Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 20, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | TRIMAS CORP | |
Entity Central Index Key | 842,633 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 45,721,160 |
Consolidated Balance Sheet Stat
Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 22,680 | $ 20,710 |
Receivables, net of reserves | 123,790 | 111,570 |
Inventories | 156,330 | 160,460 |
Prepaid expenses and other current assets | 9,770 | 16,060 |
Total current assets | 312,570 | 308,800 |
Property and equipment, net | 183,760 | 179,160 |
Goodwill | 317,850 | 315,080 |
Other intangibles, net | 204,110 | 213,920 |
Other assets | 34,840 | 34,690 |
Total assets | 1,053,130 | 1,051,650 |
Current liabilities: | ||
Current maturities, long-term debt | 13,760 | 13,810 |
Accounts payable | 77,060 | 72,270 |
Accrued liabilities | 42,160 | 47,190 |
Total current liabilities | 132,980 | 133,270 |
Long-term debt, net | 332,740 | 360,840 |
Deferred income taxes | 8,200 | 5,910 |
Other long-term liabilities | 50,750 | 51,910 |
Total liabilities | 524,670 | 551,930 |
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: 45,720,921 shares at June 30, 2017 and 45,520,598 shares at December 31, 2016 | 460 | 460 |
Paid-in capital | 820,440 | 817,580 |
Accumulated deficit | (272,080) | (293,920) |
Accumulated other comprehensive loss | (20,360) | (24,400) |
Total shareholders' equity | 528,460 | 499,720 |
Total liabilities and shareholders' equity | $ 1,053,130 | $ 1,051,650 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Receivables, reserves (in dollars) | $ 5 | $ 4.6 |
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 | 45,720,921 | 45,520,598 |
Common Stock, outstanding Shares | 45,720,921 | 45,520,598 |
Consolidated Statement of Incom
Consolidated Statement of Income Statement - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net sales | $ 213,370 | $ 203,320 | $ 413,200 | $ 406,200 |
Cost of sales | (153,960) | (146,240) | (302,030) | (293,200) |
Gross profit | 59,410 | 57,080 | 111,170 | 113,000 |
Selling, general and administrative expenses | (33,160) | (38,420) | (69,180) | (77,890) |
Operating profit | 26,250 | 18,660 | 41,990 | 35,110 |
Other expense, net: | ||||
Interest expense | (3,420) | (3,310) | (6,970) | (6,750) |
Other income (expense), net | 30 | 130 | (580) | 70 |
Other expense, net | (3,390) | (3,180) | (7,550) | (6,680) |
Income before income tax expense | 22,860 | 15,480 | 34,440 | 28,430 |
Income tax expense | (8,010) | (5,000) | (12,600) | (9,650) |
Net income | $ 14,850 | $ 10,480 | $ 21,840 | $ 18,780 |
Basic earnings per share | ||||
Net income per share | $ 0.32 | $ 0.23 | $ 0.48 | $ 0.41 |
Weighted average common shares—basic | 45,717,697 | 45,429,851 | 45,644,096 | 45,354,421 |
Diluted earnings per share | ||||
Net income per share | $ 0.32 | $ 0.23 | $ 0.48 | $ 0.41 |
Weighted average common shares—diluted | 45,922,416 | 45,726,348 | 45,915,687 | 45,690,582 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Income | $ 14,850 | $ 10,480 | $ 21,840 | $ 18,780 |
Other comprehensive income | ||||
Defined benefit pension and postretirement plans, net of tax | 160 | 150 | 330 | 300 |
Foreign currency translation | 1,930 | (4,080) | 3,730 | (6,740) |
Derivative instruments, net of tax | (400) | (1,330) | (20) | (4,290) |
Total other comprehensive income (loss) | 1,690 | (5,260) | 4,040 | (10,730) |
Total comprehensive income | $ 16,540 | $ 5,220 | $ 25,880 | $ 8,050 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 21,840 | $ 18,780 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on dispositions of assets | (3,030) | (1,120) |
Depreciation | 13,050 | 11,980 |
Amortization of intangible assets | 9,990 | 10,190 |
Amortization of debt issue costs | 690 | 670 |
Deferred income taxes | 2,060 | 230 |
Non-cash compensation expense | 3,340 | 4,140 |
Tax effect from stock based compensation | 0 | (170) |
Increase in receivables | (11,490) | (3,660) |
Decrease in inventories | 2,850 | 1,130 |
Decrease in prepaid expenses and other assets | 6,280 | 10,650 |
Decrease in accounts payable and accrued liabilities | (1,930) | (21,710) |
Other operating activities | (120) | (410) |
Net cash provided by operating activities | 49,590 | 32,940 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (16,910) | (12,960) |
Net proceeds from disposition of property and equipment | 1,780 | 120 |
Net cash used for investing activities | (15,130) | (12,840) |
Cash Flows from Financing Activities: | ||
Repayments of borrowings on term loan facilities | (6,910) | (6,950) |
Proceeds from borrowings on revolving credit and accounts receivable facilities | 300,050 | 216,580 |
Repayments of borrowings on revolving credit and accounts receivable facilities | (324,900) | (225,050) |
Shares surrendered upon options and restricted stock vesting to cover taxes | (480) | (650) |
Other financing activities | (250) | 180 |
Net cash used for financing activities | (32,490) | (15,890) |
Net increase for the period | 1,970 | 4,210 |
At beginning of period | 20,710 | 19,450 |
At end of period | 22,680 | 23,660 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 6,060 | 5,860 |
Cash paid for taxes | $ 10,600 | $ 3,170 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity Statement - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Balances at Dec. 31, 2016 | $ 499,720 | $ 460 | $ 817,580 | $ (293,920) | $ (24,400) |
Net income | 21,840 | 21,840 | |||
Other comprehensive income (loss) | 4,040 | 4,040 | |||
Shares surrendered upon options and restricted stock vesting to cover taxes | (480) | (480) | |||
Non-cash compensation expense | 3,340 | 3,340 | |||
Balances at Jun. 30, 2017 | $ 528,460 | $ 460 | $ 820,440 | $ (272,080) | $ (20,360) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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, Aerospace, Energy and Engineered Components. 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 2016 Annual Report on Form 10-K. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently Issued Accounting Pronouncements In March 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" ("ASU 2017-07"). ASU 2017-07 requires that the service cost component of net period pension and postretirement benefit cost be presented in the same line item as other employee compensation costs, while the other components be presented separately as non-operating income (expense). ASU 2017-07 also allows only the service cost component to be eligible for capitalization when applicable. ASU 2017-07 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"), which simplifies the test for goodwill impairment by eliminating the requirement to perform a hypothetical purchase price allocation to measure the amount of goodwill impairment. ASU 2017-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" ("ASU 2017-01"). ASU 2017-01 provides guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted under certain circumstances. The Company is in the process of assessing the impact of adoption on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory" ("ASU 2016-16"), which requires that income tax consequences of an intra-entity transfer of an asset other than inventory are recognized when the transfer occurs. ASU 2016-16 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied using a modified retrospective approach with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied using a retrospective approach with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" ("ASU 2016-02"), which requires that lessees, at the lease commencement date, recognize a lease liability representing the lessee's obligation to make lease payments arising from a lease as well as a right-of-use asset, which represents the lessee's right to use, or control the use of a specified asset, for the lease term. The new guidance also aligns lessor accounting to the lessee accounting model and to Topic 606, "Revenue from Contracts with Customers." ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and is to be applied using a modified retrospective approach with early adoption permitted. The Company is in the process of assessing the impact of the adoption on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). ASU 2014-09 requires that an entity recognize 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. Since the issuance of the original standard, the FASB has issued several subsequent updates as disclosed within the Company's 2016 Annual Report on Form 10-K. Although the Company is still in the process of evaluating its contracts, the Company does not believe the adoption of this standard will have a material impact on the amount or timing of its revenues. The Company expects to adopt this standard on January 1, 2018 utilizing the modified retrospective approach. The Company continues to evaluate the impact of the adoption on its consolidated financial statements. |
Facility Closures Restructuring
Facility Closures Restructuring and Related Activities Disclosure (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Facility Closures Reynosa, Mexico facility In March 2017, the Company announced plans within the Energy reportable segment to cease production at its Reynosa, Mexico facility, and consolidate production into its Houston, Texas facility. During the second quarter of 2017, upon the cease use date of the facility, the Company recorded a pre-tax charge of approximately $1.5 million within cost of sales for estimated future unrecoverable lease obligations, net of estimated sublease recoveries, for the lease that expires in 2025. In addition, in the second quarter of 2017, the Company incurred approximately $1.2 million of pre-tax non-cash charges within cost of sales related to accelerated depreciation expense as a result of shortening the expected lives on certain machinery, equipment and leasehold improvement assets that the Company no longer used following the facility closure. Wolverhampton, United Kingdom facility In March 2017, the Company exited its Wolverhampton, United Kingdom facility within the Energy reportable segment. In connection with this action, during the first quarter of 2017 the Company recorded pre-tax charges of approximately $3.5 million within selling, general and administrative expenses, of which approximately $3.2 million were non-cash charges related to the disposal of certain assets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
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 six months ended June 30, 2017 are summarized as follows (dollars in thousands): Packaging Aerospace Energy Engineered Components Total Balance, December 31, 2016 $ 162,090 $ 146,430 $ — $ 6,560 $ 315,080 Foreign currency translation and other 2,770 — — — 2,770 Balance, June 30, 2017 $ 164,860 $ 146,430 $ — $ 6,560 $ 317,850 The Company amortizes its other intangible assets over periods ranging from one to 30 years. The gross carrying amounts and accumulated amortization of the Company's other intangibles as of June 30, 2017 and December 31, 2016 are summarized below (dollars in thousands): As of June 30, 2017 As of December 31, 2016 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 73,840 $ (37,130 ) $ 73,570 $ (33,200 ) Customer relationships, 15 – 25 years 132,230 (48,420 ) 132,230 (44,970 ) Total customer relationships 206,070 (85,550 ) 205,800 (78,170 ) Technology and other, 1 – 15 years 57,510 (27,720 ) 57,470 (26,040 ) Technology and other, 17 – 30 years 43,300 (32,430 ) 43,300 (31,370 ) Total technology and other 100,810 (60,150 ) 100,770 (57,410 ) Indefinite-lived intangible assets: Trademark/Trade names 42,930 — 42,930 — Total other intangible assets $ 349,810 $ (145,700 ) $ 349,500 $ (135,580 ) Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Technology and other, included in cost of sales $ 1,360 $ 1,390 $ 2,710 $ 2,770 Customer relationships, included in selling, general and administrative expenses 3,640 3,700 7,280 7,420 Total amortization expense $ 5,000 $ 5,090 $ 9,990 $ 10,190 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following components (dollars in thousands): June 30, December 31, Finished goods $ 86,230 $ 95,290 Work in process 25,210 22,930 Raw materials 44,890 42,240 Total inventories $ 156,330 $ 160,460 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following components (dollars in thousands): June 30, December 31, Land and land improvements $ 15,120 $ 14,910 Buildings 71,270 71,100 Machinery and equipment 291,280 281,180 377,670 367,190 Less: Accumulated depreciation 193,910 188,030 Property and equipment, net $ 183,760 $ 179,160 Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Depreciation expense, included in cost of sales $ 6,740 $ 5,240 $ 11,940 $ 10,470 Depreciation expense, included in selling, general and administrative expenses 510 800 1,110 1,510 Total depreciation expense $ 7,250 $ 6,040 $ 13,050 $ 11,980 |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term Debt The Company's long-term debt consists of the following (dollars in thousands): June 30, December 31, Credit Agreement $ 298,670 $ 333,720 Receivables facility and other 52,100 45,650 Debt issuance costs (4,270 ) (4,720 ) 346,500 374,650 Less: Current maturities, long-term debt 13,760 13,810 Long-term debt, net $ 332,740 $ 360,840 Credit Agreement The Company is party to a credit agreement (the "Credit Agreement"), consisting of a $500.0 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 June 30, 2020 and is subject to interest at London Interbank Offered Rates ("LIBOR") plus 1.625%, and a $275.0 million senior secured term loan A facility ("Term Loan A Facility"), which matures on June 30, 2020 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 June 30, 2017 , no amounts are due under this provision. The Company's revolving credit facility allows for the issuance of letters of credit, not to exceed $40.0 million in aggregate. At June 30, 2017 , the Company had approximately $47.7 million outstanding under its revolving credit facility and had approximately $436.0 million potentially available after giving effect to approximately $16.3 million of letters of credit issued and outstanding. At December 31, 2016 , the Company had approximately $75.9 million outstanding under its revolving credit facility and had approximately $408.2 million potentially available after giving effect to approximately $15.9 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 approximately $176.7 million and $126.5 million at June 30, 2017 and December 31, 2016 , respectively, of borrowing capacity available for general corporate purposes. Principal payments required under the Credit Agreement for the Term Loan A Facility are approximately $3.4 million due each fiscal quarter from December 2015 through September 2018 and approximately $5.2 million due each fiscal quarter from December 2018 through March 2020, with final payment of approximately $202.8 million due on June 30, 2020. 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 $500.0 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 June 30, 2017 , the Company was in compliance with its financial covenants contained in the Credit Agreement. As of June 30, 2017 and December 31, 2016 , the Company's Term Loan A Facility traded at approximately 99.6% of par value and the Company's revolving credit facility traded at approximately 99.3% of par value. 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 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 $75.0 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 1-month LIBOR-based rate plus a usage fee of 1.00% and a fee on the unused portion of the facility of 0.35% as of June 30, 2017 and 2016 . The Company had approximately $52.0 million and $45.5 million outstanding under the facility as of June 30, 2017 and December 31, 2016 , respectively, and approximately $9.8 million and $10.1 million available but not utilized as of June 30, 2017 and December 31, 2016 , respectively. Aggregate costs incurred under the facility were approximately $0.3 million and $0.2 million for the three months ended June 30, 2017 and 2016 , and $0.6 million and $0.4 million for the six months ended June 30, 2017 and 2016 , respectively, and are included in interest expense in the accompanying consolidated statement of income. The facility expires on June 30, 2020 . 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 1-month LIBOR-based rate plus the usage fee discussed above and is computed in accordance with the terms of the agreement. As of June 30, 2017 , 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 1.9% . |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company utilizes interest rate swap agreements to fix the LIBOR-based variable portion of the interest rate on its long-term debt. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. As of June 30, 2017 , the Company had interest rate swap agreements in place that hedge a declining notional value of debt ranging from approximately $238.4 million to approximately $192.7 million , amortizing consistent with future scheduled debt principal payments. The interest rate swap agreements establish fixed interest rates in a range of 0.74% to 2.68% with various expiration terms extending to June 30, 2020 . At inception, the interest rate swaps were and continue to be designated as cash flow hedges. As of June 30, 2017 and December 31, 2016 , the fair value carrying amount of the Company's derivative instruments are recorded as follows (dollars in thousands): Asset / (Liability) Derivatives Balance Sheet Caption June 30, December 31, Derivatives designated as hedging instruments Interest rate swaps Prepaid expenses and other current assets $ 160 $ 160 Interest rate swaps Accrued liabilities (1,030 ) (870 ) Interest rate swaps Other long-term liabilities (3,240 ) (3,360 ) Total derivatives designated as hedging instruments $ (4,110 ) $ (4,070 ) The following table summarizes the loss recognized in accumulated other comprehensive income or loss ("AOCI") as of June 30, 2017 and December 31, 2016 , and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2017 and 2016 (dollars in thousands): Amount of Loss Recognized Amount of Loss Reclassified Three months ended Six months ended As of June 30, 2017 As of December 31, 2016 Location of Loss Reclassified from AOCI into Earnings (Effective Portion) 2017 2016 2017 2016 Derivatives designated as hedging instruments Interest rate swaps $ (2,540 ) $ (2,520 ) Interest expense $ (90 ) $ (110 ) $ (340 ) $ (220 ) Over the next 12 months , the Company expects to reclassify approximately $0.9 million of pre-tax deferred losses from AOCI to interest expense as the related interest payments for the designated interest rate swaps are funded. 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 swaps use observable inputs such as interest rate yield curves. 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 June 30, 2017 and December 31, 2016 are shown below (dollars in thousands): Description Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2017 Interest rate swaps Recurring $ (4,110 ) $ — $ (4,110 ) $ — December 31, 2016 Interest rate swaps Recurring $ (4,070 ) $ — $ (4,070 ) $ — |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Asbestos As of June 30, 2017 , the Company was a party to 609 pending cases involving an aggregate of 5,274 claims primarily alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by certain of its subsidiaries for use primarily in the petrochemical refining and exploration industries. The following chart summarizes the number of claims, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, excluding amounts reimbursed under the Company's primary insurance, at the applicable date and for the applicable periods: Claims pending at beginning of period Claims filed during period Claims dismissed during period Claims settled during period Average settlement amount per claim during period Total defense costs during period Six Months Ended June 30, 2017 5,339 102 151 16 $ 6,422 $ 1,164,500 Fiscal Year Ended December 31, 2016 6,242 140 1,009 34 $ 15,624 $ 2,920,000 In addition, the Company acquired various companies to distribute its products that had distributed gaskets of other manufacturers prior to acquisition. The Company believes that many of 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 5,274 claims pending at June 30, 2017 , 58 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At June 30, 2017 , of the 58 claims that set forth specific amounts, there were no claims seeking specific amounts for punitive damages. Below is a breakdown of the amount sought for those claims seeking specific amounts: Compensatory Range of damages sought (dollars in millions) $0.0 to $0.6 $0.6 to $5.0 $5.0+ Number of claims — 16 42 In addition, relatively few of the claims have reached the discovery stage and even fewer claims have gone past the discovery stage. Total settlement costs (exclusive of defense costs) for all such cases, some of which were filed over 20 years ago, have been approximately $8.4 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 insurance coverage available to the Company that might otherwise be disputed by the carriers and provides a methodology for the administration of such expenses. Nonetheless, the Company believes it is likely there will be a period within the next 12 months, 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, but does not believe that any such claim or litigation will have a material adverse effect on its financial position and results of operations or cash flows. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
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, using steel and plastic within industrial and consumer packaging applications. Aerospace – Permanent blind bolts, highly engineered specialty fasteners, temporary fasteners and other precision machined parts used in the commercial, business and military aerospace industries. Energy – Metallic and non-metallic industrial sealant products and fasteners for the petroleum refining, petrochemical and other industrial markets. Engineered Components – High-pressure and low-pressure steel cylinders for the transportation, storage and dispensing of compressed gases, and natural gas engines, compressors, gas production equipment and chemical pumps engineered for use at well sites for the oil and gas industry. Segment activity is as follows (dollars in thousands): Three months ended Six months ended 2017 2016 2017 2016 Net Sales Packaging $ 88,740 $ 88,110 $ 169,700 $ 168,220 Aerospace 47,580 44,090 93,000 84,590 Energy 43,490 39,950 84,420 84,700 Engineered Components 33,560 31,170 66,080 68,690 Total $ 213,370 $ 203,320 $ 413,200 $ 406,200 Operating Profit (Loss) Packaging $ 21,540 $ 21,410 $ 38,390 $ 39,250 Aerospace 6,930 3,550 11,930 7,010 Energy 110 (3,090 ) (3,790 ) (6,700 ) Engineered Components 4,710 3,860 9,690 9,440 Corporate expenses (7,040 ) (7,070 ) (14,230 ) (13,890 ) Total $ 26,250 $ 18,660 $ 41,990 $ 35,110 |
Equity Awards
Equity Awards | 6 Months Ended |
Jun. 30, 2017 | |
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 2017 Equity and Incentive Compensation Plan, the TriMas Corporation Director Retainer Share Election Program, the 2011 TriMas Corporation Omnibus Incentive Compensation Plan and the TriMas Corporation 2006 Long Term Equity Incentive Plan (collectively, the "Plans"). The 2006 Long Term Equity Incentive Plan expired in 2016, 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 option awards during the six months ended June 30, 2017 . Information related to stock options at June 30, 2017 is as follows: Number of Weighted Average Option Price Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2017 206,854 $ 13.19 Granted — — Exercised — — Cancelled — — Expired — — Outstanding at June 30, 2017 206,854 $ 13.19 7.1 $ 1,583,511 As of June 30, 2017 , 56,854 stock options outstanding were exercisable under the Plans. As of June 30, 2017, there was approximately $0.5 million of unrecognized compensation cost related to stock options that is expected to be recorded over a weighted average period of 2.1 years. The Company recognized approximately $0.2 million and $0.3 million of stock-based compensation related to stock options during the three and six months ended June 30, 2017 , respectively, and no stock-based compensation during the three and six months ended June 30, 2016 . The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income. Restricted Shares The Company awarded the following restricted shares during the six months ended June 30, 2017 : • granted 189,062 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; and • granted 30,429 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 the director's service prior to the vesting date. In addition, during the six months ended June 30, 2017 , the Company issued 7,124 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 the six months ended June 30, 2017 , the Company awarded 111,761 performance-based shares of common stock to certain Company key employees which vest three years from the grant date so long as the employee remains with the Company. These awards are earned 50% based upon the Company's achievement of earnings per share compound annual growth rate ("EPS CAGR")metrics over a period beginning January 1, 2017 and ending December 31, 2019. The remaining 50% of the grants are earned based on the Company's total shareholder return ("TSR") relative to the TSR of the common stock of a pre-defined industry peer-group, measured over the performance period. TSR is calculated as the Company's average closing stock price for the 20-trading days at the end of the performance period plus Company dividends, divided by the Company's average closing stock price for the 20-trading days prior to the start of the performance period. The Company estimated the grant-date fair value and term of the awards subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk-free interest rate of 1.52% and annualized volatility of 35.6% . Depending on the performance achieved for these two metrics, the amount of shares earned can vary from 40% of the target award to a maximum of 200% of the target award for the EPS CAGR metric and 0% of the target award to a maximum of 200% of the target award for the TSR metric. During 2015, the Company awarded performance-based shares of common stock to certain Company key employees which were earned based upon the Company's total TSR relative to the TSR of the common stock of a pre-defined industry peer-group and measured over a period beginning September 10, 2015 and ending on December 31, 2016. The Company attained 121.1% of the target on a weighted average basis, resulting in an increase of 12,718 shares during the six months ended June 30, 2017 . Information related to restricted shares at June 30, 2017 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, 2017 645,660 $ 20.45 Granted 351,094 24.99 Vested (236,198 ) 20.41 Cancelled (11,757 ) 20.94 Outstanding at June 30, 2017 748,799 $ 22.59 1.3 $ 15,612,459 As of June 30, 2017 , there was approximately $9.3 million of unrecognized compensation cost related to unvested restricted shares that is expected to be recorded over a weighted average period of 2.3 years. The Company recognized approximately $1.7 million and $2.2 million of stock-based compensation expense related to restricted shares during the three months ended June 30, 2017 and 2016 , respectively, and approximately $3.0 million and $4.1 million during the six months ended June 30, 2017 and 2016 , 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 is calculated to give effect to stock options and restricted share awards. The following table summarizes the dilutive effect of restricted shares and options to purchase common stock for the three and six months ended June 30, 2017 and 2016 : Three months ended Six months ended 2017 2016 2017 2016 Weighted average common shares—basic 45,717,697 45,429,851 45,644,096 45,354,421 Dilutive effect of restricted share awards 162,153 215,881 222,996 251,035 Dilutive effect of stock options 42,566 80,616 48,595 85,126 Weighted average common shares—diluted 45,922,416 45,726,348 45,915,687 45,690,582 |
Defined Benefit Plans
Defined Benefit Plans | 6 Months Ended |
Jun. 30, 2017 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Defined Benefit Plans | Defined Benefit Plans Net periodic pension benefit costs for the Company's defined benefit pension plans cover certain foreign employees, union hourly employees and salaried employees. The components of net periodic pension cost for the three and six months ended June 30, 2017 and 2016 are as follows (dollars in thousands): Pension Plans Three months ended Six months ended 2017 2016 2017 2016 Service costs $ 270 $ 240 $ 550 $ 490 Interest costs 320 390 640 790 Expected return on plan assets (360 ) (420 ) (730 ) (840 ) Amortization of net loss 250 250 500 480 Net periodic benefit cost $ 480 $ 460 $ 960 $ 920 The Company contributed approximately $0.8 million and $1.1 million to its defined benefit pension plans during the three and six months ended June 30, 2017 , respectively. The Company expects to contribute approximately $3.1 million to its defined benefit pension plans for the full year 2017 . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (Loss) Changes in AOCI by component for the six months ended June 30, 2017 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2016 $ (12,120 ) $ (2,520 ) $ (9,760 ) $ (24,400 ) Net unrealized gains (losses) arising during the period (a) — (230 ) 3,730 3,500 Less: Net realized losses reclassified to net income (b) (330 ) (210 ) — (540 ) Net current-period other comprehensive income (loss) 330 (20 ) 3,730 4,040 Balance, June 30, 2017 $ (11,790 ) $ (2,540 ) $ (6,030 ) $ (20,360 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.1 million . See Note 8 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million . See Note 13 , " Defined Benefit Plans ," for further details. Derivative instruments, net of income tax of approximately $0.1 million . See Note 8 , " Derivative Instruments ," for further details. Changes in AOCI by component for the six months ended June 30, 2016 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2015 $ (12,370 ) $ (1,790 ) $ 2,860 $ (11,300 ) Net unrealized losses arising during the period (a) — (4,420 ) (6,740 ) (11,160 ) Less: Net realized losses reclassified to net income (b) (300 ) (130 ) — (430 ) Net current-period other comprehensive income (loss) 300 (4,290 ) (6,740 ) (10,730 ) Balance, June 30, 2016 $ (12,070 ) $ (6,080 ) $ (3,880 ) $ (22,030 ) __________________________ (a) Derivative instruments, net of income tax of approximately $2.7 million . See Note 8 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million . See Note 13 , " Defined Benefit Plans ," for further details. Derivative instruments, net of income tax of approximately $0.1 million . See Note 8 , " Derivative Instruments ," for further details. |
Goodwill and Other Intangible22
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the six months ended June 30, 2017 are summarized as follows (dollars in thousands): Packaging Aerospace Energy Engineered Components Total Balance, December 31, 2016 $ 162,090 $ 146,430 $ — $ 6,560 $ 315,080 Foreign currency translation and other 2,770 — — — 2,770 Balance, June 30, 2017 $ 164,860 $ 146,430 $ — $ 6,560 $ 317,850 |
Schedule of Intangible Assets (excluding Goodwill) by Major Class | The Company amortizes its other intangible assets over periods ranging from one to 30 years. The gross carrying amounts and accumulated amortization of the Company's other intangibles as of June 30, 2017 and December 31, 2016 are summarized below (dollars in thousands): As of June 30, 2017 As of December 31, 2016 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 73,840 $ (37,130 ) $ 73,570 $ (33,200 ) Customer relationships, 15 – 25 years 132,230 (48,420 ) 132,230 (44,970 ) Total customer relationships 206,070 (85,550 ) 205,800 (78,170 ) Technology and other, 1 – 15 years 57,510 (27,720 ) 57,470 (26,040 ) Technology and other, 17 – 30 years 43,300 (32,430 ) 43,300 (31,370 ) Total technology and other 100,810 (60,150 ) 100,770 (57,410 ) Indefinite-lived intangible assets: Trademark/Trade names 42,930 — 42,930 — Total other intangible assets $ 349,810 $ (145,700 ) $ 349,500 $ (135,580 ) |
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 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Technology and other, included in cost of sales $ 1,360 $ 1,390 $ 2,710 $ 2,770 Customer relationships, included in selling, general and administrative expenses 3,640 3,700 7,280 7,420 Total amortization expense $ 5,000 $ 5,090 $ 9,990 $ 10,190 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following components (dollars in thousands): June 30, December 31, Finished goods $ 86,230 $ 95,290 Work in process 25,210 22,930 Raw materials 44,890 42,240 Total inventories $ 156,330 $ 160,460 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following components (dollars in thousands): June 30, December 31, Land and land improvements $ 15,120 $ 14,910 Buildings 71,270 71,100 Machinery and equipment 291,280 281,180 377,670 367,190 Less: Accumulated depreciation 193,910 188,030 Property and equipment, net $ 183,760 $ 179,160 |
Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Depreciation expense, included in cost of sales $ 6,740 $ 5,240 $ 11,940 $ 10,470 Depreciation expense, included in selling, general and administrative expenses 510 800 1,110 1,510 Total depreciation expense $ 7,250 $ 6,040 $ 13,050 $ 11,980 |
Long-term Debt Long-term Debt (
Long-term Debt Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's long-term debt consists of the following (dollars in thousands): June 30, December 31, Credit Agreement $ 298,670 $ 333,720 Receivables facility and other 52,100 45,650 Debt issuance costs (4,270 ) (4,720 ) 346,500 374,650 Less: Current maturities, long-term debt 13,760 13,810 Long-term debt, net $ 332,740 $ 360,840 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of June 30, 2017 and December 31, 2016 , the fair value carrying amount of the Company's derivative instruments are recorded as follows (dollars in thousands): Asset / (Liability) Derivatives Balance Sheet Caption June 30, December 31, Derivatives designated as hedging instruments Interest rate swaps Prepaid expenses and other current assets $ 160 $ 160 Interest rate swaps Accrued liabilities (1,030 ) (870 ) Interest rate swaps Other long-term liabilities (3,240 ) (3,360 ) Total derivatives designated as hedging instruments $ (4,110 ) $ (4,070 ) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table summarizes the loss recognized in accumulated other comprehensive income or loss ("AOCI") as of June 30, 2017 and December 31, 2016 , and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2017 and 2016 (dollars in thousands): Amount of Loss Recognized Amount of Loss Reclassified Three months ended Six months ended As of June 30, 2017 As of December 31, 2016 Location of Loss Reclassified from AOCI into Earnings (Effective Portion) 2017 2016 2017 2016 Derivatives designated as hedging instruments Interest rate swaps $ (2,540 ) $ (2,520 ) Interest expense $ (90 ) $ (110 ) $ (340 ) $ (220 ) |
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 June 30, 2017 and December 31, 2016 are shown below (dollars in thousands): Description Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2017 Interest rate swaps Recurring $ (4,110 ) $ — $ (4,110 ) $ — December 31, 2016 Interest rate swaps Recurring $ (4,070 ) $ — $ (4,070 ) $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency | The following chart summarizes the number of claims, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, excluding amounts reimbursed under the Company's primary insurance, at the applicable date and for the applicable periods: Claims pending at beginning of period Claims filed during period Claims dismissed during period Claims settled during period Average settlement amount per claim during period Total defense costs during period Six Months Ended June 30, 2017 5,339 102 151 16 $ 6,422 $ 1,164,500 Fiscal Year Ended December 31, 2016 6,242 140 1,009 34 $ 15,624 $ 2,920,000 |
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 Range of damages sought (dollars in millions) $0.0 to $0.6 $0.6 to $5.0 $5.0+ Number of claims — 16 42 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows (dollars in thousands): Three months ended Six months ended 2017 2016 2017 2016 Net Sales Packaging $ 88,740 $ 88,110 $ 169,700 $ 168,220 Aerospace 47,580 44,090 93,000 84,590 Energy 43,490 39,950 84,420 84,700 Engineered Components 33,560 31,170 66,080 68,690 Total $ 213,370 $ 203,320 $ 413,200 $ 406,200 Operating Profit (Loss) Packaging $ 21,540 $ 21,410 $ 38,390 $ 39,250 Aerospace 6,930 3,550 11,930 7,010 Energy 110 (3,090 ) (3,790 ) (6,700 ) Engineered Components 4,710 3,860 9,690 9,440 Corporate expenses (7,040 ) (7,070 ) (14,230 ) (13,890 ) Total $ 26,250 $ 18,660 $ 41,990 $ 35,110 |
Equity Awards (Tables)
Equity Awards (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Information related to stock options at June 30, 2017 is as follows: Number of Weighted Average Option Price Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2017 206,854 $ 13.19 Granted — — Exercised — — Cancelled — — Expired — — Outstanding at June 30, 2017 206,854 $ 13.19 7.1 $ 1,583,511 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to restricted shares at June 30, 2017 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, 2017 645,660 $ 20.45 Granted 351,094 24.99 Vested (236,198 ) 20.41 Cancelled (11,757 ) 20.94 Outstanding at June 30, 2017 748,799 $ 22.59 1.3 $ 15,612,459 |
Earnings per Share Earnings per
Earnings per Share Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table summarizes the dilutive effect of restricted shares and options to purchase common stock for the three and six months ended June 30, 2017 and 2016 : Three months ended Six months ended 2017 2016 2017 2016 Weighted average common shares—basic 45,717,697 45,429,851 45,644,096 45,354,421 Dilutive effect of restricted share awards 162,153 215,881 222,996 251,035 Dilutive effect of stock options 42,566 80,616 48,595 85,126 Weighted average common shares—diluted 45,922,416 45,726,348 45,915,687 45,690,582 |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Costs of Retirement Plans | The components of net periodic pension cost for the three and six months ended June 30, 2017 and 2016 are as follows (dollars in thousands): Pension Plans Three months ended Six months ended 2017 2016 2017 2016 Service costs $ 270 $ 240 $ 550 $ 490 Interest costs 320 390 640 790 Expected return on plan assets (360 ) (420 ) (730 ) (840 ) Amortization of net loss 250 250 500 480 Net periodic benefit cost $ 480 $ 460 $ 960 $ 920 |
Other Comprehensive Income (L32
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Other Comprehensive Income [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI by component for the six months ended June 30, 2017 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2016 $ (12,120 ) $ (2,520 ) $ (9,760 ) $ (24,400 ) Net unrealized gains (losses) arising during the period (a) — (230 ) 3,730 3,500 Less: Net realized losses reclassified to net income (b) (330 ) (210 ) — (540 ) Net current-period other comprehensive income (loss) 330 (20 ) 3,730 4,040 Balance, June 30, 2017 $ (11,790 ) $ (2,540 ) $ (6,030 ) $ (20,360 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.1 million . See Note 8 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million . See Note 13 , " Defined Benefit Plans ," for further details. Derivative instruments, net of income tax of approximately $0.1 million . See Note 8 , " Derivative Instruments ," for further details. | Changes in AOCI by component for the six months ended June 30, 2016 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2015 $ (12,370 ) $ (1,790 ) $ 2,860 $ (11,300 ) Net unrealized losses arising during the period (a) — (4,420 ) (6,740 ) (11,160 ) Less: Net realized losses reclassified to net income (b) (300 ) (130 ) — (430 ) Net current-period other comprehensive income (loss) 300 (4,290 ) (6,740 ) (10,730 ) Balance, June 30, 2016 $ (12,070 ) $ (6,080 ) $ (3,880 ) $ (22,030 ) __________________________ (a) Derivative instruments, net of income tax of approximately $2.7 million . See Note 8 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million . See Note 13 , " Defined Benefit Plans ," for further details. Derivative instruments, net of income tax of approximately $0.1 million . See Note 8 , " Derivative Instruments ," for further details. |
Facility Closures - Narrative (
Facility Closures - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Loss on dispositions of assets | $ 3,030 | $ 1,120 | ||
Facility Closing Wolverhampton, United Kingdom [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Loss on dispositions of assets | $ (3,200) | |||
Cost of Sales [Member] | Facility Closing Reynosa, Mexico [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Future Lease Obligation, Net of Sublease Income | $ 1,500 | |||
Restructuring and Related Cost, Accelerated Depreciation | $ 1,200 | |||
Selling, General and Administrative Expenses [Member] | Facility Closing Wolverhampton, United Kingdom [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Gain (Loss) on Disposition of Business | $ (3,500) |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance, beginning | $ 315,080 |
Translation and purchase accounting adjustments | 2,770 |
Balance, ending | 317,850 |
Packaging [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 162,090 |
Translation and purchase accounting adjustments | 2,770 |
Balance, ending | 164,860 |
Energy [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 0 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 0 |
Aerospace [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 146,430 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 146,430 |
Engineered Components [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 6,560 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | $ 6,560 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, accumulated amortization | $ (145,700) | $ (135,580) |
Intangible Assets, Gross (Excluding Goodwill) | 349,810 | 349,500 |
Trademarks and Trade Names [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 42,930 | 42,930 |
Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 206,070 | 205,800 |
Finite-lived intangible assets, accumulated amortization | (85,550) | (78,170) |
Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 100,810 | 100,770 |
Finite-lived intangible assets, accumulated amortization | (60,150) | (57,410) |
Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 73,840 | 73,570 |
Finite-lived intangible assets, accumulated amortization | (37,130) | (33,200) |
Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 132,230 | 132,230 |
Finite-lived intangible assets, accumulated amortization | (48,420) | (44,970) |
Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 57,510 | 57,470 |
Finite-lived intangible assets, accumulated amortization | (27,720) | (26,040) |
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 | 43,300 |
Finite-lived intangible assets, accumulated amortization | $ (32,430) | $ (31,370) |
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 Intangible36
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 5,000 | $ 5,090 | $ 9,990 | $ 10,190 |
Cost of Sales [Member] | Technology and Other [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 1,360 | 1,390 | 2,710 | 2,770 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 3,640 | $ 3,700 | $ 7,280 | $ 7,420 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 86,230 | $ 95,290 |
Work in process | 25,210 | 22,930 |
Raw materials | 44,890 | 42,240 |
Total inventories | $ 156,330 | $ 160,460 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 377,670 | $ 367,190 |
Less: Accumulated depreciation | 193,910 | 188,030 |
Property and equipment, net | 183,760 | 179,160 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15,120 | 14,910 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 71,270 | 71,100 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 291,280 | $ 281,180 |
Property and Equipment, Net - D
Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 13,050 | $ 11,980 | ||
Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 7,250 | $ 6,040 | 13,050 | 11,980 |
Cost of Sales [Member] | Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | 6,740 | 5,240 | 11,940 | 10,470 |
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 510 | $ 800 | $ 1,110 | $ 1,510 |
Long-term Debt - Debt Table (De
Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt | $ 346,500 | $ 374,650 |
Deferred Finance Costs, Net | (4,270) | (4,720) |
Current maturities, debt | 13,760 | 13,810 |
Long-term debt, net | 332,740 | 360,840 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 298,670 | 333,720 |
Receivables Facility and other [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 52,100 | $ 45,650 |
Long-term Debt - Credit Agreeme
Long-term Debt - Credit Agreement (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Net leverage ratio | 2.50 | |
U.S. bank debt and receivables facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 176.7 | $ 126.5 |
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] | ||
Debt Instrument, Maturity Date | Jun. 30, 2020 | |
Required prepayments under term loan A facility | $ 0 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 30, 2020 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | |
Senior Secured Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | |
Debt Instrument, Face Amount | $ 275 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 500 | |
Revolving Credit Facility, Capacity Available for Foreign Revolver Loans | 75 | |
Revolving Credit Facility, Amount Outstanding | 47.7 | 75.9 |
Revolving Credit Facility, Remaining Borrowing Capacity | 436 | 408.2 |
Letters of credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of Credit, Maximum Borrowing Capacity | 40 | |
Letters of Credit Outstanding, Amount | $ 16.3 | $ 15.9 |
Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value, % of par value | 99.30% | 99.30% |
Fair Value, Inputs, Level 2 [Member] | term loan A facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value, % of par value | 99.60% | 99.60% |
Principal payment, quarterly December 2015 through September 2018 [Member] | term loan A facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Periodic Payment, Principal | $ 3.4 | |
Principal payment, quarterly December 2018 through March 2020 [Member] | term loan A facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Periodic Payment, Principal | 5.2 | |
Final principal payment, June 30, 2020 [Member] | term loan A facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Periodic Payment, Principal | $ 202.8 |
Long-term Debt - Receivables Fa
Long-term Debt - Receivables Facility (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||||
Secured debt, Maximum Borrowing Capacity | $ 75 | $ 75 | |||
Receivables Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% | |||
Secured Debt | $ 52 | 52 | $ 45.5 | ||
Receivables facility debt available but not utilized | 9.8 | 9.8 | $ 10.1 | ||
Receivables facililty, debt aggregate costs | $ 0.3 | $ 0.2 | $ 0.6 | $ 0.4 | |
Debt Instrument, Maturity Date | Jun. 30, 2020 | ||||
Debt Instrument, Unused Borrowing Capacity, Fee percentage | 0.35% | 0.35% | |||
Average liquidation period, Receivables pool | 1 month 22 days | ||||
Average discount rate, Receivables facility | 1.90% | 1.90% |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Narrative (Details) - Senior Secured Term Loan A [Member] - Interest Rate Swap [Member] - Cash Flow Hedging [Member] $ in Millions | 3 Months Ended |
Jun. 30, 2017USD ($) | |
Derivative [Line Items] | |
Derivative, Maturity Date | Jun. 30, 2020 |
Maximum [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 238.4 |
Maximum [Member] | Derivative, June 2020 Maturity [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 2.68% |
Minimum [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 0.74% |
Minimum [Member] | Derivative, June 2020 Maturity [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 192.7 |
Derivative Instruments - Design
Derivative Instruments - Designated as hedging, Financial Position (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ (4,110) | $ (4,070) |
Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 160 | 160 |
Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | (1,030) | (870) |
Interest Rate Swap [Member] | Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ (3,240) | $ (3,360) |
Derivative Instruments - Desi45
Derivative Instruments - Designated as hedging, Financial Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ (2,540) | $ (6,080) | $ (2,540) | $ (6,080) | $ (2,520) | $ (1,790) |
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 | (2,540) | (2,540) | $ (2,520) | |||
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 | $ (90) | $ (110) | $ (340) | $ (220) |
Derivative Instruments - Desi46
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) - Designated as Hedging Instrument [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
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 | $ (0.9) |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Measurements (Details) - Interest Rate Swap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ (4,110) | $ (4,070) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | (4,110) | (4,070) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Asbestos Narrative (Details) $ in Millions | 6 Months Ended | 318 Months Ended | ||
Jun. 30, 2017claimantscases | Jun. 30, 2017USD ($)claimantscases | Dec. 31, 2016claimants | Dec. 31, 2015claimants | |
Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Estimated Time until Primary Insurance is Exhausted | 12 months | |||
Asbestos [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Claims, Number | 5,339 | 6,242 | ||
Total settlement costs | $ | $ 8.4 | |||
Percentage of settlement and defense costs covered by insurance | 40.00% | |||
Asbestos [Member] | Pending Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Claims, Number | cases | 609 | 609 | ||
Number of pending claims | 5,274 | |||
Punitive Only Damages [Member] | Asbestos [Member] | Pending Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of pending claims seeking specific amounts of damages | 0 | 0 | ||
Compensatory Only Damages [Member] | Asbestos [Member] | Pending Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of pending claims seeking specific amounts of damages | 58 | 58 |
Commitments and Contingencies49
Commitments and Contingencies - Asbestos Claimant and Settlement (Details) - Asbestos [Member] | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017USD ($)claimants | Dec. 31, 2016USD ($)claimants | Dec. 31, 2015claimants | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Pending Claims, Number | 5,339 | 6,242 | |
Loss Contingency, New Claims Filed, Number | 102 | 140 | |
Loss Contingency, Claims Dismissed, Number | 151 | 1,009 | |
Loss Contingency, Claims Settled, Number | 16 | 34 | |
Average settlement amount per claim during period | $ | $ 6,422 | $ 15,624 | |
Total defense costs during period | $ | $ 1,164,500 | $ 2,920,000 |
Commitments and Contingencies50
Commitments and Contingencies - Asbestos Damages Sought (Details) - Asbestos [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($)claimants | |
Compensatory and Punitive Damages [Member] | Range 1 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 0 |
Compensatory and Punitive Damages [Member] | Range 1 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 0.6 |
Compensatory and Punitive Damages [Member] | Range 2 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 0.6 |
Compensatory and Punitive Damages [Member] | Range 2 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 5 |
Compensatory and Punitive Damages [Member] | Range 3 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 5 |
Compensatory Only Damages [Member] | Range 1 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 0 |
Compensatory Only Damages [Member] | Range 1 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 0.6 |
Compensatory Only Damages [Member] | Range 2 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 0.6 |
Compensatory Only Damages [Member] | Range 2 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 5 |
Compensatory Only Damages [Member] | Range 3 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 5 |
Punitive Only Damages [Member] | Range 1 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 0 |
Punitive Only Damages [Member] | Range 1 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 2.5 |
Punitive Only Damages [Member] | Range 2 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 2.5 |
Punitive Only Damages [Member] | Range 2 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 5 |
Punitive Only Damages [Member] | Range 3 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 5 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 58 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 1 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 0 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 2 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 16 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 42 |
Pending Litigation [Member] | Punitive Only Damages [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 0 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 213,370 | $ 203,320 | $ 413,200 | $ 406,200 |
Operating profit (loss) | 26,250 | 18,660 | 41,990 | 35,110 |
Packaging [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 88,740 | 88,110 | 169,700 | 168,220 |
Operating profit (loss) | 21,540 | 21,410 | 38,390 | 39,250 |
Aerospace [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 47,580 | 44,090 | 93,000 | 84,590 |
Operating profit (loss) | 6,930 | 3,550 | 11,930 | 7,010 |
Energy [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 43,490 | 39,950 | 84,420 | 84,700 |
Operating profit (loss) | 110 | (3,090) | (3,790) | (6,700) |
Engineered Components [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 33,560 | 31,170 | 66,080 | 68,690 |
Operating profit (loss) | 4,710 | 3,860 | 9,690 | 9,440 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating profit (loss) | $ (7,040) | $ (7,070) | $ (14,230) | $ (13,890) |
Equity Awards - Stock Option Ac
Equity Awards - Stock Option Activity Table (Details) | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options Outstanding, beginning balance | shares | 206,854 |
Number of Options Granted | shares | 0 |
Number of Options Exercised | shares | 0 |
Number of Options Cancelled | shares | 0 |
Number of Options Expired | shares | 0 |
Number of Options Outstanding, ending balance | shares | 206,854 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Options Outstanding, Weighted Average Price, beginning | $ / shares | $ 13.19 |
Options Granted, Weighted Average Price | $ / shares | 0 |
Options Exercised, Weighted Average Price | $ / shares | 0 |
Options Cancelled, Weighted Average Price | $ / shares | 0 |
Options Expired, Weighted Average Price | $ / shares | 0 |
Options Outstanding, Weighted Average Price, ending | $ / shares | $ 13.19 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | |
Options Average Remaining Contractual Life (Years) | 7 years 1 month |
Options Aggregate Intrinsic Value | $ | $ 1,583,511 |
Equity Awards - Stock Options N
Equity Awards - Stock Options Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 0.5 | $ 0.5 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | 2 years 1 month | |||
Exercisable stock options | 56,854 | 56,854 | ||
Allocated Share-based Compensation Expense | $ 0.2 | $ 0 | $ 0.3 | $ 0 |
Equity Awards - Restricted Shar
Equity Awards - Restricted Shares Activity Table (Details) - Restricted Shares [Member] | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
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 | shares | 645,660 |
Number of Unvested Restricted Shares Granted | shares | 351,094 |
Number of Unvested Restricted Shares Vested | shares | (236,198) |
Number of Unvested Restricted Shares Cancelled | shares | (11,757) |
Number of Unvested Restricted Shares Outstanding, ending balance | shares | 748,799 |
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 | $ 20.45 |
Unvested Restricted Shares Granted, Weighted Average Grant Date Fair Value | 24.99 |
Unvested Restricted Shares Vested, Weighted Average Grant Date Fair Value | 20.41 |
Unvested Restricted Shares Cancelled, Weighted Average Grant Date Fair Value | 20.94 |
Unvested Restricted Shares Outstanding, Weighted Average Grant Date Fair Value, ending | $ 22.59 |
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 3 months |
Restricted Shares Aggregate Intrinsic Value | $ 15,612,459 |
Equity Awards - Restricted Sh55
Equity Awards - Restricted Shares Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($)numberRate | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)numbershares | Jun. 30, 2016USD ($) | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares issued related to director fee deferrals | 7,124 | ||||
Restricted Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Shares Granted | 351,094 | ||||
Unrecognized unvested restricted shares-based compensation expense | $ | $ 9.3 | $ 9.3 | |||
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | 2 years 3 months | ||||
Restricted shares-based compensation expense | $ | $ 1.7 | $ 2.2 | $ 3 | $ 4.1 | |
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 | 189,062 | ||||
Award requisite service period | 3 years | ||||
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 | 30,429 | ||||
Plan 8 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of performance metrics in restricted shares award type plan | number | 2 | 2 | |||
Plan 8 [Member] | Performance-based restriced shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Shares Granted | 111,761 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.52% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | Rate | 35.60% | ||||
3 year EPS CAGR metric [Member] | Minimum [Member] | Plan 8 [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, Amount of shares earned % of target award | 40.00% | ||||
3 year EPS CAGR metric [Member] | Maximum [Member] | Plan 8 [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 | 50.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 200.00% | ||||
Total shareholder return metric [Member] | Minimum [Member] | Plan 8 [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, Amount of shares earned % of target award | 0.00% | ||||
Total shareholder return metric [Member] | Maximum [Member] | Plan 8 [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 | 50.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 200.00% | ||||
EPS CAGR and cash generation metric [Member] | Plan 3 [Member] | Performance-based restriced shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Shares Granted | 12,718 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained | 121.10% |
Earnings per Share Earnings p56
Earnings per Share Earnings per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average common shares—basic | 45,717,697 | 45,429,851 | 45,644,096 | 45,354,421 |
Weighted average common shares—diluted | 45,922,416 | 45,726,348 | 45,915,687 | 45,690,582 |
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 | 162,153 | 215,881 | 222,996 | 251,035 |
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 | 42,566 | 80,616 | 48,595 | 85,126 |
Defined Benefit Plans - Net Per
Defined Benefit Plans - Net Periodic Pension and Postretirement Benefit Costs (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service costs | $ 270 | $ 240 | $ 550 | $ 490 |
Interest costs | 320 | 390 | 640 | 790 |
Expected return on plan assets | (360) | (420) | (730) | (840) |
Amortization of net (gain)/loss | 250 | 250 | 500 | 480 |
Net periodic benefit cost | $ 480 | $ 460 | $ 960 | $ 920 |
Defined Benefit Plans - Defined
Defined Benefit Plans - Defined Benefit Plans Narrative (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $ 0.8 | $ 1.1 |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 3.1 |
Other Comprehensive Income (L59
Other Comprehensive Income (Loss) - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |||
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 | $ (12,120) | $ (12,370) | ||||
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 | (330) | [1] | (300) | [2] | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 330 | 300 | ||||
Ending Balance Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ (11,790) | $ (12,070) | (11,790) | (12,070) | ||
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 | (2,520) | (1,790) | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (230) | [3] | (4,420) | [4] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | (210) | [1] | (130) | [2] | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (400) | (1,330) | (20) | (4,290) | ||
Ending Balance Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (2,540) | (6,080) | (2,540) | (6,080) | ||
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 | (9,760) | 2,860 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 3,730 | (6,740) | ||||
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 | 1,930 | (4,080) | 3,730 | (6,740) | ||
Ending Balance Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (6,030) | (3,880) | (6,030) | (3,880) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | (24,400) | (11,300) | ||||
Other Comprehensive Income (Loss), Net Unrealized Gains (Losses) Arising During the Period, Net of Tax | 3,500 | (11,160) | ||||
Other Comprehensive income, Net Realized Gains (Losses) to Net Income | (540) | (430) | ||||
Total other comprehensive income (loss) | 1,690 | (5,260) | 4,040 | (10,730) | ||
Ending Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (20,360) | $ (22,030) | (20,360) | (22,030) | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 100 | 2,700 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 100 | 100 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | $ 100 | $ 100 | ||||
[1] | Defined benefit plans, net of income tax of approximately $0.1 million. See Note 13, "Defined Benefit Plans," for further details. Derivative instruments, net of income tax of approximately $0.1 million. See Note 8, "Derivative Instruments," for further details. | |||||
[2] | Defined benefit plans, net of income tax of approximately $0.1 million. See Note 13, "Defined Benefit Plans," for further details. Derivative instruments, net of income tax of approximately $0.1 million. See Note 8, "Derivative Instruments," for further details. | |||||
[3] | Derivative instruments, net of income tax of approximately $0.1 million. See Note 8, "Derivative Instruments," for further details. | |||||
[4] | Derivative instruments, net of income tax of approximately $2.7 million. See Note 8, "Derivative Instruments," for further details. |