Tootsie Roll Industries (TR) 10-Q 9 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2018shares
Entity Registrant Name	TOOTSIE ROLL INDUSTRIES INC
Entity Central Index Key	98,677
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Common Stock
Entity Common Stock, Shares Outstanding	38,621,418
Class B Common Stock
Entity Common Stock, Shares Outstanding	25,599,198

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 64,333	$ 96,314	$ 49,512
Restricted cash	393	406	400
Investments	68,373	41,606	74,272
Trade accounts receivable, less allowances of $2,873, $1,921 & $3,225	93,616	47,354	95,341
Other receivables	5,802	5,425	6,405
Inventories:
Finished goods & work-in-process	37,148	31,922	41,273
Raw material & supplies	26,172	22,905	26,767
Income taxes receivable and prepaid		12,974
Prepaid expenses	6,439	12,014	2,489
Total current assets	302,276	270,920	296,459
PROPERTY, PLANT & EQUIPMENT, at cost:
Land	21,968	21,962	22,222
Buildings	118,581	118,491	116,555
Machinery & equipment	381,522	381,665	369,753
Construction in progress	21,106	4,866	14,328
Property, plant and equipment, gross	543,177	526,984	522,858
Less-accumulated depreciation	361,079	348,012	344,809
Net property, plant and equipment	182,098	178,972	178,049
OTHER ASSETS:
Goodwill	73,237	73,237	73,237
Trademarks	175,024	175,024	175,024
Investments	188,393	190,510	193,991
Split dollar officer life insurance	26,042	26,042	26,042
Prepaid expenses and other assets	13,249	15,817	34
Deferred income taxes	445	424
Total other assets	476,390	481,054	468,328
Total assets	960,764	930,946	942,836
CURRENT LIABILITIES:
Accounts payable	18,637	11,928	14,037
Bank loans	190	440	404
Dividends payable	5,777	5,660	5,667
Accrued liabilities	45,787	45,157	50,552
Postretirement health care	603	603	513
Income taxes payable	3,516		7,636
Total current liabilities	74,510	63,788	78,809
NONCURRENT LIABILITIES:
Deferred income taxes	41,382	41,457	44,316
Postretirement health care	13,167	12,894	11,941
Industrial development bonds	7,500	7,500	7,500
Liability for uncertain tax positions	4,148	4,817	4,811
Deferred compensation and other liabilities	73,321	66,686	80,936
Total noncurrent liabilities	139,518	133,354	149,504
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Capital in excess of par value	699,140	656,752	660,779
Retained earnings	27,356	57,225	30,890
Accumulated other comprehensive loss	(22,261)	(21,791)	(18,921)
Treasury stock (at cost)- 88, 85 & 85 shares, respectively	(1,992)	(1,992)	(1,992)
Total Tootsie Roll Industries, Inc. shareholders' equity	746,840	733,840	714,481
Noncontrolling interests	(104)	(36)	42
Total equity	746,736	733,804	714,523
Total liabilities and shareholders' equity	960,764	930,946	942,836
Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value- 120,000 shares authorized; 38,621, 37,960 & 38,046, respectively, issued. Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 25,599, 24,891 & 24,918, respectively, issued	26,820	26,361	26,421
Class B Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value- 120,000 shares authorized; 38,621, 37,960 & 38,046, respectively, issued. Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 25,599, 24,891 & 24,918, respectively, issued	$ 17,777	$ 17,285	$ 17,304

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Trade accounts receivable, allowances	$ 2,873	$ 1,921	$ 3,225
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	38,621,000	37,960,000	38,046,000
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	25,599,000	24,891,000	24,918,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue		$ 182,303	$ 183,015	$ 390,912	$ 393,266
Costs		115,457	115,210	249,247	246,646
Gross Margin		66,846	67,805	141,665	146,620
Selling, marketing and administrative expenses		36,620	33,222	91,229	86,502
Earnings from operations		30,226	34,583	50,436	60,118
Other income (loss), net		2,987	4,370	6,871	9,311
Earnings before income taxes		33,213	38,953	57,307	69,429
Provision for income taxes		7,134	12,066	12,657	20,681
Net earnings		26,079	26,887	44,650	48,748
Less: Net earnings (loss) attributable to noncontrolling interests		(25)	(46)	(68)	(131)
Net earnings attributable to Tootsie Roll Industries, Inc.		$ 26,104	$ 26,933	$ 44,718	$ 48,879
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share)		$ 0.41	$ 0.42	$ 0.70	$ 0.75
Dividends per share (in dollars per share)	[1]	$ 0.09	$ 0.09	$ 0.27	$ 0.27
Average number of shares outstanding (in shares)		64,155	64,855	64,268	65,155
Retained earnings at beginning of period		$ 7,020	$ 9,615	$ 57,225	$ 43,833
Net earnings attributable to Tootsie Roll Industries, Inc.		26,104	26,933	44,718	48,879
Adopted ASU's (See Note 1)		2,726		2,726
Cash dividends		(5,768)	(5,658)	(17,164)	(16,898)
Stock dividends				(60,149)	(44,924)
Retained earnings at end of period		27,356	30,890	27,356	30,890
Product
Revenue		181,505	182,173	387,987	390,495
Costs		115,246	114,970	248,561	245,889
Gross Margin		66,259	67,203	139,426	144,606
Rental and Royalty
Revenue		798	842	2,925	2,771
Costs		211	240	686	757
Gross Margin		$ 587	$ 602	$ 2,239	$ 2,014
[1]	Does not include 3% stock dividend to shareholders of record on 3/6/18 and 3/7/17.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (Parenthetical)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings
Stock dividends (as a percent)	3.00%	3.00%	3.00%	3.00%

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CONSOLIDATED STATEMENTS OF Comprehensive Earnings
Net earnings	$ 26,079	$ 26,887	$ 44,650	$ 48,748
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	1,164	(216)	1,102	2,875
Pension and postretirement reclassification adjustments:
Unrealized gains (losses) for the period on postretirement and pension benefits		4		95
Less: reclassification adjustment for (gains) losses to net earnings	(331)	(366)	(993)	(1,097)
Unrealized gains (losses) on postretirement and pension benefits	(331)	(362)	(993)	(1,002)
Investments:
Unrealized gains (losses) for the period on investments	209	121	(1,071)	500
Unrealized gains (losses) on investments	209	121	(1,071)	500
Derivatives:
Unrealized gains (losses) for the period on derivatives	(573)	19	(2,422)	(1,735)
Less: reclassification adjustment for (gains) losses to net earnings	795	28	1,630	(109)
Unrealized gains (losses) on derivatives	222	47	(792)	(1,844)
Total other comprehensive income (loss), before tax	1,264	(410)	(1,754)	529
Income tax benefit (expense) related to items of other comprehensive income	(24)	70	691	796
Total comprehensive earnings	27,319	26,547	43,587	50,073
Comprehensive earnings (loss) attributable to noncontrolling interests	(25)	(46)	(68)	(131)
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc.	$ 27,344	$ 26,593	$ 43,655	$ 50,204

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 44,650	$ 48,748
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	13,933	14,364
Deferred income taxes	(443)	153
Amortization of marketable security premiums	1,351	1,840
Changes in operating assets and liabilities:
Accounts receivable	(45,881)	(51,270)
Other receivables	(649)	(4,265)
Inventories	(8,333)	(10,018)
Prepaid expenses and other assets	8,268	3,313
Accounts payable and accrued liabilities	10,932	8,249
Income taxes payable	15,821	8,706
Postretirement health care benefits	(720)	(677)
Deferred compensation and other liabilities	2,051	(723)
Net cash from operating activities	40,980	18,420
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(16,812)	(11,699)
Purchases of trading securities	(3,807)	(3,387)
Sales of trading securities	817	3,544
Purchase of available for sale securities	(65,098)	(51,935)
Sale and maturity of available for sale securities	45,379	21,328
Net cash used in investing activities	(39,521)	(42,149)
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares purchased and retired	(16,650)	(30,027)
Dividends paid in cash	(17,208)	(16,965)
Proceeds from bank loans	1,264	1,182
Repayment of bank loans	(1,506)	(1,345)
Net cash used in financing activities	(34,100)	(47,155)
Effect of exchange rate changes on cash	647	1,269
Decrease in cash and cash equivalents	(31,994)	(69,615)
Cash, cash equivalents, and restricted cash at beginning of year	96,720	119,527
Cash, cash equivalents, and restricted cash at end of quarter	64,726	49,912
Supplemental cash flow information:
Income taxes paid/(received), net	(2,811)	12,360
Interest paid	81	49
Stock dividend issued	$ 60,538	$ 69,739

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 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 September 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 0.2% 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 September 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. However, t he Company expects the new lease standard to increase its total assets and liabilities. The Company is currently evaluating the magnitude of the impact that this guidance will have on its consolidated financial statements upon adoption. 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 has completed its initial assessment and does not expect adoption of this guidance to have a material impact on its consolidated financial statements.

Average Shares Outstanding

Average Shares Outstanding	9 Months Ended
	Sep. 30, 2018
Average Shares Outstanding
Average Shares Outstanding	Note 2 — Average Shares Outstanding The average number of shares outstanding for nine months 2018 reflects stock purchases of 502 shares for $16,650 and a 3% stock dividend of 1,869 shares distributed on April 6, 2018. The average number of shares outstanding for nine months 2017 reflects stock purchases of 809 shares for $30,027 and a 3% stock dividend of 1,847 shares distributed on April 17, 2017.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 2015 through 2017. With few exceptions, the Company is no longer subject to examination by tax authorities for the year 2014 and prior. The consolidated effective tax rates were 21.5% and 31.0% in third quarter 2018 and 2017, respectively, and 22.1% and 29.8% in nine months 2018 and 2017, respectively. The lower effective tax rate in third quarter and nine months 2018 compared to third quarter and nine months 2017 principally reflects the lower U.S. federal statutory 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 September 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	9 Months Ended
	Sep. 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 September 30, 2018, December 31, 2017 and September 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 September 30, 2018, December 31, 2017 and September 30, 2017 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Estimated Fair Value September 30, 2018 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 64,333 $ 64,333 $ - $ - Available for sale securities 189,172 732 188,440 - Foreign currency forward contracts 177 - 177 - Commodity futures contracts (859) (859) - - Trading securities 67,594 67,594 - - Total assets measured at fair value $ 320,417 $ 131,800 $ 188,617 $ - 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 September 30, 2017 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 49,512 $ 49,512 $ - $ - Available for sale securities 193,169 2,402 190,767 - Foreign currency forward contracts 147 - 147 - Commodity futures contracts (364) (364) - - Trading securities 75,094 75,094 - - Total assets measured at fair value $ 317,558 $ 126,644 $ 190,914 $ - The fair value of the Company’s industrial revenue development bonds at September 30, 2018, December 31, 2017 and September 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	9 Months Ended
	Sep. 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 $816 of this accumulated comprehensive loss is expected to be reclassified as a charge to earnings in 2019 and $43 of this accumulated comprehensive loss is expected to be reclassified as a charge to earnings in 2020. Approximately $90 and $87 reported in accumulated other comprehensive loss for foreign currency derivatives are expected to be reclassified to other income, net in 2019 and 2020, respectively. The following table summarizes the Company’s outstanding derivative contracts and their effects on its Condensed Consolidated Statements of Financial Position at September 30, 2018, December 31, 2017 and September 30, 2017: September 30, 2018 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 11,050 $ 177 $ - Commodity futures contracts 8,285 3 (862) Total derivatives $ 180 $ (862) 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) September 30, 2017 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 2,059 $ 147 $ - Commodity futures contracts 13,616 56 (420) Total derivatives $ 203 $ (420) 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 September 30, 2018 and September 30, 2017 are as follows: For Quarter Ended September 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 $ 177 $ - $ - Commodity futures contracts (750) (795) - Total $ (573) $ (795) $ - For Quarter Ended September 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 $ 118 $ 55 $ - Commodity futures contracts (99) (83) - Total $ 19 $ (28) $ - For Year to Date Ended September 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 $ 166 $ 67 $ - Commodity futures contracts (2,588) (1,697) - Total $ (2,422) $ (1,630) $ - For Year to Date Ended September 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 $ 266 $ 1 $ - Commodity futures contracts (2,001) 108 - Total $ (1,735) $ 109 $ -

Pension Plans

Pension Plans	9 Months Ended
	Sep. 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 or other Plan restructuring changes 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)	9 Months Ended
	Sep. 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 1,102 (812) 125 (1,961) - (1,546) Reclassifications from accumulated other comprehensive loss - - (51) 1,286 (752) 483 Other comprehensive earnings (loss) net of tax 1,102 (812) 74 (675) (752) (1,063) Adoption of ASU 2018-02 (See Note 1) - (168) 9 4 748 593 Balance at September 30, 2018 $ (23,160) $ (1,869) $ 134 $ (651) $ 3,285 $ (22,261) 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 2,875 319 170 (1,276) 6 2,094 Reclassifications from accumulated other comprehensive loss - - - (69) (700) (769) Other comprehensive earnings (loss) net of tax 2,875 319 170 (1,345) (694) 1,325 Balance at September 30, 2017 $ (22,585) $ (378) $ 94 $ (231) $ 4,179 $ (18,921) 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 September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Recognized in Earnings Foreign currency derivatives $ - $ (55) $ (67) $ (1) Other income, net Commodity derivatives 795 83 1,697 (108) Product cost of goods sold Postretirement and pension benefits (331) (366) (993) (1,097) Other income, net Total before tax 464 (338) 637 (1,206) Tax (expense) benefit (112) 123 (154) 437 Net of tax $ 352 $ (215) $ 483 $ (769)

Restricted Cash

Restricted Cash	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2018
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value	Estimated Fair Value September 30, 2018 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 64,333 $ 64,333 $ - $ - Available for sale securities 189,172 732 188,440 - Foreign currency forward contracts 177 - 177 - Commodity futures contracts (859) (859) - - Trading securities 67,594 67,594 - - Total assets measured at fair value $ 320,417 $ 131,800 $ 188,617 $ - 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 September 30, 2017 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 49,512 $ 49,512 $ - $ - Available for sale securities 193,169 2,402 190,767 - Foreign currency forward contracts 147 - 147 - Commodity futures contracts (364) (364) - - Trading securities 75,094 75,094 - - Total assets measured at fair value $ 317,558 $ 126,644 $ 190,914 $ -

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 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	September 30, 2018 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 11,050 $ 177 $ - Commodity futures contracts 8,285 3 (862) Total derivatives $ 180 $ (862) 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) September 30, 2017 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 2,059 $ 147 $ - Commodity futures contracts 13,616 56 (420) Total derivatives $ 203 $ (420)
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 September 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 $ 177 $ - $ - Commodity futures contracts (750) (795) - Total $ (573) $ (795) $ - For Quarter Ended September 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 $ 118 $ 55 $ - Commodity futures contracts (99) (83) - Total $ 19 $ (28) $ - For Year to Date Ended September 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 $ 166 $ 67 $ - Commodity futures contracts (2,588) (1,697) - Total $ (2,422) $ (1,630) $ - For Year to Date Ended September 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 $ 266 $ 1 $ - Commodity futures contracts (2,001) 108 - Total $ (1,735) $ 109 $ -

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Loss) (Tables)	9 Months Ended
	Sep. 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 1,102 (812) 125 (1,961) - (1,546) Reclassifications from accumulated other comprehensive loss - - (51) 1,286 (752) 483 Other comprehensive earnings (loss) net of tax 1,102 (812) 74 (675) (752) (1,063) Adoption of ASU 2018-02 (See Note 1) - (168) 9 4 748 593 Balance at September 30, 2018 $ (23,160) $ (1,869) $ 134 $ (651) $ 3,285 $ (22,261) 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 2,875 319 170 (1,276) 6 2,094 Reclassifications from accumulated other comprehensive loss - - - (69) (700) (769) Other comprehensive earnings (loss) net of tax 2,875 319 170 (1,345) (694) 1,325 Balance at September 30, 2017 $ (22,585) $ (378) $ 94 $ (231) $ 4,179 $ (18,921)
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 September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Recognized in Earnings Foreign currency derivatives $ - $ (55) $ (67) $ (1) Other income, net Commodity derivatives 795 83 1,697 (108) Product cost of goods sold Postretirement and pension benefits (331) (366) (993) (1,097) Other income, net Total before tax 464 (338) 637 (1,206) Tax (expense) benefit (112) 123 (154) 437 Net of tax $ 352 $ (215) $ 483 $ (769)

Significant Accounting Polici_2

Significant Accounting Policies (Details) - Maximum - Net product sales	9 Months Ended
	Sep. 30, 2018
Royalty
Concentration of Risk
Revenues (as a percent)	0.20%
Rental
Concentration of Risk
Revenues (as a percent)	1.00%

Significant Accounting Polici_3

Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		$ 27,356	$ 7,020	$ 57,225	$ 30,890	$ 9,615	$ 43,833
Accumulated other comprehensive loss		$ (22,261)		(21,791)	$ (18,921)
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	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Average Shares Outstanding
Stock purchases (in shares)					502	809
Purchase of common shares					$ 16,650	$ 30,027
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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Effective income tax rate differs from the statutory rate
Effective income tax rate (as a percent)	21.50%	31.00%	22.10%	29.80%
U.S. statutory rate (as a percent)			21.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Fair value measurements
Cash and cash equivalents	$ 64,333	$ 96,314	$ 49,512
Fair value measured on a recurring basis
Fair value measurements
Cash and cash equivalents	64,333	96,314	49,512
Available for sale securities	189,172	171,596	193,169
Trading securities	67,594	60,520	75,094
Total assets measured at fair value	320,417	328,541	317,558
Fair value measured on a recurring basis | Foreign currency forward contracts
Fair value measurements
Derivative instruments, net	177	79	147
Fair value measured on a recurring basis | Commodity futures contracts
Fair value measurements
Derivative instruments, net	(859)	32	(364)
Fair value measured on a recurring basis | Level 1
Fair value measurements
Cash and cash equivalents	64,333	96,314	49,512
Available for sale securities	732	1,200	2,402
Trading securities	67,594	60,520	75,094
Total assets measured at fair value	131,800	158,066	126,644
Fair value measured on a recurring basis | Level 1 | Commodity futures contracts
Fair value measurements
Derivative instruments, net	(859)	32	(364)
Fair value measured on a recurring basis | Level 2
Fair value measurements
Available for sale securities	188,440	170,396	190,767
Total assets measured at fair value	188,617	170,475	190,914
Fair value measured on a recurring basis | Level 2 | Foreign currency forward contracts
Fair value measurements
Derivative instruments, net	$ 177	$ 79	$ 147

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 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 He_3

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Derivatives designated as hedging instruments:
Derivative contracts
Assets			$ 180	$ 363	$ 203
Liabilities			(862)	(252)	(420)
Derivatives designated as hedging instruments: | Foreign currency forward contracts
Derivative contracts
Notional Amounts			11,050	919	2,059
Assets			177	79	147
Derivatives designated as hedging instruments: | Commodity futures contracts
Derivative contracts
Notional Amounts			8,285	13,840	13,616
Assets			3	284	56
Liabilities			$ (862)	$ (252)	$ (420)
Forecast
Derivative contracts
Loss to be reclassified	$ (43)	$ (816)
Forecast | Foreign currency forward contracts
Derivative contracts
Loss to be reclassified	$ (87)	$ (90)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - OCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	$ (573)	$ 19	$ (2,422)	$ (1,735)
Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(795)	(28)	(1,630)	109
Foreign currency forward contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	177	118	166	266
Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings		55	67	1
Commodity futures contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	(750)	(99)	(2,588)	(2,001)
Commodity futures contracts | Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	$ (795)	$ (83)	$ (1,697)	$ 108

Pension Plans (Details)

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

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 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	746,840	$ 714,481
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	125	170
Reclassifications from accumulated other comprehensive loss	(51)
Other comprehensive earnings (loss) net of tax	74	170
Balance at the end of the period	134	94
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	(1,961)	(1,276)
Reclassifications from accumulated other comprehensive loss	1,286	(69)
Other comprehensive earnings (loss) net of tax	(675)	(1,345)
Balance at the end of the period	(651)	(231)
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	(812)	319
Other comprehensive earnings (loss) net of tax	(812)	319
Balance at the end of the period	(1,869)	(378)
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		6
Reclassifications from accumulated other comprehensive loss	(752)	(700)
Other comprehensive earnings (loss) net of tax	(752)	(694)
Balance at the end of the period	3,285	4,179
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	1,102	2,875
Other comprehensive earnings (loss) net of tax	1,102	2,875
Balance at the end of the period	(23,160)	(22,585)
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	(1,546)	2,094
Reclassifications from accumulated other comprehensive loss	483	(769)
Other comprehensive earnings (loss) net of tax	(1,063)	1,325
Balance at the end of the period	(22,261)	$ (18,921)
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 Comprehensi_4

Accumulated Other Comprehensive Earnings (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	$ (2,987)	$ (4,370)	$ (6,871)	$ (9,311)
Cost of goods sold	115,457	115,210	249,247	246,646
Total before tax	(33,213)	(38,953)	(57,307)	(69,429)
Tax (expense) benefit	7,134	12,066	12,657	20,681
Net earnings	(26,079)	(26,887)	(44,650)	(48,748)
Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total before tax	464	(338)	637	(1,206)
Tax (expense) benefit	(112)	123	(154)	437
Net earnings	352	(215)	483	(769)
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		(55)	(67)	(1)
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	$ 795	$ 83	$ 1,697	$ (108)
Type of Cost, Good or Service [Extensible List]	Product [Member]	Product [Member]	Product [Member]	Product [Member]
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)	$ (993)	$ (1,097)
Product
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cost of goods sold	$ 115,246	$ 114,970	$ 248,561	$ 245,889