Document and Entity Information
Document and Entity Information Document - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 45,530,615 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,332.7 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
Consolidated Balance Sheet Stat
Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 108,150 | $ 27,580 |
Receivables, net | 123,110 | 112,220 |
Inventories | 173,120 | 155,350 |
Prepaid expenses and other current assets | 7,430 | 16,120 |
Total current assets | 411,810 | 311,270 |
Property and equipment, net | 187,800 | 190,250 |
Goodwill | 316,650 | 319,390 |
Other intangibles, net | 174,530 | 194,220 |
Deferred income taxes | 1,080 | 9,100 |
Other assets | 8,650 | 8,970 |
Total assets | 1,100,520 | 1,033,200 |
Current liabilities: | ||
Accounts payable | 93,430 | 72,410 |
Accrued liabilities | 48,300 | 49,470 |
Total current liabilities | 141,730 | 121,880 |
Long-term debt, net | 293,560 | 303,080 |
Deferred income taxes | 5,560 | 5,650 |
Other long-term liabilities | 39,220 | 58,570 |
Total liabilities | 480,070 | 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: 45,527,993 shares at December 31, 2018 and 45,724,453 shares at December 31, 2017 | 460 | 460 |
Paid-in capital | 816,500 | 823,850 |
Accumulated deficit | (179,660) | (262,960) |
Accumulated other comprehensive loss | (16,850) | (17,330) |
Total shareholders' equity | 620,450 | 544,020 |
Total liabilities and shareholders' equity | $ 1,100,520 | $ 1,033,200 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parentheticals - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Stockholders' Equity: | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares, Issued | 45,527,993 | 45,724,453 |
Common Stock, Shares, Outstanding | 45,527,993 | 45,724,453 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 877,140 | $ 817,740 | $ 794,020 |
Cost of sales | (633,020) | (598,350) | (583,220) |
Gross profit | 244,120 | 219,390 | 210,800 |
Selling, general and administrative expenses | (121,800) | (129,140) | (151,960) |
Net loss on dispositions of assets | (250) | (1,080) | (1,870) |
Impairment of goodwill and indefinite-lived intangible assets | 0 | 0 | (98,900) |
Operating profit (loss) | 122,070 | 89,170 | (41,930) |
Other expense, net: | |||
Interest expense | (13,910) | (14,400) | (13,720) |
Debt financing and related expenses | 0 | (6,640) | 0 |
Other expense, net | (2,180) | (1,920) | (2,580) |
Other expense, net | (16,090) | (22,960) | (16,300) |
Income (loss) before income taxes | 105,980 | 66,210 | (58,230) |
Income tax benefit (expense) | (22,680) | (35,250) | 18,430 |
Net income (loss) | $ 83,300 | $ 30,960 | $ (39,800) |
Basic earnings (loss) per share: | |||
Net income (loss) per share | $ 1.82 | $ 0.68 | $ (0.88) |
Weighted average common shares—basic | 45,824,555 | 45,682,627 | 45,407,316 |
Diluted earnings (loss) per share: | |||
Net income (loss) per share | $ 1.80 | $ 0.67 | $ (0.88) |
Weighted average common shares—diluted | 46,170,464 | 45,990,252 | 45,407,316 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 83,300 | $ 30,960 | $ (39,800) |
Other comprehensive income | |||
Defined benefit plans | 3,250 | 1,670 | 250 |
Foreign currency translation | (6,880) | 6,050 | (12,620) |
Derivative instruments | 4,110 | (650) | (730) |
Total other comprehensive income (loss) | 480 | 7,070 | (13,100) |
Total comprehensive income (loss) | $ 83,780 | $ 38,030 | $ (52,900) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 83,300 | $ 30,960 | $ (39,800) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Impairment of goodwill and indefinite-lived intangible assets | 0 | 0 | 98,900 |
Loss on dispositions of assets | 250 | 1,080 | 1,870 |
Depreciation | 24,580 | 26,950 | 24,390 |
Amortization of intangible assets | 19,440 | 19,920 | 20,470 |
Amortization of debt issue costs | 1,290 | 1,320 | 1,370 |
Deferred income taxes | 7,200 | 15,260 | (32,160) |
Non-cash compensation expense | 7,170 | 6,780 | 6,940 |
Debt financing and related expenses | 0 | 6,640 | 0 |
(Increase) decrease in receivables | (11,420) | 1,220 | 7,990 |
(Increase) decrease in inventories | (18,690) | 4,350 | 5,180 |
(Increase) decrease in prepaid expenses and other assets | 9,060 | (310) | 2,550 |
Increase (decrease) in accounts payable and accrued liabilities | 4,340 | 3,640 | (18,120) |
Other operating activities | 2,800 | 2,250 | 890 |
Net cash provided by operating activities | 129,320 | 120,060 | 80,470 |
Cash Flows from Investing Activities: | |||
Capital expenditures | (25,050) | (36,800) | (31,330) |
Net proceeds from dispositions of property and equipment | 250 | 4,450 | 220 |
Net cash used for investing activities | (24,800) | (32,350) | (31,110) |
Cash Flows from Financing Activities: | |||
Proceeds from borrowings on revolving credit and accounts receivable facilities | 59,060 | 401,300 | 402,420 |
Repayments of borrowings on revolving credit and accounts receivable facilities | (68,490) | (517,310) | (433,350) |
Payments to purchase common stock | 12,140 | 0 | 0 |
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (2,380) | (510) | (1,590) |
Proceeds from issuance of senior notes | 0 | 300,000 | 0 |
Repayments of borrowings on term loan facilities | 0 | (257,940) | (13,850) |
Debt financing fees | 0 | (6,070) | 0 |
Payments for deferred purchase price | 0 | 0 | (2,530) |
Other financing activities | 0 | (310) | 800 |
Net cash used for financing activities | (23,950) | (80,840) | (48,100) |
Increase for the year | 80,570 | 6,870 | 1,260 |
At beginning of year | 27,580 | 20,710 | 19,450 |
At end of year | 108,150 | 27,580 | 20,710 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 13,800 | 9,430 | 11,800 |
Cash paid for income taxes | $ 7,380 | $ 16,230 | $ 17,210 |
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, 2015 | $ 547,190 | $ 450 | $ 812,160 | $ (254,120) | $ (11,300) |
Net income (loss) | (39,800) | (39,800) | |||
Other comprehensive income (loss) | (13,100) | (13,100) | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (1,590) | (1,590) | |||
Stock option exercises and restricted stock vesting | 160 | 10 | 150 | ||
Tax effect from stock based compensation | (80) | (80) | |||
Non-cash compensation expense | 6,940 | 6,940 | |||
Balances at Dec. 31, 2016 | 499,720 | 460 | 817,580 | (293,920) | (24,400) |
Net income (loss) | 30,960 | 30,960 | |||
Other comprehensive income (loss) | 7,070 | 7,070 | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (510) | (510) | |||
Non-cash compensation expense | 6,780 | 6,780 | |||
Balances at Dec. 31, 2017 | 544,020 | 460 | 823,850 | (262,960) | (17,330) |
Net income (loss) | 83,300 | 83,300 | |||
Other comprehensive income (loss) | 480 | 480 | |||
Stock Repurchased and Retired During Period, Value | (12,140) | (12,140) | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (2,380) | (2,380) | |||
Non-cash compensation expense | 7,170 | 7,170 | |||
Balances at Dec. 31, 2018 | $ 620,450 | $ 460 | $ 816,500 | $ (179,660) | $ (16,850) |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil and gas end markets. In the first quarter of 2018, TriMas realigned its reporting structure from four segments to three. While there were no changes to the Packaging and Aerospace reportable segments, the Company combined its previous Energy and Engineered Components reportable segments into a new reportable segment titled Specialty Products. This change was made in connection with recent realignment efforts, providing a more streamlined operating structure and to better leverage resources across the divisions in this segment. See Note 18 , " Segment Information ," for further information on each of the Company's reportable segments. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements Not Yet Adopted | 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 resulting from the Tax Cuts and Jobs Act ("Tax Reform Act") classified within accumulated other comprehensive income to retained earnings. 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. The Company plans to adopt the standard effective January 1, 2019. While the Company continues to assess the impact of adoption of this standard, the Company anticipates the most significant impact will be to its consolidated balance sheet, adding approximately $40 million of right-of-use assets and lease liabilities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation. The accompanying consolidated financial statements include the accounts and transactions of TriMas and its subsidiaries. Intercompany transactions have been eliminated. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, goodwill and other intangibles, valuation allowances for receivables, inventories and deferred income tax assets, valuation of derivatives, estimated future unrecoverable lease costs, reserves for asbestos and ordinary course litigation, assets and obligations related to employee benefits and estimated unrecognized tax benefits. Actual results may differ from such estimates and assumptions. Cash and Cash Equivalents. The Company considers cash on hand and on deposit and investments in all highly liquid debt instruments with initial maturities of three months or less to be cash and cash equivalents. Receivables. Receivables are presented net of allowances for doubtful accounts of approximately $3.4 million and $4.1 million at December 31, 2018 and 2017 , respectively. The Company monitors its exposure for credit losses and maintains allowances for doubtful accounts based upon the Company's best estimate of probable losses inherent in the accounts receivable balances. The Company does not believe that significant credit risk exists due to its diverse customer base. Sales of Receivables. The Company may, from time to time, sell certain of its receivables to third parties. Sales of receivables are recognized at the point in which the receivables sold are transferred beyond the reach of the Company and its creditors, the purchaser has the right to pledge or exchange the receivables and the Company has surrendered control over the transferred receivables. Inventories. Inventories are stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out method. Direct materials, direct labor and allocations of variable and fixed manufacturing-related overhead are included in inventory cost. Property and Equipment. Property and equipment additions, including significant improvements, are recorded at cost. Upon retirement or disposal of property and equipment, the cost and accumulated depreciation are removed from the accounts, and any gain or loss is included in the accompanying statement of operations. Repair and maintenance costs are charged to expense as incurred. Depreciation and Amortization. Depreciation is computed principally using the straight-line method over the estimated useful lives of the assets. Annual depreciation rates are as follows: building and land/building improvements three to 40 years, and machinery and equipment, three to 15 years. Capitalized debt issuance costs are amortized over the underlying terms of the related debt securities. Customer relationship intangibles are amortized over periods ranging from five to 25 years, while technology and other intangibles are amortized over periods ranging from one to 30 years. Impairment of Long-Lived Assets and Definite-Lived Intangible Assets. The Company reviews, on at least a quarterly basis, the financial performance of its businesses for indicators of impairment. In reviewing for impairment indicators, the Company also considers events or changes in circumstances such as business prospects, customer retention, market trends, potential product obsolescence, competitive activities and other economic factors. An impairment loss is recognized when the carrying value of an asset group exceeds the future net undiscounted cash flows expected to be generated by that asset group. The impairment loss recognized is the amount by which the carrying value of the asset group exceeds its fair value. Goodwill. The Company assesses goodwill for impairment on an annual basis (October 1 test date) by reviewing relevant qualitative and quantitative factors. More frequent evaluations may be required if the Company experiences changes in its business climate or as a result of other triggering events that take place. If carrying value exceeds fair value, a possible impairment exists and further evaluation is performed. The Company determines its reporting units at the individual operating segment level, or one level below, when there is discrete financial information available that is regularly reviewed by segment management for evaluating operating results. For purposes of the Company's 2018 goodwill impairment test, the Company had five reporting units, three of which had goodwill, within its three reportable segments. See Note 6 , " Goodwill and Other Intangible Assets ," for further details regarding the Company's goodwill impairment testing. The Company begins its goodwill reviews by conducting a qualitative assessment ("Step Zero"), considering relevant events and circumstances that affect the fair value or carrying amount of a reporting unit. Such events and circumstances can include macroeconomic conditions, industry and market considerations, overall financial performance, entity and reporting unit specific events, and capital markets pricing. The Company considers the extent to which each of the adverse events and circumstances identified affect the comparison of a reporting unit's fair value with its carrying amount. The Company places more weight on the events and circumstances that most affect a reporting unit's fair value or the carrying amount of its net assets. The Company considers positive and mitigating events and circumstances that may affect its determination of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company also considers recent valuations of its reporting units, including the difference between the most recent fair value estimate and the carrying amount. These factors are all considered by management in reaching its conclusion about whether a quantitative goodwill impairment test is necessary to estimate the fair value of its reporting units. If the Company concludes that conducting a quantitative assessment is required, it performs the first step of a two-step goodwill impairment test. For the first step ("Step I"), the Company estimates the fair value of the reporting unit being evaluated utilizing a combination of three valuation techniques: discounted cash flow (income approach), market comparable method (market approach) and market capitalization (direct market data method). The income approach is based on management's operating plan and internal five-year forecast and utilizes forward-looking assumptions and projections, but considers factors unique to each reporting unit and related long-range plans that may not be comparable to other companies and that are not yet public. The market approach considers potentially comparable companies and transactions within the industries where the Company's reporting units participate, and applies their trading multiples to the Company's reporting units. This approach utilizes data from actual marketplace transactions, but reliance on its results is limited by difficulty in identifying companies that are specifically comparable to the Company's reporting units, considering the diversity of the Company's businesses, the relative sizes and levels of complexity. The Company also uses the direct market data method by comparing its book value and the estimates of fair value of the reporting units to the Company's market capitalization. Management uses this comparison as additional evidence of the fair value of the Company, as its market capitalization may be suppressed by other factors such as the control premium associated with a controlling shareholder, the Company's degree of leverage and the float of the Company's common stock. Management evaluates and weights the results based on a combination of the income and market approaches, and, in situations where the income approach results differ significantly from the market and direct data approaches, management re-evaluates and adjusts, if necessary, its assumptions. Based on the Step I test, if it is determined that the carrying value of the reporting unit is higher than its fair value, there is an indication that an impairment may exist and the second step ("Step II") is performed to measure the amount of impairment loss, if any. In Step II, the Company determines the implied fair value of the reporting unit goodwill in the same manner as if the reporting unit was being acquired in a business combination and compares the implied fair value of the reporting unit goodwill to the carrying value of the goodwill. If the implied fair value of the goodwill is less than the carrying value, goodwill is impaired and is written down to the implied fair value amount. Indefinite-Lived Intangibles. The Company assesses indefinite-lived intangible assets (primarily trademark/trade names) for impairment on an annual basis (October 1 test date) by reviewing relevant qualitative and quantitative factors. More frequent evaluations may be required if the Company experiences changes in its business climate or as a result of other triggering events that take place. If carrying value exceeds fair value, a possible impairment exists and further evaluation is performed. In conducting a qualitative assessment, the Company considers relevant events and circumstances to determine whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying values. In addition to the events and circumstances that the Company considers above in its qualitative analysis for potential goodwill impairment, the Company also considers legal, regulatory and contractual factors that could affect the fair value or carrying amount of the Company's indefinite-lived intangible assets. The Company also considers recent valuations of its indefinite-lived intangible assets, including the difference between the most recent fair value estimates and the carrying amounts. These factors are all considered by management in reaching its conclusion about whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying values. If management concludes that further testing is required, the Company performs a quantitative valuation to estimate the fair value of its indefinite-lived intangible assets. In conducting the quantitative impairment analysis, the Company determines the fair value of its indefinite-lived intangible assets using the relief-from-royalty method. The relief-from-royalty method involves the estimation of appropriate market royalty rates for the indefinite-lived intangible assets and the application of these royalty rates to forecasted net sales attributable to the intangible assets. The resulting cash flows are then discounted to present value, using a rate appropriately reflecting the risks inherent in the cash flows, which is compared to the carrying value of the assets. If the carrying value exceeds fair value, an impairment is recorded. See Note 6 , " Goodwill and Other Intangible Assets ," for further details regarding the Company's indefinite-lived intangible asset impairment testing. High Deductible Insurance. The Company generally has a high deductible insurance plan for losses and liabilities related to workers' compensation, health and welfare claims and comprehensive general, product and vehicle liability. The Company is generally responsible for up to $0.8 million per occurrence under its retention program for workers' compensation, between $0.3 million and $1.5 million per occurrence under its retention programs for comprehensive general, product and vehicle liability, and has a $0.3 million per occurrence stop-loss limit with respect to its group medical plan. Total insurance limits under these retention programs vary by year for comprehensive general, product and vehicle liability and extend to the applicable statutory limits for workers' compensation. Reserves for claims losses, including an estimate of related litigation defense costs, are recorded based upon the Company's estimates of the aggregate liability for claims incurred using actuarial assumptions about future events. Changes in assumptions for factors such as medical costs and actual experience could cause these estimates to change. Pension Plans. The Company engages independent actuaries to compute the amounts of liabilities and expenses under defined benefit pension plans, subject to the assumptions that the Company determines are appropriate based on historical trends, current market rates and future projections. Assumptions used in the actuarial calculations could have a significant impact on plan obligations, and a lesser impact on current period expense. Annually, the Company reviews the actual experience compared to the more significant assumptions used and makes adjustments to the assumptions, if warranted. Discount rates are based on an expected benefit payments duration analysis and the equivalent average yield rate for high-quality fixed-income investments. Pension benefits are funded through deposits with trustees and the expected long-term rate of return on fund assets is based on actual historical returns and a review of other public company pension asset return data, modified for known changes in the market and any expected change in investment policy. Revenue Recognition. 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 and other discounts in connection with various supply 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 accounts 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. Cost of Sales. Cost of sales includes material, labor and overhead costs incurred in the manufacture of products sold in the period. Material costs include raw material, purchased components, outside processing and freight costs. Overhead costs consist of variable and fixed manufacturing costs, wages and fringe benefits, and purchasing, receiving and inspection costs. Selling, General and Administrative Expenses. Selling, general and administrative expenses include the following: costs related to the advertising, sale, marketing and distribution of the Company's products, amortization of customer intangible assets, costs of finance, human resources, legal functions, executive management costs and other administrative expenses. Income Taxes. The Company computes income taxes using the asset and liability method, whereby deferred income taxes using current enacted tax rates are provided for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities and for operating loss and tax credit carryforwards. The Company determines valuation allowances based on an assessment of positive and negative evidence on a jurisdiction-by-jurisdiction basis and records a valuation allowance to reduce deferred tax assets to the amount more likely than not to be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. On December 22, 2017, the Tax Reform Act was signed into law. Among the provisions, the Tax Reform Act reduces the Federal statutory corporate income tax rate from 35% to 21% effective January 1, 2018, implements a territorial tax system and imposes a one-time tax on the deemed repatriation of undistributed earnings of non-U.S. subsidiaries, introduces additional limitations on the deductibility of interest, allows for the immediate expensing of capital expenditures through 2023 and modifies or repeals many business deductions and credits. While the Tax Reform Act provides for a territorial tax system, beginning in 2018, it includes two new U.S. tax base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The FASB provided guidance that allows companies to make an accounting policy election to either account for deferred taxes related to GILTI inclusions or treat any taxes on GILTI inclusions as period costs. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts on GILTI in its consolidated financial statements for the years ended December 31, 2018 and 2017. The BEAT provisions in the Tax Reform Act eliminate the deduction of certain base-erosion payments made to related foreign corporations, and impose a minimum tax if greater than regular tax. The Company does not expect the BEAT provisions to have a significant impact to its consolidated financial statements, and has not included any tax impacts of BEAT in its consolidated financial statements for the year ended December 31, 2018 and 2017. See Note 19 , " Income Taxes ," for further information regarding the impact of the Tax Reform Act to the Company. Foreign Currency Translation. The financial statements of subsidiaries located outside of the United States are measured using the currency of the primary economic environment in which they operate as the functional currency. When translating into U.S. dollars, income and expense items are translated at average monthly exchange rates and assets and liabilities are translated at exchange rates in effect at the balance sheet date. Adjustments resulting from translating the functional currency into U.S. dollars are deferred as a component of accumulated other comprehensive income (loss) ("AOCI") in the consolidated statement of shareholders' equity. Net foreign currency transaction gains (losses) were an approximate gain of $1.3 million for the year ended December 31, 2018 , a loss of $0.8 million for the year ended December 31, 2017 and a gain of $0.8 million for the year ended December 31, 2016 , and are included in other expense, net in the accompanying consolidated statement of operations. Derivative Financial Instruments. The Company records derivative financial instruments at fair value on the balance sheet as either assets or liabilities, and changes in their fair values are immediately recognized in earnings if the derivatives do not qualify as effective hedges. If a derivative is designated as a fair value hedge, then changes in the fair value of the derivative are offset against the changes in the fair value of the underlying hedged item. If a derivative is designated as a cash flow hedge, then the effective portion of the changes in the fair value of the derivative is recognized as a component of other comprehensive income until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable of occurring. If a derivative is designated as a net investment hedge, then the effective portion of the changes in the fair value of the derivative is recognized in other comprehensive income and will be subsequently reclassified to earnings when the hedged net investment is either sold or substantially liquidated. The Company formally documents hedging relationships for all derivative transactions and the underlying hedged items, as well as its risk management objectives and strategies for undertaking the hedge transactions. See Note 11 , " Derivative Instruments ," for further information on the Company's financial instruments. Fair Value of Financial Instruments. In accounting for and disclosing the fair value of financial instruments, the Company uses the following hierarchy: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. Valuation of the Company's interest rate swaps and cross-currency swaps are based on the income approach, which uses observable inputs such as interest rate yield curves and forward currency exchange rates, as applicable. The carrying value of financial instruments reported in the balance sheet for current assets and current liabilities approximates fair value due to the short maturity of these instruments. Business Combinations. The Company records assets acquired and liabilities assumed from acquisitions at fair value. The fair value of working capital accounts generally approximates book value. The valuation of inventory, property, plant and equipment, and intangible assets requires significant assumptions. Inventory is recorded at fair value based on the estimated selling price less costs to sell, including completion, disposal and holding period costs with a reasonable profit margin. Property and equipment is recorded at fair value using a combination of both the cost and market approaches for both the real and personal property acquired. Under the cost approach, consideration is given to the amount required to construct or purchase a new asset of equal value at current prices, with adjustments in value for physical deterioration, as well as functional and economic obsolescence. Under the market approach, recent transactions for similar types of assets are used as the basis for estimating fair value. For trademark/trade names and technology and other intangible assets, the estimated fair value is based on projected discounted future net cash flows using the relief-from-royalty method. For customer relationship intangible assets, the estimated fair value is based on projected discounted future cash flows using the excess earnings method. The relief-from-royalty and excess earnings method are both income approaches that utilize key assumptions such as forecasts of revenue and expenses over an extended period of time, royalty rate percentages, tax rates, and estimated costs of debt and equity capital to discount the projected cash flows. Stock-based Compensation. The Company recognizes compensation expense related to equity awards based on their fair values as of the grant date. For awards with only a service condition, expense is recognized ratably over the vesting period. Performance based equity awards may have targets tied to performance and/or market-based conditions. Market-based conditions are taken into consideration in determining the grant date fair value, and the related compensation expense is recognized regardless of whether the market condition is satisfied, provided the requisite service has been provided. For performance condition components, the Company periodically updates the probability that the performance conditions will be achieved and adjusts expense accordingly, reflecting the change from prior estimate, if any, in current period non-cash stock compensation expense. The disclosed number of awards granted considers only the targeted number of units until such time that the performance condition has been satisfied. If the performance conditions are not achieved, no award is earned. Other Comprehensive Income (Loss). The Company refers to other comprehensive income (loss) as revenues, expenses, gains and losses that under accounting principles generally accepted in the United States of America are included in comprehensive income (loss) but are excluded from net earnings as these amounts are recorded directly as an adjustment to stockholders' equity. Other comprehensive income (loss) is comprised of foreign currency translation adjustments, amortization of prior service costs and unrecognized gains and losses in actuarial assumptions for pension and postretirement plans and changes in unrealized gains and losses on derivatives. Reclassifications. Certain prior year amounts have been reclassified to conform with the current year presentation. |
Revenue Revenue (Notes)
Revenue Revenue (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue The following table presents the Company’s disaggregated net sales by primary end market served (dollars in thousands): Year ended December 31, Customer End Markets 2018 2017 2016 Consumer $ 276,740 $ 259,470 $ 259,390 Aerospace 185,920 184,310 174,920 Industrial 212,160 189,550 182,280 Oil and gas 202,320 184,410 177,430 Total net sales $ 877,140 $ 817,740 $ 794,020 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 and Consolida
Facility Closures and Consolidations | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure | Facility Closures and Consolidations During 2018, 2017 and 2016, the Company closed and consolidated several facilities. The following includes details of the most significant actions. 2018 Facility Closures and Consolidations During 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 2017 Facility Closures and Consolidations During 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. In 2017, upon the cease use date of the facility, the Company recorded a pre-tax charge of approximately $2.3 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, 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 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 . Additionally, during 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 net loss on disposition of assets in the accompanying statement of operations, of which approximately $3.2 million were non-cash charges related to the disposal of certain assets. 2016 Facility Closures and Consolidations During 2016, the Company closed and consolidated certain facilities and initiated actions toward consolidating additional facilities within each of its reportable segments. The most significant activity related to the move of production activities in Mexico within the Packaging reportable segment from Mexico City to San Miguel de Allende, for which the Company recorded pre-tax charges of approximately $2.5 million , of which approximately $0.7 million related to severance benefits for employees involuntarily terminated, approximately $0.8 million related to accelerated depreciation of machinery and equipment and the write-down of certain inventory to its estimated salvage value, with the remainder of the charges related to costs to move and start-up operations in the new facility. During 2017, the Company sold the Mexico City facility for cash proceeds of approximately $2.8 million and recognized a gain on sale of approximately $2.5 million which is included in net loss on dispositions of assets in the accompanying consolidated statement of operations. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The Company performed a Step Zero qualitative assessment as part of its 2018, 2017 and 2016 annual impairment tests for all reporting units, which included a review of the Company’s market capitalization. For purposes of the 2018 annual impairment test, based on the Step Zero assessment, the Company determined there were no indications that the fair value of a reporting unit was less than its carrying amount. Therefore, the Company determined that the Step I and Step II tests were not required. For purposes of the 2017 and 2016 annual impairment tests, for all reporting units with goodwill other than the Aerospace reporting unit, based on the Step Zero assessment, the Company determined that there were no indications that the fair value of a reporting unit was less than its carrying amount. Therefore, the Company determined that the Step I and Step II tests were not required for these reporting units. For purposes of the 2017 annual impairment test for the Company's Aerospace reporting unit, management elected to perform a Step I quantitative assessment in consideration of the partial goodwill impairment charge recorded during 2016. In preparing the Step I analysis, the Company utilized both income and market-based approaches, placing a 50% weighting on each. Significant management assumptions used under the income approach were a weighted average cost of capital ("WACC") of 9.5% and an estimated residual growth rate of 3% . In determining the WACC, management considered the level of risk inherent in the cash flow projections based on reducing previously utilized sales growth and margin expansion assumptions, as well as historical attainment of its projections and current market conditions. The use of these unobservable inputs resulted in the fair value estimate being classified as a Level 3 measurement within the fair value hierarchy. Upon completion of the Step I test, the Company determined that the fair value of the Aerospace reporting unit exceeded its carrying value by more than 15% . For purposes of the 2016 annual impairment test for the Company's Aerospace reporting unit, management had been monitoring current and expected operating results since the first quarter of 2016, when sales and margins were significantly lower than expected, to assess whether the reductions were other than temporary. Management established and executed against recovery plans, improving sales and margin levels during the second and third quarters of 2016. However, when considering these recent financial results, plus recognizing that fourth quarter 2016 results would be lower than previously expected, and updating the Company's assessment of future expectations for growth and profit levels, the Company determined that there were indicators that the fair value of the Aerospace reporting unit was less than its carrying value. Therefore, the Company performed a Step I quantitative assessment for its Aerospace reporting unit utilizing both income and market-based approaches, placing a 50% weighting on each. Significant management assumptions used under the income approach were a WACC of 10.3% and an estimated residual growth rate of 3% . In determining the WACC, management considered the level of risk inherent in the cash flow projections and current market conditions. The use of these unobservable inputs resulted in the fair value estimate being classified as a Level 3 measurement within the fair value hierarchy. Upon completion of the 2016 Step I test, the Company determined that the carrying value of the Aerospace reporting unit exceeded its fair value. The Company then performed a Step II test to determine whether goodwill had been impaired and, if applicable, to calculate the amount of the impairment charge. Based on the results of the Step II goodwill impairment test, the Company recorded a goodwill impairment charge of approximately $60.2 million in its Aerospace reporting unit. Changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 are as follows (dollars in thousands): Specialty Packaging Aerospace Products Total Balance, December 31, 2016 $ 162,090 $ 146,430 $ 6,560 $ 315,080 Foreign currency translation and other 4,310 — — 4,310 Balance, December 31, 2017 $ 166,400 $ 146,430 $ 6,560 $ 319,390 Foreign currency translation and other (2,740 ) — — (2,740 ) Balance, December 31, 2018 $ 163,660 $ 146,430 $ 6,560 $ 316,650 Other Intangible Assets For the purposes of the Company's 2018 indefinite-lived intangible asset impairment tests, the Company performed a qualitative assessment to determine whether it was more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying values. Based on the qualitative assessment performed, the Company does not believe that it is more likely than not that the fair values of each of its indefinite-lived intangible assets are less than the carrying values; therefore, a fair value calculation of the indefinite-lived intangible assets is not required for the 2018 annual indefinite-lived intangible asset impairment tests. In 2017, the Company performed a qualitative assessment as part of its annual impairment test to determine whether it was more likely than not that the fair values of the indefinite-lived intangible assets were less than the carrying values. Based on the assessment, the Company determined that there were no indications that the fair values of any of its indefinite-lived intangible assets were less than the carrying values. However, in consideration of the impairment charge recorded during 2016, the Company performed a quantitative assessment for its indefinite-lived intangible assets recorded on its balance sheet as of October 1, 2017 within the Aerospace reportable segment to supplement its qualitative assessment. Using the relief-from-royalty method with a discount rate of 9.5% and an estimated residual growth rate of 3% , the Company determined each of its Aerospace-related trade names had a fair value that exceeded carrying values by more than 9% . The use of unobservable inputs resulted in the fair value estimates being classified as a Level 3 measurement within the fair value hierarchy. In 2016, the Company performed a qualitative assessment as part of its annual impairment test to determine whether it was more likely than not that the fair values of the indefinite-lived intangible assets were less than the carrying values. Based on the assessment, the Company determined that there were no indications that the fair values of any of its indefinite-lived intangible assets, except for the Aerospace indefinite-lived intangible assets, were less than the carrying values. As such, the Company performed a quantitative assessment for all of its indefinite-lived intangible assets included within the Aerospace reportable segment, using a relief-from-royalty method. Significant management assumptions used under the relief-from-royalty method were a discount rate of 10.3% and an estimated residual growth rate of 3% . The use of these unobservable inputs resulted in the fair value estimates being classified as a Level 3 measurement within the fair value hierarchy. Upon completion of the quantitative impairment test, the Company determined that certain of the Company's Aerospace-related trade names had carrying values that exceeded their fair values, and therefore recorded impairment charges of approximately $38.7 million . 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 December 31, 2018 and 2017 are summarized below (dollars in thousands): As of December 31, 2018 As of December 31, 2017 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 - 12 years $ 73,450 $ (48,410 ) $ 73,910 $ (41,000 ) Customer relationships, 15 - 25 years 132,230 (58,790 ) 132,230 (51,880 ) Total customer relationships 205,680 (107,200 ) 206,140 (92,880 ) Technology and other, 1 - 15 years 57,020 (31,600 ) 57,340 (29,120 ) Technology and other, 17 - 30 years 43,300 (35,600 ) 43,300 (33,490 ) Total technology and other 100,320 (67,200 ) 100,640 (62,610 ) Indefinite-lived intangible assets: Trademark/Trade names 42,930 — 42,930 — Total other intangible assets $ 348,930 $ (174,400 ) $ 349,710 $ (155,490 ) Amortization expense related to intangible assets as included in the accompanying consolidated statement of operations is summarized as follows (dollars in thousands): Year ended December 31, 2018 2017 2016 Technology and other, included in cost of sales $ 4,900 $ 5,340 $ 5,680 Customer relationships, included in selling, general and administrative expenses 14,540 14,580 14,790 Total amortization expense $ 19,440 $ 19,920 $ 20,470 Estimated amortization expense for the next five fiscal years beginning after December 31, 2018 is as follows (dollars in thousands): Year ended December 31, Estimated Amortization Expense 2019 $ 19,080 2020 $ 18,140 2021 $ 15,360 2022 $ 11,810 2023 $ 9,910 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following components (dollars in thousands): December 31, December 31, Finished goods $ 91,780 $ 86,310 Work in process 29,080 24,580 Raw materials 52,260 44,460 Total inventories $ 173,120 $ 155,350 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following components (dollars in thousands): December 31, December 31, Land and land improvements $ 15,580 $ 15,500 Building and building improvements 74,110 73,550 Machinery and equipment 318,860 303,880 408,550 392,930 Less: Accumulated depreciation 220,750 202,680 Property and equipment, net $ 187,800 $ 190,250 Depreciation expense as included in the accompanying consolidated statement of operations is as follows (dollars in thousands): Year ended December 31, 2018 2017 2016 Depreciation expense, included in cost of sales $ 22,940 $ 24,950 $ 21,620 Depreciation expense, included in selling, general and administrative expense 1,640 2,000 2,770 Total depreciation expense $ 24,580 $ 26,950 $ 24,390 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following components (dollars in thousands): December 31, December 31, High deductible insurance $ 6,090 $ 6,250 Accrued payroll 20,830 19,060 Other 21,380 24,160 Total accrued liabilities $ 48,300 $ 49,470 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term Debt The Company's long-term debt consists of the following (dollars in thousands): December 31, December 31, 4.875% Senior Notes due October 2025 $ 300,000 $ 300,000 Credit Agreement — 10,810 Debt issuance costs (6,440 ) (7,730 ) Long-term debt, net $ 293,560 $ 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 operations. 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 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 amended its existing credit agreement in 2017 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 operations. The Company's revolving credit facility allows for the issuance of letters of credit, not to exceed $40.0 million in aggregate. At December 31, 2018 , the Company had no amounts outstanding under its revolving credit facility and had $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 $10.8 million outstanding under its revolving credit facility and had $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 accounts receivable facility and after consideration of leverage restrictions contained in the Credit Agreement, at December 31, 2018 and 2017 , the Company had $284.9 million and $332.1 million , 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 December 31, 2018 , the Company was in compliance with the financial covenants contained in the Credit Agreement. 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 $57.8 million available but not utilized. Aggregate costs incurred under the facility were $0.1 million , $1.0 million and $0.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, and are included in interest expense in the accompanying consolidated statement of operations. Long-term Debt Maturities Future maturities of the face value of long-term debt at December 31, 2018 are as follows (dollars in thousands): Year Ending December 31: Future Maturities 2019 $ — 2020 — 2021 — 2022 — 2023 — Thereafter 300,000 Total $ 300,000 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): December 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 300,000 $ 282,750 $ 300,000 $ 300,750 Revolving credit facility — — 10,810 10,490 Debt Issuance Costs The Company's unamortized debt issuance costs approximated $6.4 million and $7.7 million at December 31, 2018 and 2017 , respectively, and are included as a direct reduction from the related debt liability in the accompanying consolidated balance sheet. These amounts consisted primarily of legal, accounting and other transaction advisory fees as well as facility fees paid to the lenders. Amortization expense for these items was approximately $1.3 million , $1.3 million and $1.4 million in 2018 , 2017 and 2016 , respectively, and is included in interest expense in the accompanying consolidated statement of operations. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments In October 2018, 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 $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. At inception, the cross-currency swaps were designated as net investment hedges. In October 2018, immediately prior entering into the new cross-currency swap agreements, 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 cross-currency swap agreements were entered into in October 2017 and hedged the Company's net investment in Euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the Euro. The agreements had 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 was to receive net interest payments at a fixed rate of approximately 2.1% of the notional amount. 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 not 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 December 31, 2017. The cash flows associated with the cash flow hedges are reported in net cash provided by operating activities in the accompanying consolidated 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 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 operations during 2017. As of December 31, 2018 and 2017 , the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands): Asset / (Liability) Derivatives Derivatives designated as hedging instruments Balance Sheet Caption December 31, 2018 December 31, 2017 Net Investment Hedges Cross-currency swaps Other assets $ 130 $ — Cross-currency swaps Other long-term liabilities — (4,110 ) The following table summarizes the income (loss) recognized in AOCI on derivative contracts designated as hedging instruments as of December 31, 2018 and 2017 , and the amounts reclassified from AOCI into earnings for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): Amount of Income (Loss) Recognized Location of Loss Reclassified from AOCI into Earnings Amount of Loss Reclassified from As of December 31, Year ended December 31, 2018 2017 2018 2017 2016 Net Investment Hedges Cross-currency swaps $ 940 $ (3,170 ) Other expense, net $ — $ — $ — Cash Flow Hedges Interest rate swaps $ — $ — Interest expense $ — $ (320 ) $ (670 ) Debt financing and related expenses $ — $ (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 derivative instruments 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 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 December 31, 2018 and 2017 are as follows (dollars in thousands): Description Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2018 Cross-currency swaps Recurring $ 130 $ — $ 130 $ — December 31, 2017 Cross-currency swaps Recurring $ (4,110 ) $ — $ (4,110 ) $ — |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | Leases The Company leases certain equipment and facilities under non-cancelable operating leases. Rental expense for the Company totaled approximately $12.3 million in 2018 , $16.7 million in 2017 and $17.4 million in 2016 . Minimum payments for operating leases having initial or remaining non-cancelable lease terms in excess of one year at December 31, 2018 are summarized below (dollars in thousands): Year ended December 31, Minimum Payments 2019 $ 12,730 2020 12,530 2021 11,080 2022 7,510 2023 6,270 Thereafter 15,830 Total $ 65,950 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental The Company is subject to increasingly stringent environmental laws and regulations, including those relating to air emissions, wastewater discharges and chemical and hazardous waste management and disposal. Some of these environmental laws hold owners or operators of land or businesses liable for their own and for previous owners' or operators' releases of hazardous or toxic substances or wastes. Other environmental laws and regulations require the obtainment and compliance with environmental permits. To date, costs of complying with environmental, health and safety requirements have not been material. However, the nature of the Company's operations and the long history of industrial activities at certain of the Company's current or former facilities, as well as those acquired, could potentially result in material environmental liabilities. While the Company must comply with existing and pending climate change legislation, regulation and international treaties or accords, current laws and regulations have not had a material impact on the Company's business, capital expenditures or financial position. Future events, including those relating to climate change or greenhouse gas regulation, could require the Company to incur expenses related to the modification or curtailment of operations, installation of pollution control equipment or investigation and cleanup of contaminated sites. Asbestos As of December 31, 2018 , the Company was a party to 379 pending cases involving an aggregate of 4,820 claimants primarily alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by certain of its subsidiaries for use primarily in the petrochemical refining and exploration industries. The following chart summarizes the number of claimants, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, excluding amounts reimbursed under the Company's primary insurance, at the applicable date and for the applicable periods: Claims 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 Fiscal year ended December 31, 2018 5,256 171 564 43 4,820 $ 7,191 $ 2,260,000 Fiscal year ended December 31, 2017 5,339 173 231 25 5,256 $ 8,930 $ 2,280,000 Fiscal year ended December 31, 2016 6,242 140 1,009 34 5,339 $ 15,624 $ 2,920,000 In addition, the Company acquired various companies to distribute its products that had distributed gaskets of other manufacturers prior to acquisition. The Company believes that many of the pending cases relate to locations at which none of its gaskets were distributed or used. The Company may be subjected to significant additional asbestos-related claims in the future, the cost of settling cases in which product identification can be made may increase, and the Company may be subjected to further claims in respect of the former activities of its acquired gasket distributors. The Company is unable to make a meaningful statement concerning the monetary claims made in the asbestos cases given that, among other things, claims may be initially made in some jurisdictions without specifying the amount sought or by simply stating the requisite or maximum permissible monetary relief, and may be amended to alter the amount sought. The large majority of claims do not specify the amount sought. Of the 4,820 claims pending at December 31, 2018 , 49 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At December 31, 2018 , of the 49 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 (in millions) $0.0 to $0.6 $0.6 to $5.0 $5.0+ Number of claims — 12 37 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 25 years ago, have been approximately $8.9 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. The Company's primary insurance exhausted in November 2018, and the Company will be solely responsible for defense costs and indemnity payments prior to the commencement of coverage under this agreement, the duration of which would be subject to the scope of damage awards and settlements paid. Based on the settlements made to date and the number of claims dismissed or withdrawn for lack of product identification, the Company believes that the relief sought (when specified) does not bear a reasonable relationship to its potential liability. Based upon the Company's experience to date, including the trend in annual defense and settlement costs incurred to date, and other available information (including the availability of excess insurance), the Company does not believe that these cases will have a material adverse effect on its financial position and results of operations or cash flows. Metaldyne Corporation Prior to 2002, the Company was wholly-owned by Metaldyne Corporation ("Metaldyne"). In connection with the reorganization between TriMas and Metaldyne in 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. In January 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 operations. 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. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension and Profit-Sharing Benefits The Company provides a defined contribution profit sharing plan for the benefit of substantially all the Company's domestic salaried and non-union hourly employees. The plan contains both contributory and noncontributory profit sharing arrangements, as defined. Aggregate charges included in the accompanying consolidated statement of operations under this plan were approximately $4.2 million , $3.8 million and $3.7 million in 2018 , 2017 and 2016 , respectively. Certain of the Company's non-U.S. and union hourly employees participate in defined benefit pension plans. Plan Assets, Expenses and Obligations Net periodic pension benefit expense recorded in the Company's consolidated statement of operations for defined benefit pension plans include the following components (dollars in thousands): Pension Benefit 2018 2017 2016 Service cost $ 1,120 $ 1,150 $ 950 Interest cost 1,100 1,290 1,510 Expected return on plan assets (1,520 ) (1,480 ) (1,610 ) Settlements and curtailments 2,620 — 1,330 Amortization of net loss 860 1,010 930 Net periodic benefit expense $ 4,180 $ 1,970 $ 3,110 The service cost component of net periodic benefit cost is recorded in cost of goods sold and selling, general and administrative expenses, while non-service cost components are recorded in other expense, net in the accompanying consolidated statement of operations. During 2018, the Company recognized one-time settlement and curtailment charges of approximately $2.6 million , of which approximately $2.5 million was due to the purchase of an annuity contract to transfer certain U.S. retiree defined benefit obligations to an insurance company. The annuity contract was funded by plan assets. During 2016, the Company recognized one-time settlement and curtailment charges of approximately $1.3 million primarily due to lump sum payments in the United States and the United Kingdom. The estimated net actuarial loss and prior service cost for defined benefit pension plans that is expected to be amortized from AOCI into net periodic benefit expense in 2019 is approximately $0.6 million . Actuarial valuations of the Company's defined benefit pension plans were prepared as of December 31, 2018 , 2017 and 2016 . Weighted average assumptions used in accounting for the U.S. defined benefit pension plans are as follows: Pension Benefit 2018 2017 2016 Discount rate for obligations 4.50 % 3.76 % 4.35 % Discount rate for benefit costs 4.37 % 4.35 % 4.62 % Rate of increase in compensation levels N/A N/A N/A Expected long-term rate of return on plan assets 7.13 % 7.13 % 7.13 % The Company utilizes a high-quality (Aa or greater) corporate bond yield curve as the basis for its domestic discount rate for its pension benefit plans. Management believes this yield curve removes the impact of including additional required corporate bond yields (potentially considered in the above-median curve) resulting from the uncertain economic climate that does not necessarily reflect the general trend in high-quality interest rates. Weighted average assumptions used in accounting for the non-U.S. defined benefit pension plans are as follows: Pension Benefit 2018 2017 2016 Discount rate for obligations 3.00 % 2.60 % 2.80 % Discount rate for benefit costs 2.60 % 2.80 % 3.80 % Rate of increase in compensation levels 3.30 % 3.30 % 3.90 % Expected long-term rate of return on plan assets 4.60 % 4.60 % 4.90 % The following provides a reconciliation of the changes in the Company's defined benefit pension plans' projected benefit obligations and fair value of assets for each of the years ended December 31, 2018 and 2017 and the funded status as of December 31, 2018 and 2017 (dollars in thousands): Pension Benefit 2018 2017 Changes in Projected Benefit Obligations Benefit obligations at January 1 $ (39,030 ) $ (37,640 ) Service cost (1,120 ) (1,150 ) Interest cost (1,100 ) (1,290 ) Participant contributions (60 ) (60 ) Actuarial gain 3,020 990 Benefit payments 1,200 1,320 Annuity purchase 5,480 — Settlements and curtailments 210 710 Change in foreign currency 1,100 (1,910 ) Projected benefit obligations at December 31 $ (30,300 ) $ (39,030 ) Changes in Plan Assets Fair value of plan assets at January 1 $ 31,760 $ 26,260 Actual return on plan assets (1,520 ) 2,510 Employer contributions 2,440 3,170 Participant contributions 60 60 Benefit payments (1,200 ) (1,320 ) Annuity purchase (5,480 ) — Settlements (210 ) (710 ) Change in foreign currency (1,200 ) 1,790 Fair value of plan assets at December 31 $ 24,650 $ 31,760 Funded status at December 31 $ (5,650 ) $ (7,270 ) Pension Benefit 2018 2017 Amounts Recognized in Balance Sheet Prepaid benefit cost $ 1,350 $ 1,190 Current liabilities (340 ) (340 ) Noncurrent liabilities (6,660 ) (8,120 ) Net liability recognized at December 31 $ (5,650 ) $ (7,270 ) Pension Benefit 2018 2017 Amounts Recognized in Accumulated Other Comprehensive Loss Unrecognized prior service cost $ 190 $ 50 Unrecognized net loss 11,610 15,600 Total accumulated other comprehensive loss recognized at December 31 $ 11,800 $ 15,650 Accumulated Benefit Obligations Projected Benefit Obligations 2018 2017 2018 2017 Benefit Obligations at December 31, Total benefit obligations $ (28,410 ) $ (36,720 ) $ (30,300 ) $ (39,030 ) Plans with benefit obligations exceeding plan assets Benefit obligations $ (12,050 ) $ (18,420 ) $ (12,080 ) $ (18,440 ) Plan assets 5,090 9,980 5,090 9,980 The assumptions regarding discount rates and expected return on plan assets can have a significant impact on amounts reported for benefit plans. A 25 basis point change in benefit obligation discount rates or 50 basis point change in expected return on plan assets would have the following effect (dollars in thousands): Pension Benefit December 31, 2018 2018 Expense Discount rate 25 basis point increase $ (1,120 ) $ (90 ) 25 basis point decrease $ 1,210 $ 100 Expected return on assets 50 basis point increase N/A $ (130 ) 50 basis point decrease N/A $ 130 The Company expects to make contributions of approximately $1.9 million to fund its pension plans during 2019 . Plan Assets The Company's overall investment goal is to provide for capital growth with a moderate level of volatility by investing assets in targeted allocation ranges. Specific long term investment goals include total investment return, diversity to reduce volatility and risk, and to achieve an asset allocation profile that reflects the general nature and sensitivity of the plans' liabilities. Investment goals are established after a comprehensive review of current and projected financial statement requirements, plan assets and liability structure, market returns and risks as well as special requirements of the plans. The Company reviews investment goals and actual results annually to determine whether stated objectives are still relevant and the continued feasibility of achieving the objectives. The actual weighted average asset allocation of the Company's domestic and foreign pension plans' assets at December 31, 2018 and 2017 and target allocations by class, were as follows: Domestic Pension Foreign Pension Actual Actual Target 2018 2017 Target 2018 2017 Equity securities 60 % 58 % 63 % 33 % 29 % 30 % Fixed income 36 % 39 % 36 % 45 % 47 % 46 % Diversified growth (a) — % — % — % 22 % 24 % 24 % Cash and other 4 % 3 % 1 % — — % — % Total 100 % 100 % 100 % 100 % 100 % 100 % ________________________________________ (a) Diversified growth funds invest in a broad range of asset classes including equities, investment grade and high yield bonds, commodities, property, private equity, infrastructure and currencies. Actual allocations to each asset vary from target allocations due to periodic investment strategy changes, market value fluctuations and the timing of benefit payments and contributions. The expected long-term rate of return for both the domestic and foreign plans' total assets is based on the expected return of each of the above categories, weighted based on the target allocation for each class. Actual allocation is reviewed regularly and investments are rebalanced to their targeted allocation range when deemed appropriate. In managing the plan assets, the Company reviews and manages risk associated with the funded status risk, interest rate risk, market risk, liquidity risk and operational risk. Investment policies reflect the unique circumstances of the respective plans and include requirements designed to mitigate these risks by including quality and diversification standards. The following table summarizes the level under the fair value hierarchy (see Note 3, " Summary of Significant Accounting Policies ") that the Company's pension plan assets are measured, on a recurring basis as of December 31, 2018 (dollars in thousands): Total Level 1 Level 2 Level 3 Plan assets subject to leveling Investment funds Equity securities $ 2,960 $ 2,960 $ — $ — Fixed income 1,970 1,970 — — Cash and cash equivalents 90 90 — — Plan assets measured at net asset value (a) Investment funds Equity securities 5,590 Fixed income 9,400 Diversified growth 4,390 Cash and cash equivalents 250 Total $ 24,650 $ 5,020 $ — $ — ________________________________________ (a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the fair value of plan assets. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (dollars in thousands): Pension Benefit December 31, 2019 $ 990 December 31, 2020 1,110 December 31, 2021 1,090 December 31, 2022 1,190 December 31, 2023 1,290 Years 2024-2028 7,260 |
Equity Awards
Equity Awards | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Awards | Equity Awards The Company maintains the following long-term equity incentive plans (collectively, the "Plans"): Plan Names Shares Approved for Issuance TriMas Corporation 2017 Equity and Incentive Compensation Plan 2,000,000 TriMas Corporation Director Retainer Share Election Program 100,000 The Company previously maintained the 2006 Long Term Equity Incentive Plan, which expired in 2016, and the 2011 Omnibus Incentive Compensation Plan, which was replaced by the TriMas Corporation 2017 Equity and Incentive Compensation Plan in 2017, such that, while existing grants remain outstanding until exercised, vested or canceled, no new shares may be issued under these plans. Stock Options The Company granted 150,000 stock options in 2016. The Company estimated the grant-date fair value of the options using the Black-Scholes option pricing model using the following weighted average assumptions: risk-free rate of 1.1% , expected volatility of 32.3% , and an expected term of six years. The Company did not grant any stock options during 2018 and 2017 . Information related to stock options at December 31, 2018 is as follows: Number of Stock Options 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 December 31, 2018 206,854 $ 13.19 5.5 $ 2,915,651 As of December 31, 2018 , 156,854 stock options outstanding were exercisable under the Plans. 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 0.6 years. Stock options of 50,000 vested during each of 2018 and 2017, respectively, while no options vested during 2016. The Company recognized approximately $0.3 million , $0.5 million and $0.3 million of stock-based compensation expense related to stock options during 2018 , 2017 and 2016 , respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of operations. Restricted Stock Units The Company awarded 2,800 restricted stock units ("RSUs") to certain employees during 2016 . These shares are subject only to a service condition and vest on the first anniversary date of the award so long as the employee remains with the Company. During 2018 , 2017 and 2016 , the Company issued 141,203 , 189,062 , and 235,251 RSUs, respectively, to certain employees which are subject only to a service condition and vest ratably over three years so long as the employee remains with the Company. The Company awarded 42,740 RSUs to certain employees during 2016 . These shares are subject only to a service condition and vest on the first anniversary date of the award. The awards were made to participants in the Company's Short-Term Incentive Compensation Plan ("STI"), where all STI participants whose target STI annual award exceeds $20 thousand receive 80% of the value earned in cash and 20% in the form of a restricted stock award upon finalization of the award amount in the first quarter each year following the previous plan year. During 2018 , 2017 and 2016 , the Company granted 25,830 , 30,429 and 41,174 RSUs, respectively, to its non-employee independent directors, which vest one year from date of grant so long as the director and/or Company does not terminate their service prior to the vesting date. 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 awards are earned based on the Company's total shareholder return ("TSR") relative to the TSR of the common stock of a pre-defined industry peer-group, measured over the performance period. TSR is calculated as the Company's average closing stock price for the 20-trading days at the end of the performance period plus Company dividends, divided by the Company's average closing stock price for the 20-trading days prior to the start of the performance period. The Company estimated the grant-date fair value and term of the awards subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk-free interest rate of 2.61% and annualized volatility of 30.2% . Depending on the performance achieved for these two metrics, the amount of shared earned, if any, can vary from 0% 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 2017 , the Company awarded 111,761 performance-based RSUs to certain Company key employees which vest three years from the grant date so long as the employee remains with the Company. These awards are earned 50% based upon the Company's achievement of earnings per share compound annual growth rate ("EPS CAGR") metrics over a period beginning January 1, 2017 and ending December 31, 2019. The remaining 50% of the awards are earned based on the Company's total shareholder return ("TSR") relative to the TSR of the common stock of a pre-defined industry peer-group, measured over the performance period. TSR is calculated as the Company's average closing stock price for the 20-trading days at the end of the performance period plus Company dividends, divided by the Company's average closing stock price for the 20-trading days prior to the start of the performance period. The Company estimated the grant-date fair value and term of the awards subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk-free interest rate of 1.52% and annualized volatility of 35.6% . Depending on the performance achieved for these two metrics, the amount of shared 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 2016 , the Company awarded 198,956 performance-based RSUs to certain Company key employees which vest three years from the grant date so long as the employee remains with the Company. The performance criteria for these awards is based on the Company's TSR relative to the TSR of the common stock of a pre-defined industry peer-group, measured over a period beginning January 1, 2016 and ending December 31, 2018. Depending on the performance achieved, the amount of shares earned can vary from 0% of the target award to a maximum of 200% of the target award. The Company estimated the grant-date fair value and term of the awards subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk-free interest rate of 0.96% and annualized volatility of 35.8% . 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 2018. The Company allows for its non-employee independent directors to make an annual election to defer all or a portion of their director fees and to receive the deferred amount in cash or equity. Certain of the Company's directors have elected to defer all or a portion of their director fees and to receive the amount in Company common stock at a future date. The Company issued 7,263 , 12,912 and 16,588 shares in 2018 , 2017 and 2016 , respectively, related to director fee deferrals. Information related to restricted shares at December 31, 2018 is as follows: Number of Unvested Restricted Shares Weighted Average Grant Date Fair Value Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2018 726,936 $ 22.60 Granted 309,849 30.29 Vested (338,141 ) 21.60 Cancelled (35,516 ) 23.24 Outstanding at December 31, 2018 663,128 $ 26.67 1.0 $ 18,096,763 As of December 31, 2018 , there was approximately $7.5 million of unrecognized compensation cost related to unvested restricted shares that is expected to be recorded over a weighted average period of 2.0 years. The Company recognized stock-based compensation expense related to restricted shares of approximately $6.9 million , $6.2 million and $6.7 million in 2018 , 2017 , and 2016 , respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying statement of operations. |
Earnings per Share Earnings per
Earnings per Share Earnings per Share (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Net income is divided by the weighted average number of common shares outstanding during the year to calculate basic earnings per share. Diluted earnings per share is calculated to give effect to stock options and RSUs. For the year ended December 31, 2016 , no restricted shares or stock options were included in the computation of net income (loss) per share because to do so would be anti-dilutive. The following table summarizes the dilutive effect of restricted shares and options to purchase common stock: Year ended December 31, 2018 2017 2016 Weighted average common shares—basic 45,824,555 45,682,627 45,407,316 Dilutive effect of restricted share awards 242,204 241,974 — Dilutive effect of stock options 103,705 65,651 — Weighted average common shares—diluted 46,170,464 45,990,252 45,407,316 In November 2015, the Company announced its Board of Directors had authorized the Company to purchase up to $50 million in the aggregate of its common stock. During 2018 , the Company purchased 442,632 shares of its outstanding common stock for approximately $12.1 million . The Company did not purchase any shares of its outstanding common stock during 2017 or 2016 . |
Other Comprehensive Income (Not
Other Comprehensive Income (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Other Comprehensive Income [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income Changes in AOCI by component for the year ended December 31, 2018 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2017 $ (10,450 ) $ (3,170 ) $ (3,710 ) $ (17,330 ) Net unrealized gains (losses) arising during the period (a) — 4,110 (6,880 ) (2,770 ) Less: Net realized losses reclassified to net income (b) (3,250 ) — — (3,250 ) Net current-period other comprehensive income (loss) 3,250 4,110 (6,880 ) 480 Balance, December 31, 2018 $ (7,200 ) $ 940 $ (10,590 ) $ (16,850 ) __________________________ (a) Derivative instruments, net of income tax of $1.2 million . See Note 11 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of $0.9 million . See Note 14 , " Employee Benefit Plans ," for additional details. Changes in AOCI by component for the year ended December 31, 2017 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2016 $ (12,120 ) $ (2,520 ) $ (9,760 ) $ (24,400 ) Net unrealized gains (losses) arising during the period (a) 1,000 (3,750 ) 6,050 3,300 Less: Net realized losses reclassified to net income (b) (670 ) (3,100 ) — (3,770 ) Net current-period other comprehensive income (loss) 1,670 (650 ) 6,050 7,070 Balance, December 31, 2017 $ (10,450 ) $ (3,170 ) $ (3,710 ) $ (17,330 ) __________________________ (a) Defined benefit plans, net of income tax of $0.3 million . See Note 14 , " Employee Benefit Plans ," for additional details. Derivative instruments, net of income tax expense of $1.3 million . See Note 11 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of $0.3 million . See Note 14 , "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax expense of $1.9 million . See Note 11 , "Derivative Instruments," for further details. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information In the first quarter of 2018, TriMas realigned its reporting structure into three reportable segments: Packaging, Aerospace and Specialty Products. Each of these segments has discrete financial information that is regularly evaluated by TriMas’ president and chief executive officer (chief operating decision maker) in determining resource, personnel and capital allocation, as well as assessing strategy and performance. The Company utilizes its proprietary TriMas Business Model as a standardized set of processes to manage and drive results and strategy across its multi-industry businesses. Within the Company's reportable segments, there are no individual products or product families for which reported net sales accounted for more than 10% of the Company's consolidated net sales. See below for more information regarding the types of products and services provided within each reportable segment: Packaging – 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): Year ended December 31, 2018 2017 2016 Net Sales Packaging $ 368,200 $ 344,570 $ 341,340 Aerospace 185,920 184,310 174,920 Specialty Products 323,020 288,860 277,760 Total $ 877,140 $ 817,740 $ 794,020 Operating Profit (Loss) Packaging $ 84,590 $ 80,610 $ 78,630 Aerospace 27,290 26,410 (90,540 ) Specialty Products 34,260 12,280 2,900 Corporate (24,070 ) (30,130 ) (32,920 ) Total $ 122,070 $ 89,170 $ (41,930 ) Capital Expenditures Packaging $ 13,590 $ 17,140 $ 19,880 Aerospace 1,190 3,370 3,950 Specialty Products 5,380 6,830 7,470 Corporate (a) 4,890 9,460 30 Total $ 25,050 $ 36,800 $ 31,330 Depreciation and Amortization Packaging $ 21,620 $ 21,630 $ 22,120 Aerospace 15,190 14,530 14,090 Specialty Products 6,930 10,530 8,370 Corporate 280 180 280 Total $ 44,020 $ 46,870 $ 44,860 Total Assets Packaging $ 435,140 $ 431,680 $ 423,460 Aerospace 392,140 401,060 409,040 Specialty Products 181,700 172,840 179,160 Corporate 91,540 27,620 39,990 Total $ 1,100,520 $ 1,033,200 $ 1,051,650 ________________________________________ (a) Corporate capital expenditures for the years ended December 31, 2018 and 2017, respectively, are primarily related to purchases of machinery and equipment formerly held under operating leases. These purchased assets were subsequently transferred from Corporate to the reportable segment utilizing the assets. The following table presents the Company's net sales for each of the years ended December 31 and long-lived assets at each year ended December 31, attributed to each subsidiary's continent of domicile (dollars in thousands). As of December 31, 2018 2017 2016 Net Sales Long-lived Assets Net Sales Long-lived Assets Net Sales Long-lived Assets Non-U.S. Europe $ 62,420 $ 54,340 $ 62,360 $ 54,790 $ 65,490 $ 45,050 Asia Pacific 45,040 45,160 36,630 51,120 32,230 51,060 Other Americas 14,670 7,830 15,260 7,930 13,620 7,800 Total non-U.S. 122,130 107,330 114,250 113,840 111,340 103,910 Total U.S. 755,010 571,650 703,490 590,020 682,680 604,250 Total $ 877,140 $ 678,980 $ 817,740 $ 703,860 $ 794,020 $ 708,160 The Company's export sales from the U.S. approximated $72.7 million , $79.8 million and $76.2 million in 2018 , 2017 and 2016 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes The Company's income (loss) before income taxes and income tax expense (benefit), each by tax jurisdiction, consists of the following (dollars in thousands): Year ended December 31, 2018 2017 2016 Income (loss) before income taxes: Domestic $ 75,830 $ 50,760 $ (69,850 ) Foreign 30,150 15,450 11,620 Total income (loss) before income taxes $ 105,980 $ 66,210 $ (58,230 ) Current income tax expense: Federal $ 6,770 $ 12,800 $ 7,560 State and local 2,440 1,770 1,920 Foreign 7,070 5,420 4,250 Total current income tax expense 16,280 19,990 13,730 Deferred income tax expense (benefit): Federal 4,540 15,180 (28,180 ) State and local 1,310 1,280 (2,550 ) Foreign 550 (1,200 ) (1,430 ) Total deferred income tax expense (benefit) 6,400 15,260 (32,160 ) Income tax expense (benefit) $ 22,680 $ 35,250 $ (18,430 ) The components of deferred taxes are as follows (dollars in thousands): December 31, 2018 December 31, 2017 Deferred tax assets: Accounts receivable $ 310 $ 1,000 Inventories 1,900 5,230 Accrued liabilities and other long-term liabilities 7,220 20,350 Tax loss and credit carryforwards 6,990 7,290 Gross deferred tax asset 16,420 33,870 Valuation allowances (5,520 ) (6,400 ) Net deferred tax asset 10,900 27,470 Deferred tax liabilities: Property and equipment (8,770 ) (16,380 ) Goodwill and other intangible assets (4,940 ) (5,350 ) Investment in foreign affiliates, including withholding tax (1,050 ) (740 ) Other, principally deferred income (620 ) (1,550 ) Gross deferred tax liability (15,380 ) (24,020 ) Net deferred tax asset (liability) $ (4,480 ) $ 3,450 The following is a reconciliation of income tax expense (benefit) computed at the U.S. federal statutory rate to income tax expense (benefit) allocated to income (loss) before income taxes (dollars in thousands): Year ended December 31, 2018 2017 2016 U.S. federal statutory rate 21 % 35 % 35 % Tax at U.S. federal statutory rate $ 22,250 $ 23,170 $ (20,380 ) State and local taxes, net of federal tax benefit 3,030 2,250 (550 ) Differences in statutory foreign tax rates 380 (2,580 ) (1,930 ) Change in recognized tax benefits (270 ) (480 ) (1,410 ) Goodwill and other intangible assets impairment — — 5,050 Nontaxable income (940 ) (1,050 ) (310 ) Research and manufacturing incentives (1,740 ) (1,510 ) (830 ) Net change in valuation allowance 650 520 2,140 Tax Reform Act (400 ) 12,660 — Other, net (280 ) 2,270 (210 ) Income tax expense (benefit) $ 22,680 $ 35,250 $ (18,430 ) The Company has recorded deferred tax assets on $31.1 million of various state operating loss carryforwards and $18.3 million of various foreign operating loss carryforwards. The majority of the state tax loss carryforwards expire between 2024 and 2028 and the majority of the foreign losses have indefinite carryforward periods. The Company has not made a provision for U.S. or additional foreign withholding taxes related to investments in foreign subsidiaries that are indefinitely reinvested since any excess of the amount for financial reporting over the tax basis in these investments is not significant as of December 31, 2018 . Tax Reform In December 2017, the Tax Reform Act was signed into law, and, among the provisions, reduced the Federal statutory corporate income tax rate from 35% to 21% effective January 1, 2018, and implemented a territorial tax system, imposing a one-time tax on the deemed repatriation of undistributed earnings of non-U.S. subsidiaries ("Transition Tax"). The Transition Tax is payable over eight years beginning in 2019. Coincident with the signing of the Tax Reform Act, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. SAB 118 provided up to a one-measurement period for companies to finalize the accounting for the impacts of this new legislation. In 2017, the Company recognized an approximate $9.0 million provisional tax expense related to the Transition Tax, and an approximate $3.7 million provisional tax expense in connection with the revaluation of its ending net deferred tax assets resulting from the reduction in the Federal income tax rate, for a total of $12.7 million provisional tax expense related to the adoption of the Tax Reform Act. In 2018, the Company finalized the measurement of these provisional expenses. The Company recognized an approximate $1.1 million income tax benefit in connection with finalizing the revaluation of its net deferred tax assets following the filing of the Company's 2017 corporate income tax return, and recognized an approximate $0.7 million income tax expense related to finalizing the Transition Tax, resulting in a $0.4 million net reduction in 2018 to the $12.7 million provisional tax expense recorded in 2017. On January 15, 2019, the Internal Revenue Service finalized regulations that govern the Transition Tax. The Company is in the process of analyzing these regulations, but does not expect the regulations to have a significant impact on its consolidated financial statements. Unrecognized tax benefits The Company had approximately $3.0 million and $3.4 million of unrecognized tax benefits ("UTBs") as of December 31, 2018 and 2017 , respectively. If the UTBs were recognized, the impact to the Company's effective tax rate would be to reduce reported income tax expense for the years ended December 31, 2018 and 2017 by approximately $2.5 million and $2.8 million , respectively. A reconciliation of the change in the UTBs and related accrued interest and penalties for the years ended December 31, 2018 and 2017 is as follows (dollars in thousands): Unrecognized Tax Benefits Balance at December 31, 2016 $ 3,570 Tax positions related to current year: Additions 250 Tax positions related to prior years: Additions 860 Reductions (100 ) Settlements — Lapses in the statutes of limitations (1,210 ) Balance at December 31, 2017 $ 3,370 Tax positions related to current year: Additions 60 Tax positions related to prior years: Additions 390 Reductions — Settlements — Lapses in the statutes of limitations (800 ) Balance at December 31, 2018 $ 3,020 In addition to the UTBs summarized above, the Company has recorded approximately $1.8 million and $1.7 million in potential interest and penalties associated with uncertain tax positions as of December 31, 2018 and 2017 , respectively. The Company is subject to U.S. federal, state and local, and certain non-U.S. income tax examinations for tax years 2011 through 2018 . In addition, there are currently several state and foreign income tax examinations in process. The Company does not believe that the results of these examinations will have a significant impact on the Company's tax position or its effective tax rate. Management monitors changes in tax statutes and regulations and the issuance of judicial decisions to determine the potential impact to UTBs and is not aware of, nor does it anticipate, any material subsequent events that could have a significant impact on the Company's financial position during the next twelve months. |
Summary Quarterly Financial Dat
Summary Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary Quarterly Financial Data | Summary Quarterly Financial Data The Company's unaudited quarterly financial data is as follows (dollars in thousands, except for per share data): As of December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 217,100 $ 224,910 $ 223,780 $ 211,350 Gross profit 60,380 64,780 61,720 57,240 Net income 24,320 19,600 22,670 16,710 Earnings per share—basic: Net income per share $ 0.53 $ 0.43 $ 0.49 $ 0.37 Weighted average shares—basic 45,779,966 45,920,307 45,850,288 45,747,659 Earnings per share—diluted: Net income per share $ 0.53 $ 0.42 $ 0.49 $ 0.36 Weighted average shares—diluted 46,229,337 46,200,757 46,166,558 46,085,202 As of December 31, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 199,830 $ 213,370 $ 209,330 $ 195,210 Gross profit 51,820 59,470 58,890 49,210 Net income (loss) 6,990 14,850 13,130 (4,010 ) Earnings (loss) per share—basic: Net income (loss) per share $ 0.15 $ 0.32 $ 0.29 $ (0.09 ) Weighted average shares—basic 45,570,495 45,717,697 45,721,155 45,721,160 Earnings (loss) per share—diluted: Net income (loss) per share $ 0.15 $ 0.32 $ 0.29 $ (0.09 ) Weighted average shares—diluted 45,908,958 45,922,416 46,029,361 45,721,160 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events On January 11, 2019 , the Company acquired Plastic Srl, a manufacturer of single-bodied and assembled polymeric caps and closures for use in home care product applications. Plastic Srl, located in Forli, Italy, serves the home care market in Italy and other European countries and generates approximately $12 million in annual revenue. Plastic Srl will be included in the Company's Packaging reportable segment. On February 28, 2019 , the Company announced that its Board of Directors increased the Company’s common stock share repurchase authorization to $75 million in the aggregate of the Company's common stock. The previous authorization, approved in November 2015, authorized up to $50 million in share repurchases. The increased authorization includes the value of shares already purchased under the previous authorization. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation. The accompanying consolidated financial statements include the accounts and transactions of TriMas and its subsidiaries. Intercompany transactions have been eliminated. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, goodwill and other intangibles, valuation allowances for receivables, inventories and deferred income tax assets, valuation of derivatives, estimated future unrecoverable lease costs, reserves for asbestos and ordinary course litigation, assets and obligations related to employee benefits and estimated unrecognized tax benefits. Actual results may differ from such estimates and assumptions. |
Cash and Cash Equivalents | Cash and Cash Equivalents. The Company considers cash on hand and on deposit and investments in all highly liquid debt instruments with initial maturities of three months or less to be cash and cash equivalents. |
Receivables | Receivables. Receivables are presented net of allowances for doubtful accounts of approximately $3.4 million and $4.1 million at December 31, 2018 and 2017 , respectively. The Company monitors its exposure for credit losses and maintains allowances for doubtful accounts based upon the Company's best estimate of probable losses inherent in the accounts receivable balances. The Company does not believe that significant credit risk exists due to its diverse customer base. |
Sales of Receivables | Sales of Receivables. The Company may, from time to time, sell certain of its receivables to third parties. Sales of receivables are recognized at the point in which the receivables sold are transferred beyond the reach of the Company and its creditors, the purchaser has the right to pledge or exchange the receivables and the Company has surrendered control over the transferred receivables. |
Inventories | Inventories. Inventories are stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out method. Direct materials, direct labor and allocations of variable and fixed manufacturing-related overhead are included in inventory cost. |
Property and Equipment | Property and Equipment. Property and equipment additions, including significant improvements, are recorded at cost. Upon retirement or disposal of property and equipment, the cost and accumulated depreciation are removed from the accounts, and any gain or loss is included in the accompanying statement of operations. Repair and maintenance costs are charged to expense as incurred. |
Depreciation and Amortization and Impairment of Long-Lived Assets and Definted-Lived Intangible Assets | Depreciation and Amortization. Depreciation is computed principally using the straight-line method over the estimated useful lives of the assets. Annual depreciation rates are as follows: building and land/building improvements three to 40 years, and machinery and equipment, three to 15 years. Capitalized debt issuance costs are amortized over the underlying terms of the related debt securities. Customer relationship intangibles are amortized over periods ranging from five to 25 years, while technology and other intangibles are amortized over periods ranging from one to 30 years. Impairment of Long-Lived Assets and Definite-Lived Intangible Assets. The Company reviews, on at least a quarterly basis, the financial performance of its businesses for indicators of impairment. In reviewing for impairment indicators, the Company also considers events or changes in circumstances such as business prospects, customer retention, market trends, potential product obsolescence, competitive activities and other economic factors. An impairment loss is recognized when the carrying value of an asset group exceeds the future net undiscounted cash flows expected to be generated by that asset group. The impairment loss recognized is the amount by which the carrying value of the asset group exceeds its fair value. |
Goodwill and Indefinite-Lived Intangibles | Goodwill. The Company assesses goodwill for impairment on an annual basis (October 1 test date) by reviewing relevant qualitative and quantitative factors. More frequent evaluations may be required if the Company experiences changes in its business climate or as a result of other triggering events that take place. If carrying value exceeds fair value, a possible impairment exists and further evaluation is performed. The Company determines its reporting units at the individual operating segment level, or one level below, when there is discrete financial information available that is regularly reviewed by segment management for evaluating operating results. For purposes of the Company's 2018 goodwill impairment test, the Company had five reporting units, three of which had goodwill, within its three reportable segments. See Note 6 , " Goodwill and Other Intangible Assets ," for further details regarding the Company's goodwill impairment testing. The Company begins its goodwill reviews by conducting a qualitative assessment ("Step Zero"), considering relevant events and circumstances that affect the fair value or carrying amount of a reporting unit. Such events and circumstances can include macroeconomic conditions, industry and market considerations, overall financial performance, entity and reporting unit specific events, and capital markets pricing. The Company considers the extent to which each of the adverse events and circumstances identified affect the comparison of a reporting unit's fair value with its carrying amount. The Company places more weight on the events and circumstances that most affect a reporting unit's fair value or the carrying amount of its net assets. The Company considers positive and mitigating events and circumstances that may affect its determination of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company also considers recent valuations of its reporting units, including the difference between the most recent fair value estimate and the carrying amount. These factors are all considered by management in reaching its conclusion about whether a quantitative goodwill impairment test is necessary to estimate the fair value of its reporting units. If the Company concludes that conducting a quantitative assessment is required, it performs the first step of a two-step goodwill impairment test. For the first step ("Step I"), the Company estimates the fair value of the reporting unit being evaluated utilizing a combination of three valuation techniques: discounted cash flow (income approach), market comparable method (market approach) and market capitalization (direct market data method). The income approach is based on management's operating plan and internal five-year forecast and utilizes forward-looking assumptions and projections, but considers factors unique to each reporting unit and related long-range plans that may not be comparable to other companies and that are not yet public. The market approach considers potentially comparable companies and transactions within the industries where the Company's reporting units participate, and applies their trading multiples to the Company's reporting units. This approach utilizes data from actual marketplace transactions, but reliance on its results is limited by difficulty in identifying companies that are specifically comparable to the Company's reporting units, considering the diversity of the Company's businesses, the relative sizes and levels of complexity. The Company also uses the direct market data method by comparing its book value and the estimates of fair value of the reporting units to the Company's market capitalization. Management uses this comparison as additional evidence of the fair value of the Company, as its market capitalization may be suppressed by other factors such as the control premium associated with a controlling shareholder, the Company's degree of leverage and the float of the Company's common stock. Management evaluates and weights the results based on a combination of the income and market approaches, and, in situations where the income approach results differ significantly from the market and direct data approaches, management re-evaluates and adjusts, if necessary, its assumptions. Based on the Step I test, if it is determined that the carrying value of the reporting unit is higher than its fair value, there is an indication that an impairment may exist and the second step ("Step II") is performed to measure the amount of impairment loss, if any. In Step II, the Company determines the implied fair value of the reporting unit goodwill in the same manner as if the reporting unit was being acquired in a business combination and compares the implied fair value of the reporting unit goodwill to the carrying value of the goodwill. If the implied fair value of the goodwill is less than the carrying value, goodwill is impaired and is written down to the implied fair value amount. Indefinite-Lived Intangibles. The Company assesses indefinite-lived intangible assets (primarily trademark/trade names) for impairment on an annual basis (October 1 test date) by reviewing relevant qualitative and quantitative factors. More frequent evaluations may be required if the Company experiences changes in its business climate or as a result of other triggering events that take place. If carrying value exceeds fair value, a possible impairment exists and further evaluation is performed. In conducting a qualitative assessment, the Company considers relevant events and circumstances to determine whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying values. In addition to the events and circumstances that the Company considers above in its qualitative analysis for potential goodwill impairment, the Company also considers legal, regulatory and contractual factors that could affect the fair value or carrying amount of the Company's indefinite-lived intangible assets. The Company also considers recent valuations of its indefinite-lived intangible assets, including the difference between the most recent fair value estimates and the carrying amounts. These factors are all considered by management in reaching its conclusion about whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying values. If management concludes that further testing is required, the Company performs a quantitative valuation to estimate the fair value of its indefinite-lived intangible assets. In conducting the quantitative impairment analysis, the Company determines the fair value of its indefinite-lived intangible assets using the relief-from-royalty method. The relief-from-royalty method involves the estimation of appropriate market royalty rates for the indefinite-lived intangible assets and the application of these royalty rates to forecasted net sales attributable to the intangible assets. The resulting cash flows are then discounted to present value, using a rate appropriately reflecting the risks inherent in the cash flows, which is compared to the carrying value of the assets. If the carrying value exceeds fair value, an impairment is recorded. See Note 6 , " Goodwill and Other Intangible Assets ," for further details regarding the Company's indefinite-lived intangible asset impairment testing. |
High Deductible Insurance | High Deductible Insurance. The Company generally has a high deductible insurance plan for losses and liabilities related to workers' compensation, health and welfare claims and comprehensive general, product and vehicle liability. The Company is generally responsible for up to $0.8 million per occurrence under its retention program for workers' compensation, between $0.3 million and $1.5 million per occurrence under its retention programs for comprehensive general, product and vehicle liability, and has a $0.3 million per occurrence stop-loss limit with respect to its group medical plan. Total insurance limits under these retention programs vary by year for comprehensive general, product and vehicle liability and extend to the applicable statutory limits for workers' compensation. Reserves for claims losses, including an estimate of related litigation defense costs, are recorded based upon the Company's estimates of the aggregate liability for claims incurred using actuarial assumptions about future events. Changes in assumptions for factors such as medical costs and actual experience could cause these estimates to change. |
Pension Plans and Postretirement Benefits Other Than Pensions | Pension Plans. The Company engages independent actuaries to compute the amounts of liabilities and expenses under defined benefit pension plans, subject to the assumptions that the Company determines are appropriate based on historical trends, current market rates and future projections. Assumptions used in the actuarial calculations could have a significant impact on plan obligations, and a lesser impact on current period expense. Annually, the Company reviews the actual experience compared to the more significant assumptions used and makes adjustments to the assumptions, if warranted. Discount rates are based on an expected benefit payments duration analysis and the equivalent average yield rate for high-quality fixed-income investments. Pension benefits are funded through deposits with trustees and the expected long-term rate of return on fund assets is based on actual historical returns and a review of other public company pension asset return data, modified for known changes in the market and any expected change in investment policy. |
Revenue Recognition | Revenue Recognition. 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 and other discounts in connection with various supply 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 accounts 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. |
Cost of Sales | Cost of Sales. Cost of sales includes material, labor and overhead costs incurred in the manufacture of products sold in the period. Material costs include raw material, purchased components, outside processing and freight costs. Overhead costs consist of variable and fixed manufacturing costs, wages and fringe benefits, and purchasing, receiving and inspection costs. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses. Selling, general and administrative expenses include the following: costs related to the advertising, sale, marketing and distribution of the Company's products, amortization of customer intangible assets, costs of finance, human resources, legal functions, executive management costs and other administrative expenses. |
Income Taxes | Income Taxes. The Company computes income taxes using the asset and liability method, whereby deferred income taxes using current enacted tax rates are provided for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities and for operating loss and tax credit carryforwards. The Company determines valuation allowances based on an assessment of positive and negative evidence on a jurisdiction-by-jurisdiction basis and records a valuation allowance to reduce deferred tax assets to the amount more likely than not to be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. On December 22, 2017, the Tax Reform Act was signed into law. Among the provisions, the Tax Reform Act reduces the Federal statutory corporate income tax rate from 35% to 21% effective January 1, 2018, implements a territorial tax system and imposes a one-time tax on the deemed repatriation of undistributed earnings of non-U.S. subsidiaries, introduces additional limitations on the deductibility of interest, allows for the immediate expensing of capital expenditures through 2023 and modifies or repeals many business deductions and credits. While the Tax Reform Act provides for a territorial tax system, beginning in 2018, it includes two new U.S. tax base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The FASB provided guidance that allows companies to make an accounting policy election to either account for deferred taxes related to GILTI inclusions or treat any taxes on GILTI inclusions as period costs. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts on GILTI in its consolidated financial statements for the years ended December 31, 2018 and 2017. The BEAT provisions in the Tax Reform Act eliminate the deduction of certain base-erosion payments made to related foreign corporations, and impose a minimum tax if greater than regular tax. The Company does not expect the BEAT provisions to have a significant impact to its consolidated financial statements, and has not included any tax impacts of BEAT in its consolidated financial statements for the year ended December 31, 2018 and 2017. See Note 19 , " Income Taxes ," for further information regarding the impact of the Tax Reform Act to the Company. |
Foreign Currency Translation | Foreign Currency Translation. The financial statements of subsidiaries located outside of the United States are measured using the currency of the primary economic environment in which they operate as the functional currency. When translating into U.S. dollars, income and expense items are translated at average monthly exchange rates and assets and liabilities are translated at exchange rates in effect at the balance sheet date. Adjustments resulting from translating the functional currency into U.S. dollars are deferred as a component of accumulated other comprehensive income (loss) ("AOCI") in the consolidated statement of shareholders' equity. Net foreign currency transaction gains (losses) were an approximate gain of $1.3 million for the year ended December 31, 2018 , a loss of $0.8 million for the year ended December 31, 2017 and a gain of $0.8 million for the year ended December 31, 2016 , and are included in other expense, net in the accompanying consolidated statement of operations. |
Derivative Financial Instruments | Derivative Financial Instruments. The Company records derivative financial instruments at fair value on the balance sheet as either assets or liabilities, and changes in their fair values are immediately recognized in earnings if the derivatives do not qualify as effective hedges. If a derivative is designated as a fair value hedge, then changes in the fair value of the derivative are offset against the changes in the fair value of the underlying hedged item. If a derivative is designated as a cash flow hedge, then the effective portion of the changes in the fair value of the derivative is recognized as a component of other comprehensive income until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable of occurring. If a derivative is designated as a net investment hedge, then the effective portion of the changes in the fair value of the derivative is recognized in other comprehensive income and will be subsequently reclassified to earnings when the hedged net investment is either sold or substantially liquidated. The Company formally documents hedging relationships for all derivative transactions and the underlying hedged items, as well as its risk management objectives and strategies for undertaking the hedge transactions. See Note 11 , " Derivative Instruments ," for further information on the Company's financial instruments. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. In accounting for and disclosing the fair value of financial instruments, the Company uses the following hierarchy: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. Valuation of the Company's interest rate swaps and cross-currency swaps are based on the income approach, which uses observable inputs such as interest rate yield curves and forward currency exchange rates, as applicable. The carrying value of financial instruments reported in the balance sheet for current assets and current liabilities approximates fair value due to the short maturity of these instruments. |
Business Combinations | Business Combinations. The Company records assets acquired and liabilities assumed from acquisitions at fair value. The fair value of working capital accounts generally approximates book value. The valuation of inventory, property, plant and equipment, and intangible assets requires significant assumptions. Inventory is recorded at fair value based on the estimated selling price less costs to sell, including completion, disposal and holding period costs with a reasonable profit margin. Property and equipment is recorded at fair value using a combination of both the cost and market approaches for both the real and personal property acquired. Under the cost approach, consideration is given to the amount required to construct or purchase a new asset of equal value at current prices, with adjustments in value for physical deterioration, as well as functional and economic obsolescence. Under the market approach, recent transactions for similar types of assets are used as the basis for estimating fair value. For trademark/trade names and technology and other intangible assets, the estimated fair value is based on projected discounted future net cash flows using the relief-from-royalty method. For customer relationship intangible assets, the estimated fair value is based on projected discounted future cash flows using the excess earnings method. The relief-from-royalty and excess earnings method are both income approaches that utilize key assumptions such as forecasts of revenue and expenses over an extended period of time, royalty rate percentages, tax rates, and estimated costs of debt and equity capital to discount the projected cash flows. |
Stock-based Compensation | Stock-based Compensation. The Company recognizes compensation expense related to equity awards based on their fair values as of the grant date. For awards with only a service condition, expense is recognized ratably over the vesting period. Performance based equity awards may have targets tied to performance and/or market-based conditions. Market-based conditions are taken into consideration in determining the grant date fair value, and the related compensation expense is recognized regardless of whether the market condition is satisfied, provided the requisite service has been provided. For performance condition components, the Company periodically updates the probability that the performance conditions will be achieved and adjusts expense accordingly, reflecting the change from prior estimate, if any, in current period non-cash stock compensation expense. The disclosed number of awards granted considers only the targeted number of units until such time that the performance condition has been satisfied. If the performance conditions are not achieved, no award is earned. |
Other Comprehensive Income | Other Comprehensive Income (Loss). The Company refers to other comprehensive income (loss) as revenues, expenses, gains and losses that under accounting principles generally accepted in the United States of America are included in comprehensive income (loss) but are excluded from net earnings as these amounts are recorded directly as an adjustment to stockholders' equity. Other comprehensive income (loss) is comprised of foreign currency translation adjustments, amortization of prior service costs and unrecognized gains and losses in actuarial assumptions for pension and postretirement plans and changes in unrealized gains and losses on derivatives. |
Reclassifications | Reclassifications. Certain prior year amounts have been reclassified to conform with the current year presentation. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the Company’s disaggregated net sales by primary end market served (dollars in thousands): Year ended December 31, Customer End Markets 2018 2017 2016 Consumer $ 276,740 $ 259,470 $ 259,390 Aerospace 185,920 184,310 174,920 Industrial 212,160 189,550 182,280 Oil and gas 202,320 184,410 177,430 Total net sales $ 877,140 $ 817,740 $ 794,020 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 are as follows (dollars in thousands): Specialty Packaging Aerospace Products Total Balance, December 31, 2016 $ 162,090 $ 146,430 $ 6,560 $ 315,080 Foreign currency translation and other 4,310 — — 4,310 Balance, December 31, 2017 $ 166,400 $ 146,430 $ 6,560 $ 319,390 Foreign currency translation and other (2,740 ) — — (2,740 ) Balance, December 31, 2018 $ 163,660 $ 146,430 $ 6,560 $ 316,650 |
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 December 31, 2018 and 2017 are summarized below (dollars in thousands): As of December 31, 2018 As of December 31, 2017 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 - 12 years $ 73,450 $ (48,410 ) $ 73,910 $ (41,000 ) Customer relationships, 15 - 25 years 132,230 (58,790 ) 132,230 (51,880 ) Total customer relationships 205,680 (107,200 ) 206,140 (92,880 ) Technology and other, 1 - 15 years 57,020 (31,600 ) 57,340 (29,120 ) Technology and other, 17 - 30 years 43,300 (35,600 ) 43,300 (33,490 ) Total technology and other 100,320 (67,200 ) 100,640 (62,610 ) Indefinite-lived intangible assets: Trademark/Trade names 42,930 — 42,930 — Total other intangible assets $ 348,930 $ (174,400 ) $ 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 operations is summarized as follows (dollars in thousands): Year ended December 31, 2018 2017 2016 Technology and other, included in cost of sales $ 4,900 $ 5,340 $ 5,680 Customer relationships, included in selling, general and administrative expenses 14,540 14,580 14,790 Total amortization expense $ 19,440 $ 19,920 $ 20,470 |
Schedule of Expected Amortization Expense [Table Text Block] | Estimated amortization expense for the next five fiscal years beginning after December 31, 2018 is as follows (dollars in thousands): Year ended December 31, Estimated Amortization Expense 2019 $ 19,080 2020 $ 18,140 2021 $ 15,360 2022 $ 11,810 2023 $ 9,910 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following components (dollars in thousands): December 31, December 31, Finished goods $ 91,780 $ 86,310 Work in process 29,080 24,580 Raw materials 52,260 44,460 Total inventories $ 173,120 $ 155,350 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following components (dollars in thousands): December 31, December 31, Land and land improvements $ 15,580 $ 15,500 Building and building improvements 74,110 73,550 Machinery and equipment 318,860 303,880 408,550 392,930 Less: Accumulated depreciation 220,750 202,680 Property and equipment, net $ 187,800 $ 190,250 |
Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of operations is as follows (dollars in thousands): Year ended December 31, 2018 2017 2016 Depreciation expense, included in cost of sales $ 22,940 $ 24,950 $ 21,620 Depreciation expense, included in selling, general and administrative expense 1,640 2,000 2,770 Total depreciation expense $ 24,580 $ 26,950 $ 24,390 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | December 31, December 31, High deductible insurance $ 6,090 $ 6,250 Accrued payroll 20,830 19,060 Other 21,380 24,160 Total accrued liabilities $ 48,300 $ 49,470 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Debt | The carrying amounts and fair values were as follows (dollars in thousands): December 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 300,000 $ 282,750 $ 300,000 $ 300,750 Revolving credit facility — — 10,810 10,490 The Company's long-term debt consists of the following (dollars in thousands): December 31, December 31, 4.875% Senior Notes due October 2025 $ 300,000 $ 300,000 Credit Agreement — 10,810 Debt issuance costs (6,440 ) (7,730 ) Long-term debt, net $ 293,560 $ 303,080 |
Schedule of Maturities of Long-term Debt | Future maturities of the face value of long-term debt at December 31, 2018 are as follows (dollars in thousands): Year Ending December 31: Future Maturities 2019 $ — 2020 — 2021 — 2022 — 2023 — Thereafter 300,000 Total $ 300,000 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of December 31, 2018 and 2017 , the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands): Asset / (Liability) Derivatives Derivatives designated as hedging instruments Balance Sheet Caption December 31, 2018 December 31, 2017 Net Investment Hedges Cross-currency swaps Other assets $ 130 $ — Cross-currency swaps Other long-term liabilities — (4,110 ) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table summarizes the income (loss) recognized in AOCI on derivative contracts designated as hedging instruments as of December 31, 2018 and 2017 , and the amounts reclassified from AOCI into earnings for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): Amount of Income (Loss) Recognized Location of Loss Reclassified from AOCI into Earnings Amount of Loss Reclassified from As of December 31, Year ended December 31, 2018 2017 2018 2017 2016 Net Investment Hedges Cross-currency swaps $ 940 $ (3,170 ) Other expense, net $ — $ — $ — Cash Flow Hedges Interest rate swaps $ — $ — Interest expense $ — $ (320 ) $ (670 ) Debt financing and related expenses $ — $ (4,680 ) $ — |
Fair Value Measurements, Recurring and Nonrecurring | Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017 are as follows (dollars in thousands): Description Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2018 Cross-currency swaps Recurring $ 130 $ — $ 130 $ — December 31, 2017 Cross-currency swaps Recurring $ (4,110 ) $ — $ (4,110 ) $ — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum payments for operating leases having initial or remaining non-cancelable lease terms in excess of one year at December 31, 2018 are summarized below (dollars in thousands): Year ended December 31, Minimum Payments 2019 $ 12,730 2020 12,530 2021 11,080 2022 7,510 2023 6,270 Thereafter 15,830 Total $ 65,950 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Damages Sought for Specific Claims | Below is a breakdown of the amount sought for those claims seeking specific amounts: Compensatory Range of damages sought (in millions) $0.0 to $0.6 $0.6 to $5.0 $5.0+ Number of claims — 12 37 |
Schedule of Loss Contingencies by Contingency | The following chart summarizes the number of claimants, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, excluding amounts reimbursed under the Company's primary insurance, at the applicable date and for the applicable periods: Claims 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 Fiscal year ended December 31, 2018 5,256 171 564 43 4,820 $ 7,191 $ 2,260,000 Fiscal year ended December 31, 2017 5,339 173 231 25 5,256 $ 8,930 $ 2,280,000 Fiscal year ended December 31, 2016 6,242 140 1,009 34 5,339 $ 15,624 $ 2,920,000 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Costs of Retirement Plans | Net periodic pension benefit expense recorded in the Company's consolidated statement of operations for defined benefit pension plans include the following components (dollars in thousands): Pension Benefit 2018 2017 2016 Service cost $ 1,120 $ 1,150 $ 950 Interest cost 1,100 1,290 1,510 Expected return on plan assets (1,520 ) (1,480 ) (1,610 ) Settlements and curtailments 2,620 — 1,330 Amortization of net loss 860 1,010 930 Net periodic benefit expense $ 4,180 $ 1,970 $ 3,110 |
Schedule of Assumptions Used | Weighted average assumptions used in accounting for the U.S. defined benefit pension plans are as follows: Pension Benefit 2018 2017 2016 Discount rate for obligations 4.50 % 3.76 % 4.35 % Discount rate for benefit costs 4.37 % 4.35 % 4.62 % Rate of increase in compensation levels N/A N/A N/A Expected long-term rate of return on plan assets 7.13 % 7.13 % 7.13 % The Company utilizes a high-quality (Aa or greater) corporate bond yield curve as the basis for its domestic discount rate for its pension benefit plans. Management believes this yield curve removes the impact of including additional required corporate bond yields (potentially considered in the above-median curve) resulting from the uncertain economic climate that does not necessarily reflect the general trend in high-quality interest rates. Weighted average assumptions used in accounting for the non-U.S. defined benefit pension plans are as follows: Pension Benefit 2018 2017 2016 Discount rate for obligations 3.00 % 2.60 % 2.80 % Discount rate for benefit costs 2.60 % 2.80 % 3.80 % Rate of increase in compensation levels 3.30 % 3.30 % 3.90 % Expected long-term rate of return on plan assets 4.60 % 4.60 % 4.90 % |
Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets | Pension Benefit 2018 2017 Changes in Projected Benefit Obligations Benefit obligations at January 1 $ (39,030 ) $ (37,640 ) Service cost (1,120 ) (1,150 ) Interest cost (1,100 ) (1,290 ) Participant contributions (60 ) (60 ) Actuarial gain 3,020 990 Benefit payments 1,200 1,320 Annuity purchase 5,480 — Settlements and curtailments 210 710 Change in foreign currency 1,100 (1,910 ) Projected benefit obligations at December 31 $ (30,300 ) $ (39,030 ) Changes in Plan Assets Fair value of plan assets at January 1 $ 31,760 $ 26,260 Actual return on plan assets (1,520 ) 2,510 Employer contributions 2,440 3,170 Participant contributions 60 60 Benefit payments (1,200 ) (1,320 ) Annuity purchase (5,480 ) — Settlements (210 ) (710 ) Change in foreign currency (1,200 ) 1,790 Fair value of plan assets at December 31 $ 24,650 $ 31,760 Funded status at December 31 $ (5,650 ) $ (7,270 ) |
Schedule of Amounts Recognized in Balance Sheet | Pension Benefit 2018 2017 Amounts Recognized in Balance Sheet Prepaid benefit cost $ 1,350 $ 1,190 Current liabilities (340 ) (340 ) Noncurrent liabilities (6,660 ) (8,120 ) Net liability recognized at December 31 $ (5,650 ) $ (7,270 ) |
Schedule of Accumulated Other Comprehensive Income | Pension Benefit 2018 2017 Amounts Recognized in Accumulated Other Comprehensive Loss Unrecognized prior service cost $ 190 $ 50 Unrecognized net loss 11,610 15,600 Total accumulated other comprehensive loss recognized at December 31 $ 11,800 $ 15,650 Changes in AOCI by component for the year ended December 31, 2018 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2017 $ (10,450 ) $ (3,170 ) $ (3,710 ) $ (17,330 ) Net unrealized gains (losses) arising during the period (a) — 4,110 (6,880 ) (2,770 ) Less: Net realized losses reclassified to net income (b) (3,250 ) — — (3,250 ) Net current-period other comprehensive income (loss) 3,250 4,110 (6,880 ) 480 Balance, December 31, 2018 $ (7,200 ) $ 940 $ (10,590 ) $ (16,850 ) __________________________ (a) Derivative instruments, net of income tax of $1.2 million . See Note 11 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of $0.9 million . See Note 14 , " Employee Benefit Plans ," for additional details. Changes in AOCI by component for the year ended December 31, 2017 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2016 $ (12,120 ) $ (2,520 ) $ (9,760 ) $ (24,400 ) Net unrealized gains (losses) arising during the period (a) 1,000 (3,750 ) 6,050 3,300 Less: Net realized losses reclassified to net income (b) (670 ) (3,100 ) — (3,770 ) Net current-period other comprehensive income (loss) 1,670 (650 ) 6,050 7,070 Balance, December 31, 2017 $ (10,450 ) $ (3,170 ) $ (3,710 ) $ (17,330 ) __________________________ (a) Defined benefit plans, net of income tax of $0.3 million . See Note 14 , " Employee Benefit Plans ," for additional details. Derivative instruments, net of income tax expense of $1.3 million . See Note 11 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of $0.3 million . See Note 14 , "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax expense of $1.9 million . See Note 11 , "Derivative Instruments," for further details. |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Accumulated Benefit Obligations Projected Benefit Obligations 2018 2017 2018 2017 Benefit Obligations at December 31, Total benefit obligations $ (28,410 ) $ (36,720 ) $ (30,300 ) $ (39,030 ) Plans with benefit obligations exceeding plan assets Benefit obligations $ (12,050 ) $ (18,420 ) $ (12,080 ) $ (18,440 ) Plan assets 5,090 9,980 5,090 9,980 |
Schedule of Effect of Change in Discount Rate and Expected Return on Assets on Benefit Obligations and Expense | Pension Benefit December 31, 2018 2018 Expense Discount rate 25 basis point increase $ (1,120 ) $ (90 ) 25 basis point decrease $ 1,210 $ 100 Expected return on assets 50 basis point increase N/A $ (130 ) 50 basis point decrease N/A $ 130 |
Schedule of Allocation of Plan Assets | The actual weighted average asset allocation of the Company's domestic and foreign pension plans' assets at December 31, 2018 and 2017 and target allocations by class, were as follows: Domestic Pension Foreign Pension Actual Actual Target 2018 2017 Target 2018 2017 Equity securities 60 % 58 % 63 % 33 % 29 % 30 % Fixed income 36 % 39 % 36 % 45 % 47 % 46 % Diversified growth (a) — % — % — % 22 % 24 % 24 % Cash and other 4 % 3 % 1 % — — % — % Total 100 % 100 % 100 % 100 % 100 % 100 % |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following table summarizes the level under the fair value hierarchy (see Note 3, " Summary of Significant Accounting Policies ") that the Company's pension plan assets are measured, on a recurring basis as of December 31, 2018 (dollars in thousands): Total Level 1 Level 2 Level 3 Plan assets subject to leveling Investment funds Equity securities $ 2,960 $ 2,960 $ — $ — Fixed income 1,970 1,970 — — Cash and cash equivalents 90 90 — — Plan assets measured at net asset value (a) Investment funds Equity securities 5,590 Fixed income 9,400 Diversified growth 4,390 Cash and cash equivalents 250 Total $ 24,650 $ 5,020 $ — $ — ________________________________________ (a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the fair value of plan assets. |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (dollars in thousands): Pension Benefit December 31, 2019 $ 990 December 31, 2020 1,110 December 31, 2021 1,090 December 31, 2022 1,190 December 31, 2023 1,290 Years 2024-2028 7,260 |
Equity Awards (Tables)
Equity Awards (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Information related to stock options at December 31, 2018 is as follows: Number of Stock Options 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 December 31, 2018 206,854 $ 13.19 5.5 $ 2,915,651 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to restricted shares at December 31, 2018 is as follows: Number of Unvested Restricted Shares Weighted Average Grant Date Fair Value Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2018 726,936 $ 22.60 Granted 309,849 30.29 Vested (338,141 ) 21.60 Cancelled (35,516 ) 23.24 Outstanding at December 31, 2018 663,128 $ 26.67 1.0 $ 18,096,763 |
Earnings per Share Earnings p_2
Earnings per Share Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table summarizes the dilutive effect of restricted shares and options to purchase common stock: Year ended December 31, 2018 2017 2016 Weighted average common shares—basic 45,824,555 45,682,627 45,407,316 Dilutive effect of restricted share awards 242,204 241,974 — Dilutive effect of stock options 103,705 65,651 — Weighted average common shares—diluted 46,170,464 45,990,252 45,407,316 In November 2015, the Company announced its Board of Directors had authorized the Company to purchase up to $50 million in the aggregate of its common stock. During 2018 , the Company purchased 442,632 shares of its outstanding common stock for approximately $12.1 million . The Company did not purchase any shares of its outstanding common stock during 2017 or 2016 . |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Pension Benefit 2018 2017 Amounts Recognized in Accumulated Other Comprehensive Loss Unrecognized prior service cost $ 190 $ 50 Unrecognized net loss 11,610 15,600 Total accumulated other comprehensive loss recognized at December 31 $ 11,800 $ 15,650 Changes in AOCI by component for the year ended December 31, 2018 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2017 $ (10,450 ) $ (3,170 ) $ (3,710 ) $ (17,330 ) Net unrealized gains (losses) arising during the period (a) — 4,110 (6,880 ) (2,770 ) Less: Net realized losses reclassified to net income (b) (3,250 ) — — (3,250 ) Net current-period other comprehensive income (loss) 3,250 4,110 (6,880 ) 480 Balance, December 31, 2018 $ (7,200 ) $ 940 $ (10,590 ) $ (16,850 ) __________________________ (a) Derivative instruments, net of income tax of $1.2 million . See Note 11 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of $0.9 million . See Note 14 , " Employee Benefit Plans ," for additional details. Changes in AOCI by component for the year ended December 31, 2017 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2016 $ (12,120 ) $ (2,520 ) $ (9,760 ) $ (24,400 ) Net unrealized gains (losses) arising during the period (a) 1,000 (3,750 ) 6,050 3,300 Less: Net realized losses reclassified to net income (b) (670 ) (3,100 ) — (3,770 ) Net current-period other comprehensive income (loss) 1,670 (650 ) 6,050 7,070 Balance, December 31, 2017 $ (10,450 ) $ (3,170 ) $ (3,710 ) $ (17,330 ) __________________________ (a) Defined benefit plans, net of income tax of $0.3 million . See Note 14 , " Employee Benefit Plans ," for additional details. Derivative instruments, net of income tax expense of $1.3 million . See Note 11 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of $0.3 million . See Note 14 , "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax expense of $1.9 million . See Note 11 , "Derivative Instruments," for further details. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows (dollars in thousands): Year ended December 31, 2018 2017 2016 Net Sales Packaging $ 368,200 $ 344,570 $ 341,340 Aerospace 185,920 184,310 174,920 Specialty Products 323,020 288,860 277,760 Total $ 877,140 $ 817,740 $ 794,020 Operating Profit (Loss) Packaging $ 84,590 $ 80,610 $ 78,630 Aerospace 27,290 26,410 (90,540 ) Specialty Products 34,260 12,280 2,900 Corporate (24,070 ) (30,130 ) (32,920 ) Total $ 122,070 $ 89,170 $ (41,930 ) Capital Expenditures Packaging $ 13,590 $ 17,140 $ 19,880 Aerospace 1,190 3,370 3,950 Specialty Products 5,380 6,830 7,470 Corporate (a) 4,890 9,460 30 Total $ 25,050 $ 36,800 $ 31,330 Depreciation and Amortization Packaging $ 21,620 $ 21,630 $ 22,120 Aerospace 15,190 14,530 14,090 Specialty Products 6,930 10,530 8,370 Corporate 280 180 280 Total $ 44,020 $ 46,870 $ 44,860 Total Assets Packaging $ 435,140 $ 431,680 $ 423,460 Aerospace 392,140 401,060 409,040 Specialty Products 181,700 172,840 179,160 Corporate 91,540 27,620 39,990 Total $ 1,100,520 $ 1,033,200 $ 1,051,650 ________________________________________ (a) Corporate capital expenditures for the years ended December 31, 2018 and 2017, respectively, are primarily related to purchases of machinery and equipment formerly held under operating leases. These purchased assets were subsequently transferred from Corporate to the reportable segment utilizing the assets. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents the Company's net sales for each of the years ended December 31 and long-lived assets at each year ended December 31, attributed to each subsidiary's continent of domicile (dollars in thousands). As of December 31, 2018 2017 2016 Net Sales Long-lived Assets Net Sales Long-lived Assets Net Sales Long-lived Assets Non-U.S. Europe $ 62,420 $ 54,340 $ 62,360 $ 54,790 $ 65,490 $ 45,050 Asia Pacific 45,040 45,160 36,630 51,120 32,230 51,060 Other Americas 14,670 7,830 15,260 7,930 13,620 7,800 Total non-U.S. 122,130 107,330 114,250 113,840 111,340 103,910 Total U.S. 755,010 571,650 703,490 590,020 682,680 604,250 Total $ 877,140 $ 678,980 $ 817,740 $ 703,860 $ 794,020 $ 708,160 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The Company's income (loss) before income taxes and income tax expense (benefit), each by tax jurisdiction, consists of the following (dollars in thousands): Year ended December 31, 2018 2017 2016 Income (loss) before income taxes: Domestic $ 75,830 $ 50,760 $ (69,850 ) Foreign 30,150 15,450 11,620 Total income (loss) before income taxes $ 105,980 $ 66,210 $ (58,230 ) Current income tax expense: Federal $ 6,770 $ 12,800 $ 7,560 State and local 2,440 1,770 1,920 Foreign 7,070 5,420 4,250 Total current income tax expense 16,280 19,990 13,730 Deferred income tax expense (benefit): Federal 4,540 15,180 (28,180 ) State and local 1,310 1,280 (2,550 ) Foreign 550 (1,200 ) (1,430 ) Total deferred income tax expense (benefit) 6,400 15,260 (32,160 ) Income tax expense (benefit) $ 22,680 $ 35,250 $ (18,430 ) |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred taxes are as follows (dollars in thousands): December 31, 2018 December 31, 2017 Deferred tax assets: Accounts receivable $ 310 $ 1,000 Inventories 1,900 5,230 Accrued liabilities and other long-term liabilities 7,220 20,350 Tax loss and credit carryforwards 6,990 7,290 Gross deferred tax asset 16,420 33,870 Valuation allowances (5,520 ) (6,400 ) Net deferred tax asset 10,900 27,470 Deferred tax liabilities: Property and equipment (8,770 ) (16,380 ) Goodwill and other intangible assets (4,940 ) (5,350 ) Investment in foreign affiliates, including withholding tax (1,050 ) (740 ) Other, principally deferred income (620 ) (1,550 ) Gross deferred tax liability (15,380 ) (24,020 ) Net deferred tax asset (liability) $ (4,480 ) $ 3,450 |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of income tax expense (benefit) computed at the U.S. federal statutory rate to income tax expense (benefit) allocated to income (loss) before income taxes (dollars in thousands): Year ended December 31, 2018 2017 2016 U.S. federal statutory rate 21 % 35 % 35 % Tax at U.S. federal statutory rate $ 22,250 $ 23,170 $ (20,380 ) State and local taxes, net of federal tax benefit 3,030 2,250 (550 ) Differences in statutory foreign tax rates 380 (2,580 ) (1,930 ) Change in recognized tax benefits (270 ) (480 ) (1,410 ) Goodwill and other intangible assets impairment — — 5,050 Nontaxable income (940 ) (1,050 ) (310 ) Research and manufacturing incentives (1,740 ) (1,510 ) (830 ) Net change in valuation allowance 650 520 2,140 Tax Reform Act (400 ) 12,660 — Other, net (280 ) 2,270 (210 ) Income tax expense (benefit) $ 22,680 $ 35,250 $ (18,430 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the change in the UTBs and related accrued interest and penalties for the years ended December 31, 2018 and 2017 is as follows (dollars in thousands): Unrecognized Tax Benefits Balance at December 31, 2016 $ 3,570 Tax positions related to current year: Additions 250 Tax positions related to prior years: Additions 860 Reductions (100 ) Settlements — Lapses in the statutes of limitations (1,210 ) Balance at December 31, 2017 $ 3,370 Tax positions related to current year: Additions 60 Tax positions related to prior years: Additions 390 Reductions — Settlements — Lapses in the statutes of limitations (800 ) Balance at December 31, 2018 $ 3,020 |
Summary Quarterly Financial D_2
Summary Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The Company's unaudited quarterly financial data is as follows (dollars in thousands, except for per share data): As of December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 217,100 $ 224,910 $ 223,780 $ 211,350 Gross profit 60,380 64,780 61,720 57,240 Net income 24,320 19,600 22,670 16,710 Earnings per share—basic: Net income per share $ 0.53 $ 0.43 $ 0.49 $ 0.37 Weighted average shares—basic 45,779,966 45,920,307 45,850,288 45,747,659 Earnings per share—diluted: Net income per share $ 0.53 $ 0.42 $ 0.49 $ 0.36 Weighted average shares—diluted 46,229,337 46,200,757 46,166,558 46,085,202 As of December 31, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 199,830 $ 213,370 $ 209,330 $ 195,210 Gross profit 51,820 59,470 58,890 49,210 Net income (loss) 6,990 14,850 13,130 (4,010 ) Earnings (loss) per share—basic: Net income (loss) per share $ 0.15 $ 0.32 $ 0.29 $ (0.09 ) Weighted average shares—basic 45,570,495 45,717,697 45,721,155 45,721,160 Earnings (loss) per share—diluted: Net income (loss) per share $ 0.15 $ 0.32 $ 0.29 $ (0.09 ) Weighted average shares—diluted 45,908,958 45,922,416 46,029,361 45,721,160 |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements (Details) - Accounting Standards Update 2016-02 [Member] - Estimated impact of adoption [Member] $ in Millions | Dec. 31, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating Lease, Liability | $ 40 |
Operating Lease, Right-of-Use Asset | $ 40 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Allowance for Doubtful Accounts | $ 3.4 | $ 4.1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Depreciation and Amortization (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 1 year |
Minimum [Member] | Customer Relationships [Member] | |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 5 years |
Minimum [Member] | Technology and Other [Member] | |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 1 year |
Minimum [Member] | Land and Land Improvements/Buildings [Member] | |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 30 years |
Maximum [Member] | Customer Relationships [Member] | |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 25 years |
Maximum [Member] | Technology and Other [Member] | |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 30 years |
Maximum [Member] | Land and Land Improvements/Buildings [Member] | |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment and Finite-Lived Intangible Assets [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Goodwill and Indefinite-Lived Intangibles (Details) | 12 Months Ended |
Dec. 31, 2018number | |
Annual Goodwill Impairment Assessment [Abstract] | |
Number of Reporting Units | 5 |
Number of reporting units that have goodwill | 3 |
Number of Reportable Segments | 3 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - High Deductible Insurance (Details) $ in Millions | Dec. 31, 2018USD ($) |
Workers' Compensation [Member] | |
Insurance coverage [Line Items] | |
Maximum Retention | $ 0.8 |
Minimum [Member] | General Liability [Member] | |
Insurance coverage [Line Items] | |
Maximum Retention | 0.3 |
Maximum [Member] | General Liability [Member] | |
Insurance coverage [Line Items] | |
Maximum Retention | 1.5 |
Maximum [Member] | Group Medical Plan [Member] | |
Insurance coverage [Line Items] | |
Stop Loss Limit | $ 0.3 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Income Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Expense, Net [Member] | |||
Foreign Currency Translation [Line Items] | |||
Net Foreign Currency Transaction Gains (Losses) | $ 1.3 | $ (0.8) | $ 0.8 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 877,140 | $ 817,740 | $ 794,020 |
Consumer [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 276,740 | 259,470 | 259,390 |
Aerospace [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 185,920 | 184,310 | 174,920 |
Industrial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 212,160 | 189,550 | 182,280 |
Oil and Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 202,320 | $ 184,410 | $ 177,430 |
Facility Closures and Consoli_2
Facility Closures and Consolidations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Loss on dispositions of assets | $ 250 | $ 1,080 | $ 1,870 |
Gain on sale of building | (250) | (1,080) | (1,870) |
Facility Closing Bangalore, India [Member] | Cost of Sales [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total facility closure and move costs | 600 | ||
Facility Closing Bangalore, India [Member] | Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total facility closure and move costs | 700 | ||
Facility Closing Reynosa, Mexico [Member] | Cost of Sales [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Future Lease Obligation, Net of Sublease Income | $ (1,100) | 2,300 | |
Restructuring and Related Cost, Accelerated Depreciation | 1,200 | ||
Facility Closing Wolverhampton, United Kingdom [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Loss on dispositions of assets | 3,200 | ||
Facility Closing Wolverhampton, United Kingdom [Member] | Net loss on dispositions of assets [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain (Loss) on Disposition of Business | 3,500 | ||
Packaging segment Mexico facility closure and relocation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total facility closure and move costs | 2,500 | ||
Severance Costs | 700 | ||
Accelerated depreciation and inventory write-downs | $ 800 | ||
Proceeds from Sale of Buildings | 2,800 | ||
Gain on sale of building | $ 2,500 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill Narrative (Details) - Aerospace Reporting Unit [Member] - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Goodwill, Impairment Loss | $ 60.2 | |
Goodwill [Member] | ||
Goodwill [Line Items] | ||
Fair Value Inputs, Valuation Method, Weighting Percentage Used, Income-Based Approach | 50.00% | 50.00% |
Fair Value Inputs, Valuation Method, Weighting Percentage Used, Market-Based Approach | 50.00% | 50.00% |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 15.00% | |
Measurement Input, Long-term Revenue Growth Rate [Member] | Goodwill [Member] | ||
Goodwill [Line Items] | ||
Fair value inputs, valuation method, residual growth rate | 3.00% | 3.00% |
Measurement Input, Discount Rate [Member] | Goodwill [Member] | ||
Goodwill [Line Items] | ||
Fair value inputs, valuation method, discount rate | 9.50% | 10.30% |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Balance, beginning | $ 319,390 | $ 315,080 |
Foreign currency translation | (2,740) | 4,310 |
Balance, ending | 316,650 | 319,390 |
Packaging [Member] | ||
Goodwill [Roll Forward] | ||
Balance, beginning | 166,400 | 162,090 |
Foreign currency translation | (2,740) | 4,310 |
Balance, ending | 163,660 | 166,400 |
Aerospace [Member] | ||
Goodwill [Roll Forward] | ||
Balance, beginning | 146,430 | 146,430 |
Foreign currency translation | 0 | 0 |
Balance, ending | 146,430 | 146,430 |
Specialty Products [Member] | ||
Goodwill [Roll Forward] | ||
Balance, beginning | 6,560 | 6,560 |
Foreign currency translation | 0 | 0 |
Balance, ending | $ 6,560 | $ 6,560 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Intangibles Narrative (Details) - Trademarks and Trade Names [Member] - Aerospace [Member] - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 38.7 | |
Trade names, fair value exceeds carrying value, percentage | 9.00% | |
Measurement Input, Long-term Revenue Growth Rate [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Fair value inputs, valuation method, residual growth rate | 3.00% | 3.00% |
Measurement Input, Discount Rate [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Fair value inputs, valuation method, discount rate | 9.50% | 10.30% |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, accumulated amortization | $ (174,400) | $ (155,490) |
Total finite and indefinite-lived other intangible assets, gross carrying amount | 348,930 | 349,710 |
Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 205,680 | 206,140 |
Finite-lived intangible assets, accumulated amortization | (107,200) | (92,880) |
Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 100,320 | 100,640 |
Finite-lived intangible assets, accumulated amortization | (67,200) | (62,610) |
Trademarks and Trade Names [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 42,930 | 42,930 |
Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 73,450 | 73,910 |
Finite-lived intangible assets, accumulated amortization | (48,410) | (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 | (58,790) | (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 | 57,020 | 57,340 |
Finite-lived intangible assets, accumulated amortization | (31,600) | (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 | $ (35,600) | $ (33,490) |
Minimum [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 1 year | |
Minimum [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 5 years | |
Minimum [Member] | Technology and Other [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] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 25 years | |
Maximum [Member] | Technology and Other [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_7
Goodwill and Other Intangible Assets - Other Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amortization of Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 19,440 | $ 19,920 | $ 20,470 |
Cost of Sales [Member] | Technology and Other [Member] | |||
Amortization of Intangible Assets [Line Items] | |||
Amortization of intangible assets | 4,900 | 5,340 | 5,680 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | |||
Amortization of Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 14,540 | $ 14,580 | $ 14,790 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Expected Amortization Expense (Details) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months (2019) | $ 19,080 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two (2020) | 18,140 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three (2021) | 15,360 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four (2022) | 11,810 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five (2023) | $ 9,910 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 91,780 | $ 86,310 |
Work in process | 29,080 | 24,580 |
Raw materials | 52,260 | 44,460 |
Total inventories | $ 173,120 | $ 155,350 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 408,550 | $ 392,930 |
Less: Accumulated depreciation | 220,750 | 202,680 |
Property and equipment, net | 187,800 | 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 | 74,110 | 73,550 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 318,860 | $ 303,880 |
Property and Equipment, Net - D
Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation Expense [Line Items] | |||
Depreciation expense | $ 24,580 | $ 26,950 | $ 24,390 |
Continuing Operations [Member] | |||
Depreciation Expense [Line Items] | |||
Depreciation expense | 24,580 | 26,950 | 24,390 |
Cost of Sales [Member] | Continuing Operations [Member] | |||
Depreciation Expense [Line Items] | |||
Depreciation expense | 22,940 | 24,950 | 21,620 |
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member] | |||
Depreciation Expense [Line Items] | |||
Depreciation expense | $ 1,640 | $ 2,000 | $ 2,770 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities, Current [Abstract] | ||
High deductible insurance | $ 6,090 | $ 6,250 |
Accrued payroll | 20,830 | 19,060 |
Other | 21,380 | 24,160 |
Total accrued liabilities | $ 48,300 | $ 49,470 |
Long-term Debt - Debt Table (De
Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (6,440) | $ (7,730) |
Long-term debt, net | 293,560 | 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 | 12 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 20, 2017 | |
Debt Instrument [Line Items] | |||||
Payments of Financing Costs | $ 1,100 | ||||
Debt financing and related expenses | $ 0 | $ 6,640 | $ 0 | ||
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 financing and related expenses | 100 | ||||
Debt Instrument, Date of First Required Payment | Apr. 15, 2018 | ||||
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | Debt Instrument, Redemption, Period One [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of principal that can be redeemed with cash proceeds from 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] | Debt Instrument, Redemption, Period Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 102.438% | ||||
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 101.219% | ||||
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | Debt Instrument, Redemption, Period Four [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 | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 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 Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($)Rate | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||||
Net leverage ratio | 3 | 3 | |||
Payments of Financing Costs | $ 1,100 | ||||
Debt financing and related expenses | $ 0 | $ (6,640) | $ 0 | ||
Write off of Deferred Debt Issuance Cost | $ 2,000 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.50% | ||||
Incremental debt commitments capacity | $ 200,000 | 200,000 | |||
Bank debt and receivables facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unused Borrowing Capacity, Amount | 284,900 | $ 284,900 | 332,100 | ||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Sep. 20, 2022 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000 | $ 300,000 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 125,000 | 125,000 | |||
Revolving Credit Facility, Amount Outstanding | 0 | 0 | 10,800 | ||
Revolving Credit Facility, Remaining Borrowing Capacity | 284,900 | 284,900 | 274,300 | ||
Letters of credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 40,000 | 40,000 | |||
Letters of Credit Outstanding, Amount | $ 15,100 | $ 15,100 | $ 14,900 |
Long-term Debt - Receivables Fa
Long-term Debt - Receivables Facility (Details) - Receivables Facility [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 18, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 19, 2018 | |
Debt Instrument [Line Items] | |||||
Secured debt, Maximum Borrowing Capacity | $ 75 | ||||
Debt cost, 1-month LIBOR plus | 1.00% | 1.00% | |||
Debt Instrument, Unused Borrowing Capacity, Fee percentage | 0.35% | 0.35% | |||
Receivables facility debt outstanding | $ 0 | ||||
Receivables facility debt available but not utilized | 57.8 | ||||
Receivables facililty, debt aggregate costs | $ 0.1 | $ 1 | $ 0.9 |
Long-term Debt - Long-term Debt
Long-term Debt - Long-term Debt Maturities (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Long-term Debt, Fiscal Year Maturity | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months (2019) | $ 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two (2020) | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Three (2021) | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Four (2022) | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five (2023) | 0 |
Long-term Debt, Maturities, Repayments of Principal after Year Five (Thereafter) | 300,000 |
Long-term Debt | $ 300,000 |
Long-term Debt - Fair Value (De
Long-term Debt - Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 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 | 282,750 | 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 |
Long-term Debt - Debt Issuance
Long-term Debt - Debt Issuance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Debt issuance costs | $ (6,440) | $ (7,730) | |
Amortization of Debt Issuance Costs | $ 1,290 | $ 1,320 | $ 1,370 |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 19, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 1,900 | ||||||
Interest Rate Swap [Member] | Senior Secured Term Loan A [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) | ||||||
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Cash Received on Hedge | $ 1,100 | ||||||
Maximum Remaining Maturity of Foreign Currency Derivatives | 5 years | 5 years | |||||
Derivative, Fixed Interest Rate | 2.90% | 2.10% | 2.90% | 2.10% | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 | $ 0 | ||||
Maximum [Member] | Interest Rate Swap [Member] | Senior Secured Term Loan A [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 238,400 | ||||||
Maximum [Member] | Interest Rate Swap [Member] | Senior Secured Term Loan A [Member] | Cash Flow Hedging [Member] | Derivative, June 2020 Maturity [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Fixed Interest Rate | 2.68% | ||||||
Maximum [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 125,000 | $ 150,000 | 125,000 | 150,000 | |||
Minimum [Member] | Interest Rate Swap [Member] | Senior Secured Term Loan A [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Fixed Interest Rate | 0.74% | ||||||
Minimum [Member] | Interest Rate Swap [Member] | Senior Secured Term Loan A [Member] | Cash Flow Hedging [Member] | Derivative, June 2020 Maturity [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 192,700 | ||||||
Minimum [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 75,000 | $ 75,000 | $ 75,000 | $ 75,000 |
Derivative Instruments - Design
Derivative Instruments - Designated as hedging, Financial Position (Details) - Cross Currency Interest Rate Contract [Member] - Net Investment Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 130 | $ 0 |
Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ (4,110) |
Derivative Instruments - Desi_2
Derivative Instruments - Designated as hedging, Financial Performance (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 0 | ||
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [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 | 940 | $ (3,170) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | $ 0 |
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 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 0 | 0 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ (320) | $ (670) |
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 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | $ 130 | |
Liability Derivatives | $ (4,110) | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 0 | |
Liability Derivatives | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 130 | |
Liability Derivatives | (4,110) | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | $ 0 | |
Liability Derivatives | $ 0 |
Leases (Details)
Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 12,730 |
Operating Leases, Future Minimum Payments, Due in Two Years | 12,530 |
Operating Leases, Future Minimum Payments, Due in Three Years | 11,080 |
Operating Leases, Future Minimum Payments, Due in Four Years | 7,510 |
Operating Leases, Future Minimum Payments, Due in Five Years | 6,270 |
Operating Leases, Future Minimum Payments, Due Thereafter | 15,830 |
Operating Leases, Future Minimum Payments Due | $ 65,950 |
Leases Narrative (Details)
Leases Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 12.3 | $ 16.7 | $ 17.4 |
Commitments and Contingencies -
Commitments and Contingencies - Asbestos Narrative (Details) - Asbestos [Member] $ in Millions | 336 Months Ended | |||
Dec. 31, 2018USD ($)claimantscases | Dec. 31, 2017claimants | Dec. 31, 2016claimants | Dec. 31, 2015claimants | |
Loss Contingencies [Line Items] | ||||
Number of pending cases | cases | 379 | |||
Number of pending claims | 4,820 | 5,256 | 5,339 | 6,242 |
Number of pending claims seeking specific amounts of damages | 49 | |||
Total settlement costs | $ | $ 8.9 | |||
Percentage of settlement and defense costs covered by insurance | 40.00% |
Commitments and Contingencies_2
Commitments and Contingencies - Asbestos Claimant and Settlement (Details) - Asbestos [Member] | 12 Months Ended | |||
Dec. 31, 2018USD ($)claimants | Dec. 31, 2017USD ($)claimants | Dec. 31, 2016USD ($)claimants | Dec. 31, 2015claimants | |
Loss Contingencies [Line Items] | ||||
Number of pending claims filed during period | 171 | 173 | 140 | |
Number of pending claims dismissed during period | 564 | 231 | 1,009 | |
Number of pending claims settled during period | 43 | 25 | 34 | |
Number of pending claims | 4,820 | 5,256 | 5,339 | 6,242 |
Average settlement amount per claim during period | $ | $ 7,191 | $ 8,930 | $ 15,624 | |
Total defense costs during period | $ | $ 2,260,000 | $ 2,280,000 | $ 2,920,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Asbestos Damages Sought (Details) - Asbestos [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)claimants | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 49 |
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] | 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 | 12 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 37 |
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 Corporation (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) |
Employee Benefit Plans Defined
Employee Benefit Plans Defined Contribution Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Defined Contribution Plan, Cost | $ 4.2 | $ 3.8 | $ 3.7 |
Employee Benefit Plans Define_2
Employee Benefit Plans Defined Benefit Plan Narrative (Details) $ in Millions | Dec. 31, 2018USD ($) |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | $ 0.6 |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan, Estimated Future Employer Contributions | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 1.9 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Pension and Postretirement Benefit Costs (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service costs | $ 1,120 | $ 1,150 | $ 950 |
Interest costs | 1,100 | 1,290 | 1,510 |
Expected return on plan assets | (1,520) | (1,480) | (1,610) |
Settlements and curtailments loss | 2,620 | 0 | 1,330 |
Amortization of net (gain)/loss | 860 | 1,010 | 930 |
Net periodic benefit cost (income) | 4,180 | $ 1,970 | $ 3,110 |
Domestic Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Settlements and curtailments loss | $ 2,500 |
Employee Benefit Plans Assumpti
Employee Benefit Plans Assumptions Used for U.S Defined Benefit Plans Table (Details) - Domestic Plan [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate for obligations | 4.50% | 3.76% | 4.35% |
Discount rate for benefit costs | 4.37% | 4.35% | 4.62% |
Expected long-term rate of return on plan assets | 7.13% | 7.13% | 7.13% |
Employee Benefit Plans Assump_2
Employee Benefit Plans Assumptions Used for Non-U.S. Defined Pension Plans Table (Details) - Foreign Plan [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate for obligations | 3.00% | 2.60% | 2.80% |
Discount rate for benefit costs | 2.60% | 2.80% | 3.80% |
Rate of increase in compensation levels | 3.30% | 3.30% | 3.90% |
Expected long-term rate of return on plan assets | 4.60% | 4.60% | 4.90% |
Employee Benefit Plans Define_3
Employee Benefit Plans Defined Benefit Plan Change in Benefit Obligations and Plan Assets Table (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | $ (39,030) | $ (37,640) | |
Service costs | (1,120) | (1,150) | $ (950) |
Interest costs | (1,100) | (1,290) | (1,510) |
Participant contributions | (60) | (60) | |
Actuarial gain (loss) | 3,020 | 990 | |
Benefit payments | 1,200 | 1,320 | |
Defined Benefit Plan, Benefit Obligation, Annuity Purchase | 5,480 | 0 | |
Settlements and curtailments | 210 | 710 | |
Change in foreign currency | 1,100 | (1,910) | |
Defined Benefit Plan, Benefit Obligation | (30,300) | (39,030) | (37,640) |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets | 31,760 | 26,260 | |
Actual return on plan assets | (1,520) | 2,510 | |
Employer contributions | 2,440 | 3,170 | |
Participant contributions | 60 | 60 | |
Benefit payments | (1,200) | (1,320) | |
Defined Benefit Plan, Plan Assets, Annuity Purchase | 5,480 | 0 | |
Settlements | (210) | (710) | |
Change in foreign currency | (1,200) | 1,790 | |
Fair value of plan assets | 24,650 | 31,760 | $ 26,260 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded Status at December 31 | $ (5,650) | $ (7,270) |
Employee Benefit Plans Amounts
Employee Benefit Plans Amounts Recognized on Balance Sheet Table (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 1,350 | $ 1,190 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | ||
Current liabilities | (340) | (340) |
Noncurrent liabilities | (6,660) | (8,120) |
Net liability recognized at December 31 | $ (5,650) | $ (7,270) |
Employee Benefit Plans Amount_2
Employee Benefit Plans Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax | ||
Unrecognized prior service cost | $ 190 | $ 50 |
Unrecognized net loss/(gain) | 11,610 | 15,600 |
Total accumulated other comprehensive income (loss) recognized at December 31 | $ 11,800 | $ 15,650 |
Employee Benefit Plans Plans wi
Employee Benefit Plans Plans with Benefit Obligations in Excess of Assets Table (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ (28,410) | $ (36,720) | |
Defined Benefit Plan, Benefit Obligation | (30,300) | (39,030) | $ (37,640) |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | (12,050) | (18,420) | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, PBO | (12,080) | (18,440) | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | 5,090 | 9,980 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 5,090 | $ 9,980 |
Employee Benefit Plans Effect o
Employee Benefit Plans Effect of Change in Discount Rate and Expected Return on Plan Assets Table (Details) - Pension Plans, Defined Benefit [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Effect of Twenty-Five Basis Point Change in Discount Rate | |
Effect of Twenty-Five Basis Point Increase in Discount Rate on Benefit Obligation | $ (1,120) |
Effect of Twenty-Five Basis Point Decrease in Discount Rate on Benefit Obligation | 1,210 |
Effect of Twenty-Five Basis Point Increase in Discount Rate on Expense | (90) |
Effect of Twenty-Five Basis Point Decrease in Discount Rate on Expense | 100 |
Effect of Fifty Basis Point Change in Expected Return on Plan Assets | |
Effect of Fifty Basis Point Increase in Expected Return on Plan Assets on Expense | (130) |
Effect of Fifty Basis Point Decrease in Expected Return on Plan Assets on Expense | $ 130 |
Employee Benefit Plans Weighted
Employee Benefit Plans Weighted Average Asset Allocation by Pension Plan (Details) | Dec. 31, 2018 | Dec. 31, 2017 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | ||
Foreign Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 29.00% | 30.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 33.00% | ||
Foreign Plan [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 47.00% | 46.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | ||
Foreign Plan [Member] | Balanced Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | [1] | 24.00% | 24.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | [1] | 22.00% | |
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0.00% | 0.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | ||
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | ||
Domestic Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 58.00% | 63.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||
Domestic Plan [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 39.00% | 36.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 36.00% | ||
Domestic Plan [Member] | Balanced Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | [1] | 0.00% | 0.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | [1] | 0.00% | |
Domestic Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 3.00% | 1.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 4.00% | ||
[1] | Diversified growth funds invest in a broad range of asset classes including equities, investment grade and high yield bonds, commodities, property, private equity, infrastructure and currencies. |
Employee Benefit Plans Pension
Employee Benefit Plans Pension Plan Assets Fair Value Hierarchy Table (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | $ 24,650 | $ 31,760 | $ 26,260 | |
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 5,020 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 0 | |||
Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Not Subject to Leveling | [1] | 9,400 | ||
Defined Benefit Plan, Fair Value of Plan Assets Subject to Leveling | 1,970 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Subject to Leveling | 1,970 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Subject to Leveling | 0 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Subject to Leveling | 0 | |||
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Not Subject to Leveling | [1] | 250 | ||
Defined Benefit Plan, Fair Value of Plan Assets Subject to Leveling | 90 | |||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Subject to Leveling | 90 | |||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Subject to Leveling | 0 | |||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Subject to Leveling | 0 | |||
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Not Subject to Leveling | [1] | 5,590 | ||
Defined Benefit Plan, Fair Value of Plan Assets Subject to Leveling | 2,960 | |||
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Subject to Leveling | 2,960 | |||
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Subject to Leveling | 0 | |||
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Subject to Leveling | 0 | |||
Balanced Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets Not Subject to Leveling | [1] | $ 4,390 | ||
[1] | Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the fair value of plan assets. |
Employee Benefit Plans Future B
Employee Benefit Plans Future Benefit Payments Table (Details) - Pension Plans, Defined Benefit [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Expected Future Benefit Payments, Next Twelve Months | $ 990 |
Expected Future Benefit Payments, Year Two | 1,110 |
Expected Future Benefit Payments, Year Three | 1,090 |
Expected Future Benefit Payments, Year Four | 1,190 |
Expected Future Benefit Payments, Year Five | 1,290 |
Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 7,260 |
Equity Awards - Equity Awards N
Equity Awards - Equity Awards Narrative (Details) | Dec. 31, 2018shares |
2017 Equity and Incentive Compensation Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Approved for Issuance | 2,000,000 |
Director Retainer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Approved for Issuance | 100,000 |
Equity Awards - Stock Options N
Equity Awards - Stock Options Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options Granted | 0 | 0 | 150,000 |
Unrecognized Compensation Cost | $ 0.1 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-Free Interest Rate | 1.10% | ||
Expected Volatility | 32.30% | ||
Expected Life | 6 years | ||
Exercisable/Vested stock options | 156,854 | ||
Period for Recognition of Share-based Compensation Cost Not yet Recognized | 7 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 50,000 | 50,000 | 0 |
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 | $ 0.3 | $ 0.5 | $ 0.3 |
Equity Awards - Stock Option Ac
Equity Awards - Stock Option Activity Table (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of Options Outstanding, beginning balance | 206,854 | ||
Number of Options Granted | 0 | 0 | 150,000 |
Number of Options Exercised | 0 | ||
Number of Options Cancelled | 0 | ||
Number of Options Expired | 0 | ||
Number of Options Outstanding, ending balance | 206,854 | 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 | $ 13.19 | ||
Options Granted, Weighted Average Price | 0 | ||
Options Exercised, Weighted Average Price | 0 | ||
Options Cancelled, Weighted Average Price | 0 | ||
Options Expired, Weighted Average Price | 0 | ||
Options Outstanding, Weighted Average Price, ending | $ 13.19 | $ 13.19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | |||
Options Average Remaining Contractual Life (Years) | 5 years 6 months | ||
Options Aggregate Intrinsic Value | $ 2,915,651 |
Equity Awards - Restricted Shar
Equity Awards - Restricted Shares Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Unvested Restricted Shares Granted | 309,849 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 35,516 | |||
Unrecognized Compensation Cost | $ 7,500 | |||
Period for Recognition of Share-based Compensation Cost Not yet Recognized | 2 years | |||
Restricted shares-based compensation expense | $ 6,900 | $ 6,200 | $ 6,700 | |
Restricted Shares [Member] | Non-employee independent director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares issued related to director fee deferrals | 7,263 | 12,912 | 16,588 | |
Plan 2 [Member] | Service-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Unvested Restricted Shares Granted | 42,740 | |||
Award requisite service period | 1 year | |||
Cash value of incentive plan | 80.00% | |||
Restriced shares value of incentive plan | 20.00% | |||
Plan 3 [Member] | Performance-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Unvested Restricted Shares Granted | 104,532 | 111,761 | ||
Award requisite service period | 3 years | 3 years | ||
Risk-Free Interest Rate | 2.61% | 1.52% | ||
Expected Volatility | 30.20% | 35.60% | ||
Plan 5 [Member] | Service-based restriced shares [Member] | Non-employee independent director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Unvested Restricted Shares Granted | 25,830 | 30,429 | 41,174 | |
Award requisite service period | 1 year | |||
Plan 9 [Member] | Performance-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Unvested Restricted Shares Granted | 198,956 | |||
Award requisite service period | 3 years | |||
Risk-Free Interest Rate | 0.96% | |||
Expected Volatility | 35.80% | |||
Plan 7 [Member] | Service-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Unvested Restricted Shares Granted | 2,800 | |||
Award requisite service period | 1 year | |||
Plan 1 [Member] | Service-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Unvested Restricted Shares Granted | 141,203 | 189,062 | 235,251 | |
Award requisite service period | 3 years | |||
Minimum [Member] | Plan 2 [Member] | Service-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
ICP, Threshold target for granting stock awards | $ 20 | |||
3 year EPS CAGR metric [Member] | Minimum [Member] | Plan 3 [Member] | Performance-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amount of shares earned % of target award | 0.00% | 40.00% | ||
3 year EPS CAGR metric [Member] | Maximum [Member] | Plan 3 [Member] | Performance-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award percentage earned based on metric over the performance period | 50.00% | 50.00% | ||
Amount of shares earned % of target award | 200.00% | 200.00% | ||
Total shareholder return metric [Member] | Minimum [Member] | Plan 3 [Member] | Performance-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amount of shares earned % of target award | 0.00% | 0.00% | ||
Total shareholder return metric [Member] | Minimum [Member] | Plan 4 [Member] | Performance-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award percentage earned based on metric over the performance period | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained | 126.90% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 31,021 | |||
Total shareholder return metric [Member] | Minimum [Member] | Plan 9 [Member] | Performance-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award percentage earned based on metric over the performance period | 0.00% | |||
Total shareholder return metric [Member] | Maximum [Member] | Plan 3 [Member] | Performance-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award percentage earned based on metric over the performance period | 50.00% | 50.00% | ||
Amount of shares earned % of target award | 200.00% | 200.00% | ||
Total shareholder return metric [Member] | Maximum [Member] | Plan 4 [Member] | Performance-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award percentage earned based on metric over the performance period | 200.00% | |||
Total shareholder return metric [Member] | Maximum [Member] | Plan 9 [Member] | Performance-based restriced shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award percentage earned based on metric over the performance period | 200.00% |
Equity Awards - Restricted Sh_2
Equity Awards - Restricted Shares Activity Table (Details) - Restricted Shares [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of Unvested Restricted Shares Outstanding, beginning balance | shares | 726,936 |
Number of Unvested Restricted Shares Granted | shares | 309,849 |
Number of Unvested Restricted Shares Vested | shares | (338,141) |
Number of Unvested Restricted Shares Cancelled | shares | (35,516) |
Number of Unvested Restricted Shares Outstanding, ending balance | shares | 663,128 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Unvested Restricted Shares Outstanding, Weighted Average Grant Date Fair Value, beginning | $ 22.60 |
Unvested Restricted Shares Granted, Weighted Average Grant Date Fair Value | 30.29 |
Unvested Restricted Shares Vested, Weighted Average Grant Date Fair Value | 21.60 |
Unvested Restricted Shares Cancelled, Weighted Average Grant Date Fair Value | 23.24 |
Unvested Restricted Shares Outstanding, Weighted Average Grant Date Fair Value, ending | $ 26.67 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures | |
Restricted Shares Average Remaining Contractual Life (Years) | 1 year |
Restricted Shares Aggregate Intrinsic Value | $ 18,096,763 |
Earnings per Share Earnings p_3
Earnings per Share Earnings per Share (Details) - shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted average common shares—basic | 45,747,659 | 45,850,288 | 45,920,307 | 45,779,966 | 45,721,160 | 45,721,155 | 45,717,697 | 45,570,495 | 45,824,555 | 45,682,627 | 45,407,316 |
Weighted average common shares—diluted | 46,085,202 | 46,166,558 | 46,200,757 | 46,229,337 | 45,721,160 | 46,029,361 | 45,922,416 | 45,908,958 | 46,170,464 | 45,990,252 | 45,407,316 |
Restricted Shares [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Incremental common shares attributable to dilutive effect of share-based payment arrangements | 242,204 | 241,974 | 0 | ||||||||
Stock Options [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Incremental common shares attributable to dilutive effect of share-based payment arrangements | 103,705 | 65,651 | 0 |
Earnings per Share Purchase of
Earnings per Share Purchase of Common Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Repurchased and Retired During Period, Value | $ 12,140 | ||
10b5-1 share repurchase program [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 50,000 | ||
Stock Repurchased and Retired During Period, Shares | 442,632 | 0 | 0 |
Stock Repurchased and Retired During Period, Value | $ 12,100 | $ 0 | $ 0 |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, at beginning of year | $ (17,330) | $ (24,400) | |||
Net unrealized gains (losses) arising during the period | (2,770) | 3,300 | |||
Less: Net realized gains reclassified to net income | (3,250) | (3,770) | |||
Total other comprehensive income (loss) | 480 | 7,070 | $ (13,100) | ||
Balance, at end of year | (16,850) | (17,330) | (24,400) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | 3,250 | 1,670 | 250 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 4,110 | (650) | (730) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (6,880) | 6,050 | (12,620) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax | 300 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 1,200 | 1,300 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 900 | 300 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 1,900 | ||||
Defined Benefit Plans | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, at beginning of year | (10,450) | (12,120) | |||
Net unrealized gains (losses) arising during the period | 0 | 1,000 | [1] | ||
Less: Net realized gains reclassified to net income | (3,250) | [2] | (670) | [3] | |
Balance, at end of year | (7,200) | (10,450) | (12,120) | ||
Derivative Instruments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, at beginning of year | (3,170) | (2,520) | |||
Net unrealized gains (losses) arising during the period | 4,110 | [4] | (3,750) | [1] | |
Less: Net realized gains reclassified to net income | 0 | (3,100) | [3] | ||
Balance, at end of year | 940 | (3,170) | (2,520) | ||
Foreign Currency Translation | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, at beginning of year | (3,710) | (9,760) | |||
Net unrealized gains (losses) arising during the period | (6,880) | 6,050 | |||
Less: Net realized gains reclassified to net income | 0 | 0 | |||
Balance, at end of year | $ (10,590) | $ (3,710) | $ (9,760) | ||
[1] | Defined benefit plans, net of income tax of $0.3 million. See Note 14, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax expense of $1.3 million. See Note 11, "Derivative Instruments," for further details. | ||||
[2] | Defined benefit plans, net of income tax of $0.9 million. See Note 14, "Employee Benefit Plans," for additional details | ||||
[3] | Defined benefit plans, net of income tax of $0.3 million. See Note 14, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax expense of $1.9 million. See Note 11, "Derivative Instruments," for further details. | ||||
[4] | Derivative instruments, net of income tax of $1.2 million. See Note 11, "Derivative Instruments," for further details. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | $ 211,350 | $ 223,780 | $ 224,910 | $ 217,100 | $ 195,210 | $ 209,330 | $ 213,370 | $ 199,830 | $ 877,140 | $ 817,740 | $ 794,020 | ||
Operating Profit (Loss) | 122,070 | 89,170 | (41,930) | ||||||||||
Capital Expenditures | 25,050 | 36,800 | 31,330 | ||||||||||
Depreciation and Amortization | 44,020 | 46,870 | 44,860 | ||||||||||
Assets | 1,100,520 | 1,033,200 | 1,100,520 | 1,033,200 | 1,051,650 | ||||||||
Packaging [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 368,200 | 344,570 | 341,340 | ||||||||||
Operating Profit (Loss) | 84,590 | 80,610 | 78,630 | ||||||||||
Capital Expenditures | 13,590 | 17,140 | 19,880 | ||||||||||
Depreciation and Amortization | 21,620 | 21,630 | 22,120 | ||||||||||
Assets | 435,140 | 431,680 | 435,140 | 431,680 | 423,460 | ||||||||
Aerospace [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 185,920 | 184,310 | 174,920 | ||||||||||
Operating Profit (Loss) | 27,290 | 26,410 | (90,540) | ||||||||||
Capital Expenditures | 1,190 | 3,370 | 3,950 | ||||||||||
Depreciation and Amortization | 15,190 | 14,530 | 14,090 | ||||||||||
Assets | 392,140 | 401,060 | 392,140 | 401,060 | 409,040 | ||||||||
Specialty Products [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 323,020 | 288,860 | 277,760 | ||||||||||
Operating Profit (Loss) | 34,260 | 12,280 | 2,900 | ||||||||||
Capital Expenditures | 5,380 | 6,830 | 7,470 | ||||||||||
Depreciation and Amortization | 6,930 | 10,530 | 8,370 | ||||||||||
Assets | 181,700 | 172,840 | 181,700 | 172,840 | 179,160 | ||||||||
Corporate [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating Profit (Loss) | (24,070) | (30,130) | (32,920) | ||||||||||
Capital Expenditures | 4,890 | [1] | 9,460 | [1] | 30 | ||||||||
Depreciation and Amortization | 280 | 180 | 280 | ||||||||||
Assets | $ 91,540 | $ 27,620 | $ 91,540 | $ 27,620 | $ 39,990 | ||||||||
[1] | (a) Corporate capital expenditures for the years ended December 31, 2018 and 2017, respectively, are primarily related to purchases of machinery and equipment formerly held under operating leases. These purchased assets were subsequently transferred from Corporate to the reportable segment utilizing the assets. |
Segment Information Revenues an
Segment Information Revenues and Operating Net Assets by Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 211,350 | $ 223,780 | $ 224,910 | $ 217,100 | $ 195,210 | $ 209,330 | $ 213,370 | $ 199,830 | $ 877,140 | $ 817,740 | $ 794,020 |
Long-lived Assets | 678,980 | 703,860 | 678,980 | 703,860 | 708,160 | ||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 62,420 | 62,360 | 65,490 | ||||||||
Long-lived Assets | 54,340 | 54,790 | 54,340 | 54,790 | 45,050 | ||||||
Asia Pacific [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 45,040 | 36,630 | 32,230 | ||||||||
Long-lived Assets | 45,160 | 51,120 | 45,160 | 51,120 | 51,060 | ||||||
Other Americas [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 14,670 | 15,260 | 13,620 | ||||||||
Long-lived Assets | 7,830 | 7,930 | 7,830 | 7,930 | 7,800 | ||||||
Non-US [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 122,130 | 114,250 | 111,340 | ||||||||
Long-lived Assets | 107,330 | 113,840 | 107,330 | 113,840 | 103,910 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 755,010 | 703,490 | 682,680 | ||||||||
Long-lived Assets | $ 571,650 | $ 590,020 | $ 571,650 | $ 590,020 | $ 604,250 |
Segment Information Narrative (
Segment Information Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | |||
Export Sales from the United States of America | $ 72.7 | $ 79.8 | $ 76.2 |
Income Taxes Income Tax by Juri
Income Taxes Income Tax by Jurisdiction (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 75,830 | $ 50,760 | $ (69,850) |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 30,150 | 15,450 | 11,620 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 105,980 | 66,210 | (58,230) |
Current Federal Tax Expense (Benefit) | 6,770 | 12,800 | 7,560 |
Current State and Local Tax Expense (Benefit) | 2,440 | 1,770 | 1,920 |
Current Foreign Tax Expense (Benefit) | 7,070 | 5,420 | 4,250 |
Current Income Tax Expense (Benefit) | 16,280 | 19,990 | 13,730 |
Deferred Federal Income Tax Expense (Benefit) | 4,540 | 15,180 | (28,180) |
Deferred State and Local Income Tax Expense (Benefit) | 1,310 | 1,280 | (2,550) |
Deferred Foreign Income Tax Expense (Benefit) | 550 | (1,200) | (1,430) |
Deferred Income Tax Expense (Benefit) | 6,400 | 15,260 | (32,160) |
Income Tax Expense (Benefit), Continuing Operations | $ 22,680 | $ 35,250 | $ (18,430) |
Income Taxes Components of Defe
Income Taxes Components of Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Components of Deferred Tax Assets | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | $ 310 | $ 1,000 |
Deferred Tax Assets, Inventory | 1,900 | 5,230 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 7,220 | 20,350 |
Deferred Tax Assets, Operating Loss and Credit Carryforwards | 6,990 | 7,290 |
Deferred Tax Assets, Gross | 16,420 | 33,870 |
Deferred Tax Assets, Valuation Allowance | (5,520) | (6,400) |
Deferred Tax Assets, Net of Valuation Allowance | 10,900 | 27,470 |
Components of Deferred Tax Liabilities | ||
Deferred Tax Liabilities, Property, Plant and Equipment | (8,770) | (16,380) |
Deferred Tax Liabilities, Goodwill and Intangible Assets | (4,940) | (5,350) |
Deferred Tax Liabilities, Investment in Foreign Affiliates, Including Withholding Tax | (1,050) | (740) |
Deferred Tax Liabilities, Other | (620) | (1,550) |
Deferred Tax Liabilities, Gross | (15,380) | (24,020) |
Deferred Tax Liabilities, Net | $ (4,480) | |
Deferred Tax Assets, Net | $ 3,450 |
Income Taxes Income Tax Expense
Income Taxes Income Tax Expense Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% |
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | $ 22,250 | $ 23,170 | $ (20,380) |
Income Tax Reconciliation, State and Local Income Taxes | 3,030 | 2,250 | (550) |
Income Tax Reconciliation, Foreign Income Tax Rate Differential | 380 | (2,580) | (1,930) |
Income Tax Reconciliation, Tax Contingencies | (270) | (480) | (1,410) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 0 | 0 | 5,050 |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | (940) | (1,050) | (310) |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | (1,740) | (1,510) | (830) |
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 650 | 520 | 2,140 |
Income Tax Reconciliation, Tax Reform | (400) | 12,660 | 0 |
Income Tax Reconciliation, Other Adjustments | (280) | 2,270 | (210) |
Income Tax Expense (Benefit), Continuing Operations | $ 22,680 | $ 35,250 | $ (18,430) |
Income Taxes Operating Loss Car
Income Taxes Operating Loss Carryforwards Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 31.1 |
Foreign Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 18.3 |
Minimum [Member] | State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2024 |
Maximum [Member] | State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2028 |
Income Taxes Tax Reform (Detail
Income Taxes Tax Reform (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% | ||
Income Tax Reconciliation, Tax Reform | $ (400) | $ 12,660 | $ 0 | ||
Deferred Tax Asset Revaluation [Member] | |||||
Income Tax Reconciliation, Tax Reform | $ (1,100) | $ 3,700 | |||
Repatriation of Undistributed Non-U.S. Subsidiary Earnings [Member] | |||||
Income Tax Reconciliation, Tax Reform | $ 700 | $ 9,000 |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits | $ 3,020 | $ 3,370 | $ 3,570 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,500 | 2,800 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 1,800 | $ 1,700 | |
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Open Tax Year | 2,018 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Open Tax Year | 2,011 |
Income Taxes Unrecognized Tax_2
Income Taxes Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized Tax Benefits, Beginning | $ 3,370 | $ 3,570 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 60 | 250 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 390 | 860 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 0 | (100) |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | 0 |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | (800) | (1,210) |
Unrecognized Tax Benefits, Ending | $ 3,020 | $ 3,370 |
Summary Quarterly Financial D_3
Summary Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales | $ 211,350 | $ 223,780 | $ 224,910 | $ 217,100 | $ 195,210 | $ 209,330 | $ 213,370 | $ 199,830 | $ 877,140 | $ 817,740 | $ 794,020 |
Gross Profit | 57,240 | 61,720 | 64,780 | 60,380 | 49,210 | 58,890 | 59,470 | 51,820 | 244,120 | 219,390 | 210,800 |
Net income (loss) | $ 16,710 | $ 22,670 | $ 19,600 | $ 24,320 | $ (4,010) | $ 13,130 | $ 14,850 | $ 6,990 | $ 83,300 | $ 30,960 | $ (39,800) |
Basic earnings (loss) per share: | |||||||||||
Net income (loss) per share | $ 0.37 | $ 0.49 | $ 0.43 | $ 0.53 | $ (0.09) | $ 0.29 | $ 0.32 | $ 0.15 | $ 1.82 | $ 0.68 | $ (0.88) |
Weighted average shares—basic | 45,747,659 | 45,850,288 | 45,920,307 | 45,779,966 | 45,721,160 | 45,721,155 | 45,717,697 | 45,570,495 | 45,824,555 | 45,682,627 | 45,407,316 |
Diluted earnings (loss) per share: | |||||||||||
Net income (loss) per share | $ 0.36 | $ 0.49 | $ 0.42 | $ 0.53 | $ (0.09) | $ 0.29 | $ 0.32 | $ 0.15 | $ 1.80 | $ 0.67 | $ (0.88) |
Weighted average shares—diluted | 46,085,202 | 46,166,558 | 46,200,757 | 46,229,337 | 45,721,160 | 46,029,361 | 45,922,416 | 45,908,958 | 46,170,464 | 45,990,252 | 45,407,316 |
Subsequent Events Subsequent _2
Subsequent Events Subsequent Events - Acqusition (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Subsequent Event [Line Items] | |
Subsequent Event, Date | Jan. 11, 2019 |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 12 |
Subsequent Events Subsequent _3
Subsequent Events Subsequent Events - Share Repurchase (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Feb. 28, 2019 | |
Subsequent Event [Line Items] | ||
Subsequent Event, Date | Jan. 11, 2019 | |
10b5-1 share repurchase program [Member] | ||
Subsequent Event [Line Items] | ||
Subsequent Event, Date | Feb. 28, 2019 | |
Stock Repurchase Program, Authorized Amount | $ 50 | |
10b5-1 share repurchase program [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 75 |