Tootsie Roll Industries (TR) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2018shares
Entity Registrant Name	TOOTSIE ROLL INDUSTRIES INC
Entity Central Index Key	98,677
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Common Stock
Entity Common Stock, Shares Outstanding	38,645,382
Class B Common Stock
Entity Common Stock, Shares Outstanding	25,604,679

CONSOLIDATED STATEMENTS OF Fina

CONSOLIDATED STATEMENTS OF Financial Position - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
CURRENT ASSETS:
Cash & cash equivalents	$ 38,334	$ 96,314	$ 57,804
Restricted cash	396	406	415
Investments	65,211	41,606	71,940
Trade accounts receivable, less allowances of $1,819, $1,921 & $1,944	37,222	47,354	31,254
Other receivables	6,420	5,425	6,610
Inventories:
Finished goods & work-in-process	63,548	31,922	64,980
Raw material & supplies	28,029	22,905	29,606
Income taxes receivable and prepaid	13,873	12,974
Prepaid expenses	7,132	12,014	5,207
Total current assets	260,165	270,920	267,816
PROPERTY, PLANT & EQUIPMENT, at cost:
Land	21,945	21,962	22,202
Buildings	118,478	118,491	116,547
Machinery & equipment	380,778	381,665	369,667
Construction in progress	17,726	4,866	10,245
Property, plant and equipment, gross	538,927	526,984	518,661
Less-accumulated depreciation	356,152	348,012	339,871
Net property, plant and equipment	182,775	178,972	178,790
OTHER ASSETS:
Goodwill	73,237	73,237	73,237
Trademarks	175,024	175,024	175,024
Investments	192,181	190,510	196,308
Split dollar officer life insurance	26,042	26,042	26,042
Prepaid expenses and other assets	13,870	15,817	40
Deferred income taxes	421	424
Total other assets	480,775	481,054	470,651
Total assets	923,715	930,946	917,257
CURRENT LIABILITIES:
Accounts payable	16,700	11,928	13,819
Bank loans	420	440	334
Dividends payable	5,783	5,660	5,692
Accrued liabilities	37,808	45,157	44,266
Postretirement health care	603	603	513
Total current liabilities	61,314	63,788	64,624
NONCURRENT LIABILITIES:
Deferred income taxes	41,241	41,457	44,257
Postretirement health care	13,062	12,894	11,832
Industrial development bonds	7,500	7,500	7,500
Liability for uncertain tax positions	4,902	4,817	5,361
Deferred compensation and other liabilities	69,665	66,686	80,161
Total noncurrent liabilities	136,370	133,354	149,111
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Capital in excess of par value	699,965	656,752	670,477
Retained earnings	7,020	57,225	9,615
Accumulated other comprehensive loss	(23,501)	(21,791)	(18,581)
Treasury stock (at cost)- 88, 85 & 85 shares, respectively	(1,992)	(1,992)	(1,992)
Total Tootsie Roll Industries, Inc. shareholders' equity	726,110	733,840	703,433
Noncontrolling interests	(79)	(36)	89
Total equity	726,031	733,804	703,522
Total liabilities and shareholders' equity	923,715	930,946	917,257
Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value- 120,000 shares authorized; 38,645, 37,960 & 38,319, respectively, issued. Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 25,605, 24,891 & 24,918, respectively, issued	26,837	26,361	26,610
Class B Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value- 120,000 shares authorized; 38,645, 37,960 & 38,319, respectively, issued. Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 25,605, 24,891 & 24,918, respectively, issued	$ 17,781	$ 17,285	$ 17,304

CONSOLIDATED STATEMENTS OF Fin3

CONSOLIDATED STATEMENTS OF Financial Position (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Trade accounts receivable, allowances	$ 1,819	$ 1,921	$ 1,944
Treasury stock, shares	88,000	85,000	85,000
Common Stock
Common stock, par value (in dollars per share)	$ 0.6944	$ 0.6944	$ 0.6944
Common stock, shares authorized	120,000,000	120,000,000	120,000,000
Common stock, shares issued	38,645,000	37,960,000	38,319,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.6944	$ 0.6944	$ 0.6944
Common stock, shares authorized	40,000,000	40,000,000	40,000,000
Common stock, shares issued	25,605,000	24,891,000	24,918,000

CONSOLIDATED STATEMENTS OF Earn

CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue		$ 106,809	$ 105,796	$ 208,609	$ 210,251
Costs		67,689	65,632	133,790	131,436
Total gross margin		39,120	40,164	74,819	78,815
Selling, marketing and administrative expenses		28,752	26,555	54,609	53,280
Earnings from operations		10,368	13,609	20,210	25,535
Other income (loss), net		3,363	2,713	3,884	4,941
Earnings before income taxes		13,731	16,322	24,094	30,476
Provision for income taxes		3,261	4,472	5,523	8,615
Net earnings		10,470	11,850	18,571	21,861
Less: Net earnings (loss) attributable to noncontrolling interests		(19)	(45)	(43)	(85)
Net earnings attributable to Tootsie Roll Industries, Inc.		$ 10,489	$ 11,895	$ 18,614	$ 21,946
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share)		$ 0.16	$ 0.18	$ 0.29	$ 0.34
Dividends per share (in dollars per share)	[1]	$ 0.09	$ 0.09	$ 0.18	$ 0.18
Average number of shares outstanding (in shares)		64,190	65,138	64,318	65,308
Retained earnings at beginning of period		$ 2,306	$ 3,405	$ 57,225	$ 43,833
Net earnings attributable to Tootsie Roll Industries, Inc.		10,489	11,895	18,614	21,946
Adopted ASU's (See Note 1)		2,726		2,726
Cash dividends		(5,775)	(5,685)	(11,396)	(11,240)
Stock dividends				(60,149)	(44,924)
Retained earnings at end of period		7,020	9,615	7,020	9,615
Product
Revenue		105,623	104,897	206,482	208,322
Costs		67,481	65,381	133,315	130,919
Total gross margin		38,142	39,516	73,167	77,403
Rental and Royalty
Revenue		1,186	899	2,127	1,929
Costs		208	251	475	517
Total gross margin		$ 978	$ 648	$ 1,652	$ 1,412
[1]	Does not include 3% stock dividend to shareholders of record on 3/6/18 and 3/7/17.

CONSOLIDATED STATEMENTS OF Ear5

CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings (Parenthetical)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings
Stock dividends (as a percent)	3.00%	3.00%	3.00%	3.00%

CONSOLIDATED STATEMENTS OF Comp

CONSOLIDATED STATEMENTS OF Comprehensive Earnings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
CONSOLIDATED STATEMENTS OF Comprehensive Earnings
Net earnings	$ 10,470	$ 11,850	$ 18,571	$ 21,861
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(1,674)	991	(62)	3,091
Pension and postretirement reclassification adjustments:
Unrealized gains (losses) for the period on postretirement and pension benefits		(175)		91
Less: reclassification adjustment for (gains) losses to net earnings	(331)	(366)	(662)	(731)
Unrealized gains (losses) on postretirement and pension benefits	(331)	(541)	(662)	(640)
Investments:
Unrealized gains (losses) for the period on investments	(30)	149	(1,280)	379
Unrealized gains (losses) on investments	(30)	149	(1,280)	379
Derivatives:
Unrealized gains (losses) for the period on derivatives	(377)	(1,204)	(1,849)	(1,754)
Less: reclassification adjustment for (gains) losses to net earnings	548	985	835	(137)
Unrealized gains (losses) on derivatives	171	(219)	(1,014)	(1,891)
Total other comprehensive income (loss), before tax	(1,864)	380	(3,018)	939
Income tax benefit (expense) related to items of other comprehensive income	46	333	715	726
Total comprehensive earnings	8,652	12,563	16,268	23,526
Comprehensive earnings (loss) attributable to noncontrolling interests	(19)	(45)	(43)	(85)
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc.	$ 8,671	$ 12,608	$ 16,311	$ 23,611

CONSOLIDATED STATEMENTS OF Cash

CONSOLIDATED STATEMENTS OF Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 18,571	$ 21,861
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	9,154	9,338
Deferred income taxes	(472)	21
Amortization of marketable security premiums	888	1,216
Changes in operating assets and liabilities:
Accounts receivable	10,038	12,535
Other receivables	(1,308)	(4,522)
Inventories	(36,818)	(36,460)
Prepaid expenses and other assets	6,786	2,138
Accounts payable and accrued liabilities	8	1,820
Income taxes payable	(814)	79
Postretirement health care benefits	(586)	(423)
Deferred compensation and other liabilities	948	776
Net cash from operating activities	6,395	8,379
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(11,662)	(7,427)
Purchases of trading securities	(3,562)	(3,007)
Sales of trading securities	817	435
Purchase of available for sale securities	(49,742)	(40,622)
Sale and maturity of available for sale securities	27,057	10,985
Net cash used in investing activities	(37,092)	(39,636)
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares purchased and retired	(15,803)	(20,140)
Dividends paid in cash	(11,435)	(11,282)
Proceeds from bank loans	1,264	724
Repayment of bank loans	(1,255)	(965)
Net cash used in financing activities	(27,229)	(31,663)
Effect of exchange rate changes on cash	(64)	1,612
Decrease in cash and cash equivalents	(57,990)	(61,308)
Cash, cash equivalents, and restricted cash at beginning of year	96,720	119,527
Cash, cash equivalents, and restricted cash at end of quarter	38,730	58,219
Supplemental cash flow information:
Income taxes paid/(received), net	6,661	8,798
Interest paid	54	31
Stock dividend issued	$ 60,538	$ 69,739

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Significant Accounting Policies
Significant Accounting Policies	Note 1 — Significant Accounting Policies General Information Foregoing data has been prepared from the unaudited financial records of Tootsie Roll Industries, Inc. (the Company) and in the opinion of management all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the interim period have been reflected. Certain amounts previously reported have been reclassified to conform to the current year presentation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Form 10-K for the year ended December 31, 2017 (the “2017 Form 10-K”). Results of operations for the period ended June 30, 2018 are not necessarily indicative of results to be expected for the year to end December 31, 2018 because of the seasonal nature of the Company’s operations. Historically, the third quarter has been the Company’s largest sales quarter due to pre-Halloween sales. Revenue Recognition The Company’s revenues, primarily net product sales, principally result from the sale of goods, reflect the consideration to which the Company expects to be entitled generally based on customer purchase orders. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") Topic 606 which became effective January, 1, 2018. Adjustments for estimated customer cash discounts upon payment, discounts for price adjustments, product returns, allowances, and certain advertising and promotional costs, including consumer coupons, are variable consideration and are recorded as a reduction of product sales revenue in the same period the related product sales are recorded. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. A net product sale is recorded when the Company delivers the product to the customer, or in certain instances, the customer picks up the goods at the Company’s distribution center, and thereby obtains control of such product. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis. Accounts receivable are unsecured. Shipping and handling costs are included in selling, marketing and administrative expenses. We also recognize a minor amount of royalty income (less than .2% of our consolidated net sales) from sales-based licensing arrangements, pursuant to which revenue is recognized as the third-party licensee sales occur. Rental income (less than 1% of our consolidated net sales) is not considered revenue from contracts from customers. See “Recently Adopted Accounting Pronouncements” for further discussion. Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, (ASC Topic In February 2018, the FASB issued ASU 2018-02 which provides financial statement preparers with an option to reclassify stranded tax effects within Accumulated Other Comprehensive Income (AOCI) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The guidance is effective for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in any interim period. The amendments should be applied either in the period adopted or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company early adopted ASU 2018-02 on January 1, 2018 with a $593 cumulative-effect adjustment from AOCI to decrease retained earnings related to certain tax effects of unrealized gains and losses on available-for-sale securities and other post-retirement benefits. No other income tax effects related to the application of the Tax Cuts and Jobs Act were reclassified from AOCI to retained earnings. In March 2018, the FASB issued ASU 2018-05 which adds various Securities and Exchange Commission (“SEC”) paragraphs pursuant to the issuance of the December 2017 SEC Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which was effective immediately. The SEC issued SAB 118 to address concerns about reporting entities’ ability to timely comply with the accounting requirements to recognize all of the effects of the Tax Cuts and Jobs Act in the period of enactment. SAB 118 allows disclosure that timely determination of some or all of the income tax effects from the Tax Cuts and Jobs Act are incomplete by the due date of the financial statements and if possible to provide a reasonable estimate. The Company has accounted for the tax effects of the Tax Cuts and Jobs Act under the guidance of SAB 118, on a provisional basis. The accounting for certain income tax effects is incomplete, but the Company has determined reasonable estimates for those effects and has recorded provisional amounts in the condensed consolidated financial statements as of June 30, 2018 and December 31, 2017. In January 2016, the FASB issued ASU 2016-01, as amended by ASU 2018-03, issued in February 2018 , which among other changes in accounting and disclosure requirements, replaces the cost method of accounting for non-marketable equity securities with a model for recognizing impairments and observable price changes, and also eliminates the available-for-sale classification for marketable equity securities. The Company adopted this guidance as of January 1, 2018. The Company does not have any non-marketable securities, and therefore, the adoption of this guidance did not have any impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The Company retrospectively adopted this guidance effective January 1, 2018. The Company’s adoption of this guidance did not have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 which requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those years using a retrospective transition method to each period presented. The Company retrospectively adopted this guidance as of January 1, 2018. The Company’s adoption of this guidance did not have a material impact on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07 which requires companies with other postretirement employee benefit plans to present the service cost component of net periodic benefit cost in the same income statement line item as other compensation costs. The other components of net periodic benefit cost will be presented separately and not included in operating income. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The Company retrospectively adopted this guidance effective January 1, 2018. The Company’s adoption of this guidance did not have a material impact on its consolidated financial statements. Recently Issued Accounting Pronouncements - Not Yet Adopted In February 2016, the FASB issued ASU 2016-02 which amends existing guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. This ASU also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cash flows. This guidance will be effective for the Company on January 1, 2019. The Company owns substantially all of its personal property and real estate, but is currently evaluating this new guidance to determine the impact it will have on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, guidance that amends hedge accounting. Under the new guidance, more hedging strategies will be eligible for hedge accounting and the application of hedge accounting is simplified. The new guidance amends presentation and disclosure requirements, and how effectiveness is assessed. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted. The Company is currently evaluating the impact that the new guidance will have on its consolidated financial statements.

Average Shares Outstanding

Average Shares Outstanding	6 Months Ended
	Jun. 30, 2018
Average Shares Outstanding
Average Shares Outstanding	Note 2 — Average Shares Outstanding The average number of shares outstanding for six months 2018 reflects stock purchases of 472 shares for $15,803 and a 3% stock dividend of 1,869 shares distributed on April 6, 2018. The average number of shares outstanding for six months 2017 reflects stock purchases of 536 shares for $20,140 and a 3% stock dividend of 1,847 shares distributed on April 17, 2017.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Taxes
Income Taxes	Note 3 — Income Taxes The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. The Company remains subject to examination by U.S. federal and state and foreign tax authorities for the years 2014 through 2016. With few exceptions, the Company is no longer subject to examination by tax authorities for the year 2013 and prior. The consolidated effective tax rates were 23.7% and 27.4% in second quarter 2018 and 2017, respectively, and 22.9% and 28.3% in first half 2018 and 2017, respectively. The lower effective tax rate in second quarter and first half 2018 compared to second quarter and first half 2017 principally reflects the lower federal tax rate of 21% effective for 2018. The Company believes it has obtained and analyzed all reasonably available information necessary to record the effects of the change in tax law and considers its accounting for the effects of the 2017 Tax Reform Act to be provisional as of June 30, 2018. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional regulatory guidance that may be issued by the Internal Revenue Service, and actions the Company may take as a result of the Tax Reform Act.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	Note 4 — Fair Value Measurements Current accounting guidance defines fair value as the price that would be received on the sale of an asset, or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Guidance requires disclosure of the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. Guidance establishes a three-level valuation hierarchy based upon the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities as of the measurement date. Level 1 inputs include quoted prices for identical instruments and are the most observable. Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. Level 3 inputs are not observable in the market and include management’s own judgments about the assumptions market participants would use in pricing the asset or liability. The use of observable and unobservable inputs is reflected in the hierarchy assessment disclosed in the table below. As of June 30, 2018, December 31, 2017 and June 30, 2017, the Company held certain financial assets that are required to be measured at fair value on a recurring basis. These included derivative hedging instruments related to the purchase of certain raw materials and foreign currencies, investments in trading securities and available for sale securities. The Company’s available for sale securities principally consist of corporate and municipal bonds that are publicly traded and variable rate demand notes and obligations with interest rates that generally reset weekly and the security can be “put” back and sold weekly. Trading securities principally consist of equity mutual funds that are publicly traded. The following table presents information about the Company’s financial assets and liabilities measured at fair value as of June 30, 2018, December 31, 2017 and June 30, 2017 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Estimated Fair Value June 30,2018 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 38,334 $ 38,334 $ - $ - Available for sale securities 192,392 - 192,392 - Foreign currency forward contracts - - - - Commodity futures contracts (904) (904) - - Trading securities 65,000 65,000 - - Total assets measured at fair value $ 294,822 $ 102,430 $ 192,392 $ - Estimated Fair Value December 31, 2017 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 96,314 $ 96,314 $ - $ - Available for sale securities 171,596 1,200 170,396 - Foreign currency forward contracts 79 - 79 - Commodity futures contracts, net 32 32 - - Trading securities 60,520 60,520 - - Total assets measured at fair value $ 328,541 $ 158,066 $ 170,475 $ - Estimated Fair Value June 30,2017 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 57,804 $ 57,804 $ - $ - Available for sale securities 192,983 2,406 190,577 - Foreign currency forward contracts 83 - 83 - Commodity futures contracts (348) (348) - - Trading securities 75,265 75,265 - - Total assets measured at fair value $ 325,787 $ 135,127 $ 190,660 $ - The fair value of the Company’s industrial revenue development bonds at June 30, 2018, December 31, 2017 and June 30, 2017 were valued using Level 2 inputs which approximates the carrying value of $7,500 for the respective periods. Interest rates on these bonds are reset weekly based on current market conditions.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities	Note 5 — Derivative Instruments and Hedging Activities The Company uses derivative instruments, including foreign currency forward contracts, commodity futures contracts and commodity option contracts, to manage its exposures to foreign exchange and commodity prices. Commodity futures contracts and most commodity option contracts are intended and effective as hedges of market price risks associated with the anticipated purchase of certain raw materials (primarily sugar). Foreign currency forward contracts are intended and effective as hedges of the Company’s exposure to the variability of cash flows, primarily related to the foreign exchange rate changes of products manufactured in Canada and sold in the United States. The Company does not engage in trading or other speculative use of derivative instruments. The Company recognizes all derivative instruments as either assets or liabilities at fair value in the Condensed Consolidated Statement of Financial Position. Derivative assets are recorded in other receivables and derivative liabilities are recorded in accrued liabilities. The Company uses hedge accounting for its foreign currency and commodity derivative instruments as discussed above. Derivatives that qualify for hedge accounting are designated as cash flow hedges by formally documenting the hedge relationships, including identification of the hedging instruments, the hedged items and other critical terms, as well as the Company’s risk management objectives and strategies for undertaking the hedge transaction. Changes in the fair value of the Company’s cash flow hedges are recorded in accumulated other comprehensive loss, net of tax, and are reclassified to earnings in the periods in which earnings are affected by the hedged item. Substantially all amounts reported in accumulated other comprehensive loss for commodity derivatives are expected to be reclassified to cost of goods sold. Approximately $464 of this accumulated comprehensive loss is expected to be reclassified to earnings in 2018 and a $440 accumulated comprehensive loss is expected to be reclassified as a charge to earnings in 2019. The following table summarizes the Company’s outstanding derivative contracts and their effects on its Condensed Consolidated Statements of Financial Position at June 30, 2018, December 31, 2017 and June 30, 2017: June 30,2018 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ - $ - $ - Commodity futures contracts 9,058 11 (915) Total derivatives $ 11 $ (915) December 31, 2017 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 919 $ 79 $ - Commodity futures contracts 13,840 284 (252) Total derivatives $ 363 $ (252) June 30,2017 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 3,200 $ 83 $ - Commodity futures contracts 12,543 74 (422) Total derivatives $ 157 $ (422) The effects of derivative instruments on the Company’s Condensed Consolidated Statements of Earnings and Retained Earnings and the Condensed Consolidated Statements of Comprehensive Earnings for periods ended June 30, 2018 and June 30, 2017 are as follows: For Quarter Ended June 30,2018 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ - $ 20 $ - Commodity futures contracts (377) (568) - Total $ (377) $ (548) $ - For Quarter Ended June 30,2017 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ 125 $ (29) $ - Commodity futures contracts (1,329) (956) - Total $ (1,204) $ (985) $ - For Year to Date Ended June 30,2018 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ (11) $ 67 $ - Commodity futures contracts (1,838) (902) - Total $ (1,849) $ (835) $ - For Year to Date Ended June 30,2017 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ 148 $ (54) $ - Commodity futures contracts (1,902) 191 - Total $ (1,754) $ 137 $ -

Pension Plans

Pension Plans	6 Months Ended
	Jun. 30, 2018
Pension Plans
Pension Plans	Note 6 — Pension Plans During 2018 and 2017, the Company received updated notices that the Bakery and Confectionery Union and Industry International Pension Plan (Plan), a multi-employer defined benefit pension plan for certain Company union employees, is in “critical and declining status”, as defined by the Pension Protection Act (PPA) and the Pension Benefit Guaranty Corporation (PBGC), and that the Plan is projected to become insolvent in 2030. The Company has been advised that its withdrawal liability would have been $82,200 if it had withdrawn from the Plan during 2017. Should the Company actually withdraw from the Plan at a future date, a withdrawal liability, which could be higher than the above discussed amount, could be payable to the Plan. The Company is currently unable to determine the ultimate outcome of the above discussed matter and therefore, is unable to determine the effects on its consolidated financial statements, but the ultimate outcome or the effects of any modifications to the current rehabilitation plan and possible new “hybrid plan” option discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 2) could be material to its consolidated results of operations or cash flows in one or more future periods. See also the Company’s Consolidated Financial Statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations incorporated into the Company’s 2017 Form 10-K.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Loss)	6 Months Ended
	Jun. 30, 2018
Accumulated Other Comprehensive Earnings (Loss)
Accumulated Other Comprehensive Earnings (Loss)	Note 7 — Accumulated Other Comprehensive Earnings (Loss) Accumulated Other Comprehensive Earnings (Loss) consists of the following components: Accumulated Foreign Foreign Postretirement Other Currency Currency Commodity and Pension Comprehensive Translation Investments Derivatives Derivatives Benefits Earnings (Loss) Balance at December 31, 2017 $ (24,262) $ (889) $ 51 $ 20 $ 3,289 $ (21,791) Other comprehensive earnings (loss) before reclassifications (62) (970) (9) (1,393) - (2,434) Reclassifications from accumulated other comprehensive loss - - (51) 684 (502) 131 Other comprehensive earnings (loss) net of tax (62) (970) (60) (709) (502) (2,303) Adoption of ASU 2018-02 (See Note 1) - (168) 9 4 748 593 Balance at June 30, 2018 $ (24,324) $ (2,027) $ - $ (685) $ 3,535 $ (23,501) Accumulated Foreign Foreign Postretirement Other Currency Currency Commodity and Pension Comprehensive Translation Investments Derivatives Derivatives Benefits Earnings (Loss) Balance at December 31, 2016 $ (25,460) $ (697) $ (76) $ 1,114 $ 4,873 $ (20,246) Other comprehensive earnings (loss) before reclassifications 3,091 242 95 (1,213) 4 2,219 Reclassifications from accumulated other comprehensive loss - - 34 (122) (466) (554) Other comprehensive earnings (loss) net of tax 3,091 242 129 (1,335) (462) 1,665 Balance at June 30, 2017 $ (22,369) $ (455) $ 53 $ (221) $ 4,411 $ (18,581) The amounts reclassified from accumulated other comprehensive income (loss) consisted of the following: Details about Accumulated Other Quarter Ended Year to Date Ended Location of (Gain) Loss Comprehensive Income Components June 30,2018 June 30,2017 June 30,2018 June 30,2017 Recognized in Earnings Foreign currency derivatives $ (20) $ 29 $ (67) $ 54 Other income, net Commodity derivatives 568 956 902 (191) Product cost of goods sold Postretirement and pension benefits (331) (366) (662) (731) Other income, net Total before tax 217 619 173 (868) Tax (expense) benefit (52) (224) (42) 314 Net of tax $ 165 $ 395 $ 131 $ (554)

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2018
Restricted Cash
Restricted Cash	Note 8 — Restricted Cash Restricted cash comprises certain cash deposits of the Company’s majority-owned Spanish companies with international banks that are pledged as collateral for letters of credit and bank borrowings.

Bank Loans

Bank Loans	6 Months Ended
	Jun. 30, 2018
Bank Loans
Bank Loans	Note 9 — Bank Loans Bank loans comprise borrowings by the Company’s majority-owned Spanish companies which are held by international banks.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2018
Contingencies
Contingencies	Note 10 — Contingencies In the ordinary course of business, the Company is, from time to time, subject to a variety of active or threatened legal proceedings and claims. While it is not possible to predict the outcome of such matters with certainty, in the Company’s opinion, both individually and in the aggregate, they are not expected to have a material effect on the Company’s financial condition, results of operations or cash flows.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value	Estimated Fair Value June 30,2018 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 38,334 $ 38,334 $ - $ - Available for sale securities 192,392 - 192,392 - Foreign currency forward contracts - - - - Commodity futures contracts (904) (904) - - Trading securities 65,000 65,000 - - Total assets measured at fair value $ 294,822 $ 102,430 $ 192,392 $ - Estimated Fair Value December 31, 2017 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 96,314 $ 96,314 $ - $ - Available for sale securities 171,596 1,200 170,396 - Foreign currency forward contracts 79 - 79 - Commodity futures contracts, net 32 32 - - Trading securities 60,520 60,520 - - Total assets measured at fair value $ 328,541 $ 158,066 $ 170,475 $ - Estimated Fair Value June 30,2017 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 57,804 $ 57,804 $ - $ - Available for sale securities 192,983 2,406 190,577 - Foreign currency forward contracts 83 - 83 - Commodity futures contracts (348) (348) - - Trading securities 75,265 75,265 - - Total assets measured at fair value $ 325,787 $ 135,127 $ 190,660 $ -

Derivative Instruments and He19

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities
Summary of the Company's outstanding derivative contracts and their effects on the Condensed Consolidated Statements of Financial Position	June 30,2018 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ - $ - $ - Commodity futures contracts 9,058 11 (915) Total derivatives $ 11 $ (915) December 31, 2017 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 919 $ 79 $ - Commodity futures contracts 13,840 284 (252) Total derivatives $ 363 $ (252) June 30,2017 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 3,200 $ 83 $ - Commodity futures contracts 12,543 74 (422) Total derivatives $ 157 $ (422)
Effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Retained Earnings, and the Condensed Consolidated Statement of Comprehensive Earnings	For Quarter Ended June 30,2018 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ - $ 20 $ - Commodity futures contracts (377) (568) - Total $ (377) $ (548) $ - For Quarter Ended June 30,2017 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ 125 $ (29) $ - Commodity futures contracts (1,329) (956) - Total $ (1,204) $ (985) $ - For Year to Date Ended June 30,2018 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ (11) $ 67 $ - Commodity futures contracts (1,838) (902) - Total $ (1,849) $ (835) $ - For Year to Date Ended June 30,2017 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ 148 $ (54) $ - Commodity futures contracts (1,902) 191 - Total $ (1,754) $ 137 $ -

Accumulated Other Comprehensi20

Accumulated Other Comprehensive Earnings (Loss) (Tables)	6 Months Ended
	Jun. 30, 2018
Accumulated Other Comprehensive Earnings (Loss)
Schedule of accumulated other comprehensive earnings (loss):	Accumulated Foreign Foreign Postretirement Other Currency Currency Commodity and Pension Comprehensive Translation Investments Derivatives Derivatives Benefits Earnings (Loss) Balance at December 31, 2017 $ (24,262) $ (889) $ 51 $ 20 $ 3,289 $ (21,791) Other comprehensive earnings (loss) before reclassifications (62) (970) (9) (1,393) - (2,434) Reclassifications from accumulated other comprehensive loss - - (51) 684 (502) 131 Other comprehensive earnings (loss) net of tax (62) (970) (60) (709) (502) (2,303) Adoption of ASU 2018-02 (See Note 1) - (168) 9 4 748 593 Balance at June 30, 2018 $ (24,324) $ (2,027) $ - $ (685) $ 3,535 $ (23,501) Accumulated Foreign Foreign Postretirement Other Currency Currency Commodity and Pension Comprehensive Translation Investments Derivatives Derivatives Benefits Earnings (Loss) Balance at December 31, 2016 $ (25,460) $ (697) $ (76) $ 1,114 $ 4,873 $ (20,246) Other comprehensive earnings (loss) before reclassifications 3,091 242 95 (1,213) 4 2,219 Reclassifications from accumulated other comprehensive loss - - 34 (122) (466) (554) Other comprehensive earnings (loss) net of tax 3,091 242 129 (1,335) (462) 1,665 Balance at June 30, 2017 $ (22,369) $ (455) $ 53 $ (221) $ 4,411 $ (18,581)
Amount reclassified from accumulated other comprehensive income (loss)	Details about Accumulated Other Quarter Ended Year to Date Ended Location of (Gain) Loss Comprehensive Income Components June 30,2018 June 30,2017 June 30,2018 June 30,2017 Recognized in Earnings Foreign currency derivatives $ (20) $ 29 $ (67) $ 54 Other income, net Commodity derivatives 568 956 902 (191) Product cost of goods sold Postretirement and pension benefits (331) (366) (662) (731) Other income, net Total before tax 217 619 173 (868) Tax (expense) benefit (52) (224) (42) 314 Net of tax $ 165 $ 395 $ 131 $ (554)

Significant Accounting Polici21

Significant Accounting Policies (Details) - Maximum - Net product sales	6 Months Ended
	Jun. 30, 2018
Royalty
Concentration of Risk
Revenues (as a percent)	0.20%
Rental
Concentration of Risk
Revenues (as a percent)	1.00%

Significant Accounting Polici22

Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		$ 7,020	$ 2,306	$ 57,225	$ 9,615	$ 3,405	$ 43,833
Accumulated other comprehensive loss		$ (23,501)		(21,791)	$ (18,581)
ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Pre-tax impact to retained earnings	$ 4,378
Cumulative impact to retained earnings	$ 3,319
ASU 2018-02 | New Accounting Pronouncement, Early Adoption, Effect
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings				(593)
Accumulated other comprehensive loss				$ 593

Average Shares Outstanding (Det

Average Shares Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	Apr. 06, 2018	Apr. 17, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Average Shares Outstanding
Stock purchases (in shares)					472	536
Purchase of common shares					$ 15,803	$ 20,140
Stock dividends (as a percent)			3.00%	3.00%	3.00%	3.00%
Stock dividend shares distributed	1,869	1,847

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Effective income tax rate differs from the statutory rate
Effective income tax rate (as a percent)	23.70%	27.40%	22.90%	28.30%
U.S. statutory rate (as a percent)			21.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair value measured on a recurring basis - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Fair value measurements
Cash and cash equivalents	$ 38,334	$ 96,314	$ 57,804
Available for sale securities	192,392	171,596	192,983
Trading securities	65,000	60,520	75,265
Total assets measured at fair value	294,822	328,541	325,787
Foreign currency forward contracts
Fair value measurements
Derivative instruments, net		79	83
Commodity futures contracts
Fair value measurements
Derivative instruments, net	(904)	32	(348)
Level 1
Fair value measurements
Cash and cash equivalents	38,334	96,314	57,804
Available for sale securities		1,200	2,406
Trading securities	65,000	60,520	75,265
Total assets measured at fair value	102,430	158,066	135,127
Level 1 | Commodity futures contracts
Fair value measurements
Derivative instruments, net	(904)	32	(348)
Level 2
Fair value measurements
Available for sale securities	192,392	170,396	190,577
Total assets measured at fair value	$ 192,392	170,475	190,660
Level 2 | Foreign currency forward contracts
Fair value measurements
Derivative instruments, net		$ 79	$ 83

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Fair value on a recurring basis
Industrial revenue development bonds, carrying amount, approximates fair value	$ 7,500	$ 7,500	$ 7,500
Cost Basis | Level 2
Fair value on a recurring basis
Industrial revenue development bonds, carrying amount, approximates fair value	$ 7,500	$ 7,500	$ 7,500

Derivative Instruments and He27

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Derivatives designated as hedging instruments:
Derivative contracts
Assets			$ 11	$ 363	$ 157
Liabilities			(915)	(252)	(422)
Derivatives designated as hedging instruments: | Foreign currency forward contracts
Derivative contracts
Notional Amounts				919	3,200
Assets				79	83
Derivatives designated as hedging instruments: | Commodity futures contracts
Derivative contracts
Notional Amounts			9,058	13,840	12,543
Assets			11	284	74
Liabilities			$ (915)	$ (252)	$ (422)
Forecast
Derivative contracts
Gain (loss) to be reclassified	$ (440)	$ (464)

Derivative Instruments and He28

Derivative Instruments and Hedging Activities - OCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	$ (377)	$ (1,204)	$ (1,849)	$ (1,754)
Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(548)	(985)	(835)	137
Foreign currency forward contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI		125	(11)	148
Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	20	(29)	67	(54)
Commodity futures contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	(377)	(1,329)	(1,838)	(1,902)
Commodity futures contracts | Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	$ (568)	$ (956)	$ (902)	$ 191

Pension Plans (Details)

Pension Plans (Details) $ in Thousands	Jun. 30, 2018USD ($)
Multi-employer defined benefit pension plan
Multiemployer Plans [Line Items]
Estimated liability upon withdrawal from plan	$ 82,200

Accumulated Other Comprehensi30

Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	$ 733,840
Adoption of ASU 2018-02 (See Note 1)	2,726
Balance at the end of the period	726,110	$ 703,433
Foreign Currency Derivatives | Foreign currency forward contracts
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	51	(76)
Other comprehensive earnings (loss) before reclassifications	(9)	95
Reclassifications from accumulated other comprehensive loss	(51)	34
Other comprehensive earnings (loss) net of tax	(60)	129
Balance at the end of the period		53
Foreign Currency Derivatives | Foreign currency forward contracts | New Accounting Pronouncement, Early Adoption, Effect | ASU 2018-02
Accumulated other comprehensive earnings (loss), net of tax
Adoption of ASU 2018-02 (See Note 1)	9
Foreign Currency Derivatives | Commodity futures contracts
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	20	1,114
Other comprehensive earnings (loss) before reclassifications	(1,393)	(1,213)
Reclassifications from accumulated other comprehensive loss	684	(122)
Other comprehensive earnings (loss) net of tax	(709)	(1,335)
Balance at the end of the period	(685)	(221)
Foreign Currency Derivatives | Commodity futures contracts | New Accounting Pronouncement, Early Adoption, Effect | ASU 2018-02
Accumulated other comprehensive earnings (loss), net of tax
Adoption of ASU 2018-02 (See Note 1)	4
Investments
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(889)	(697)
Other comprehensive earnings (loss) before reclassifications	(970)	242
Other comprehensive earnings (loss) net of tax	(970)	242
Balance at the end of the period	(2,027)	(455)
Investments | New Accounting Pronouncement, Early Adoption, Effect | ASU 2018-02
Accumulated other comprehensive earnings (loss), net of tax
Adoption of ASU 2018-02 (See Note 1)	(168)
Postretirement and Pension Benefits
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	3,289	4,873
Other comprehensive earnings (loss) before reclassifications		4
Reclassifications from accumulated other comprehensive loss	(502)	(466)
Other comprehensive earnings (loss) net of tax	(502)	(462)
Balance at the end of the period	3,535	4,411
Postretirement and Pension Benefits | New Accounting Pronouncement, Early Adoption, Effect | ASU 2018-02
Accumulated other comprehensive earnings (loss), net of tax
Adoption of ASU 2018-02 (See Note 1)	748
Foreign Currency Translation Adjustment
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(24,262)	(25,460)
Other comprehensive earnings (loss) before reclassifications	(62)	3,091
Other comprehensive earnings (loss) net of tax	(62)	3,091
Balance at the end of the period	(24,324)	(22,369)
Accumulated Other Comprehensive Earnings ( Loss )
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(21,791)	(20,246)
Other comprehensive earnings (loss) before reclassifications	(2,434)	2,219
Reclassifications from accumulated other comprehensive loss	131	(554)
Other comprehensive earnings (loss) net of tax	(2,303)	1,665
Balance at the end of the period	(23,501)	$ (18,581)
Accumulated Other Comprehensive Earnings ( Loss ) | New Accounting Pronouncement, Early Adoption, Effect | ASU 2018-02
Accumulated other comprehensive earnings (loss), net of tax
Adoption of ASU 2018-02 (See Note 1)	$ 593

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Earnings (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	$ (3,363)	$ (2,713)	$ (3,884)	$ (4,941)
Cost of goods sold	67,689	65,632	133,790	131,436
Total before tax	(13,731)	(16,322)	(24,094)	(30,476)
Tax (expense) benefit	3,261	4,472	5,523	8,615
Net earnings	(10,470)	(11,850)	(18,571)	(21,861)
Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total before tax	217	619	173	(868)
Tax (expense) benefit	(52)	(224)	(42)	314
Net earnings	165	395	131	(554)
Foreign Currency Derivatives | Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	(20)	29	(67)	54
Postretirement and Pension Benefits | Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	(331)	(366)	(662)	(731)
Product
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cost of goods sold	67,481	65,381	133,315	130,919
Product | Foreign Currency Derivatives | Commodity futures contracts | Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cost of goods sold	$ 568	$ 956	$ 902	$ (191)