Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 19, 2018 | |
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 | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 45,924,244 |
Consolidated Balance Sheet Stat
Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 36,670 | $ 27,580 |
Receivables, net of reserves | 128,850 | 112,220 |
Inventories | 156,560 | 155,350 |
Prepaid expenses and other current assets | 10,840 | 16,120 |
Total current assets | 332,920 | 311,270 |
Property and equipment, net | 188,440 | 190,250 |
Goodwill | 320,210 | 319,390 |
Other intangibles, net | 189,260 | 194,220 |
Deferred income taxes | 5,280 | 9,100 |
Other assets | 9,020 | 8,970 |
Total assets | 1,045,130 | 1,033,200 |
Current liabilities: | ||
Accounts payable | 73,020 | 72,410 |
Accrued liabilities | 44,720 | 49,470 |
Total current liabilities | 117,740 | 121,880 |
Long-term debt, net | 301,710 | 303,080 |
Deferred income taxes | 5,710 | 5,650 |
Other long-term liabilities | 54,190 | 58,570 |
Total liabilities | 479,350 | 489,180 |
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: 45,924,244 shares at March 31, 2018 and 45,724,453 shares at December 31, 2017 | 460 | 460 |
Paid-in capital | 822,770 | 823,850 |
Accumulated deficit | (238,640) | (262,960) |
Accumulated other comprehensive loss | (18,810) | (17,330) |
Total shareholders' equity | 565,780 | 544,020 |
Total liabilities and shareholders' equity | $ 1,045,130 | $ 1,033,200 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Receivables, reserves (in dollars) | $ 4.1 | $ 4.1 |
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 | 45,924,244 | 45,724,453 |
Common Stock, outstanding Shares | 45,924,244 | 45,724,453 |
Consolidated Statement of Incom
Consolidated Statement of Income Statement - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net sales | $ 217,100 | $ 199,830 |
Cost of sales | (156,720) | (148,010) |
Gross profit | 60,380 | 51,820 |
Selling, general and administrative expenses | (25,170) | (35,910) |
Operating profit | 35,210 | 15,910 |
Other expense, net: | ||
Interest expense | (3,700) | (3,550) |
Other expense, net | (560) | (780) |
Other expense, net | (4,260) | (4,330) |
Income before income tax expense | 30,950 | 11,580 |
Income tax expense | (6,630) | (4,590) |
Net income | $ 24,320 | $ 6,990 |
Basic earnings per share | ||
Net income per share | $ 0.53 | $ 0.15 |
Weighted average common shares—basic | 45,779,966 | 45,570,495 |
Diluted earnings per share | ||
Net income per share | $ 0.53 | $ 0.15 |
Weighted average common shares—diluted | 46,229,337 | 45,908,958 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 24,320 | $ 6,990 |
Other comprehensive income | ||
Defined benefit pension and postretirement plans | 200 | 170 |
Foreign currency translation | 2,360 | 1,800 |
Derivative instruments | (4,040) | 380 |
Total other comprehensive income (loss) | (1,480) | 2,350 |
Total comprehensive income | $ 22,840 | $ 9,340 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 24,320 | $ 6,990 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
(Gain) loss on dispositions of assets | 10 | (4,170) |
Depreciation | 6,330 | 5,800 |
Amortization of intangible assets | 4,910 | 4,990 |
Amortization of debt issue costs | 470 | 350 |
Deferred income taxes | 5,010 | 1,870 |
Non-cash compensation expense | 1,220 | 1,470 |
Increase in receivables | (16,160) | (7,590) |
Increase in inventories | (840) | (420) |
Decrease in prepaid expenses and other assets | 5,330 | 8,070 |
Decrease in accounts payable and accrued liabilities | (15,140) | (3,160) |
Other operating activities | 800 | (570) |
Net cash provided by operating activities | 16,240 | 21,970 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (3,170) | (10,740) |
Net proceeds from disposition of property and equipment | 250 | 30 |
Net cash used for investing activities | (2,920) | (10,710) |
Cash Flows from Financing Activities: | ||
Repayments of borrowings on term loan facilities | 0 | (3,470) |
Proceeds from borrowings on revolving credit and accounts receivable facilities | 32,040 | 186,640 |
Repayments of borrowings on revolving credit and accounts receivable facilities | (33,970) | (191,760) |
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (2,300) | (450) |
Other financing activities | 0 | (290) |
Net cash used for financing activities | (4,230) | (9,330) |
Net increase for the period | 9,090 | 1,930 |
At beginning of period | 27,580 | 20,710 |
At end of period | 36,670 | 22,640 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 470 | 3,050 |
Cash paid for taxes | $ 970 | $ 1,230 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Balances at Dec. 31, 2016 | $ (24,400) | ||||
Net income | $ 6,990 | ||||
Other comprehensive income | 2,350 | 2,350 | |||
Shares surrendered upon options and restricted stock vesting to cover taxes | (450) | ||||
Balances at Mar. 31, 2017 | (22,050) | ||||
Balances at Dec. 31, 2017 | 544,020 | $ 460 | $ 823,850 | $ (262,960) | (17,330) |
Net income | 24,320 | 24,320 | |||
Other comprehensive income | (1,480) | (1,480) | |||
Shares surrendered upon options and restricted stock vesting to cover taxes | (2,300) | (2,300) | |||
Non-cash compensation expense | 1,220 | 1,220 | |||
Balances at Mar. 31, 2018 | $ 565,780 | $ 460 | $ 822,770 | $ (238,640) | $ (18,810) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
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 diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil and gas end markets. In the first quarter of 2018, TriMas realigned its reporting structure from four segments to three. While there were no changes to the Packaging and Aerospace reportable segments, the Company combined its previous Energy and Engineered Components reportable segments into a new reportable segment titled Specialty Products. This change was made in connection with recent realignment efforts, providing a more streamlined operating structure and to better leverage resources across the divisions in this segment. See Note 11 , " 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. Certain prior year amounts have been reclassified to conform with current year presentation. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2017 Annual Report on Form 10-K. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently Issued Accounting Pronouncements In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220)" ("ASU 2018-02"), which provides for the option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings resulting from the Tax Cuts and Jobs Act ("Tax Reform Act"). ASU 2018-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. ASU 2018-02 is to be applied retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate related to the Tax Reform Act is recorded. 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 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. Recently Adopted Accounting Pronouncements In March 2018, the FASB issued ASU 2018-05, "Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118" ("ASU 2018-05"). ASU 2018-05 adds the SEC guidance released on December 22, 2017 regarding the Tax Reform Act to the FASB Accounting Standards Codification. The Company adopted ASU 2018-05 in March 2018. The Company recognized provisional tax impacts in its consolidated financial statements as disclosed in Part II, Item 8, " Notes to Consolidated Financial Statements ," in the Annual Report on Form 10-K for the year ended December 31, 2017 . The Company expects to finalize its provisional amounts when the Company files its 2017 U.S. corporate income tax return in late 2018. In March 2017, the FASB issued 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. The Company adopted this standard as of January 1, 2018. The Company utilized the practical expedient to retrospectively reclassify the non-service components of net periodic benefit cost out of operating profit based on amounts previously disclosed in the footnote. For the three months ended March 31, 2017, non-service components of net periodic benefit cost of approximately $0.1 million recorded in each of cost of goods sold and selling, general and administrative expenses, respectively, were reclassified into other expense, net in the consolidated statement of income. See Note 14 , “ Defined Benefit Plans ,” for further details regarding the Company’s defined benefit plans. 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. The Company adopted ASU 2017-01 on January 1, 2018. The adoption of ASU 2017-01 did not have a material impact on the Company's 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. The Company adopted ASU 2016-16 on January 1, 2018. The adoption of ASU 2016-16 did not have a material impact on the Company's 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. The Company adopted this standard on January 1, 2018 and the adoption did not have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." Since the issuance of the original standard, the FASB has issued several subsequent updates to Topic 606. Topic 606 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. The Company adopted this standard on January 1, 2018 utilizing the modified retrospective approach. The adoption of Topic 606 did not have a material impact on the Company’s consolidated financial statements. See Note 3 , “ Revenue ,” for further details regarding the Company’s revenue recognition policies and disaggregated revenue disclosure. |
Revenue Revenue (Notes)
Revenue Revenue (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Revenue is recognized when control of promised goods are transferred to customers, which generally occurs when products are shipped from the Company’s facilities to its customers. The amount of revenue recorded reflects the consideration the Company expects to be entitled to in exchange for transferring those goods. Net sales are comprised of gross revenues, based on observed stand-alone selling prices, less estimates of expected returns, trade discounts and customer allowances, which include incentives such as volume discounts and other supply agreements in connection with various programs. Such deductions are estimated and recorded during the period the related revenue is recognized. The Company may adjust these estimates when the expected amount of consideration changes based on sales volumes or other contractual terms. Sales and other consumption taxes the Company collects from customers and remits to government agencies are excluded from revenue. The Company has elected to account for freight and shipping costs that occur after control of the related goods transfer to the customer as a fulfillment cost within cost of sales. The nature and timing of the Company's revenue transactions are similar, as substantially all revenue is based on point-in-time transactions with customers under industry-standard payment terms. The Company may require shortened payment terms, including cash-in-advance, on an individual customer basis depending on its assessment of the customer's credit risk. The following table presents the Company’s disaggregated net sales by primary end market served (dollars in thousands): Three months ended March 31, Customer End Markets 2018 2017 Consumer $ 64,730 $ 58,880 Aerospace 45,810 45,420 Industrial 54,350 49,290 Oil and gas 52,210 46,240 Total net sales $ 217,100 $ 199,830 The Company’s Packaging reportable segment earns revenues from the consumer and industrial end markets. The Aerospace reportable segment earns revenues from the aerospace end market. The Specialty Products reportable segment earns revenues from the industrial and oil and gas end markets. |
Facility Closures Restructuring
Facility Closures Restructuring and Related Activities Disclosure (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Facility Closures Wolverhampton, United Kingdom facility In March 2017, the Company exited its Wolverhampton, United Kingdom facility within the Specialty Products 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 | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the three months ended March 31, 2018 are summarized as follows (dollars in thousands): Packaging Aerospace Specialty Products Total Balance, December 31, 2017 $ 166,400 $ 146,430 $ 6,560 $ 319,390 Foreign currency translation and other 820 — — 820 Balance, March 31, 2018 $ 167,220 $ 146,430 $ 6,560 $ 320,210 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 March 31, 2018 and December 31, 2017 are summarized below (dollars in thousands): As of March 31, 2018 As of December 31, 2017 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 73,810 $ (42,900 ) $ 73,910 $ (41,000 ) Customer relationships, 15 – 25 years 132,230 (53,600 ) 132,230 (51,880 ) Total customer relationships 206,040 (96,500 ) 206,140 (92,880 ) Technology and other, 1 – 15 years 57,060 (29,550 ) 57,340 (29,120 ) Technology and other, 17 – 30 years 43,300 (34,020 ) 43,300 (33,490 ) Total technology and other 100,360 (63,570 ) 100,640 (62,610 ) Indefinite-lived intangible assets: Trademark/Trade names 42,930 — 42,930 — Total other intangible assets $ 349,330 $ (160,070 ) $ 349,710 $ (155,490 ) 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 March 31, 2018 2017 Technology and other, included in cost of sales $ 1,240 $ 1,350 Customer relationships, included in selling, general and administrative expenses 3,670 3,640 Total amortization expense $ 4,910 $ 4,990 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following components (dollars in thousands): March 31, December 31, Finished goods $ 83,730 $ 86,310 Work in process 26,780 24,580 Raw materials 46,050 44,460 Total inventories $ 156,560 $ 155,350 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following components (dollars in thousands): March 31, December 31, Land and land improvements $ 15,540 $ 15,500 Buildings 75,850 73,550 Machinery and equipment 306,370 303,880 397,760 392,930 Less: Accumulated depreciation 209,320 202,680 Property and equipment, net $ 188,440 $ 190,250 Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands): Three months ended March 31, 2018 2017 Depreciation expense, included in cost of sales $ 5,810 $ 5,200 Depreciation expense, included in selling, general and administrative expenses 520 600 Total depreciation expense $ 6,330 $ 5,800 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term Debt The Company's long-term debt consists of the following (dollars in thousands): March 31, December 31, 4.875% Senior Notes due October 2025 $ 300,000 $ 300,000 Credit Agreement 8,970 10,810 Debt issuance costs (7,260 ) (7,730 ) Long-term debt, net $ 301,710 $ 303,080 Senior Notes In September 2017, the Company issued $300.0 million aggregate principal amount of 4.875% senior notes due October 15, 2025 ("Senior Notes") at par value in a private placement under Rule 144A of the Securities Act of 1933, as amended. The Senior Notes accrue interest at a rate of 4.875% per annum, payable semi-annually in arrears on April 15 and October 15, commencing on April 15, 2018 . The payment of principal and interest is jointly and severally guaranteed, on a senior unsecured basis, by certain subsidiaries of the Company (each a "Guarantor" and collectively the "Guarantors"). The Senior Notes are pari passu in right of payment with all existing and future senior indebtedness and subordinated to all existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. Prior to October 15, 2020, the Company may redeem up to 35% of the principal amount of the Senior Notes at a redemption price of 104.875% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more equity offerings provided that each such redemption occurs within 90 days of the date of closing of each such equity offering. In addition, the Company may redeem all or part of the Senior Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, plus a "make whole" premium. On or after October 15, 2020, the Company may redeem all or part of the Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the twelve-month period beginning on October 15 of the years indicated below: Year Percentage 2020 102.438 % 2021 101.219 % 2022 and thereafter 100.000 % Credit Agreement The Company is a party to a credit agreement ("Credit Agreement") consisting of a $300.0 million senior secured revolving credit facility, which permits borrowings denominated in specific foreign currencies, subject to a $125.0 million sub limit, matures on September 20, 2022 and is subject to interest at London Interbank Offered Rate ("LIBOR") plus 1.50% . 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 revolving credit facility commitments in an amount not to exceed the greater of $200.0 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 3.00 to 1.00. The terms and conditions of any incremental revolving credit facility commitments must be no more favorable than the existing credit facility. The Company's revolving credit facility allows for the issuance of letters of credit, not to exceed $40.0 million in aggregate. At March 31, 2018 , the Company had approximately $9.0 million outstanding under its revolving credit facility and had approximately $276.2 million potentially available after giving effect to approximately $14.8 million of letters of credit issued and outstanding. At December 31, 2017 , the Company had approximately $10.8 million outstanding under its revolving credit facility and had approximately $274.3 million potentially available after giving effect to approximately $14.9 million of letters of credit issued and outstanding. However, including availability under its former accounts receivable facility and after consideration of leverage restrictions contained in the Credit Agreement, the Company had approximately $276.2 million and $332.1 million at March 31, 2018 and December 31, 2017 , respectively, of borrowing capacity available for general corporate purposes. The debt under the Credit Agreement is an obligation of the Company and certain of its domestic subsidiaries and is secured by substantially all of the assets of such parties. Borrowings under the $125.0 million (equivalent) foreign currency sub limit of the $300.0 million senior secured revolving credit facility are secured by a cross-guarantee amongst, and 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 the ability to, subject to certain exceptions and limitations, incur 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 restricted subsidiaries to meet certain restrictive financial covenants and ratios computed quarterly, including a maximum total net leverage ratio (total consolidated indebtedness plus outstanding amounts under the accounts receivable securitization facility, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined), a maximum senior secured net leverage ratio (total consolidated senior secured indebtedness, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined) and a minimum interest expense coverage ratio (consolidated EBITDA, as defined, over the sum of consolidated cash interest expense, as defined, and preferred dividends, as defined). At March 31, 2018 , the Company was in compliance with its financial covenants contained in the Credit Agreement. Receivables Facility During the three months ended March 31, 2018, the Company terminated its accounts receivable facility previously utilized through TSPC, Inc. ("TSPC"), a wholly-owned subsidiary. The facility was used to sell trade accounts receivable of substantially all of the Company's domestic business operations. Under this facility, TSPC, from time to time, could 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 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% . At December 31, 2017 , the Company had no amounts outstanding under the facility and approximately $57.8 million available but not utilized. Aggregate costs incurred under the facility were approximately $0.1 million and $0.3 million for the three months ended March 31, 2018 and 2017 , respectively, and are included in interest expense in the accompanying consolidated statement of income. Fair Value of Debt The valuations of the Senior Notes and revolving credit facility were determined based on Level 2 inputs under the fair value hierarchy, as defined. The carrying amounts and fair values were as follows (dollars in thousands): March 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 300,000 $ 289,500 $ 300,000 $ 300,750 Revolving credit facility 8,970 8,750 10,810 10,490 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments In October 2017, the Company entered into cross-currency swap agreements to hedge its net investment in Euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the Euro. By doing so, the Company synthetically converted a portion of its U.S. dollar-based long-term debt into Euro-denominated long-term debt. The agreements have a five year tenor at notional amounts declining from $150.0 million to $75.0 million over the contract period. Under the terms of the swap agreements, the Company is to receive net interest payments at a fixed rate of approximately 2.10% of the notional amount. At inception, the cross-currency swaps were designated as net investment hedges. The Company has historically utilized interest rate swap agreements to fix the LIBOR-based variable portion of the interest rate on its long-term debt. Prior to its debt refinancing in September 2017, the Company had interest rate swap agreements in place that hedged 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 required the Company to receive a variable interest rate and pay a fixed interest rate 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 designated as cash flow hedges. In September 2017, immediately following the debt refinancing, the Company determined the likelihood of the hedged transactions occurring was less than probable and de-designated the interest rate swaps as cash flow hedges and terminated the interest rate swaps for a cash payment of approximately $4.7 million . There were no interest rate swaps outstanding as of March 31, 2018 or December 31, 2017. The cash flows associated with the cash flow hedges are reported in net cash provided by operating activities on the statement of cash flows. Up to the date of the termination, the Company utilized hedge accounting, which allows for the effective portion of the interest rate swaps to be recorded in accumulated other comprehensive income or loss ("AOCI") in the accompanying consolidated balance sheet. As of March 31, 2018 and December 31, 2017 , the fair value carrying amount of the Company's derivative instruments are recorded as follows (dollars in thousands): Asset / (Liability) Derivatives Derivatives designated as hedging instruments Balance Sheet Caption March 31, December 31, Net Investment Hedges Cross-currency swaps Other long-term liabilities $ (9,340 ) $ (4,110 ) The following table summarizes the loss recognized in AOCI on derivative contracts designated as hedging instruments as of March 31, 2018 and December 31, 2017 , and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2018 and 2017 (dollars in thousands): Amount of Loss Recognized Amount of Loss Reclassified Three months ended As of March 31, 2018 As of December 31, 2017 Location of Loss Reclassified from AOCI into Earnings (Effective Portion) 2018 2017 Net Investment Hedges Cross-currency swaps $ (7,210 ) $ (3,170 ) Other expense, net $ — $ — Cash Flow Hedges Interest rate swaps $ — $ — Interest expense $ — $ (250 ) Over the next 12 months, the Company does not expect to reclassify any pre-tax deferred losses from AOCI into earnings. 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 and cross-currency swaps use observable inputs such as interest rate yield curves and forward currency exchange rates. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 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 March 31, 2018 Cross-currency swaps Recurring $ (9,340 ) $ — $ (9,340 ) $ — December 31, 2017 Cross-currency swaps Recurring $ (4,110 ) $ — $ (4,110 ) $ — |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Asbestos As of March 31, 2018 , the Company was a party to 446 pending cases involving an aggregate of 4,913 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 Claims Average settlement amount per claim during period Total defense costs during period Three Months Ended March 31, 2018 5,256 50 389 4 4,913 $ 14,750 $ 550,000 Fiscal Year Ended December 31, 2017 5,339 173 231 25 5,256 $ 8,930 $ 2,280,000 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 4,913 claims pending at March 31, 2018 , 59 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At March 31, 2018 , of the 59 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 — 13 46 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 $8.6 million . All relief sought in the asbestos cases is monetary in nature. To date, approximately 40% of the Company's costs related to settlement and defense of asbestos litigation have been covered by its primary insurance. Effective February 14, 2006, the Company entered into a coverage-in-place agreement with its first level excess carriers regarding the coverage to be provided to the Company for asbestos-related claims when the primary insurance is exhausted. The coverage-in-place agreement makes asbestos defense costs and indemnity insurance coverage available to the Company that might otherwise be disputed by the carriers and provides a methodology for the administration of such expenses. Nonetheless, the Company believes it is likely 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. Metaldyne Corporation Prior to June 6, 2002, the Company was wholly-owned by Metaldyne Corporation ("Metaldyne"). In connection with the reorganization between TriMas and Metaldyne in June 2002, TriMas assumed certain liabilities and obligations of Metaldyne, mainly comprised of contractual obligations to former TriMas employees, tax related matters, benefit plan liabilities and reimbursements to Metaldyne of normal course payments to be made on TriMas' behalf. In 2007, Metaldyne merged into a subsidiary of Asahi Tec Corporation (“Asahi”) whereby Metaldyne became a wholly-owned subsidiary of Asahi, and in 2009, Metaldyne and its U.S. subsidiaries filed voluntary petitions in the United States Bankruptcy Court under Chapter 11 of the U.S. Bankruptcy Code. On January 11, 2018, the U.S. Bankruptcy Court entered a final decree to close all remaining cases and finalize the Metaldyne bankruptcy distribution trust, effectively terminating any potential obligation by TriMas to Metaldyne. In consideration of the final decree, the Company removed the obligation from its balance sheet during the first quarter of 2018, resulting in an approximate $8.2 million non-cash reduction in selling, general and administrative expenses in the accompanying consolidated statement of income. 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 | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information In the first quarter of 2018, TriMas realigned its reporting structure into three reportable segments: Packaging, Aerospace, and Specialty Products. Each of these segments has discrete financial information that is regularly evaluated by TriMas' president and chief executive officer (chief operating decision maker) in determining resource, personnel and capital allocation, as well as assessing strategy and performance. The Company utilizes its proprietary TriMas Business Model as a standardized set of processes to manage and drive results and strategy across its multi-industry businesses. Within the Company's 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 – Designs and manufactures specialty, highly engineered closure and dispensing systems for a range of end markets, including steel and plastic within industrial and consumer packaging applications. Aerospace – Designs and manufactures a diverse range of products, including highly-engineered fasteners, collars, blind bolts, rivets and precision-machined components, for use in focused markets within the aerospace industry. In general, these products are customer-specific and are manufactured utilizing customer-qualified and proprietary processes. Specialty Products – Designs and manufactures metallic and non-metallic industrial sealing, fastener and specialty products for the petrochemical, petroleum refining, oil field, water/waste water treatment and other industrial markets; highly-engineered high-pressure and low-pressure steel cylinders for the transportation, storage and dispensing of compressed gases; and natural gas powered wellhead engines, compressors, gas production equipment and chemical pumps for use at well sites in the oil and gas industry. Segment activity is as follows (dollars in thousands): Three months ended 2018 2017 Net Sales Packaging $ 88,200 $ 80,960 Aerospace 45,810 45,420 Specialty Products 83,090 73,450 Total $ 217,100 $ 199,830 Operating Profit (Loss) Packaging $ 19,580 $ 16,900 Aerospace 5,080 5,060 Specialty Products 9,650 1,510 Corporate income (expense) (a) 900 (7,560 ) Total $ 35,210 $ 15,910 __________________________ (a) During the first quarter of 2018, the Company removed an obligation from its balance sheet, resulting in an approximate $8.2 million non-cash reduction in selling, general and administrative expenses. See Note 10 , " Commitments and Contingencies ," for further details. |
Equity Awards
Equity Awards | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Awards | Equity Awards Stock Options The Company did not grant any stock option awards during the three months ended March 31, 2018 . Information related to stock options at March 31, 2018 is as follows: Number of Weighted Average Option Price Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2018 206,854 $ 13.19 Granted — — Exercised — — Cancelled — — Expired — — Outstanding at March 31, 2018 206,854 $ 13.19 6.3 $ 2,700,523 As of March 31, 2018 , 106,854 stock options outstanding were exercisable under the Plans. As of March 31, 2018 , there was approximately $0.2 million of unrecognized compensation cost related to stock options that is expected to be recorded over a weighted average period of 1.3 years. The Company recognized approximately $0.1 million and $0.2 million of stock-based compensation expense related to stock options during the three months ended March 31, 2018 and 2017 , respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income. Restricted Stock Units The Company issued 2,657 restricted stock units ("RSUs") related to director fee deferrals for the three months ended March 31, 2018 . 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 2015, the Company awarded performance-based RSUs to certain Company key employees which were earned based upon the Company's total shareholder return ("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, 2017. Depending on the performance achieved, the amount of shares earned could vary from 0% of the target award to a maximum of 200% of the target award. The Company attained 126.9% of the target on a weighted average basis, resulting in an increase of 31,021 shares during the three months ended March 31, 2018 . Information related to RSUs at March 31, 2018 is as follows: Number of Unvested RSUs Weighted Average Grant Date Fair Value Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2018 726,936 $ 22.60 Granted 33,678 22.76 Vested (288,895 ) 22.18 Cancelled (13,971 ) 21.67 Outstanding at March 31, 2018 457,748 $ 22.90 1.1 $ 12,015,885 As of March 31, 2018 , there was approximately $4.3 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 1.8 years. The Company recognized stock-based compensation expense related to RSUs of approximately $1.1 million and $1.3 million during the three months ended March 31, 2018 and 2017 , respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2018 | |
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 stock units. The following table summarizes the dilutive effect of restricted stock units and options to purchase common stock for the three months ended March 31, 2018 and 2017 : Three months ended 2018 2017 Weighted average common shares—basic 45,779,966 45,570,495 Dilutive effect of restricted stock units 358,583 283,839 Dilutive effect of stock options 90,788 54,624 Weighted average common shares—diluted 46,229,337 45,908,958 |
Defined Benefit Plans
Defined Benefit Plans | 3 Months Ended |
Mar. 31, 2018 | |
Defined Benefit Plan [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 months ended March 31, 2018 and 2017 are as follows (dollars in thousands): Pension Plans Three months ended 2018 2017 Service costs $ 300 $ 280 Interest costs 300 320 Expected return on plan assets (430 ) (370 ) Amortization of net loss 250 250 Net periodic benefit cost $ 420 $ 480 The service cost component of net periodic benefit cost is recorded in cost of goods sold and selling, general and administrative expenses, while non-service cost components are recorded in other expense, net in the accompanying consolidated statement of income. The Company contributed approximately $0.6 million and $0.3 million to its defined benefit pension plans during the three months ended March 31, 2018 and 2017 , respectively. The Company expects to contribute approximately $2.3 million to its defined benefit pension plans for the full year 2018 . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (Loss) Changes in AOCI by component for the three months ended March 31, 2018 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2017 $ (10,450 ) $ (3,170 ) $ (3,710 ) $ (17,330 ) Net unrealized gains (losses) arising during the period (a) — (4,040 ) 2,360 (1,680 ) Less: Net realized losses reclassified to net income (b) (200 ) — — (200 ) Net current-period other comprehensive income (loss) 200 (4,040 ) 2,360 (1,480 ) Balance, March 31, 2018 $ (10,250 ) $ (7,210 ) $ (1,350 ) $ (18,810 ) __________________________ (a) Derivative instruments, net of income tax of approximately $1.2 million . See Note 9 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million . See Note 14 , " Defined Benefit Plans ," for further details. Changes in AOCI by component for the three months ended March 31, 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 arising during the period (a) — 240 1,800 2,040 Less: Net realized losses reclassified to net income (b) (170 ) (140 ) — (310 ) Net current-period other comprehensive income 170 380 1,800 2,350 Balance, March 31, 2017 $ (11,950 ) $ (2,140 ) $ (7,960 ) $ (22,050 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.1 million . See Note 9 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million . See Note 14 , " Defined Benefit Plans ," for further details. Derivative instruments, net of income tax of approximately $0.1 million . See Note 9 , " Derivative Instruments ," for further details. |
Revenue Revenue (Policies)
Revenue Revenue (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue is recognized when control of promised goods are transferred to customers, which generally occurs when products are shipped from the Company’s facilities to its customers. The amount of revenue recorded reflects the consideration the Company expects to be entitled to in exchange for transferring those goods. Net sales are comprised of gross revenues, based on observed stand-alone selling prices, less estimates of expected returns, trade discounts and customer allowances, which include incentives such as volume discounts and other supply agreements in connection with various programs. Such deductions are estimated and recorded during the period the related revenue is recognized. The Company may adjust these estimates when the expected amount of consideration changes based on sales volumes or other contractual terms. Sales and other consumption taxes the Company collects from customers and remits to government agencies are excluded from revenue. The Company has elected to account for freight and shipping costs that occur after control of the related goods transfer to the customer as a fulfillment cost within cost of sales. |
Revenue Revenue (Tables)
Revenue Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the Company’s disaggregated net sales by primary end market served (dollars in thousands): Three months ended March 31, Customer End Markets 2018 2017 Consumer $ 64,730 $ 58,880 Aerospace 45,810 45,420 Industrial 54,350 49,290 Oil and gas 52,210 46,240 Total net sales $ 217,100 $ 199,830 |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the three months ended March 31, 2018 are summarized as follows (dollars in thousands): Packaging Aerospace Specialty Products Total Balance, December 31, 2017 $ 166,400 $ 146,430 $ 6,560 $ 319,390 Foreign currency translation and other 820 — — 820 Balance, March 31, 2018 $ 167,220 $ 146,430 $ 6,560 $ 320,210 |
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 March 31, 2018 and December 31, 2017 are summarized below (dollars in thousands): As of March 31, 2018 As of December 31, 2017 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 73,810 $ (42,900 ) $ 73,910 $ (41,000 ) Customer relationships, 15 – 25 years 132,230 (53,600 ) 132,230 (51,880 ) Total customer relationships 206,040 (96,500 ) 206,140 (92,880 ) Technology and other, 1 – 15 years 57,060 (29,550 ) 57,340 (29,120 ) Technology and other, 17 – 30 years 43,300 (34,020 ) 43,300 (33,490 ) Total technology and other 100,360 (63,570 ) 100,640 (62,610 ) Indefinite-lived intangible assets: Trademark/Trade names 42,930 — 42,930 — Total other intangible assets $ 349,330 $ (160,070 ) $ 349,710 $ (155,490 ) |
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 March 31, 2018 2017 Technology and other, included in cost of sales $ 1,240 $ 1,350 Customer relationships, included in selling, general and administrative expenses 3,670 3,640 Total amortization expense $ 4,910 $ 4,990 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following components (dollars in thousands): March 31, December 31, Finished goods $ 83,730 $ 86,310 Work in process 26,780 24,580 Raw materials 46,050 44,460 Total inventories $ 156,560 $ 155,350 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following components (dollars in thousands): March 31, December 31, Land and land improvements $ 15,540 $ 15,500 Buildings 75,850 73,550 Machinery and equipment 306,370 303,880 397,760 392,930 Less: Accumulated depreciation 209,320 202,680 Property and equipment, net $ 188,440 $ 190,250 |
Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands): Three months ended March 31, 2018 2017 Depreciation expense, included in cost of sales $ 5,810 $ 5,200 Depreciation expense, included in selling, general and administrative expenses 520 600 Total depreciation expense $ 6,330 $ 5,800 |
Long-term Debt Long-term Debt (
Long-term Debt Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The carrying amounts and fair values were as follows (dollars in thousands): March 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 300,000 $ 289,500 $ 300,000 $ 300,750 Revolving credit facility 8,970 8,750 10,810 10,490 The Company's long-term debt consists of the following (dollars in thousands): March 31, December 31, 4.875% Senior Notes due October 2025 $ 300,000 $ 300,000 Credit Agreement 8,970 10,810 Debt issuance costs (7,260 ) (7,730 ) Long-term debt, net $ 301,710 $ 303,080 |
Debt Instrument Redemption [Table Text Block] | On or after October 15, 2020, the Company may redeem all or part of the Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the twelve-month period beginning on October 15 of the years indicated below: Year Percentage 2020 102.438 % 2021 101.219 % 2022 and thereafter 100.000 % |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of March 31, 2018 and December 31, 2017 , the fair value carrying amount of the Company's derivative instruments are recorded as follows (dollars in thousands): Asset / (Liability) Derivatives Derivatives designated as hedging instruments Balance Sheet Caption March 31, December 31, Net Investment Hedges Cross-currency swaps Other long-term liabilities $ (9,340 ) $ (4,110 ) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table summarizes the loss recognized in AOCI on derivative contracts designated as hedging instruments as of March 31, 2018 and December 31, 2017 , and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2018 and 2017 (dollars in thousands): Amount of Loss Recognized Amount of Loss Reclassified Three months ended As of March 31, 2018 As of December 31, 2017 Location of Loss Reclassified from AOCI into Earnings (Effective Portion) 2018 2017 Net Investment Hedges Cross-currency swaps $ (7,210 ) $ (3,170 ) Other expense, net $ — $ — Cash Flow Hedges Interest rate swaps $ — $ — Interest expense $ — $ (250 ) Over the next 12 months, the Company does not expect to reclassify any pre-tax deferred losses from AOCI into earnings. T |
Fair Value Measurements, Recurring and Nonrecurring | air value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 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 March 31, 2018 Cross-currency swaps Recurring $ (9,340 ) $ — $ (9,340 ) $ — December 31, 2017 Cross-currency swaps Recurring $ (4,110 ) $ — $ (4,110 ) $ — |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 Claims Average settlement amount per claim during period Total defense costs during period Three Months Ended March 31, 2018 5,256 50 389 4 4,913 $ 14,750 $ 550,000 Fiscal Year Ended December 31, 2017 5,339 173 231 25 5,256 $ 8,930 $ 2,280,000 |
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 — 13 46 |
Segment Information Segment Inf
Segment Information Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows (dollars in thousands): Three months ended 2018 2017 Net Sales Packaging $ 88,200 $ 80,960 Aerospace 45,810 45,420 Specialty Products 83,090 73,450 Total $ 217,100 $ 199,830 Operating Profit (Loss) Packaging $ 19,580 $ 16,900 Aerospace 5,080 5,060 Specialty Products 9,650 1,510 Corporate income (expense) (a) 900 (7,560 ) Total $ 35,210 $ 15,910 |
Equity Awards (Tables)
Equity Awards (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Information related to stock options at March 31, 2018 is as follows: Number of Weighted Average Option Price Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2018 206,854 $ 13.19 Granted — — Exercised — — Cancelled — — Expired — — Outstanding at March 31, 2018 206,854 $ 13.19 6.3 $ 2,700,523 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to RSUs at March 31, 2018 is as follows: Number of Unvested RSUs Weighted Average Grant Date Fair Value Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2018 726,936 $ 22.60 Granted 33,678 22.76 Vested (288,895 ) 22.18 Cancelled (13,971 ) 21.67 Outstanding at March 31, 2018 457,748 $ 22.90 1.1 $ 12,015,885 |
Earnings per Share Earnings per
Earnings per Share Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 stock units and options to purchase common stock for the three months ended March 31, 2018 and 2017 : Three months ended 2018 2017 Weighted average common shares—basic 45,779,966 45,570,495 Dilutive effect of restricted stock units 358,583 283,839 Dilutive effect of stock options 90,788 54,624 Weighted average common shares—diluted 46,229,337 45,908,958 |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Defined Benefit Plan [Abstract] | |
Schedule of Costs of Retirement Plans | The components of net periodic pension cost for the three months ended March 31, 2018 and 2017 are as follows (dollars in thousands): Pension Plans Three months ended 2018 2017 Service costs $ 300 $ 280 Interest costs 300 320 Expected return on plan assets (430 ) (370 ) Amortization of net loss 250 250 Net periodic benefit cost $ 420 $ 480 |
Other Comprehensive Income (L35
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other Comprehensive Income [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI by component for the three months ended March 31, 2018 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2017 $ (10,450 ) $ (3,170 ) $ (3,710 ) $ (17,330 ) Net unrealized gains (losses) arising during the period (a) — (4,040 ) 2,360 (1,680 ) Less: Net realized losses reclassified to net income (b) (200 ) — — (200 ) Net current-period other comprehensive income (loss) 200 (4,040 ) 2,360 (1,480 ) Balance, March 31, 2018 $ (10,250 ) $ (7,210 ) $ (1,350 ) $ (18,810 ) __________________________ (a) Derivative instruments, net of income tax of approximately $1.2 million . See Note 9 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million . See Note 14 , " Defined Benefit Plans ," for further details. | Changes in AOCI by component for the three months ended March 31, 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 arising during the period (a) — 240 1,800 2,040 Less: Net realized losses reclassified to net income (b) (170 ) (140 ) — (310 ) Net current-period other comprehensive income 170 380 1,800 2,350 Balance, March 31, 2017 $ (11,950 ) $ (2,140 ) $ (7,960 ) $ (22,050 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.1 million . See Note 9 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million . See Note 14 , " Defined Benefit Plans ," for further details. Derivative instruments, net of income tax of approximately $0.1 million . See Note 9 , " Derivative Instruments ," for further details. |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements (Details) - Adjustments for New Accounting Pronouncement [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Cost of Sales [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Non-service cost components of net periodic benefit cost | $ 0.1 |
Selling, General and Administrative Expenses [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Non-service cost components of net periodic benefit cost | $ 0.1 |
Revenue Revenue (Details)
Revenue Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 217,100 | $ 199,830 |
Consumer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 64,730 | 58,880 |
Aerospace [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 45,810 | 45,420 |
Industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 54,350 | 49,290 |
Oil and gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 52,210 | $ 46,240 |
Facility Closures - Narrative (
Facility Closures - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Loss on dispositions of assets | $ (10) | $ 4,170 |
Facility Closing Wolverhampton, United Kingdom [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Loss on dispositions of assets | (3,200) | |
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 Intangible39
Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill [Roll Forward] | |
Balance, beginning | $ 319,390 |
Translation and purchase accounting adjustments | 820 |
Balance, ending | 320,210 |
Packaging [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 166,400 |
Translation and purchase accounting adjustments | 820 |
Balance, ending | 167,220 |
Aerospace [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 146,430 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 146,430 |
Specialty Products [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 6,560 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | $ 6,560 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, accumulated amortization | $ (160,070) | $ (155,490) |
Intangible Assets, Gross (Excluding Goodwill) | 349,330 | 349,710 |
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 | 206,040 | 206,140 |
Finite-lived intangible assets, accumulated amortization | (96,500) | (92,880) |
Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 100,360 | 100,640 |
Finite-lived intangible assets, accumulated amortization | (63,570) | (62,610) |
Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 73,810 | 73,910 |
Finite-lived intangible assets, accumulated amortization | (42,900) | (41,000) |
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 | (53,600) | (51,880) |
Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 57,060 | 57,340 |
Finite-lived intangible assets, accumulated amortization | (29,550) | (29,120) |
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 | $ (34,020) | $ (33,490) |
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 Intangible41
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Amortization of Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 4,910 | $ 4,990 |
Cost of Sales [Member] | Technology and Other [Member] | ||
Amortization of Intangible Assets [Line Items] | ||
Amortization of intangible assets | 1,240 | 1,350 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ||
Amortization of Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 3,670 | $ 3,640 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 83,730 | $ 86,310 |
Work in process | 26,780 | 24,580 |
Raw materials | 46,050 | 44,460 |
Total inventories | $ 156,560 | $ 155,350 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 397,760 | $ 392,930 |
Less: Accumulated depreciation | 209,320 | 202,680 |
Property and equipment, net | 188,440 | 190,250 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15,540 | 15,500 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 75,850 | 73,550 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 306,370 | $ 303,880 |
Property and Equipment, Net - D
Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Depreciation Expense [Line Items] | ||
Depreciation expense | $ 6,330 | $ 5,800 |
Continuing Operations [Member] | ||
Depreciation Expense [Line Items] | ||
Depreciation expense | 6,330 | 5,800 |
Cost of Sales [Member] | Continuing Operations [Member] | ||
Depreciation Expense [Line Items] | ||
Depreciation expense | 5,810 | 5,200 |
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member] | ||
Depreciation Expense [Line Items] | ||
Depreciation expense | $ 520 | $ 600 |
Long-term Debt - Debt Table (De
Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ (7,260) | $ (7,730) |
Long-term debt, net | 301,710 | 303,080 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 300,000 | 300,000 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 8,970 | $ 10,810 |
Long-term Debt - Senior Notes (
Long-term Debt - Senior Notes (Details) - Senior Notes [Member] - 4.875% Senior Unsecured Notes Due 2025 [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 300 |
Debt Instrument, Interest Rate, Stated Percentage | 4.875% |
Debt Instrument, Maturity Date | Oct. 15, 2025 |
Debt Instrument, Date of First Required Payment | Apr. 15, 2018 |
Prior to October 15, 2020 [Member] | |
Debt Instrument [Line Items] | |
Percentage of principal that can be redeemed with cash from proceeds of an equity offering | 35.00% |
Debt instrument redemption price with net proceeds from equity offering | 104.875% |
Debt Instrument, Redemption Price, Percentage | 100.00% |
October 15, 2020 to October 14, 2021 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 102.438% |
October 15, 2021 to October 14, 2022 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.219% |
October 15, 2022 and thereafter [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Long-term Debt - Credit Agreeme
Long-term Debt - Credit Agreement (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||
Net leverage ratio | 3 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | |
Debt Instrument, Maturity Date | Sep. 20, 2022 | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Credit Facility, Capacity Available for Foreign Revolver Loans | $ 125 | |
Line of Credit Facility, Maximum Borrowing Capacity | 300 | |
Revolving Credit Facility, Amount Outstanding | 9 | $ 10.8 |
Revolving Credit Facility, Remaining Borrowing Capacity | 276.2 | 274.3 |
Letters of credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of Credit, Maximum Borrowing Capacity | 40 | |
Letters of Credit Outstanding, Amount | 14.8 | 14.9 |
U.S. bank debt and receivables facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 276.2 | $ 332.1 |
Revolving credit and term loan facilities [Member] | ||
Debt Instrument [Line Items] | ||
Incremental debt commitments capacity | $ 200 |
Long-term Debt - Receivables Fa
Long-term Debt - Receivables Facility (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 18, 2018 | Mar. 31, 2017 | Mar. 19, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||||
Secured debt, Maximum Borrowing Capacity | $ 75 | ||||
Receivables Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Debt Instrument, Unused Borrowing Capacity, Fee percentage | 0.35% | ||||
Secured Debt | $ 0 | ||||
Receivables facility debt available but not utilized | $ 57.8 | ||||
Receivables facililty, debt aggregate costs | $ 0.1 | $ 0.3 |
Long-term Debt - Fair Value (De
Long-term Debt - Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 8,970 | $ 10,810 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 300,000 | 300,000 |
Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 8,970 | 10,810 |
Fair Value, Inputs, Level 2 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | 289,500 | 300,750 |
Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | $ 8,750 | $ 10,490 |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018USD ($)number | Mar. 31, 2017USD ($) | Sep. 19, 2017USD ($) | Dec. 31, 2017number | |
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 100 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Number of Instruments Held | number | 0 | 0 | ||
Senior Secured Term Loan A [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Maturity Date | Jun. 30, 2020 | |||
Cash paid at termination of interest rate swap | $ 4,700 | |||
Maximum [Member] | Senior Secured Term Loan A [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 238,400 | |||
Maximum [Member] | Senior Secured Term Loan A [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Derivative, June 2020 Maturity [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Fixed Interest Rate | 2.68% | |||
Minimum [Member] | Senior Secured Term Loan A [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 192,700 | |||
Derivative, Fixed Interest Rate | 0.74% | |||
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Maximum Remaining Maturity of Foreign Currency Derivatives | 5 years | |||
Derivative, Fixed Interest Rate | 2.10% | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 | ||
Designated as Hedging Instrument [Member] | Maximum [Member] | Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 150,000 | |||
Designated as Hedging Instrument [Member] | Minimum [Member] | Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 75,000 |
Derivative Instruments - Design
Derivative Instruments - Designated as hedging, Financial Position (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ (9,340) | $ (4,110) |
Derivative Instruments - Desi52
Derivative Instruments - Designated as hedging, Financial Performance (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
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 | $ 0 | $ 0 | |
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 | 0 | $ (250) | |
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (7,210) | $ (3,170) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 |
Derivative Instruments - Desi53
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) - Designated as Hedging Instrument [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) Reclassification from AOCI into Earnings, Estimate of Time to Transfer | 12 months |
Amount of gain (loss) expected to be reclassified from AOCI into Earnings | $ 0 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Measurements (Details) - Net Investment Hedging [Member] - Cross Currency Interest Rate Contract [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ (9,340) | $ (4,110) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | (9,340) | (4,110) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 0 | $ 0 |
Commitments and Contingencies A
Commitments and Contingencies Asbestos Narrative (Details) $ in Millions | 3 Months Ended | 327 Months Ended | ||
Mar. 31, 2018claimantscases | Mar. 31, 2018USD ($)claimantscases | Dec. 31, 2017claimants | Dec. 31, 2016claimants | |
Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Estimated Time until Primary Insurance is Exhausted | 12 months | |||
Asbestos [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Cases, Number | cases | 446 | 446 | ||
Loss Contingency, Pending Claims, Number | 4,913 | 4,913 | 5,256 | 5,339 |
Total settlement costs | $ | $ 8.6 | |||
Percentage of settlement and defense costs covered by insurance | 40.00% | |||
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 | 59 | 59 |
Commitments and Contingencies56
Commitments and Contingencies Asbestos Claimant and Settlement (Details) - Asbestos [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($)claimants | Dec. 31, 2017USD ($)claimants | Dec. 31, 2016claimants | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Pending Claims, Number | 4,913 | 5,256 | 5,339 |
Loss Contingency, New Claims Filed, Number | 50 | 173 | |
Loss Contingency, Claims Dismissed, Number | 389 | 231 | |
Loss Contingency, Claims Settled, Number | 4 | 25 | |
Average settlement amount per claim during period | $ | $ 14,750 | $ 8,930 | |
Total defense costs during period | $ | $ 550,000 | $ 2,280,000 |
Commitments and Contingencies57
Commitments and Contingencies Asbestos Damages Sought (Details) - Asbestos [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($)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 | 59 |
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 | 13 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 46 |
Pending Litigation [Member] | Punitive Only Damages [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 0 |
Commitments and Contingencies M
Commitments and Contingencies Metaldyne (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Selling, General and Administrative Expenses [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual, Period Increase (Decrease) | $ (8.2) |
Segment Information Segment I59
Segment Information Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Segment Reporting Information [Line Items] | |||
Net sales | $ 217,100 | $ 199,830 | |
Operating profit (loss) | 35,210 | 15,910 | |
Operating Segments [Member] | Packaging [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 88,200 | 80,960 | |
Operating profit (loss) | 19,580 | 16,900 | |
Operating Segments [Member] | Aerospace [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 45,810 | 45,420 | |
Operating profit (loss) | 5,080 | 5,060 | |
Operating Segments [Member] | Specialty Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 83,090 | 73,450 | |
Operating profit (loss) | 9,650 | 1,510 | |
Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | 900 | [1] | $ (7,560) |
Selling, General and Administrative Expenses [Member] | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Loss Contingency Accrual, Period Increase (Decrease) | $ (8,200) | ||
[1] | During the first quarter of 2018, the Company removed an obligation from its balance sheet, resulting in an approximate $8.2 million non-cash reduction in selling, general and administrative expenses. See Note 10, "Commitments and Contingencies," for further details. |
Equity Awards - Stock Option Ac
Equity Awards - Stock Option Activity Table (Details) | 3 Months Ended |
Mar. 31, 2018USD ($)$ / 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) | 6 years 4 months |
Options Aggregate Intrinsic Value | $ | $ 2,700,523 |
Equity Awards - Stock Options N
Equity Awards - Stock Options Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 0.2 | |
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 | 1 year 4 months | |
Exercisable stock options | 106,854 | |
Selling, General and Administrative Expenses [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 0.1 | $ 0.2 |
Equity Awards - Restricted Stoc
Equity Awards - Restricted Stock Units Activity Table (Details) - Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2018$ / 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 Stock Units Outstanding, beginning balance | shares | 726,936 |
Number of Unvested Restricted Stock Units Granted | shares | 33,678 |
Number of Unvested Restricted Stock Units Vested | shares | (288,895) |
Number of Unvested Restricted Stock Units Cancelled | shares | (13,971) |
Number of Unvested Restricted Stock Units Outstanding, ending balance | shares | 457,748 |
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 Stock Units Outstanding, Weighted Average Grant Date Fair Value, beginning | $ 22.60 |
Unvested Restricted Stock Units Granted, Weighted Average Grant Date Fair Value | 22.76 |
Unvested Restricted Stock Units Vested, Weighted Average Grant Date Fair Value | 22.18 |
Unvested Restricted Stock Units Cancelled, Weighted Average Grant Date Fair Value | 21.67 |
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, ending | $ 22.90 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures | |
Restricted Stock Units Average Remaining Contractual Life (Years) | 1 year 1 month |
Restricted Stock Units Aggregate Intrinsic Value | $ 12,015,885 |
Equity Awards - Restricted St63
Equity Awards - Restricted Stock Units Narrative (Details) - Restricted Stock Units [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares issued related to director fee deferrals | 2,657 | ||
Number of Unvested Restricted Stock Units Granted | 33,678 | ||
Unrecognized unvested restricted shares-based compensation expense | $ 4.3 | ||
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | 1 year 10 months | ||
Total shareholder return metric [Member] | Plan 3 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Stock Units Granted | 31,021 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained | 126.90% | ||
Total shareholder return metric [Member] | Minimum [Member] | Plan 3 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award percentage earned based on metric over the performance period | 0.00% | ||
Total shareholder return metric [Member] | Maximum [Member] | Plan 3 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award percentage earned based on metric over the performance period | 200.00% | ||
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares-based compensation expense | $ 1.1 | $ 1.3 |
Earnings per Share Earnings p64
Earnings per Share Earnings per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted average common shares—basic | 45,779,966 | 45,570,495 |
Weighted average common shares—diluted | 46,229,337 | 45,908,958 |
Restricted Stock Units (RSUs) [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Incremental common shares attributable to share-based payment arrangements | 358,583 | 283,839 |
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 | 90,788 | 54,624 |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service costs | $ 300 | $ 280 |
Interest costs | 300 | 320 |
Expected return on plan assets | (430) | (370) |
Amortization of net (gain)/loss | 250 | 250 |
Net periodic benefit cost | $ 420 | $ 480 |
Defined Benefit Plans - Defined
Defined Benefit Plans - Defined Benefit Plans Narrative (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0.6 | $ 0.3 |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 2.3 |
Other Comprehensive Income (L67
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balances | $ 544,020 | ||||
Total other comprehensive income (loss) | (1,480) | $ 2,350 | |||
Balances | 565,780 | ||||
Other Comprehensive Income (Loss), Tax [Abstract] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (1,200) | 100 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 100 | 100 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (100) | ||||
Defined Benefit Plans [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balances | (10,450) | (12,120) | |||
Net unrealized gains (losses) arising during the period | 0 | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (200) | [1] | (170) | [2] | |
Total other comprehensive income (loss) | 200 | 170 | |||
Balances | (10,250) | (11,950) | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balances | (2,520) | ||||
Net unrealized gains (losses) arising during the period | [3] | 240 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | (140) | |||
Total other comprehensive income (loss) | 380 | ||||
Balances | (2,140) | ||||
Accumulated Net Gain (Loss) from Hedges Attributable to Parent [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balances | (3,170) | ||||
Net unrealized gains (losses) arising during the period | [4] | (4,040) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||||
Total other comprehensive income (loss) | (4,040) | ||||
Balances | (7,210) | ||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balances | (3,710) | (9,760) | |||
Net unrealized gains (losses) arising during the period | 2,360 | 1,800 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | |||
Total other comprehensive income (loss) | 2,360 | 1,800 | |||
Balances | (1,350) | (7,960) | |||
Accumulated Other Comprehensive Income [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balances | (17,330) | (24,400) | |||
Net unrealized gains (losses) arising during the period | (1,680) | 2,040 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (200) | (310) | |||
Total other comprehensive income (loss) | (1,480) | 2,350 | |||
Balances | $ (18,810) | $ (22,050) | |||
[1] | Defined benefit plans, net of income tax of approximately $0.1 million. See Note 14, "Defined Benefit Plans," for further details. | ||||
[2] | Defined benefit plans, net of income tax of approximately $0.1 million. See Note 14, "Defined Benefit Plans," for further details. Derivative instruments, net of income tax of approximately $0.1 million. See Note 9, "Derivative Instruments," for further details. | ||||
[3] | Derivative instruments, net of income tax of approximately $0.1 million. See Note 9, "Derivative Instruments," for further details. | ||||
[4] | Derivative instruments, net of income tax of approximately $1.2 million. See Note 9, "Derivative Instruments," for further details. |