Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 21, 2022 | |
Entity Information [Line Items] | ||
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Local Phone Number | 631-5450 | |
City Area Code | 248 | |
Entity Address, Postal Zip Code | 48304 | |
Entity Address, State or Province | MI | |
Entity Address, City or Town | Bloomfield Hills | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, Address Line One | 38505 Woodward Avenue | |
Entity File Number | 001-10716 | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Registrant Name | TRIMAS CORPORATION | |
Entity Central Index Key | 0000842633 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 42,495,065 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Trading Symbol | TRS | |
Security Exchange Name | NASDAQ | |
Entity Tax Identification Number | 38-2687639 |
Consolidated Balance Sheet Stat
Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 58,820 | $ 140,740 |
Receivables, net of reserves of approximately $1.3 million and $1.6 million as of March 31, 2022 and December 31, 2021, respectively | 150,500 | 125,630 |
Inventories | 158,360 | 152,450 |
Prepaid expenses and other current assets | 16,290 | 12,950 |
Total current assets | 383,970 | 431,770 |
Property and equipment, net | 279,840 | 265,630 |
Operating lease right-of-use assets | 53,150 | 50,650 |
Goodwill | 345,010 | 315,490 |
Other intangibles, net | 204,260 | 196,730 |
Deferred income taxes | 7,920 | 9,740 |
Other assets | 34,900 | 33,630 |
Total assets | 1,309,050 | 1,303,640 |
Current liabilities: | ||
Accounts payable | 94,870 | 87,800 |
Accrued liabilities | 51,560 | 58,980 |
Operating lease liabilities, current portion | 8,400 | 8,120 |
Total current liabilities | 154,830 | 154,900 |
Long-term debt, net | 394,040 | 393,820 |
Operating lease liabilities | 46,390 | 43,780 |
Deferred income taxes | 22,460 | 21,260 |
Other long-term liabilities | 57,500 | 59,030 |
Total liabilities | 675,220 | 672,790 |
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: 42,620,656 shares at March 31, 2022 and 42,836,574 shares at December 31, 2021 | 430 | 430 |
Paid-in capital | 723,540 | 732,490 |
Accumulated deficit | (88,130) | (102,300) |
Accumulated other comprehensive income (loss) | (2,010) | 230 |
Total shareholders' equity | 633,830 | 630,850 |
Total liabilities and shareholders' equity | $ 1,309,050 | $ 1,303,640 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Receivables, reserves (in dollars) | $ 1.3 | $ 1.6 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, Authorized shares | 100,000,000 | 100,000,000 |
Preferred stock, Issued Shares | 0 | 0 |
Preferred stock, outstanding Shares | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Authorized shares | 400,000,000 | 400,000,000 |
Common Stock, Issued Shares | 42,620,656 | 42,836,574 |
Common Stock, outstanding Shares | 42,620,656 | 42,836,574 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 224,310 | $ 206,730 |
Cost of sales | (170,600) | (155,400) |
Gross profit | 53,710 | 51,330 |
Selling, general and administrative expenses | (31,780) | (30,220) |
Operating profit | 21,930 | 21,110 |
Other expense, net: | ||
Interest expense | (3,410) | (3,550) |
Debt financing and related expenses | 0 | (200) |
Other income (expense), net | (280) | (930) |
Other expense, net | (3,690) | (4,680) |
Income before income tax expense | 18,240 | 16,430 |
Income tax expense | (4,070) | (3,370) |
Net income | $ 14,170 | $ 13,060 |
Basic earnings per share | ||
Net income per share | $ 0.33 | $ 0.30 |
Weighted average common shares—basic | 42,799,206 | 43,185,007 |
Diluted earnings per share | ||
Net income per share | $ 0.33 | $ 0.30 |
Weighted average common shares—diluted | 43,109,693 | 43,634,876 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 14,170 | $ 13,060 |
Other comprehensive income (loss) | ||
Defined benefit plans | 240 | 150 |
Foreign currency translation | (4,040) | (3,420) |
Derivative instruments | 1,560 | 3,900 |
Total other comprehensive income (loss) | (2,240) | 630 |
Total comprehensive income | $ 11,930 | $ 13,690 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net income | $ 14,170 | $ 13,060 |
Adjustments to reconcile income to net cash provided by operating activities, net of acquisition impact: | ||
Loss on dispositions of assets | 20 | 20 |
Depreciation | 8,470 | 7,850 |
Amortization of intangible assets | 5,290 | 5,390 |
Amortization of debt issue costs | 220 | 300 |
Deferred income taxes | 3,000 | 2,200 |
Non-cash compensation expense | 2,820 | 2,440 |
Debt financing and related expenses | 0 | 200 |
Increase in receivables | (22,330) | (15,640) |
Increase in inventories | (910) | (3,110) |
Increase in prepaid expenses and other assets | (680) | (2,070) |
Increase (decrease) in accounts payable and accrued liabilities | (5,210) | 1,950 |
Other operating activities | 810 | 3,150 |
Net cash provided by operating activities, net of acquisition impact | 5,670 | 15,740 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (11,890) | (9,370) |
Acquisition of businesses, net of cash acquired | (63,950) | 0 |
Net proceeds from disposition of property and equipment | 20 | 0 |
Net cash used for investing activities | (75,820) | (9,370) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of senior notes | 0 | 400,000 |
Repayments of borrowings on revolving credit facilities | 0 | (48,620) |
Debt financing fees | 0 | (6,150) |
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (970) | (1,770) |
Dividends paid | (1,740) | 0 |
Payments to purchase common stock | (9,060) | (2,640) |
Net cash provided by (used for) financing activities | (11,770) | 340,820 |
Increase (decrease) for the period | (81,920) | 347,190 |
At beginning of period | 140,740 | 73,950 |
At end of period | 58,820 | 421,140 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 310 | 520 |
Cash paid for taxes | $ 620 | $ 1,160 |
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, 2020 | $ 584,250 | $ 430 | $ 749,050 | $ (159,610) | $ (5,620) |
Net income | 13,060 | 13,060 | |||
Other comprehensive income (loss) | 630 | 630 | |||
Purchase of common stock | (2,640) | 0 | (2,640) | ||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (1,770) | (1,770) | |||
Non-cash compensation expense | 2,440 | 2,440 | |||
Dividends declared | 0 | ||||
Balances at Mar. 31, 2021 | 595,970 | 430 | 747,080 | (146,550) | (4,990) |
Balances at Dec. 31, 2021 | 630,850 | 430 | 732,490 | (102,300) | 230 |
Net income | 14,170 | 14,170 | |||
Other comprehensive income (loss) | (2,240) | (2,240) | |||
Purchase of common stock | (9,060) | 0 | (9,060) | ||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (970) | (970) | |||
Non-cash compensation expense | 2,820 | 2,820 | |||
Dividends declared | (1,740) | (1,740) | |||
Balances at Mar. 31, 2022 | $ 633,830 | $ 430 | $ 723,540 | $ (88,130) | $ (2,010) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, designs, engineers and manufactures innovative products under leading brand names for customers primarily in the consumer products, aerospace & defense, and industrial markets. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and, in the opinion of management, contain all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of financial position and results of operations. The preparation of financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results may differ from such estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment due to the ongoing outbreak of the coronavirus and related variants (“COVID-19”) as well as input cost inflation, supply chain disruptions, and shortages in global markets for commodities, logistics and labor. To the extent there are differences between these estimates and actual results, the Company's consolidated financial statements may be materially affected. Results of operations for interim periods are not necessarily indicative of results for the full year. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2021 Annual Report on Form 10-K. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently Issued Accounting Pronouncements In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10, "Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance" ("ASU 2021-10"), which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. ASU 2021-10 is effective for annual filings in fiscal years beginning after December 15, 2021, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements. |
Revenue Revenue (Notes)
Revenue Revenue (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
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 market served (dollars in thousands): Three months ended March 31, Customer Markets 2022 2021 Consumer Products $ 107,560 $ 105,120 Aerospace & Defense 44,520 44,610 Industrial 72,230 57,000 Total net sales $ 224,310 $ 206,730 |
Realignment Actions Realignment
Realignment Actions Realignment Actions (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Realignment Actions [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Realignment Actions 2022 Realignment Actions During the three months ended March 31, 2022, the Company incurred realignment charges in its Packaging segment related to adjusting its labor force in facilities with lower demand, finalizing its Indianapolis, Indiana facility consolidation, costs incurred to reorganize its benefit plans in the United Kingdom, and for costs incurred as part of the Company's start-up and relocation to a new larger facility in New Albany, Ohio. The Company also completed the Aerospace segment footprint realignment which began in 2021. In connection with these actions, the Company recorded pre-tax realignment charges of approximately $2.3 million, of which $1.4 million were for employee-related costs and $0.9 million related to facility move and consolidation costs. For the three months ended March 31, 2022, approximately $0.9 million and $1.4 million of these charges were included in cost of sales and selling, general and administrative expenses, respectively, in the accompanying consolidated statement of income. 2021 Realignment Actions During the three months ended March 31, 2021, the Company executed certain realignment actions in response to reductions in current and expected future end market demand. First, the Company closed its Packaging segment's Union City, California manufacturing facility, consolidating the operation into its Indianapolis, Indiana and Woodridge, Illinois facilities. The Company also realigned its Aerospace segment footprint, consolidating certain activities previously in its three leased Stanton, California facilities into its owned Tolleson, Arizona facility. In addition, the Company also reorganized and streamlined its corporate office legal group. The Company recorded pre-tax realignment charges of approximately $4.1 million during the three months ended March 31, 2021. Of these costs, approximately $1.5 million related to facility consolidations and approximately $2.6 million were for employee separation costs. As of March 31, 2021, approximately $0.4 million of the employee separation costs had been paid. For the three months ended March 31, 2021, approximately $1.8 million and $2.3 million of these charges were included in cost of sales and selling, general and administrative expenses, respectively, in the accompanying consolidated statement of income. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions 2022 Acquisitions On February 28, 2022, the Company acquired Intertech Plastics LLC and related companies (collectively, "Intertech") for a purchase price of approximately $64.0 million, net of cash acquired, subject to a customary net working capital adjustment, which is expected to be completed in second quarter 2022. Intertech is a manufacturer of custom injection molded products used in medical applications, as well as products and assemblies for consumer and industrial applications. The fair value of assets acquired and liabilities assumed included approximately $32.2 million of goodwill, $13.5 million of intangible assets, $12.2 million of property and equipment and $6.1 million of net working capital. Intertech, which is reported in the Company's Packaging segment, has two manufacturing facilities located in the Denver, Colorado area and historically generated approximately $32 million in annual revenue. 2021 Acquisitions On December 17, 2021, the Company acquired Omega Plastics ("Omega"), which specializes in manufacturing custom components and devices for drug delivery, diagnostic and orthopedic medical applications, as well as components for industrial applications, for an aggregate amount of approximately $22.5 million, net of cash acquired. Omega, which is reported in the Company's Packaging segment, is located in Clinton Township, Michigan and historically generated approximately $18 million in annual revenue. On December 5, 2021, the Company acquired TFI Aerospace ("TFI"), a manufacturer and supplier of specialty fasteners used in a variety of applications, predominately for the aerospace end market, for an aggregate amount of approximately $11.8 million, with additional contingent consideration ranging from zero to approximately $12.0 million to be paid based on 2023 and 2024 earnings per the purchase agreement. The Company recorded $3.7 million as its best estimate of the additional contingent consideration, with such estimate based on Level 3 inputs under the fair value hierarchy, as defined. TFI, which is reported in the Company's Aerospace segment, is located near Toronto, Canada and historically generated approximately $6 million in annual revenue. As of March 31, 2022, the recorded contingent consideration liability was approximately $3.8 million. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure | Cash and Cash Equivalents Cash and cash equivalents consists of the following components (dollars in thousands): March 31, December 31, Cash and cash equivalents - unrestricted $ 53,690 $ 129,790 Cash - restricted (a) 5,130 10,950 Total cash and cash equivalents $ 58,820 $ 140,740 __________________________ (a) Includes cash placed on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill for the three months ended March 31, 2022 are summarized as follows (dollars in thousands): Packaging Aerospace Specialty Products Total Balance, December 31, 2021 $ 238,740 $ 70,190 $ 6,560 $ 315,490 Goodwill from acquisitions 32,210 — — 32,210 Foreign currency translation and other (2,770) 80 — (2,690) Balance, March 31, 2022 $ 268,180 $ 70,270 $ 6,560 $ 345,010 Other Intangible Assets 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 are summarized below (dollars in thousands): As of March 31, 2022 As of December 31, 2021 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 132,980 $ (73,500) $ 124,310 $ (71,150) Customer relationships, 15 – 25 years 130,270 (69,750) 130,190 (68,190) Total customer relationships 263,250 (143,250) 254,500 (139,340) Technology and other, 1 – 15 years 57,000 (36,900) 57,060 (36,140) Technology and other, 17 – 30 years 43,300 (40,030) 43,300 (39,920) Total technology and other 100,300 (76,930) 100,360 (76,060) Indefinite-lived intangible assets: Trademark/Trade names 60,890 — 57,270 — Total other intangible assets $ 424,440 $ (220,180) $ 412,130 $ (215,400) Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands): Three months ended March 31, 2022 2021 Technology and other, included in cost of sales $ 900 $ 950 Customer relationships, included in selling, general and administrative expenses 4,390 4,440 Total amortization expense $ 5,290 $ 5,390 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following components (dollars in thousands): March 31, December 31, Finished goods $ 73,350 $ 74,600 Work in process 32,550 28,790 Raw materials 52,460 49,060 Total inventories $ 158,360 $ 152,450 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following components (dollars in thousands): March 31, December 31, Land and land improvements $ 19,480 $ 19,630 Buildings 94,170 93,170 Machinery and equipment 443,130 422,500 556,780 535,300 Less: Accumulated depreciation 276,940 269,670 Property and equipment, net $ 279,840 $ 265,630 Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands): Three months ended March 31, 2022 2021 Depreciation expense, included in cost of sales $ 8,170 $ 7,560 Depreciation expense, included in selling, general and administrative expenses 300 290 Total depreciation expense $ 8,470 $ 7,850 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term Debt The Company's long-term debt consists of the following (dollars in thousands): March 31, December 31, 4.125% Senior Notes due April 2029 $ 400,000 $ 400,000 Debt issuance costs (5,960) (6,180) Long-term debt, net $ 394,040 $ 393,820 Senior Notes due 2029 In March 2021, the Company issued $400.0 million aggregate principal amount of 4.125% senior notes due April 15, 2029 ("2029 Senior Notes") at par value in a private placement under Rule 144A of the Securities Act of 1933, as amended ("Securities Act"). The Company used the proceeds from the 2029 Senior Notes offering to pay fees and expenses of approximately $5.1 million related to the offering and pay fees and expenses of $1.0 million related to amending its existing credit agreement. In connection with the issuance, during the second quarter of 2021, the Company completed the redemption of its outstanding $300.0 million principal amount 4.875% senior notes due October 15, 2025 ("2025 Senior Notes"). The remaining cash proceeds from the 2029 Senior Notes were used for general corporate purposes, including repaying all outstanding revolving credit facility borrowings. The $5.1 million of fees and expenses related to the 2029 Senior Notes were capitalized as debt issuance costs. The 2029 Senior Notes accrue interest at a rate of 4.125% per annum, payable semi-annually in arrears on April 15 and October 15. The payment of principal and interest is jointly and severally guaranteed, on a senior unsecured basis, by certain subsidiaries of the Company. The 2029 Senior Notes are pari passu in right of payment with all existing and future senior indebtedness and effectively subordinated to all existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. Prior to April 15, 2024, the Company may redeem up to 40% of the principal amount of the 2029 Senior Notes at a redemption price of 104.125% 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, prior to April 15, 2024, the Company may redeem all or part of the 2029 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 April 15, 2024, the Company may redeem all or part of the 2029 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 April 15 of the years indicated below: Year Percentage 2024 102.063 % 2025 101.031 % 2026 and thereafter 100.000 % Senior Notes due 2025 In September 2017, the Company issued $300.0 million aggregate principal amount of its 2025 Senior Notes at par value in a private placement under Rule 144A of the Securities Act. During the second quarter of 2021, and in connection with the issuance of the 2029 Senior Notes, the Company redeemed all of the outstanding 2025 Senior Notes, as permitted under the indenture, at a price of 102.438% of the principal amount. Credit Agreement In March 2021, the Company amended its existing credit agreement ("Credit Agreement") in connection with the issuance of the 2029 Senior Notes to extend the maturity date. The Company incurred fees and expenses of approximately $1.0 million related to the amendment, all of which was capitalized as debt issuance costs. The Company also recorded approximately $0.2 million of non-cash expense related to the write-off of previously capitalized deferred financing fees. The Credit Agreement consists 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, maturing on March 29, 2026. In November 2021, the Company amended the Credit Agreement to replace LIBOR with a benchmark interest rate determined based on the currency denomination of borrowings. Effective January 1, 2022, the amendment replaced the reference rate terms for U.S. dollar LIBOR borrowings to the Secured Overnight Financing Rate ("SOFR"), British pound sterling LIBOR borrowings to the Sterling Overnight Index Average ("SONIA") and Euro LIBOR borrowings to the Euro Short Term Rate ("ESTR"), all plus a spread of 1.50%. The interest rate spread is based upon the leverage ratio, as defined, as of the most recent determination date. The Credit Agreement also provides incremental revolving credit facility commitments in an amount not to exceed the greater of $200.0 million and an amount such that, after giving effect to such incremental commitments and the incurrence of any other indebtedness substantially simultaneously with the making of such commitments, the senior secured net leverage ratio, as defined, is no greater than 3.00 to 1.00. The terms and conditions of any incremental revolving credit facility commitments must be no more favorable than the existing credit facility. The Company's revolving credit facility allows for the issuance of letters of credit, not to exceed $40.0 million in aggregate. The Company places cash on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit; therefore, as of March 31, 2022 and December 31, 2021, the Company had no letters of credit issued against its revolving credit facility. See Note 6, "Cash and Cash Equivalents," for further information on its cash deposit. At March 31, 2022 and December 31, 2021, the Company had no amounts outstanding under its revolving credit facility and had $300.0 million potentially available. The Company's borrowing capacity was not reduced by leverage restrictions contained in the Credit Agreement as of March 31, 2022 and December 31, 2021. 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, subject to certain exceptions and limitations, to incur debt, liens, mergers, investments, loans, advances, guarantee obligations, acquisitions, assets dispositions, sale-leaseback transactions, hedging agreements, dividends and other restricted payments, transactions with affiliates, restrictive agreements and amendments to charters, bylaws, and other material documents. The terms of the Credit Agreement also require the Company and its restricted subsidiaries to meet certain restrictive financial covenants and ratios computed quarterly, including a maximum total net leverage ratio (total consolidated indebtedness plus outstanding amounts under the accounts receivable securitization facility, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined), a maximum senior secured net leverage ratio (total consolidated senior secured indebtedness, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined) and a minimum interest expense coverage ratio (consolidated EBITDA, as defined, over the sum of consolidated cash interest expense, as defined, and preferred dividends, as defined). At March 31, 2022, the Company was in compliance with its financial covenants contained in the Credit Agreement. Other Revolving Loan Facility In May 2021, the Company, through one of its non-U.S. subsidiaries, entered into a revolving loan facility with a borrowing capacity of $4 million. The facility is guaranteed by TriMas Corporation. There were no borrowings outstanding on this loan facility as of March 31, 2022 and December 31, 2021. Fair Value of Debt The valuations of the Senior Notes and revolving credit facility were determined based on Level 2 inputs under the fair value hierarchy, as defined. The carrying amounts and fair values were as follows (dollars in thousands): March 31, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value 4.125% Senior Notes due April 2029 $ 400,000 $ 365,000 $ 400,000 $ 399,000 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Derivatives Designated as Hedging Instruments The Company uses cross-currency swap contracts 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 converts a portion of its U.S. dollar-based long-term debt into Euro-denominated long-term debt. At inception, the Company designates its cross-currency swaps as net investment hedges. As of March 31, 2022, the Company had cross-currency swap agreements at notional amounts totaling $250.0 million, which declines to $25.0 million over various contract periods ending between April 15, 2022 and April 15, 2027. Under the terms of the agreements, the Company is to receive net interest payments at fixed rates ranging from approximately 0.8% to 2.9% of the notional amounts. As of March 31, 2022 and December 31, 2021, 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 March 31, December 31, Net Investment Hedges Cross-currency swaps Other assets $ 9,680 $ 7,590 The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of March 31, 2022 and December 31, 2021, and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2022 and 2021 (dollars in thousands): Amount of Income Recognized Amount of Income (Loss) Reclassified Three months ended As of As of December 31, 2021 Location of Income Reclassified from AOCI into Earnings (Effective Portion) 2022 2021 Net Investment Hedges Cross-currency swaps $ 7,470 $ 5,910 Other income (expense), net $ — $ — Over the next 12 months, the Company does not expect to reclassify any pre-tax deferred amounts from AOCI into earnings. Derivatives Not Designated as Hedging Instruments As of March 31, 2022, the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of approximately $135.8 million. The Company uses foreign exchange contracts to mitigate the risk associated with fluctuations in currency rates impacting cash flows related to certain of its receivables, payables and intercompany transactions denominated in foreign currencies. The foreign exchange contracts primarily mitigate currency exposures between the U.S. dollar and the Euro, Canadian dollar, Chinese yuan, and the Mexican peso, as well as between the Euro and British pound, and have various settlement dates through December 2022. These contracts are not designated as hedge instruments; therefore, gains and losses on these contracts are recognized each period directly into the consolidated statement of income. The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands): Amount of Income Recognized in Three months ended Location of Income 2022 2021 Derivatives not designated as hedging instruments Foreign exchange contracts Other income (expense), net $ 810 $ 4,020 Fair Value of Derivatives The fair value of the Company's derivatives are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's cross-currency swaps and foreign exchange contracts use observable inputs such as interest rate yield curves and forward currency exchange rates. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 are shown below (dollars in thousands): Description Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2022 Cross-currency swaps Recurring $ 9,680 $ — $ 9,680 $ — Foreign exchange contracts Recurring $ 90 $ — $ 90 $ — December 31, 2021 Cross-currency swaps Recurring $ 7,590 $ — $ 7,590 $ — Foreign exchange contracts Recurring $ (110) $ — $ (110) $ — |
Leases Leases (Notes)
Leases Leases (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lessee, Operating Leases | LeasesThe Company leases certain equipment and facilities under non-cancelable operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet; expense related to these leases is recognized on a straight-line basis over the lease term. The components of lease expense are as follows (dollars in thousands): Three months ended March 31, 2022 2021 Operating lease cost $ 2,310 $ 2,140 Short-term, variable and other lease costs 690 430 Total lease cost $ 3,000 $ 2,570 Maturities of lease liabilities are as follows (dollars in thousands): Year ended December 31, Operating Leases (a) 2022 (excluding the three months ended March 31, 2022) $ 7,690 2023 9,760 2024 8,900 2025 7,610 2026 7,500 Thereafter 20,760 Total lease payments 62,220 Less: Imputed interest (7,430) Present value of lease liabilities $ 54,790 __________________________ (a) The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet. The weighted-average remaining lease term of the Company's operating leases as of March 31, 2022 is approximately 7.2 years. The weighted-average discount rate as of March 31, 2022 is approximately 3.7%. Cash paid for amounts included in the measurement of operating lease liabilities was approximately $2.3 million and $2.2 million during the three months ended March 31, 2022 and 2021, respectively, and is included in cash flows provided by operating activities in the consolidated statement of cash flows. Right-of-use assets obtained in exchange for lease liabilities were approximately $4.8 million and $1.9 million during the three months ended March 31, 2022 and 2021, respectively. |
Other Long-term Liabilities Oth
Other Long-term Liabilities Other Long-term Liabilities (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | Other long-term liabilities Other long-term liabilities consist of the following components (dollars in thousands): March 31, December 31, Non-current asbestos-related liabilities $ 24,760 $ 25,210 Other long-term liabilities 32,740 33,820 Total other long-term liabilities $ 57,500 $ 59,030 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Asbestos As of March 31, 2022, the Company was a party to 407 pending cases involving an aggregate of 4,782 claimants primarily alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by its former Lamons division and certain other related subsidiaries for use primarily in the petrochemical, refining and exploration industries. The following chart summarizes the number of claims, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, at the applicable date and for the applicable periods: Claims Claims filed Claims Claims Claims Average Total defense Three Months Ended March 31, 2022 4,754 54 25 1 4,782 $ 3,000 $ 430,000 Fiscal Year Ended December 31, 2021 4,655 265 134 32 4,754 $ 16,819 $ 1,950,000 In addition, the Company acquired various companies to distribute its products that had distributed gaskets of other manufacturers prior to acquisition. The Company believes that many of its pending cases relate to locations at which none of its gaskets were distributed or used. The Company may be subjected to significant additional asbestos-related claims in the future, and will aggressively defend or reasonably resolve, as appropriate. 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 cost of claims varies as 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 4,782 claims pending at March 31, 2022, 35 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At March 31, 2022, of the 35 claims that set forth specific amounts, there were zero claims seeking more than $5 million for punitive damages. Below is a breakdown of the compensatory damages sought for those claims seeking specific amounts: Compensatory Range of damages sought (dollars in millions) $0.0 to $0.6 $0.6 to $5.0 $5.0+ Number of claims — 2 33 Relatively few 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 30 years ago, have been approximately $10.6 million. All relief sought in the asbestos cases is monetary in nature. 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. The Company records a liability for asbestos-related claims, which includes both known and unknown claims, based on a study from the Company’s third-party actuary, the Company's review of the study, as well as the Company’s own review of asbestos claims and claim resolution activity. In the fourth quarter of 2021, the Company commissioned its actuary to update the study, based on data as of September 30, 2021, which yielded a range of possible future liability of $28.2 million to $38.6 million. The Company did not believe any amount within the range of potential outcomes represented a better estimate than another given the many factors and assumptions inherent in the projections, and therefore recorded a non-cash, pre-tax charge of $1.5 million to increase the liability estimate to $28.2 million, at the low-end of the range. As of March 31, 2022, the Company’s total asbestos-related liability is $27.2 million, and is included in accrued liabilities and other long-term liabilities, respectively, in the accompanying consolidated balance sheet. The Company’s primary insurance, which covered approximately 40% of historical costs related to settlement and defense of asbestos litigation, expired in November 2018, upon which the Company became solely responsible for defense costs and indemnity payments. The Company is party to a coverage-in-place agreement (entered into in 2006) with its first level excess carriers regarding the coverage to be provided to the Company for asbestos-related claims. 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 will continue to 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 upon the Company’s review of the actuarial study, the Company does not believe it is probable that it will reach the threshold of qualified future settlements required to commence excess carrier insurance coverage under the coverage-in-place agreement. Based upon the Company's experience to date, including the trend in annual defense and settlement costs incurred to date, and other available information (including the availability of excess insurance), the Company does not believe these cases will have a material adverse effect on its financial position, results of operations, or cash flows. Claims and Litigation The Company is subject to other claims and litigation in the ordinary course of business, but does not believe that any such claim or litigation will have a material adverse effect on its financial position and results of operations or cash flows. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information TriMas reports its operations in three 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 its platform which is based upon a standardized set of processes to manage and drive results and strategy across its multi-industry businesses. Within each of 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 – TriMas' Packaging segment consists primarily of the Rieke® brand, as well as more recently acquired brands which include the Affaba & Ferrari™, Taplast™, Rapak®, Plastic Srl, Intertech and Omega brands. TriMas Packaging develops and manufactures a broad array of dispensing products (such as foaming pumps, lotion and hand soaps and sanitizer pumps, beverage dispensers, perfume sprayers, nasal sprayers and trigger sprayers), polymeric and steel caps and closures (such as food lids, flip-top closures, child resistance caps, beverage closures, drum and pail closures, and flexible spouts), polymeric jar products, fully integrated dispensers for fill-ready bag-in-box applications, and consumable vascular delivery and diagnostic test components, all for a variety of consumer products submarkets including, but not limited to, beauty and personal care, food and beverage, home care, and life sciences, including but not limited to pharmaceutical, nutraceutical, and medical, as well as industrial markets (including agricultural). Aerospace – TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners ™ , Allfast Fastening Systems ® , Mac Fasteners ™ , TFI Aerospace, RSA Engineered Products and Martinic Engineering brands, develops, qualifies and manufactures highly-engineered, precision fasteners, tubular products and assemblies for fluid conveyance, and machined products and assemblies to serve the aerospace and defense market. Specialty Products – TriMas' Specialty Products segment, which includes the Norris Cylinder ™ and Arrow ® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders, wellhead engines and compression systems for use within industrial markets. Segment activity is as follows (dollars in thousands): Three months ended 2022 2021 Net Sales Packaging $ 138,490 $ 132,090 Aerospace 44,520 44,610 Specialty Products 41,300 30,030 Total $ 224,310 $ 206,730 Operating Profit (Loss) Packaging $ 21,330 $ 21,300 Aerospace 1,840 4,500 Specialty Products 7,240 4,520 Corporate (8,480) (9,210) Total $ 21,930 $ 21,110 |
Equity Awards
Equity Awards | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Awards | Equity Awards Restricted Stock Units The Company awarded the following restricted stock units ("RSUs") during the three months ended March 31, 2022: • granted 195,398 RSUs to certain employees, which are subject only to a service condition and vest ratably over three years so long as the employee remains with the Company; • granted 22,554 RSUs to its non-employee independent directors, which fully vest one year from date of grant so long as the director and/or Company does not terminate the director's service prior to the vesting date; and • issued 337 RSUs related to director fee deferrals as certain of the Company's directors elected to defer all or a portion of their directors fees and to receive the amount in Company common stock at a future date. • issued 58 RSUs to certain employees related to dividend equivalent rights on existing equity awards. During 2022, the Company also awarded 85,156 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 an earnings per share compound annual growth rate ("EPS CAGR") metric over a period beginning January 1, 2022 and ending December 31, 2024. 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 estimates the grant-date fair value subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk-free rate of 1.88% and annualized volatility of 36.5%. Depending on the performance achieved for these two metrics, the amount of shares earned, if any, can vary for each metric from 0% of the target award to a maximum of 200% of the target award. For similar performance-based RSUs awarded in 2019, the Company attained 65.4% of the target on a weighted average basis, resulting in a decrease of 24,975 shares during the three months ended March 31, 2022. Information related to RSUs at March 31, 2022 is as follows: Number of Unvested RSUs Weighted Average Grant Date Fair Value Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2022 673,732 $ 27.38 Granted 303,503 33.19 Vested (97,258) 28.52 Cancelled (36,607) 35.91 Outstanding at March 31, 2022 843,370 $ 28.97 1.3 $ 27,063,743 As of March 31, 2022, there was approximately $13.2 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 2.0 years. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Net income is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share is calculated to give effect to stock options and RSUs. The following table summarizes the dilutive effect of RSUs and options to purchase common stock for the three months ended March 31, 2022 and 2021: Three months ended 2022 2021 Weighted average common shares—basic 42,799,206 43,185,007 Dilutive effect of restricted stock units 310,487 400,685 Dilutive effect of stock options — 49,184 Weighted average common shares—diluted 43,109,693 43,634,876 In March 2020, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $250 million in the aggregate. This announcement represented the most recent update from the initial authorization, approved in November 2015, of up to $50 million of purchases in the aggregate of its common stock. In the three months ended March 31, 2022, the Company purchased 282,003 shares of its outstanding common stock for approximately $9.1 million. During the three months ended March 31, 2021, the Company purchased 82,171 shares of its outstanding common stock for approximately $2.6 million. As of March 31, 2022 , the Company has approximately $133.6 million remaining under the repurchase authorization. Holders of common stock are entitled to dividends at the discretion of the Company's Board of Directors. In 2021 the Company's Board of Directors declared the first dividend since the Company's initial public offering in 2007. During the three months ended March 31, 2022, the Company's cash dividends declared were $0.04 per share of common stock and total dividends paid on common shares were $1.7 million. No dividends were paid during the three months ended March 31, 2021. |
Defined Benefit Plans
Defined Benefit Plans | 3 Months Ended |
Mar. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Defined Benefit Plans | Defined Benefit Plans Net periodic pension benefit costs for the Company's defined benefit pension plans cover certain foreign employees, union hourly employees and salaried employees. The components of net periodic pension cost are as follows (dollars in thousands): Pension Plans Three months ended 2022 2021 Service costs $ 200 $ 330 Interest costs 230 200 Expected return on plan assets (410) (390) Settlement/curtailment loss 150 — Amortization of net loss 140 230 Net periodic benefit cost $ 310 $ 370 The service cost component of net periodic benefit cost is recorded in cost of goods sold and selling, general and administrative expenses, while non-service cost components are recorded in other income (expense), net in the accompanying consolidated statement of income. During the three months ended March 31, 2022, the Company recorded a non-cash curtailment expense of approximately $0.2 million, as it transitioned certain active employees previously participating in a defined benefit plan in the United Kingdom to a defined contribution plan, thereby eliminating future service cost accruals for all employees under this defined benefit plan. The Company contributed approximately $0.3 million to its defined benefit pension plans during the three months ended March 31, 2022. The Company expects to contribute approximately $1.7 million to its defined benefit pension plans for the full year 2022. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (Loss) Changes in AOCI by component for the three months ended March 31, 2022 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2021 $ (4,830) $ 5,910 $ (850) $ 230 Net unrealized gains (losses) arising during the period (a) — 1,560 (4,040) (2,480) Less: Net realized losses reclassified to net income (b) (240) — — (240) Net current-period other comprehensive income (loss) 240 1,560 (4,040) (2,240) Balance, March 31, 2022 $ (4,590) $ 7,470 $ (4,890) $ (2,010) __________________________ (a) Derivative instruments, net of income tax of approximately $0.5 million. See Note 11, " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million. See Note 18, " Defined Benefit Plans ," for further details. Changes in AOCI by component for the three months ended March 31, 2021 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2020 $ (8,620) $ (3,580) $ 6,580 $ (5,620) Net unrealized gains (losses) arising during the period (a) — 3,900 (3,420) 480 Less: Net realized losses reclassified to net income (150) — — (150) Net current-period other comprehensive income (loss) 150 3,900 (3,420) 630 Balance, March 31, 2021 $ (8,470) $ 320 $ 3,160 $ (4,990) __________________________ (a) Derivative instruments, net of income tax of approximately $1.3 million. See Note 11, " Derivative Instruments |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On April 21, 2022, the Company announced that its Board of Directors had declared a cash dividend of $0.04 per share of TriMas Corporation common stock, which will be payable on May 12, 2022 to shareholders of record as of the close of business on May 5, 2022. On April 19, 2022, the Company entered into an additional cross currency swap agreement to hedge the Company's net investment in Euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the Euro. This swap agreement has a notional amount of $25.0 million and matures on October 15, 2027. Under the terms of the swap agreement, the Company is to receive net interest payments at a fixed rate of approximately 1.4% of the notional amount. |
Revenue Revenue (Tables)
Revenue Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the Company’s disaggregated net sales by primary market served (dollars in thousands): Three months ended March 31, Customer Markets 2022 2021 Consumer Products $ 107,560 $ 105,120 Aerospace & Defense 44,520 44,610 Industrial 72,230 57,000 Total net sales $ 224,310 $ 206,730 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents consists of the following components (dollars in thousands): March 31, December 31, Cash and cash equivalents - unrestricted $ 53,690 $ 129,790 Cash - restricted (a) 5,130 10,950 Total cash and cash equivalents $ 58,820 $ 140,740 __________________________ (a) Includes cash placed on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the three months ended March 31, 2022 are summarized as follows (dollars in thousands): Packaging Aerospace Specialty Products Total Balance, December 31, 2021 $ 238,740 $ 70,190 $ 6,560 $ 315,490 Goodwill from acquisitions 32,210 — — 32,210 Foreign currency translation and other (2,770) 80 — (2,690) Balance, March 31, 2022 $ 268,180 $ 70,270 $ 6,560 $ 345,010 |
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 are summarized below (dollars in thousands): As of March 31, 2022 As of December 31, 2021 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 132,980 $ (73,500) $ 124,310 $ (71,150) Customer relationships, 15 – 25 years 130,270 (69,750) 130,190 (68,190) Total customer relationships 263,250 (143,250) 254,500 (139,340) Technology and other, 1 – 15 years 57,000 (36,900) 57,060 (36,140) Technology and other, 17 – 30 years 43,300 (40,030) 43,300 (39,920) Total technology and other 100,300 (76,930) 100,360 (76,060) Indefinite-lived intangible assets: Trademark/Trade names 60,890 — 57,270 — Total other intangible assets $ 424,440 $ (220,180) $ 412,130 $ (215,400) |
Schedule of Finite-Lived Intangible Assets, Amortization Expense | Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands): Three months ended March 31, 2022 2021 Technology and other, included in cost of sales $ 900 $ 950 Customer relationships, included in selling, general and administrative expenses 4,390 4,440 Total amortization expense $ 5,290 $ 5,390 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following components (dollars in thousands): March 31, December 31, Finished goods $ 73,350 $ 74,600 Work in process 32,550 28,790 Raw materials 52,460 49,060 Total inventories $ 158,360 $ 152,450 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following components (dollars in thousands): March 31, December 31, Land and land improvements $ 19,480 $ 19,630 Buildings 94,170 93,170 Machinery and equipment 443,130 422,500 556,780 535,300 Less: Accumulated depreciation 276,940 269,670 Property and equipment, net $ 279,840 $ 265,630 |
Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands): Three months ended March 31, 2022 2021 Depreciation expense, included in cost of sales $ 8,170 $ 7,560 Depreciation expense, included in selling, general and administrative expenses 300 290 Total depreciation expense $ 8,470 $ 7,850 |
Long-term Debt Long-term Debt (
Long-term Debt Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's long-term debt consists of the following (dollars in thousands): March 31, December 31, 4.125% Senior Notes due April 2029 $ 400,000 $ 400,000 Debt issuance costs (5,960) (6,180) Long-term debt, net $ 394,040 $ 393,820 March 31, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value 4.125% Senior Notes due April 2029 $ 400,000 $ 365,000 $ 400,000 $ 399,000 |
Debt Instrument Redemption [Table Text Block] | On or after April 15, 2024, the Company may redeem all or part of the 2029 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 April 15 of the years indicated below: Year Percentage 2024 102.063 % 2025 101.031 % 2026 and thereafter 100.000 % |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of March 31, 2022 and December 31, 2021, 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 March 31, December 31, Net Investment Hedges Cross-currency swaps Other assets $ 9,680 $ 7,590 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of March 31, 2022 and December 31, 2021, and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2022 and 2021 (dollars in thousands): Amount of Income Recognized Amount of Income (Loss) Reclassified Three months ended As of As of December 31, 2021 Location of Income Reclassified from AOCI into Earnings (Effective Portion) 2022 2021 Net Investment Hedges Cross-currency swaps $ 7,470 $ 5,910 Other income (expense), net $ — $ — |
Derivatives Not Designated as Hedging Instruments | The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands): Amount of Income Recognized in Three months ended Location of Income 2022 2021 Derivatives not designated as hedging instruments Foreign exchange contracts Other income (expense), net $ 810 $ 4,020 |
Fair Value Measurements, Recurring and Nonrecurring | Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 are shown below (dollars in thousands): Description Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2022 Cross-currency swaps Recurring $ 9,680 $ — $ 9,680 $ — Foreign exchange contracts Recurring $ 90 $ — $ 90 $ — December 31, 2021 Cross-currency swaps Recurring $ 7,590 $ — $ 7,590 $ — Foreign exchange contracts Recurring $ (110) $ — $ (110) $ — |
Leases Leases (Tables)
Leases Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense are as follows (dollars in thousands): Three months ended March 31, 2022 2021 Operating lease cost $ 2,310 $ 2,140 Short-term, variable and other lease costs 690 430 Total lease cost $ 3,000 $ 2,570 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities are as follows (dollars in thousands): Year ended December 31, Operating Leases (a) 2022 (excluding the three months ended March 31, 2022) $ 7,690 2023 9,760 2024 8,900 2025 7,610 2026 7,500 Thereafter 20,760 Total lease payments 62,220 Less: Imputed interest (7,430) Present value of lease liabilities $ 54,790 __________________________ (a) The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet. |
Other Long-term Liabilities O_2
Other Long-term Liabilities Other Long-term Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities [Table Text Block] | Other long-term liabilities consist of the following components (dollars in thousands): March 31, December 31, Non-current asbestos-related liabilities $ 24,760 $ 25,210 Other long-term liabilities 32,740 33,820 Total other long-term liabilities $ 57,500 $ 59,030 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency | Claims Claims filed Claims Claims Claims Average Total defense Three Months Ended March 31, 2022 4,754 54 25 1 4,782 $ 3,000 $ 430,000 Fiscal Year Ended December 31, 2021 4,655 265 134 32 4,754 $ 16,819 $ 1,950,000 |
Schedule of Damages Sought for Specific Claims [Table Text Block] | Below is a breakdown of the compensatory damages sought for those claims seeking specific amounts: Compensatory Range of damages sought (dollars in millions) $0.0 to $0.6 $0.6 to $5.0 $5.0+ Number of claims — 2 33 |
Segment Information Segment Inf
Segment Information Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows (dollars in thousands): Three months ended 2022 2021 Net Sales Packaging $ 138,490 $ 132,090 Aerospace 44,520 44,610 Specialty Products 41,300 30,030 Total $ 224,310 $ 206,730 Operating Profit (Loss) Packaging $ 21,330 $ 21,300 Aerospace 1,840 4,500 Specialty Products 7,240 4,520 Corporate (8,480) (9,210) Total $ 21,930 $ 21,110 |
Equity Awards (Tables)
Equity Awards (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to RSUs at March 31, 2022 is as follows: Number of Unvested RSUs Weighted Average Grant Date Fair Value Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2022 673,732 $ 27.38 Granted 303,503 33.19 Vested (97,258) 28.52 Cancelled (36,607) 35.91 Outstanding at March 31, 2022 843,370 $ 28.97 1.3 $ 27,063,743 |
Earnings per Share Earnings per
Earnings per Share Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table summarizes the dilutive effect of RSUs and options to purchase common stock for the three months ended March 31, 2022 and 2021: Three months ended 2022 2021 Weighted average common shares—basic 42,799,206 43,185,007 Dilutive effect of restricted stock units 310,487 400,685 Dilutive effect of stock options — 49,184 Weighted average common shares—diluted 43,109,693 43,634,876 |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Costs of Retirement Plans | The components of net periodic pension cost are as follows (dollars in thousands): Pension Plans Three months ended 2022 2021 Service costs $ 200 $ 330 Interest costs 230 200 Expected return on plan assets (410) (390) Settlement/curtailment loss 150 — Amortization of net loss 140 230 Net periodic benefit cost $ 310 $ 370 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Comprehensive Income [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI by component for the three months ended March 31, 2022 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2021 $ (4,830) $ 5,910 $ (850) $ 230 Net unrealized gains (losses) arising during the period (a) — 1,560 (4,040) (2,480) Less: Net realized losses reclassified to net income (b) (240) — — (240) Net current-period other comprehensive income (loss) 240 1,560 (4,040) (2,240) Balance, March 31, 2022 $ (4,590) $ 7,470 $ (4,890) $ (2,010) __________________________ (a) Derivative instruments, net of income tax of approximately $0.5 million. See Note 11, " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million. See Note 18, " Defined Benefit Plans ," for further details. | Changes in AOCI by component for the three months ended March 31, 2021 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2020 $ (8,620) $ (3,580) $ 6,580 $ (5,620) Net unrealized gains (losses) arising during the period (a) — 3,900 (3,420) 480 Less: Net realized losses reclassified to net income (150) — — (150) Net current-period other comprehensive income (loss) 150 3,900 (3,420) 630 Balance, March 31, 2021 $ (8,470) $ 320 $ 3,160 $ (4,990) __________________________ (a) Derivative instruments, net of income tax of approximately $1.3 million. See Note 11, " Derivative Instruments |
Revenue Revenue (Details)
Revenue Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 224,310 | $ 206,730 |
Consumer Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 107,560 | 105,120 |
Aerospace & Defense [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 44,520 | 44,610 |
Industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 72,230 | $ 57,000 |
Realignment Actions Realignme_2
Realignment Actions Realignment Actions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Realignment Costs [Line Items] | ||
Loss on dispositions of assets | $ 20 | $ 20 |
Realignment actions [Member] | ||
Realignment Costs [Line Items] | ||
Severance Costs | 2,600 | |
Cash paid for severance | 400 | |
Realignment costs | 2,300 | 4,100 |
Facility consolidation realignment costs | 900 | 1,500 |
Employee-related costs | 1,400 | |
Cost of Sales [Member] | Realignment actions [Member] | ||
Realignment Costs [Line Items] | ||
Realignment costs | 900 | 1,800 |
Selling, General and Administrative Expenses [Member] | Realignment actions [Member] | ||
Realignment Costs [Line Items] | ||
Realignment costs | $ 1,400 | $ 2,300 |
Acquisitions - Other Acquisitio
Acquisitions - Other Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Feb. 28, 2022 | Dec. 05, 2021 | |
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 63,950 | $ 0 | ||||
Goodwill | 345,010 | $ 315,490 | $ 315,490 | |||
Net sales | 224,310 | $ 206,730 | ||||
Omega Plastics | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 22,500 | |||||
Net sales | 18,000 | |||||
TFI Aerospace | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 11,800 | |||||
Net sales | 6,000 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | 0 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 12,000 | 12,000 | ||||
Business Combination, Contingent Consideration, Liability | 3,800 | $ 3,700 | ||||
Intertech Plastics LLC | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 64,000 | |||||
Goodwill | $ 32,200 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 13,500 | |||||
Business Combination, Recognized Identifiable Assets and Liabilities Assumed, Net Working Capital | 6,100 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 12,200 | |||||
Net sales | $ 32,000 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |||
Cash and cash equivalents unrestricted | $ 53,690 | $ 129,790 | |
Restricted Cash | [1] | 5,130 | 10,950 |
Cash and cash equivalents | $ 58,820 | $ 140,740 | |
[1] | Includes cash placed on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit. |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Goodwill Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | ||
Goodwill | $ 345,010 | $ 315,490 |
Aerospace [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 70,270 | $ 70,190 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill [Roll Forward] | |
Balance, beginning | $ 315,490 |
Goodwill, Acquired During Period | 32,210 |
Translation and purchase accounting adjustments | (2,690) |
Balance, ending | 345,010 |
Packaging [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 238,740 |
Goodwill, Acquired During Period | 32,210 |
Translation and purchase accounting adjustments | (2,770) |
Balance, ending | 268,180 |
Aerospace [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 70,190 |
Goodwill, Acquired During Period | 0 |
Translation and purchase accounting adjustments | 80 |
Balance, ending | 70,270 |
Specialty Products [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 6,560 |
Goodwill, Acquired During Period | 0 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | $ 6,560 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, accumulated amortization | $ (220,180) | $ (215,400) |
Intangible Assets, Gross (Excluding Goodwill) | 424,440 | 412,130 |
Trademarks and Trade Names [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 60,890 | 57,270 |
Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 263,250 | 254,500 |
Finite-lived intangible assets, accumulated amortization | (143,250) | (139,340) |
Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 100,300 | 100,360 |
Finite-lived intangible assets, accumulated amortization | (76,930) | (76,060) |
Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 132,980 | 124,310 |
Finite-lived intangible assets, accumulated amortization | (73,500) | (71,150) |
Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 130,270 | 130,190 |
Finite-lived intangible assets, accumulated amortization | (69,750) | (68,190) |
Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 57,000 | 57,060 |
Finite-lived intangible assets, accumulated amortization | (36,900) | (36,140) |
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 | $ (40,030) | $ (39,920) |
Minimum [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 1 year | |
Minimum [Member] | Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 5 years | |
Minimum [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 15 years | |
Minimum [Member] | Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 1 year | |
Minimum [Member] | Useful Life Seventeen to Thirty Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 17 years | |
Maximum [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 30 years | |
Maximum [Member] | Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 12 years | |
Maximum [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 25 years | |
Maximum [Member] | Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 15 years | |
Maximum [Member] | Useful Life Seventeen to Thirty Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 30 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 5,290 | $ 5,390 |
Cost of Sales [Member] | Technology and Other [Member] | ||
Amortization of Intangible Assets [Line Items] | ||
Amortization of intangible assets | 900 | 950 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ||
Amortization of Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 4,390 | $ 4,440 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 73,350 | $ 74,600 |
Work in process | 32,550 | 28,790 |
Raw materials | 52,460 | 49,060 |
Total inventories | $ 158,360 | $ 152,450 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 556,780 | $ 535,300 |
Less: Accumulated depreciation | 276,940 | 269,670 |
Property and equipment, net | 279,840 | 265,630 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 19,480 | 19,630 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 94,170 | 93,170 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 443,130 | $ 422,500 |
Property and Equipment, Net - D
Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation Expense [Line Items] | ||
Depreciation expense | $ 8,470 | $ 7,850 |
Continuing Operations [Member] | ||
Depreciation Expense [Line Items] | ||
Depreciation expense | 8,470 | 7,850 |
Cost of Sales [Member] | Continuing Operations [Member] | ||
Depreciation Expense [Line Items] | ||
Depreciation expense | 8,170 | 7,560 |
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member] | ||
Depreciation Expense [Line Items] | ||
Depreciation expense | $ 300 | $ 290 |
Long-term Debt - Debt Table (De
Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ (5,960) | $ (6,180) |
Long-term debt, net | 394,040 | 393,820 |
4.125% Senior Unsecured Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Debt | $ 400,000 | $ 400,000 |
Long-term Debt - Senior Notes (
Long-term Debt - Senior Notes (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 15, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | |||
Cash paid for interest | $ 310 | $ 520 | |
Debt financing and related expenses | 0 | 200 | |
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | 6,150 | |
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 | ||
Debt Instrument, Redemption Price, Percentage | 102.438% | ||
Senior Notes [Member] | 4.125% Senior Unsecured Notes Due 2029 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | ||
Debt Instrument, Maturity Date | Apr. 15, 2029 | ||
Payments of Financing Costs | 5,100 | ||
Debt Issuance Costs, Noncurrent, Net | 5,100 | ||
Percentage of principal that can be redeemed with cash from proceeds of an equity offering | 40.00% | ||
Debt instrument redemption price with net proceeds from equity offering | 104.125% | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
Senior Notes [Member] | 4.125% Senior Unsecured Notes Due 2029 | Redemption, Period Two [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 102.063% | ||
Senior Notes [Member] | 4.125% Senior Unsecured Notes Due 2029 | Redemption, Period Three [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 101.031% | ||
Senior Notes [Member] | 4.125% Senior Unsecured Notes Due 2029 | Redemption, Period Four [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Mar. 29, 2026 | ||
Payments of Financing Costs | 1,000 | ||
Write off of Deferred Debt Issuance Cost | $ 200 |
Long-term Debt - Credit Agreeme
Long-term Debt - Credit Agreement (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |||
Debt financing and related expenses | $ 0 | $ 200 | |
Net leverage ratio | 3 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Payments of Financing Costs | 1,000 | ||
Write off of Deferred Debt Issuance Cost | $ 200 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 | ||
Debt Instrument, Maturity Date | Mar. 29, 2026 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving Credit Facility, Capacity Available for Foreign Revolver Loans | $ 125,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000 | ||
Revolving Credit Facility, Amount Outstanding | 0 | $ 0 | |
Revolving Credit Facility, Remaining Borrowing Capacity | 300,000 | 300,000 | |
Letters of credit [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit, Maximum Borrowing Capacity | 40,000 | ||
Letters of Credit Outstanding, Amount | 0 | $ 0 | |
Revolving credit and term loan facilities [Member] | |||
Debt Instrument [Line Items] | |||
Incremental debt commitments capacity | $ 200,000 |
Other Revolving Loan Facility (
Other Revolving Loan Facility (Details) - Revolving Credit Facility [Member] $ in Millions | Mar. 31, 2022USD ($) |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 |
Non-US [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 4 |
Revolving Credit Facility, Amount Outstanding | $ 0 |
Long-term Debt - Fair Value (De
Long-term Debt - Fair Value (Details) - 4.125% Senior Unsecured Notes Due 2029 - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Debt | $ 400,000 | $ 400,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | $ 365,000 | $ 399,000 |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Narrative (Details) - Designated as Hedging Instrument [Member] - Cross Currency Interest Rate Contract [Member] - Net Investment Hedging [Member] $ in Millions | Mar. 31, 2022USD ($) |
Maximum [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 2.90% |
Derivative, Notional Amount | $ 250 |
Minimum [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 0.80% |
Derivative, Notional Amount | $ 25 |
Derivative Instruments - Design
Derivative Instruments - Designated as hedging, Financial Position (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 9,680 | $ 7,590 |
Derivative Instruments - Desi_2
Derivative Instruments - Designated as hedging, Financial Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | $ (2,010) | $ 230 | |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | 7,470 | $ 5,910 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 |
Derivative Instruments - Desi_3
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) - Designated as Hedging Instrument [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) Reclassification from AOCI into Earnings, Estimate of Time to Transfer | 12 months |
Amount of gain (loss) expected to be reclassified from AOCI into Earnings | $ 0 |
Derivative Instruments - Deri_2
Derivative Instruments - Derivatives not designated as hedging instruments (Details) - Not Designated as Hedging Instrument [Member] - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 135,800 | |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ 810 | $ 4,020 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, at Fair Value, Net | $ 9,680 | $ 7,590 |
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, at Fair Value, Net | 0 | 0 |
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, at Fair Value, Net | 9,680 | 7,590 |
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, at Fair Value, Net | 0 | 0 |
Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 90 | (110) |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | 0 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 90 | (110) |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | $ 0 | $ 0 |
Leases Lease Cost Table (Detail
Leases Lease Cost Table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 2,310 | $ 2,140 |
Short-term, variable and other lease costs | 690 | 430 |
Lease, Cost | $ 3,000 | $ 2,570 |
Leases Operating Lease Liabilit
Leases Operating Lease Liability Maturity Table (Details) $ in Thousands | Mar. 31, 2022USD ($) | [1] |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 7,690 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 9,760 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 8,900 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 7,610 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 7,500 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Four | 20,760 | |
Lessee, Operating Lease, Liability, to be Paid | 62,220 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (7,430) | |
Operating Lease, Liability | $ 54,790 | |
[1] | (a) The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet. |
Leases Supplemental Balance She
Leases Supplemental Balance Sheet Information Related to Leases (Details) | Mar. 31, 2022Rate |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 2 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.70% |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 2.3 | $ 2.2 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 4.8 | $ 1.9 |
Other Long-term Liabilities O_3
Other Long-term Liabilities Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Asbestos-related liability noncurrent | $ 24,760 | $ 25,210 |
Other long-term liabilities other than asbestos liability | 32,740 | 33,820 |
Other Liabilities, Noncurrent | $ 57,500 | $ 59,030 |
Commitments and Contingencies A
Commitments and Contingencies Asbestos Narrative (Details) | 3 Months Ended | 12 Months Ended | 375 Months Ended | ||
Mar. 31, 2022USD ($)claimantscases | Dec. 31, 2021USD ($)claimants | Dec. 31, 2021USD ($)claimants | Mar. 31, 2022USD ($)casesclaimants | Dec. 31, 2020claimants | |
Loss Contingencies [Line Items] | |||||
Liability for Asbestos and Environmental Claims, Gross, Period Increase (Decrease) | $ 1,500,000 | ||||
Asbestos [Member] | |||||
Loss Contingencies [Line Items] | |||||
Liabilities Subject to Compromise, Asbestos Obligations | $ 27,200,000 | $ 27,200,000 | |||
Loss Contingency, Pending Cases, Number | cases | 407 | 407 | |||
Loss Contingency, Pending Claims, Number | claimants | 4,782 | 4,754 | 4,754 | 4,782 | 4,655 |
Total settlement costs | $ 10,600,000 | ||||
Loss Contingency, New Claims Filed, Number | claimants | 54 | 265 | |||
Percentage of settlement and defense costs covered by insurance | 40.00% | ||||
Legal Fees | $ 430,000 | $ 1,950,000 | |||
Asbestos [Member] | Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Liabilities Subject to Compromise, Asbestos Obligations | $ 28,200,000 | 28,200,000 | |||
Asbestos [Member] | Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Liabilities Subject to Compromise, Asbestos Obligations | $ 38,600,000 | $ 38,600,000 | |||
Punitive Only Damages [Member] | Asbestos [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of pending claims seeking specific amounts of damages | claimants | 0 | 0 | |||
Punitive Only Damages [Member] | Asbestos [Member] | Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Damages Sought, Value | $ 5,000,000 | ||||
Compensatory Only Damages [Member] | Asbestos [Member] | Pending Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of pending claims seeking specific amounts of damages | claimants | 35 | 35 |
Commitments and Contingencies_2
Commitments and Contingencies Asbestos Claimant and Settlement (Details) - Asbestos [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)claimants | Dec. 31, 2021USD ($)claimants | Dec. 31, 2020claimants | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Pending Claims, Number | 4,782 | 4,754 | 4,655 |
Loss Contingency, New Claims Filed, Number | 54 | 265 | |
Loss Contingency, Claims Dismissed, Number | 25 | 134 | |
Loss Contingency, Claims Settled, Number | 1 | 32 | |
Average settlement amount per claim during period | $ | $ 3,000 | $ 16,819 | |
Legal Fees | $ | $ 430,000 | $ 1,950,000 |
Commitments and Contingencies_3
Commitments and Contingencies Asbestos Damages Sought (Details) - Asbestos [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)claimants | |
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] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 0 |
Punitive Only Damages [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 5 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 35 |
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 | 2 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 33 |
Segment Information Segment I_2
Segment Information Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 224,310 | $ 206,730 |
Operating profit (loss) | 21,930 | 21,110 |
Operating Segments [Member] | Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 138,490 | 132,090 |
Operating profit (loss) | 21,330 | 21,300 |
Operating Segments [Member] | Aerospace [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 44,520 | 44,610 |
Operating profit (loss) | 1,840 | 4,500 |
Operating Segments [Member] | Specialty Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 41,300 | 30,030 |
Operating profit (loss) | 7,240 | 4,520 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating profit (loss) | $ (8,480) | $ (9,210) |
Equity Awards - Restricted Stoc
Equity Awards - Restricted Stock Units Activity Table (Details) - Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of Unvested Restricted Stock Units Outstanding, beginning balance | shares | 673,732 |
Number of Unvested Restricted Stock Units Granted | shares | 303,503 |
Number of Unvested Restricted Stock Units Vested | shares | (97,258) |
Number of Unvested Restricted Stock Units Cancelled | shares | (36,607) |
Number of Unvested Restricted Stock Units Outstanding, ending balance | shares | 843,370 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, beginning | $ 27.38 |
Unvested Restricted Stock Units Granted, Weighted Average Grant Date Fair Value | 33.19 |
Unvested Restricted Stock Units Vested, Weighted Average Grant Date Fair Value | 28.52 |
Unvested Restricted Stock Units Cancelled, Weighted Average Grant Date Fair Value | 35.91 |
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, ending | $ 28.97 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures | |
Restricted Stock Units Average Remaining Contractual Life (Years) | 1 year 3 months 18 days |
Restricted Stock Units Aggregate Intrinsic Value | $ 27,063,743 |
Equity Awards - Restricted St_2
Equity Awards - Restricted Stock Units Narrative (Details) - Restricted Stock Units [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares issued related to director fee deferrals | 337 | ||
Number of Unvested Restricted Stock Units Granted | 303,503 | ||
Unrecognized unvested restricted shares-based compensation expense | $ 13.2 | ||
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | 2 years | ||
Dividend Declared | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Stock Units Granted | 58 | ||
Plan 1 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Stock Units Granted | 195,398 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||
Plan 7 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Stock Units Granted | 22,554 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||
Plan 8 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Stock Units Granted | 85,156 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.88% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 36.50% | ||
3 year EPS CAGR metric [Member] | Maximum [Member] | Plan 8 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award percentage earned based on metric over the performance period | 50.00% | ||
Total shareholder return metric [Member] | Plan 3 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Stock Units Granted | 24,975 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained | 65.40% | ||
Total shareholder return metric [Member] | Minimum [Member] | Plan 8 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 0.00% | ||
Total shareholder return metric [Member] | Maximum [Member] | Plan 8 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award percentage earned based on metric over the performance period | 50.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 200.00% | ||
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares-based compensation expense | $ 2.8 | $ 2.4 |
Earnings per Share Earnings p_2
Earnings per Share Earnings per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted average common shares—basic | 42,799,206 | 43,185,007 |
Weighted average common shares—diluted | 43,109,693 | 43,634,876 |
Restricted Stock Units (RSUs) [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Incremental common shares attributable to share-based payment arrangements | 310,487 | 400,685 |
Stock Options [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Incremental common shares attributable to share-based payment arrangements | 0 | 49,184 |
Earnings per Share Repurchase o
Earnings per Share Repurchase of Common Stock (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2015 | |
Stock Repurchased and Retired During Period, Value | $ 9,060,000 | $ 2,640,000 | |
10b5-1 share repurchase program [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 250,000,000 | $ 50,000,000 | |
Stock Repurchased and Retired During Period, Shares | 282,003 | 82,171 | |
Stock Repurchased and Retired During Period, Value | $ 9,100,000 | $ 2,600,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 133,600,000 |
Earnings per Share Dividends (D
Earnings per Share Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.04 | |
Dividends, Common Stock, Cash | $ 1,740 | $ 0 |
Defined Benefit Plans - Net Per
Defined Benefit Plans - Net Periodic Pension Costs (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service costs | $ 200 | $ 330 |
Interest costs | 230 | 200 |
Expected return on plan assets | (410) | (390) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 150 | 0 |
Amortization of net (gain)/loss | 140 | 230 |
Net periodic benefit cost | $ 310 | $ 370 |
Defined Benefit Plans - Defined
Defined Benefit Plans - Defined Benefit Plans Narrative (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | $ 150 | $ 0 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 300 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 1,700 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances | $ 630,850 | $ 584,250 | ||
Total other comprehensive income (loss) | (2,240) | 630 | ||
Balances | 633,830 | 595,970 | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 100 | |||
Cross Currency Interest Rate Contract [Member] | ||||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Tax | (500) | 1,300 | ||
Defined Benefit Plans [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances | (4,830) | (8,620) | ||
Net unrealized gains (losses) arising during the period | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (240) | [1] | (150) | |
Total other comprehensive income (loss) | 240 | 150 | ||
Balances | (4,590) | (8,470) | ||
Accumulated Net Gain (Loss) from Hedges Attributable to Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances | 5,910 | (3,580) | ||
Net unrealized gains (losses) arising during the period | 1,560 | [2] | 3,900 | [3] |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Total other comprehensive income (loss) | 1,560 | 3,900 | ||
Balances | 7,470 | 320 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances | (850) | 6,580 | ||
Net unrealized gains (losses) arising during the period | (4,040) | (3,420) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Total other comprehensive income (loss) | (4,040) | (3,420) | ||
Balances | (4,890) | 3,160 | ||
Accumulated Other Comprehensive Income [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances | 230 | (5,620) | ||
Net unrealized gains (losses) arising during the period | (2,480) | 480 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (240) | (150) | ||
Total other comprehensive income (loss) | (2,240) | 630 | ||
Balances | $ (2,010) | $ (4,990) | ||
[1] | Defined benefit plans, net of income tax of approximately $0.1 million. See Note 18, " Defined Benefit Plans ," for further details. | |||
[2] | Derivative instruments, net of income tax of approximately $0.5 million. See Note 11, " Derivative Instruments | |||
[3] | Derivative instruments, net of income tax of approximately $1.3 million. See Note 11, " Derivative Instruments |
Subsequent Event Dividend (Deta
Subsequent Event Dividend (Details) - Subsequent Event [Member] | Apr. 21, 2022$ / shares |
Subsequent Event [Line Items] | |
Dividends Payable, Amount Per Share | $ 0.04 |
Dividends Payable, Date Declared | Apr. 21, 2022 |
Dividends Payable, Date to be Paid | May 12, 2022 |
Dividends Payable, Date of Record | May 5, 2022 |
Subsequent Event Cross Currency
Subsequent Event Cross Currency Swap (Details) - Cross Currency Interest Rate Contract [Member] - Net Investment Hedging [Member] - Subsequent Event [Member] $ in Millions | Apr. 19, 2022USD ($) |
Subsequent Event [Line Items] | |
Derivative, Notional Amount | $ 25 |
Derivative, Fixed Interest Rate | 1.40% |