 31, 2014 and 45,003,214 shares at December 31, 2013 | 450 | 450 |
Paid-in capital | 807,400 | 806,810 |
Accumulated deficit | -212,870 | -226,850 |
Accumulated other comprehensive income | 3,540 | 10,220 |
Total shareholders' equity | 598,520 | 590,630 |
Total liabilities, redeemable noncontrolling interests and shareholders' equity | $1,673,740 | $1,661,750 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet Parentheticals (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Current assets: | ||
Receivables, reserves (in dollars) | $5.40 | $5.40 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, Authorized shares | 100,000,000 | 100,000,000 |
Preferred stock, Issued Shares | 0 | 0 |
Preferred stock, outstanding Shares | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, Authorized shares | 400,000,000 | 400,000,000 |
Common Stock, Issued Shares | 45,290,149 | 45,280,385 |
Common Stock, outstanding Shares | 45,290,149 | 45,280,385 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income Statement (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net sales | $366,490 | $365,390 |
Cost of sales | -268,270 | -269,450 |
Gross profit | 98,220 | 95,940 |
Selling, general and administrative expenses | -70,720 | -63,670 |
Operating profit | 27,500 | 32,270 |
Other expense, net: | ||
Interest expense | -4,670 | -3,470 |
Other expense, net | -2,570 | -950 |
Other expense, net | -7,240 | -4,420 |
Income before income tax expense | 20,260 | 27,850 |
Income tax expense | -6,280 | -8,620 |
Income from continuing operations | 13,980 | 19,230 |
Income from discontinued operations, net of income taxes | 0 | 150 |
Net Income | 13,980 | 19,380 |
Net income attributable to redeemable noncontrolling interests | 0 | 810 |
Net income attributable to TriMas Corporation | $13,980 | $18,570 |
Basic earnings per share attributable to TriMas Corporation: | ||
Continuing operations | $0.31 | $0.41 |
Discontinued operations | $0 | $0 |
Net income per share | $0.31 | $0.41 |
Weighted average common sharesbbasic | 44,997,961 | 44,768,594 |
Diluted earnings per share attributable to TriMas Corporation: | ||
Continuing operations | $0.31 | $0.41 |
Discontinued operations | $0 | $0 |
Net income per share | $0.31 | $0.41 |
Weighted average common sharesbdiluted | 45,400,843 | 45,186,114 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Income | $13,980 | $19,380 |
Other comprehensive income | ||
Defined benefit pension and postretirement plans, net of tax | 250 | 180 |
Foreign currency translation | -6,540 | 1,880 |
Derivative instruments, net of tax | -390 | 310 |
Total other comprehensive income (loss) | -6,680 | 2,370 |
Total comprehensive income | 7,300 | 21,750 |
Net Income Attributable to Redeemable Noncontrolling Interest | 0 | 810 |
Total comprehensive income attributable to TriMas Corporation | $7,300 | $20,940 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income Parentheticals (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statement of Comprehensive Income | ||
Amortization of defined benefit plan deferred losses, tax | $100 | $100 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $100 | $100 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows Statement (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net Income | $13,980 | $19,380 |
Adjustments to reconcile net income to net cash used for operating activities: | ||
Loss on dispositions of assets | -50 | -70 |
Depreciation | 7,620 | 8,030 |
Amortization of intangible assets | 7,220 | 5,480 |
Amortization of debt issue costs | 510 | 480 |
Deferred income taxes | -490 | -2,820 |
Non-cash compensation expense | 2,520 | 2,280 |
Excess tax benefit from stock based compensation | -200 | -760 |
Increase in receivables | -29,080 | -44,960 |
(Increase) decrease in inventories | -10,210 | 1,800 |
(Increase) decrease in prepaid expenses and other assets | -3,480 | 100 |
Decrease in accounts payable and accrued liabilities | -9,560 | -13,910 |
Other, net | -2,150 | 160 |
Net cash used for operating activities | -23,270 | -24,670 |
Cash Flows from Investing Activities: | ||
Capital expenditures | -8,010 | -9,030 |
Net proceeds from disposition of assets | 640 | 240 |
Net cash used for investing activities | -7,370 | -8,790 |
Cash Flows from Financing Activities: | ||
Proceeds from borrowings on term loan facilities | 29,930 | 46,750 |
Repayments of borrowings on term loan facilities | -35,760 | -46,340 |
Proceeds from borrowings on revolving credit facilities and accounts receivable facility | 289,440 | 331,120 |
Repayments of borrowings on revolving credit facilities and accounts receivable facility | -246,020 | -239,900 |
Deferred purchase price, amount paid | 5,710 | 0 |
Distributions to noncontrolling interests | 0 | -580 |
Payment for noncontrolling interests | 0 | -51,000 |
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | -2,560 | -2,670 |
Proceeds from exercise of stock options | 430 | 140 |
Excess tax benefits from stock based compensation | 200 | 760 |
Net cash provided by financing activities | 29,950 | 38,280 |
Increase for the period | -690 | 4,820 |
At beginning of period | 24,420 | 27,000 |
At end of period | 23,730 | 31,820 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 4,710 | 3,010 |
Cash paid for taxes | $8,340 | $2,660 |
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, 2014 | $590,630 | $450 | $806,810 | ($226,850) | $10,220 |
Net income attributable to TriMas Corporation | 13,980 | 13,980 | |||
Other comprehensive income (loss) | -6,680 | -6,680 | |||
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | -2,560 | -2,560 | |||
Stock option exercises and restricted stock vesting | 430 | 0 | 430 | ||
Excess tax benefits from stock based compensation | 200 | 200 | |||
Non-cash compensation expense | 2,520 | 2,520 | |||
Balances at Mar. 31, 2015 | $598,520 | $450 | $807,400 | ($212,870) | $3,540 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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, Engineered Components, Cequent Asia Pacific Europe Africa ("Cequent APEA") and Cequent Americas. See Note 10, "Segment Information," for further information on each of the Company's reportable segments. | |
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and, in the opinion of management, contain all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of financial position and results of operations. Results of operations for interim periods are not necessarily indicative of results for the full year. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2014 Annual Report on Form 10-K. | |
On December 8, 2014, the Company announced that its Board of Directors had approved a plan to pursue a separation of its Cequent businesses through a spin-off, creating a new independent publicly traded company, Horizon Global Corporation("Horizon"). The transaction is expected to be tax-free to shareholders and is targeted to be completed by mid 2015, subject to certain conditions including, among others, approval of the Company's Board of Directors, declaration of the effectiveness of the registration statement on Form S-1 by the SEC and receipt of an opinion from counsel regarding the tax free nature of the spin-off. One time transaction costs in connection with the separation of the two companies, including dedicated internal and third party amounts, are expected to be approximately $30 million. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). ASU 2014-09 requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 is currently effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016, subject to an additional one year deferral as recently proposed by the FASB. The Company is in the process of assessing the impact of the adoption of ASU 2014-09 on its consolidated financial statements. |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | . Discontinued Operations | ||||||||
During the third quarter of 2014, the Company ceased operations of its former NI Industries business and received approximately $6.7 million for the sale of certain intellectual property and related inventory and tooling. NI Industries manufactured cartridge cases for the defense industry and was party to a U.S. Government facility maintenance contract. | |||||||||
The results of the aforementioned business are reported as discontinued operations for all periods presented. Results of discontinued operations are summarized as follows: | |||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Net sales | $ | — | $ | 2,350 | |||||
Income from discontinued operations, before income taxes | $ | — | $ | 250 | |||||
Income tax expense | — | (100 | ) | ||||||
Income from discontinued operations, net of income taxes | $ | — | $ | 150 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the three months ended March 31, 2015 are summarized as follows: | ||||||||||||||||||||||||||||
Packaging | Energy | Aerospace | Engineered Components | Cequent APEA | Cequent Americas | Total | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 169,350 | $ | 73,180 | $ | 210,130 | $ | 7,420 | $ | — | $ | 6,580 | $ | 466,660 | ||||||||||||||
Foreign currency translation and other | (2,810 | ) | (1,040 | ) | — | — | — | (1,110 | ) | (4,960 | ) | |||||||||||||||||
Balance, March 31, 2015 | $ | 166,540 | $ | 72,140 | $ | 210,130 | $ | 7,420 | $ | — | $ | 5,470 | $ | 461,700 | ||||||||||||||
The gross carrying amounts and accumulated amortization of the Company's other intangibles as of March 31, 2015 and December 31, 2014 are summarized below. The Company amortizes these assets over periods ranging from one to 30 years. | ||||||||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||
Intangible Category by Useful Life | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||||
   Customer relationships, 5 – 12 years | $ | 108,530 | $ | (46,380 | ) | $ | 109,460 | $ | (44,370 | ) | ||||||||||||||||||
   Customer relationships, 15 – 25 years | 237,610 | (106,600 | ) | 237,610 | (103,390 | ) | ||||||||||||||||||||||
Total customer relationships | 346,140 | (152,980 | ) | 347,070 | (147,760 | ) | ||||||||||||||||||||||
   Technology and other, 1 – 15 years | 72,560 | (33,840 | ) | 71,830 | (32,250 | ) | ||||||||||||||||||||||
   Technology and other, 17 – 30 years | 43,300 | (27,670 | ) | 44,120 | (27,560 | ) | ||||||||||||||||||||||
Total technology and other | 115,860 | (61,510 | ) | 115,950 | (59,810 | ) | ||||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||||
 Trademark/Trade names | 107,330 | — | 108,480 | — | ||||||||||||||||||||||||
Total other intangible assets | $ | 569,330 | $ | (214,490 | ) | $ | 571,500 | $ | (207,570 | ) | ||||||||||||||||||
Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows: | ||||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Technology and other, included in cost of sales | $ | 1,660 | $ | 1,230 | ||||||||||||||||||||||||
Customer relationships, included in selling, general and administrative expenses | 5,560 | 4,250 | ||||||||||||||||||||||||||
Total amortization expense | $ | 7,220 | $ | 5,480 | ||||||||||||||||||||||||
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories | ||||||||
Inventories consist of the following components: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Finished goods | $ | 196,950 | $ | 194,690 | |||||
Work in process | 30,010 | 30,790 | |||||||
Raw materials | 74,480 | 69,150 | |||||||
Total inventories | $ | 301,440 | $ | 294,630 | |||||
Property_and_Equipment_Net
Property and Equipment, Net | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment, Net | Property and Equipment, Net | ||||||||
Property and equipment consists of the following components: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Land and land improvements | $ | 14,760 | $ | 15,000 | |||||
Buildings | 68,440 | 69,820 | |||||||
Machinery and equipment | 380,180 | 383,440 | |||||||
463,380 | 468,260 | ||||||||
Less: Accumulated depreciation | 235,210 | 235,610 | |||||||
Property and equipment, net | $ | 228,170 | $ | 232,650 | |||||
Depreciation expense as included in the accompanying consolidated statement of income is as follows: | |||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Depreciation expense, included in cost of sales | $ | 6,510 | $ | 6,740 | |||||
Depreciation expense, included in selling, general and administrative expense | 1,110 | 1,280 | |||||||
Total depreciation expense | $ | 7,620 | $ | 8,020 | |||||
Longterm_Debt
Long-term Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-term debt | Long-term Debt | ||||||||
The Company's long-term debt consists of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Credit Agreement | $ | 580,040 | $ | 559,530 | |||||
Receivables facility and other | 91,460 | 79,800 | |||||||
671,500 | 639,330 | ||||||||
Less: Current maturities, long-term debt | 23,590 | 23,860 | |||||||
Long-term debt | $ | 647,910 | $ | 615,470 | |||||
Credit Agreement | |||||||||
The Company is a party to a credit agreement (as amended and restated, the "Credit Agreement") consisting of a $575.0 million senior secured revolving credit facility, which permits borrowings denominated in specific foreign currencies ("Foreign Currency Loans"), subject to a $75.0 million sub limit, which matures on October 16, 2018 and is subject to interest at London Interbank Offered Rates ("LIBOR") plus 1.625%, and a $450.0 million senior secured term loan A facility ("Term Loan A Facility"), which matures on October 16, 2018 and is subject to interest at LIBOR plus 1.625%. 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 $300.0 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. | |||||||||
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. As of March 31, 2015, no amounts are due under this provision. | |||||||||
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 March 31, 2015 and December 31, 2014, the Company had letters of credit of approximately $22.9 million and $21.9 million, respectively, issued and outstanding. | |||||||||
At March 31, 2015, the Company had approximately $144.6 million outstanding under its revolving credit facility and had $407.5 million potentially available after giving effect to approximately $22.9 million of letters of credit issued and outstanding. At December 31, 2014, the Company had approximately $118.1 million outstanding under its revolving credit facility and had $435.0 million potentially available after giving effect to approximately $21.9 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, the Company had $141.0 million and $192.0 million at March 31, 2015 and December 31, 2014, respectively, of borrowing capacity available for general corporate purposes. | |||||||||
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, including restrictions on the incurrence of debt, liens, mergers, investments, loans, advances, guarantee obligations, acquisitions, assets 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 March 31, 2015, the Company was in compliance with its financial covenants contained in the Credit Agreement. | |||||||||
As of March 31, 2015 and December 31, 2014, the Company's Term Loan A Facility traded at approximately 97.3% and 99.5% of par value, respectively, and the Company's revolving credit facility traded at approximately 95.9% and 99.2% of par value, respectively. The valuations of the Credit Agreement were determined based on Level 2 inputs under the fair value hierarchy, as defined. | |||||||||
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. 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-based rate plus a usage fee of 1.00% and 1.35% as of March 31, 2015 and 2014, respectively, and a fee on the unused portion of the facility of 0.35% and 0.40% as of March 31, 2015 and 2014, respectively. | |||||||||
The Company had approximately $90.6 million and $78.7 million outstanding under the facility as of March 31, 2015 and December 31, 2014, respectively, and $5.1 million and $1.6 million, respectively, available but not utilized. Aggregate costs incurred under the facility were approximately $0.2 million and $0.3 million for the three months ended March 31, 2015 and 2014, respectively, and are included in interest expense in the accompanying consolidated statement of income. The facility expires on October 16, 2018. | |||||||||
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 agreement. As of March 31, 2015, the cost of funds under the facility was based on an average liquidation period of the portfolio of approximately 1.7 months and an average discount rate of 1.8%. | |||||||||
Other Bank Debt | |||||||||
The Company's Australian subsidiary is party to a $20.0 million Australian dollar revolving debt facility, which matures on August 31, 2015 and is secured by substantially all the assets of the subsidiary. As of March 31, 2015 and December 31, 2014, no amounts were outstanding under this agreement. | |||||||||
The Company's Dutch subsidiary is party to a credit agreement consisting of a $12.5 million uncommitted working capital facility agreement which matures on May 29, 2015 and is guaranteed by TriMas. In addition, this Dutch subsidiary is subject to an overdraft facility in conjunction with the uncommitted working capital facility up to $1.0 million. No amounts were outstanding under this agreement as of March 31, 2015. As of December 31, 2014, approximately $0.1 million was outstanding on this facility. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Derivative Instruments | Derivative Instruments | ||||||||||||||||||
Foreign Currency Exchange Rate Risk | |||||||||||||||||||
As of March 31, 2015, the Company was party to forward contracts to hedge changes in foreign currency exchange rates with notional amounts of approximately $16.5 million. The Company uses foreign currency forward contracts to mitigate the risk associated with fluctuations in currency rates impacting cash flows related to certain payments for contract manufacturing in its lower-cost manufacturing facilities. The foreign currency forward contracts hedge currency exposure between the Mexican peso and the U.S. dollar, the Thai baht and the Australian dollar and the U.S. dollar and the Australian dollar and mature at specified monthly settlement dates through March 2016. At inception, the Company designated the foreign currency forward contracts as cash flow hedges. | |||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||
In December 2012, the Company entered into an interest rate swap agreement to fix the LIBOR-based variable portion of the interest rates on its Term Loan A Facility. 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. At inception, the Company designated the swap agreement as a cash flow hedge. | |||||||||||||||||||
Financial Statement Presentation | |||||||||||||||||||
As of March 31, 2015 and December 31, 2014, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows: | |||||||||||||||||||
Asset / (Liability) Derivatives | |||||||||||||||||||
Balance Sheet Caption | March 31, | December 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest rate swap | Other assets | $ | 860 | $ | 1,270 | ||||||||||||||
Interest rate swap | Accrued liabilities | (550 | ) | (180 | ) | ||||||||||||||
Foreign currency forward contracts | Other assets | 290 | — | ||||||||||||||||
Foreign currency forward contracts | Accrued liabilities | (210 | ) | (150 | ) | ||||||||||||||
Total derivatives designated as hedging instruments | $ | 390 | $ | 940 | |||||||||||||||
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 for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||
Amount of Income (Loss) Recognized in | Amount of Income (Loss) Reclassified | ||||||||||||||||||
AOCI on Derivative | from AOCI into Earnings | ||||||||||||||||||
(Effective Portion, net of tax) | Three months ended | ||||||||||||||||||
March 31, | |||||||||||||||||||
As of | As of December 31, 2014 | Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion) | 2015 | 2014 | |||||||||||||||
31-Mar-15 | |||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest rate swap | $ | 190 | $ | 680 | Interest expense | $ | (220 | ) | $ | (240 | ) | ||||||||
Foreign currency forward contracts | $ | 30 | $ | (70 | ) | Cost of sales | $ | (190 | ) | $ | 40 | ||||||||
Over the next 12 months, the Company expects to reclassify approximately $0.6 million of pre-tax deferred losses from AOCI to interest expense as the related interest payments for the designated interest rate swap are funded and approximately $0.1 million of pre-tax deferred gains from AOCI to cost of sales as the intercompany inventory purchases are settled. | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
The fair value of the Company's derivatives are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's interest rate swap and foreign currency forward contracts use 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 March 31, 2015 and December 31, 2014 are shown below.  | |||||||||||||||||||
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) | |||||||||||||||||||
March 31, 2015 | |||||||||||||||||||
Interest rate swap | Recurring | $ | 310 | $ | — | $ | 310 | $ | — | ||||||||||
Foreign currency forward contracts | Recurring | $ | 80 | $ | — | $ | 80 | $ | — | ||||||||||
December 31, 2014 | |||||||||||||||||||
Interest rate swap | Recurring | $ | 1,090 | $ | — | $ | 1,090 | $ | — | ||||||||||
Foreign currency forward contracts | Recurring | $ | (150 | ) | $ | — | $ | (150 | ) | $ | — | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies | ||||||||||||||||||||
Asbestos | |||||||||||||||||||||
As of March 31, 2015, the Company was a party to 1,074 pending cases involving an aggregate of 7,733 claimants alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by certain of the Company's 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, exclusive of 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, 2014 | 7,975 | 210 | 155 | 38 | $ | 18,734 | $ | 2,800,000 | |||||||||||||
Three Months Ended March 31, 2015 | 7,992 | 83 | 338 | 4 | $ | 6,875 | $ | 718,800 | |||||||||||||
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 its 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 7,733 claims pending at March 31, 2015, 126 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 | 75 | 30 | 21 | 22 | 58 | 46 | 120 | 5 | 1 | ||||||||||||
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 asbestos-related cases, some of which were filed over 20 years ago, have been approximately $7.4 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 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 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 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 these cases will have a material adverse effect on its financial position and results of operations or cash flows. | |||||||||||||||||||||
Claims and Litigation | |||||||||||||||||||||
The Company is subject to other claims and litigation in the ordinary course of business which the Company does not believe are material. In addition, a claim was recently made against the Company by a competitor alleging false advertising. Although no formal demand has been made, the Company believes the competitor may be seeking in excess of $10 million. However, the Company believes any such demand would be unreasonable and without merit. | |||||||||||||||||||||
The Company does not believe claims and litigation will have a material adverse effect on its financial position and results of operations or cash flows. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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. 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 – Permanent blind bolts, temporary fasteners, highly engineered specialty fasteners and other precision machined parts used in the commercial, business and military aerospace industries. | |||||||||
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: | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Net Sales | |||||||||
Packaging | $ | 78,960 | $ | 81,430 | |||||
Energy | 51,160 | 52,780 | |||||||
Aerospace | 45,740 | 27,190 | |||||||
Engineered Components | 48,270 | 55,430 | |||||||
Cequent APEA | 35,820 | 39,470 | |||||||
Cequent Americas | 106,540 | 109,090 | |||||||
Total | $ | 366,490 | $ | 365,390 | |||||
Operating Profit (Loss) | |||||||||
Packaging | $ | 17,510 | $ | 18,360 | |||||
Energy | 340 | 2,600 | |||||||
Aerospace | 8,080 | 4,860 | |||||||
Engineered Components | 5,970 | 7,880 | |||||||
Cequent APEA | 2,250 | 2,500 | |||||||
Cequent Americas | 5,910 | 5,710 | |||||||
Corporate expenses | (8,960 | ) | (9,640 | ) | |||||
Cequent separation costs | (3,600 | ) | — | ||||||
Total | $ | 27,500 | $ | 32,270 | |||||
Equity_Awards
Equity Awards | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Equity Awards | Equity Awards | |||||||||||||
The Company maintains the following long-term equity incentive plans: the TriMas Corporation Director Retainer Share Election Program, the 2011 TriMas Corporation Omnibus Incentive Compensation Plan, the TriMas Corporation 2006 Long Term Equity Incentive Plan and the TriMas Corporation 2002 Long Term Equity Incentive Plan (collectively, the "Plans"). 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 shares may be issued under the plan. See below for details of awards under the Plans by type. | ||||||||||||||
Stock Options | ||||||||||||||
The Company did not grant any stock options during the three months ended March 31, 2015. Information related to stock options at March 31, 2015 is as follows: | ||||||||||||||
Number of | Weighted Average Option Price | Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||
Stock Options | ||||||||||||||
Outstanding at January 1, 2015 | 251,667 | $ | 6.39 | |||||||||||
  Exercised | (27,720 | ) | 15.46 | |||||||||||
  Cancelled | — | — | ||||||||||||
  Expired | (2,500 | ) | 23 | |||||||||||
Outstanding at March 31, 2015 | 221,447 | $ | 5.07 | 3.5 | $ | 5,696,237 | ||||||||
As of March 31, 2015, 221,447 stock options were exercisable under the Plans. The Company did not incur any stock-based compensation expense related to stock options during the three months ended March 31, 2015 and 2014. | ||||||||||||||
Restricted Shares | ||||||||||||||
The Company awarded the following restricted shares during the first quarter of 2015: | ||||||||||||||
• | granted 1,100 restricted shares of common stock to certain employees that are subject only to a service condition and vest on the first anniversary date of the award so long as the employee remains with the Company; | |||||||||||||
• | granted 174,874 restricted shares of 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; | |||||||||||||
• | granted 35,813 restricted shares of common stock to certain employees which 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 all STI participants whose target 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; and | |||||||||||||
• | granted 26,704 restricted shares of 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 their service prior to the vesting date. | ||||||||||||||
In addition, during the three months ended March 31, 2015, the Company issued 2,759 shares related to director fee deferrals. The Company allows for its non-employee independent directors to make an annual election to defer all or a portion of their directors 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 directors fees and to receive the amount in Company common stock at a future date. | ||||||||||||||
During 2012, the Company awarded performance-based shares of common stock to certain Company key employees which were earned based upon the achievement of two performance metrics over a period of three calendar years, beginning January 1, 2012 and ending on December 31, 2014. Of this award, 75% of the awards were earned based upon the Company's earnings per share cumulative average growth rate over the performance period. The remaining 25% of the grants were earned based upon the Company's cash generation results. The Company attained 70.25% of the target on a weighted average basis, resulting in a reduction of 28,205 shares during the first quarter of 2015. | ||||||||||||||
Information related to restricted shares at March 31, 2015 is as follows: | ||||||||||||||
Number of Unvested Restricted Shares | Weighted Average Grant Date Fair Value | Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at January 1, 2015 | 725,459 | $ | 29.59 | |||||||||||
  Granted | 241,250 | 29.98 | ||||||||||||
  Vested | (260,343 | ) | 29.08 | |||||||||||
  Cancelled | (32,949 | ) | 25.35 | |||||||||||
Outstanding at March 31, 2015 | 673,417 | $ | 30.13 | 1.4 | $ | 20,734,509 | ||||||||
As of March 31, 2015, there was approximately $11.4 million of unrecognized compensation cost related to unvested restricted shares that is expected to be recorded over a weighted-average period of 2.2 years. | ||||||||||||||
The Company recognized approximately $2.5 million and $2.3 million of stock-based compensation expense related to restricted shares during the three months ended March 31, 2015 and 2014, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income. |
Earnings_per_Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share |
Net income is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share are calculated to give effect to stock options and restricted share awards. The calculation of diluted earnings per share included 279,269 and 259,716 restricted shares for the three months ended March 31, 2015 and 2014, respectively. The calculation of diluted earnings per share also included options to purchase 123,613 and 157,804 shares of common stock for the three months ended March 31, 2015 and 2014, respectively. |
Defined_Benefit_Plans
Defined Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||
Defined Benefit Plans | Defined Benefit Plans | ||||||||||||||||
Net periodic pension and postretirement benefit costs for the Company's defined benefit pension plans and postretirement benefit plans cover certain foreign employees, union hourly employees and salaried employees. The components of net periodic pension and postretirement benefit costs for the three months ended March 31, 2015 and 2014 are as follows: | |||||||||||||||||
Pension Plans | Other Postretirement Benefits | ||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Service costs | $ | 240 | $ | 190 | $ | — | $ | — | |||||||||
Interest costs | 420 | 440 | 10 | 10 | |||||||||||||
Expected return on plan assets | (520 | ) | (520 | ) | — | — | |||||||||||
Amortization of net (gain)/loss | 380 | 280 | (10 | ) | (20 | ) | |||||||||||
Net periodic benefit cost | $ | 520 | $ | 390 | $ | — | $ | (10 | ) | ||||||||
The Company contributed approximately $0.7 million to its defined benefit pension plans during the three months ended March 31, 2015. The Company expects to contribute approximately $3.5 million to its defined benefit pension plans for the full year 2015. |
Other_Comprehensive_Income_Not
Other Comprehensive Income (Notes) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Other Comprehensive Income [Abstract] | |||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | 14. Other Comprehensive Income | ||||||||||||||||
Changes in AOCI by component for the three months ended March 31, 2015 are summarized as follows: | |||||||||||||||||
Defined Benefit Plans | Â Derivative Instruments | Foreign Currency Translation | Total | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance, December 31, 2014 | $ | (14,180 | ) | $ | 610 | $ | 23,790 | $ | 10,220 | ||||||||
Net unrealized (losses) arising during the period (a) | — | (710 | ) | (6,540 | ) | (7,250 | ) | ||||||||||
Less: Net realized (losses) reclassified to net income (b) | (250 | ) | (320 | ) | — | (570 | ) | ||||||||||
Net current-period change | 250 | (390 | ) | (6,540 | ) | (6,680 | ) | ||||||||||
Balance, March 31, 2015 | $ | (13,930 | ) | $ | 220 | $ | 17,250 | $ | 3,540 | ||||||||
__________________________ | |||||||||||||||||
(a) Derivative instruments, net of income tax of $0.3 million. See Note 8, "Derivative Instruments," for further details. | |||||||||||||||||
(b) Defined benefit plans, net of income tax of $0.1 million. See Note 13, "Defined Benefit Plans," for additional details. Derivative instruments, net of income tax of $0.1 million. See Note 8, "Derivative Instruments," for further details. | |||||||||||||||||
Changes in AOCI by component for the three months ended March 31, 2014 are summarized as follows: | |||||||||||||||||
Defined Benefit Plans | Â Derivative Instruments | Foreign Currency Translation | Total | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance, December 31, 2013 | $ | (10,840 | ) | $ | 1,060 | $ | 37,610 | $ | 27,830 | ||||||||
Net unrealized gains arising during the period (a) | — | 200 | 1,880 | 2,080 | |||||||||||||
Less: Net realized (losses) reclassified to net income (b) | (180 | ) | (110 | ) | — | (290 | ) | ||||||||||
Net current-period change | 180 | 310 | 1,880 | 2,370 | |||||||||||||
Balance, March 31, 2014 | $ | (10,660 | ) | $ | 1,370 | $ | 39,490 | $ | 30,200 | ||||||||
__________________________ | |||||||||||||||||
(a) Derivative instruments, net of income tax of $0.1 million. See Note 8, "Derivative Instruments," for further details. | |||||||||||||||||
(b) Defined benefit plans, net of income tax of $0.1 million. See Note 13, "Defined Benefit Plans," for additional details. Derivative instruments, net of income tax of $0.1 million. See Note 8, "Derivative Instruments," for further details. |
Discontinued_Operations_Discon1
Discontinued Operations Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The results of the aforementioned business are reported as discontinued operations for all periods presented. Results of discontinued operations are summarized as follows: | ||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Net sales | $ | — | $ | 2,350 | |||||
Income from discontinued operations, before income taxes | $ | — | $ | 250 | |||||
Income tax expense | — | (100 | ) | ||||||
Income from discontinued operations, net of income taxes | $ | — | $ | 150 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill for the three months ended March 31, 2015 are summarized as follows: | |||||||||||||||||||||||||||
Packaging | Energy | Aerospace | Engineered Components | Cequent APEA | Cequent Americas | Total | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 169,350 | $ | 73,180 | $ | 210,130 | $ | 7,420 | $ | — | $ | 6,580 | $ | 466,660 | ||||||||||||||
Foreign currency translation and other | (2,810 | ) | (1,040 | ) | — | — | — | (1,110 | ) | (4,960 | ) | |||||||||||||||||
Balance, March 31, 2015 | $ | 166,540 | $ | 72,140 | $ | 210,130 | $ | 7,420 | $ | — | $ | 5,470 | $ | 461,700 | ||||||||||||||
Schedule of Intangible Assets (excluding Goodwill) by Major Class | The gross carrying amounts and accumulated amortization of the Company's other intangibles as of March 31, 2015 and December 31, 2014 are summarized below. The Company amortizes these assets over periods ranging from one to 30 years. | |||||||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||
Intangible Category by Useful Life | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||||
   Customer relationships, 5 – 12 years | $ | 108,530 | $ | (46,380 | ) | $ | 109,460 | $ | (44,370 | ) | ||||||||||||||||||
   Customer relationships, 15 – 25 years | 237,610 | (106,600 | ) | 237,610 | (103,390 | ) | ||||||||||||||||||||||
Total customer relationships | 346,140 | (152,980 | ) | 347,070 | (147,760 | ) | ||||||||||||||||||||||
   Technology and other, 1 – 15 years | 72,560 | (33,840 | ) | 71,830 | (32,250 | ) | ||||||||||||||||||||||
   Technology and other, 17 – 30 years | 43,300 | (27,670 | ) | 44,120 | (27,560 | ) | ||||||||||||||||||||||
Total technology and other | 115,860 | (61,510 | ) | 115,950 | (59,810 | ) | ||||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||||
 Trademark/Trade names | 107,330 | — | 108,480 | — | ||||||||||||||||||||||||
Total other intangible assets | $ | 569,330 | $ | (214,490 | ) | $ | 571,500 | $ | (207,570 | ) | ||||||||||||||||||
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: | |||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Technology and other, included in cost of sales | $ | 1,660 | $ | 1,230 | ||||||||||||||||||||||||
Customer relationships, included in selling, general and administrative expenses | 5,560 | 4,250 | ||||||||||||||||||||||||||
Total amortization expense | $ | 7,220 | $ | 5,480 | ||||||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current | Inventories consist of the following components: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Finished goods | $ | 196,950 | $ | 194,690 | |||||
Work in process | 30,010 | 30,790 | |||||||
Raw materials | 74,480 | 69,150 | |||||||
Total inventories | $ | 301,440 | $ | 294,630 | |||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | Property and equipment consists of the following components: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Land and land improvements | $ | 14,760 | $ | 15,000 | |||||
Buildings | 68,440 | 69,820 | |||||||
Machinery and equipment | 380,180 | 383,440 | |||||||
463,380 | 468,260 | ||||||||
Less: Accumulated depreciation | 235,210 | 235,610 | |||||||
Property and equipment, net | $ | 228,170 | $ | 232,650 | |||||
Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of income is as follows: | ||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Depreciation expense, included in cost of sales | $ | 6,510 | $ | 6,740 | |||||
Depreciation expense, included in selling, general and administrative expense | 1,110 | 1,280 | |||||||
Total depreciation expense | $ | 7,620 | $ | 8,020 | |||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Debt | The Company's long-term debt consists of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Credit Agreement | $ | 580,040 | $ | 559,530 | |||||
Receivables facility and other | 91,460 | 79,800 | |||||||
671,500 | 639,330 | ||||||||
Less: Current maturities, long-term debt | 23,590 | 23,860 | |||||||
Long-term debt | $ | 647,910 | $ | 615,470 | |||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of March 31, 2015 and December 31, 2014, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows: | ||||||||||||||||||
Asset / (Liability) Derivatives | |||||||||||||||||||
Balance Sheet Caption | March 31, | December 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest rate swap | Other assets | $ | 860 | $ | 1,270 | ||||||||||||||
Interest rate swap | Accrued liabilities | (550 | ) | (180 | ) | ||||||||||||||
Foreign currency forward contracts | Other assets | 290 | — | ||||||||||||||||
Foreign currency forward contracts | Accrued liabilities | (210 | ) | (150 | ) | ||||||||||||||
Total derivatives designated as hedging instruments | $ | 390 | $ | 940 | |||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | three months ended March 31, 2015 and 2014: | ||||||||||||||||||
Amount of Income (Loss) Recognized in | Amount of Income (Loss) Reclassified | ||||||||||||||||||
AOCI on Derivative | from AOCI into Earnings | ||||||||||||||||||
(Effective Portion, net of tax) | Three months ended | ||||||||||||||||||
March 31, | |||||||||||||||||||
As of | As of December 31, 2014 | Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion) | 2015 | 2014 | |||||||||||||||
31-Mar-15 | |||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest rate swap | $ | 190 | $ | 680 | Interest expense | $ | (220 | ) | $ | (240 | ) | ||||||||
Foreign currency forward contracts | $ | 30 | $ | (70 | ) | Cost of sales | $ | (190 | ) | $ | 40 | ||||||||
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 March 31, 2015 and December 31, 2014 are shown below.  | ||||||||||||||||||
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) | |||||||||||||||||||
March 31, 2015 | |||||||||||||||||||
Interest rate swap | Recurring | $ | 310 | $ | — | $ | 310 | $ | — | ||||||||||
Foreign currency forward contracts | Recurring | $ | 80 | $ | — | $ | 80 | $ | — | ||||||||||
December 31, 2014 | |||||||||||||||||||
Interest rate swap | Recurring | $ | 1,090 | $ | — | $ | 1,090 | $ | — | ||||||||||
Foreign currency forward contracts | Recurring | $ | (150 | ) | $ | — | $ | (150 | ) | $ | — | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Damages Sought for Specific Claims [Table Text Block] | 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 | 75 | 30 | 21 | 22 | 58 | 46 | 120 | 5 | 1 | ||||||||||||
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, exclusive of 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, 2014 | 7,975 | 210 | 155 | 38 | $ | 18,734 | $ | 2,800,000 | |||||||||||||
Three Months Ended March 31, 2015 | 7,992 | 83 | 338 | 4 | $ | 6,875 | $ | 718,800 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows: | ||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(dollars in thousands) | |||||||||
Net Sales | |||||||||
Packaging | $ | 78,960 | $ | 81,430 | |||||
Energy | 51,160 | 52,780 | |||||||
Aerospace | 45,740 | 27,190 | |||||||
Engineered Components | 48,270 | 55,430 | |||||||
Cequent APEA | 35,820 | 39,470 | |||||||
Cequent Americas | 106,540 | 109,090 | |||||||
Total | $ | 366,490 | $ | 365,390 | |||||
Operating Profit (Loss) | |||||||||
Packaging | $ | 17,510 | $ | 18,360 | |||||
Energy | 340 | 2,600 | |||||||
Aerospace | 8,080 | 4,860 | |||||||
Engineered Components | 5,970 | 7,880 | |||||||
Cequent APEA | 2,250 | 2,500 | |||||||
Cequent Americas | 5,910 | 5,710 | |||||||
Corporate expenses | (8,960 | ) | (9,640 | ) | |||||
Cequent separation costs | (3,600 | ) | — | ||||||
Total | $ | 27,500 | $ | 32,270 | |||||
Equity_Awards_Tables
Equity Awards (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | Information related to stock options at March 31, 2015 is as follows: | |||||||||||||
Number of | Weighted Average Option Price | Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||
Stock Options | ||||||||||||||
Outstanding at January 1, 2015 | 251,667 | $ | 6.39 | |||||||||||
  Exercised | (27,720 | ) | 15.46 | |||||||||||
  Cancelled | — | — | ||||||||||||
  Expired | (2,500 | ) | 23 | |||||||||||
Outstanding at March 31, 2015 | 221,447 | $ | 5.07 | 3.5 | $ | 5,696,237 | ||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to restricted shares at March 31, 2015 is as follows: | |||||||||||||
Number of Unvested Restricted Shares | Weighted Average Grant Date Fair Value | Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at January 1, 2015 | 725,459 | $ | 29.59 | |||||||||||
  Granted | 241,250 | 29.98 | ||||||||||||
  Vested | (260,343 | ) | 29.08 | |||||||||||
  Cancelled | (32,949 | ) | 25.35 | |||||||||||
Outstanding at March 31, 2015 | 673,417 | $ | 30.13 | 1.4 | $ | 20,734,509 | ||||||||
Defined_Benefit_Plans_Tables
Defined Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||
Schedule of Costs of Retirement Plans | The components of net periodic pension and postretirement benefit costs for the three months ended March 31, 2015 and 2014 are as follows: | ||||||||||||||||
Pension Plans | Other Postretirement Benefits | ||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Service costs | $ | 240 | $ | 190 | $ | — | $ | — | |||||||||
Interest costs | 420 | 440 | 10 | 10 | |||||||||||||
Expected return on plan assets | (520 | ) | (520 | ) | — | — | |||||||||||
Amortization of net (gain)/loss | 380 | 280 | (10 | ) | (20 | ) | |||||||||||
Net periodic benefit cost | $ | 520 | $ | 390 | $ | — | $ | (10 | ) | ||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Other Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI by component for the three months ended March 31, 2015 are summarized as follows: | Changes in AOCI by component for the three months ended March 31, 2014 are summarized as follows: | ||||||||||||||||||||||||||||||||
Defined Benefit Plans | Â Derivative Instruments | Foreign Currency Translation | Total | Defined Benefit Plans | Â Derivative Instruments | Foreign Currency Translation | Total | |||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||
Balance, December 31, 2014 | $ | (14,180 | ) | $ | 610 | $ | 23,790 | $ | 10,220 | Balance, December 31, 2013 | $ | (10,840 | ) | $ | 1,060 | $ | 37,610 | $ | 27,830 | |||||||||||||||
Net unrealized (losses) arising during the period (a) | — | (710 | ) | (6,540 | ) | (7,250 | ) | Net unrealized gains arising during the period (a) | — | 200 | 1,880 | 2,080 | ||||||||||||||||||||||
Less: Net realized (losses) reclassified to net income (b) | (250 | ) | (320 | ) | — | (570 | ) | Less: Net realized (losses) reclassified to net income (b) | (180 | ) | (110 | ) | — | (290 | ) | |||||||||||||||||||
Net current-period change | 250 | (390 | ) | (6,540 | ) | (6,680 | ) | Net current-period change | 180 | 310 | 1,880 | 2,370 | ||||||||||||||||||||||
Balance, March 31, 2015 | $ | (13,930 | ) | $ | 220 | $ | 17,250 | $ | 3,540 | Balance, March 31, 2014 | $ | (10,660 | ) | $ | 1,370 | $ | 39,490 | $ | 30,200 | |||||||||||||||
__________________________ | __________________________ | |||||||||||||||||||||||||||||||||
(a) Derivative instruments, net of income tax of $0.3 million. See Note 8, "Derivative Instruments," for further details. | (a) Derivative instruments, net of income tax of $0.1 million. See Note 8, "Derivative Instruments," for further details. | |||||||||||||||||||||||||||||||||
(b) Defined benefit plans, net of income tax of $0.1 million. See Note 13, "Defined Benefit Plans," for additional details. Derivative instruments, net of income tax of $0.1 million. See Note 8, "Derivative Instruments," for further details. | (b) Defined benefit plans, net of income tax of $0.1 million. See Note 13, "Defined Benefit Plans," for additional details. Derivative instruments, net of income tax of $0.1 million. See Note 8, "Derivative Instruments," for further details. |
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation - Cequent Spinoff (Details) (USD $) | Mar. 31, 2015 |
number | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
number of businesses | 2 |
Expected future spinoff costs | $30,000,000 |
Discontinued_Operations_Discon2
Discontinued Operations Discontinued Operations - Narrative (Details) (NI Industries business [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
NI Industries business [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Proceeds from Sale of Productive Assets | $6.70 |
Discontinued_Operations_Discon3
Discontinued Operations Discontinued Operations - Results of Discontinued Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Disposal Group, Including Discontinued Operation, Revenue | $0 | $2,350 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0 | 250 |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | -100 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $0 | $150 |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interest (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Redeemable Noncontrolling Interest [Line Items] | ||
Net income attributable to redeemable noncontrolling interests | $0 | $810 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets Goodwill Rollforward (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill [Roll Forward] | |
Balance, beginning | $466,660 |
Translation and purchase accounting adjustments | -4,960 |
Balance, ending | 461,700 |
Packaging [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 169,350 |
Translation and purchase accounting adjustments | -2,810 |
Balance, ending | 166,540 |
Energy [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 73,180 |
Translation and purchase accounting adjustments | -1,040 |
Balance, ending | 72,140 |
Aerospace [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 210,130 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 210,130 |
Engineered Components [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 7,420 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 7,420 |
Cequent Asia Pacific Europe Africa [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 0 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 0 |
Cequent Americas [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 6,580 |
Translation and purchase accounting adjustments | -1,110 |
Balance, ending | $5,470 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, accumulated amortization | -214,490 | ($207,570) |
Intangible Assets, Gross (Excluding Goodwill) | 569,330 | 571,500 |
Trademarks and Trade Names [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 107,330 | 108,480 |
Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 346,140 | 347,070 |
Finite-lived intangible assets, accumulated amortization | -152,980 | -147,760 |
Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 115,860 | 115,950 |
Finite-lived intangible assets, accumulated amortization | -61,510 | -59,810 |
Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 108,530 | 109,460 |
Finite-lived intangible assets, accumulated amortization | -46,380 | -44,370 |
Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 237,610 | 237,610 |
Finite-lived intangible assets, accumulated amortization | -106,600 | -103,390 |
Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 72,560 | 71,830 |
Finite-lived intangible assets, accumulated amortization | -33,840 | -32,250 |
Useful Life Seventeen to Thirty Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 43,300 | 44,120 |
Finite-lived intangible assets, accumulated amortization | -27,670 | ($27,560) |
Minimum [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 1 year | |
Minimum [Member] | Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 5 years | |
Minimum [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 15 years | |
Minimum [Member] | Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 1 year | |
Minimum [Member] | Useful Life Seventeen to Thirty Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 17 years | |
Maximum [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 30 years | |
Maximum [Member] | Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 12 years | |
Maximum [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 25 years | |
Maximum [Member] | Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 15 years | |
Maximum [Member] | Useful Life Seventeen to Thirty Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 30 years |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Amortization of Intangible Assets [Line Items] | ||
Amortization of intangible assets | $7,220 | $5,480 |
Cost of Sales [Member] | Technology and Other [Member] | ||
Amortization of Intangible Assets [Line Items] | ||
Amortization of intangible assets | 1,660 | 1,230 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ||
Amortization of Intangible Assets [Line Items] | ||
Amortization of intangible assets | $5,560 | $4,250 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods | $196,950 | $194,690 |
Work in process | 30,010 | 30,790 |
Raw materials | 74,480 | 69,150 |
Total inventories | $301,440 | $294,630 |
Property_and_Equipment_Net_Pro
Property and Equipment, Net - Property and Equipment Table (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $463,380 | $468,260 |
Less: Accumulated depreciation | 235,210 | 235,610 |
Property and equipment, net | 228,170 | 232,650 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 14,760 | 15,000 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 68,440 | 69,820 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $380,180 | $383,440 |
Property_and_Equipment_Net_Dep
Property and Equipment, Net - Depreciation Expense Table (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Depreciation Expense [Line Items] | ||
Depreciation expense | $7,620 | $8,030 |
Continuing Operations [Member] | ||
Depreciation Expense [Line Items] | ||
Depreciation expense | 7,620 | 8,020 |
Cost of Sales [Member] | Continuing Operations [Member] | ||
Depreciation Expense [Line Items] | ||
Depreciation expense | 6,510 | 6,740 |
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member] | ||
Depreciation Expense [Line Items] | ||
Depreciation expense | $1,110 | $1,280 |
Longterm_Debt_Debt_Table_Detai
Long-term Debt - Debt Table (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Debt | $671,500 | $639,330 |
Current maturities, debt | 23,590 | 23,860 |
Long-term debt | 647,910 | 615,470 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 580,040 | 559,530 |
Receivables Facility and other [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $91,460 | $79,800 |
Longterm_Debt_US_Bank_Debt_Det
Long-term Debt - U.S. Bank Debt (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Net leverage ratio | 2.5 | |
U.S. bank debt and receivables facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $141 | $192 |
Revolving credit and term loan facilities [Member] | ||
Debt Instrument [Line Items] | ||
Incremental debt commitments capacity | 300 | |
term loan A facility [Member] | ||
Debt Instrument [Line Items] | ||
Required prepayments under term loan A facility | 0 | |
Senior Secured Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.63% | |
Debt Instrument, Face Amount | 450 | |
term loan A facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | 16-Oct-18 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility, Maximum Borrowing Capacity | 575 | |
Revolving Credit Facility, Capacity Available for Foreign Revolver Loans | 75 | |
Debt Instrument, Maturity Date | 16-Oct-18 | |
Debt Instrument, Basis Spread on Variable Rate | 1.63% | |
Revolving Credit Facility, Amount Outstanding | 144.6 | 118.1 |
Revolving Credit Facility, Remaining Borrowing Capacity | 407.5 | 435 |
Letters of credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of Credit, Maximum Borrowing Capacity | 75 | |
Letters of Credit Outstanding, Amount | $22.90 | $21.90 |
Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value, % of par value | 95.90% | 99.20% |
Fair Value, Inputs, Level 2 [Member] | term loan A facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value, % of par value | 97.30% | 99.50% |
Longterm_Debt_Receivables_Faci
Long-term Debt - Receivables Facility (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Debt Instrument [Line Items] | |||
Secured debt, Maximum Borrowing Capacity | $105 | ||
Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | 90.6 | 78.7 | |
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.35% | |
Receivables facility debt available but not utilized | 5.1 | 1.6 | |
Receivables facililty, debt aggregate costs | $0.20 | $0.30 | |
Debt Instrument, Maturity Date | 16-Oct-18 | ||
Debt Instrument, Unused Borrowing Capacity, Fee percentage | 0.35% | 0.40% | |
Average liquidation period, Receivables pool | 1 month 21 days | ||
Average discount rate, Receivables facility | 1.80% |
Longterm_Debt_NonUS_Bank_Debt_
Long-term Debt - Non-U.S. Bank Debt (Details) | 3 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Australia Facility [Member] | Australia Facility [Member] | Australia Facility [Member] | Uncommitted Working Capital Facility [Domain] | Overdraft Facility [Member] | Overdraft Facility [Member] | |
USD ($) | AUD | USD ($) | USD ($) | USD ($) | USD ($) | |
Short-term Debt [Line Items] | ||||||
Credit Facility, Maximum Borrowing Capacity | 20 | |||||
Foreign Debt, Amount Outstanding | 0 | 0 | 12.5 | 0 | 0.1 | |
Debt Instrument, Maturity Date | 31-Aug-15 | 31-Aug-15 | 29-May-15 | |||
Overdraft Facility | $1 |
Derivative_Instruments_Derivat
Derivative Instruments - Derivative Narrative (Details) (Cash Flow Hedging [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Foreign Exchange Contract [Member] | March 2016 Maturity [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $16.50 |
Senior Secured Term Loan A [Member] | Interest Rate Swap [Member] | October 2017 Maturity [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $175 |
Derivative, Fixed Interest Rate | 0.74% |
Derivative_Instruments_Designa
Derivative Instruments - Designated as hedging, Financial Position (Details) (Designated as Hedging Instrument [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $390 | $940 |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 860 | 1,270 |
Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | -550 | -180 |
Foreign Exchange Contract [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 290 | 0 |
Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | ($210) | ($150) |
Derivative_Instruments_Designa1
Derivative Instruments - Designated as hedging, Financial Performance (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $220 | $1,370 | $610 | $1,060 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 190 | 680 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -220 | -240 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 30 | -70 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ($190) | $40 |
Derivative_Instruments_Designa2
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) (Designated as Hedging Instrument [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) Reclassification from AOCI into Earnings, Estimate of Time to Transfer | 12 months |
Interest Expense [Member] | Interest Rate Swap [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of gain (loss) expected to be reclassified from AOCI into Earnings | -0.6 |
Cost of Sales [Member] | Foreign Exchange Contract [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of gain (loss) expected to be reclassified from AOCI into Earnings | 0.1 |
Derivative_Instruments_Fair_Va
Derivative Instruments - Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | $310 | $1,090 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 310 | 1,090 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 80 | |
Derivative Liability | -150 | |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 0 | |
Derivative Liability | 0 | |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 80 | |
Derivative Liability | -150 | |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 0 | |
Derivative Liability | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Asbestos Narrative (Details) (USD $) | 3 Months Ended | 291 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated Time until Primary Insurance is Exhausted | 1 year | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated Time until Primary Insurance is Exhausted | 2 years | |
Asbestos [Member] | ||
Loss Contingencies [Line Items] | ||
Total settlement costs | $7.40 | |
Percentage of settlement and defense costs covered by insurance | 40.00% | |
Asbestos [Member] | Pending Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Number of pending cases | 1,074 | 1,074 |
Number of pending claims | 7,733 | |
Number of pending claims seeking specific amounts of damages | 126 | 126 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Asbestos Claimant and Settlement (Details) (Asbestos [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
claimants | claimants | |
Asbestos [Member] | ||
Loss Contingencies [Line Items] | ||
Number of pending claims at the beginning of period | 7,992 | 7,975 |
Loss Contingency, New Claims Filed, Number | 83 | 210 |
Number of pending claims dismissed during period | 338 | 155 |
Number of pending claims settled during period | 4 | 38 |
Average settlement amount per claim during period | $6,875 | $18,734 |
Total defense costs during period | $718,800 | $2,800,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Asbestos Damages Sought (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | $10 |
Asbestos [Member] | Compensatory and Punitive Damages [Member] | Range 1 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 0 |
Asbestos [Member] | Compensatory and Punitive Damages [Member] | Range 1 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 5 |
Asbestos [Member] | Compensatory and Punitive Damages [Member] | Range 2 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 5 |
Asbestos [Member] | Compensatory and Punitive Damages [Member] | Range 2 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 10 |
Asbestos [Member] | Compensatory and Punitive Damages [Member] | Range 3 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 10 |
Asbestos [Member] | Compensatory Only Damages [Member] | Range 1 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 0 |
Asbestos [Member] | Compensatory Only Damages [Member] | Range 1 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 0.6 |
Asbestos [Member] | Compensatory Only Damages [Member] | Range 2 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 0.6 |
Asbestos [Member] | Compensatory Only Damages [Member] | Range 2 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 5 |
Asbestos [Member] | Compensatory Only Damages [Member] | Range 3 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 5 |
Asbestos [Member] | Punitive Only Damages [Member] | Range 1 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 0 |
Asbestos [Member] | Punitive Only Damages [Member] | Range 1 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 2.5 |
Asbestos [Member] | Punitive Only Damages [Member] | Range 2 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 2.5 |
Asbestos [Member] | Punitive Only Damages [Member] | Range 2 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | 5 |
Asbestos [Member] | Punitive Only Damages [Member] | Range 3 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Specified Amount of Damages Sought | $5 |
Asbestos [Member] | Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 126 |
Asbestos [Member] | Pending Litigation [Member] | Compensatory and Punitive Damages [Member] | Range 1 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 75 |
Asbestos [Member] | Pending Litigation [Member] | Compensatory and Punitive Damages [Member] | Range 2 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 30 |
Asbestos [Member] | Pending Litigation [Member] | Compensatory and Punitive Damages [Member] | Range 3 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 21 |
Asbestos [Member] | Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 1 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 22 |
Asbestos [Member] | Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 2 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 58 |
Asbestos [Member] | Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 46 |
Asbestos [Member] | Pending Litigation [Member] | Punitive Only Damages [Member] | Range 1 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 120 |
Asbestos [Member] | Pending Litigation [Member] | Punitive Only Damages [Member] | Range 2 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 5 |
Asbestos [Member] | Pending Litigation [Member] | Punitive Only Damages [Member] | Range 3 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | 1 |
Commitments_and_Contingencies_4
Commitments and Contingencies Ordinary Course Claims (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $10 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Net sales | $366,490 | $365,390 |
Operating profit (loss) | 27,500 | 32,270 |
Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 78,960 | 81,430 |
Operating profit (loss) | 17,510 | 18,360 |
Energy [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 51,160 | 52,780 |
Operating profit (loss) | 340 | 2,600 |
Aerospace [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 45,740 | 27,190 |
Operating profit (loss) | 8,080 | 4,860 |
Engineered Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 48,270 | 55,430 |
Operating profit (loss) | 5,970 | 7,880 |
Cequent Asia Pacific Europe Africa [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 35,820 | 39,470 |
Operating profit (loss) | 2,250 | 2,500 |
Cequent Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 106,540 | 109,090 |
Operating profit (loss) | 5,910 | 5,710 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating profit (loss) | -8,960 | -9,640 |
Cequent seperation costs [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating profit (loss) | ($3,600) | $0 |
Equity_Awards_Stock_Option_Act
Equity Awards - Stock Option Activity Table (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options Outstanding, beginning balance | 251,667 |
Number of Options Exercised | -27,720 |
Number of Options Cancelled | 0 |
Number of Options Expired | -2,500 |
Number of Options Outstanding, ending balance | 221,447 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Options Outstanding, Weighted Average Price, beginning | $6.39 |
Options Exercised, Weighted Average Price | $15.46 |
Options Cancelled, Weighted Average Price | $0 |
Options Expired, Weighted Average Price | $23 |
Options Outstanding, Weighted Average Price, ending | $5.07 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | |
Options Average Remaining Contractual Life (Years) | 3 years 6 months |
Options Aggregate Intrinsic Value | $5,696,237 |
Equity_Awards_Stock_Options_Na
Equity Awards - Stock Options Narrative (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options granted | 0 | |
Exercisable stock options | 221,447 | |
Stock Options Vested | 0 | |
Stock-based compensation expense | $0 | $0 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $2,500,000 | $2,300,000 |
Equity_Awards_Restricted_Share
Equity Awards - Restricted Shares Activity Table (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
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 Outstanding, beginning balance | 725,459 | |
Number of Unvested Restricted Shares Granted | 241,250 | |
Number of Unvested Restricted Shares Vested | -260,343 | |
Number of Unvested Restricted Shares Cancelled | -32,949 | |
Number of Unvested Restricted Shares Outstanding, ending balance | 673,417 | |
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 | 29.59 | |
Unvested Restricted Shares Granted, Weighted Average Grant Date Fair Value | 29.98 | |
Unvested Restricted Shares Vested, Weighted Average Grant Date Fair Value | 29.08 | |
Unvested Restricted Shares Cancelled, Weighted Average Grant Date Fair Value | 25.35 | |
Unvested Restricted Shares Outstanding, Weighted Average Grant Date Fair Value, ending | 30.13 | |
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 5 months | |
Restricted Shares Aggregate Intrinsic Value | 20,734,509 | |
Plan 1 [Member] | Service-based restriced 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 | 174,874 | |
Plan 4 [Member] | Service-based restriced 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 | 1,100 | |
3 year cash flow metric [Member] | Plan 3 [Member] | Performance-based restriced shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage earned based on metric over the performance period | 25.00% | |
3 year EPS CAGR metric [Member] | Plan 3 [Member] | Performance-based restriced shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage earned based on metric over the performance period | 75.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained | 70.25% | |
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 Cancelled | -28,205 |
Equity_Awards_Restricted_Share1
Equity Awards - Restricted Shares Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares issued related to director fee deferrals | 2,759 | ||
Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Shares Granted | 241,250 | ||
Unrecognized unvested restricted shares-based compensation expense | 11,400,000 | ||
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | 2 years 2 months | ||
Restricted shares-based compensation expense | 2,500,000 | 2,300,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 32,949 | ||
Plan 1 [Member] | Service-based restriced shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Shares Granted | 174,874 | ||
Award requisite service period | 3 years | ||
Plan 2 [Member] | Service-based restriced shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Shares Granted | 35,813 | ||
Award requisite service period | 1 year | ||
Cash value of incentive plan | 80.00% | ||
Restriced shares value of incentive plan | 20.00% | ||
Plan 4 [Member] | Service-based restriced shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Shares Granted | 1,100 | ||
Award requisite service period | 1 year | ||
Plan 5 [Member] | Service-based restriced shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award requisite service period | 1 year | ||
Plan 5 [Member] | Service-based restriced shares [Member] | Non-employee independent director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Shares Granted | 26,704 | ||
Minimum [Member] | Plan 2 [Member] | Service-based restriced shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
ICP, Threshold target for granting stock awards | 20,000 | ||
3 year EPS CAGR metric [Member] | Plan 3 [Member] | Performance-based restriced shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award percentage earned based on metric over the performance period | 75.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained | 70.25% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 28,205 |
Earnings_per_Share_Details
Earnings per Share (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
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 | 279,269 | 259,716 |
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 | 123,613 | 157,804 |
Defined_Benefit_Plans_Net_Peri
Defined Benefit Plans - Net Periodic Pension and Postretirement Benefit Costs (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $700,000 | |
Service costs | 240,000 | 190,000 |
Interest costs | 420,000 | 440,000 |
Expected return on plan assets | -520,000 | -520,000 |
Amortization of net (gain)/loss | 380,000 | 280,000 |
Net periodic benefit cost | 520,000 | 390,000 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service costs | 0 | 0 |
Interest costs | 10,000 | 10,000 |
Expected return on plan assets | 0 | 0 |
Amortization of net (gain)/loss | -10,000 | -20,000 |
Net periodic benefit cost | $0 | ($10,000) |
Defined_Benefit_Plans_Defined_
Defined Benefit Plans - Defined Benefit Plans Narrative (Details) (Pension Plans, Defined Benefit [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $3.50 |
Defined Benefit Plan, Contributions by Employer | $0.70 |
Other_Comprehensive_Income_Det
Other Comprehensive Income - (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | ||||
Beginning Balance Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | ($14,180,000) | ($10,840,000) | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | -250,000 | [1] | -180,000 | [1] |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 250,000 | 180,000 | ||
Ending Balance Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -13,930,000 | -10,660,000 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||||
Beginning Balance Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 610,000 | 1,060,000 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -710,000 | [2] | 200,000 | [3] |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | -320,000 | [1] | -110,000 | [1] |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -390,000 | 310,000 | ||
Ending Balance Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 220,000 | 1,370,000 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Beginning Balance Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 23,790,000 | 37,610,000 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -6,540,000 | 1,880,000 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -6,540,000 | 1,880,000 | ||
Ending Balance Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 17,250,000 | 39,490,000 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | 10,220,000 | 27,830,000 | ||
Other Comprehensive Income (Loss), Net Unrealized Gains (Losses) Arising During the Period, Net of Tax | -7,250,000 | 2,080,000 | ||
Other Comprehensive income, Net Realized Gains (Losses) to Net Income | -570,000 | -290,000 | ||
Total other comprehensive income (loss) | -6,680,000 | 2,370,000 | ||
Ending Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | 3,540,000 | 30,200,000 | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 300,000 | 100,000 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 100,000 | 100,000 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | $100,000 | $100,000 | ||
[1] | Defined benefit plans, net of income tax of $0.1 million. See Note 13, "Defined Benefit Plans," for additional details. Derivative instruments, net of income tax of $0.1 million. See Note 8, "Derivative Instruments," for further details. | |||
[2] | Derivative instruments, net of income tax of $0.3 million. See Note 8, "Derivative Instruments," for further details. | |||
[3] | Derivative instruments, net of income tax of $0.1 million. See Note 8, "Derivative Instruments," for further details. |