Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 10, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BADGER METER INC | |
Entity Central Index Key | 9,092 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 29,114,032 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 11,311 | $ 7,338 |
Receivables | 65,959 | 59,818 |
Inventories: | ||
Finished goods | 16,069 | 18,087 |
Work in process | 15,232 | 17,157 |
Raw materials | 38,996 | 42,457 |
Total inventories | 70,297 | 77,701 |
Prepaid expenses and other current assets | 4,635 | 6,155 |
Total current assets | 152,202 | 151,012 |
Property, plant and equipment, at cost | 204,324 | 200,978 |
Less accumulated depreciation | (113,235) | (110,784) |
Net property, plant and equipment | 91,089 | 90,194 |
Intangible assets, at cost less accumulated amortization | 50,340 | 51,872 |
Other assets | 9,694 | 6,607 |
Deferred income taxes | 931 | 700 |
Goodwill | 49,314 | 49,314 |
Total assets | 353,570 | 349,699 |
Current liabilities: | ||
Short-term debt | 38,156 | 37,950 |
Payables | 21,610 | 18,350 |
Accrued compensation and employee benefits | 9,041 | 13,861 |
Warranty and after-sale costs | 2,548 | 2,779 |
Income and other taxes | 4,149 | 2,898 |
Total current liabilities | 75,504 | 75,838 |
Other long-term liabilities | 3,914 | 4,019 |
Deferred income taxes | 2,118 | 1,901 |
Accrued non-pension postretirement benefits | 5,834 | 5,753 |
Other accrued employee benefits | 5,340 | 5,979 |
Commitments and contingencies (Note 6) | ||
Shareholders’ equity: | ||
Common stock | 37,149 | 37,122 |
Capital in excess of par value | 29,014 | 28,022 |
Reinvested earnings | 229,287 | 223,876 |
Accumulated other comprehensive loss | (11,261) | (11,635) |
Less: Employee benefit stock | (614) | (614) |
Treasury stock, at cost | (22,715) | (20,562) |
Total shareholders’ equity | 260,860 | 256,209 |
Total liabilities and shareholders’ equity | $ 353,570 | $ 349,699 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 101,606 | $ 100,570 |
Cost of sales | 62,956 | 61,559 |
Gross margin | 38,650 | 39,011 |
Selling, engineering and administration | 25,181 | 26,205 |
Operating earnings | 13,469 | 12,806 |
Interest expense, net | 178 | 270 |
Earnings before income taxes | 13,291 | 12,536 |
Provision for income taxes | 4,542 | 4,546 |
Net earnings | $ 8,749 | $ 7,990 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.30 | $ 0.28 |
Diluted (in dollars per share) | 0.30 | 0.28 |
Dividends declared per common share (in dollars per share) | $ 0.115 | $ 0.1 |
Shares used in computation of earnings per share: | ||
Basic (in shares) | 28,900,702 | 28,842,500 |
Impact of dilutive securities (in shares) | 182,279 | 154,864 |
Diluted (in shares) | 29,082,981 | 28,997,364 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 8,749 | $ 7,990 |
Other comprehensive income: | ||
Foreign currency translation adjustment | 291 | 577 |
Pension and postretirement benefits, net of tax | 83 | 96 |
Comprehensive income | $ 9,123 | $ 8,663 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities: | ||
Net earnings | $ 8,749 | $ 7,990 |
Adjustments to reconcile net earnings to net cash provided by operations: | ||
Depreciation | 2,918 | 2,793 |
Amortization | 2,945 | 2,706 |
Deferred income taxes | (12) | 109 |
Noncurrent employee benefits | 115 | 203 |
Stock-based compensation expense | 366 | 362 |
Changes in: | ||
Receivables | (5,958) | (2,311) |
Inventories | 7,423 | 2,684 |
Prepaid expenses and other assets | (2,819) | 469 |
Liabilities other than debt | (1,319) | 3,146 |
Total adjustments | 3,659 | 10,161 |
Net cash provided by operations | 12,408 | 18,151 |
Investing activities: | ||
Property, plant and equipment expenditures | (3,806) | (3,247) |
Acquisitions, future payments | (200) | 0 |
Net cash used for investing activities | (4,006) | (3,247) |
Financing activities: | ||
Net increase (decrease) in short-term debt | 126 | (10,360) |
Dividends paid | (3,336) | (2,892) |
Proceeds from exercise of stock options | 654 | 62 |
Repurchase of treasury stock | (2,242) | 0 |
Issuance of treasury stock | 89 | 72 |
Net cash used for financing activities | (4,709) | (13,118) |
Effect of foreign exchange rates on cash | 280 | (13) |
Increase in cash | 3,973 | 1,773 |
Cash – beginning of period | 7,338 | 8,163 |
Cash – end of period | $ 11,311 | $ 9,936 |
Additional Financial Informatio
Additional Financial Information Disclosures | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Information Disclosures | Additional Financial Information Disclosures The consolidated condensed balance sheet at December 31, 2016 was derived from amounts included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . Refer to the footnotes to the financial statements included in that report for a description of the Company’s accounting policies and for additional details of the Company’s financial condition. The details in those notes have not changed except as discussed below and as a result of normal adjustments in the interim. Warranty and After-Sale Costs The Company estimates and records provisions for warranties and other after-sale costs in the period in which the sale is recorded, based on a lag factor and historical warranty claim experience. After-sale costs represent a variety of activities outside of the written warranty policy, such as investigation of unanticipated problems after the customer has installed the product, or analysis of water quality issues. Changes in the Company’s warranty and after-sale costs reserve are as follows: Three months ended March 31, (In thousands) 2017 2016 Balance at beginning of period $ 2,779 $ 3,133 Net additions charged to earnings 752 840 Adjustments to pre-existing warranties (394 ) 253 Costs incurred (589 ) (665 ) Balance at end of period $ 2,548 $ 3,561 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited consolidated condensed financial statements of Badger Meter, Inc. (the “Company” or “Badger Meter”) contain all adjustments (consisting only of normal recurring accruals except as otherwise discussed) necessary to present fairly the Company’s consolidated condensed financial position at March 31, 2017 , results of operations for the three-month periods ended March 31, 2017 and 2016 , comprehensive income for the three-month periods ended March 31, 2017 and 2016 , and cash flows for the three-month periods ended March 31, 2017 and 2016 . The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company maintains a non-contributory defined benefit pension plan that covers substantially all U.S. employees who were employed at December 31, 2011. After that date, no further benefits are being accrued in this plan. For the frozen pension plan, benefits are based primarily on years of service and, for certain plans, levels of compensation. The Company also maintains supplemental non-qualified plans for certain officers and other key employees, and an Employee Savings and Stock Option Plan (“ESSOP”) for the majority of the U.S. employees. The Company additionally has a postretirement healthcare benefit plan that provides medical benefits for certain U.S. retirees and eligible dependents hired prior to November 1, 2004. Employees are eligible to receive postretirement healthcare benefits upon meeting certain age and service requirements. No employees hired after October 31, 2004 are eligible to receive these benefits. This plan requires employee contributions to offset benefit costs. The following table sets forth the components of net periodic benefit cost for the three months ended March 31, 2017 and 2016 based on December 31, 2016 and 2015 actuarial measurement dates, respectively: Defined pension plan benefits Other postretirement benefits (In thousands) 2017 2016 2017 2016 Service cost – benefits earned during the year $ 24 $ 7 $ 35 $ 36 Interest cost on projected benefit obligations 318 455 51 64 Expected return on plan assets (402 ) (549 ) — — Amortization of prior service cost — — (6 ) (6 ) Amortization of net loss 135 157 — — Net periodic benefit cost $ 75 $ 70 $ 80 $ 94 The Company disclosed in its financial statements for the year ended December 31, 2016 that it was not required to make a minimum contribution to the defined benefit pension plan for the 2017 calendar year. The Company believes that no additional contributions will be required during 2017 . The Company also disclosed in its financial statements for the year ended December 31, 2016 that it estimated it would pay $0.4 million in other postretirement benefits in 2017 based on actuarial estimates. As of March 31, 2017 , $5,000 of such benefits have been paid. The Company continues to believe that its estimated payments for the full year are reasonable. However, such estimates contain inherent uncertainties because cash payments can vary significantly depending on the timing of postretirement medical claims and the collection of the retirees’ portion of certain costs. Note that the amount of benefits paid in calendar year 2017 will not impact the expense for postretirement benefits for 2017 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Components of and changes in accumulated other comprehensive loss at March 31, 2017 are as follows: (In thousands) Unrecognized pension and postretirement benefits Foreign currency Total Balance at beginning of period $ (10,495 ) $ (1,140 ) $ (11,635 ) Other comprehensive income before reclassifications — 291 291 Amounts reclassified from accumulated other comprehensive loss, net of tax of $(46) 83 — 83 Net current period other comprehensive income, net of tax 83 291 374 Accumulated other comprehensive loss $ (10,412 ) $ (849 ) $ (11,261 ) Details of reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2017 are as follows: (In thousands) Amount reclassified from accumulated other comprehensive loss Amortization of defined benefit pension items: Prior service benefit (1) $ (6 ) Amortization of actuarial loss (1) 135 Total before tax 129 Income tax benefit (46 ) Amount reclassified out of accumulated other comprehensive loss $ 83 (1) These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost in Note 3 “Employee Benefit Plans.” Components of and changes in accumulated other comprehensive loss at March 31, 2016 are as follows: (In thousands) Unrecognized pension and postretirement benefits Foreign currency Total Balance at beginning of period $ (11,968 ) $ (812 ) $ (12,780 ) Other comprehensive income before reclassifications — 577 577 Amounts reclassified from accumulated other comprehensive loss, net of tax of $(0.1) million 96 — 96 Net current period other comprehensive income, net of tax 96 577 673 Accumulated other comprehensive loss $ (11,872 ) $ (235 ) $ (12,107 ) Details of reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2016 are as follows: (In thousands) Amount reclassified from accumulated other comprehensive loss Amortization of defined benefit pension items: Prior service cost (1) $ (6 ) Amortization of actuarial loss (1) 157 Total before tax 151 Income tax benefit (55 ) Amount reclassified out of accumulated other comprehensive loss $ 96 (1) These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost in Note 3 “Employee Benefit Plans.” |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On October 20, 2016, the Company acquired certain assets of Precision Flow Measurement, Inc., doing business as Nice Instrumentation, of Manalapan Township, New Jersey. The acquisition adds a new technology for the measurement of steam to the Company's HVAC line of products. The total purchase consideration for the Nice Instrumentation assets was $2.0 million , which included a $0.2 million payment that was made after the first production run that occurred in January 2017. The Company's preliminary allocation of the purchase price at December 31, 2016 included approximately $15,000 of inventory and equipment, $0.7 million of intangibles and $1.3 million of goodwill. The intangible assets acquired are primarily customer technology with an estimated average useful life of 15 years . The preliminary allocation of the purchase price to the assets acquired was based upon the estimated fair values at the date of acquisition. As of March 31, 2017, the Company completed its analysis for estimating the fair value of the assets acquired with no additional adjustments. The Nice Instrumentation acquisition was accounted for under the purchase method, and accordingly, the results of operations were included in the Company's financial statements from the date of acquisition. The acquisition did not have a material impact on the Company's consolidated condensed financial statements or the notes thereto. |
Contingencies, Litigation and C
Contingencies, Litigation and Commitments | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Litigation and Commitments | Contingencies, Litigation and Commitments In the normal course of business, the Company is named in legal proceedings. There are currently no material legal proceedings pending with respect to the Company. The more significant legal proceedings are discussed below. The Company is subject to contingencies related to environmental laws and regulations. The Company is named as one of many potentially responsible parties in two landfill lawsuits. The landfill sites are impacted by the Federal Comprehensive Environmental Response, Compensation and Liability Act and other environmental laws and regulations. At this time, the Company does not believe the ultimate resolution of these matters will have a material adverse effect on the Company’s financial position or results of operations, either from a cash flow perspective or on the financial statements as a whole. This belief is based on the Company’s assessment of its limited past involvement with these landfill sites as well as the substantial involvement of and government focus on other named third parties with these landfill sites. However, due to the inherent uncertainties of such proceedings, the Company cannot predict the ultimate outcome of any of these matters. A future change in circumstances with respect to these specific matters or with respect to sites formerly or currently owned or operated by the Company, off-site disposal locations used by the Company, and property owned by third parties that is near such sites, could result in future costs to the Company and such amounts could be material. Expenditures for compliance with environmental control provisions and regulations during 2016 and the first quarter of 2017 were not material. Like other companies in recent years, the Company is named as a defendant in numerous pending multi-claimant/multi-defendant lawsuits alleging personal injury as a result of exposure to asbestos, manufactured by third parties, and in the past may have been integrated into or sold with a very limited number of the Company’s products. The Company is vigorously defending itself against these claims. Although it is not possible to predict the ultimate outcome of these matters, the Company does not believe the ultimate resolution of these issues will have a material adverse effect on the Company’s financial position or results of operations, either from a cash flow perspective or on the financial statements as a whole. This belief is based in part on the fact that no claimant has proven or substantially demonstrated asbestos exposure caused by products manufactured or sold by the Company and that a number of cases have been voluntarily dismissed. The Company relies on single suppliers for most brass castings and certain electronic subassemblies in several of its product lines. The Company believes these items would be available from other sources, but that the loss of certain suppliers would result in a higher cost of materials, delivery delays, short-term increases in inventory and higher quality control costs in the short term. The Company attempts to mitigate these risks by working closely with key suppliers, purchasing minimal amounts from alternative suppliers and by purchasing business interruption insurance where appropriate. The Company reevaluates its exposures on a periodic basis and makes adjustments to reserves as appropriate. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes as a percentage of earnings before income taxes for the first quarter of 2017 was 34.2% compared to 36.3% in the first quarter of 2016 . Interim provisions are tied to an estimate of the overall annual rate which can vary due to state taxes, the relationship of foreign and domestic earnings, and production credits available. These items cause variations between periods. |
Fair Value Measurements of Fina
Fair Value Measurements of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Financial Instruments | Fair Value Measurements of Financial Instruments The Company applies the accounting standards for fair value measurements and disclosures for its financial assets and financial liabilities. The carrying amounts of cash, receivables and payables in the financial statements approximate their fair values due to the short-term nature of these financial instruments. Short-term debt is comprised of notes payable drawn against the Company's lines of credit and commercial paper. Because of its short-term nature, the carrying amount of the short-term debt also approximates fair value. Included in other assets are insurance policies on various individuals who were associated with the Company. The carrying amounts of these insurance policies approximate their fair value. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company evaluates subsequent events at the date of the balance sheet as well as conditions that arise after the balance sheet date but before the financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, if any, disclosures are made regarding the nature of events and the estimated financial effects for those events and conditions. For purposes of preparing the accompanying consolidated condensed financial statements and the notes to these financial statements, the Company evaluated subsequent events through the date the accompanying financial statements were issued, and has determined that no material subsequent events exist through the date of this filing. |
New Pronouncements
New Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Pronouncements | New Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04, "Intangibles - Goodwill: Simplifying the Test for Goodwill Impairment." The update requires a single-step quantitative test to measure potential impairment based on the excess of a reporting unit's carrying amount over its fair value. A qualitative assessment can still be completed first for an entity to determine if a quantitative impairment test is necessary. The ASU is effective for fiscal year 2021 and is to be adopted on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company anticipates that the adoption of this standard will have no impact on the Company's consolidated condensed financial statements. In February 2016, the FASB issued ASU No. 2016-02 "Leases (Topic 842)," which requires lessees to record most leases on their balance sheets. Lessees initially recognize a lease liability (measured at the present value of the lease payments over the lease term) and a right-of-use ("ROU") asset (measured at the lease liability amount, adjusted for lease prepayments, lease incentives received and the lessee's initial direct costs). Lessees can make an accounting policy election not to recognize ROU assets and lease liabilities for leases with a lease term of 12 months or less as long as the leases do not include options to purchase the underlying assets that the lessee is reasonably certain to exercise. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. The ASU is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted for all entities. The ASU is effective for the Company beginning on January 1, 2019 and the standard requires the use of a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Full retrospective application is prohibited. The Company is continuing to evaluate the impact that the adoption of this guidance will have on its financial condition, results of operations and the presentation of its financial statements. In July 2015, the FASB issued ASU No. 2015-11 "Simplifying the Measurement of Inventory (Topic 330)," which requires entities to measure inventories at the lower of cost or net realizable value ("NRV"). This simplifies the evaluation from the current method of lower of cost or market, where market is based on one of three measures (i.e. replacement cost, net realizable value, or net realizable value less a normal profit margin). The ASU does not apply to inventories measured under the last-in, first-out method or the retail inventory method, and defines NRV as the "estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation." The ASU was adopted on a prospective basis by the Company on January 1, 2017. The adoption of ASU 2015-11 did not have any impact on the Company's financial condition or results of operations. In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers.” ASU No. 2014-09 provides a single principles-based, five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, to identify the performance obligations in the contract, to determine the transaction price, to allocate the transaction price to the performance obligations in the contract and to recognize revenue when each performance obligation is satisfied. Revenue will be recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. During 2016, the FASB issued additional ASU’s which enhanced the originally issued guidance. These ASU’s encompassed narrow scope improvements and practical expedients along with providing further clarification on the accounting for intellectual property licenses, principal versus agent considerations and identifying performance obligations. The Company has substantially completed the assessment phase for ASU No. 2014-09 and is currently documenting formal policies in anticipation of adopting the standard on January 1, 2018. The Company has identified a subset of contracts with customers where services are provided that are both uniquely beneficial and separately identifiable from product sales and thus are considered separate performance obligations under the new guidance. Each of these individual service activities is being documented in scenario development and processes are being established to recognize revenue for each unique performance obligation in accordance with the guidance, when effective. The Company continues to proactively address all potential areas of impact related to ASU No. 2014-09. To date, the Company has not identified any specific aspect of the new standard that it believes would significantly change the Company’s financial statements beyond adding the expanded disclosure that is required to comply with the ASU. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company currently anticipates adopting the standard using the modified retrospective method. |
Additional Financial Informat16
Additional Financial Information Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Changes in Warranty and After-Sale Costs Reserve | Changes in the Company’s warranty and after-sale costs reserve are as follows: Three months ended March 31, (In thousands) 2017 2016 Balance at beginning of period $ 2,779 $ 3,133 Net additions charged to earnings 752 840 Adjustments to pre-existing warranties (394 ) 253 Costs incurred (589 ) (665 ) Balance at end of period $ 2,548 $ 3,561 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The following table sets forth the components of net periodic benefit cost for the three months ended March 31, 2017 and 2016 based on December 31, 2016 and 2015 actuarial measurement dates, respectively: Defined pension plan benefits Other postretirement benefits (In thousands) 2017 2016 2017 2016 Service cost – benefits earned during the year $ 24 $ 7 $ 35 $ 36 Interest cost on projected benefit obligations 318 455 51 64 Expected return on plan assets (402 ) (549 ) — — Amortization of prior service cost — — (6 ) (6 ) Amortization of net loss 135 157 — — Net periodic benefit cost $ 75 $ 70 $ 80 $ 94 |
Accumulated Other Comprehensi18
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Components of and Changes in Accumulated Other Comprehensive Loss | Components of and changes in accumulated other comprehensive loss at March 31, 2017 are as follows: (In thousands) Unrecognized pension and postretirement benefits Foreign currency Total Balance at beginning of period $ (10,495 ) $ (1,140 ) $ (11,635 ) Other comprehensive income before reclassifications — 291 291 Amounts reclassified from accumulated other comprehensive loss, net of tax of $(46) 83 — 83 Net current period other comprehensive income, net of tax 83 291 374 Accumulated other comprehensive loss $ (10,412 ) $ (849 ) $ (11,261 ) Components of and changes in accumulated other comprehensive loss at March 31, 2016 are as follows: (In thousands) Unrecognized pension and postretirement benefits Foreign currency Total Balance at beginning of period $ (11,968 ) $ (812 ) $ (12,780 ) Other comprehensive income before reclassifications — 577 577 Amounts reclassified from accumulated other comprehensive loss, net of tax of $(0.1) million 96 — 96 Net current period other comprehensive income, net of tax 96 577 673 Accumulated other comprehensive loss $ (11,872 ) $ (235 ) $ (12,107 ) |
Reclassifications Out of Accumulated Other Comprehensive Loss | Details of reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2016 are as follows: (In thousands) Amount reclassified from accumulated other comprehensive loss Amortization of defined benefit pension items: Prior service cost (1) $ (6 ) Amortization of actuarial loss (1) 157 Total before tax 151 Income tax benefit (55 ) Amount reclassified out of accumulated other comprehensive loss $ 96 (1) These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost in Note 3 “Employee Benefit Plans. Details of reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2017 are as follows: (In thousands) Amount reclassified from accumulated other comprehensive loss Amortization of defined benefit pension items: Prior service benefit (1) $ (6 ) Amortization of actuarial loss (1) 135 Total before tax 129 Income tax benefit (46 ) Amount reclassified out of accumulated other comprehensive loss $ 83 (1) These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost in Note 3 “Employee Benefit Plans.” |
Additional Financial Informat19
Additional Financial Information Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Changes in warranty and after-sale costs reserve | ||
Balance at beginning of period | $ 2,779 | $ 3,133 |
Net additions charged to earnings | 752 | 840 |
Adjustments to pre-existing warranties | (394) | 253 |
Costs incurred | (589) | (665) |
Balance at end of period | $ 2,548 | $ 3,561 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined pension plan benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost – benefits earned during the year | $ 24 | $ 7 |
Interest cost on projected benefit obligations | 318 | 455 |
Expected return on plan assets | (402) | (549) |
Amortization of prior service cost | 0 | 0 |
Amortization of net loss | 135 | 157 |
Net periodic benefit cost | 75 | 70 |
Other postretirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost – benefits earned during the year | 35 | 36 |
Interest cost on projected benefit obligations | 51 | 64 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | (6) | (6) |
Amortization of net loss | 0 | 0 |
Net periodic benefit cost | $ 80 | $ 94 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - Other postretirement benefits - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated other postretirement benefits to be paid in 2017 | $ 400 | |
Benefits paid | $ 5 |
Accumulated Other Comprehensi22
Accumulated Other Comprehensive Loss - Components of and Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income | ||
Balance at beginning of period | $ (11,635) | $ (12,780) |
Other comprehensive income before reclassifications | 291 | 577 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 83 | 96 |
Tax | (46) | (100) |
Net current period other comprehensive income, net of tax | 374 | 673 |
Accumulated other comprehensive loss | (11,261) | (12,107) |
Unrecognized pension and postretirement benefits | ||
Accumulated Other Comprehensive Income | ||
Balance at beginning of period | (10,495) | (11,968) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 83 | 96 |
Net current period other comprehensive income, net of tax | 83 | 96 |
Accumulated other comprehensive loss | (10,412) | (11,872) |
Foreign currency | ||
Accumulated Other Comprehensive Income | ||
Balance at beginning of period | (1,140) | (812) |
Other comprehensive income before reclassifications | 291 | 577 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 |
Net current period other comprehensive income, net of tax | 291 | 577 |
Accumulated other comprehensive loss | $ (849) | $ (235) |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Amortization of defined benefit pension items: | ||
Prior service benefit/cost | $ (6) | $ (6) |
Amortization of actuarial loss | 135 | 157 |
Total before tax | 129 | 151 |
Income tax benefit | (46) | (55) |
Amount reclassified out of accumulated other comprehensive loss | $ 83 | $ 96 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | Oct. 20, 2016 | Jan. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 |
Business Acquisition | ||||
Goodwill | $ 49,314 | $ 49,314 | ||
Nice Instruments | ||||
Business Acquisition | ||||
Total purchase consideration | $ 2,000 | |||
Cash payment | $ 200 | |||
Inventory and equipment | 15 | |||
Intangibles | 700 | |||
Goodwill | $ 1,300 | |||
Nice Instruments | Customer technology | ||||
Business Acquisition | ||||
Estimated average useful life | 15 years |
Contingencies, Litigation and25
Contingencies, Litigation and Commitments (Details) - Landfill lawsuits | 3 Months Ended |
Mar. 31, 2017potentially_responsible_partylawsuit | |
Loss Contingencies [Line Items] | |
Number of potentially responsible parties | potentially_responsible_party | 1 |
Number of landfill lawsuits | lawsuit | 2 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes (as a percent) | 34.20% | 36.30% |