Cover Page.
Cover Page. - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 30, 2019 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-4639 | ||
Entity Registrant Name | CTS CORPORATION | ||
Entity Incorporation, State or Country Code | IN | ||
Entity Tax Identification Number | 35-0225010 | ||
Entity Address, Address Line One | 4925 Indiana Avenue | ||
Entity Address, City or Town | Lisle | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60532 | ||
City Area Code | 630 | ||
Local Phone Number | 577-8800 | ||
Title of 12(b) Security | Common stock, without par value | ||
Trading Symbol | CTS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 890,000,000 | ||
Entity Common Stock, Shares Outstanding | 32,433,391 | ||
Entity Central Index Key | 0000026058 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement | |||
Net Sales | $ 468,999 | $ 470,483 | $ 422,993 |
Cost of goods sold | 311,424 | 305,510 | 282,562 |
Gross margin | 157,575 | 164,973 | 140,431 |
Selling, general and administrative expenses | 70,408 | 73,569 | 71,943 |
Research and development expenses | 25,967 | 25,304 | 25,146 |
Restructuring charges | 7,448 | 5,062 | 4,139 |
(Gain) loss on sale of assets | (63) | 0 | 708 |
Operating earnings | 53,815 | 61,038 | 38,495 |
Other (expense) income: | |||
Interest expense | (2,648) | (2,085) | (3,343) |
Interest income | 1,737 | 1,826 | 1,284 |
Other (expense) income | (2,638) | (2,676) | 3,817 |
Total other (expense) income, net | (3,549) | (2,935) | 1,758 |
Earnings before taxes | 50,266 | 58,103 | 40,253 |
Income tax expense | 14,120 | 11,571 | 25,805 |
Net earnings | $ 36,146 | $ 46,532 | $ 14,448 |
Basic | |||
Basic net earnings per share (usd per share) | $ 1.11 | $ 1.41 | $ 0.44 |
Diluted | |||
Diluted net earnings per share (usd per share) | $ 1.09 | $ 1.39 | $ 0.43 |
Basic weighted-average common shares outstanding (in shares) | 32,700 | 33,024 | 32,892 |
Effect of dilutive securities (in shares) | 405 | 545 | 528 |
Diluted weighted - average common shares outstanding (in shares) | 33,105 | 33,569 | 33,420 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Comprehensive Earnings | |||
Net earnings | $ 36,146 | $ 46,532 | $ 14,448 |
Other comprehensive earnings (loss): | |||
Changes in fair market value of derivatives, net of tax | (509) | 795 | 110 |
Changes in unrealized pension cost, net of tax | 6,439 | (1,830) | 13,687 |
Cumulative translation adjustment, net of tax | 83 | (311) | 437 |
Other comprehensive earnings (loss) | 6,013 | (1,346) | 14,234 |
Comprehensive earnings | $ 42,159 | $ 45,186 | $ 28,682 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 100,241,000 | $ 100,933,000 |
Accounts receivable, net | 78,008,000 | 79,518,000 |
Inventories, net | 42,237,000 | 43,486,000 |
Other current assets | 16,992,000 | 15,422,000 |
Total current assets | 237,478,000 | 239,359,000 |
Property, plant and equipment, net | 105,038,000 | 99,401,000 |
Operating lease assets, net | 24,644,000 | 0 |
Other assets | ||
Prepaid pension asset | 62,082,000 | 54,100,000 |
Goodwill | 106,056,000 | 71,057,000 |
Other intangible assets, net | 85,215,000 | 60,180,000 |
Deferred income taxes | 19,795,000 | 22,201,000 |
Other assets | 3,046,000 | 2,043,000 |
Total other assets | 276,194,000 | 209,581,000 |
Total Assets | 643,354,000 | 548,341,000 |
Current Liabilities | ||
Accounts payable | 48,219,000 | 51,975,000 |
Operating lease obligations | 2,787,000 | 0 |
Accrued payroll and benefits | 9,564,000 | 14,671,000 |
Accrued expenses and other liabilities | 36,378,000 | 37,347,000 |
Total current liabilities | 96,948,000 | 103,993,000 |
Long-term debt | 99,700,000 | 50,000,000 |
Long-term operating lease obligations | 24,926,000 | 0 |
Long-term pension obligations | 6,632,000 | 6,510,000 |
Deferred income taxes | 5,637,000 | 3,990,000 |
Other long-term obligations | 4,292,000 | 5,919,000 |
Total Liabilities | 238,135,000 | 170,412,000 |
Shareholders' Equity | ||
Common stock | 307,932,000 | 306,697,000 |
Additional contributed capital | 43,689,000 | 42,820,000 |
Retained earnings | 509,766,000 | 478,847,000 |
Accumulated other comprehensive loss | (91,726,000) | (97,739,000) |
Total shareholders' equity before treasury stock | 769,661,000 | 730,625,000 |
Treasury stock | (364,442,000) | (352,696,000) |
Total shareholders' equity | 405,219,000 | 377,929,000 |
Total Liabilities and Shareholders' Equity | $ 643,354,000 | $ 548,341,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net earnings | $ 36,146 | $ 46,532 | $ 14,448 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 24,619 | 22,514 | 20,674 |
Stock-based compensation | 5,015 | 5,256 | 4,184 |
Restructuring and impairment charges | 1,704 | 0 | 0 |
Pension and other post-retirement plan expense | 1,009 | 422 | 11,570 |
Deferred income taxes | 2,413 | (1,008) | 16,710 |
(Gain) loss on sale of assets | (63) | 0 | 708 |
Loss (Gain) on foreign currency hedges, net of cash received | 97 | (82) | 94 |
Changes in assets and liabilities, net of acquisitions and divestitures: | |||
Accounts receivable | 3,784 | (9,877) | (5,198) |
Inventories | 4,371 | (7,521) | (5,404) |
Other assets | (2,605) | (2,675) | (1,531) |
Operating lease assets | (2,578) | 0 | 0 |
Accounts payable | (4,658) | 5,113 | 5,387 |
Accrued payroll and benefits | (5,940) | 2,349 | (1,666) |
Accrued expenses and other liabilities | (3,405) | (3,795) | 28 |
Income taxes payable | 941 | 1,564 | (4,555) |
Operating lease liabilities | 2,921 | 0 | 0 |
Other liabilities | 921 | (258) | 2,918 |
Pension and other post-retirement plans | (287) | (382) | (319) |
Total adjustments | 28,259 | 11,620 | 43,600 |
Net cash provided by operating activities | 64,405 | 58,152 | 58,048 |
Cash flows from investing activities: | |||
Capital expenditures | (21,733) | (28,488) | (18,094) |
Proceeds from sale of assets | 137 | 3 | 541 |
Payments for acquisitions, net of cash acquired | (73,906) | 0 | (19,121) |
Net cash used in investing activities | (95,502) | (28,485) | (36,674) |
Cash flows from financing activities: | |||
Payments of long-term debt | (1,885,800) | (1,060,100) | (1,518,200) |
Proceeds from borrowings of long-term debt | 1,935,500 | 1,033,800 | 1,505,400 |
Payments of short-term notes payable | 0 | 0 | (1,150) |
Purchase of treasury stock | (11,746) | (9,440) | 0 |
Dividends paid | (5,238) | (5,285) | (5,260) |
Taxes paid on behalf of equity award participants | (2,657) | (1,468) | (1,604) |
Net cash provided by (used) in financing activities | 30,059 | (42,493) | (20,814) |
Effect of exchange rate on cash and cash equivalents | 346 | 187 | (793) |
Net decrease in cash and cash equivalents | (692) | (12,639) | (233) |
Cash and cash equivalents at beginning of year | 100,933 | 113,572 | 113,805 |
Cash and cash equivalents at end of year | 100,241 | 100,933 | 113,572 |
Supplemental cash flow information: | |||
Cash paid for interest | 1,961 | 1,582 | 2,130 |
Cash paid for income taxes, net | 11,113 | 9,916 | 10,884 |
Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Capital expenditures incurred but not yet paid | $ 4,077 | $ 4,312 | $ 5,914 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Contributed Capital | Retained Earnings | Accumulated Other Comprehensive Earnings/(Loss) | Treasury Stock |
Beginning Balance at Dec. 31, 2016 | $ 317,882 | $ 302,832 | $ 40,521 | $ 410,979 | $ (93,194) | $ (343,256) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net earnings | 14,448 | 14,448 | ||||
Changes in fair market value of derivatives, net of tax | 110 | 110 | ||||
Change in unrealized pension cost, net of tax | 13,687 | 13,687 | ||||
Cumulative translation adjustment, net of tax | 437 | 437 | ||||
Cash dividends | (5,267) | (5,267) | ||||
Issued shares on vesting of restricted stock units | (1,604) | 1,945 | (3,549) | |||
Stock compensation | 4,112 | 4,112 | ||||
Ending balance at Dec. 31, 2017 | 343,805 | 304,777 | 41,084 | 420,160 | (78,960) | (343,256) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net earnings | 46,532 | 46,532 | ||||
Changes in fair market value of derivatives, net of tax | 795 | 795 | ||||
Change in unrealized pension cost, net of tax | (1,830) | (1,830) | ||||
Cumulative translation adjustment, net of tax | (311) | (311) | ||||
Cash dividends | (5,278) | (5,278) | ||||
Acquired shares for treasury stock | (9,440) | (9,440) | ||||
Issued shares on vesting of restricted stock units | (1,469) | 1,920 | (3,389) | |||
Implementation of ASU 2018-02 | 0 | 17,433 | (17,433) | |||
Stock compensation | 5,125 | 5,125 | ||||
Ending balance at Dec. 31, 2018 | 377,929 | 306,697 | 42,820 | 478,847 | (97,739) | (352,696) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net earnings | 36,146 | 36,146 | ||||
Changes in fair market value of derivatives, net of tax | (509) | (509) | ||||
Change in unrealized pension cost, net of tax | 6,439 | 6,439 | ||||
Cumulative translation adjustment, net of tax | 83 | 83 | ||||
Cash dividends | (5,227) | (5,227) | ||||
Acquired shares for treasury stock | (11,746) | (11,746) | ||||
Issued shares on vesting of restricted stock units | (2,656) | 1,235 | (3,891) | |||
Stock compensation | 4,760 | 4,760 | ||||
Ending balance at Dec. 31, 2019 | $ 405,219 | $ 307,932 | $ 43,689 | $ 509,766 | $ (91,726) | $ (364,442) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity | |||
Cash dividends declared per share (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 |
Treasury stock acquired (shares) | 420,770 | 342,100 | 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 — Summary of Significant Accounting Policies Description of Business: CTS Corporation ("CTS", "we", "our", "us" or the "Company") is a global manufacturer of sensors, electronic components, and actuators operating as a single reportable business segment. We operate manufacturing facilities located throughout North America, Asia and Europe and service major markets globally. Principles of Consolidation: The consolidated financial statements include the accounts of CTS and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of Estimates: The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Cash and Cash Equivalents: All highly liquid investments with maturities of three months or less at the date of purchase are considered to be cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts: Accounts receivable consists primarily of amounts due from normal business activities. We maintain an allowance for doubtful accounts for estimated uncollectible accounts receivable. Our reserves for estimated credit losses are based upon historical experience and specific customer collection issues. Accounts are written off against the allowance account when they are determined to no longer be collectible. Concentration of Credit Risk: Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents and trade receivables. Our cash and cash equivalents, at times, may exceed federally insured limits. Cash and cash equivalents are deposited primarily in banking institutions with global operations. We have not experienced any losses in such accounts. We believe we are not exposed to any significant credit risk related to cash and cash equivalents. Trade receivables subject us to the potential for credit risk with major customers. We sell our products to customers principally in the aerospace and defense, industrial, information technology, medical, telecommunications, and transportation markets, primarily in North America, Europe, and Asia. We perform ongoing credit evaluations of our customers to minimize credit risk. We do not require collateral. The allowance for doubtful accounts is based on management's estimates of the collectability of its accounts receivable after analyzing historical bad debts, customer concentrations, customer creditworthiness, and current economic trends. Uncollectible trade receivables are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted. Our net sales to significant customers as a percentage of total net sales were as follows: Years Ended December 31, 2019 2018 2017 Cummins Inc. 16.1% 15.2% 13.4% Honda Motor Co. 11.6% 10.5% 11.2% Toyota Motor Corporation 9.6% 10.5% 10.2% We sell parts to these three transportation customers for certain vehicle platforms under purchase agreements that have no volume commitments and are subject to purchase orders issued on a periodic basis. No other customer accounted for 10% or more of total net sales during these periods. Inventories: We value our inventories at the lower of the actual cost to purchase or manufacture or the net realizable value using the first-in, first-out ("FIFO") method. We review inventory quantities on hand and record a provision for excess and obsolete inventory based on forecasts of product demand and production requirements. Retirement Plans: We have various defined benefit and defined contribution retirement plans. Our policy is to annually fund the defined benefit pension plans at or above the minimum required by law. We: 1) recognize the funded status of a benefit plan (measured as the difference between plan assets at fair value and the projected benefit obligation) in our Consolidated Balance Sheets; 2) recognize the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit/cost as a component of other comprehensive earnings; and 3) measure defined benefit plan assets and obligations as of the date of our fiscal year-end. See Note 6, "Retirement Plans" for further information. Property, Plant and Equipment: Property, plant and equipment is stated at cost, less accumulated depreciation. Depreciation is computed primarily over the estimated useful lives of the various classes of assets using the straight-line method. Useful lives for buildings and improvements range from 10 to 45 years , machinery and equipment from 3 to 15 years , and software from 2 to 15 years . Depreciation on leasehold improvements is computed over the lesser of the lease term or estimated useful lives of the assets. Amounts expended for maintenance and repairs are charged to expense as incurred. Upon disposition, any related gains or losses are included in operating earnings. Income Taxes: We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe that these assets are more-likely-than-not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with Accounting Standards Codification ("ASC") Topic 740 on the basis of a two-step process in which (1) we determine whether it is more-likely-than-not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying Consolidated Statements of Earnings. Accrued interest and penalties are included in the related tax liability line in the Consolidated Balance Sheets. See Note 18, "Income Taxes" for further information. Goodwill and Indefinite-lived Intangible Assets: Goodwill represents the excess of the purchase price over the fair values of the net assets acquired in a business combination. In accordance with ASC 350, Intangibles—Goodwill and Other , goodwill is not amortized, but instead is tested for impairment annually or more frequently if circumstances indicate a possible impairment may exist. Absent any interim indicators of impairment, the Company tests for goodwill impairment as of the first day of its fourth fiscal quarter of each year. In addition to goodwill, we also have acquired in-process research and development ("IPR&D") intangible assets that are treated as indefinite-lived intangible assets and therefore not subject to amortization until the completion or abandonment of the associated research and development efforts. If these efforts are abandoned in the future, the carrying value of the IPR&D asset will be expensed. If the research and development efforts are successfully completed, the IPR&D will be reclassified as a finite-lived asset and amortized over its useful life. We have the option to perform a qualitative assessment (commonly referred to as "step zero" test) to determine whether further quantitative analysis for impairment of goodwill and indefinite-lived intangible assets is necessary. The qualitative assessment includes a review of macroeconomic conditions, industry and market considerations, internal cost factors, and our own overall financial and share price performance, among other factors. If, after assessing the totality of events or circumstances, we determine that it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, we do not need to perform a quantitative analysis. We completed our annual impairment test during 2019 by performing a qualitative assessment and determined that our goodwill was not impaired as of the measurement date. We have not recorded any impairment of goodwill or other indefinite-lived intangible assets in the years ended December 31, 2019 , 2018 and 2017 . Other Intangible Assets and Long-lived Assets: We account for long-lived assets (excluding indefinite-lived intangible assets) in accordance with the provisions of ASC 360, Property, Plant, and Equipment . This statement requires that long-lived assets, which includes fixed assets and finite-lived intangible assets, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an impairment test is warranted, recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the sum of the undiscounted cash flows expected to result from the use and the eventual disposition of the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount in which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Intangible assets (excluding indefinite-lived intangible assets) consist primarily of technology, customer lists and relationships, patents, and trade names. These assets are recorded at cost and usually amortized on a straight-line basis over their estimated lives. We assess useful lives based on the period over which the asset is expected to contribute to cash flows. Revenue Recognition: Product revenue is recognized upon the transfer of promised goods to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods. We follow the five step model to determine when this transfer has occurred: 1) identify the contract(s) with the customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; 5) recognize revenue when (or as) the entity satisfies a performance obligation. Research and Development: Research and development ("R&D") costs include expenditures for search and investigation aimed at discovery of new knowledge to be used to develop new products or processes or to significantly enhance existing products or production processes. R&D costs also include the implementation of new knowledge through design, testing of product alternatives, or construction of prototypes. We expense all R&D costs as incurred, net of customer reimbursements for sales of prototypes and non-recurring engineering charges. We create prototypes and tools related to R&D projects. A prototype is defined as a constructed product not intended for production resulting in a commercial sale. We also incur engineering costs related to R&D activities. Such costs are incurred to support such activities to improve the reliability, performance and cost-effectiveness of our existing products and to design and develop innovative products that meet customer requirements for new applications. Furthermore, we may engage in activities that develop tooling machinery and equipment for our customers. We occasionally enter into agreements with our customers whereby we receive a contractual guarantee to be reimbursed the costs we incur to construct molds, dies, and other tools that are used to make many of the products we sell. The costs we incur are included in other current assets on the Consolidated Balance Sheets until reimbursement is received from the customer. Reimbursements received from customers are netted against such costs and included in our Consolidated Statements of Earnings if the amount received is in excess of the costs that we incur. The following is a summary of amounts to be received from customers as of December 31, 2019 , and 2018 : As of December 31, 2019 2018 Cost of molds, dies and other tools included in other current assets $ 7,690 $ 5,388 Financial Instruments: We use forward contracts to mitigate currency risk related to forecasted foreign currency revenue and costs. These forward contracts are designed as cash flow hedges. At least quarterly, we assess the effectiveness of these hedging relationships based on the total change in their fair value using regression analysis. In addition, we use interest rate swaps to convert a portion of our revolving credit facility's variable rate of interest into a fixed rate. As a result of the use of these derivative instruments, the Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate the counterparty credit risk, the Company has a policy of only entering into contracts with carefully selected major financial institutions based upon their credit ratings and other factors and by using netting agreements. Our established policies and procedures for mitigating credit risk on principal transactions include reviewing and establishing limits for credit exposure and continually assessing the creditworthiness of counterparties. We estimate the fair value of our financial instruments as follows: Instrument Method for determining fair value Cash, cash equivalents, accounts receivable and accounts payable Cost, approximates fair value due to the short-term nature of these instruments. Revolving credit facility The fair value of long-term debt approximates carrying value and was determined by valuing a similar hypothetical coupon bond and attributing that value to our credit facility. Interest rate swaps and forward contracts The fair value of our interest rate swaps and forward contracts are measured using a market approach which uses current industry information. Debt Issuance Costs: We have debt issuance costs related to our long-term debt that are being amortized using the straight-line method over the life of the debt. Stock-Based Compensation: We recognize expense related to the fair value of stock-based compensation awards, consisting of restricted stock units ("RSUs"), cash-settled restricted stock units, performance share units ("PSU's"), and stock options, in the Consolidated Statements of Earnings. We estimate the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model. A number of assumptions are used by the Black-Scholes option pricing model to compute the grant date fair value of an award, including expected price volatility, option term, risk-free interest rate, and dividend yield. These assumptions are established at each grant date based upon current information at that time. Expected volatilities are based on historical volatilities of CTS' common stock. The expected option term is derived from historical data of exercise behavior. Actual option terms can differ from the expected option terms as a result of different groups of employees exhibiting different exercise behavior. The dividend yield is based on historical dividend payments. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve at the time of grant. The fair value of awards that are ultimately expected to vest is recognized as expense over the requisite service periods of the awards in the Consolidated Statements of Earnings. The grant date fair values of our service-based and performance-based RSUs are the closing price of our common stock on the date of grant. The grant date fair value of our market-based RSUs is determined by using a simulation, or Monte Carlo, approach. Under this approach, stock returns from a comparative group of companies are simulated over the performance period, considering both stock price volatility and the correlation of returns. The simulated results are then used to estimate the future payout based on the performance and payout relationship established by the conditions of the award. The future payout is discounted to the measurement date using the risk-free interest rate. Both our stock option and RSU awards primarily have a graded vesting schedule. We recognize expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. Compensation expense for PSUs is measured by determining the fair value of the award using the closing share price on the grant date and is recognized ratably from the grant date to the vesting date for the number of awards expected to vest. The amount of compensation expense recognized for PSUs is dependent upon a quarterly assessment of the likelihood of achieving the performance conditions and is subject to adjustment based on management's assessment of the Company's performance relative to the target number of shares performance criteria. See Note 16, "Stock-Based Compensation" for further information. Earnings Per Share: Basic earnings per share excludes any dilution and is computed by dividing net earnings available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net earnings by the weighted average shares outstanding assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock Method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock units were settled for common shares during the period. In addition, dilutive shares include any shares issuable related to performance share units for which the performance conditions would have been met as of the end of the period and therefore would be considered contingently issuable. If the common stock equivalents have an anti-dilutive effect, they are excluded from the computation of diluted earnings per share. Our antidilutive securities consist of the following: Years Ended December 31, (units) 2019 2018 2017 Antidilutive securities 22,040 18,138 22,110 Foreign Currencies: The financial statements of our non-U.S. subsidiaries, except the United Kingdom ("U.K.") subsidiary, are remeasured into U.S. dollars using the U.S. dollar as the functional currency with all remeasurement adjustments included in the determination of net earnings. Foreign currency (losses) gains recorded in the Consolidated Statement of Earnings includes the following: Years Ended December 31, 2019 2018 2017 Foreign currency (losses) gains $ (1,797 ) $ (2,619 ) $ 3,052 The assets and liabilities of our U.K. subsidiary are translated into U.S. dollars at the current exchange rate at period end, with the resulting translation adjustments made directly to the "accumulated other comprehensive loss" component of shareholders' equity. Our Consolidated Statement of Earnings accounts are translated at the average rates during the period. Shipping and Handling: All fees billed to the customer for shipping and handling are classified as a component of net sales. All costs associated with shipping and handling are classified as a component of cost of goods sold or operating expenses, depending on the nature of the underlying purchase. Sales Taxes: When applicable, we classify sales taxes on a net basis in our consolidated financial statements. Changes in Accounting Principles: Beginning in January 2019, CTS adopted the provisions of Accounting Standards Update ("ASU") 2016-02, " Leases (Topic 842) " under the optional transition method, which requires, if necessary, a cumulative effect adjustment to the opening balance of retained earnings. The lease liability is based on the present value of minimum lease payments discounted using our secured incremental borrowing rate at the date of adoption. Existing deferred rent liabilities, resulting from our historical practice of using the straight line method for recognizing lease expense, were reclassified upon adoption to reduce the measurement of the lease assets. We elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carry forward the historical accounting relating to lease identification and classification for existing leases at adoption. Our leases are classified as operating leases and expense is recorded in a manner similar to historical accounting guidance. We have also elected the practical expedient to not separate lease and non-lease components for the majority of our leases and to keep leases with an initial term of 12 months or less off of the balance sheet. Upon adoption we recorded a lease liability of $ 24,792 and a right of use asset of $ 22,066 . No adjustment to the opening balance of retained earnings was required. Recently Issued Accounting Pronouncements ASU No. 2019-12 "Simplifying the Accounting for Income Taxes" In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Simplifying the Accounting for Income Taxes , as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We will adopt this ASU in the first quarter of 2020 and it is not expected to have a material impact on our consolidated financial statements. ASU No. 2018-14 "Compensation - Retirement Benefits - Defined Benefit Plans - General" In August 2018, the FASB issued ASU No. 2018-14, " Compensation - Retirement Benefits - Defined Benefit Plans - General ." This ASU modifies the disclosure requirements for defined benefit and other postretirement plans. This ASU eliminates certain disclosures associated with accumulated other comprehensive income, plan assets, related parties, and the effects of interest rate basis point changes on assumed health care costs; while other disclosures have been added to address significant gains and losses related to changes in benefit obligations. This ASU also clarifies disclosure requirements for projected benefit and accumulated benefit obligations. The amendments in this ASU are effective for fiscal years ending after December 15, 2020 and for interim periods therein with early adoption permitted. Adoption on a retrospective basis for all periods presented is required. This ASU will impact our financial statement disclosures but will not have an impact on our consolidated financial position, results of operations, or cash flows. ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement" In August 2018, the FASB issued ASU No. 2018-13 " Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement ". This ASU modified the disclosures related to recurring and nonrecurring fair value measurements. Disclosures related to the transfer of assets between Level 1 and Level 2 hierarchies have been eliminated and various additional disclosures related to Level 3 fair value measurements have been added, modified or removed. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted upon issuance of the standard for disclosures modified or removed with a delay of adoption of the additional disclosures until their effective date. We will adopt this ASU in the first quarter of 2020 it is not expected to have a material impact on our financial statement disclosures. ASU No. 2016-16 "Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory" In October 2016, the FASB issued ASU No. 2016-16, " Intra-Entity Transfers of Assets Other Than Inventory ". This ASU is meant to improve the accounting for the income tax effect of intra-entity transfers of assets other than inventory. Currently, U.S. GAAP prohibits the recognition of current and deferred income taxes for intra-entity asset transfers until the asset is sold to a third party. This ASU will now require companies to recognize the income tax effect of an intra-entity asset transfer (other than inventory) when the transaction occurs. This ASU is effective for public companies, for fiscal years beginning after December 15, 2019 and interim periods within those annual reporting periods. Early adoption is permitted and is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We will adopt this ASU during the first quarter of 2020 and it is not expected to have a material impact on our financial statements. ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, we will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. The standard will become effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. We adopted this ASU on January 1, 2020 and we have determined that it will not have a material impact on our financial statements. |
Revenue Recognition .
Revenue Recognition . | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 2 – Revenue Recognition The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step process to achieve that core principle: • Identify the contract(s) with a customer • Identify the performance obligations • Determine the transaction price • Allocate the transaction price • Recognize revenue when the performance obligations are met We recognize revenue when the performance obligations specified in our contracts have been satisfied, after considering the impact of variable consideration and other factors that may affect the transaction price. Our contracts normally contain a single performance obligation that is fulfilled on the date of delivery based on shipping terms stipulated in the contract. We usually expect payment within 30 to 90 days from the shipping date, depending on our terms with the customer. None of our contracts as of December 31, 2019 contained a significant financing component. Differences between the amount of revenue recognized and the amount invoiced, collected from, or paid to our customers are recognized as contract assets or liabilities. Contract assets will be reviewed for impairment when events or circumstances indicate that they may not be recoverable. To the extent the transaction price includes variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing the most likely amount method based on an analysis of historical experience and current facts and circumstances, which requires significant judgment. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Contract Assets and Liabilities Contract assets and liabilities included in our Consolidated Balance Sheets are as follows: As of December 31, 2019 2018 Contract Assets Prepaid rebates included in Other current assets $ 64 $ 65 Prepaid rebates included in Other assets 1,853 999 Total Contract Assets $ 1,917 $ 1,064 Contract Liabilities Customer discounts and price concessions included in Accrued expenses and other liabilities $ (2,070 ) $ (1,656 ) Customer rights of return included in Accrued expenses and other liabilities (807 ) (325 ) Total Contract Liabilities $ (2,877 ) $ (1,981 ) During the twelve months ended December 31, 2019 , we recognized revenues of $256 that was included in contract liabilities at the beginning of the period. Disaggregated Revenue The following table presents revenues disaggregated by the major markets we serve: Twelve Months Ended December 31, 2019 2018 Transportation $ 299,005 $ 300,124 Industrial 78,369 86,968 Medical 41,901 40,663 Aerospace & Defense 32,569 23,323 Telecom & IT 17,155 19,405 Total $ 468,999 $ 470,483 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable | NOTE 3 — Accounts Receivable The components of accounts receivable are as follows: As of December 31, 2019 2018 Accounts receivable, gross $ 78,269 $ 79,902 Less: Allowance for doubtful accounts (261 ) (384 ) Accounts receivable, net $ 78,008 $ 79,518 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 — Inventories Inventories consist of the following: As of December 31, 2019 2018 Finished goods $ 9,447 $ 10,995 Work-in-process 14,954 12,129 Raw materials 23,363 25,746 Less: Inventory reserves (5,527 ) (5,384 ) Inventories, net $ 42,237 $ 43,486 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 5 — Property, Plant and Equipment Property, plant and equipment is comprised of the following: As of December 31, 2019 2018 Land and land improvements $ 1,095 $ 1,136 Buildings and improvements 68,350 70,522 Machinery and equipment 224,312 231,619 Less: Accumulated depreciation (188,719 ) (203,876 ) Property, plant and equipment, net $ 105,038 $ 99,401 Depreciation expense recorded in the Consolidated Statements of Earnings includes the following: For the Years Ended 2019 2018 2017 Depreciation expense $ 16,849 $ 15,697 $ 14,071 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Plans | NOTE 6 — Retirement Plans We have a number of noncontributory defined benefit pension plans ("pension plans") covering approximately 3% of our active employees. Pension plans covering salaried employees provide pension benefits that are based on the employees´ years of service and compensation prior to retirement. Pension plans covering hourly employees generally provide benefits of stated amounts for each year of service. We also provide post-retirement life insurance benefits for certain retired employees. Domestic employees who were hired prior to 1982 and certain former union employees are eligible for life insurance benefits upon retirement. We fund life insurance benefits through term life insurance policies and intend to continue funding all of the premiums on a pay-as-you-go basis. We recognize the funded status of a benefit plan in our consolidated balance sheets. The funded status is measured as the difference between plan assets at fair value and the projected benefit obligation. We also recognize, as a component of other comprehensive earnings, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit/cost. The measurement dates for the pension plans for our U.S. and non-U.S. locations were December 31, 2019 , and 2018 . During 2017, we offered certain former vested employees in our U.S. pension plan a one-time option to receive a lump sum distribution of their benefits from pension plan assets. The pension plan made approximately $ 23,912 in lump sum payments to settle its obligation to these participants. These settlement payments decreased the projected benefit obligation and plan assets by $ 23,912 , and resulted in a non-cash settlement charge of $ 13,476 related to unrecognized net actuarial losses that were previously included in accumulated other comprehensive loss. The measurement date of this settlement was December 31, 2017 . In February 2020, the CTS Board of Directors authorized and empowered management to explore termination of our U.S. based pension plans at management's discretion, subject to certain conditions. Management has not yet made a final decision on whether to pursue a plan termination and the potential timing thereof. The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the pension plans for U.S. and non-U.S. locations at the measurement dates. U.S. Pension Plans Non-U.S. Pension Plans 2019 2018 2019 2018 Accumulated benefit obligation $ 220,339 $ 205,319 $ 1,854 $ 1,936 Change in projected benefit obligation: Projected benefit obligation at January 1 $ 205,319 $ 228,934 $ 2,756 $ 3,140 Service cost — — 37 43 Interest cost 7,724 7,123 31 42 Benefits paid (14,834 ) (14,781 ) (408 ) (669 ) Actuarial loss (gain) 22,130 (15,957 ) 153 287 Foreign exchange impact — — 64 (87 ) Projected benefit obligation at December 31 $ 220,339 $ 205,319 $ 2,633 $ 2,756 Change in plan assets: Assets at fair value at January 1 $ 258,327 $ 284,762 $ 1,425 $ 1,777 Actual return on assets 37,680 (11,757 ) 73 67 Company contributions 103 103 295 300 Benefits paid (14,834 ) (14,781 ) (408 ) (669 ) Foreign exchange impact — — 34 (50 ) Assets at fair value at December 31 $ 281,276 $ 258,327 $ 1,419 $ 1,425 Funded status (plan assets less projected benefit obligations) $ 60,937 $ 53,008 $ (1,214 ) $ (1,331 ) The measurement dates for the post-retirement life insurance plan were December 31, 2019 , and 2018 . The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the post-retirement life insurance plan at those measurement dates. Post-Retirement 2019 2018 Accumulated benefit obligation $ 4,766 $ 4,595 Change in projected benefit obligation: Projected benefit obligation at January 1 $ 4,595 $ 5,134 Service cost 1 2 Interest cost 170 156 Benefits paid (145 ) (157 ) Actuarial loss (gain) 145 (540 ) Projected benefit obligation at December 31 $ 4,766 $ 4,595 Change in plan assets: Assets at fair value at January 1 $ — $ — Actual return on assets — — Company contributions 145 157 Benefits paid (145 ) (157 ) Other — — Assets at fair value at December 31 $ — $ — Funded status (plan assets less projected benefit obligations) $ (4,766 ) $ (4,595 ) The components of the prepaid (accrued) cost of the domestic and foreign pension plans are classified in the following lines in the Consolidated Balance Sheets at December 31: U.S.Pension Plans Non-U.S. Pension Plans 2019 2018 2019 2018 Prepaid pension asset $ 62,082 $ 54,100 $ — $ — Accrued expenses and other liabilities (100 ) (100 ) — — Long-term pension obligations (1,045 ) (992 ) (1,214 ) (1,331 ) Net prepaid (accrued) cost $ 60,937 $ 53,008 $ (1,214 ) $ (1,331 ) The components of the accrued cost of the post-retirement life insurance plan are classified in the following lines in the Consolidated Balance Sheets at December 31: Post-Retirement 2019 2018 Accrued expenses and other liabilities $ (393 ) $ (407 ) Long-term pension obligations (4,373 ) (4,188 ) Total accrued cost $ (4,766 ) $ (4,595 ) We have also recorded the following amounts to accumulated other comprehensive loss for the U.S. and non-U.S. pension plans, net of tax: U.S.Pension Plans Non-U.S. Pension Plans Unrecognized Unrecognized Balance at January 1, 2018 $ 75,740 $ 1,898 Amortization of retirement benefits, net of tax (4,538 ) (126 ) Settlements — — Net actuarial gain 6,732 196 Foreign exchange impact — (52 ) Tax impact due to implementation of ASU 2018-02 17,560 — Balance at January 1, 2019 $ 95,494 $ 1,916 Amortization of retirement benefits, net of tax (4,060 ) (138 ) Net actuarial (loss) gain (2,604 ) 78 Foreign exchange impact — 44 Balance at December 31, 2019 $ 88,830 $ 1,900 We have recorded the following amounts to accumulated other comprehensive loss for the post-retirement life insurance plan, net of tax: Unrecognized Balance at January 1, 2018 $ (379 ) Amortization of retirement benefits, net of tax 36 Net actuarial loss (418 ) Tax impact due to implementation of ASU No. 2018-02 (88 ) Balance at January 1, 2019 $ (849 ) Amortization of retirement benefits, net of tax 129 Net actuarial gain 112 Balance at December 31, 2019 $ (608 ) The accumulated actuarial gains and losses included in other comprehensive earnings are amortized in the following manner: The component of unamortized net gains or losses related to our qualified pension plans is amortized based on the expected future life expectancy of the plan participants (estimated to be approximately 17 years at December 31, 2019 ), because substantially all of the participants in those plans are inactive. The component of unamortized net gains or losses related to our post-retirement life insurance plan is amortized based on the estimated remaining future service period of the plan participants (estimated to be approximately 4 years at December 31, 2019 ). The Company uses a market-related approach to value plan assets, reflecting changes in the fair value of plan assets over a five-year period. The variance resulting from the difference between the expected and actual return on plan assets is included in the amortization calculation upon reflection in the market-related value of plan assets. In 2020 , we expect to recognize approximately $6,429 of pre-tax losses included in accumulated other comprehensive loss related to our pension plans and post-retirement life insurance plan, respectively. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for those Pension Plans with accumulated benefit obligation in excess of fair value of plan assets is shown below: As of December 31, 2019 2018 Projected benefit obligation $ 3,778 $ 3,848 Accumulated benefit obligation $ 2,999 $ 3,028 Fair value of plan assets $ 1,418 $ 1,426 Net pension expense (income) includes the following components: Years Ended Years Ended U.S. Pension Plans Non-U.S. Pension Plans 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ — $ 37 $ 43 $ 48 Interest cost 7,724 7,123 8,273 31 42 34 Expected return on plan assets (1) (12,187 ) (12,898 ) (16,243 ) (17 ) (25 ) (20 ) Amortization of unrecognized loss 5,246 5,863 5,785 170 162 155 Settlement loss — — 13,476 — — — Net expense (income) $ 783 $ 88 $ 11,291 $ 221 $ 222 $ 217 Weighted-average actuarial assumptions (2) Benefit obligation assumptions: Discount rate 3.15 % 4.30 % 3.63 % 1.00 % 1.13 % 1.38 % Rate of compensation increase N/A N/A N/A 3.00 % 3.00 % 2.00 % Pension income/expense assumptions: Discount rate 4.30 % 3.63 % 4.16 % 1.13 % 1.38 % 1.13 % Expected return on plan assets (1) 4.61 % 4.72 % 5.61 % 1.13 % 1.38 % 1.13 % Rate of compensation increase N/A N/A N/A 3.00 % 2.00 % 2.00 % (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses. (2) During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted. Net post-retirement expense includes the following components: Post-Retirement Years Ended December 31, 2019 2018 2017 Service cost $ 1 $ 2 $ 2 Interest cost 170 156 161 Amortization of unrecognized gain (166 ) (46 ) (101 ) Net expense $ 5 $ 112 $ 62 Weighted-average actuarial assumptions (1) Benefit obligation assumptions: Discount rate 3.09 % 4.26 % 3.59 % Rate of compensation increase N/A N/A N/A Pension income/post-retirement expense assumptions: Discount rate 4.26 % 3.59 % 4.10 % Rate of compensation increase N/A N/A N/A (1) During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted. Our pension plan asset allocation at December 31, 2019 , and 2018 , and target allocation for 2020 by asset category are as follows: Target Allocations Percentage of Plan Assets Asset Category 2020 2019 2018 Equity securities 13% 13% 12% Debt securities 83% 83% 84% Other 4% 4% 4% Total 100% 100% 100% We employ a liability-driven investment strategy whereby a mix of equity and fixed-income investments are used to pursue a de-risking strategy which over time seeks to reduce interest rate mismatch risk and other risks while achieving a return that matches or exceeds the growth in projected pension plan liabilities. Risk tolerance is established through careful consideration of plan liabilities and funded status. The investment portfolio primarily contains a diversified mix of equity and fixed-income investments. Other assets such as private equity are used modestly to enhance long-term returns while improving portfolio diversification. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements, and asset/liability studies at regular intervals. The following table summarizes the fair values of our pension plan assets: As of December 31, 2019 2018 Equity securities - U.S. holdings (1) $ 24,586 $ 20,469 Equity funds - U.S. holdings (1) (7) — 54 Bond funds - government (4) (7) 33,991 19,146 Bond funds - other (5) (7) 207,901 202,393 Real estate (6) (7) 2,979 2,652 Cash and cash equivalents (2) 5,700 5,866 Partnerships (3) 7,539 9,172 Total fair value of plan assets $ 282,696 $ 259,752 The fair values at December 31, 2019 , are classified within the following categories in the fair value hierarchy: Quoted Prices Significant Significant Not Leveled Total Equity securities - U.S. holdings (1) $ 24,586 $ — $ — $ — $ 24,586 Bond funds - government (4) (7) — — — 33,991 33,991 Bond funds - other (5) (7) — — — 207,901 207,901 Real estate (6) (7) — — — 2,979 2,979 Cash and cash equivalents (2) 5,700 — — — 5,700 Partnerships (3) — — 7,539 — 7,539 Total $ 30,286 $ — $ 7,539 $ 244,871 $ 282,696 The fair values at December 31, 2018 , are classified within the following categories in the fair value hierarchy: Quoted Prices Significant Significant Not Leveled Total Equity securities - U.S. holdings (1) $ 20,469 $ — $ — $ — $ 20,469 Equity funds - U.S.holdings (1) (7) — — — 54 54 Bond funds - government (4) (7) — — — 19,146 19,146 Bond funds - other (5) (7) — — — 202,393 202,393 Real estate (6) (7) — — — 2,652 2,652 Cash and cash equivalents (2) 5,866 — — — 5,866 Partnerships (3) — — 9,172 — 9,172 Total $ 26,335 $ — $ 9,172 $ 224,245 $ 259,752 (1) Comprised of common stocks of companies in various industries. The Pension Plan fund manager may shift investments from value to growth strategies or vice-versa, from small cap to large cap stocks or vice-versa, in order to meet the Pension Plan's investment objectives, which are to provide for a reasonable amount of long-term growth of capital without undue exposure to volatility, and protect the assets from erosion of purchasing power. (2) Comprised of investment grade short-term investment and money-market funds. (3) Comprised of partnerships that invest in various U.S. and international industries. (4) Comprised of long-term government bonds with a minimum maturity of 10 years and zero-coupon Treasury securities ("Treasury Strips") with maturities greater than 20 years. (5) Comprised predominately of investment grade U.S. corporate bonds with maturities greater than 10 years and U.S. high-yield corporate bonds; emerging market debt (local currency sovereign bonds, U.S. dollar-denominated sovereign bonds and U.S. dollar-denominated corporate bonds); and U.S. bank loans. (6) Comprised of investments in securities of U.S. and non-U.S. real estate investment trusts (REITs), real estate operating companies and other companies that are principally engaged in the real estate industry and of investments in global private direct commercial real estate. Investments can be redeemed immediately following the valuation date with a notice of at least fifteen business days before valuation. (7) Comprised of investments that are measured at fair value using the NAV per share practical expedient. In accordance with the provisions of ASC 820-10, these investments have not been classified in the fair value hierarchy. The fair value amount not leveled is presented to allow reconciliation of the fair value hierarchy to total fund pension plan assets. The pension plan assets recorded at fair value are measured and classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs available in the marketplace used to measure fair value as discussed below: • Level 1: Fair value measurements that are based on quoted prices (unadjusted) in active markets that the pension plan trustees have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset, either directly or indirectly. Level 2 inputs include quoted prices for similar assets in active or inactive markets, and inputs other than quoted prices that are observable for the asset, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The table below reconciles the Level 3 partnership assets within the fair value hierarchy: Amount Fair value of Level 3 partnership assets at January 1, 2018 $ 10,787 Capital contributions 78 Realized and unrealized gain 1,154 Capital distributions (2,847 ) Fair value of Level 3 partnership assets at December 31, 2018 $ 9,172 Capital contributions 120 Realized and unrealized gain (139 ) Capital distributions (1,614 ) Fair value of Level 3 partnership assets at December 31, 2019 $ 7,539 The partnership fund manager uses a market approach in estimating the fair value of the plan's Level 3 asset. The market approach estimates fair value by first determining the entity's earnings before interest, taxes, depreciation and amortization and then multiplying that value by an estimated multiple. When establishing an appropriate multiple, the fund manager considers recent comparable private company transactions and multiples paid. The entity's net debt is then subtracted from the calculated amount to arrive at an estimated fair value for the entity. We expect to make $493 of contributions to the U.S. plans and $261 of contributions to the non-U.S. plans during 2020 . The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: U.S. Non-U.S. Post-Retirement 2020 $ 15,514 $ 46 $ 393 2021 15,399 54 377 2022 15,218 82 362 2023 14,983 69 347 2024 14,706 84 332 2025-2029 68,594 715 1,468 Total $ 144,414 $ 1,050 $ 3,279 Defined Contribution Plans We sponsor a 401(k) plan that covers substantially all of our U.S. employees. Contributions and costs are generally determined as a percentage of the covered employee's annual salary. Expenses related to defined contribution plans include the following: Years Ended December 31, 2019 2018 2017 401(k) and other defined contribution plan expense $ 3,125 $ 3,256 $ 3,141 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 7 — Goodwill and Other Intangible Assets Other Intangible Assets The following is a summary of the Company’s other intangible assets as of December 31: As of December 31, 2019 Gross Accumulated Net Weighted Average Remaining Amortization Period (in years) Other intangible assets: Customer lists / relationships $ 92,194 $ (38,682 ) $ 53,512 10.8 Technology and other intangibles 47,925 (18,422 ) 29,503 8.7 In process research and development 2,200 — 2,200 — Other intangible assets, net $ 142,319 $ (57,104 ) $ 85,215 10.1 Amortization expense for the year ended December 31, 2019 $ 7,770 As of December 31, 2018 Gross Accumulated Net Other intangible assets: Customer lists / relationships $ 64,323 $ (37,088 ) $ 27,235 Technology and other intangibles 44,460 (13,715 ) 30,745 In process research and development 2,200 — 2,200 Other intangible assets, net $ 110,983 $ (50,803 ) $ 60,180 Amortization expense for the year ended December 31, 2018 $ 6,817 Amortization expense for the year ended December 31, 2017 $ 6,603 The estimated amortization expense for the next five years and thereafter is as follows: Amortization 2020 $ 9,051 2021 8,893 2022 8,657 2023 6,651 2024 6,479 Thereafter 45,484 Total future amortization expense $ 85,215 Goodwill Changes in the net carrying value amount of goodwill were as follows: Total Goodwill as of December 31, 2017 $ 71,057 Increase from acquisitions — Goodwill as of December 31, 2018 $ 71,057 Increase from acquisition 34,999 Goodwill as of December 31, 2019 $ 106,056 |
Costs Associated with Exit and
Costs Associated with Exit and Restructuring Activities | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Costs Associated with Exit and Restructuring Activities | NOTE 8 — Costs Associated with Exit and Restructuring Activities Restructuring charges are reported as a separate line within operating earnings in the Consolidated Statements of Earnings. Total restructuring charges were: Years Ended December 31, 2019 2018 2017 Restructuring charges $ 7,448 $ 5,062 $ 4,139 2016 Plan In June 2016, we announced plans to restructure operations by phasing out production at our Elkhart, IN facility and transitioning it into a research and development center supporting our global operations ("June 2016 Plan"). Additional organizational changes were also implemented in various other locations. In 2017, we revised this plan to include an additional $1,100 in planned costs related to the relocation of our corporate headquarters in Lisle, IL and our plant in Bolingbrook, IL, both of which have now been consolidated into a single facility. Restructuring charges under this plan, which is substantially complete, were $4,284 , $4,559 , and $4,139 during the years ended December 31, 2019 , 2018 , and 2017 , respectively. The total restructuring liability related to the June 2016 Plan was $ 233 and $ 668 at December 31, 2019 and 2018 , respectively. Any additional costs related to line movements, equipment charges, and other costs will be expensed as incurred. The following table displays the restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through December 31, 2019 : June 2016 Plan Planned Costs Actual costs Workforce reduction $ 3,075 $ 3,340 Building and equipment relocation 9,025 10,534 Asset impairment charge — 1,168 Other charges (1) 1,300 988 Restructuring charges $ 13,400 $ 16,030 (1) Other charges include the effects of currency translation, travel, legal and other charges. 2014 Plan In April 2014, we announced plans to restructure our operations and consolidate our Canadian operations into other existing facilities as part of our overall plan to simplify our business model and rationalize our global footprint ("April 2014 Plan"). These restructuring actions were substantially completed during 2015. Restructuring charges under this plan were $(248) , $503 , and $0 during the years ended December 31, 2019 , 2018 , and 2017 , respectively. The total restructuring liability related to the April 2014 Plan was $703 and $918 at December 31, 2019 and 2018 , respectively. Other Restructuring Activities From time to time we incur other restructuring activities that are not part of a formal plan. Beginning in Q3 2019, we incurred restructuring charges of $3,412 for exit and disposal activities at three sites and workforce reduction costs across the company. The remaining restructuring liability associated with these actions was $1,057 at December 31, 2019 . The following table displays the restructuring liability activity for all plans the year ended December 31, 2019 : Restructuring liability at January 1, 2019 $ 1,586 Restructuring charges 7,448 Cost paid (4,997 ) Other activities (1) (2,044 ) Restructuring liability at December 31, 2019 $ 1,993 (1) Other charges include the effects of currency translation, non-cash asset write-downs, travel, legal and other charges. The total liability of $1,993 is included in Accrued expenses and other liabilities at December 31, 2019 . |
Accrued Liabilities and Other L
Accrued Liabilities and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | NOTE 9 — Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities are as follows: As of December 31, 2019 2018 Accrued product-related costs $ 4,464 $ 4,377 Accrued income taxes 7,903 6,914 Accrued property and other taxes 1,574 1,976 Accrued professional fees 1,599 3,350 Contract liabilities 2,877 1,981 Dividends payable 1,299 1,310 Remediation reserves 11,444 11,274 Other accrued liabilities 5,218 6,165 Total accrued expenses and other liabilities $ 36,378 $ 37,347 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | NOTE 10 — Contingencies Certain processes in the manufacture of our current and past products create by-products classified as hazardous waste. We have been notified by the U.S. Environmental Protection Agency, state environmental agencies, and in some cases, groups of potentially responsible parties, that we may be potentially liable for environmental contamination at several sites currently and formerly owned or operated by us. Two of those sites, Asheville, North Carolina and Mountain View, California, are designated National Priorities List sites under the U.S. Environmental Protection Agency’s Superfund program. We accrue a liability for probable remediation activities, claims and proceedings against us with respect to environmental matters if the amount can be reasonably estimated, and provide disclosures including the nature of a loss whenever it is probable or reasonably possible that a potentially material loss may have occurred but cannot be estimated. We record contingent loss accruals on an undiscounted basis. A roll-forward of remediation reserves included in accrued expenses and other liabilities in the Consolidated Balance Sheets is comprised of the following: Years Ended December 31, 2019 2018 2017 Balance at beginning of period $ 11,274 $ 17,067 $ 18,176 Remediation expense 2,602 1,182 307 Remediation payments (2,455 ) (6,967 ) (1,416 ) Other activity (1) 23 (8 ) — Balance at end of the period $ 11,444 $ 11,274 $ 17,067 (1) Other activity includes currency translation adjustments not recorded through remediation expense Unrelated to the environmental claims described above, certain other legal claims are pending against us with respect to matters arising out of the ordinary conduct of our business. We provide product warranties when we sell our products and accrue for estimated liabilities at the time of sale. Warranty estimates are forecasts based on the best available information and historical claims experience. We accrue for specific warranty claims if we believe that the facts of a specific claim make it probable that a liability in excess of our historical experience has been incurred, and provide disclosures for specific claims whenever it is reasonably possible that a material loss may be incurred which cannot be estimated. We have an outstanding warranty claim for which we have not yet determined the root cause of a product performance issue. Testing is ongoing. We are not able to quantify the potential impact on our operations, if any, because we have not yet determined the root cause. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE 11 — Leases We lease certain land, buildings and equipment under non-cancellable operating leases used in our operations. Operating lease assets represent our right to use an underlying asset for the lease term. Operating lease liabilities represent the present value of lease payments over the lease term, discounted using an estimate of our secured incremental borrowing rate because none of our leases contain a rate implicit in the lease arrangement. The operating lease assets and liabilities are adjusted to include the impact of any lease incentives and non-lease components. We have elected not to separate lease and non-lease components, which include taxes and common area maintenance in some of our leases. Variable lease payments that depend on an index or a rate are included in lease payments using the prevailing index or rate in effect at lease commencement. Options to extend or terminate a lease are included in the lease term when it is reasonably likely that we will exercise that option. We have elected not to record leases with an initial term of 12 months or less on the balance sheet and instead recognize those lease payments on a straight-line basis over the lease term. We determine if an arrangement is a lease or contains a lease at its inception, which normally does not require significant estimates or judgments. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants and we currently have no material sublease agreements. Total lease expense for the twelve months ended December 31, 2019 is as follows: Year Ended December 31, 2019 Operating lease cost $ 4,342 Short-term lease cost 1,013 Total lease cost $ 5,355 Rent expense prior to adoption of ASC 842 was $5,726 and $4,762 for the years ended December 31, 2018 and 2017, respectively. Future minimum lease payments relating to our existing lease liabilities as of December 31, 2019 is as follows: Operating Leases (1) 2020 $ 4,467 2021 4,461 2022 4,303 2023 3,920 2024 3,893 Thereafter 16,566 Total $ 37,610 Less: interest (9,897 ) Present value of lease payments $ 27,713 (1) Operating lease payments include $3,244 of payments related to options to extend lease terms that are reasonably expected to be exercised. Balance Sheet Classification: Operating lease obligations $ 2,787 Long-term operating lease obligations 24,926 Total lease liabilities $ 27,713 Weighted-average remaining lease terms (years) 9.04 Weighted-average discount rate 6.54 % Supplemental cash flow information related to leases: Cash paid for amounts included in the measurement of lease liabilities $ 3,957 Leased assets obtained in exchange for new operating lease liabilities $ 5,000 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 12 — Debt Long-term debt was comprised of the following: As of December 31 2019 2018 Total credit facility $ 300,000 $ 300,000 Balance outstanding $ 99,700 $ 50,000 Standby letters of credit $ 1,800 $ 1,940 Amount available $ 198,500 $ 248,060 Weighted-average interest rate 3.25 % 3.10 % Commitment fee percentage per annum 0.23 % 0.20 % On February 12, 2019, we entered into an amended and restated five-year Credit Agreement with a group of banks (the "Credit Agreement") to extend the term of the facility. The Credit Agreement provides for a revolving credit facility of $300,000 , which may be increased by $150,000 at the request of the Company, subject to the administrative agent's approval. This new unsecured credit facility replaces the prior $300,000 unsecured credit facility, which would have expired August 10, 2020. Borrowings of $50,000 under the prior credit agreement were refinanced into the Credit Agreement. The prior agreement was terminated as of February 12, 2019. The Revolving Credit Facility includes a swing line sublimit of $15,000 and a letter of credit sublimit of $10,000 . Borrowings under the Revolving Credit Facility bear interest at the base rate defined in the Credit Agreement. We also pay a quarterly commitment fee on the unused portion of the Revolving Credit Facility. The commitment fee ranges from 0.20% to 0.30% based on our total leverage ratio. The Revolving Credit Facility requires, among other things, that we comply with a maximum total leverage ratio and a minimum fixed charge coverage ratio. Failure to comply with these covenants could reduce the borrowing availability under the Revolving Credit Facility. We were in compliance with all debt covenants at December 31, 2019 . The Revolving Credit Facility requires that we deliver quarterly financial statements, annual financial statements, auditor certifications, and compliance certificates within a specified number of days after the end of a quarter and year. Additionally, the Revolving Credit Facility contains restrictions limiting our ability to: dispose of assets; incur certain additional debt; repay other debt or amend subordinated debt instruments; create liens on assets; make investments, loans or advances; make acquisitions or engage in mergers or consolidations; engage in certain transactions with our subsidiaries and affiliates; and make stock repurchases and dividend payments. Interest rates on the Revolving Credit Facility fluctuate based upon the LIBOR and the Company’s quarterly total leverage ratio. We have debt issuance costs related to our long-term debt that are being amortized using the straight-line method over the life of the debt. Amortization expense for the twelve months ended December 31, 2019 was approximately $163 and $185 in 2018 and 2017 . These costs are included in interest expense in our Consolidated Statement of Earnings. |
Derivatives Derivative Financia
Derivatives Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 13 — Derivatives Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and interest rates. We selectively use derivative financial instruments including foreign currency forward contracts and interest rate swaps to manage our exposure to these risks. The use of derivative financial instruments exposes the Company to credit risk, which relates to the risk of nonperformance by a counterparty to the derivative contracts. We manage our credit risk by entering into derivative contracts with only highly rated financial institutions and by using netting agreements. The effective portion of derivative gains and losses are recorded in accumulated other comprehensive loss until the hedged transaction affects earnings upon settlement, at which time they are reclassified to cost of goods sold or net sales. If it is probable that an anticipated hedged transaction will not occur by the end of the originally specified time period, we reclassify the gains or losses related to that hedge from accumulated other comprehensive loss to other income (expense). We assess hedge effectiveness qualitatively by verifying that the critical terms of the hedging instrument and the forecasted transaction continue to match, and that there have been no adverse developments that have increased the risk that the counterparty will default. No recognition of ineffectiveness was recorded in our Consolidated Statement of Earnings for the twelve months ended December 31, 2019 . Foreign Currency Hedges We use forward contracts to mitigate currency risk related to a portion of our forecasted foreign currency revenues and costs. The currency forward contracts are designed as cash flow hedges and are recorded in the Consolidated Balance Sheets at fair value. We continue to monitor the Company’s overall currency exposure and may elect to add cash flow hedges in the future. At December 31, 2019 , we had a net unrealized gain of $ 655 in accumulated other comprehensive loss, of which $ 595 is expected to be reclassified to income within the next 12 months. The notional amount of foreign currency forward contracts outstanding was $8,011 at December 31, 2019 . Interest Rate Swaps We use interest rate swaps to convert a portion of our revolving credit facility's outstanding balance from a variable rate of interest to a fixed rate. As of December 31, 2019 , we have agreements to fix interest rates on $50,000 of long-term debt through February 2024. The difference to be paid or received under the terms of the swap agreements will be recognized as an adjustment to interest expense when settled. These swaps are treated as cash flow hedges and consequently, the changes in fair value are recorded in other comprehensive loss. The estimated net amount of the existing gains or losses that are reported in accumulated other comprehensive loss that are expected to be reclassified into earnings within the next twelve months is approximately $ 82 . The location and fair values of derivative instruments designated as hedging instruments in the Consolidated Balance Sheets as of December 31, 2019 , are shown in the following table: As of December 31, 2019 2018 Interest rate swaps reported in Other current assets $ 82 $ 576 Interest rate swaps reported in Other assets $ — $ 369 Interest rate swaps reported in Other long-term obligations $ (78 ) $ — Foreign currency hedges reported in Other current assets $ 580 $ 393 The Company has elected to net its foreign currency derivative assets and liabilities in the balance sheet in accordance with ASC 210-20 ( Balance Sheet, Offsetting ). On a gross basis, there were foreign currency derivative assets of $ 648 and foreign currency derivative liabilities of $ 68 at December 31, 2019 . The effect of derivative instruments on the Consolidated Statements of Earnings is as follows: Years Ended December 31, 2019 2018 2017 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Net sales $ — $ 383 $ (488 ) Cost of goods sold 860 (6 ) 497 Selling, general and administrative 92 107 45 Total amounts reclassified from AOCI to earnings 952 484 54 Loss recognized in other expense for hedge ineffectiveness — — (1 ) Loss recognized in other expense for derivatives not designated as cash flow hedges — — (15 ) Total derivative gain on foreign exchange contracts recognized in earnings $ 952 $ 484 $ 38 Interest Rate Swaps: Benefit recorded in interest expense $ 491 $ 421 $ 37 Total gain $ 1,443 $ 905 $ 75 |
Derivative Financial Instruments | The effect of derivative instruments on the Consolidated Statements of Earnings is as follows: Years Ended December 31, 2019 2018 2017 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Net sales $ — $ 383 $ (488 ) Cost of goods sold 860 (6 ) 497 Selling, general and administrative 92 107 45 Total amounts reclassified from AOCI to earnings 952 484 54 Loss recognized in other expense for hedge ineffectiveness — — (1 ) Loss recognized in other expense for derivatives not designated as cash flow hedges — — (15 ) Total derivative gain on foreign exchange contracts recognized in earnings $ 952 $ 484 $ 38 Interest Rate Swaps: Benefit recorded in interest expense $ 491 $ 421 $ 37 Total gain $ 1,443 $ 905 $ 75 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 14 — Accumulated Other Comprehensive Loss Shareholders’ equity includes certain items classified as accumulated other comprehensive loss (“AOCI”) in the Consolidated Balance Sheets, including: • Unrealized gains (losses) on derivatives relate to interest rate swaps to convert a portion of our revolving credit facility's outstanding balance from a variable rate of interest into a fixed rate and foreign currency forward contracts used to hedge our exposure to changes in exchange rates affecting certain revenues and costs denominated in foreign currencies. These hedges are designated as cash flow hedges, and we have deferred income statement recognition of gains and losses until the hedged transactions occur, at which time amounts are reclassified into earnings. Further information related to our derivative financial instruments is included in Note 13 - Derivative Financial Instruments and Note 17 – Fair Value Measurements. • Unrealized gains (losses) on pension obligations are deferred from income statement recognition until the gains or losses are realized. Amounts reclassified to earnings from AOCI are included in net periodic pension income (expense). Further information related to our pension obligations is included in Note 6 – Retirement Plans. • Cumulative translation adjustment relate to our non-U.S. subsidiary companies that have designated a functional currency other than the U.S. dollar. We are required to translate the subsidiary functional currency financial statements to dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of other comprehensive earnings. In 2018, CTS adopted the provision of ASU No. 2018-02 "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This ASU allows for the reclassification from AOCI to retained earnings for the stranded tax effects resulting from the Tax Cuts and Jobs Act that was enacted in December 2017. The total impact due to adoption of this standard was an increase in retained earnings of $17,433. The components of AOCI for 2019 are as follows: As of December 31, 2018 Gain (Loss) (Gain) Loss As of December 31, 2019 Changes in fair market value of derivatives: Gross $ 1,316 $ 786 $ (1,443 ) $ 659 Income tax (expense) benefit (298 ) (178 ) 326 (150 ) Net 1,018 608 (1,117 ) 509 Changes in unrealized pension cost: Gross (132,454 ) — 8,314 (124,140 ) Income tax benefit (expense) 35,893 — (1,875 ) 34,018 Net (96,561 ) — 6,439 (90,122 ) Cumulative translation adjustment: Gross (2,291 ) 80 — (2,211 ) Income tax benefit 95 3 — 98 Net (2,196 ) 83 — (2,113 ) Total accumulated other comprehensive (loss) earnings $ (97,739 ) $ 691 $ 5,322 $ (91,726 ) The components of AOCI for 2018 are as follows: As of December 31, 2017 Gain (Loss) (Gain) Loss Impact of ASU No. 2018-02 As of December 31, 2018 Changes in fair market value of derivatives: Gross $ 289 $ 1,932 $ (905 ) $ — $ 1,316 Income tax (expense) benefit (105 ) (437 ) 205 39 (298 ) Net 184 1,495 (700 ) 39 1,018 Changes in unrealized pension cost: Gross (130,096 ) — (2,358 ) — (132,454 ) Income tax benefit (expense) 52,837 — 528 (17,472 ) 35,893 Net (77,259 ) — (1,830 ) (17,472 ) (96,561 ) Cumulative translation adjustment: Gross (1,985 ) (306 ) — — (2,291 ) Income tax benefit (expense) 100 (5 ) — — 95 Net (1,885 ) (311 ) — — (2,196 ) Total accumulated other comprehensive (loss) earnings $ (78,960 ) $ 1,184 $ (2,530 ) $ (17,433 ) $ (97,739 ) |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | NOTE 15 — Shareholders' Equity Share count and par value data related to shareholders' equity are as follows: As of December 31, 2019 2018 Preferred Stock Par value per share No par value No par value Shares authorized 25,000,000 25,000,000 Shares outstanding — — Common Stock Par value per share No par value No par value Shares authorized 75,000,000 75,000,000 Shares issued 56,929,298 56,786,849 Shares outstanding 32,472,406 32,750,727 Treasury stock Shares held 24,456,892 24,036,122 On February 7, 2019, the Board of Directors authorized a stock repurchase program with a maximum dollar limit of $25,000 in stock repurchases, which replaced the previous authorized plan that was approved by our Board of Directors in April 2015. During the year ended December 31, 2019 we purchased 420,770 shares for approximately $11,746 , of which $566 was repurchased under the previous plan and $11,180 was repurchased under the most recent board-authorized share repurchase program. During the year ended December 31, 2018 we purchased 342,100 shares for $9,440 under the previous authorized plan. Approximately $13,820 was available for future purchases. A roll forward of common shares outstanding is as follows: As of December 31, 2019 2018 Balance at beginning of the year 32,750,727 32,938,466 Repurchases (420,770 ) (342,100 ) Restricted stock unit issuances 142,449 154,361 Balance at end of period 32,472,406 32,750,727 |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Compensation | NOTE 16 — Stock-Based Compensation At December 31, 2019 , we had five stock-based compensation plans: the Non-Employee Directors' Stock Retirement Plan ("Directors' Plan"), the 2004 Omnibus Long-Term Incentive Plan ("2004 Plan"), the 2009 Omnibus Equity and Performance Incentive Plan ("2009 Plan"), the 2014 Performance & Incentive Plan ("2014 Plan"), and the 2018 Equity and Incentive Compensation Plan ("2018 Plan"). Future grants can only be made under the 2018 Plan. These plans allow for grants of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance shares, performance units, and other stock awards subject to the terms of the specific plans under which the awards are granted. The following table summarizes the compensation expense included in selling, general and administrative expenses in the Consolidated Statements of Earnings related to stock-based compensation plans: Years Ended December 31, 2019 2018 2017 Service-Based RSUs $ 2,207 $ 2,036 $ 1,762 Performance-Based RSUs 2,553 3,089 2,350 Cash-settled awards 255 131 72 Total $ 5,015 $ 5,256 $ 4,184 Income tax benefit 1,133 1,188 1,573 Net $ 3,882 $ 4,068 $ 2,611 The fair value of all equity awards that vested during the periods ended December 31, 2019 , 2018 , and 2017 were $6,589 , $5,805 , and $5,471 , respectively. We recorded a tax deduction related to equity awards that vested during the year ended December 31, 2019 , in the amount of $1,489 . The following table summarizes the unrecognized compensation expense related to non-vested RSUs by type and the weighted-average period in which the expense is to be recognized: Unrecognized Weighted- Service-Based RSUs $ 1,751 1.24 years Performance-Based RSUs 2,433 1.65 years Total $ 4,184 1.48 years We recognize expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. The following table summarizes the status of these plans as of December 31, 2019 : 2018 Plan 2014 Plan 2009 Plan 2004 Plan Directors' Plan Awards originally available to be granted 2,500,000 1,500,000 3,400,000 6,500,000 N/A Performance stock options outstanding — 225,000 — — — Maximum potential RSU and cash settled awards outstanding 266,249 402,216 92,600 35,952 5,522 Maximum potential awards outstanding 266,249 627,216 92,600 35,952 5,522 RSUs and cash settled awards vested and released 4,553 — — — — Awards available to be granted 2,229,198 — — — — Stock Options Stock options are exercisable in cumulative annual installments over a maximum 10 -year period, commencing at least one year from the date of grant. Stock options are generally granted with an exercise price equal to the market price of our stock on the date of grant. The stock options generally vest over four years and have a 10 -year contractual life. The awards generally contain provisions to either accelerate vesting or allow vesting to continue on schedule upon retirement if certain service and age requirements are met. The awards also provide for accelerated vesting if there is a change in control event. We estimate the fair value of the stock option on the grant date using the Black-Scholes option-pricing model and assumptions for expected price volatility, option term, risk-free interest rate, and dividend yield. Expected price volatilities are based on historical volatilities of our common stock. The expected option term was derived from historical data of exercise behavior. The dividend yield was based on historical dividend payments. The risk-free rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of grant. The only outstanding stock options at December 31, 2019 , or 2018 were the performance-based stock options described below. Performance-Based Stock Options During 2015 and 2016, the Compensation committee of the Board of Directors (the "Committee") granted a total of 350,000 performance-based stock options, of which 225,000 remain outstanding after considering forfeitures. The Performance-Based Option Awards have an exercise price of $ 18.37 , a term of five years and generally will become exercisable (provided the optionee remains employed by the Company or an affiliate) upon our attainment of at least $600,000 in revenues during any of our trailing four quarterly periods (as determined by the Committee) during the term. We have not recognized any expense on these Performance-Based Option Awards for the years ended December 31, 2019 and 2018 , since the revenue target is not deemed likely to be attained based on our current forecast. Service-Based Restricted Stock Units Service-based RSUs entitle the holder to receive one share of common stock for each unit when the unit vests. RSUs are issued to officers, key employees and non-employee directors as compensation. Generally, the RSUs vest over a three -year period. RSUs granted to non-employee directors vest one year after being granted. Upon vesting, the non-employee directors elect to either receive the stock associated with the RSU immediately, or defer receipt of the stock to a future date. The fair value of the RSUs is equivalent to the trading value of our common stock on the grant date. A summary of RSU activity for the year ended December 31, 2019 is presented below: Units Weighted Weighted Aggregate Outstanding at January 1, 2019 355,590 $ 17.91 Granted 103,491 28.61 Released (72,226) 20.53 Forfeited (22,459) 26.92 Outstanding at December 31, 2019 364,396 $ 19.87 22.56 $ 10,935 Releasable at December 31, 2019 227,474 $ 15.18 31.82 $ 6,826 Years Ended December 31, 2019 2018 2017 Weighted-average grant date fair value $ 28.61 $ 26.95 $ 24.32 Intrinsic value of RSUs released $ 2,155 $ 4,015 $ 4,485 A summary of non-vested RSU activity for the year ended December 31, 2019 is presented below: RSUs Weighted Nonvested at January 1, 2019 146,116 $ 23.84 Granted 103,491 28.61 Vested (90,226) 22.75 Forfeited (22,459) 26.92 Nonvested at December 31, 2019 136,922 $ 27.66 Performance-Based Restricted Stock Units We grant performance-based restricted stock unit awards ("PSUs") to certain executives and key employees. Units are usually awarded in the range from zero percent to 200% of a targeted number of shares. The award rate for the 2017-2019, 2018-2020, and 2019-2021 PSUs is dependent upon our achievement of sales growth targets, cash flow targets, and relative total shareholder return ("RTSR") using a matrix based on the percentile ranking of our stock price performance compared to a peer group over a three -year period. These awards are weighted 35 % for achievement of the sales growth metric, 30% for achievement of the cash flow metric, and 35% for achievement of the RTSR metric. Other PSUs are granted from time to time based on other performance criteria. A summary of PSU activity for the year ended December 31, 2019 is presented below: Units Weighted Weighted Aggregate Outstanding at January 1, 2019 267,792 $ 21.44 Granted 83,853 31.01 Released (160,889) 14.34 Forfeited (34,306) 24.77 Added by performance factor 60,779 13.54 Outstanding at December 31, 2019 217,229 $ 27.73 1.15 $ 6,519 Releasable at December 31, 2019 — $ — $ — The following table summarizes each grant of performance awards outstanding at December 31, 2019 : Description Grant Date Vesting Vesting Target Outstanding Maximum Number of Units to be Granted 2017-2019 Performance RSUs February 9, 2017 2019 35% RTSR, 35% sales growth, 30% operating cash flow 68,346 136,692 2017-2019 Performance RSUs February 9, 2017 2018-2020 Operating Earnings 13,556 13,556 2018-2020 Performance RSUs February 8, 2018 2020 35% RTSR, 35% sales growth, 30% operating cash flow 31,398 62,796 2018-2020 Performance RSUs February 16, 2018 2020 35% RTSR, 35% sales growth, 30% operating cash flow 31,820 63,640 2019-2021 Performance RSUs February 7, 2019 2021 35% RTSR, 35% sales growth, 30% operating cash flow 63,414 126,828 2019 Supplemental Performance RSUs February 7, 2019 2021 Succession Planning Targets 6,945 13,890 2020-2022 QTI Performance RSUs September 24, 2019 2022 50% EBITDA growth, 50% Sales growth 1,750 3,500 Total 217,229 420,902 Cash-Settled Restricted Stock Units Cash-Settled RSUs entitle the holder to receive the cash equivalent of one share of common stock for each unit when the unit vests. These RSUs are issued to key employees residing in foreign locations as direct compensation. Generally, these RSUs vest over a three -year period. Cash-settled RSUs are classified as liabilities and are remeasured at each reporting date until settled. At December 31, 2019 , and 2018 , we had 17,271 and 17,248 cash-settled RSUs outstanding, respectively. At December 31, 2019 , and 2018 , liabilities of $353 and $300 , respectively were included in Accrued expenses and other liabilities on our Consolidated Balance Sheets. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 17 — Fair Value Measurements We use interest rates swaps to convert a portion of our Revolving Credit Facility's outstanding balance from a variable rate of interest to a fixed rate and foreign currency forward contracts to hedge the effect of foreign currency changes on certain revenues and costs denominated in foreign currencies. These derivative financial instruments are measured at fair value on a recurring basis. The table below summarizes the financial asset that were measured at fair value on a recurring basis as of December 31, 2019 and the (gain) loss recorded during the year ended December 31, 2019 : Asset Carrying Quoted Prices Significant Significant (Gain) loss for Year Ended Interest rate swap $ 4 $ — $ 4 $ — $ (491 ) Foreign currency hedges $ 580 $ — $ 580 $ — $ (952 ) The table below summarizes the financial assets that were measured at fair value on a recurring basis as of December 31, 2018 and the (gain) loss recorded during the year ended December 31, 2018 : Asset Carrying Quoted Prices Significant Significant (Gain) loss for Interest rate swap $ 945 $ — $ 945 $ — $ (421 ) Foreign currency hedges $ 393 $ — $ 393 $ — $ (484 ) The fair value of our interest rate swaps and foreign currency hedges were measured using standard valuation models using market-based observable inputs over the contractual terms, including forward yield curves, among others. There is a readily determinable market for these derivative instruments, but the market is not active and therefore they are classified within level 2 of the fair value hierarchy. Our long-term debt consists of the Revolving credit facility which is recorded at its carrying value. There is a readily determinable market for our long-term debt and it is classified within Level 2 of the fair value hierarchy as the market is not deemed to be active. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 18 — Income Taxes Earnings before income taxes consist of the following: Years Ended December 31, 2019 2018 2017 U.S. $ 15,103 $ 30,815 $ 9,315 Non-U.S. 35,163 27,288 30,938 Total $ 50,266 $ 58,103 $ 40,253 Significant components of income tax provision/(benefit) are as follows: Years Ended December 31, 2019 2018 2017 Current: U.S. $ (391 ) $ (397 ) $ 1,635 Non-U.S. 10,666 12,538 7,150 Total Current 10,275 12,141 8,785 Deferred: U.S. 558 (330 ) 17,597 Non-U.S. 3,287 (240 ) (577 ) Total Deferred 3,845 (570 ) 17,020 Total provision for income taxes $ 14,120 $ 11,571 $ 25,805 Significant components of our deferred tax assets and liabilities are as follows: As of December 31, 2019 2018 Post-retirement benefits $ 1,100 $ 1,061 Inventory reserves 708 1,236 Loss carry-forwards 4,724 4,647 Credit carry-forwards 15,964 16,909 Accrued expenses 4,932 5,685 Research expenditures 17,953 16,847 Operating lease liabilities 6,211 — Stock compensation 2,232 2,142 Foreign exchange loss 1,986 2,245 Other 230 207 Gross deferred tax assets 56,040 50,979 Depreciation and amortization 12,453 11,500 Pensions 13,552 11,736 Operating lease assets 5,963 — Subsidiaries' unremitted earnings 1,903 1,258 Gross deferred tax liabilities 33,871 24,494 Net deferred tax assets 22,169 26,485 Deferred tax asset valuation allowance (8,011 ) (8,274 ) Total net deferred tax assets $ 14,158 $ 18,211 The long-term deferred tax assets and long-term deferred tax liabilities are as follows below: As of December 31, 2019 2018 Non-current deferred tax assets $ 19,795 $ 22,201 Non-current deferred tax liabilities $ (5,637 ) $ (3,990 ) Total net deferred tax assets $ 14,158 $ 18,211 At each reporting date, we weigh all available positive and negative evidence to assess whether it is more-likely-than-not that the Company's deferred tax assets, including deferred tax assets associated with accumulated loss carryforwards and tax credits in the various jurisdictions in which it operates, will be realized. As of December 31, 2019 , and 2018 , we recorded deferred tax assets related to certain U.S. state and non-U.S. income tax loss carryforwards of $4,724 and $4,647 , respectively, and U.S. and non-U.S. tax credits of $15,964 and $ 16,909 , respectively. The deferred tax assets expire in various years primarily between 2021 and 2039 . Generally, we assess if it is more-likely-than-not that our net deferred tax assets will be realized during the available carry-forward periods. As a result, we have determined that valuation allowances of $8,011 and $8,274 should be provided for certain deferred tax assets at December 31, 2019 , and 2018 , respectively. As of December 31, 2019 , the valuation allowances relate to certain U.S. state and non-U.S. loss carry-forwards and certain U.S. state tax credits that management does not anticipate will be utilized. No valuation allowance was recorded in 2019 against the U.S. federal foreign tax credit carryforwards of $5,785 , which expire in varying amounts between 2023 and 2029 as well as the research and development tax credits of $7,495 , which expire in varying amounts between 2021 and 2039. We assessed the anticipated realization of those tax credits utilizing future taxable income projections. Based on those projections, management believes it is more-likely-than-not that we will realize the benefits of these credit carryforwards. The following table reconciles taxes at the U.S. federal statutory rate to the effective income tax rate: Years Ended December 31, 2019 2018 2017 Taxes at the U.S. statutory rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal income tax benefit 0.4 % 1.2 % 1.1 % Non-U.S. earnings taxed at rates different than the U.S. statutory rate 1.3 % 0.8 % (9.0 )% Foreign source earnings, net of associated foreign tax credits 0.3 % 4.1 % 0.1 % Benefit of tax credits (1.5 )% (0.9 )% (1.4 )% Non-deductible expenses 4.1 % 1.3 % 1.5 % Stock compensation - excess tax benefits (1.1 )% (0.9 )% (1.5 )% Adjustment to valuation allowances (0.4 )% (0.6 )% (4.4 )% Other changes in tax laws and rates 0.1 % (6.1 )% — % Change in unrecognized tax benefits 3.3 % (1.7 )% 2.0 % Impacts of unremitted foreign earnings 1.3 % 1.1 % 0.9 % Impacts related to the 2017 Tax Cuts and Jobs Act — % (0.6 )% 44.7 % Other (0.7 )% 1.2 % (4.9 )% Effective income tax rate 28.1 % 19.9 % 64.1 % On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, the transition of U.S international taxation from a worldwide tax system to a territorial system, and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017. We recognized a provisional amount of $ 18,001 as an additional income tax expense in the fourth quarter of 2017. This amount included $ 11,734 related to the mandatory deemed one-time transition tax and $ 6,267 related to the remeasurement of certain deferred tax assets and liabilities. On December 22, 2017, Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The remeasurement period for SAB 118 ended on December 22, 2018, and upon completion of our analysis we determined the final impact of the Tax Act resulted in an additional tax benefit of $ 348 during the fourth quarter of 2018. This amount included a $ 589 tax benefit related to the one-time transition tax and $ 241 tax expense related to the remeasurement of certain deferred tax assets and liabilities. Following the enactment of the 2017 Tax Cut and Jobs Act and the associated one-time transition tax, in general, repatriation of foreign earnings to the US can be completed with no incremental US Tax. However, there are limited other taxes that continue to apply such as foreign withholding and certain state taxes. The company records a deferred tax liability for the estimated foreign earnings and state tax cost associated with the undistributed foreign earnings that are not permanently reinvested. The Tax Act also includes provisions for Global Intangible Low-Taxed Income (“GILTI”) wherein taxes on foreign income are imposed in excess of a deemed return on tangible assets of foreign corporations. We elected to recognize the tax on GILTI as an expense in the period the tax is incurred. We recognize the financial statement benefit of a tax position when it is more-likely-than-not, based on its technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not threshold is then measured to determine the amount of benefit to be recognized in the financial statements. As of December 31, 2019 , we have approximately $5,016 of unrecognized tax benefits, which if recognized, would impact the effective tax rate. We do not anticipate any significant changes in our unrecognized tax benefits within the next 12 months. A reconciliation of the beginning and ending unrecognized tax benefits is provided below: As of December 31, 2019 2018 Balance at January 1 $ 3,649 $ 4,670 Increase related to current year tax positions 2,834 55 (Decrease) increase related to prior year tax positions (10 ) 46 Decrease related to lapse in statute of limitation (1,457 ) (1,076 ) Decrease related to settlements with taxing authorities — (46 ) Balance at December 31 $ 5,016 $ 3,649 Our continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2019 , and 2018 , $707 and $2,515 , respectively, of interest and penalties were accrued. We are subject to taxation in the U.S., various states, and in non-U.S. jurisdictions. Our U.S. income tax returns are primarily subject to examination from 2016 through 2018; however, U.S. tax authorities also have the ability to review prior tax years to the extent loss carryforwards and tax credit carryforwards are utilized. The open years for the non-U.S. tax returns range from 2008 through 2018 based on local statutes. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Acquisitions | NOTE 19 - Business Acquisitions On July 31, 2019, we acquired 100% of the outstanding shares of Quality Thermistor, Inc. (QTI) for $75 million plus a contingent earn out of up to $5 million based on sales performance objectives. The purchase price includes adjustments for debt assumed and changes in working capital. QTI, doing business as QTI Sensing Solutions, is a leading designer and manufacturer of high-quality temperature sensors serving original equipment manufacturers with mission-critical applications in the industrial, aerospace, defense and medical markets. This acquisition provides us with a new core temperature sensing technology that expands our sensing product portfolio, while increasing our presence in the industrial and medical markets. The final purchase price of $73,906 has been allocated to the fair values of assets and liabilities acquired as of July 31, 2019. The following table summarizes the consideration paid and the fair values of the assets acquired and the liabilities assumed at the date of acquisition: Consideration Paid Cash paid, net of cash acquired of $567 $ 72,850 Contingent consideration 1,056 Purchase price $ 73,906 Fair Values at July 31, 2019 Current assets $ 6,221 Property, plant and equipment 2,567 Other assets 29 Goodwill 34,999 Intangible assets 32,800 Fair value of assets acquired 76,616 Less fair value of liabilities acquired (2,710 ) Purchase price $ 73,906 Goodwill represents value the Company expects to be created by combining the operations of the acquired business with the Company's operations, including the expansion of customer relationships within our existing business, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. The contingent earn out is payable in cash upon the achievement of a revenue performance target for the year ending December 31, 2019 . The Company recorded contingent consideration for the earn out of $ 1,056 based on the achievement performance target for the full year 2019 results. This amount is reflected as an addition to purchase price. The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets: Carrying Value Weighted Average Amortization Period Customer lists/relationships $ 31,000 15.0 Trademarks, tradenames, and other intangibles 1,800 5.0 Total $ 32,800 Results of operations for QTI are included in our consolidated financial statements beginning on July 31, 2019. The amount of net sales and net loss from QTI since the acquisition date that have been included in the Consolidated Statements of Earnings are as follows: For the period July 31, 2019 through December 31, 2019 Net sales $ 9,252 Net loss $ (465 ) |
Geographic Data
Geographic Data | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Geographic Data | NOTE 20 — Geographic Data Financial information relating to our operations by geographic area were as follows: Net Sales Years Ended December 31, 2019 2018 2017 United States $ 279,904 $ 313,489 $ 287,092 Singapore 32,957 6,724 5,596 Taiwan 19,810 20,802 18,586 China 87,342 79,380 66,510 Czech Republic 33,214 36,528 34,476 Other non-U.S. 15,772 13,560 10,733 Consolidated net sales $ 468,999 $ 470,483 $ 422,993 Sales are attributed to countries based upon the origin of the sale. Long-Lived Assets Years Ended December 31, 2019 2018 United States $ 53,767 $ 53,950 China 32,751 32,973 Taiwan 4,593 3,752 Czech Republic 10,946 5,976 Other non-U.S 2,981 2,750 Consolidated long-lived assets $ 105,038 $ 99,401 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | NOTE 21 — Quarterly Financial Data Quarterly Results of Operations (Unaudited) First Second Third Fourth 2019 Net sales $ 117,625 $ 120,684 $ 115,651 $ 115,040 Gross margin $ 40,615 $ 41,204 $ 37,057 $ 38,700 Operating earnings $ 14,218 $ 17,083 $ 10,124 $ 12,391 Net earnings $ 11,419 $ 11,943 $ 2,722 $ 10,062 Basic earnings per share $ 0.35 $ 0.36 $ 0.08 $ 0.31 Diluted earnings per share $ 0.34 $ 0.36 $ 0.08 $ 0.31 2018 Net sales $ 113,530 $ 118,021 $ 118,859 $ 120,073 Gross margin $ 38,433 $ 41,813 $ 42,082 $ 42,645 Operating earnings $ 13,359 $ 14,544 $ 16,118 $ 17,017 Net earnings $ 11,548 $ 7,209 $ 10,211 $ 17,564 Basic earnings per share $ 0.35 $ 0.22 $ 0.31 $ 0.53 Diluted earnings per share $ 0.34 $ 0.21 $ 0.30 $ 0.52 |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | CTS CORPORATION SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Expense Charged (Write-offs) / Recoveries Balance Year ended December 31, 2019 $ 384 $ 141 $ (9 ) $ (255 ) $ 261 Year ended December 31, 2018 $ 357 $ 56 $ (8 ) $ (21 ) $ 384 Year ended December 31, 2017 $ 170 $ 248 $ 9 $ (70 ) $ 357 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Description of Business: CTS Corporation ("CTS", "we", "our", "us" or the "Company") is a global manufacturer of sensors, electronic components, and actuators operating as a single reportable business segment. We operate manufacturing facilities located throughout North America, Asia and Europe and service major markets globally. |
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of CTS and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents: All highly liquid investments with maturities of three months or less at the date of purchase are considered to be cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts: Accounts receivable consists primarily of amounts due from normal business activities. We maintain an allowance for doubtful accounts for estimated uncollectible accounts receivable. Our reserves for estimated credit losses are based upon historical experience and specific customer collection issues. Accounts are written off against the allowance account when they are determined to no longer be collectible. |
Concentration of Credit Risk | Concentration of Credit Risk: Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents and trade receivables. Our cash and cash equivalents, at times, may exceed federally insured limits. Cash and cash equivalents are deposited primarily in banking institutions with global operations. We have not experienced any losses in such accounts. We believe we are not exposed to any significant credit risk related to cash and cash equivalents. Trade receivables subject us to the potential for credit risk with major customers. We sell our products to customers principally in the aerospace and defense, industrial, information technology, medical, telecommunications, and transportation markets, primarily in North America, Europe, and Asia. We perform ongoing credit evaluations of our customers to minimize credit risk. We do not require collateral. The allowance for doubtful accounts is based on management's estimates of the collectability of its accounts receivable after analyzing historical bad debts, customer concentrations, customer creditworthiness, and current economic trends. Uncollectible trade receivables are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted. |
Inventories | Inventories: We value our inventories at the lower of the actual cost to purchase or manufacture or the net realizable value using the first-in, first-out ("FIFO") method. We review inventory quantities on hand and record a provision for excess and obsolete inventory based on forecasts of product demand and production requirements. |
Retirement Plans | Retirement Plans: We have various defined benefit and defined contribution retirement plans. Our policy is to annually fund the defined benefit pension plans at or above the minimum required by law. We: 1) recognize the funded status of a benefit plan (measured as the difference between plan assets at fair value and the projected benefit obligation) in our Consolidated Balance Sheets; 2) recognize the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit/cost as a component of other comprehensive earnings; and 3) measure defined benefit plan assets and obligations as of the date of our fiscal year-end. See Note 6, "Retirement Plans" for further information. |
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment is stated at cost, less accumulated depreciation. Depreciation is computed primarily over the estimated useful lives of the various classes of assets using the straight-line method. Useful lives for buildings and improvements range from 10 to 45 years , machinery and equipment from 3 to 15 years , and software from 2 to 15 years . Depreciation on leasehold improvements is computed over the lesser of the lease term or estimated useful lives of the assets. Amounts expended for maintenance and repairs are charged to expense as incurred. Upon disposition, any related gains or losses are included in operating earnings. |
Income Taxes | Income Taxes: We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe that these assets are more-likely-than-not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with Accounting Standards Codification ("ASC") Topic 740 on the basis of a two-step process in which (1) we determine whether it is more-likely-than-not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying Consolidated Statements of Earnings. Accrued interest and penalties are included in the related tax liability line in the Consolidated Balance Sheets. See Note 18, "Income Taxes" for further information. |
Goodwill and Other Intangible Assets | Goodwill and Indefinite-lived Intangible Assets: Goodwill represents the excess of the purchase price over the fair values of the net assets acquired in a business combination. In accordance with ASC 350, Intangibles—Goodwill and Other , goodwill is not amortized, but instead is tested for impairment annually or more frequently if circumstances indicate a possible impairment may exist. Absent any interim indicators of impairment, the Company tests for goodwill impairment as of the first day of its fourth fiscal quarter of each year. In addition to goodwill, we also have acquired in-process research and development ("IPR&D") intangible assets that are treated as indefinite-lived intangible assets and therefore not subject to amortization until the completion or abandonment of the associated research and development efforts. If these efforts are abandoned in the future, the carrying value of the IPR&D asset will be expensed. If the research and development efforts are successfully completed, the IPR&D will be reclassified as a finite-lived asset and amortized over its useful life. We have the option to perform a qualitative assessment (commonly referred to as "step zero" test) to determine whether further quantitative analysis for impairment of goodwill and indefinite-lived intangible assets is necessary. The qualitative assessment includes a review of macroeconomic conditions, industry and market considerations, internal cost factors, and our own overall financial and share price performance, among other factors. If, after assessing the totality of events or circumstances, we determine that it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, we do not need to perform a quantitative analysis. We completed our annual impairment test during 2019 by performing a qualitative assessment and determined that our goodwill was not impaired as of the measurement date. We have not recorded any impairment of goodwill or other indefinite-lived intangible assets in the years ended December 31, 2019 , 2018 and 2017 . Other Intangible Assets and Long-lived Assets: We account for long-lived assets (excluding indefinite-lived intangible assets) in accordance with the provisions of ASC 360, Property, Plant, and Equipment . This statement requires that long-lived assets, which includes fixed assets and finite-lived intangible assets, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an impairment test is warranted, recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the sum of the undiscounted cash flows expected to result from the use and the eventual disposition of the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount in which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Intangible assets (excluding indefinite-lived intangible assets) consist primarily of technology, customer lists and relationships, patents, and trade names. These assets are recorded at cost and usually amortized on a straight-line basis over their estimated lives. We assess useful lives based on the period over which the asset is expected to contribute to cash flows. |
Revenue Recognition | Revenue Recognition: Product revenue is recognized upon the transfer of promised goods to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods. We follow the five step model to determine when this transfer has occurred: 1) identify the contract(s) with the customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; 5) recognize revenue when (or as) the entity satisfies a performance obligation. |
Research and Development | Research and Development: Research and development ("R&D") costs include expenditures for search and investigation aimed at discovery of new knowledge to be used to develop new products or processes or to significantly enhance existing products or production processes. R&D costs also include the implementation of new knowledge through design, testing of product alternatives, or construction of prototypes. We expense all R&D costs as incurred, net of customer reimbursements for sales of prototypes and non-recurring engineering charges. We create prototypes and tools related to R&D projects. A prototype is defined as a constructed product not intended for production resulting in a commercial sale. We also incur engineering costs related to R&D activities. Such costs are incurred to support such activities to improve the reliability, performance and cost-effectiveness of our existing products and to design and develop innovative products that meet customer requirements for new applications. Furthermore, we may engage in activities that develop tooling machinery and equipment for our customers. |
Financial Instruments | Financial Instruments: We use forward contracts to mitigate currency risk related to forecasted foreign currency revenue and costs. These forward contracts are designed as cash flow hedges. At least quarterly, we assess the effectiveness of these hedging relationships based on the total change in their fair value using regression analysis. In addition, we use interest rate swaps to convert a portion of our revolving credit facility's variable rate of interest into a fixed rate. As a result of the use of these derivative instruments, the Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate the counterparty credit risk, the Company has a policy of only entering into contracts with carefully selected major financial institutions based upon their credit ratings and other factors and by using netting agreements. Our established policies and procedures for mitigating credit risk on principal transactions include reviewing and establishing limits for credit exposure and continually assessing the creditworthiness of counterparties. We estimate the fair value of our financial instruments as follows: Instrument Method for determining fair value Cash, cash equivalents, accounts receivable and accounts payable Cost, approximates fair value due to the short-term nature of these instruments. Revolving credit facility The fair value of long-term debt approximates carrying value and was determined by valuing a similar hypothetical coupon bond and attributing that value to our credit facility. Interest rate swaps and forward contracts The fair value of our interest rate swaps and forward contracts are measured using a market approach which uses current industry information. |
Debt Issuance Costs | Debt Issuance Costs: We have debt issuance costs related to our long-term debt that are being amortized using the straight-line method over the life of the debt. |
Equity-Based Compensation | Stock-Based Compensation: We recognize expense related to the fair value of stock-based compensation awards, consisting of restricted stock units ("RSUs"), cash-settled restricted stock units, performance share units ("PSU's"), and stock options, in the Consolidated Statements of Earnings. We estimate the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model. A number of assumptions are used by the Black-Scholes option pricing model to compute the grant date fair value of an award, including expected price volatility, option term, risk-free interest rate, and dividend yield. These assumptions are established at each grant date based upon current information at that time. Expected volatilities are based on historical volatilities of CTS' common stock. The expected option term is derived from historical data of exercise behavior. Actual option terms can differ from the expected option terms as a result of different groups of employees exhibiting different exercise behavior. The dividend yield is based on historical dividend payments. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve at the time of grant. The fair value of awards that are ultimately expected to vest is recognized as expense over the requisite service periods of the awards in the Consolidated Statements of Earnings. The grant date fair values of our service-based and performance-based RSUs are the closing price of our common stock on the date of grant. The grant date fair value of our market-based RSUs is determined by using a simulation, or Monte Carlo, approach. Under this approach, stock returns from a comparative group of companies are simulated over the performance period, considering both stock price volatility and the correlation of returns. The simulated results are then used to estimate the future payout based on the performance and payout relationship established by the conditions of the award. The future payout is discounted to the measurement date using the risk-free interest rate. Both our stock option and RSU awards primarily have a graded vesting schedule. We recognize expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. Compensation expense for PSUs is measured by determining the fair value of the award using the closing share price on the grant date and is recognized ratably from the grant date to the vesting date for the number of awards expected to vest. The amount of compensation expense recognized for PSUs is dependent upon a quarterly assessment of the likelihood of achieving the performance conditions and is subject to adjustment based on management's assessment of the Company's performance relative to the target number of shares performance criteria. See Note 16, "Stock-Based Compensation" for further information. |
Earnings Per Share | Earnings Per Share: Basic earnings per share excludes any dilution and is computed by dividing net earnings available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net earnings by the weighted average shares outstanding assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock Method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock units were settled for common shares during the period. In addition, dilutive shares include any shares issuable related to performance share units for which the performance conditions would have been met as of the end of the period and therefore would be considered contingently issuable. If the common stock equivalents have an anti-dilutive effect, they are excluded from the computation of diluted earnings per share. |
Foreign Currencies | Foreign Currencies: The financial statements of our non-U.S. subsidiaries, except the United Kingdom ("U.K.") subsidiary, are remeasured into U.S. dollars using the U.S. dollar as the functional currency with all remeasurement adjustments included in the determination of net earnings. Foreign currency (losses) gains recorded in the Consolidated Statement of Earnings includes the following: Years Ended December 31, 2019 2018 2017 Foreign currency (losses) gains $ (1,797 ) $ (2,619 ) $ 3,052 The assets and liabilities of our U.K. subsidiary are translated into U.S. dollars at the current exchange rate at period end, with the resulting translation adjustments made directly to the "accumulated other comprehensive loss" component of shareholders' equity. Our Consolidated Statement of Earnings accounts are translated at the average rates during the period. |
Shipping and Handling | Shipping and Handling: All fees billed to the customer for shipping and handling are classified as a component of net sales. All costs associated with shipping and handling are classified as a component of cost of goods sold or operating expenses, depending on the nature of the underlying purchase. |
Sales Tax | Sales Taxes: When applicable, we classify sales taxes on a net basis in our consolidated financial statements. |
New Accounting Pronouncements and Changes in Accounting Principles | Changes in Accounting Principles: Beginning in January 2019, CTS adopted the provisions of Accounting Standards Update ("ASU") 2016-02, " Leases (Topic 842) " under the optional transition method, which requires, if necessary, a cumulative effect adjustment to the opening balance of retained earnings. The lease liability is based on the present value of minimum lease payments discounted using our secured incremental borrowing rate at the date of adoption. Existing deferred rent liabilities, resulting from our historical practice of using the straight line method for recognizing lease expense, were reclassified upon adoption to reduce the measurement of the lease assets. We elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carry forward the historical accounting relating to lease identification and classification for existing leases at adoption. Our leases are classified as operating leases and expense is recorded in a manner similar to historical accounting guidance. We have also elected the practical expedient to not separate lease and non-lease components for the majority of our leases and to keep leases with an initial term of 12 months or less off of the balance sheet. Upon adoption we recorded a lease liability of $ 24,792 and a right of use asset of $ 22,066 . No adjustment to the opening balance of retained earnings was required. |
Recent Accounting Pronouncements | Recently Issued Accounting Pronouncements ASU No. 2019-12 "Simplifying the Accounting for Income Taxes" In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Simplifying the Accounting for Income Taxes , as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We will adopt this ASU in the first quarter of 2020 and it is not expected to have a material impact on our consolidated financial statements. ASU No. 2018-14 "Compensation - Retirement Benefits - Defined Benefit Plans - General" In August 2018, the FASB issued ASU No. 2018-14, " Compensation - Retirement Benefits - Defined Benefit Plans - General ." This ASU modifies the disclosure requirements for defined benefit and other postretirement plans. This ASU eliminates certain disclosures associated with accumulated other comprehensive income, plan assets, related parties, and the effects of interest rate basis point changes on assumed health care costs; while other disclosures have been added to address significant gains and losses related to changes in benefit obligations. This ASU also clarifies disclosure requirements for projected benefit and accumulated benefit obligations. The amendments in this ASU are effective for fiscal years ending after December 15, 2020 and for interim periods therein with early adoption permitted. Adoption on a retrospective basis for all periods presented is required. This ASU will impact our financial statement disclosures but will not have an impact on our consolidated financial position, results of operations, or cash flows. ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement" In August 2018, the FASB issued ASU No. 2018-13 " Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement ". This ASU modified the disclosures related to recurring and nonrecurring fair value measurements. Disclosures related to the transfer of assets between Level 1 and Level 2 hierarchies have been eliminated and various additional disclosures related to Level 3 fair value measurements have been added, modified or removed. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted upon issuance of the standard for disclosures modified or removed with a delay of adoption of the additional disclosures until their effective date. We will adopt this ASU in the first quarter of 2020 it is not expected to have a material impact on our financial statement disclosures. ASU No. 2016-16 "Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory" In October 2016, the FASB issued ASU No. 2016-16, " Intra-Entity Transfers of Assets Other Than Inventory ". This ASU is meant to improve the accounting for the income tax effect of intra-entity transfers of assets other than inventory. Currently, U.S. GAAP prohibits the recognition of current and deferred income taxes for intra-entity asset transfers until the asset is sold to a third party. This ASU will now require companies to recognize the income tax effect of an intra-entity asset transfer (other than inventory) when the transaction occurs. This ASU is effective for public companies, for fiscal years beginning after December 15, 2019 and interim periods within those annual reporting periods. Early adoption is permitted and is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We will adopt this ASU during the first quarter of 2020 and it is not expected to have a material impact on our financial statements. ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, we will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. The standard will become effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. We adopted this ASU on January 1, 2020 and we have determined that it will not have a material impact on our financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of net sales to significant customers as a percentage of total net sales | Our net sales to significant customers as a percentage of total net sales were as follows: Years Ended December 31, 2019 2018 2017 Cummins Inc. 16.1% 15.2% 13.4% Honda Motor Co. 11.6% 10.5% 11.2% Toyota Motor Corporation 9.6% 10.5% 10.2% We sell parts to these three transportation customers for certain vehicle platforms under purchase agreements that have no volume commitments and are subject to purchase orders issued on a periodic basis. No other customer accounted for 10% or more of total net sales during these periods. |
Summary of Molds, Dies and Other Tools | We occasionally enter into agreements with our customers whereby we receive a contractual guarantee to be reimbursed the costs we incur to construct molds, dies, and other tools that are used to make many of the products we sell. The costs we incur are included in other current assets on the Consolidated Balance Sheets until reimbursement is received from the customer. Reimbursements received from customers are netted against such costs and included in our Consolidated Statements of Earnings if the amount received is in excess of the costs that we incur. The following is a summary of amounts to be received from customers as of December 31, 2019 , and 2018 : As of December 31, 2019 2018 Cost of molds, dies and other tools included in other current assets $ 7,690 $ 5,388 |
Fair Value Measurements, Recurring and Nonrecurring | We estimate the fair value of our financial instruments as follows: Instrument Method for determining fair value Cash, cash equivalents, accounts receivable and accounts payable Cost, approximates fair value due to the short-term nature of these instruments. Revolving credit facility The fair value of long-term debt approximates carrying value and was determined by valuing a similar hypothetical coupon bond and attributing that value to our credit facility. Interest rate swaps and forward contracts The fair value of our interest rate swaps and forward contracts are measured using a market approach which uses current industry information. |
Summary of antidilutive stock options | Our antidilutive securities consist of the following: Years Ended December 31, (units) 2019 2018 2017 Antidilutive securities 22,040 18,138 22,110 |
Summary of foreign currency gain (loss) recorded in the statement of operations | Foreign currency (losses) gains recorded in the Consolidated Statement of Earnings includes the following: Years Ended December 31, 2019 2018 2017 Foreign currency (losses) gains $ (1,797 ) $ (2,619 ) $ 3,052 |
Revenue Recognition Revenue fro
Revenue Recognition Revenue from Contract with Customer (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Contract with Customer, Asset and Liability [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Assets and Liabilities Contract assets and liabilities included in our Consolidated Balance Sheets are as follows: As of December 31, 2019 2018 Contract Assets Prepaid rebates included in Other current assets $ 64 $ 65 Prepaid rebates included in Other assets 1,853 999 Total Contract Assets $ 1,917 $ 1,064 Contract Liabilities Customer discounts and price concessions included in Accrued expenses and other liabilities $ (2,070 ) $ (1,656 ) Customer rights of return included in Accrued expenses and other liabilities (807 ) (325 ) Total Contract Liabilities $ (2,877 ) $ (1,981 ) |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disaggregation of Revenue [Abstract] | |
Disaggregation of Revenue | Disaggregated Revenue The following table presents revenues disaggregated by the major markets we serve: Twelve Months Ended December 31, 2019 2018 Transportation $ 299,005 $ 300,124 Industrial 78,369 86,968 Medical 41,901 40,663 Aerospace & Defense 32,569 23,323 Telecom & IT 17,155 19,405 Total $ 468,999 $ 470,483 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Components of Accounts Receivable | The components of accounts receivable are as follows: As of December 31, 2019 2018 Accounts receivable, gross $ 78,269 $ 79,902 Less: Allowance for doubtful accounts (261 ) (384 ) Accounts receivable, net $ 78,008 $ 79,518 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consist of the following: As of December 31, 2019 2018 Finished goods $ 9,447 $ 10,995 Work-in-process 14,954 12,129 Raw materials 23,363 25,746 Less: Inventory reserves (5,527 ) (5,384 ) Inventories, net $ 42,237 $ 43,486 |
Property, Plant and Equipment S
Property, Plant and Equipment Summary of Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2019 2018 Land and land improvements $ 1,095 $ 1,136 Buildings and improvements 68,350 70,522 Machinery and equipment 224,312 231,619 Less: Accumulated depreciation (188,719 ) (203,876 ) Property, plant and equipment, net $ 105,038 $ 99,401 Depreciation expense recorded in the Consolidated Statements of Earnings includes the following: For the Years Ended 2019 2018 2017 Depreciation expense $ 16,849 $ 15,697 $ 14,071 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Reconciliation of Benefit Obligation, Plan Assets, and Funded Status | The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the pension plans for U.S. and non-U.S. locations at the measurement dates. U.S. Pension Plans Non-U.S. Pension Plans 2019 2018 2019 2018 Accumulated benefit obligation $ 220,339 $ 205,319 $ 1,854 $ 1,936 Change in projected benefit obligation: Projected benefit obligation at January 1 $ 205,319 $ 228,934 $ 2,756 $ 3,140 Service cost — — 37 43 Interest cost 7,724 7,123 31 42 Benefits paid (14,834 ) (14,781 ) (408 ) (669 ) Actuarial loss (gain) 22,130 (15,957 ) 153 287 Foreign exchange impact — — 64 (87 ) Projected benefit obligation at December 31 $ 220,339 $ 205,319 $ 2,633 $ 2,756 Change in plan assets: Assets at fair value at January 1 $ 258,327 $ 284,762 $ 1,425 $ 1,777 Actual return on assets 37,680 (11,757 ) 73 67 Company contributions 103 103 295 300 Benefits paid (14,834 ) (14,781 ) (408 ) (669 ) Foreign exchange impact — — 34 (50 ) Assets at fair value at December 31 $ 281,276 $ 258,327 $ 1,419 $ 1,425 Funded status (plan assets less projected benefit obligations) $ 60,937 $ 53,008 $ (1,214 ) $ (1,331 ) The measurement dates for the post-retirement life insurance plan were December 31, 2019 , and 2018 . The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the post-retirement life insurance plan at those measurement dates. Post-Retirement 2019 2018 Accumulated benefit obligation $ 4,766 $ 4,595 Change in projected benefit obligation: Projected benefit obligation at January 1 $ 4,595 $ 5,134 Service cost 1 2 Interest cost 170 156 Benefits paid (145 ) (157 ) Actuarial loss (gain) 145 (540 ) Projected benefit obligation at December 31 $ 4,766 $ 4,595 Change in plan assets: Assets at fair value at January 1 $ — $ — Actual return on assets — — Company contributions 145 157 Benefits paid (145 ) (157 ) Other — — Assets at fair value at December 31 $ — $ — Funded status (plan assets less projected benefit obligations) $ (4,766 ) $ (4,595 ) |
Components of Prepaid (Accrued) Cost | The components of the prepaid (accrued) cost of the domestic and foreign pension plans are classified in the following lines in the Consolidated Balance Sheets at December 31: U.S.Pension Plans Non-U.S. Pension Plans 2019 2018 2019 2018 Prepaid pension asset $ 62,082 $ 54,100 $ — $ — Accrued expenses and other liabilities (100 ) (100 ) — — Long-term pension obligations (1,045 ) (992 ) (1,214 ) (1,331 ) Net prepaid (accrued) cost $ 60,937 $ 53,008 $ (1,214 ) $ (1,331 ) The components of the accrued cost of the post-retirement life insurance plan are classified in the following lines in the Consolidated Balance Sheets at December 31: Post-Retirement 2019 2018 Accrued expenses and other liabilities $ (393 ) $ (407 ) Long-term pension obligations (4,373 ) (4,188 ) Total accrued cost $ (4,766 ) $ (4,595 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | We have also recorded the following amounts to accumulated other comprehensive loss for the U.S. and non-U.S. pension plans, net of tax: U.S.Pension Plans Non-U.S. Pension Plans Unrecognized Unrecognized Balance at January 1, 2018 $ 75,740 $ 1,898 Amortization of retirement benefits, net of tax (4,538 ) (126 ) Settlements — — Net actuarial gain 6,732 196 Foreign exchange impact — (52 ) Tax impact due to implementation of ASU 2018-02 17,560 — Balance at January 1, 2019 $ 95,494 $ 1,916 Amortization of retirement benefits, net of tax (4,060 ) (138 ) Net actuarial (loss) gain (2,604 ) 78 Foreign exchange impact — 44 Balance at December 31, 2019 $ 88,830 $ 1,900 We have recorded the following amounts to accumulated other comprehensive loss for the post-retirement life insurance plan, net of tax: Unrecognized Balance at January 1, 2018 $ (379 ) Amortization of retirement benefits, net of tax 36 Net actuarial loss (418 ) Tax impact due to implementation of ASU No. 2018-02 (88 ) Balance at January 1, 2019 $ (849 ) Amortization of retirement benefits, net of tax 129 Net actuarial gain 112 Balance at December 31, 2019 $ (608 ) |
Projected Benefit Obligation Accumulated Benefit Obligation and Fair Value of Plan Assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for those Pension Plans with accumulated benefit obligation in excess of fair value of plan assets is shown below: As of December 31, 2019 2018 Projected benefit obligation $ 3,778 $ 3,848 Accumulated benefit obligation $ 2,999 $ 3,028 Fair value of plan assets $ 1,418 $ 1,426 |
Net Pension Income or Postretirement Expense | Net pension expense (income) includes the following components: Years Ended Years Ended U.S. Pension Plans Non-U.S. Pension Plans 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ — $ 37 $ 43 $ 48 Interest cost 7,724 7,123 8,273 31 42 34 Expected return on plan assets (1) (12,187 ) (12,898 ) (16,243 ) (17 ) (25 ) (20 ) Amortization of unrecognized loss 5,246 5,863 5,785 170 162 155 Settlement loss — — 13,476 — — — Net expense (income) $ 783 $ 88 $ 11,291 $ 221 $ 222 $ 217 Weighted-average actuarial assumptions (2) Benefit obligation assumptions: Discount rate 3.15 % 4.30 % 3.63 % 1.00 % 1.13 % 1.38 % Rate of compensation increase N/A N/A N/A 3.00 % 3.00 % 2.00 % Pension income/expense assumptions: Discount rate 4.30 % 3.63 % 4.16 % 1.13 % 1.38 % 1.13 % Expected return on plan assets (1) 4.61 % 4.72 % 5.61 % 1.13 % 1.38 % 1.13 % Rate of compensation increase N/A N/A N/A 3.00 % 2.00 % 2.00 % (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses. (2) During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted. Net post-retirement expense includes the following components: Post-Retirement Years Ended December 31, 2019 2018 2017 Service cost $ 1 $ 2 $ 2 Interest cost 170 156 161 Amortization of unrecognized gain (166 ) (46 ) (101 ) Net expense $ 5 $ 112 $ 62 Weighted-average actuarial assumptions (1) Benefit obligation assumptions: Discount rate 3.09 % 4.26 % 3.59 % Rate of compensation increase N/A N/A N/A Pension income/post-retirement expense assumptions: Discount rate 4.26 % 3.59 % 4.10 % Rate of compensation increase N/A N/A N/A (1) During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted. |
Asset Allocation and Target Allocation Plan | Our pension plan asset allocation at December 31, 2019 , and 2018 , and target allocation for 2020 by asset category are as follows: Target Allocations Percentage of Plan Assets Asset Category 2020 2019 2018 Equity securities 13% 13% 12% Debt securities 83% 83% 84% Other 4% 4% 4% Total 100% 100% 100% |
Summary of Fair Values of Pension Plan | The following table summarizes the fair values of our pension plan assets: As of December 31, 2019 2018 Equity securities - U.S. holdings (1) $ 24,586 $ 20,469 Equity funds - U.S. holdings (1) (7) — 54 Bond funds - government (4) (7) 33,991 19,146 Bond funds - other (5) (7) 207,901 202,393 Real estate (6) (7) 2,979 2,652 Cash and cash equivalents (2) 5,700 5,866 Partnerships (3) 7,539 9,172 Total fair value of plan assets $ 282,696 $ 259,752 |
Summary of Categories in Fair Value Hierarchy | The fair values at December 31, 2019 , are classified within the following categories in the fair value hierarchy: Quoted Prices Significant Significant Not Leveled Total Equity securities - U.S. holdings (1) $ 24,586 $ — $ — $ — $ 24,586 Bond funds - government (4) (7) — — — 33,991 33,991 Bond funds - other (5) (7) — — — 207,901 207,901 Real estate (6) (7) — — — 2,979 2,979 Cash and cash equivalents (2) 5,700 — — — 5,700 Partnerships (3) — — 7,539 — 7,539 Total $ 30,286 $ — $ 7,539 $ 244,871 $ 282,696 The fair values at December 31, 2018 , are classified within the following categories in the fair value hierarchy: Quoted Prices Significant Significant Not Leveled Total Equity securities - U.S. holdings (1) $ 20,469 $ — $ — $ — $ 20,469 Equity funds - U.S.holdings (1) (7) — — — 54 54 Bond funds - government (4) (7) — — — 19,146 19,146 Bond funds - other (5) (7) — — — 202,393 202,393 Real estate (6) (7) — — — 2,652 2,652 Cash and cash equivalents (2) 5,866 — — — 5,866 Partnerships (3) — — 9,172 — 9,172 Total $ 26,335 $ — $ 9,172 $ 224,245 $ 259,752 (1) Comprised of common stocks of companies in various industries. The Pension Plan fund manager may shift investments from value to growth strategies or vice-versa, from small cap to large cap stocks or vice-versa, in order to meet the Pension Plan's investment objectives, which are to provide for a reasonable amount of long-term growth of capital without undue exposure to volatility, and protect the assets from erosion of purchasing power. (2) Comprised of investment grade short-term investment and money-market funds. (3) Comprised of partnerships that invest in various U.S. and international industries. (4) Comprised of long-term government bonds with a minimum maturity of 10 years and zero-coupon Treasury securities ("Treasury Strips") with maturities greater than 20 years. (5) Comprised predominately of investment grade U.S. corporate bonds with maturities greater than 10 years and U.S. high-yield corporate bonds; emerging market debt (local currency sovereign bonds, U.S. dollar-denominated sovereign bonds and U.S. dollar-denominated corporate bonds); and U.S. bank loans. (6) Comprised of investments in securities of U.S. and non-U.S. real estate investment trusts (REITs), real estate operating companies and other companies that are principally engaged in the real estate industry and of investments in global private direct commercial real estate. Investments can be redeemed immediately following the valuation date with a notice of at least fifteen business days before valuation. (7) Comprised of investments that are measured at fair value using the NAV per share practical expedient. In accordance with the provisions of ASC 820-10, these investments have not been classified in the fair value hierarchy. The fair value amount not leveled is presented to allow reconciliation of the fair value hierarchy to total fund pension plan assets. |
Reconciliation of Level 3 Hedge Fund Asset Within Fair Value Hierarchy | The table below reconciles the Level 3 partnership assets within the fair value hierarchy: Amount Fair value of Level 3 partnership assets at January 1, 2018 $ 10,787 Capital contributions 78 Realized and unrealized gain 1,154 Capital distributions (2,847 ) Fair value of Level 3 partnership assets at December 31, 2018 $ 9,172 Capital contributions 120 Realized and unrealized gain (139 ) Capital distributions (1,614 ) Fair value of Level 3 partnership assets at December 31, 2019 $ 7,539 |
Estimated Future Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: U.S. Non-U.S. Post-Retirement 2020 $ 15,514 $ 46 $ 393 2021 15,399 54 377 2022 15,218 82 362 2023 14,983 69 347 2024 14,706 84 332 2025-2029 68,594 715 1,468 Total $ 144,414 $ 1,050 $ 3,279 |
Summary of 401K and Other Plan Expense | Expenses related to defined contribution plans include the following: Years Ended December 31, 2019 2018 2017 401(k) and other defined contribution plan expense $ 3,125 $ 3,256 $ 3,141 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Other Intangible Assets The following is a summary of the Company’s other intangible assets as of December 31: As of December 31, 2019 Gross Accumulated Net Weighted Average Remaining Amortization Period (in years) Other intangible assets: Customer lists / relationships $ 92,194 $ (38,682 ) $ 53,512 10.8 Technology and other intangibles 47,925 (18,422 ) 29,503 8.7 In process research and development 2,200 — 2,200 — Other intangible assets, net $ 142,319 $ (57,104 ) $ 85,215 10.1 Amortization expense for the year ended December 31, 2019 $ 7,770 As of December 31, 2018 Gross Accumulated Net Other intangible assets: Customer lists / relationships $ 64,323 $ (37,088 ) $ 27,235 Technology and other intangibles 44,460 (13,715 ) 30,745 In process research and development 2,200 — 2,200 Other intangible assets, net $ 110,983 $ (50,803 ) $ 60,180 Amortization expense for the year ended December 31, 2018 $ 6,817 Amortization expense for the year ended December 31, 2017 $ 6,603 |
Summary of Future Amortization Expense | The estimated amortization expense for the next five years and thereafter is as follows: Amortization 2020 $ 9,051 2021 8,893 2022 8,657 2023 6,651 2024 6,479 Thereafter 45,484 Total future amortization expense $ 85,215 |
Summary of Reconciliation of Goodwill | Changes in the net carrying value amount of goodwill were as follows: Total Goodwill as of December 31, 2017 $ 71,057 Increase from acquisitions — Goodwill as of December 31, 2018 $ 71,057 Increase from acquisition 34,999 Goodwill as of December 31, 2019 $ 106,056 |
Costs Associated with Exit an_2
Costs Associated with Exit and Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Restructuring Related Charges of Actual Costs | Restructuring charges are reported as a separate line within operating earnings in the Consolidated Statements of Earnings. Total restructuring charges were: Years Ended December 31, 2019 2018 2017 Restructuring charges $ 7,448 $ 5,062 $ 4,139 |
Restructuring Reserve Activity | The following table displays the restructuring liability activity for all plans the year ended December 31, 2019 : Restructuring liability at January 1, 2019 $ 1,586 Restructuring charges 7,448 Cost paid (4,997 ) Other activities (1) (2,044 ) Restructuring liability at December 31, 2019 $ 1,993 |
June2016 Plan | |
Restructuring and Restructuring Related Charges of Actual Costs | The following table displays the restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through December 31, 2019 : June 2016 Plan Planned Costs Actual costs Workforce reduction $ 3,075 $ 3,340 Building and equipment relocation 9,025 10,534 Asset impairment charge — 1,168 Other charges (1) 1,300 988 Restructuring charges $ 13,400 $ 16,030 |
Accrued Liabilities and Other_2
Accrued Liabilities and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Components of Accrued Liabilities | The components of accrued expenses and other liabilities are as follows: As of December 31, 2019 2018 Accrued product-related costs $ 4,464 $ 4,377 Accrued income taxes 7,903 6,914 Accrued property and other taxes 1,574 1,976 Accrued professional fees 1,599 3,350 Contract liabilities 2,877 1,981 Dividends payable 1,299 1,310 Remediation reserves 11,444 11,274 Other accrued liabilities 5,218 6,165 Total accrued expenses and other liabilities $ 36,378 $ 37,347 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Remediation Reserve Activity | Years Ended December 31, 2019 2018 2017 Balance at beginning of period $ 11,274 $ 17,067 $ 18,176 Remediation expense 2,602 1,182 307 Remediation payments (2,455 ) (6,967 ) (1,416 ) Other activity (1) 23 (8 ) — Balance at end of the period $ 11,444 $ 11,274 $ 17,067 (1) Other activity includes currency translation adjustments not recorded through remediation expense |
Leases Operating Cost (Tables)
Leases Operating Cost (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases Cost Table [Abstract] | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2019 Operating lease cost $ 4,342 Short-term lease cost 1,013 Total lease cost $ 5,355 |
Leases Future Lease Schedule (T
Leases Future Lease Schedule (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Future Lease Schedule [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating Leases (1) 2020 $ 4,467 2021 4,461 2022 4,303 2023 3,920 2024 3,893 Thereafter 16,566 Total $ 37,610 Less: interest (9,897 ) Present value of lease payments $ 27,713 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt was comprised of the following: As of December 31 2019 2018 Total credit facility $ 300,000 $ 300,000 Balance outstanding $ 99,700 $ 50,000 Standby letters of credit $ 1,800 $ 1,940 Amount available $ 198,500 $ 248,060 Weighted-average interest rate 3.25 % 3.10 % Commitment fee percentage per annum 0.23 % 0.20 % |
Derivatives Derivative Financ_2
Derivatives Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The location and fair values of derivative instruments designated as hedging instruments in the Consolidated Balance Sheets as of December 31, 2019 , are shown in the following table: As of December 31, 2019 2018 Interest rate swaps reported in Other current assets $ 82 $ 576 Interest rate swaps reported in Other assets $ — $ 369 Interest rate swaps reported in Other long-term obligations $ (78 ) $ — Foreign currency hedges reported in Other current assets $ 580 $ 393 |
Derivative Financial Instruments | The effect of derivative instruments on the Consolidated Statements of Earnings is as follows: Years Ended December 31, 2019 2018 2017 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Net sales $ — $ 383 $ (488 ) Cost of goods sold 860 (6 ) 497 Selling, general and administrative 92 107 45 Total amounts reclassified from AOCI to earnings 952 484 54 Loss recognized in other expense for hedge ineffectiveness — — (1 ) Loss recognized in other expense for derivatives not designated as cash flow hedges — — (15 ) Total derivative gain on foreign exchange contracts recognized in earnings $ 952 $ 484 $ 38 Interest Rate Swaps: Benefit recorded in interest expense $ 491 $ 421 $ 37 Total gain $ 1,443 $ 905 $ 75 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in Accumulated Other Comprehensive Earnings/(Loss) | The components of AOCI for 2019 are as follows: As of December 31, 2018 Gain (Loss) (Gain) Loss As of December 31, 2019 Changes in fair market value of derivatives: Gross $ 1,316 $ 786 $ (1,443 ) $ 659 Income tax (expense) benefit (298 ) (178 ) 326 (150 ) Net 1,018 608 (1,117 ) 509 Changes in unrealized pension cost: Gross (132,454 ) — 8,314 (124,140 ) Income tax benefit (expense) 35,893 — (1,875 ) 34,018 Net (96,561 ) — 6,439 (90,122 ) Cumulative translation adjustment: Gross (2,291 ) 80 — (2,211 ) Income tax benefit 95 3 — 98 Net (2,196 ) 83 — (2,113 ) Total accumulated other comprehensive (loss) earnings $ (97,739 ) $ 691 $ 5,322 $ (91,726 ) The components of AOCI for 2018 are as follows: As of December 31, 2017 Gain (Loss) (Gain) Loss Impact of ASU No. 2018-02 As of December 31, 2018 Changes in fair market value of derivatives: Gross $ 289 $ 1,932 $ (905 ) $ — $ 1,316 Income tax (expense) benefit (105 ) (437 ) 205 39 (298 ) Net 184 1,495 (700 ) 39 1,018 Changes in unrealized pension cost: Gross (130,096 ) — (2,358 ) — (132,454 ) Income tax benefit (expense) 52,837 — 528 (17,472 ) 35,893 Net (77,259 ) — (1,830 ) (17,472 ) (96,561 ) Cumulative translation adjustment: Gross (1,985 ) (306 ) — — (2,291 ) Income tax benefit (expense) 100 (5 ) — — 95 Net (1,885 ) (311 ) — — (2,196 ) Total accumulated other comprehensive (loss) earnings $ (78,960 ) $ 1,184 $ (2,530 ) $ (17,433 ) $ (97,739 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Summary of Share Count and Par Value Data Related to Shareholders' Equity | Share count and par value data related to shareholders' equity are as follows: As of December 31, 2019 2018 Preferred Stock Par value per share No par value No par value Shares authorized 25,000,000 25,000,000 Shares outstanding — — Common Stock Par value per share No par value No par value Shares authorized 75,000,000 75,000,000 Shares issued 56,929,298 56,786,849 Shares outstanding 32,472,406 32,750,727 Treasury stock Shares held 24,456,892 24,036,122 |
Summary of Common Shares Outstanding | A roll forward of common shares outstanding is as follows: As of December 31, 2019 2018 Balance at beginning of the year 32,750,727 32,938,466 Repurchases (420,770 ) (342,100 ) Restricted stock unit issuances 142,449 154,361 Balance at end of period 32,472,406 32,750,727 |
Equity-Based compensation (Tabl
Equity-Based compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Equity-Based Compensation Expense | The following table summarizes the compensation expense included in selling, general and administrative expenses in the Consolidated Statements of Earnings related to stock-based compensation plans: Years Ended December 31, 2019 2018 2017 Service-Based RSUs $ 2,207 $ 2,036 $ 1,762 Performance-Based RSUs 2,553 3,089 2,350 Cash-settled awards 255 131 72 Total $ 5,015 $ 5,256 $ 4,184 Income tax benefit 1,133 1,188 1,573 Net $ 3,882 $ 4,068 $ 2,611 |
Schedule of Unrecognized Equity-Based Compensation Expense | The following table summarizes the unrecognized compensation expense related to non-vested RSUs by type and the weighted-average period in which the expense is to be recognized: Unrecognized Weighted- Service-Based RSUs $ 1,751 1.24 years Performance-Based RSUs 2,433 1.65 years Total $ 4,184 1.48 years |
Summary of Status of Equity-Based Compensation Plans | The following table summarizes the status of these plans as of December 31, 2019 : 2018 Plan 2014 Plan 2009 Plan 2004 Plan Directors' Plan Awards originally available to be granted 2,500,000 1,500,000 3,400,000 6,500,000 N/A Performance stock options outstanding — 225,000 — — — Maximum potential RSU and cash settled awards outstanding 266,249 402,216 92,600 35,952 5,522 Maximum potential awards outstanding 266,249 627,216 92,600 35,952 5,522 RSUs and cash settled awards vested and released 4,553 — — — — Awards available to be granted 2,229,198 — — — — |
Summary of Service-Based Restricted Stock Units | A summary of RSU activity for the year ended December 31, 2019 is presented below: Units Weighted Weighted Aggregate Outstanding at January 1, 2019 355,590 $ 17.91 Granted 103,491 28.61 Released (72,226) 20.53 Forfeited (22,459) 26.92 Outstanding at December 31, 2019 364,396 $ 19.87 22.56 $ 10,935 Releasable at December 31, 2019 227,474 $ 15.18 31.82 $ 6,826 |
Schedule of Weighted Average Grant Date Fair Value and Intrinsic Value of RSU's | Years Ended December 31, 2019 2018 2017 Weighted-average grant date fair value $ 28.61 $ 26.95 $ 24.32 Intrinsic value of RSUs released $ 2,155 $ 4,015 $ 4,485 |
Summary of Changes of Nonvested RSU's | A summary of non-vested RSU activity for the year ended December 31, 2019 is presented below: RSUs Weighted Nonvested at January 1, 2019 146,116 $ 23.84 Granted 103,491 28.61 Vested (90,226) 22.75 Forfeited (22,459) 26.92 Nonvested at December 31, 2019 136,922 $ 27.66 |
Schedule of Components of Performance-Based RSU's | A summary of PSU activity for the year ended December 31, 2019 is presented below: Units Weighted Weighted Aggregate Outstanding at January 1, 2019 267,792 $ 21.44 Granted 83,853 31.01 Released (160,889) 14.34 Forfeited (34,306) 24.77 Added by performance factor 60,779 13.54 Outstanding at December 31, 2019 217,229 $ 27.73 1.15 $ 6,519 Releasable at December 31, 2019 — $ — $ — The following table summarizes each grant of performance awards outstanding at December 31, 2019 : Description Grant Date Vesting Vesting Target Outstanding Maximum Number of Units to be Granted 2017-2019 Performance RSUs February 9, 2017 2019 35% RTSR, 35% sales growth, 30% operating cash flow 68,346 136,692 2017-2019 Performance RSUs February 9, 2017 2018-2020 Operating Earnings 13,556 13,556 2018-2020 Performance RSUs February 8, 2018 2020 35% RTSR, 35% sales growth, 30% operating cash flow 31,398 62,796 2018-2020 Performance RSUs February 16, 2018 2020 35% RTSR, 35% sales growth, 30% operating cash flow 31,820 63,640 2019-2021 Performance RSUs February 7, 2019 2021 35% RTSR, 35% sales growth, 30% operating cash flow 63,414 126,828 2019 Supplemental Performance RSUs February 7, 2019 2021 Succession Planning Targets 6,945 13,890 2020-2022 QTI Performance RSUs September 24, 2019 2022 50% EBITDA growth, 50% Sales growth 1,750 3,500 Total 217,229 420,902 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Liability Measured at Fair Value on a Recurring Basis | The table below summarizes the financial asset that were measured at fair value on a recurring basis as of December 31, 2019 and the (gain) loss recorded during the year ended December 31, 2019 : Asset Carrying Quoted Prices Significant Significant (Gain) loss for Year Ended Interest rate swap $ 4 $ — $ 4 $ — $ (491 ) Foreign currency hedges $ 580 $ — $ 580 $ — $ (952 ) The table below summarizes the financial assets that were measured at fair value on a recurring basis as of December 31, 2018 and the (gain) loss recorded during the year ended December 31, 2018 : Asset Carrying Quoted Prices Significant Significant (Gain) loss for Interest rate swap $ 945 $ — $ 945 $ — $ (421 ) Foreign currency hedges $ 393 $ — $ 393 $ — $ (484 ) |
Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps | The effect of derivative instruments on the Consolidated Statements of Earnings is as follows: Years Ended December 31, 2019 2018 2017 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Net sales $ — $ 383 $ (488 ) Cost of goods sold 860 (6 ) 497 Selling, general and administrative 92 107 45 Total amounts reclassified from AOCI to earnings 952 484 54 Loss recognized in other expense for hedge ineffectiveness — — (1 ) Loss recognized in other expense for derivatives not designated as cash flow hedges — — (15 ) Total derivative gain on foreign exchange contracts recognized in earnings $ 952 $ 484 $ 38 Interest Rate Swaps: Benefit recorded in interest expense $ 491 $ 421 $ 37 Total gain $ 1,443 $ 905 $ 75 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Earnings Before Income Taxes | Earnings before income taxes consist of the following: Years Ended December 31, 2019 2018 2017 U.S. $ 15,103 $ 30,815 $ 9,315 Non-U.S. 35,163 27,288 30,938 Total $ 50,266 $ 58,103 $ 40,253 |
Significant Components of Income Tax Provision/(Benefit) | Significant components of income tax provision/(benefit) are as follows: Years Ended December 31, 2019 2018 2017 Current: U.S. $ (391 ) $ (397 ) $ 1,635 Non-U.S. 10,666 12,538 7,150 Total Current 10,275 12,141 8,785 Deferred: U.S. 558 (330 ) 17,597 Non-U.S. 3,287 (240 ) (577 ) Total Deferred 3,845 (570 ) 17,020 Total provision for income taxes $ 14,120 $ 11,571 $ 25,805 |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows: As of December 31, 2019 2018 Post-retirement benefits $ 1,100 $ 1,061 Inventory reserves 708 1,236 Loss carry-forwards 4,724 4,647 Credit carry-forwards 15,964 16,909 Accrued expenses 4,932 5,685 Research expenditures 17,953 16,847 Operating lease liabilities 6,211 — Stock compensation 2,232 2,142 Foreign exchange loss 1,986 2,245 Other 230 207 Gross deferred tax assets 56,040 50,979 Depreciation and amortization 12,453 11,500 Pensions 13,552 11,736 Operating lease assets 5,963 — Subsidiaries' unremitted earnings 1,903 1,258 Gross deferred tax liabilities 33,871 24,494 Net deferred tax assets 22,169 26,485 Deferred tax asset valuation allowance (8,011 ) (8,274 ) Total net deferred tax assets $ 14,158 $ 18,211 The long-term deferred tax assets and long-term deferred tax liabilities are as follows below: As of December 31, 2019 2018 Non-current deferred tax assets $ 19,795 $ 22,201 Non-current deferred tax liabilities $ (5,637 ) $ (3,990 ) Total net deferred tax assets $ 14,158 $ 18,211 |
Reconciliation of Effective Income Taxes Rate | The following table reconciles taxes at the U.S. federal statutory rate to the effective income tax rate: Years Ended December 31, 2019 2018 2017 Taxes at the U.S. statutory rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal income tax benefit 0.4 % 1.2 % 1.1 % Non-U.S. earnings taxed at rates different than the U.S. statutory rate 1.3 % 0.8 % (9.0 )% Foreign source earnings, net of associated foreign tax credits 0.3 % 4.1 % 0.1 % Benefit of tax credits (1.5 )% (0.9 )% (1.4 )% Non-deductible expenses 4.1 % 1.3 % 1.5 % Stock compensation - excess tax benefits (1.1 )% (0.9 )% (1.5 )% Adjustment to valuation allowances (0.4 )% (0.6 )% (4.4 )% Other changes in tax laws and rates 0.1 % (6.1 )% — % Change in unrecognized tax benefits 3.3 % (1.7 )% 2.0 % Impacts of unremitted foreign earnings 1.3 % 1.1 % 0.9 % Impacts related to the 2017 Tax Cuts and Jobs Act — % (0.6 )% 44.7 % Other (0.7 )% 1.2 % (4.9 )% Effective income tax rate 28.1 % 19.9 % 64.1 % |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending unrecognized tax benefits is provided below: As of December 31, 2019 2018 Balance at January 1 $ 3,649 $ 4,670 Increase related to current year tax positions 2,834 55 (Decrease) increase related to prior year tax positions (10 ) 46 Decrease related to lapse in statute of limitation (1,457 ) (1,076 ) Decrease related to settlements with taxing authorities — (46 ) Balance at December 31 $ 5,016 $ 3,649 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Consideration Paid Cash paid, net of cash acquired of $567 $ 72,850 Contingent consideration 1,056 Purchase price $ 73,906 Fair Values at July 31, 2019 Current assets $ 6,221 Property, plant and equipment 2,567 Other assets 29 Goodwill 34,999 Intangible assets 32,800 Fair value of assets acquired 76,616 Less fair value of liabilities acquired (2,710 ) Purchase price $ 73,906 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Carrying Value Weighted Average Amortization Period Customer lists/relationships $ 31,000 15.0 Trademarks, tradenames, and other intangibles 1,800 5.0 Total $ 32,800 |
Business Acquisition, Stub Period Earnings [Table Text Block] | For the period July 31, 2019 through December 31, 2019 Net sales $ 9,252 Net loss $ (465 ) |
Geographic Data (Tables)
Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Revenue and Long-Lived Assets by Geographic Areas | Financial information relating to our operations by geographic area were as follows: Net Sales Years Ended December 31, 2019 2018 2017 United States $ 279,904 $ 313,489 $ 287,092 Singapore 32,957 6,724 5,596 Taiwan 19,810 20,802 18,586 China 87,342 79,380 66,510 Czech Republic 33,214 36,528 34,476 Other non-U.S. 15,772 13,560 10,733 Consolidated net sales $ 468,999 $ 470,483 $ 422,993 Sales are attributed to countries based upon the origin of the sale. Long-Lived Assets Years Ended December 31, 2019 2018 United States $ 53,767 $ 53,950 China 32,751 32,973 Taiwan 4,593 3,752 Czech Republic 10,946 5,976 Other non-U.S 2,981 2,750 Consolidated long-lived assets $ 105,038 $ 99,401 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Quarterly Results of Operations (Unaudited) First Second Third Fourth 2019 Net sales $ 117,625 $ 120,684 $ 115,651 $ 115,040 Gross margin $ 40,615 $ 41,204 $ 37,057 $ 38,700 Operating earnings $ 14,218 $ 17,083 $ 10,124 $ 12,391 Net earnings $ 11,419 $ 11,943 $ 2,722 $ 10,062 Basic earnings per share $ 0.35 $ 0.36 $ 0.08 $ 0.31 Diluted earnings per share $ 0.34 $ 0.36 $ 0.08 $ 0.31 2018 Net sales $ 113,530 $ 118,021 $ 118,859 $ 120,073 Gross margin $ 38,433 $ 41,813 $ 42,082 $ 42,645 Operating earnings $ 13,359 $ 14,544 $ 16,118 $ 17,017 Net earnings $ 11,548 $ 7,209 $ 10,211 $ 17,564 Basic earnings per share $ 0.35 $ 0.22 $ 0.31 $ 0.53 Diluted earnings per share $ 0.34 $ 0.21 $ 0.30 $ 0.52 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Operating Lease, Liability | $ 27,713,000 | $ 24,792 | |
Cash and Cash Equivalents | |||
Maturity period of highly liquid investments | 3 months | ||
Operating Lease, Right-of-Use Asset | $ 24,644,000 | $ 22,066 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Concentration of Credit Risk (Details 3) - Revenue Benchmark | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cummins, Inc. | |||
Summary of Significant Accounting Policies | |||
Concentration of risk, percentage | 16.10% | 15.20% | 13.40% |
Honda Motor Co. | |||
Summary of Significant Accounting Policies | |||
Concentration of risk, percentage | 11.60% | 10.50% | 11.20% |
Toyota Motor Corporation | |||
Summary of Significant Accounting Policies | |||
Concentration of risk, percentage | 9.60% | 10.50% | 10.20% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details 4) | 12 Months Ended |
Dec. 31, 2019 | |
Building and Building Improvements | Minimum | |
Property, Plant and Equipment | |
Property, Plant and Equipment, useful lives | 10 years |
Building and Building Improvements | Maximum | |
Property, Plant and Equipment | |
Property, Plant and Equipment, useful lives | 45 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment | |
Property, Plant and Equipment, useful lives | 3 years |
Software and Software Development Costs [Member] | Minimum | |
Property, Plant and Equipment | |
Property, Plant and Equipment, useful lives | 2 years |
Software and Software Development Costs [Member] | Maximum | |
Property, Plant and Equipment | |
Property, Plant and Equipment, useful lives | 15 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details 5) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Other Intangible Assets | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 1 month 6 days |
Customer-Related Intangible Assets | |
Goodwill and Other Intangible Assets | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 9 months 18 days |
Technology and other intangibles | |
Goodwill and Other Intangible Assets | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 8 months 12 days |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Earnings Per Share (Details 7) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Anti-dilutive Securities | |||
Antidilutive securities | 22,040 | 18,138 | 22,110 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Foreign Currencies (Details 8) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Nonoperating Income (Expense) | |||
Foreign Currencies | |||
Foreign currency (loss) gain | $ (1,797) | $ (2,619) | $ 3,052 |
Revenue Recognition Contract wi
Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Contract with Customer, Asset and Liability [Abstract] | ||
Contract with Customer, Liability, Revenue Recognized | $ 256 | |
Contract with Customer, Asset, Net, Current | 64 | $ 65 |
Contract with Customer, Asset, Net, Noncurrent | 1,853 | 999 |
Contract with Customer, Asset, after Allowance for Credit Loss | 1,917 | 1,064 |
Contract with Customer, Liability, Discounts | (2,070) | (1,656) |
Contract with Customer, Refund Liability | 807 | 325 |
Contract with Customer, Liability, Current | $ (2,877) | $ (1,981) |
Revenue Recognition Disaggreg_2
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue | |||||||||||
Net Sales | $ 115,040 | $ 115,651 | $ 120,684 | $ 117,625 | $ 120,073 | $ 118,859 | $ 118,021 | $ 113,530 | $ 468,999 | $ 470,483 | $ 422,993 |
Transportation | |||||||||||
Disaggregation of Revenue | |||||||||||
Net Sales | 299,005 | 300,124 | |||||||||
Industrial | |||||||||||
Disaggregation of Revenue | |||||||||||
Net Sales | 78,369 | 86,968 | |||||||||
Medical | |||||||||||
Disaggregation of Revenue | |||||||||||
Net Sales | 41,901 | 40,663 | |||||||||
Aerospace and Defense | |||||||||||
Disaggregation of Revenue | |||||||||||
Net Sales | 17,155 | 19,405 | |||||||||
Telecommunications & IT | |||||||||||
Disaggregation of Revenue | |||||||||||
Net Sales | $ 32,569 | $ 23,323 |
Accounts Receivable - Component
Accounts Receivable - Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable | ||
Accounts receivable, gross | $ 78,269 | $ 79,902 |
Less: Allowance for doubtful accounts | (261) | (384) |
Accounts receivable, net | $ 78,008 | $ 79,518 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventories | ||
Finished goods | $ 9,447 | $ 10,995 |
Work-in-process | 14,954 | 12,129 |
Raw materials | 23,363 | 25,746 |
Less: Inventory reserves | (5,527) | (5,384) |
Inventories, net | $ 42,237 | $ 43,486 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment | ||
Accumulated Depreciation | $ 188,719 | $ 203,876 |
Property, plant and equipment, net | 105,038 | 99,401 |
Land and Land Improvements | ||
Property, Plant and Equipment | ||
Property, plant and equipment gross | 1,095 | 1,136 |
Buildings and improvements | ||
Property, Plant and Equipment | ||
Property, plant and equipment gross | 68,350 | 70,522 |
Machinery and equipment | ||
Property, Plant and Equipment | ||
Property, plant and equipment gross | $ 224,312 | $ 231,619 |
Maximum | Buildings and improvements | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, useful lives | 45 years | |
Maximum | Software and Software Development Costs [Member] | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, useful lives | 15 years | |
Minimum | Buildings and improvements | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, useful lives | 10 years | |
Minimum | Machinery and equipment | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, useful lives | 3 years | |
Minimum | Software and Software Development Costs [Member] | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, useful lives | 2 years |
Property, Plant and Equipment_2
Property, Plant and Equipment - Depreciation Expense (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Continuing Operations | |||
Property, Plant and Equipment | |||
Depreciation expense | $ 16,849 | $ 15,697 | $ 14,071 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Plans | |||
Noncontributory benefit pension plans covering active employees | 3.00% | ||
Defined Benefit Plan, Plan Assets, Payment for Settlement | $ 23,912 | ||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 23,912 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 13,476 | ||
Amortization period | 17 years | ||
Amortization of retirement benefits, net of tax | $ 6,429 | ||
Post-Retirement Life Insurance Plan | |||
Retirement Plans | |||
Amortization period | 4 years | ||
UNITED STATES | |||
Retirement Plans | |||
Settlement loss | $ 0 | $ 0 | 13,476 |
Expected contribution to be made by CTS | 493 | ||
Foreign Plan | |||
Retirement Plans | |||
Settlement loss | 0 | $ 0 | $ 0 |
Expected contribution to be made by CTS | $ 261 |
Retirement Plans - Reconciliati
Retirement Plans - Reconciliation of Benefit Obligation, Plan Assets, and Funded Status (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in plan assets: | |||
Beginning Balance | $ 259,752 | ||
Ending Balance | 282,696 | $ 259,752 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ (145) | $ (157) | |
Post-Retirement Life Insurance Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.09% | 4.26% | 3.59% |
Retirement Plans | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 4,766 | $ 4,595 | |
Change in projected benefit obligation: | |||
Beginning Balance | 4,595 | 5,134 | |
Service cost | 1 | 2 | $ 2 |
Interest cost | 170 | 156 | 161 |
Actuarial loss (gain) | 145 | (540) | |
Ending Balance | 4,766 | 4,595 | 5,134 |
Change in plan assets: | |||
Beginning Balance | 0 | 0 | |
Actual return on assets | 0 | 0 | |
Company contributions | 145 | 157 | |
Foreign exchange impact | 0 | 0 | |
Ending Balance | 0 | 0 | $ 0 |
Funded status (plan assets less projected benefit obligations) | (4,766) | (4,595) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ (145) | $ (157) | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.15% | 4.30% | 3.63% |
Retirement Plans | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 220,339 | $ 205,319 | |
Change in projected benefit obligation: | |||
Beginning Balance | 205,319 | 228,934 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 7,724 | 7,123 | 8,273 |
Actuarial loss (gain) | 22,130 | (15,957) | |
Foreign exchange impact | 0 | 0 | |
Ending Balance | 220,339 | 205,319 | 228,934 |
Change in plan assets: | |||
Beginning Balance | 258,327 | 284,762 | |
Actual return on assets | 37,680 | (11,757) | |
Company contributions | 103 | 103 | |
Foreign exchange impact | 0 | 0 | |
Ending Balance | 281,276 | 258,327 | $ 284,762 |
Funded status (plan assets less projected benefit obligations) | 60,937 | 53,008 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ (14,834) | $ (14,781) | |
Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 1.00% | 1.13% | 1.38% |
Retirement Plans | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 1,854 | $ 1,936 | |
Change in projected benefit obligation: | |||
Beginning Balance | 2,756 | 3,140 | |
Service cost | 37 | 43 | $ 48 |
Interest cost | 31 | 42 | 34 |
Actuarial loss (gain) | 153 | 287 | |
Foreign exchange impact | 64 | (87) | |
Ending Balance | 2,633 | 2,756 | 3,140 |
Change in plan assets: | |||
Beginning Balance | 1,425 | 1,777 | |
Actual return on assets | 73 | 67 | |
Company contributions | 295 | 300 | |
Foreign exchange impact | 34 | (50) | |
Ending Balance | 1,419 | 1,425 | $ 1,777 |
Funded status (plan assets less projected benefit obligations) | (1,214) | (1,331) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ (408) | $ (669) |
Retirement Plans - Components o
Retirement Plans - Components of Prepaid (Accrued) Cost (Details 3) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Plans | ||
Prepaid pension asset | $ 62,082 | $ 54,100 |
Post-Retirement Life Insurance Plan | ||
Retirement Plans | ||
Accrued expenses and other liabilities | (393) | (407) |
Long-term pension obligations | (4,373) | (4,188) |
Components of prepaid (accrued) cost, net | (4,766) | (4,595) |
UNITED STATES | ||
Retirement Plans | ||
Prepaid pension asset | 62,082 | 54,100 |
Accrued expenses and other liabilities | (100) | (100) |
Long-term pension obligations | (1,045) | (992) |
Components of prepaid (accrued) cost, net | 60,937 | 53,008 |
Foreign Plan | ||
Retirement Plans | ||
Prepaid pension asset | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
Long-term pension obligations | (1,214) | (1,331) |
Components of prepaid (accrued) cost, net | $ (1,214) | $ (1,331) |
Retirement Plans - Accumulated
Retirement Plans - Accumulated Other Comprehensive loss (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Loss | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 6,429 | |
Amortization period | 17 years | |
Post-Retirement Life Insurance Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 4,766 | 4,595 |
Accumulated Other Comprehensive Loss | ||
Amortization period | 4 years | |
Post-Retirement Life Insurance Plan | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | ||
Accumulated Other Comprehensive Loss | ||
Beginning balance | $ (849) | (379) |
Amortization of retirement benefits, net of tax | 129 | 36 |
Net actuarial gain | 112 | (418) |
Ending balance | (608) | (849) |
Adjustment due to New Accounting Pronouncement | (88) | |
Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 1,854 | 1,936 |
Foreign Plan | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | ||
Accumulated Other Comprehensive Loss | ||
Beginning balance | 1,916 | 1,898 |
Amortization of retirement benefits, net of tax | (138) | (126) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | 0 | |
Net actuarial gain | 78 | 196 |
Foreign exchange impact | 44 | (52) |
Ending balance | 1,900 | 1,916 |
Adjustment due to New Accounting Pronouncement | 0 | |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 220,339 | 205,319 |
UNITED STATES | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | ||
Accumulated Other Comprehensive Loss | ||
Beginning balance | 95,494 | 75,740 |
Amortization of retirement benefits, net of tax | (4,060) | (4,538) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | 0 | |
Net actuarial gain | (2,604) | 6,732 |
Foreign exchange impact | 0 | 0 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 17,560 | |
Ending balance | $ 88,830 | $ 95,494 |
Retirement Plans - Projected be
Retirement Plans - Projected benefit obligation, accumulated benefit obligation and fair value of plan assets (Details 5) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Plans | ||
Projected benefit obligation | $ 3,778 | $ 3,848 |
Accumulated benefit obligation | 2,999 | 3,028 |
Fair value of plan assets | $ 1,418 | $ 1,426 |
Retirement Plans - Net Pension
Retirement Plans - Net Pension Income or Postretirement Expense (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Post-Retirement Life Insurance Plan | |||
Net pension expense (income) | |||
Service cost | $ 1 | $ 2 | $ 2 |
Interest cost | 170 | 156 | 161 |
Defined Benefit Plan, Amortization of Gain (Loss) | 166 | 46 | 101 |
Net expense (income) | $ 5 | $ 112 | $ 62 |
Benefit obligation assumptions: | |||
Discount rate | 3.09% | 4.26% | 3.59% |
Pension income/expense assumptions: | |||
Discount rate | 4.26% | 3.59% | 4.10% |
Foreign Plan | |||
Net pension expense (income) | |||
Service cost | $ 37 | $ 43 | $ 48 |
Interest cost | 31 | 42 | 34 |
Expected return on plan assets | (17) | (25) | (20) |
Defined Benefit Plan, Amortization of Gain (Loss) | (170) | (162) | (155) |
Settlement loss | 0 | 0 | 0 |
Net expense (income) | $ 221 | $ 222 | $ 217 |
Benefit obligation assumptions: | |||
Discount rate | 1.00% | 1.13% | 1.38% |
Rate of compensation increase | 3.00% | 3.00% | 2.00% |
Pension income/expense assumptions: | |||
Discount rate | 1.13% | 1.38% | 1.13% |
Expected return on plan assets | 1.13% | 1.38% | 1.13% |
Rate of compensation increase | 3.00% | 2.00% | 2.00% |
UNITED STATES | |||
Net pension expense (income) | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 7,724 | 7,123 | 8,273 |
Expected return on plan assets | (12,187) | (12,898) | (16,243) |
Defined Benefit Plan, Amortization of Gain (Loss) | (5,246) | (5,863) | (5,785) |
Settlement loss | 0 | 0 | 13,476 |
Net expense (income) | $ 783 | $ 88 | $ 11,291 |
Benefit obligation assumptions: | |||
Discount rate | 3.15% | 4.30% | 3.63% |
Pension income/expense assumptions: | |||
Discount rate | 4.30% | 3.63% | 4.16% |
Expected return on plan assets | 4.61% | 4.72% | 5.61% |
Retirement Plans - Pension Plan
Retirement Plans - Pension Plan Asset Allocation (Details 7) | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Plans | ||
Target allocations | 100.00% | |
Percentage of plan assets | 100.00% | 100.00% |
Equity Securities | ||
Retirement Plans | ||
Target allocations | 13.00% | |
Percentage of plan assets | 13.00% | 12.00% |
Debt securities | ||
Retirement Plans | ||
Target allocations | 83.00% | |
Percentage of plan assets | 83.00% | 84.00% |
Other | ||
Retirement Plans | ||
Target allocations | 4.00% | |
Percentage of plan assets | 4.00% | 4.00% |
Retirement Plans - Summary of F
Retirement Plans - Summary of Fair Values of Pension Plan (Details 8) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair values of pension plan assets | ||
Total fair value of plan assets | $ 282,696 | $ 259,752 |
Equity Securities | ||
Fair values of pension plan assets | ||
Total fair value of plan assets | 24,586 | 20,469 |
Equity Securities | UNITED STATES | ||
Fair values of pension plan assets | ||
Total fair value of plan assets | 24,586 | 20,469 |
Equity Funds | ||
Fair values of pension plan assets | ||
Total fair value of plan assets | 0 | 54 |
Bond funds - government | ||
Fair values of pension plan assets | ||
Total fair value of plan assets | 33,991 | 19,146 |
Bond funds - other | ||
Fair values of pension plan assets | ||
Total fair value of plan assets | 207,901 | 202,393 |
Real estate | ||
Fair values of pension plan assets | ||
Total fair value of plan assets | 2,979 | 2,652 |
Cash and Cash Equivalents | ||
Fair values of pension plan assets | ||
Total fair value of plan assets | 5,700 | 5,866 |
Partnership | ||
Fair values of pension plan assets | ||
Total fair value of plan assets | $ 7,539 | $ 9,172 |
Retirement Plans - Summary of C
Retirement Plans - Summary of Categories in Fair Value Hierarchy (Details 9) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | $ 282,696 | $ 259,752 | |
Equity Securities | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 24,586 | 20,469 | |
Equity Funds | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 54 | |
Bond funds - government | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 33,991 | 19,146 | |
Bond funds - other | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 207,901 | 202,393 | |
Real estate | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 2,979 | 2,652 | |
Cash and Cash Equivalents | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 5,700 | 5,866 | |
Partnership | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 7,539 | 9,172 | |
Quoted Prices in Active Markets (Level 1) | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 30,286 | 26,335 | |
Quoted Prices in Active Markets (Level 1) | Equity Securities | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 24,586 | 20,469 | |
Quoted Prices in Active Markets (Level 1) | Cash and Cash Equivalents | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 5,700 | 5,866 | |
Significant Other Observable Inputs (Level 2) | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 7,539 | 9,172 | |
Significant Unobservable Inputs (Level 3) | Partnership | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 7,539 | 9,172 | $ 10,787 |
UNITED STATES | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | 281,276 | 258,327 | 284,762 |
Foreign Plan | |||
Fair values of pension plan assets | |||
Defined Benefit Plan, Plan Assets, Amount | $ 1,419 | $ 1,425 | $ 1,777 |
Retirement Plans - Reconcilia_2
Retirement Plans - Reconciliation of Level 3 Hedge Fund Asset Within Fair Value Hierarchy (Details 11) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Reconciliation of Level 3 fund assets | |
Beginning Balance | $ 259,752 |
Ending Balance | 282,696 |
Significant Unobservable Inputs (Level 3) | |
Reconciliation of Level 3 fund assets | |
Beginning Balance | 9,172 |
Ending Balance | $ 7,539 |
Retirement Plans - Reconcilia_3
Retirement Plans - Reconciliation of Level 3 Partnership Assets Within Fair Value Hierarchy (Details 12) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Level 3 fund assets | ||
Beginning Balance | $ 259,752 | |
Ending Balance | 282,696 | $ 259,752 |
Partnership | ||
Reconciliation of Level 3 fund assets | ||
Beginning Balance | 9,172 | |
Ending Balance | 7,539 | 9,172 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Reconciliation of Level 3 fund assets | ||
Beginning Balance | 9,172 | |
Ending Balance | 7,539 | 9,172 |
Significant Unobservable Inputs (Level 3) [Member] | Partnership | ||
Reconciliation of Level 3 fund assets | ||
Beginning Balance | 9,172 | 10,787 |
Capital contributions | 120 | 78 |
Realized and unrealized gain | (139) | 1,154 |
Capital distributions | (1,614) | (2,847) |
Ending Balance | $ 7,539 | $ 9,172 |
Retirement Plans - Reconcilia_4
Retirement Plans - Reconciliation of Level 3 Fixed Annuity Contracts Within Fair Value Hierarchy (Details 13) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Level 3 fund assets | ||
Beginning Balance | $ 259,752 | |
Benefits paid | (145) | $ (157) |
Ending Balance | 282,696 | 259,752 |
Significant Unobservable Inputs (Level 3) | ||
Reconciliation of Level 3 fund assets | ||
Beginning Balance | 9,172 | |
Ending Balance | $ 7,539 | $ 9,172 |
Retirement Plans - Estimated Fu
Retirement Plans - Estimated Future Benefit Payments (Details 14) $ in Thousands | Dec. 31, 2019USD ($) |
Post-Retirement Life Insurance Plan | |
Estimated Future Benefit Payments | |
2020 | $ 393 |
2021 | 377 |
2022 | 362 |
2023 | 347 |
2024 | 332 |
2025-2029 | 1,468 |
Total | 3,279 |
Foreign Plan | |
Estimated Future Benefit Payments | |
2020 | 46 |
2021 | 54 |
2022 | 82 |
2023 | 69 |
2024 | 84 |
2025-2029 | 715 |
Total | 1,050 |
UNITED STATES | |
Estimated Future Benefit Payments | |
2020 | 15,514 |
2021 | 15,399 |
2022 | 15,218 |
2023 | 14,983 |
2024 | 14,706 |
2025-2029 | 68,594 |
Total | $ 144,414 |
Retirement Plans - Defined Cont
Retirement Plans - Defined Contribution Plans (Details 15) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plans | |||
401(k) and other plan expense | $ 3,125 | $ 3,256 | $ 3,141 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other intangible assets: | |||
Gross Carrying Amount | $ 142,319 | $ 110,983 | |
Accumulated Amortization | (57,104) | (50,803) | |
Net Amount | 85,215 | 60,180 | |
Amortization of Intangible Assets | $ 7,770 | 6,817 | $ 6,603 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 1 month 6 days | ||
Customer lists / relationships | |||
Other intangible assets: | |||
Gross Carrying Amount | $ 92,194 | 64,323 | |
Accumulated Amortization | (38,682) | (37,088) | |
Net Amount | $ 53,512 | 27,235 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 9 months 18 days | ||
Technology and other intangibles | |||
Other intangible assets: | |||
Gross Carrying Amount | $ 47,925 | 44,460 | |
Accumulated Amortization | (18,422) | (13,715) | |
Net Amount | $ 29,503 | 30,745 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 8 months 12 days | ||
In process research and development | |||
Other intangible assets: | |||
Gross Carrying Amount | $ 2,200 | 2,200 | |
Accumulated Amortization | 0 | 0 | |
Net Amount | $ 2,200 | $ 2,200 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Amortization Expense Remaining (Details 2) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortization expense remaining | ||
2020 | $ 9,051 | |
2021 | 8,893 | |
2022 | 8,657 | |
2023 | 6,651 | |
2024 | 6,479 | |
Thereafter | 45,484 | |
Net Amount | $ 85,215 | $ 60,180 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Reconciliation of Goodwill (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill | ||
Beginning balance | $ 71,057 | $ 71,057 |
Increase from acquisition | 34,999 | 0 |
Ending balance | $ 106,056 | $ 71,057 |
Costs Associated with Exit an_3
Costs Associated with Exit and Restructuring Activities - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 1,993,000 | $ 1,586,000 | |
Restructuring charges | |||
Restructuring Charges | 7,448,000 | 5,062,000 | $ 4,139,000 |
April 2014 Plan and June 2016 Plan | Operating Expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 7,448,000 | 5,062,000 | 4,139,000 |
June2016 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 233,000 | 668 | |
Restructuring charges | |||
Restructuring Charges | 4,284,000 | 4,559,000 | 4,139,000 |
April 2014 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 703,000 | 918,000 | |
Restructuring charges | |||
Restructuring Charges | $ 248,000 | $ 503,000 | $ 0 |
Costs Associated with Exit an_4
Costs Associated with Exit and Restructuring Activities - Restructuring and Restructuring Related Charges of Actual Costs (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 7,448 | $ 5,062 | $ 4,139 |
April 2014 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 248 | 503 | 0 |
June2016 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 4,284 | 4,559 | 4,139 |
June2016 Plan | Operating Expense | |||
Restructuring charges | |||
Restructuring and Related Cost, Expected Cost | 13,400 | ||
Restructuring and Related Cost, Cost Incurred to Date | 16,030 | ||
June2016 Plan | Equipment relocation | Operating Expense | |||
Restructuring charges | |||
Restructuring and Related Cost, Expected Cost | 9,025 | ||
Restructuring and Related Cost, Cost Incurred to Date | 10,534 | ||
June2016 Plan | Other charges | Operating Expense | |||
Restructuring charges | |||
Restructuring and Related Cost, Expected Cost | 1,300 | ||
Restructuring and Related Cost, Cost Incurred to Date | 988 | ||
June2016 Plan | Workforce reduction | Operating Expense | |||
Restructuring charges | |||
Restructuring and Related Cost, Expected Cost | 3,075 | ||
Restructuring and Related Cost, Cost Incurred to Date | 3,340 | ||
April 2014 Plan | Operating Expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | $ 7,448 | $ 5,062 | $ 4,139 |
Costs Associated with Exit an_5
Costs Associated with Exit and Restructuring Activities - Restructuring Reserve Activity (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 7,448,000 | $ 5,062,000 | $ 4,139,000 |
Restructuring reserve activity | |||
Restructuring liability at beginning | 1,586,000 | ||
Cost paid | (4,997,000) | ||
Restructuring Reserve, Translation and Other Adjustment | (2,044,000) | ||
Restructuring liability at ending | 1,993,000 | 1,586,000 | |
June2016 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 4,284,000 | 4,559,000 | 4,139,000 |
Restructuring reserve activity | |||
Restructuring liability at beginning | 668 | ||
Restructuring liability at ending | 233,000 | 668 | |
April 2014 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 248,000 | 503,000 | $ 0 |
Restructuring reserve activity | |||
Restructuring liability at beginning | 918,000 | ||
Restructuring liability at ending | 703,000 | $ 918,000 | |
Other charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3,412,000 | ||
Restructuring reserve activity | |||
Restructuring liability at ending | 1,057,000 | ||
Operating Expense | June2016 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 13,400,000 | ||
Restructuring and Related Cost, Cost Incurred to Date | 16,030,000 | ||
Workforce reduction | Operating Expense | June2016 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 3,075,000 | ||
Restructuring and Related Cost, Cost Incurred to Date | 3,340,000 | ||
Equipment relocation | Operating Expense | June2016 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 9,025,000 | ||
Restructuring and Related Cost, Cost Incurred to Date | 10,534,000 | ||
Other charges | Operating Expense | June2016 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 1,300,000 | ||
Restructuring and Related Cost, Cost Incurred to Date | 988,000 | ||
Asset Impairment Charge [Member] | Operating Expense | June2016 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 0 | ||
Restructuring and Related Cost, Cost Incurred to Date | $ 1,168,000 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other Liabilities - Components of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities | ||||
Accrued product-related costs | $ 4,464 | $ 4,377 | ||
Accrued income taxes | 7,903 | 6,914 | ||
Accrued property and other taxes | 1,574 | 1,976 | ||
Accrued Professional Fees, Current | 1,599 | 3,350 | ||
Contract with Customer, Liability | 2,877 | 1,981 | ||
Dividends payable | 1,299 | 1,310 | ||
Remediation reserves | 11,444 | 11,274 | $ 17,067 | $ 18,176 |
Other accrued liabilities | 5,218 | 6,165 | ||
Total accrued expenses and other liabilities | $ 36,378 | $ 37,347 |
Contingencies - Rollforward of
Contingencies - Rollforward of Remediation Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Contingencies | |||
Accrued liabilities start of period | $ 11,274 | $ 17,067 | $ 18,176 |
Remediation expense | 2,602 | 1,182 | 307 |
Remediation payments | (2,455) | (6,967) | (1,416) |
Other activity | 23 | (8) | 0 |
Accrued liabilities end of period | $ 11,444 | $ 11,274 | $ 17,067 |
Leases - Minimum future obligat
Leases - Minimum future obligations (Details) - USD ($) | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Lessee, Operating Lease Payment on Extension Option | $ 3,244,000 | |
Minimum future obligations | ||
2020 | 4,467,000 | |
2021 | 4,461,000 | |
2022 | 4,303,000 | |
2023 | 3,920,000 | |
2024 | 3,893,000 | |
Thereafter | 16,566,000 | |
Lessee, Operating Lease, Liability, Payments, Due | 37,610,000 | |
Interest | (9,897,000) | |
Present value of lease payments | $ 27,713,000 | $ 24,792 |
Leases - Rent expense (Details
Leases - Rent expense (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Operating Lease, Cost | $ 4,342 | ||
Short-term Lease, Cost | 1,013 | ||
Operating Leases, Rent Expense, Net | $ 5,355 | ||
Rent expense | $ 5,726 | $ 4,762 |
Leases - Lease terms (Details 3
Leases - Lease terms (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Operating lease liability, current | $ 2,787,000 | $ 0 | |
Sublease income | |||
Operating lease liability, noncurrent | 24,926,000 | $ 0 | |
Operating Lease, Liability | $ 27,713,000 | $ 24,792 | |
Operating Lease, Weighted Average Remaining Lease Term | 9 years 14 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 6.54% | ||
Operating Lease, Payments, Use | $ 3,957,000 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 5,000,000 |
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Amortization of Debt Issuance Costs | $ 163,000 | $ 185,000 | $ 185,000 |
Long-term debt | |||
Balance outstanding | $ 99,700,000 | $ 50,000,000 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.25% | 3.10% | |
Amount available | $ 198,500,000 | $ 248,060,000 | |
Weighted-average interest rate | 300,000,000 | 300,000,000 | |
Letters of Credit Outstanding, Amount | $ 1,800,000 | $ 1,940,000 | |
Commitment fee percentage per annum | 0.23% | 0.20% |
Debt - Additional Information (
Debt - Additional Information (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amortization expense | |||
Amortization expense | $ 163 | $ 185 | $ 185 |
Derivatives Derivative Financ_3
Derivatives Derivative Financial Instruments - Naratives (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |
Unrealized Loss on Foreign Currency Derivatives, before Tax | $ 655 |
Derivative Asset | 648 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 68 |
Designated as Hedging Instrument | Interest Rate Swap | |
Derivative [Line Items] | |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | (82) |
Cash Flow Hedge | Designated as Hedging Instrument | Foreign currency hedges | |
Derivative [Line Items] | |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 595 |
Derivative, Notional Amount | 8,011 |
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 50,000 |
Derivatives Fair Value Derivati
Derivatives Fair Value Derivatives, Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | $ 648 | |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 68 | |
Cash Flow Hedge | Interest Rate Swap | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0 | $ 369 |
Cash Flow Hedge | Interest Rate Swap | Designated as Hedging Instrument | Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 82 | 576 |
Cash Flow Hedge | Interest Rate Swap | Designated as Hedging Instrument | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps reported in Other long-term obligations | (78) | 0 |
Cash Flow Hedge | Foreign currency hedges | Designated as Hedging Instrument | Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Liability at Fair Value | $ 580 | $ 393 |
Derivatives Derivative Instrume
Derivatives Derivative Instruments, Gain (Loss) Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ (97) | $ 82 | $ (94) |
Cash Flow Hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 1,443 | 905 | 75 |
Foreign currency hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Loss | 0 | 0 | (15) |
Foreign currency hedges | Cash Flow Hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 952 | 484 | 54 |
Loss on Cash Flow Hedge Ineffectiveness | 0 | 0 | (1) |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | 952 | 484 | 38 |
Foreign currency hedges | Net sales | Cash Flow Hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 383 | (488) |
Foreign currency hedges | Cost of Goods Sold | Cash Flow Hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 860 | (6) | 497 |
Foreign currency hedges | Selling, General and Administrative Expenses | Cash Flow Hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 92 | 107 | 45 |
Interest Rate Swap | Interest Expense | Cash Flow Hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 491 | $ 421 | $ 37 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated other comprehensive loss | |||
Accumulated other comprehensive loss | $ (91,726) | $ (97,739) | $ (78,960) |
Gain (Loss) recognized in OCI, Net | 691 | 1,184 | |
Gain (Loss) reclassified from AOCI to income, Net | 5,322 | (2,530) | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||
Defined benefit pension item | |||
Accumulated other comprehensive loss | |||
Accumulated other comprehensive (loss) income, Gross, Beginning balance | 1,316 | 289 | |
Accumulated other comprehensive (loss) income, Income tax (benefit), Beginning balance | (298) | (105) | |
Accumulated other comprehensive loss | 509 | 1,018 | 184 |
Gain (Loss) recognized in OCI, Gross | 786 | 1,932 | |
Gain (Loss) recognized in OCI, Income tax (benefit) | (178) | (437) | |
Reclassification from AOCI, Current Period, Tax | 326 | ||
Gain (Loss) recognized in OCI, Net | 608 | 1,495 | |
Gain (Loss) reclassified from AOCI to income, Gross | (1,443) | (905) | |
Gain (Loss) reclassified from AOCI to income, Income tax (benefit) | 205 | ||
Gain (Loss) reclassified from AOCI to income, Net | (1,117) | (700) | |
Accumulated other comprehensive (loss) income, Gross, Ending balance | 659 | 1,316 | |
Accumulated other comprehensive (loss) income, Income tax (benefit), Ending balance | (150) | (298) | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 39 | ||
Accumulated Defined Benefit Plans Adjustment | |||
Accumulated other comprehensive loss | |||
Accumulated other comprehensive (loss) income, Gross, Beginning balance | (132,454) | (130,096) | |
Accumulated other comprehensive (loss) income, Income tax (benefit), Beginning balance | 35,893 | 52,837 | |
Accumulated other comprehensive loss | (90,122) | (96,561) | (77,259) |
Gain (Loss) reclassified from AOCI to income, Gross | 8,314 | (2,358) | |
Gain (Loss) reclassified from AOCI to income, Income tax (benefit) | (1,875) | 528 | |
Gain (Loss) reclassified from AOCI to income, Net | 6,439 | (1,830) | |
Accumulated other comprehensive (loss) income, Gross, Ending balance | (124,140) | (132,454) | |
Accumulated other comprehensive (loss) income, Income tax (benefit), Ending balance | 34,018 | 35,893 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (17,472) | ||
Unrealized gains and losses on cash flow hedges | |||
Accumulated other comprehensive loss | |||
Accumulated other comprehensive (loss) income, Gross, Beginning balance | (2,291) | (1,985) | |
Accumulated other comprehensive (loss) income, Income tax (benefit), Beginning balance | 95 | 100 | |
Accumulated other comprehensive loss | (2,113) | (2,196) | $ (1,885) |
Gain (Loss) recognized in OCI, Gross | 80 | (306) | |
Gain (Loss) recognized in OCI, Income tax (benefit) | 3 | (5) | |
Gain (Loss) recognized in OCI, Net | 83 | (311) | |
Accumulated other comprehensive (loss) income, Gross, Ending balance | (2,211) | (2,291) | |
Accumulated other comprehensive (loss) income, Income tax (benefit), Ending balance | $ 98 | 95 | |
Accumulated Other Comprehensive Earnings | |||
Accumulated other comprehensive loss | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (17,433) |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Share Count and Par Value Data Related to Shareholders' Equity (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred Stock | |||
Shares authorized, shares | 25,000,000 | 25,000,000 | |
Shares outstanding, shares | 0 | 0 | |
Common Stock | |||
Shares authorized, shares | 75,000,000 | 75,000,000 | |
Shares issued, shares | 56,929,298 | 56,786,849 | |
Shares outstanding | 32,472,406 | 32,750,727 | 32,938,466 |
Treasury stock | |||
Shares held, shares | 24,456,892 | 24,036,122 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Stock | |||
Treasury Stock, Value, Acquired, Cost Method | $ 11,746 | $ 9,440 | |
Treasury Stock, Shares, Acquired | 420,770 | 342,100 | 0 |
Common stock repurchased, shares | 420,770 | 342,100 | |
Shares available for future purchases | $ 13,820 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Common Shares Outstanding (Details 3) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Roll forward of common shares outstanding | ||
Balance at the beginning of the year, shares | 32,750,727 | 32,938,466 |
Repurchases, shares | (420,770) | (342,100) |
Restricted share issuances, shares | 142,449 | 154,361 |
Balance at the end of the period, shares | 32,472,406 | 32,750,727 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)planshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | |
Equity-Based Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6,589 | $ 5,805 | $ 5,471 |
Equity-Based Compensation | |||
Number of Equity Based Compensation Plan | plan | 5 | ||
Other accrued liabilities | $ 5,218 | $ 6,165 | |
Options | |||
Equity-Based Compensation | |||
Employee Service Share Based Compensation Awards Stock Options Outstanding | shares | 0 | ||
Service-Based RSUs | |||
Equity-Based Compensation | |||
Number of shares issuable, against each unit of RSU | shares | 1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | three | ||
Performance-Based RSUs | |||
Equity-Based Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | three | ||
RSU | |||
Equity-Based Compensation | |||
Tax benefit from the issuance of stock | $ 1,489 | ||
Cash Settled Awards [Member] | |||
Equity-Based Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | shares | 17,271 | 17,248 | |
Equity-Based Compensation | |||
Other accrued liabilities | $ 353 | $ 300 | |
Minimum | Performance-Based RSUs | |||
Equity-Based Compensation | |||
Vesting percent | 0.00% | ||
Maximum | Performance-Based RSUs | |||
Equity-Based Compensation | |||
Vesting percent | 200.00% |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Equity-Based Compensation Expense (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity-Based Compensation | |||
Restricted stock units | $ 5,015 | $ 5,256 | $ 4,184 |
CTS Cash Settled Awards [Member] | |||
Equity-Based Compensation | |||
Restricted stock units | 255 | 131 | 72 |
Service-Based RSUs | |||
Equity-Based Compensation | |||
Restricted stock units | 2,207 | 2,036 | 1,762 |
Performance-Based RSUs | |||
Equity-Based Compensation | |||
Restricted stock units | 2,553 | 3,089 | 2,350 |
RSUs | |||
Equity-Based Compensation | |||
Restricted stock units | 5,015 | 5,256 | 4,184 |
Income tax benefit | 1,133 | 1,188 | 1,573 |
Share-based Payment Arrangement, Expense, after Tax | $ 3,882 | $ 4,068 | $ 2,611 |
Equity-Based Compensation - S_2
Equity-Based Compensation - Summary of Equity-Based Compensation Expense related to Non-Vested RSUs (Details 3) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Service-Based RSUs | |
Equity-Based Compensation | |
Unrecognized compensation cost | $ 1,751 |
Weighted average period | 1 year 2 months 26 days |
Performance-Based RSUs | |
Equity-Based Compensation | |
Unrecognized compensation cost | $ 2,433 |
Weighted average period | 1 year 7 months 24 days |
RSUs | |
Equity-Based Compensation | |
Unrecognized compensation cost | $ 4,184 |
Weighted average period | 1 year 5 months 23 days |
Equity-Based Compensation - S_3
Equity-Based Compensation - Summary of Status of Equity-Based Compensation Plans (Details 4) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
RSUs | ||
Summary of Status of Equity-Based Compensation Plans | ||
Released at end of period, RSUs | 103,491 | 146,116 |
Performance Option [Member] | ||
Summary of Status of Equity-Based Compensation Plans | ||
Stock options outstanding, shares | 225,000 | |
2018 Plan [Member] | ||
Summary of Status of Equity-Based Compensation Plans | ||
Awards originally available to be granted | 2,500,000 | |
Stock options outstanding, shares | 266,249 | |
Restricted Stock Units, awarded and vested | 4,553 | |
Released at end of period, RSUs | 266,249 | |
Awards available to be granted | 2,229,198 | |
2018 Plan [Member] | Performance Option [Member] | ||
Summary of Status of Equity-Based Compensation Plans | ||
Stock options outstanding, shares | 0 | |
2014 Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Awards originally available to be granted | 1,500,000 | |
Stock options outstanding, shares | 627,216 | |
Restricted Stock Units, awarded and vested | 0 | |
Released at end of period, RSUs | 402,216 | |
Awards available to be granted | 0 | |
2009 Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Awards originally available to be granted | 3,400,000 | |
Stock options outstanding, shares | 92,600 | |
Restricted Stock Units, awarded and vested | 0 | |
Released at end of period, RSUs | 92,600 | |
Awards available to be granted | 0 | |
2009 Plan | Performance Option [Member] | ||
Summary of Status of Equity-Based Compensation Plans | ||
Stock options outstanding, shares | 0 | |
2004 Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Awards originally available to be granted | 6,500,000 | |
Stock options outstanding, shares | 35,952 | |
Restricted Stock Units, awarded and vested | 0 | |
Released at end of period, RSUs | 35,952 | |
Awards available to be granted | 0 | |
2004 Plan | Performance Option [Member] | ||
Summary of Status of Equity-Based Compensation Plans | ||
Stock options outstanding, shares | 0 | |
Directors' Plan | ||
Summary of Status of Equity-Based Compensation Plans | ||
Stock options outstanding, shares | 5,522 | |
Restricted Stock Units, awarded and vested | 0 | |
Released at end of period, RSUs | 5,522 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 0 | |
Directors' Plan | Performance Option [Member] | ||
Summary of Status of Equity-Based Compensation Plans | ||
Stock options outstanding, shares | 0 |
Equity-Based Compensation - S_4
Equity-Based Compensation - Summary of Status of Stock Options (Details 5) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Service Based Restricted Stock Units [Member] | |
Equity-Based Compensation | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 2 months 26 days |
Performance Based Restricted Stock Units [Member] | |
Equity-Based Compensation | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 7 months 24 days |
Options | |
Additional Disclosure Status of Stock Options | |
Weighted average remaining contractual life | 0 years |
Employee Service Share Based Compensation Awards Stock Options Outstanding | 0 |
Performance Option [Member] | |
Summary of Status of Stock Options | |
Outstanding, Options at end of period, shares | 225,000 |
Weighted- Average Exercise Price | |
Exercisable, Weighted - Average Exercise Price at end of period | $ / shares | $ 18.37 |
Additional Disclosure Status of Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award Options Maximum Contractual Term | 5 years |
Equity-Based Compensation - S_5
Equity-Based Compensation - Summary of Service-Based Restricted Stock Units (Details 6) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted Average Grant Date Fair Value | |||
Fair value of RSU's vested | $ 6,589 | $ 5,805 | $ 5,471 |
Directors' Plan | |||
Summary of Service-Based Restricted Stock Units | |||
Granted | 5,522 | ||
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding | |||
Outstanding at beginning of year, units | 355,590 | ||
Granted, units | 103,491 | ||
Released, units | (72,226) | ||
Forfeited, units | (22,459) | ||
Outstanding at end of year, units | 364,396 | 355,590 | |
Summary of Service-Based Restricted Stock Units | |||
Granted | 103,491 | 146,116 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 90,226 | ||
Forfeited, RSUs | (22,459) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 136,922 | ||
Weighted Average Grant Date Fair Value | |||
Beginning of year, Weighted-average Grant-Date Fair Value | $ 17.91 | ||
Nonvested at beginning of year, Weighted-average Grant-Date Fair Value | 23.84 | ||
Granted, Weighted-average Grant-Date Fair Value | 28.61 | $ 26.95 | $ 24.32 |
Converted, Weighted-average Grant-Date Fair Value | 20.53 | ||
Forfeited, Weighted-average Grant-Date Fair Value | 26.92 | ||
End of year, Weighted-average Grant-Date Fair Value | 19.87 | 17.91 | |
Nonvested at end of period, Weighted-average Grant-Date Fair Value | 27.66 | $ 23.84 | |
Convertible at end of period, Weighted-average Grant-Date Fair Value | $ 15.18 | ||
Outstanding, Weighted Average Remaining Contractual Terms | 22 years 6 months 21 days | ||
Releaseable, Weighted Average Remaining Contractual Terms | 31 years 9 months 25 days | ||
Released at end of period, RSUs | 227,474 | ||
Aggregate intrinsic value, outstanding value | $ 10,935 | ||
Released Aggregate Intrinsic Value | 6,826 | ||
Intrinsic value of RSU's converted | $ 2,155 | $ 4,015 | $ 4,485 |
Non Vested Restricted Stock Units Rsu [Member] | |||
Weighted Average Grant Date Fair Value | |||
Converted, Weighted-average Grant-Date Fair Value | $ 22.75 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Performance-Based RSUs (Details 7) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 24, 2019 | Feb. 19, 2019 | Feb. 07, 2019 | Feb. 08, 2018 | Mar. 31, 2017 | Feb. 09, 2017 | Feb. 16, 2016 | |
Performance Based Restricted Stock Units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||||||
Shared Based Compensation Maximum Potential Awards | 420,902 | 3,500 | 13,890 | 126,828 | 62,796 | 13,556 | 63,640 | 136,692 | ||
Target Units Outstanding | 217,229 | 1,750 | 6,945 | 63,414 | 31,398 | 13,556 | 31,820 | 68,346 | ||
Performance Option [Member] | ||||||||||
Equity-Based Compensation | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 225,000 | |||||||||
Weighted Average Grant Date Fair Value | ||||||||||
Exercisable, Weighted - Average Exercise Price at end of period | $ 18.37 | |||||||||
Performance Shares [Member] | ||||||||||
Weighted Average Grant Date Fair Value | ||||||||||
Granted, Weighted-average Grant-Date Fair Value | 31.01 | |||||||||
Converted, Weighted-average Grant-Date Fair Value | 14.34 | |||||||||
Forfeited, Weighted-average Grant-Date Fair Value | 24.77 | |||||||||
Exercisable, Weighted - Average Exercise Price at end of period | 0 | |||||||||
Target Based Vesting of Performance Based RSUs weighted average grant date fair value | $ 13.54 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 217,229 | 267,792 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 27.73 | $ 21.44 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 1 month 24 days | |||||||||
Aggregate intrinsic value, outstanding value | $ 6,519 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 83,853 | |||||||||
Target based Vesting of performance-based restricted stock unit | 60,779 | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Converted | (160,889) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (34,306) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 0 | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Weighted Average Grant Date Fair Value | ||||||||||
Granted, Weighted-average Grant-Date Fair Value | $ 28.61 | 26.95 | $ 24.32 | |||||||
Converted, Weighted-average Grant-Date Fair Value | 20.53 | |||||||||
Forfeited, Weighted-average Grant-Date Fair Value | 26.92 | |||||||||
End of year, Weighted-average Grant-Date Fair Value | $ 19.87 | $ 17.91 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 364,396 | 355,590 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 27.66 | $ 23.84 | ||||||||
Aggregate intrinsic value, outstanding value | $ 10,935 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (22,459) | |||||||||
Released at end of period, RSUs | 103,491 | 146,116 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Liability Measured at Fair Value on a Recurring Basis (Details 2) - Designated as Hedging Instrument - Cash Flow Hedge - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Rate Swap | ||
Recurring financial liability that was measured at carrying value | ||
Interest rate swap - cash flow hedge, loss | $ (491) | $ (421) |
Foreign currency hedges | ||
Recurring financial liability that was measured at carrying value | ||
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | (952) | (484) |
Fair Value, Measurements, Recurring | Interest Rate Swap | ||
Recurring financial liability that was measured at carrying value | ||
Interest rate swap - cash flow hedge | 4 | 945 |
Fair Value, Measurements, Recurring | Foreign currency hedges | ||
Recurring financial liability that was measured at carrying value | ||
Interest rate swap - cash flow hedge | 580 | 393 |
Fair Value, Measurements, Recurring | Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Interest Rate Swap | ||
Recurring financial liability that was measured at carrying value | ||
Interest rate swap - cash flow hedge | 4 | 945 |
Fair Value, Measurements, Recurring | Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Foreign currency hedges | ||
Recurring financial liability that was measured at carrying value | ||
Interest rate swap - cash flow hedge | $ 580 | $ 393 |
Income Taxes - Earnings Before
Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings before income taxes | |||
Earnings before income taxes | $ 50,266 | $ 58,103 | $ 40,253 |
U.S. | |||
Earnings before income taxes | |||
Earnings before income taxes | 15,103 | 30,815 | 9,315 |
Non-U.S. | |||
Earnings before income taxes | |||
Earnings before income taxes | $ 35,163 | $ 27,288 | $ 30,938 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Income Tax Provision/(Benefit) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
U.S. | $ (391) | $ (397) | $ 1,635 |
Non-U.S. | 10,666 | 12,538 | 7,150 |
Total Current | 10,275 | 12,141 | 8,785 |
Deferred: | |||
U.S. | 558 | (330) | 17,597 |
Non-U.S. | 3,287 | (240) | (577) |
Total Deferred | 3,845 | (570) | 17,020 |
Total provision for income taxes | $ 14,120 | $ 11,571 | $ 25,805 |
Income Taxes - Significant Co_2
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details 3) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Significant components of deferred tax assets and liabilities | ||
Post-retirement benefits | $ 1,100 | $ 1,061 |
Inventory reserves | 708 | 1,236 |
Loss carry-forwards | 4,724 | 4,647 |
Credit carry-forwards | 15,964 | 16,909 |
Accrued expenses | 4,932 | 5,685 |
Research expenditures | 17,953 | 16,847 |
Deferred Tax Assets, Leasing Arrangements | 6,211 | 0 |
Stock compensation | 2,232 | 2,142 |
Foreign exchange loss | 1,986 | 2,245 |
Other | 230 | 207 |
Gross deferred tax assets | 56,040 | 50,979 |
Depreciation and amortization | 12,453 | 11,500 |
Pensions | 13,552 | 11,736 |
Deferred Tax Liabilities, Leasing Arrangements | 5,963 | 0 |
Subsidiaries' unremitted earnings | 1,903 | 1,258 |
Gross deferred tax liabilities | 33,871 | 24,494 |
Net deferred tax assets | 22,169 | 26,485 |
Deferred tax asset valuation allowance | (8,011) | (8,274) |
Total net deferred tax assets | $ 14,158 | $ 18,211 |
Income Taxes - Current and Long
Income Taxes - Current and Long-Term Deferred Tax Assests and Liabilities (Details 4) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Loss Carryforwards [Line Items] | ||
Deferred tax liabilities, net, noncurrent | $ 5,637 | $ 3,990 |
Non-current deferred tax assets | 19,795 | 22,201 |
Total net deferred tax assets | $ 14,158 | $ 18,211 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details 5) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes | |||
Deferred tax assets, operating loss carryforwards | $ 4,724,000 | $ 4,647,000 | |
Credit carry-forwards | 15,964,000 | 16,909,000 | |
Deferred tax asset valuation allowance | 8,011,000 | 8,274,000 | |
Foreign tax credit carry-forwards | 5,785,000 | ||
Research and development credits | 7,495,000 | ||
Implementation of ASU 2018-02 | 0 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 18,001,000 | ||
Foreign income tax expense | 10,666,000 | 12,538,000 | $ 7,150,000 |
Unrecognized tax benefits | 5,016,000 | ||
Accrued for interest and penalties related to uncertain income tax | $ 707,000 | 2,515,000 | |
Minimum [Member] | |||
Income Taxes | |||
Open Tax Year | 2008 | ||
Maximum | |||
Income Taxes | |||
Open Tax Year | 2018 | ||
U.S. Federal Tax and Jobs Act Estimate | |||
Income Taxes | |||
Deferred Federal, State and Local, Tax Expense (Benefit) | $ 241,000 | 6,267,000 | |
Tax Adjustments, Settlements, and Unusual Provisions | 589,000 | $ 11,734,000 | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 348,000 | ||
Foreign Tax Credit Carryforward | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2023 | ||
Foreign Tax Credit Carryforward | Maximum | |||
Income Taxes [Line Items] | |||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2029 | ||
Research Tax Credit Carryforward [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2021 | ||
Research Tax Credit Carryforward [Member] | Maximum | |||
Income Taxes [Line Items] | |||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2039 | ||
Operating Loss Carryforward [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2021 | ||
Operating Loss Carryforward [Member] | Maximum | |||
Income Taxes [Line Items] | |||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2039 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Taxes Rate (Details 6) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of effective income taxes rate | |||
Taxes at the U.S. statutory rate | 21.00% | 21.00% | 35.00% |
State income taxes, net of federal income tax benefit | 0.40% | 1.20% | 1.10% |
Non-U.S. earnings taxed at rates different than the U.S. statutory rate | 1.30% | 0.80% | (9.00%) |
Foreign source earnings, net of associated foreign tax credits | 0.30% | 4.10% | 0.10% |
Benefit of tax credits | (1.50%) | (0.90%) | (1.40%) |
Non-deductible expenses | 4.10% | 1.30% | 1.50% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | (1.10%) | (0.90%) | (1.50%) |
Adjustment to valuation allowances | (0.40%) | (0.60%) | (4.40%) |
Other changes in tax laws and rates | (0.10%) | (6.10%) | 0.00% |
Change in unrecognized tax benefits | 3.30% | (1.70%) | 2.00% |
Impacts of unremitted foreign earnings | 1.30% | 1.10% | 0.90% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.00% | (0.60%) | 44.70% |
Other | (0.70%) | 1.20% | (4.90%) |
Effective income tax rate | 28.10% | 19.90% | 64.10% |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details 7) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of the unrecognized tax benefits | ||
Unrecognized tax benefits, beginning balance | $ 3,649 | $ 4,670 |
Increase related to current year tax positions | 2,834 | 55 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (10) | |
(Decrease) increase related to prior year tax positions | 46 | |
Decrease related to lapse in statute of limitation | (1,457) | (1,076) |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | (46) |
Unrecognized tax benefits, ending balance | $ 5,016 | $ 3,649 |
Business Acquisitions - Narrati
Business Acquisitions - Narratives (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition | |||||||||||
Payments for acquisitions, net of cash acquired | $ 73,906 | $ 0 | $ 19,121 | ||||||||
Business Combination, Contingent Consideration, Liability | $ 1,056 | 1,056 | |||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 34,999 | 34,999 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 6,221 | 6,221 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,567 | 2,567 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 29 | 29 | |||||||||
Goodwill | 106,056 | $ 71,057 | 106,056 | 71,057 | 71,057 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (2,710) | (2,710) | |||||||||
Net Income (Loss) Attributable to Parent | $ 10,062 | $ 2,722 | $ 11,943 | $ 11,419 | $ 17,564 | $ 10,211 | $ 7,209 | $ 11,548 | 36,146 | $ 46,532 | $ 14,448 |
Developed technology and other intangible assets | |||||||||||
Business Acquisition | |||||||||||
Finite-lived Intangible Assets Acquired | $ 1,800 | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Business Acquisitions - Net Ass
Business Acquisitions - Net Assets Acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations - Schedule of Finite-Lived Intangible Assets [Abstract] | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 34,999 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill and Liabilities Assumed, Net | |||
Current assets | 6,221 | ||
Property, plant and equipment | 2,567 | ||
Goodwill | 106,056 | $ 71,057 | $ 71,057 |
Other assets | 29 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (2,710) | ||
Less fair value of liabilities acquired | 73,906 | $ 0 | $ 19,121 |
Business Combination, Contingent Consideration, Liability | 1,056 | ||
Business Combination, Consideration Transferred | 72,850 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 32,800 | ||
Fair Value of Assets Acquired | 76,616 | ||
Customer Lists [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 31,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||
Developed technology and other intangible assets | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 1,800 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||
Finite-Lived Intangible Assets [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 32,800 |
Business Acquisitions Financial
Business Acquisitions Financial Results (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Financial Results [Abstract] | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 9,252 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (465) |
Geographic Data - Schedule of F
Geographic Data - Schedule of Financial Information by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Sales from continuing operations | |||||||||||
Net Sales | $ 115,040 | $ 115,651 | $ 120,684 | $ 117,625 | $ 120,073 | $ 118,859 | $ 118,021 | $ 113,530 | $ 468,999 | $ 470,483 | $ 422,993 |
Property, Plant and Equipment, Net | 105,038 | 99,401 | 105,038 | 99,401 | |||||||
United States | Geographic Distribution | |||||||||||
Net Sales from continuing operations | |||||||||||
Net Sales | 279,904 | 313,489 | 287,092 | ||||||||
Property, Plant and Equipment, Net | 53,767 | 53,950 | 53,767 | 53,950 | |||||||
Singapore | Geographic Distribution | |||||||||||
Net Sales from continuing operations | |||||||||||
Net Sales | 32,957 | 6,724 | 5,596 | ||||||||
TAIWAN, PROVINCE OF CHINA | Geographic Distribution | |||||||||||
Net Sales from continuing operations | |||||||||||
Net Sales | 19,810 | 20,802 | 18,586 | ||||||||
Property, Plant and Equipment, Net | 4,593 | 3,752 | 4,593 | 3,752 | |||||||
China | Geographic Distribution | |||||||||||
Net Sales from continuing operations | |||||||||||
Net Sales | 87,342 | 79,380 | 66,510 | ||||||||
Property, Plant and Equipment, Net | 32,751 | 32,973 | 32,751 | 32,973 | |||||||
Czech Republic | Geographic Distribution | |||||||||||
Net Sales from continuing operations | |||||||||||
Net Sales | 33,214 | 36,528 | 34,476 | ||||||||
Property, Plant and Equipment, Net | 10,946 | 5,976 | 10,946 | 5,976 | |||||||
Other non-U.S. | Geographic Distribution | |||||||||||
Net Sales from continuing operations | |||||||||||
Net Sales | 15,772 | 13,560 | $ 10,733 | ||||||||
Property, Plant and Equipment, Net | $ 2,981 | $ 2,750 | $ 2,981 | $ 2,750 |
Geographic Data - Schedule of R
Geographic Data - Schedule of Revenue by Geographic Areas (Details 2) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, Plant and Equipment, Net | $ 105,038 | $ 99,401 |
United States | Geographic Distribution | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, Plant and Equipment, Net | 53,767 | 53,950 |
China | Geographic Distribution | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, Plant and Equipment, Net | 32,751 | 32,973 |
Taiwan | Geographic Distribution | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, Plant and Equipment, Net | 4,593 | 3,752 |
Czech Republic | Geographic Distribution | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, Plant and Equipment, Net | 10,946 | 5,976 |
Other non-U.S | Geographic Distribution | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, Plant and Equipment, Net | $ 2,981 | $ 2,750 |
Quarterly Financial Data - Quar
Quarterly Financial Data - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information | |||||||||||
Net Sales | $ 115,040 | $ 115,651 | $ 120,684 | $ 117,625 | $ 120,073 | $ 118,859 | $ 118,021 | $ 113,530 | $ 468,999 | $ 470,483 | $ 422,993 |
Gross margin | 38,700 | 37,057 | 41,204 | 40,615 | 42,645 | 42,082 | 41,813 | 38,433 | 157,575 | 164,973 | 140,431 |
Operating earnings | 12,391 | (10,124) | (17,083) | (14,218) | (17,017) | (16,118) | (14,544) | (13,359) | (53,815) | (61,038) | (38,495) |
Net earnings | $ 10,062 | $ 2,722 | $ 11,943 | $ 11,419 | $ 17,564 | $ 10,211 | $ 7,209 | $ 11,548 | $ 36,146 | $ 46,532 | $ 14,448 |
Basic net earnings per share (usd per share) | $ 0.31 | $ 0.08 | $ 0.36 | $ 0.35 | $ 0.53 | $ 0.31 | $ 0.22 | $ 0.35 | $ 1.11 | $ 1.41 | $ 0.44 |
Diluted net earnings per share (usd per share) | $ 0.31 | $ 0.08 | $ 0.36 | $ 0.34 | $ 0.52 | $ 0.30 | $ 0.21 | $ 0.34 | $ 1.09 | $ 1.39 | $ 0.43 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | $ 384 | $ 357 | $ 170 |
Charged/ (Credit) to Expense | (141) | (56) | (248) |
Charged to Other Accounts | (9) | (8) | (9) |
(Write-offs) / Recoveries | (255) | (21) | (70) |
Balance at End of Period | $ 261 | $ 384 | $ 357 |