Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 28, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-4801 | |
Entity Registrant Name | BARNES GROUP INC | |
Entity Central Index Key | 0000009984 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 06-0247840 | |
Entity Address, Address Line One | 123 Main Street | |
Entity Address, City or Town | Bristol | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06010 | |
City Area Code | 860 | |
Local Phone Number | 583-7070 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | B | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,653,088 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 301,629 | $ 330,671 |
Cost of sales | 194,696 | 208,248 |
Selling and administrative expenses | 74,553 | 73,110 |
Total operating costs and expenses | 269,249 | 281,358 |
Operating income | 32,380 | 49,313 |
Interest expense | 3,942 | 4,324 |
Other expense (income), net | 1,463 | 1,594 |
Income before income taxes | 26,975 | 43,395 |
Income taxes | 7,593 | 13,662 |
Net income | $ 19,382 | $ 29,733 |
Per common share: | ||
Basic (in dollars per share) | $ 0.38 | $ 0.58 |
Diluted (in dollars per share) | $ 0.38 | $ 0.58 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 50,933,666 | 51,061,132 |
Diluted (in shares) | 51,087,688 | 51,501,857 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 19,382 | $ 29,733 | |
Other comprehensive loss, net of tax | |||
Unrealized loss on hedging activities, net of tax | [1] | (652) | (2,337) |
Foreign currency translation adjustments, net of tax | [2] | (47,882) | (36,333) |
Defined benefit pension and other postretirement benefits, net of tax | [3] | 3,632 | 4,481 |
Total other comprehensive loss, net of tax | (44,902) | (34,189) | |
Total comprehensive loss | $ (25,520) | $ (4,456) | |
[1] | Net of tax of $(184) and $(823) for the three months ended March 31, 2021 and 2020, respectively. | ||
[2] | Net of tax of $0 and $(66) for the three months ended March 31, 2021 and 2020, respectively. | ||
[3] | Net of tax of $1,069 and $810 for the three months ended March 31, 2021 and 2020, respectively. |
Consolidated Statements of Comm
Consolidated Statements of Commprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized (loss) income on hedging activities, tax | $ (184) | $ (823) |
Foreign currency translation adjustment, tax | 0 | (66) |
Defined benefit pension and other postretirement benefits, tax | $ 1,069 | $ 810 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 84,900 | $ 79,145 |
Accounts receivable, less allowances (2021 - $6,394; 2020 - $6,348) | 252,548 | 251,460 |
Inventories | 233,465 | 238,008 |
Prepaid expenses and other current assets | 77,490 | 73,732 |
Total current assets | 648,403 | 642,345 |
Deferred income taxes | 21,653 | 22,092 |
Property, plant and equipment | 896,096 | 910,378 |
Less accumulated depreciation | (539,824) | (539,431) |
Property, plant and equipment, net | 356,272 | 370,947 |
Goodwill | 971,851 | 1,011,580 |
Other intangible assets, net | 541,148 | 564,132 |
Other assets | 60,937 | 65,130 |
Total assets | 2,600,264 | 2,676,226 |
Current liabilities | ||
Notes and overdrafts payable | 7,507 | 2,115 |
Accounts payable | 118,756 | 112,428 |
Accrued liabilities | 169,277 | 178,560 |
Long-term debt - current | 2,051 | 2,276 |
Total current liabilities | 297,591 | 295,379 |
Long-term debt | 664,015 | 699,868 |
Accrued retirement benefits | 94,066 | 98,171 |
Deferred income taxes | 88,117 | 91,668 |
Long-term tax liability | 59,063 | 59,063 |
Other liabilities | 46,045 | 49,400 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity | ||
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2021 - 64,183,161 shares; 2020 - 64,171,321 shares) | 642 | 642 |
Additional paid-in capital | 503,937 | 501,531 |
Treasury stock, at cost (2021 - 13,531,343 shares; 2020 - 13,530,074 shares) | (517,060) | (516,992) |
Retained earnings | 1,531,065 | 1,519,811 |
Accumulated other non-owner changes to equity | (167,217) | (122,315) |
Total stockholders' equity | 1,351,367 | 1,382,677 |
Total liabilities and stockholders' equity | $ 2,600,264 | $ 2,676,226 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6,394 | $ 6,348 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 64,183,161 | 64,171,321 |
Treasury stock, at cost (in shares) | 13,531,343 | 13,530,074 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net income | $ 19,382 | $ 29,733 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 21,992 | 23,617 |
Gain on disposition of property, plant and equipment | (50) | (123) |
Stock compensation expense | 2,306 | 2,552 |
Seeger divestiture charges | 0 | 6,620 |
Changes in assets and liabilities, net of the effects of divestitures: | ||
Accounts receivable | (7,590) | 9,592 |
Inventories | 78 | (12,788) |
Prepaid expenses and other current assets | (4,882) | (3,227) |
Accounts payable | 9,121 | 1,328 |
Accrued liabilities | (6,456) | (7,885) |
Deferred income taxes | (101) | 462 |
Long-term retirement benefits | (569) | (3,518) |
Other | 2,381 | 826 |
Net cash provided by operating activities | 35,612 | 47,189 |
Investing activities: | ||
Proceeds from disposition of property, plant and equipment | 83 | 185 |
Proceeds from the sale of businesses, net of cash sold | 0 | 36,879 |
Capital expenditures | (7,855) | (11,912) |
Other | 3,758 | 0 |
Net cash (used) provided by investing activities | (4,014) | 25,152 |
Financing activities: | ||
Net change in other borrowings | 5,354 | 20,775 |
Payments on long-term debt | (30,933) | (108,521) |
Proceeds from the issuance of long-term debt | 15,000 | 75,000 |
Proceeds from the issuance of common stock | 125 | 183 |
Common stock repurchases | 0 | (15,550) |
Dividends paid | (8,104) | (8,133) |
Withholding taxes paid on stock issuances | (68) | (84) |
Other | (5,816) | (7,252) |
Net cash used by financing activities | (24,442) | (43,582) |
Effect of exchange rate changes on cash flows | (2,331) | (3,111) |
Increase in cash, cash equivalents and restricted cash | 4,825 | 25,648 |
Cash, cash equivalents and restricted cash at beginning of period | 91,468 | 93,805 |
Cash, cash equivalents and restricted cash at end of period | 96,293 | 119,453 |
Cash and cash equivalents | 84,900 | 112,827 |
Prepaid Expenses and Other Current Assets | ||
Financing activities: | ||
Restricted cash | (6,198) | 0 |
Other Noncurrent Assets | ||
Financing activities: | ||
Restricted cash | $ (5,195) | $ (6,626) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying unaudited consolidated balance sheet and the related unaudited consolidated statements of income, comprehensive income and cash flows have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements do not include all information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. The balance sheet as of December 31, 2020 has been derived from the 2020 financial statements of Barnes Group Inc. (the “Company”). For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair statement of the results, have been included. Operating results for the three-month period ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Certain reclassifications have been made to prior year amounts to conform to current year presentation.The COVID-19 pandemic ("COVID-19") has resulted in a disruption in business activities worldwide and has caused weakened economic conditions, both in the United States and abroad. COVID-19 has had, and may continue to have, a significant negative impact on the Company's ongoing operations and the end markets in which it serves. The Company has assessed the impacts that COVID-19 has had on its accounting estimates, assumptions and disclosures. |
Divestiture
Divestiture | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestiture | Divestiture On December 20, 2019, the Company entered into a Share Purchase and Transfer Agreement ("SPA") with the Kajo Neukirchen Group ("KNG") to sell the Seeger business, consisting of partnership interests and shares, respectively, of Seeger-Orbis GmbH & Co. OHG and Seeger-Orbis Mechanical Components (Tianjin) Co., Ltd. (“Seeger”) for 42,500 Euros, subject to certain adjustments. The Company completed the sale of the Seeger business to KNG effective February 1, 2020. Gross proceeds received were 38,964 Euros ($42,915) after consideration of post-closing adjustments, which were made during the fourth quarter of 2020, pursuant to the terms of the SPA. The Company yielded net cash proceeds of $36,062 after consideration of cash sold and transaction costs. Resulting tax charges of $4,211 were recognized in the first quarter of 2020 following the completion of the sale. Divestiture charges of $2,409 resulted from the completion of the sale and were recorded within Selling and Administrative expenses on the Consolidated Statements of Income in the quarter ended March 31, 2020. The Company utilized the proceeds from the sale to reduce debt under the Amended Credit Agreement. Pursuant to the SPA, 6,000 Euros of the proceeds were placed in escrow and will be released through 2024, pending any potential settlement of claims. Cash related to a pending claim would remain in escrow until a final determination of the claim has been made. The Company has recorded the restricted cash in Prepaid Expenses and Other Current Assets and Other Assets (non-current) as of March 31, 2021. |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Standards | Recent Accounting Standards The Financial Accounting Standards Board ("FASB") establishes changes to accounting principles under U.S. GAAP through the use of Accounting Standards Updates ("ASUs") to the FASB's Accounting Standards Codification. The Company evaluates the applicability and potential impacts of recent ASUs on its Consolidated Financial Statements and related disclosures. Recently Adopted Accounting Standards In June 2016, the FASB amended its guidance related to credit losses on financial instruments. The amended guidance requires the use of a methodology of estimation that reflects expected credit losses on certain types of financial instruments, including trade receivables, as a replacement to the current methodology, which estimates losses based on incurred credit losses. This expected credit loss methodology requires that the Company consider a broader range of information when estimating credit losses on receivables. The amended guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this amended guidance and applicable FASB updates related to the guidance during the first quarter of 2020 and it did not have a material impact on the Company's Consolidated Financial Statements. In December 2019, the FASB amended its guidance related to income taxes. The amended guidance simplifies the accounting for income taxes, eliminating certain exceptions to the general income tax principles, in an effort to reduce the cost and complexity of application. The amended guidance is effective for annual periods beginning after December 15, 2020, and interim periods within those reporting periods. Early adoption is permitted in any interim or annual period. The guidance requires application on either a prospective, retrospective or modified retrospective basis, contingent on the income tax exception being applied. The Company has adopted this guidance, on a prospective basis, on January 1, 2021 and it did not have a material impact on the Company's Consolidated Financial Statements. Recently Issued Accounting Standards |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications including aerospace, transportation, manufacturing, automation, healthcare and packaging. Revenue is recognized by the Company when control of the product or solution is transferred to the customer. Control is generally transferred when products are shipped or delivered to customers, title is transferred, and the significant risks and rewards of ownership have transferred, and the Company has rights to payment and rewards of ownership pass to the customer. Customer acceptance may also be a factor in determining whether control of the product has transferred. Although revenue is generally transferred at a point in time, a certain portion of the Company's businesses with customized products or contracts in which the Company performs work on customer-owned assets requires the use of an over time recognition model as certain contracts meet one or more of the established criteria pursuant to the accounting guidance. Also, service revenue is recognized as control transfers, which is concurrent with the services being performed. The following table presents the Company's revenue disaggregated by products and services, and geographic regions, by segment: Three Months Ended Three Months Ended Industrial Aerospace Total Company Industrial Aerospace Total Company Products and Services Engineered Components Products $ 48,286 $ — $ 48,286 $ 47,707 $ — $ 47,707 Molding Solutions Products 108,547 — 108,547 97,406 — 97,406 Force & Motion Control Products 45,657 — 45,657 39,791 — 39,791 Automation Products 17,497 — 17,497 14,196 — 14,196 Aerospace Original Equipment Manufacturer Products — 55,528 55,528 — 81,706 81,706 Aerospace Aftermarket Products and Services — 26,114 26,114 — 49,865 49,865 $ 219,987 $ 81,642 $ 301,629 $ 199,100 $ 131,571 $ 330,671 Geographic Regions (A) Americas $ 82,895 $ 59,009 $ 141,904 $ 80,644 $ 92,578 $ 173,222 Europe 88,674 14,151 102,825 81,864 25,163 107,027 Asia 46,760 7,647 54,407 35,493 11,696 47,189 Rest of World 1,658 835 2,493 1,099 2,134 3,233 $ 219,987 $ 81,642 $ 301,629 $ 199,100 $ 131,571 $ 330,671 (A) Sales by geographic region are based on the location to which the product is shipped. Revenue from products and services transferred to customers at a point in time accounted for approximately 80 percent and 85 percent of total revenue for the three-month periods ended March 31, 2021 and 2020, respectively. A majority of revenue within the Industrial segment and Aerospace OEM business, along with a portion of revenue within the Aerospace Aftermarket business, is recognized at a point in time, primarily when the product or solution is shipped to the customer. Revenue from products and services transferred to customers over-time accounted for approximately 20 percent and 15 percent of total revenue for the three-month periods ended March 31, 2021, and 2020, respectively. The Company recognizes revenue over-time in instances where a contract supports a continual transfer of control to the customer. Substantially all of our revenue in the Aerospace maintenance repair and overhaul business (within Aftermarket Products and Services) and a portion of the Engineered Components products, Molding Solutions products and Aerospace OEM products is recognized over-time. Within the Molding Solutions and Aerospace Aftermarket businesses, this continual transfer of control to the customer results from repair and refurbishment work performed on customer-controlled assets. With other contracts, this continual transfer of control to the customer is supported by clauses in the contract, or governing commercial law for the relevant jurisdiction, where we deliver products that do not have an alternative use and require an enforceable right to payment of costs incurred (plus a reasonable profit) or the Company has a contractual right to complete any work in process and receive full contract price. The majority of our revenues are from contracts that are for less than one year, however certain Aerospace OEM and Molding Solutions business contracts extend beyond one year. In the Industrial segment, customers are typically OEMs or suppliers to OEMs and, in some businesses, distributors. In the Aerospace segment, customers include commercial airlines, OEMs and other aircraft and defense-related parts and service providers. A performance obligation represents a promise within a contract to provide a distinct good or service to the customer. Revenue is recognized in an over-time model based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company utilizes the cost-to-cost measure of progress for over time contracts as we believe this measure best depicts the transfer of control to the customer, which occurs as we incur costs on contracts. Adjustments to net sales, cost of sales and the related impact to operating income are recognized as necessary in the period they become known. Revenue recognized from performance obligations satisfied in previous periods was not material in both the three months ended March 31, 2021 and 2020. Contract Balances . The timing of revenue recognition, invoicing and cash collections affect accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets. Unbilled Receivables (Contract Assets) - Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized when 1) the cost-to-cost method is applied and 2) such revenue exceeds the amount invoiced to the customer. Unbilled receivables are included within Prepaid Expenses and Other Current Assets on the Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. Customer Advances and Deposits (Contract Liabilities) - The Company may receive a customer advance or deposit, or have an unconditional right to receive a customer advance, prior to revenue being recognized. Certain contracts within the Molding Solutions business, for example, may require such advances. Since the performance obligations related to such advances may not have been satisfied, a contract liability is established. An offsetting asset of equal amount is recorded as an account receivable until the advance is collected. Advances and deposits are included within Accrued Liabilities on the Consolidated Balance Sheets until the respective revenue is recognized. Advance payments are not considered a significant financing component as they are generally received less than one year before the customer solution is completed. These assets and liabilities are reported on the Consolidated Balance Sheets on an individual contract basis at the end of each reporting period. Net contract asset (liabilities) consisted of the following: March 31, 2021 December 31, 2020 $ Change % Change Unbilled receivables (contract assets) $ 35,796 $ 33,009 $ 2,787 8 % Contract liabilities (35,046) (39,865) 4,819 (12) % Net contract asset (liabilities) $ 750 $ (6,856) $ 7,606 NM NM - Not Meaningful Contract liabilities balances at March 31, 2021 and December 31, 2020 include $11,158 and $12,750, respectively, of customer advances for which the Company has an unconditional right to collect payment. Accounts receivable, as presented on the Consolidated Balance Sheet, include corresponding balances at March 31, 2021 and December 31, 2020, respectively. Changes in the net contract asset during the three-month period ended March 31, 2021 included a $4,819 decrease in contract liabilities, driven primarily by revenue recognized in the current period, partially offset by new customer advances and deposits. Adding to this net contract asset increase was a $2,787 increase in contract assets, driven primarily by contract progress (i.e. unbilled receivable), partially offset by earlier contract progress being invoiced to the customer. The Company recognized approximately 40% of the revenue related to the contract liability balance as of December 31, 2020 during the three months ended March 31, 2021, and approximately 40% of the revenue related to the contract liability balance as of December 31, 2019 during the three months ended March 31, 2020, primarily representing revenue from the sale of molds and hot runners within the Molding Solutions business. Remaining Performance Obligations . The Company has elected to disclose remaining performance obligations only for contracts with an original duration of greater than one year. Such remaining performance obligations represent the transaction price of firm orders for which work has not yet been performed and, for Aerospace, excludes projections of components and assemblies that Aerospace OEM customers anticipate purchasing in the future under existing programs, which represent orders that are beyond lead time and do not represent performance obligations pursuant to accounting guidance. As of March 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $178,459. The Company expects to recognize revenue on approximately 70% of the remaining performance obligations over the next 12 months, with the remainder being recognized within 24 months. |
Stockholders Equity
Stockholders Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders Equity | Stockholders' Equity A schedule of consolidated changes in equity for the three months ended March 31, 2021 is as follows (shares in thousands): Common Common Additional Treasury Treasury Retained Accumulated Total December 31, 2020 64,171 $ 642 $ 501,531 13,530 $ (516,992) $ 1,519,811 $ (122,315) $ 1,382,677 Comprehensive income — — — — — 19,382 (44,902) (25,520) Dividends declared ($0.16 per share) — — — — — (8,104) — (8,104) Employee stock plans 12 — 2,406 1 (68) (24) — 2,314 March 31, 2021 64,183 $ 642 $ 503,937 13,531 $ (517,060) $ 1,531,065 $ (167,217) $ 1,351,367 A schedule of consolidated changes in equity for the three months ended March 31, 2020 is as follows (shares in thousands): Common Common Additional Treasury Treasury Retained Accumulated Total December 31, 2019 63,873 $ 639 $ 489,282 13,051 $ (498,074) $ 1,489,176 $ (210,495) $ 1,270,528 Comprehensive income — — — — — 29,733 (34,189) (4,456) Dividends declared ($0.16 per share) — — — — — (8,133) — (8,133) Common stock repurchases — — — 396 (15,550) — — (15,550) Employee stock plans 17 — 2,743 2 (84) (88) — 2,571 March 31, 2020 63,890 $ 639 $ 492,025 13,449 $ (513,708) $ 1,510,688 $ (244,684) $ 1,244,960 |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share For the purpose of computing diluted net income per common share, the weighted-average number of common shares outstanding is increased for the potential dilutive effects of stock-based incentive plans. For the purpose of computing diluted net income per common share, the weighted-average number of common shares outstanding was increased by 154,022 and 440,725 for the three-month periods ended March 31, 2021 and 2020, respectively. The calculation of weighted-average diluted shares outstanding excludes all shares that would have been anti-dilutive. During the three-month periods ended March 31, 2021 and 2020, the Company excluded 522,117 and 325,670 stock awards, respectively, from the calculation of weighted-average diluted shares outstanding as the stock awards were considered anti-dilutive. The Company granted 144,000 stock options, 104,029 restricted stock unit awards and 99,155 performance share awards ("PSAs") in February 2021 as part of its annual long-term incentive equity grant awards. All of the stock options and the restricted stock unit awards vest upon meeting certain service conditions. The restricted stock unit awards are included in basic weighted-average common shares outstanding as they contain nonforfeitable rights to dividend payments. The PSAs are part of the long-term Performance Share Award Program and are based on performance goals that are driven by a combination of independently measured metrics (depending on the grant year) with each metric being weighted equally. The metrics for awards granted in 2021 include the Company’s total shareholder return (“TSR”), return on invested capital (“ROIC”) and operating income before depreciation and amortization growth ("EBITDA growth"). The TSR and EBITDA growth metrics are designed to assess the long-term Company performance relative to the performance of companies included in the Russell 2000 Index over a three-year performance period. ROIC is designed to assess the Company's performance compared to pre-established Company targets over a three-year performance period. The participants can earn from zero to 250% of the target award and the award includes a forfeitable right to dividend equivalents, which are not included in the aggregate target award numbers. The fair value of the TSR is determined using a Monte Carlo valuation method as the award contains a market condition. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories consisted of: March 31, 2021 December 31, 2020 Finished goods $ 78,023 $ 79,833 Work-in-process 75,858 76,542 Raw material and supplies 79,584 81,633 $ 233,465 $ 238,008 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill: The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company as of and for the period ended March 31, 2021: Industrial Aerospace Total Company December 31, 2020 $ 980,794 $ 30,786 $ 1,011,580 Foreign currency translation (39,729) — (39,729) March 31, 2021 $ 941,065 $ 30,786 $ 971,851 Other Intangible Assets: Other intangible assets consisted of: March 31, 2021 December 31, 2020 Range of Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue Sharing Programs (RSPs) Up to 30 $ 299,500 $ (144,937) $ 299,500 $ (143,209) Component Repair Programs (CRPs) Up to 30 111,839 (31,918) 111,839 (30,869) Customer relationships 10-16 338,366 (123,806) 338,366 (118,752) Patents and technology 4-11 123,433 (79,623) 123,433 (77,311) Trademarks/trade names 10-30 10,949 (10,431) 10,949 (10,377) Other Up to 15 10,746 (4,733) 10,746 (4,580) 894,833 (395,448) 894,833 (385,098) Unamortized intangible assets: Trade names 55,670 — 55,670 — Foreign currency translation (13,907) — (1,273) — Other intangible assets $ 936,596 $ (395,448) $ 949,230 $ (385,098) Estimated amortization of intangible assets for future periods is as follows: 2021 (remainder) - $32,000; 2022 - $42,000; 2023- $44,000; 2024 - $44,000, 2025 - $44,000 and 2026- $43,000. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt and notes and overdrafts payable at March 31, 2021 and December 31, 2020 consisted of: March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Amended Credit Agreement $ 558,526 $ 596,456 $ 593,622 $ 601,936 3.97% Senior Notes 100,000 109,282 100,000 109,151 Borrowings under lines of credit and overdrafts 7,507 7,507 2,115 2,115 Finance leases 7,343 8,508 8,268 8,650 Other foreign bank borrowings 197 199 254 257 673,573 721,952 704,259 722,109 Less current maturities (9,558) (4,391) Long-term debt $ 664,015 $ 699,868 In October 2014, the Company entered into a Note Purchase Agreement (“Note Purchase Agreement”), among the Company and New York Life Insurance Company, New York Life Insurance and Annuity Corporation and New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account, as purchasers, for the issuance of $100,000 aggregate principal amount of 3.97% Senior Notes due October 17, 2024 (the “3.97% Senior Notes”). The 3.97% Senior Notes are senior unsecured obligations of the Company and pay interest semi-annually on April 17 and October 17 of each year at an annual rate of 3.97%. The 3.97% Senior Notes will mature on October 17, 2024 unless earlier prepaid in accordance with their terms. Subject to certain conditions, the Company may, at its option, prepay all or any part of the 3.97% Senior Notes in an amount equal to 100% of the principal amount of the 3.97% Senior Notes so prepaid, plus any accrued and unpaid interest to the date of prepayment, plus the Make-Whole Amount, as defined in the Note Purchase Agreement, with respect to such principal amount being prepaid. The fair value of the 3.97% Senior Notes was determined using the U.S. Treasury yield and a long-term credit spread for similar types of borrowings, which represent Level 2 observable inputs. On October 8, 2020, the Company entered into the sixth amendment to its fifth amended and restated revolving credit agreement with Bank of America (the “Sixth Amendment”) and the first amendment to the Note Purchase Agreement with New York Life (the “First NPA Amendment”). The Sixth Amendment maintained the borrowing availability of $1,000,000 along with access to request $200,000 through an accordion feature. The Sixth Amendment and the First NPA Amendment provided for an increase in the Company’s maximum ratio of Consolidated Senior Debt, as defined, to Consolidated EBITDA, as defined, from 3.25 times (or, if a certain permitted acquisition above $150,000 is consummated, 3.50 times) to 3.75 times in each case at the end of the four fiscal quarters, beginning with December 31, 2020, and regardless of whether a permitted acquisition, as defined, is consummated, providing additional financing flexibility and access to liquidity. Additionally, the Sixth Amendment requires the Company to maintain a maximum ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA, of not more than 3.75 times in each case, at the end of the four fiscal quarters, beginning with December 31, 2020 and regardless of whether a permitted acquisition, as defined, is consummated. Furthermore, the First NPA Amendment provides for (i) adjustments to the ratio of Consolidated Total Debt, as defined, to Consolidated EBITDA, as defined, to conform to a more restrictive total leverage ratio that may be required under the Amended Credit Agreement, (ii) an increase in the amount of allowable add-back for restructuring charges when calculating Consolidated EBITDA from $15,000 to $25,000 and (iii) a required fee payment equal to 0.50% per annum times the daily outstanding principal amount of the note during each of the four fiscal quarters, following the quarter ended December 31, 2020, if the Company’s Senior Leverage Ratio, as defined, exceeds 3.25 times. In October 2020, the Company paid fees and expenses of $1,384 in conjunction with executing the Amendments; such fees have been deferred within Other Assets on the accompanying Consolidated Balance Sheet and are being amortized on the Consolidated Statements of Income. On February 10, 2021, the Company and certain of its subsidiaries entered into the sixth amended and restated senior unsecured revolving credit agreement (the "Amended Credit Agreement") and retained Bank of America, N.A. as the Administrative Agent for the lenders. The Amended Credit Agreement maintains the $1,000,000 of availability within the facility, while increasing the available borrowings under the accordion feature from $200,000 to $250,000 (aggregate availability of $1,250,000) and extends the maturity date through February 2026. The Amended Credit Agreement also adjusts the interest rate to either the Eurocurrency rate, as defined in the Amended Credit Agreement, plus a margin of 1.175% to 1.775% or the base rate, as defined in the Amended Agreement, plus a margin of 0.175% and 0.775%, depending on the Company's leverage ratio at the time of the borrowing. Multi-currency borrowings, pursuant to the Amended Credit Agreement, bear interest at their respective interbank offered rate (i.e. Euribor) or 0.00% (higher of the two rates) plus a margin of between 1.175% to 1.775%. As with the earlier facility, the Company's borrowing capacity is limited by various debt covenants in the Amended Credit Agreement, as described further below. The Amended Credit Agreement requires the Company to maintain a Senior Debt Ratio of not more than 3.75 times at the end of each fiscal quarter ending on or before September 30, 2021, after which the ratio will revert to 3.25 times (or, if a permitted acquisition above $150,000 is consummated, 3.50 times at the end of each of the first four fiscal quarters ending after the consummation of any such acquisition). In addition, the Amended Credit Agreement requires the Company to maintain a Total Debt Ratio of not more than 3.75 for each fiscal quarter (or, if a permitted acquisition above $150,000 is consummated, 4.25 times at the end of each of the first four fiscal quarters ending after the consummation of any such acquisition, however, such increase in the ratio will not be effective during any period prior to October 1, 2021). A ratio of Consolidated EBITDA to Consolidated Cash Interest Expense, as defined, of not less than 4.25, is required at the end of each fiscal quarter. The Company paid fees and expenses of $4,279 in the first quarter of 2021 in conjunction with executing the Amended Credit Agreement; such fees have been deferred within Other assets on the Consolidated Balance and will be amortized into interest expense on the Consolidated Statements of Income through its maturity. Cash used to pay these fees has been recorded through other financing activities on the Consolidated Statements of Cash Flows. Borrowings and availability under the Amended Credit Agreement were $558,526 and $441,474, respectively, at March 31, 2021 and borrowings and availability under the Sixth Amendment were $593,622 and $406,378, respectively, at December 31, 2020, subject to covenants in the Company's revolving debt agreements. At March 31, 2021, additional borrowings of $142,716 of Total Debt (including $142,716 of Senior Debt) would have been allowed under the financial covenants. The average interest rate on these borrowings was 1.48% and 1.42% on March 31, 2021 and December 31, 2020, respectively. Borrowings included Euro-denominated borrowings of 331,450 Euros ($388,525) at March 31, 2021 and 344,450 Euros ($423,622) at December 31, 2020. The fair value of the borrowings is based on observable Level 2 inputs. The borrowings were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings. At March 31, 2021, the Company was in compliance with all applicable covenants. The Company currently anticipates that it will maintain compliance with all of its covenants in the next four quarters while continuing to monitor its future compliance based on current and future economic conditions. The Company's most restrictive financial covenant is the Senior Debt Ratio, which required the Company to maintain a ratio of Consolidated Senior Debt to Consolidated EBITDA of not more than 3.75 times at March 31, 2021. The actual ratio at March 31, 2021 was 3.09 times, as defined. In addition, the Company has approximately $82,000 in uncommitted short-term bank credit lines ("Credit Lines") and overdraft facilities. The Credit Lines are accessed locally and are available primarily within the U.S., Europe and Asia. The Credit Lines are subject to the applicable borrowing rates within each respective country and vary between jurisdictions (i.e. LIBOR, Euribor, etc.). Under the Credit Lines, $7,500 was borrowed at March 31, 2021 at an average interest rate of 1.09% and $2,100 was borrowed at December 31, 2020 at an average interest rate of 1.10%. The Company had also borrowed $7 and $15 under the overdraft facilities at March 31, 2021 and December 31, 2020, respectively. Repayments under the Credit Lines are due within one month after being borrowed. Repayments of the overdrafts are generally due within two days after being borrowed. The carrying amounts of the Credit Lines and overdrafts approximate fair value due to the short maturities of these financial instruments. The Company also has several finance leases under which $7,343 and $8,268 was outstanding at March 31, 2021 and December 31, 2020, respectively. The fair value of the finance leases are based on observable Level 2 inputs. These instruments were valued using discounted cash flows based upon the Company's estimated interest costs for similar types of borrowings. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company has manufacturing and sales facilities around the world and thus makes investments and conducts business transactions denominated in various currencies. The Company is also exposed to fluctuations in interest rates and commodity price changes. These financial exposures are monitored and managed by the Company as an integral part of its risk management program. Derivative financial instruments have been used by the Company to hedge its exposure to fluctuations in interest rates. On April 28, 2017, the Company entered into an interest rate swap agreement (the "2017 Swap") with one bank which converts the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.92% plus the borrowing spread. The 2017 Swap expires on January 31, 2022. On March 24, 2021, the Company entered into a new interest rate swap agreement (the "2021 Swap") with this same bank that will commence on January 31, 2022 and will convert the interest on the first $100,000 of the Company's one-month LIBOR-based borrowings from a variable rate plus the borrowing spread to a fixed rate of 1.17% plus the borrowing spread. The 2021 Swap will expire on January 30, 2026. These interest rate swap agreements (the "Swaps") remained in place at March 31, 2021 and are accounted for as cash flow hedges. The Company also uses derivative financial instruments to hedge its exposures to fluctuations in foreign currency exchange rates. The Company has various contracts outstanding which primarily hedge recognized assets or liabilities and anticipated transactions in various currencies including the Euro, British pound sterling, U.S. dollar, Canadian dollar, Japanese yen, Singapore dollar, Korean won, Swedish kroner, Chinese renminbi, Mexican peso, Hong Kong dollar and Swiss franc. Certain foreign currency derivative instruments are treated as cash flow hedges of forecasted transactions. All foreign exchange contracts are due within two years. The Company does not use derivatives for speculative or trading purposes or to manage commodity exposures. The Company records the derivatives at fair value on the Consolidated Balance Sheets within Prepaid Expenses and Other Current Assets, Other Assets, Accrued Liabilities or Other Liabilities depending on their fair value and remaining contractual period. Changes in the fair market value of derivatives accounted for as cash flow hedges are recorded to accumulated other comprehensive income (loss) and reclassified to earnings in a manner that matches the earnings impact of the hedged transaction. Reclassifications to earnings for the Swaps are recorded through interest expense and reclassifications to earnings for foreign exchange contracts are recorded through net sales. Changes in the fair market value of the foreign exchange contracts that are not designated hedging instruments are recorded directly to earnings through other expense (income), net. The fair values of derivatives were not material to the Company's Consolidated Balance Sheets as of March 31, 2021 or December 31, 2020. The activity related to the derivatives that have been designated hedging instruments was not material to the Company's Consolidated Financial Statements for the periods ended March 31, 2021 or 2020. The Company recognized losses of $3,302 and $12,195 related to the foreign exchange contracts that are not accounted for as hedging instruments within other expense (income), net, in the Consolidated Statements of Income for the three-month periods ended March 31, 2021 and 2020, respectively. Such losses were substantially offset by net gains recorded on the underlying hedged asset or liability (the "underlying"). Offsetting net gains or losses on the underlying are also recorded within other expense (income), net. The Company's policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. Other financing cash flows during the three months ended March 31, 2021 and 2020, as presented on the Consolidated |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The provisions of the accounting standard for fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This standard classifies the inputs used to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 Unobservable inputs for the asset or liability. The following table provides the assets and liabilities reported at fair value and measured on a recurring basis: Fair Value Measurements Using Description Total Quoted Prices in Active Markets for Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs March 31, 2021 Asset derivatives $ 441 $ — $ 441 $ — Liability derivatives (3,091) — (3,091) — Bank acceptances 10,509 — 10,509 — Rabbi trust assets 3,306 3,306 — — Total $ 11,165 $ 3,306 $ 7,859 $ — December 31, 2020 Asset derivatives $ 1,642 $ — $ 1,642 $ — Liability derivatives (1,988) — (1,988) — Bank acceptances 13,267 — 13,267 — Rabbi trust assets 3,233 3,233 — — Total $ 16,154 $ 3,233 $ 12,921 $ — The derivative contracts are valued using observable current market information as of the reporting date such as the prevailing LIBOR-based interest rates and foreign currency spot and forward rates. Bank acceptances represent financial instruments accepted from certain China-based customers in lieu of cash paid on receivables, generally range from three |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Pension and other postretirement benefits expenses consisted of the following: Three Months Ended Pensions 2021 2020 Service cost $ 1,741 $ 1,649 Interest cost 3,172 3,817 Expected return on plan assets (6,972) (7,393) Amortization of prior service cost 85 80 Amortization of actuarial losses 3,926 3,339 Net periodic benefit cost $ 1,952 $ 1,492 Three Months Ended Other Postretirement Benefits 2021 2020 Service cost $ 25 $ 22 Interest cost 206 264 Amortization of prior service cost 7 7 Amortization of actuarial losses 70 23 Net periodic benefit cost $ 308 $ 316 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's effective tax rate for the first quarter of 2021 was 28.1% compared with 31.5% in the first quarter of 2020 and 37.6% for the full year 2020. The decrease in the first quarter of 2021 effective tax rate from the full year 2020 rate is primarily due to an increase in projected earnings in jurisdictions with lower tax rates, a reduction in tax reserves due to statute of limitations expiration and the absence of tax expense related to the completed sale of the Seeger business in the first quarter of 2020. The tax rate benefits were partially offset by additional expense related to the global intangible low-tax income tax. The Aerospace and Industrial segments have a number of multi-year tax holidays in Singapore and China. The tax holiday in China expired at the end of 2020. The Company has re-applied for approval of a potential three-year holiday in China which could reduce the tax rate. The Company anticipates notification of a decision on its application for the holiday in the latter half of 2021. These holidays are subject to the Company meeting certain commitments in the respective jurisdictions. Aerospace was granted an income tax holiday for operations recently established in Malaysia. This holiday commenced effective November 2020 and remains effective for a period of ten years from inception. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) by Component | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component | Changes in Accumulated Other Comprehensive Income (Loss) by Component The following tables set forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the three-month periods ended March 31, 2021 and 2020: Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2020 $ (757) $ (142,119) $ 20,561 $ (122,315) Other comprehensive (loss) income before reclassifications (888) 498 (47,882) (48,272) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 236 3,134 — 3,370 Net current-period other comprehensive (loss) income (652) 3,632 (47,882) (44,902) March 31, 2021 $ (1,409) $ (138,487) $ (27,321) $ (167,217) Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2019 $ (115) $ (144,047) $ (66,333) $ (210,495) Other comprehensive (loss) income before reclassifications (2,879) 1,842 (36,333) (37,370) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 542 2,639 — 3,181 Net current-period other comprehensive (loss) income (2,337) 4,481 (36,333) (34,189) March 31, 2020 $ (2,452) $ (139,566) $ (102,666) $ (244,684) The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the three-month periods ended March 31, 2021 and 2020: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Three Months Ended Three Months Ended Gains and losses on cash flow hedges Interest rate contracts $ (449) $ (61) Interest expense Foreign exchange contracts 128 (523) Net sales (321) (584) Total before tax 85 42 Tax benefit (236) (542) Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ (92) $ (87) (A) Amortization of actuarial losses (3,996) (3,362) (A) (4,088) (3,449) Total before tax 954 810 Tax benefit (3,134) (2,639) Net of tax Total reclassifications in the period $ (3,370) $ (3,181) (A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 12. |
Information on Business Segment
Information on Business Segments | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Information on Business Segments | Information on Business Segments The Company is organized based upon the nature of its products and services and reports under two global business segments: Industrial and Aerospace. Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. The Company has not aggregated operating segments for purposes of identifying these two reportable segments. Industrial is a global provider of highly-engineered, high-quality precision components, products and systems for critical applications serving a diverse customer base in end-markets such as transportation, industrial equipment, automation, personal care, packaging, electronics, and medical devices. Focused on innovative custom solutions, Industrial participates in the design phase of components and assemblies whereby customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Products are sold primarily through its direct sales force and global distribution channels. Industrial's Molding Solutions business designs and manufactures customized hot runner systems, advanced mold cavity sensors and process control systems, and precision high cavitation mold assemblies - collectively, the enabling technologies for many complex injection molding applications. The Force & Motion Control business provides innovative cost effective force and motion control solutions for a wide range of metal forming and other industrial markets. The Automation business designs and develops pneumatic robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components for intelligent robotic handling solutions and industrial automation applications. Industrial's Engineered Components business manufactures and supplies precision mechanical products used in transportation and industrial applications, including mechanical springs, and high-precision punched and fine-blanked components. Aerospace is a global manufacturer of complex fabricated and precision machined components and assemblies for turbine engines, nacelles and structures for both commercial and defense-related aircraft. The Aerospace Aftermarket business provides aircraft engine component maintenance, repair and overhaul ("MRO") services, including services performed under our Component Repair Programs (“CRPs”), for many of the world’s major turbine engine manufacturers, commercial airlines and the defense market. The Aerospace Aftermarket business also manufactures and supplies aerospace aftermarket spare parts, including through revenue sharing programs (“RSPs”) under which the Company receives an exclusive right to supply designated aftermarket parts over the life of specific aircraft engine programs. The following tables set forth information about the Company's operations by its two reportable segments: Three Months Ended 2021 2020 Net sales Industrial $ 219,992 $ 199,100 Aerospace 81,642 131,571 Intersegment sales (5) — Total net sales $ 301,629 $ 330,671 Operating profit Industrial $ 21,295 $ 17,924 Aerospace 11,085 31,389 Total operating profit 32,380 49,313 Interest expense 3,942 4,324 Other expense (income), net 1,463 1,594 Income before income taxes $ 26,975 $ 43,395 March 31, 2021 December 31, 2020 Assets Industrial $ 1,841,248 $ 1,908,389 Aerospace 614,029 623,547 Other (A) 144,987 144,290 Total assets $ 2,600,264 $ 2,676,226 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Product Warranties The Company provides product warranties in connection with the sale of certain products. From time to time, the Company is subject to customer claims with respect to product warranties. The Company accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, historical experience and other related information known to the Company. Liabilities related to product warranties and extended warranties were not material as of March 31, 2021 and December 31, 2020. Litigation The Company is subject to litigation from time to time in the ordinary course of business and various other suits, proceedings and claims are pending involving the Company and its subsidiaries. The Company records a loss contingency liability when a loss is considered probable and the amount can be reasonably estimated. While it is not possible to determine the ultimate disposition of each of these proceedings and whether they will be resolved consistent with the Company's beliefs, the Company expects that the outcome of such proceedings, individually or in the aggregate, will not have a material adverse effect on financial condition or results of operations. |
Business Reorganization
Business Reorganization | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Business Reorganization | Business ReorganizationIn June 2020, the Company announced restructuring and workforce reduction actions ("Actions") to be implemented across its businesses and functions in response to the macroeconomic disruption in global industrial and aerospace end markets arising from COVID-19. During 2020, a resulting pre-tax charge of $19,116 was recorded ($18,158 through operating profit), primarily related to employee severance and termination benefits (recorded largely during the second quarter of 2020). These actions were substantially complete as of December 31, 2020 and reduced the Company’s global workforce by approximately 8%. A corresponding liability of $6,715, per below, was included within accrued liabilities as of March 31, 2021. The Company does not expect any additional costs related to the Actions to be significant. The following table sets forth the change in the liability related to these actions: December 31, 2020 $ 13,151 Payments (6,436) March 31, 2021 $ 6,715 |
Recent Accounting Standards (Po
Recent Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards In June 2016, the FASB amended its guidance related to credit losses on financial instruments. The amended guidance requires the use of a methodology of estimation that reflects expected credit losses on certain types of financial instruments, including trade receivables, as a replacement to the current methodology, which estimates losses based on incurred credit losses. This expected credit loss methodology requires that the Company consider a broader range of information when estimating credit losses on receivables. The amended guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this amended guidance and applicable FASB updates related to the guidance during the first quarter of 2020 and it did not have a material impact on the Company's Consolidated Financial Statements. In December 2019, the FASB amended its guidance related to income taxes. The amended guidance simplifies the accounting for income taxes, eliminating certain exceptions to the general income tax principles, in an effort to reduce the cost and complexity of application. The amended guidance is effective for annual periods beginning after December 15, 2020, and interim periods within those reporting periods. Early adoption is permitted in any interim or annual period. The guidance requires application on either a prospective, retrospective or modified retrospective basis, contingent on the income tax exception being applied. The Company has adopted this guidance, on a prospective basis, on January 1, 2021 and it did not have a material impact on the Company's Consolidated Financial Statements. Recently Issued Accounting Standards |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenue disaggregated by products and services, and geographic regions, by segment: Three Months Ended Three Months Ended Industrial Aerospace Total Company Industrial Aerospace Total Company Products and Services Engineered Components Products $ 48,286 $ — $ 48,286 $ 47,707 $ — $ 47,707 Molding Solutions Products 108,547 — 108,547 97,406 — 97,406 Force & Motion Control Products 45,657 — 45,657 39,791 — 39,791 Automation Products 17,497 — 17,497 14,196 — 14,196 Aerospace Original Equipment Manufacturer Products — 55,528 55,528 — 81,706 81,706 Aerospace Aftermarket Products and Services — 26,114 26,114 — 49,865 49,865 $ 219,987 $ 81,642 $ 301,629 $ 199,100 $ 131,571 $ 330,671 Geographic Regions (A) Americas $ 82,895 $ 59,009 $ 141,904 $ 80,644 $ 92,578 $ 173,222 Europe 88,674 14,151 102,825 81,864 25,163 107,027 Asia 46,760 7,647 54,407 35,493 11,696 47,189 Rest of World 1,658 835 2,493 1,099 2,134 3,233 $ 219,987 $ 81,642 $ 301,629 $ 199,100 $ 131,571 $ 330,671 (A) Sales by geographic region are based on the location to which the product is shipped. |
Contract with Customer, Asset and Liability | Net contract asset (liabilities) consisted of the following: March 31, 2021 December 31, 2020 $ Change % Change Unbilled receivables (contract assets) $ 35,796 $ 33,009 $ 2,787 8 % Contract liabilities (35,046) (39,865) 4,819 (12) % Net contract asset (liabilities) $ 750 $ (6,856) $ 7,606 NM |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of changes in equity | A schedule of consolidated changes in equity for the three months ended March 31, 2021 is as follows (shares in thousands): Common Common Additional Treasury Treasury Retained Accumulated Total December 31, 2020 64,171 $ 642 $ 501,531 13,530 $ (516,992) $ 1,519,811 $ (122,315) $ 1,382,677 Comprehensive income — — — — — 19,382 (44,902) (25,520) Dividends declared ($0.16 per share) — — — — — (8,104) — (8,104) Employee stock plans 12 — 2,406 1 (68) (24) — 2,314 March 31, 2021 64,183 $ 642 $ 503,937 13,531 $ (517,060) $ 1,531,065 $ (167,217) $ 1,351,367 A schedule of consolidated changes in equity for the three months ended March 31, 2020 is as follows (shares in thousands): Common Common Additional Treasury Treasury Retained Accumulated Total December 31, 2019 63,873 $ 639 $ 489,282 13,051 $ (498,074) $ 1,489,176 $ (210,495) $ 1,270,528 Comprehensive income — — — — — 29,733 (34,189) (4,456) Dividends declared ($0.16 per share) — — — — — (8,133) — (8,133) Common stock repurchases — — — 396 (15,550) — — (15,550) Employee stock plans 17 — 2,743 2 (84) (88) — 2,571 March 31, 2020 63,890 $ 639 $ 492,025 13,449 $ (513,708) $ 1,510,688 $ (244,684) $ 1,244,960 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The components of inventories consisted of: March 31, 2021 December 31, 2020 Finished goods $ 78,023 $ 79,833 Work-in-process 75,858 76,542 Raw material and supplies 79,584 81,633 $ 233,465 $ 238,008 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company as of and for the period ended March 31, 2021: Industrial Aerospace Total Company December 31, 2020 $ 980,794 $ 30,786 $ 1,011,580 Foreign currency translation (39,729) — (39,729) March 31, 2021 $ 941,065 $ 30,786 $ 971,851 |
Schedule of Intangible Assets | Other intangible assets consisted of: March 31, 2021 December 31, 2020 Range of Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Revenue Sharing Programs (RSPs) Up to 30 $ 299,500 $ (144,937) $ 299,500 $ (143,209) Component Repair Programs (CRPs) Up to 30 111,839 (31,918) 111,839 (30,869) Customer relationships 10-16 338,366 (123,806) 338,366 (118,752) Patents and technology 4-11 123,433 (79,623) 123,433 (77,311) Trademarks/trade names 10-30 10,949 (10,431) 10,949 (10,377) Other Up to 15 10,746 (4,733) 10,746 (4,580) 894,833 (395,448) 894,833 (385,098) Unamortized intangible assets: Trade names 55,670 — 55,670 — Foreign currency translation (13,907) — (1,273) — Other intangible assets $ 936,596 $ (395,448) $ 949,230 $ (385,098) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt and notes and overdrafts payable at March 31, 2021 and December 31, 2020 consisted of: March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Amended Credit Agreement $ 558,526 $ 596,456 $ 593,622 $ 601,936 3.97% Senior Notes 100,000 109,282 100,000 109,151 Borrowings under lines of credit and overdrafts 7,507 7,507 2,115 2,115 Finance leases 7,343 8,508 8,268 8,650 Other foreign bank borrowings 197 199 254 257 673,573 721,952 704,259 722,109 Less current maturities (9,558) (4,391) Long-term debt $ 664,015 $ 699,868 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provides the assets and liabilities reported at fair value and measured on a recurring basis: Fair Value Measurements Using Description Total Quoted Prices in Active Markets for Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs March 31, 2021 Asset derivatives $ 441 $ — $ 441 $ — Liability derivatives (3,091) — (3,091) — Bank acceptances 10,509 — 10,509 — Rabbi trust assets 3,306 3,306 — — Total $ 11,165 $ 3,306 $ 7,859 $ — December 31, 2020 Asset derivatives $ 1,642 $ — $ 1,642 $ — Liability derivatives (1,988) — (1,988) — Bank acceptances 13,267 — 13,267 — Rabbi trust assets 3,233 3,233 — — Total $ 16,154 $ 3,233 $ 12,921 $ — |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Pension and other postretirement benefits expenses consisted of the following: Three Months Ended Pensions 2021 2020 Service cost $ 1,741 $ 1,649 Interest cost 3,172 3,817 Expected return on plan assets (6,972) (7,393) Amortization of prior service cost 85 80 Amortization of actuarial losses 3,926 3,339 Net periodic benefit cost $ 1,952 $ 1,492 Three Months Ended Other Postretirement Benefits 2021 2020 Service cost $ 25 $ 22 Interest cost 206 264 Amortization of prior service cost 7 7 Amortization of actuarial losses 70 23 Net periodic benefit cost $ 308 $ 316 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) By Component | The following tables set forth the changes in accumulated other comprehensive income (loss), net of tax, by component for the three-month periods ended March 31, 2021 and 2020: Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2020 $ (757) $ (142,119) $ 20,561 $ (122,315) Other comprehensive (loss) income before reclassifications (888) 498 (47,882) (48,272) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 236 3,134 — 3,370 Net current-period other comprehensive (loss) income (652) 3,632 (47,882) (44,902) March 31, 2021 $ (1,409) $ (138,487) $ (27,321) $ (167,217) Gains and Losses on Cash Flow Hedges Pension and Other Postretirement Benefit Items Foreign Currency Items Total December 31, 2019 $ (115) $ (144,047) $ (66,333) $ (210,495) Other comprehensive (loss) income before reclassifications (2,879) 1,842 (36,333) (37,370) Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income 542 2,639 — 3,181 Net current-period other comprehensive (loss) income (2,337) 4,481 (36,333) (34,189) March 31, 2020 $ (2,452) $ (139,566) $ (102,666) $ (244,684) |
Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) to the Consolidated Statements of Income | The following table sets forth the reclassifications out of accumulated other comprehensive income (loss) by component for the three-month periods ended March 31, 2021 and 2020: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Three Months Ended Three Months Ended Gains and losses on cash flow hedges Interest rate contracts $ (449) $ (61) Interest expense Foreign exchange contracts 128 (523) Net sales (321) (584) Total before tax 85 42 Tax benefit (236) (542) Net of tax Pension and other postretirement benefit items Amortization of prior service costs $ (92) $ (87) (A) Amortization of actuarial losses (3,996) (3,362) (A) (4,088) (3,449) Total before tax 954 810 Tax benefit (3,134) (2,639) Net of tax Total reclassifications in the period $ (3,370) $ (3,181) (A) These accumulated other comprehensive income (loss) components are included within the computation of net periodic Pension and Other Postretirement Benefits cost. See Note 12. |
Information on Business Segme_2
Information on Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables set forth information about the Company's operations by its two reportable segments: Three Months Ended 2021 2020 Net sales Industrial $ 219,992 $ 199,100 Aerospace 81,642 131,571 Intersegment sales (5) — Total net sales $ 301,629 $ 330,671 Operating profit Industrial $ 21,295 $ 17,924 Aerospace 11,085 31,389 Total operating profit 32,380 49,313 Interest expense 3,942 4,324 Other expense (income), net 1,463 1,594 Income before income taxes $ 26,975 $ 43,395 March 31, 2021 December 31, 2020 Assets Industrial $ 1,841,248 $ 1,908,389 Aerospace 614,029 623,547 Other (A) 144,987 144,290 Total assets $ 2,600,264 $ 2,676,226 |
Business Reorganization (Tables
Business Reorganization (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Change of Liability for Business Reorganization | The following table sets forth the change in the liability related to these actions: December 31, 2020 $ 13,151 Payments (6,436) March 31, 2021 $ 6,715 |
Divestiture - Narrative (Detail
Divestiture - Narrative (Details) € in Thousands, $ in Thousands | Feb. 01, 2020USD ($) | Feb. 01, 2020EUR (€) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 20, 2019EUR (€) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from the sale of businesses, net of cash sold | $ 0 | $ 36,879 | |||
Loss on sale | $ 0 | 6,620 | |||
Seeger Orbis GmbH &Co. OHG and Seeger-Orbis Mechanical Components (Tianjin) Co., Ltd. | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration | € | € 42,500 | ||||
Cash consideration, gross | $ 42,915 | € 38,964 | |||
Proceeds from the sale of businesses, net of cash sold | $ 36,062 | ||||
Loss on sale | 4,211 | ||||
Incremental costs | $ 2,409 | ||||
Escrow deposits | € | € 6,000 |
Revenue - Revenue by Category (
Revenue - Revenue by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 301,629 | $ 330,671 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 219,987 | 199,100 |
Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 81,642 | 131,571 |
Americas | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 141,904 | 173,222 |
Americas | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 82,895 | 80,644 |
Americas | Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 59,009 | 92,578 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 102,825 | 107,027 |
Europe | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 88,674 | 81,864 |
Europe | Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 14,151 | 25,163 |
Asia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 54,407 | 47,189 |
Asia | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 46,760 | 35,493 |
Asia | Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 7,647 | 11,696 |
Rest of World | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,493 | 3,233 |
Rest of World | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,658 | 1,099 |
Rest of World | Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 835 | 2,134 |
Engineered Components Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 48,286 | 47,707 |
Engineered Components Products | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 48,286 | 47,707 |
Engineered Components Products | Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Molding Solutions Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 108,547 | 97,406 |
Molding Solutions Products | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 108,547 | 97,406 |
Molding Solutions Products | Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Force & Motion Control Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 45,657 | 39,791 |
Force & Motion Control Products | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 45,657 | 39,791 |
Force & Motion Control Products | Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Automation Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 17,497 | 14,196 |
Automation Products | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 17,497 | 14,196 |
Automation Products | Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Aerospace Original Equipment Manufacturer Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 55,528 | 81,706 |
Aerospace Original Equipment Manufacturer Products | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Aerospace Original Equipment Manufacturer Products | Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 55,528 | 81,706 |
Aerospace Aftermarket Products and Services | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 26,114 | 49,865 |
Aerospace Aftermarket Products and Services | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Aerospace Aftermarket Products and Services | Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 26,114 | $ 49,865 |
Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue transferred percent | 80.00% | 85.00% |
Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue transferred percent | 20.00% | 15.00% |
Revenue - Contract Balances (De
Revenue - Contract Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Unbilled receivables (contract assets) | $ 35,796 | $ 33,009 | |
Unbilled receivables (contract assets), $ Change | $ 2,787 | ||
Unbilled receivables (contract assets), % Change | 8.00% | ||
Contract liabilities | $ (35,046) | (39,865) | |
Contract liabilities, $ Change | $ 4,819 | ||
Contract liabilities, % Change | (12.00%) | ||
Net contract liabilities | $ 750 | (6,856) | |
Net contract liabilities, $ Change | 7,606 | ||
Customer advances | $ 11,158 | $ 12,750 | |
Revenue recognized | 40.00% | 40.00% |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligations (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligations | $ 178,459 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing | 12 months |
Remaining performance obligations, percentage | 70.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing | 24 months |
Remaining performance obligations, percentage | 25.00% |
Stockholders Equity (Details)
Stockholders Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | $ 1,382,677 | $ 1,270,528 |
Comprehensive income | (25,520) | (4,456) |
Dividends declared | (8,104) | (8,133) |
Employee stock plans | 2,314 | 2,571 |
Balance | $ 1,351,367 | $ 1,244,960 |
Dividends declared (in dollars per share) | $ 0.16 | $ 0.16 |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | $ 642 | $ 639 |
Balance (in shares) | 64,171 | 63,873 |
Employee stock plans | $ 0 | |
Employee stock plans (in shares) | 12 | 17 |
Balance | $ 642 | $ 639 |
Balance (in shares) | 64,183 | 63,890 |
Additional Paid-In Capital | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | $ 501,531 | $ 489,282 |
Employee stock plans | 2,406 | 2,743 |
Balance | 503,937 | 492,025 |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | $ (516,992) | $ (498,074) |
Balance (in shares) | 13,530 | 13,051 |
Employee stock plans | $ (68) | $ (84) |
Employee stock plans (in shares) | 1 | 2 |
Balance | $ (517,060) | $ (513,708) |
Balance (in shares) | 13,531 | 13,449 |
Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | $ 1,519,811 | $ 1,489,176 |
Comprehensive income | 19,382 | 29,733 |
Dividends declared | (8,104) | (8,133) |
Employee stock plans | (24) | (88) |
Balance | 1,531,065 | 1,510,688 |
Accumulated Other Non-Owner Changes to Equity | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | (122,315) | (210,495) |
Comprehensive income | (44,902) | (34,189) |
Balance | $ (167,217) | $ (244,684) |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - shares | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net Income Per Common Share [Line Items] | |||
Weighted average number of diluted shares outstanding adjustment (in shares) | 154,022 | 440,725 | |
Share-based Awards | |||
Net Income Per Common Share [Line Items] | |||
Antidilutive securities excluded from computation of EPS | 522,117 | 325,670 | |
Stock Options | |||
Net Income Per Common Share [Line Items] | |||
Options, granted (in shares) | 144,000 | ||
Restricted Stock Units | |||
Net Income Per Common Share [Line Items] | |||
Other than options, granted (in shares) | 104,029 | ||
Performance Share Awards | |||
Net Income Per Common Share [Line Items] | |||
Other than options, granted (in shares) | 99,155 | ||
Performance period | 3 years | ||
Minimum range of target award of stock plan | 0.00% | ||
Maximum range of target award of stock plan | 250.00% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 78,023 | $ 79,833 |
Work-in-process | 75,858 | 76,542 |
Raw material and supplies | 79,584 | 81,633 |
Inventories | $ 233,465 | $ 238,008 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Goodwill: | ||
Goodwill, beginning of period | $ 1,011,580 | |
Foreign currency translation | (39,729) | |
Goodwill, end of period | 971,851 | |
Other Intangible Assets: | ||
Gross Amount | 894,833 | $ 894,833 |
Accumulated Amortization | (395,448) | (385,098) |
Foreign currency translation | (13,907) | (1,273) |
Other intangible assets | 936,596 | 949,230 |
Intangible Assets, Future Amortization Expense | ||
Amortization of intangible assets expected in 2021 | 32,000 | |
Amortization of intangible assets expected in 2022 | 42,000 | |
Amortization of intangible assets expected in 2023 | 44,000 | |
Amortization of intangible assets expected in 2024 | 44,000 | |
Amortization of intangible assets expected in 2025 | 44,000 | |
Amortization of intangible assets expected in 2026 | 43,000 | |
Trade names | ||
Other Intangible Assets: | ||
Unamortized intangible asset | $ 55,670 | 55,670 |
Revenue Sharing Programs (RSPs) | ||
Other Intangible Assets: | ||
Range of life | 30 years | |
Gross Amount | $ 299,500 | 299,500 |
Accumulated Amortization | $ (144,937) | (143,209) |
Component Repair Programs (CRPs) | ||
Other Intangible Assets: | ||
Range of life | 30 years | |
Gross Amount | $ 111,839 | 111,839 |
Accumulated Amortization | (31,918) | (30,869) |
Customer relationships | ||
Other Intangible Assets: | ||
Gross Amount | 338,366 | 338,366 |
Accumulated Amortization | (123,806) | (118,752) |
Patents and technology | ||
Other Intangible Assets: | ||
Gross Amount | 123,433 | 123,433 |
Accumulated Amortization | (79,623) | (77,311) |
Trademarks/trade names | ||
Other Intangible Assets: | ||
Gross Amount | 10,949 | 10,949 |
Accumulated Amortization | $ (10,431) | (10,377) |
Other | ||
Other Intangible Assets: | ||
Range of life | 15 years | |
Gross Amount | $ 10,746 | 10,746 |
Accumulated Amortization | (4,733) | $ (4,580) |
Industrial | ||
Goodwill: | ||
Goodwill, beginning of period | 980,794 | |
Foreign currency translation | (39,729) | |
Goodwill, end of period | 941,065 | |
Aerospace | ||
Goodwill: | ||
Goodwill, beginning of period | 30,786 | |
Foreign currency translation | 0 | |
Goodwill, end of period | $ 30,786 | |
Minimum | Customer relationships | ||
Other Intangible Assets: | ||
Range of life | 10 years | |
Minimum | Patents and technology | ||
Other Intangible Assets: | ||
Range of life | 4 years | |
Minimum | Trademarks/trade names | ||
Other Intangible Assets: | ||
Range of life | 10 years | |
Maximum | Customer relationships | ||
Other Intangible Assets: | ||
Range of life | 16 years | |
Maximum | Patents and technology | ||
Other Intangible Assets: | ||
Range of life | 11 years | |
Maximum | Trademarks/trade names | ||
Other Intangible Assets: | ||
Range of life | 30 years |
Debt (Debt Schedule) (Details)
Debt (Debt Schedule) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2014 |
Debt Instrument [Line Items] | |||
Carrying amount of debt | $ 7,507 | $ 2,115 | |
Carrying amount of finance leases | 7,343 | 8,268 | |
Fair value of finance leases | 8,508 | 8,650 | |
Carrying amount of debt and finance leases | 673,573 | 704,259 | |
Fair value of debt and finance leases | 721,952 | 722,109 | |
Less current maturities | (9,558) | (4,391) | |
Long-term debt | 664,015 | 699,868 | |
Amended Credit Agreement | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | 593,622 | ||
Fair value of debt | 596,456 | 601,936 | |
Senior Notes | 3.97% Senior Notes | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | 100,000 | 100,000 | |
Fair value of debt | $ 109,282 | 109,151 | |
Stated interest rate | 3.97% | 3.97% | |
Lines of Credit and Overdrafts | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | $ 7,507 | 2,115 | |
Fair value of debt | 7,507 | 2,115 | |
Other foreign bank borrowings | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | 197 | 254 | |
Fair value of debt | $ 199 | $ 257 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Thousands | Feb. 10, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Oct. 08, 2020USD ($) | Oct. 07, 2020USD ($) | Oct. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||
Carrying amount of debt | $ 7,507,000 | $ 2,115,000 | ||||||
Finance lease | $ 7,343,000 | 8,268,000 | ||||||
Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, interest rate at period end | 1.09% | 1.09% | ||||||
Carrying amount of debt | $ 7,500,000 | 2,100,000 | ||||||
Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying amount of debt | 593,622,000 | |||||||
Remaining borrowing capacity | 406,378,000 | |||||||
Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Euro Member Countries, Euro | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying amount of debt | $ 423,622,000 | € 344,450 | ||||||
Line of credit, interest rate at period end | 1.42% | 1.42% | ||||||
Sixth Admendment Maturity February 2026 and 3.97% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying amount of debt | 558,526,000 | |||||||
Remaining borrowing capacity | 441,474,000 | |||||||
Additional borrowings allowed under financial covenants | 142,716,000 | |||||||
Sixth Admendment Maturity February 2026 and 3.97% Senior Notes | Euro Member Countries, Euro | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying amount of debt | $ 388,525,000 | € 331,450 | ||||||
Line of credit, interest rate at period end | 1.48% | 1.48% | ||||||
Senior Notes | 3.97% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 3.97% | 3.97% | 3.97% | |||||
Aggregate principal amount | $ 100,000,000 | |||||||
Percent allowed to be prepaid | 100.00% | |||||||
Carrying amount of debt | $ 100,000,000 | $ 100,000,000 | ||||||
Senior Notes | Sixth Admendment Maturity February 2026 and 3.97% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Additional borrowings allowed under financial covenants | 142,716,000 | |||||||
Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 82,000,000 | |||||||
Carrying amount of debt | $ 593,622,000 | |||||||
Line of credit, interest rate at period end | 1.10% | 1.10% | ||||||
Line of Credit | Sixth Amendment Maturity February 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |||||||
Line of credit facility, accordion feature | 200,000,000 | |||||||
Line of Credit | Sixth Amendment Maturity February 2022 | Euribor | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable basis spread | 1.175% | |||||||
Line of Credit | Sixth Amendment Maturity February 2022 | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable basis spread | 0.175% | |||||||
Line of Credit | Sixth Admendment Maturity February 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |||||||
Line of credit facility, accordion feature | 250,000,000 | |||||||
Debt covenant ratio of senior debt to EBITDA | 3.75 | 3.75 | ||||||
Debt covenant threshold for permitted acquisition | $ 150,000,000 | |||||||
Debt covenant material acquisition, senior debt to EBITDA | 3.50 | |||||||
Debt covenant ratio of total debt to EBITDA | 3.75 | |||||||
Fees and expenses for executing admendments | $ 4,279,000 | |||||||
Line of credit facility with accordian feature, maximum borrowing capacity | $ 1,250,000,000 | |||||||
Debt covenant material acquisition, debt to EBITDA | 4.25 | |||||||
Debt covenant ratio of EBITDA to cash interest expense | 4.25 | |||||||
Senior debt to consolidated EBITDA at period end | 3.09 | 3.09 | ||||||
Line of Credit | Sixth Admendment Maturity February 2026 | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt covenant ratio of senior debt to EBITDA | 3.25 | |||||||
Line of Credit | Sixth Admendment Maturity February 2026 | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt covenant ratio of senior debt to EBITDA | 3.75 | |||||||
Line of Credit | Sixth Admendment Maturity February 2026 | Euribor | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable basis spread | 1.775% | |||||||
Line of Credit | Sixth Admendment Maturity February 2026 | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable basis spread | 0.775% | |||||||
Line of Credit | Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Euribor | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis for variable basis spread | 0.00% | |||||||
Line of Credit | Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Euribor | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable basis spread | 1.175% | |||||||
Line of Credit | Sixth Admendment Maturity February 2026, Multicurrency Borrowings | Euribor | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable basis spread | 1.775% | |||||||
Line of Credit and Senior Notes | Fifth Amendment Maturity February 2022 and 3.97% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Allowable add-back for consolidated EBITDA | $ 15,000,000 | |||||||
Line of Credit and Senior Notes | Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt covenant threshold for permitted acquisition | $ 150,000,000 | |||||||
Debt covenant material acquisition, senior debt to EBITDA | 3.50 | |||||||
Debt covenant ratio of total debt to EBITDA | 3.75 | |||||||
Allowable add-back for consolidated EBITDA | $ 25,000,000 | |||||||
Debt covenant, fee for exceeding senior leverage ratio | 0.0050 | |||||||
Fees and expenses for executing admendments | $ 1,384,000 | |||||||
Line of Credit and Senior Notes | Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt covenant ratio of senior debt to EBITDA | 3.25 | |||||||
Line of Credit and Senior Notes | Sixth Amendment Maturity February 2022 and 3.97% Percent Senior Notes | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt covenant ratio of senior debt to EBITDA | 3.75 | |||||||
Bank Overdrafts | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying amount of debt | $ 7,000 | $ 15,000 | ||||||
Repayment period | 2 days | |||||||
Other foreign bank borrowings | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying amount of debt | $ 197,000 | $ 254,000 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 24, 2021USD ($) | Apr. 28, 2017USD ($)Bank | |
Derivative [Line Items] | ||||
Net cash payments from settlement | $ (5,816) | $ (7,252) | ||
Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Net cash payments from settlement | 1,567 | 7,212 | ||
Foreign Exchange Contract | Other Nonoperating Income (Expense) | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in income on derivative | $ 3,302 | $ 12,195 | ||
Derivatives designated as hedging instruments | Interest Rate Contract | ||||
Derivative [Line Items] | ||||
Number of banks transacted with for interest rate swap agreements (in banks) | Bank | 1 | |||
Fixed interest rate | 1.17% | 1.92% | ||
Term of contract | 2 years | |||
Derivatives designated as hedging instruments | Interest Rate Contract | LIBOR | ||||
Derivative [Line Items] | ||||
Derivative amount of hedge | $ 100,000 | $ 100,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Asset derivatives | $ 0 | $ 0 |
Liability derivatives | 0 | 0 |
Bank acceptances | 0 | 0 |
Rabbi trust assets | 3,306 | 3,233 |
Financial assets and financial liabilities, reported at fair value | 3,306 | 3,233 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Asset derivatives | 441 | 1,642 |
Liability derivatives | (3,091) | (1,988) |
Bank acceptances | 10,509 | 13,267 |
Rabbi trust assets | 0 | 0 |
Financial assets and financial liabilities, reported at fair value | 7,859 | 12,921 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Asset derivatives | 0 | 0 |
Liability derivatives | 0 | 0 |
Bank acceptances | 0 | 0 |
Rabbi trust assets | 0 | 0 |
Financial assets and financial liabilities, reported at fair value | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Asset derivatives | 441 | 1,642 |
Liability derivatives | (3,091) | (1,988) |
Bank acceptances | 10,509 | 13,267 |
Rabbi trust assets | 3,306 | 3,233 |
Financial assets and financial liabilities, reported at fair value | $ 11,165 | $ 16,154 |
Minimum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Maturity of bank acceptances | 3 months | |
Maximum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Maturity of bank acceptances | 6 months |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pensions | ||
Pension and other postretirement benefits expenses | ||
Service cost | $ 1,741 | $ 1,649 |
Interest cost | 3,172 | 3,817 |
Expected return on plan assets | (6,972) | (7,393) |
Amortization of prior service cost | 85 | 80 |
Amortization of actuarial losses | 3,926 | 3,339 |
Net periodic benefit cost | 1,952 | 1,492 |
Other Postretirement Benefits | ||
Pension and other postretirement benefits expenses | ||
Service cost | 25 | 22 |
Interest cost | 206 | 264 |
Amortization of prior service cost | 7 | 7 |
Amortization of actuarial losses | 70 | 23 |
Net periodic benefit cost | $ 308 | $ 316 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate | 28.10% | 31.50% | 37.60% |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Loss) by Component - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ||
Accumulated other comprehensive income (loss) | $ (122,315) | $ (210,495) |
Other comprehensive (loss) income before reclassifications | (48,272) | (37,370) |
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income | 3,370 | 3,181 |
Total other comprehensive loss, net of tax | (44,902) | (34,189) |
Accumulated other comprehensive income (loss) | (167,217) | (244,684) |
Gains and Losses on Cash Flow Hedges | ||
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ||
Accumulated other comprehensive income (loss) | (757) | (115) |
Other comprehensive (loss) income before reclassifications | (888) | (2,879) |
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income | 236 | 542 |
Total other comprehensive loss, net of tax | (652) | (2,337) |
Accumulated other comprehensive income (loss) | (1,409) | (2,452) |
Pension and Other Postretirement Benefit Items | ||
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ||
Accumulated other comprehensive income (loss) | (142,119) | (144,047) |
Other comprehensive (loss) income before reclassifications | 498 | 1,842 |
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income | 3,134 | 2,639 |
Total other comprehensive loss, net of tax | 3,632 | 4,481 |
Accumulated other comprehensive income (loss) | (138,487) | (139,566) |
Foreign Currency Items | ||
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ||
Accumulated other comprehensive income (loss) | 20,561 | (66,333) |
Other comprehensive (loss) income before reclassifications | (47,882) | (36,333) |
Amounts reclassified from accumulated other comprehensive income to the consolidated statements of income | 0 | 0 |
Total other comprehensive loss, net of tax | (47,882) | (36,333) |
Accumulated other comprehensive income (loss) | $ (27,321) | $ (102,666) |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Income (Loss) by Component - Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | $ (3,942) | $ (4,324) |
Net sales | 301,629 | 330,671 |
Income before income taxes | 26,975 | 43,395 |
Tax benefit | (7,593) | (13,662) |
Net income | 19,382 | 29,733 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | (3,370) | (3,181) |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Gains and losses on cash flow hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | (449) | (61) |
Net sales | 128 | (523) |
Income before income taxes | (321) | (584) |
Tax benefit | 85 | 42 |
Net income | (236) | (542) |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Pension and Other Postretirement Benefit Items | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income before income taxes | (4,088) | (3,449) |
Tax benefit | 954 | 810 |
Net income | (3,134) | (2,639) |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of prior service costs | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income before income taxes | (92) | (87) |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of actuarial losses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income before income taxes | $ (3,996) | $ (3,362) |
Information on Business Segme_3
Information on Business Segments (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)Segment | Mar. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 2 | |
Net sales | $ 301,629 | $ 330,671 |
Operating profit | 32,380 | 49,313 |
Interest expense | 3,942 | 4,324 |
Other expense (income), net | 1,463 | 1,594 |
Income before income taxes | 26,975 | 43,395 |
Industrial | ||
Segment Reporting Information [Line Items] | ||
Net sales | 219,987 | 199,100 |
Aerospace | ||
Segment Reporting Information [Line Items] | ||
Net sales | 81,642 | 131,571 |
Operating Segments | Industrial | ||
Segment Reporting Information [Line Items] | ||
Net sales | 219,992 | 199,100 |
Operating profit | 21,295 | 17,924 |
Operating Segments | Aerospace | ||
Segment Reporting Information [Line Items] | ||
Net sales | 81,642 | 131,571 |
Operating profit | 11,085 | 31,389 |
Intersegment sales | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ (5) | $ 0 |
Information on Business Segme_4
Information on Business Segments Details 1 (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Assets | $ 2,600,264 | $ 2,676,226 |
Operating Segments | Industrial | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,841,248 | 1,908,389 |
Operating Segments | Aerospace | ||
Segment Reporting Information [Line Items] | ||
Assets | 614,029 | 623,547 |
Other | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 144,987 | $ 144,290 |
Business Reorganization - Narra
Business Reorganization - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |||
Charge for business reorganization | $ 19,116 | ||
Charge for business reorganization, through operating profit | $ 18,158 | ||
Percentage reduction in workforce | 8.00% | ||
Liability for business reorganization | $ 6,715 | $ 13,151 |
Business Reorganization - Chang
Business Reorganization - Change in Liability for Business Reorganization (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve | $ 13,151 |
Payments | (6,436) |
Restructuring reserve | $ 6,715 |