Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 21, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Entity Registrant Name | CIRCOR INTERNATIONAL INC | ||
Entity Central Index Key | 1,091,883 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 19,793,160 | ||
Entity Public Float | $ 953,820,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 110,356 | $ 58,279 |
Trade accounts receivable, less allowance for doubtful accounts of $4,791 and $5,056, respectively | 223,922 | 133,046 |
Inventories | 244,896 | 149,584 |
Prepaid expenses and other current assets | 59,219 | 29,557 |
Total Current Assets | 638,393 | 370,466 |
PROPERTY, PLANT AND EQUIPMENT, NET | 217,539 | 99,713 |
OTHER ASSETS: | ||
Goodwill | 505,762 | 206,659 |
Intangibles, net | 513,364 | 135,778 |
Deferred income tax asset | 22,334 | 4,824 |
Other assets | 9,407 | 3,316 |
TOTAL ASSETS | 1,906,799 | 820,756 |
CURRENT LIABILITIES: | ||
Accounts payable | 117,329 | 46,767 |
Accrued expenses and other current liabilities | 170,454 | 50,707 |
Accrued compensation and benefits | 34,734 | 20,249 |
Total Current Liabilities | 322,517 | 117,723 |
LONG-TERM DEBT, NET OF CURRENT PORTION | 787,343 | 251,200 |
DEFERRED INCOME TAXES | 26,122 | 13,657 |
Non-current liability | 150,719 | 13,131 |
OTHER NON-CURRENT LIABILITIES | 18,124 | 20,635 |
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 29,000,000 shares authorized; 19,785,298 and 16,445,363 shares issued and outstanding at December 31, 2017 and 2016, respectively | 212 | 178 |
Additional paid-in capital | 438,721 | 289,423 |
Retained earnings | 274,243 | 265,543 |
Treasury Stock, Value | (74,472) | (74,472) |
Accumulated other comprehensive loss, net of taxes | (36,730) | (76,262) |
Total Shareholders' Equity | 601,974 | 404,410 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,906,799 | $ 820,756 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance for doubtful accounts | $ 4,791 | $ 5,056 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 29,000,000 | 29,000,000 |
Common Stock, Shares, Issued | 19,785,298 | 16,445,363 |
Common Stock, Shares, Outstanding | 19,785,298 | 16,445,363 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net revenues | $ 661,710 | $ 590,259 | $ 656,267 |
Cost of revenues | 460,890 | 407,144 | 456,935 |
GROSS PROFIT | 200,820 | 183,115 | 199,332 |
Selling, general and administrative expenses | 166,201 | 154,818 | 156,302 |
Impairment charges | 0 | 208 | 2,502 |
Restructuring and Related Cost, Incurred Cost | 14,051 | 17,171 | 14,354 |
OPERATING INCOME | 20,568 | 10,918 | 26,174 |
Other (income) expense: | |||
Interest Income (Expense), Net | 10,777 | 3,310 | 2,844 |
Other (income) expense, net | 3,678 | (2,072) | 902 |
TOTAL OTHER EXPENSE | 14,455 | 1,238 | 3,746 |
INCOME BEFORE INCOME TAXES | 6,113 | 9,680 | 22,428 |
Provision for income taxes | (5,676) | (421) | 12,565 |
NET INCOME | $ 11,789 | $ 10,101 | $ 9,863 |
Earnings per common share: | |||
Basic | $ 0.71 | $ 0.62 | $ 0.59 |
Diluted | $ 0.70 | $ 0.61 | $ 0.58 |
Weighted average number of common shares outstanding: | |||
Basic | 16,674 | 16,418 | 16,850 |
Diluted | 16,849 | 16,536 | 16,913 |
Dividends paid per common share | $ 0.15 | $ 0.15 | $ 0.15 |
Statements Of Consolidated Comp
Statements Of Consolidated Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Net income | $ 11,789 | $ 10,101 | $ 9,863 | ||
Other comprehensive (loss) income, net of tax: | |||||
Foreign currency translation adjustments | 34,119 | (14,866) | (31,775) | ||
Other changes in plan assets - amortization of actuarial gains (losses) | [1] | 4,877 | 1,441 | 262 | |
Net periodic pension costs amortization (loss) gain | [2] | 535 | 3,152 | (529) | |
Other comprehensive income (loss) | 39,531 | (10,273) | (32,042) | ||
COMPREHENSIVE INCOME | $ 51,320 | (172) | (22,179) | ||
Pension Liability [Member] | |||||
Other comprehensive (loss) income, net of tax: | |||||
Net of Income tax effect | 1,800 | 800 | $ (4,200) | ||
Pension Liability Adjustment [Member] | |||||
Other comprehensive (loss) income, net of tax: | |||||
Net of Income tax effect | $ 500 | $ (200) | $ (200) | ||
[1] | Net of an income tax effect of $1.8 million, $0.8 million, and $(4.2) million for the years ended December 31, 2017, 2016 and 2015, respectively. | ||||
[2] | Net of an income tax effect of $0.5 million, $(0.2) million, and $(0.2) million for the years ended December 31, 2017, 2016 and 2015, respectively. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net income | $ 11,789 | $ 10,101 | $ 9,863 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 15,290 | 13,304 | 14,254 |
Amortization | 14,747 | 12,316 | 9,681 |
Bad debt expense | 810 | 2,330 | 2,561 |
Provision Bankruptcy Settlement | 7,337 | 9,297 | 15,404 |
Intangible impairment charges | 0 | 208 | 2,502 |
Compensation expense of share-based plans | 3,807 | 5,545 | 6,579 |
Debt extinguishment | 1,810 | ||
Change in fair value of contingent consideration | (12,200) | ||
Interest Expense, Debt, Excluding Amortization | 759 | ||
Tax effect of share-based compensation | 0 | 145 | (134) |
Pension Settlement charge | 0 | 4,457 | 0 |
Deferred income taxes | (8,434) | (10,737) | 781 |
Loss (gain) on property, plant and equipment | 360 | 3,708 | 305 |
Loss (Gain) on sale of businesses | 5,300 | 0 | (1,044) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Trade accounts receivable | (5,734) | 18,536 | 20,393 |
Inventories | (19,494) | 36,092 | (14,446) |
Prepaid expenses and other assets | (8,578) | 2,454 | (4,786) |
Accounts payable, accrued expenses and other liabilities | 2,068 | (48,357) | (34,771) |
Net cash provided by (used in) operating activities | 9,637 | 59,399 | 27,142 |
INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | (14,541) | (14,692) | (12,711) |
Proceeds from the sale of property, plant and equipment | 934 | 1,700 | 2,209 |
Proceeds from divestitures | 0 | 0 | 2,759 |
Payments to acquire businesses, net of cash acquired | (488,517) | (197,489) | (79,983) |
Net cash used in investing activities | (502,124) | (210,481) | (87,726) |
FINANCING ACTIVITIES | |||
Proceeds from long-term debt | 1,090,883 | 323,200 | 261,394 |
Payments of long-term debt | (523,183) | (162,540) | (182,004) |
Debt issuance costs | (30,366) | 0 | 0 |
Dividends paid | (2,506) | (2,497) | (2,559) |
Proceeds from the exercise of stock options | 740 | 246 | 258 |
Tax effect of share-based compensation | 0 | (145) | 134 |
Payments for Repurchase of Common Stock | 0 | 500 | (74,972) |
Net cash (used in) provided by financing activities | 535,568 | 158,764 | 2,251 |
Effect of exchange rate changes on cash and cash equivalents | 8,996 | (3,944) | (8,498) |
INCREASE IN CASH AND CASH EQUIVALENTS | 52,077 | 3,738 | (66,831) |
Cash and cash equivalents at beginning of period | 58,279 | 54,541 | 121,372 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 110,356 | 58,279 | 54,541 |
Supplemental Cash Flow Information: | |||
Income taxes | 9,984 | 10,650 | 15,049 |
Interest | 6,778 | 2,908 | 1,992 |
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed) [Abstract] | |||
Share issuance for business acquisition | 143,767 | 0 | 0 |
Accrued purchase price | 4,824 | $ 0 | $ 0 |
Colfax, Inc. Fluid Handing Business [Member] | |||
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed) [Abstract] | |||
Cash payable to seller (a) | $ 65,314 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
BALANCE, Shares at Dec. 31, 2014 | 17,682,000 | |||||
BALANCE at Dec. 31, 2014 | $ 494,093 | $ 177 | $ 277,227 | $ 250,635 | $ (33,946) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 9,863 | 9,863 | ||||
Other comprehensive loss, net of tax | (32,042) | (32,042) | ||||
Common stock dividends paid | (2,559) | (2,559) | ||||
Stock options exercised, Shares | 8,000 | |||||
Stock options exercised | 258 | $ 0 | 258 | |||
Excess tax benefit from share-based compensation | 134 | 134 | ||||
Conversion of restricted stock units, Shares | 56,000 | |||||
Conversion of restricted stock units | (577) | $ 0 | (577) | |||
Share-based compensation | 6,579 | 6,579 | ||||
Repurchase of common stock, Shares | 1,382,000 | |||||
Issuance of common stock to acquire a business | 74,972 | $ 74,972 | ||||
BALANCE, Shares at Dec. 31, 2015 | 16,364,000 | |||||
BALANCE at Dec. 31, 2015 | 400,777 | $ 177 | 283,621 | 257,939 | (65,988) | $ (74,972) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 10,101 | 10,101 | ||||
Other comprehensive loss, net of tax | (10,273) | (10,273) | ||||
Common stock dividends paid | (2,497) | (2,497) | ||||
Stock options exercised, Shares | 6,000 | |||||
Stock options exercised | 245 | 245 | ||||
Tax effect from share-based compensation | (145) | (145) | ||||
Conversion of restricted stock units, Shares | 66,000 | |||||
Conversion of restricted stock units | 157 | $ (1) | 156 | |||
Share-based compensation | 5,545 | 5,545 | ||||
Repurchase of common stock, Shares | (9,000) | |||||
Issuance of common stock to acquire a business | $ (500) | $ (500) | ||||
BALANCE, Shares at Dec. 31, 2016 | 16,445,363 | 16,445,000 | ||||
BALANCE at Dec. 31, 2016 | $ 404,410 | $ 178 | 289,422 | 265,543 | (76,261) | (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 755 | (582) | ||||
Net income | 11,789 | 11,789 | ||||
Other comprehensive loss, net of tax | 39,531 | 39,531 | ||||
Common stock dividends paid | 2,507 | (2,507) | ||||
Stock options exercised, Shares | 18,000 | |||||
Stock options exercised | 707 | 707 | ||||
Conversion of restricted stock units, Shares | 39,000 | |||||
Conversion of restricted stock units | (297) | $ (1) | 296 | |||
Share-based compensation | 3,807 | 3,807 | ||||
Repurchase of common stock, Shares | 3,283,000 | |||||
Issuance of common stock to acquire a business | $ 143,767 | $ 33 | 143,734 | 0 | ||
BALANCE, Shares at Dec. 31, 2017 | 19,785,298 | 19,785,000 | ||||
BALANCE at Dec. 31, 2017 | $ 601,974 | $ 212 | $ 438,721 | $ 274,243 | $ (36,730) | $ (74,472) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 173 |
Description Of Business
Description Of Business | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business | Description of Business CIRCOR International, Inc. (“CIRCOR” or the “Company” or “we”) designs, manufactures and distributes a broad array of flow and motion control products and certain services to a variety of end-markets for use in a wide range of applications to optimize the efficiency and/or ensure the safety of flow control systems. We have a global presence and operate major manufacturing facilities in North America, Western Europe, Morocco, and India. As of December 31, 2017, we organized our business segment reporting structure into three segments: CIRCOR Energy ("Energy"), CIRCOR Advanced Flow Solutions ("Advanced Flow Solutions" or "AFS") and CIRCOR Fluid Handling ("Fluid Handling"). Refer to Note 17, Business Segment and Geographical Information, for further information about our segments. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of CIRCOR and its subsidiaries. The results of companies acquired during the year are included in the consolidated financial statements from the date of acquisition. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. These reclassifications have no effect on the previously reported net income. Use of Estimates The preparation of these financial statements in conformity with generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Some of the more significant estimates relate to acquisition accounting, estimated total costs for ongoing long-term contracts accounted for under the percentage of completion method, inventory valuation, share-based compensation, amortization and impairment of long-lived assets, pension benefits obligations, income taxes, penalty accruals for late shipments, asset valuations, and product warranties. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ materially from those estimates. Revenue Recognition and Accounts Receivable Allowances Revenue is primarily recognized when title and risk of loss have passed to the customer, persuasive evidence of an arrangement exists, no significant post delivery obligations remain, the price to the buyers is fixed or determinable and collection of the resulting receivable is reasonably assured. Revenues and costs on certain long-term capital contracts are recognized on the percentage-of-completion method measured on the basis of costs incurred to estimated total costs for each contract. This method is used because management considers it to be the best available measure of progress towards completion on these contracts. Revenues and costs on contracts are subject to change in estimate throughout the duration of the contracts, and any required adjustments are made in the period in which a change in estimate becomes known. Estimated losses on contracts in progress are recognized in the period in which a loss becomes known. Unbilled receivables for net revenues recognized in excess of the amounts billed for active projects are recognized within other current assets on the balance sheet. The Company provides for the estimated costs to fulfill customer warranty obligations upon the recognition of the related revenue. Shipping and handling costs invoiced to customers are recorded as components of revenues and the associated costs are recorded as cost of revenues. We recognize revenue net of sales returns, rebates, penalties, and discounts. Accounts receivable allowances include sales returns and bad debt allowances. The Company monitors and tracks the amount of product returns and reduces revenue at the time of shipment for the estimated amount of such future returns, based on historical experience. The Company makes estimates evaluating its allowance for doubtful accounts. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon its historical experience and any specific customer collection issues that it has identified. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. Cost of Revenue Cost of revenue primarily reflects the costs of manufacturing and preparing products for sale and, to a much lesser extent, the costs of performing services. Cost of revenue is primarily comprised of the cost of materials, outside processing, inbound freight, production, direct labor and overhead including indirect labor, which are expenses that directly result from the level of production activity at the manufacturing plant. Additional expenses that directly result from the level of production activity at the manufacturing plant include: purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, utility expenses, property taxes, amortization of inventory step-up from revaluation at the date of acquisition, depreciation of production building and equipment assets, warranty costs, salaries and benefits paid to plant manufacturing management and maintenance supplies. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is generally determined on the first-in, first-out (“FIFO”) basis. Where appropriate, standard cost systems are utilized for purposes of determining cost; the standards are adjusted as necessary to ensure they approximate actual cost. We typically analyze our inventory aging and projected future usage on a quarterly basis to assess the adequacy of our inventory allowance, which primarily consist of obsolescence and net realizable value estimates. These estimates are measured on an item-by-item basis determined based on the difference between the cost of the inventory and estimated market value. The provision for inventory allowance is a component of our cost of revenues. Assumptions about future demand are among the primary factors utilized to estimate market value. At the point of the loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Our inventory balance was $245 million as of December 31, 2017 , compared to $150 million as of December 31, 2016 . Our inventory allowances, which include amounts primarily for obsolescence and net realizable value estimates was $24 million as of December 31, 2017 , compared to $24 million as of December 31, 2016 . Our inventory balance as of December 31, 2017 includes a $8.5 million inventory fair value step up related to the Fluid Handling acquisition. If there were to be a sudden and significant decrease in demand for our products, significant price reductions, or if there were a higher incidence of inventory obsolescence for any reason, including a change in technology or customer requirements, we could be required to increase our inventory allowances and our gross profit could be adversely affected. Penalty Accruals Certain customer agreements, primarily in our long-cycle project related businesses and large aerospace programs, contain late shipment penalty clauses whereby we are contractually obligated to pay consideration to our customers if we do not meet specified shipment dates. The accrual for estimated penalties is shown as a reduction of revenue and is based on several factors including historical customer settlement experience and management’s assessment of specific shipment delay information. Accruals related to these potential late shipment penalties as of December 31, 2017 and 2016 were $2 million and $5 million , respectively. As we conclude performance under these agreements, the actual amount of consideration paid to our customers may vary from the amounts we currently have accrued. Business Acquisitions We account for business combinations under the acquisition method, and accordingly, the assets and liabilities of the acquired businesses are recorded at their estimated fair value on the acquisition date with the excess of the purchase price over their estimated fair value recorded as goodwill. We determine acquisition related asset and liability fair values through established valuation techniques for industrial manufacturing companies and utilize third party valuation firms to assist in the valuation of certain tangible and intangible assets. The consideration for our acquisitions may include future payments that are contingent upon the occurrence of a particular event. For acquisitions that qualify as business combinations, we record an obligation for such contingent payments at fair value on the acquisition date. We estimate the fair value of contingent consideration obligations through valuation models that incorporate probability adjusted assumptions related to the achievement of the milestones and thus likelihood of making related payments or by using a Monte Carlo simulation model. We revalue these contingent consideration obligations each reporting period. Changes in the fair value of our contingent consideration obligations are recognized within general and administrative expense in our consolidated statements of income. Accounting Standards Codification ("ASC") Topic 805, Business Combinations, provides guidance regarding business combinations and requires acquisition-date fair value measurement of identifiable assets acquired, liabilities assumed, and non-controlling interests in the acquiree. For additional information, refer to Note 3, Business Acquisitions. Legal Contingencies We are currently involved in various legal claims and legal proceedings, some of which may involve substantial dollar amounts. Periodically, we review the status of each significant matter and assess our potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be estimated, we accrue a liability for the estimated loss. The determination of probability and the determination as to whether an exposure can be reasonably estimated requires management estimates. Because of uncertainties related to these matters, accruals are based on the best information available at the time. As additional information becomes available, we reassess the potential liability related to our pending claims and litigation and may revise our estimates. Such revisions in the estimates of the potential liabilities could have a material adverse effect on our business, results of operations and financial position. For more information related to our outstanding legal proceedings, see Note 14, Contingencies, Commitments and Guarantees. Goodwill Goodwill is measured as the excess of the cost of acquisition over the sum of the amounts assigned to identifiable tangible and intangible assets acquired less liabilities assumed. For goodwill, we perform an impairment assessment at the reporting unit level on an annual basis as of the end of our October month end or more frequently if circumstances warrant. Our annual impairment assessment requires a comparison of the fair value of each of our reporting units to the respective carrying value. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying value of a reporting unit is greater than its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Additionally, we will consider the income tax effect from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. Determining the fair value of a reporting unit is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, we estimate the fair value of our reporting units using an income approach based on the present value of future cash flows. We believe this approach yields the most appropriate evidence of fair value. We also utilize the comparable company multiples method and market transaction fair value method to validate the fair value amount we obtain using the income approach. The key assumptions utilized in our discounted cash flow model include our estimates of future cash flows from operating activities offset by estimated capital expenditures of the reporting unit, the estimated terminal value for each reporting unit, a discount rate based on a weighted average cost of capital, and overall economic conditions. Any unfavorable material changes to these key assumptions could potentially impact our fair value determinations. As such, we may experience fluctuations in revenues and operating results resulting in the non-achievement of our estimated growth rates, operating performance and working capital estimates utilized in our discounted cash flow models. For more information related to our Goodwill, see Note 7, Goodwill and Other Intangible Assets. Indefinite-Lived Intangible Assets For intangible assets with indefinite lives, we perform an impairment assessment at the asset level on an annual basis as of the end of our October month end or more frequently if circumstances warrant. Indefinite-lived intangible assets, such as trade names, are generally recorded and valued in connection with a business acquisition. These assets are reviewed at least annually for impairment, or more frequently if facts and circumstances warrant. We also utilized a fair value calculation to evaluate these intangibles. Determining the fair value is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, we estimate the fair value using an income approach based on the present value of future cash flows. We note the fair value of each individual indefinite-lived asset exceeded the respective carrying amount, and no intangible impairments were recorded. For more information related to our Intangible Assets, see Note 7, Goodwill and Other Intangible Assets. Other Long-Lived Assets In accordance with ASC 360, Plant, Property, and Equipment, we perform impairment analyses of our long-lived assets, such as property, plant and equipment, whenever events and circumstances indicate that they may be impaired. When the undiscounted future cash flows are expected to be less than the carrying value of identified asset groupings being reviewed for impairment, the asset groupings are written down to fair value. See Note 6, Property, Plant and Equipment, for further information on impairment of other long-lived assets. Post Retirement Benefits Pensions and other post-retirement benefits obligations and net periodic benefit costs are actuarially determined and are affected by several assumptions including the discount rate, mortality, and the expected long-term return on plan assets. Changes in the assumptions and differences from actual results will affect the amounts of net periodic benefit cost recognized in future periods. These assumptions may also have an effect on the amount and timing of future cash contributions. As required in the recognition and disclosure provisions of ASC Topic 715, Compensation - Retirement Benefits, the Company recognizes the over-funded or under-funded status of defined benefit post-retirement plans in its balance sheet, measured as the difference between the fair value of plan assets and the benefit obligations (the projected benefit obligation for pension plans and the accumulated post-retirement benefit obligation for other post-retirement plans). The change in the funded status is the net of the recognized net periodic benefit cost, cash contributions to the trust/benefits paid directly by CIRCOR and recognized changes in other comprehensive income. Other comprehensive income changes are due to new actuarial gains and losses and new plan amendments and the amortizations of amounts in the net periodic benefit cost. Unrecognized actuarial gains and losses in excess of the 10% corridor (defined as the threshold above which gains or losses need to be amortized) are being recognized for all plans over the weighted average expected remaining life of the employee group. Unrecognized actuarial gains and losses arise from several factors including experience and assumption changes in the benefit obligations and from the difference between expected returns and actual returns on plan assets. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if we anticipate that it is more likely than not that we may not realize some or all of a deferred tax asset. In accordance with the provisions of ASC Topic 740, Income Taxes, the Company initially recognizes the financial statement effect of a tax position when, based solely on its technical merits, it is more likely than not (a likelihood of greater than fifty percent) that the position will be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard, are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. If future results of operations exceed our current expectations, our existing tax valuation allowances may be adjusted, resulting in future tax benefits. Alternatively, if future results of operations are less than expected, future assessments may result in a determination that some or all of the deferred tax assets are not realizable. Consequently, we may need to establish additional tax valuation allowances for a portion or all of the gross deferred tax assets, which may have a material adverse effect on our results of operations. Under ASC Topic 740, only the portion of the liability that is expected to be paid within one year is classified as a current liability. As a result, liabilities expected to be resolved without the payment of cash (e.g., due to the expiration of the statute of limitations) or are not expected to be paid within one year are classified as non-current. It is the Company’s policy to record estimated interest and penalties as income tax expense and tax credits as a reduction in income tax expense. For more information related to our Income Taxes, see Note 8, Income Taxes. Share-Based Compensation Share-based compensation costs are based on the grant date fair value estimated in accordance with the provisions of ASC 718, Accounting for Share Based Payments, and these costs are recognized over the requisite vesting period. The Black-Scholes option pricing model is used to estimate the fair value of each stock option at the date of grant excluding the 2013 and 2014 CEO and CFO stock option awards which are valued using the Monte Carlo option pricing model as these are market condition awards. Black-Scholes utilizes assumptions related to volatility, the risk-free interest rate, the dividend yield and employee exercise behavior. Expected volatilities utilized in the model are based on the historic volatility of the Company’s stock price. The risk-free interest rate is derived from the U.S. Treasury Yield curve in effect at the time of the grant. The model incorporates exercise and post-vesting forfeiture assumptions based on an analysis of historical data. Market condition stock option awards include both a service period and a market performance vesting condition. The stock options vest if certain stock price targets are met based on the stock price closing at or above the target for 60 consecutive trading days. Vested options may be exercised 25% at the time of vesting, 50% one year from the date of vesting and 100% two years from the date of vesting. These market condition stock option awards are being expensed utilizing a graded method and are subject to forfeiture in the event of employment termination (whether voluntary or involuntary) prior to vesting. To the extent that the market conditions above (stock price targets) are not met, those options will not vest and will forfeit 5 years from grant date. The Company used a Monte Carlo simulation option pricing model to value these option awards. See Note 11, Share-Based Compensation, for further information on share-based compensation. Environmental Compliance and Remediation Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to existing conditions caused by past operations, which do not contribute to current or future revenue generation, are expensed. Expenditures that meet the criteria of "Regulated Operations" are capitalized. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. In accordance with ASC 450, Contingencies, estimated costs are based upon current laws and regulations, existing technology and the most probable method of remediation. Foreign Currency Our international subsidiaries operate and report their financial results using local functional currencies. Accordingly, all assets, liabilities, revenues and costs of these subsidiaries are translated into United States dollars using exchange rates in effect at the end of the relevant periods. The resulting translation adjustments are presented as a separate component of other comprehensive income. We do not provide for U.S. income taxes on foreign currency translation adjustments since we do not provide for such taxes on undistributed earnings of foreign subsidiaries. Our net foreign exchange losses / (gains) recorded for the years ended December 31, 2017 , 2016 and 2015 were $2.1 million , $2.1 million , and $0.8 million , respectively and are included in other (income) expense in the consolidated statements of income. See Note 16, Fair Value, for additional information on foreign currency exchange risk. Earnings Per Common Share Basic earnings per common share are calculated by dividing net income by the number of weighted average common shares outstanding. Diluted earnings per common share is calculated by dividing net income by the weighted average common shares outstanding and assumes the conversion of all dilutive securities when the effects of such conversion would not be anti-dilutive. Earnings per common share and the weighted average number of shares used to compute net earnings per common share, basic and assuming full dilution, are reconciled below (in thousands, except per share data): Year Ended December 31, 2017 2016 2015 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 11,789 16,674 $ 0.71 $ 10,101 16,418 $ 0.62 $ 9,863 16,850 $ 0.59 Dilutive securities, principally common stock options 175 (0.01 ) 118 (0.01 ) 63 (0.01 ) Diluted EPS $ 11,789 16,849 $ 0.70 $ 10,101 16,536 $ 0.61 $ 9,863 16,913 $ 0.58 Certain stock options to purchase common shares and restricted stock units ("RSUs") were anti-dilutive. There were 252,001 anti-dilutive stock options and RSUs for the year ended December 31, 2017 with exercise prices ranging from $51.84 to $71.56 . There were 36,281 anti-dilutive stock options and RSUs for the year ended December 31, 2016 with exercise prices ranging from $70.42 to $79.33 . There were 297,915 anti-dilutive stock options and RSUs for the year ended December 31, 2015 with exercise prices ranging from $41.17 to $79.33 . As of December 31, 2017 , there were 2,876 outstanding RSUs that contain rights to nonforfeitable dividend equivalents and are considered participating securities that are included in our computation of basic and fully diluted earnings per share. Cash and Cash Equivalents Our cash equivalents are invested in time deposits of financial institutions. We have established guidelines relative to credit ratings, diversification and maturities that are intended to maintain safety and liquidity. Cash equivalents include highly liquid investments with maturity periods of three months or less when purchased. We currently have $64.5 million of cash which is owed back to Colfax as part of the acquisition. This amount is included within our cash and cash equivalents and other current liabilities within the consolidated balance sheet. Other Assets Other assets in the accompanying consolidated balance sheets include deferred debt issuance costs associated with our revolving credit facility, tax receivable and other certain assets. Fair Value ASC Topic 820, Fair Value Measurement, defines fair value and includes a framework for measuring fair value and disclosing fair value measurements in financial statements. Fair value is a market-based measurement rather than an entity-specific measurement. The fair value hierarchy makes a distinction between assumptions developed based on market data obtained from independent sources (observable inputs) and the reporting entity’s own assumptions (unobservable inputs). This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). We utilize fair value measurements for forward currency contracts, guarantee and indemnification obligations, certain pension plan assets, and certain intangible assets. Certain pension plan asset investments are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”). See Note 16, Fair Value, for additional information on fair value. Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations including foreign currency exchange rate risk and interest rate risk. The Company currently uses derivative instruments to manage foreign currency risk on certain business transactions denominated in foreign currencies. To the extent the underlying transactions hedged are completed, these forward contracts do not subject us to significant risk from exchange rate movements because they offset gains and losses on the related foreign currency denominated transactions. These forward contracts do not qualify as hedging instruments and, therefore, do not qualify for fair value or cash flow hedge treatment. GAAP requires all derivatives, whether designated in a hedging relationship or not, to be recorded on the balance sheet at fair value. Any unrealized gains and losses on our contracts are recognized as a component of other expense in our consolidated statements of income. See Note 16, Fair Value, for additional information on derivative financial instruments. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets, which typically range from 3 to 40 years for buildings and improvements, 3 to 10 years for manufacturing machinery and equipment, computer equipment and software, and furniture and fixtures. Motor vehicles are depreciated over a range of 2 to 6 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Repairs and maintenance costs are expensed as incurred. The Company reports depreciation of property, plant and equipment in cost of revenue and selling, general and administrative expenses based on the nature of the underlying assets. Depreciation primarily related to equipment used in the production of inventory is recorded in cost of revenue. Depreciation related to selling and administrative functions is reported in selling, general and administrative expenses. See Note 6, Property, Plant and Equipment for additional information. Research and Development Research and development expenditures, including certain engineering costs, are expensed when incurred and are included in selling, general and administrative expenses. Our research and development expenditures for the years ended December 31, 2017 , 2016 and 2015 were $5.5 million , $5.9 million and $5.9 million , respectively. New Accounting Standards Adopted In January 2017, the FASB issued ASU No. 2017-04, “Intangibles—Goodwill and Other (Topic 350)”. The ASU modifies the measurement of a goodwill impairment loss from the portion of the carrying amount of goodwill that exceeds its implied fair value to the excess of the carrying amount of a reporting unit that exceeds its fair value. This eliminates step 2 of the goodwill impairment test under current guidance. The ASU will be applied prospectively for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017. The Company early adopted this standard in connection with the 2017 goodwill impairment test. Not yet Adopted On May 10, 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. The amendments in this ASU also clarify that no new measurement date will be required if an award is not probable of vesting at the time a change is made and there is no change to the fair value, vesting conditions, and classification. The amendments in this ASU are effective for public business entities for annual periods beginning after December 15, 2018, including interim periods within those annual periods. We intend to adopt the standard prospectively and have not yet determined its impact on our consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715), which improves the consistency, transparency, and usefulness of the service cost and net benefit cost financial information components. The amendments in this ASU amend presentation requirements of service cost and other components of net benefit cost in the income statement. In addition, the ASU allows only the service cost component of net benefit cost to be eligible for capitalization. The amendments in this ASU are effective for public business entities for annual periods beginning after December 15, 2018, including interim periods within those annual periods. We have not yet determined its impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 provides further clarification of the definition of a business with the objective to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets versus businesses. The amendments in ASU 2017-01 provide criteria to determine when a set of assets and activities is not a business. ASU 2017-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The adoption of ASU 2017-01 is not expected to have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-02, Leases. ASU 2016-02 outlines a model for lessees by recognizing all lease-related assets and liabilities on the balance sheet. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. We are still evaluating the requirements of ASU 2016-02 to determine the impact it will have on our consolidated financial statements but expect the standard to have a material impact on our assets and liabilities for the addition of right-o |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Business Acquisitions | Business Acquisitions Fluid Handling On September 24, 2017, CIRCOR entered into a Purchase Agreement (the “Purchase Agreement”) with Colfax Corporation (“Colfax”). Pursuant to the Purchase Agreement, on December 11, 2017, the Company acquired the fluid handling business of Colfax ("FH") for consideration consisting of $542.0 million in cash, 3,283,424 unregistered shares of the Company's common stock, with a fair value of approximately $143.8 million at closing, and the assumption of net pension and post-retirement liabilities of FH. The cash consideration is subject to customary working capital adjustments. The Company financed the cash consideration through a combination of committed debt financing and cash on hand. FH is a leader in the engineering, development‚ manufacturing‚ distribution‚ service and support of fluid handling systems. With a history dating back to 1860‚ FH is a leading supplier of screw pumps for high demand, severe service applications across a range of markets including general industry, commercial marine, defense, and oil & gas. FH leverages differentiated technology, and provides critical aftermarket customer support, to maintain leading positions in high demand niche markets. The operating results of FH have been included in our consolidated financial statements from the date of acquisition, reported within the Fluid Handling segment. Acquisition-related costs of $13.1 million , which primarily consisted of legal, financial advisory and acquisition transitional services, were expensed as corporate expenses during the year-ended December 31, 2017. The purchase price allocation is based upon a preliminary valuation of assets and liabilities that was prepared with assistance from a third party valuation specialist. The estimates and assumptions are subject to change as we obtain additional information during the measurement period (up to one year from the acquisition date). The purchase accounting is expected to be finalized in the third quarter of 2018. The assets and liabilities pending finalization include the valuation of acquired tangible and intangible assets, certain operating liabilities, and the evaluation of income taxes. Differences between the preliminary and final valuation could have a material impact on our future results of operations and financial position. The following table summarizes the preliminary fair value of the assets acquired and the liabilities assumed, at the date of acquisition: (in thousands) Cash and cash equivalents (a) $ 63,403 Restricted cash (a) 1,911 Accounts receivable 77,970 Inventory 79,329 Prepaid expenses and other current assets 16,937 Deferred income taxes 41,454 Property, plant and equipment 115,891 Identifiable intangible assets 388,000 Other assets 338 Accounts payable (46,045 ) Cash payable to seller (a) (65,314 ) Accrued and other expenses (63,115 ) Long-term post-retirement liabilities (143,067 ) Other long-term liabilities (11,215 ) Deferred tax liabilities (45,933 ) Total identifiable net assets $ 410,544 Goodwill 293,344 Total purchase price $ 703,888 Consideration Base purchase price 542,000 Net working capital and other purchase accounting adjustments 18,121 Common Stock 143,767 Total $ 703,888 (a) cash acquired to be returned to seller. The fair value of accounts receivable acquired approximates the contractual value of $78.0 million . The excess of purchase price paid over the fair value of FH's net assets was recorded to goodwill, which is primarily attributable to projected future profitable growth, market penetration, as well as an expanded customer base for the Fluid Handling segment. Approximately 50% of goodwill is projected to be deductible for income tax purposes. The FH acquisition resulted in the preliminary identification of the following identifiable intangible assets: Intangible assets acquired (in thousands) Weighted average amortization period (in years) Customer relationships $ 215,000 22 Existing technologies 107,000 20 Trade names 44,000 Indefinite-life Backlog 22,000 4 Total intangible assets $ 388,000 The fair value of the intangible assets was based on variations of the income approach, which estimates fair value based on the present value of cash flows that the assets are expected to generate. These approaches included the relief-from-royalty method and multi-period excess earnings method, depending on the intangible asset being valued. Customer relationships, aftermarket backlog, and existing technology are amortized on a cash flow basis which reflects the economic benefit consumed. The trade name was assigned an indefinite life based on the Company’s intention to keep the trade names for an indefinite period of time. Refer to Note 7, Goodwill and Other Intangible Assets, for future expected amortization to be recorded. The results of operations of FH have been included in our consolidated financial statements beginning on the acquisition date and reported within the Fluid Handling segment. The results for the year ended December 31, 2017 include $36.5 million of net revenue and a $1.1 million operating loss. The following unaudited pro forma information presents the combined results of operations as if the acquisition had been completed on January 1, 2016, the beginning of the comparable prior annual reporting period. The unaudited pro forma results include: (i) amortization associated with preliminary estimates for the acquired intangible assets; (ii) interest expense on borrowings in connection with the acquisition; (iii) the associated tax impact on these unaudited pro forma adjustments; and the transaction costs presented in the earliest period (2016). The unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies or the effect of the incremental costs incurred in integrating the two companies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations (in thousands): (Unaudited) Year ended December 31, Year ended December 31, 2017 2016 Net Revenues $ 1,098,978 $ 1,052,277 Net Income $ (6,475 ) $ (51,288 ) CFS Acquisition On October 12, 2016, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Downstream Holding, LLC, a Delaware limited liability company which does business as Critical Flow Solutions (“Downstream” or “CFS”), Downstream Acquisition LLC, a Delaware limited liability company and subsidiary of the Company, and Sun Downstream, LP, a Delaware limited partnership, to acquire all of the outstanding units of Downstream. The consideration payable by the Company pursuant to the terms of the Merger Agreement was $195.0 million , subject to (i) up to an additional $15.0 million payable pursuant to an earn-out relating to achievement of a specified order bookings target by the acquired business in the twelve month period ending September 30, 2017, (ii) increase or decrease based on deviation, subject to certain limitations, from a working capital target, (iii) decrease for indebtedness and certain transaction expenses of CFS, (iv) increase for the amount of CFS cash as of the closing, and (v) a potential increase for certain transaction related tax benefits, net of certain adjustments, if and when realized by the Company. The total consideration paid at closing on October 13, 2016 was approximately $198.0 million in cash, net of cash acquired and including amounts paid at closing for estimated adjustments for CFS working capital, the repayment of CFS outstanding indebtedness and payment of certain transaction expenses. The Company funded the purchase price and payments at closing from borrowings under the Company’s existing credit agreement. The estimated fair value of the earn-out, using the Monte Carlo simulation model, was $12.2 million as of the acquisition date and December 31, 2016. The Monte Carlo model calculates the probability of satisfying the target conditions stipulated in the earn-out. Based on actual performance through the earn-out period ending September 30, 2017, the specified order bookings target in the specified timeframe was not achieved, as project bookings shifted out to the future. Accordingly, the actual achievement resulted in an earn-out of zero as of October 1, 2017. The fair value of the earn-out decreased $12.2 million during the year ended December 31, 2017 and was recorded within Special and restructuring charges (recoveries), net as a gain. The Company received $1.5 million as settlement for working capital adjustments during 2017. This reduction of purchase price was recorded as a reduction of goodwill. The operating results of CFS have been included in our consolidated financial statements from the date of acquisition and reported within the Energy segment. The purchase price allocation is based upon a valuation of assets and liabilities that was prepared with assistance from a third party valuation specialist. The assets and liabilities include the valuation of acquired intangible assets, certain operating liabilities, and the evaluation of deferred income taxes. The purchase accounting was finalized during the third quarter of 2017. The following table summarizes the fair value of the assets acquired and the liabilities assumed, at the date of acquisition: (in thousands) Cash and cash equivalents $ 6,603 Accounts receivable 28,128 Unbilled receivable 10,786 Inventory 18,701 Prepaid and other current assets 5,671 Property, plant and equipment 21,214 Identifiable intangible assets 101,600 Accounts payable (11,655 ) Accrued and other expenses (8,866 ) Deferred revenue (3,997 ) Deferred income taxes (40,645 ) Long term income tax payable (556 ) Total identifiable net assets $ 126,984 Goodwill 89,473 Total purchase price $ 216,457 The fair value of accounts receivable acquired approximates the contractual value of $28.1 million . The excess of purchase price paid over the fair value of CFS' net assets was recorded to goodwill, which is primarily attributable to projected future profitable growth, market penetration, as well as an expanded customer base for the Energy segment. Goodwill is not deductible for income tax purposes. The CFS acquisition resulted in the identification of the following identifiable intangible assets: Intangible assets acquired (in thousands) Weighted average amortization period (in years) Customer relationships $ 49,600 14 Existing technologies 25,800 10 Trade names 24,100 Indefinite Backlog 2,100 1 Total intangible assets $ 101,600 The fair value of the intangible assets was based on variations of the income approach, which estimates fair value based on the present value of cash flows that the assets are expected to generate. These approaches included the relief-from-royalty method, incremental cash flow method, multi-period excess earnings method and direct cash flow method, depending on the intangible asset being valued. Customer relationships, aftermarket backlog, and existing technology are amortized on a cash flow basis which reflects the economic benefit consumed. The trade name was assigned an indefinite life based on the Company’s intention to keep the DeltaValve and TapcoEnpro names for an indefinite period of time. Refer to Note 7, Goodwill and Other Intangible Assets, for future expected amortization to be recorded. |
Special Charges
Special Charges | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | ||
Special Charges, net | During 2016, we initiated certain restructuring activities, under which we continued to simplify our business ("2016 Actions"). Under these restructurings, we reduced expenses, primarily through reductions in force and closing a number of smaller facilities. Charges with this action were finalized in 2017. 2016 Actions Restructuring Charges / (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Total Facility related expenses - incurred to date $ 708 $ 94 $ 802 Employee related expenses - incurred to date 2,476 1,181 3,657 Total restructuring related special charges - incurred to date $ 3,184 $ 1,275 $ 4,459 In July 2015, we announced the closure of one of the two Corona, California manufacturing facilities ("California Restructuring"). Under this restructuring, we are reducing certain general, manufacturing and facility related expenses. Charges with this action were finalized in the fourth quarter of 2016. California Restructuring Charges, net as of December 31, 2017 Advanced Flow Solutions Facility related expenses - incurred to date $ 3,700 Employee related expenses - incurred to date 800 Total restructuring related special charges - incurred to date $ 4,500 The table below (in thousands) summarizes the amounts recorded within the special and restructuring charges, net line item on the consolidated statements of income for the periods ending December 31, 2017, 2016, and 2015: Special & Restructuring Charges, net For the year ended December 31, 2017 2016 2015 Special charges, net $ 7,989 $ 8,196 $ 9,720 Restructuring charges, net 6,063 8,975 4,634 Total special and restructuring charges, net $ 14,051 $ 17,171 $ 14,354 The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2016: Special Charges, net For the year ended December 31, 2016 Energy Advanced Flow Solutions Corporate Total Acquisition related charges — (161 ) 978 817 Brazil closure 2,920 — 2 2,922 Pension settlement — — 4,457 4,457 Total special charges, net $ 2,920 $ (161 ) $ 5,437 $ 8,196 The following table (in thousands) summarizes the total program costs for the 2015 Announced Restructuring as of December 31, 2016. Charges with this action were finalized in the fourth quarter of 2015. 2015 Announced Restructuring Charges / (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Corporate Total Facility related expenses - incurred to date $ (382 ) $ 257 $ — $ (125 ) Employee related expenses - incurred to date 3,425 740 — 4,165 Total restructuring related charges - incurred to date $ 3,043 $ 997 $ — $ 4,040 The tables below (in thousands) outline the charges (or any recoveries) associated with restructuring actions recorded for the year ending December 31, 2017, 2016, and 2015. A description of the restructuring actions is provided in the section titled "Restructuring Programs Summary" below. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2017 Energy Advanced Flow Solutions Corporate Total Facility related expenses $ 2,523 $ 443 $ — $ 2,966 Employee related expenses 1,035 2,062 — 3,097 Total restructuring charges, net $ 3,558 $ 2,505 $ — $ 6,063 Accrued restructuring charges as of December 31, 2016 $ 1,618 Total year to date charges, net (shown above) 6,063 Charges paid / settled, net (6,095 ) Accrued restructuring charges as of December 31, 2017 $ 1,586 We expect to make payment or settle the majority of the restructuring charges accrued as of December 31, 2017 during the first first half of 2018. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2016 Energy Advanced Flow Solutions Corporate Total Facility related expenses $ 792 $ 3,701 $ — $ 4,493 Employee related expenses 2,393 2,089 — 4,482 Total restructuring charges, net $ 3,185 $ 5,790 $ — $ 8,975 Accrued restructuring charges as of December 31, 2015 $ 663 Total year to date charges, net (shown above) 8,975 Charges paid / settled, net (8,020 ) Accrued restructuring charges as of December 31, 2016 1,618 $ 1,618 Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2015 Energy Advanced Flow Solutions Corporate Total Facility related expenses $ (376 ) $ 257 $ — $ (119 ) Employee related expenses 3,279 1,474 — 4,753 Total restructuring charges, net $ 2,903 $ 1,731 $ — $ 4,634 Accrued restructuring charges as of December 31, 2014 $ 1,645 Total year to date charges, net (shown above) 4,634 Charges paid / settled, net (5,616 ) Accrued restructuring charges as of December 31, 2015 $ 663 The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2017: Special Charges, net For the year ended December 31, 2017 Energy Advanced Flow Solutions Corporate Total Acquisition-related charges $ 54 $ 12 $ 12,995 $ 13,061 Brazil closure 879 — — 879 Divestitures — 3,748 101 3,849 Contingent consideration revaluation (12,200 ) — (12,200 ) California Legal Settlement — 2,400 — 2,400 Total special charges, net $ (11,267 ) $ 6,160 $ 13,096 $ 7,989 The following table (in thousands) summarizes the total program costs for the 2014 Announced Restructuring as of December 31, 2016. Charges with this action were finalized in the second quarter of 2015. We do not anticipate any additional restructuring related charges associated with the 2014 Announced Restructuring action. 2014 Announced Restructuring Charges / (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Corporate Total Facility related expenses - incurred to date $ (64 ) $ 95 $ — $ 31 Employee related expenses - incurred to date 1,463 2,956 317 4,736 Total restructuring related charges - incurred to date $ 1,399 $ 3,051 $ 317 $ 4,767 The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2015: Special Charges, net For the year ended December 31, 2015 Energy Advanced Flow Solutions Corporate Total Divestitures (2 ) (1,042 ) — (1,044 ) Acquisition related charges — 919 — 919 Brazil closure 8,650 — 775 9,425 Executive retirement charges — — 420 420 Total special charges, net $ 8,648 $ (123 ) $ 1,195 $ 9,720 | Special and Restructuring charges, net Special and Restructuring Charges, net Special and restructuring charges, net consist of restructuring costs (including costs to exit a product line or program) as well as certain special charges such as significant litigation settlements and other transactions (charges or recoveries) that are described below. All items described below are recorded in Special and restructuring charges, net on our consolidated statements of income. Certain other special and restructuring charges such as inventory related items may be recorded in cost of revenues given the nature of the item. The table below (in thousands) summarizes the amounts recorded within the special and restructuring charges, net line item on the consolidated statements of income for the periods ending December 31, 2017, 2016, and 2015: Special & Restructuring Charges, net For the year ended December 31, 2017 2016 2015 Special charges, net $ 7,989 $ 8,196 $ 9,720 Restructuring charges, net 6,063 8,975 4,634 Total special and restructuring charges, net $ 14,051 $ 17,171 $ 14,354 Special Charges, net The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2017: Special Charges, net For the year ended December 31, 2017 Energy Advanced Flow Solutions Corporate Total Acquisition-related charges $ 54 $ 12 $ 12,995 $ 13,061 Brazil closure 879 — — 879 Divestitures — 3,748 101 3,849 Contingent consideration revaluation (12,200 ) — (12,200 ) California Legal Settlement — 2,400 — 2,400 Total special charges, net $ (11,267 ) $ 6,160 $ 13,096 $ 7,989 Acquisition related charges: • On December 11, 2017, we acquired FH. In connection with our acquisition, we recorded $13.0 million of acquisition related professional fees and debt extinguishment fees during the twelve months ended December 31, 2017. • On October 12, 2016, we acquired CFS. In connection with our acquisition, we recorded $0.1 million of acquisition related professional fees during the twelve months ended December 31, 2017. Brazil Closure: On November 3, 2015, our Board of Directors approved the closure and exit of our Brazil manufacturing operations due to the economic realities in Brazil and the ongoing challenges with our only significant end customer, Petrobras. CIRCOR Brazil reported substantial operating losses every year since it was acquired in 2011 while the underlying market conditions and outlook deteriorated. In connection with the closure, we recorded $0.9 million of charges within the Energy segment during the year ended December 31, 2017, which relates to losses incurred subsequent to our closure of manufacturing operations during the first quarter of 2016. Divestiture: On July 7, 2017, we divested our French non-core aerospace build-to-print business within our Advanced Flow Solutions segment as part of our simplification strategy. We considered this business as non-core because the products or services did not fit our strategy and the long-term profitable growth prospects were below our expectations. Divestiture of this non-core business enables us to focus resources on businesses where there is greater opportunity to achieve sales growth, higher margins, and market leadership. We measured the disposal group at its fair value less cost to sell, which was lower than its carrying value, and recorded a $3.8 million charge during the second quarter of 2017. Also, in connection with this disposition we recorded a $1.5 million of severance included as a restructuring charge. Contingent Consideration Revaluation: The fair value of the earn-out decreased $12.2 million during the twelve months ended December 31, 2017. The change in fair value during the year ended December 31, 2017 was recorded as a recovery within the special and restructuring charges (recoveries) line on our condensed consolidated statement of income. The actual achievement of the earn-out was zero and the earn-out period expired on September 30, 2017. California Legal Settlement: We recorded a special charge of $2.4 million during the fourth quarter of 2017 related to settlement of a wage and hour claim in our California Aerospace business. The claim was settled on February 21, 2018. Refer to Note 14, " Contingencies, Commitments and Guarantees" for additional disclosure. The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2016: Special Charges, net For the year ended December 31, 2016 Energy Advanced Flow Solutions Corporate Total Acquisition related charges — (161 ) 978 817 Brazil closure 2,920 — 2 2,922 Pension settlement — — 4,457 4,457 Total special charges, net $ 2,920 $ (161 ) $ 5,437 $ 8,196 Acquisition related charges (recoveries) are described below: • On October 12, 2016, we acquired CFS. In connection with our acquisition, we recorded $1.0 million of acquisition related professional fees for the year ended December 31, 2016. • On April 15, 2015, we acquired Germany-based Schroedahl. In connection with our acquisition of Schroedahl, we recorded a $0.2 million acquisition related professional fees adjusted for the year ended December 31, 2016. Brazil Closure: On November 3, 2015 our Board of Directors approved the closure and exit of our Brazil manufacturing operations due to the economic realities in Brazil and the ongoing challenges with our only significant end customer, Petrobras. CIRCOR Brazil reported substantial operating losses every year since it was acquired in 2011 while the underlying market conditions and outlook deteriorated. In connection with the closure, we recorded $2.9 million of charges within the Energy segment during the twelve months ended December 31, 2016, which primarily related to employee termination costs and losses incurred subsequent to our closure of manufacturing operations during the first quarter of 2016. Pension Settlement: During the third quarter of 2016, management offered a lump sum cash payout option to terminated and vested pension plan participants. In connection with this action, the window for participants who opt to avail themselves of this program closed in the fourth quarter of 2016. During the fourth quarter of 2016, we incurred a settlement charge of $4.5 million recorded within the special and restructuring charges, net line item. Refer to Note 13, Retirement Plans, for additional disclosure. The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2015: Special Charges, net For the year ended December 31, 2015 Energy Advanced Flow Solutions Corporate Total Divestitures (2 ) (1,042 ) — (1,044 ) Acquisition related charges — 919 — 919 Brazil closure 8,650 — 775 9,425 Executive retirement charges — — 420 420 Total special charges, net $ 8,648 $ (123 ) $ 1,195 $ 9,720 Divestiture recoveries: On January 6, 2015, we announced the divestiture of two of our non-core businesses as part of our simplification strategy. The Energy divestiture was substantially completed in the fourth quarter of 2014 with the related charge recorded in 2014. During the first quarter of 2015, the Advanced Flow Solutions divestiture was substantially completed and we recorded a gain of $1.0 million . Acquisition related charges: In connection with our acquisition of Schroedahl, we recorded $0.9 million of acquisition related professional fees for the year ended December 31, 2015. Brazil closure: In connection with the closure, we recorded $8.7 million in charges within our Energy segment during the year ended December 31, 2015. These charges related to: the realizability of the value added tax recoverable for $4.4 million as our exit would stop future sales which would be needed to recover these taxes paid, supplier cancellation penalties of $1.6 million as we had fixed purchase commitments which would be canceled, customer cancellation penalties of $1.1 million , litigation claims of $0.5 million that we deemed probable for risk of loss, professional fees of $0.3 million , and other charges of $0.8 million . In addition, during the fourth quarter of 2015, we recorded $0.8 million of professional fees associated with the Brazil matter at Corporate. As of December 31, 2015, our remaining Brazil assets were $7.1 million of which $4.2 million relates to inventory, $1.0 million to accounts receivable, and $1.0 million to cash. Executive Retirement Charges: During the first quarter of 2015, we recorded charges of $0.4 million associated with the retirement of our Energy President. These charges primarily related to equity award modifications. Restructuring Charges, net The tables below (in thousands) outline the charges (or any recoveries) associated with restructuring actions recorded for the year ending December 31, 2017, 2016, and 2015. A description of the restructuring actions is provided in the section titled "Restructuring Programs Summary" below. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2017 Energy Advanced Flow Solutions Corporate Total Facility related expenses $ 2,523 $ 443 $ — $ 2,966 Employee related expenses 1,035 2,062 — 3,097 Total restructuring charges, net $ 3,558 $ 2,505 $ — $ 6,063 Accrued restructuring charges as of December 31, 2016 $ 1,618 Total year to date charges, net (shown above) 6,063 Charges paid / settled, net (6,095 ) Accrued restructuring charges as of December 31, 2017 $ 1,586 We expect to make payment or settle the majority of the restructuring charges accrued as of December 31, 2017 during the first first half of 2018. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2016 Energy Advanced Flow Solutions Corporate Total Facility related expenses $ 792 $ 3,701 $ — $ 4,493 Employee related expenses 2,393 2,089 — 4,482 Total restructuring charges, net $ 3,185 $ 5,790 $ — $ 8,975 Accrued restructuring charges as of December 31, 2015 $ 663 Total year to date charges, net (shown above) 8,975 Charges paid / settled, net (8,020 ) Accrued restructuring charges as of December 31, 2016 1,618 $ 1,618 Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2015 Energy Advanced Flow Solutions Corporate Total Facility related expenses $ (376 ) $ 257 $ — $ (119 ) Employee related expenses 3,279 1,474 — 4,753 Total restructuring charges, net $ 2,903 $ 1,731 $ — $ 4,634 Accrued restructuring charges as of December 31, 2014 $ 1,645 Total year to date charges, net (shown above) 4,634 Charges paid / settled, net (5,616 ) Accrued restructuring charges as of December 31, 2015 $ 663 Restructuring Programs Summary As specific restructuring programs are announced, the amounts associated with that particular action may be recorded in periods other than when announced to comply with the applicable accounting rules. For example, total cost associated with 2017 Actions (as discussed below) will be recorded in 2017 and 2018. The amounts shown below reflect the total cost for that restructuring program. During 2017, we initiated certain restructuring activities, under which we continued to simplify our business ("2017 Actions"). Under these restructurings, we reduced expenses, primarily through reductions in force and closing a number of smaller facilities. Charges with this action were finalized in 2017. 2017 Actions Restructuring Charges (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Total Facility related expenses - incurred to date $ — $ 366 $ 366 Employee related expenses - incurred to date 598 1,892 2,490 Total restructuring related special charges - incurred to date $ 598 $ 2,258 $ 2,856 During 2016, we initiated certain restructuring activities, under which we continued to simplify our business ("2016 Actions"). Under these restructurings, we reduced expenses, primarily through reductions in force and closing a number of smaller facilities. Charges with this action were finalized in 2017. 2016 Actions Restructuring Charges / (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Total Facility related expenses - incurred to date $ 708 $ 94 $ 802 Employee related expenses - incurred to date 2,476 1,181 3,657 Total restructuring related special charges - incurred to date $ 3,184 $ 1,275 $ 4,459 In July 2015, we announced the closure of one of the two Corona, California manufacturing facilities ("California Restructuring"). Under this restructuring, we are reducing certain general, manufacturing and facility related expenses. Charges with this action were finalized in the fourth quarter of 2016. California Restructuring Charges, net as of December 31, 2017 Advanced Flow Solutions Facility related expenses - incurred to date $ 3,700 Employee related expenses - incurred to date 800 Total restructuring related special charges - incurred to date $ 4,500 On February 18, 2015, we announced a restructuring action ("2015 Announced Restructuring"), under which we continued to simplify our businesses. Under this action, we reduced certain general, administrative and manufacturing related expenses primarily personnel related. The following table (in thousands) summarizes the total program costs for the 2015 Announced Restructuring as of December 31, 2016. Charges with this action were finalized in the fourth quarter of 2015. 2015 Announced Restructuring Charges / (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Corporate Total Facility related expenses - incurred to date $ (382 ) $ 257 $ — $ (125 ) Employee related expenses - incurred to date 3,425 740 — 4,165 Total restructuring related charges - incurred to date $ 3,043 $ 997 $ — $ 4,040 On April 22, 2014, we announced additional restructuring actions ("2014 Announced Restructuring"), under which we continued to simplify our businesses. Under this action, we reduced certain general and administrative expenses, including the reduction of certain management layers, and closing a number of smaller facilities. The following table (in thousands) summarizes the total program costs for the 2014 Announced Restructuring as of December 31, 2016. Charges with this action were finalized in the second quarter of 2015. We do not anticipate any additional restructuring related charges associated with the 2014 Announced Restructuring action. 2014 Announced Restructuring Charges / (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Corporate Total Facility related expenses - incurred to date $ (64 ) $ 95 $ — $ 31 Employee related expenses - incurred to date 1,463 2,956 317 4,736 Total restructuring related charges - incurred to date $ 1,399 $ 3,051 $ 317 $ 4,767 Additional Restructuring Charges In conjunction with the restructuring actions noted above, we incur certain costs, primarily related to inventory, that are recorded in cost of revenues instead of special and restructuring charges. Such restructuring-related amounts totaled $0.0 million , $2.8 million , and $9.4 million for the years ending December 31, 2017, 2016 and 2015, respectively, and are described further below. During the first and fourth quarters of 2016, in connection with the restructuring of certain structural landing gear product lines, we recorded inventory related charges of less than $0.1 million , and $0.8 million respectively, within the Advanced Flow Solutions segment. During the first and second quarters of 2016, we recorded restructuring related inventory $1.9 million and $0.1 million respectively, associated with the closure of manufacturing operations and the exit of the gate, globe and check valves product line in Brazil. As of December 31, 2017, no inventory amounts remain on our balance sheet for the gate, globe, and check valves product line. During the third and fourth quarters of 2015, we recorded restructuring related inventory charges of $6.4 million and $0.5 million , respectively, associated with the closure of manufacturing operations and the exit of the gate, globe and check valves product line in Brazil. $0.2 million associated with the exit of our Energy segment cable protection product line. During the second and fourth quarters of 2015, in connection with the restructuring of certain structural landing gear product lines, we recorded inventory related charges of $1.9 million , and $0.4 million , respectively, within the Advanced Flow Solutions segment. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory, Net [Abstract] | |
Inventories | Inventories Inventories consisted of the following (in thousands): December 31, 2017 2016 Raw materials $ 82,372 $ 54,359 Work in process 121,709 68,718 Finished goods 40,815 26,507 Inventories $ 244,896 $ 149,584 Inventory of $79.3 million (inclusive of the fair value step up adjustment) was acquired from FH. Refer to Note 3, Business Acquisitions, for further detail. We regularly review inventory quantities on hand and record a provision to write-down excess and obsolete inventory to its estimated net realizable value, if less than cost, based primarily on our estimated forecast of product demand. Once our inventory value is written-down a new cost basis has been established. For 2017, 2016 and 2015 our charges for slow moving, acquisition inventory step-up amortization, and excess and obsolete inventory totaled $7.3 million , $9.3 million and $15.4 million respectively. Our provision for inventory obsolescence allowances was $3.0 million , $4.1 million , and $5.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): December 31, 2017 2016 Land $ 33,428 $ 13,082 Buildings and improvements 101,016 70,979 Manufacturing machinery and equipment 196,939 134,149 Computer equipment and software 31,204 23,982 Furniture and fixtures 12,526 9,930 Vehicles 1,118 1,027 Construction in progress 18,787 5,699 Property, plant and equipment, at cost 395,018 258,848 Less: Accumulated depreciation (177,479 ) (159,135 ) Property, plant and equipment, at cost, net $ 217,539 $ 99,713 Property, plant and equipment, net of $115.9 million (inclusive of the fair value step up adjustment) was acquired from FH. Refer to Note 3, Business Acquisitions, for further detail. Depreciation expense for the years ended December 31, 2017 , 2016 , and 2015 was $ 15.3 million , $ 13.3 million , and $ 14.3 million , respectively. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table shows goodwill by segment as of December 31, 2017 and 2016 (in thousands): Energy Advanced Flow Solutions Fluid Handling Consolidated Total Goodwill as of December 31, 2016 $ 144,405 $ 62,254 $ — $ 206,659 Business acquisition (1) (3,756 ) — 293,344 289,588 Transfers — — — — Currency translation adjustments 2,709 6,224 582 9,515 Goodwill as of December 31, 2017 $ 143,358 $ 68,478 $ 293,926 $ 505,762 (1) The activity in the Energy segment relates to settlement of escrow amounts and tax amounts. Energy Advanced Flow Solutions Consolidated Total Goodwill as of December 31, 2015 $ 43,687 $ 71,765 $ 115,452 Business acquisition 93,228 197 93,425 Transfers (1) 8,285 (8,285 ) — Currency translation adjustments (795 ) (1,423 ) (2,218 ) Goodwill as of December 31, 2016 $ 144,405 $ 62,254 $ 206,659 (1) In connection with our organizational realignment during the fourth quarter of 2016, certain goodwill amounts transferred from Energy to Advanced Flow Solutions. No goodwill impairments were recorded during the twelve months ended December 31, 2017 or 2016. Historical accumulated impairments for Energy and Advance Flow Solutions segments were $0.4 million and $0.3 million , respectively for both periods ended December 31, 2017 and 2016. The tables below present gross intangible assets and the related accumulated amortization (in thousands): December 31, 2017 Gross Carrying Amount Impairment Charges Accumulated Amortization Net Carrying Value Patents $ 5,399 $ (5,399 ) $ — Non-amortized intangibles (primarily trademarks and tradenames) 83,872 — — 83,872 Customer relationships 320,015 — (41,471 ) 278,544 Order backlog 29,650 — (8,850 ) 20,800 Acquired technology 135,360 — (5,687 ) 129,673 Other 5,372 — (4,897 ) 475 Total $ 579,668 $ — $ (66,304 ) $ 513,364 December 31, 2016 Gross Carrying Amount Impairment Charges Accumulated Amortization Net Carrying Value Patents $ 5,399 $ (208 ) $ (5,176 ) $ 15 Non-amortized intangibles (primarily trademarks and tradenames) 38,235 — — 38,235 Customer relationships 99,769 — (30,100 ) 69,669 Order backlog 6,955 — (6,336 ) 619 Acquired technology 28,044 — (1,512 ) 26,532 Other 5,095 — (4,386 ) 709 Total $ 183,497 $ (208 ) $ (47,510 ) $ 135,779 The table below presents estimated future amortization expense for intangible assets recorded as of December 31, 2017 (in thousands): 2018 2019 2020 2021 2022 After 2023 Estimated amortization expense $ 50,246 $ 48,585 $ 45,254 $ 43,173 $ 38,214 $ 204,020 The annual impairment testing of our non-amortized intangible assets was completed as of October 31, 2017 and consisted of a comparison of the fair value of the intangible assets with carrying amounts. No impairments of our non-amortized intangible assets were recorded for the year ended December 31, 2017 . During the year ended December 31, 2016, we recorded a $0.2 million impairment charge for a China patent deemed to no longer have economic value. The impairment charge is included in the impairment charge line on our consolidated statement of income. During the third quarter of 2015, we discontinued use of our Brazil indefinite-lived trademark as it was determined to have no future economic life. As such, we recorded a $0.5 million impairment charge during the year ended December 31, 2015. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The significant components of our deferred income tax liabilities and assets were as follows (in thousands): December 31, 2017 2016 Deferred income tax liabilities: Excess tax over book depreciation $ 17,505 $ 11,210 Other 8,507 4,650 Intangible assets 57,968 42,837 Total deferred income tax liabilities 83,980 58,697 Deferred income tax assets: Accrued expenses 6,956 8,146 Equity compensation 4,622 6,461 Inventories 8,405 9,323 Net operating loss and state credit carry-forward 16,698 3,974 Foreign tax credit carryforward 16,602 18,177 Pension benefit obligation 46,030 5,262 Other 2,946 1,549 Total deferred income tax assets 102,259 52,892 Valuation allowance (22,067 ) (3,028 ) Deferred income tax asset, net of valuation allowance 80,192 49,864 Deferred income tax (liability)/asset, net $ (3,788 ) $ (8,833 ) The deferred income taxes by classification were as follows: December 31, 2017 2016 Long-term deferred income tax asset, net $ 22,334 $ 4,824 Long-term deferred income tax liability, net (26,122 ) (13,657 ) Deferred income tax (liability)/asset, net $ (3,788 ) $ (8,833 ) The (benefit from) provision for income taxes is based on the following pre-tax income (in thousands): Year Ended December 31, 2017 2016 2015 Domestic $ 4,946 $ (16,766 ) $ 12,965 Foreign 1,167 26,446 9,463 Income before income taxes $ 6,113 $ 9,680 $ 22,428 The provision for income taxes consisted of the following (in thousands): Year Ended December 31, 2017 2016 2015 Current provision: Federal - U.S. $ (447 ) $ (232 ) $ 705 Foreign 2,762 10,823 11,023 State -U.S. 442 (275 ) 56 Total current $ 2,757 $ 10,316 $ 11,784 Deferred provision (benefit): Federal - U.S. $ (3,406 ) $ (8,992 ) $ 2,618 Foreign (4,640 ) (3,328 ) (887 ) State -U.S. (388 ) 1,583 (950 ) Total (benefit) deferred $ (8,434 ) $ (10,737 ) $ 781 Total (benefit) provision for income taxes $ (5,676 ) $ (421 ) $ 12,565 Actual income taxes reported from operations were different from those that would have been computed by applying the federal statutory tax rate to income before income taxes. The expense for income taxes differed from the U.S. statutory rate due to the following: Year Ended December 31, 2017 2016 2015 Expected federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 0.3 (4.8 ) (0.7 ) Change in state tax rate — — 3.5 Change in valuation allowance on state net operating losses — 18.9 (7.3 ) Foreign tax rate differential (38.9 ) (38.4 ) (18.9 ) Unbenefited foreign losses 2.9 14.7 41.4 Foreign tax credits — (26.6 ) — Manufacturing deduction (2.8 ) — (1.6 ) Research and development credit (8.4 ) (6.6 ) (1.1 ) Foreign audit settlement — — 6.0 Transaction costs 8.5 3.1 (0.5 ) Release of contingent consideration (69.9 ) — — Provisional Impact of Tax Cuts and Jobs Act (8.2 ) — — Change in tax reserves (16.3 ) (0.5 ) 0.7 Other, net 4.9 0.8 (0.5 ) Effective tax rate (92.9 )% (4.4 )% 56.0 % As of December 31, 2017 and 2016 , the Company maintained a total valuation allowance of $22.1 million and $3.0 million , respectively, which relates to foreign and state deferred tax assets as of December 31, 2017 and December 31, 2016. The valuation allowance is based on estimates of taxable income in each of the jurisdictions in which we operate and the period over which our deferred tax assets will be recoverable. The increase in the valuation allowance is primarily due to the preliminary valuation allowance on certain deferred tax assets in relation to the FH acquisition. The following table provides a summary of the changes in the deferred tax valuation allowance for the years ended December 31, 2017 , 2016 , and 2015 (in thousands): December 31, 2017 2016 2015 Deferred tax valuation allowance at January 1 $ 3,028 $ 892 $ 9,448 Additions 712 2,257 15 Acquired 18,494 — — Deductions (167 ) (121 ) (7,798 ) Translation adjustments — — (773 ) Deferred tax valuation allowance at December 31 $ 22,067 $ 3,028 $ 892 As we closed the Brazil site in 2016, we do not believe that any of the deferred tax assets related to Brazil have any value. Accordingly, this portion of the valuation allowance was written off during 2015, along with the related deferred tax assets. On December 18, 2015, legislation was enacted that permanently extended the U.S. research and development ("R&D") tax credit. Accordingly, the Company recorded the entire benefit of $0.3 million for the R&D tax credit attributable to 2015 in the fourth quarter. The Company files income tax returns in the U.S. federal, state and local jurisdictions and in foreign jurisdictions. The Company is no longer subject to examination by the Internal Revenue Service ("IRS") for years prior to 2014 and is no longer subject to examination by the tax authorities in foreign and state jurisdictions prior to 2006 , with the exception of net operating loss carryforwards. The Company is currently under examination for income tax filings in various foreign jurisdictions. During 2015, the Company settled a tax audit in Italy for $2.2 million , of which $0.9 million had been accrued in 2014. During 2015, the Company restructured its multi-state activities, which resulted in a reduction of its state tax rate. In connection with this reduction, the Company recorded a one time tax expense of $0.8 million to reflect the effect of this tax rate reduction on its deferred tax assets. In addition, the Company recognized a tax benefit of $1.6 million on certain state net operating loss carryforwards, as it is more likely than not to utilize these losses within the carryforward period. As of December 31, 2017 , the Company had foreign tax credits of $16.4 million , foreign net operating losses of $45.6 million , state net operating losses of $56.3 million and state tax credits of $2.2 million . As of December 31, 2016 , the Company had foreign tax credits of $17.7 million , foreign net operating losses of $1.5 million , state net operating losses of $57.2 million and state tax credits of $2.0 million . The foreign tax credits, if not utilized, will expire in 2026 . A portion of the foreign net operating losses ($20.2 million) expire at various dates through 2029; the remainder have an unlimited carryforward period. The state net operating losses and state tax credits, if not utilized, will expire at various dates through 2037 . The Company repatriated $32 million of foreign earnings to the U.S. during the fourth quarter of 2016, resulting in a tax benefit of $2.6 million in the year ended December 31, 2016. The tax benefit is a result of foreign tax credits associated with the repatriation, in excess of the U.S. corporate tax rate. During 2016, the Company recorded a valuation allowance and additional tax expense of $1.8 million on certain state net operating loss carryforwards, due to the uncertainty of the Company's ability to utilize these losses within the foreseeable future. The amount of net operating losses considered realizable, however, could be adjusted if objective evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as the Company’s projections for growth. On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes significant changes to the U.S. corporate income tax system including: a federal corporate rate reduction from 35% to 21% ; limitations on the deductibility of interest expense and executive compensation; creation of the base erosion anti-abuse tax (“BEAT”), a new minimum tax; and the transition of U.S. international taxation from a worldwide tax system to a modified territorial tax system. The change to a modified territorial tax system resulted in a one-time U.S. tax liability on those earnings which have not previously been repatriated to the U.S. (the “Transition Tax”), with future distributions not subject to U.S. federal income tax when repatriated. A majority of the provisions in the Tax Act are effective January 1, 2018. In response to the Tax Act, the SEC staff issued guidance on accounting for the tax effects of the Tax Act. The guidance provides a one-year measurement period for companies to complete the accounting. We reflected the income tax effects of those aspects of the Tax Act for which the accounting is complete. To the extent our accounting for certain income tax effects of the Tax Act is incomplete but we are able to determine a reasonable estimate, we recorded a provisional estimate in the financial statements. For items that we cannot determine a provisional estimate to be included in the financial statements, we continued to apply the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. As the analysis is completed, the ultimate impact may differ from these provisional amounts. In connection with our initial analysis of the impact of the Tax Act, we have recorded a provisional estimate of $0.5 million net tax benefit for the period ended December 31, 2017. This benefit consists of provisional estimates of zero net expense for the Transition Tax liability, and $0.5 million benefit from the remeasurement of our deferred tax assets/liabilities due to the corporate rate reduction. On a provisional basis, the Company does not expect to owe the one-time Transition Tax liability, based on foreign tax pools that are in excess of U.S. tax rates. We are in process of determining the impact of the Tax Act on our U.S. foreign tax credit carryforwards (deferred tax asset), and are unable to record a provisional estimate at this time. Any adjustment, when determined, could have an adverse impact to our net deferred tax asset. We have not completed our accounting for the income tax effects of certain elements of the Tax Act. The Tax Act creates a new requirement that certain income, such as Global Intangible Low-Taxed Income (“GILTI”), earned by a controlled foreign corporation must be included in the gross income of its U.S. shareholder. Because of the complexity of the new GILTI and BEAT tax rules, we are continuing to evaluate the impact of these provisions and whether taxes due on future U.S. inclusions related to GILTI or BEAT should be recorded as a current period expense when incurred, or factored into the measurement of deferred taxes. As a result, we have not included an estimate of the tax expense or benefit related to these items for the period ended December 31, 2017. As of December 31, 2017 , the liability for uncertain income tax positions was approximately $3.0 million . Approximately $2.6 million as of December 31, 2017 represents the amount that if recognized would affect the Company’s effective income tax rate in future periods. The Company expects the unrecognized tax benefits to change over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdiction during this timeframe, or if the applicable statute of limitations lapses. The impact of the amount of such changes to previously recorded uncertain tax positions could range from zero to $1.5 million. The impact of the lapse of statute of limitations below primarily represents the change in tax reserves disclosed in the reconciliation of the effective tax rate. The table below does not include interest and penalties of $0.4 million and $0.2 million as of December 31, 2017 and 2016 , respectively. The following is a reconciliation of the Company’s liability for uncertain income tax positions for the years ended December 31, 2017 and 2016 (in thousands). December 31, 2017 2016 2015 Balance beginning January 1 $ 3,000 $ 2,937 $ 1,978 Additions/(reductions) for tax positions of prior years (7 ) (102 ) 521 Additions/(reductions) based on tax positions related to current year (65 ) 483 69 Acquired uncertain tax position balance 1,221 1,326 Settlements (338 ) — (544 ) Lapse of statute of limitations (978 ) (328 ) (612 ) Currency movement 181 10 199 Balance ending December 31 $ 3,014 $ 3,000 $ 2,937 Undistributed earnings of our foreign subsidiaries amounted to $221.3 million at December 31, 2017 and $222.6 million at December 31, 2016 . The undistributed earnings of our foreign subsidiaries are considered to be indefinitely reinvested and accordingly, no provision for U.S. federal and state income taxes has been recorded. Determination of the amount of unrecognized deferred tax liability on these undistributed earnings is not practicable because of the complexity of laws and regulations, the varying tax treatment of alternative repatriation scenarios, and the variation due to multiple potential assumptions relating to the timing of any future repatriation. |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued Expenses And Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, 2017 2016 Customer deposits and obligations $ 17,661 $ 5,673 Commissions and sales incentives payable 8,891 6,376 Penalty accruals 2,395 4,834 Warranty reserve 4,623 4,559 Professional fees 3,498 2,202 Taxes other than income tax 4,059 1,512 Deferred revenue 16,057 7,073 Current portion of long-term debt 7,865 — Cash due to FH seller 64,561 — Income tax payable 1,785 2,560 Other 39,059 15,918 Total accrued expenses and other current liabilities $ 170,454 $ 50,707 |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements Long-term debt consisted of the following (in thousands): December 31, 2017 2016 Term Loan at interest rates of 4.93% $ 785,000 $ — Line of Credit at interest rates of 4.93% and 1.59%-4.00% in 2016 33,900 251,200 Total Principal Debt Outstanding $ 818,900 $ 251,200 Less: Term Loan Debt Issuance Costs 23,707 — Less: Current Portion 7,850 — Total Long-Term Debt, net $ 787,343 $ 251,200 2018 2019 2020 2021 2022 Thereafter Minimum principal payments $ 7,850 $ 7,850 $ 7,850 $ 7,850 $ 7,850 $ 745,750 On December 11, 2017 , we entered into a new secured Credit Agreement (the "New Credit Agreement"), which provides for a $150.0 million revolving line of credit with a five year maturity and a $785.0 million term loan with a seven year maturity which was funded at closing of the FH acquisition in full. The New Credit Agreement replaced and terminated the Company’s prior Credit Agreement, dated as of May 11, 2017 (the "Prior Credit Agreement"). The Prior Credit Agreement, under which we had borrowings of $273.5 million outstanding, was terminated on December 11, 2017 and replaced by the New Credit Agreement. The new term loan requires quarterly principal payments of 0.25% of initial aggregate principal amount beginning March 29, 2018 with the balance due at maturity. The Company has mandatory debt repayment obligations of $7.9 million per year ( $2.0 million per quarter) until 2024 under the New Credit Agreement. Additional loans of up to $150.0 million (plus the amount of certain voluntary prepayments) and an unlimited amount subject to compliance with a first lien net leverage ratio of 4.50 to 1.00 may be made available under the New Credit Agreement upon request of the Company subject to specified terms and conditions. The Company may repay any borrowings under the New Credit Agreement at any time, subject to certain limited and customary restrictions stated in the New Credit Agreement; provided, however, that if the Company prepays all or any portion of the term loan in connection with a repricing transaction on or prior to the 6-month anniversary of the origination date, the Company must pay a prepayment premium of 1.0% of the aggregate principal amount of the term loan so prepaid. The Company incurred $23.9 million of debt issuance costs associated with the term loan which have been recorded as a debt discount within long-term debt and $5.2 million of fees associated with the revolver were recorded as other assets. In connection with the Prior Credit Agreement, a portion of the term debt was extinguished and $0.2 million of deferred financing costs was written off as a debt extinguishment (included in special charges on the consolidated statements of income) and a portion was tested as a modification ($0.1 million) and rolled into the new debt discount. In connection with the Prior Credit Agreement revolving facility, $1.6 million of deferred financing fees was written off as debt extinguishment and $0.6 million was rolled into the New Credit Agreement (included in other assets) based on the borrowing capacity of the underlying banks. As of December 31, 2017, we had borrowings of $818.9 million outstanding under the New Credit Agreement and $30.0 million in letters of credit issued under the New Credit Agreement. The Company recorded non-cash interest expense of $0.8 million , $0.4 million , and $0.4 million for December 31, 2017, 2016, and 2015 related to the amortization of its deferred financing costs described above. The New Credit Agreement revolving line of credit facility matures on December 11, 2022 whereas the term loan facility matures on December 11, 2024. The outstanding principal amounts bear interest at a fluctuating rate (generally the 30 day LIBOR rate) per annum plus an applicable margin of 3.50% with respect to LIBOR loans and 2.50% with respect to base rate loans. As of December 31, 2017 and December 31, 2016, the outstanding balance of the Company’s debt approximated its fair value based on current rates available to the Company for debt of the same maturity and is a Level 2 financial instrument. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation We have two share-based compensation plans as of December 31, 2017 : (1) the 2014 Stock Option and Incentive Plan (the "2014 Plan") and (2) the Amended and Restated 1999 Stock Option and Incentive Plan (the "1999 Plan"). The 2014 Plan was adopted by our Board of Directors on February 12, 2014 and approved by our shareholders at the Company's annual meeting held on April 30, 2014. As of April 30, 2014, no new awards will be granted under the 1999 Plan. As a result, any shares subject to outstanding awards under the 1999 Plan that expire, are canceled or otherwise terminate, or are withheld to satisfy tax withholding obligations, will not be available for award grant purposes under the 2014 Plan. Both plans permit the grant of the following types of awards to our officers, other employees and non-employee directors: incentive stock options; nonqualified stock options; deferred stock awards; restricted stock awards; unrestricted stock awards; performance share awards; cash-based awards; stock appreciation rights ("SARs") and dividend equivalent rights. The 2014 Plan provides for the issuance of up to 1,700,000 shares of common stock (subject to adjustment for stock splits and similar events). Under the 2014 Plan, shares issued for awards other than stock options or SARs count against the aggregate share limit as 1.9 shares for every share actually issued. New stock options granted under the 2014 Plan could have varying vesting provisions and exercise periods. All stock options and RSUs granted under the 1999 Plan are either 100% vested or have been terminated. RSUs granted under the 2014 Plan generally vest within three years. RSUs will be settled in shares of our common stock. As of December 31, 2017 , there were 710,326 shares available for grant under the 2014 Plan. As of December 31, 2017 , there were 848,427 stock options (including the CEO and CFO stock option awards noted below) and 259,357 RSUs outstanding. As of December 31, 2017 , there were 2,876 outstanding RSUs that contain rights to nonforfeitable dividend equivalents and are considered participating securities that are included in our computation of basic and fully diluted earnings per share. There is no difference in the earnings per share amounts between the two class method and the treasury stock method, which is why we continue to use the treasury stock method. During the year ended December 31, 2017 , we granted 142,428 stock option awards compared with 210,633 in 2016 and 118,992 in 2015 . On April 9, 2013, we granted stock options to purchase 200,000 shares of common stock to our newly appointed President and Chief Executive Officer at an exercise price of $41.17 per share ("2013 CEO Option Award"). On December 2, 2013, we granted stock options to purchase 100,000 shares of common stock to our newly appointed Executive Vice President and Chief Financial Officer at an exercise price of $79.33 per share ("2013 CFO Option Award"). On March 5, 2014, we granted stock options to purchase 100,000 shares of common stock to our President and Chief Executive Officer at an exercise price of $70.42 per share ("2014 CEO Option Award"). The 2013 CEO Option Award, the 2013 CFO Option Award, and the 2014 CEO Award were considered inducement awards and were granted outside of the Company's 1999 Plan. All three of these option awards include a service period and a market performance vesting condition. The stock options will vest if the following stock price targets are met based on the stock price closing at or above these targets for 60 consecutive trading days: 2013 CEO Option Award: Stock Price Target Cumulative Vested Portion of Stock Options (in Shares) $50.00 50,000 $60.00 100,000 $70.00 150,000 $80.00 200,000 2013 CFO and 2014 CEO Option Awards: Stock Price Target Cumulative Vested Portion of Stock Options (in Shares) $87.50 25,000 $100.00 50,000 $112.50 75,000 $125.00 100,000 As the CEO Option Awards and the CFO Option Award vest, they may be exercised 25% at the time of vesting, 50% one year from the date of vesting and 100% two years from the date of vesting. On August 8, 2013, the $50.00 Stock Price Target for the 2013 CEO Option Award was achieved. On January 6, 2014 and January 28, 2014, the $60.00 and $70.00 Price targets for the 2013 CEO Option Award were achieved, respectively. Therefore, 150,000 options have vested and are exercisable under the 2013 CEO Option Award. As of December 31, 2017 , none of the options awarded in connection with the 2013 CFO Option Award or the 2014 CEO Option Award have vested. These stock option awards are being expensed utilizing a graded method and are subject to forfeiture in the event of employment termination (whether voluntary or involuntary) prior to vesting. All three of these option awards have a 10 year term but to the extent that the market conditions above (Stock Price Targets) are not met within 5 years, these options will not vest and will forfeit 5 years from grant date. The Company used a Monte Carlo simulation option pricing model to value these option awards. The average fair value of stock options granted during the year ended December 31, 2017, 2016, and 2015 of $19.36 , $17.88 , and $26.32 , respectively, was estimated using the following weighted-average assumptions: Year Ended December 31, 2017 2016 2015 Risk-free interest rate 1.7 % 1.2 % 1.4 % Expected life (years) 4.5 4.5 4.5 Expected stock volatility 35.1 % 36.2 % 40.4 % Expected dividend yield 0.2 % 0.4 % 0.3 % We account for Restricted Stock Unit Awards (“RSU Awards”) by expensing the weighted average fair value to selling, general and administrative expenses ratably over vesting periods generally ranging up to three years. During the years ended December 31, 2017 and December 31, 2016 we granted 90,725 and 98,942 RSU Awards with approximate fair values of $ 55.28 and $ 41.09 per RSU Award, respectively. During 2017 and 2016 , the Company granted performance-based RSUs as part of the overall mix of RSU Awards. These performance-based RSUs include metrics for achieving Return on Invested Capital and Adjusted Operating Margin with target payouts ranging from 0% to 200% . Of the 90,725 RSUs granted during 2017 , 31,369 are performance-based RSU awards. This compares to 51,026 performance-based RSU awards granted in 2016 . The CIRCOR Management Stock Purchase Plan, which is a component of both the 2014 Plan and the 1999 Plan, provides that eligible employees may elect to receive RSUs in lieu of all or a portion of their pre-tax annual incentive bonus and, in some cases, make after-tax contributions in exchange for RSUs (“RSU MSPs”). In addition, non-employee directors may elect to receive RSUs in lieu of all or a portion of their annual directors’ retainer fees. Each RSU MSP represents a right to receive one share of our common stock after a three -year vesting period. RSU MSPs are granted at a discount of 33% from the fair market value of the shares of common stock on the date of grant. This discount is amortized as compensation expense, to selling, general and administrative expenses, over a four -year period. RSU MSPs totaling 26,726 and 20,130 with per unit discount amounts representing fair values of $ 20.13 and $ 12.83 were granted under the CIRCOR Management Stock Purchase Plan during the years ended December 31, 2017 and December 31, 2016 , respectively. Compensation expense related to our share-based plans for the year ended December 31, 2017 , 2016 , and 2015 was $3.8 million , $5.5 million , and $6.5 million respectively. Share-based compensation expense is recorded as selling, general, and administrative expense. As of December 31, 2017 , there was $7.8 million of total unrecognized compensation costs related to our outstanding share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 2.1 years. This compares to $6.8 million for 2016 and $7.0 million for 2015 , respectively. The increase in total unrecognized compensation costs from 2017 and 2016 primarily relates to equity awards granted to participants from our newly acquired Fluid Handling reporting segment. A summary of the status of all stock options granted to employees and non-employee directors as of December 31, 2017 , 2016 , and 2015 and changes during the years are presented in the table below: December 31, 2017 2016 2015 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options outstanding at beginning of period 736,319 $ 52.30 570,737 $ 56.86 486,004 $ 57.85 Granted 142,428 60.99 210,633 38.89 118,992 51.84 Exercised (17,708 ) 39.91 (5,982 ) 41.05 (7,717 ) 33.44 Forfeited (10,136 ) 51.99 (33,014 ) 45.25 (26,542 ) 59.25 Expired (2,476 ) 61.38 (6,055 ) 65.34 — — Options outstanding at end of period 848,427 $ 53.99 736,319 $ 52.30 570,737 $ 56.86 Options exercisable at end of period 309,824 $ 45.66 226,386 $ 45.20 140,248 $ 43.08 The weighted average contractual term for stock options outstanding and exercisable as of December 31, 2017 was 5.3 years and 4.6 years, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2017 , 2016 and 2015 was $ 0.4 million , $ 0.1 million and $ 0.1 million , respectively. The aggregate fair value of stock-options vested during the years ended December 31, 2017 , 2016 and 2015 was $ 1.6 million , $ 1.7 million and $ 1.2 million , respectively. The aggregate intrinsic value of stock options outstanding and exercisable as of December 31, 2017 was $ 3.5 million and $ 1.9 million , respectively. As of December 31, 2017 , there was $ 2.9 million of total unrecognized compensation costs related to stock options that is expected to be recognized over a weighted average period of 1.8 years. The following table summarizes information about stock options outstanding at December 31, 2017 : Options Outstanding Options Exercisable Range of Exercise Prices Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Weighted Average Exercise Price $30.91 - $40.09 196,660 4.9 $ 38.69 73,330 $ 38.36 40.10 - 46.51 200,000 5.3 41.17 150,000 41.17 46.52 - 65.71 217,529 5.4 57.65 52,256 51.84 65.72 - 79.33 234,238 5.6 74.39 34,238 71.56 $30.91 - $79.33 848,427 5.3 $ 53.99 309,824 $ 45.66 A summary of the status of all RSU Awards granted to employees and non-employee directors as of December 31, 2017 , 2016 , and 2015 and changes during the year are presented in the table below: December 31, 2017 2016 2015 RSUs Weighted Average Price RSUs Weighted Average Price RSUs Weighted Average Price RSU Awards outstanding at beginning of period 138,761 $ 46.60 109,281 $ 52.90 115,949 $ 52.97 Granted 90,725 55.28 98,942 41.09 62,322 51.53 Settled (29,803 ) 46.15 (54,034 ) 48.50 (56,865 ) 48.34 Canceled (12,778 ) 62.92 (22,527 ) 46.86 (19,088 ) 55.08 Added by Performance Factor — — 7,099 41.55 6,963 32.76 RSU Awards outstanding at end of period 186,905 $ 49.76 138,761 $ 46.60 109,281 52.90 RSU Awards exercisable at end of period 2,876 $ 59.17 3,040 $ 60.92 1,200 $ 59.29 The aggregate intrinsic value of RSU Awards settled during the 12 months ended December 31, 2017 , 2016 and 2015 was $1.7 million , $2.5 million , and $3.0 million , respectively. The aggregate fair value of RSU Awards vested during the 12 months ended December 31, 2017 , 2016 and 2015 was $ 1.4 million , $ 2.7 million and $ 2.4 million , respectively. The aggregate intrinsic value of RSU Awards outstanding and exercisable as of December 31, 2017 was $ 9.1 million and $ 0.1 million , respectively. As of December 31, 2017 , there was $4.5 million of total unrecognized compensation costs related to RSU awards that is expected to be recognized over a weighted average period of 1.2 years. The following table summarizes information about RSU Awards outstanding at December 31, 2017 : RSU Awards Outstanding Fair Values at Grant Date RSUs Weighted Average Remaining Contractual Life (Years) Weighted Average Fair Value $38.89 - $50.99 92,371 1.8 $ 41.79 51.00 - 58.99 38,507 0.6 52.17 59.00 - 71.56 56,027 0.6 61.25 $38.89 - $71.56 186,905 1.2 $ 49.76 A summary of the status of all RSU MSPs granted to employees and non-employee directors as of December 31, 2017 , 2016 , and 2015 and changes during the year are presented in the table below: December 31, 2017 2016 2015 RSUs Weighted Average Exercise Price RSUs Weighted Average Exercise Price RSUs Weighted Average Exercise Price RSU MSPs outstanding at beginning of period 67,924 $ 36.50 78,732 $ 37.46 69,293 $ 35.81 Granted 26,726 40.86 20,130 26.06 38,965 34.73 Settled (19,843 ) 42.28 (27,375 ) 29.94 (22,403 ) 27.87 Canceled (2,355 ) 37.48 (3,563 ) 35.35 (7,123 ) 36.65 RSU MSPs outstanding at end of period 72,452 $ 35.01 67,924 $ 36.50 78,732 $ 37.46 There were no RSU MSPs exercisable at December 31, 2017 , 2016 , and 2015 . The aggregate intrinsic value of RSU MSPs settled during the year ended December 31, 2017 , 2016 , and 2015 was $ 0.3 million , $ 0.4 million and $ 0.5 million , respectively. The aggregate fair value of RSU MSPs vested during the year ended December 31, 2017 , 2016 , and 2015 was $ 0.5 million , $ 0.4 million and $ 0.3 million , respectively. The aggregate intrinsic value of RSU MSPs outstanding as of December 31, 2017 was $ 1.0 million . As of December 31, 2017 , there was $ 0.5 million of total unrecognized compensation costs related to RSU MSPs that is expected to be recognized over a weighted average period of 1.1 years. The following table summarizes information about RSU MSPs outstanding at December 31, 2017 : RSU MSPs Outstanding Range of Grant Prices RSUs Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $26.06 - 33.99 16,340 1.1 $ 26.06 34.00 - 39.99 29,729 0.1 34.73 40.00 - 47.95 26,383 2.2 40.86 $26.06 - $47.95 72,452 1.1 $ 35.01 We also grant Cash Settled Stock Unit Awards to our international employee participants. These Cash Settled Stock Unit Awards typically cliff-vest in three years and are settled in cash based on the closing price of our common stock at the time of vesting. As of December 31, 2017 , there were 40,469 Cash Settled Stock Unit Awards outstanding compared with 33,320 Cash Settled Stock Unit Awards outstanding as of December 31, 2016 . During 2017 , the aggregate cash used to settle Cash Settled Stock Unit Awards was $ 0.4 million . As of December 31, 2017 , the Company had $0.9 million in accrued expenses classified as current liabilities for Cash Settled Stock Unit Awards compared with $1.0 million as of December 31, 2016 . Cash Settled Stock Unit Award related compensation costs for the twelve month periods ended December 31, 2017 , 2016 , and 2015 totaled $0.2 million , $0.9 million , and $0.2 million , respectively and was recorded as selling, general and administrative expense. The decrease in compensation costs in 2017 vs. 2016 is due primarily to a lower ending stock price. |
Concentrations Of Risk
Concentrations Of Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentrations Of Risk | Concentrations of Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments and trade receivables. A significant portion of our revenue and receivables are from customers who are either in or service the energy, aerospace, defense and industrial markets. We perform ongoing credit evaluations of our customers and maintain allowances for potential credit losses. For the years ended December 31, 2017, 2016 and 2015 , we had no customers from which we derive revenues that exceed the threshold of 10% of the Company’s consolidated revenues. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Employee Benefit Plans | US Contribution Plan We offer a savings plan to eligible U.S. employees. The plan is intended to qualify under Section 401(k) of the Internal Revenue Code. Substantially all of our U.S. employees are eligible to participate in the 401(k) savings plan. Participating employees may defer a portion of their pre-tax compensation, as defined, but not more than statutory limits. Under this plan, we match a specified percentage of employee contributions, and are able to make a discretionary core contribution, subject to certain limitations. During 2017, we contributed 50% of the amount contributed by the employee, up to a maximum of 5% of the employee’s earnings. Our matching contributions vest at a rate of 20% per year of service, with full vesting after 5 years of service. The cost of our 401K plan is outlined below: Year Ended December 31, 2017 2016 2015 Cost of 401(k) plan $ 1,978 $ 1,509 $ 2,886 Pension & Other Post-Retirement Benefit Obligations The Company also sponsors various defined benefit plans, and other post-retirement benefits plans, including health and life insurance, for former employees of an acquired business. These plans include significant benefit obligations which are calculated based on actuarial valuations. Key assumptions are made in determining these obligations and related net periodic benefit costs, including discount rates, mortality, and expected long-term return on plan assets. On December 11, 2017, the Company acquired FH. The acquisition included all of the pension obligations outside of the U.S., and a significant portion of the post-retirement obligations in the U.S. In connection with the acquisition, all post-retirement obligations were measured at December 11, 2017. In the U.S., the company maintains a qualified noncontributory defined benefit pension plan, a nonqualified, noncontributory defined benefit supplemental pension plan, and other post-retirement benefit plans, including health and life insurance. Our plans and FH plans are frozen. To date, the supplemental and the other post-retirement benefits plans remain unfunded. Outside of the U.S., the company sponsors various funded and unfunded defined benefit plans as a result of the 2017 acquisition of the FH business. The obligations are primarily attributed to partially funded plans in Germany and the U.K. During fiscal year 2017, we made $0.8 million in cash contributions to our qualified defined benefit pension plan, in addition to $0.4 million in payments for our nonqualified plan. In 2018, we expect to make defined benefit plan contributions based on the minimum required funding in accordance with statutory requirements (approximately $0 in the U.S. and approximately $6.0 million for our foreign plans) The estimates for plan funding for future periods may change as a result of the uncertainties concerning the return on plan assets, the number of plan participants, and other changes in actuarial assumptions. We anticipate fulfilling these commitments through our generation of cash flow from operations. The U.S. pension obligations acquired in the acquisition are a carve-out from a prior plan, and a portion of the plan assets are expected to transfer to the existing CIRCOR plan in April, 2018. U.S. pension investments related to the carve-out are managed by Colfax Corporation as the Plan Administrator of the prior plan during the period from December 11, 2017 through the time that plan assets are transferred. We have recorded a receivable of $178.9 million ( $2.3 million included in return on assets) related to this asset transfer, which has been netted against the pension obligation in the pension liability on the balance sheet. The components of net periodic benefit cost for the postretirement plans were as follows (in thousands): Pension Benefits Other Post-retirement Benefits (1) Year Ended December 31, Year Ended December 31, 2017 2016 2015 2017 Components of net periodic benefit cost: Service cost $ 181 $ — $ — $ — Interest cost $ 2,158 $ 2,185 $ 2,193 $ 20 Expected return on assets (2,994 ) (2,562 ) (2,655 ) — Amortization — Net periodic benefit cost (655 ) (377 ) (462 ) 20 Net loss amortization 735 893 843 — Prior service cost amortization — — — — Total amortization 735 893 843 — Pension settlement charge — 4,457 — — Net periodic benefit cost $ 80 $ 4,973 $ 381 $ 20 Net periodic benefit cost $ 80 $ 9,430 $ 381 $ 20 (1) No Other Post-retirement Benefits in 2016 & 2015. The weighted average assumptions used in determining the net periodic benefit cost and benefit obligations for the post-retirement plans are shown below: Pension Benefits Other Post-retirement Benefits Year Ended December 31, Year Ended December 31, 2017 2016 2015 2017 Net periodic benefit cost (1): Discount rate – U.S. 3.86% 4.11% 3.82% 3.63% Expected return on plan assets - U.S. (2) 7.25% 6.75% 7.25% N/A Rate of compensation increase - U.S. N/A NA N/A N/A Benefit obligations: N/A Discount rate – U.S. 3.27% 3.86% 4.11% 3.48% Discount rate – Foreign 1.97% N/A N/A N/A Rate of compensation increase - U.S. N/A — — N/A Rate of compensation increase - Foreign 3.11% N/A N/A N/A (1) Assumption shown excludes those that would have been applicable for 21 days of CIRCOR's ownership of FH. (2) Excludes estimate of return on assets still held in the prior plan which had an expected long-term return on plan assets for the time since acquisition of 6.25% for 2017 for which CIRCOR is entitled to their portion of the return. The amounts reported for net periodic benefit cost and the respective benefit obligation amounts are dependent upon the actuarial assumptions used. The Company reviews historical trends, future expectations, current market conditions, and external data to determine the assumptions. The actuarial assumptions used to determine the net periodic pension cost are based upon the prior year’s assumptions used to determine the benefit obligation. Effective with the acquisition of FH on December 11, 2017, the Company has changed the method used to estimate the service and interest cost components of the net periodic benefit costs. The new method uses the spot yield curve approach to estimate the service and interest costs by applying the specific spot rates along the yield curve used to determine the benefit obligations to relevant projected cash outflows. This approach was only used for the period between December 11, 2017 and December 31, 2017 for the FH plans in the U.S., UK, and Germany. The Company changed to the new method to provide a more precise measure of interest and service costs by more closely correlating the application of the discrete spot yield curve rates with the projected benefit cash flows. The Company will account for this change prospectively for the legacy CIRCOR plans as a change in estimate beginning in the first quarter of 2018. Prior to this date, the service and interest costs were determined using a single weighted-average discount rate based on the AA yield curves used to measure the benefit obligation at the measurement date. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A one-percentage point change in assumed health care cost trend rates would have the following pre-tax effects: 1 % Increase 1% Decrease Effect on total service and interest cost components for the year ended December 31, 2017 — — Effect on post-retirement benefit obligation at December 31, 2017 $ 1,639 $ (1,308 ) In selecting the expected long-term return on assets for the qualified and foreign plans, we considered the average rate of earnings expected on the funds invested or to be invested to provide for the benefits of these plans. We, with input from the plans’ professional investment managers and actuaries, also considered the average rate of earnings expected on the funds invested or to be invested to provide plan benefits. This process included determining expected returns for the various asset classes that comprise the plans’ target asset allocation. This basis for selecting the long-term return on assets is consistent with the prior year. Using generally accepted diversification techniques, the plans’ assets, in aggregate and at the individual portfolio level, are invested so that the total portfolio risk exposure and risk-adjusted returns best meet the plans’ long-term benefit obligations to employees. Plan asset allocations are reviewed periodically and rebalanced to achieve target allocation among the asset categories when necessary. This included considering the pension asset allocation and the expected returns likely to be earned over the life of the plans. During the third quarter of 2016, management offered a lump sum cash payout option to terminated and vested participants in the U.S. Plan. In connection with this action, the participants who opt to avail themselves of this program closed during the fourth quarter 2016. During the fourth quarter of 2016, we incurred a $4.5 million pension settlement charge which has been recorded within the Special and restructuring charges, net line item. The funded status of the defined benefit post-retirement plans and amounts recognized in the consolidated balance sheets, measured as of December 31, 2017 and December 31, 2016 were as follows (in thousands): Pension Benefits Other Post-retirement Benefits December 31, December 31, 2017 2016 2017 2016 Change in projected benefit obligation: Balance at beginning of year $ 45,300 $ 56,939 $ — $ — Service cost 181 — — Interest cost 2,158 2,185 20 — Actuarial loss (gain) 413 (2,932 ) 263 — Exchange rate (gain) / loss 5,759 — — — Acquisitions 348,542 — 11,445 — Benefits paid (2,715 ) (2,092 ) (43 ) — Settlement payments — (8,800 ) — — Balance at end of year $ 399,638 $ 45,300 $ 11,685 $ — Change in fair value of plan assets: Balance at beginning of year $ 31,776 $ 39,369 $ — $ — Actual return on assets (1) 10,374 1,904 — — Exchange rate (gain) / loss 1,256 — — Acquisitions - Transferred 28,903 — — Acquisitions - Plan receivable from Colfax 176,572 — — — Benefits paid (2,715 ) (2,092 ) (43 ) — Settlement payments — (8,800 ) — — Employer contributions 1,417 1,395 43 — Fair value of plan assets at end of year (2) $ 247,583 $ 31,776 $ — $ — Funded status: Excess of benefit obligation over the fair value of plan assets $ (152,055 ) $ (13,524 ) $ (11,685 ) $ — Pension plan accumulated benefit obligation (“ABO”) $ 399,638 $ 45,300 N/A N/A (1) Includes $2.3 million of plan assets still held in the prior plan at Colfax. (2) Refer to Note 16, Fair Value for further disclosure regarding our fair value hierarchy assessment. The following information is presented as of December 31, 2017 and 2016 (in thousands): Pension Benefits Other Post-retirement Benefits 2017 2016 2017 2016 Funded status, end of year: Fair value of plan assets $ 247,583 $ 31,776 $ — Projected Benefit obligation (399,638 ) (45,300 ) — Net pension liability $ (152,055 ) $ (13,524 ) $ — $ — Post-retirement amounts recognized in the balance sheet consists of: Non-current asset $ 1,517 $ — $ — $ — Current liability (2,853 ) (393 ) (746 ) — Non-current liability (150,719 ) (13,131 ) (10,939 ) — Total $ (152,055 ) $ (13,524 ) $ (11,685 ) $ 0 Amounts recognized in accumulated other comprehensive income consist of: Net losses $ 13,937 $ 21,640 $ 263 $ 0 Estimated future benefit expense to be recognized in other comprehensive income (loss): 2018 Amortization of net losses $ 432 As of December 31, 2017 , the benefit payments expected to be paid in each of the next five years and the aggregate for the five fiscal years thereafter were as follows (in thousands): 2018 2019 2020 2021 2022 2024-2028 Pension Benefits - All Plans $ 24,197 $ 23,815 $ 23,673 $ 23,496 $ 23,294 $ 111,376 Other Post-retirement Benefits 746 727 687 675 645 2,942 Expected benefit payments $ 24,943 $ 24,542 $ 24,360 $ 24,171 $ 23,939 $ 114,318 |
Contingencies, Commitments And
Contingencies, Commitments And Guarantees | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments And Guarantees | Contingencies, Commitments and Guarantees Legal Proceedings We are subject to various legal proceedings and claims pertaining to matters such as product liability or contract disputes, including issues that may arise under certain customer contracts with aerospace and defense customers. We are also subject to other proceedings and governmental inquiries, inspections, audits or investigations pertaining to issues such as tax matters, patents and trademarks, pricing, business practices, governmental regulations, employment and other matters. Although the results of litigation and claims cannot be predicted with certainty, we believe that the ultimate disposition of these matters, to the extent not previously provided for, will not have a material adverse effect, individually or in the aggregate, on our business, financial condition, results of operations or liquidity. Asbestos-related product liability claims continue to be filed against two of our subsidiaries: Spence Engineering Company, Inc. (“Spence”), the stock of which we acquired in 1984; and CIRCOR Instrumentation Technologies, Inc. (f/k/a Hoke Incorporated) (“Hoke”), the stock of which we acquired in 1998. Due to the nature of the products supplied by these entities, the markets they serve and our historical experience in resolving these claims, we do not believe that these asbestos-related claims will have a material adverse effect on the financial condition, results of operations or liquidity of Spence or Hoke, or the financial condition, consolidated results of operations or liquidity of the Company. On February 21, 2018, the Company entered into a mediated settlement regarding a wage and hour action in California by a former employee. In October 2016, the plaintiff alleged non-compliance with California State labor law, including missed or late meal breaks, for hourly employees of CIRCOR Aerospace, Inc. in Corona, California. The total settlement amount of $2.4 million has been recorded as a liability at December 31, 2017. This settlement resolves all wage/hour claims by all potentially affected employees through the settlement date and is expected to be approved by the California Superior Court within the next six to twelve months. Standby Letters of Credit We execute standby letters of credit, which include bank guarantees, bid bonds and performance bonds, in the normal course of business to ensure our performance or payments to third parties. The aggregate notional value of these instruments was $77.7 million at December 31, 2017 of which $30.0 million were syndicated under our New Credit Agreement. Our historical experience with these types of instruments has been good and no claims have been paid in the current or past several fiscal years. We believe that the likelihood of demand for payments relating to the outstanding instruments is remote. These instruments generally have expiration dates ranging from less than 1 month to 5 years from December 31, 2017 . The following table contains information related to standby letters of credit instruments outstanding as of December 31, 2017 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 50,344 Greater than 12 months 27,343 Total $ 77,687 Operating Lease Commitments Rental expense under operating lease commitments amounted to $ 6.4 million , $ 5.6 million and $ 5.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Minimum rental commitments due under non-cancelable operating leases, primarily for office and warehouse facilities, were as follows at December 31, 2017 (in thousands): 2018 2019 2020 2021 2022 Thereafter Minimum lease commitments $ 12,272 $ 8,431 $ 5,850 $ 4,183 $ 3,350 $ 8,453 Commercial Contract Commitment As of December 31, 2017 , we had approximately $ 112.6 million of commercial contract commitments related to open purchase orders. Insurance We maintain insurance coverage of a type and with such limits as we believe are customary and reasonable for the risks we face and in the industries in which we operate. While many of our policies do contain a deductible, the amount of such deductible is typically not material, and is generally less than $0.4 million per occurrence. Our accruals for insured liabilities are not discounted and take into account these deductibles and are based on claims filed and reported as well as estimates of claims incurred but not yet reported. |
Guarantees And Indemnification
Guarantees And Indemnification Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees And Indemnification Obligations [Abstract] | |
Guarantees And Indemnification Obligations | Guarantees and Indemnification obligations As permitted under Delaware law, we have agreements whereby we indemnify certain of our officers and directors for certain events or occurrences while the officer or director is, or was, serving at our request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited. However, we have directors and officers’ liability insurance policies that limit our exposure for events covered under the policies and should enable us to recover a portion of any future amounts paid. As a result of the coverage under these insurance policies, we believe the estimated fair value of these indemnification agreements is minimal and, therefore, have no liabilities recorded from those agreements as of December 31, 2017 . We record provisions for the estimated cost of product warranties, primarily from historical information, at the time product revenue is recognized. While we engage in extensive product quality programs and processes, our warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure, and supplier warranties on parts delivered to us. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from our estimates, revisions to the estimated warranty liability would be required. Our warranty liabilities are included in accrued expenses and other current liabilities on our consolidated balance sheets. The following table sets forth information related to our product warranty reserves for the years ended December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Balance beginning January 1 $ 4,559 $ 4,551 Provisions 2,590 2,255 Claims settled (4,508 ) (3,304 ) Acquired reserves/other 1,759 1,125 Currency translation adjustment 223 (68 ) Balance ending December 31 $ 4,623 $ 4,559 Warranty obligations of $4.6 million for the year ended December 31, 2017 were consistent with the prior year. Decreases in warranty obligations of $4.5 million were primarily driven by claims settled within certain Industrial businesses and CFS, were partially offset by $1.8 million of obligations from our 2017 FH acquisition. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Financial Instruments The company utilizes fair value measurement guidance prescribed by accounting standards to value its financial instruments. The guidance establishes a fair value hierarchy based on the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level One : Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level Two : Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level Three : Inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts of cash and cash equivalents, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments. Cash equivalents are carried at cost which approximates fair value at the balance sheet date and is a Level 1 financial instrument. As of December 31, 2017 and 2016, the outstanding balance of the Company’s debt approximated fair value based on current rates available to the Company for debt of the same maturity and is a Level 2 financial instrument. Contingent consideration obligations are measured at fair value and are based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions and estimates to forecast a range of outcomes and probabilities for the contingent consideration. Contingent consideration obligations are valued using a Monte Carlo simulation model. We assess these assumptions and estimates on a quarterly basis as additional data impacting the assumptions is obtained. Any changes in the fair value of contingent consideration related to updated assumptions and estimates will be recognized within general and administrative expenses in the consolidated statements of operations during the period in which the change occurs. At December 31, 2016 the fair value was $12.2 million , during the year ended December 31, 2017 the full balance was written off based on actual results and therefore no balance remains at December 31, 2017. The fair values of the Company’s pension plan assets at December 31, 2017 and 2016 , utilizing the fair value hierarchy were as follows (in thousands): December 31, 2017 December 31, 2016 Measured at Net Asset Value (1) Level 1 Level 2 Total Measured at Net Asset Value (1) U.S. Plans: Cash Equivalents: Money Market Funds $ — $ 237 $ — $ 237 $ — Mutual Funds: Bond Funds — — — — 1,721 Large Cap Funds — — — — 15,117 International Funds 4,838 — — 4,838 5,967 Small Cap Funds — — — — 2,960 Blended Funds — — — — 2,185 Mid Cap Funds — — — — 3,826 Comingled Pools: Opportunistic 3,106 — — 3,106 — Investment Grade 10,664 — — 10,664 — Non-U.S. Equity 4,730 — — 4,730 — U.S. Equity 14,773 — — 14,773 — Foreign Plans: Cash — 518 — 518 — Equity 10,499 — 184 10,683 — Non-U.S. government and corporate bonds 15,146 — 669 15,815 — Insurance Contracts 306 — 2,932 3,238 — Other — 38 — 38 — Total Fair Value $ 64,062 $ 793 $ 3,785 $ 68,640 $ 31,776 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”) have not been classified in the fair value hierarchy. These investments, consisting of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund, that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term. (2) $179 million of pension plan asset receivable has been excluded from the leveling table above as CIRCOR does not yet control the assets the fair value has been determined based on CIRCOR's percent of Colfax U.S. pension plan assets which were valued by Colfax using NAV as described in (1). Contingent consideration obligations are measured at fair value and are based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions and estimates to forecast a range of outcomes and probabilities for the contingent consideration. Contingent consideration obligations are valued using a Monte Carlo simulation model. We assess these assumptions and estimates on a quarterly basis as additional data impacting the assumptions is obtained. Any changes in the fair value of contingent consideration related to updated assumptions and estimates will be recognized within general and administrative expenses in the consolidated statements of operations during the period in which the change occurs. Foreign Currency Contracts The Company is exposed to certain risks relating to its ongoing business operations including foreign currency exchange rate risk and interest rate risk. The Company currently uses derivative instruments to manage foreign currency risk on certain business transactions denominated in foreign currencies. To the extent the underlying transactions hedged are completed, these forward contracts do not subject us to significant risk from exchange rate movements because they offset gains and losses on the related foreign currency denominated transactions. These forward contracts do not qualify as hedging instruments and, therefore, do not qualify for fair value or cash flow hedge treatment. Any gains and losses on our contracts are recognized as a component of other expense in our consolidated statements of income. As of December 31, 2017 , we had no forward contracts. This compares to four forward contracts with a fair value liability of $0.1 million as of December 31, 2016 . Our foreign currency forward contracts fall within Level 2 of the fair value hierarchy, in accordance with ASC Topic 820. The foreign exchange (gains)/losses for the year ended December 31, 2017 , 2016 and 2015 were $0.1 million , $(0.6) million , and $0.5 million , respectively, and are included in other (income) expense in our consolidated statements of income. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment and Geographical Information At December 31, 2017, the Company’s financial performance is managed and reported in three segments. A description of each segment follows. Our reportable segments have been identified in accordance with ASC 280-10-50 through our evaluation of how the Company engages in business activities to earn revenues and incur expenses, which operating results are regularly reviewed by our chief operating decision maker (“CODM”) to assess performance and make decisions about resources to be allocated, and the availability of discrete financial information. CIRCOR’s reportable segments are generally organized based upon the end markets we sell our product and services into. No individual operating segments have been aggregated for purposes of determining our reportable segments. Advanced Flow Solutions ("AFS") is a diversified flow control technology platform. Our primary product focus areas are valves, actuation, motors, switches, high pressure pneumatic systems, steam and process loop flow management solutions. AFS products are used in aerospace, defense, power and process, and general industrial markets. These products are primarily focused on the following end markets: Aerospace and Defense, Power and Process, HVAC, Maritime and Industrial Gas. Energy is a global provider of highly engineered integrated flow control solutions, valves and services primarily in the Oil & Gas end market. We are focused on satisfying our customers’ mission-critical application needs by utilizing advanced technologies. Our flow control solutions can withstand extreme temperatures and pressures, including land-based, topside, and sub-sea applications. Fluid Handling is a global portfolio of highly engineered and differentiated fluid handling products, systems and services. Our primary products are positive displacement pumps, specialty centrifugal pumps, and lubrication management systems and services. Segment revenues and income presented below reflect the period from December 11, 2017 to December 31, 2017. Each reporting segment is individually managed, as each requires different technology and marketing strategies, and has separate financial results that are reviewed by our CODM. Our CODM evaluates segment performance and determines how to allocate resources utilizing, among other data, segment operating income. Segment operating income excludes special and restructuring charges, net. In addition, certain administrative expenses incurred at the corporate level for the benefit of the reporting segments are allocated to the segments based upon specific identification of costs, employment related information or net revenues. Each segment contains related products and services particular to that segment. For 2018, we expect to reorganize our segments by end market: Energy, Aerospace & Defense and Industrial. Prior year financial statements will be adjusted to reflect this new organization basis beginning in the first quarter of 2018. Corporate is reported on a net “after allocations” basis. Inter-segment intercompany transactions affecting net operating profit have been eliminated within the respective reportable segments. The amounts reported in the Corporate expenses line item in the following table consists primarily of the following: compensation and fringe benefit costs for executive management and other corporate staff; Board of Director compensation; corporate development costs (relating to mergers and acquisitions); human resource development and benefit plan administration expenses; legal, accounting and other professional and consulting costs; facilities, equipment and maintenance costs; and travel and various other administrative costs. The above costs are incurred in the course of furthering the business prospects of the Company and relate to activities such as: implementing strategic business growth opportunities; corporate governance; risk management; tax; treasury; investor relations and shareholder services; regulatory compliance; strategic tax planning; and stock transfer agent costs. Our CODM evaluates segment operating performance using segment operating income. Segment operating income is defined as GAAP operating income excluding intangible amortization and amortization of fair value step-ups of inventory and fixed assets from acquisitions completed subsequent to December 31, 2011, the impact of restructuring related inventory write-offs, impairment charges and special charges or gains. The Company also refers to this measure as adjusted operating income. The Company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitate comparison of performance for determining incentive compensation achievement. The following table presents certain reportable segment information (in thousands): 2017 2016 2015 Net revenues Energy $ 347,578 $ 322,046 $ 383,655 Advanced Flow Solutions 277,637 268,213 272,612 Fluid Handling 36,495 — — Inter-segment revenues — 994 1,124 Corporate — (994 ) (1,124 ) Consolidated revenues $ 661,710 $ 590,259 $ 656,267 Segment Income Energy - Segment Operating Income $ 30,748 $ 34,619 $ 50,386 Advanced Flow Solutions - Segment Operating Income 37,230 33,463 33,811 Fluid Handling - Segment Operating Income 5,460 — — Corporate expenses (21,744 ) (25,672 ) (21,710 ) Subtotal 51,694 42,410 62,487 Special restructuring charges, net 7,989 8,975 4,634 Special other charges, net 6,063 8,196 9,720 Special and restructuring charges, net 14,052 17,171 14,354 Restructuring related inventory charges — 2,846 9,391 Amortization of inventory step-up 4,300 1,366 Impairment charges — 208 2,502 Acquisition amortization 12,542 9,901 6,838 Acquisition depreciation 233 — — Brazil restatement impact — — 3,228 Restructuring and other cost, net 17,075 14,321 21,959 Consolidated Operating Income 20,568 10,918 26,174 Interest Expense, net (a) 10,777 3,310 2,844 Other Expense (Income), net (a) 3,678 (2,072 ) 902 Income from continuing operations before income taxes $ 6,113 $ 9,680 $ 22,428 Identifiable assets Energy $ 729,087 $ 658,749 $ 463,359 Advanced Flow Solutions 560,726 407,035 486,369 Fluid Handling 1,079,396 — — Corporate $ (462,410 ) (245,028 ) (279,813 ) Consolidated Identifiable assets $ 1,906,799 $ 820,756 $ 669,915 Capital expenditures Energy $ 3,763 $ 3,902 $ 6,176 Advanced Flow Solutions 7,258 8,535 6,324 Fluid Handling 2,147 — — Corporate 1,378 1,775 814 Consolidated Capital expenditures $ 14,546 $ 14,212 $ 13,314 Depreciation and amortization Energy $ 12,537 $ 8,755 $ 7,102 Advanced Flow Solutions 13,481 15,555 15,624 Fluid Handling 2,706 — — Corporate 1,313 1,309 1,209 Consolidated Depreciation and amortization $ 30,037 $ 25,619 $ 23,935 The total assets for each reportable segment have been reported as the Identifiable Assets for that segment, including inter-segment intercompany receivables, payables and investments in other CIRCOR companies. Identifiable assets reported in Corporate include both corporate assets, such as cash, deferred taxes, prepaid and other assets, fixed assets, as well as the elimination of all inter-segment intercompany assets. The elimination of intercompany assets results in negative amounts reported in Corporate for Identifiable Assets. Corporate Identifiable Assets after elimination of intercompany assets were $ 15.6 million , $ 50.5 million , and $ 46.7 million as of December 31, 2017 , 2016 and 2015 , respectively. The following tables present net revenue and long-lived assets by geographic area. The net revenue amounts are based on shipments to each of the respective areas. Year Ended December 31, Net revenues by geographic area (in thousands) 2017 2016 2015 United States $ 324,204 $ 232,650 $ 284,227 France 41,584 42,908 34,839 Germany 32,480 26,451 26,889 Canada 28,703 32,750 46,575 Saudi Arabia 28,626 68,693 33,155 United Kingdom 26,872 27,579 36,005 China 16,875 11,157 13,255 Norway 13,462 21,668 43,502 Rest of Europe 56,638 32,460 24,508 Rest of Asia-Pacific 55,265 39,808 36,247 Other 37,001 54,135 77,065 Total net revenues $ 661,710 $ 590,259 $ 656,267 December 31, Long-lived assets by geographic area (in thousands) 2017 2016 United States $ 130,587 $ 55,577 Germany 42,651 10,242 UK 12,592 10,584 India 7,618 3,949 Italy 5,213 5,258 China 4,828 4,779 France 3,851 5,209 Mexico 2,853 245 Other 7,346 3,870 Total long-lived assets $ 217,539 $ 99,713 |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information Summary Quarterly Data — Unaudited (in thousands, except per share information) First Quarter Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2017 Net revenues $ 145,208 $ 151,231 $ 159,693 $ 205,578 Gross profit 46,633 47,668 47,303 59,216 Net income (loss) 4,773 8,970 3,617 (5,571 ) Earnings (loss) per common share: Basic $ 0.29 $ 0.54 $ 0.22 $ (0.32 ) Diluted 0.29 0.54 0.22 (0.32 ) Dividends per common share 0.0375 0.0375 0.0375 0.0375 Year Ended December 31, 2016 Net revenues $ 150,798 $ 146,392 $ 134,833 $ 158,236 Gross profit 45,233 46,431 42,354 49,097 Net income (loss) 3,872 3,813 4,418 (2,002 ) Earnings per common share: Basic $ 0.24 $ 0.23 $ 0.27 $ (0.12 ) Diluted 0.23 0.23 0.27 (0.12 ) Dividends per common share 0.0375 0.0375 0.0375 0.0375 We had a net loss in Q4 primarily due to transition costs associated with the acquisition of FH and the related debt refinancing. We do not anticipate this trend to continue. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | Additions (Reductions) Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions (1) Balance at End of Period (in thousands) Year ended December 31, 2017 Deducted from asset account: Allowance for doubtful accounts $ 5,056 $ (87 ) $ 378 $ (556 ) $ 4,791 Year ended December 31, 2016 Deducted from asset account: Allowance for doubtful accounts (2) $ 8,290 $ 613 $ 425 $ (4,272 ) $ 5,056 Year ended December 31, 2015 Deducted from asset account: Allowance for doubtful accounts $ 9,536 $ 2,561 $ (1,748 ) $ (2,059 ) $ 8,290 (1) Uncollectible accounts written off, net of recoveries. |
Summary Of Significant Accoun27
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation And Basis Of Presentation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of CIRCOR and its subsidiaries. The results of companies acquired during the year are included in the consolidated financial statements from the date of acquisition. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use Of Estimates | Use of Estimates The preparation of these financial statements in conformity with generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Some of the more significant estimates relate to acquisition accounting, estimated total costs for ongoing long-term contracts accounted for under the percentage of completion method, inventory valuation, share-based compensation, amortization and impairment of long-lived assets, pension benefits obligations, income taxes, penalty accruals for late shipments, asset valuations, and product warranties. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ materially from those estimates. |
Revenue Recognition | Revenue Recognition and Accounts Receivable Allowances Revenue is primarily recognized when title and risk of loss have passed to the customer, persuasive evidence of an arrangement exists, no significant post delivery obligations remain, the price to the buyers is fixed or determinable and collection of the resulting receivable is reasonably assured. |
Cost Of Revenue | Cost of Revenue Cost of revenue primarily reflects the costs of manufacturing and preparing products for sale and, to a much lesser extent, the costs of performing services. Cost of revenue is primarily comprised of the cost of materials, outside processing, inbound freight, production, direct labor and overhead including indirect labor, which are expenses that directly result from the level of production activity at the manufacturing plant. Additional expenses that directly result from the level of production activity at the manufacturing plant include: purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, utility expenses, property taxes, amortization of inventory step-up from revaluation at the date of acquisition, depreciation of production building and equipment assets, warranty costs, salaries and benefits paid to plant manufacturing management and maintenance supplies. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is generally determined on the first-in, first-out (“FIFO”) basis. Where appropriate, standard cost systems are utilized for purposes of determining cost; the standards are adjusted as necessary to ensure they approximate actual cost. We typically analyze our inventory aging and projected future usage on a quarterly basis to assess the adequacy of our inventory allowance, which primarily consist of obsolescence and net realizable value estimates. These estimates are measured on an item-by-item basis determined based on the difference between the cost of the inventory and estimated market value. The provision for inventory allowance is a component of our cost of revenues. Assumptions about future demand are among the primary factors utilized to estimate market value. At the point of the loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. |
Penalty Accruals | Penalty Accruals Certain customer agreements, primarily in our long-cycle project related businesses and large aerospace programs, contain late shipment penalty clauses whereby we are contractually obligated to pay consideration to our customers if we do not meet specified shipment dates. The accrual for estimated penalties is shown as a reduction of revenue and is based on several factors including historical customer settlement experience and management’s assessment of specific shipment delay information. Accruals related to these potential late shipment penalties as of December 31, 2017 and 2016 were $2 million and $5 million , respectively. As we conclude performance under these agreements, the actual amount of consideration paid to our customers may vary from the amounts we currently have accrued. |
Business Acquisitions | Business Acquisitions We account for business combinations under the acquisition method, and accordingly, the assets and liabilities of the acquired businesses are recorded at their estimated fair value on the acquisition date with the excess of the purchase price over their estimated fair value recorded as goodwill. We determine acquisition related asset and liability fair values through established valuation techniques for industrial manufacturing companies and utilize third party valuation firms to assist in the valuation of certain tangible and intangible assets. The consideration for our acquisitions may include future payments that are contingent upon the occurrence of a particular event. For acquisitions that qualify as business combinations, we record an obligation for such contingent payments at fair value on the acquisition date. We estimate the fair value of contingent consideration obligations through valuation models that incorporate probability adjusted assumptions related to the achievement of the milestones and thus likelihood of making related payments or by using a Monte Carlo simulation model. We revalue these contingent consideration obligations each reporting period. Changes in the fair value of our contingent consideration obligations are recognized within general and administrative expense in our consolidated statements of income. Accounting Standards Codification ("ASC") Topic 805, Business Combinations, provides guidance regarding business combinations and requires acquisition-date fair value measurement of identifiable assets acquired, liabilities assumed, and non-controlling interests in the acquiree. For additional information, refer to Note 3, Business Acquisitions. |
Goodwill And Intangible Assets | Goodwill Goodwill is measured as the excess of the cost of acquisition over the sum of the amounts assigned to identifiable tangible and intangible assets acquired less liabilities assumed. For goodwill, we perform an impairment assessment at the reporting unit level on an annual basis as of the end of our October month end or more frequently if circumstances warrant. Our annual impairment assessment requires a comparison of the fair value of each of our reporting units to the respective carrying value. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying value of a reporting unit is greater than its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Additionally, we will consider the income tax effect from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. Determining the fair value of a reporting unit is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, we estimate the fair value of our reporting units using an income approach based on the present value of future cash flows. We believe this approach yields the most appropriate evidence of fair value. We also utilize the comparable company multiples method and market transaction fair value method to validate the fair value amount we obtain using the income approach. The key assumptions utilized in our discounted cash flow model include our estimates of future cash flows from operating activities offset by estimated capital expenditures of the reporting unit, the estimated terminal value for each reporting unit, a discount rate based on a weighted average cost of capital, and overall economic conditions. Any unfavorable material changes to these key assumptions could potentially impact our fair value determinations. As such, we may experience fluctuations in revenues and operating results resulting in the non-achievement of our estimated growth rates, operating performance and working capital estimates utilized in our discounted cash flow models. For more information related to our Goodwill, see Note 7, Goodwill and Other Intangible Assets. Indefinite-Lived Intangible Assets For intangible assets with indefinite lives, we perform an impairment assessment at the asset level on an annual basis as of the end of our October month end or more frequently if circumstances warrant. Indefinite-lived intangible assets, such as trade names, are generally recorded and valued in connection with a business acquisition. These assets are reviewed at least annually for impairment, or more frequently if facts and circumstances warrant. We also utilized a fair value calculation to evaluate these intangibles. Determining the fair value is subjective and requires the use of significant estimates and assumptions. With the assistance of an independent third-party appraisal firm, we estimate the fair value using an income approach based on the present value of future cash flows. We note the fair value of each individual indefinite-lived asset exceeded the respective carrying amount, and no intangible impairments were recorded. |
Impairment Of Other Long-Lived Assets | Other Long-Lived Assets In accordance with ASC 360, Plant, Property, and Equipment, we perform impairment analyses of our long-lived assets, such as property, plant and equipment, whenever events and circumstances indicate that they may be impaired. When the undiscounted future cash flows are expected to be less than the carrying value of identified asset groupings being reviewed for impairment, the asset groupings are written down to fair value. |
Pension Benefits | Post Retirement Benefits Pensions and other post-retirement benefits obligations and net periodic benefit costs are actuarially determined and are affected by several assumptions including the discount rate, mortality, and the expected long-term return on plan assets. Changes in the assumptions and differences from actual results will affect the amounts of net periodic benefit cost recognized in future periods. These assumptions may also have an effect on the amount and timing of future cash contributions. As required in the recognition and disclosure provisions of ASC Topic 715, Compensation - Retirement Benefits, the Company recognizes the over-funded or under-funded status of defined benefit post-retirement plans in its balance sheet, measured as the difference between the fair value of plan assets and the benefit obligations (the projected benefit obligation for pension plans and the accumulated post-retirement benefit obligation for other post-retirement plans). The change in the funded status is the net of the recognized net periodic benefit cost, cash contributions to the trust/benefits paid directly by CIRCOR and recognized changes in other comprehensive income. Other comprehensive income changes are due to new actuarial gains and losses and new plan amendments and the amortizations of amounts in the net periodic benefit cost. Unrecognized actuarial gains and losses in excess of the 10% corridor (defined as the threshold above which gains or losses need to be amortized) are being recognized for all plans over the weighted average expected remaining life of the employee group. Unrecognized actuarial gains and losses arise from several factors including experience and assumption changes in the benefit obligations and from the difference between expected returns and actual returns on plan assets. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if we anticipate that it is more likely than not that we may not realize some or all of a deferred tax asset. In accordance with the provisions of ASC Topic 740, Income Taxes, the Company initially recognizes the financial statement effect of a tax position when, based solely on its technical merits, it is more likely than not (a likelihood of greater than fifty percent) that the position will be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard, are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. If future results of operations exceed our current expectations, our existing tax valuation allowances may be adjusted, resulting in future tax benefits. Alternatively, if future results of operations are less than expected, future assessments may result in a determination that some or all of the deferred tax assets are not realizable. Consequently, we may need to establish additional tax valuation allowances for a portion or all of the gross deferred tax assets, which may have a material adverse effect on our results of operations. Under ASC Topic 740, only the portion of the liability that is expected to be paid within one year is classified as a current liability. As a result, liabilities expected to be resolved without the payment of cash (e.g., due to the expiration of the statute of limitations) or are not expected to be paid within one year are classified as non-current. It is the Company’s policy to record estimated interest and penalties as income tax expense and tax credits as a reduction in income tax expense. For more information related to our Income Taxes, see Note 8, Income Taxes. |
Share-Based Compensation | Share-Based Compensation Share-based compensation costs are based on the grant date fair value estimated in accordance with the provisions of ASC 718, Accounting for Share Based Payments, and these costs are recognized over the requisite vesting period. The Black-Scholes option pricing model is used to estimate the fair value of each stock option at the date of grant excluding the 2013 and 2014 CEO and CFO stock option awards which are valued using the Monte Carlo option pricing model as these are market condition awards. Black-Scholes utilizes assumptions related to volatility, the risk-free interest rate, the dividend yield and employee exercise behavior. Expected volatilities utilized in the model are based on the historic volatility of the Company’s stock price. The risk-free interest rate is derived from the U.S. Treasury Yield curve in effect at the time of the grant. The model incorporates exercise and post-vesting forfeiture assumptions based on an analysis of historical data. Market condition stock option awards include both a service period and a market performance vesting condition. The stock options vest if certain stock price targets are met based on the stock price closing at or above the target for 60 consecutive trading days. Vested options may be exercised 25% at the time of vesting, 50% one year from the date of vesting and 100% two years from the date of vesting. These market condition stock option awards are being expensed utilizing a graded method and are subject to forfeiture in the event of employment termination (whether voluntary or involuntary) prior to vesting. To the extent that the market conditions above (stock price targets) are not met, those options will not vest and will forfeit 5 years from grant date. The Company used a Monte Carlo simulation option pricing model to value these option awards. |
Environmental Compliance And Remediation | Environmental Compliance and Remediation Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to existing conditions caused by past operations, which do not contribute to current or future revenue generation, are expensed. Expenditures that meet the criteria of "Regulated Operations" are capitalized. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. In accordance with ASC 450, Contingencies, estimated costs are based upon current laws and regulations, existing technology and the most probable method of remediation. |
Foreign Currency Translation | Foreign Currency Our international subsidiaries operate and report their financial results using local functional currencies. Accordingly, all assets, liabilities, revenues and costs of these subsidiaries are translated into United States dollars using exchange rates in effect at the end of the relevant periods. The resulting translation adjustments are presented as a separate component of other comprehensive income. We do not provide for U.S. income taxes on foreign currency translation adjustments since we do not provide for such taxes on undistributed earnings of foreign subsidiaries. Our net foreign exchange losses / (gains) recorded for the years ended December 31, 2017 , 2016 and 2015 were $2.1 million , $2.1 million , and $0.8 million , respectively and are included in other (income) expense in the consolidated statements of income. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share are calculated by dividing net income by the number of weighted average common shares outstanding. Diluted earnings per common share is calculated by dividing net income by the weighted average common shares outstanding and assumes the conversion of all dilutive securities when the effects of such conversion would not be anti-dilutive. Earnings per common share and the weighted average number of shares used to compute net earnings per common share, basic and assuming full dilution, are reconciled below (in thousands, except per share data): Year Ended December 31, 2017 2016 2015 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 11,789 16,674 $ 0.71 $ 10,101 16,418 $ 0.62 $ 9,863 16,850 $ 0.59 Dilutive securities, principally common stock options 175 (0.01 ) 118 (0.01 ) 63 (0.01 ) Diluted EPS $ 11,789 16,849 $ 0.70 $ 10,101 16,536 $ 0.61 $ 9,863 16,913 $ 0.58 Certain stock options to purchase common shares and restricted stock units ("RSUs") were anti-dilutive. There were 252,001 anti-dilutive stock options and RSUs for the year ended December 31, 2017 with exercise prices ranging from $51.84 to $71.56 . There were 36,281 anti-dilutive stock options and RSUs for the year ended December 31, 2016 with exercise prices ranging from $70.42 to $79.33 . There were 297,915 anti-dilutive stock options and RSUs for the year ended December 31, 2015 with exercise prices ranging from $41.17 to $79.33 . As of December 31, 2017 , there were 2,876 outstanding RSUs that contain rights to nonforfeitable dividend equivalents and are considered participating securities that are included in our computation of basic and fully diluted earnings per share. |
Fair Value | Fair Value ASC Topic 820, Fair Value Measurement, defines fair value and includes a framework for measuring fair value and disclosing fair value measurements in financial statements. Fair value is a market-based measurement rather than an entity-specific measurement. The fair value hierarchy makes a distinction between assumptions developed based on market data obtained from independent sources (observable inputs) and the reporting entity’s own assumptions (unobservable inputs). This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). We utilize fair value measurements for forward currency contracts, guarantee and indemnification obligations, certain pension plan assets, and certain intangible assets. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets, which typically range from 3 to 40 years for buildings and improvements, 3 to 10 years for manufacturing machinery and equipment, computer equipment and software, and furniture and fixtures. Motor vehicles are depreciated over a range of 2 to 6 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Repairs and maintenance costs are expensed as incurred. The Company reports depreciation of property, plant and equipment in cost of revenue and selling, general and administrative expenses based on the nature of the underlying assets. Depreciation primarily related to equipment used in the production of inventory is recorded in cost of revenue. Depreciation related to selling and administrative functions is reported in selling, general and administrative expenses. |
Research and Development | Research and Development Research and development expenditures, including certain engineering costs, are expensed when incurred and are included in selling, general and administrative expenses. |
Summary Of Significant Accoun28
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Reconciliation Of Earnings Per Share | Earnings per common share and the weighted average number of shares used to compute net earnings per common share, basic and assuming full dilution, are reconciled below (in thousands, except per share data): Year Ended December 31, 2017 2016 2015 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic EPS $ 11,789 16,674 $ 0.71 $ 10,101 16,418 $ 0.62 $ 9,863 16,850 $ 0.59 Dilutive securities, principally common stock options 175 (0.01 ) 118 (0.01 ) 63 (0.01 ) Diluted EPS $ 11,789 16,849 $ 0.70 $ 10,101 16,536 $ 0.61 $ 9,863 16,913 $ 0.58 |
Business Acquisitions Business
Business Acquisitions Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the assets acquired and the liabilities assumed, at the date of acquisition: (in thousands) Cash and cash equivalents $ 6,603 Accounts receivable 28,128 Unbilled receivable 10,786 Inventory 18,701 Prepaid and other current assets 5,671 Property, plant and equipment 21,214 Identifiable intangible assets 101,600 Accounts payable (11,655 ) Accrued and other expenses (8,866 ) Deferred revenue (3,997 ) Deferred income taxes (40,645 ) Long term income tax payable (556 ) Total identifiable net assets $ 126,984 Goodwill 89,473 Total purchase price $ 216,457 The following table summarizes the preliminary fair value of the assets acquired and the liabilities assumed, at the date of acquisition: (in thousands) Cash and cash equivalents (a) $ 63,403 Restricted cash (a) 1,911 Accounts receivable 77,970 Inventory 79,329 Prepaid expenses and other current assets 16,937 Deferred income taxes 41,454 Property, plant and equipment 115,891 Identifiable intangible assets 388,000 Other assets 338 Accounts payable (46,045 ) Cash payable to seller (a) (65,314 ) Accrued and other expenses (63,115 ) Long-term post-retirement liabilities (143,067 ) Other long-term liabilities (11,215 ) Deferred tax liabilities (45,933 ) Total identifiable net assets $ 410,544 Goodwill 293,344 Total purchase price $ 703,888 Consideration Base purchase price 542,000 Net working capital and other purchase accounting adjustments 18,121 Common Stock 143,767 Total $ 703,888 (a) cash acquired to be returned to seller. |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The FH acquisition resulted in the preliminary identification of the following identifiable intangible assets: Intangible assets acquired (in thousands) Weighted average amortization period (in years) Customer relationships $ 215,000 22 Existing technologies 107,000 20 Trade names 44,000 Indefinite-life Backlog 22,000 4 Total intangible assets $ 388,000 |
Pro Forma Information | The unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies or the effect of the incremental costs incurred in integrating the two companies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations (in thousands): (Unaudited) Year ended December 31, Year ended December 31, 2017 2016 Net Revenues $ 1,098,978 $ 1,052,277 Net Income $ (6,475 ) $ (51,288 ) |
Special Charges (Tables)
Special Charges (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | ||
Schedule of Restructuring and Related Costs | During 2016, we initiated certain restructuring activities, under which we continued to simplify our business ("2016 Actions"). Under these restructurings, we reduced expenses, primarily through reductions in force and closing a number of smaller facilities. Charges with this action were finalized in 2017. 2016 Actions Restructuring Charges / (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Total Facility related expenses - incurred to date $ 708 $ 94 $ 802 Employee related expenses - incurred to date 2,476 1,181 3,657 Total restructuring related special charges - incurred to date $ 3,184 $ 1,275 $ 4,459 In July 2015, we announced the closure of one of the two Corona, California manufacturing facilities ("California Restructuring"). Under this restructuring, we are reducing certain general, manufacturing and facility related expenses. Charges with this action were finalized in the fourth quarter of 2016. California Restructuring Charges, net as of December 31, 2017 Advanced Flow Solutions Facility related expenses - incurred to date $ 3,700 Employee related expenses - incurred to date 800 Total restructuring related special charges - incurred to date $ 4,500 The table below (in thousands) summarizes the amounts recorded within the special and restructuring charges, net line item on the consolidated statements of income for the periods ending December 31, 2017, 2016, and 2015: Special & Restructuring Charges, net For the year ended December 31, 2017 2016 2015 Special charges, net $ 7,989 $ 8,196 $ 9,720 Restructuring charges, net 6,063 8,975 4,634 Total special and restructuring charges, net $ 14,051 $ 17,171 $ 14,354 The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2016: Special Charges, net For the year ended December 31, 2016 Energy Advanced Flow Solutions Corporate Total Acquisition related charges — (161 ) 978 817 Brazil closure 2,920 — 2 2,922 Pension settlement — — 4,457 4,457 Total special charges, net $ 2,920 $ (161 ) $ 5,437 $ 8,196 The following table (in thousands) summarizes the total program costs for the 2015 Announced Restructuring as of December 31, 2016. Charges with this action were finalized in the fourth quarter of 2015. 2015 Announced Restructuring Charges / (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Corporate Total Facility related expenses - incurred to date $ (382 ) $ 257 $ — $ (125 ) Employee related expenses - incurred to date 3,425 740 — 4,165 Total restructuring related charges - incurred to date $ 3,043 $ 997 $ — $ 4,040 The tables below (in thousands) outline the charges (or any recoveries) associated with restructuring actions recorded for the year ending December 31, 2017, 2016, and 2015. A description of the restructuring actions is provided in the section titled "Restructuring Programs Summary" below. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2017 Energy Advanced Flow Solutions Corporate Total Facility related expenses $ 2,523 $ 443 $ — $ 2,966 Employee related expenses 1,035 2,062 — 3,097 Total restructuring charges, net $ 3,558 $ 2,505 $ — $ 6,063 Accrued restructuring charges as of December 31, 2016 $ 1,618 Total year to date charges, net (shown above) 6,063 Charges paid / settled, net (6,095 ) Accrued restructuring charges as of December 31, 2017 $ 1,586 We expect to make payment or settle the majority of the restructuring charges accrued as of December 31, 2017 during the first first half of 2018. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2016 Energy Advanced Flow Solutions Corporate Total Facility related expenses $ 792 $ 3,701 $ — $ 4,493 Employee related expenses 2,393 2,089 — 4,482 Total restructuring charges, net $ 3,185 $ 5,790 $ — $ 8,975 Accrued restructuring charges as of December 31, 2015 $ 663 Total year to date charges, net (shown above) 8,975 Charges paid / settled, net (8,020 ) Accrued restructuring charges as of December 31, 2016 1,618 $ 1,618 Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2015 Energy Advanced Flow Solutions Corporate Total Facility related expenses $ (376 ) $ 257 $ — $ (119 ) Employee related expenses 3,279 1,474 — 4,753 Total restructuring charges, net $ 2,903 $ 1,731 $ — $ 4,634 Accrued restructuring charges as of December 31, 2014 $ 1,645 Total year to date charges, net (shown above) 4,634 Charges paid / settled, net (5,616 ) Accrued restructuring charges as of December 31, 2015 $ 663 The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2017: Special Charges, net For the year ended December 31, 2017 Energy Advanced Flow Solutions Corporate Total Acquisition-related charges $ 54 $ 12 $ 12,995 $ 13,061 Brazil closure 879 — — 879 Divestitures — 3,748 101 3,849 Contingent consideration revaluation (12,200 ) — (12,200 ) California Legal Settlement — 2,400 — 2,400 Total special charges, net $ (11,267 ) $ 6,160 $ 13,096 $ 7,989 The following table (in thousands) summarizes the total program costs for the 2014 Announced Restructuring as of December 31, 2016. Charges with this action were finalized in the second quarter of 2015. We do not anticipate any additional restructuring related charges associated with the 2014 Announced Restructuring action. 2014 Announced Restructuring Charges / (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Corporate Total Facility related expenses - incurred to date $ (64 ) $ 95 $ — $ 31 Employee related expenses - incurred to date 1,463 2,956 317 4,736 Total restructuring related charges - incurred to date $ 1,399 $ 3,051 $ 317 $ 4,767 The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2015: Special Charges, net For the year ended December 31, 2015 Energy Advanced Flow Solutions Corporate Total Divestitures (2 ) (1,042 ) — (1,044 ) Acquisition related charges — 919 — 919 Brazil closure 8,650 — 775 9,425 Executive retirement charges — — 420 420 Total special charges, net $ 8,648 $ (123 ) $ 1,195 $ 9,720 | Special and Restructuring charges, net Special and Restructuring Charges, net Special and restructuring charges, net consist of restructuring costs (including costs to exit a product line or program) as well as certain special charges such as significant litigation settlements and other transactions (charges or recoveries) that are described below. All items described below are recorded in Special and restructuring charges, net on our consolidated statements of income. Certain other special and restructuring charges such as inventory related items may be recorded in cost of revenues given the nature of the item. The table below (in thousands) summarizes the amounts recorded within the special and restructuring charges, net line item on the consolidated statements of income for the periods ending December 31, 2017, 2016, and 2015: Special & Restructuring Charges, net For the year ended December 31, 2017 2016 2015 Special charges, net $ 7,989 $ 8,196 $ 9,720 Restructuring charges, net 6,063 8,975 4,634 Total special and restructuring charges, net $ 14,051 $ 17,171 $ 14,354 Special Charges, net The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2017: Special Charges, net For the year ended December 31, 2017 Energy Advanced Flow Solutions Corporate Total Acquisition-related charges $ 54 $ 12 $ 12,995 $ 13,061 Brazil closure 879 — — 879 Divestitures — 3,748 101 3,849 Contingent consideration revaluation (12,200 ) — (12,200 ) California Legal Settlement — 2,400 — 2,400 Total special charges, net $ (11,267 ) $ 6,160 $ 13,096 $ 7,989 Acquisition related charges: • On December 11, 2017, we acquired FH. In connection with our acquisition, we recorded $13.0 million of acquisition related professional fees and debt extinguishment fees during the twelve months ended December 31, 2017. • On October 12, 2016, we acquired CFS. In connection with our acquisition, we recorded $0.1 million of acquisition related professional fees during the twelve months ended December 31, 2017. Brazil Closure: On November 3, 2015, our Board of Directors approved the closure and exit of our Brazil manufacturing operations due to the economic realities in Brazil and the ongoing challenges with our only significant end customer, Petrobras. CIRCOR Brazil reported substantial operating losses every year since it was acquired in 2011 while the underlying market conditions and outlook deteriorated. In connection with the closure, we recorded $0.9 million of charges within the Energy segment during the year ended December 31, 2017, which relates to losses incurred subsequent to our closure of manufacturing operations during the first quarter of 2016. Divestiture: On July 7, 2017, we divested our French non-core aerospace build-to-print business within our Advanced Flow Solutions segment as part of our simplification strategy. We considered this business as non-core because the products or services did not fit our strategy and the long-term profitable growth prospects were below our expectations. Divestiture of this non-core business enables us to focus resources on businesses where there is greater opportunity to achieve sales growth, higher margins, and market leadership. We measured the disposal group at its fair value less cost to sell, which was lower than its carrying value, and recorded a $3.8 million charge during the second quarter of 2017. Also, in connection with this disposition we recorded a $1.5 million of severance included as a restructuring charge. Contingent Consideration Revaluation: The fair value of the earn-out decreased $12.2 million during the twelve months ended December 31, 2017. The change in fair value during the year ended December 31, 2017 was recorded as a recovery within the special and restructuring charges (recoveries) line on our condensed consolidated statement of income. The actual achievement of the earn-out was zero and the earn-out period expired on September 30, 2017. California Legal Settlement: We recorded a special charge of $2.4 million during the fourth quarter of 2017 related to settlement of a wage and hour claim in our California Aerospace business. The claim was settled on February 21, 2018. Refer to Note 14, " Contingencies, Commitments and Guarantees" for additional disclosure. The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2016: Special Charges, net For the year ended December 31, 2016 Energy Advanced Flow Solutions Corporate Total Acquisition related charges — (161 ) 978 817 Brazil closure 2,920 — 2 2,922 Pension settlement — — 4,457 4,457 Total special charges, net $ 2,920 $ (161 ) $ 5,437 $ 8,196 Acquisition related charges (recoveries) are described below: • On October 12, 2016, we acquired CFS. In connection with our acquisition, we recorded $1.0 million of acquisition related professional fees for the year ended December 31, 2016. • On April 15, 2015, we acquired Germany-based Schroedahl. In connection with our acquisition of Schroedahl, we recorded a $0.2 million acquisition related professional fees adjusted for the year ended December 31, 2016. Brazil Closure: On November 3, 2015 our Board of Directors approved the closure and exit of our Brazil manufacturing operations due to the economic realities in Brazil and the ongoing challenges with our only significant end customer, Petrobras. CIRCOR Brazil reported substantial operating losses every year since it was acquired in 2011 while the underlying market conditions and outlook deteriorated. In connection with the closure, we recorded $2.9 million of charges within the Energy segment during the twelve months ended December 31, 2016, which primarily related to employee termination costs and losses incurred subsequent to our closure of manufacturing operations during the first quarter of 2016. Pension Settlement: During the third quarter of 2016, management offered a lump sum cash payout option to terminated and vested pension plan participants. In connection with this action, the window for participants who opt to avail themselves of this program closed in the fourth quarter of 2016. During the fourth quarter of 2016, we incurred a settlement charge of $4.5 million recorded within the special and restructuring charges, net line item. Refer to Note 13, Retirement Plans, for additional disclosure. The table below (in thousands) outlines the special charges, net recorded for the year ending December 31, 2015: Special Charges, net For the year ended December 31, 2015 Energy Advanced Flow Solutions Corporate Total Divestitures (2 ) (1,042 ) — (1,044 ) Acquisition related charges — 919 — 919 Brazil closure 8,650 — 775 9,425 Executive retirement charges — — 420 420 Total special charges, net $ 8,648 $ (123 ) $ 1,195 $ 9,720 Divestiture recoveries: On January 6, 2015, we announced the divestiture of two of our non-core businesses as part of our simplification strategy. The Energy divestiture was substantially completed in the fourth quarter of 2014 with the related charge recorded in 2014. During the first quarter of 2015, the Advanced Flow Solutions divestiture was substantially completed and we recorded a gain of $1.0 million . Acquisition related charges: In connection with our acquisition of Schroedahl, we recorded $0.9 million of acquisition related professional fees for the year ended December 31, 2015. Brazil closure: In connection with the closure, we recorded $8.7 million in charges within our Energy segment during the year ended December 31, 2015. These charges related to: the realizability of the value added tax recoverable for $4.4 million as our exit would stop future sales which would be needed to recover these taxes paid, supplier cancellation penalties of $1.6 million as we had fixed purchase commitments which would be canceled, customer cancellation penalties of $1.1 million , litigation claims of $0.5 million that we deemed probable for risk of loss, professional fees of $0.3 million , and other charges of $0.8 million . In addition, during the fourth quarter of 2015, we recorded $0.8 million of professional fees associated with the Brazil matter at Corporate. As of December 31, 2015, our remaining Brazil assets were $7.1 million of which $4.2 million relates to inventory, $1.0 million to accounts receivable, and $1.0 million to cash. Executive Retirement Charges: During the first quarter of 2015, we recorded charges of $0.4 million associated with the retirement of our Energy President. These charges primarily related to equity award modifications. Restructuring Charges, net The tables below (in thousands) outline the charges (or any recoveries) associated with restructuring actions recorded for the year ending December 31, 2017, 2016, and 2015. A description of the restructuring actions is provided in the section titled "Restructuring Programs Summary" below. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2017 Energy Advanced Flow Solutions Corporate Total Facility related expenses $ 2,523 $ 443 $ — $ 2,966 Employee related expenses 1,035 2,062 — 3,097 Total restructuring charges, net $ 3,558 $ 2,505 $ — $ 6,063 Accrued restructuring charges as of December 31, 2016 $ 1,618 Total year to date charges, net (shown above) 6,063 Charges paid / settled, net (6,095 ) Accrued restructuring charges as of December 31, 2017 $ 1,586 We expect to make payment or settle the majority of the restructuring charges accrued as of December 31, 2017 during the first first half of 2018. Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2016 Energy Advanced Flow Solutions Corporate Total Facility related expenses $ 792 $ 3,701 $ — $ 4,493 Employee related expenses 2,393 2,089 — 4,482 Total restructuring charges, net $ 3,185 $ 5,790 $ — $ 8,975 Accrued restructuring charges as of December 31, 2015 $ 663 Total year to date charges, net (shown above) 8,975 Charges paid / settled, net (8,020 ) Accrued restructuring charges as of December 31, 2016 1,618 $ 1,618 Restructuring Charges / (Recoveries) As of and for the year ended December 31, 2015 Energy Advanced Flow Solutions Corporate Total Facility related expenses $ (376 ) $ 257 $ — $ (119 ) Employee related expenses 3,279 1,474 — 4,753 Total restructuring charges, net $ 2,903 $ 1,731 $ — $ 4,634 Accrued restructuring charges as of December 31, 2014 $ 1,645 Total year to date charges, net (shown above) 4,634 Charges paid / settled, net (5,616 ) Accrued restructuring charges as of December 31, 2015 $ 663 Restructuring Programs Summary As specific restructuring programs are announced, the amounts associated with that particular action may be recorded in periods other than when announced to comply with the applicable accounting rules. For example, total cost associated with 2017 Actions (as discussed below) will be recorded in 2017 and 2018. The amounts shown below reflect the total cost for that restructuring program. During 2017, we initiated certain restructuring activities, under which we continued to simplify our business ("2017 Actions"). Under these restructurings, we reduced expenses, primarily through reductions in force and closing a number of smaller facilities. Charges with this action were finalized in 2017. 2017 Actions Restructuring Charges (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Total Facility related expenses - incurred to date $ — $ 366 $ 366 Employee related expenses - incurred to date 598 1,892 2,490 Total restructuring related special charges - incurred to date $ 598 $ 2,258 $ 2,856 During 2016, we initiated certain restructuring activities, under which we continued to simplify our business ("2016 Actions"). Under these restructurings, we reduced expenses, primarily through reductions in force and closing a number of smaller facilities. Charges with this action were finalized in 2017. 2016 Actions Restructuring Charges / (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Total Facility related expenses - incurred to date $ 708 $ 94 $ 802 Employee related expenses - incurred to date 2,476 1,181 3,657 Total restructuring related special charges - incurred to date $ 3,184 $ 1,275 $ 4,459 In July 2015, we announced the closure of one of the two Corona, California manufacturing facilities ("California Restructuring"). Under this restructuring, we are reducing certain general, manufacturing and facility related expenses. Charges with this action were finalized in the fourth quarter of 2016. California Restructuring Charges, net as of December 31, 2017 Advanced Flow Solutions Facility related expenses - incurred to date $ 3,700 Employee related expenses - incurred to date 800 Total restructuring related special charges - incurred to date $ 4,500 On February 18, 2015, we announced a restructuring action ("2015 Announced Restructuring"), under which we continued to simplify our businesses. Under this action, we reduced certain general, administrative and manufacturing related expenses primarily personnel related. The following table (in thousands) summarizes the total program costs for the 2015 Announced Restructuring as of December 31, 2016. Charges with this action were finalized in the fourth quarter of 2015. 2015 Announced Restructuring Charges / (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Corporate Total Facility related expenses - incurred to date $ (382 ) $ 257 $ — $ (125 ) Employee related expenses - incurred to date 3,425 740 — 4,165 Total restructuring related charges - incurred to date $ 3,043 $ 997 $ — $ 4,040 On April 22, 2014, we announced additional restructuring actions ("2014 Announced Restructuring"), under which we continued to simplify our businesses. Under this action, we reduced certain general and administrative expenses, including the reduction of certain management layers, and closing a number of smaller facilities. The following table (in thousands) summarizes the total program costs for the 2014 Announced Restructuring as of December 31, 2016. Charges with this action were finalized in the second quarter of 2015. We do not anticipate any additional restructuring related charges associated with the 2014 Announced Restructuring action. 2014 Announced Restructuring Charges / (Recoveries), net as of December 31, 2017 Energy Advanced Flow Solutions Corporate Total Facility related expenses - incurred to date $ (64 ) $ 95 $ — $ 31 Employee related expenses - incurred to date 1,463 2,956 317 4,736 Total restructuring related charges - incurred to date $ 1,399 $ 3,051 $ 317 $ 4,767 Additional Restructuring Charges In conjunction with the restructuring actions noted above, we incur certain costs, primarily related to inventory, that are recorded in cost of revenues instead of special and restructuring charges. Such restructuring-related amounts totaled $0.0 million , $2.8 million , and $9.4 million for the years ending December 31, 2017, 2016 and 2015, respectively, and are described further below. During the first and fourth quarters of 2016, in connection with the restructuring of certain structural landing gear product lines, we recorded inventory related charges of less than $0.1 million , and $0.8 million respectively, within the Advanced Flow Solutions segment. During the first and second quarters of 2016, we recorded restructuring related inventory $1.9 million and $0.1 million respectively, associated with the closure of manufacturing operations and the exit of the gate, globe and check valves product line in Brazil. As of December 31, 2017, no inventory amounts remain on our balance sheet for the gate, globe, and check valves product line. During the third and fourth quarters of 2015, we recorded restructuring related inventory charges of $6.4 million and $0.5 million , respectively, associated with the closure of manufacturing operations and the exit of the gate, globe and check valves product line in Brazil. $0.2 million associated with the exit of our Energy segment cable protection product line. During the second and fourth quarters of 2015, in connection with the restructuring of certain structural landing gear product lines, we recorded inventory related charges of $1.9 million , and $0.4 million , respectively, within the Advanced Flow Solutions segment. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory, Net [Abstract] | |
Components Of Inventory | Inventories consisted of the following (in thousands): December 31, 2017 2016 Raw materials $ 82,372 $ 54,359 Work in process 121,709 68,718 Finished goods 40,815 26,507 Inventories $ 244,896 $ 149,584 Inventory of $79.3 million (inclusive of the fair value step up adjustment) was acquired from FH. Refer to Note 3, Business Acquisitions, for further detail. We regularly review inventory quantities on hand and record a provision to write-down excess and obsolete inventory to its estimated net realizable value, if less than cost, based primarily on our estimated forecast of product demand. Once our inventory value is written-down a new cost basis has been established. For 2017, 2016 and 2015 our charges for slow moving, acquisition inventory step-up amortization, and excess and obsolete inventory totaled $7.3 million , $9.3 million and $15.4 million respectively. Our provision for inventory obsolescence allowances was $3.0 million , $4.1 million , and $5.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): December 31, 2017 2016 Land $ 33,428 $ 13,082 Buildings and improvements 101,016 70,979 Manufacturing machinery and equipment 196,939 134,149 Computer equipment and software 31,204 23,982 Furniture and fixtures 12,526 9,930 Vehicles 1,118 1,027 Construction in progress 18,787 5,699 Property, plant and equipment, at cost 395,018 258,848 Less: Accumulated depreciation (177,479 ) (159,135 ) Property, plant and equipment, at cost, net $ 217,539 $ 99,713 |
Goodwill And Other Intangible33
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by Segment | The following table shows goodwill by segment as of December 31, 2017 and 2016 (in thousands): Energy Advanced Flow Solutions Fluid Handling Consolidated Total Goodwill as of December 31, 2016 $ 144,405 $ 62,254 $ — $ 206,659 Business acquisition (1) (3,756 ) — 293,344 289,588 Transfers — — — — Currency translation adjustments 2,709 6,224 582 9,515 Goodwill as of December 31, 2017 $ 143,358 $ 68,478 $ 293,926 $ 505,762 (1) The activity in the Energy segment relates to settlement of escrow amounts and tax amounts. Energy Advanced Flow Solutions Consolidated Total Goodwill as of December 31, 2015 $ 43,687 $ 71,765 $ 115,452 Business acquisition 93,228 197 93,425 Transfers (1) 8,285 (8,285 ) — Currency translation adjustments (795 ) (1,423 ) (2,218 ) Goodwill as of December 31, 2016 $ 144,405 $ 62,254 $ 206,659 (1) In connection with our organizational realignment during the fourth quarter of 2016, certain goodwill amounts transferred from Energy to Advanced Flow Solutions. |
Gross Intangible Assets and Related Accumulated Amortization | The tables below present gross intangible assets and the related accumulated amortization (in thousands): December 31, 2017 Gross Carrying Amount Impairment Charges Accumulated Amortization Net Carrying Value Patents $ 5,399 $ (5,399 ) $ — Non-amortized intangibles (primarily trademarks and tradenames) 83,872 — — 83,872 Customer relationships 320,015 — (41,471 ) 278,544 Order backlog 29,650 — (8,850 ) 20,800 Acquired technology 135,360 — (5,687 ) 129,673 Other 5,372 — (4,897 ) 475 Total $ 579,668 $ — $ (66,304 ) $ 513,364 December 31, 2016 Gross Carrying Amount Impairment Charges Accumulated Amortization Net Carrying Value Patents $ 5,399 $ (208 ) $ (5,176 ) $ 15 Non-amortized intangibles (primarily trademarks and tradenames) 38,235 — — 38,235 Customer relationships 99,769 — (30,100 ) 69,669 Order backlog 6,955 — (6,336 ) 619 Acquired technology 28,044 — (1,512 ) 26,532 Other 5,095 — (4,386 ) 709 Total $ 183,497 $ (208 ) $ (47,510 ) $ 135,779 |
Estimated Future Amortization Expense | The table below presents estimated future amortization expense for intangible assets recorded as of December 31, 2017 (in thousands): 2018 2019 2020 2021 2022 After 2023 Estimated amortization expense $ 50,246 $ 48,585 $ 45,254 $ 43,173 $ 38,214 $ 204,020 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components Of Deferred Income Tax Liabilities And Assets | The significant components of our deferred income tax liabilities and assets were as follows (in thousands): December 31, 2017 2016 Deferred income tax liabilities: Excess tax over book depreciation $ 17,505 $ 11,210 Other 8,507 4,650 Intangible assets 57,968 42,837 Total deferred income tax liabilities 83,980 58,697 Deferred income tax assets: Accrued expenses 6,956 8,146 Equity compensation 4,622 6,461 Inventories 8,405 9,323 Net operating loss and state credit carry-forward 16,698 3,974 Foreign tax credit carryforward 16,602 18,177 Pension benefit obligation 46,030 5,262 Other 2,946 1,549 Total deferred income tax assets 102,259 52,892 Valuation allowance (22,067 ) (3,028 ) Deferred income tax asset, net of valuation allowance 80,192 49,864 Deferred income tax (liability)/asset, net $ (3,788 ) $ (8,833 ) |
Deferred Income Taxes Classified In Balance Sheets | The deferred income taxes by classification were as follows: December 31, 2017 2016 Long-term deferred income tax asset, net $ 22,334 $ 4,824 Long-term deferred income tax liability, net (26,122 ) (13,657 ) Deferred income tax (liability)/asset, net $ (3,788 ) $ (8,833 ) |
Components Of Pre-Tax Income (Loss) | The (benefit from) provision for income taxes is based on the following pre-tax income (in thousands): Year Ended December 31, 2017 2016 2015 Domestic $ 4,946 $ (16,766 ) $ 12,965 Foreign 1,167 26,446 9,463 Income before income taxes $ 6,113 $ 9,680 $ 22,428 |
Provision (Benefit) For Income Taxes | The provision for income taxes consisted of the following (in thousands): Year Ended December 31, 2017 2016 2015 Current provision: Federal - U.S. $ (447 ) $ (232 ) $ 705 Foreign 2,762 10,823 11,023 State -U.S. 442 (275 ) 56 Total current $ 2,757 $ 10,316 $ 11,784 Deferred provision (benefit): Federal - U.S. $ (3,406 ) $ (8,992 ) $ 2,618 Foreign (4,640 ) (3,328 ) (887 ) State -U.S. (388 ) 1,583 (950 ) Total (benefit) deferred $ (8,434 ) $ (10,737 ) $ 781 Total (benefit) provision for income taxes $ (5,676 ) $ (421 ) $ 12,565 |
Reconciliation Of Effective Income Tax Rate | Actual income taxes reported from operations were different from those that would have been computed by applying the federal statutory tax rate to income before income taxes. The expense for income taxes differed from the U.S. statutory rate due to the following: Year Ended December 31, 2017 2016 2015 Expected federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 0.3 (4.8 ) (0.7 ) Change in state tax rate — — 3.5 Change in valuation allowance on state net operating losses — 18.9 (7.3 ) Foreign tax rate differential (38.9 ) (38.4 ) (18.9 ) Unbenefited foreign losses 2.9 14.7 41.4 Foreign tax credits — (26.6 ) — Manufacturing deduction (2.8 ) — (1.6 ) Research and development credit (8.4 ) (6.6 ) (1.1 ) Foreign audit settlement — — 6.0 Transaction costs 8.5 3.1 (0.5 ) Release of contingent consideration (69.9 ) — — Provisional Impact of Tax Cuts and Jobs Act (8.2 ) — — Change in tax reserves (16.3 ) (0.5 ) 0.7 Other, net 4.9 0.8 (0.5 ) Effective tax rate (92.9 )% (4.4 )% 56.0 % |
Summary of Valuation Allowance | The following table provides a summary of the changes in the deferred tax valuation allowance for the years ended December 31, 2017 , 2016 , and 2015 (in thousands): December 31, 2017 2016 2015 Deferred tax valuation allowance at January 1 $ 3,028 $ 892 $ 9,448 Additions 712 2,257 15 Acquired 18,494 — — Deductions (167 ) (121 ) (7,798 ) Translation adjustments — — (773 ) Deferred tax valuation allowance at December 31 $ 22,067 $ 3,028 $ 892 |
Reconciliation Of Total Gross Unrecognized Tax Benefits | December 31, 2017 2016 2015 Balance beginning January 1 $ 3,000 $ 2,937 $ 1,978 Additions/(reductions) for tax positions of prior years (7 ) (102 ) 521 Additions/(reductions) based on tax positions related to current year (65 ) 483 69 Acquired uncertain tax position balance 1,221 1,326 Settlements (338 ) — (544 ) Lapse of statute of limitations (978 ) (328 ) (612 ) Currency movement 181 10 199 Balance ending December 31 $ 3,014 $ 3,000 $ 2,937 |
Accrued Expenses And Other Cu35
Accrued Expenses And Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued Expenses And Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, 2017 2016 Customer deposits and obligations $ 17,661 $ 5,673 Commissions and sales incentives payable 8,891 6,376 Penalty accruals 2,395 4,834 Warranty reserve 4,623 4,559 Professional fees 3,498 2,202 Taxes other than income tax 4,059 1,512 Deferred revenue 16,057 7,073 Current portion of long-term debt 7,865 — Cash due to FH seller 64,561 — Income tax payable 1,785 2,560 Other 39,059 15,918 Total accrued expenses and other current liabilities $ 170,454 $ 50,707 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt consisted of the following (in thousands): December 31, 2017 2016 Term Loan at interest rates of 4.93% $ 785,000 $ — Line of Credit at interest rates of 4.93% and 1.59%-4.00% in 2016 33,900 251,200 Total Principal Debt Outstanding $ 818,900 $ 251,200 Less: Term Loan Debt Issuance Costs 23,707 — Less: Current Portion 7,850 — Total Long-Term Debt, net $ 787,343 $ 251,200 |
Schedule of Financing Receivables, Minimum Payments [Table Text Block] | 2018 2019 2020 2021 2022 Thereafter Minimum principal payments $ 7,850 $ 7,850 $ 7,850 $ 7,850 $ 7,850 $ 745,750 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Estimated Weighted-Average Assumptions Of Stock Options | The average fair value of stock options granted during the year ended December 31, 2017, 2016, and 2015 of $19.36 , $17.88 , and $26.32 , respectively, was estimated using the following weighted-average assumptions: Year Ended December 31, 2017 2016 2015 Risk-free interest rate 1.7 % 1.2 % 1.4 % Expected life (years) 4.5 4.5 4.5 Expected stock volatility 35.1 % 36.2 % 40.4 % Expected dividend yield 0.2 % 0.4 % 0.3 % |
Stock-Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock Options Granted To Employees And Non-Employee Directors | A summary of the status of all stock options granted to employees and non-employee directors as of December 31, 2017 , 2016 , and 2015 and changes during the years are presented in the table below: December 31, 2017 2016 2015 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options outstanding at beginning of period 736,319 $ 52.30 570,737 $ 56.86 486,004 $ 57.85 Granted 142,428 60.99 210,633 38.89 118,992 51.84 Exercised (17,708 ) 39.91 (5,982 ) 41.05 (7,717 ) 33.44 Forfeited (10,136 ) 51.99 (33,014 ) 45.25 (26,542 ) 59.25 Expired (2,476 ) 61.38 (6,055 ) 65.34 — — Options outstanding at end of period 848,427 $ 53.99 736,319 $ 52.30 570,737 $ 56.86 Options exercisable at end of period 309,824 $ 45.66 226,386 $ 45.20 140,248 $ 43.08 |
Summarized Information About Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2017 : Options Outstanding Options Exercisable Range of Exercise Prices Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Weighted Average Exercise Price $30.91 - $40.09 196,660 4.9 $ 38.69 73,330 $ 38.36 40.10 - 46.51 200,000 5.3 41.17 150,000 41.17 46.52 - 65.71 217,529 5.4 57.65 52,256 51.84 65.72 - 79.33 234,238 5.6 74.39 34,238 71.56 $30.91 - $79.33 848,427 5.3 $ 53.99 309,824 $ 45.66 |
RSU Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of RSUs Granted To Employees And Non-Employee Directors | A summary of the status of all RSU Awards granted to employees and non-employee directors as of December 31, 2017 , 2016 , and 2015 and changes during the year are presented in the table below: December 31, 2017 2016 2015 RSUs Weighted Average Price RSUs Weighted Average Price RSUs Weighted Average Price RSU Awards outstanding at beginning of period 138,761 $ 46.60 109,281 $ 52.90 115,949 $ 52.97 Granted 90,725 55.28 98,942 41.09 62,322 51.53 Settled (29,803 ) 46.15 (54,034 ) 48.50 (56,865 ) 48.34 Canceled (12,778 ) 62.92 (22,527 ) 46.86 (19,088 ) 55.08 Added by Performance Factor — — 7,099 41.55 6,963 32.76 RSU Awards outstanding at end of period 186,905 $ 49.76 138,761 $ 46.60 109,281 52.90 RSU Awards exercisable at end of period 2,876 $ 59.17 3,040 $ 60.92 1,200 $ 59.29 |
Summarized Information About RSUs Outstanding | The following table summarizes information about RSU Awards outstanding at December 31, 2017 : RSU Awards Outstanding Fair Values at Grant Date RSUs Weighted Average Remaining Contractual Life (Years) Weighted Average Fair Value $38.89 - $50.99 92,371 1.8 $ 41.79 51.00 - 58.99 38,507 0.6 52.17 59.00 - 71.56 56,027 0.6 61.25 $38.89 - $71.56 186,905 1.2 $ 49.76 |
RSU MSPs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of RSUs Granted To Employees And Non-Employee Directors | A summary of the status of all RSU MSPs granted to employees and non-employee directors as of December 31, 2017 , 2016 , and 2015 and changes during the year are presented in the table below: December 31, 2017 2016 2015 RSUs Weighted Average Exercise Price RSUs Weighted Average Exercise Price RSUs Weighted Average Exercise Price RSU MSPs outstanding at beginning of period 67,924 $ 36.50 78,732 $ 37.46 69,293 $ 35.81 Granted 26,726 40.86 20,130 26.06 38,965 34.73 Settled (19,843 ) 42.28 (27,375 ) 29.94 (22,403 ) 27.87 Canceled (2,355 ) 37.48 (3,563 ) 35.35 (7,123 ) 36.65 RSU MSPs outstanding at end of period 72,452 $ 35.01 67,924 $ 36.50 78,732 $ 37.46 |
Summarized Information About RSUs Outstanding | The following table summarizes information about RSU MSPs outstanding at December 31, 2017 : RSU MSPs Outstanding Range of Grant Prices RSUs Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $26.06 - 33.99 16,340 1.1 $ 26.06 34.00 - 39.99 29,729 0.1 34.73 40.00 - 47.95 26,383 2.2 40.86 $26.06 - $47.95 72,452 1.1 $ 35.01 |
Chief Executive Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | 2013 CEO Option Award: Stock Price Target Cumulative Vested Portion of Stock Options (in Shares) $50.00 50,000 $60.00 100,000 $70.00 150,000 $80.00 200,000 |
Chief Financial Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | 2013 CFO and 2014 CEO Option Awards: Stock Price Target Cumulative Vested Portion of Stock Options (in Shares) $87.50 25,000 $100.00 50,000 $112.50 75,000 $125.00 100,000 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Components Of Net Benefit Expense | : Pension Benefits Other Post-retirement Benefits (1) Year Ended December 31, Year Ended December 31, 2017 2016 2015 2017 Components of net periodic benefit cost: Service cost $ 181 $ — $ — $ — Interest cost $ 2,158 $ 2,185 $ 2,193 $ 20 Expected return on assets (2,994 ) (2,562 ) (2,655 ) — Amortization — Net periodic benefit cost (655 ) (377 ) (462 ) 20 Net loss amortization 735 893 843 — Prior service cost amortization — — — — Total amortization 735 893 843 — Pension settlement charge — 4,457 — — Net periodic benefit cost $ 80 $ 4,973 $ 381 $ 20 Net periodic benefit cost $ 80 $ 9,430 $ 381 $ 20 (1) No Other Post-retirement Benefits in 2016 & 2015. The cost of our 401K plan is outlined below: Year Ended December 31, 2017 2016 2015 Cost of 401(k) plan $ 1,978 $ 1,509 $ 2,886 |
Weighted Average Assumptions Used In Determining Net Periodic Benefit Cost And Benefit Obligations | The weighted average assumptions used in determining the net periodic benefit cost and benefit obligations for the post-retirement plans are shown below: Pension Benefits Other Post-retirement Benefits Year Ended December 31, Year Ended December 31, 2017 2016 2015 2017 Net periodic benefit cost (1): Discount rate – U.S. 3.86% 4.11% 3.82% 3.63% Expected return on plan assets - U.S. (2) 7.25% 6.75% 7.25% N/A Rate of compensation increase - U.S. N/A NA N/A N/A Benefit obligations: N/A Discount rate – U.S. 3.27% 3.86% 4.11% 3.48% Discount rate – Foreign 1.97% N/A N/A N/A Rate of compensation increase - U.S. N/A — — N/A Rate of compensation increase - Foreign 3.11% N/A N/A N/A (1) Assumption shown excludes those that would have been applicable for 21 days of CIRCOR's ownership of FH. (2) Excludes estimate of return on assets still held in the prior plan which had an expected long-term return on plan assets for the time since acquisition of 6.25% for 2017 for which CIRCOR is entitled to their portion of the return. |
Schedule of Defined Benefit Plans Disclosures | The funded status of the defined benefit post-retirement plans and amounts recognized in the consolidated balance sheets, measured as of December 31, 2017 and December 31, 2016 were as follows (in thousands): Pension Benefits Other Post-retirement Benefits December 31, December 31, 2017 2016 2017 2016 Change in projected benefit obligation: Balance at beginning of year $ 45,300 $ 56,939 $ — $ — Service cost 181 — — Interest cost 2,158 2,185 20 — Actuarial loss (gain) 413 (2,932 ) 263 — Exchange rate (gain) / loss 5,759 — — — Acquisitions 348,542 — 11,445 — Benefits paid (2,715 ) (2,092 ) (43 ) — Settlement payments — (8,800 ) — — Balance at end of year $ 399,638 $ 45,300 $ 11,685 $ — Change in fair value of plan assets: Balance at beginning of year $ 31,776 $ 39,369 $ — $ — Actual return on assets (1) 10,374 1,904 — — Exchange rate (gain) / loss 1,256 — — Acquisitions - Transferred 28,903 — — Acquisitions - Plan receivable from Colfax 176,572 — — — Benefits paid (2,715 ) (2,092 ) (43 ) — Settlement payments — (8,800 ) — — Employer contributions 1,417 1,395 43 — Fair value of plan assets at end of year (2) $ 247,583 $ 31,776 $ — $ — Funded status: Excess of benefit obligation over the fair value of plan assets $ (152,055 ) $ (13,524 ) $ (11,685 ) $ — Pension plan accumulated benefit obligation (“ABO”) $ 399,638 $ 45,300 N/A N/A (1) Includes $2.3 million of plan assets still held in the prior plan at Colfax. (2) Refer to Note 16, Fair Value for further disclosure regarding our fair value hierarchy assessment. The following information is presented as of December 31, 2017 and 2016 (in thousands): Pension Benefits Other Post-retirement Benefits 2017 2016 2017 2016 Funded status, end of year: Fair value of plan assets $ 247,583 $ 31,776 $ — Projected Benefit obligation (399,638 ) (45,300 ) — Net pension liability $ (152,055 ) $ (13,524 ) $ — $ — Post-retirement amounts recognized in the balance sheet consists of: Non-current asset $ 1,517 $ — $ — $ — Current liability (2,853 ) (393 ) (746 ) — Non-current liability (150,719 ) (13,131 ) (10,939 ) — Total $ (152,055 ) $ (13,524 ) $ (11,685 ) $ 0 Amounts recognized in accumulated other comprehensive income consist of: Net losses $ 13,937 $ 21,640 $ 263 $ 0 Estimated future benefit expense to be recognized in other comprehensive income (loss): 2018 Amortization of net losses $ 432 |
Change In Projected Benefit Obligation | December 31, 2017 2016 Change in projected benefit obligation: Balance at beginning of year $ 45,300 $ 56,939 Service cost 181 — Interest cost 2,158 2,185 Actuarial loss (gain) 413 (2,932 ) Exchange rate (gain)/loss 5,759 Acquisition 348,542 Benefits paid (2,715 ) (2,092 ) Settlement — (8,800 ) Balance at end of year $ 399,638 $ 45,300 |
Change In Fair Value Of Plan Assets | Change in fair value of plan assets: Balance at beginning of year $ 31,776 $ 39,369 Actual return on assets 10,374 1,904 Exchange rate (gain)/loss 1,256 Acquisitions - Transferred 28,903 Acquisitions - Plan receivable from Colfax 176,572 Benefits paid (2,715 ) (2,092 ) Settlement — (8,800 ) Employer contributions 1,417 1,395 Fair value of plan assets at end of year $ 247,583 $ 31,776 |
Funded Status | Funded status: Excess of projected benefit obligation over the fair value of plan assets $ (152,055 ) $ (13,524 ) Pension plan accumulated benefit obligation (“ABO”) $ 39,886 Supplemental pension plan ABO 5,414 Aggregate ABO $ 399,638 $ 45,300 |
Funded Status, End Of Year | 2017 2016 Funded status, end of year: Fair value of plan assets $ 247,583 $ 31,776 Benefit obligations (399,638 ) (45,300 ) Net Pension Liability $ (152,055 ) $ (13,524 ) |
Pension Liability Recognized In The Balance Sheet | Pension Liability recognized in the balance sheet consists of: Non-current asset $ 1,517 Noncurrent asset $ (2,853 ) $ (393 ) Noncurrent liability (150,719 ) (13,131 ) Total (152,055 ) (13,524 ) |
Amounts Recognized In Accumulated Other Comprehensive Income | Amounts recognized in accumulated other comprehensive income consist of: Net losses $ 13,937 $ 21,640 Prior service cost 0 0 Total 13,937 21,640 |
Estimated Pension Expense To Be Recognized In Other Comprehensive Income In The Next Year | Estimated pension expense to be recognized in other comprehensive income in 2017 consists of: Amortization of net losses 432 Prior service cost 0 Total $ 432 |
Expected Benefit Payments | 2018 2019 2020 2021 2022 2024-2028 Pension Benefits - All Plans $ 24,197 $ 23,815 $ 23,673 $ 23,496 $ 23,294 $ 111,376 Other Post-retirement Benefits 746 727 687 675 645 2,942 Expected benefit payments $ 24,943 $ 24,542 $ 24,360 $ 24,171 $ 23,939 $ 114,318 |
Fair Values Of Pension Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2017 and 2016 , utilizing the fair value hierarchy were as follows (in thousands): December 31, 2017 December 31, 2016 Measured at Net Asset Value (1) Level 1 Level 2 Total Measured at Net Asset Value (1) U.S. Plans: Cash Equivalents: Money Market Funds $ — $ 237 $ — $ 237 $ — Mutual Funds: Bond Funds — — — — 1,721 Large Cap Funds — — — — 15,117 International Funds 4,838 — — 4,838 5,967 Small Cap Funds — — — — 2,960 Blended Funds — — — — 2,185 Mid Cap Funds — — — — 3,826 Comingled Pools: Opportunistic 3,106 — — 3,106 — Investment Grade 10,664 — — 10,664 — Non-U.S. Equity 4,730 — — 4,730 — U.S. Equity 14,773 — — 14,773 — Foreign Plans: Cash — 518 — 518 — Equity 10,499 — 184 10,683 — Non-U.S. government and corporate bonds 15,146 — 669 15,815 — Insurance Contracts 306 — 2,932 3,238 — Other — 38 — 38 — Total Fair Value $ 64,062 $ 793 $ 3,785 $ 68,640 $ 31,776 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”) have not been classified in the fair value hierarchy. These investments, consisting of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund, that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term. (2) $179 million of pension plan asset receivable has been excluded from the leveling table above as CIRCOR does not yet control the assets the fair value has been determined based on CIRCOR's percent of Colfax U.S. pension plan assets which were valued by Colfax using NAV as described in (1). |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 1 % Increase 1% Decrease Effect on total service and interest cost components for the year ended December 31, 2017 — — Effect on post-retirement benefit obligation at December 31, 2017 $ 1,639 $ (1,308 ) |
Contingencies, Commitments An39
Contingencies, Commitments And Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Standby Letters Of Credit Instruments | The following table contains information related to standby letters of credit instruments outstanding as of December 31, 2017 (in thousands): Term Remaining Maximum Potential Future Payments 0–12 months $ 50,344 Greater than 12 months 27,343 Total $ 77,687 |
Minimum Rental Commitments | Minimum rental commitments due under non-cancelable operating leases, primarily for office and warehouse facilities, were as follows at December 31, 2017 (in thousands): 2018 2019 2020 2021 2022 Thereafter Minimum lease commitments $ 12,272 $ 8,431 $ 5,850 $ 4,183 $ 3,350 $ 8,453 |
Guarantees And Indemnificatio40
Guarantees And Indemnification Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees And Indemnification Obligations [Abstract] | |
Product Warranty Reserves | The following table sets forth information related to our product warranty reserves for the years ended December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Balance beginning January 1 $ 4,559 $ 4,551 Provisions 2,590 2,255 Claims settled (4,508 ) (3,304 ) Acquired reserves/other 1,759 1,125 Currency translation adjustment 223 (68 ) Balance ending December 31 $ 4,623 $ 4,559 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Values Of Pension Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2017 and 2016 , utilizing the fair value hierarchy were as follows (in thousands): December 31, 2017 December 31, 2016 Measured at Net Asset Value (1) Level 1 Level 2 Total Measured at Net Asset Value (1) U.S. Plans: Cash Equivalents: Money Market Funds $ — $ 237 $ — $ 237 $ — Mutual Funds: Bond Funds — — — — 1,721 Large Cap Funds — — — — 15,117 International Funds 4,838 — — 4,838 5,967 Small Cap Funds — — — — 2,960 Blended Funds — — — — 2,185 Mid Cap Funds — — — — 3,826 Comingled Pools: Opportunistic 3,106 — — 3,106 — Investment Grade 10,664 — — 10,664 — Non-U.S. Equity 4,730 — — 4,730 — U.S. Equity 14,773 — — 14,773 — Foreign Plans: Cash — 518 — 518 — Equity 10,499 — 184 10,683 — Non-U.S. government and corporate bonds 15,146 — 669 15,815 — Insurance Contracts 306 — 2,932 3,238 — Other — 38 — 38 — Total Fair Value $ 64,062 $ 793 $ 3,785 $ 68,640 $ 31,776 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”) have not been classified in the fair value hierarchy. These investments, consisting of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund, that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term. (2) $179 million of pension plan asset receivable has been excluded from the leveling table above as CIRCOR does not yet control the assets the fair value has been determined based on CIRCOR's percent of Colfax U.S. pension plan assets which were valued by Colfax using NAV as described in (1). |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | The following table presents certain reportable segment information (in thousands): 2017 2016 2015 Net revenues Energy $ 347,578 $ 322,046 $ 383,655 Advanced Flow Solutions 277,637 268,213 272,612 Fluid Handling 36,495 — — Inter-segment revenues — 994 1,124 Corporate — (994 ) (1,124 ) Consolidated revenues $ 661,710 $ 590,259 $ 656,267 Segment Income Energy - Segment Operating Income $ 30,748 $ 34,619 $ 50,386 Advanced Flow Solutions - Segment Operating Income 37,230 33,463 33,811 Fluid Handling - Segment Operating Income 5,460 — — Corporate expenses (21,744 ) (25,672 ) (21,710 ) Subtotal 51,694 42,410 62,487 Special restructuring charges, net 7,989 8,975 4,634 Special other charges, net 6,063 8,196 9,720 Special and restructuring charges, net 14,052 17,171 14,354 Restructuring related inventory charges — 2,846 9,391 Amortization of inventory step-up 4,300 1,366 Impairment charges — 208 2,502 Acquisition amortization 12,542 9,901 6,838 Acquisition depreciation 233 — — Brazil restatement impact — — 3,228 Restructuring and other cost, net 17,075 14,321 21,959 Consolidated Operating Income 20,568 10,918 26,174 Interest Expense, net (a) 10,777 3,310 2,844 Other Expense (Income), net (a) 3,678 (2,072 ) 902 Income from continuing operations before income taxes $ 6,113 $ 9,680 $ 22,428 Identifiable assets Energy $ 729,087 $ 658,749 $ 463,359 Advanced Flow Solutions 560,726 407,035 486,369 Fluid Handling 1,079,396 — — Corporate $ (462,410 ) (245,028 ) (279,813 ) Consolidated Identifiable assets $ 1,906,799 $ 820,756 $ 669,915 Capital expenditures Energy $ 3,763 $ 3,902 $ 6,176 Advanced Flow Solutions 7,258 8,535 6,324 Fluid Handling 2,147 — — Corporate 1,378 1,775 814 Consolidated Capital expenditures $ 14,546 $ 14,212 $ 13,314 Depreciation and amortization Energy $ 12,537 $ 8,755 $ 7,102 Advanced Flow Solutions 13,481 15,555 15,624 Fluid Handling 2,706 — — Corporate 1,313 1,309 1,209 Consolidated Depreciation and amortization $ 30,037 $ 25,619 $ 23,935 |
Net Revenues By Geographic Area | Year Ended December 31, Net revenues by geographic area (in thousands) 2017 2016 2015 United States $ 324,204 $ 232,650 $ 284,227 France 41,584 42,908 34,839 Germany 32,480 26,451 26,889 Canada 28,703 32,750 46,575 Saudi Arabia 28,626 68,693 33,155 United Kingdom 26,872 27,579 36,005 China 16,875 11,157 13,255 Norway 13,462 21,668 43,502 Rest of Europe 56,638 32,460 24,508 Rest of Asia-Pacific 55,265 39,808 36,247 Other 37,001 54,135 77,065 Total net revenues $ 661,710 $ 590,259 $ 656,267 |
Long-Lived Assets By Geographic Area | December 31, Long-lived assets by geographic area (in thousands) 2017 2016 United States $ 130,587 $ 55,577 Germany 42,651 10,242 UK 12,592 10,584 India 7,618 3,949 Italy 5,213 5,258 China 4,828 4,779 France 3,851 5,209 Mexico 2,853 245 Other 7,346 3,870 Total long-lived assets $ 217,539 $ 99,713 |
Quarterly Financial Informati43
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Information Summary Quarterly Data — Unaudited (in thousands, except per share information) First Quarter Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2017 Net revenues $ 145,208 $ 151,231 $ 159,693 $ 205,578 Gross profit 46,633 47,668 47,303 59,216 Net income (loss) 4,773 8,970 3,617 (5,571 ) Earnings (loss) per common share: Basic $ 0.29 $ 0.54 $ 0.22 $ (0.32 ) Diluted 0.29 0.54 0.22 (0.32 ) Dividends per common share 0.0375 0.0375 0.0375 0.0375 Year Ended December 31, 2016 Net revenues $ 150,798 $ 146,392 $ 134,833 $ 158,236 Gross profit 45,233 46,431 42,354 49,097 Net income (loss) 3,872 3,813 4,418 (2,002 ) Earnings per common share: Basic $ 0.24 $ 0.23 $ 0.27 $ (0.12 ) Diluted 0.23 0.23 0.27 (0.12 ) Dividends per common share 0.0375 0.0375 0.0375 0.0375 We had a net loss in Q4 primarily due to transition costs associated with the acquisition of FH and the related debt refinancing. We do not anticipate this trend to continue. |
Schedule Of Quarterly Financial Information | First Quarter Second Quarter Third Quarter Fourth Quarter Year Ended December 31, 2017 Net revenues $ 145,208 $ 151,231 $ 159,693 $ 205,578 Gross profit 46,633 47,668 47,303 59,216 Net income (loss) 4,773 8,970 3,617 (5,571 ) Earnings (loss) per common share: Basic $ 0.29 $ 0.54 $ 0.22 $ (0.32 ) Diluted 0.29 0.54 0.22 (0.32 ) Dividends per common share 0.0375 0.0375 0.0375 0.0375 Year Ended December 31, 2016 Net revenues $ 150,798 $ 146,392 $ 134,833 $ 158,236 Gross profit 45,233 46,431 42,354 49,097 Net income (loss) 3,872 3,813 4,418 (2,002 ) Earnings per common share: Basic $ 0.24 $ 0.23 $ 0.27 $ (0.12 ) Diluted 0.23 0.23 0.27 (0.12 ) Dividends per common share 0.0375 0.0375 0.0375 0.0375 We had a net loss in Q4 primarily due to transition costs associated with the acquisition of FH and the related debt refinancing. We do not anticipate this trend to continue. |
Description Of Business (Detail
Description Of Business (Details) | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 3 |
Summary Of Significant Accoun45
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Oct. 04, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 12, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Defined Benefit Plan, Actuarial Gain (Loss) | 10.00% | |||||
Capital Expenditures Incurred but Not yet Paid | $ 1,300 | |||||
Inventories | 244,896 | $ 149,584 | ||||
Inventory allowances | 24,300 | $ 24,200 | ||||
Provision for inventory obsolescence allowance | 3,000 | 4,100 | 5,200 | |||
Accrual of late shipment penalties | 2,400 | 4,800 | ||||
Goodwill | 505,762 | 206,659 | 115,452 | |||
Foreign exchange losses | 2,100 | $ 2,100 | $ 800 | |||
Anti-dilutive options and RSUs, shares | 297,915 | |||||
Range of exercise prices, lower range limit | $ 51.84 | $ 70.42 | $ 41.17 | |||
Range of exercise prices, upper range limit | $ 71.56 | $ 79.33 | $ 79.33 | |||
Research and development expenditures | $ 5,500 | $ 5,900 | $ 5,900 | |||
Outstanding | 259,357 | |||||
Stock Price for consecutive trading days (in days) | 60 days | |||||
Award vesting, percentage | 25.00% | |||||
Term of forfeiture (in years) | 5 years | |||||
Decrease in retained earnings | $ (274,243) | $ (265,543) | ||||
Total restructuring charges, net | 6,063 | 8,975 | 4,634 | |||
Downstream [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Goodwill | $ 89,473 | |||||
Energy [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Goodwill | 143,358 | 144,405 | 43,687 | |||
Total restructuring charges, net | 3,558 | 3,185 | 2,903 | |||
Aerospace [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Goodwill | $ 68,478 | $ 62,254 | $ 71,765 | |||
Stock-Options [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Anti-dilutive options and RSUs, shares | 252,001 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Anti-dilutive options and RSUs, shares | 36,281 | |||||
Outstanding | 186,905 | 138,761 | 109,281 | 115,949 | ||
Inventory Related Charges [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Total restructuring charges, net | $ 0 | $ 2,800 | $ 9,400 | |||
Inventory Related Charges [Member] | Energy [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Total restructuring charges, net | $ 200 | |||||
Vesting Year 1 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Award vesting, percentage | 50.00% | |||||
Vesting Year 2 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Award vesting, percentage | 100.00% | |||||
Minimum [Member] | Difference between Revenue Guidance in Effect before andafter Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Decrease in retained earnings | $ 2,000 | |||||
Maximum [Member] | Difference between Revenue Guidance in Effect before andafter Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Decrease in retained earnings | $ 8,000 |
Summary Of Significant Accoun46
Summary Of Significant Accounting Policies (Property, Plant and Equipment) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | Building And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Minimum [Member] | Manufacturing Machinery [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Minimum [Member] | Motor Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 2 years |
Maximum [Member] | Building And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Maximum [Member] | Manufacturing Machinery [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Maximum [Member] | Motor Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 6 years |
Summary Of Significant Accoun47
Summary Of Significant Accounting Policies (Reconciliation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2016 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Jul. 03, 2016 | Oct. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||||||||||||
Basic EPS, Net Income | $ 3,617 | $ 8,970 | $ 4,773 | $ (2,002) | $ 3,872 | $ 3,813 | $ 4,418 | $ 11,789 | $ 10,101 | $ 9,863 | |||
Dilutive securities, principally common stock options, Net Income | |||||||||||||
Diluted EPS, Net Income | $ 11,789 | $ 10,101 | $ 9,863 | ||||||||||
Basic EPS, Shares | 16,674 | 16,418 | 16,850 | ||||||||||
Dilutive securities, principally common stock options, Shares | 175 | 118 | 63 | ||||||||||
Diluted EPS, Shares | 16,849 | 16,536 | 16,913 | ||||||||||
Basic EPS, Per Share Amount | $ (0.32) | $ 0.22 | $ 0.54 | $ 0.29 | $ (0.12) | $ 0.27 | $ 0.23 | $ 0.24 | $ 0.71 | $ 0.62 | $ 0.59 | ||
Dilutive securities, principally common stock options, Per Share Amount | (0.01) | (0.01) | (0.01) | ||||||||||
Diluted EPS, Per Share Amount | $ (0.32) | $ 0.22 | $ 0.54 | $ 0.29 | $ (0.12) | $ 0.27 | $ 0.23 | $ 0.23 | $ 0.70 | $ 0.61 | $ 0.58 |
Business Acquisitions (Narrativ
Business Acquisitions (Narrative) (Details) - USD ($) | Dec. 11, 2017 | Sep. 24, 2017 | Oct. 13, 2016 | Oct. 12, 2016 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2016 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Jul. 03, 2016 | Oct. 01, 2017 | Oct. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 488,517,000 | $ 197,489,000 | $ 79,983,000 | |||||||||||||||
Net revenues | $ 205,578,000 | $ 159,693,000 | $ 151,231,000 | $ 145,208,000 | $ 158,236,000 | $ 134,833,000 | $ 146,392,000 | $ 150,798,000 | 661,710,000 | 590,259,000 | 656,267,000 | |||||||
Operating income (loss) | 20,568,000 | 10,918,000 | 26,174,000 | |||||||||||||||
Goodwill, acquired during period | 289,588,000 | 93,425,000 | ||||||||||||||||
Revenues | 0 | 994,000 | 1,124,000 | |||||||||||||||
Net income | 3,617,000 | $ 8,970,000 | $ 4,773,000 | (2,002,000) | $ 3,872,000 | $ 3,813,000 | $ 4,418,000 | 11,789,000 | 10,101,000 | 9,863,000 | ||||||||
Goodwill, Other Increase (Decrease) | $ 1,500,000 | |||||||||||||||||
Colfax, Inc. Fluid Handing Business [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 78,000,000 | |||||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 36,500,000 | |||||||||||||||||
Business Combination, Purchase Agreement, Consideration To Be Transferred | $ 542,000,000 | |||||||||||||||||
Common Stock | $ 144,000,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Accounts Receivable | 77,970,000 | |||||||||||||||||
Acquisition related costs | $ 1,500,000 | 13,061,000 | ||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 1,100,000 | |||||||||||||||||
Business Acquisition, Goodwill Acquired, Expected To Be Deductible | 50.00% | 50.00% | ||||||||||||||||
Downstream [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Accounts Receivable | $ 28,128,000 | |||||||||||||||||
Cash consideration | 195,000,000 | |||||||||||||||||
Contingent consideration | 15,000,000 | |||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 198,000,000 | |||||||||||||||||
Contingent Consideration Classified as Equity, Fair Value Disclosure | $ 0 | $ 12,200,000 | 0 | 12,200,000 | ||||||||||||||
Acquired receivables, fair value | $ 28,100,000 | |||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Instruments Classified in Shareholders' Equity, Period Increase (Decrease) | $ 12,200,000 | |||||||||||||||||
Schroedahl [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Acquisition related costs | $ 200,000 | $ 900,000 | ||||||||||||||||
Technology-Based Intangible Assets [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |||||||||||||||||
Technology-Based Intangible Assets [Member] | Downstream [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||||||||||||||
Customer Relationships [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 22 years | |||||||||||||||||
Backlog [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years | |||||||||||||||||
Backlog [Member] | Downstream [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | |||||||||||||||||
Backlog [Member] | Schroedahl [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | |||||||||||||||||
Common Stock [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Business Combination, Purchase Agreement, Consideration To Be Transferred, Equity Interests Issuable | 3,283,424 |
Business Acquisitions (Assets A
Business Acquisitions (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 11, 2017 | Dec. 31, 2017 | Sep. 24, 2017 | Dec. 31, 2016 | Oct. 12, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 505,762 | $ 206,659 | $ 115,452 | |||
Colfax, Inc. Fluid Handing Business [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total | $ 703,888 | |||||
Restricted cash (a) | 1,911 | |||||
Accounts receivable | 77,970 | |||||
Inventory | 79,329 | |||||
Prepaid and other current assets | 16,937 | |||||
Deferred income taxes | 41,454 | |||||
Property, plant and equipment | 115,891 | |||||
Identifiable intangible assets | 388,000 | $ 388,000 | ||||
Other assets | 338 | |||||
Accounts payable | (46,045) | |||||
Cash payable to seller (a) | (65,314) | $ 65,314 | ||||
Accrued and other expenses | (63,115) | |||||
Long-term post-retirement liabilities | (143,067) | |||||
Other long-term liabilities | (11,215) | |||||
Deferred income taxes | (45,933) | |||||
Total identifiable net assets | 410,544 | |||||
Goodwill | 293,344 | |||||
Total purchase price | 703,888 | |||||
Base purchase price | 542,000 | |||||
Net working capital and other purchase accounting adjustments | 18,121 | |||||
Downstream [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 63,403 | $ 6,603 | ||||
Accounts receivable | 28,128 | |||||
Unbilled receivable | 10,786 | |||||
Inventory | 18,701 | |||||
Prepaid and other current assets | 5,671 | |||||
Property, plant and equipment | 21,214 | |||||
Identifiable intangible assets | 101,600 | |||||
Accounts payable | (11,655) | |||||
Accrued and other expenses | (8,866) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 3,997 | |||||
Deferred income taxes | (40,645) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 556 | |||||
Total identifiable net assets | 126,984 | |||||
Goodwill | 89,473 | |||||
Total purchase price | $ 216,457 |
Business Acquisitions (Consider
Business Acquisitions (Consideration) (Details) - USD ($) $ in Thousands | Dec. 11, 2017 | Oct. 12, 2016 | Oct. 01, 2017 | Dec. 31, 2016 |
Colfax, Inc. Fluid Handing Business [Member] | ||||
Business Acquisition [Line Items] | ||||
Base purchase price | $ 542,000 | |||
Net working capital and other purchase accounting adjustments | 18,121 | |||
Common Stock | 144,000 | |||
Total | $ 703,888 | |||
Downstream [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash consideration | $ 195,000 | |||
Contingent Consideration Classified as Equity, Fair Value Disclosure | $ 0 | $ 12,200 |
Business Acquisitions (Intangib
Business Acquisitions (Intangible Assets Acquired as Part of Business Combination) (Details) - USD ($) $ in Thousands | Sep. 24, 2017 | Oct. 12, 2016 | Dec. 31, 2016 | Dec. 11, 2017 |
Colfax, Inc. Fluid Handing Business [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets | $ 388,000 | $ 388,000 | ||
Downstream [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets | $ 101,600 | |||
Trade Names [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||
Business Acquisition [Line Items] | ||||
Indefinite-lived intangible assets acquired | 44,000 | |||
Trade Names [Member] | Downstream [Member] | ||||
Business Acquisition [Line Items] | ||||
Indefinite-lived intangible assets acquired | 24,100 | |||
Customer Relationships [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 215,000 | |||
Weighted average amortization period (in years) | 22 years | |||
Customer Relationships [Member] | Downstream [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 49,600 | |||
Customer Relationships [Member] | CFS Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average amortization period (in years) | 14 years | |||
Order or Aftermarket Backlog [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 22,000 | |||
Weighted average amortization period (in years) | 4 years | |||
Order or Aftermarket Backlog [Member] | Downstream [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 2,100 | |||
Weighted average amortization period (in years) | 2 years | |||
Order or Aftermarket Backlog [Member] | Schroedahl [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average amortization period (in years) | 1 year | |||
Technology-Based Intangible Assets [Member] | Colfax, Inc. Fluid Handing Business [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 107,000 | |||
Weighted average amortization period (in years) | 20 years | |||
Technology-Based Intangible Assets [Member] | Downstream [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 25,800 | |||
Weighted average amortization period (in years) | 10 years | |||
Technology-Based Intangible Assets [Member] | CFS Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average amortization period (in years) | 10 years | |||
Minimum [Member] | Customer Relationships [Member] | Downstream [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average amortization period (in years) | 14 years | |||
Maximum [Member] | Customer Relationships [Member] | Downstream [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average amortization period (in years) | 15 years |
Business Acquisitions (Pro Form
Business Acquisitions (Pro Forma Information) (Details) - Colfax, Inc. Fluid Handing Business [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $ 1,098,978 | $ 1,052,277 |
Business Acquisition, Pro Forma Net Income (Loss) | $ (6,475) | $ (51,288) |
Special Charges (Special and Re
Special Charges (Special and Restructuring Charges, Net) (Details) - USD ($) $ in Thousands | Dec. 11, 2017 | Oct. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 879 | $ 2,922 | $ 9,425 | ||
Special charges, net | 8,196 | 9,720 | |||
Total restructuring charges, net | 6,063 | 8,975 | 4,634 | ||
Restructuring and Related Cost, Incurred Cost | 14,051 | 17,171 | 14,354 | ||
Total special and restructuring charges, net | 7,989 | 8,196 | 9,720 | ||
Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Recoveries of Restructuring Charges | (2,966) | $ (4,493) | $ 119 | ||
Colfax, Inc. Fluid Handing Business [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Business Combination, Acquisition Related Costs | $ 1,500 | $ 13,061 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 3,800 |
Special Charges (Special Charge
Special Charges (Special Charges, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges, net | $ 6,063 | $ 8,975 | $ 4,634 | |
Brazil closure | 879 | 2,922 | 9,425 | |
Pension Expense | 80 | 9,430 | 420 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 4,457 | |||
Settlement | $ (4,500) | (3,849) | 1,044 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | (12,200) | |||
Litigation Settlement, Expense | 2,400 | |||
Other Nonrecurring (Income) Expense | 7,989 | 8,196 | 9,720 | |
Acquisitions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges, net | 817 | 919 | ||
Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Divestiture recoveries | 2,966 | 4,493 | (119) | |
Energy Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges, net | 3,558 | 3,185 | 2,903 | |
Brazil closure | 879 | 2,920 | 8,650 | |
Pension Expense | 0 | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | |||
Settlement | 0 | 2 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | (12,200) | |||
Litigation Settlement, Expense | 0 | |||
Other Nonrecurring (Income) Expense | (11,267) | 2,920 | 8,648 | |
Energy Segment [Member] | Acquisitions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges, net | 54 | 0 | 0 | |
Energy Segment [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Divestiture recoveries | 2,523 | 792 | (376) | |
Brazil closure | 2,900 | |||
Advanced Flow Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges, net | 2,505 | 5,790 | 1,731 | |
Brazil closure | 0 | 0 | 0 | |
Pension Expense | 0 | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | |||
Settlement | (3,748) | 1,042 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | 0 | |||
Litigation Settlement, Expense | 2,400 | |||
Other Nonrecurring (Income) Expense | 6,160 | (161) | (123) | |
Advanced Flow Solutions [Member] | Acquisitions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges, net | 12 | (161) | 919 | |
Advanced Flow Solutions [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Divestiture recoveries | 443 | 3,701 | 257 | |
Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges, net | 0 | 0 | 0 | |
Brazil closure | 0 | 2 | 775 | |
Pension Expense | 420 | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 4,457 | |||
Settlement | (101) | 0 | ||
Litigation Settlement, Expense | 0 | |||
Other Nonrecurring (Income) Expense | 13,096 | 5,437 | 1,195 | |
Corporate [Member] | Acquisitions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges, net | 12,995 | 978 | 0 | |
Corporate [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Divestiture recoveries | $ 0 | $ 0 | $ 0 |
Special Charges (Restructuring
Special Charges (Restructuring Programs Summary) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Reserve [Roll Forward] | |||
Accrued restructuring charges | $ 1,618 | $ 663 | $ 1,645 |
Total restructuring charges, net | 6,063 | 8,975 | 4,634 |
Charges paid / settled, net | (6,095) | (8,020) | (5,616) |
Accrued restructuring charges | 1,586 | 1,618 | 663 |
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Facility related expenses | 2,966 | 4,493 | (119) |
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 3,097 | 4,482 | 4,753 |
Energy [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 3,558 | 3,185 | 2,903 |
Energy [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Facility related expenses | 2,523 | 792 | (376) |
Energy [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 1,035 | 2,393 | 3,279 |
Advanced Flow Solutions [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 2,505 | 5,790 | 1,731 |
Advanced Flow Solutions [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Facility related expenses | 443 | 3,701 | 257 |
Advanced Flow Solutions [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 2,062 | 2,089 | 1,474 |
Corporate [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | 0 | 0 | 0 |
Corporate [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Facility related expenses | 0 | 0 | 0 |
Corporate [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Total restructuring charges, net | $ 0 | $ 0 | $ 0 |
Special Charges (Announced Rest
Special Charges (Announced Restructuring Charges (Recoveries)) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Two Thousands Seventeen Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | $ 2,856 | ||
2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | $ 4,459 | ||
2015 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 4,040 | ||
2014 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | $ 4,767 | ||
Facility Closing [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 802 | ||
Facility Closing [Member] | 2015 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | (125) | ||
Facility Closing [Member] | 2014 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 31 | ||
Employee Severance [Member] | Two Thousands Seventeen Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 2,490 | ||
Employee Severance [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 3,657 | ||
Employee Severance [Member] | 2015 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 4,165 | ||
Employee Severance [Member] | 2014 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 4,736 | ||
Energy [Member] | Two Thousands Seventeen Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 598 | ||
Energy [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 3,184 | ||
Energy [Member] | 2015 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 3,043 | ||
Energy [Member] | 2014 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 1,399 | ||
Energy [Member] | Facility Closing [Member] | Two Thousands Seventeen Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 0 | ||
Energy [Member] | Facility Closing [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 708 | ||
Energy [Member] | Facility Closing [Member] | 2015 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | (382) | ||
Energy [Member] | Facility Closing [Member] | 2014 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | (64) | ||
Energy [Member] | Employee Severance [Member] | Two Thousands Seventeen Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 598 | ||
Energy [Member] | Employee Severance [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 2,476 | ||
Energy [Member] | Employee Severance [Member] | 2015 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 3,425 | ||
Energy [Member] | Employee Severance [Member] | 2014 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 1,463 | ||
Advanced Flow Solutions [Member] | Two Thousands Seventeen Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 2,258 | ||
Advanced Flow Solutions [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 1,275 | ||
Advanced Flow Solutions [Member] | California Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 4,500 | ||
Advanced Flow Solutions [Member] | 2015 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 997 | ||
Advanced Flow Solutions [Member] | 2014 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 3,051 | ||
Advanced Flow Solutions [Member] | Facility Closing [Member] | Two Thousands Seventeen Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 366 | ||
Advanced Flow Solutions [Member] | Facility Closing [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 94 | ||
Advanced Flow Solutions [Member] | Facility Closing [Member] | California Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 3,700 | ||
Advanced Flow Solutions [Member] | Facility Closing [Member] | 2015 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 257 | ||
Advanced Flow Solutions [Member] | Facility Closing [Member] | 2014 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 95 | ||
Advanced Flow Solutions [Member] | Employee Severance [Member] | Two Thousands Seventeen Actions Restructuring Charges [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 1,892 | ||
Advanced Flow Solutions [Member] | Employee Severance [Member] | 2016 Actions Restructuring Charges (Recoveries) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 1,181 | ||
Advanced Flow Solutions [Member] | Employee Severance [Member] | California Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | $ 800 | ||
Advanced Flow Solutions [Member] | Employee Severance [Member] | 2015 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 740 | ||
Advanced Flow Solutions [Member] | Employee Severance [Member] | 2014 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 2,956 | ||
Corporate [Member] | 2015 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 0 | ||
Corporate [Member] | 2014 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 317 | ||
Corporate [Member] | Facility Closing [Member] | 2015 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 0 | ||
Corporate [Member] | Facility Closing [Member] | 2014 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | 0 | ||
Corporate [Member] | Employee Severance [Member] | 2015 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | $ 0 | ||
Corporate [Member] | Employee Severance [Member] | 2014 Announced Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring related special charges - incurred to date | $ 317 |
Special Charges (Narrative) (De
Special Charges (Narrative) (Details) $ in Thousands | Feb. 21, 2018USD ($) | Dec. 11, 2017USD ($) | Jan. 06, 2015entity | Oct. 01, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 03, 2016USD ($) | Apr. 03, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 04, 2015USD ($) | Jul. 05, 2015USD ($) | Apr. 05, 2015USD ($) | Oct. 01, 2017USD ($) | Oct. 04, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 879 | $ 2,922 | $ 9,425 | ||||||||||||||
Non cash settlement | $ 4,500 | 3,849 | (1,044) | ||||||||||||||
Total restructuring charges, net | 6,063 | 8,975 | 4,634 | ||||||||||||||
Long term purchase commitments | $ 1,600 | ||||||||||||||||
Estimated litigation liability | 500 | $ 500 | |||||||||||||||
Inventories | 149,584 | 244,896 | 149,584 | ||||||||||||||
Divestiture [Member] | 2014 Announced Restructuring Plan [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Number of non-core businesses divested | entity | 2 | ||||||||||||||||
Inventory Related Charges [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Total restructuring charges, net | 0 | 2,800 | $ 9,400 | ||||||||||||||
Inventory Related Charges [Member] | Brazil Closure [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Total restructuring charges, net | $ 100 | $ 1,900 | $ 500 | 6,400 | |||||||||||||
Colfax, Inc. Fluid Handing Business [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Acquisition related costs | $ 1,500 | 13,061 | |||||||||||||||
Critical Flow Solutions [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Acquisition related costs | $ 100 | 1,000 | |||||||||||||||
Schroedahl [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Acquisition related costs | 200 | 900 | |||||||||||||||
Energy Segment [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 879 | 2,920 | 8,650 | ||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Instruments Classified in Shareholders' Equity, Transfers out of Level 3 | $ 12,200 | ||||||||||||||||
Non cash settlement | 0 | (2) | |||||||||||||||
Total restructuring charges, net | 3,558 | 3,185 | 2,903 | ||||||||||||||
Energy Segment [Member] | Facility Closing [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 2,900 | ||||||||||||||||
Energy Segment [Member] | Inventory Related Charges [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Total restructuring charges, net | 200 | ||||||||||||||||
Advanced Flow Solutions [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | 0 | 0 | ||||||||||||||
Non cash settlement | 3,748 | (1,042) | |||||||||||||||
Total restructuring charges, net | 2,505 | 5,790 | 1,731 | ||||||||||||||
Advanced Flow Solutions [Member] | Divestiture [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Other nonrecurring income | $ (1,000) | ||||||||||||||||
Advanced Flow Solutions [Member] | Inventory Related Charges [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Total restructuring charges, net | $ 800 | $ 100 | $ 400 | $ 1,900 | |||||||||||||
Corporate Segment [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | 2 | 775 | ||||||||||||||
Non cash settlement | 101 | 0 | |||||||||||||||
Total restructuring charges, net | $ 0 | $ 0 | 0 | ||||||||||||||
Cash payment to CFO | $ 400 | ||||||||||||||||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment [Member] | Brazil Manufacturing Operations [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Assets | 7,100 | 7,100 | |||||||||||||||
Cash | 1,000 | 1,000 | |||||||||||||||
Third party accounts receivable | 1,000 | 1,000 | |||||||||||||||
Inventory | 4,200 | 4,200 | |||||||||||||||
BRAZIL | Energy Segment [Member] | Facility Closing [Member] | Brazil Closure [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Total restructuring charges, net | 8,700 | ||||||||||||||||
Business exit costs | 4,400 | ||||||||||||||||
Customer cancellation penalties | 1,100 | ||||||||||||||||
Professional Fees | $ 800 | 300 | |||||||||||||||
Other charges | $ 800 | ||||||||||||||||
Subsequent Event [Member] | Aerospace [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Non cash settlement | $ 2,400 |
Inventories (Components Of Inve
Inventories (Components Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory, Net [Abstract] | ||
Raw materials | $ 82,372 | $ 54,359 |
Work in process | 121,709 | 68,718 |
Finished goods | 40,815 | 26,507 |
Inventories | $ 244,896 | $ 149,584 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Oct. 04, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory [Line Items] | |||||
Inventory, Raw Materials, Gross | $ 82,372 | $ 54,359 | |||
Provision Bankruptcy Settlement | 7,337 | 9,297 | $ 15,404 | ||
Provision for Inventory Obsolescence Allowance | 3,000 | 4,100 | 5,200 | ||
Total restructuring charges, net | 6,063 | 8,975 | 4,634 | ||
Inventories | 244,896 | 149,584 | |||
Inventory Related Charges [Member] | |||||
Inventory [Line Items] | |||||
Total restructuring charges, net | 0 | 2,800 | $ 9,400 | ||
Energy [Member] | |||||
Inventory [Line Items] | |||||
Total restructuring charges, net | $ 3,558 | $ 3,185 | $ 2,903 | ||
Energy [Member] | Inventory Related Charges [Member] | |||||
Inventory [Line Items] | |||||
Total restructuring charges, net | $ 200 |
Property, Plant And Equipment60
Property, Plant And Equipment (Components Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 11, 2017 | |
Property, Plant and Equipment [Line Items] | ||||
Land | $ 33,428 | $ 13,082 | ||
Buildings and improvements | 101,016 | 70,979 | ||
Manufacturing machinery and equipment | 196,939 | 134,149 | ||
Computer equipment and software | 31,204 | 23,982 | ||
Furniture and fixtures | 12,526 | 9,930 | ||
Motor vehicles | 1,118 | 1,027 | ||
Construction in progress | 18,787 | 5,699 | ||
Property, Plant and Equipment, Gross, Total | 395,018 | 258,848 | ||
Accumulated depreciation | (177,479) | (159,135) | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 217,539 | 99,713 | ||
Depreciation expense | 15,290 | $ 13,304 | $ 14,254 | |
Capital Expenditures Incurred but Not yet Paid | $ 1,300 | |||
Colfax, Inc. Fluid Handing Business [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 115,891 |
Goodwill And Other Intangible61
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Oct. 02, 2016 | Oct. 04, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Indefinite-lived Intangible Assets by Segment [Line Items] | |||||
Impairment Charges | $ 0 | $ (208,000) | |||
Impairment charges | 0 | 208,000 | $ 2,502,000 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | ||||
Goodwill | 505,762,000 | 206,659,000 | 115,452,000 | ||
Goodwill, Acquired During Period | 289,588,000 | 93,425,000 | |||
Goodwill, Transfers | 0 | 0 | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 9,515,000 | (2,218,000) | |||
Trademarks and Trade Names [Member] | |||||
Indefinite-lived Intangible Assets by Segment [Line Items] | |||||
Impairment Charges | 0 | 0 | |||
Goodwill, impairment charges | 0 | ||||
Energy [Member] | |||||
Indefinite-lived Intangible Assets by Segment [Line Items] | |||||
Goodwill, Written off Related to Sale of Business Unit | (400,000) | ||||
Goodwill | 143,358,000 | 144,405,000 | 43,687,000 | ||
Goodwill, Acquired During Period | (3,756,000) | 93,228,000 | |||
Goodwill, Transfers | 0 | 8,285,000 | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 2,709,000 | (795,000) | |||
Aerospace [Member] | |||||
Indefinite-lived Intangible Assets by Segment [Line Items] | |||||
Goodwill, Written off Related to Sale of Business Unit | (300,000) | ||||
Goodwill | 68,478,000 | 62,254,000 | $ 71,765,000 | ||
Goodwill, Acquired During Period | 0 | 197,000 | |||
Goodwill, Transfers | 0 | (8,285,000) | |||
Goodwill, Foreign Currency Translation Gain (Loss) | $ 6,224,000 | $ (1,423,000) | |||
Patents [Member] | |||||
Indefinite-lived Intangible Assets by Segment [Line Items] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 200,000 | ||||
Trademarks [Member] | |||||
Indefinite-lived Intangible Assets by Segment [Line Items] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 500,000 |
Goodwill And Other Intangible62
Goodwill And Other Intangible Assets (Goodwill By Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 206,659 | $ 115,452 |
Goodwill, acquired during period | 289,588 | 93,425 |
Goodwill, Transfers | 0 | 0 |
Currency translation adjustments | 9,515 | (2,218) |
Goodwill, Ending Balance | 505,762 | 206,659 |
Energy [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 144,405 | 43,687 |
Goodwill, acquired during period | (3,756) | 93,228 |
Goodwill, Transfers | 0 | 8,285 |
Currency translation adjustments | 2,709 | (795) |
Goodwill, Ending Balance | 143,358 | 144,405 |
Aerospace [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 62,254 | 71,765 |
Goodwill, acquired during period | 0 | 197 |
Goodwill, Transfers | 0 | (8,285) |
Currency translation adjustments | 6,224 | (1,423) |
Goodwill, Ending Balance | 68,478 | 62,254 |
Fluid Handling [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 0 | |
Goodwill, Transfers | 0 | |
Currency translation adjustments | 582 | |
Goodwill, Ending Balance | $ 293,926 | $ 0 |
Goodwill And Other Intangible63
Goodwill And Other Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 579,668 | $ 183,497 |
Impairment Charges | 0 | (208) |
Accumulated Amortization | (66,304) | (47,510) |
Net carrying value of intangible assets | 513,364 | 135,779 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,399 | 5,399 |
Impairment Charges | (208) | |
Accumulated Amortization | (5,399) | (5,176) |
Net carrying value of intangible assets | 0 | 15 |
Trademarks And Trade Names (Non-Amortizing) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment Charges | 0 | 0 |
Gross Carrying Amount | 83,872 | 38,235 |
Accumulated Amortization | 0 | 0 |
Indefinite-Lived Intangible Assets Net of Impairment | 83,872 | 38,235 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 320,015 | 99,769 |
Impairment Charges | 0 | 0 |
Accumulated Amortization | (41,471) | (30,100) |
Net carrying value of intangible assets | 278,544 | 69,669 |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 29,650 | 6,955 |
Impairment Charges | 0 | 0 |
Accumulated Amortization | (8,850) | (6,336) |
Net carrying value of intangible assets | 20,800 | 619 |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 135,360 | 28,044 |
Accumulated Amortization | (5,687) | (1,512) |
Net carrying value of intangible assets | 129,673 | 26,532 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,372 | 5,095 |
Impairment Charges | 0 | 0 |
Accumulated Amortization | (4,897) | (4,386) |
Net carrying value of intangible assets | $ 475 | $ 709 |
Goodwill And Other Intangible64
Goodwill And Other Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 50,246 |
2,019 | 48,585 |
2,020 | 45,254 |
2,021 | 43,173 |
2,022 | 38,214 |
After 2,023 | $ 204,020 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||
Foreign tax rate differential | (38.90%) | 38.40% | 18.90% | ||
Other, net | 4.90% | 0.80% | (0.50%) | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 800 | ||||
Valuation allowance | $ (892) | $ (22,067) | (3,028) | $ (892) | $ (9,448) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (1,600) | ||||
Valuation allowance related to operating loss carryfowards | 1,800 | ||||
Tax Cuts and Jobs Act, incomplete accounting, provisional income tax expense (benefit) | 500 | ||||
Tax Cuts and Jobs Act, incomplete accounting, transition tax for accumulated foreign earnings, provisional income tax expense | 500 | ||||
Foreign tax credits | 17,700 | 16,400 | 17,700 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 1,500 | 45,600 | 1,500 | ||
State net operating losses | 57,200 | 56,300 | 57,200 | ||
State tax credits | 2,000 | 2,200 | 2,000 | ||
Valuation Allowance, Deferred Tax Asset, Decrease, Amount | (167) | (121) | (7,798) | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 300 | ||||
Unrecognized Tax Benefits | 2,937 | $ 3,014 | 3,000 | 2,937 | $ 1,978 |
Accrued interest and penalties | 200 | 400 | 200 | ||
Uncertain income tax position | 2,600 | ||||
Undistributed earnings of foreign subsidiaries | 222,600 | 221,300 | 222,600 | ||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 2,200 | ||||
Income Tax Examination, Penalties and Interest Accrued | $ 900 | $ 900 |
Income Taxes (Components Of Def
Income Taxes (Components Of Deferred Income Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||||
Excess tax over book depreciation | $ 17,505 | $ 11,210 | ||
Deferred Tax Liabilities, Other | 8,507 | 4,650 | ||
Intangibles | 57,968 | 42,837 | ||
Total deferred income tax liabilities | 83,980 | 58,697 | ||
Accrued expenses | 6,956 | 8,146 | ||
Equity Compensation | 4,622 | 6,461 | ||
Inventories | 8,405 | 9,323 | ||
Net operating loss and credit carry-forward | 16,698 | 3,974 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 16,602 | 18,177 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 16,400 | $ 17,700 | ||
Accumulated other comprehensive income-pension benefit obligation | 46,030 | 5,262 | ||
Other | 2,946 | 1,549 | ||
Total deferred income tax assets | 102,259 | 52,892 | ||
Valuation allowance | (22,067) | (3,028) | $ (892) | $ (9,448) |
Deferred income tax asset, net of valuation allowance | 80,192 | 49,864 | ||
Deferred income tax asset, net | $ (3,788) | $ (8,833) |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Taxes Classified In Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Tax Credit Carryforward [Line Items] | ||
Net non-current deferred income tax asset | $ 22,334 | $ 4,824 |
Net non-current deferred income tax liability | (26,122) | (13,657) |
Deferred income tax asset, net | $ (3,788) | $ (8,833) |
Income Taxes (Components Of Pre
Income Taxes (Components Of Pre-Tax Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 4,946 | $ (16,766) | $ 12,965 |
Foreign | 1,167 | 26,446 | 9,463 |
INCOME BEFORE INCOME TAXES | $ 6,113 | $ 9,680 | $ 22,428 |
Income Taxes (Provision (Benefi
Income Taxes (Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal, Current - US | $ (447) | $ (232) | $ 705 |
Foreign, Current | 2,762 | 10,823 | 11,023 |
State, Current - US | 442 | (275) | 56 |
Total current | 2,757 | 10,316 | 11,784 |
Federal, Deferred (prepaid) - US | (3,406) | (8,992) | 2,618 |
Foreign, Deferred (prepaid) | (4,640) | (3,328) | (887) |
State, Deferred (prepaid) - US | (388) | 1,583 | (950) |
Total deferred (benefit) | (8,434) | (10,737) | 781 |
Total provision (benefit) for income taxes | $ (5,676) | $ (421) | $ 12,565 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Examination [Line Items] | |||
Expected federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | (0.30%) | 4.80% | 0.70% |
Foreign tax rate differential | 38.90% | (38.40%) | (18.90%) |
Unbenefited foreign losses | 2.90% | 14.70% | 41.40% |
Foreign tax credits | 0.00% | (26.60%) | 0.00% |
Manufacturing deduction | (2.80%) | (0.00%) | (1.60%) |
Research and development credit | (8.40%) | (6.60%) | (1.10%) |
Foreign audit settlement | 0.00% | 0.00% | 6.00% |
Transaction costs | 8.50% | 3.10% | (0.50%) |
Release of contingent consideration | (69.90%) | ||
Other, net | 4.90% | 0.80% | (0.50%) |
Effective tax rate | (92.90%) | (4.40%) | 56.00% |
State and Local Jurisdiction [Member] | |||
Income Tax Examination [Line Items] | |||
Change in state tax rate | 0.00% | 0.00% | 3.50% |
Change in valuation allowance on state net operating losses | 0.00% | 18.90% | (7.30%) |
Domestic Tax Authority [Member] | |||
Income Tax Examination [Line Items] | |||
Change in state tax rate | (8.20%) | ||
Change in valuation allowance on state net operating losses | (16.30%) | (0.50%) | 0.70% |
Income Taxes (Summary of Valuat
Income Taxes (Summary of Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 3,028 | $ 892 | $ 9,448 |
Additions | 712 | 2,257 | 15 |
Acquired | 18,494 | 0 | 0 |
Deductions | 167 | 121 | 7,798 |
Translation adjustments | 0 | 0 | (773) |
Ending balance | $ 22,067 | $ 3,028 | $ 892 |
Income Taxes (Reconciliation 72
Income Taxes (Reconciliation Of Total Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Tax Credit Carryforward, Amount | $ 2,200 | $ 2,000 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance beginning January 1 | $ 3,000 | 2,937 | 1,978 |
Additions for tax positions of prior years | (7) | (102) | 521 |
Additions based on tax positions related to current year | (65) | 483 | 69 |
Acquired uncertain tax position balance | 1,221 | 1,326 | |
Settlements | (338) | 0 | 544 |
Lapse of statute of limitations | (978) | (328) | 612 |
Currency movement | 181 | (10) | 199 |
Balance ending December 31 | $ 3,014 | $ 3,000 | $ 2,937 |
Accrued Expenses And Other Cu73
Accrued Expenses And Other Current Liabilities (Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||||
Customer deposits and obligations | $ 17,661 | $ 5,673 | ||
Commissions payable and sales incentive | 8,891 | 6,376 | ||
Penalty accruals | 2,395 | 4,834 | ||
Warranty reserve | 4,623 | 4,559 | ||
Professional fees | 3,498 | 2,202 | ||
Taxes other than income tax | 4,059 | 1,512 | ||
Special charges | 1,586 | 1,618 | $ 663 | $ 1,645 |
Deferred revenue | 16,057 | 7,073 | ||
Other Long-term Debt, Current | 7,865 | |||
Cash due to FH seller | 64,561 | 0 | ||
Accrued Income Taxes, Current | 1,785 | 2,560 | ||
Other | 39,059 | 15,918 | ||
Accrued expenses and other current liabilities, Total | $ 170,454 | $ 50,707 |
Financing Arrangements (Narrati
Financing Arrangements (Narrative) (Details) - USD ($) $ in Thousands | Dec. 11, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 818,900 | $ 251,200 | ||
Extinguishment of Debt, Amount | 1,600 | |||
Other Deferred Costs, Net | 600 | |||
Less: Current Portion | 0 | |||
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | 23,900 | |||
Payments for Other Fees | 5,200 | |||
Write off of Deferred Debt Issuance Cost | 200 | |||
Interest Expense, Debt | 800 | $ 400 | $ 400 | |
Outstanding letters of credit | 30,000 | |||
New Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving line of credit | $ 150,000 | |||
Increase, additional borrowings | $ 150,000 | |||
Debt Instrument, Periodic Payment, Percentage of Principal | 0.25% | |||
Less: Current Portion | 7,850 | |||
Debt Instrument, Periodic Payment, Principal | $ 2,000 | |||
Tier One Leverage Capital to Average Assets | 450.00% | |||
Debt Instrument, Prepayment Premium, Percentage of Principal | 1.00% | |||
Long-term Line of Credit | $ 818,900 | |||
New Credit Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum facility size | $ 785,000 | |||
Prior Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | $ 274,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | New Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||
Base Rate [Member] | New Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Financing Arrangements (Schedul
Financing Arrangements (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Less: Term Loan Debt Issuance Costs | $ (23,707) | $ 0 |
Less: Current Portion | 0 | |
Total Long-Term Debt, net | $ 787,343 | $ 251,200 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Varying interest rates | 0.00% | 0.00% |
Line of Credit at interest rates range | 0.00% | 1.59% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Varying interest rates | 0.00% | 0.00% |
Line of Credit at interest rates range | 0.00% | 4.00% |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 785,000 | $ 0 |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 33,900 | $ 251,200 |
Financing Arrangements (Sched76
Financing Arrangements (Schedule Of Minimum Principal Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 7,850 |
2,019 | 7,850 |
2,020 | 7,850 |
2,021 | 7,850 |
2,022 | 7,850 |
Thereafter | $ 745,750 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | Mar. 05, 2014$ / sharesshares | Jan. 28, 2014$ / shares | Jan. 06, 2014$ / shares | Dec. 02, 2013$ / sharesshares | Aug. 08, 2013$ / shares | Oct. 04, 2015$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Outstanding | 259,357 | |||||||||
Shares available for grant | 710,326 | |||||||||
Estimated weighted-average fair value of stock options granted | $ / shares | $ 19.36 | $ 17.88 | $ 26.32 | |||||||
Compensation expense | $ | $ 3.8 | $ 5.5 | $ 6.5 | |||||||
Unrecognized compensation costs | $ | $ 7.8 | $ 6.8 | $ 7 | |||||||
Weighted average period of recognition of compensation expense (in years) | 2 years 22 days | |||||||||
2014 Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share based compensation shares authorized | 1,700,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Other than Options, Number of Shares per Share Counted Towards Aggregate Limit | 1.9 | |||||||||
Stock-Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share based compensation shares authorized | 200,000 | |||||||||
Stock options outstanding | 848,427 | 736,319 | 570,737 | 486,004 | ||||||
Options granted | 142,428 | 210,633 | 118,992 | |||||||
Exercised, Weighted Average Exercise Price | $ / shares | $ 41.17 | $ 39.91 | $ 41.05 | $ 33.44 | ||||||
Vesting period, (in years) | 60 days | |||||||||
Options Exercisable, Options | 309,824 | 226,386 | 140,248 | |||||||
Fair Value Assumptions, Maximum Term | 10 years | |||||||||
Award Forfeit Period | 5 years | |||||||||
Unrecognized compensation costs | $ | $ 2.9 | |||||||||
Weighted average period of recognition of compensation expense (in years) | 1 year 9 months 11 days | |||||||||
Weighted average contractual term for stock-options outstanding | 5 years 3 months 21 days | |||||||||
Weighted average contractual term for stock-options exercisable, years | 4 years 7 months 15 days | |||||||||
Aggregate intrinsic value of stock-options exercised | $ | $ 0.4 | $ 0.1 | $ 0.1 | |||||||
Aggregate fair value of stock-options vested | $ | 1.6 | 1.7 | $ 1.2 | |||||||
Aggregate intrinsic value of stock-options outstanding | $ | $ 3.5 | |||||||||
Aggregate intrinsic value of stock-options exercisable | $ | $ 1.9 | |||||||||
Stock-Options [Member] | Chief Financial Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options granted | 100,000 | |||||||||
Exercised, Weighted Average Exercise Price | $ / shares | $ 79.33 | |||||||||
Stock-Options [Member] | Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options granted | 100,000 | |||||||||
Exercised, Weighted Average Exercise Price | $ / shares | $ 70.42 | |||||||||
Shares Authorized for Issuance | 150,000 | |||||||||
Stock-Options [Member] | Range 1 [Member] | Chief Financial Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Price Target | $ / shares | $ 87.50 | |||||||||
Shares Authorized for Issuance | 25,000 | |||||||||
Stock-Options [Member] | Range 1 [Member] | Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Price Target | $ / shares | $ 50 | $ 50 | ||||||||
Shares Authorized for Issuance | 50,000 | |||||||||
Stock-Options [Member] | Range 2 [Member] | Chief Financial Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Price Target | $ / shares | $ 100 | |||||||||
Shares Authorized for Issuance | 50,000 | |||||||||
Stock-Options [Member] | Range 2 [Member] | Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Price Target | $ / shares | $ 60 | $ 60 | ||||||||
Shares Authorized for Issuance | 100,000 | |||||||||
Stock-Options [Member] | Range 3 [Member] | Chief Financial Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Price Target | $ / shares | $ 112.50 | |||||||||
Shares Authorized for Issuance | 75,000 | |||||||||
Stock-Options [Member] | Range 3 [Member] | Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Price Target | $ / shares | $ 70 | $ 70 | ||||||||
Shares Authorized for Issuance | 150,000 | |||||||||
Stock-Options [Member] | Vesting Year 1 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 25.00% | |||||||||
Stock-Options [Member] | Vesting Year 2 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 50.00% | |||||||||
Stock-Options [Member] | Vesting Year 3 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 100.00% | |||||||||
Restricted Stock Units with Special Rights [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Outstanding | 2,876 | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Outstanding | 186,905 | 138,761 | 109,281 | 115,949 | ||||||
Restricted stock units granted | 90,725 | 98,942 | 62,322 | |||||||
Granted, Weighted Average Price | $ / shares | $ 55.28 | $ 41.09 | $ 51.53 | |||||||
Unrecognized compensation costs | $ | $ 4.5 | |||||||||
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ | 1.7 | $ 2.5 | $ 3 | |||||||
Aggregate fair value of RSU Awards vested | $ | 1.4 | 2.7 | $ 2.4 | |||||||
Aggregate intrinsic value of RSU Awards outstanding | $ | $ 9.1 | |||||||||
Aggregate intrinsic value of RSU awards exercisable | $ | $ 0.1 | |||||||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance Target Threshold | 0.00% | |||||||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance Target Threshold | 200.00% | |||||||||
Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock units granted | 31,369 | 51,026 | ||||||||
Restricted Stock Units Management Stock Purchase Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Outstanding | 72,452 | 67,924 | 78,732 | 69,293 | ||||||
Vesting period, (in years) | 3 years | |||||||||
Restricted stock units granted | 26,726 | 20,130 | 38,965 | |||||||
Granted, Weighted Average Price | $ / shares | $ 40.86 | $ 26.06 | $ 34.73 | |||||||
Discount rate granted for RSU MSPs | 33.00% | |||||||||
Amortization period of discount | four | |||||||||
Restricted stock units discount amount | $ / shares | 20.13 | 12.83 | ||||||||
Unrecognized compensation costs | $ | $ 0.5 | |||||||||
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ | 0.3 | $ 0.4 | $ 0.5 | |||||||
Aggregate fair value of RSU Awards vested | $ | $ 0.5 | 0.4 | 0.3 | |||||||
Aggregate intrinsic value of RSU Awards outstanding | $ | $ 1 | |||||||||
Phantom Share Units (PSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Outstanding | 40,469 | 33,320 | ||||||||
Cash Used to Settle Awards | $ | $ 0.4 | |||||||||
Compensation Liability | $ | 0.9 | $ 1 | ||||||||
Phantom Share Units (PSUs) [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Compensation expense | $ | $ 0.2 | $ 0.9 | $ 0.2 | |||||||
$38.89 - $71.56 | Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Outstanding | 186,905 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 2 months 11 days | |||||||||
$38.89 - $71.56 | Restricted Stock Units Management Stock Purchase Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 1 month 6 days |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation (CEO & CFO Inducement Stock Award) (Details) - Stock-Options [Member] - $ / shares | Jan. 28, 2014 | Jan. 06, 2014 | Aug. 08, 2013 | Dec. 31, 2017 | Oct. 04, 2015 |
Chief Executive Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 150,000 | ||||
Range 1 [Member] | Chief Executive Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 50 | $ 50 | |||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 50,000 | ||||
Range 1 [Member] | Chief Financial Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 87.50 | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 25,000 | ||||
Range 2 [Member] | Chief Executive Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 60 | $ 60 | |||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 100,000 | ||||
Range 2 [Member] | Chief Financial Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 100 | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 50,000 | ||||
Range 3 [Member] | Chief Executive Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 70 | $ 70 | |||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 150,000 | ||||
Range 3 [Member] | Chief Financial Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 112.50 | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 75,000 | ||||
Range 4 [Member] | Chief Executive Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 80 | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 200,000 | ||||
Range 4 [Member] | Chief Financial Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Target | $ 125 | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 100,000 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Estimated Weighted-Average Assumptions Of Stock Options) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |||
Risk-free interest rate | 2.00% | 1.00% | 1.00% |
Expected life (years) | 4 years 6 months | 4 years 6 months | 4 years 6 months |
Expected stock volatility | 35.10% | 36.20% | 40.40% |
Expected dividend yield | 0.20% | 0.40% | 0.30% |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Stock Options Granted To Employees And Non-Employee Directors) (Details) - Stock-Options [Member] - $ / shares | 9 Months Ended | 12 Months Ended | ||
Oct. 04, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding at beginning of period, Options | 486,004 | 736,319 | 570,737 | 486,004 |
Granted, Options | 142,428 | 210,633 | 118,992 | |
Exercised, Options | (17,708) | (5,982) | (7,717) | |
Forfeited, Options | (10,136) | (33,014) | (26,542) | |
Expired, Options | (2,476) | (6,055) | 0 | |
Options outstanding at end of period, Options | 848,427 | 736,319 | 570,737 | |
Options exercisable at end of period, Options | 309,824 | 226,386 | 140,248 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Options outstanding at beginning of period, Weighted Average Exercise Price | $ 57.85 | $ 52.30 | $ 56.86 | $ 57.85 |
Granted, Weighted Average Exercise Price | 60.99 | 38.89 | 51.84 | |
Exercised, Weighted Average Exercise Price | $ 41.17 | 39.91 | 41.05 | 33.44 |
Forfeited, Weighted Average Exercise Price | 51.99 | 45.25 | 59.25 | |
Expired, Weighted Average Exercise Price | 61.38 | 65.34 | 0 | |
Options outstanding at end of period, Weighted Average Exercise Price | 53.99 | 52.30 | 56.86 | |
Options exercisable at end of period, Weighted Average Exercise Price | $ 45.66 | $ 45.20 | $ 43.08 |
Share-Based Compensation (Sum81
Share-Based Compensation (Summarized Information About Stock Options Outstanding) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | $ 51.84 | $ 70.42 | $ 41.17 | |
Range of Exercise Prices, Upper Range Limit | $ 71.56 | $ 79.33 | $ 79.33 | |
Stock-Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Options | 848,427 | 736,319 | 570,737 | 486,004 |
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 3 months 21 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 53.99 | $ 52.30 | $ 56.86 | $ 57.85 |
Options Exercisable, Options | 309,824 | 226,386 | 140,248 | |
Options Exercisable, Weighted Average Exercise Price | $ 45.66 | $ 45.20 | $ 43.08 | |
$30.91 - $40.09 | Stock-Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Options | 196,660 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 10 months 24 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 38.69 | |||
Options Exercisable, Options | 73,330 | |||
Options Exercisable, Weighted Average Exercise Price | $ 38.36 | |||
Range of Exercise Prices, Lower Range Limit | 30.91 | |||
Range of Exercise Prices, Upper Range Limit | $ 40.09 | |||
40.10 - 46.51 | Stock-Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Options | 200,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 3 months 7 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 41.17 | |||
Options Exercisable, Options | 150,000 | |||
Options Exercisable, Weighted Average Exercise Price | $ 41.17 | |||
Range of Exercise Prices, Lower Range Limit | 40.10 | |||
Range of Exercise Prices, Upper Range Limit | $ 46.51 | |||
46.52 - 65.71 | Stock-Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Options | 217,529 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 5 months 3 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 57.65 | |||
Options Exercisable, Options | 52,256 | |||
Options Exercisable, Weighted Average Exercise Price | $ 51.84 | |||
Range of Exercise Prices, Lower Range Limit | 46.52 | |||
Range of Exercise Prices, Upper Range Limit | $ 65.71 | |||
65.72 - 79.33 | Stock-Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Options | 234,238 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 6 months 25 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 74.39 | |||
Options Exercisable, Options | 34,238 | |||
Options Exercisable, Weighted Average Exercise Price | $ 71.56 | |||
Range of Exercise Prices, Lower Range Limit | 65.72 | |||
Range of Exercise Prices, Upper Range Limit | $ 79.33 | |||
$30.91 - $79.33 | Stock-Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Options | 848,427 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 3 months 21 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 53.99 | |||
Options Exercisable, Options | 309,824 | |||
Options Exercisable, Weighted Average Exercise Price | $ 45.66 | |||
Range of Exercise Prices, Lower Range Limit | 30.91 | |||
Range of Exercise Prices, Upper Range Limit | $ 79.33 |
Share-Based Compensation (Sum82
Share-Based Compensation (Summary Of All RSU Awards Granted To Employees And Non-Employee Directors) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU outstanding at end of period, RSUs | 259,357 | ||
RSU Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU outstanding at beginning of period, RSUs | 138,761 | 109,281 | 115,949 |
Granted, RSUs | 90,725 | 98,942 | 62,322 |
Settled, RSUs | (29,803) | (54,034) | (56,865) |
Cancelled, RSUs | (12,778) | (22,527) | 19,088 |
RSU outstanding at end of period, RSUs | 186,905 | 138,761 | 109,281 |
RSU exercisable at end of period, RSUs | 2,876 | 3,040 | 1,200 |
RSU outstanding at beginning of period, Weighted Average Price | $ 46.60 | $ 52.90 | $ 52.97 |
Granted, Weighted Average Price | 55.28 | 41.09 | 51.53 |
Settled, Weighted Average Price | 46.15 | 48.50 | 48.34 |
Cancelled, Weighted Average Price | $ 62.92 | $ 46.86 | $ 55.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | (7,099) | (6,963) |
RSU outstanding at end of period, Weighted Average Price | $ 49.76 | $ 46.60 | $ 52.90 |
RSU exercisable at end of period, Weighted Average Price | 59.17 | 60.92 | 59.29 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0 | $ 41.55 | $ 32.76 |
Share-Based Compensation (Sum83
Share-Based Compensation (Summarized Information About RSU Awards Outstanding) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 259,357 | |||
RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 186,905 | 138,761 | 109,281 | 115,949 |
RSU Outstanding, Weighted Average Exercise Price | $ 49.76 | $ 46.60 | $ 52.90 | $ 52.97 |
RSU Vested, RSUs | 2,876 | 3,040 | 1,200 | |
RSU Vested, Weighted Average Exercise Price | $ 59.17 | $ 60.92 | $ 59.29 | |
$38.89 - $50.99 | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 38.89 | |||
Range of Exercise Prices, Upper Range Limit | $ 50.99 | |||
RSU Outstanding, RSUs | 92,371 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 9 months 25 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 41.79 | |||
51.00 - 58.99 | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 51 | |||
Range of Exercise Prices, Upper Range Limit | $ 58.99 | |||
RSU Outstanding, RSUs | 38,507 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 7 months 6 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 52.17 | |||
Forty Point Zero Zero to Forty Two Point Ninety Nine [Member] | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 59 | |||
Range of Exercise Prices, Upper Range Limit | $ 71.56 | |||
43.00 - 79.33 | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 56,027 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 7 months 1 day | |||
RSU Outstanding, Weighted Average Exercise Price | $ 61.25 | |||
$38.89 - $71.56 | RSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 38.89 | |||
Range of Exercise Prices, Upper Range Limit | $ 71.56 | |||
RSU Outstanding, RSUs | 186,905 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 2 months 11 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 49.76 |
Share-Based Compensation (Sum84
Share-Based Compensation (Summary Of All RSU MSPs Granted To Employees And Non-Employee Directors) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
RSU outstanding at end of period, RSUs | 259,357 | ||
RSU MSPs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
RSU outstanding at beginning of period, RSUs | 67,924 | 78,732 | 69,293 |
Granted, RSUs | 26,726 | 20,130 | 38,965 |
Settled, RSUs | (19,843) | (27,375) | (22,403) |
Cancelled, RSUs | (2,355) | (3,563) | (7,123) |
RSU outstanding at end of period, RSUs | 72,452 | 67,924 | 78,732 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
RSU outstanding at beginning of period, Weighted Average Price | $ 36.50 | $ 37.46 | $ 35.81 |
Granted, Weighted Average Price | 40.86 | 26.06 | 34.73 |
Settled, Weighted Average Price | 42.28 | 29.94 | 27.87 |
Cancelled, Weighted Average Price | 37.48 | 35.35 | 36.65 |
RSU outstanding at end of period, Weighted Average Price | $ 35.01 | $ 36.50 | $ 37.46 |
Share-Based Compensation (Sum85
Share-Based Compensation (Summarized Information About RSU MSPs Outstanding) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 259,357 | |||
RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU Outstanding, RSUs | 72,452 | 67,924 | 78,732 | 69,293 |
RSU Outstanding, Weighted Average Exercise Price | $ 35.01 | $ 36.50 | $ 37.46 | $ 35.81 |
$26.06 - 33.99 | RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 26.06 | |||
Range of Exercise Prices, Upper Range Limit | $ 33.99 | |||
RSU Outstanding, RSUs | 16,340 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 1 month 23 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 26.06 | |||
34.00 - 39.99 | RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 34 | |||
Range of Exercise Prices, Upper Range Limit | $ 39.99 | |||
RSU Outstanding, RSUs | 29,729 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 month 23 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 34.73 | |||
40.00 - 47.95 | RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 40 | |||
Range of Exercise Prices, Upper Range Limit | $ 47.95 | |||
RSU Outstanding, RSUs | 26,383 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 years 1 month 28 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 40.86 | |||
$26.06 - $47.95 | RSU MSPs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit | 26.06 | |||
Range of Exercise Prices, Upper Range Limit | $ 47.95 | |||
RSU Outstanding, RSUs | 72,452 | |||
RSU Awards Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 1 month 6 days | |||
RSU Outstanding, Weighted Average Exercise Price | $ 35.01 |
Concentrations Of Risk (Details
Concentrations Of Risk (Details) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2017customer | Dec. 31, 2016 | Dec. 31, 2015 | |
Concentration Risk [Line Items] | ||||
Number of customers derived revenue exceed the threshold of 10% | 0 | 0 | 0 | 0 |
Revenue threshold | 10.00% | 5.00% | 5.00% |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2018 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 114,318 | ||||
Employer matching contribution, percent | 50.00% | ||||
Employers matching contribution, annual vesting percentage | 20.00% | ||||
Employers matching contribution, vesting term (in years) | 5 years | ||||
Defined benefit plan, business combinations and acquisitions, plan assets | 28,903 | $ 0 | |||
Defined benefit plan, cost of employer contribution | 1,978 | 1,509 | $ 2,886 | ||
Special charges | (2,715) | (2,092) | |||
Fair value of plan assets | $ 31,776 | 247,583 | 31,776 | 39,369 | |
Defined benefit plan, settlement charge | 4,500 | 0 | 4,457 | $ 0 | |
Defined Benefit Plan, Other Costs | 0 | (8,800) | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Assets for Plan Benefits | 68,640 | ||||
Fair value of plan assets | $ 31,776 | $ 793 | $ 31,776 | ||
Qualified Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.86% | 3.27% | 3.86% | 4.11% | |
Cash contributions to defined benefit pension plan | $ 1,000 | ||||
Expected voluntary cash contributions for next year | 1,600 | ||||
Nonqualified Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Cash contributions to defined benefit pension plan | 400 | ||||
401K [Member] | United States Postretirement Benefit Plan of US Entity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer matching contribution, percent of employees' gross pay | 5.00% | ||||
Qualified Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension contributions | 800 | ||||
Nonqualified Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension contributions | $ 400 | ||||
Domestic Plan [Member] | Qualified Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.86% | 4.11% | 3.82% | ||
Fluid Handling [Member] | Scenario, Forecast [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, business combinations and acquisitions, plan assets | $ 178,900 | ||||
Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 2,942 | ||||
Defined benefit plan, business combinations and acquisitions, plan assets | 0 | ||||
Special charges | (43) | $ 0 | |||
Fair value of plan assets | $ 0 | 0 | 0 | $ 0 | |
Defined benefit plan, settlement charge | 0 | ||||
Defined Benefit Plan, Other Costs | $ 0 | $ 0 | |||
Other Postretirement Benefit Plan [Member] | Domestic Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.63% | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.48% |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Benefit Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 181 | $ 0 | $ 0 | |
Interest cost on benefits obligation | 2,158 | 2,185 | 2,193 | |
Expected return on assets | (2,994) | (2,562) | (2,655) | |
Net pension costs and return | (655) | (377) | (462) | |
Net loss amortization | 735 | 893 | 843 | |
Total amortization items | 735 | 893 | 843 | |
Defined Benefit Plan, Settlements, Plan Assets | $ 4,500 | 0 | 4,457 | 0 |
Net periodic cost of defined benefits plans | 80 | 4,973 | 381 | |
Cost of 401(k) plan company contributions | 1,978 | 1,509 | 2,886 | |
Pension and Other Postretirement Benefit Expense | 80 | 9,430 | $ 420 | |
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 0 | |||
Interest cost on benefits obligation | 20 | $ 0 | ||
Expected return on assets | 0 | |||
Net pension costs and return | 20 | |||
Net loss amortization | 0 | |||
Total amortization items | 0 | |||
Defined Benefit Plan, Settlements, Plan Assets | 0 | |||
Net periodic cost of defined benefits plans | 20 | |||
Pension and Other Postretirement Benefit Expense | $ 20 |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted Average Assumptions Used In Determining Net Periodic Benefit Cost And Benefit Obligations) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 7.25% | 6.75% | 7.25% |
Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Benefit obligations | 3.27% | 3.86% | 4.11% |
Domestic Plan [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Net periodic benefit cost | 3.86% | 4.11% | 3.82% |
Pension Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | 0.00% | |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Benefit obligations | 1.97% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.11% | ||
Other Postretirement Benefit Plan [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, Net periodic benefit cost | 3.63% | ||
Discount rate, Benefit obligations | 3.48% |
Employee Benefit Plans - One Pe
Employee Benefit Plans - One Percentage Point Change In Assumed Health Care Cost Trend Rates (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Defined benefit plan, effect of one percentage point increase on service and interest cost components | $ 0 |
Defined benefit plan, effect of one percentage point decrease on service and interest cost components | 0 |
Defined benefit plan, effect of one percentage point increase on accumulated postretirement benefit obligation | 1,639 |
Defined benefit plan, effect of one percentage point decrease on accumulated postretirement benefit obligation | $ (1,308) |
Employee Benefit Plans (Change
Employee Benefit Plans (Change In Projected Benefit Obligation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 181 | $ 0 | $ 0 | |
Fair value of plan assets | $ 247,583 | 247,583 | 31,776 | 39,369 |
Employer contributions | 1,417 | 1,395 | ||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | 152,055 | 152,055 | 13,524 | |
Actual return on assets | 10,374 | 1,904 | ||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 1,256 | 5,759 | 0 | |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 28,903 | 0 | ||
Defined Benefit Plan, Business Combination, Plan Assets Receivable | 176,572 | 0 | ||
Balance at beginning of year | 45,300 | 56,939 | ||
Interest cost | 2,158 | 2,185 | 2,193 | |
Actuarial loss | 413 | (2,932) | ||
Benefits paid | (2,715) | (2,092) | ||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 348,542 | 0 | ||
Other Nonrecurring (Income) Expense | 7,989 | 8,196 | 9,720 | |
Defined Benefit Plan, Other Costs | 0 | (8,800) | ||
Balance at end of year | 399,638 | 399,638 | 45,300 | 56,939 |
Defined Benefit Plan, Settlements, Benefit Obligation | ||||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Accumulated Benefit Obligation | 399,638 | 399,638 | 45,300 | |
Supplemental Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Accumulated Benefit Obligation | 5,414 | |||
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 0 | |||
Fair value of plan assets | 0 | 0 | 0 | 0 |
Employer contributions | 43 | 0 | ||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | (11,685) | (11,685) | 0 | |
Actual return on assets | 0 | 0 | ||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | |||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | |||
Defined Benefit Plan, Business Combination, Plan Assets Receivable | 0 | 0 | ||
Balance at beginning of year | 0 | 0 | ||
Interest cost | 20 | 0 | ||
Actuarial loss | 263 | 0 | ||
Benefits paid | (43) | 0 | ||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 11,445 | 0 | ||
Defined Benefit Plan, Other Costs | 0 | 0 | ||
Balance at end of year | $ 11,685 | $ 11,685 | $ 0 | $ 0 |
Employee Benefit Plans (Chang92
Employee Benefit Plans (Change In Fair Value Of Plan Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Balance at beginning of year | $ 247,583 | $ 247,583 | $ 31,776 | $ 39,369 |
Actual return on assets | 10,374 | 1,904 | ||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 1,256 | 5,759 | 0 | |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 28,903 | 0 | ||
Defined Benefit Plan, Business Combination, Plan Assets Receivable | 176,572 | 0 | ||
Benefits paid | (2,715) | (2,092) | ||
Defined Benefit Plan, Other Costs | 0 | (8,800) | ||
Employer contributions | 1,417 | 1,395 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Balance at beginning of year | 793 | 793 | $ 31,776 | |
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Balance at beginning of year | $ 3,785 | $ 3,785 |
Employee Benefit Plans (Funded
Employee Benefit Plans (Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 247,583 | $ 31,776 | $ 39,369 |
Excess of projected benefit obligation over the fair value of plan assets | (152,055) | (13,524) | |
Non-current asset | 1,517 | 0 | |
Current liability | (2,853) | (393) | |
Non-current liability | (150,719) | (13,131) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (152,055) | (13,524) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 13,937 | 21,640 | |
Prior service cost | 0 | 0 | |
Defined Benefit Plan, Amortization of Net Gains (Losses) | (432) | ||
Prior service cost | 0 | ||
Defined Benefit Plan, Benefit Obligation | (399,638) | (45,300) | (56,939) |
Defined Benefit Plan, Funded Status of Plan | (152,055) | (13,524) | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Aggregate accumulated benefit obligation (ABO) | 399,638 | 45,300 | |
Supplemental Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Aggregate accumulated benefit obligation (ABO) | 5,414 | ||
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | 0 |
Excess of projected benefit obligation over the fair value of plan assets | 11,685 | 0 | |
Non-current asset | 0 | 0 | |
Current liability | (746) | 0 | |
Non-current liability | 10,939 | 0 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (11,685) | 0 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 263 | 0 | |
Defined Benefit Plan, Benefit Obligation | (11,685) | 0 | $ 0 |
Defined Benefit Plan, Funded Status of Plan | $ 0 | $ 0 |
Employee Benefit Plans (Funde94
Employee Benefit Plans (Funded Status, End Of Year) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets | $ 247,583 | $ 31,776 | $ 39,369 |
Benefit obligations | (399,638) | (45,300) | $ (56,939) |
Net Pension Liability | $ (152,055) | $ (13,524) |
Employee Benefit Plans (Pension
Employee Benefit Plans (Pension Liability Recognized In The Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||
Non-current asset | $ 1,517 | $ 0 |
Current liability | (2,853) | (393) |
Noncurrent liability | (150,719) | (13,131) |
Total | $ (152,055) | $ (13,524) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||
Net losses | $ (13,937) | $ (21,640) |
Prior service cost | 0 | 0 |
Total | $ 13,937 | $ 21,640 |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Pension Expense To Be Recognized In Other Comprehensive Income In The Next Year) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Amortization of net losses | $ (432) |
Prior service cost | 0 |
Total | $ 432 |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 24,943 |
2,019 | 24,542 |
2,020 | 24,360 |
2,021 | 24,171 |
2,022 | 23,939 |
2024-2028 | 114,318 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 24,197 |
2,019 | 23,815 |
2,020 | 23,673 |
2,021 | 23,496 |
2,022 | 23,294 |
2024-2028 | 111,376 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 746 |
2,019 | 727 |
2,020 | 687 |
2,021 | 675 |
2,022 | 645 |
2024-2028 | $ 2,942 |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Values Of Pension Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 247,583 | $ 31,776 | $ 39,369 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 793 | $ 31,776 |
Contingencies, Commitments A100
Contingencies, Commitments And Guarantees (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 21, 2018 | |
Contingencies, Commitments And Guarantees [Line Items] | ||||
Aggregate notional value standby letters of credit | $ 77,687 | |||
Rental expense under operating lease commitments | 6,400 | $ 5,600 | $ 5,900 | |
Deductible amount of policies, maximum | 400 | |||
Commercial Contract [Member] | ||||
Contingencies, Commitments And Guarantees [Line Items] | ||||
Approximate commitments | $ 112,600 | |||
Minimum [Member] | ||||
Contingencies, Commitments And Guarantees [Line Items] | ||||
Letter Of Credit Maturity Term | 1 month | |||
Maximum [Member] | ||||
Contingencies, Commitments And Guarantees [Line Items] | ||||
Letter Of Credit Maturity Term | 5 years | |||
Subsequent Event [Member] | ||||
Contingencies, Commitments And Guarantees [Line Items] | ||||
Loss contingency accrual | $ 2,400 |
Contingencies, Commitments A101
Contingencies, Commitments And Guarantees (Standby Letters Of Credit Instruments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Contingencies, Commitments And Guarantees [Line Items] | |
Outstanding letters of credit | $ 77,687 |
0-12 Months [Member] | |
Contingencies, Commitments And Guarantees [Line Items] | |
Outstanding letters of credit | 50,344 |
Greater Than 12 Months [Member] | |
Contingencies, Commitments And Guarantees [Line Items] | |
Outstanding letters of credit | $ 27,343 |
Contingencies, Commitments A102
Contingencies, Commitments And Guarantees (Minimal Rental Commitments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 12,272 |
2,018 | 8,431 |
2,019 | 5,850 |
2,020 | 4,183 |
2,021 | 3,350 |
Thereafter | $ 8,453 |
Guarantees And Indemnificati103
Guarantees And Indemnification Obligations (Product Warranty Reserves) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance beginning December 31, 2011 | $ 4,559 | $ 4,551 |
Provisions | 2,590 | 2,255 |
Claims settled | (3,304) | |
Product Warranty Accrual, Additions from Business Acquisition | 1,125 | |
Currency translation adjustments | 223 | (68) |
Balance ending September 30, 2012 | 4,623 | 4,559 |
Liability for indemnification agreements | 0 | |
Schroedahl [Member] | ||
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance beginning December 31, 2011 | (4,508) | |
Balance ending September 30, 2012 | $ (4,508) | |
Fluid Handling [Member] | ||
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance ending September 30, 2012 | $ 1,759 |
Fair Value (Details)
Fair Value (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)Forward_Contracts | Dec. 31, 2016USD ($)Forward_Contracts | Dec. 31, 2015USD ($) | Oct. 01, 2017USD ($) | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 247,583 | $ 31,776 | $ 39,369 | |
Number | Forward_Contracts | 0 | 4 | ||
Maximum [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Unrealized foreign exchange gain (loss) | $ 100 | $ (600) | $ 500 | |
Forward Contracts [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Fair value asset of derivative forward contracts | 100 | |||
Downstream [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Fair value of the contingent consideration | 12,200 | $ 0 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 793 | $ 31,776 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 237 |
Fair Value Fair Value of Pensio
Fair Value Fair Value of Pension Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 247,583 | $ 31,776 | $ 39,369 |
2,018 | 24,943 | ||
Bond Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Large Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
International Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,838 | ||
Small Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Blended Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Mid Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Comingled Pools, Opportunistic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,106 | ||
Comingled Pools, Investment Grade [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,664 | ||
Comingled Pools, Non-domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,730 | ||
Comingled Pools, Domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,773 | ||
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 518 | ||
Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,683 | ||
Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,815 | ||
Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,238 | ||
Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 64,062 | ||
Net Asset Value Per Share [Member] | Bond Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Net Asset Value Per Share [Member] | Large Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Net Asset Value Per Share [Member] | Small Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Net Asset Value Per Share [Member] | Blended Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Net Asset Value Per Share [Member] | Mid Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Net Asset Value Per Share [Member] | Comingled Pools, Opportunistic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,106 | ||
Net Asset Value Per Share [Member] | Comingled Pools, Investment Grade [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,664 | ||
Net Asset Value Per Share [Member] | Comingled Pools, Non-domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,730 | ||
Net Asset Value Per Share [Member] | Comingled Pools, Domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,773 | ||
Net Asset Value Per Share [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Net Asset Value Per Share [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,499 | ||
Net Asset Value Per Share [Member] | Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,146 | ||
Net Asset Value Per Share [Member] | Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 306 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 793 | 31,776 | |
Defined Benefit Plan, Assets for Plan Benefits | 68,640 | ||
Fair Value, Inputs, Level 1 [Member] | Bond Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1,721 | |
Fair Value, Inputs, Level 1 [Member] | Large Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 15,117 | |
Fair Value, Inputs, Level 1 [Member] | International Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,838 | 5,967 | |
Fair Value, Inputs, Level 1 [Member] | Small Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 2,960 | |
Fair Value, Inputs, Level 1 [Member] | Blended Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 2,185 | |
Fair Value, Inputs, Level 1 [Member] | Mid Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 3,826 | |
Fair Value, Inputs, Level 1 [Member] | Comingled Pools, Opportunistic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Comingled Pools, Investment Grade [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Comingled Pools, Non-domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Comingled Pools, Domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 518 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,785 | ||
Fair Value, Inputs, Level 2 [Member] | Bond Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Large Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | International Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Small Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Blended Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Mid Cap Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Comingled Pools, Opportunistic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Comingled Pools, Investment Grade [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Comingled Pools, Non-domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Comingled Pools, Domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 184 | ||
Fair Value, Inputs, Level 2 [Member] | Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 669 | ||
Fair Value, Inputs, Level 2 [Member] | Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2,932 |
Segment Information (Reportable
Segment Information (Reportable Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2016 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 205,578 | $ 159,693 | $ 151,231 | $ 145,208 | $ 158,236 | $ 134,833 | $ 146,392 | $ 150,798 | $ 661,710 | $ 590,259 | $ 656,267 |
Revenues | 0 | 994 | 1,124 | ||||||||
Operating income (loss) | 20,568 | 10,918 | 26,174 | ||||||||
Other Operating Income | 51,694 | 42,410 | 62,487 | ||||||||
Special charges | 7,989 | 8,196 | 9,720 | ||||||||
Restructuring related inventory charges | 6,063 | 8,975 | 4,634 | ||||||||
Amortization of inventory step-up | 4,300 | 1,366 | |||||||||
Impairment charges | 0 | 208 | 2,502 | ||||||||
Restructuring Costs and Asset Impairment Charges | 17,075 | 14,321 | 21,959 | ||||||||
Interest expense | 3,310 | 2,844 | |||||||||
Interest Income (Expense), Net | (10,777) | (3,310) | (2,844) | ||||||||
Other income, net | 3,678 | (2,072) | 902 | ||||||||
Income before income taxes | 6,113 | 9,680 | 22,428 | ||||||||
Identifiable assets | 1,906,799 | 820,756 | 1,906,799 | 820,756 | 669,915 | ||||||
Capital expenditures | 14,541 | 14,692 | 12,711 | ||||||||
Depreciation and amortization | 30,037 | 25,619 | 23,935 | ||||||||
Energy [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 347,578 | 322,046 | 383,655 | ||||||||
Operating income (loss) | 30,748 | 34,619 | 50,386 | ||||||||
Special charges | (11,267) | 2,920 | 8,648 | ||||||||
Restructuring related inventory charges | 3,558 | 3,185 | 2,903 | ||||||||
Identifiable assets | 729,087 | 658,749 | 729,087 | 658,749 | 463,359 | ||||||
Capital expenditures | 3,763 | 3,902 | 6,176 | ||||||||
Depreciation and amortization | 12,537 | 8,755 | 7,102 | ||||||||
Aerospace [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 277,637 | 268,213 | 272,612 | ||||||||
Operating income (loss) | 37,230 | 33,463 | 33,811 | ||||||||
Identifiable assets | 560,726 | 407,035 | 560,726 | 407,035 | 486,369 | ||||||
Capital expenditures | 7,258 | 8,535 | 6,324 | ||||||||
Depreciation and amortization | 13,481 | 15,555 | 15,624 | ||||||||
Fluid Handling [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 36,495 | ||||||||||
Operating income (loss) | 5,460 | ||||||||||
Identifiable assets | 1,079,396 | 1,079,396 | |||||||||
Capital expenditures | 2,147 | ||||||||||
Depreciation and amortization | 2,706 | ||||||||||
Corporate/Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 0 | (994) | (1,124) | ||||||||
Operating income (loss) | (21,744) | (25,672) | (21,710) | ||||||||
Identifiable assets | (462,410) | (245,028) | (462,410) | (245,028) | (279,813) | ||||||
Capital expenditures | 1,378 | 1,775 | 814 | ||||||||
Depreciation and amortization | 1,313 | 1,309 | 1,209 | ||||||||
Corporate Identifiable Assets After Elimination Of Intercompany Assets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | $ 15,600 | $ 50,500 | 15,600 | 50,500 | 46,700 | ||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Special restructuring charges, net | 7,989 | 8,975 | 4,634 | ||||||||
Special other charges, net | 6,063 | 8,196 | 9,720 | ||||||||
Special charges | 14,052 | 17,171 | 14,354 | ||||||||
Restructuring related inventory charges | 0 | 2,846 | 9,391 | ||||||||
Impairment charges | 0 | 208 | 2,502 | ||||||||
Acquisition amortization | 12,542 | 9,901 | 6,838 | ||||||||
Special Acquisition Depreciation | 233 | ||||||||||
Brazil restatement impact | 0 | 0 | 3,228 | ||||||||
Restatement Adjustment [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | $ 14,546 | $ 14,212 | $ 13,314 |
Segment Information (Net Revenu
Segment Information (Net Revenues By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2016 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | $ 205,578 | $ 159,693 | $ 151,231 | $ 145,208 | $ 158,236 | $ 134,833 | $ 146,392 | $ 150,798 | $ 661,710 | $ 590,259 | $ 656,267 |
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 324,204 | 232,650 | 284,227 | ||||||||
France | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 41,584 | 42,908 | 34,839 | ||||||||
Germany | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 32,480 | 26,451 | 26,889 | ||||||||
Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 28,703 | 32,750 | 46,575 | ||||||||
Saudi Arabia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 28,626 | 68,693 | 33,155 | ||||||||
United Kingdom | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 26,872 | 27,579 | 36,005 | ||||||||
China | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 16,875 | 11,157 | 13,255 | ||||||||
Norway | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 13,462 | 21,668 | 43,502 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 56,638 | 32,460 | 24,508 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 55,265 | 39,808 | 36,247 | ||||||||
Other Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | $ 37,001 | $ 54,135 | $ 77,065 |
Segment Information (Long-Lived
Segment Information (Long-Lived Assets By Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | $ 217,539 | $ 99,713 | |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | 130,587 | 55,577 | |
Germany | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | 42,651 | 10,242 | |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | 12,592 | 10,584 | |
India | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | 7,618 | 3,949 | |
Italy | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | 5,213 | 5,258 | |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | 4,828 | $ 4,779 | |
France | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | 3,851 | 5,209 | |
Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | 2,853 | $ 245 | |
Other Countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | $ 7,346 | $ 3,870 |
Quarterly Financial Informat109
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2016 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | Oct. 01, 2017 | Oct. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly financial information [Line Items] | |||||||||||||||
Net revenues | $ 205,578 | $ 159,693 | $ 151,231 | $ 145,208 | $ 158,236 | $ 134,833 | $ 146,392 | $ 150,798 | $ 661,710 | $ 590,259 | $ 656,267 | ||||
Gross profit | $ 59,216 | 47,303 | 47,668 | 46,633 | 49,097 | $ 42,354 | $ 46,431 | 45,233 | 200,820 | 183,115 | 199,332 | ||||
Net income | $ 3,617 | $ 8,970 | $ 4,773 | $ (2,002) | $ 3,872 | $ 3,813 | $ 4,418 | $ 11,789 | $ 10,101 | $ 9,863 | |||||
Basic | $ (0.32) | $ 0.22 | $ 0.54 | $ 0.29 | $ (0.12) | $ 0.27 | $ 0.23 | $ 0.24 | $ 0.71 | $ 0.62 | $ 0.59 | ||||
Earnings (loss) per common share: Diluted | (0.32) | 0.22 | 0.54 | 0.29 | $ (0.12) | $ 0.27 | $ 0.23 | $ 0.23 | 0.70 | 0.61 | 0.58 | ||||
Dividends paid per common share | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.0375 | $ 0.15 | $ 0.15 | $ 0.15 |
Valuation And Qualifying Acc110
Valuation And Qualifying Accounts (Schedule Of Valuation And Qualifying Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Engineered Values [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Long-term accounts receivable allowances | $ 2,400 | |||
Allowance For Doubtful Accounts [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | $ 5,056 | $ 8,290 | 9,536 | |
Additions (Reductions) Charged to Costs and Expenses | (87) | 613 | 2,561 | |
Additions (Reductions) Charged to Other Accounts | 378 | 425 | (1,748) | |
Deductions | [1] | (556) | (4,272) | (2,059) |
Balance at End of Period | $ 4,791 | $ 5,056 | $ 8,290 | |
[1] | Uncollectible accounts written off, net of recoveries.(2)Balance at end of period excludes the engineered valves accounts receivable allowances of $2.4 million, which are classified as long-term as of December 31, 2015. |