Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 23, 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 | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 45,814,673 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
Consolidated Balance Sheet Stat
Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 79,630 | $ 27,580 |
Receivables, net of reserves | 132,630 | 112,220 |
Inventories | 165,470 | 155,350 |
Prepaid expenses and other current assets | 8,360 | 16,120 |
Total current assets | 386,090 | 311,270 |
Property and equipment, net | 185,080 | 190,250 |
Goodwill | 316,730 | 319,390 |
Other intangibles, net | 179,280 | 194,220 |
Deferred income taxes | 0 | 9,100 |
Other assets | 9,390 | 8,970 |
Total assets | 1,076,570 | 1,033,200 |
Current liabilities: | ||
Accounts payable | 77,780 | 72,410 |
Accrued liabilities | 50,260 | 49,470 |
Total current liabilities | 128,040 | 121,880 |
Long-term debt, net | 293,290 | 303,080 |
Deferred income taxes | 6,060 | 5,650 |
Other long-term liabilities | 41,690 | 58,570 |
Total liabilities | 469,080 | 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: 45,846,487 shares at September 30, 2018 and 45,724,453 shares at December 31, 2017 | 460 | 460 |
Paid-in capital | 822,280 | 823,850 |
Accumulated deficit | (196,370) | (262,960) |
Accumulated other comprehensive loss | (18,880) | (17,330) |
Total shareholders' equity | 607,490 | 544,020 |
Total liabilities and shareholders' equity | $ 1,076,570 | $ 1,033,200 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions | Sep. 30, 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 | 45,846,487 | 45,724,453 |
Common Stock, outstanding Shares | 45,846,487 | 45,724,453 |
Consolidated Statement of Incom
Consolidated Statement of Income Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 223,780 | $ 209,330 | $ 665,790 | $ 622,530 |
Cost of sales | (162,060) | (150,440) | (478,910) | (452,350) |
Gross profit | 61,720 | 58,890 | 186,880 | 170,180 |
Selling, general and administrative expenses | (31,840) | (30,600) | (90,270) | (99,560) |
Operating profit | 29,880 | 28,290 | 96,610 | 70,620 |
Other expense, net: | ||||
Interest expense | (3,480) | (3,390) | (10,660) | (10,360) |
Debt financing and related expenses | 0 | (6,640) | 0 | (6,640) |
Other income (expense), net | 410 | (370) | (2,330) | (1,290) |
Other expense, net | (3,070) | (10,400) | (12,990) | (18,290) |
Income before income tax expense | 26,810 | 17,890 | 83,620 | 52,330 |
Income tax expense | (4,140) | (4,760) | (17,030) | (17,360) |
Net income | $ 22,670 | $ 13,130 | $ 66,590 | $ 34,970 |
Basic earnings per share | ||||
Net income per share | $ 0.49 | $ 0.29 | $ 1.45 | $ 0.77 |
Weighted average common shares—basic | 45,850,288 | 45,721,155 | 45,850,187 | 45,669,782 |
Diluted earnings per share | ||||
Net income per share | $ 0.49 | $ 0.29 | $ 1.44 | $ 0.76 |
Weighted average common shares—diluted | 46,166,558 | 46,029,361 | 46,198,884 | 45,953,578 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 22,670 | $ 13,130 | $ 66,590 | $ 34,970 |
Other comprehensive income | ||||
Defined benefit pension and postretirement plans | 180 | 170 | 3,030 | 500 |
Foreign currency translation | (2,210) | 910 | (6,300) | 4,640 |
Derivative instruments | 50 | 2,540 | 1,720 | 2,520 |
Total other comprehensive income (loss) | (1,980) | 3,620 | (1,550) | 7,660 |
Total comprehensive income | $ 20,690 | $ 16,750 | $ 65,040 | $ 42,630 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 66,590 | $ 34,970 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on dispositions of assets | (70) | (3,210) |
Depreciation | 18,630 | 18,890 |
Amortization of intangible assets | 14,600 | 14,920 |
Amortization of debt issue costs | 1,020 | 1,030 |
Deferred income taxes | 9,290 | 2,420 |
Non-cash compensation expense | 4,400 | 5,090 |
Debt financing and related expenses | 0 | 6,640 |
Increase in receivables | (20,060) | (12,700) |
Increase in inventories | (10,750) | (580) |
Decrease in prepaid expenses and other assets | 7,180 | 7,110 |
Decrease in accounts payable and accrued liabilities | (6,740) | (8,590) |
Other operating activities | (1,140) | 240 |
Net cash provided by operating activities | 83,090 | 72,650 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (15,890) | (24,120) |
Net proceeds from disposition of property and equipment | 250 | 1,800 |
Net cash used for investing activities | (15,640) | (22,320) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of senior notes | 0 | 300,000 |
Repayments of borrowings on term loan facilities | 0 | (257,940) |
Proceeds from borrowings on revolving credit and accounts receivable facilities | 59,060 | 353,710 |
Repayments of borrowings on revolving credit and accounts receivable facilities | (68,490) | (435,250) |
Debt financing fees | 0 | (6,070) |
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (2,380) | (480) |
Payments to purchase common stock | (3,590) | 0 |
Other financing activities | 0 | (250) |
Net cash used for financing activities | (15,400) | (46,280) |
Net increase for the period | 52,050 | 4,050 |
At beginning of period | 27,580 | 20,710 |
At end of period | 79,630 | 24,760 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 7,840 | 9,020 |
Cash paid for taxes | $ 5,020 | $ 13,140 |
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 | $ 34,970 | ||||
Other comprehensive loss | 7,660 | 7,660 | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (480) | ||||
Balances at Sep. 30, 2017 | (16,740) | ||||
Balances at Dec. 31, 2017 | 544,020 | $ 460 | $ 823,850 | $ (262,960) | (17,330) |
Net income | 66,590 | 66,590 | |||
Other comprehensive loss | (1,550) | (1,550) | |||
Purchase of common stock | (3,590) | (3,590) | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (2,380) | (2,380) | |||
Non-cash compensation expense | 4,400 | 4,400 | |||
Balances at Sep. 30, 2018 | $ 607,490 | $ 460 | $ 822,280 | $ (196,370) | $ (18,880) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently Issued Accounting Pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)" ("ASU 2018-14"), which modifies the disclosure requirements for employers who sponsor defined benefit pension or other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. ASU 2018-14 is to be applied retrospectively to all periods presented. The Company is in the process of assessing the impact of adoption on its consolidated financial statements. In February 2018, the FASB issued 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." Since the issuance of the original standard, the FASB has issued several subsequent updates. 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. We plan to adopt the standard effective January 1, 2019. We anticipate this standard will have a material impact on our consolidated balance sheet. However, we do not expect adoption will have a material impact on our consolidated statement of income. While we are continuing to assess potential impacts of the standard, we currently expect the most significant impact will be the recognition of right-of-use assets and lease liabilities for operating leases. |
Revenue Revenue (Notes)
Revenue Revenue (Notes) | 9 Months Ended |
Sep. 30, 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 September 30, Nine months ended September 30, Customer End Markets 2018 2017 2018 2017 Consumer $ 72,440 $ 68,380 $ 209,160 $ 194,040 Aerospace 49,070 48,550 140,500 141,550 Industrial 51,880 46,120 162,200 145,410 Oil and gas 50,390 46,280 153,930 141,530 Total net sales $ 223,780 $ 209,330 $ 665,790 $ 622,530 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) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Facility Closures Bangalore, India facility In May 2018, the Company exited its Bangalore, India facility within the Specialty Products reportable segment. In connection with this action, the Company recorded pre-tax charges of approximately $0.7 million within selling, general and administrative expenses and approximately $0.6 million within cost of sales related to severance benefits for employees involuntarily terminated, facility closure costs and costs related to the disposal of certain assets. Reynosa, Mexico facility In March 2017, the Company announced plans within the Specialty Products reportable segment to cease production at its Reynosa, Mexico facility, and consolidate production into its Houston, Texas facility. During the second quarter of 2017, upon the cease use date of the facility, the Company recorded a pre-tax charge of approximately $1.5 million within cost of sales for estimated future unrecoverable lease obligations, net of estimated sublease recoveries, for the lease that expires in 2025. In addition, in the second quarter of 2017, the Company incurred approximately $1.2 million of pre-tax non-cash charges within cost of sales related to accelerated depreciation expense as a result of shortening the expected lives on certain machinery, equipment and leasehold improvement assets that the Company no longer used following the facility closure. During the second quarter of 2018, following entry into a sublease agreement for the facility, the Company re-evaluated its estimate of unrecoverable future obligations, and reduced its estimate by approximately $1.1 million . 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, 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 | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 (2,660 ) — — (2,660 ) Balance, September 30, 2018 $ 163,740 $ 146,430 $ 6,560 $ 316,730 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 September 30, 2018 and December 31, 2017 are summarized below (dollars in thousands): As of September 30, 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 $ 73,240 $ (46,410 ) $ 73,910 $ (41,000 ) Customer relationships, 15 – 25 years 132,230 (57,060 ) 132,230 (51,880 ) Total customer relationships 205,470 (103,470 ) 206,140 (92,880 ) Technology and other, 1 – 15 years 57,030 (30,900 ) 57,340 (29,120 ) Technology and other, 17 – 30 years 43,300 (35,080 ) 43,300 (33,490 ) Total technology and other 100,330 (65,980 ) 100,640 (62,610 ) Indefinite-lived intangible assets: Trademark/Trade names 42,930 — 42,930 — Total other intangible assets $ 348,730 $ (169,450 ) $ 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 September 30, Nine months ended September 30, 2018 2017 2018 2017 Technology and other, included in cost of sales $ 1,230 $ 1,280 $ 3,680 $ 3,990 Customer relationships, included in selling, general and administrative expenses 3,630 3,650 10,920 10,930 Total amortization expense $ 4,860 $ 4,930 $ 14,600 $ 14,920 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following components (dollars in thousands): September 30, December 31, Finished goods $ 85,730 $ 86,310 Work in process 27,300 24,580 Raw materials 52,440 44,460 Total inventories $ 165,470 $ 155,350 |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 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): September 30, December 31, Land and land improvements $ 15,580 $ 15,500 Buildings 74,120 73,550 Machinery and equipment 311,530 303,880 401,230 392,930 Less: Accumulated depreciation 216,150 202,680 Property and equipment, net $ 185,080 $ 190,250 Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Depreciation expense, included in cost of sales $ 5,490 $ 5,440 $ 17,330 $ 17,380 Depreciation expense, included in selling, general and administrative expenses 270 400 1,300 1,510 Total depreciation expense $ 5,760 $ 5,840 $ 18,630 $ 18,890 |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term Debt The Company's long-term debt consists of the following (dollars in thousands): September 30, December 31, 4.875% Senior Notes due October 2025 $ 300,000 $ 300,000 Credit Agreement — 10,810 Debt issuance costs (6,710 ) (7,730 ) Long-term debt, net $ 293,290 $ 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 Company used the proceeds from the offering to fully repay the $250.9 million principal, plus $0.4 million related interest, outstanding on its former senior secured term loan A facility due 2020 ("Term Loan A Facility"), repay approximately $41.7 million of outstanding obligations under the Company's accounts receivable facility, pay fees and expenses of $5.0 million related to the Senior Notes offering, pay fees and expenses of $1.1 million related to amending its existing credit agreement, with the remaining amount retained as cash on its consolidated balance sheet. Of the $5.0 million of fees and expenses related to the Senior Notes, approximately $4.9 million was capitalized as debt issuance costs and approximately $0.1 million was recorded as debt financing and related expenses in the accompanying consolidated statement of income. 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 September 30, 2018 , the Company had no amounts outstanding under its revolving credit facility and had approximately $284.9 million potentially available after giving effect to approximately $15.1 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 $284.9 million and $332.1 million at September 30, 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 September 30, 2018 , the Company was in compliance with its financial covenants contained in the Credit Agreement. In September 2017, the Company amended its existing credit agreement in connection with the Senior Notes offering and extended the maturity date, increased the permitted borrowings denominated in specific foreign currencies, removed the Term Loan A Facility and resized the revolving credit facility. The Company incurred fees and expenses of approximately $1.1 million related to the amendment, all of which was capitalized as debt issuance costs. The Company also recorded approximately $2.0 million non-cash expense related to the write-off of previously capitalized deferred financing fees within debt financing and related expenses in the accompanying consolidated statement of income. Receivables Facility In March 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 $0.3 million for the three months ended September 30, 2017 , and $0.1 million and $0.9 million for the nine months ended September 30, 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): September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 300,000 $ 288,000 $ 300,000 $ 300,750 Revolving credit facility — — 10,810 10,490 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 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 September 30, 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. At the date the Company de-designated the swaps as effective hedges, there was approximately $2.9 million (net of tax of $1.8 million ) of unrealized losses remaining in AOCI, which were reclassified into debt financing and related expenses in the accompanying consolidated statement of income during the third quarter of 2017. As of September 30, 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 September 30, December 31, Net Investment Hedges Cross-currency swaps Other long-term liabilities $ (1,880 ) $ (4,110 ) The following table summarizes the loss recognized in AOCI on derivative contracts designated as hedging instruments as of September 30, 2018 and December 31, 2017 , and the amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands): Amount of Loss Recognized Amount of Loss Reclassified Three months ended Nine months ended As of September 30, 2018 As of December 31, 2017 Location of Loss Reclassified from AOCI into Earnings (Effective Portion) 2018 2017 2018 2017 Net Investment Hedges Cross-currency swaps $ (1,450 ) $ (3,170 ) Other income (expense), net $ — $ — $ — $ — Cash Flow Hedges Interest rate swaps $ — $ — Interest expense $ — $ 20 $ — $ (320 ) Debt financing and related expenses $ — $ (4,680 ) $ — $ (4,680 ) 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 September 30, 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 September 30, 2018 Cross-currency swaps Recurring $ (1,880 ) $ — $ (1,880 ) $ — December 31, 2017 Cross-currency swaps Recurring $ (4,110 ) $ — $ (4,110 ) $ — |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Asbestos As of September 30, 2018 , the Company was a party to 390 pending cases involving an aggregate of 4,833 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 Nine Months Ended September 30, 2018 5,256 123 517 29 4,833 $ 7,603 $ 1,718,100 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 4,833 claims pending at September 30, 2018 , 54 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At September 30, 2018 , of the 54 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 — 14 40 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 $8.8 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 six 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 | 9 Months Ended |
Sep. 30, 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 – The Packaging segment, which consists primarily of the Rieke ® brand, develops and manufactures specialty dispensing and closure products for the health, beauty and home care, food and beverage, and industrial markets. Aerospace – The Aerospace segment, which includes the Monogram Aerospace Fasteners ™ , Allfast Fastening Systems ® , Mac Fasteners ™ and Martinic Engineering ™ brands, develops, qualifies and manufactures highly-engineered, precision fasteners and machined products to serve the aerospace market. Specialty Products – The Specialty Products segment, which includes the Norris Cylinder ™ , Lamons ® and Arrow ® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders, sealing and fastener products, and wellhead engines and compression systems for use within the industrial, petrochemical, and oil and gas exploration and refining markets. Segment activity is as follows (dollars in thousands): Three months ended Nine months ended 2018 2017 2018 2017 Net Sales Packaging $ 95,250 $ 89,560 $ 278,540 $ 259,260 Aerospace 49,070 48,550 140,500 141,550 Specialty Products 79,460 71,220 246,750 221,720 Total $ 223,780 $ 209,330 $ 665,790 $ 622,530 Operating Profit (Loss) Packaging $ 22,060 $ 23,140 $ 64,450 $ 61,630 Aerospace 8,290 7,810 20,680 19,860 Specialty Products 7,720 5,000 26,610 11,770 Corporate (a) (8,190 ) (7,660 ) (15,130 ) (22,640 ) Total $ 29,880 $ 28,290 $ 96,610 $ 70,620 __________________________ (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 | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2018 . Information related to stock options at September 30, 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 September 30, 2018 206,854 $ 13.19 5.8 $ 3,558,967 As of September 30, 2018 , 156,854 stock options outstanding were exercisable under the Company's long-term equity incentive plans. As of September 30, 2018 , there was approximately $0.1 million of unrecognized compensation cost related to stock options that is expected to be recorded over a weighted average period of 0.8 years. The Company recognized approximately $0.1 million and $0.1 million of stock-based compensation expense related to stock options during the three months ended September 30, 2018 and 2017 , respectively, and approximately $0.2 million and $0.5 million of stock-based compensation expense during the nine months ended September 30, 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 awarded the following restricted stock units ("RSUs") during the nine months ended September 30, 2018 : • granted 141,203 RSUs to certain employees, which are subject only to a service condition and vest ratably over three years so long as the employee remains with the Company; and • granted 25,830 RSUs to its non-employee independent directors, which vest one year from date of grant so long as the director and/or Company does not terminate the director's service prior to the vesting date. In addition, the Company issued 5,907 RSUs related to director fee deferrals for the nine months ended September 30, 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 2018 , the Company awarded 104,532 performance-based RSUs to certain Company key employees which vest three years from the grant date as long as the employee remains with the Company. These awards are earned 50% based upon the Company's achievement of earnings per share compound annual growth rate ("EPS CAGR") metrics over a period beginning January 1, 2018 and ending December 31, 2020. The remaining 50% of the grants are earned based on the Company's total shareholder return ("TSR") relative to the TSR of the common stock of a pre-defined industry peer-group and measured over the performance period. TSR is calculated as the Company's average closing stock price for the 20-trading days at the end of the performance period plus Company dividends, divided by the Company's average closing stock price for the 20-trading days prior to the start of the performance period. The Company estimated the grant-date fair value and term of the awards subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk-free rate of 2.67% and annualized volatility of 30.2% . Depending on the performance achieved for these two metrics, the amount of shares earned, if any, can vary from 40% of the target award to a maximum of 200% of the target award for the EPS CAGR metric and 0% of the target award to a maximum of 200% of the target award for the TSR metric. During 2015, the Company awarded performance-based RSUs to certain Company key employees which were earned based upon the Company's 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 nine months ended September 30, 2018 . Information related to RSUs at September 30, 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 308,493 30.29 Vested (338,141 ) 21.61 Cancelled (34,931 ) 23.29 Outstanding at September 30, 2018 662,357 $ 26.65 1.2 $ 20,135,653 As of September 30, 2018 , there was approximately $9.3 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 2.2 years. The Company recognized stock-based compensation expense related to RSUs of approximately $1.7 million and $1.6 million during the three months ended September 30, 2018 and 2017 , respectively, and approximately $4.2 million and $4.6 million during the nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 RSUs. The following table summarizes the dilutive effect of RSUs and options to purchase common stock for the three and nine months ended September 30, 2018 and 2017 : Three months ended Nine months ended 2018 2017 2018 2017 Weighted average common shares—basic 45,850,288 45,721,155 45,850,187 45,669,782 Dilutive effect of restricted stock units 203,800 233,859 246,347 226,617 Dilutive effect of stock options 112,470 74,347 102,350 57,179 Weighted average common shares—diluted 46,166,558 46,029,361 46,198,884 45,953,578 In November 2015, the Company announced its Board of Directors had authorized the Company to purchase its common stock up to $50 million in the aggregate. In the three and nine months ended September 30, 2018 the Company purchased 23,191 and 124,138 shares of its outstanding common stock for approximately $0.7 million and $3.6 million , respectively. The Company did not purchase any shares of its outstanding common stock in the three and nine months ended September 30, 2017 . |
Defined Benefit Plans
Defined Benefit Plans | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2018 and 2017 are as follows (dollars in thousands): Pension Plans Three months ended Nine months ended 2018 2017 2018 2017 Service costs $ 270 $ 290 $ 850 $ 840 Interest costs 260 310 850 950 Expected return on plan assets (340 ) (370 ) (1,190 ) (1,100 ) Settlement/curtailment loss — — 2,500 — Amortization of net loss 180 260 670 760 Net periodic benefit cost $ 370 $ 490 $ 3,680 $ 1,450 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 income (expense), net in the accompanying consolidated statement of income. During the second quarter of 2018, the Company purchased an annuity contract to transfer certain retiree defined benefit obligations to an insurance company. The annuity contract was funded by plan assets. The Company recognized a one-time settlement charge of approximately $2.5 million , which is included in other income (expense), net in the accompanying consolidated statement of income. The Company contributed approximately $0.8 million and $2.0 million to its defined benefit pension plans during the three and nine months ended September 30, 2018 , respectively. The Company expects to contribute approximately $2.4 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) | 9 Months Ended |
Sep. 30, 2018 | |
Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (Loss) Changes in AOCI by component for the nine months ended September 30, 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) — 1,720 (6,300 ) (4,580 ) Less: Net realized losses reclassified to net income (b) (3,030 ) — — (3,030 ) Net current-period other comprehensive income (loss) 3,030 1,720 (6,300 ) (1,550 ) Balance, September 30, 2018 $ (7,420 ) $ (1,450 ) $ (10,010 ) $ (18,880 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.5 million . See Note 9 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.9 million . See Note 14 , " Defined Benefit Plans ," for further details. Changes in AOCI by component for the nine months ended September 30, 2017 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2016 $ (12,120 ) $ (2,520 ) $ (9,760 ) $ (24,400 ) Net unrealized gains (losses) arising during the period (a) — (580 ) 4,640 4,060 Less: Net realized losses reclassified to net income (b) (500 ) (3,100 ) — (3,600 ) Net current-period other comprehensive income 500 2,520 4,640 7,660 Balance, September 30, 2017 $ (11,620 ) $ — $ (5,120 ) $ (16,740 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.4 million . See Note 9 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.2 million . See Note 14 , " Defined Benefit Plans ," for further details. Derivative instruments, net of income tax of approximately $1.9 million . See Note 9 , " Derivative Instruments ," for further details. |
Subsequent Event (Notes)
Subsequent Event (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | In October 2018, the Company terminated its existing cross-currency swap agreements, de-designating the swaps as net investment hedges and receiving approximately $1.1 million of cash. The Company also entered into new 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. The new agreements have a five year tenor at notional amounts declining from $125.0 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 2.9% of the notional amount. |
Revenue Revenue (Policies)
Revenue Revenue (Policies) | 9 Months Ended |
Sep. 30, 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) | 9 Months Ended |
Sep. 30, 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 September 30, Nine months ended September 30, Customer End Markets 2018 2017 2018 2017 Consumer $ 72,440 $ 68,380 $ 209,160 $ 194,040 Aerospace 49,070 48,550 140,500 141,550 Industrial 51,880 46,120 162,200 145,410 Oil and gas 50,390 46,280 153,930 141,530 Total net sales $ 223,780 $ 209,330 $ 665,790 $ 622,530 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the nine months ended September 30, 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 (2,660 ) — — (2,660 ) Balance, September 30, 2018 $ 163,740 $ 146,430 $ 6,560 $ 316,730 |
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 September 30, 2018 and December 31, 2017 are summarized below (dollars in thousands): As of September 30, 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 $ 73,240 $ (46,410 ) $ 73,910 $ (41,000 ) Customer relationships, 15 – 25 years 132,230 (57,060 ) 132,230 (51,880 ) Total customer relationships 205,470 (103,470 ) 206,140 (92,880 ) Technology and other, 1 – 15 years 57,030 (30,900 ) 57,340 (29,120 ) Technology and other, 17 – 30 years 43,300 (35,080 ) 43,300 (33,490 ) Total technology and other 100,330 (65,980 ) 100,640 (62,610 ) Indefinite-lived intangible assets: Trademark/Trade names 42,930 — 42,930 — Total other intangible assets $ 348,730 $ (169,450 ) $ 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 September 30, Nine months ended September 30, 2018 2017 2018 2017 Technology and other, included in cost of sales $ 1,230 $ 1,280 $ 3,680 $ 3,990 Customer relationships, included in selling, general and administrative expenses 3,630 3,650 10,920 10,930 Total amortization expense $ 4,860 $ 4,930 $ 14,600 $ 14,920 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following components (dollars in thousands): September 30, December 31, Finished goods $ 85,730 $ 86,310 Work in process 27,300 24,580 Raw materials 52,440 44,460 Total inventories $ 165,470 $ 155,350 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following components (dollars in thousands): September 30, December 31, Land and land improvements $ 15,580 $ 15,500 Buildings 74,120 73,550 Machinery and equipment 311,530 303,880 401,230 392,930 Less: Accumulated depreciation 216,150 202,680 Property and equipment, net $ 185,080 $ 190,250 |
Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Depreciation expense, included in cost of sales $ 5,490 $ 5,440 $ 17,330 $ 17,380 Depreciation expense, included in selling, general and administrative expenses 270 400 1,300 1,510 Total depreciation expense $ 5,760 $ 5,840 $ 18,630 $ 18,890 |
Long-term Debt Long-term Debt (
Long-term Debt Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's long-term debt consists of the following (dollars in thousands): September 30, December 31, 4.875% Senior Notes due October 2025 $ 300,000 $ 300,000 Credit Agreement — 10,810 Debt issuance costs (6,710 ) (7,730 ) Long-term debt, net $ 293,290 $ 303,080 The carrying amounts and fair values were as follows (dollars in thousands): September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 300,000 $ 288,000 $ 300,000 $ 300,750 Revolving credit facility — — 10,810 10,490 |
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) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of September 30, 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 September 30, December 31, Net Investment Hedges Cross-currency swaps Other long-term liabilities $ (1,880 ) $ (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 September 30, 2018 and December 31, 2017 , and the amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2018 and 2017 (dollars in thousands): Amount of Loss Recognized Amount of Loss Reclassified Three months ended Nine months ended As of September 30, 2018 As of December 31, 2017 Location of Loss Reclassified from AOCI into Earnings (Effective Portion) 2018 2017 2018 2017 Net Investment Hedges Cross-currency swaps $ (1,450 ) $ (3,170 ) Other income (expense), net $ — $ — $ — $ — Cash Flow Hedges Interest rate swaps $ — $ — Interest expense $ — $ 20 $ — $ (320 ) Debt financing and related expenses $ — $ (4,680 ) $ — $ (4,680 ) 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 September 30, 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 September 30, 2018 Cross-currency swaps Recurring $ (1,880 ) $ — $ (1,880 ) $ — December 31, 2017 Cross-currency swaps Recurring $ (4,110 ) $ — $ (4,110 ) $ — |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, 2018 5,256 123 517 29 4,833 $ 7,603 $ 1,718,100 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 — 14 40 |
Segment Information Segment Inf
Segment Information Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows (dollars in thousands): Three months ended Nine months ended 2018 2017 2018 2017 Net Sales Packaging $ 95,250 $ 89,560 $ 278,540 $ 259,260 Aerospace 49,070 48,550 140,500 141,550 Specialty Products 79,460 71,220 246,750 221,720 Total $ 223,780 $ 209,330 $ 665,790 $ 622,530 Operating Profit (Loss) Packaging $ 22,060 $ 23,140 $ 64,450 $ 61,630 Aerospace 8,290 7,810 20,680 19,860 Specialty Products 7,720 5,000 26,610 11,770 Corporate (a) (8,190 ) (7,660 ) (15,130 ) (22,640 ) Total $ 29,880 $ 28,290 $ 96,610 $ 70,620 |
Equity Awards (Tables)
Equity Awards (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Information related to stock options at September 30, 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 September 30, 2018 206,854 $ 13.19 5.8 $ 3,558,967 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to RSUs at September 30, 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 308,493 30.29 Vested (338,141 ) 21.61 Cancelled (34,931 ) 23.29 Outstanding at September 30, 2018 662,357 $ 26.65 1.2 $ 20,135,653 |
Earnings per Share Earnings per
Earnings per Share Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 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 RSUs and options to purchase common stock for the three and nine months ended September 30, 2018 and 2017 : Three months ended Nine months ended 2018 2017 2018 2017 Weighted average common shares—basic 45,850,288 45,721,155 45,850,187 45,669,782 Dilutive effect of restricted stock units 203,800 233,859 246,347 226,617 Dilutive effect of stock options 112,470 74,347 102,350 57,179 Weighted average common shares—diluted 46,166,558 46,029,361 46,198,884 45,953,578 In November 2015, the Company announced its Board of Directors had authorized the Company to purchase its common stock up to $50 million in the aggregate. In the three and nine months ended September 30, 2018 the Company purchased 23,191 and 124,138 shares of its outstanding common stock for approximately $0.7 million and $3.6 million , respectively. The Company did not purchase any shares of its outstanding common stock in the three and nine months ended September 30, 2017 . |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Defined Benefit Plan [Abstract] | |
Schedule of Costs of Retirement Plans | The components of net periodic pension cost for the three and nine months ended September 30, 2018 and 2017 are as follows (dollars in thousands): Pension Plans Three months ended Nine months ended 2018 2017 2018 2017 Service costs $ 270 $ 290 $ 850 $ 840 Interest costs 260 310 850 950 Expected return on plan assets (340 ) (370 ) (1,190 ) (1,100 ) Settlement/curtailment loss — — 2,500 — Amortization of net loss 180 260 670 760 Net periodic benefit cost $ 370 $ 490 $ 3,680 $ 1,450 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Other Comprehensive Income [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI by component for the nine months ended September 30, 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) — 1,720 (6,300 ) (4,580 ) Less: Net realized losses reclassified to net income (b) (3,030 ) — — (3,030 ) Net current-period other comprehensive income (loss) 3,030 1,720 (6,300 ) (1,550 ) Balance, September 30, 2018 $ (7,420 ) $ (1,450 ) $ (10,010 ) $ (18,880 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.5 million . See Note 9 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.9 million . See Note 14 , " Defined Benefit Plans ," for further details. | Changes in AOCI by component for the nine months ended September 30, 2017 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2016 $ (12,120 ) $ (2,520 ) $ (9,760 ) $ (24,400 ) Net unrealized gains (losses) arising during the period (a) — (580 ) 4,640 4,060 Less: Net realized losses reclassified to net income (b) (500 ) (3,100 ) — (3,600 ) Net current-period other comprehensive income 500 2,520 4,640 7,660 Balance, September 30, 2017 $ (11,620 ) $ — $ (5,120 ) $ (16,740 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.4 million . See Note 9 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.2 million . See Note 14 , " Defined Benefit Plans ," for further details. Derivative instruments, net of income tax of approximately $1.9 million . See Note 9 , " Derivative Instruments ," for further details. |
Revenue Revenue (Details)
Revenue Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 223,780 | $ 209,330 | $ 665,790 | $ 622,530 |
Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 72,440 | 68,380 | 209,160 | 194,040 |
Aerospace [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 49,070 | 48,550 | 140,500 | 141,550 |
Industrial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 51,880 | 46,120 | 162,200 | 145,410 |
Oil and Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 50,390 | $ 46,280 | $ 153,930 | $ 141,530 |
Facility Closures - Narrative (
Facility Closures - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||
Loss on dispositions of assets | $ 70 | $ 3,210 | |||
Facility Closing Wolverhampton, United Kingdom [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Loss on dispositions of assets | $ 3,200 | ||||
Cost of Sales [Member] | Facility Closing Bangalore, India [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Facility closure costs | $ 600 | ||||
Cost of Sales [Member] | Facility Closing Reynosa, Mexico [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Future Lease Obligation, Net of Sublease Income | (1,100) | $ 1,500 | |||
Restructuring and Related Cost, Accelerated Depreciation | $ 1,200 | ||||
Selling, General and Administrative Expenses [Member] | Facility Closing Bangalore, India [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Facility closure costs | $ 700 | ||||
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 Intangible_3
Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Goodwill [Roll Forward] | |
Balance, beginning | $ 319,390 |
Translation and purchase accounting adjustments | (2,660) |
Balance, ending | 316,730 |
Packaging [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 166,400 |
Translation and purchase accounting adjustments | (2,660) |
Balance, ending | 163,740 |
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 Intangible_4
Goodwill and Other Intangible Assets Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, accumulated amortization | $ (169,450) | $ (155,490) |
Intangible Assets, Gross (Excluding Goodwill) | 348,730 | 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 | 205,470 | 206,140 |
Finite-lived intangible assets, accumulated amortization | (103,470) | (92,880) |
Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 100,330 | 100,640 |
Finite-lived intangible assets, accumulated amortization | (65,980) | (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 | 73,240 | 73,910 |
Finite-lived intangible assets, accumulated amortization | (46,410) | (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 | (57,060) | (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 | 57,030 | 57,340 |
Finite-lived intangible assets, accumulated amortization | (30,900) | (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 | $ (35,080) | $ (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 Intangible_5
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 4,860 | $ 4,930 | $ 14,600 | $ 14,920 |
Cost of Sales [Member] | Technology and Other [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 1,230 | 1,280 | 3,680 | 3,990 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 3,630 | $ 3,650 | $ 10,920 | $ 10,930 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 85,730 | $ 86,310 |
Work in process | 27,300 | 24,580 |
Raw materials | 52,440 | 44,460 |
Total inventories | $ 165,470 | $ 155,350 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 401,230 | $ 392,930 |
Less: Accumulated depreciation | 216,150 | 202,680 |
Property and equipment, net | 185,080 | 190,250 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15,580 | 15,500 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 74,120 | 73,550 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 311,530 | $ 303,880 |
Property and Equipment, Net - D
Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 18,630 | $ 18,890 | ||
Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 5,760 | $ 5,840 | 18,630 | 18,890 |
Cost of Sales [Member] | Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | 5,490 | 5,440 | 17,330 | 17,380 |
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 270 | $ 400 | $ 1,300 | $ 1,510 |
Long-term Debt - Debt Table (De
Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ (6,710) | $ (7,730) |
Long-term debt, net | 293,290 | 303,080 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 300,000 | 300,000 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 0 | $ 10,810 |
Long-term Debt - Senior Notes (
Long-term Debt - Senior Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 20, 2017 | |
Debt Instrument [Line Items] | ||||
Cash paid for interest | $ 7,840 | $ 9,020 | ||
Payments of Financing Costs | $ 1,100 | |||
Debt Issuance Costs, Noncurrent, Net | $ 1,100 | |||
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 300,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |||
Debt Instrument, Maturity Date | Oct. 15, 2025 | |||
Payments of Financing Costs | 5,000 | |||
Debt Issuance Costs, Noncurrent, Net | $ 4,900 | |||
Debt Related Commitment Fees and Debt Issuance Costs | 100 | |||
Debt Instrument, Date of First Required Payment | Apr. 15, 2018 | |||
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | 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% | |||
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | October 15, 2020 to October 14, 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 102.438% | |||
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | October 15, 2021 to October 14, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 101.219% | |||
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | October 15, 2022 and thereafter [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||
Senior Secured Term Loan A [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 250,900 | |||
Cash paid for interest | 400 | |||
Receivables Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 41,700 |
Long-term Debt - Credit Agreeme
Long-term Debt - Credit Agreement (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 20, 2017USD ($) | |
Debt Instrument [Line Items] | ||||
Payments of Financing Costs | $ 1.1 | |||
Debt Issuance Costs, Noncurrent, Net | $ 1.1 | |||
Write off of Deferred Debt Issuance Cost | $ 2 | |||
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 | 0 | $ 10.8 | ||
Revolving Credit Facility, Remaining Borrowing Capacity | 284.9 | 274.3 | ||
Letters of credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit, Maximum Borrowing Capacity | 40 | |||
Letters of Credit Outstanding, Amount | 15.1 | 14.9 | ||
U.S. bank debt and receivables facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 332.1 | |||
Revolving credit and term loan facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Incremental debt commitments capacity | 200 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 284.9 |
Long-term Debt - Receivables Fa
Long-term Debt - Receivables Facility (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Mar. 18, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 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 | $ 0.3 | $ 0.1 | $ 0.9 |
Long-term Debt - Fair Value (De
Long-term Debt - Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 0 | $ 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 | 0 | 10,810 |
Fair Value, Inputs, Level 2 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | 288,000 | 300,750 |
Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | $ 0 | $ 10,490 |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018USD ($)number | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)number | Sep. 30, 2017USD ($) | Sep. 19, 2017USD ($) | Dec. 31, 2017number | |
Derivative [Line Items] | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ (1,900) | |||||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Number of Instruments Held | number | 0 | 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 | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2,900 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 1,800 | |||||
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% | 2.10% | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 | $ 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 | 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 | $ 75,000 |
Derivative Instruments - Design
Derivative Instruments - Designated as hedging, Financial Position (Details) - USD ($) $ in Thousands | Sep. 30, 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 | $ (1,880) | $ (4,110) |
Derivative Instruments - Desi_2
Derivative Instruments - Designated as hedging, Financial Performance (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 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 | $ 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 | $ 20 | 0 | $ (320) | |
Interest Rate Swap [Member] | Debt financing and related expenses [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (4,680) | 0 | (4,680) | |
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 | (1,450) | (1,450) | $ (3,170) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Desi_3
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) - Designated as Hedging Instrument [Member] $ in Millions | 9 Months Ended |
Sep. 30, 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 | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ (1,880) | $ (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 | (1,880) | (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 | 9 Months Ended | 333 Months Ended | ||
Sep. 30, 2018claimantscases | Sep. 30, 2018USD ($)claimantscases | Dec. 31, 2017claimants | Dec. 31, 2016claimants | |
Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Estimated Time until Primary Insurance is Exhausted | 6 months | |||
Asbestos [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Cases, Number | cases | 390 | 390 | ||
Loss Contingency, Pending Claims, Number | 4,833 | 4,833 | 5,256 | 5,339 |
Total settlement costs | $ | $ 8.8 | |||
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 | 54 | 54 |
Commitments and Contingencies_2
Commitments and Contingencies Asbestos Claimant and Settlement (Details) - Asbestos [Member] | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018USD ($)claimants | Dec. 31, 2017USD ($)claimants | Dec. 31, 2016claimants | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Pending Claims, Number | 4,833 | 5,256 | 5,339 |
Loss Contingency, New Claims Filed, Number | 123 | 173 | |
Loss Contingency, Claims Dismissed, Number | 517 | 231 | |
Loss Contingency, Claims Settled, Number | 29 | 25 | |
Average settlement amount per claim during period | $ | $ 7,603 | $ 8,930 | |
Total defense costs during period | $ | $ 1,718,100 | $ 2,280,000 |
Commitments and Contingencies_3
Commitments and Contingencies Asbestos Damages Sought (Details) - Asbestos [Member] $ in Millions | 9 Months Ended |
Sep. 30, 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 | 54 |
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 | 14 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 40 |
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 I_2
Segment Information Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 223,780 | $ 209,330 | $ 665,790 | $ 622,530 | ||
Operating profit (loss) | 29,880 | 28,290 | 96,610 | 70,620 | ||
Operating Segments [Member] | Packaging [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 95,250 | 89,560 | 278,540 | 259,260 | ||
Operating profit (loss) | 22,060 | 23,140 | 64,450 | 61,630 | ||
Operating Segments [Member] | Aerospace [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 49,070 | 48,550 | 140,500 | 141,550 | ||
Operating profit (loss) | 8,290 | 7,810 | 20,680 | 19,860 | ||
Operating Segments [Member] | Specialty Products [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 79,460 | 71,220 | 246,750 | 221,720 | ||
Operating profit (loss) | 7,720 | 5,000 | 26,610 | 11,770 | ||
Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating profit (loss) | $ (8,190) | $ (7,660) | $ (15,130) | [1] | $ (22,640) | |
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 $8.2 million non-cash reduction in selling, general and administrative expenses. See Note 10, "Commitments and Contingencies," for further details. |
Equity Awards - Stock Option Ac
Equity Awards - Stock Option Activity Table (Details) | 9 Months Ended |
Sep. 30, 2018USD ($)$ / 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) | 5 years 10 months |
Options Aggregate Intrinsic Value | $ | $ 3,558,967 |
Equity Awards - Stock Options N
Equity Awards - Stock Options Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 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 | $ 0.1 | $ 0.1 | ||
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 | 10 months | |||
Exercisable stock options | 156,854 | 156,854 | ||
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 | $ 0.1 | $ 0.2 | $ 0.5 |
Equity Awards - Restricted Stoc
Equity Awards - Restricted Stock Units Activity Table (Details) - Restricted Stock Units [Member] | 9 Months Ended |
Sep. 30, 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 | 308,493 |
Number of Unvested Restricted Stock Units Vested | shares | (338,141) |
Number of Unvested Restricted Stock Units Cancelled | shares | (34,931) |
Number of Unvested Restricted Stock Units Outstanding, ending balance | shares | 662,357 |
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 | 30.29 |
Unvested Restricted Stock Units Vested, Weighted Average Grant Date Fair Value | 21.61 |
Unvested Restricted Stock Units Cancelled, Weighted Average Grant Date Fair Value | 23.29 |
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, ending | $ 26.65 |
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 2 months |
Restricted Stock Units Aggregate Intrinsic Value | $ 20,135,653 |
Equity Awards - Restricted St_2
Equity Awards - Restricted Stock Units Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($)number | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)numberRateshares | Sep. 30, 2017USD ($) | Dec. 31, 2017 | |
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares issued related to director fee deferrals | 5,907 | ||||
Number of Unvested Restricted Stock Units Granted | 308,493 | ||||
Unrecognized unvested restricted shares-based compensation expense | $ | $ 9.3 | $ 9.3 | |||
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | 2 years 2 months | ||||
Plan 1 [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Stock Units Granted | 141,203 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||
Plan 5 [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||||
Plan 5 [Member] | Restricted Stock Units [Member] | Non-employee independent director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Stock Units Granted | 25,830 | ||||
Plan 8 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of performance metrics in restricted shares award type plan | number | 2 | 2 | |||
Plan 8 [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Stock Units Granted | 104,532 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.67% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | Rate | 30.20% | ||||
3 year EPS CAGR metric [Member] | Minimum [Member] | Plan 8 [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 40.00% | ||||
3 year EPS CAGR metric [Member] | Maximum [Member] | Plan 8 [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award percentage earned based on metric over the performance period | 50.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 200.00% | ||||
Total shareholder return metric [Member] | Plan 3 [Member] | Restricted Stock Units [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] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 0.00% | ||||
Total shareholder return metric [Member] | Minimum [Member] | Plan 8 [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 0.00% | ||||
Total shareholder return metric [Member] | Maximum [Member] | Plan 3 [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 200.00% | ||||
Total shareholder return metric [Member] | Maximum [Member] | Plan 8 [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award percentage earned based on metric over the performance period | 50.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 200.00% | ||||
Selling, General and Administrative Expenses [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares-based compensation expense | $ | $ 1.7 | $ 1.6 | $ 4.2 | $ 4.6 |
Earnings per Share Earnings p_2
Earnings per Share Earnings per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average common shares—basic | 45,850,288 | 45,721,155 | 45,850,187 | 45,669,782 |
Weighted average common shares—diluted | 46,166,558 | 46,029,361 | 46,198,884 | 45,953,578 |
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 | 203,800 | 233,859 | 246,347 | 226,617 |
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 | 112,470 | 74,347 | 102,350 | 57,179 |
Earnings per Share Repurchase o
Earnings per Share Repurchase of Common Stock (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock Repurchased and Retired During Period, Value | $ 3,590 | |||
10b5-1 share repurchase program [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 50,000,000 | 50,000,000 | ||
Stock Repurchased and Retired During Period, Shares | 23,191 | 0 | 124,138 | 0 |
Stock Repurchased and Retired During Period, Value | $ 700 | $ 0 | $ 3,600 | $ 0 |
Defined Benefit Plans - Net Per
Defined Benefit Plans - Net Periodic Pension Costs (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Service costs | $ 270 | $ 290 | $ 850 | $ 840 | |
Interest costs | 260 | 310 | 850 | 950 | |
Expected return on plan assets | (340) | (370) | (1,190) | (1,100) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | $ (2,500) | 0 | 2,500 | 0 |
Amortization of net (gain)/loss | 180 | 260 | 670 | 760 | |
Net periodic benefit cost | $ 370 | $ 490 | $ 3,680 | $ 1,450 |
Defined Benefit Plans - Defined
Defined Benefit Plans - Defined Benefit Plans Narrative (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | $ 0 | $ (2,500) | $ 0 | $ 2,500 | $ 0 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 800 | 2,000 | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 2,400 | $ 2,400 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balances | $ 544,020 | ||||||
Total other comprehensive income (loss) | $ (1,980) | $ 3,620 | (1,550) | $ 7,660 | |||
Balances | 607,490 | 607,490 | |||||
Other Comprehensive Income (Loss), Tax [Abstract] | |||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (500) | 400 | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 900 | 200 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 1,900 | ||||||
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 | (3,030) | [1] | (500) | [2] | |||
Total other comprehensive income (loss) | 3,030 | 500 | |||||
Balances | (7,420) | (11,620) | (7,420) | (11,620) | |||
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] | (580) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | (3,100) | |||||
Total other comprehensive income (loss) | 2,520 | ||||||
Balances | 0 | 0 | |||||
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] | 1,720 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||||||
Total other comprehensive income (loss) | 1,720 | ||||||
Balances | (1,450) | (1,450) | |||||
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 | (6,300) | 4,640 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | |||||
Total other comprehensive income (loss) | (6,300) | 4,640 | |||||
Balances | (10,010) | (5,120) | (10,010) | (5,120) | |||
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 | (4,580) | 4,060 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (3,030) | (3,600) | |||||
Total other comprehensive income (loss) | (1,550) | 7,660 | |||||
Balances | $ (18,880) | $ (16,740) | $ (18,880) | $ (16,740) | |||
[1] | Defined benefit plans, net of income tax of approximately $0.9 million. See Note 14, "Defined Benefit Plans," for further details. | ||||||
[2] | Defined benefit plans, net of income tax of approximately $0.2 million. See Note 14, "Defined Benefit Plans," for further details. Derivative instruments, net of income tax of approximately $1.9 million. See Note 9, "Derivative Instruments," for further details. | ||||||
[3] | Derivative instruments, net of income tax of approximately $0.4 million. See Note 9, "Derivative Instruments," for further details. | ||||||
[4] | Derivative instruments, net of income tax of approximately $0.5 million. See Note 9, "Derivative Instruments," for further details. |
Subsequent Event (Details)
Subsequent Event (Details) - Designated as Hedging Instrument [Member] - Net Investment Hedging [Member] - Cross Currency Interest Rate Contract [Member] - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | 60 Months Ended |
Oct. 25, 2018 | Sep. 30, 2018 | Oct. 15, 2023 | |
Subsequent Event [Line Items] | |||
Maximum Remaining Maturity of Foreign Currency Derivatives | 5 years | ||
Derivative, Fixed Interest Rate | 2.10% | ||
Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Derivative, Notional Amount | $ 75 | ||
Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Derivative, Notional Amount | $ 150 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Derivative, Cash Received on Hedge | $ 1.1 | ||
Maximum Remaining Maturity of Foreign Currency Derivatives | 5 years | ||
Derivative, Fixed Interest Rate | 2.90% | ||
Subsequent Event [Member] | Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Derivative, Notional Amount | $ 75 | ||
Subsequent Event [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Derivative, Notional Amount | $ 125 |