Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Tennant Company | ' | ' |
Entity Central Index Key | '0000097134 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $873,991,079 |
Entity Common Stock, Shares Outstanding | ' | 18,493,836 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Earnings [Abstract] | ' | ' | ' |
Net Sales | $752,011 | $738,980 | $753,998 |
Cost of Sales | 426,103 | 413,684 | 434,817 |
Gross Profit | 325,908 | 325,296 | 319,181 |
Operating Expense: | ' | ' | ' |
Research and Development Expense | 30,529 | 29,263 | 27,911 |
Selling and Administrative Expense | 232,976 | 234,114 | 241,625 |
Gain on Sale of Business | 0 | -784 | 0 |
Total Operating Expense | 263,505 | 262,593 | 269,536 |
Profit from Operations | 62,403 | 62,703 | 49,645 |
Other Income (Expense): | ' | ' | ' |
Interest Income | 390 | 1,069 | 752 |
Interest Expense | -1,761 | -2,517 | -2,238 |
Net Foreign Currency Transaction (Losses) Gains | -671 | -1,403 | 559 |
Other (Expense) Income, Net | -483 | 38 | 12 |
Total Other Expense, Net | -2,525 | -2,813 | -915 |
Profit Before Income Taxes | 59,878 | 59,890 | 48,730 |
Income Tax Expense | 19,647 | 18,306 | 16,017 |
Net Earnings | $40,231 | $41,584 | $32,713 |
Net Earnings per Share: | ' | ' | ' |
Basic | $2.20 | $2.24 | $1.74 |
Diluted | $2.14 | $2.18 | $1.69 |
Weighted Average Shares Outstanding: | ' | ' | ' |
Basic | 18,297,371 | 18,544,896 | 18,832,693 |
Diluted | 18,833,453 | 19,102,016 | 19,360,428 |
Cash Dividends Declared per Common Share | $0.72 | $0.69 | $0.68 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' |
Net Earnings | $40,231 | $41,584 | $32,713 |
Other Comprehensive (Loss) Income: | ' | ' | ' |
Foreign currency translation adjustments | -2,242 | 574 | -3,125 |
Pension and retiree medical benefits | 12,282 | -2,534 | -6,192 |
Income Taxes: | ' | ' | ' |
Foreign currency translation adjustments | -15 | -25 | 0 |
Pension and retiree medical benefits | -4,663 | 889 | 2,354 |
Total Other Comprehensive Income (Loss), net of tax | 5,362 | -1,096 | -6,963 |
Comprehensive Income | $45,593 | $40,488 | $25,750 |
Consoldiated_Balance_Sheets
Consoldiated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and Cash Equivalents | $80,984 | $53,940 |
Restricted Cash | 393 | 187 |
Receivables: | ' | ' |
Trade, less Allowance of $4,526 and $4,399, respectively | 135,492 | 131,470 |
Other | 4,690 | 6,677 |
Net Receivables | 140,182 | 138,147 |
Inventories | 66,906 | 58,136 |
Prepaid Expenses | 11,426 | 11,309 |
Deferred Income Taxes, Current Portion | 13,723 | 11,339 |
Other Current Assets | 1,682 | 388 |
Total Current Assets | 315,296 | 273,446 |
Property, Plant and Equipment | 300,906 | 294,910 |
Accumulated Depreciation | -217,430 | -208,717 |
Property, Plant and Equipment, Net | 83,476 | 86,193 |
Deferred Income Taxes, Long-Term Portion | 2,423 | 10,989 |
Goodwill | 18,929 | 19,717 |
Intangible Assets, Net | 19,028 | 21,393 |
Other Assets | 17,154 | 9,022 |
Total Assets | 456,306 | 420,760 |
Current Liabilities: | ' | ' |
Short-Term Debt and Current Portion of Long-Term Debt | 3,803 | 2,042 |
Accounts Payable | 53,079 | 47,002 |
Employee Compensation and Benefits | 29,756 | 33,021 |
Income Taxes Payable | 812 | 785 |
Other Current Liabilities | 44,076 | 38,844 |
Total Current Liabilities | 131,526 | 121,694 |
Long-Term Liabilities: | ' | ' |
Long-Term Debt | 28,000 | 30,281 |
Employee-Related Benefits | 25,173 | 25,873 |
Deferred Income Taxes, Long-Term Portion | 2,870 | 3,325 |
Other Liabilities | 4,891 | 4,533 |
Total Long-Term Liabilities | 60,934 | 64,012 |
Total Liabilities | 192,460 | 185,706 |
Commitments and Contingencies (Note 13) | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred Stock of $0.02 par value per share, 1,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common Stock, $0.375 par value per share, 60,000,000 shares authorized; 18,491,524 and 18,464,450 issued and outstanding, respectively | 6,934 | 6,924 |
Additional Paid-In Capital | 31,956 | 22,398 |
Retained Earnings | 249,927 | 236,065 |
Accumulated Other Comprehensive Loss | -24,971 | -30,333 |
Total Shareholders' Equity | 263,846 | 235,054 |
Total Liabilities and Shareholders' Equity | $456,306 | $420,760 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets: | ' | ' |
Allowance For Doubtful Receivables and Sales Returns | $4,526 | $4,399 |
Shareholders' Equity: | ' | ' |
Preferred Stock, par value (in dollars per share) | $0.02 | $0.02 |
Preferred Stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Stock, issued (in shares) | 0 | 0 |
Preferred Stock, outstanding (in shares) | 0 | 0 |
Common Stock, par value (in dollars per share) | $0.38 | $0.38 |
Common Stock, authorized (in shares) | 60,000,000 | 60,000,000 |
Common Stock, issued (in shares) | 18,491,524 | 18,464,450 |
Common Stock, outstanding (in shares) | 18,491,524 | 18,464,450 |
Consoldiated_Statements_of_Cas
Consoldiated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net Earnings | $40,231 | $41,584 | $32,713 |
Adjustments to Reconcile Net Earnings to Cash Provided by Operating Activities: | ' | ' | ' |
Depreciation | 17,686 | 18,072 | 18,088 |
Amortization | 2,560 | 2,800 | 3,330 |
Impairment of Intangible Assets | 0 | 0 | 2,058 |
Deferred Income Taxes | 5,622 | 3,166 | -1,352 |
Share-Based Compensation Expense | 6,116 | 9,092 | 5,407 |
Allowance for Doubtful Accounts and Returns | 1,279 | 1,427 | 1,879 |
Gain on Sale of Business | 0 | -784 | 0 |
Other, Net | 219 | -126 | 508 |
Changes in Operating Assets and Liabilities, Exluding the Impact of Acquisitions: | ' | ' | ' |
Receivables, Net | -7,618 | -11,811 | -4,451 |
Inventories | -11,967 | -149 | -7,665 |
Accounts Payable | 6,120 | 970 | 4,612 |
Employee Compensation and Benefits | -4,178 | -3,005 | 1,177 |
Other Current Liabilities | 5,552 | 1,549 | 1,711 |
Income Taxes | -248 | 797 | 1,668 |
U.S. Pension Plan Contributions | 0 | -16,731 | 0 |
Other Assets and Liabilities | -1,560 | 715 | -2,774 |
Net Cash Provided by Operating Activities | 59,814 | 47,566 | 56,909 |
INVESTING ACTIVITIES | ' | ' | ' |
Purchases of Property, Plant and Equipment | -14,775 | -15,623 | -13,902 |
Proceeds form Disposals of Property, Plant and Equipment | 120 | 1,028 | 601 |
Acquisition of Businesses, Net of Cash Acquired | -750 | -750 | -2,917 |
Proceeds from Sale of Business | 4,261 | 1,014 | 0 |
(Increase) Decrease in Restricted Cash | -253 | 3,089 | -3,279 |
Net Cash Used for Investing Activities | -11,397 | -11,242 | -19,497 |
FINANCING ACTIVITIES | ' | ' | ' |
Change in Short-Term Borrowings, Net | 1,500 | 0 | 0 |
Payments of Long-Term Debt | -1,096 | -2,986 | -19,272 |
Issuance of Long-Term Debt | 0 | 0 | 20,000 |
Purchases of Common Stock | -22,157 | -25,343 | -17,603 |
Proceeds from Issuance of Common Stock | 8,313 | 4,167 | 4,214 |
Excess Tax Benefit on Stock Plans | 5,178 | 2,047 | 1,266 |
Dividends Paid | -13,233 | -12,817 | -12,852 |
Net Cash Used for Financing Activities | -21,495 | -34,932 | -24,247 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 122 | 209 | -355 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 27,044 | 1,601 | 12,810 |
Cash and Cash Equivalents at Beginning of Year | 53,940 | 52,339 | 39,529 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 80,984 | 53,940 | 52,339 |
Cash Paid During the Year for: | ' | ' | ' |
Income Taxes | 13,458 | 11,563 | 13,158 |
Interest | 1,602 | 2,375 | 2,059 |
Supplemental Non-Cash Investing and Financing Activities: | ' | ' | ' |
Capital Expenditures Funded Through Capital Leases | 601 | 1,526 | 2,893 |
Capital Expenditures in Accounts Payable | 1,090 | 1,582 | 2,669 |
Notes Payable Related to Water Star, Inc. Acquisition | $0 | $0 | $1,500 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 31, 2010 | $216,133 | ' | $7,140 | $10,876 | $220,391 | ($22,274) |
Balance (in shares) at Dec. 31, 2010 | ' | 19,038,843 | ' | ' | ' | ' |
Net Earnings | 32,713 | ' | 0 | 0 | 32,713 | 0 |
Other Comprehensive (Loss) Income | -6,963 | ' | 0 | 0 | 0 | -6,963 |
Issue Stock for Directors, Employee Benefit and Stock Plans | 4,118 | ' | 99 | 4,019 | 0 | 0 |
Issue Stock for Directors, Employee Benefit and Stock Plans (in shares) | ' | 265,401 | ' | ' | ' | ' |
Share-Based Compensation | 4,041 | ' | 0 | 4,041 | 0 | 0 |
Dividends paid ($0.68, $0.69 and $0.72 per Common Share) | -12,852 | ' | 0 | 0 | -12,852 | 0 |
Tax Benefit on Stock Plans | 1,265 | ' | 0 | 1,265 | 0 | 0 |
Purchases of Common Stock | -17,603 | ' | -176 | -5,119 | -12,308 | 0 |
Purchases of Common Stock (in shares) | ' | -469,304 | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 220,852 | ' | 7,063 | 15,082 | 227,944 | -29,237 |
Balance (in shares) at Dec. 31, 2011 | ' | 18,834,940 | ' | ' | ' | ' |
Net Earnings | 41,584 | ' | 0 | 0 | 41,584 | 0 |
Other Comprehensive (Loss) Income | -1,096 | ' | 0 | 0 | 0 | -1,096 |
Issue Stock for Directors, Employee Benefit and Stock Plans | 2,517 | ' | 94 | 2,423 | 0 | 0 |
Issue Stock for Directors, Employee Benefit and Stock Plans (in shares) | ' | 250,850 | ' | ' | ' | ' |
Share-Based Compensation | 7,310 | ' | 0 | 7,310 | 0 | 0 |
Dividends paid ($0.68, $0.69 and $0.72 per Common Share) | -12,817 | ' | 0 | 0 | -12,817 | 0 |
Tax Benefit on Stock Plans | 2,047 | ' | 0 | 2,047 | 0 | 0 |
Purchases of Common Stock | -25,343 | ' | -233 | -4,464 | -20,646 | 0 |
Purchases of Common Stock (in shares) | ' | -621,340 | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 235,054 | ' | 6,924 | 22,398 | 236,065 | -30,333 |
Balance (in shares) at Dec. 31, 2012 | 18,464,450 | 18,464,450 | ' | ' | ' | ' |
Net Earnings | 40,231 | ' | 0 | 0 | 40,231 | 0 |
Other Comprehensive (Loss) Income | 5,362 | ' | 0 | 0 | 0 | 5,362 |
Issue Stock for Directors, Employee Benefit and Stock Plans | 6,722 | ' | 173 | 6,549 | 0 | 0 |
Issue Stock for Directors, Employee Benefit and Stock Plans (in shares) | ' | 461,192 | ' | ' | ' | ' |
Share-Based Compensation | 6,689 | ' | 0 | 6,689 | 0 | 0 |
Dividends paid ($0.68, $0.69 and $0.72 per Common Share) | -13,233 | ' | 0 | 0 | -13,233 | 0 |
Tax Benefit on Stock Plans | 5,178 | ' | 0 | 5,178 | 0 | 0 |
Purchases of Common Stock | -22,157 | ' | -163 | -8,858 | -13,136 | 0 |
Purchases of Common Stock (in shares) | ' | -434,118 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $263,846 | ' | $6,934 | $31,956 | $249,927 | ($24,971) |
Balance (in shares) at Dec. 31, 2013 | 18,491,524 | 18,491,524 | ' | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statements of Shareholders' Equity (Parenthetical) | ' | ' | ' |
Dividends paid per Common Share (in dollars per share) | $0.72 | $0.69 | $0.68 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Significant Accounting Policies | ' | |
1 | Summary of Significant Accounting Policies | |
Nature of Operations – Our primary business is designing, manufacturing and marketing solutions that help create a cleaner, safer, healthier world. Our products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; chemical-free and other sustainable cleaning technologies; and coatings for protecting, repairing and upgrading floors and other surfaces. We sell our products through our direct sales and service organization and a network of authorized distributors worldwide. Geographically, our customers are located in North America, Latin America, Europe, the Middle East, Africa and Asia Pacific. | ||
Consolidation – The Consolidated Financial Statements include the accounts of Tennant Company and its subsidiaries. All intercompany transactions and balances have been eliminated. In these Notes to the Consolidated Financial Statements, Tennant Company is referred to as “Tennant,” “we,” “us,” or “our.” | ||
Translation of Non-U.S. Currency – Foreign currency-denominated assets and liabilities have been translated to U.S. dollars at year-end exchange rates, while income and expense items are translated at average exchange rates prevailing during the year. Gains or losses resulting from translation are included as a separate component of Accumulated Other Comprehensive Loss. The balance of cumulative foreign currency translation adjustments recorded within Accumulated Other Comprehensive Loss as of December 31, 2013, 2012 and 2011 was a net loss of $21,991, $19,734 and $20,283, respectively. The majority of translation adjustments are not adjusted for income taxes as substantially all translation adjustments relate to permanent investments in non-U.S. subsidiaries. Net Foreign Currency Transaction (Losses) Gains are included in Other Income (Expense). | ||
Use of Estimates – In preparing the consolidated financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), management must make decisions that impact the reported amounts of assets, liabilities, revenues, expenses and the related disclosures, including disclosures of contingent assets and liabilities. Such decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. Estimates are used in determining, among other items, sales promotions and incentives accruals, inventory valuation, warranty reserves, allowance for doubtful accounts, pension and postretirement accruals, useful lives for intangible assets, and future cash flows associated with impairment testing for goodwill and other long-lived assets. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. A number of these factors include, among others, economic conditions, credit markets, foreign currency, commodity cost volatility and consumer spending and confidence, all of which have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual amounts could differ significantly from those estimated at the time the consolidated financial statements are prepared. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. | ||
Cash and Cash Equivalents – We consider all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. | ||
Restricted Cash – We have a total of $393 as of December 31, 2013 that serves as collateral backing certain bank guarantees and is therefore restricted. This money is invested in time deposits. | ||
Receivables – Credit is granted to our customers in the normal course of business. Receivables are recorded at original carrying value less reserves for estimated uncollectible accounts and sales returns. To assess the collectability of these receivables, we perform ongoing credit evaluations of our customers’ financial condition. Through these evaluations, we may become aware of a situation where a customer may not be able to meet its financial obligations due to deterioration of its financial viability, credit ratings or bankruptcy. The reserve requirements are based on the best facts available to us and are reevaluated and adjusted as additional information becomes available. Our reserves are also based on amounts determined by using percentages applied to trade receivables. These percentages are determined by a variety of factors including, but not limited to, current economic trends, historical payment and bad debt write-off experience. An account is considered past-due or delinquent when it has not been paid within the contractual terms. Uncollectible accounts are written off against the reserves when it is deemed that a customer account is uncollectible. | ||
Inventories – Inventories are valued at the lower of cost or market. Cost is determined on a first-in, first-out (“FIFO”) basis except for Inventories in North America and Japan which are determined on a last-in, first-out (“LIFO”) basis. | ||
Property, Plant and Equipment – Property, plant and equipment is carried at cost. Additions and improvements that extend the lives of the assets are capitalized while expenditures for repairs and maintenance are expensed as incurred. We generally depreciate buildings and improvements by the straight-line method over a life of 30 years . Other property, plant and equipment are generally depreciated using the straight-line method based on lives of 3 years to 15 years. | ||
Goodwill – Goodwill represents the excess of cost over the fair value of net assets of businesses acquired. We analyze Goodwill on an annual basis as of year end and when an event occurs or circumstances change that may reduce the fair value of one of our reporting units below its carrying amount. A goodwill impairment occurs if the carrying amount of a reporting unit’s goodwill exceeds its fair value. In assessing the recoverability of Goodwill, we use an analysis of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. | ||
Intangible Assets – Intangible Assets consist of definite lived customer lists, service contracts, an acquired trade name and technology. Intangible Assets with a definite life are amortized on a straight-line basis. | ||
Impairment of Long-lived Assets – We periodically review our intangible and long-lived assets for impairment and assess whether events or circumstances indicate that the carrying amount of the assets may not be recoverable. We generally deem an asset group to be impaired if an estimate of undiscounted future operating cash flows is less than its carrying amount. If impaired, an impairment loss is recognized based on the excess of the carrying amount of the individual asset group over its fair value. | ||
Purchases of Common Stock – We repurchase our Common Stock under a 2011 and a 2012 repurchase program authorized by our Board of Directors. These programs allow us to repurchase up to 2,000,000 shares of our Common Stock. Upon repurchase, the par value is charged to Common Stock and the remaining purchase price is charged to Additional Paid-in Capital. If the amount of the remaining purchase price causes the Additional Paid-in Capital account to be in a debit position, this amount is then reclassified to Retained Earnings. Common Stock repurchased is included in shares authorized but is not included in shares outstanding. | ||
Warranty – We record a liability for estimated warranty claims at the time of sale. The amount of the liability is based on the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, new product introductions and other factors. In the event we determine that our current or future product repair and replacement costs exceed our estimates, an adjustment to these reserves would be charged to earnings in the period such determination is made. Warranty terms on machines range from one to four years. | ||
Environmental – We record a liability for environmental clean-up on an undiscounted basis when a loss is probable and can be reasonably estimated. | ||
Pension and Profit Sharing Plans – We have pension and/or profit sharing plans covering substantially all of our employees. Pension plan costs are accrued based on actuarial estimates with the required pension cost funded annually, as needed. No new participants have entered the pension plan since 2000. | ||
Postretirement Benefits – We accrue and recognize the cost of retiree health benefits over the employees’ period of service based on actuarial estimates. Benefits are only available for U.S. employees hired before January 1, 1999. | ||
Derivative Financial Instruments – We use derivative instruments to manage exposures to foreign currency only in an attempt to limit underlying exposures from currency fluctuations and not for trading purposes. We periodically enter into various contracts, principally forward exchange contracts, to protect the value of certain of our foreign currency-denominated assets and liabilities (principally the Euro, Australian and Canadian dollars, British pound, Japanese yen, Chinese yuan and Brazilian real). We have elected not to apply hedge accounting treatment to these contracts as our contracts are for a short duration. These contracts are marked-to-market with the related asset or liability recorded in Other Current Assets or Other Current Liabilities, as applicable. The gains and losses on these contracts generally approximate changes in the value of the related assets and liabilities. Gains or losses on forward foreign exchange contracts to economically hedge foreign currency-denominated net assets and liabilities are recognized in Other Income (Expense) under Net Foreign Currency Transaction (Losses) Gains within the Consolidated Statements of Earnings. | ||
Revenue Recognition – We recognize revenue when persuasive evidence of an arrangement exists, title and risk of ownership have passed to the customer, the sales price is fixed or determinable and collectibility is reasonably assured. Generally, these criteria are met at the time the product is shipped. Provisions for estimated returns, rebates and discounts are provided for at the time the related revenue is recognized. Freight revenue billed to customers is included in Net Sales and the related shipping expense is included in Cost of Sales. Service revenue is recognized in the period the service is performed or ratably over the period of the related service contract. | ||
Customers may obtain financing through third-party leasing companies to assist in their acquisition of our equipment products. Certain lease transactions classified as operating leases contain retained ownership provisions or guarantees, which results in recognition of revenue over the lease term. As a result, we defer the sale of these transactions and record the sales proceeds as collateralized borrowings or deferred revenue. The underlying equipment relating to operating leases is depreciated on a straight-line basis, not to exceed the equipment’s estimated useful life. | ||
Revenues from contracts with multiple element arrangements are recognized as each element is earned. We offer service contracts in conjunction with equipment sales in addition to selling equipment and service contracts separately. Sales proceeds related to service contracts are deferred if the proceeds are received in advance of the service and recognized ratably over the contract period. | ||
Share-based Compensation – We account for employee share-based compensation using the fair value based method. Our share-based compensation plans are more fully described in Note 15 of the Consolidated Financial Statements. | ||
Research and Development – Research and development costs are expensed as incurred. | ||
Advertising Costs – We advertise products, technologies and solutions to customers and prospective customers through a variety of marketing campaign and promotional efforts. These efforts include tradeshows, online advertising, e-mail marketing, mailings, sponsorships and telemarketing. Advertising costs are expensed as incurred. In 2013, 2012 and 2011 such activities amounted to $6,412, $6,466 and $6,728, respectively. | ||
Income Taxes – Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the book and tax bases of existing assets and liabilities. A valuation allowance is provided when, in management’s judgment, it is more likely than not that some portion or all of the deferred tax asset will not be realized. We have established contingent tax liabilities using management’s best judgment. We follow guidance provided by Accounting Standards Codification ("ASC") 740, Income Taxes, regarding uncertainty in income taxes, to record these contingent tax liabilities (refer to Note 14 of the Consolidated Financial Statements for additional information). We adjust these liabilities as facts and circumstances change. Interest Expense is recognized in the first period the interest would begin accruing. Penalties are recognized in the period we claim or expect to claim the position in our tax return. Interest and penalties expenses are classified as an income tax expense. | ||
Sales Tax – Sales taxes collected from customers and remitted to governmental authorities are presented on a net basis. | ||
Earnings per Share – Basic earnings per share is computed by dividing Net Earnings by the Weighted Average Shares Outstanding during the period. Diluted earnings per share assume conversion of potentially dilutive stock options and restricted share awards. Performance-based shares are included in the calculation of diluted earnings per share in the quarter in which the performance targets have been achieved. |
Newly_Adopted_Accounting_Princ
Newly Adopted Accounting Principles | 12 Months Ended | |
Dec. 31, 2013 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | |
Newly Adopted Accounting Pronouncements | ' | |
2 | Newly Adopted Accounting Pronouncements | |
Offsetting Assets and Liabilities Disclosures | ||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance on disclosures about offsetting assets and liabilities. This update adds certain additional disclosure requirements about financial instruments and derivative instruments that are subject to netting arrangements. The new disclosures are required for interim and annual reporting periods beginning on or after January 1, 2013. This guidance did not have a material impact on our results of operations or financial position. | ||
Comprehensive Income | ||
In February 2013, the FASB issued new disclosure requirements for items reclassified out of accumulated other comprehensive income. The requirements do not change the existing accounting and reporting for net income or other comprehensive income. The requirements are effective for annual reporting periods beginning after December 15, 2012. The requirements did not impact our results of operations or financial position. |
Management_Actions
Management Actions | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Management Actions | ' | |||
3 | Management Actions | |||
Q4 2013 Action - During the fourth quarter of 2013, we implemented a restructuring action. A pre-tax charge of $1,577 was recognized in the fourth quarter as a result of this action. The pre-tax charge consisted primarily of severance and was included within Selling and Administrative Expense in the Consolidated Statements of Earnings. | ||||
A reconciliation of the beginning and ending liability balances is as follows: | ||||
Severance and Related Costs | ||||
Q4 2013 restructuring action | $ | 1,577 | ||
December 31, 2013 balance | $ | 1,577 | ||
Q1 2013 Action - During the first quarter of 2013, we implemented a restructuring action. A pre-tax charge of $1,440 was recognized in the first quarter as a result of this action. The pre-tax charge consisted primarily of severance and was included within Selling and Administrative Expense in the Consolidated Statements of Earnings. | ||||
A reconciliation of the beginning and ending liability balances is as follows: | ||||
Severance and Related Costs | ||||
Q1 2013 restructuring action | $ | 1,440 | ||
Cash payments | (1,110 | ) | ||
Foreign currency adjustments | 17 | |||
December 31, 2013 balance | $ | 347 | ||
2012 Action – During the third quarter of 2012, we implemented a restructuring action. A pre-tax charge of $760 was recognized in the third quarter as a result of this action. The pre-tax charge consisted primarily of severance and was included within Selling and Administrative Expense in the Consolidated Statements of Earnings. | ||||
A reconciliation of the beginning and ending liability balances is as follows: | ||||
Severance and Related Costs | ||||
2012 restructuring action | $ | 760 | ||
Cash payments | (414 | ) | ||
Foreign currency adjustments | 27 | |||
December 31, 2012 balance | $ | 373 | ||
2013 utilization: | ||||
Cash payments | (328 | ) | ||
Foreign currency adjustments | (27 | ) | ||
Change in estimate | (18 | ) | ||
December 31, 2013 balance | $ | — | ||
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions and Divestitures | ' | |||
4 | Acquisitions and Divestitures | |||
Acquisitions | ||||
On May 31, 2011, we acquired Water Star, Inc. (“Water Star”), a Newbury, Ohio firm specializing in electrochemistry for $4,456. The total purchase price of $4,456 was comprised of $2,956 paid at closing and two $750 installment payments were paid in cash on May 31, 2012 and 2013. This acquisition is consistent with our strategy to expand our intellectual property in support of our long-term vision to deliver sustainable, breakthrough innovations. | ||||
The components of the purchase price of the business combination described above have been allocated as follows: | ||||
Current Assets | $ | 426 | ||
Property, Plant and Equipment, Net | 167 | |||
Identified Intangible Assets | 3,800 | |||
Goodwill | 472 | |||
Total Assets Acquired | 4,865 | |||
Current Liabilities | 409 | |||
Total Liabilities Assumed | 409 | |||
Net Assets Acquired | $ | 4,456 | ||
Divestitures | ||||
On July 31, 2012, we entered into a Share Purchase Agreement (“SPA”) with M&F Management and Financing GmbH (“M&F”) for the sale of ownership of our subsidiary, Tennant CEE GmbH and our minority interest in a joint venture, OOO Tennant. In exchange for the ownership of these entities, we received €815, or $1,014 as of the date of sale, in cash and financed the remaining €5,351, for a total purchase price of €6,166. A total of €2,126, or $2,826, was received in equal quarterly payments during 2013 and the first anniversary payment of €1,075, or $1,435 was received on July 31, 2013. The remaining €2,150, or $2,963 as of December 31, 2013, will be received in equal installments on the second and third anniversary dates of the divestiture. As a result of this divestiture, we recorded a pre-tax gain of $784 in our Profit from Operations in the Consolidated Statements of Earnings for the year ended December 31, 2012. | ||||
M&F is now a master distributor of Tennant products in the Central Eastern Europe, Middle East and Africa markets. In addition, as further discussed in Note 19, M&F is a related party to Tennant. We have identified M&F as a variable interest entity (“VIE”) and have performed a qualitative assessment that considered M&F's purpose and design, our involvement and the risks and benefits and determined that Tennant is not the primary beneficiary of this VIE. The only financing Tennant has provided to M&F was related to the SPA as noted above and there are no arrangements that would require us to provide significant financial support in the future. | ||||
The assets and liabilities transferred under the Share Purchase Agreement on the date of sale were as follows: | ||||
Accounts Receivable | $ | 4,398 | ||
Inventories | 4,271 | |||
Other Current Assets | 87 | |||
Current Assets | 8,756 | |||
Property, Plant and Equipment, Net | 170 | |||
Total Assets Divested | 8,926 | |||
Current Liabilities | 1,121 | |||
Total Liabilities Divested | 1,121 | |||
Net Assets Divested | $ | 7,805 | ||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
5 | Inventories | |||||||
Inventories as of December 31, consisted of the following: | ||||||||
2013 | 2012 | |||||||
Inventories carried at LIFO: | ||||||||
Finished goods | $ | 36,238 | $ | 33,546 | ||||
Raw materials, production parts and work-in-process | 13,922 | 14,291 | ||||||
LIFO reserve | (27,463 | ) | (27,608 | ) | ||||
Total LIFO inventories | 22,697 | 20,229 | ||||||
Inventories carried at FIFO: | ||||||||
Finished goods | 31,489 | 25,623 | ||||||
Raw materials, production parts and work-in-process | 12,720 | 12,284 | ||||||
Total FIFO inventories | 44,209 | 37,907 | ||||||
Total Inventories | $ | 66,906 | $ | 58,136 | ||||
The LIFO reserve approximates the difference between LIFO carrying cost and FIFO. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
6 | Property, Plant and Equipment | |||||||
Property, Plant and Equipment and related Accumulated Depreciation, including equipment under capital leases, as of December 31, consisted of the following: | ||||||||
2013 | 2012 | |||||||
Land | $ | 4,311 | $ | 4,294 | ||||
Buildings and improvements | 53,490 | 52,597 | ||||||
Machinery and manufacturing equipment | 143,413 | 140,330 | ||||||
Office equipment | 91,048 | 88,814 | ||||||
Work in progress | 8,644 | 8,875 | ||||||
Total Property, Plant and Equipment | 300,906 | 294,910 | ||||||
Less: Accumulated Depreciation | (217,430 | ) | (208,717 | ) | ||||
Net Property, Plant and Equipment | $ | 83,476 | $ | 86,193 | ||||
Depreciation expense was $17,686 in 2013, $18,072 in 2012 and $18,088 in 2011. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
7 | Goodwill and Intangible Assets | |||||||||||||||
For purposes of performing our goodwill impairment analysis, we have identified our reporting units as North America; Latin America; Europe, Middle East, Africa (“EMEA”) and Asia Pacific. As of December 31, 2013, 2012 and 2011, we performed an analysis of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Based on our analysis of qualitative factors, we determined that it was not necessary to perform the two-step goodwill impairment test for any of our reporting units. | ||||||||||||||||
The changes in the carrying amount of Goodwill are as follows: | ||||||||||||||||
Goodwill | Accumulated | Total | ||||||||||||||
Impairment | ||||||||||||||||
Losses | ||||||||||||||||
Balance as of December 31, 2011 | $ | 66,523 | $ | (46,220 | ) | $ | 20,303 | |||||||||
Foreign currency fluctuations | 2,062 | (2,648 | ) | (586 | ) | |||||||||||
Balance as of December 31, 2012 | $ | 68,585 | $ | (48,868 | ) | $ | 19,717 | |||||||||
Foreign currency fluctuations | 321 | (1,109 | ) | (788 | ) | |||||||||||
Balance as of December 31, 2013 | $ | 68,906 | $ | (49,977 | ) | $ | 18,929 | |||||||||
The balances of acquired Intangible Assets, excluding Goodwill, as of December 31, are as follows: | ||||||||||||||||
Customer Lists | Trade | Technology | Total | |||||||||||||
and | Name | |||||||||||||||
Service Contracts | ||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||
Original cost | $ | 23,763 | $ | 4,836 | $ | 7,347 | $ | 35,946 | ||||||||
Accumulated amortization | (11,609 | ) | (1,976 | ) | (3,333 | ) | (16,918 | ) | ||||||||
Carrying amount | $ | 12,154 | $ | 2,860 | $ | 4,014 | $ | 19,028 | ||||||||
Weighted-average original life (in years) | 15 | 14 | 13 | |||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||
Original cost | $ | 23,817 | $ | 4,657 | $ | 7,197 | $ | 35,671 | ||||||||
Accumulated amortization | (9,907 | ) | (1,565 | ) | (2,806 | ) | (14,278 | ) | ||||||||
Carrying amount | $ | 13,910 | $ | 3,092 | $ | 4,391 | $ | 21,393 | ||||||||
Weighted-average original life (in years) | 15 | 14 | 13 | |||||||||||||
During the second quarter of 2011, we impaired customer lists and technology Intangible Assets totaling $1,805 related to the obsolescence of the two Hofmans outdoor city cleaning products in Europe. This impairment charge is included within Selling and Administrative Expense in the 2011 Consolidated Statement of Earnings. | ||||||||||||||||
Amortization expense on Intangible Assets was $2,560, $2,800 and $3,330 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||
Estimated aggregate amortization expense based on the current carrying amount of amortizable Intangible Assets for each of the five succeeding years is as follows: | ||||||||||||||||
2014 | $ | 2,387 | ||||||||||||||
2015 | 2,204 | |||||||||||||||
2016 | 1,871 | |||||||||||||||
2017 | 1,768 | |||||||||||||||
2018 | 1,761 | |||||||||||||||
Thereafter | 9,037 | |||||||||||||||
Total | $ | 19,028 | ||||||||||||||
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
8 | Debt | |||||||
Debt as of December 31, consisted of the following: | ||||||||
2013 | 2012 | |||||||
Short-Term Debt: | ||||||||
Credit facility borrowings | $ | 1,500 | $ | — | ||||
Long-Term Debt: | ||||||||
Bank borrowings | 9 | 22 | ||||||
Credit facility borrowings | 30,000 | 30,000 | ||||||
Notes payable | — | 750 | ||||||
Collateralized borrowings | 11 | 39 | ||||||
Capital lease obligations | 283 | 1,512 | ||||||
Total Debt | 31,803 | 32,323 | ||||||
Less: current portion | (3,803 | ) | (2,042 | ) | ||||
Long-term portion | $ | 28,000 | $ | 30,281 | ||||
As of December 31, 2013, we had committed lines of credit totaling approximately $125,000 and uncommitted lines of credit totaling approximately $87,757. There were $10,000 outstanding borrowings under our JPMorgan facility, $20,000 outstanding borrowings under our Prudential facility and $1,500 outstanding under the facility with HSBC Shanghai as of December 31, 2013. In addition, we had stand alone letters of credit of approximately $2,060 outstanding and bank guarantees in the amount of approximately $501. Commitment fees on unused lines of credit for the year ended December 31, 2013 were $307. | ||||||||
Our most restrictive covenants are part of our Credit Agreement with JPMorgan, which are the same covenants in our Shelf Agreement with Prudential described below, and require us to maintain an indebtedness to EBITDA ratio of not greater than 3.00 to 1 and to maintain an EBITDA to interest expense ratio of no less than 3.50 to 1 as of the end of each quarter. As of December 31, 2013, our indebtedness to EBITDA ratio was 0.41 to 1 and our EBITDA to interest expense ratio was 48.00 to 1. | ||||||||
Credit Facilities | ||||||||
JPMorgan Chase Bank, National Association | ||||||||
On April 25, 2013, we entered into Amendment No. 1 to our 2011 Credit Agreement which amends the Credit Agreement, dated as of May 5, 2011, with JPMorgan Chase Bank, N. A. (“JPMorgan”), as administrative agent and collateral agent, U.S. Bank National Association, as syndication agent, Wells Fargo Bank, National Association, and RBS Citizens, N.A., as co-documentation agents, and the Lenders (including JPMorgan) from time to time party thereto (the “2011 Credit Agreement”). Under the original terms, the 2011 Credit Agreement provides us and certain of our foreign subsidiaries access to a senior unsecured credit facility until May 5, 2016, in the amount of $125,000, with an option to expand by up to $62,500 to a total of $187,500. Borrowings may be denominated in U.S. Dollars or certain other currencies. The 2011 Credit Agreement contains a $100,000 sublimit on borrowings by foreign subsidiaries. | ||||||||
Under the original terms of the 2011 Credit Agreement, the fee for committed funds ranges from an annual rate of 0.25% to 0.40%, depending on our leverage ratio. Eurocurrency borrowings under the 2011 Credit Agreement bear interest at a rate per annum equal to adjusted LIBOR plus an additional spread of 1.50% to 2.10%, depending on our leverage ratio. Alternate Base Rate (“ABR”) borrowings bear interest at a rate per annum equal to the greatest of (a) the prime rate, (b) the federal funds rate plus 0.50% and (c) the adjusted LIBOR rate for a one month period plus 1.0%, plus, in any such case, an additional spread of 0.50% to 1.10%, depending on our leverage ratio. | ||||||||
Effective April 25, 2013, Amendment No. 1 to the 2011 Credit Agreement principally provides the following changes to the 2011 Credit Agreement: | ||||||||
• | extends the maturity date of the 2011 Credit Agreement to March 1, 2018; | |||||||
• | changes the fees for committed funds under the 2011 Credit Agreement to an annual rate ranging from 0.20% to 0.35%, depending on our leverage ratio; | |||||||
• | changes the per annum interest rate on Eurocurrency borrowings to adjusted LIBOR plus an additional spread of 1.30% to 1.90%, depending on our leverage ratio; | |||||||
• | changes the ABR rate at which borrowings bear interest to a rate per annum equal to the greatest of (a) the prime rate, (b) the federal funds rate plus 0.50% and (c) the adjusted LIBOR rate for a one month period plus 1.0%, plus, in any such case, an additional spread of 0.30% to 0.90%, depending on our leverage ratio; and | |||||||
• | changes related to new or recently revised financial regulations. | |||||||
The 2011 Credit Agreement gives the Lenders a pledge of 65% of the stock of certain first tier foreign subsidiaries. The obligations under the 2011 Credit Agreement are also guaranteed by certain of our first tier domestic subsidiaries. | ||||||||
The 2011 Credit Agreement contains customary representations, warranties and covenants, including but not limited to covenants restricting our ability to incur indebtedness and liens and merge or consolidate with another entity. Further, the 2011 Credit Agreement contains the following covenants: | ||||||||
• | a covenant requiring us to maintain an indebtedness to EBITDA ratio as of the end of each quarter of not greater than 3.00 to 1; | |||||||
• | a covenant requiring us to maintain an EBITDA to interest expense ratio as of the end of each quarter of no less than 3.50 to 1; | |||||||
• | a covenant restricting us from paying dividends or repurchasing stock if, after giving effect to such payments, our leverage ratio is greater than 2.00 to 1, in such case limiting such payments to an amount ranging from $50,000 to $75,000 during any fiscal year based on our leverage ratio after giving effect to such payments; and | |||||||
• | a covenant restricting our ability to make acquisitions, if, after giving pro-forma effect to such acquisition, our leverage ratio is greater than 2.75 to 1, in such case limiting acquisitions to $25,000. | |||||||
As of December 31, 2013 we were in compliance with all covenants under the Credit Agreement. There was $10,000 in outstanding borrowings under this facility at December 31, 2013, with a weighted average interest rate of 1.47%. | ||||||||
Prudential Investment Management, Inc. | ||||||||
On July 29, 2009, we entered into a Private Shelf Agreement (the “Shelf Agreement”) with Prudential Investment Management, Inc. (“Prudential”) and Prudential affiliates from time to time party thereto. The Shelf Agreement provides us and our subsidiaries access to an uncommitted, senior secured, maximum aggregate principal amount of $80,000 of debt capital. The Shelf Agreement contains representations, warranties and covenants, including but not limited to covenants restricting our ability to incur indebtedness and liens and to merge or consolidate with another entity. The Shelf Agreement limits the payment of dividends or repurchases of stock to an amount ranging from $12,000 to $40,000 based on our leverage ratio after giving effect to such payments. | ||||||||
On May 5, 2011, we entered into Amendment No. 1 to our Private Shelf Agreement (the “Amendment”). | ||||||||
The Amendment principally provides the following changes to the Shelf Agreement: | ||||||||
• | elimination of the security interest in our personal property and subsidiaries; | |||||||
• | an amendment to the maximum leverage ratio to not greater than 3.00 to 1 for any period ending on or after March 31, 2011; | |||||||
• | an amendment to our restriction regarding the payment of dividends or repurchase of stock to restrict us from paying dividends or repurchasing stock if, after giving effect to such payments, our leverage ratio is greater than 2.00 to 1, in such case limiting such payments to an amount ranging from $50,000 to $75,000 during any fiscal year based on our leverage ratio after giving effect to such payments; and | |||||||
• | an amendment to Permitted Acquisitions restricting our ability to make acquisitions, if, after giving pro-forma effect to such acquisition, our leverage ratio is greater than 2.75 to 1, in such case limiting acquisitions to $25,000. | |||||||
On July 24, 2012, we entered into Amendment No. 2 to our Private Shelf Agreement (“Amendment No. 2”), which amends the Shelf Agreement. The principal change effected by Amendment No. 2 is an extension of the Issuance Period for Shelf Notes under the Shelf Agreement. The Issuance Period now expires on July 24, 2015. | ||||||||
As of December 31, 2013, there was $20,000 in outstanding borrowings under this facility; the $10,000 Series A notes issued in March 2011 with a fixed interest rate of 4.00% and a 7 year term serially maturing from 2014 to 2018; and the $10,000 Series B notes issued in June 2011 with a fixed interest rate of 4.10% and a 10 year term serially maturing from 2015 to 2021. We were in compliance with all covenants of the Shelf Agreement as of December 31, 2013. | ||||||||
The Royal Bank of Scotland Citizens, N.A. | ||||||||
On September 14, 2010, we entered into an overdraft facility with The Royal Bank of Scotland Citizens, N.A. in the amount of 2,000 Euros or approximately $2,757. There was no balance outstanding on this facility as of December 31, 2013. | ||||||||
HSBC Bank (China) Company Limited, Shanghai Branch | ||||||||
On June 20, 2012, we entered into a banking facility with the HSBC Bank (China) Company Limited, Shanghai Branch in the amount of $5,000. There was $1,500 in outstanding borrowings on this facility as of December 31, 2013, with a fixed interest rate of 5.1%. | ||||||||
Notes Payable | ||||||||
On May 31, 2011, we incurred $1,500 in debt related to installment payments due to the former owners of Water Star in connection with our acquisition of Water Star, of which none remains outstanding as of December 31, 2013. | ||||||||
Collateralized Borrowings | ||||||||
Collateralized borrowings represent deferred sales proceeds on certain leasing transactions with third-party leasing companies. These transactions are accounted for as borrowings, with the related assets capitalized as property, plant and equipment and depreciated straight-line over the lease term. | ||||||||
Capital Lease Obligations | ||||||||
Capital lease obligations outstanding are primarily related to sale-leaseback transactions with third-party leasing companies whereby we sell our manufactured equipment to the leasing company and lease it back. The equipment covered by these leases is rented to our customers over the lease term. | ||||||||
The aggregate maturities of our outstanding debt including capital lease obligations as of December 31, 2013, are as follows: | ||||||||
2014 | $ | 4,718 | ||||||
2015 | 4,217 | |||||||
2016 | 4,078 | |||||||
2017 | 3,940 | |||||||
2018 | 13,678 | |||||||
Thereafter | 4,549 | |||||||
Total minimum obligations | $ | 35,180 | ||||||
Less: amount representing interest | (3,377 | ) | ||||||
Total | $ | 31,803 | ||||||
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Liabilities, Current [Abstract] | ' | |||||||||||
Other Current Liabilities | ' | |||||||||||
9 | Other Current Liabilities | |||||||||||
Other Current Liabilities as of December 31, consisted of the following: | ||||||||||||
2013 | 2012 | |||||||||||
Taxes, other than income taxes | $ | 6,565 | $ | 4,768 | ||||||||
Warranty | 9,663 | 9,357 | ||||||||||
Deferred revenue | 2,303 | 1,878 | ||||||||||
Rebates | 7,647 | 6,983 | ||||||||||
Freight | 4,593 | 3,999 | ||||||||||
Miscellaneous accrued expenses | 8,492 | 8,115 | ||||||||||
Other | 4,813 | 3,744 | ||||||||||
Total | $ | 44,076 | $ | 38,844 | ||||||||
The changes in warranty reserves for the three years ended December 31 were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 9,357 | $ | 8,759 | $ | 7,043 | ||||||
Product warranty provision | 10,649 | 12,395 | 12,815 | |||||||||
(Divested) acquired reserves | — | (236 | ) | 10 | ||||||||
Foreign currency | (48 | ) | (15 | ) | (63 | ) | ||||||
Claims paid | (10,295 | ) | (11,546 | ) | (11,046 | ) | ||||||
Ending balance | $ | 9,663 | $ | 9,357 | $ | 8,759 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
10 | Fair Value Measurements | |||||||||||||||
Estimates of fair value for financial assets and financial liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | ||||||||||||||||
• | Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||||
• | Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. | |||||||||||||||
Our population of assets and liabilities subject to fair value measurements at December 31, 2013 is as follows: | ||||||||||||||||
Fair | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | ||||||||||||||||
Assets: | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 16 | $ | — | $ | 16 | $ | — | ||||||||
Total Assets | $ | 16 | $ | — | $ | 16 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 109 | $ | — | $ | 109 | $ | — | ||||||||
Total Liabilities | $ | 109 | $ | — | $ | 109 | $ | — | ||||||||
Our foreign currency forward exchange contracts are valued based on quoted forward foreign exchange prices at the reporting date. | ||||||||||||||||
We use derivative instruments to manage exposures to foreign currency only in an attempt to limit underlying exposures from currency fluctuations and not for trading purposes. Gains or losses on forward foreign exchange contracts to economically hedge foreign currency-denominated assets and liabilities are recognized in Other Current Assets and Other Current Liabilities within the Consolidated Balance Sheets and are recognized in Other Income (Expense) under Net Foreign Currency Transaction (Losses) Gains within the Consolidated Statements of Earnings. As of December 31, 2013 the fair value of such contracts outstanding was an asset of $16 and a liability of $109. As of December 31, 2012 the fair value of such contracts outstanding was an asset of $388 and a liability of $404. We recognized a net gain of $1,068 during 2013, a net gain of $1,026 during 2012 and a net loss of $1,444 during 2011. At December 31, 2013 and 2012, the notional amounts of foreign currency forward exchange contracts outstanding were $30,280 and $42,475, respectively. | ||||||||||||||||
The carrying amounts reported in the Consolidated Balance Sheets for Cash and Cash Equivalents, Restricted Cash, Receivables, Other Current Assets, Short-Term Debt, Accounts Payable and Other Current Liabilities approximate fair value due to their short-term nature. | ||||||||||||||||
The fair market value of our Long-Term Debt approximates cost, based on the borrowing rates currently available to us for bank loans with similar terms and remaining maturities. |
Retirement_Benefit_Plans
Retirement Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Retirement Benefit Plans | ' | |||||||||||||||||||||||||||||||||||
11 | Retirement Benefit Plans | |||||||||||||||||||||||||||||||||||
Substantially all U.S. employees are covered by various retirement benefit plans, including defined benefit pension plans, post-retirement medical plans and defined contribution savings plans. Retirement benefits for eligible employees in foreign locations are funded principally through defined benefit plans, annuity or government programs. The total cost of benefits for our plans was $11,766, $11,192 and $11,271 in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||||||||
We have a qualified, funded defined benefit retirement plan (the “U.S. Pension Plan”) in the U.S. covering certain current and retired employees. Plan benefits are based on the years of service and compensation during the highest five consecutive years of service in the final ten years of employment. No new participants have entered the plan since 2000. The plan has 442 participants including 90 active employees as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||
We have a U.S. postretirement medical benefit plan (the “U.S. Retiree Plan”) to provide certain healthcare benefits for U.S. employees hired before January 1, 1999. Eligibility for those benefits is based upon a combination of years of service with Tennant and age upon retirement. | ||||||||||||||||||||||||||||||||||||
Our defined contribution savings plan (“401(k)”) covers substantially all U.S. employees. Under this plan, we match up to 3% of the employee’s annual compensation in cash to be invested per their election. We also make a profit sharing contribution to the 401(k) plan for employees with more than one year of service in accordance with our Profit Sharing Plan. This contribution is based upon our financial performance and can be funded in the form of Tennant stock, cash or a combination of both. Expenses for the 401(k) plan were $6,423, $6,226 and $6,864 during 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||||||||
We have a U.S. nonqualified supplemental benefit plan (the “U.S. Nonqualified Plan”) to provide additional retirement benefits for certain employees whose benefits under our 401(k) plan or U.S. Pension Plan are limited by either the Employee Retirement Income Security Act or the Internal Revenue Code. | ||||||||||||||||||||||||||||||||||||
We also have defined pension benefit plans in the United Kingdom and Germany (the “U.K. Pension Plan” and the “German Pension Plan”). The U.K. Pension Plan and German Pension Plan cover certain current and retired employees and both plans are closed to new participants. | ||||||||||||||||||||||||||||||||||||
On March 23, 2010, the Patient Protection and Affordable Care Act (the “PPACA”) was signed into law, and, on March 30, 2010, the Health Care and Education Reconciliation Act of 2010 (the “HCERA” and, together with PPACA, the “Acts”), which makes various amendments to certain aspects of the PPACA, was signed into law. The Acts effectively change the tax treatment of federal subsidies paid to sponsors of retiree health benefit plans that provide prescription drug benefits that are at least actuarially equivalent to the corresponding benefits provided under Medicare Part D. Under the Acts, an employer’s income tax deduction for the costs of providing Medicare Part D-equivalent prescription drug benefits to retirees will be reduced by the amount of the federal subsidy beginning in 2013. Under U.S. GAAP, any impact from a change in tax law must be recognized in earnings in the period enacted regardless of the effective date. The Acts did not have a material impact on our financial position or results of operations. | ||||||||||||||||||||||||||||||||||||
We expect to contribute approximately $149 to our U.S. Nonqualified Plan, $919 to our U.S. Retiree Plan, $237 to our U.K. Pension Plan and $41 to our German Pension Plan in 2014. No contributions to the U.S. Pension Plan are expected to be required during 2014. There were no contributions made to the U.S. Pension Plan during 2013. During 2012, we made a $15,000 discretionary contribution to the U.S. Pension Plan in addition to the minimum funding requirements for 2011 and 2012. | ||||||||||||||||||||||||||||||||||||
Weighted-average asset allocations by asset category of the U.S. and U.K. Pension Plans as of December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 746 | $ | 746 | $ | — | $ | — | ||||||||||||||||||||||||||||
Mutual Funds: | ||||||||||||||||||||||||||||||||||||
U.S. Large-Cap | 20,597 | 20,597 | — | — | ||||||||||||||||||||||||||||||||
U.S. Small-Cap | 6,971 | 6,971 | — | — | ||||||||||||||||||||||||||||||||
International Equities | 6,328 | 6,328 | — | — | ||||||||||||||||||||||||||||||||
Fixed-Income Domestic | 17,755 | 17,755 | — | — | ||||||||||||||||||||||||||||||||
Investment Account held by Pension Plan (1) | 9,733 | — | — | 9,733 | ||||||||||||||||||||||||||||||||
Total | $ | 62,130 | $ | 52,397 | $ | — | $ | 9,733 | ||||||||||||||||||||||||||||
-1 | This category is comprised of investments in insurance contracts. | |||||||||||||||||||||||||||||||||||
Weighted-average asset allocations by asset category of the U.S. and U.K. Pension Plans as of December 31, 2012 are as follows: | ||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 701 | $ | 701 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Small-Cap | 1,438 | 1,438 | — | — | ||||||||||||||||||||||||||||||||
U.S. Mid-Cap | 2,266 | 2,266 | — | — | ||||||||||||||||||||||||||||||||
International Small-Cap | 63 | 63 | — | — | ||||||||||||||||||||||||||||||||
Mutual Funds: | ||||||||||||||||||||||||||||||||||||
Corporate Bonds | 18,671 | 18,671 | — | — | ||||||||||||||||||||||||||||||||
U.S. Large-Cap | 18,141 | 18,141 | — | — | ||||||||||||||||||||||||||||||||
International Large-Cap | 5,662 | 5,662 | — | — | ||||||||||||||||||||||||||||||||
Investment Account held by Pension Plan (1) | 8,855 | — | — | 8,855 | ||||||||||||||||||||||||||||||||
Total | $ | 55,797 | $ | 46,942 | $ | — | $ | 8,855 | ||||||||||||||||||||||||||||
-1 | This category is comprised of investments in insurance contracts. | |||||||||||||||||||||||||||||||||||
Estimates of the fair value of U.S. and U.K Pension Plan assets are based on the framework established in the accounting guidance for fair value measurements. A brief description of the three levels can be found in Note 10. Equity Securities and Mutual Funds traded in active markets are classified as Level 1. The Investment Account held by Pension Plan invests in insurance contracts for purposes of funding the U.K. Pension Plan and are classified as Level 3. The fair value of the Investment Account are the cash surrender values as determined by the provider which are the amounts the plan would receive if the contracts were cashed out at year end. The underlying assets held by these contracts are primarily invested in assets traded in active markets. | ||||||||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of the Level 3 investments of our U.K. Pension Plan during the years ended are as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Fair value at beginning of year | $ | 8,855 | $ | 7,738 | ||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | 74 | — | ||||||||||||||||||||||||||||||||||
Net gain | 601 | 739 | ||||||||||||||||||||||||||||||||||
Foreign currency | 203 | 378 | ||||||||||||||||||||||||||||||||||
Fair value at end of year | $ | 9,733 | $ | 8,855 | ||||||||||||||||||||||||||||||||
The primary objective of our U.S. and U.K. Pension Plans is to meet retirement income commitments to plan participants at a reasonable cost to us and to maintain a sound actuarially funded status. This objective is accomplished through growth of capital and safety of funds invested. The pension plans' assets are invested in securities to achieve growth of capital over inflation through appreciation and accumulation and reinvestment of dividend and interest income. Investments are diversified to control risk. The target allocation for the U.S. Pension Plan is 60% equity and 40% debt securities. Equity securities within the U.S. Pension Plan do not include any direct investments in Tennant Company Common Stock. The U.K. Pension Plan is invested in insurance contracts with underlying investments primarily in equity and fixed income securities. Our German Pension Plan is unfunded, which is customary in that country. | ||||||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations as of December 31, are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. | Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Discount rate | 4.63 | % | 3.79 | % | 4.33 | % | 4.41 | % | 4.1 | % | 3.27 | % | ||||||||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 4.5 | % | 4.5 | % | — | — | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit costs as of December 31, are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. | Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 3.79 | % | 4.39 | % | 5.39 | % | 4.41 | % | 4.94 | % | 5.39 | % | 3.27 | % | 4.2 | % | 5 | % | ||||||||||||||||||
Expected long-term rate of return on plan assets | 6.5 | % | 7.7 | % | 7.7 | % | 4.7 | % | 4.8 | % | 5.2 | % | — | — | — | |||||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | 4.5 | % | 4.6 | % | 5.1 | % | — | — | — | |||||||||||||||||||||
The discount rate is used to discount future benefit obligations back to today’s dollars. Our discount rates were determined based on high-quality fixed income investments. The resulting discount rates are consistent with the duration of plan liabilities. The Citigroup Above Median Spot Rate is used in determining the discount rate for the U.S. Plans. The expected return on assets assumption on the investment portfolios for the pension plans is based on the long-term expected returns for the investment mix of assets currently in the portfolio. Management uses historic return trends of the asset portfolio combined with recent market conditions to estimate the future rate of return. | ||||||||||||||||||||||||||||||||||||
The accumulated benefit obligations as of December 31, for all defined benefit plans, are as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
U.S. Pension Plans | $ | 42,241 | $ | 46,907 | ||||||||||||||||||||||||||||||||
U.K. Pension Plan | 9,803 | 8,837 | ||||||||||||||||||||||||||||||||||
German Pension Plan | 897 | 878 | ||||||||||||||||||||||||||||||||||
Information for our plans with an accumulated benefit obligation in excess of plan assets as of December 31, is as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 12,778 | $ | 3,261 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | 9,733 | — | ||||||||||||||||||||||||||||||||||
As of December 31, 2013, the U.S. Nonqualified, the U.K. Pension and the German Pension Plans had an accumulated benefit obligation in excess of plan assets. As of December 31, 2012, the U.S. Nonqualified and the German Pension Plans had an accumulated benefit obligation in excess of plan assets. | ||||||||||||||||||||||||||||||||||||
Information for our plans with a projected benefit obligation in excess of plan assets as of December 31, is as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 13,481 | $ | 12,591 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | 9,733 | 8,855 | ||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the U.S. Nonqualified, the U.K. Pension and the German Pension Plans had a projected benefit obligation in excess of plan assets. | ||||||||||||||||||||||||||||||||||||
Assumed healthcare cost trend rates as of December 31, are as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Healthcare cost trend rate assumption for the next year | 8.3 | % | 9.17 | % | ||||||||||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2031 | 2031 | ||||||||||||||||||||||||||||||||||
Assumed healthcare cost trend rates have a significant effect on the amounts reported for healthcare plans. To illustrate, a one-percentage-point change in assumed healthcare cost trends would have the following effects: | ||||||||||||||||||||||||||||||||||||
1-Percentage- | 1-Percentage- | |||||||||||||||||||||||||||||||||||
Point | Point | |||||||||||||||||||||||||||||||||||
Decrease | Increase | |||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | (46 | ) | $ | 52 | |||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | (930 | ) | $ | 1,050 | |||||||||||||||||||||||||||||||
Summaries related to changes in benefit obligations and plan assets and to the funded status of our defined benefit and postretirement medical benefit plans are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. | Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 48,824 | $ | 44,280 | $ | 10,011 | $ | 8,775 | $ | 14,090 | $ | 13,708 | ||||||||||||||||||||||||
Service cost | 690 | 686 | 142 | 138 | 154 | 142 | ||||||||||||||||||||||||||||||
Interest cost | 1,803 | 1,928 | 422 | 437 | 443 | 551 | ||||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 23 | 24 | — | — | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | (4,901 | ) | 3,893 | 668 | 595 | (1,001 | ) | 926 | ||||||||||||||||||||||||||||
Foreign exchange | — | — | 265 | 411 | — | — | ||||||||||||||||||||||||||||||
Benefits paid | (2,763 | ) | (1,963 | ) | (293 | ) | (369 | ) | (500 | ) | (1,237 | ) | ||||||||||||||||||||||||
Benefit obligation at end of year | $ | 43,653 | $ | 48,824 | $ | 11,238 | $ | 10,011 | $ | 13,186 | $ | 14,090 | ||||||||||||||||||||||||
Change in fair value of plan assets and net accrued liabilities: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 46,942 | $ | 28,237 | $ | 8,855 | $ | 7,738 | $ | — | $ | — | ||||||||||||||||||||||||
Actual return on plan assets | 7,827 | 3,818 | 601 | 738 | — | — | ||||||||||||||||||||||||||||||
Employer contributions | 391 | 16,850 | 343 | 346 | 500 | 1,237 | ||||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 23 | 24 | — | — | ||||||||||||||||||||||||||||||
Foreign exchange | — | — | 204 | 378 | — | — | ||||||||||||||||||||||||||||||
Benefits paid | (2,763 | ) | (1,963 | ) | (293 | ) | (369 | ) | (500 | ) | (1,237 | ) | ||||||||||||||||||||||||
Fair value of plan assets at end of year | 52,397 | 46,942 | 9,733 | 8,855 | — | — | ||||||||||||||||||||||||||||||
Funded status at end of year | $ | 8,744 | $ | (1,882 | ) | $ | (1,505 | ) | $ | (1,156 | ) | $ | (13,186 | ) | $ | (14,090 | ) | |||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | ||||||||||||||||||||||||||||||||||||
Noncurrent Other Assets | $ | 10,987 | $ | 698 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Current Liabilities | (149 | ) | (145 | ) | (41 | ) | (39 | ) | (919 | ) | (904 | ) | ||||||||||||||||||||||||
Long-Term Liabilities | (2,094 | ) | (2,435 | ) | (1,464 | ) | (1,117 | ) | (12,267 | ) | (13,186 | ) | ||||||||||||||||||||||||
Net accrued asset (liability) | $ | 8,744 | $ | (1,882 | ) | $ | (1,505 | ) | $ | (1,156 | ) | $ | (13,186 | ) | $ | (14,090 | ) | |||||||||||||||||||
Amounts recognized in Accumulated Other Comprehensive Loss consist of: | ||||||||||||||||||||||||||||||||||||
Prior service (cost) credit | $ | (152 | ) | $ | (224 | ) | $ | — | $ | — | $ | 6 | $ | 109 | ||||||||||||||||||||||
Net actuarial loss | (2,142 | ) | (13,711 | ) | (704 | ) | (246 | ) | (1,587 | ) | (2,789 | ) | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | $ | (2,294 | ) | $ | (13,935 | ) | $ | (704 | ) | $ | (246 | ) | $ | (1,581 | ) | $ | (2,680 | ) | ||||||||||||||||||
The components of the net periodic benefit cost for the three years ended December 31, were as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. | Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Service cost | $ | 690 | $ | 686 | $ | 651 | $ | 142 | $ | 138 | $ | 133 | $ | 154 | $ | 142 | $ | 132 | ||||||||||||||||||
Interest cost | 1,803 | 1,928 | 2,013 | 422 | 437 | 465 | 443 | 551 | 612 | |||||||||||||||||||||||||||
Expected return on plan assets | (2,911 | ) | (2,279 | ) | (2,325 | ) | (402 | ) | (387 | ) | (376 | ) | — | — | — | |||||||||||||||||||||
Amortization of net actuarial loss | 1,751 | 1,131 | 27 | 9 | — | — | 201 | 57 | — | |||||||||||||||||||||||||||
Amortization of prior service cost | 73 | 382 | 550 | — | — | — | (103 | ) | (580 | ) | (580 | ) | ||||||||||||||||||||||||
Foreign currency | — | — | — | 21 | 16 | (18 | ) | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 1,406 | $ | 1,848 | $ | 916 | $ | 192 | $ | 204 | $ | 204 | $ | 695 | $ | 170 | $ | 164 | ||||||||||||||||||
The changes in Accumulated Other Comprehensive Loss for the three years ended December 31, were as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. | Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Prior service cost | $ | — | $ | — | $ | 233 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Net actuarial (gain) loss | (9,817 | ) | 2,355 | 6,184 | 467 | 244 | (300 | ) | (1,001 | ) | 926 | 72 | ||||||||||||||||||||||||
Amortization of prior service cost | (73 | ) | (382 | ) | (550 | ) | — | — | — | 103 | 580 | 580 | ||||||||||||||||||||||||
Amortization of net actuarial loss | (1,751 | ) | (1,132 | ) | (27 | ) | (9 | ) | — | — | (201 | ) | (57 | ) | — | |||||||||||||||||||||
Total recognized in other comprehensive income | $ | (11,641 | ) | $ | 841 | $ | 5,840 | $ | 458 | $ | 244 | $ | (300 | ) | $ | (1,099 | ) | $ | 1,449 | $ | 652 | |||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (10,235 | ) | $ | 2,689 | $ | 6,756 | $ | 650 | $ | 448 | $ | (96 | ) | $ | (404 | ) | $ | 1,619 | $ | 816 | |||||||||||||||
The following benefit payments, which reflect expected future service, are expected to be paid for our U.S. and Non-U.S. plans: | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. | Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||
2014 | $ | 2,021 | $ | 309 | $ | 919 | ||||||||||||||||||||||||||||||
2015 | 2,353 | 319 | 1,026 | |||||||||||||||||||||||||||||||||
2016 | 2,535 | 328 | 1,055 | |||||||||||||||||||||||||||||||||
2017 | 2,682 | 339 | 1,106 | |||||||||||||||||||||||||||||||||
2018 | 2,808 | 350 | 1,091 | |||||||||||||||||||||||||||||||||
2019 to 2023 | 15,087 | 1,916 | 5,349 | |||||||||||||||||||||||||||||||||
Total | $ | 27,486 | $ | 3,561 | $ | 10,546 | ||||||||||||||||||||||||||||||
The following amounts are included in Accumulated Other Comprehensive Loss as of December 31, 2013 and are expected to be recognized as components of net periodic benefit cost during 2014: | ||||||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Medical | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 185 | $ | 43 | ||||||||||||||||||||||||||||||||
Prior service cost (credit) | 43 | (6 | ) | |||||||||||||||||||||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Shareholders' Equity | ' | |||||||||||
12 | Shareholders' Equity | |||||||||||
Authorized Shares | ||||||||||||
We are authorized to issue an aggregate of 61,000,000 shares; 60,000,000 are designated as Common Stock, having a par value of $0.375 per share, and 1,000,000 are designated as Preferred Stock, having a par value of $0.02 per share. The Board of Directors is authorized to establish one or more series of preferred stock, setting forth the designation of each such series, and fixing the relative rights and preferences of each such series. | ||||||||||||
Purchase Rights | ||||||||||||
On November 10, 2006, the Board of Directors approved a Rights Agreement and declared a dividend of one preferred share purchase right for each outstanding share of Common Stock. Each right entitles the registered holder to purchase from us one one-hundredth of a Series A Junior Participating Preferred Share of the par value of $0.02 per share at a price of $100 per one hundredth of a Preferred Share, subject to adjustment. The rights are not exercisable or transferable apart from the Common Stock until the earlier of: (i) the close of business on the fifteenth day following a public announcement that a person or group of affiliated or associated persons has become an “Acquiring Person” (i.e., has become, subject to certain exceptions, including for stock ownership by employee benefit plans, the beneficial owner of 20% or more of the outstanding Common Stock), or (ii) the close of business on the fifteenth day following the first public announcement of a tender offer or exchange offer the consummation of which would result in a person or group of affiliated or associated persons becoming, subject to certain exceptions, the beneficial owner of 20% or more of the outstanding Common Stock (or such later date as may be determined by our Board of Directors prior to a person or group of affiliated or associated persons becoming an Acquiring Person). After a person or group becomes an Acquiring Person, each holder of a Right (other than an Acquiring Person) will be able to exercise the right at the current exercise price of the Right and receive the number of shares of Common Stock having a market value of two times the exercise price of the right, or, depending upon the circumstances in which the rights became exercisable, the number of common shares of the Acquiring Person having a market value of two times the exercise price of the right. At no time do the rights have any voting power. We may redeem the rights for $0.001 per right at any time prior to a person or group acquiring 20% or more of the Common Stock. Under certain circumstances, the Board of Directors may exchange the rights for our Common Stock or reduce the 20% thresholds to not less than 10%. The rights will expire on December 26, 2016, unless extended or earlier redeemed or exchanged by us. | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Components of Accumulated Other Comprehensive Loss, net of tax, within the Consolidated Balance Sheets and Statements of Shareholders' Equity as of December 31, are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Foreign currency translation adjustments | $ | (21,991 | ) | $ | (19,734 | ) | $ | (20,283 | ) | |||
Pension and retiree medical benefits | (2,980 | ) | (10,599 | ) | (8,954 | ) | ||||||
Total Accumulated Other Comprehensive Loss | $ | (24,971 | ) | $ | (30,333 | ) | $ | (29,237 | ) | |||
The changes in components of Accumulated Other Comprehensive Loss, net of tax, are as follows: | ||||||||||||
Foreign Currency Translation Adjustments | Pension and Post Retirement Benefits | Total | ||||||||||
December 31, 2012 | $ | (19,734 | ) | $ | (10,599 | ) | $ | (30,333 | ) | |||
Other comprehensive (loss) income before reclassifications | (2,257 | ) | 6,408 | 4,151 | ||||||||
Amounts reclassified from Accumulated Other Comprehensive Loss | — | 1,211 | 1,211 | |||||||||
Net current period other comprehensive (loss) income | (2,257 | ) | 7,619 | 5,362 | ||||||||
December 31, 2013 | $ | (21,991 | ) | $ | (2,980 | ) | $ | (24,971 | ) | |||
Accumulated Other Comprehensive Loss associated with pension and postretirement benefits are included in Note 11. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
13 | Commitments and Contingencies | |||
We lease office and warehouse facilities, vehicles and office equipment under operating lease agreements, which include both monthly and longer-term arrangements. Leases with initial terms of one year or more expire at various dates through 2020 and generally provide for extension options. Rent expense under the leasing agreements (exclusive of real estate taxes, insurance and other expenses payable under the leases) amounted to $17,873, $17,524 and $17,375 in 2013, 2012 and 2011, respectively. | ||||
The minimum rentals for aggregate lease commitments as of December 31, 2013, were as follows: | ||||
2014 | $ | 8,398 | ||
2015 | 5,378 | |||
2016 | 3,129 | |||
2017 | 1,892 | |||
2018 | 778 | |||
Thereafter | 311 | |||
Total | $ | 19,886 | ||
Certain operating leases for vehicles contain residual value guarantee provisions, which would become due at the expiration of the operating lease agreement if the fair value of the leased vehicles is less than the guaranteed residual value. The aggregate residual value at lease expiration of those leases is $11,741, of which we have guaranteed $7,659. As of December 31, 2013, we have recorded a liability for the estimated end-of-term loss related to this residual value guarantee of $398 for certain vehicles within our fleet. Our fleet also contains vehicles we estimate will settle at a gain. Gains on these vehicles will be recognized at the end of the lease term. | ||||
During the first quarter of 2013, we renewed our lease for our Louisville facility. This lease has a five year term with a total commitment of $4,710. | ||||
During the second quarter of 2012, we entered into a three year agreement with a supplier, commencing January 1, 2013, with a total commitment of $2,102 of which $1,306 remains outstanding as of December 31, 2013. | ||||
In the ordinary course of business, we may become liable with respect to pending and threatened litigation, tax, environmental and other matters. While the ultimate results of current claims, investigations and lawsuits involving us are unknown at this time, we do not expect that these matters will have a material adverse effect on our consolidated financial position or results of operations. Legal costs associated with such matters are expensed as incurred. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
14 | Income Taxes | |||||||||||
Income from continuing operations for the three years ended December 31, was as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. operations | $ | 54,702 | $ | 47,220 | $ | 40,282 | ||||||
Foreign operations | 5,176 | 12,670 | 8,448 | |||||||||
Total | $ | 59,878 | $ | 59,890 | $ | 48,730 | ||||||
Income tax expense (benefit) for the three years ended December 31, was as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 13,551 | $ | 8,158 | $ | 10,321 | ||||||
Foreign | 3,567 | 4,633 | 2,277 | |||||||||
State | 1,136 | 1,089 | 1,450 | |||||||||
$ | 18,254 | $ | 13,880 | $ | 14,048 | |||||||
Deferred: | ||||||||||||
Federal | $ | 1,856 | $ | 4,423 | $ | 2,330 | ||||||
Foreign | (424 | ) | (126 | ) | (203 | ) | ||||||
State | (39 | ) | 129 | (158 | ) | |||||||
$ | 1,393 | $ | 4,426 | $ | 1,969 | |||||||
Total: | ||||||||||||
Federal | $ | 15,407 | $ | 12,581 | $ | 12,651 | ||||||
Foreign | 3,143 | 4,507 | 2,074 | |||||||||
State | 1,097 | 1,218 | 1,292 | |||||||||
Total Income Tax Expense | $ | 19,647 | $ | 18,306 | $ | 16,017 | ||||||
U.S. income taxes have not been provided on approximately $23,596 of undistributed earnings of non-U.S. subsidiaries. We do not have any plans to repatriate the undistributed earnings. Any repatriation from foreign subsidiaries that would result in incremental U.S. taxation is not being considered. It is management’s belief that reinvesting these earnings outside the U.S. is the most efficient use of capital. | ||||||||||||
We have Dutch and German tax loss carryforwards of approximately $18,046 and $15,674, respectively. If unutilized, the Dutch tax loss carryforward will expire after 9 years. The German tax loss carryforward has no expiration date. Because of the uncertainty regarding realization of the Dutch tax loss carryforward, a valuation allowance was established. This valuation allowance increased in 2013 due to results of operations. | ||||||||||||
We have U.S. foreign tax credit carryforwards of approximately $3,157. If unutilized, foreign tax credit carryforwards will expire in 2020. Based upon evaluation, as of December 31, 2013, no valuation allowance has been recorded. We have Dutch foreign tax credit carryforwards of $922. Because of the uncertainty regarding utilization of the Dutch foreign tax credit carryforward, a valuation allowance was established. | ||||||||||||
A valuation allowance for the remaining deferred tax assets is not required since it is more likely than not that they will be realized through carryback to taxable income in prior years, future reversals of existing taxable temporary differences and future taxable income. | ||||||||||||
Our effective income tax rate varied from the U.S. federal statutory tax rate for the three years ended December 31, as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax at statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Increases (decreases) in the tax rate from: | ||||||||||||
State and local taxes, net of federal benefit | 1.7 | 1 | 2 | |||||||||
Effect of foreign operations | (3.3 | ) | (6.2 | ) | 0.5 | |||||||
Effect of changes in valuation allowances | 3.7 | 2.3 | — | |||||||||
Domestic production activities deduction | (1.6 | ) | (1.5 | ) | (1.6 | ) | ||||||
Other, net | (2.7 | ) | — | (3.0 | ) | |||||||
Effective income tax rate | 32.8 | % | 30.6 | % | 32.9 | % | ||||||
Deferred tax assets and liabilities were comprised of the following as of December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Deferred Tax Assets: | ||||||||||||
Inventories, principally due to additional costs inventoried for tax purposes and changes in inventory reserves | $ | — | $ | 28 | $ | 426 | ||||||
Employee wages and benefits, principally due to accruals for financial reporting purposes | 14,831 | 18,608 | 20,910 | |||||||||
Warranty reserves accrued for financial reporting purposes | 2,803 | 2,641 | 2,625 | |||||||||
Receivables, principally due to allowance for doubtful accounts and tax accounting method for equipment rentals | 1,593 | 1,540 | 1,464 | |||||||||
Tax loss carryforwards | 8,696 | 6,619 | 5,915 | |||||||||
Tax credit carryforwards | 4,078 | 6,720 | 8,554 | |||||||||
Other | 2,523 | 2,329 | 1,777 | |||||||||
Gross Deferred Tax Assets | $ | 34,524 | $ | 38,485 | $ | 41,671 | ||||||
Less: valuation allowance | (7,243 | ) | (4,719 | ) | (3,229 | ) | ||||||
Total Net Deferred Tax Assets | $ | 27,281 | $ | 33,766 | $ | 38,442 | ||||||
Deferred Tax Liabilities: | ||||||||||||
Inventories, principally due to changes in inventory reserves | $ | 306 | $ | — | $ | — | ||||||
Property, Plant and Equipment, principally due to differences in depreciation and related gains | 7,446 | 7,945 | 9,167 | |||||||||
Goodwill and Intangible Assets | 6,253 | 6,818 | 7,093 | |||||||||
Total Deferred Tax Liabilities | $ | 14,005 | $ | 14,763 | $ | 16,260 | ||||||
Net Deferred Tax Assets | $ | 13,276 | $ | 19,003 | $ | 22,182 | ||||||
The valuation allowance at December 31, 2013 principally applies to Dutch tax loss and tax credit carryforwards that, in the opinion of management, are more likely than not to expire unutilized. However, to the extent that tax benefits related to these carryforwards are realized in the future, the reduction in the valuation allowance will reduce income tax expense. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Balance at January 1, | $ | 3,480 | $ | 3,424 | ||||||||
Increases as a result of tax positions taken during a prior period | 155 | — | ||||||||||
Increases as a result of tax positions taken during the current year | 508 | 611 | ||||||||||
Reductions as a result of a lapse of the applicable statute of limitations | (295 | ) | (447 | ) | ||||||||
Decreases as a result of foreign currency fluctuations | (188 | ) | (108 | ) | ||||||||
Balance at December 31, | $ | 3,660 | $ | 3,480 | ||||||||
Included in the balance of unrecognized tax benefits at December 31, 2013 and 2012 are potential benefits of $3,384 and $3,259, respectively, that if recognized, would affect the effective tax rate from continuing operations. | ||||||||||||
We recognize potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. In addition to the liability of $3,660 and $3,480 for unrecognized tax benefits as of December 31, 2013 and 2012 was approximately $525 and $462, respectively, for accrued interest and penalties. To the extent interest and penalties are not assessed with respect to uncertain tax positions, the amounts accrued will be revised and reflected as an adjustment to income tax expense. | ||||||||||||
We are subject to U.S. federal income tax as well as income tax of numerous state and foreign jurisdictions. We are generally no longer subject to U.S. federal tax examinations for taxable years before 2011 and, with limited exceptions, state and foreign income tax examinations for taxable years before 2007. | ||||||||||||
We are currently undergoing income tax examinations in various state and foreign jurisdictions covering 2007 to 2011. Although the final outcome of these examinations cannot be currently determined, we believe that we have adequate reserves with respect to these examinations. | ||||||||||||
We do not anticipate that total unrecognized tax benefits will change significantly within the next 12 months. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Share-Based Compensation | ' | ||||||
15 | Share-Based Compensation | ||||||
We have five plans under which we have awarded share-based compensation grants: The 1995 Stock Incentive Plan (“1995 Plan”) and 1999 Amended and Restated Stock Incentive Plan (“1999 Plan”), which provided for share-based compensation grants to our executives and key employees, the 1997 Non-Employee Directors Option Plan (“1997 Plan”), which provided for stock option grants to our non-employee Directors, the 2007 Stock Incentive Plan (“2007 Plan”) and the Amended and Restated 2010 Stock Incentive Plan, as Amended (“2010 Plan”), which were adopted as a continuing step toward aggregating our equity compensation programs to reduce the complexity of our equity compensation programs. | |||||||
The 1995 and 1997 Plans were terminated in 2006 and all remaining shares were transferred to the 1999 Plan as approved by the shareholders in 2006. Awards granted under the 1995 and 1997 Plans prior to 2006 that remain outstanding continue to be governed by the respective plan under which the grant was made. Upon approval of the 1999 Plan in 2006, we ceased making grants of future awards under these plans and subsequent grants of future awards were made from the 1999 Plan and governed by its terms. | |||||||
The 2007 Plan terminated our rights to grant awards under the 1999 Plan except that the 1999 Plan will remain available for grants of reload options upon exercise of previously granted options with one-time reload features. We have not granted options with reload features since March 1, 2004. Awards previously granted under the 1999 Plan remain outstanding and continue to be governed by the terms of that plan. | |||||||
The 2010 Plan, originally approved by our shareholders on April 28, 2010 and amended and restated by our shareholders on April 25, 2012, terminated our rights to grant awards under the 2007 Plan; however, any awards granted under the 2007 or 2010 Plans that do not result in the issuance of shares of Common Stock may again be used for an award under the 2010 Plan. The 2010 Plan was amended and restated by our shareholders on April 24, 2013, increasing the number of shares available under the amended 2010 Plan from 1,500,000 shares to 2,600,000 shares. | |||||||
As of December 31, 2013, there were 499,248 shares reserved for issuance under the 1995 Plan, the 1997 Plan, the 1999 Plan and the 2007 Plan for outstanding compensation awards and 1,643,264 shares were available for issuance under the 2010 Plan for current and future equity awards. The Compensation Committee of the Board of Directors determines the number of shares awarded and the grant date, subject to the terms of our equity award policy. | |||||||
We recognized total Share-Based Compensation Expense of $6,116, $9,092 and $5,407, respectively, during the years ended 2013, 2012 and 2011. The total excess tax benefit recognized for share-based compensation arrangements during the years ended 2013, 2012 and 2011 was $5,178, $2,047 and $1,266, respectively. | |||||||
Stock Option Awards | |||||||
We determined the fair value of our stock option awards using the Black-Scholes valuation model that uses the assumptions noted in the table below. The expected life selected for stock options granted during the year represents the period of time that the stock options are expected to be outstanding based on historical data of stock option holder exercise and termination behavior of similar grants. The risk-free interest rate for periods within the contractual life of the stock option is based on the U.S. Treasury rate over the expected life at the time of grant. Expected volatilities are based upon historical volatility of our stock over a period equal to the expected life of each stock option grant. Dividend yield is estimated over the expected life based on our dividend policy and historical dividends paid. We use historical data to estimate pre-vesting forfeiture rates and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. | |||||||
The following table illustrates the valuation assumptions used for the 2013, 2012 and 2011 grants: | |||||||
2013 | 2012 | 2011 | |||||
Expected volatility | 51% | 51 - 52% | 49 - 50% | ||||
Weighted-average expected volatility | 51% | 52% | 49% | ||||
Expected dividend yield | 1.60% | 1.6 - 1.7% | 1.7 - 1.8% | ||||
Weighted-average expected dividend yield | 1.60% | 1.70% | 1.80% | ||||
Expected term, in years | 6 | 0.2 - 6 | 6 | ||||
Risk-free interest rate | 0.9 - 1.1% | 0.1 - 1.1% | 1.3 - 2.5% | ||||
Employee stock option awards prior to 2005 include a reload feature for options granted to key employees. This feature allows employees to exercise options through a stock-for-stock exercise using mature shares, and employees are granted a new stock option (reload option) equal to the number of shares of Common Stock used to satisfy both the exercise price of the option and the minimum tax withholding requirements. The reload options granted have an exercise price equal to the fair market value of the Common Stock on the grant date. Stock options granted in conjunction with reloads vest immediately and have a term equal to the remaining life of the initial grant. Compensation expense is fully recognized for reload stock options as of the reload date. | |||||||
Beginning in 2004, new stock option awards granted vest one-third each year over a three year period and have a ten year contractual term. These grants do not contain a reload feature. Compensation expense equal to the grant date fair value is recognized for these awards over the vesting period. | |||||||
In addition to stock options, we also occasionally grant cash-settled stock appreciation rights (“SARs”) to employees in certain foreign locations. There were no outstanding SARs as of December 31, 2013 and no SARs were granted during 2013, 2012 or 2011. | |||||||
The following table summarizes the activity during the year ended December 31, 2013 for stock option awards: | |||||||
Shares | Weighted-Average Exercise Price | ||||||
Outstanding at beginning of year | 1,191,421 | $ | 24.16 | ||||
Granted | 142,755 | 46.96 | |||||
Exercised | (445,266 | ) | 18.67 | ||||
Forfeited | (11,588 | ) | 42.34 | ||||
Outstanding at end of year | 877,322 | $ | 30.42 | ||||
Exercisable at end of year | 601,747 | $ | 23.89 | ||||
The weighted-average grant date fair value of stock options granted during the years ended December 31, 2013, 2012 and 2011 was $19.62, $16.60 and $16.67, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2013, 2012 and 2011 was $15,641, $5,826 and $5,600, respectively. The aggregate intrinsic value of options outstanding and exercisable at December 31, 2013 was $32,805 and $26,427, respectively. The weighted-average remaining contractual life for options outstanding and exercisable as of December 31, 2013, was 7 years and 6 years, respectively. As of December 31, 2013, there was unrecognized compensation cost for nonvested options of $3,102 which is expected to be recognized over a weighted-average period of 1.6 years. | |||||||
Restricted Share Awards | |||||||
Restricted share awards for employees generally have a three year vesting period from the effective date of the grant. Restricted share awards to non-employee directors vest upon a change of control or upon termination of service as a director occurring at least six months after grant date of the award so long as termination is for one of the following reasons: death; disability; retirement in accordance with Tennant policy (e.g., age, term limits, etc.); resignation at request of Board (other than for gross misconduct); resignation following at least six months’ advance notice; failure to be renominated (unless due to unwillingness to serve) or reelected by shareholders; or removal by shareholders. | |||||||
The following table summarizes the activity during the year ended December 31, 2013, for nonvested restricted share awards: | |||||||
Shares | Weighted-Average Grant Date Fair Value | ||||||
Nonvested at beginning of year | 142,354 | $ | 33.4 | ||||
Granted | 34,508 | 48.04 | |||||
Vested | (24,866 | ) | 26.06 | ||||
Forfeited | (1,053 | ) | 40.02 | ||||
Nonvested at end of year | 150,943 | $ | 37.89 | ||||
The total fair value of shares vested during the year ended December 31, 2013, 2012 and 2011 was $643, $861 and $650, respectively. As of December 31, 2013, there was $1,993 of total unrecognized compensation cost related to nonvested shares which is expected to be recognized over a weighted-average period of 2.1 years. | |||||||
Performance Share Awards | |||||||
We grant performance share awards to key employees as a part of our long-term management compensation program. These awards are earned based upon achievement of certain financial performance targets over a three year period. We determine the fair value of these awards as of the date of grant and recognize the expense over a three year performance period. Performance shares are granted in restricted stock units. They are payable in stock and vest solely upon achievement of certain financial performance targets during this three year period. | |||||||
The 2013 performance share award covers the three year performance period from the beginning of fiscal year 2013 to the end of fiscal year 2015. The 2012 performance share award covers the three year performance period from the beginning of fiscal year 2012 to the end of fiscal year 2014. The 2011 performance share award covered the three year performance period from the beginning of fiscal year 2011 to the end of fiscal year 2013. | |||||||
The 2010 performance share award covered the three year performance period from the beginning of fiscal year 2010 to the end of fiscal year 2012. Performance shares were granted in restricted stock units. They were paid in cash and vested solely upon achievement of certain financial performance targets during this three year period. | |||||||
In 2009, we granted a combination of stock options, restricted stock awards and restricted stock units payable in cash to key employees as part of our management compensation program and did not grant performance share awards. These stock options and restricted share awards vested over a three year period and did not contain a performance requirement. | |||||||
Share-Based Liabilities | |||||||
As of December 31, 2013 and 2012, we had $292 and $3,650 in total share-based liabilities recorded on our Consolidated Balance Sheets, respectively. During the years ended December 31, 2013, 2012 and 2011 we paid out $3,134, $2,212 and $506 related to 2010, 2009 and 2008 share-based liability awards, respectively. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
16 | Earnings Per Share | |||||||||||
The computations of Basic and Diluted Earnings per Share for the years ended December 31, were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net Earnings | $ | 40,231 | $ | 41,584 | $ | 32,713 | ||||||
Denominator: | ||||||||||||
Basic - Weighted Average Shares Outstanding | 18,297,371 | 18,544,896 | 18,832,693 | |||||||||
Effect of dilutive securities: | ||||||||||||
Employee stock options | 536,082 | 557,120 | 527,735 | |||||||||
Diluted - Weighted Average Shares Outstanding | 18,833,453 | 19,102,016 | 19,360,428 | |||||||||
Basic Earnings per Share | $ | 2.2 | $ | 2.24 | $ | 1.74 | ||||||
Diluted Earnings per Share | $ | 2.14 | $ | 2.18 | $ | 1.69 | ||||||
Options to purchase 132,803, 233,655 and 123,292 shares of Common Stock were outstanding during 2013, 2012 and 2011, respectively, but were not included in the computation of diluted earnings per share. These exclusions are made if the exercise prices of these options are greater than the average market price of our Common Stock for the period, if the number of shares we can repurchase under the treasury stock method exceeds the weighted shares outstanding in the options, or if we have a net loss, as the effects are anti-dilutive. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Reporting | ' | |||||||||||
17 | Segment Reporting | |||||||||||
We are organized into four operating segments: North America; Latin America; Europe, Middle East, Africa; and Asia Pacific. We combine our North America and Latin America operating segments into the “Americas” for reporting Net Sales by geographic area. In accordance with the objective and basic principles of the applicable accounting guidance, we aggregate our operating segments into one reportable segment that consists of the design, manufacture and sale of products used primarily in the maintenance of nonresidential surfaces. | ||||||||||||
The following table presents Net Sales by operating segment for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Sales: | ||||||||||||
Americas | $ | 514,544 | $ | 491,661 | $ | 481,426 | ||||||
Europe, Middle East, Africa | 157,208 | 166,208 | 188,338 | |||||||||
Asia Pacific | 80,259 | 81,111 | 84,234 | |||||||||
Total | $ | 752,011 | $ | 738,980 | $ | 753,998 | ||||||
The following table presents long lived assets by operating segment as of December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Long-lived assets: | ||||||||||||
Americas | $ | 106,409 | $ | 100,662 | $ | 100,843 | ||||||
Europe, Middle East, Africa | 28,296 | 31,164 | 31,126 | |||||||||
Asia Pacific | 3,882 | 4,499 | 5,183 | |||||||||
Total | $ | 138,587 | $ | 136,325 | $ | 137,152 | ||||||
Accounting policies of the operations in the various operating segments are the same as those described in Note 1 of the Consolidated Financial Statements. Net Sales are attributed to each operating segment based on the country from which the product is shipped and are net of intercompany sales. Information regarding sales to customers geographically located in the United States is provided in Item 1, Business - Segment and Geographic Area Financial Information. No single customer represents more than 10% of our consolidated Net Sales. Long-lived assets consist of Property, Plant and Equipment, Goodwill, Intangible Assets and certain other assets. | ||||||||||||
The following table presents revenues for groups of similar products and services for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Sales: | ||||||||||||
Equipment | $ | 444,773 | $ | 435,900 | $ | 452,398 | ||||||
Parts and consumables | 176,442 | 175,782 | 177,999 | |||||||||
Service and other | 109,533 | 106,048 | 100,650 | |||||||||
Specialty surface coatings | 21,263 | 21,250 | 22,951 | |||||||||
Total | $ | 752,011 | $ | 738,980 | $ | 753,998 | ||||||
Consolidated_Quarterly_Data
Consolidated Quarterly Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Consolidated Quarterly Data (Unaudited) | ' | |||||||||||||||
18 | Consolidated Quarterly Data (Unaudited) | |||||||||||||||
2013 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||||||
Net Sales | $ | 168,092 | $ | 200,238 | $ | 188,541 | $ | 195,140 | ||||||||
Gross Profit | 72,523 | 87,741 | 81,862 | 83,782 | ||||||||||||
Net Earnings | 5,059 | 14,254 | 10,617 | 10,301 | ||||||||||||
Basic Earnings per Share | $ | 0.28 | $ | 0.78 | $ | 0.58 | $ | 0.56 | ||||||||
Diluted Earnings per Share | $ | 0.27 | $ | 0.76 | $ | 0.56 | $ | 0.55 | ||||||||
2012 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||||||
Net Sales | $ | 173,712 | $ | 199,493 | $ | 178,268 | $ | 187,507 | ||||||||
Gross Profit | 75,319 | 88,951 | 77,563 | 83,463 | ||||||||||||
Net Earnings | 5,324 | 13,671 | 8,745 | 13,844 | ||||||||||||
Basic Earnings per Share | $ | 0.28 | $ | 0.74 | $ | 0.47 | $ | 0.75 | ||||||||
Diluted Earnings per Share | $ | 0.28 | $ | 0.71 | $ | 0.46 | $ | 0.73 | ||||||||
The summation of quarterly data may not equate to the calculation for the full fiscal year as quarterly calculations are performed on a discrete basis. | ||||||||||||||||
Regular quarterly dividends aggregated $0.72 per share in 2013, or $0.18 per share per quarter, and $0.69 per share in 2012, or $0.17 per share for the first three quarters of 2012 and $0.18 per share for the fourth quarter of 2012. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
19 | Related Party Transactions | |
On July 31, 2012, we entered into a share purchase agreement with M&F, as further discussed in Note 4. Two of the M&F shareholders are individuals who were employed by Tennant prior to the transaction date and are no longer employed by Tennant as of the transaction date. | ||
Our May 31, 2011 acquisition of Water Star includes installment payments totaling $1,500 to the former owners of Water Star, as further discussed in Note 4. As of the acquisition date, the former owners of Water Star were current employees of Tennant. As of December 31, 2013, the former owners of Water Star are no longer employees of Tennant. | ||
During the first quarter of 2008, we acquired Sociedade Alfa Ltda. and entered into lease agreements for certain properties owned by or partially owned by the former owners of this entity. Some of these individuals are current employees of Tennant. Lease payments made under these lease agreements are not material to our financial position or results of operations. |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | |||||||||||
Schedule II - Valuation and Qualifying Accounts | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Allowance for Doubtful Accounts and Returns: | ||||||||||||
Balance at beginning of year | $ | 4,399 | $ | 4,829 | $ | 4,311 | ||||||
Charged to costs and expenses | 1,279 | 1,427 | 1,888 | |||||||||
Charged to other accounts (1) | 102 | 35 | (91 | ) | ||||||||
Deductions (2) | (1,254 | ) | (1,892 | ) | (1,279 | ) | ||||||
Balance at end of year | $ | 4,526 | $ | 4,399 | $ | 4,829 | ||||||
Inventory Reserves: | ||||||||||||
Balance at beginning of year | $ | 3,724 | $ | 4,173 | $ | 3,693 | ||||||
Charged to costs and expenses | 1,044 | 2,178 | 4,212 | |||||||||
Charged to other accounts (1) | (88 | ) | (2 | ) | (102 | ) | ||||||
Deductions (3) | (1,430 | ) | (2,625 | ) | (3,630 | ) | ||||||
Balance at end of year | $ | 3,250 | $ | 3,724 | $ | 4,173 | ||||||
Valuation Allowance for Deferred Tax Assets: | ||||||||||||
Balance at beginning of year | $ | 4,719 | $ | 3,229 | $ | 9,170 | ||||||
Charged to costs and expenses | 2,239 | 687 | — | |||||||||
Charged to other accounts (4) | 285 | 803 | (5,941 | ) | ||||||||
Balance at end of year | $ | 7,243 | $ | 4,719 | $ | 3,229 | ||||||
(1) Primarily includes impact from foreign currency fluctuations. | ||||||||||||
(2) Includes accounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. | ||||||||||||
(3) Includes inventory identified as excess, slow moving or obsolete and charged against reserves. | ||||||||||||
(4) Includes a valuation allowance decreased in 2011 due to results of operations and an intercompany transaction that had no impact on 2011 Net Earnings. Other years were primarily the impact from foreign currency fluctuations. | ||||||||||||
All other schedules are omitted because they are not applicable or the required information is shown in the Consolidated Financial Statements or notes thereto. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations – Our primary business is designing, manufacturing and marketing solutions that help create a cleaner, safer, healthier world. Our products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; chemical-free and other sustainable cleaning technologies; and coatings for protecting, repairing and upgrading floors and other surfaces. We sell our products through our direct sales and service organization and a network of authorized distributors worldwide. Geographically, our customers are located in North America, Latin America, Europe, the Middle East, Africa and Asia Pacific. | |
Consolidation | ' |
Consolidation – The Consolidated Financial Statements include the accounts of Tennant Company and its subsidiaries. All intercompany transactions and balances have been eliminated. In these Notes to the Consolidated Financial Statements, Tennant Company is referred to as “Tennant,” “we,” “us,” or “our.” | |
Translations of Non-U.S. Currency | ' |
Translation of Non-U.S. Currency – Foreign currency-denominated assets and liabilities have been translated to U.S. dollars at year-end exchange rates, while income and expense items are translated at average exchange rates prevailing during the year. Gains or losses resulting from translation are included as a separate component of Accumulated Other Comprehensive Loss. The balance of cumulative foreign currency translation adjustments recorded within Accumulated Other Comprehensive Loss as of December 31, 2013, 2012 and 2011 was a net loss of $21,991, $19,734 and $20,283, respectively. The majority of translation adjustments are not adjusted for income taxes as substantially all translation adjustments relate to permanent investments in non-U.S. subsidiaries. Net Foreign Currency Transaction (Losses) Gains are included in Other Income (Expense). | |
Use of Estimates | ' |
Use of Estimates – In preparing the consolidated financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), management must make decisions that impact the reported amounts of assets, liabilities, revenues, expenses and the related disclosures, including disclosures of contingent assets and liabilities. Such decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. Estimates are used in determining, among other items, sales promotions and incentives accruals, inventory valuation, warranty reserves, allowance for doubtful accounts, pension and postretirement accruals, useful lives for intangible assets, and future cash flows associated with impairment testing for goodwill and other long-lived assets. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. A number of these factors include, among others, economic conditions, credit markets, foreign currency, commodity cost volatility and consumer spending and confidence, all of which have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual amounts could differ significantly from those estimated at the time the consolidated financial statements are prepared. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents – We consider all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. | |
Restricted Cash | ' |
Restricted Cash – We have a total of $393 as of December 31, 2013 that serves as collateral backing certain bank guarantees and is therefore restricted. This money is invested in time deposits. | |
Receivables | ' |
Receivables – Credit is granted to our customers in the normal course of business. Receivables are recorded at original carrying value less reserves for estimated uncollectible accounts and sales returns. To assess the collectability of these receivables, we perform ongoing credit evaluations of our customers’ financial condition. Through these evaluations, we may become aware of a situation where a customer may not be able to meet its financial obligations due to deterioration of its financial viability, credit ratings or bankruptcy. The reserve requirements are based on the best facts available to us and are reevaluated and adjusted as additional information becomes available. Our reserves are also based on amounts determined by using percentages applied to trade receivables. These percentages are determined by a variety of factors including, but not limited to, current economic trends, historical payment and bad debt write-off experience. An account is considered past-due or delinquent when it has not been paid within the contractual terms. Uncollectible accounts are written off against the reserves when it is deemed that a customer account is uncollectible. | |
Inventories | ' |
Inventories – Inventories are valued at the lower of cost or market. Cost is determined on a first-in, first-out (“FIFO”) basis except for Inventories in North America and Japan which are determined on a last-in, first-out (“LIFO”) basis. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment – Property, plant and equipment is carried at cost. Additions and improvements that extend the lives of the assets are capitalized while expenditures for repairs and maintenance are expensed as incurred. We generally depreciate buildings and improvements by the straight-line method over a life of 30 years . Other property, plant and equipment are generally depreciated using the straight-line method based on lives of 3 years to 15 years. | |
Goodwill | ' |
Goodwill – Goodwill represents the excess of cost over the fair value of net assets of businesses acquired. We analyze Goodwill on an annual basis as of year end and when an event occurs or circumstances change that may reduce the fair value of one of our reporting units below its carrying amount. A goodwill impairment occurs if the carrying amount of a reporting unit’s goodwill exceeds its fair value. In assessing the recoverability of Goodwill, we use an analysis of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. | |
Intangible Assets | ' |
Intangible Assets – Intangible Assets consist of definite lived customer lists, service contracts, an acquired trade name and technology. Intangible Assets with a definite life are amortized on a straight-line basis. | |
Impairment of Long-lived Assets | ' |
Impairment of Long-lived Assets – We periodically review our intangible and long-lived assets for impairment and assess whether events or circumstances indicate that the carrying amount of the assets may not be recoverable. We generally deem an asset group to be impaired if an estimate of undiscounted future operating cash flows is less than its carrying amount. If impaired, an impairment loss is recognized based on the excess of the carrying amount of the individual asset group over its fair value. | |
Purchases of Common Stock | ' |
Purchases of Common Stock – We repurchase our Common Stock under a 2011 and a 2012 repurchase program authorized by our Board of Directors. These programs allow us to repurchase up to 2,000,000 shares of our Common Stock. Upon repurchase, the par value is charged to Common Stock and the remaining purchase price is charged to Additional Paid-in Capital. If the amount of the remaining purchase price causes the Additional Paid-in Capital account to be in a debit position, this amount is then reclassified to Retained Earnings. Common Stock repurchased is included in shares authorized but is not included in shares outstanding. | |
Warranty | ' |
Warranty – We record a liability for estimated warranty claims at the time of sale. The amount of the liability is based on the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, new product introductions and other factors. In the event we determine that our current or future product repair and replacement costs exceed our estimates, an adjustment to these reserves would be charged to earnings in the period such determination is made. Warranty terms on machines range from one to four years. | |
Environmental | ' |
Environmental – We record a liability for environmental clean-up on an undiscounted basis when a loss is probable and can be reasonably estimated. | |
Pension and Profit Sharing Plans | ' |
Pension and Profit Sharing Plans – We have pension and/or profit sharing plans covering substantially all of our employees. Pension plan costs are accrued based on actuarial estimates with the required pension cost funded annually, as needed. No new participants have entered the pension plan since 2000. | |
Postretirement Benefits | ' |
Postretirement Benefits – We accrue and recognize the cost of retiree health benefits over the employees’ period of service based on actuarial estimates. Benefits are only available for U.S. employees hired before January 1, 1999. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments – We use derivative instruments to manage exposures to foreign currency only in an attempt to limit underlying exposures from currency fluctuations and not for trading purposes. We periodically enter into various contracts, principally forward exchange contracts, to protect the value of certain of our foreign currency-denominated assets and liabilities (principally the Euro, Australian and Canadian dollars, British pound, Japanese yen, Chinese yuan and Brazilian real). We have elected not to apply hedge accounting treatment to these contracts as our contracts are for a short duration. These contracts are marked-to-market with the related asset or liability recorded in Other Current Assets or Other Current Liabilities, as applicable. The gains and losses on these contracts generally approximate changes in the value of the related assets and liabilities. Gains or losses on forward foreign exchange contracts to economically hedge foreign currency-denominated net assets and liabilities are recognized in Other Income (Expense) under Net Foreign Currency Transaction (Losses) Gains within the Consolidated Statements of Earnings. | |
Revenue Recognition | ' |
Revenue Recognition – We recognize revenue when persuasive evidence of an arrangement exists, title and risk of ownership have passed to the customer, the sales price is fixed or determinable and collectibility is reasonably assured. Generally, these criteria are met at the time the product is shipped. Provisions for estimated returns, rebates and discounts are provided for at the time the related revenue is recognized. Freight revenue billed to customers is included in Net Sales and the related shipping expense is included in Cost of Sales. Service revenue is recognized in the period the service is performed or ratably over the period of the related service contract. | |
Customers may obtain financing through third-party leasing companies to assist in their acquisition of our equipment products. Certain lease transactions classified as operating leases contain retained ownership provisions or guarantees, which results in recognition of revenue over the lease term. As a result, we defer the sale of these transactions and record the sales proceeds as collateralized borrowings or deferred revenue. The underlying equipment relating to operating leases is depreciated on a straight-line basis, not to exceed the equipment’s estimated useful life. | |
Revenues from contracts with multiple element arrangements are recognized as each element is earned. We offer service contracts in conjunction with equipment sales in addition to selling equipment and service contracts separately. Sales proceeds related to service contracts are deferred if the proceeds are received in advance of the service and recognized ratably over the contract period. | |
Share-based Compensation | ' |
Share-based Compensation – We account for employee share-based compensation using the fair value based method. Our share-based compensation plans are more fully described in Note 15 of the Consolidated Financial Statements. | |
Research and Development | ' |
Research and Development – Research and development costs are expensed as incurred. | |
Advertising Costs | ' |
Advertising Costs – We advertise products, technologies and solutions to customers and prospective customers through a variety of marketing campaign and promotional efforts. These efforts include tradeshows, online advertising, e-mail marketing, mailings, sponsorships and telemarketing. Advertising costs are expensed as incurred. In 2013, 2012 and 2011 such activities amounted to $6,412, $6,466 and $6,728, respectively. | |
Income Taxes | ' |
Income Taxes – Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the book and tax bases of existing assets and liabilities. A valuation allowance is provided when, in management’s judgment, it is more likely than not that some portion or all of the deferred tax asset will not be realized. We have established contingent tax liabilities using management’s best judgment. We follow guidance provided by Accounting Standards Codification ("ASC") 740, Income Taxes, regarding uncertainty in income taxes, to record these contingent tax liabilities (refer to Note 14 of the Consolidated Financial Statements for additional information). We adjust these liabilities as facts and circumstances change. Interest Expense is recognized in the first period the interest would begin accruing. Penalties are recognized in the period we claim or expect to claim the position in our tax return. Interest and penalties expenses are classified as an income tax expense. | |
Sales Tax | ' |
Sales Tax – Sales taxes collected from customers and remitted to governmental authorities are presented on a net basis. | |
Earnings per Share | ' |
Earnings per Share – Basic earnings per share is computed by dividing Net Earnings by the Weighted Average Shares Outstanding during the period. Diluted earnings per share assume conversion of potentially dilutive stock options and restricted share awards. Performance-based shares are included in the calculation of diluted earnings per share in the quarter in which the performance targets have been achieved. |
Management_Actions_Tables
Management Actions (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Reconciliation of beginning and ending liability balances - Q4 2013 Action | ' | |||
A reconciliation of the beginning and ending liability balances is as follows: | ||||
Severance and Related Costs | ||||
Q4 2013 restructuring action | $ | 1,577 | ||
December 31, 2013 balance | $ | 1,577 | ||
Reconciliation of beginning and ending liability blances - Q1 2013 Action | ' | |||
A reconciliation of the beginning and ending liability balances is as follows: | ||||
Severance and Related Costs | ||||
Q1 2013 restructuring action | $ | 1,440 | ||
Cash payments | (1,110 | ) | ||
Foreign currency adjustments | 17 | |||
December 31, 2013 balance | $ | 347 | ||
Reconciliation of beginning and ending liability balances - 2012 Action | ' | |||
A reconciliation of the beginning and ending liability balances is as follows: | ||||
Severance and Related Costs | ||||
2012 restructuring action | $ | 760 | ||
Cash payments | (414 | ) | ||
Foreign currency adjustments | 27 | |||
December 31, 2012 balance | $ | 373 | ||
2013 utilization: | ||||
Cash payments | (328 | ) | ||
Foreign currency adjustments | (27 | ) | ||
Change in estimate | (18 | ) | ||
December 31, 2013 balance | $ | — | ||
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Components of purchase price allocation of acquisition | ' | |||
The components of the purchase price of the business combination described above have been allocated as follows: | ||||
Current Assets | $ | 426 | ||
Property, Plant and Equipment, Net | 167 | |||
Identified Intangible Assets | 3,800 | |||
Goodwill | 472 | |||
Total Assets Acquired | 4,865 | |||
Current Liabilities | 409 | |||
Total Liabilities Assumed | 409 | |||
Net Assets Acquired | $ | 4,456 | ||
Assets and liabilities transferred under the Share Purchase Agreement | ' | |||
The assets and liabilities transferred under the Share Purchase Agreement on the date of sale were as follows: | ||||
Accounts Receivable | $ | 4,398 | ||
Inventories | 4,271 | |||
Other Current Assets | 87 | |||
Current Assets | 8,756 | |||
Property, Plant and Equipment, Net | 170 | |||
Total Assets Divested | 8,926 | |||
Current Liabilities | 1,121 | |||
Total Liabilities Divested | 1,121 | |||
Net Assets Divested | $ | 7,805 | ||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories as of December 31, consisted of the following: | ||||||||
2013 | 2012 | |||||||
Inventories carried at LIFO: | ||||||||
Finished goods | $ | 36,238 | $ | 33,546 | ||||
Raw materials, production parts and work-in-process | 13,922 | 14,291 | ||||||
LIFO reserve | (27,463 | ) | (27,608 | ) | ||||
Total LIFO inventories | 22,697 | 20,229 | ||||||
Inventories carried at FIFO: | ||||||||
Finished goods | 31,489 | 25,623 | ||||||
Raw materials, production parts and work-in-process | 12,720 | 12,284 | ||||||
Total FIFO inventories | 44,209 | 37,907 | ||||||
Total Inventories | $ | 66,906 | $ | 58,136 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment and related Accumulated Depreciation, including equipment under capital leases, as of December 31, consisted of the following: | ||||||||
2013 | 2012 | |||||||
Land | $ | 4,311 | $ | 4,294 | ||||
Buildings and improvements | 53,490 | 52,597 | ||||||
Machinery and manufacturing equipment | 143,413 | 140,330 | ||||||
Office equipment | 91,048 | 88,814 | ||||||
Work in progress | 8,644 | 8,875 | ||||||
Total Property, Plant and Equipment | 300,906 | 294,910 | ||||||
Less: Accumulated Depreciation | (217,430 | ) | (208,717 | ) | ||||
Net Property, Plant and Equipment | $ | 83,476 | $ | 86,193 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Changes in the carrying amount of Goodwill | ' | |||||||||||||||
The changes in the carrying amount of Goodwill are as follows: | ||||||||||||||||
Goodwill | Accumulated | Total | ||||||||||||||
Impairment | ||||||||||||||||
Losses | ||||||||||||||||
Balance as of December 31, 2011 | $ | 66,523 | $ | (46,220 | ) | $ | 20,303 | |||||||||
Foreign currency fluctuations | 2,062 | (2,648 | ) | (586 | ) | |||||||||||
Balance as of December 31, 2012 | $ | 68,585 | $ | (48,868 | ) | $ | 19,717 | |||||||||
Foreign currency fluctuations | 321 | (1,109 | ) | (788 | ) | |||||||||||
Balance as of December 31, 2013 | $ | 68,906 | $ | (49,977 | ) | $ | 18,929 | |||||||||
Acquired Intangible Assets excluding Goodwill | ' | |||||||||||||||
The balances of acquired Intangible Assets, excluding Goodwill, as of December 31, are as follows: | ||||||||||||||||
Customer Lists | Trade | Technology | Total | |||||||||||||
and | Name | |||||||||||||||
Service Contracts | ||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||
Original cost | $ | 23,763 | $ | 4,836 | $ | 7,347 | $ | 35,946 | ||||||||
Accumulated amortization | (11,609 | ) | (1,976 | ) | (3,333 | ) | (16,918 | ) | ||||||||
Carrying amount | $ | 12,154 | $ | 2,860 | $ | 4,014 | $ | 19,028 | ||||||||
Weighted-average original life (in years) | 15 | 14 | 13 | |||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||
Original cost | $ | 23,817 | $ | 4,657 | $ | 7,197 | $ | 35,671 | ||||||||
Accumulated amortization | (9,907 | ) | (1,565 | ) | (2,806 | ) | (14,278 | ) | ||||||||
Carrying amount | $ | 13,910 | $ | 3,092 | $ | 4,391 | $ | 21,393 | ||||||||
Weighted-average original life (in years) | 15 | 14 | 13 | |||||||||||||
Estimated aggregate amortization expense of Intangible Assets | ' | |||||||||||||||
Estimated aggregate amortization expense based on the current carrying amount of amortizable Intangible Assets for each of the five succeeding years is as follows: | ||||||||||||||||
2014 | $ | 2,387 | ||||||||||||||
2015 | 2,204 | |||||||||||||||
2016 | 1,871 | |||||||||||||||
2017 | 1,768 | |||||||||||||||
2018 | 1,761 | |||||||||||||||
Thereafter | 9,037 | |||||||||||||||
Total | $ | 19,028 | ||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Short-term and Long-term Debt | ' | |||||||
Debt as of December 31, consisted of the following: | ||||||||
2013 | 2012 | |||||||
Short-Term Debt: | ||||||||
Credit facility borrowings | $ | 1,500 | $ | — | ||||
Long-Term Debt: | ||||||||
Bank borrowings | 9 | 22 | ||||||
Credit facility borrowings | 30,000 | 30,000 | ||||||
Notes payable | — | 750 | ||||||
Collateralized borrowings | 11 | 39 | ||||||
Capital lease obligations | 283 | 1,512 | ||||||
Total Debt | 31,803 | 32,323 | ||||||
Less: current portion | (3,803 | ) | (2,042 | ) | ||||
Long-term portion | $ | 28,000 | $ | 30,281 | ||||
Aggregate maturities of outstanding debt including capital lease obligations | ' | |||||||
The aggregate maturities of our outstanding debt including capital lease obligations as of December 31, 2013, are as follows: | ||||||||
2014 | $ | 4,718 | ||||||
2015 | 4,217 | |||||||
2016 | 4,078 | |||||||
2017 | 3,940 | |||||||
2018 | 13,678 | |||||||
Thereafter | 4,549 | |||||||
Total minimum obligations | $ | 35,180 | ||||||
Less: amount representing interest | (3,377 | ) | ||||||
Total | $ | 31,803 | ||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Liabilities, Current [Abstract] | ' | |||||||||||
Other Current Liabilities | ' | |||||||||||
Other Current Liabilities as of December 31, consisted of the following: | ||||||||||||
2013 | 2012 | |||||||||||
Taxes, other than income taxes | $ | 6,565 | $ | 4,768 | ||||||||
Warranty | 9,663 | 9,357 | ||||||||||
Deferred revenue | 2,303 | 1,878 | ||||||||||
Rebates | 7,647 | 6,983 | ||||||||||
Freight | 4,593 | 3,999 | ||||||||||
Miscellaneous accrued expenses | 8,492 | 8,115 | ||||||||||
Other | 4,813 | 3,744 | ||||||||||
Total | $ | 44,076 | $ | 38,844 | ||||||||
Changes in warranty reserves | ' | |||||||||||
The changes in warranty reserves for the three years ended December 31 were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 9,357 | $ | 8,759 | $ | 7,043 | ||||||
Product warranty provision | 10,649 | 12,395 | 12,815 | |||||||||
(Divested) acquired reserves | — | (236 | ) | 10 | ||||||||
Foreign currency | (48 | ) | (15 | ) | (63 | ) | ||||||
Claims paid | (10,295 | ) | (11,546 | ) | (11,046 | ) | ||||||
Ending balance | $ | 9,663 | $ | 9,357 | $ | 8,759 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value measurements of assets and liabilities | ' | |||||||||||||||
Our population of assets and liabilities subject to fair value measurements at December 31, 2013 is as follows: | ||||||||||||||||
Fair | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | ||||||||||||||||
Assets: | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 16 | $ | — | $ | 16 | $ | — | ||||||||
Total Assets | $ | 16 | $ | — | $ | 16 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 109 | $ | — | $ | 109 | $ | — | ||||||||
Total Liabilities | $ | 109 | $ | — | $ | 109 | $ | — | ||||||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Weighted-average asset allocations by asset category of the U.S. and U.K. Pension Plans | ' | |||||||||||||||||||||||||||||||||||
Weighted-average asset allocations by asset category of the U.S. and U.K. Pension Plans as of December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 746 | $ | 746 | $ | — | $ | — | ||||||||||||||||||||||||||||
Mutual Funds: | ||||||||||||||||||||||||||||||||||||
U.S. Large-Cap | 20,597 | 20,597 | — | — | ||||||||||||||||||||||||||||||||
U.S. Small-Cap | 6,971 | 6,971 | — | — | ||||||||||||||||||||||||||||||||
International Equities | 6,328 | 6,328 | — | — | ||||||||||||||||||||||||||||||||
Fixed-Income Domestic | 17,755 | 17,755 | — | — | ||||||||||||||||||||||||||||||||
Investment Account held by Pension Plan (1) | 9,733 | — | — | 9,733 | ||||||||||||||||||||||||||||||||
Total | $ | 62,130 | $ | 52,397 | $ | — | $ | 9,733 | ||||||||||||||||||||||||||||
-1 | This category is comprised of investments in insurance contracts. | |||||||||||||||||||||||||||||||||||
Weighted-average asset allocations by asset category of the U.S. and U.K. Pension Plans as of December 31, 2012 are as follows: | ||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 701 | $ | 701 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Small-Cap | 1,438 | 1,438 | — | — | ||||||||||||||||||||||||||||||||
U.S. Mid-Cap | 2,266 | 2,266 | — | — | ||||||||||||||||||||||||||||||||
International Small-Cap | 63 | 63 | — | — | ||||||||||||||||||||||||||||||||
Mutual Funds: | ||||||||||||||||||||||||||||||||||||
Corporate Bonds | 18,671 | 18,671 | — | — | ||||||||||||||||||||||||||||||||
U.S. Large-Cap | 18,141 | 18,141 | — | — | ||||||||||||||||||||||||||||||||
International Large-Cap | 5,662 | 5,662 | — | — | ||||||||||||||||||||||||||||||||
Investment Account held by Pension Plan (1) | 8,855 | — | — | 8,855 | ||||||||||||||||||||||||||||||||
Total | $ | 55,797 | $ | 46,942 | $ | — | $ | 8,855 | ||||||||||||||||||||||||||||
-1 | This category is comprised of investments in insurance contracts. | |||||||||||||||||||||||||||||||||||
Reconciliation of beginning and ending balances of Level 3 plan assets | ' | |||||||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of the Level 3 investments of our U.K. Pension Plan during the years ended are as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Fair value at beginning of year | $ | 8,855 | $ | 7,738 | ||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | 74 | — | ||||||||||||||||||||||||||||||||||
Net gain | 601 | 739 | ||||||||||||||||||||||||||||||||||
Foreign currency | 203 | 378 | ||||||||||||||||||||||||||||||||||
Fair value at end of year | $ | 9,733 | $ | 8,855 | ||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations and net periodic benefit costs | ' | |||||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations as of December 31, are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. | Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Discount rate | 4.63 | % | 3.79 | % | 4.33 | % | 4.41 | % | 4.1 | % | 3.27 | % | ||||||||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 4.5 | % | 4.5 | % | — | — | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit costs as of December 31, are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. | Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 3.79 | % | 4.39 | % | 5.39 | % | 4.41 | % | 4.94 | % | 5.39 | % | 3.27 | % | 4.2 | % | 5 | % | ||||||||||||||||||
Expected long-term rate of return on plan assets | 6.5 | % | 7.7 | % | 7.7 | % | 4.7 | % | 4.8 | % | 5.2 | % | — | — | — | |||||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | 4.5 | % | 4.6 | % | 5.1 | % | — | — | — | |||||||||||||||||||||
Accumulated benefit obligations for all defined benefit plans | ' | |||||||||||||||||||||||||||||||||||
The accumulated benefit obligations as of December 31, for all defined benefit plans, are as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
U.S. Pension Plans | $ | 42,241 | $ | 46,907 | ||||||||||||||||||||||||||||||||
U.K. Pension Plan | 9,803 | 8,837 | ||||||||||||||||||||||||||||||||||
German Pension Plan | 897 | 878 | ||||||||||||||||||||||||||||||||||
Plans with accumulated benefit obligation in excess of plan assets | ' | |||||||||||||||||||||||||||||||||||
Information for our plans with an accumulated benefit obligation in excess of plan assets as of December 31, is as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 12,778 | $ | 3,261 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | 9,733 | — | ||||||||||||||||||||||||||||||||||
Plans with projected benefit obligations in excess of plan assets | ' | |||||||||||||||||||||||||||||||||||
Information for our plans with a projected benefit obligation in excess of plan assets as of December 31, is as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 13,481 | $ | 12,591 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | 9,733 | 8,855 | ||||||||||||||||||||||||||||||||||
Assumed healthcare cost trend rates | ' | |||||||||||||||||||||||||||||||||||
Assumed healthcare cost trend rates as of December 31, are as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Healthcare cost trend rate assumption for the next year | 8.3 | % | 9.17 | % | ||||||||||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2031 | 2031 | ||||||||||||||||||||||||||||||||||
Effect of one-percentage-point change in assumed healthcare cost trends | ' | |||||||||||||||||||||||||||||||||||
To illustrate, a one-percentage-point change in assumed healthcare cost trends would have the following effects: | ||||||||||||||||||||||||||||||||||||
1-Percentage- | 1-Percentage- | |||||||||||||||||||||||||||||||||||
Point | Point | |||||||||||||||||||||||||||||||||||
Decrease | Increase | |||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | (46 | ) | $ | 52 | |||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | (930 | ) | $ | 1,050 | |||||||||||||||||||||||||||||||
Changes in benefit obligations and plan assets and funded status | ' | |||||||||||||||||||||||||||||||||||
Summaries related to changes in benefit obligations and plan assets and to the funded status of our defined benefit and postretirement medical benefit plans are as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. | Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 48,824 | $ | 44,280 | $ | 10,011 | $ | 8,775 | $ | 14,090 | $ | 13,708 | ||||||||||||||||||||||||
Service cost | 690 | 686 | 142 | 138 | 154 | 142 | ||||||||||||||||||||||||||||||
Interest cost | 1,803 | 1,928 | 422 | 437 | 443 | 551 | ||||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 23 | 24 | — | — | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | (4,901 | ) | 3,893 | 668 | 595 | (1,001 | ) | 926 | ||||||||||||||||||||||||||||
Foreign exchange | — | — | 265 | 411 | — | — | ||||||||||||||||||||||||||||||
Benefits paid | (2,763 | ) | (1,963 | ) | (293 | ) | (369 | ) | (500 | ) | (1,237 | ) | ||||||||||||||||||||||||
Benefit obligation at end of year | $ | 43,653 | $ | 48,824 | $ | 11,238 | $ | 10,011 | $ | 13,186 | $ | 14,090 | ||||||||||||||||||||||||
Change in fair value of plan assets and net accrued liabilities: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 46,942 | $ | 28,237 | $ | 8,855 | $ | 7,738 | $ | — | $ | — | ||||||||||||||||||||||||
Actual return on plan assets | 7,827 | 3,818 | 601 | 738 | — | — | ||||||||||||||||||||||||||||||
Employer contributions | 391 | 16,850 | 343 | 346 | 500 | 1,237 | ||||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 23 | 24 | — | — | ||||||||||||||||||||||||||||||
Foreign exchange | — | — | 204 | 378 | — | — | ||||||||||||||||||||||||||||||
Benefits paid | (2,763 | ) | (1,963 | ) | (293 | ) | (369 | ) | (500 | ) | (1,237 | ) | ||||||||||||||||||||||||
Fair value of plan assets at end of year | 52,397 | 46,942 | 9,733 | 8,855 | — | — | ||||||||||||||||||||||||||||||
Funded status at end of year | $ | 8,744 | $ | (1,882 | ) | $ | (1,505 | ) | $ | (1,156 | ) | $ | (13,186 | ) | $ | (14,090 | ) | |||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | ||||||||||||||||||||||||||||||||||||
Noncurrent Other Assets | $ | 10,987 | $ | 698 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Current Liabilities | (149 | ) | (145 | ) | (41 | ) | (39 | ) | (919 | ) | (904 | ) | ||||||||||||||||||||||||
Long-Term Liabilities | (2,094 | ) | (2,435 | ) | (1,464 | ) | (1,117 | ) | (12,267 | ) | (13,186 | ) | ||||||||||||||||||||||||
Net accrued asset (liability) | $ | 8,744 | $ | (1,882 | ) | $ | (1,505 | ) | $ | (1,156 | ) | $ | (13,186 | ) | $ | (14,090 | ) | |||||||||||||||||||
Amounts recognized in Accumulated Other Comprehensive Loss consist of: | ||||||||||||||||||||||||||||||||||||
Prior service (cost) credit | $ | (152 | ) | $ | (224 | ) | $ | — | $ | — | $ | 6 | $ | 109 | ||||||||||||||||||||||
Net actuarial loss | (2,142 | ) | (13,711 | ) | (704 | ) | (246 | ) | (1,587 | ) | (2,789 | ) | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | $ | (2,294 | ) | $ | (13,935 | ) | $ | (704 | ) | $ | (246 | ) | $ | (1,581 | ) | $ | (2,680 | ) | ||||||||||||||||||
Components of the net periodic benefit cost | ' | |||||||||||||||||||||||||||||||||||
The components of the net periodic benefit cost for the three years ended December 31, were as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. | Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Service cost | $ | 690 | $ | 686 | $ | 651 | $ | 142 | $ | 138 | $ | 133 | $ | 154 | $ | 142 | $ | 132 | ||||||||||||||||||
Interest cost | 1,803 | 1,928 | 2,013 | 422 | 437 | 465 | 443 | 551 | 612 | |||||||||||||||||||||||||||
Expected return on plan assets | (2,911 | ) | (2,279 | ) | (2,325 | ) | (402 | ) | (387 | ) | (376 | ) | — | — | — | |||||||||||||||||||||
Amortization of net actuarial loss | 1,751 | 1,131 | 27 | 9 | — | — | 201 | 57 | — | |||||||||||||||||||||||||||
Amortization of prior service cost | 73 | 382 | 550 | — | — | — | (103 | ) | (580 | ) | (580 | ) | ||||||||||||||||||||||||
Foreign currency | — | — | — | 21 | 16 | (18 | ) | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 1,406 | $ | 1,848 | $ | 916 | $ | 192 | $ | 204 | $ | 204 | $ | 695 | $ | 170 | $ | 164 | ||||||||||||||||||
Changes in accumulated other comprehensive loss | ' | |||||||||||||||||||||||||||||||||||
The changes in Accumulated Other Comprehensive Loss for the three years ended December 31, were as follows: | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. | Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Prior service cost | $ | — | $ | — | $ | 233 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Net actuarial (gain) loss | (9,817 | ) | 2,355 | 6,184 | 467 | 244 | (300 | ) | (1,001 | ) | 926 | 72 | ||||||||||||||||||||||||
Amortization of prior service cost | (73 | ) | (382 | ) | (550 | ) | — | — | — | 103 | 580 | 580 | ||||||||||||||||||||||||
Amortization of net actuarial loss | (1,751 | ) | (1,132 | ) | (27 | ) | (9 | ) | — | — | (201 | ) | (57 | ) | — | |||||||||||||||||||||
Total recognized in other comprehensive income | $ | (11,641 | ) | $ | 841 | $ | 5,840 | $ | 458 | $ | 244 | $ | (300 | ) | $ | (1,099 | ) | $ | 1,449 | $ | 652 | |||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (10,235 | ) | $ | 2,689 | $ | 6,756 | $ | 650 | $ | 448 | $ | (96 | ) | $ | (404 | ) | $ | 1,619 | $ | 816 | |||||||||||||||
Expected future benefit payments | ' | |||||||||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, are expected to be paid for our U.S. and Non-U.S. plans: | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. | Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||
2014 | $ | 2,021 | $ | 309 | $ | 919 | ||||||||||||||||||||||||||||||
2015 | 2,353 | 319 | 1,026 | |||||||||||||||||||||||||||||||||
2016 | 2,535 | 328 | 1,055 | |||||||||||||||||||||||||||||||||
2017 | 2,682 | 339 | 1,106 | |||||||||||||||||||||||||||||||||
2018 | 2,808 | 350 | 1,091 | |||||||||||||||||||||||||||||||||
2019 to 2023 | 15,087 | 1,916 | 5,349 | |||||||||||||||||||||||||||||||||
Total | $ | 27,486 | $ | 3,561 | $ | 10,546 | ||||||||||||||||||||||||||||||
Amounts in accumulated other comprehensive loss to be recognized over next fiscal year | ' | |||||||||||||||||||||||||||||||||||
The following amounts are included in Accumulated Other Comprehensive Loss as of December 31, 2013 and are expected to be recognized as components of net periodic benefit cost during 2014: | ||||||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Medical | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 185 | $ | 43 | ||||||||||||||||||||||||||||||||
Prior service cost (credit) | 43 | (6 | ) | |||||||||||||||||||||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Components of Accumulated Other Comprehensive Loss, net of tax, within the Consolidated Balance Sheets and Statements of Shareholders' Equity [Abstract] | ' | |||||||||||
Components of Accumulated Other Comprehensive Loss, net of tax | ' | |||||||||||
Components of Accumulated Other Comprehensive Loss, net of tax, within the Consolidated Balance Sheets and Statements of Shareholders' Equity as of December 31, are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Foreign currency translation adjustments | $ | (21,991 | ) | $ | (19,734 | ) | $ | (20,283 | ) | |||
Pension and retiree medical benefits | (2,980 | ) | (10,599 | ) | (8,954 | ) | ||||||
Total Accumulated Other Comprehensive Loss | $ | (24,971 | ) | $ | (30,333 | ) | $ | (29,237 | ) | |||
Changes in components of Accumulated Other Comprehensive Loss, net of tax | ' | |||||||||||
The changes in components of Accumulated Other Comprehensive Loss, net of tax, are as follows: | ||||||||||||
Foreign Currency Translation Adjustments | Pension and Post Retirement Benefits | Total | ||||||||||
December 31, 2012 | $ | (19,734 | ) | $ | (10,599 | ) | $ | (30,333 | ) | |||
Other comprehensive (loss) income before reclassifications | (2,257 | ) | 6,408 | 4,151 | ||||||||
Amounts reclassified from Accumulated Other Comprehensive Loss | — | 1,211 | 1,211 | |||||||||
Net current period other comprehensive (loss) income | (2,257 | ) | 7,619 | 5,362 | ||||||||
December 31, 2013 | $ | (21,991 | ) | $ | (2,980 | ) | $ | (24,971 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Minimum rentals for aggregate lease commitments | ' | |||
The minimum rentals for aggregate lease commitments as of December 31, 2013, were as follows: | ||||
2014 | $ | 8,398 | ||
2015 | 5,378 | |||
2016 | 3,129 | |||
2017 | 1,892 | |||
2018 | 778 | |||
Thereafter | 311 | |||
Total | $ | 19,886 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income from continuing operations | ' | |||||||||||
Income from continuing operations for the three years ended December 31, was as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. operations | $ | 54,702 | $ | 47,220 | $ | 40,282 | ||||||
Foreign operations | 5,176 | 12,670 | 8,448 | |||||||||
Total | $ | 59,878 | $ | 59,890 | $ | 48,730 | ||||||
Income tax expense (benefit) | ' | |||||||||||
Income tax expense (benefit) for the three years ended December 31, was as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 13,551 | $ | 8,158 | $ | 10,321 | ||||||
Foreign | 3,567 | 4,633 | 2,277 | |||||||||
State | 1,136 | 1,089 | 1,450 | |||||||||
$ | 18,254 | $ | 13,880 | $ | 14,048 | |||||||
Deferred: | ||||||||||||
Federal | $ | 1,856 | $ | 4,423 | $ | 2,330 | ||||||
Foreign | (424 | ) | (126 | ) | (203 | ) | ||||||
State | (39 | ) | 129 | (158 | ) | |||||||
$ | 1,393 | $ | 4,426 | $ | 1,969 | |||||||
Total: | ||||||||||||
Federal | $ | 15,407 | $ | 12,581 | $ | 12,651 | ||||||
Foreign | 3,143 | 4,507 | 2,074 | |||||||||
State | 1,097 | 1,218 | 1,292 | |||||||||
Total Income Tax Expense | $ | 19,647 | $ | 18,306 | $ | 16,017 | ||||||
Effective tax rate reconciliation | ' | |||||||||||
Our effective income tax rate varied from the U.S. federal statutory tax rate for the three years ended December 31, as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax at statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Increases (decreases) in the tax rate from: | ||||||||||||
State and local taxes, net of federal benefit | 1.7 | 1 | 2 | |||||||||
Effect of foreign operations | (3.3 | ) | (6.2 | ) | 0.5 | |||||||
Effect of changes in valuation allowances | 3.7 | 2.3 | — | |||||||||
Domestic production activities deduction | (1.6 | ) | (1.5 | ) | (1.6 | ) | ||||||
Other, net | (2.7 | ) | — | (3.0 | ) | |||||||
Effective income tax rate | 32.8 | % | 30.6 | % | 32.9 | % | ||||||
Deferred tax assets and liabilities | ' | |||||||||||
Deferred tax assets and liabilities were comprised of the following as of December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Deferred Tax Assets: | ||||||||||||
Inventories, principally due to additional costs inventoried for tax purposes and changes in inventory reserves | $ | — | $ | 28 | $ | 426 | ||||||
Employee wages and benefits, principally due to accruals for financial reporting purposes | 14,831 | 18,608 | 20,910 | |||||||||
Warranty reserves accrued for financial reporting purposes | 2,803 | 2,641 | 2,625 | |||||||||
Receivables, principally due to allowance for doubtful accounts and tax accounting method for equipment rentals | 1,593 | 1,540 | 1,464 | |||||||||
Tax loss carryforwards | 8,696 | 6,619 | 5,915 | |||||||||
Tax credit carryforwards | 4,078 | 6,720 | 8,554 | |||||||||
Other | 2,523 | 2,329 | 1,777 | |||||||||
Gross Deferred Tax Assets | $ | 34,524 | $ | 38,485 | $ | 41,671 | ||||||
Less: valuation allowance | (7,243 | ) | (4,719 | ) | (3,229 | ) | ||||||
Total Net Deferred Tax Assets | $ | 27,281 | $ | 33,766 | $ | 38,442 | ||||||
Deferred Tax Liabilities: | ||||||||||||
Inventories, principally due to changes in inventory reserves | $ | 306 | $ | — | $ | — | ||||||
Property, Plant and Equipment, principally due to differences in depreciation and related gains | 7,446 | 7,945 | 9,167 | |||||||||
Goodwill and Intangible Assets | 6,253 | 6,818 | 7,093 | |||||||||
Total Deferred Tax Liabilities | $ | 14,005 | $ | 14,763 | $ | 16,260 | ||||||
Net Deferred Tax Assets | $ | 13,276 | $ | 19,003 | $ | 22,182 | ||||||
Reconciliation of unrecognized tax benefits | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Balance at January 1, | $ | 3,480 | $ | 3,424 | ||||||||
Increases as a result of tax positions taken during a prior period | 155 | — | ||||||||||
Increases as a result of tax positions taken during the current year | 508 | 611 | ||||||||||
Reductions as a result of a lapse of the applicable statute of limitations | (295 | ) | (447 | ) | ||||||||
Decreases as a result of foreign currency fluctuations | (188 | ) | (108 | ) | ||||||||
Balance at December 31, | $ | 3,660 | $ | 3,480 | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Assumptions used for the grants | ' | ||||||
The following table illustrates the valuation assumptions used for the 2013, 2012 and 2011 grants: | |||||||
2013 | 2012 | 2011 | |||||
Expected volatility | 51% | 51 - 52% | 49 - 50% | ||||
Weighted-average expected volatility | 51% | 52% | 49% | ||||
Expected dividend yield | 1.60% | 1.6 - 1.7% | 1.7 - 1.8% | ||||
Weighted-average expected dividend yield | 1.60% | 1.70% | 1.80% | ||||
Expected term, in years | 6 | 0.2 - 6 | 6 | ||||
Risk-free interest rate | 0.9 - 1.1% | 0.1 - 1.1% | 1.3 - 2.5% | ||||
Stock option activity | ' | ||||||
The following table summarizes the activity during the year ended December 31, 2013 for stock option awards: | |||||||
Shares | Weighted-Average Exercise Price | ||||||
Outstanding at beginning of year | 1,191,421 | $ | 24.16 | ||||
Granted | 142,755 | 46.96 | |||||
Exercised | (445,266 | ) | 18.67 | ||||
Forfeited | (11,588 | ) | 42.34 | ||||
Outstanding at end of year | 877,322 | $ | 30.42 | ||||
Exercisable at end of year | 601,747 | $ | 23.89 | ||||
Nonvested restricted shares activity | ' | ||||||
The following table summarizes the activity during the year ended December 31, 2013, for nonvested restricted share awards: | |||||||
Shares | Weighted-Average Grant Date Fair Value | ||||||
Nonvested at beginning of year | 142,354 | $ | 33.4 | ||||
Granted | 34,508 | 48.04 | |||||
Vested | (24,866 | ) | 26.06 | ||||
Forfeited | (1,053 | ) | 40.02 | ||||
Nonvested at end of year | 150,943 | $ | 37.89 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation of Basic and Diluted Earnings per Share | ' | |||||||||||
The computations of Basic and Diluted Earnings per Share for the years ended December 31, were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net Earnings | $ | 40,231 | $ | 41,584 | $ | 32,713 | ||||||
Denominator: | ||||||||||||
Basic - Weighted Average Shares Outstanding | 18,297,371 | 18,544,896 | 18,832,693 | |||||||||
Effect of dilutive securities: | ||||||||||||
Employee stock options | 536,082 | 557,120 | 527,735 | |||||||||
Diluted - Weighted Average Shares Outstanding | 18,833,453 | 19,102,016 | 19,360,428 | |||||||||
Basic Earnings per Share | $ | 2.2 | $ | 2.24 | $ | 1.74 | ||||||
Diluted Earnings per Share | $ | 2.14 | $ | 2.18 | $ | 1.69 | ||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Net Sales by operating segment | ' | |||||||||||
The following table presents Net Sales by operating segment for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Sales: | ||||||||||||
Americas | $ | 514,544 | $ | 491,661 | $ | 481,426 | ||||||
Europe, Middle East, Africa | 157,208 | 166,208 | 188,338 | |||||||||
Asia Pacific | 80,259 | 81,111 | 84,234 | |||||||||
Total | $ | 752,011 | $ | 738,980 | $ | 753,998 | ||||||
Long lived assets by operating segment | ' | |||||||||||
The following table presents long lived assets by operating segment as of December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Long-lived assets: | ||||||||||||
Americas | $ | 106,409 | $ | 100,662 | $ | 100,843 | ||||||
Europe, Middle East, Africa | 28,296 | 31,164 | 31,126 | |||||||||
Asia Pacific | 3,882 | 4,499 | 5,183 | |||||||||
Total | $ | 138,587 | $ | 136,325 | $ | 137,152 | ||||||
Net Sales by groups of similar products and services | ' | |||||||||||
The following table presents revenues for groups of similar products and services for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Sales: | ||||||||||||
Equipment | $ | 444,773 | $ | 435,900 | $ | 452,398 | ||||||
Parts and consumables | 176,442 | 175,782 | 177,999 | |||||||||
Service and other | 109,533 | 106,048 | 100,650 | |||||||||
Specialty surface coatings | 21,263 | 21,250 | 22,951 | |||||||||
Total | $ | 752,011 | $ | 738,980 | $ | 753,998 | ||||||
Consolidated_Quarterly_Data_Ta
Consolidated Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Consolidated Quarterly Data (Unaudited) | ' | |||||||||||||||
18 | Consolidated Quarterly Data (Unaudited) | |||||||||||||||
2013 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||||||
Net Sales | $ | 168,092 | $ | 200,238 | $ | 188,541 | $ | 195,140 | ||||||||
Gross Profit | 72,523 | 87,741 | 81,862 | 83,782 | ||||||||||||
Net Earnings | 5,059 | 14,254 | 10,617 | 10,301 | ||||||||||||
Basic Earnings per Share | $ | 0.28 | $ | 0.78 | $ | 0.58 | $ | 0.56 | ||||||||
Diluted Earnings per Share | $ | 0.27 | $ | 0.76 | $ | 0.56 | $ | 0.55 | ||||||||
2012 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||||||
Net Sales | $ | 173,712 | $ | 199,493 | $ | 178,268 | $ | 187,507 | ||||||||
Gross Profit | 75,319 | 88,951 | 77,563 | 83,463 | ||||||||||||
Net Earnings | 5,324 | 13,671 | 8,745 | 13,844 | ||||||||||||
Basic Earnings per Share | $ | 0.28 | $ | 0.74 | $ | 0.47 | $ | 0.75 | ||||||||
Diluted Earnings per Share | $ | 0.28 | $ | 0.71 | $ | 0.46 | $ | 0.73 | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($21,991) | ($19,734) | ($20,283) |
Restricted Cash | 393 | 187 | ' |
Number of shares authorized to be repurchased under our stock repurchase programs | 2,000,000 | ' | ' |
Machine warranty, range minimum (in years) | '1 year | ' | ' |
Machine warranty, range maximum (in years) | '4 years | ' | ' |
Advertising Costs | $6,412 | $6,466 | $6,728 |
Buildings and improvements | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, Plant and Equipment, Useful life, Average | '30 years | ' | ' |
Property, Plant and Equipment, Other Types | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, Plant and Equipment, Useful life, Minimum | '3 years | ' | ' |
Property, Plant and Equipment, Useful life, Maximum | '15 years | ' | ' |
Management_Actions_Details
Management Actions (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Severance and Related Costs - Q4 2013 Action | ' | ' |
Reconciliation of restructuring liability | ' | ' |
Restructuring action | $1,577 | ' |
Balance, end of period | 1,577 | ' |
Severance and Related Costs - Q1 2013 Action | ' | ' |
Reconciliation of restructuring liability | ' | ' |
Restructuring action | 1,440 | ' |
Cash payments | -1,110 | ' |
Foreign currency adjustments | 17 | ' |
Balance, end of period | 347 | ' |
Severence and Related Costs - 2012 Action | ' | ' |
Reconciliation of restructuring liability | ' | ' |
Balance, beginning of period | 373 | ' |
Restructuring action | ' | 760 |
Cash payments | -328 | -414 |
Foreign currency adjustments | -27 | 27 |
Change in estimate | -18 | ' |
Balance, end of period | $0 | $373 |
Acquisitions_Details
Acquisitions (Details) (Water Star, Inc., USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | 31-May-11 |
Water Star, Inc. | ' | ' |
Business Acquisition | ' | ' |
Business acquisition, effective date of acquisition | 31-May-11 | ' |
Business acquisition, cost of acquired entity, purchase price | ' | $4,456 |
Payments to acquire business, gross | 2,956 | ' |
Number of installment payments paid | 2 | ' |
Amount of each installment payment paid | 750 | ' |
Business Acquisition, Purchase Price Allocation | ' | ' |
Current Assets | ' | 426 |
Property, Plant and Equipment, Net | ' | 167 |
Identified Intangible Assets | ' | 3,800 |
Goodwill | ' | 472 |
Total Assets Acquired | ' | 4,865 |
Current Liabilities | ' | 409 |
Total Liabilities Assumed | ' | 409 |
Net Assets Acquired | ' | $4,456 |
Divestitures_Details
Divestitures (Details) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 |
USD ($) | USD ($) | USD ($) | Tennant CEE GmbH and OOO Tennant | Tennant CEE GmbH and OOO Tennant | Tennant CEE GmbH and OOO Tennant | Tennant CEE GmbH and OOO Tennant | Tennant CEE GmbH and OOO Tennant | |
USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | ||||
Divestitures | ' | ' | ' | ' | ' | ' | ' | ' |
Date of divestiture | ' | ' | ' | 31-Jul-12 | 31-Jul-12 | ' | ' | ' |
Cash received as part of selling price | ' | ' | ' | ' | ' | ' | $1,014 | € 815 |
Amount financed as part of selling price | ' | ' | ' | ' | ' | ' | ' | 5,351 |
Total selling price | ' | ' | ' | ' | ' | ' | ' | 6,166 |
Total amount of installment payments received quarterly in 2013 | ' | ' | ' | 2,826 | 2,126 | ' | ' | ' |
Total amount of anniversary payments received | ' | ' | ' | 1,435 | 1,075 | ' | ' | ' |
Total amount of payments to be received on second and third anniversary dates | ' | ' | ' | 2,963 | 2,150 | ' | ' | ' |
Gain on Sale of Business | 0 | 784 | 0 | ' | ' | 784 | ' | ' |
Assets and Liabilities Divested | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable | ' | ' | ' | ' | ' | ' | 4,398 | ' |
Inventories | ' | ' | ' | ' | ' | ' | 4,271 | ' |
Other Current Assets | ' | ' | ' | ' | ' | ' | 87 | ' |
Current Assets | ' | ' | ' | ' | ' | ' | 8,756 | ' |
Property, Plant and Equipment, Net | ' | ' | ' | ' | ' | ' | 170 | ' |
Total Assets Divested | ' | ' | ' | ' | ' | ' | 8,926 | ' |
Current Liabilities | ' | ' | ' | ' | ' | ' | 1,121 | ' |
Total Liabilities Divested | ' | ' | ' | ' | ' | ' | 1,121 | ' |
Net Assets Divested | ' | ' | ' | ' | ' | ' | $7,805 | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories carried at LIFO: | ' | ' |
Finished goods | $36,238 | $33,546 |
Raw materials, production parts and work-in-process | 13,922 | 14,291 |
LIFO Reserve | -27,463 | -27,608 |
Total LIFO inventories | 22,697 | 20,229 |
Inventories carried at FIFO: | ' | ' |
Finished goods | 31,489 | 25,623 |
Raw materials, production parts and work-in-process | 12,720 | 12,284 |
Total FIFO inventories | 44,209 | 37,907 |
Inventories | $66,906 | $58,136 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment | ' | ' | ' |
Property, Plant and Equipment | $300,906 | $294,910 | ' |
Accumulated Depreciation | -217,430 | -208,717 | ' |
Property, Plant and Equipment, Net | 83,476 | 86,193 | ' |
Depreciation expense | 17,686 | 18,072 | 18,088 |
Land | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, Plant and Equipment | 4,311 | 4,294 | ' |
Buildings and improvements | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, Plant and Equipment | 53,490 | 52,597 | ' |
Machinery and manufacturing equipment | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, Plant and Equipment | 143,413 | 140,330 | ' |
Office equipment | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, Plant and Equipment | 91,048 | 88,814 | ' |
Work in progress | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, Plant and Equipment | $8,644 | $8,875 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill, Gross | ' | ' | ' |
Balance, beginning of period | $68,585 | $66,523 | ' |
Foreign currency fluctuations | 321 | 2,062 | ' |
Balance, end of period | 68,906 | 68,585 | 66,523 |
Accumulated Impairment Losses | ' | ' | ' |
Balance, beginning of period | -48,868 | -46,220 | ' |
Foreign currency fluctuations | -1,109 | -2,648 | ' |
Balance, end of period | -49,977 | -48,868 | -46,220 |
Goodwill, Net | ' | ' | ' |
Balance, beginning of period | 19,717 | 20,303 | ' |
Foreign currency fluctuations | -788 | -586 | ' |
Balance, end of period | 18,929 | 19,717 | 20,303 |
Acquired Finite-lived Intangible Assets | ' | ' | ' |
Original cost | 35,946 | 35,671 | ' |
Accumulated amortization | -16,918 | -14,278 | ' |
Intangible Assets, Net | 19,028 | 21,393 | ' |
Impairment of Intangible Assets | ' | ' | 1,805 |
Amortization expense | 2,560 | 2,800 | 3,330 |
Estimated aggregate amortization expense of Intangible Assets | ' | ' | ' |
2014 | 2,387 | ' | ' |
2015 | 2,204 | ' | ' |
2016 | 1,871 | ' | ' |
2017 | 1,768 | ' | ' |
2018 | 1,761 | ' | ' |
Thereafter | 9,037 | ' | ' |
Total | 19,028 | ' | ' |
Customer Lists and Service Contracts | ' | ' | ' |
Acquired Finite-lived Intangible Assets | ' | ' | ' |
Original cost | 23,763 | 23,817 | ' |
Accumulated amortization | -11,609 | -9,907 | ' |
Intangible Assets, Net | 12,154 | 13,910 | ' |
Weighted-average original life (in years) | '15 years | '15 years | ' |
Trade Name | ' | ' | ' |
Acquired Finite-lived Intangible Assets | ' | ' | ' |
Original cost | 4,836 | 4,657 | ' |
Accumulated amortization | -1,976 | -1,565 | ' |
Intangible Assets, Net | 2,860 | 3,092 | ' |
Weighted-average original life (in years) | '14 years | '14 years | ' |
Technology | ' | ' | ' |
Acquired Finite-lived Intangible Assets | ' | ' | ' |
Original cost | 7,347 | 7,197 | ' |
Accumulated amortization | -3,333 | -2,806 | ' |
Intangible Assets, Net | $4,014 | $4,391 | ' |
Weighted-average original life (in years) | '13 years | '13 years | ' |
Debt_Part_1_Details
Debt Part 1 (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument | ' | ' |
Total Debt | $31,803 | $32,323 |
Less: current portion | -3,803 | -2,042 |
Long-Term Debt | 28,000 | 30,281 |
Committed lines of credit | 125,000 | ' |
Uncommitted lines of credit | 87,757 | ' |
Letters of credit, Outstanding amount | 2,060 | ' |
Bank guarantees | 501 | ' |
Commitment fees on unused lines of credit | 307 | ' |
Indebtedness to EBITDA ratio | '0.41 to 1 | ' |
EBITDA to interest expense ratio | '48.00 to 1 | ' |
Aggregate maturities of outstanding debt including capital lease obligations | ' | ' |
2014 | 4,718 | ' |
2015 | 4,217 | ' |
2016 | 4,078 | ' |
2017 | 3,940 | ' |
2018 | 13,678 | ' |
Thereafter | 4,549 | ' |
Total minimum obligations | 35,180 | ' |
Less: amount representing interest | -3,377 | ' |
Total | 31,803 | 32,323 |
Credit facility borrowings, Short-Term | ' | ' |
Debt Instrument | ' | ' |
Total Debt | 1,500 | 0 |
Aggregate maturities of outstanding debt including capital lease obligations | ' | ' |
Total | 1,500 | 0 |
Bank borrowings | ' | ' |
Debt Instrument | ' | ' |
Total Debt | 9 | 22 |
Aggregate maturities of outstanding debt including capital lease obligations | ' | ' |
Total | 9 | 22 |
Credit facility borrowings, Long-Term | ' | ' |
Debt Instrument | ' | ' |
Total Debt | 30,000 | 30,000 |
Aggregate maturities of outstanding debt including capital lease obligations | ' | ' |
Total | 30,000 | 30,000 |
Notes payable | ' | ' |
Debt Instrument | ' | ' |
Total Debt | 0 | 750 |
Aggregate maturities of outstanding debt including capital lease obligations | ' | ' |
Total | 0 | 750 |
Collateralized Debt | ' | ' |
Debt Instrument | ' | ' |
Total Debt | 11 | 39 |
Aggregate maturities of outstanding debt including capital lease obligations | ' | ' |
Total | 11 | 39 |
Capital lease obligations | ' | ' |
Debt Instrument | ' | ' |
Total Debt | 283 | 1,512 |
Aggregate maturities of outstanding debt including capital lease obligations | ' | ' |
Total | $283 | $1,512 |
Debt_Part_2_Details
Debt Part 2 (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | JPMorgan Chase Bank, National Association | Amendment No. 1 to the 2011 Credit Agreement Effective April 25 , 2013 | Prudential Investment Management, Inc. Private Shelf Agreement | Amended Prudential Investment Management | Series A Notes | Series B Notes | Royal Bank of Scotland Citizens, N.A. | Royal Bank of Scotland Citizens, N.A. | HSBC Bank (China) Company Limited, Shanghai Branch |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | |||
Line of Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date | ' | 5-May-16 | 1-Mar-18 | ' | 24-Jul-15 | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | $125,000 | ' | $80,000 | ' | ' | ' | $2,757 | € 2,000 | $5,000 |
Additional borrowing capacity available | ' | 62,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity with additional borrowing | ' | 187,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Sublimit on borrowings by foreign subsidiaries | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum commitment fee percentage | ' | 0.25% | 0.20% | ' | ' | ' | ' | ' | ' | ' |
Maximum commitment fee percentage | ' | 0.40% | 0.35% | ' | ' | ' | ' | ' | ' | ' |
Minimum interest rate spread added to adjusted LIBOR rate based on leverage ratio on Eurocurrency borrowings | ' | 1.50% | 1.30% | ' | ' | ' | ' | ' | ' | ' |
Maximum interest rate spread added to adjusted LIBOR rate based on leverage ratio on Eurocurrency borrowings | ' | 2.10% | 1.90% | ' | ' | ' | ' | ' | ' | ' |
Interest rate spread added to the federal funds rate on Alternate Base Rate borrowings | ' | 0.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' |
Interest rate spread added to LIBOR rate for one month on Alternate Base Rate borrowings | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Minimum interest rate spread added to LIBOR rate on Alternate Base Rate borrowings | ' | 0.50% | 0.30% | ' | ' | ' | ' | ' | ' | ' |
Maximum interest rate spread added to LIBOR rate on Alternate Base Rate borrowings | ' | 1.10% | 0.90% | ' | ' | ' | ' | ' | ' | ' |
Percentage collateral in stock of certain subsidiaries | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant restriction, Maximum indebtedness to EBITDA | ' | '3.00 to 1 | ' | ' | '3.00 to 1 | ' | ' | ' | ' | ' |
Covenant restriction, Minimum EBITDA to interest expense | ' | '3.50 to 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant restriction, Maximum leverage after paying dividends or repuchasing stock | ' | '2.00 to 1 | ' | ' | '2.00 to 1 | ' | ' | ' | ' | ' |
Restriction on dividends and repurchases of common stock, Minimum | ' | 50,000 | ' | 12,000 | 50,000 | ' | ' | ' | ' | ' |
Restriction on dividends and repurchases of common stock, Maximum | ' | 75,000 | ' | 40,000 | 75,000 | ' | ' | ' | ' | ' |
Covenant restriction, Maximum leverage after acquisitions | ' | '2.75 to 1 | ' | ' | '2.75 to 1 | ' | ' | ' | ' | ' |
Covenant restriction, Maximum level that can be paid for acquisitions | ' | 25,000 | ' | ' | 25,000 | ' | ' | ' | ' | ' |
Amount outstanding | ' | 10,000 | ' | ' | 20,000 | ' | ' | ' | ' | 1,500 |
Weighted average interest rate at end of period | ' | 1.47% | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | 10,000 | 10,000 | ' | ' | ' |
Interest rate, Stated percentage | ' | ' | ' | ' | ' | 4.00% | 4.10% | ' | ' | 5.10% |
Payment Terms | ' | ' | ' | ' | ' | '7 year term | '10 year term | ' | ' | ' |
Maturity date range, Start | ' | ' | ' | ' | ' | 1-Mar-14 | 1-Jun-15 | ' | ' | ' |
Maturity date range, End | ' | ' | ' | ' | ' | 1-Mar-18 | 1-Jun-21 | ' | ' | ' |
Original debt amount owed to previous owners of Water Star, Inc. | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Outstanding on notes payable to owners of Water Star, Inc. | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Taxes, other than income taxes | $6,565 | $4,768 | ' |
Warranty | 9,663 | 9,357 | ' |
Deferred revenue | 2,303 | 1,878 | ' |
Rebates | 7,647 | 6,983 | ' |
Freight | 4,593 | 3,999 | ' |
Miscellaneous accrued expenses | 8,492 | 8,115 | ' |
Other | 4,813 | 3,744 | ' |
Total | 44,076 | 38,844 | ' |
Changes in warranty reserves | ' | ' | ' |
Beginning balance | 9,357 | 8,759 | 7,043 |
Product warranty provision | 10,649 | 12,395 | 12,815 |
(Divested) acquired reserves | 0 | -236 | 10 |
Foreign currency | -48 | -15 | -63 |
Claims paid | -10,295 | -11,546 | -11,046 |
Ending balance | $9,663 | $9,357 | $8,759 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets: | ' | ' | ' |
Foreign currency forward exchange contracts | ' | $388 | ' |
Liabilities: | ' | ' | ' |
Foreign currency forward exchange contracts | ' | 404 | ' |
Gain (loss) on forward exchange contracts | 1,068 | 1,026 | -1,444 |
Notional amount of foreign currency derivatives | 30,280 | 42,475 | ' |
Fair Value | ' | ' | ' |
Assets: | ' | ' | ' |
Foreign currency forward exchange contracts | 16 | ' | ' |
Total Assets | 16 | ' | ' |
Liabilities: | ' | ' | ' |
Foreign currency forward exchange contracts | 109 | ' | ' |
Total Liabilities | 109 | ' | ' |
Level 1 | ' | ' | ' |
Assets: | ' | ' | ' |
Foreign currency forward exchange contracts | 0 | ' | ' |
Total Assets | 0 | ' | ' |
Liabilities: | ' | ' | ' |
Foreign currency forward exchange contracts | 0 | ' | ' |
Total Liabilities | 0 | ' | ' |
Level 2 | ' | ' | ' |
Assets: | ' | ' | ' |
Foreign currency forward exchange contracts | 16 | ' | ' |
Total Assets | 16 | ' | ' |
Liabilities: | ' | ' | ' |
Foreign currency forward exchange contracts | 109 | ' | ' |
Total Liabilities | 109 | ' | ' |
Level 3 | ' | ' | ' |
Assets: | ' | ' | ' |
Foreign currency forward exchange contracts | 0 | ' | ' |
Total Assets | 0 | ' | ' |
Liabilities: | ' | ' | ' |
Foreign currency forward exchange contracts | 0 | ' | ' |
Total Liabilities | $0 | ' | ' |
Retirement_Benefit_Plans_Part_
Retirement Benefit Plans Part 1 (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' | ||
Total cost of benefit for U.S. and Non-U.S. Plans | $11,766 | $11,192 | $11,271 | ||
Maximum employer contribution to 401(k) Plan as a percentage of employee's compensation | 3.00% | ' | ' | ||
Minimum service period required to be eligible for profit sharing contribution to 401(k) plan (in years) | '1 | ' | ' | ||
Expenses for 401(k) Plan | 6,423 | 6,226 | 6,864 | ||
U.K. Pension Plan | ' | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ||
Fair value at beginning of year | 8,855 | 7,738 | ' | ||
Purchases, sales, issuances and settlements, net | 74 | 0 | ' | ||
Net gain | 601 | 739 | ' | ||
Foreign currency | 203 | 378 | ' | ||
Fair value at end of year | 9,733 | 8,855 | ' | ||
U.S. and U.K. Pension Plans | Fair Value | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 62,130 | 55,797 | ' | ||
U.S. and U.K. Pension Plans | Level 1 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 52,397 | 46,942 | ' | ||
U.S. and U.K. Pension Plans | Level 2 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
U.S. and U.K. Pension Plans | Level 3 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 9,733 | 8,855 | ' | ||
U.S. and U.K. Pension Plans | Cash and Cash Equivalents | Fair Value | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 746 | 701 | ' | ||
U.S. and U.K. Pension Plans | Cash and Cash Equivalents | Level 1 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 746 | 701 | ' | ||
U.S. and U.K. Pension Plans | Cash and Cash Equivalents | Level 2 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
U.S. and U.K. Pension Plans | Cash and Cash Equivalents | Level 3 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
U.S. and U.K. Pension Plans | Equity Securities - U.S. Small-Cap | Fair Value | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 1,438 | ' | ||
U.S. and U.K. Pension Plans | Equity Securities - U.S. Small-Cap | Level 1 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 1,438 | ' | ||
U.S. and U.K. Pension Plans | Equity Securities - U.S. Small-Cap | Level 2 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
U.S. and U.K. Pension Plans | Equity Securities - U.S. Small-Cap | Level 3 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
U.S. and U.K. Pension Plans | Equity Securities - U.S. Mid-Cap | Fair Value | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 2,266 | ' | ||
U.S. and U.K. Pension Plans | Equity Securities - U.S. Mid-Cap | Level 1 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 2,266 | ' | ||
U.S. and U.K. Pension Plans | Equity Securities - U.S. Mid-Cap | Level 2 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
U.S. and U.K. Pension Plans | Equity Securities - U.S. Mid-Cap | Level 3 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
U.S. and U.K. Pension Plans | Equity Securities - International Small-Cap | Fair Value | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 63 | ' | ||
U.S. and U.K. Pension Plans | Equity Securities - International Small-Cap | Level 1 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 63 | ' | ||
U.S. and U.K. Pension Plans | Equity Securities - International Small-Cap | Level 2 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
U.S. and U.K. Pension Plans | Equity Securities - International Small-Cap | Level 3 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - Corporate Bonds | Fair Value | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 18,671 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - Corporate Bonds | Level 1 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 18,671 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - Corporate Bonds | Level 2 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - Corporate Bonds | Level 3 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - U.S. Large-Cap | Fair Value | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 20,597 | 18,141 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - U.S. Large-Cap | Level 1 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 20,597 | 18,141 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - U.S. Large-Cap | Level 2 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - U.S. Large-Cap | Level 3 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds International Large Cap | Fair Value | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 5,662 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds International Large Cap | Level 1 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 5,662 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds International Large Cap | Level 2 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds International Large Cap | Level 3 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - U.S. Small-Cap | Fair Value | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 6,971 | ' | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - U.S. Small-Cap | Level 1 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 6,971 | ' | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - U.S. Small-Cap | Level 2 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | ' | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - U.S. Small-Cap | Level 3 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | ' | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - International Equities | Fair Value | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 6,328 | ' | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - International Equities | Level 1 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 6,328 | ' | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - International Equities | Level 2 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | ' | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - International Equities | Level 3 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | ' | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - Fixed-Income Domestic | Fair Value | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 17,755 | ' | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - Fixed-Income Domestic | Level 1 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 17,755 | ' | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - Fixed-Income Domestic | Level 2 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | ' | ' | ||
U.S. and U.K. Pension Plans | Mutual Funds - Fixed-Income Domestic | Level 3 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | ' | ' | ||
U.S. and U.K. Pension Plans | Investment Account Held By Pension Plan | Fair Value | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 9,733 | [1] | 8,855 | [1] | ' |
U.S. and U.K. Pension Plans | Investment Account Held By Pension Plan | Level 1 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] | ' |
U.S. and U.K. Pension Plans | Investment Account Held By Pension Plan | Level 2 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] | ' |
U.S. and U.K. Pension Plans | Investment Account Held By Pension Plan | Level 3 | ' | ' | ' | ||
Fair Value of Plan Assets by Investment Type | ' | ' | ' | ||
Fair value of plan assets | $9,733 | [1] | $8,855 | [1] | ' |
[1] | This category is comprised of investments in insurance contracts. |
Retirement_Benefit_Plans_Part_1
Retirement Benefit Plans Part 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Plans with accumulated benefit obligation in excess of plan assets | ' | ' | ' |
Accumulated benefit obligation | $12,778 | $3,261 | ' |
Fair value of plan assets | 9,733 | 0 | ' |
Plans with projected benefit obligation in excess of plan assets | ' | ' | ' |
Projected benefit obligation | 13,481 | 12,591 | ' |
Fair value of plan assets | 9,733 | 8,855 | ' |
Changes in accumulated other comprehensive income: | ' | ' | ' |
Total recognized in other comprehensive income | -12,282 | 2,534 | 6,192 |
Pension Benefits | ' | ' | ' |
Amounts that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | ' | ' | ' |
Net actuarial loss | 185 | ' | ' |
Prior service cost (credit) | 43 | ' | ' |
U.S. Pension Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Number of participants in U.S. Pension Plan | 442 | ' | ' |
Number of active employees participating in U.S. Pension Plan | 90 | ' | ' |
Discretionary contribution made to pension plan | ' | 15,000 | ' |
Expected future employer contributions in the next fiscal year | 0 | ' | ' |
Weighted-average assumptions used to determine benefit obligation | ' | ' | ' |
Discount rate | 4.63% | 3.79% | ' |
Rate of compensation increase | 3.00% | 3.00% | ' |
Weighted-average assumptions used to determine net periodic benefit costs | ' | ' | ' |
Discount rate | 3.79% | 4.39% | 5.39% |
Expected long-term rate of return on plan assets | 6.50% | 7.70% | 7.70% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Accumulated benefit obligations | ' | ' | ' |
Accumulated benefit obligations | 42,241 | 46,907 | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 48,824 | 44,280 | ' |
Service cost | 690 | 686 | 651 |
Interest cost | 1,803 | 1,928 | 2,013 |
Plan participants' contributions | 0 | 0 | ' |
Actuarial loss (gain) | -4,901 | 3,893 | ' |
Foreign exchange | 0 | 0 | ' |
Benefits paid | -2,763 | -1,963 | ' |
Benefit obligation at end of year | 43,653 | 48,824 | 44,280 |
Change in fair value of plan assets and net accrued liabilities: | ' | ' | ' |
Fair value of plan assets at beginning of year | 46,942 | 28,237 | ' |
Actual return on plan assets | 7,827 | 3,818 | ' |
Employer contributions | 391 | 16,850 | ' |
Plan participants' contributions | 0 | 0 | ' |
Foreign exchange | 0 | 0 | ' |
Benefits paid | -2,763 | -1,963 | ' |
Fair value of plan assets at end of year | 52,397 | 46,942 | 28,237 |
Funded status at end of year | 8,744 | -1,882 | ' |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' | ' |
Noncurrent Other Assets | 10,987 | 698 | ' |
Current Liabilities | -149 | -145 | ' |
Long-Term Liabilities | -2,094 | -2,435 | ' |
Net accrued asset (liability) | 8,744 | -1,882 | ' |
Amounts recognized in Accumulated Other Comprehensive Loss consist of: | ' | ' | ' |
Prior service (cost) credit | -152 | -224 | ' |
Net actuarial loss | -2,142 | -13,711 | ' |
Accumulated Other Comprehensive Loss | -2,294 | -13,935 | ' |
Components of the net periodic benefit cost | ' | ' | ' |
Service cost | 690 | 686 | 651 |
Interest cost | 1,803 | 1,928 | 2,013 |
Expected return on plan assets | -2,911 | -2,279 | -2,325 |
Amortization of net actuarial loss | 1,751 | 1,131 | 27 |
Amortization of prior service cost | 73 | 382 | 550 |
Foreign currency | 0 | 0 | 0 |
Net periodic benefit cost | 1,406 | 1,848 | 916 |
Changes in accumulated other comprehensive income: | ' | ' | ' |
Prior service cost | 0 | 0 | 233 |
Net actuarial (gain) loss | -9,817 | 2,355 | 6,184 |
Amortization of prior service cost | -73 | -382 | -550 |
Amortization of net actuarial loss | -1,751 | -1,132 | -27 |
Total recognized in other comprehensive income | -11,641 | 841 | 5,840 |
Total recognized in net periodic benefit cost and other comprehensive income | -10,235 | 2,689 | 6,756 |
Expected future benefit payments | ' | ' | ' |
2014 | 2,021 | ' | ' |
2015 | 2,353 | ' | ' |
2016 | 2,535 | ' | ' |
2017 | 2,682 | ' | ' |
2018 | 2,808 | ' | ' |
2019 to 2023 | 15,087 | ' | ' |
Total | 27,486 | ' | ' |
U.S. Pension Plan | Equity Securities | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Target allocation of investments | 60.00% | ' | ' |
U.S. Pension Plan | Debt Securities | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Target allocation of investments | 40.00% | ' | ' |
U.S. Nonqualified Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Expected future employer contributions in the next fiscal year | 149 | ' | ' |
Non-U.S. Pension Benefits | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligation | ' | ' | ' |
Discount rate | 4.33% | 4.41% | ' |
Rate of compensation increase | 4.50% | 4.50% | ' |
Weighted-average assumptions used to determine net periodic benefit costs | ' | ' | ' |
Discount rate | 4.41% | 4.94% | 5.39% |
Expected long-term rate of return on plan assets | 4.70% | 4.80% | 5.20% |
Rate of compensation increase | 4.50% | 4.60% | 5.10% |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 10,011 | 8,775 | ' |
Service cost | 142 | 138 | 133 |
Interest cost | 422 | 437 | 465 |
Plan participants' contributions | 23 | 24 | ' |
Actuarial loss (gain) | 668 | 595 | ' |
Foreign exchange | 265 | 411 | ' |
Benefits paid | -293 | -369 | ' |
Benefit obligation at end of year | 11,238 | 10,011 | 8,775 |
Change in fair value of plan assets and net accrued liabilities: | ' | ' | ' |
Fair value of plan assets at beginning of year | 8,855 | 7,738 | ' |
Actual return on plan assets | 601 | 738 | ' |
Employer contributions | 343 | 346 | ' |
Plan participants' contributions | 23 | 24 | ' |
Foreign exchange | 204 | 378 | ' |
Benefits paid | -293 | -369 | ' |
Fair value of plan assets at end of year | 9,733 | 8,855 | 7,738 |
Funded status at end of year | -1,505 | -1,156 | ' |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' | ' |
Noncurrent Other Assets | 0 | 0 | ' |
Current Liabilities | -41 | -39 | ' |
Long-Term Liabilities | -1,464 | -1,117 | ' |
Net accrued asset (liability) | -1,505 | -1,156 | ' |
Amounts recognized in Accumulated Other Comprehensive Loss consist of: | ' | ' | ' |
Prior service (cost) credit | 0 | 0 | ' |
Net actuarial loss | -704 | -246 | ' |
Accumulated Other Comprehensive Loss | -704 | -246 | ' |
Components of the net periodic benefit cost | ' | ' | ' |
Service cost | 142 | 138 | 133 |
Interest cost | 422 | 437 | 465 |
Expected return on plan assets | -402 | -387 | -376 |
Amortization of net actuarial loss | 9 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Foreign currency | 21 | 16 | -18 |
Net periodic benefit cost | 192 | 204 | 204 |
Changes in accumulated other comprehensive income: | ' | ' | ' |
Prior service cost | 0 | 0 | 0 |
Net actuarial (gain) loss | 467 | 244 | -300 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net actuarial loss | -9 | 0 | 0 |
Total recognized in other comprehensive income | 458 | 244 | -300 |
Total recognized in net periodic benefit cost and other comprehensive income | 650 | 448 | -96 |
Expected future benefit payments | ' | ' | ' |
2014 | 309 | ' | ' |
2015 | 319 | ' | ' |
2016 | 328 | ' | ' |
2017 | 339 | ' | ' |
2018 | 350 | ' | ' |
2019 to 2023 | 1,916 | ' | ' |
Total | 3,561 | ' | ' |
U.K. Pension Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Expected future employer contributions in the next fiscal year | 237 | ' | ' |
Accumulated benefit obligations | ' | ' | ' |
Accumulated benefit obligations | 9,803 | 8,837 | ' |
German Pension Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Expected future employer contributions in the next fiscal year | 41 | ' | ' |
Accumulated benefit obligations | ' | ' | ' |
Accumulated benefit obligations | 897 | 878 | ' |
Postretirement Medical Benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Expected future employer contributions in the next fiscal year | 919 | ' | ' |
Weighted-average assumptions used to determine benefit obligation | ' | ' | ' |
Discount rate | 4.10% | 3.27% | ' |
Rate of compensation increase | 0.00% | 0.00% | ' |
Weighted-average assumptions used to determine net periodic benefit costs | ' | ' | ' |
Discount rate | 3.27% | 4.20% | 5.00% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Assumed healthcare cost trend rates | ' | ' | ' |
Healthcare cost trend rate assumption for the next year | 8.30% | 9.17% | ' |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | ' |
Year that the rate reaches the ultimate trend rate | '2031 | '2031 | ' |
Effect of one-percentage-point change in assumed healthcare cost trends | ' | ' | ' |
Effect of one-percentage-point decrease on total of service and interest cost components | -46 | ' | ' |
Effect of one-percentage-point increase on total of service and interest cost components | 52 | ' | ' |
Effect of one-percentage-point decrease on postretirement benefit obligation | -930 | ' | ' |
Effect of one-percentage-point increase on postretirement benefit obligation | 1,050 | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 14,090 | 13,708 | ' |
Service cost | 154 | 142 | 132 |
Interest cost | 443 | 551 | 612 |
Plan participants' contributions | 0 | 0 | ' |
Actuarial loss (gain) | -1,001 | 926 | ' |
Foreign exchange | 0 | 0 | ' |
Benefits paid | -500 | -1,237 | ' |
Benefit obligation at end of year | 13,186 | 14,090 | 13,708 |
Change in fair value of plan assets and net accrued liabilities: | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 500 | 1,237 | ' |
Plan participants' contributions | 0 | 0 | ' |
Foreign exchange | 0 | 0 | ' |
Benefits paid | -500 | -1,237 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | -13,186 | -14,090 | ' |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' | ' |
Noncurrent Other Assets | 0 | 0 | ' |
Current Liabilities | -919 | -904 | ' |
Long-Term Liabilities | -12,267 | -13,186 | ' |
Net accrued asset (liability) | -13,186 | -14,090 | ' |
Amounts recognized in Accumulated Other Comprehensive Loss consist of: | ' | ' | ' |
Prior service (cost) credit | 6 | 109 | ' |
Net actuarial loss | -1,587 | -2,789 | ' |
Accumulated Other Comprehensive Loss | -1,581 | -2,680 | ' |
Components of the net periodic benefit cost | ' | ' | ' |
Service cost | 154 | 142 | 132 |
Interest cost | 443 | 551 | 612 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net actuarial loss | 201 | 57 | 0 |
Amortization of prior service cost | -103 | -580 | -580 |
Foreign currency | 0 | 0 | 0 |
Net periodic benefit cost | 695 | 170 | 164 |
Changes in accumulated other comprehensive income: | ' | ' | ' |
Prior service cost | 0 | 0 | 0 |
Net actuarial (gain) loss | -1,001 | 926 | 72 |
Amortization of prior service cost | 103 | 580 | 580 |
Amortization of net actuarial loss | -201 | -57 | 0 |
Total recognized in other comprehensive income | -1,099 | 1,449 | 652 |
Total recognized in net periodic benefit cost and other comprehensive income | -404 | 1,619 | 816 |
Expected future benefit payments | ' | ' | ' |
2014 | 919 | ' | ' |
2015 | 1,026 | ' | ' |
2016 | 1,055 | ' | ' |
2017 | 1,106 | ' | ' |
2018 | 1,091 | ' | ' |
2019 to 2023 | 5,349 | ' | ' |
Total | 10,546 | ' | ' |
Amounts that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | ' | ' | ' |
Net actuarial loss | 43 | ' | ' |
Prior service cost (credit) | ($6) | ' | ' |
Shareholders_Equity_Part_1_Det
Shareholders' Equity Part 1 (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Common Stock, authorized (in shares) | 60,000,000 | 60,000,000 | ' |
Common Stock, par value (in dollars per share) | $0.38 | $0.38 | ' |
Preferred Stock, authorized (in shares) | 1,000,000 | 1,000,000 | ' |
Preferred Stock, par value (in dollars per share) | $0.02 | $0.02 | ' |
Class of Warrant or Right | ' | ' | ' |
Number of shares authorized for issue | 61,000,000 | ' | ' |
Preferred Share purchase rights expiration date | 26-Dec-16 | ' | ' |
Accumulated Other Comprehensive Loss, Net of Tax | ' | ' | ' |
Balance of foreign currency translation adjustment, net of tax within Accumulated Other Comprehensive Loss | ($21,991) | ($19,734) | ($20,283) |
Balance of pension and retiree medical benefits, net of tax within Accumulated Other Comprehensive Loss | -2,980 | -10,599 | -8,954 |
Accumulated Other Comprehensive Loss | ($24,971) | ($30,333) | ($29,237) |
Purchase Rights | ' | ' | ' |
Class of Warrant or Right | ' | ' | ' |
Preferred Share purchase right dividend declared per common share outstanding (in shares) | 1 | ' | ' |
Exercise price per each Series A Junior Participating Preferred Stock (in dollars per share) | $100 | ' | ' |
Number of Series A Junior Participating Preferred shares the Rights holder is entitled to purchase (in shares) | 0.01 | ' | ' |
Maximum threshold of common stock ownership | 20.00% | ' | ' |
Redemption price per right | $0.00 | ' | ' |
Minimum threshold of common stock ownership | 10.00% | ' | ' |
Shareholders_Equity_Part_2_Det
Shareholders' Equity Part 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Loss | ' | ' | ' |
Balance at the beginning of the year | ($30,333) | ($29,237) | ' |
Other comprehensive income (loss) before reclassifications | 4,151 | ' | ' |
Amounts reclassified from Accumulated Other Comprehensive Loss | 1,211 | ' | ' |
Net current period other comprehensive income (loss) | 5,362 | -1,096 | -6,963 |
Balance at the end of the year | -24,971 | -30,333 | -29,237 |
Foreign Currency Translation Adjustments | ' | ' | ' |
Accumulated Other Comprehensive Loss | ' | ' | ' |
Balance at the beginning of the year | -19,734 | ' | ' |
Other comprehensive income (loss) before reclassifications | -2,257 | ' | ' |
Amounts reclassified from Accumulated Other Comprehensive Loss | 0 | ' | ' |
Net current period other comprehensive income (loss) | -2,257 | ' | ' |
Balance at the end of the year | -21,991 | ' | ' |
Pension and Postretirement Benefit Plan | ' | ' | ' |
Accumulated Other Comprehensive Loss | ' | ' | ' |
Balance at the beginning of the year | -10,599 | ' | ' |
Other comprehensive income (loss) before reclassifications | 6,408 | ' | ' |
Amounts reclassified from Accumulated Other Comprehensive Loss | 1,211 | ' | ' |
Net current period other comprehensive income (loss) | 7,619 | ' | ' |
Balance at the end of the year | ($2,980) | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Lease expiration date, maximum | 31-Dec-20 | ' | ' |
Rent expense | $17,873 | $17,524 | $17,375 |
Minimum rentals for aggregate lease commitments | ' | ' | ' |
2014 | 8,398 | ' | ' |
2015 | 5,378 | ' | ' |
2016 | 3,129 | ' | ' |
2017 | 1,892 | ' | ' |
2018 | 778 | ' | ' |
Thereafter | 311 | ' | ' |
Total | 19,886 | ' | ' |
Aggregate residual value at lease expiration for vehicle leases | 11,741 | ' | ' |
Guaranteed aggregate residual value at lease expiration for vehicle leases | 7,659 | ' | ' |
Liability for the estimated end-of-term loss related to residual value guarantee | 398 | ' | ' |
Louisville facility lease term | '5 years | ' | ' |
Future minimum payments due for Louisville facility lease | 4,710 | ' | ' |
Term of unrecorded unconditional purchase obligation | 'three year | ' | ' |
Minimum purchase obligation | 2,102 | ' | ' |
Remaining minimum purchase obligation | $1,306 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income from continuing operations | ' | ' | ' |
U.S. operations | $54,702 | $47,220 | $40,282 |
Foreign operations | 5,176 | 12,670 | 8,448 |
Profit Before Income Taxes | 59,878 | 59,890 | 48,730 |
Current: | ' | ' | ' |
Federal | 13,551 | 8,158 | 10,321 |
Foreign | 3,567 | 4,633 | 2,277 |
State | 1,136 | 1,089 | 1,450 |
Current Income Tax Expense | 18,254 | 13,880 | 14,048 |
Deferred: | ' | ' | ' |
Federal | 1,856 | 4,423 | 2,330 |
Foreign | -424 | -126 | -203 |
State | -39 | 129 | -158 |
Deferred Income Tax Expense | 1,393 | 4,426 | 1,969 |
Total: | ' | ' | ' |
Federal | 15,407 | 12,581 | 12,651 |
Foreign | 3,143 | 4,507 | 2,074 |
State | 1,097 | 1,218 | 1,292 |
Total Income Tax Expense | 19,647 | 18,306 | 16,017 |
Effective income tax rate reconciliation | ' | ' | ' |
Tax at statutory rate | 35.00% | 35.00% | 35.00% |
Increases (decreases) in the tax rate from: | ' | ' | ' |
State and local taxes, net of federal benefit | 1.70% | 1.00% | 2.00% |
Effect of foreign operations | -3.30% | -6.20% | 0.50% |
Effect of changes in valuation allowances | 3.70% | 2.30% | 0.00% |
Domestic production activities deduction | -1.60% | -1.50% | -1.60% |
Other, net | -2.70% | 0.00% | -3.00% |
Effective income tax rate | 32.80% | 30.60% | 32.90% |
Deferred Tax Assets: | ' | ' | ' |
Inventories, principally due to additional costs inventoried for tax purposes and changes in inventory reserves | 0 | 28 | 426 |
Employee wages and benefits, principally due to accruals for financial reporting purposes | 14,831 | 18,608 | 20,910 |
Warranty reserves accrued for financial reporting purposes | 2,803 | 2,641 | 2,625 |
Receivable, principally due to allowance for doubtful accounts and tax accounting method for equipment rentals | 1,593 | 1,540 | 1,464 |
Tax loss carryforwards | 8,696 | 6,619 | 5,915 |
Tax credit carryforwards | 4,078 | 6,720 | 8,554 |
Other | 2,523 | 2,329 | 1,777 |
Gross Deferred Tax Assets | 34,524 | 38,485 | 41,671 |
Less: valuation allowance | -7,243 | -4,719 | -3,229 |
Total Net Deferred Tax Assets | 27,281 | 33,766 | 38,442 |
Deferred Tax Liabilities: | ' | ' | ' |
Inventories, principally due to changes in inventory reserves | 306 | 0 | 0 |
Property, Plant and Equipment, principally due to differences in depreciation and related gains | 7,446 | 7,945 | 9,167 |
Goodwill and Intangible Assets | 6,253 | 6,818 | 7,093 |
Total Deferred Tax Liabilities | 14,005 | 14,763 | 16,260 |
Net Deferred Tax Assets | 13,276 | 19,003 | 22,182 |
Reconciliation of unrecognized tax benefits | ' | ' | ' |
Balance at January 1, | 3,480 | 3,424 | ' |
Increases as a result of tax positions taken during a prior period | 155 | 0 | ' |
Increases as a result of tax positions taken during the current year | 508 | 611 | ' |
Reductions as a result of a lapse of the applicable statute of limitations | -295 | -447 | ' |
Decreases as a result of foreign currency fluctuations | -188 | -108 | ' |
Balance at December 31, | 3,660 | 3,480 | 3,424 |
Unrecognized tax benefits that would impact the effective tax rate | 3,384 | 3,259 | ' |
Unrecognized Tax Benefits | 3,660 | 3,480 | 3,424 |
Accrued interest and penalties | 525 | 462 | ' |
U.S. | ' | ' | ' |
Operating loss carryforwards | ' | ' | ' |
Undistributed earnings of non-U.S. subsidiaries | 23,596 | ' | ' |
Foreign tax credit carryforwards | 3,157 | ' | ' |
Foreign tax credit carryforwards expiration | 31-Dec-20 | ' | ' |
Dutch | ' | ' | ' |
Operating loss carryforwards | ' | ' | ' |
Tax loss carryforwards | 18,046 | ' | ' |
Tax loss carryforwards expiration | '9 years | ' | ' |
Foreign tax credit carryforwards | 922 | ' | ' |
German | ' | ' | ' |
Operating loss carryforwards | ' | ' | ' |
Tax loss carryforwards | $15,674 | ' | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-Based Compensation Information | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of plans | 5 | ' | ' |
Share-based compensation expense | $6,116 | $9,092 | $5,407 |
Excess Tax Benefit on Stock Plans | 5,178 | 2,047 | 1,266 |
Valuation assumptions used for the 2012, 2011 and 2010 grants | ' | ' | ' |
Expected volatility, minimum | 51.00% | 51.00% | 49.00% |
Expected volatiity, maximum | 51.00% | 52.00% | 50.00% |
Weighted-average expected volatility | 51.00% | 52.00% | 49.00% |
Expected dividend yield, minimum | 1.60% | 1.60% | 1.70% |
Expected dividend yield, maximum | 1.60% | 1.70% | 1.80% |
Weighted-average expected dividend yield | 1.60% | 1.70% | 1.80% |
Expected term, minimum (in years) | 6 | 0.2 | 6 |
Expected term, maximum (in years) | 6 | 6 | 6 |
Risk-free interest rate, minimum | 0.90% | 0.10% | 1.30% |
Risk-free interest rate, maximum | 1.10% | 1.10% | 2.50% |
2010 Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Shares authorized for future awards (in shares) | 1,500,000 | ' | ' |
Amended 2010 Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Shares authorized for future awards (in shares) | 2,600,000 | ' | ' |
Shares reserved for issuance (in shares) | 1,643,264 | ' | ' |
All Plans Excluding 2010 Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Shares reserved for issuance (in shares) | 499,248 | ' | ' |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Ratio of new awards that vest each year | 'one-third | ' | ' |
Vesting period of new awards granted (in years) | '3 years | ' | ' |
Contractual term of new awards (in years) | 10 | ' | ' |
Shares activity | ' | ' | ' |
Outstanding at beginning of year (in shares) | 1,191,421 | ' | ' |
Granted (in shares) | 142,755 | ' | ' |
Exercised (in shares) | -445,266 | ' | ' |
Forfeited (in shares) | -11,588 | ' | ' |
Outstanding at end of year (in shares) | 877,322 | 1,191,421 | ' |
Exercisable at end of year (in shares) | 601,747 | ' | ' |
Weighted-Average Exercise Price | ' | ' | ' |
Outstanding at beginning of year (in dollars per share) | $24.16 | ' | ' |
Granted (in dollars per share) | $46.96 | ' | ' |
Exercised (in dollars per share) | $18.67 | ' | ' |
Forfeited (in dollars per share) | $42.34 | ' | ' |
Outstanding at end of year (in dollars per share) | $30.42 | $24.16 | ' |
Exercisable at end of year | $23.89 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Weighted-average grant date fair value (in dollars per share) | $19.62 | $16.60 | $16.67 |
Total intrinsic value of stock options exercised | 15,641 | 5,826 | 5,600 |
Aggregate intrinsic value of options outstanding | 32,805 | ' | ' |
Aggregate intrinsic value of options exercisable | 26,427 | ' | ' |
Weighted-average remaining contractual life for options outstanding (in years) | '7 years | ' | ' |
Weighted-average remaining contractual life for options exercisable (in years) | '6 years | ' | ' |
Unrecognized compensation cost for nonvested options | 3,102 | ' | ' |
Compensation cost not yet recognized, weighted-average period for recognition (in years) | '1 year 7 months | ' | ' |
Restricted Share Awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Vesting period of new awards granted (in years) | '3 years | ' | ' |
Shares activity | ' | ' | ' |
Nonvested at beginning of year (in shares) | 142,354 | ' | ' |
Granted (in shares) | 34,508 | ' | ' |
Vested (in shares) | -24,866 | ' | ' |
Forfeited (in shares) | -1,053 | ' | ' |
Nonvested at end of year (in shares) | 150,943 | 142,354 | ' |
Weighted-Average Exercise Price | ' | ' | ' |
Nonvested at beginning of year (in dollars per share) | $33.40 | ' | ' |
Granted (in dollars per share) | $48.04 | ' | ' |
Vested (in dollars per share) | $26.06 | ' | ' |
Forfeited (in dollars per share) | $40.02 | ' | ' |
Nonvested at end of year (in dollars per share) | $37.89 | $33.40 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Fair value of shares vested | 643 | 861 | 650 |
Unrecognized compensation cost for nonvested options | 1,993 | ' | ' |
Compensation cost not yet recognized, weighted-average period for recognition (in years) | '2 years 1 month | ' | ' |
Performance Shares Awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Vesting period of new awards granted (in years) | '3 years | ' | ' |
Share-Based Liabilties | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Total share-based liabilities | 292 | 3,650 | ' |
Amounts paid out related to share-based liability awards | $3,134 | $2,212 | $506 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Earnings | $10,301 | $10,617 | $14,254 | $5,059 | $13,844 | $8,745 | $13,671 | $5,324 | $40,231 | $41,584 | $32,713 |
Basic - Weighted Average Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 18,297,371 | 18,544,896 | 18,832,693 |
Effect of dilutive securities: Employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | 536,082 | 557,120 | 527,735 |
Diluted - Weighted Average Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 18,833,453 | 19,102,016 | 19,360,428 |
Basic Earnings per Share | $0.56 | $0.58 | $0.78 | $0.28 | $0.75 | $0.47 | $0.74 | $0.28 | $2.20 | $2.24 | $1.74 |
Diluted Earnings per Share | $0.55 | $0.56 | $0.76 | $0.27 | $0.73 | $0.46 | $0.71 | $0.28 | $2.14 | $2.18 | $1.69 |
Anti-dilutive securities excluded from earnings per share calculation (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 132,803 | 233,655 | 123,292 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Number of customers exceeding ten percent of net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $195,140 | $188,541 | $200,238 | $168,092 | $187,507 | $178,268 | $199,493 | $173,712 | $752,011 | $738,980 | $753,998 |
Long-Lived Assets | 138,587 | ' | ' | ' | 136,325 | ' | ' | ' | 138,587 | 136,325 | 137,152 |
Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 444,773 | 435,900 | 452,398 |
Parts and consumables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 176,442 | 175,782 | 177,999 |
Service and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 109,533 | 106,048 | 100,650 |
Specialty surface coatings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 21,263 | 21,250 | 22,951 |
Americas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 514,544 | 491,661 | 481,426 |
Long-Lived Assets | 106,409 | ' | ' | ' | 100,662 | ' | ' | ' | 106,409 | 100,662 | 100,843 |
Europe, Middle East, Africa | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 157,208 | 166,208 | 188,338 |
Long-Lived Assets | 28,296 | ' | ' | ' | 31,164 | ' | ' | ' | 28,296 | 31,164 | 31,126 |
Asia Pacific | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 80,259 | 81,111 | 84,234 |
Long-Lived Assets | $3,882 | ' | ' | ' | $4,499 | ' | ' | ' | $3,882 | $4,499 | $5,183 |
Consolidated_Quarterly_Data_De
Consolidated Quarterly Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly financial data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $195,140 | $188,541 | $200,238 | $168,092 | $187,507 | $178,268 | $199,493 | $173,712 | $752,011 | $738,980 | $753,998 |
Gross Profit | 83,782 | 81,862 | 87,741 | 72,523 | 83,463 | 77,563 | 88,951 | 75,319 | 325,908 | 325,296 | 319,181 |
Net Earnings | $10,301 | $10,617 | $14,254 | $5,059 | $13,844 | $8,745 | $13,671 | $5,324 | $40,231 | $41,584 | $32,713 |
Earnings Per Share, Basic | $0.56 | $0.58 | $0.78 | $0.28 | $0.75 | $0.47 | $0.74 | $0.28 | $2.20 | $2.24 | $1.74 |
Earnings Per Share, Diluted | $0.55 | $0.56 | $0.76 | $0.27 | $0.73 | $0.46 | $0.71 | $0.28 | $2.14 | $2.18 | $1.69 |
Cash Dividends Declared per Common Share | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.17 | $0.17 | $0.17 | $0.72 | $0.69 | $0.68 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Water Star, Inc., USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Water Star, Inc. | ' |
Related Party Transactions | ' |
Amount of total installment payments | $1,500 |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts and Returns | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure | ' | ' | ' | |||
Balance at beginning of year | $4,399 | $4,829 | $4,311 | |||
Charged to costs and expenses | 1,279 | 1,427 | 1,888 | |||
Charged to other accounts | 102 | [1] | 35 | [1] | -91 | [1] |
Deductions | -1,254 | [2] | -1,892 | [2] | -1,279 | [2] |
Balance at end of year | 4,526 | 4,399 | 4,829 | |||
Inventory Reserves | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure | ' | ' | ' | |||
Balance at beginning of year | 3,724 | 4,173 | 3,693 | |||
Charged to costs and expenses | 1,044 | 2,178 | 4,212 | |||
Charged to other accounts | -88 | [1] | -2 | [1] | -102 | [1] |
Deductions | -1,430 | [3] | -2,625 | [3] | -3,630 | [3] |
Balance at end of year | 3,250 | 3,724 | 4,173 | |||
Valuation Allowance for Deferred Tax Assets | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure | ' | ' | ' | |||
Balance at beginning of year | 4,719 | 3,229 | 9,170 | |||
Charged to costs and expenses | 2,239 | 687 | 0 | |||
Charged to other accounts | 285 | [4] | 803 | [4] | -5,941 | [4] |
Balance at end of year | $7,243 | $4,719 | $3,229 | |||
[1] | Primarily includes impact from foreign currency fluctuations. | |||||
[2] | Includes accounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. | |||||
[3] | Includes inventory identified as excess, slow moving or obsolete and charged against reserves. | |||||
[4] | Includes a valuation allowance decreased in 2011 due to results of operations and an intercompany transaction that had no impact on 2011 Net Earnings. Other years were primarily the impact from foreign currency fluctuations. |