Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 15, 2021 | |
Cover [Abstract] | ||
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000060977 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | LYDALL INC /DE/ | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-7665 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 06-0865505 | |
Entity Address, Address Line One | One Colonial Road | |
Entity Address, City or Town | Manchester | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06042 | |
City Area Code | 860 | |
Local Phone Number | 646-1233 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | LDL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Small Business | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,018,995 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 227,099 | $ 200,527 |
Cost of sales | 178,550 | 161,959 |
Gross profit | 48,549 | 38,568 |
Selling, product development and administrative expenses | 35,633 | 33,027 |
Impairment of goodwill and other long-lived assets | 0 | 61,109 |
Restructuring expenses | 777 | 0 |
Operating income (loss) | 12,139 | (55,568) |
(Gain) loss on the sale of a business | 698 | 0 |
Employee benefit plans settlement expenses | 0 | 385 |
Interest expense | 3,448 | 2,857 |
Other (income) expense, net | 86 | (418) |
Income (loss) before income taxes | 7,907 | (58,392) |
Income tax expense (benefit) | 2,821 | (2,015) |
(Income) loss from equity method investment | (8) | 44 |
Net income (loss) | $ 5,094 | $ (56,421) |
Earnings (loss) per share: | ||
Basic (USD per share) | $ 0.29 | $ (3.25) |
Diluted (USD per share) | $ 0.28 | $ (3.25) |
Weighted average number of common shares outstanding: | ||
Basic (shares) | 17,545 | 17,336 |
Diluted (shares) | 17,888 | 17,336 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 5,094 | $ (56,421) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | (3,014) | (9,957) |
Pension liability adjustment, net of taxes of $0.1 million and $0.1 million, respectively | 365 | 331 |
Unrealized gain (loss) on hedging activities, net of taxes of $0.9 million and $0.1 million, respectively | 3,018 | 446 |
Other comprehensive income (loss) | 369 | (9,180) |
Total comprehensive income (loss) | $ 5,463 | $ (65,601) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Taxes related to pension liability adjustment | $ 0.1 | $ 0.1 |
Taxes related to unrealized loss on hedging activities | $ 0.9 | $ 0.1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 88,717 | $ 102,176 |
Accounts receivable, net of allowance for doubtful accounts of $2,313 and $2,402, respectively | 135,464 | 116,947 |
Contract assets | 25,959 | 32,403 |
Inventories | 81,448 | 78,996 |
Taxes receivable | 10,031 | 6,652 |
Prepaid expenses | 4,937 | 4,870 |
Other current assets | 7,922 | 7,348 |
Total current assets | 354,478 | 349,392 |
Property, plant and equipment, at cost | 505,573 | 506,509 |
Accumulated depreciation | (295,557) | (291,996) |
Property, plant and equipment, net | 210,016 | 214,513 |
Operating lease right-of-use assets | 26,163 | 22,243 |
Goodwill | 87,195 | 87,595 |
Other intangible assets, net | 90,796 | 95,121 |
Other assets, net | 6,729 | 6,598 |
Total assets | 775,377 | 775,462 |
Current liabilities: | ||
Current portion of long-term debt | 9,789 | 9,789 |
Accounts payable | 113,416 | 101,905 |
Accrued payroll and other compensation | 22,114 | 24,589 |
Accrued taxes | 8,339 | 8,214 |
Derivative liabilities | 7,966 | 11,996 |
Restructuring liabilities | 2,042 | 9,431 |
Other accrued liabilities | 22,733 | 21,705 |
Total current liabilities | 186,399 | 187,629 |
Long-term debt | 251,202 | 260,649 |
Long-term operating lease liabilities | 21,220 | 17,947 |
Deferred tax liabilities | 31,411 | 27,174 |
Benefit plan liabilities | 17,930 | 21,691 |
Other long-term liabilities | 2,665 | 2,676 |
Commitments and Contingencies (Note 15) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 per share par value, 500 shares authorized (none issued or outstanding) | 0 | 0 |
Common stock, $0.01 per share par value, 30,000 shares authorized (25,741 and 25,555 shares issued, respectively) | 257 | 256 |
Capital in excess of par value | 101,361 | 99,770 |
Retained earnings | 271,998 | 266,904 |
Accumulated other comprehensive income (loss) | (17,973) | (18,342) |
Less treasury stock, 7,722 and 7,717 shares of common stock, respectively, at cost | (91,093) | (90,892) |
Total stockholders’ equity | 264,550 | 257,696 |
Total liabilities and stockholders’ equity | $ 775,377 | $ 775,462 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,313 | $ 2,402 |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (shares) | 500,000 | 500,000 |
Preferred stock issued (shares) | 0 | 0 |
Preferred stock outstanding (shares) | 0 | 0 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock authorized (shares) | 30,000,000 | 30,000,000 |
Common stock issued (shares) | 25,741,000 | 25,555,000 |
Treasury stock (shares) | 7,722,000 | 7,717,000 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 5,094 | $ (56,421) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 11,366 | 12,152 |
Amortization of debt issuance costs | 134 | 78 |
Impairment of goodwill and long-lived assets | 0 | 61,109 |
Deferred income taxes | 3,224 | (2,896) |
(Gain) loss on the sale of a business | 698 | 0 |
Employee benefit plans settlement expenses | 0 | 385 |
Stock-based compensation | 1,125 | 914 |
(Gain) loss on disposition of property, plant and equipment | 0 | 20 |
(Gain) loss from equity method investment | (8) | 44 |
Other, net | (106) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (21,817) | (7,800) |
Contract assets | 6,298 | 1,313 |
Inventories | (3,127) | (2,026) |
Income taxes (receivable) payable | (3,424) | (546) |
Prepaid expenses and other assets | (1,053) | 526 |
Accounts payable | 11,456 | 21,127 |
Accrued payroll and other compensation | (2,185) | (68) |
Deferred revenue | 21 | 0 |
Accrued taxes payable | 245 | (1,447) |
Benefit plan liabilities | (3,517) | (450) |
Other, net | (4,204) | 727 |
Net cash provided by (used for) operating activities | 220 | 26,741 |
Cash flows from investing activities: | ||
Capital expenditures | (8,119) | (9,157) |
Collections of finance receivables | 1,379 | 1,658 |
Payments from divestitures | (2,715) | 0 |
Net cash provided by (used for) investing activities | (9,455) | (7,499) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 0 | 20,000 |
Debt repayments | (9,499) | (4,500) |
Proceeds from servicing receivables | 4,557 | 2,852 |
Common stock issued | 642 | 31 |
Common stock repurchased | (201) | (8) |
Net cash provided by (used for) financing activities | (4,501) | 18,375 |
Effect of exchange rate changes on cash | 277 | (1,121) |
Increase (decrease) in cash and cash equivalents | (13,459) | 36,496 |
Cash and cash equivalents at beginning of period | 102,176 | 51,331 |
Cash and cash equivalents at end of period | $ 88,717 | $ 87,827 |
BASIS OF FINANCIAL STATEMENT PR
BASIS OF FINANCIAL STATEMENT PRESENTATION | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF FINANCIAL STATEMENT PRESENTATION | BASIS OF FINANCIAL STATEMENT PRESENTATION Basis of Presentation The accompanying Condensed Consolidated Financial Statements include the accounts of Lydall, Inc. and its subsidiaries (collectively, “Lydall”, "the Company”, “we”, and “our”). All financial information is unaudited for the interim periods reported. All significant intercompany transactions have been eliminated in the Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The year-end Condensed Consolidated Balance Sheet amounts have been derived from the audited financial statements for the year ended December 31, 2020, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the condensed consolidated financial information reflects all adjustments necessary for a fair statement of the Company’s consolidated financial position, results of operations, and cash flows for the interim periods reported, but do not include all the disclosures required by U.S. GAAP. All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Additional Cash Flow Information Non-cash investing activities include non-cash capital expenditures of $1.6 million and $2.3 million that were included in Accounts payable on the Company's Condensed Consolidated Statements of Cash Flows at March 31, 2021 and 2020 , respectively. Risks and Uncertainties Worldwide economic cycles, political changes, and the COVID-19 pandemic affect the markets that the Company’s businesses serve, affect demand for the Company's products, and could impact profitability. Among other factors, disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, swings in consumer confidence and spending, and unstable economic growth, disruptions to the global automotive supply chain, and fluctuations in unemployment rates have caused economic instability and can have a negative impact on the Company’s results of operations, financial condition, and liquidity. Transfers of Financial Assets The Company accounts for transfers of financial assets as sold when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company's continuing involvement with the assets transferred. Gains or losses and any expenditures stemming from the transfers are included in Other (income) expense, net on the Company's Condensed Consolidated Statements of Operations. Assets obtained and liabilities incurred in connection with transfers reported as sold are initially recognized on the Company's Condensed Consolidated Balance Sheets at fair value. The Company maintains arrangements with banking institutions to sell trade accounts receivable balances for select customers. Under the programs, the Company has no risk of loss due to credit default and is charged a fee based on the nominal value of receivables sold and the time between the sale of the trade accounts receivables to banking institutions and collection from the customer. Under one of the programs, the Company services the trade receivables after the sale to the bank and receives 90.0% of the trade receivables in cash at the time of sale and the remaining 10.0% in cash, net of fees, when the customer pays. Total trade accounts receivable balances sold under both arrangements were $34.1 million and $32.7 million during the three-month periods ended March 31, 2021 and 2020, respectively. Total cash received was $31.2 million and $30.2 million during the three-month periods ended March 31, 2021 and 2020, respectively. Total fees incurred were $0.1 million and $0.1 million during the three-month periods ended March 31, 2021 and 2020 , respectively. The Company's senior secured revolving credit agreement permits the Company to sell trade accounts receivable balances to approved third parties in connection with Receivable Purchases Agreements, or other similar agreements. At any given time, outstanding trade accounts receivable balances sold cannot exceed $10.0 million for a certain approved customer and $50.0 million in aggregate for any other approved group of customers. |
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING STANDARDS | RECENT ACCOUNTING STANDARDS Recent Accounting Standards Adopted In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". The new standard is intended to simplify accounting for income taxes by removing certain exceptions to the general principles in Topic 740, and by clarifying and amending existing guidance in other areas of the same topic. This ASU was effective for fiscal years and interim periods beginning after December 15, 2020 with early adoption permitted. The Company adopted this ASU upon issuance and there was no material impact to the Company's Consolidated Financial Statements and disclosures as of March 31, 2021. In January 2020, the FASB issued ASU 2020-01, "Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)." The amendments in this update are intended to reduce diversity in practice and increase comparability of the accounting for interaction of equity securities, investments accounted for under the equity method of accounting, and the accounting for certain forward contracts and purchased options accounted for under Topic 815. This ASU was effective for fiscal years and interim periods beginning after December 15, 2020 with early adoption permitted. The Company adopted this ASU upon issuance and notes that it did not have a material impact on the Company's Consolidated Financial Statements and disclosures as of March 31, 2021. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments in this update are elective, and provide optional expedients and exceptions in accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01 to provide additional clarity around Topic 848. Specifically, certain provisions of Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance in this update is effective for transactions entered into between March 12, 2020 and December 31, 2022. The Company adopted this ASU upon issuance and there was no material impact to the Company's Consolidated Financial Statements and disclosures as of March 31, 2021. In October 2020, the FASB issued ASU 2020-10, "Codification Improvements." The amendments in this update are intended to clarify the location of certain disclosure guidance within the ASC, as well as clarify certain guidance in cases where the original guidance may have been unclear. These amendments do not change U.S. GAAP. This ASU was effective for fiscal years and interim periods beginning after December 15, 2020. The Company adopted this ASU upon issuance and notes no impact to the Company's Consolidated Financial Statements and disclosures as of March 31, 2021. Recent Accounting Standards Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, "Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)." The amendments in this update are intended to simplify the accounting for convertible debt instruments and convertible preferred stock. This ASU is effective for fiscal years and interim periods beginning after December 15, 2021 with early adoption permitted. The Company does not expect the adoption of this update to have a material impact on its Consolidated Financial Statements and disclosures. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERSThe Company accounts for revenue in accordance with ASC 606, "Revenue from Contracts with Customers". Revenues are generated from the design and manufacture of specialty engineered filtration media, industrial thermal insulating solutions, automotive thermal and acoustical barriers for filtration/separation and thermal/acoustical applications. The Company’s revenue recognition policies require the Company to make significant judgments and estimates. In applying the Company’s revenue recognition policy, determinations must be made as to when the control of products passes to the Company’s customers which can be either at a point in time or over time. Revenue is generally recognized at a point in time when control passes to customers upon shipment of the Company’s products and revenue is generally recognized over time when control of the Company’s products transfers to customers during the manufacturing process. The Company analyzes several factors, including, but not limited to, the nature of the products being sold and contractual terms and conditions in contracts with customers to help the Company make such judgments about revenue recognition. Unfulfilled performance obligations are generally expected to be satisfied within one year. Contract Assets and Liabilities The Company’s contract assets primarily include unbilled amounts typically resulting from sales under contracts when the over time method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. These unbilled accounts receivable in contract assets are transferred to accounts receivable upon invoicing, typically when the right to payment becomes unconditional, in which case payment is due based only upon the passage of time. The Company’s contract liabilities primarily relate to billings and advance payments received from customers and deferred revenue. These contract liabilities represent the Company’s obligation to transfer its products to its customers for which the Company has received, or is owed, consideration from its customers. Contract liabilities are included in Other accrued liabilities in the Company's Condensed Consolidated Balance Sheets. Contract assets and liabilities consisted of the following: In thousands At March 31, 2021 At December 31, 2020 Dollar Change Contract assets $ 25,959 $ 32,403 $ (6,444) Contract liabilities $ 3,786 $ 3,686 $ 100 The $6.4 million decrease in contract assets from December 31, 2020 to March 31, 2021 was primarily due to timing of tooling billings to customers and to a lesser extent, the billings on last-time buys of membrane-based filtration media initiated in December 2020 in the Company's Netherlands facility. The $0.1 million increase in contract liabilities from December 31, 2020 to March 31, 2021 was primarily due to an increase in customer deposits, offset by $1.4 million of revenue recognized in the first three months of 2021 related to contract liabilities at December 31, 2020. Disaggregated Revenue The Company disaggregates revenue from customers by geographic region, as it believes this disclosure best depicts how the nature, amount, timing, and uncertainty of the Company's revenues and cash flows are affected by economic factors. Disaggregated revenue by geographical region for the three-month periods ended March 31, 2021 and 2020 were as follows: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 In thousands North America Europe Asia Total Net Sales North America Europe Asia Total Net Sales Performance Materials $ 58,874 $ 16,924 $ 3,535 $ 79,333 $ 45,917 $ 17,275 $ 2,028 $ 65,220 Technical Nonwovens 35,838 16,899 8,938 61,675 35,731 16,938 4,734 57,403 Thermal Acoustical Solutions 60,653 26,113 4,278 91,044 57,101 23,540 3,120 83,761 Eliminations and Other (4,678) (275) — (4,953) (5,677) (180) — (5,857) Total net sales $ 150,687 $ 59,661 $ 16,751 $ 227,099 $ 133,072 $ 57,573 $ 9,882 $ 200,527 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories as of March 31, 2021 and December 31, 2020 were as follows: In thousands At March 31, 2021 At December 31, 2020 Raw materials $ 37,116 $ 32,258 Work in process 16,504 17,087 Finished goods 27,828 29,651 Total inventories $ 81,448 $ 78,996 Work in process includes net tooling inventory of $3.2 million and $2.8 million at March 31, 2021 and December 31, 2020, respectively. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The Company performs an assessment of its goodwill for impairment at least annually, in the fourth quarter, and whenever events or changes in circumstances indicate that the carrying value may exceed its fair value. There were no such events or changes in circumstances during the three-month period ended March 31, 2021. The following table sets forth the change in carrying value of goodwill for each reportable segment and for the Company as of March 31, 2021: In thousands Performance Materials Technical Nonwovens Thermal Acoustical Solutions Total Gross balance at December 31, 2020 $ 143,659 $ 55,607 $ 12,160 $ 211,426 Accumulated impairment (111,671) — (12,160) (123,831) Net balance at December 31, 2020 31,988 55,607 — 87,595 Foreign currency translation (23) (377) — (400) Net balance at March 31, 2021 $ 31,965 $ 55,230 $ — $ 87,195 Other Intangible Assets The table below presents the gross carrying amount and, as applicable, the accumulated amortization of the Company’s acquired intangible assets, other than goodwill, as of March 31, 2021 and December 31, 2020. These amounts are included in Other intangible assets, net on the Company's Condensed Consolidated Balance Sheets. At March 31, 2021 At December 31, 2020 In thousands Amortization Period Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets Customer Relationships 10 - 14 years $ 143,184 $ (53,970) $ 143,479 $ (50,076) Patents 28 years 650 (619) 650 (616) Technology 15 years 2,500 (1,185) 2,500 (1,144) Trade Names 3 - 5 years 7,446 (7,210) 7,495 (7,167) License Agreements 10 years — — 185 (185) Other 7 - 15 years 459 (459) 467 (467) Total other intangible assets $ 154,239 $ (63,443) $ 154,776 $ (59,655) Estimated amortization expense for total intangible assets is expected to be $16.5 million, $14.5 million, $12.8 million, $11.4 million, $9.8 million and $30.1 million, for each of the years ending December 31, 2021 through 2025 and thereafter, respectively. |
LONG-TERM DEBT AND FINANCING AR
LONG-TERM DEBT AND FINANCING ARRANGEMENTS | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT AND FINANCING ARRANGEMENTS | LONG-TERM DEBT AND FINANCING ARRANGEMENTS The long-term debt payable under the Company’s amended and restated 2018 senior secured revolving credit agreement (as amended to-date, the "2018 Amended Credit Agreement") at March 31, 2021 and December 31, 2020 consisted of: In thousands Effective Rate Maturity At March 31, 2021 At December 31, 2020 Revolver loan 4.25 % 8/31/2023 $ 127,500 $ 134,500 Term loan, net of debt issuance costs 4.25 % 8/31/2023 133,491 135,938 260,991 270,438 Less portion due within one year (9,789) (9,789) Total long-term debt, net of debt issuance costs $ 251,202 $ 260,649 The weighted average interest rate on long-term debt was 5.1% and 4.4%, for the three-month periods ending March 31, 2021 and 2020 , respectively. Total amortization expense of debt issuance costs was $0.1 million and $0.1 million for the three-month periods ending March 31, 2021 and 2020 , respectively. At March 31, 2021, the Company had amounts available for borrowing of $40.7 million under the 2018 Amended Credit Agreement, net of $127.5 million outstanding under the revolver facility and standby letters of credit outstanding of $1.8 million. In addition to the amounts outstanding under the 2018 Amended Credit Agreement, the Company has various foreign credit facilities totaling approximately $10.8 million. At March 31, 2021 and December 31, 2020, the Company's foreign subsidiaries had $1.2 million and $1.4 million, respectively, in standby letters of credit outstanding under these foreign credit facilities. The Company has entered into an interest rate swap to convert a portion of the Company's borrowings from a variable rate to a fixed rate. See Note 7, "Derivatives," in these Notes to Condensed Consolidated Financial Statements for additional information. On April 26, 2021, the Company replaced its 2018 Amended Credit Agreement with a newly executed Credit Agreement by and among the Company, as borrower, and certain direct and indirect subsidiaries as guarantors, and Bank of America, N.A., as Administrative Agent, Lender, L/C Issuer and Swingline Lender, and Wells Fargo Bank, N.A., JPMorgan Chase Bank, N.A., KeyBank N.A., Santander Bank, N.A., TD Bank, N.A., and Webster Bank, N.A., as Lenders, increasing total borrowings from $314.0 million to $346.0 million. The 2021 senior secured revolving credit agreement has a revolving facility of $170.0 million, which includes a $50.0 million sublimit for the issuance of letters of credit, a $50.0 million sublimit for alternative currencies loans and a $30.0 million sublimit for swingline loans, and a term loan facility of $176.0 million (the revolving facility and the term loan facility are collectively referred to as the “2021 Credit Facility”). The 2021 Credit Facility includes an accordion feature permitting the Company to request an increase of up to $150.0 million in the aggregate. The proceeds of the 2021 Credit Facility will be used to (a) refinance indebtedness and commitments outstanding under the existing 2018 Amended Credit Agreement, (b) pay fees and expenses incurred in connection with the 2021 Credit Facility, and (c) provide ongoing working capital and for other general corporate purposes. The 2021 Credit Facility matures on April 26, 2026. The term loan facility requires quarterly payments of principal at the rate of $2.2 million, with the remaining balance due in the final quarter of the 2021 Credit Facility’s term. The Company is permitted to prepay amounts outstanding under the 2021 Credit Facility, in whole or in part, at any time without premium or penalty, and the Company is generally permitted to irrevocably cancel unutilized portions of the revolving commitments. The Lenders have been granted a security interest in substantially all of Lydall Inc.'s and its domestic subsidiaries’ personal property and other assets (including intellectual property), including a pledge of 65% of the Company’s equity interest in certain foreign subsidiaries and 100% of the Company’s equity interest in its domestic subsidiaries, as collateral for the Company’s obligations under the 2021 Credit Facility. Under the 2021 Credit Facility, interest is charged on borrowings, at the Company’s option, of either: (i) LIBOR (if LIBOR is not available for an alternative currency, such other interest rate customarily used by Bank of America for such alternative currency) plus the Applicable Margin, or (ii) for U.S. denominated loans the Base Rate, which is a fluctuating rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate as set by the Administrative Agent, and (c) the one month LIBOR (adjusted daily) plus 1.00%, plus the Applicable Margin. The Applicable Margin is 2.00% per annum in the case of LIBOR and alternative currency loans and letters of credit and 1.00% per annum in the case of Base Rate loans for the first full fiscal quarter following the closing date of the 2021 Credit Facility. Thereafter, the Applicable Margin is determined based on the Company’s Consolidated Net Leverage Ratio (as defined in the 2021 Credit Facility), which ranges from 1.25% to 2.50% per annum for LIBOR and alternative currency loans and letters of credit, and ranges from 0.25% to 1.50% per annum for Base Rate loans. The Company will pay a quarterly commitment fee of 0.275% per annum on the unused portion of the revolving facility for the first full fiscal quarter following the closing date of the 2021 Credit Facility. Thereafter, the quarterly commitment fee ranges from 0.20% to 0.30% per annum. The 2021 Credit Facility contains customary affirmative and negative covenants, including covenants limiting the Company and its subsidiaries to, among other things, incur debt, grant liens, make certain investments, engage in a line of business substantially different from business conducted by the Company, transact with affiliates, make restricted payments, and sell assets. The 2021 Credit Facility contains financial covenants required of the Company and its subsidiaries. The Company is required to meet certain quarterly financial covenants, including: i. A Minimum Consolidated Fixed Charge Coverage Ratio, which requires that at the end of each fiscal quarter the ratio of (a) consolidated EBITDA to (b) the sum of consolidated interest charges, redemptions, non-financed maintenance capital expenditures, restricted payments and taxes paid, each as defined in the 2021 Credit Facility, may not be less than 1.25 to 1.00; and ii. A Consolidated Net Leverage Ratio, which requires that at the end of each fiscal quarter the ratio of consolidated funded indebtedness minus consolidated domestic cash to consolidated EBITDA, as defined in the 2021 Credit Facility, not be greater than 4.50:1.00 through the period ended December 31, 2021, stepping down to 4.00:1.00 through the period ending June 30, 2022, and 3.50:1.00 beginning with the period starting July 1, 2022 and thereafter. Each of the financial ratios referred to above are calculated on a consolidated trailing twelve-month basis. The 2021 Credit Facility, permits the Company to exclude certain non-cash charges and certain restructuring and other expenses, as defined by the 2021 Credit Facility, from EBITDA in the calculation of the Company's financial covenants. The Company was in compliance with all covenants set forth in the 2018 Amended Credit Agreement as of and for the quarter ended March 31, 2021, and in the 2021 Credit Facility as of the date hereof, and the Company does not anticipate noncompliance in the foreseeable future. |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company selectively uses financial instruments to manage market risk associated with exposure to fluctuations in interest rates and foreign currency rates. These financial exposures are monitored and managed by the Company as an integral part of its risk management program. Interest Rate Hedging The Company’s interest rate exposure is most sensitive to fluctuations in interest rates in the United States and Europe, which impacts interest paid on its debt. The Company has debt with variable rates of interest based generally on LIBOR. From time to time, the Company enters into interest rate swap agreements to manage interest rate risk. These instruments are recorded at fair value. See Note 8, "Fair Value Measurements," in these Notes to Condensed Consolidated Financial Statements for additional information. In November 2018, the Company entered into a five occurrence of variable interest rate payments on the hedged debt) continues to be probable of occurring. Therefore, as of May 11, 2020, the Company discontinued hedge accounting. After May 11, 2020, any fair value gains or losses on the derivative agreement are recorded as interest expense on the Company's Condensed Consolidated Statement of Operations. The cumulative loss on the discontinued hedge relationship through May 11, 2020, which was recorded in Accumulated Other Comprehensive Income, will be amortized into earnings (loss) through August 31, 2023, the maturity date of the hedged debt. The loss included in Accumulated Other Comprehensive Income related to the discontinued hedging relationship at March 31, 2021 was $3.3 million, net of tax. The amount reclassified out of other comprehensive income into Interest expense on the Company's Condensed Consolidated Statement of Operations for the three-month period ended March 31, 2021 was $0.6 million, net of tax. The Company expects $2.0 million, net of tax, to be reclassified from Accumulated Other Comprehensive Income over the next twelve months. Net Investment Hedges The Company’s operations are subject to certain risks, including foreign currency exchange rate fluctuations. From time to time, the Company enters into cross-currency swaps designated as hedges, which are recorded at fair value (see Note 8, "Fair Value Measurements," in these Notes to Condensed Consolidated Financial Statements), to protect the Company's net investments in subsidiaries denominated in currencies other than the U.S. dollar. In November 2019, the Company entered into three fixed-to-fixed cross-currency swaps with banking institutions with aggregate notional amounts totaling €67.8 million ($75.0 million U.S. dollar equivalent). These swaps hedge a portion of the Company's net investment in a Euro functional currency denominated subsidiary against the variability of exchange rate translation impacts between the U.S. dollar and Euro. These contracts require monthly cash interest exchanges over the life of the contracts with the Company recognizing a reduction to interest expense due to the favorable interest rate differential. Also, settlement of the notional €22.6 million ($25.0 million U.S. dollar equivalent) cross-currency swaps occur at maturity dates of August 2021, August 2022, and August 2023. The Company assesses hedge effectiveness of the cross-currency swaps quarterly by ensuring the critical terms of the swaps continue to match the critical terms of the designated net investment. The Company elected to assess effectiveness using the spot method, and as a result, records the interest rate differential monthly on the Company's Condensed Consolidated Statements of Operations. Derivative instruments are recognized as either assets or liabilities depending on maturity. These amounts are included in Other current assets and Derivative liabilities on the Company's Condensed Consolidated Balance Sheets. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods in which the hedge transaction affects earnings. Any ineffective portion, or amounts related to contracts that are not designated as hedges, are recorded directly to earnings. The Company's policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. The Company does not use derivatives for speculative or trading purposes. The following table sets forth the fair value amounts of derivative instruments held by the Company presented on the Condensed Consolidated Balance Sheets as Derivative liabilities: At March 31, 2021 At December 31, 2020 In thousands Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Interest rate contracts $ — $ 4,154 $ — $ 5,063 Cross-currency swaps — 3,812 — 6,933 Total derivatives $ — $ 7,966 $ — $ 11,996 The following table sets forth the income (loss) recorded in accumulated other comprehensive income (loss), net of tax, for the three-month periods ended March 31, 2021 and 2020 for derivatives held by the Company and designated as hedging instruments: For the Three Months Ended March 31, In thousands 2021 2020 Cash flow hedges: Interest rate contracts $ 618 $ (2,173) Cross-currency swaps 2,400 2,619 Total derivatives $ 3,018 $ 446 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data. • Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. The following table presents the carrying value and fair value of financial instruments that are not carried at fair value: At March 31, 2021 At December 31, 2020 In thousands Carrying Value Fair Value Carrying Value Fair Value Debt $ 261,500 $ 262,394 $ 271,000 $ 272,792 The fair values of the Company’s long-term debt outstanding were computed based on discounted future cash flows (observable inputs), as applicable, which falls under Level 2 of the fair value hierarchy. Differences from carrying values are attributable to interest rate changes subsequent to when the transactions occurred. The fair values of cash and cash equivalents, accounts receivable, net and accounts payable approximate their carrying amounts due to the short-term maturities of these instruments. Recurring Fair Value Measures The Company holds derivative instruments for interest rate swap contracts and cross-currency swaps that are measured using observable market inputs such as forward rates and its counterparties' credit risks. Based on these inputs, the derivative instruments are classified within Level 2 of the valuation hierarchy. At March 31, 2021 and December 31, 2020, these derivative instruments were included in Derivative liabilities on the Company's Condensed Consolidated Balance Sheets. Based on the Company's continued ability to trade and enter into interest rate swaps and cross-currency swaps, the Company considers the markets for their fair value instruments to be open. |
EQUITY COMPENSATION PLANS
EQUITY COMPENSATION PLANS | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
EQUITY COMPENSATION PLANS | EQUITY COMPENSATION PLANS As of March 31, 2021, the Company’s equity compensation plans consisted of the 2003 Stock Incentive Compensation Plan (the “2003 Plan”), and the Amended and Restated 2012 Stock Incentive Plan, (the “2012 Plan” and together with the 2003 Plan, the “Plans”) under which incentive and non-qualified stock options and time and performance based restricted shares have been granted to employees and directors from authorized but unissued shares of common stock or treasury shares. The 2003 Plan is not active, but continues to govern all outstanding awards granted under the plan until the awards themselves are exercised or terminate in accordance with their terms. The 2012 Plan, amended and approved by stockholders on April 24, 2020, authorizes 3.0 million shares of common stock for awards. The 2012 Plan also authorized an additional 19,720 shares of common stock to the extent awards granted under prior stock plans that were outstanding as of April 24, 2020 are forfeited. The 2012 Plan provides for the following types of awards: options, restricted stock, restricted stock units and other stock-based awards. During the fourth quarter of 2019, additional shares of common stock were issued pursuant to separate inducement share agreements with two individuals as material inducement to their employment with the Company (the "Inducement Grants"). The Inducement Grants awarded stock options and restricted stock to the two individuals. Amounts shown below are inclusive of the Plans and the Inducement Grants. The Company accounts for the expense of all share-based compensation by measuring the awards at fair value on the date of grant. The Company recognizes expense on a straight-line basis over the vesting period for awards that have cliff vesting, and on a graded vesting basis for time-restricted awards that have graded vesting. Options issued by the Company under its stock option plans have a term of ten years and generally vest ratably over a period of three to four years. Stock options issued under the current plan must have an exercise price that may not be less than the fair market value of the Company’s common stock on the date of grant. Time-restricted stock awards are expensed over the vesting period of the award, which is typically two to three years. The number of performance-restricted shares that ultimately vest depends upon achievement of certain targets over a performance period, as more fully described under "Performance-Restricted Shares" below. Performance-restricted awards with a market condition are expensed over the performance period, which is typically three years. The Company estimates the grant date value of performance awards with a market condition using a Monte Carlo simulation model on the date of grant. Compensation expense for performance-restricted awards with a performance condition is recorded based upon the service period and management's assessment of the probability of achieving performance goals. The Company accounts for forfeitures as they occur. The Plans provide for automatic acceleration of vesting in the event of a change in control of the Company. The Company incurred equity compensation expense of $1.0 million and $0.9 million for the three-month period ended March 31, 2021 and 2020, respectively, for the Plans, including restricted stock awards. The Company also incurred equity compensation expense of $0.2 million and $0.2 million for the three-month period ended March 31, 2021 and 2020, respectively, for stock awards granted to Directors. No equity compensation costs were capitalized as part of inventory. Stock Options The following table is a summary of outstanding and exercisable options for the three-month period ended March 31, 2021: In thousands except per share amounts Shares Weighted-Average Stock Options outstanding at the beginning of the period 488 $ 22.03 Granted 6 $ 32.19 Exercised (28) $ 22.99 Forfeited or Expired (5) $ 43.43 Stock Options outstanding at March 31, 2021 461 $ 21.85 Exercisable at March 31, 2021 166 $ 27.33 Unvested at March 31, 2021 295 $ 18.78 There was $0.7 million and less than $0.1 million of cash received from exercise of stock options during three-month periods ended March 31, 2021 and 2020, respectively The intrinsic value of stock options exercised was $0.3 million with a tax benefit of less than $0.1 million and less than $0.1 million with a tax benefit of less than $0.1 million during the three-month periods ended March 31, 2021 and 2020, respectively. At March 31, 2021, the total unrecognized compensation cost related to non-vested stock option awards was approximately $1.7 million, with a weighted average expected amortization period of 2.3 years. Restricted Stock Restricted stock includes both performance-based and time-based awards. The following is a summary of the Company's unvested time-based restricted shares for the three-month period ended March 31, 2021: For the Three Months Ended March 31, 2021 In thousands Shares Unvested at the beginning of the period 177 Granted 173 Vested (21) Forfeited or Expired (4) Unvested at March 31, 2021 325 The following is a summary of the Company's unvested performance-based restricted shares for the three-month period ended March 31, 2021: For the Three Months Ended March 31, 2021 In thousands Shares Unvested at the beginning of the period 142 Granted 64 Vested — Forfeited or Expired (8) Unvested at March 31, 2021 198 At March 31, 2021, there were 522,676 total unvested restricted stock awards with total unrecognized compensation cost related to these awards of $4.4 million with a weighted average expected amortization period of 2.1 years |
STOCK REPURCHASES
STOCK REPURCHASES | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
STOCK REPURCHASES | STOCK REPURCHASES During the three-month period ended March 31, 2021, the Company purchased 5,646 shares of common stock valued at $0.2 million to satisfy payroll tax withholding obligations, pursuant to provisions in agreements with recipients of restricted stock granted under the Company’s equity compensation plans, in which the Company withholds the number of shares having fair value equal to each recipient’s minimum payroll tax withholding obligation. |
EMPLOYER SPONSORED BENEFIT PLAN
EMPLOYER SPONSORED BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYER SPONSORED BENEFIT PLANS | EMPLOYER SPONSORED BENEFIT PLANS The Company maintains one domestic pension plan: the Retirement Income Plan for Employees of Interface Performance Materials, Inc. ("IPM Pension Plan"). During the three-month period ended March 31, 2020, the Company settled the pension obligation of the Interface Sealing Solutions, Inc. Pension Plan ("ISS Pension Plan") through lump sum distributions to participants or by irrevocably transferring pension liabilities to an insurance company through the purchase of a group annuity contract. This purchase, funded with pension assets, resulted in a pre-tax settlement loss of $0.4 million in the three-month period ended March 31, 2020, related to the recognition of accumulated deferred actuarial losses. The settlement loss and expenses were included as non-operating expense on the Condensed Consolidated Statements of Operations. The IPM Pension Plan covers a portion of Interface's union and non-union employees. The plan is closed to new employees and benefits are no longer accruing for the majority of participants. The Company expects to make contributions of approximately $0.7 million to the IPM Pension Plan during 2021. Contributions of $0.2 million were made during the three-month period ended March 31, 2021. Contributions of $0.4 million were made during the three-month period ended March 31, 2020, inclusive of contributions made to the ISS Pension Plan. The following is a summary of the components of net periodic benefit cost for the domestic defined benefit pension plans for the three-month periods ended March 31, 2021 and 2020: For the Three Months Ended March 31, In thousands 2021 2020 Components of employer benefit cost Service cost $ 29 $ 40 Interest cost 304 430 Expected return on assets (589) (533) Amortization of actuarial loss 4 2 Net periodic benefit cost (income) $ (252) $ (61) Settlement loss — 385 Total employer benefit plan cost $ (252) $ 324 The Company reports the service cost component of net periodic benefit cost in the same line item as other compensation costs in operating expenses and the non-service cost components of net periodic benefit cost in other income. |
RESTRUCTURING
RESTRUCTURING | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING During the third quarter of 2020, the Company’s Performance Materials segment undertook actions to discontinue production of a lower efficiency air filtration media product and, in turn, fully depreciated the supporting machinery and equipment in North America and consolidated certain product lines and began exiting underperforming facilities in Europe. These restructuring activities, which are projected to conclude in 2021, are expected to reduce operating costs, increase production efficiency, and enhance the Company’s flexibility by better aligning its manufacturing operations with the segment's customer base. Accordingly, the Company expects to record total pre-tax expenses of approximately $18.0 million, primarily related to severance and employee retention expenses in connection with these restructuring activities, of which approximately $12.3 million is expected to result in cash expenditures. The Company incurred a total of $16.7 million through March 31, 2021, of which approximately $5.7 million were non-cash expenditures, which consisted of fully depreciating and/or amortizing long-lived assets and, to a lesser extent, writing-off inventory. The Company undertook actions to consolidate global production facilities for sealing & advanced solutions products from five facilities to four, which would have resulted in the closure a facility in Germany. In the first quarter of 2021, the Company entered into an agreement to sell the German facility, which closed on March 11, 2021. The Company agreed to pay $1.8 million (€1.5 million) to the buyer and provide $2.2 million (€1.9 million) in additional funding, net of cash and certain net working capital adjustments, to cover pension and restructuring liabilities recorded in 2020. As a result of the sale of the business, the Company recorded a pre-tax loss of $0.7 million. The final consideration and loss are subject to a working capital adjustment expected to be settled in 2022. In the first quarter of 2021, the Company recorded pre-tax restructuring charges of $0.8 million primarily consisting of severance costs and legal expenses. The following table summarizes the total restructuring charges by cost type: In thousands Severance and Related Expenses Legal and Administrative Expenses Facility Exit and Asset Write-Off Expenses Expense incurred during quarter ended: March 31, 2021 $ 777 $ — $ — Total pre-tax expense incurred $ 777 $ — $ — The following table summarizes the change in the accrued liability balance for the restructuring actions: In thousands Total Balance as of December 31, 2020 $ 9,431 Pre-tax restructuring expenses, excluding asset write-off expenses 777 Cash paid (821) Accrued liability included with the sale of the German facility (7,311) Currency translation adjustments (34) Balance as of March 31, 2021 $ 2,042 The above accrued liability balances were included in Restructuring liabilities on the Company’s Condensed Consolidated Balance Sheets. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the three-month period ended March 31, 2021, the Company's effective tax rate was 35.7% compared to an effective tax rate of 3.5% for the three-month period ended March 31, 2020. For the three-month period ended March 31, 2021, the rate was negatively impacted by $0.5 million due to a change in assertion on unremitted foreign earnings, $0.4 million related to foreign earnings taxed at higher rates, and $0.2 million of valuation allowance activity. For the three-month period ended March 31, 2020, the Company had a pre-tax loss primarily resulting from an impairment charge of $61.1 million. The impairment charge significantly impacted the Company's effective tax rate as $48.7 million of the impairment charge related to non-deductible goodwill, resulting in a lower effective tax rate for the first quarter of 2020 when the Company was in a pre-tax loss position. Additionally, the effective rate, for the first quarter of 2020, was negatively impacted by valuation allowance activity of $0.3 million. The Company and its subsidiaries file a consolidated federal income tax return, as well as returns required by various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities, including such major jurisdictions as the United States, Canada, China, France, Germany, Hong Kong, India, the Netherlands, and the United Kingdom. With few exceptions, the Company is no longer subject to U.S. federal examinations for years before 2017, state and local examinations for years before 2016, and non-U.S. income tax examinations for years before 2013. The Company’s effective tax rates in future periods could be affected by an increase or decrease in earnings in countries where tax rates differ from the United States federal tax rate, the relative impact of permanent tax adjustments on earnings from domestic operations, changes in net deferred tax asset valuation allowances, including valuation allowances on loss carryforwards in which no tax benefit can be recognized, stock vesting, pension plan terminations, the completion of acquisitions or divestitures, changes in tax rates or tax laws and the completion of ongoing tax planning strategies and audits. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHAREFor the three-month periods ended March 31, 2021 and 2020, basic earnings per share was computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Unexercised stock options and unvested restricted share awards, including awards subject to certain performance criteria, are excluded from the basic earnings per share calculation, but are included in the diluted earnings per share calculation using the treasury stock method in periods of net income, as long as their effect is not antidilutive. All potential shares of common stock from unexercised stock options and unvested restricted share awards are antidilutive in periods of net loss. The following table provides a reconciliation of weighted-average shares used to determine basic and diluted earnings per share: For the Three Months Ended March 31, In thousands 2021 2020 Net income (loss) $ 5,094 $ (56,421) Basic weighted-average common shares outstanding 17,545 17,336 Effect of dilutive options and restricted stock awards 343 — Diluted weighted-average common shares outstanding 17,888 17,336 Earnings (loss) per share: Basic $ 0.29 $ (3.25) Diluted $ 0.28 $ (3.25) For the three-month periods ended March 31, 2021 and 2020, there were 129,209 and 736,141 shares excluded from the computation of diluted earnings per share, respectively. For the three-month period ended March 31, 2021, these included antidilutive stock options, antidilutive unvested restricted share awards for which requisite service has not yet been rendered, and antidilutive unvested performance share awards with contingently issuable shares. For the three-month period ended March 31, 2020, all outstanding, unvested awards were excluded from the calculation of diluted earnings per share because the Company had net loss during the period. These included all stock options, as well as unvested restricted share awards for which requisite service has not yet been rendered, and certain unvested performance share awards with contingently issuable shares. A description of the Company's stock options and restricted share awards is included in Note, 13, "Equity Compensation Plans", in the Notes to Consolidated Financial Statements in Part II, Item 8 - Financial Statements and Supplemental Data of the Company's Annual Report on Form 10-K for the year ended December 31, 2020. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company is organized based on the nature of its products and is composed of three reportable segments each overseen by a segment manager. These segments are reflective of how the Company's Chief Executive Officer, who is its Chief Operating Decision Maker ("CODM"), reviews operating results for the purpose of allocating resources and assessing performance. The Company has not aggregated operating segments for purposes of identifying reportable segments. As of March 31, 2021, the operating segments were Performance Materials, Technical Nonwovens, and Thermal Acoustical Solutions. Performance Materials Segment The Performance Materials segment is a worldwide leader in delivering innovative specialty filtration, sealing, and advanced materials solutions for demanding applications. Specifically, the segment’s offerings include: (1) specialty filtration media solutions for a variety of applications in the global air and liquid filtration market such as personal protective equipment (“PPE”), indoor air quality, life sciences, transportation, and industrial applications; (2) gasket materials and parts for a broad range of applications in the global sealing market for parts in large/heavy duty equipment for commercial, industrial, agriculture, and construction end markets; and, (3) advanced materials that include highly engineered insulation solutions for cryogenic storage of liquid hydrogen/nitrogen, energy storage, and advanced composite materials for aerospace and defense applications. Technical Nonwovens Segment The Technical Nonwovens segment is a global leader in engineered nonwoven materials for industrial filtration applications and advanced materials products. The primary industrial filtration markets include air pollution and emissions control, power generation, and liquid filtration solutions. Advanced materials products include geotextile felts for separation, reinforcement, filtration, drainage, and protection; thermal and acoustic insulation for transportation and automotive applications, and highly customized and technical solutions for acoustic media, medical, building & construction, and safety apparel. Specifically, the segment’s offerings include needle punched nonwoven and highly engineered felts made from a variety of synthetic fibers. Automotive media is provided to Tier 1 and Tier 2 suppliers as well as the Company's Thermal Acoustical Solutions segment. Thermal Acoustical Solutions Segment The Thermal Acoustical Solutions segment designs, manufactures, and distributes a full range of innovative engineered products tailored for the transportation and industrial sectors. These products shield sensitive components from high temperature environments, assist in the reduction of harmful emissions and reduce noise and vibration. Within the transportation sector, the Company's products are found in the interior, underbody, and underhood of cars, trucks, SUVs, heavy duty trucks, and recreational vehicles. Segment Results Net sales by business segment is as follows: For the Three Months Ended March 31, In thousands 2021 2020 Performance Materials Segment (1),(2) : Filtration Products $ 34,346 $ 25,887 Sealing and Advanced Solutions Products 44,987 39,333 Performance Materials Segment net sales 79,333 65,220 Technical Nonwovens Segment: Industrial Filtration Products 36,401 31,369 Advanced Materials Products (2) 25,274 26,034 Technical Nonwovens Segment net sales 61,675 57,403 Thermal Acoustical Solutions Segment: Parts 86,494 77,321 Tooling 4,550 6,440 Thermal Acoustical Solutions Segment net sales 91,044 83,761 Eliminations and Other (2) (4,953) (5,857) Consolidated Net Sales $ 227,099 $ 200,527 Operating income (loss) by business segment is as follows: For the Three Months Ended March 31, In thousands 2021 2020 Performance Materials (1),(3) $ 15,296 $ (56,941) Technical Nonwovens (4) 5,104 3,813 Thermal Acoustical Solutions 1,674 5,628 Corporate Office Expenses (9,935) (8,068) Consolidated Operating Income (Loss) $ 12,139 $ (55,568) (1) The Performance Materials segment includes the results of the facility in German that the Company sold on March 11, 2021. (2) Included in the Performance Materials segment, Technical Nonwovens segment, and Eliminations and Other is the following: • Technical Nonwovens segment intercompany sales of $3.9 million and $5.0 million to the Thermal Acoustical Solutions segment for the three-month periods ended March 31, 2021 and 2020, respectively. • Performance Materials segment intercompany sales of $1.0 million and $0.9 million to the Thermal Acoustical Solutions segment for the three-month periods ended March 31, 2021 and 2020, respectively. (3) Included in the operating results within the Performance Materials segment are the following: • $61.1 million of impairment charges related to goodwill and other long-lived assets for the three-month period ended March 31, 2020. • $3.0 million and $4.0 million of intangible assets amortization for the three-month periods ended March 31, 2021 and 2020, respectively. (4) Included in the Technical Nonwovens segment is the following: • $1.1 million and $1.2 million of intangible assets amortization for the three-month periods ended March 31, 2021 and 2020, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Environmental Remediation In the fourth quarter of 2016, as part of a groundwater discharging permitting process, water samples collected from wells and process water basins at the Company’s Rochester New Hampshire manufacturing facility, within the Performance Materials segment, showed concentrations of Per and Polyfluorinated Substances (“PFAS”) in excess of state ambient groundwater quality standards. In January 2017, the Company received a notification from the State of New Hampshire Department of Environmental Services (“NHDES”) naming Lydall Performance Materials, Inc. a responsible party with respect to the discharge of regulated contaminants and, as such, is required to take action to investigate and remediate the impacts in accordance with standards established by the NHDES. The Company conducted a site investigation, the scope of which was reviewed by the NHDES, in order to assess the extent of potential soil and groundwater contamination and develop a remedial action. Based on input received from NHDES in March 2017 with regard to the scope of the site investigation, the Company recorded $0.2 million of expense. In 2018, the Company received a response from the NHDES to the site investigation report outlining proposed remedial actions. The Company recorded an additional $0.1 million of expense in 2018 associated with the expected costs to remediate the impacts of the discharge of regulated contaminants in accordance with standards established by the NHDES. During 2018, the environmental liability was fully reduced reflecting payments made to vendors. Additionally, the Company incurred $0.2 million of capital expenditures in 2018, in relation to the lining of the Company's fresh water lagoons. During a building expansion in 2020, additional areas of concern were identified during excavation activities. An interim remedial action plan that includes additional site characterization activities was submitted to the NHDES in March 2021. No comments from the NHDES have been received. As of March 31, 2021, the Company has no amounts accrued for these environmental remediation activities. The Company cannot be sure that costs will not exceed the current estimates until this matter is closed with the NHDES, nor that any future corrective action at this location would not have a material effect on the Company’s financial condition, results of operations, or cash flows. In December 2018, the New York State Department of Environmental Conservation (“NYDEC”) informed the Company that the newly acquired Interface site located at Hoosick Falls, NY will be the subject of an investigation into the possibility of it being an inactive hazardous disposable waste site. The letter specifically references PFAS that have been detected in a nearby water supply, soil and/or surface water. Notably, the PFAS contamination has been identified in the Hoosick Falls area for some time and other large manufacturers in the area have previously been identified as a source. The NYDEC approved a site characterization plan in December 2019. Additional site characterization activities were completed in the fourth quarter of 2020. Results of the site characterization will be submitted in the second quarter of 2021. As of March 31, 2021, the Company has less than $0.1 million accrued for these environmental remediation activities. The Company does not know the scope or extent of any additional future obligations, if any, that may arise from the site investigation and therefore is unable to estimate the cost of any corrective action. Accordingly, the Company cannot assure that the costs of any future corrective at this location would not have a material effect on the Company's financial condition, results of operations, or cash flows. Provisions for such matters are charged to expense when it is probable that a liability has been incurred and reasonable estimates of the liability can be made. Estimates of environmental liabilities are based on a variety of matters, including, but not limited to, the stage of investigation, the stage of the remedial design, evaluation of existing remediation technologies, and presently enacted laws and regulations. In future periods, a number of factors could significantly impact any estimates of environmental remediation costs. Asset Retirement Obligations |
STOCKHOLDERS' EQUITY AND ACCUMU
STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in stockholders' equity for the three-month periods ended March 31, 2021 and 2020 were as follows: For the Three Months Ended March 31, In thousands 2021 2020 Beginning Balance $ 257,696 $ 318,420 Comprehensive income (loss) 5,463 (65,601) Stock repurchased (201) (8) Stock issued under employee plans 642 31 Stock-based compensation expense 950 735 Ending Balance $ 264,550 $ 253,577 The components of accumulated other comprehensive income (loss) are shown below: For the Three Months Ended March 31, In thousands 2021 2020 Foreign currency translation: Beginning balance $ (3,514) $ (18,022) Net gain (loss) on foreign currency translation (4,048) (9,957) Amounts reclassified from accumulated other comprehensive income (loss) (1) 1,034 — Other comprehensive income (loss), net of tax (3,014) (9,957) Ending balance (6,528) (27,979) Pension and other postretirement benefit plans: Beginning balance (5,608) (3,080) Amounts reclassified from accumulated other comprehensive income (loss) (2) 365 331 Other comprehensive income (loss), net of tax 365 331 Ending balance (5,243) (2,749) Unrealized loss on derivative instruments: Beginning balance (9,220) (4,877) Net gain (loss) on derivative instruments (3) 2,400 446 Amounts reclassified from accumulated other comprehensive income (loss) (4) 618 — Other comprehensive income (loss), net of tax 3,018 446 Ending balance (6,202) (4,431) Total accumulated other comprehensive income (loss) $ (17,973) $ (35,159) (1) For the three-month period ended March 31, 2021, the amount represents the recognition of the accumulated loss on foreign currency translation relating to the divestiture of the German Facility in the Performance Materials segment, net of tax impact of $0.2 million. This is included in (Gain) loss on the sale of a business on the Company’s Condensed Consolidated Statements of Operations. (2) For the three-month period ended March 31, 2021, the amount primarily represents the recognition of the accumulated loss on the defined pension plan relating to the divestiture of the German Facility in the Performance Materials segment. This amount was $0.4 million, net of tax impact of $0.1 million, and is included in (Gain) loss on the sale of a business on the Company’s Condensed Consolidated Statements of Operations. For the three-month period ended March 31, 2020, the amount primarily represents the settlement of the ISS Pension Plan. This amount was $0.4 million, net of tax impact of $0.1 million. The amounts for the three-month periods ended March 31, 2021 and 2020 also include routine amortization of actuarial gains and losses in net periodic benefit cost of less than $0.1 million, net of tax impact of less than $0.1 million. (3) Amount represents unrealized gains (losses) on the fair value of hedging activities, net of tax impact of $0.7 million and $0.1 million for the three-month periods ended March 31, 2021 and 2020, respectively. (4) Amounts represents the impact of de-designation of the interest rate swap agreement, net of tax impact of $0.2 million, for the three-month period ended March 31, 2021. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSOn April 20, 2021, the Company's Board of Directors approved a Share Repurchase Program authorizing the repurchase, from time to time at the Company's discretion, of up to an aggregate of $30.0 million of common stock, par value $0.01 per share, of the Company. See Note 9, "Stock Repurchases," in these Notes to Condensed Consolidated Financial Statements for additional information.On April 26, 2021, the Company replaced its 2018 Amended Credit Agreement with a newly executed Credit Agreement by and among the Company, as borrower, and certain direct and indirect subsidiaries as guarantors, and Bank of America, N.A., as Administrative Agent, Lender, L/C Issuer and Swingline Lender, and Wells Fargo Bank, N.A., JPMorgan Chase Bank, N.A., KeyBank, N.A., Santander Bank, N.A., TD Bank, N.A., and Webster Bank, N.A., as Lenders. See Note 6, "Long-term Debt and Financing Arrangements," in these Notes to Condensed Consolidated Financial Statements for additional information. |
BASIS OF FINANCIAL STATEMENT _2
BASIS OF FINANCIAL STATEMENT PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying Condensed Consolidated Financial Statements include the accounts of Lydall, Inc. and its subsidiaries (collectively, “Lydall”, "the Company”, “we”, and “our”). All financial information is unaudited for the interim periods reported. All significant intercompany transactions have been eliminated in the Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The year-end Condensed Consolidated Balance Sheet amounts have been derived from the audited financial statements for the year ended December 31, 2020, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the condensed consolidated financial information reflects all adjustments necessary for a fair statement of the Company’s consolidated financial position, results of operations, and cash flows for the interim periods reported, but do not include all the disclosures required by U.S. GAAP. All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Risks and Uncertainties | Risks and Uncertainties Worldwide economic cycles, political changes, and the COVID-19 pandemic affect the markets that the Company’s businesses serve, affect demand for the Company's products, and could impact profitability. Among other factors, disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, swings in consumer confidence and spending, and unstable economic growth, disruptions to the global automotive supply chain, and fluctuations in unemployment rates have caused economic instability and can have a negative impact on the Company’s results of operations, financial condition, and liquidity. |
Recent Accounting Standards Adopted & Recent Accounting Standards Not Yet Adopted | Recent Accounting Standards Adopted In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". The new standard is intended to simplify accounting for income taxes by removing certain exceptions to the general principles in Topic 740, and by clarifying and amending existing guidance in other areas of the same topic. This ASU was effective for fiscal years and interim periods beginning after December 15, 2020 with early adoption permitted. The Company adopted this ASU upon issuance and there was no material impact to the Company's Consolidated Financial Statements and disclosures as of March 31, 2021. In January 2020, the FASB issued ASU 2020-01, "Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)." The amendments in this update are intended to reduce diversity in practice and increase comparability of the accounting for interaction of equity securities, investments accounted for under the equity method of accounting, and the accounting for certain forward contracts and purchased options accounted for under Topic 815. This ASU was effective for fiscal years and interim periods beginning after December 15, 2020 with early adoption permitted. The Company adopted this ASU upon issuance and notes that it did not have a material impact on the Company's Consolidated Financial Statements and disclosures as of March 31, 2021. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments in this update are elective, and provide optional expedients and exceptions in accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01 to provide additional clarity around Topic 848. Specifically, certain provisions of Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance in this update is effective for transactions entered into between March 12, 2020 and December 31, 2022. The Company adopted this ASU upon issuance and there was no material impact to the Company's Consolidated Financial Statements and disclosures as of March 31, 2021. In October 2020, the FASB issued ASU 2020-10, "Codification Improvements." The amendments in this update are intended to clarify the location of certain disclosure guidance within the ASC, as well as clarify certain guidance in cases where the original guidance may have been unclear. These amendments do not change U.S. GAAP. This ASU was effective for fiscal years and interim periods beginning after December 15, 2020. The Company adopted this ASU upon issuance and notes no impact to the Company's Consolidated Financial Statements and disclosures as of March 31, 2021. Recent Accounting Standards Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, "Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)." The amendments in this update are intended to simplify the accounting for convertible debt instruments and convertible preferred stock. This ASU is effective for fiscal years and interim periods beginning after December 15, 2021 with early adoption permitted. The Company does not expect the adoption of this update to have a material impact on its Consolidated Financial Statements and disclosures. |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Assets and Liabilities | Contract assets and liabilities consisted of the following: In thousands At March 31, 2021 At December 31, 2020 Dollar Change Contract assets $ 25,959 $ 32,403 $ (6,444) Contract liabilities $ 3,786 $ 3,686 $ 100 |
Schedule of Disaggregation of Revenue by Geographical Region | Disaggregated revenue by geographical region for the three-month periods ended March 31, 2021 and 2020 were as follows: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 In thousands North America Europe Asia Total Net Sales North America Europe Asia Total Net Sales Performance Materials $ 58,874 $ 16,924 $ 3,535 $ 79,333 $ 45,917 $ 17,275 $ 2,028 $ 65,220 Technical Nonwovens 35,838 16,899 8,938 61,675 35,731 16,938 4,734 57,403 Thermal Acoustical Solutions 60,653 26,113 4,278 91,044 57,101 23,540 3,120 83,761 Eliminations and Other (4,678) (275) — (4,953) (5,677) (180) — (5,857) Total net sales $ 150,687 $ 59,661 $ 16,751 $ 227,099 $ 133,072 $ 57,573 $ 9,882 $ 200,527 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of March 31, 2021 and December 31, 2020 were as follows: In thousands At March 31, 2021 At December 31, 2020 Raw materials $ 37,116 $ 32,258 Work in process 16,504 17,087 Finished goods 27,828 29,651 Total inventories $ 81,448 $ 78,996 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill by Segment | The following table sets forth the change in carrying value of goodwill for each reportable segment and for the Company as of March 31, 2021: In thousands Performance Materials Technical Nonwovens Thermal Acoustical Solutions Total Gross balance at December 31, 2020 $ 143,659 $ 55,607 $ 12,160 $ 211,426 Accumulated impairment (111,671) — (12,160) (123,831) Net balance at December 31, 2020 31,988 55,607 — 87,595 Foreign currency translation (23) (377) — (400) Net balance at March 31, 2021 $ 31,965 $ 55,230 $ — $ 87,195 |
Schedule of Impaired Intangible Assets | The table below presents the gross carrying amount and, as applicable, the accumulated amortization of the Company’s acquired intangible assets, other than goodwill, as of March 31, 2021 and December 31, 2020. These amounts are included in Other intangible assets, net on the Company's Condensed Consolidated Balance Sheets. At March 31, 2021 At December 31, 2020 In thousands Amortization Period Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets Customer Relationships 10 - 14 years $ 143,184 $ (53,970) $ 143,479 $ (50,076) Patents 28 years 650 (619) 650 (616) Technology 15 years 2,500 (1,185) 2,500 (1,144) Trade Names 3 - 5 years 7,446 (7,210) 7,495 (7,167) License Agreements 10 years — — 185 (185) Other 7 - 15 years 459 (459) 467 (467) Total other intangible assets $ 154,239 $ (63,443) $ 154,776 $ (59,655) |
LONG-TERM DEBT AND FINANCING _2
LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Payable | The long-term debt payable under the Company’s amended and restated 2018 senior secured revolving credit agreement (as amended to-date, the "2018 Amended Credit Agreement") at March 31, 2021 and December 31, 2020 consisted of: In thousands Effective Rate Maturity At March 31, 2021 At December 31, 2020 Revolver loan 4.25 % 8/31/2023 $ 127,500 $ 134,500 Term loan, net of debt issuance costs 4.25 % 8/31/2023 133,491 135,938 260,991 270,438 Less portion due within one year (9,789) (9,789) Total long-term debt, net of debt issuance costs $ 251,202 $ 260,649 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value | The following table sets forth the fair value amounts of derivative instruments held by the Company presented on the Condensed Consolidated Balance Sheets as Derivative liabilities: At March 31, 2021 At December 31, 2020 In thousands Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Interest rate contracts $ — $ 4,154 $ — $ 5,063 Cross-currency swaps — 3,812 — 6,933 Total derivatives $ — $ 7,966 $ — $ 11,996 |
Schedule of Derivative Liabilities at Fair Value | The following table sets forth the fair value amounts of derivative instruments held by the Company presented on the Condensed Consolidated Balance Sheets as Derivative liabilities: At March 31, 2021 At December 31, 2020 In thousands Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Interest rate contracts $ — $ 4,154 $ — $ 5,063 Cross-currency swaps — 3,812 — 6,933 Total derivatives $ — $ 7,966 $ — $ 11,996 |
Schedule of Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss) | The following table sets forth the income (loss) recorded in accumulated other comprehensive income (loss), net of tax, for the three-month periods ended March 31, 2021 and 2020 for derivatives held by the Company and designated as hedging instruments: For the Three Months Ended March 31, In thousands 2021 2020 Cash flow hedges: Interest rate contracts $ 618 $ (2,173) Cross-currency swaps 2,400 2,619 Total derivatives $ 3,018 $ 446 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Fair Values of Financial Instruments | The following table presents the carrying value and fair value of financial instruments that are not carried at fair value: At March 31, 2021 At December 31, 2020 In thousands Carrying Value Fair Value Carrying Value Fair Value Debt $ 261,500 $ 262,394 $ 271,000 $ 272,792 |
EQUITY COMPENSATION PLANS (Tabl
EQUITY COMPENSATION PLANS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Outstanding and Exercisable Options | The following table is a summary of outstanding and exercisable options for the three-month period ended March 31, 2021: In thousands except per share amounts Shares Weighted-Average Stock Options outstanding at the beginning of the period 488 $ 22.03 Granted 6 $ 32.19 Exercised (28) $ 22.99 Forfeited or Expired (5) $ 43.43 Stock Options outstanding at March 31, 2021 461 $ 21.85 Exercisable at March 31, 2021 166 $ 27.33 Unvested at March 31, 2021 295 $ 18.78 |
Schedule of Restricted Shares Activity | The following is a summary of the Company's unvested time-based restricted shares for the three-month period ended March 31, 2021: For the Three Months Ended March 31, 2021 In thousands Shares Unvested at the beginning of the period 177 Granted 173 Vested (21) Forfeited or Expired (4) Unvested at March 31, 2021 325 The following is a summary of the Company's unvested performance-based restricted shares for the three-month period ended March 31, 2021: For the Three Months Ended March 31, 2021 In thousands Shares Unvested at the beginning of the period 142 Granted 64 Vested — Forfeited or Expired (8) Unvested at March 31, 2021 198 |
EMPLOYER SPONSORED BENEFIT PL_2
EMPLOYER SPONSORED BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | The following is a summary of the components of net periodic benefit cost for the domestic defined benefit pension plans for the three-month periods ended March 31, 2021 and 2020: For the Three Months Ended March 31, In thousands 2021 2020 Components of employer benefit cost Service cost $ 29 $ 40 Interest cost 304 430 Expected return on assets (589) (533) Amortization of actuarial loss 4 2 Net periodic benefit cost (income) $ (252) $ (61) Settlement loss — 385 Total employer benefit plan cost $ (252) $ 324 |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges by Cost Type | The following table summarizes the total restructuring charges by cost type: In thousands Severance and Related Expenses Legal and Administrative Expenses Facility Exit and Asset Write-Off Expenses Expense incurred during quarter ended: March 31, 2021 $ 777 $ — $ — Total pre-tax expense incurred $ 777 $ — $ — |
Schedule of Accrued Restructuring Liability by Cost Type | The following table summarizes the change in the accrued liability balance for the restructuring actions: In thousands Total Balance as of December 31, 2020 $ 9,431 Pre-tax restructuring expenses, excluding asset write-off expenses 777 Cash paid (821) Accrued liability included with the sale of the German facility (7,311) Currency translation adjustments (34) Balance as of March 31, 2021 $ 2,042 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Weighted Average Shares Used to Determine Basic and Diluted Earnings Per Share | The following table provides a reconciliation of weighted-average shares used to determine basic and diluted earnings per share: For the Three Months Ended March 31, In thousands 2021 2020 Net income (loss) $ 5,094 $ (56,421) Basic weighted-average common shares outstanding 17,545 17,336 Effect of dilutive options and restricted stock awards 343 — Diluted weighted-average common shares outstanding 17,888 17,336 Earnings (loss) per share: Basic $ 0.29 $ (3.25) Diluted $ 0.28 $ (3.25) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Consolidated Net Sales and Operating Income by Segment | Net sales by business segment is as follows: For the Three Months Ended March 31, In thousands 2021 2020 Performance Materials Segment (1),(2) : Filtration Products $ 34,346 $ 25,887 Sealing and Advanced Solutions Products 44,987 39,333 Performance Materials Segment net sales 79,333 65,220 Technical Nonwovens Segment: Industrial Filtration Products 36,401 31,369 Advanced Materials Products (2) 25,274 26,034 Technical Nonwovens Segment net sales 61,675 57,403 Thermal Acoustical Solutions Segment: Parts 86,494 77,321 Tooling 4,550 6,440 Thermal Acoustical Solutions Segment net sales 91,044 83,761 Eliminations and Other (2) (4,953) (5,857) Consolidated Net Sales $ 227,099 $ 200,527 Operating income (loss) by business segment is as follows: For the Three Months Ended March 31, In thousands 2021 2020 Performance Materials (1),(3) $ 15,296 $ (56,941) Technical Nonwovens (4) 5,104 3,813 Thermal Acoustical Solutions 1,674 5,628 Corporate Office Expenses (9,935) (8,068) Consolidated Operating Income (Loss) $ 12,139 $ (55,568) (1) The Performance Materials segment includes the results of the facility in German that the Company sold on March 11, 2021. (2) Included in the Performance Materials segment, Technical Nonwovens segment, and Eliminations and Other is the following: • Technical Nonwovens segment intercompany sales of $3.9 million and $5.0 million to the Thermal Acoustical Solutions segment for the three-month periods ended March 31, 2021 and 2020, respectively. • Performance Materials segment intercompany sales of $1.0 million and $0.9 million to the Thermal Acoustical Solutions segment for the three-month periods ended March 31, 2021 and 2020, respectively. (3) Included in the operating results within the Performance Materials segment are the following: • $61.1 million of impairment charges related to goodwill and other long-lived assets for the three-month period ended March 31, 2020. • $3.0 million and $4.0 million of intangible assets amortization for the three-month periods ended March 31, 2021 and 2020, respectively. (4) Included in the Technical Nonwovens segment is the following: • $1.1 million and $1.2 million of intangible assets amortization for the three-month periods ended March 31, 2021 and 2020, respectively. |
STOCKHOLDERS' EQUITY AND ACCU_2
STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) | Changes in stockholders' equity for the three-month periods ended March 31, 2021 and 2020 were as follows: For the Three Months Ended March 31, In thousands 2021 2020 Beginning Balance $ 257,696 $ 318,420 Comprehensive income (loss) 5,463 (65,601) Stock repurchased (201) (8) Stock issued under employee plans 642 31 Stock-based compensation expense 950 735 Ending Balance $ 264,550 $ 253,577 The components of accumulated other comprehensive income (loss) are shown below: For the Three Months Ended March 31, In thousands 2021 2020 Foreign currency translation: Beginning balance $ (3,514) $ (18,022) Net gain (loss) on foreign currency translation (4,048) (9,957) Amounts reclassified from accumulated other comprehensive income (loss) (1) 1,034 — Other comprehensive income (loss), net of tax (3,014) (9,957) Ending balance (6,528) (27,979) Pension and other postretirement benefit plans: Beginning balance (5,608) (3,080) Amounts reclassified from accumulated other comprehensive income (loss) (2) 365 331 Other comprehensive income (loss), net of tax 365 331 Ending balance (5,243) (2,749) Unrealized loss on derivative instruments: Beginning balance (9,220) (4,877) Net gain (loss) on derivative instruments (3) 2,400 446 Amounts reclassified from accumulated other comprehensive income (loss) (4) 618 — Other comprehensive income (loss), net of tax 3,018 446 Ending balance (6,202) (4,431) Total accumulated other comprehensive income (loss) $ (17,973) $ (35,159) (1) For the three-month period ended March 31, 2021, the amount represents the recognition of the accumulated loss on foreign currency translation relating to the divestiture of the German Facility in the Performance Materials segment, net of tax impact of $0.2 million. This is included in (Gain) loss on the sale of a business on the Company’s Condensed Consolidated Statements of Operations. (2) For the three-month period ended March 31, 2021, the amount primarily represents the recognition of the accumulated loss on the defined pension plan relating to the divestiture of the German Facility in the Performance Materials segment. This amount was $0.4 million, net of tax impact of $0.1 million, and is included in (Gain) loss on the sale of a business on the Company’s Condensed Consolidated Statements of Operations. For the three-month period ended March 31, 2020, the amount primarily represents the settlement of the ISS Pension Plan. This amount was $0.4 million, net of tax impact of $0.1 million. The amounts for the three-month periods ended March 31, 2021 and 2020 also include routine amortization of actuarial gains and losses in net periodic benefit cost of less than $0.1 million, net of tax impact of less than $0.1 million. (3) Amount represents unrealized gains (losses) on the fair value of hedging activities, net of tax impact of $0.7 million and $0.1 million for the three-month periods ended March 31, 2021 and 2020, respectively. (4) Amounts represents the impact of de-designation of the interest rate swap agreement, net of tax impact of $0.2 million, for the three-month period ended March 31, 2021. |
BASIS OF FINANCIAL STATEMENT _3
BASIS OF FINANCIAL STATEMENT PRESENTATION - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Non-cash capital expenditures | $ 1,600,000 | $ 2,300,000 |
Proportion of trade receivables in cash at time of sale (as a percent) | 90.00% | |
Proportion of trade receivables in cash when customer pays (as a percent) | 10.00% | |
Maximum amount subject to Receivables Purchases Agreements for a certain customer | $ 10,000,000 | |
Maximum amount subject to Receivables Purchases Agreements in aggregate | 50,000,000 | |
Trade Accounts Receivable | ||
Debt Instrument [Line Items] | ||
Disposal of assets | 34,100,000 | 32,700,000 |
Proceeds from sale of trade receivables | 31,200,000 | 30,200,000 |
Fees related to disposal of trade receivables | $ 100,000 | $ 100,000 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 25,959 | $ 32,403 |
Contract liabilities | 3,786 | $ 3,686 |
Increase (decrease) in contract assets | (6,444) | |
Increase (decrease) in contract liabilities | $ 100 |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Increase (decrease) in contract assets | $ (6,444) |
Increase (decrease) in contract liabilities | 100 |
Revenue recognized from contracts with customers | $ 1,400 |
REVENUE FROM CONTRACTS WITH C_5
REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregation of Revenue by Geographical Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 227,099 | $ 200,527 |
North America | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 150,687 | 133,072 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 59,661 | 57,573 |
Asia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 16,751 | 9,882 |
Operating Segments | Performance Materials | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 79,333 | 65,220 |
Operating Segments | Performance Materials | North America | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 58,874 | 45,917 |
Operating Segments | Performance Materials | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 16,924 | 17,275 |
Operating Segments | Performance Materials | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 3,535 | 2,028 |
Operating Segments | Technical Nonwovens | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 61,675 | 57,403 |
Operating Segments | Technical Nonwovens | North America | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 35,838 | 35,731 |
Operating Segments | Technical Nonwovens | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 16,899 | 16,938 |
Operating Segments | Technical Nonwovens | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 8,938 | 4,734 |
Operating Segments | Thermal Acoustical Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 91,044 | 83,761 |
Operating Segments | Thermal Acoustical Solutions | North America | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 60,653 | 57,101 |
Operating Segments | Thermal Acoustical Solutions | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 26,113 | 23,540 |
Operating Segments | Thermal Acoustical Solutions | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 4,278 | 3,120 |
Eliminations and Other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | (4,953) | (5,857) |
Eliminations and Other | North America | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | (4,678) | (5,677) |
Eliminations and Other | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | (275) | (180) |
Eliminations and Other | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 0 | $ 0 |
INVENTORIES - Summary (Details)
INVENTORIES - Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory, Net [Abstract] | ||
Raw materials | $ 37,116 | $ 32,258 |
Work in process | 16,504 | 17,087 |
Finished goods | 27,828 | 29,651 |
Total inventories | $ 81,448 | $ 78,996 |
INVENTORIES - Narrative (Detail
INVENTORIES - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Net tooling inventory | $ 3.2 | $ 2.8 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Goodwill, gross | $ 211,426 | |
Accumulated impairment | (123,831) | |
Goodwill | $ 87,595 | 87,595 |
Goodwill [Roll Forward] | ||
Balance at beginning of period | 87,595 | |
Foreign currency translation | (400) | |
Balance at end of period | 87,195 | |
Performance Materials | ||
Goodwill [Line Items] | ||
Goodwill, gross | 143,659 | |
Accumulated impairment | (111,671) | |
Goodwill | 31,965 | 31,988 |
Goodwill [Roll Forward] | ||
Balance at beginning of period | 31,988 | |
Foreign currency translation | (23) | |
Balance at end of period | 31,965 | |
Technical Nonwovens | ||
Goodwill [Line Items] | ||
Goodwill, gross | 55,607 | |
Accumulated impairment | 0 | |
Goodwill | 55,230 | 55,607 |
Goodwill [Roll Forward] | ||
Balance at beginning of period | 55,607 | |
Foreign currency translation | (377) | |
Balance at end of period | 55,230 | |
Thermal Acoustical Solutions | ||
Goodwill [Line Items] | ||
Goodwill, gross | 12,160 | |
Accumulated impairment | (12,160) | |
Goodwill | 0 | $ 0 |
Goodwill [Roll Forward] | ||
Balance at beginning of period | 0 | |
Foreign currency translation | 0 | |
Balance at end of period | $ 0 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization of the Acquired Intangible Assets Other than Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Amortized intangible assets | ||
Gross Carrying Amount | $ 154,239 | $ 154,776 |
Accumulated Amortization | (63,443) | (59,655) |
Customer Relationships | ||
Amortized intangible assets | ||
Gross Carrying Amount | 143,184 | 143,479 |
Accumulated Amortization | $ (53,970) | (50,076) |
Customer Relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 years | |
Customer Relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 14 years | |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 28 years | |
Amortized intangible assets | ||
Gross Carrying Amount | $ 650 | 650 |
Accumulated Amortization | $ (619) | (616) |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 15 years | |
Amortized intangible assets | ||
Gross Carrying Amount | $ 2,500 | 2,500 |
Accumulated Amortization | (1,185) | (1,144) |
Trade Names | ||
Amortized intangible assets | ||
Gross Carrying Amount | 7,446 | 7,495 |
Accumulated Amortization | $ (7,210) | (7,167) |
Trade Names | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 3 years | |
Trade Names | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 5 years | |
License Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 years | |
Amortized intangible assets | ||
Gross Carrying Amount | $ 0 | 185 |
Accumulated Amortization | 0 | (185) |
Other | ||
Amortized intangible assets | ||
Gross Carrying Amount | 459 | 467 |
Accumulated Amortization | $ (459) | $ (467) |
Other | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 7 years | |
Other | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 15 years |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Millions | Mar. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Expected amortization expense for intangible assets in 2021 | $ 16.5 |
Expected amortization expense for intangible assets in 2022 | 14.5 |
Expected amortization expense for intangible assets in 2023 | 12.8 |
Expected amortization expense for intangible assets in 2024 | 11.4 |
Expected amortization expense for intangible assets in 2025 | 9.8 |
Expected amortization expense for intangible assets thereafter | $ 30.1 |
LONG-TERM DEBT AND FINANCING _3
LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 260,991 | $ 270,438 |
Less portion due within one year | (9,789) | (9,789) |
Total long-term debt, net of debt issuance costs | $ 251,202 | 260,649 |
Term loan, net of debt issuance costs | ||
Debt Instrument [Line Items] | ||
Debt instrument, effective interest rate (as a percent) | 4.25% | |
Long-term debt | $ 133,491 | 135,938 |
Revolving Credit Facility | Revolver loan | ||
Debt Instrument [Line Items] | ||
Debt instrument, effective interest rate (as a percent) | 4.25% | |
Long-term debt | $ 127,500 | $ 134,500 |
LONG-TERM DEBT AND FINANCING _4
LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Narrative (Details) | Aug. 31, 2018USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jul. 01, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Apr. 26, 2021USD ($) | Dec. 31, 2020USD ($) | Oct. 14, 2020USD ($) |
Debt Instrument [Line Items] | |||||||||
Weighted-average interest rate (as a percent) | 5.10% | 4.40% | |||||||
Amortization of debt issuance costs | $ 134,000 | $ 78,000 | |||||||
Remaining borrowing capacity | 40,700,000 | ||||||||
Outstanding borrowings | 127,500,000 | ||||||||
Outstanding standby letters of credit | $ 1,800,000 | ||||||||
Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of quarterly repayments of term commitment | $ 2,200,000 | ||||||||
Amended Credit Facility - 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Proportion of personal property and other assets of foreign subsidiaries pledged as collateral (as a percent) | 65.00% | ||||||||
Proportion of personal property and other assets of domestic subsidiaries pledged as collateral (as a percent) | 100.00% | ||||||||
Amended Credit Facility - 2020 | Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Borrowings outstanding under term loan | $ 176,000,000 | ||||||||
Foreign Credit Facility | Amended Credit Facility - 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Remaining borrowing capacity | 10,800,000 | ||||||||
Outstanding standby letters of credit | 1,200,000 | $ 1,400,000 | |||||||
Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 314,000,000 | ||||||||
Aggregate increase in borrowing capacity from accordion feature | 150,000,000 | ||||||||
Revolving Credit Facility | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 346,000,000 | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 170,000,000 | ||||||||
Quarterly unused line commitment fee (as a percent) | 0.275% | ||||||||
Credit facility fixed charge coverage ratio (not less than) | 1.25 | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | Forecast | |||||||||
Debt Instrument [Line Items] | |||||||||
Net leverage ratio | 3.50 | 4 | 4.50 | ||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Quarterly unused line commitment fee (as a percent) | 0.20% | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Quarterly unused line commitment fee (as a percent) | 0.30% | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | Federal Funds Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 0.50% | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 1.00% | ||||||||
Applicable margin (as a percent) | 2.00% | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | LIBOR | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margin (as a percent) | 1.25% | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | LIBOR | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margin (as a percent) | 2.50% | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margin (as a percent) | 1.00% | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | Base Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margin (as a percent) | 0.25% | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | Base Rate | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margin (as a percent) | 1.50% | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | Alternative Currency Loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 50,000,000 | ||||||||
Revolving Credit Facility | Amended Credit Facility - 2020 | Swingline Loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 30,000,000 |
DERIVATIVES - Narrative (Detail
DERIVATIVES - Narrative (Details) € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Nov. 30, 2018USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) | May 11, 2020 | Nov. 30, 2019USD ($)derivative_contract | Nov. 30, 2019EUR (€)derivative_contract | |
Derivative [Line Items] | ||||||
Number of derivative instruments held | derivative_contract | 3 | 3 | ||||
Eurocurrency Rate | ||||||
Derivative [Line Items] | ||||||
Derivative floor interest rate (as a percent) | 1.00% | |||||
AOCI Attributable to Parent | ||||||
Derivative [Line Items] | ||||||
Net income (loss) | $ 3,300,000 | |||||
Reclassification out of Accumulated Other Comprehensive Income | ||||||
Derivative [Line Items] | ||||||
Net income (loss) | $ 600,000 | |||||
Reclassification out of Accumulated Other Comprehensive Income | Forecast | ||||||
Derivative [Line Items] | ||||||
Net income (loss) | $ 2,000,000 | |||||
Interest rate contracts | ||||||
Derivative [Line Items] | ||||||
Derivative agreement term | 5 years | |||||
Derivative notional amount | $ 139,000,000 | |||||
Fixed rate of derivatives (as a percent) | 3.09% | |||||
Cross-currency swaps | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | $ 25,000,000 | € 22.6 | ||||
Aggregate derivative notional amount | $ 75,000,000 | € 67.8 |
DERIVATIVES - Fair Value Amount
DERIVATIVES - Fair Value Amounts of Derivative Instruments (Details) - Derivatives designated as hedging instruments - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 0 | $ 0 |
Liability Derivatives | 7,966 | 11,996 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | 4,154 | 5,063 |
Cross-currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | $ 3,812 | $ 6,933 |
DERIVATIVES - Income (Loss) Rec
DERIVATIVES - Income (Loss) Recorded in Accumulated Other Comprehensive (Loss) Income (Details) - Derivatives designated as hedging instruments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in other comprehensive income | $ 3,018 | $ 446 |
Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in other comprehensive income | 618 | (2,173) |
Cross-currency swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in other comprehensive income | $ 2,400 | $ 2,619 |
FAIR VALUE MEASUREMENTS - Carry
FAIR VALUE MEASUREMENTS - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Carrying Value | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Debt | $ 261,500 | $ 271,000 |
Fair Value | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Debt | $ 262,394 | $ 272,792 |
EQUITY COMPENSATION PLANS - Nar
EQUITY COMPENSATION PLANS - Narrative (Details) $ in Millions | Apr. 24, 2020shares | Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | Dec. 31, 2019individual | Dec. 31, 2020shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 1 | $ 0.9 | |||
Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 0.2 | 0.2 | |||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award, term | 10 years | ||||
Cash received from exercise of stock option (less than) | $ 0.7 | 0.1 | |||
Intrinsic value of options exercised (less than) | 0.3 | 0.1 | |||
Intrinsic value of stock options exercised, tax benefit (less than) | 0.1 | $ 0.1 | |||
Total unrecognized compensation cost | $ 1.7 | ||||
Weighted average expected amortization period | 2 years 3 months 18 days | ||||
Stock Options | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Stock Options | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | $ 4.4 | ||||
Weighted average expected amortization period | 2 years 1 month 6 days | ||||
Unvested restricted stock awards (shares) | shares | 522,676 | ||||
Time-Based Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted stock awards (shares) | shares | 325,000 | 177,000 | |||
Time-Based Restricted Stock | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 2 years | ||||
Time-Based Restricted Stock | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Performance-Based Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted stock awards (shares) | shares | 198,000 | 142,000 | |||
Stock Option Plan 2012 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share options and restricted shares authorized (shares) | shares | 3,000,000 | ||||
Additional shares authorized under the plan (shares) | shares | 19,720 | ||||
Inducement Grants | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of grantees | individual | 2 |
EQUITY COMPENSATION PLANS - Out
EQUITY COMPENSATION PLANS - Outstanding and Exercisable Options and Restricted Stock (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Stock Options | |
Shares | |
Outstanding at beginning of period (shares) | 488 |
Granted (shares) | 6 |
Exercised (shares) | (28) |
Forfeited or Expired (shares) | (5) |
Outstanding at end of period (shares) | 461 |
Exercisable (shares) | 166 |
Unvested (shares) | 295 |
Weighted-Average Exercise Price | |
Outstanding at beginning of period (USD per share) | $ / shares | $ 22.03 |
Granted (USD per share) | $ / shares | 32.19 |
Exercised (USD per share) | $ / shares | 22.99 |
Forfeited or Expired (USD per share) | $ / shares | 43.43 |
Outstanding at end of period (USD per share) | $ / shares | 21.85 |
Exercisable (USD per share) | $ / shares | 27.33 |
Unvested (USD per share) | $ / shares | $ 18.78 |
Time-Based Restricted Stock | |
Restricted Stock | |
Unvested at beginning of period (shares) | 177 |
Granted (shares) | 173 |
Vested (shares) | (21) |
Forfeited or Expired (shares) | (4) |
Unvested at end of period (shares) | 325 |
Performance-Based Restricted Stock | |
Restricted Stock | |
Unvested at beginning of period (shares) | 142 |
Granted (shares) | 64 |
Vested (shares) | 0 |
Forfeited or Expired (shares) | (8) |
Unvested at end of period (shares) | 198 |
STOCK REPURCHASES - Narrative (
STOCK REPURCHASES - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Apr. 20, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Stock repurchased during period (shares) | 5,646 | ||
Aggregate purchase price of shares repurchased (less than) | $ 200,000 | ||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | |
Subsequent Event | |||
Class of Stock [Line Items] | |||
Aggregate authorized amount of stock repurchase program | $ 30,000,000 |
EMPLOYER SPONSORED BENEFIT PL_3
EMPLOYER SPONSORED BENEFIT PLANS - Narrative (Details) - United States - Pension plan - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
IPM Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions during remainder of fiscal year | $ 0.7 | |
Contributions made by company to domestic pension plan | $ 0.2 | $ 0.4 |
ISS Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pre-tax settlement loss | $ 0.4 |
EMPLOYER SPONSORED BENEFIT PL_4
EMPLOYER SPONSORED BENEFIT PLANS - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Components of employer benefit cost | ||
Service cost | $ 29 | $ 40 |
Interest cost | 304 | 430 |
Expected return on assets | (589) | (533) |
Amortization of actuarial loss | 4 | 2 |
Net periodic benefit cost (income) | (252) | (61) |
Settlement loss | 0 | 385 |
Total employer benefit plan cost | $ (252) | $ 324 |
RESTRUCTURING - Narrative (Deta
RESTRUCTURING - Narrative (Details) $ in Thousands, € in Millions | 3 Months Ended | ||||
Mar. 31, 2021USD ($)facility | Mar. 31, 2020USD ($) | Mar. 11, 2021USD ($) | Mar. 11, 2021EUR (€) | Dec. 31, 2020facility | |
Restructuring Cost and Reserve [Line Items] | |||||
Estimated pre-tax restructuring expense | $ 18,000 | ||||
Restructuring, expected costs resulting in future cash expenditures | 12,300 | ||||
Restructuring expenses | 777 | $ 0 | |||
Loss on sale of business | 698 | $ 0 | |||
Performance Materials | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges | 16,700 | ||||
Non-cash restructuring expenditures | 5,700 | ||||
Performance Materials | Europe | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Loss on sale of business | $ 700 | ||||
Performance Materials | Europe | Sealing and Advanced Solutions Products | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of facilities operating | facility | 4 | 5 | |||
Liability for agreement to cover pension and restructuring liabilities as part of sale of business | $ 1,800 | € 1.5 | |||
Liability for agreement for additional funding to cover pension and restructuring liabilities as part of sale of business | $ 2,200 | € 1.9 |
RESTRUCTURING - Charges by Cost
RESTRUCTURING - Charges by Cost (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Severance and Related Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Total pre-tax expense incurred | $ 777 |
Legal and Administrative Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Total pre-tax expense incurred | 0 |
Facility Exit and Asset Write-Off Expenses | |
Restructuring Cost and Reserve [Line Items] | |
Total pre-tax expense incurred | $ 0 |
RESTRUCTURING - Accrued Liabili
RESTRUCTURING - Accrued Liability Balance by Cost Type (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance at beginning of period | $ 9,431 |
Pre-tax restructuring expenses, excluding asset write-off expenses | 777 |
Cash paid | (821) |
Accrued liability included with the sale of the German facility | (7,311) |
Currency translation adjustments | (34) |
Balance at end of period | $ 2,042 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate (as a percent) | 35.70% | 3.50% |
Impact of change in assertion of unremitted foreign earnings | $ 500 | |
Impact of foreign earnings taxed at higher rates | 400 | |
Valuation allowance activity | 200 | $ 300 |
Impairment of goodwill and other long-lived assets | $ 0 | 61,109 |
Goodwill impairment | $ 48,700 |
EARNINGS (LOSS) PER SHARE - Sum
EARNINGS (LOSS) PER SHARE - Summary (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 5,094 | $ (56,421) |
Basic weighted-average common shares outstanding (shares) | 17,545 | 17,336 |
Effect of dilutive options and restricted stock awards (shares) | 343 | 0 |
Diluted weighted-average common shares outstanding (shares) | 17,888 | 17,336 |
Earnings (loss) per share: | ||
Basic (USD per share) | $ 0.29 | $ (3.25) |
Diluted (USD per share) | $ 0.28 | $ (3.25) |
EARNINGS (LOSS) PER SHARE - Nar
EARNINGS (LOSS) PER SHARE - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Stock excluded from computation of diluted earnings per share (shares) | 129,209 | 736,141 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021reportable_segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
SEGMENT INFORMATION - Summary (
SEGMENT INFORMATION - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net sales | $ 227,099 | $ 200,527 |
Operating income | 12,139 | (55,568) |
Impairment of goodwill and other long-lived assets | 0 | 61,109 |
Operating Segments | Performance Materials | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net sales | 79,333 | 65,220 |
Operating income | 15,296 | (56,941) |
Impairment of goodwill and other long-lived assets | 61,100 | |
Amortization of intangible assets | 3,000 | 4,000 |
Operating Segments | Performance Materials | Filtration Products | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net sales | 34,346 | 25,887 |
Operating Segments | Performance Materials | Sealing and Advanced Solutions Products | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net sales | 44,987 | 39,333 |
Operating Segments | Performance Materials | Advanced Materials | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Intercompany sales | 1,000 | 900 |
Operating Segments | Technical Nonwovens | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net sales | 61,675 | 57,403 |
Operating income | 5,104 | 3,813 |
Amortization of intangible assets | 1,100 | 1,200 |
Operating Segments | Technical Nonwovens | Industrial Filtration Products | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net sales | 36,401 | 31,369 |
Operating Segments | Technical Nonwovens | Advanced Materials | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net sales | 25,274 | 26,034 |
Intercompany sales | 3,900 | 5,000 |
Operating Segments | Thermal Acoustical Solutions | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net sales | 91,044 | 83,761 |
Operating income | 1,674 | 5,628 |
Operating Segments | Thermal Acoustical Solutions | Parts | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net sales | 86,494 | 77,321 |
Operating Segments | Thermal Acoustical Solutions | Tooling | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net sales | 4,550 | 6,440 |
Eliminations and Other | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net sales | (4,953) | (5,857) |
Corporate Office Expenses | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Operating income | $ (9,935) | $ (8,068) |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Asset retirement obligations | $ 800,000 | ||
Rochester, New Hampshire | |||
Loss Contingencies [Line Items] | |||
Expense associated with expected costs of site investigation | $ 200,000 | $ 100,000 | |
Capital expenditures | $ 200,000 | ||
Accrual for environmental liability, including revision (fully offset) | 0 | ||
Hoosick Falls, New York | |||
Loss Contingencies [Line Items] | |||
Accrual for environmental liability, including revision (fully offset) | $ 100,000 |
STOCKHOLDERS' EQUITY AND ACCU_3
STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of period | $ 257,696 | $ 318,420 |
Comprehensive income (loss) | 5,463 | (65,601) |
Stock repurchased | (201) | (8) |
Stock issued under employee plans | 642 | 31 |
Stock-based compensation expense | 950 | 735 |
Balance at end of period | 264,550 | 253,577 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning of period | 257,696 | 318,420 |
Net gain (loss) on foreign currency translation | (3,014) | (9,957) |
Balance at end of period | 264,550 | 253,577 |
AOCI Attributable to Parent | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at end of period | (17,973) | (35,159) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at end of period | (17,973) | (35,159) |
Foreign currency translation | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of period | (3,514) | (18,022) |
Balance at end of period | (6,528) | (27,979) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning of period | (3,514) | (18,022) |
Net gain (loss) on foreign currency translation | (4,048) | (9,957) |
Amounts reclassified from accumulated other comprehensive income | 1,034 | 0 |
Other comprehensive income (loss), net of tax | (3,014) | (9,957) |
Balance at end of period | (6,528) | (27,979) |
Tax benefit of reclassification of accumulated loss on foreign currency translation | (200) | |
Pension and other postretirement benefit plans | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of period | (5,608) | (3,080) |
Balance at end of period | (5,243) | (2,749) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning of period | (5,608) | (3,080) |
Amounts reclassified from accumulated other comprehensive income | 365 | 331 |
Other comprehensive income (loss), net of tax | 365 | 331 |
Balance at end of period | (5,243) | (2,749) |
Loss reclassified from AOCI for defined benefit pension plans | 400 | 400 |
Tax benefit reclassified from AOCI for defined benefit pension plans | 100 | 100 |
Unrealized gain/(loss) on derivative instruments | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at beginning of period | (9,220) | (4,877) |
Balance at end of period | (6,202) | (4,431) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning of period | (9,220) | (4,877) |
Net loss on derivative instruments | 2,400 | 446 |
Amounts reclassified from accumulated other comprehensive income | 618 | 0 |
Other comprehensive income (loss), net of tax | 3,018 | 446 |
Balance at end of period | (6,202) | (4,431) |
Taxes on unrealized losses on the fair value of hedging activities | 700 | $ 100 |
Impact of de-designation of interest rate swap agreement | $ 200 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) - USD ($) | Apr. 20, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | |||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Aggregate authorized amount of stock repurchase program | $ 30,000,000 |