Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jul. 15, 2014 | Jun. 30, 2013 | |
Entity Information | ' | ' | ' |
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 | ' | 18,384,494 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net Sales | $219,084 | $200,238 | $403,063 | $368,330 |
Cost of Sales | 123,821 | 112,497 | 230,883 | 208,066 |
Gross Profit | 95,263 | 87,741 | 172,180 | 160,264 |
Operating Expense: | ' | ' | ' | ' |
Research and Development Expense | 7,651 | 7,821 | 15,132 | 15,339 |
Selling and Administrative Expense | 64,471 | 58,298 | 124,670 | 116,420 |
Total Operating Expense | 72,122 | 66,119 | 139,802 | 131,759 |
Profit from Operations | 23,141 | 21,622 | 32,378 | 28,505 |
Other Income (Expense): | ' | ' | ' | ' |
Interest Income | 95 | 114 | 170 | 228 |
Interest Expense | -419 | -411 | -905 | -878 |
Net Foreign Currency Transaction Gains (Losses) | 328 | -419 | 120 | -743 |
Other Expense, Net | -89 | -87 | -120 | -81 |
Total Other Expense, Net | -85 | -803 | -735 | -1,474 |
Profit Before Income Taxes | 23,056 | 20,819 | 31,643 | 27,031 |
Income Tax Expense | 7,533 | 6,565 | 10,325 | 7,718 |
Net Earnings | $15,523 | $14,254 | $21,318 | $19,313 |
Earnings per Share: | ' | ' | ' | ' |
Basic | $0.85 | $0.78 | $1.17 | $1.06 |
Diluted | $0.83 | $0.76 | $1.14 | $1.03 |
Weighted Average Shares Outstanding: | ' | ' | ' | ' |
Basic | 18,167,054 | 18,253,326 | 18,242,240 | 18,298,379 |
Diluted | 18,675,607 | 18,787,880 | 18,776,369 | 18,835,542 |
Cash Dividend Declared per Common Share | $0.20 | $0.18 | $0.38 | $0.36 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net Earnings | $15,523 | $14,254 | $21,318 | $19,313 |
Other Comprehensive Income (Loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 814 | -2,505 | 1,851 | -3,917 |
Pension and retiree medical benefits | 47 | 658 | 92 | 916 |
Income Taxes: | ' | ' | ' | ' |
Foreign currency translation adjustments | -1 | -7 | 13 | -7 |
Pension and retiree medical benefits | -17 | 0 | -34 | -2 |
Total Other Comprehensive Income (Loss), net of tax | 843 | -1,854 | 1,922 | -3,010 |
Comprehensive Income | $16,366 | $12,400 | $23,240 | $16,303 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and Cash Equivalents | $62,603 | $80,984 |
Restricted Cash | 427 | 393 |
Accounts Receivable, less Allowances of $4,867 and $4,526, respectively | 158,338 | 140,182 |
Inventories | 79,034 | 66,906 |
Prepaid Expenses | 9,150 | 11,426 |
Deferred Income Taxes, Current Portion | 9,390 | 13,723 |
Other Current Assets | 1,716 | 1,682 |
Total Current Assets | 320,658 | 315,296 |
Property, Plant and Equipment | 310,703 | 300,906 |
Accumulated Depreciation | -226,233 | -217,430 |
Property, Plant and Equipment, Net | 84,470 | 83,476 |
Deferred Income Taxes, Long-Term Portion | 6,507 | 2,423 |
Goodwill | 19,295 | 18,929 |
Intangible Assets, Net | 18,136 | 19,028 |
Other Assets | 16,962 | 17,154 |
Total Assets | 466,028 | 456,306 |
Current Liabilities: | ' | ' |
Short-Term Borrowings and Current Portion of Long-Term Debt | 3,640 | 3,803 |
Accounts Payable | 60,122 | 53,079 |
Employee Compensation and Benefits | 27,101 | 29,756 |
Income Taxes Payable | 968 | 812 |
Other Current Liabilities | 43,456 | 44,076 |
Total Current Liabilities | 135,287 | 131,526 |
Long-Term Liabilities: | ' | ' |
Long-Term Debt | 24,572 | 28,000 |
Employee-Related Benefits | 24,958 | 25,173 |
Deferred Income Taxes, Long-Term Portion | 6,542 | 2,870 |
Other Liabilities | 5,281 | 4,891 |
Total Long-Term Liabilities | 61,353 | 60,934 |
Total Liabilities | 196,640 | 192,460 |
Commitments and Contingencies (Note 11) | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred Stock, $0.02 par value; 1,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common Stock, $0.375 par value; 60,000,000 shares authorized; 18,384,306 and 18,491,524 shares issued and outstanding, respectively | 6,894 | 6,934 |
Additional Paid-In Capital | 21,470 | 31,956 |
Retained Earnings | 264,073 | 249,927 |
Accumulated Other Comprehensive Loss | -23,049 | -24,971 |
Total Shareholders' Equity | 269,388 | 263,846 |
Total Liabilities and Shareholders' Equity | $466,028 | $456,306 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets: | ' | ' |
Allowance For Doubtful Receivables And Sales Returns | $4,867 | $4,526 |
Shareholders' Equity: | ' | ' |
Preferred Stock, par value per share | $0.02 | $0.02 |
Preferred Stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value per share | $0.38 | $0.38 |
Common Stock, shares authorized | 60,000,000 | 60,000,000 |
Common Stock, shares issued | 18,384,306 | 18,491,524 |
Common Stock, shares outstanding | 18,384,306 | 18,491,524 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net Earnings | $21,318 | $19,313 |
Adjustments to reconcile Net Earnings to Net Cash Provided by Operating Activities: | ' | ' |
Depreciation | 8,818 | 8,858 |
Amortization | 1,223 | 1,281 |
Deferred Income Taxes | 3,964 | 1,898 |
Share-Based Compensation Expense | 3,756 | 3,439 |
Allowance for Doubtful Accounts and Returns | 776 | 703 |
Other, Net | 13 | 1 |
Changes in Operating Assets and Liabilities: | ' | ' |
Receivables | -18,649 | -11,514 |
Inventories | -13,208 | -7,536 |
Accounts Payable | 7,540 | 6,145 |
Employee Compensation and Benefits | -5,471 | -8,875 |
Other Current Liabilities | -2,238 | 1,825 |
Income Taxes | 2,819 | 1,752 |
Other Assets and Liabilities | -153 | -2,066 |
Net Cash Provided by Operating Activities | 10,508 | 15,224 |
INVESTING ACTIVITIES | ' | ' |
Purchases of Property, Plant and Equipment | -7,411 | -7,192 |
Proceeds from Disposals of Property, Plant and Equipment | 118 | 60 |
Acquisition of Business, Net of Cash Acquired | 0 | -750 |
Proceeds from Sale of Business | 0 | 699 |
Increase in Restricted Cash | -12 | -228 |
Net Cash Used for Investing Activities | -7,305 | -7,411 |
FINANCING ACTIVITIES | ' | ' |
Payments of Short-Term Debt | -1,500 | 0 |
Short-Term Debt Borrowings | 0 | 1,500 |
Payment of Long-Term Debt | -2,013 | -733 |
Purchases of Common Stock | -13,609 | -12,141 |
Proceeds from Issuance of Common Stock | 705 | 3,812 |
Excess Tax Benefit on Stock Plans | 1,329 | 1,506 |
Dividends Paid | -7,172 | -6,611 |
Net Cash Used for Financing Activities | -22,260 | -12,667 |
Effect of Exchange Rate on Cash and Cash Equivalents | 676 | -510 |
Net Decrease in Cash and Cash Equivalents | -18,381 | -5,364 |
Cash and Cash Equivalents at Beginning of Period | 80,984 | 53,940 |
Cash and Cash Equivalents at End of Period | 62,603 | 48,576 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Cash Paid for Income Taxes | 1,645 | 2,834 |
Cash Paid for Interest | 775 | 808 |
Supplemental Non-cash Investing and Financing Activities: | ' | ' |
Capital Expenditures in Accounts Payable | $715 | $1,383 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |
Jun. 30, 2014 | ||
Basis of Presentation [Abstract] | ' | |
Basis of Presentation | ' | |
1 | Basis of Presentation | |
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the Securities and Exchange Commission (“SEC”) requirements for interim reporting, which allows certain footnotes and other financial information normally required by accounting principles generally accepted in the United States of America to be condensed or omitted. In our opinion, the Condensed Consolidated Financial Statements contain all adjustments (consisting of only normal recurring adjustments) necessary for the fair presentation of our financial position and results of operations. | ||
These statements should be read in conjunction with the Consolidated Financial Statements and Notes included in our annual report on Form 10-K for the year ended December 31, 2013. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. |
Newly_Adopted_Accounting_Prono
Newly Adopted Accounting Pronoucements | 6 Months Ended | |
Jun. 30, 2014 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | |
Newly Adopted Accounting Pronouncements | ' | |
2 | Newly Adopted Accounting Pronouncements | |
Presentation of Unrecognized Tax Benefits | ||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued amendments to guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. The amendments require entities to present an unrecognized tax benefit netted against certain deferred tax assets when specific requirements are met. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013; however, early adoption is permitted. Adoption of this guidance did not have a material impact on our results of operations or financial position. |
Management_Actions
Management Actions | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Management Actions | ' | ||||
3 | Management Actions | ||||
Q4 2013 Action - During the fourth quarter of 2013, we implemented a restructuring action to right size the cost structure in our European operations, primarily as a result of the strategic decision to adjust our Direct versus Distribution selling efforts, to enhance our go-to-market approach which is anticipated to improve profitability and increase customer satisfaction. The pre-tax charge of $1,577 recognized in the fourth quarter consisted primarily of severance and was included within Selling and Administrative Expense in the Condensed Consolidated Statements of Earnings. We do not expect additional costs will be incurred related to this restructuring action and we believe the anticipated savings will offset the pre-tax charge in approximately 1.5 years. The charge impacted our Europe, Middle East, Africa (EMEA) operating segment, which has no goodwill balance. | |||||
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 | |||
2014 utilization: | |||||
Cash payments | (938 | ) | |||
Foreign currency adjustments | (6 | ) | |||
Change in estimate | (25 | ) | |||
June 30, 2014 balance | $ | 608 | |||
Q1 2013 Action - During the first quarter of 2013, we implemented a restructuring action to right size the cost structure of our European operations, primarily focused on reducing the size of our sales and service organization, in response to the challenging economic situation. The pre-tax charge of $1,440 recognized in the first quarter consisted primarily of severance and was included within Selling and Administrative Expense in the Condensed Consolidated Statements of Earnings. We do not expect additional costs will be incurred related to this restructuring action and the anticipated savings will offset the pre-tax charge in approximately one year. The charge impacted our Europe, Middle East, Africa (EMEA) operating segment, which has no goodwill balance. | |||||
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 | |||
2014 utilization: | |||||
Cash payments | (84 | ) | |||
Foreign currency adjustments | 6 | ||||
June 30, 2014 balance | $ | 269 | |||
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 6 Months Ended | |
Jun. 30, 2014 | ||
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 which 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. | ||
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 $2,943, as of June 30, 2014, 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 during the third quarter of 2012 in our Profit from Operations in the Condensed Consolidated Statements of Earnings. | ||
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 17, at the time of the transaction, M&F was a related party of ours. 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 we are not the primary beneficiary of this VIE. The only financing we have 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. |
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
5 | Inventories | |||||||
Inventories are valued at the lower of cost or market. Inventories at June 30, 2014 and December 31, 2013 consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Inventories carried at LIFO: | ||||||||
Finished goods | $ | 41,598 | $ | 36,238 | ||||
Raw materials, production parts and work-in-process | 18,525 | 13,922 | ||||||
LIFO reserve | (27,463 | ) | (27,463 | ) | ||||
Total LIFO inventories | 32,660 | 22,697 | ||||||
Inventories carried at FIFO: | ||||||||
Finished goods | 32,560 | 31,489 | ||||||
Raw materials, production parts and work-in-process | 13,814 | 12,720 | ||||||
Total FIFO inventories | 46,374 | 44,209 | ||||||
Total inventories | $ | 79,034 | $ | 66,906 | ||||
The LIFO reserve approximates the difference between LIFO carrying cost and FIFO. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
6 | Goodwill and Intangible Assets | |||||||||||||||
The changes in the carrying value of Goodwill for the six months ended June 30, 2014 were as follows: | ||||||||||||||||
Goodwill | Accumulated | Total | ||||||||||||||
Impairment | ||||||||||||||||
Losses | ||||||||||||||||
Balance as of December 31, 2013 | $ | 68,906 | $ | (49,977 | ) | $ | 18,929 | |||||||||
Foreign currency fluctuations | 1,679 | (1,313 | ) | 366 | ||||||||||||
Balance as of June 30, 2014 | $ | 70,585 | $ | (51,290 | ) | $ | 19,295 | |||||||||
The balances of acquired Intangible Assets, excluding Goodwill, as of June 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
Customer Lists | Trade | Technology | Total | |||||||||||||
Name | ||||||||||||||||
Balance as of June 30, 2014 | ||||||||||||||||
Original cost | $ | 24,451 | $ | 4,807 | $ | 7,323 | $ | 36,581 | ||||||||
Accumulated amortization | (12,783 | ) | (2,138 | ) | (3,524 | ) | (18,445 | ) | ||||||||
Carrying value | $ | 11,668 | $ | 2,669 | $ | 3,799 | $ | 18,136 | ||||||||
Weighted-average original life (in years) | 15 | 14 | 13 | |||||||||||||
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 value | $ | 12,154 | $ | 2,860 | $ | 4,014 | $ | 19,028 | ||||||||
Weighted-average original life (in years) | 15 | 14 | 13 | |||||||||||||
Amortization expense on Intangible Assets for the three and six months ended June 30, 2014 was $612 and $1,223, respectively. Amortization expense on Intangible Assets for the three and six months ended June 30, 2013 was $637 and $1,281, respectively. | ||||||||||||||||
Estimated aggregate amortization expense based on the current carrying value of amortizable Intangible Assets for each of the five succeeding years and thereafter is as follows: | ||||||||||||||||
Remaining 2014 | $ | 1,220 | ||||||||||||||
2015 | 2,231 | |||||||||||||||
2016 | 1,897 | |||||||||||||||
2017 | 1,794 | |||||||||||||||
2018 | 1,787 | |||||||||||||||
Thereafter | 9,207 | |||||||||||||||
Total | $ | 18,136 | ||||||||||||||
Debt
Debt | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
7 | Debt | |||||||
Debt outstanding is summarized as follows: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Short-Term Debt: | ||||||||
Credit facility borrowings | $ | — | $ | 1,500 | ||||
Long-Term Debt: | ||||||||
Bank borrowings | 4 | 9 | ||||||
Credit facility borrowings | 28,000 | 30,000 | ||||||
Collateralized borrowings | 10 | 11 | ||||||
Capital lease obligations | 198 | 283 | ||||||
Total Debt | 28,212 | 31,803 | ||||||
Less: Current Portion | (3,640 | ) | (3,803 | ) | ||||
Long-Term Portion | $ | 24,572 | $ | 28,000 | ||||
As of June 30, 2014, we had committed lines of credit totaling $125,000 and uncommitted lines of credit totaling $87,738. There was $10,000 in outstanding borrowings under our JPMorgan facility (described below) and $18,000 in outstanding borrowings under our Prudential facility (described below) as of June 30, 2014. In addition, we had stand alone letters of credit of $2,460 outstanding and bank guarantees in the amount of $341. Commitment fees on unused lines of credit for the six months ended June 30, 2014 were $158. | ||||||||
Our most restrictive covenants are part of our 2011 Credit Agreement with JPMorgan (as defined below), which are the same covenants in the Shelf Agreement (as defined below) with Prudential (as defined 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 June 30, 2014, our indebtedness to EBITDA ratio was 0.36 to 1 and our EBITDA to interest expense ratio was 49.02 to 1. | ||||||||
Credit Facilities | ||||||||
JPMorgan Chase Bank, National Association | ||||||||
Details regarding our Credit Agreement, dated as of May 5, 2011 and amended on April 25, 2013, 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”) are described in Note 8 of the 2013 annual report on Form 10-K. | ||||||||
As of June 30, 2014, we were in compliance with all covenants under this credit agreement. There was $10,000 in outstanding borrowings under this facility at June 30, 2014, with a weighted average interest rate of 1.46%. This facility, under the current terms of the 2011 Credit Agreement, expires on March 1, 2018. | ||||||||
Prudential Investment Management, Inc. | ||||||||
Details regarding our Private Shelf Agreement, dated as of July 29, 2009, and amended on May 5, 2011 and July 24, 2012 with Prudential Investment Management, Inc. (“Prudential”) and Prudential affiliates from time to time party thereto (the “Shelf Agreement”) are described in Note 8 of the 2013 annual report on Form 10-K. | ||||||||
As of June 30, 2014, there was $18,000 in outstanding borrowings under this facility, consisting of the $8,000 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. The first payment of $2,000 on Series A notes was made during the first quarter of 2014. We were in compliance with all covenants under this private shelf agreement as of June 30, 2014. The issuance period, under the current terms of the Shelf Agreement, expires on July 24, 2015. | ||||||||
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, or approximately $2,738. There was no balance outstanding on this facility as of June 30, 2014. | ||||||||
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. During the first quarter of 2014, we repaid previous borrowings under this facility amounting to $1,500 and as of June 30, 2014, there were no outstanding borrowings on this facility. |
Warranty
Warranty | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Warranty | ' | |||||||
8 | Warranty | |||||||
We record a liability for 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. Warranty terms on machines generally range from one to four years; however, the majority of our claims are paid out within the first six to nine months following a sale. | ||||||||
The changes in warranty reserves for the six months ended June 30, 2014 and 2013 were as follows: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
Beginning balance | $ | 9,663 | $ | 9,357 | ||||
Additions charged to expense | 5,127 | 5,578 | ||||||
Foreign currency fluctuations | 33 | (132 | ) | |||||
Claims paid | (4,916 | ) | (5,055 | ) | ||||
Ending balance | $ | 9,907 | $ | 9,748 | ||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
9 | 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 June 30, 2014 is as follows: | ||||||||||||||||
Fair | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | ||||||||||||||||
Assets: | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 18 | $ | — | $ | 18 | $ | — | ||||||||
Total Assets | $ | 18 | $ | — | $ | 18 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 138 | $ | — | $ | 138 | $ | — | ||||||||
Total Liabilities | $ | 138 | $ | — | $ | 138 | $ | — | ||||||||
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 that hedge foreign currency-denominated assets and liabilities are recognized in Other Current Assets and Other Current Liabilities within the Condensed Consolidated Balance Sheets and are recognized in Other Income (Expense), Net under Net Foreign Currency Transaction Gains (Losses) within the Condensed Consolidated Statements of Earnings. As of June 30, 2014, the fair value of such contracts outstanding was an asset of $18 and a liability of $138. As of December 31, 2013, the fair value of such contracts outstanding was an asset of $16 and a liability of $109. At June 30, 2014 and December 31, 2013, the notional amounts of foreign currency forward exchange contracts outstanding were $39,068 and $30,280, respectively. We recognized a net loss of $902 and a net gain of $901 on such contracts during the first six months of 2014 and 2013, respectively. | ||||||||||||||||
The carrying amounts reported in the Condensed Consolidated Balance Sheets for Cash and Cash Equivalents, Accounts Receivable, Other Current Assets, Accounts Payable and Other Current Liabilities approximate fair value. | ||||||||||||||||
The fair 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 | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Retirement Benefit Plans | ' | ||||||||||||||||||||||||
10 | Retirement Benefit Plans | ||||||||||||||||||||||||
Our defined benefit pension plans and postretirement medical plan are described in Note 11 of the 2013 annual report on Form 10-K. We have contributed $73 and $278 during the second quarter of 2014 and $252 and $542 during the first six months of 2014 to our pension plans and to our postretirement medical plan, respectively. | |||||||||||||||||||||||||
The components of the net periodic benefit cost for the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
30-Jun | |||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Medical Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | 123 | $ | 216 | $ | 38 | $ | 33 | $ | 32 | $ | 38 | |||||||||||||
Interest cost | 488 | 563 | 134 | 121 | 118 | 110 | |||||||||||||||||||
Expected return on plan assets | (672 | ) | (910 | ) | (131 | ) | (115 | ) | — | — | |||||||||||||||
Amortization of net actuarial loss (gain) | 30 | 1,073 | — | — | (11 | ) | 127 | ||||||||||||||||||
Amortization of prior service cost (benefit) | 10 | (503 | ) | 47 | 80 | (1 | ) | (102 | ) | ||||||||||||||||
Foreign currency | — | — | (2 | ) | (13 | ) | — | — | |||||||||||||||||
Net periodic (benefit) cost | $ | (21 | ) | $ | 439 | $ | 86 | $ | 106 | $ | 138 | $ | 173 | ||||||||||||
Six Months Ended | |||||||||||||||||||||||||
30-Jun | |||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Medical Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | 247 | $ | 432 | $ | 76 | $ | 66 | $ | 64 | $ | 76 | |||||||||||||
Interest cost | 982 | 1,131 | 266 | 243 | 249 | 222 | |||||||||||||||||||
Expected return on plan assets | (1,342 | ) | (1,820 | ) | (260 | ) | (231 | ) | — | — | |||||||||||||||
Amortization of net actuarial loss | 74 | 1,096 | — | — | — | 101 | |||||||||||||||||||
Amortization of prior service cost (benefit) | 21 | 46 | 93 | 161 | (3 | ) | (52 | ) | |||||||||||||||||
Foreign currency | — | — | 16 | 29 | — | — | |||||||||||||||||||
Net periodic (benefit) cost | $ | (18 | ) | $ | 885 | $ | 191 | $ | 268 | $ | 310 | $ | 347 | ||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |
Jun. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
11 | Commitments and Contingencies | |
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. As of June 30, 2014, of those leases that contain residual value guarantees, the aggregate residual value at lease expiration was $12,055, of which we have guaranteed $9,799. As of June 30, 2014, we have recorded a liability for the estimated end of term loss related to this residual value guarantee of $194 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 second quarter of 2014, we entered into a three year software licensing agreement with a total commitment of $1,198. | ||
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 $1,054 is still outstanding as of June 30, 2014. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||
12 | Accumulated Other Comprehensive Loss | |||||||||||
Components of Accumulated Other Comprehensive Loss, net of tax, within the Condensed Consolidated Balance Sheets, are as follows: | ||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||
Foreign currency translation adjustments | $ | (20,127 | ) | $ | (21,991 | ) | ||||||
Pension and retiree medical benefits | (2,922 | ) | (2,980 | ) | ||||||||
Total Accumulated Other Comprehensive Loss | $ | (23,049 | ) | $ | (24,971 | ) | ||||||
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, 2013 | $ | (21,991 | ) | $ | (2,980 | ) | $ | (24,971 | ) | |||
Other comprehensive income before reclassifications | 1,864 | — | 1,864 | |||||||||
Amounts reclassified from Accumulated Other Comprehensive Loss | — | 58 | 58 | |||||||||
Net current period other comprehensive income | 1,864 | 58 | 1,922 | |||||||||
June 30, 2014 | $ | (20,127 | ) | $ | (2,922 | ) | $ | (23,049 | ) |
Income_Taxes
Income Taxes | 6 Months Ended | |
Jun. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
13 | Income Taxes | |
We and our subsidiaries 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 recognize potential accrued interest and penalties related to unrecognized tax benefits in Income Tax Expense. In addition to the liability of $3,931 for unrecognized tax benefits as of June 30, 2014, there was approximately $617 for accrued interest and penalties. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of June 30, 2014 was $3,623. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be revised and reflected as an adjustment of the Income Tax Expense. | ||
Unrecognized tax benefits were reduced by $21 during the first six months of 2014 for expiration of the statute of limitations in various jurisdictions. | ||
We are currently undergoing income tax examinations in various state and foreign jurisdictions covering 2007 to 2011 for which settlement is expected prior to year end. Although the final outcome of these examinations cannot be currently determined, we believe that we have adequate reserves with respect to these examinations. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | |
Jun. 30, 2014 | ||
Share-based Compensation [Abstract] | ' | |
Share-Based Compensation | ' | |
14 | Share-Based Compensation | |
Our share-based compensation plans are described in Note 15 of the 2013 annual report on Form 10-K. During the three months ended June 30, 2014 and 2013 we recognized total Share-Based Compensation Expense of $2,216 and $1,732, respectively. During the six months ended June 30, 2014 and 2013 we recognized total Share-Based Compensation Expense of $3,756 and $3,439, respectively. The total excess tax benefit recognized for share-based compensation arrangements during the six months ended June 30, 2014 and 2013 was $1,329 and $1,506, respectively. | ||
During the first six months of 2014, we granted 20,278 restricted shares. The weighted average grant date fair value of each share awarded was $61.77. Restricted share awards generally have a 3 year vesting period from the effective date of the grant. The total fair value of shares vested during the six months ended June 30, 2014 and 2013 was $827 and $538, respectively. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
15 | Earnings Per Share | |||||||||||||||
The computations of Basic and Diluted Earnings per Share were as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net Earnings | $ | 15,523 | $ | 14,254 | $ | 21,318 | $ | 19,313 | ||||||||
Denominator: | ||||||||||||||||
Basic - Weighted Average Shares Outstanding | 18,167,054 | 18,253,326 | 18,242,240 | 18,298,379 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share-based compensation plans | 508,553 | 534,554 | 534,129 | 537,163 | ||||||||||||
Diluted - Weighted Average Shares Outstanding | 18,675,607 | 18,787,880 | 18,776,369 | 18,835,542 | ||||||||||||
Basic Earnings per Share | $ | 0.85 | $ | 0.78 | $ | 1.17 | $ | 1.06 | ||||||||
Diluted Earnings per Share | $ | 0.83 | $ | 0.76 | $ | 1.14 | $ | 1.03 | ||||||||
Excluded from the dilutive securities shown above were options to purchase 154,897 and 278,862 shares of Common Stock during the three months ended June 30, 2014 and 2013, respectively. Excluded from the dilutive securities shown above were options to purchase 155,497 and 270,433 shares of Common Stock during the six months ended June 30, 2014 and 2013, respectively. These exclusions were made as the effects were anti-dilutive. |
Segment_Reporting
Segment Reporting | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
16 | Segment Reporting | |||||||||||||||
We are organized into four operating segments: North America; Latin America; Europe, Middle East and 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. | ||||||||||||||||
Net Sales attributed to each geographic area for the three and six months ended June 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Americas | $ | 153,698 | $ | 139,593 | $ | 276,087 | $ | 252,840 | ||||||||
Europe, Middle East and Africa | 41,273 | 39,838 | 84,336 | 79,029 | ||||||||||||
Asia Pacific | 24,113 | 20,807 | 42,640 | 36,461 | ||||||||||||
Total | $ | 219,084 | $ | 200,238 | $ | 403,063 | $ | 368,330 | ||||||||
Net Sales are attributed to each geographic area based on the country from which the product was shipped and are net of intercompany sales. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | |
Jun. 30, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
17 | 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 were no longer employed by Tennant as of the transaction date. | ||
Our May 31, 2011 acquisition of Water Star includes installment payments totaling $1,500, all of which have been paid to the former owners of Water Star, as further discussed in Note 4. As of September 30, 2013, the former owners of Water Star were 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. |
Management_Actions_Tables
Management Actions (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Q4 2013 Action | ' | ||||
Restructuring Cost and Reserve | ' | ||||
Reconciliation of beginning and ending liability balances | ' | ||||
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 | |||
2014 utilization: | |||||
Cash payments | (938 | ) | |||
Foreign currency adjustments | (6 | ) | |||
Change in estimate | (25 | ) | |||
June 30, 2014 balance | $ | 608 | |||
Q1 2013 Action | ' | ||||
Restructuring Cost and Reserve | ' | ||||
Reconciliation of beginning and ending liability balances | ' | ||||
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 | |||
2014 utilization: | |||||
Cash payments | (84 | ) | |||
Foreign currency adjustments | 6 | ||||
June 30, 2014 balance | $ | 269 | |||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories are valued at the lower of cost or market. Inventories at June 30, 2014 and December 31, 2013 consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Inventories carried at LIFO: | ||||||||
Finished goods | $ | 41,598 | $ | 36,238 | ||||
Raw materials, production parts and work-in-process | 18,525 | 13,922 | ||||||
LIFO reserve | (27,463 | ) | (27,463 | ) | ||||
Total LIFO inventories | 32,660 | 22,697 | ||||||
Inventories carried at FIFO: | ||||||||
Finished goods | 32,560 | 31,489 | ||||||
Raw materials, production parts and work-in-process | 13,814 | 12,720 | ||||||
Total FIFO inventories | 46,374 | 44,209 | ||||||
Total inventories | $ | 79,034 | $ | 66,906 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Changes in the carrying amount of Goodwill | ' | |||||||||||||||
The changes in the carrying value of Goodwill for the six months ended June 30, 2014 were as follows: | ||||||||||||||||
Goodwill | Accumulated | Total | ||||||||||||||
Impairment | ||||||||||||||||
Losses | ||||||||||||||||
Balance as of December 31, 2013 | $ | 68,906 | $ | (49,977 | ) | $ | 18,929 | |||||||||
Foreign currency fluctuations | 1,679 | (1,313 | ) | 366 | ||||||||||||
Balance as of June 30, 2014 | $ | 70,585 | $ | (51,290 | ) | $ | 19,295 | |||||||||
Acquired Intangible Assets excluding Goodwill | ' | |||||||||||||||
The balances of acquired Intangible Assets, excluding Goodwill, as of June 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
Customer Lists | Trade | Technology | Total | |||||||||||||
Name | ||||||||||||||||
Balance as of June 30, 2014 | ||||||||||||||||
Original cost | $ | 24,451 | $ | 4,807 | $ | 7,323 | $ | 36,581 | ||||||||
Accumulated amortization | (12,783 | ) | (2,138 | ) | (3,524 | ) | (18,445 | ) | ||||||||
Carrying value | $ | 11,668 | $ | 2,669 | $ | 3,799 | $ | 18,136 | ||||||||
Weighted-average original life (in years) | 15 | 14 | 13 | |||||||||||||
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 value | $ | 12,154 | $ | 2,860 | $ | 4,014 | $ | 19,028 | ||||||||
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 value of amortizable Intangible Assets for each of the five succeeding years and thereafter is as follows: | ||||||||||||||||
Remaining 2014 | $ | 1,220 | ||||||||||||||
2015 | 2,231 | |||||||||||||||
2016 | 1,897 | |||||||||||||||
2017 | 1,794 | |||||||||||||||
2018 | 1,787 | |||||||||||||||
Thereafter | 9,207 | |||||||||||||||
Total | $ | 18,136 | ||||||||||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Summary of outstanding Short-Term and Long-Term Debt | ' | |||||||
Debt outstanding is summarized as follows: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Short-Term Debt: | ||||||||
Credit facility borrowings | $ | — | $ | 1,500 | ||||
Long-Term Debt: | ||||||||
Bank borrowings | 4 | 9 | ||||||
Credit facility borrowings | 28,000 | 30,000 | ||||||
Collateralized borrowings | 10 | 11 | ||||||
Capital lease obligations | 198 | 283 | ||||||
Total Debt | 28,212 | 31,803 | ||||||
Less: Current Portion | (3,640 | ) | (3,803 | ) | ||||
Long-Term Portion | $ | 24,572 | $ | 28,000 | ||||
Warranty_Tables
Warranty (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Changes in warranty reserve | ' | |||||||
The changes in warranty reserves for the six months ended June 30, 2014 and 2013 were as follows: | ||||||||
Six Months Ended | ||||||||
30-Jun | ||||||||
2014 | 2013 | |||||||
Beginning balance | $ | 9,663 | $ | 9,357 | ||||
Additions charged to expense | 5,127 | 5,578 | ||||||
Foreign currency fluctuations | 33 | (132 | ) | |||||
Claims paid | (4,916 | ) | (5,055 | ) | ||||
Ending balance | $ | 9,907 | $ | 9,748 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value measurements of assets and liabilities | ' | |||||||||||||||
Our population of assets and liabilities subject to fair value measurements at June 30, 2014 is as follows: | ||||||||||||||||
Fair | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | ||||||||||||||||
Assets: | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 18 | $ | — | $ | 18 | $ | — | ||||||||
Total Assets | $ | 18 | $ | — | $ | 18 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Foreign currency forward exchange contracts | $ | 138 | $ | — | $ | 138 | $ | — | ||||||||
Total Liabilities | $ | 138 | $ | — | $ | 138 | $ | — | ||||||||
Our foreign currency forward exchange contracts are valued based on quoted forward foreign exchange prices at the reporting date. |
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Components of the net periodic benefit cost | ' | ||||||||||||||||||||||||
The components of the net periodic benefit cost for the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
30-Jun | |||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Medical Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | 123 | $ | 216 | $ | 38 | $ | 33 | $ | 32 | $ | 38 | |||||||||||||
Interest cost | 488 | 563 | 134 | 121 | 118 | 110 | |||||||||||||||||||
Expected return on plan assets | (672 | ) | (910 | ) | (131 | ) | (115 | ) | — | — | |||||||||||||||
Amortization of net actuarial loss (gain) | 30 | 1,073 | — | — | (11 | ) | 127 | ||||||||||||||||||
Amortization of prior service cost (benefit) | 10 | (503 | ) | 47 | 80 | (1 | ) | (102 | ) | ||||||||||||||||
Foreign currency | — | — | (2 | ) | (13 | ) | — | — | |||||||||||||||||
Net periodic (benefit) cost | $ | (21 | ) | $ | 439 | $ | 86 | $ | 106 | $ | 138 | $ | 173 | ||||||||||||
Six Months Ended | |||||||||||||||||||||||||
30-Jun | |||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Medical Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | 247 | $ | 432 | $ | 76 | $ | 66 | $ | 64 | $ | 76 | |||||||||||||
Interest cost | 982 | 1,131 | 266 | 243 | 249 | 222 | |||||||||||||||||||
Expected return on plan assets | (1,342 | ) | (1,820 | ) | (260 | ) | (231 | ) | — | — | |||||||||||||||
Amortization of net actuarial loss | 74 | 1,096 | — | — | — | 101 | |||||||||||||||||||
Amortization of prior service cost (benefit) | 21 | 46 | 93 | 161 | (3 | ) | (52 | ) | |||||||||||||||||
Foreign currency | — | — | 16 | 29 | — | — | |||||||||||||||||||
Net periodic (benefit) cost | $ | (18 | ) | $ | 885 | $ | 191 | $ | 268 | $ | 310 | $ | 347 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Components of Accumulated Other Comprehensive Loss, net of tax, within the Condensed Consolidated Balance Sheets | ' | |||||||||||
Components of Accumulated Other Comprehensive Loss, net of tax | ' | |||||||||||
Components of Accumulated Other Comprehensive Loss, net of tax, within the Condensed Consolidated Balance Sheets, are as follows: | ||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||
Foreign currency translation adjustments | $ | (20,127 | ) | $ | (21,991 | ) | ||||||
Pension and retiree medical benefits | (2,922 | ) | (2,980 | ) | ||||||||
Total Accumulated Other Comprehensive Loss | $ | (23,049 | ) | $ | (24,971 | ) | ||||||
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, 2013 | $ | (21,991 | ) | $ | (2,980 | ) | $ | (24,971 | ) | |||
Other comprehensive income before reclassifications | 1,864 | — | 1,864 | |||||||||
Amounts reclassified from Accumulated Other Comprehensive Loss | — | 58 | 58 | |||||||||
Net current period other comprehensive income | 1,864 | 58 | 1,922 | |||||||||
June 30, 2014 | $ | (20,127 | ) | $ | (2,922 | ) | $ | (23,049 | ) |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of Basic and Diluted Earnings per Share | ' | |||||||||||||||
The computations of Basic and Diluted Earnings per Share were as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net Earnings | $ | 15,523 | $ | 14,254 | $ | 21,318 | $ | 19,313 | ||||||||
Denominator: | ||||||||||||||||
Basic - Weighted Average Shares Outstanding | 18,167,054 | 18,253,326 | 18,242,240 | 18,298,379 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share-based compensation plans | 508,553 | 534,554 | 534,129 | 537,163 | ||||||||||||
Diluted - Weighted Average Shares Outstanding | 18,675,607 | 18,787,880 | 18,776,369 | 18,835,542 | ||||||||||||
Basic Earnings per Share | $ | 0.85 | $ | 0.78 | $ | 1.17 | $ | 1.06 | ||||||||
Diluted Earnings per Share | $ | 0.83 | $ | 0.76 | $ | 1.14 | $ | 1.03 | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Net Sales by geographic area | ' | |||||||||||||||
Net Sales attributed to each geographic area for the three and six months ended June 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Americas | $ | 153,698 | $ | 139,593 | $ | 276,087 | $ | 252,840 | ||||||||
Europe, Middle East and Africa | 41,273 | 39,838 | 84,336 | 79,029 | ||||||||||||
Asia Pacific | 24,113 | 20,807 | 42,640 | 36,461 | ||||||||||||
Total | $ | 219,084 | $ | 200,238 | $ | 403,063 | $ | 368,330 | ||||||||
Management_Actions_Details
Management Actions (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Q4 2013 Action | ' | ' |
Restructuring Cost and Reserve | ' | ' |
Approximate time anticipated savings will offset the restructuring charge | '1 year 6 months | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve beginning balance | $1,577 | ' |
Restructuring Charges | ' | 1,577 |
Cash Payments | -938 | ' |
Foreign currency adjustments | -6 | ' |
Change in estimate | -25 | ' |
Restructuring Reserve ending balance | 608 | 1,577 |
Q1 2013 Action | ' | ' |
Restructuring Cost and Reserve | ' | ' |
Approximate time anticipated savings will offset the restructuring charge | '1 year | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve beginning balance | 347 | ' |
Restructuring Charges | ' | 1,440 |
Cash Payments | -84 | -1,110 |
Foreign currency adjustments | 6 | 17 |
Restructuring Reserve ending balance | $269 | $347 |
Acquistion_Details
Acquistion (Details) (Water Star, Inc., USD $) | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 |
Water Star, Inc. | ' | ' | ' | ' | ' |
Business Combinations | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | 31-May-11 | ' | ' | ' | ' |
Business Combination, Cost of Acquired Entity, Purchase Price | ' | ' | ' | ' | $4,456 |
Payments to Acquire Businesses, Gross | ' | 750 | 750 | 2,956 | ' |
Number of installment payments paid | 2 | ' | ' | ' | ' |
Amount of installment payment paid | $750 | ' | ' | ' | ' |
Divestiture_Details
Divestiture (Details) (Tennant CEE GmbH and OOO Tennant) | 6 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | |
Divestiture | ' | ' | ' | ' | ' | ' | ' |
Date of divestiture | 31-Jul-12 | 31-Jul-12 | ' | ' | ' | ' | ' |
Cash received as part of the 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 | ' | ' | ' |
Remaining amount of payments remaining to be received on second and third anniversary dates | 2,943 | 2,150 | ' | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | ' | ' | ' | $784 | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories carried at LIFO: | ' | ' |
Finished goods | $41,598 | $36,238 |
Raw materials, production parts and work-in-process | 18,525 | 13,922 |
LIFO Reserve | -27,463 | -27,463 |
LIFO Inventory Amount | 32,660 | 22,697 |
Inventories carried at FIFO: | ' | ' |
Finished goods | 32,560 | 31,489 |
Raw materials, production parts and work-in-process | 13,814 | 12,720 |
Total FIFO inventories | 46,374 | 44,209 |
Total Inventories | $79,034 | $66,906 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Customer Lists | Customer Lists | Trade Name | Trade Name | Technology | Technology | ||||||
Goodwill, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | $68,906 | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency fluctuations | ' | ' | 1,679 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, end of period | 70,585 | ' | 70,585 | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Impairment Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | -49,977 | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency fluctuations | ' | ' | -1,313 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, end of period | -51,290 | ' | -51,290 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 18,929 | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency fluctuations | ' | ' | 366 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, end of period | 19,295 | ' | 19,295 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original cost | 36,581 | ' | 36,581 | ' | 35,946 | 24,451 | 23,763 | 4,807 | 4,836 | 7,323 | 7,347 |
Accumulated amortization | -18,445 | ' | -18,445 | ' | -16,918 | -12,783 | -11,609 | -2,138 | -1,976 | -3,524 | -3,333 |
Intangible Assets, Net | 18,136 | ' | 18,136 | ' | 19,028 | 11,668 | 12,154 | 2,669 | 2,860 | 3,799 | 4,014 |
Weighted-average original life | ' | ' | ' | ' | ' | '15 years | '15 years | '14 years | '14 years | '13 years | '13 years |
Amortization expense | 612 | 637 | 1,223 | 1,281 | ' | ' | ' | ' | ' | ' | ' |
Estimated aggregate amortization expense of Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining 2014 | 1,220 | ' | 1,220 | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 2,231 | ' | 2,231 | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 1,897 | ' | 1,897 | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 1,794 | ' | 1,794 | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 1,787 | ' | 1,787 | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 9,207 | ' | 9,207 | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $18,136 | ' | $18,136 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Details_Part_1
Debt (Details) Part 1 (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument | ' | ' |
Total Debt | $28,212 | $31,803 |
Less: Current Portion | -3,640 | -3,803 |
Long-Term Portion | 24,572 | 28,000 |
Committed lines of credit | 125,000 | ' |
Uncommitted lines of credit | 87,738 | ' |
Letters of Credit Outstanding | 2,460 | ' |
Bank guarantees | 341 | ' |
Commitment fees on unused line of credit | 158 | ' |
Covenant restriction, maximum indebtedness to EBITDA | '3.00 to 1 | ' |
Covenant restriction, minimum EBITDA to interest expense | '3.50 to 1 | ' |
Indebtedness to EBITDA ratio | '0.36 to 1 | ' |
EBITDA to interest expense ratio | '49.02 to 1 | ' |
Bank borrowings | ' | ' |
Debt Instrument | ' | ' |
Total Debt | 4 | 9 |
Credit facility borrowings, Long-Term | ' | ' |
Debt Instrument | ' | ' |
Total Debt | 28,000 | 30,000 |
Collateralized borrowings | ' | ' |
Debt Instrument | ' | ' |
Total Debt | 10 | 11 |
Capital lease obligations | ' | ' |
Debt Instrument | ' | ' |
Total Debt | 198 | 283 |
Credit facility borrowings, Short-Term | ' | ' |
Debt Instrument | ' | ' |
Total Debt | $0 | $1,500 |
Debt_Details_Part_2
Debt (Details) Part 2 | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 |
USD ($) | USD ($) | JPMorgan Chase Bank, National Association | Prudential Investment Management, Inc. | Series A notes | Series A notes | Series B notes | Royal Bank of Scotland Citizaens, N.A. | Royal Bank of Scotland Citizaens, N.A. | HSBC Bank (China) Company Limited, Shanghai Branch | HSBC Bank (China) Company Limited, Shanghai Branch | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | |||
Line of Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | $10,000 | $18,000 | ' | ' | ' | $0 | ' | ' | $0 |
Weighted average interest rate | ' | ' | 1.46% | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date | ' | ' | 1-Mar-18 | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | 8,000 | 10,000 | ' | ' | ' | ' |
Interest rate, stated percentage | ' | ' | ' | ' | ' | 4.00% | 4.10% | ' | ' | ' | ' |
Maturity date range, start | ' | ' | ' | ' | ' | 11-Mar-14 | 1-Jun-15 | ' | ' | ' | ' |
Maturity date range, end | ' | ' | ' | ' | ' | 11-Mar-18 | 1-Jun-21 | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' |
Repayments of Short-term Debt | 1,500 | 0 | ' | ' | ' | ' | ' | ' | ' | 1,500 | ' |
Issuance period expiration date | ' | ' | ' | 24-Jul-15 | ' | ' | ' | ' | ' | ' | ' |
Note term | ' | ' | ' | ' | ' | '7 years | '10 years | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | $2,738 | € 2,000 | ' | $5,000 |
Warranty_Details
Warranty (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Product Warranties Disclosures [Abstract] | ' | ' |
Warranty terms, minimum | '1 year | ' |
Warranty terms, maximum | '4 years | ' |
Period of time following a sale the majority of claims are paid, min | '6 months | ' |
Period of time following a sale the majority of claims are paid, max | '9 months | ' |
Changes in warranty reserves | ' | ' |
Beginning balance | $9,663 | $9,357 |
Additions charged to expense | 5,127 | 5,578 |
Foreign currency fluctuations | 33 | -132 |
Claims paid | -4,916 | -5,055 |
Ending balance | $9,907 | $9,748 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Assets: | ' | ' | ' |
Foreign currency forward exchange contracts | ' | ' | $16 |
Liabilities: | ' | ' | ' |
Foreign currency forward exchange contracts | ' | ' | 109 |
Net (loss) gain on foreign currency forward exchange contracts | -902 | 901 | ' |
Notional amount of foreign currency derivatives | 39,068 | ' | 30,280 |
Fair Value | ' | ' | ' |
Assets: | ' | ' | ' |
Foreign currency forward exchange contracts | 18 | ' | ' |
Total Assets | 18 | ' | ' |
Liabilities: | ' | ' | ' |
Foreign currency forward exchange contracts | 138 | ' | ' |
Total Liabilities | 138 | ' | ' |
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 | 18 | ' | ' |
Total Assets | 18 | ' | ' |
Liabilities: | ' | ' | ' |
Foreign currency forward exchange contracts | 138 | ' | ' |
Total Liabilities | 138 | ' | ' |
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_Detai
Retirement Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Plans | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' | ' |
Plan contributions | $73 | ' | $252 | ' |
U.S. Plans | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' | ' |
Service cost | 123 | 216 | 247 | 432 |
Interest cost | 488 | 563 | 982 | 1,131 |
Expected return on plan assets | -672 | -910 | -1,342 | -1,820 |
Amortization of net actuarial loss (gain) | 30 | 1,073 | 74 | 1,096 |
Amortization of prior service cost (benefit) | 10 | -503 | 21 | 46 |
Foreign currency | 0 | 0 | 0 | 0 |
Net periodic (benefit) cost | -21 | 439 | -18 | 885 |
Non-U.S. Plans | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' | ' |
Service cost | 38 | 33 | 76 | 66 |
Interest cost | 134 | 121 | 266 | 243 |
Expected return on plan assets | -131 | -115 | -260 | -231 |
Amortization of net actuarial loss (gain) | 0 | 0 | 0 | 0 |
Amortization of prior service cost (benefit) | 47 | 80 | 93 | 161 |
Foreign currency | -2 | -13 | 16 | 29 |
Net periodic (benefit) cost | 86 | 106 | 191 | 268 |
Postretirement Medical Benefits | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' | ' |
Plan contributions | 278 | ' | 542 | ' |
Service cost | 32 | 38 | 64 | 76 |
Interest cost | 118 | 110 | 249 | 222 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss (gain) | -11 | 127 | 0 | 101 |
Amortization of prior service cost (benefit) | -1 | -102 | -3 | -52 |
Foreign currency | 0 | 0 | 0 | 0 |
Net periodic (benefit) cost | $138 | $173 | $310 | $347 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Software License Agreement | Supplier Purchase Commitment | Supplier Purchase Commitment | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Aggregate residual value at lease expiration for vehicle leases | $12,055 | ' | ' | ' |
Guaranteed aggregate residual value at lease expiration for vehicle leases | 9,799 | ' | ' | ' |
Liability for the estimated end-of-term loss related to residual value guarantee | 194 | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' |
Term of unrecorded unconditional purchase obligation | ' | 'three year | 'three year | ' |
Minimum purchase obligation | ' | 1,198 | 2,102 | ' |
Purchase Commitment, Remaining Minimum Amount Committed | ' | ' | ' | $1,054 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Components of Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ($20,127) | ' | ($20,127) | ' | ($21,991) |
Pension and retiree medical benefits | -2,922 | ' | -2,922 | ' | -2,980 |
Total Accumulated Other Comprehensive Loss | -23,049 | ' | -23,049 | ' | ' |
Changes in components of Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ' |
Balance at the beginning of the year | ' | ' | -24,971 | ' | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 1,864 | ' | ' |
Amounts reclassified from Accumulated Other Comprehensive Loss | ' | ' | 58 | ' | ' |
Total Other Comprehensive Income (Loss), net of tax | 843 | -1,854 | 1,922 | -3,010 | ' |
Balance at the end of the period | -23,049 | ' | -23,049 | ' | ' |
Foreign Currency Translation Adjustments | ' | ' | ' | ' | ' |
Components of Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ' |
Total Accumulated Other Comprehensive Loss | -20,127 | ' | -20,127 | ' | ' |
Changes in components of Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ' |
Balance at the beginning of the year | ' | ' | -21,991 | ' | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 1,864 | ' | ' |
Amounts reclassified from Accumulated Other Comprehensive Loss | ' | ' | 0 | ' | ' |
Total Other Comprehensive Income (Loss), net of tax | ' | ' | 1,864 | ' | ' |
Balance at the end of the period | -20,127 | ' | -20,127 | ' | ' |
Pension and Post Retirement Benefits | ' | ' | ' | ' | ' |
Components of Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ' |
Total Accumulated Other Comprehensive Loss | -2,922 | ' | -2,922 | ' | ' |
Changes in components of Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ' |
Balance at the beginning of the year | ' | ' | -2,980 | ' | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 0 | ' | ' |
Amounts reclassified from Accumulated Other Comprehensive Loss | ' | ' | 58 | ' | ' |
Total Other Comprehensive Income (Loss), net of tax | ' | ' | 58 | ' | ' |
Balance at the end of the period | ($2,922) | ' | ($2,922) | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | ' |
Liability for unrecognized tax benefits | $3,931 |
Unrecognized tax benefits, income tax penalties and interest accrued | 617 |
Unrecognized tax benefits that would impact the effective tax rate | 3,623 |
Reductions in unrecognized tax benefits as a result of expiration of the statute of limitations in various jurisdictions. | $21 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Share-Based Compensation Expense | $2,216 | $1,732 | $3,756 | $3,439 |
Excess Tax Benefit on Stock Plans | ' | ' | 1,329 | 1,506 |
Restricted shares | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Shares granted | ' | ' | 20,278 | ' |
Weighted average grant date fair value, in dollars per share | ' | ' | $61.77 | ' |
Vesting period of new awards granted | ' | ' | '3 years | ' |
Fair value of shares vested | ' | ' | $827 | $538 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net Earnings | $15,523 | $14,254 | $21,318 | $19,313 |
Denominator: | ' | ' | ' | ' |
Basic - Weighted Average Shares Outstanding | 18,167,054 | 18,253,326 | 18,242,240 | 18,298,379 |
Effect of dilutive securities: | ' | ' | ' | ' |
Share-based compensation plans | 508,553 | 534,554 | 534,129 | 537,163 |
Diluted - Weighted Average Shares Outstanding | 18,675,607 | 18,787,880 | 18,776,369 | 18,835,542 |
Basic Earnings per Share | $0.85 | $0.78 | $1.17 | $1.06 |
Diluted Earnings per Share | $0.83 | $0.76 | $1.14 | $1.03 |
Anti-dilutive securities excluded from earnings per share calculation | 154,897 | 278,862 | 155,497 | 270,433 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Number of operating segments | ' | ' | 4 | ' |
Number of reportable segments | ' | ' | 1 | ' |
Revenues from External Customers | ' | ' | ' | ' |
Net Sales | $219,084 | $200,238 | $403,063 | $368,330 |
Americas | ' | ' | ' | ' |
Revenues from External Customers | ' | ' | ' | ' |
Net Sales | 153,698 | 139,593 | 276,087 | 252,840 |
Europe, Middle East and Africa | ' | ' | ' | ' |
Revenues from External Customers | ' | ' | ' | ' |
Net Sales | 41,273 | 39,838 | 84,336 | 79,029 |
Asia Pacific | ' | ' | ' | ' |
Revenues from External Customers | ' | ' | ' | ' |
Net Sales | $24,113 | $20,807 | $42,640 | $36,461 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Water Star, Inc., USD $) | 31-May-11 |
In Thousands, unless otherwise specified | |
Water Star, Inc. | ' |
Related Party Transactions | ' |
Amount of total installment payments paid to former owners of acquired entity | $1,500 |