Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document Documentand Entity Information [Abstract] | |||
Entity Registrant Name | MSA SAFETY INCORPORATED | ||
Entity Central Index Key | 66,570 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MSA | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 37,372,425 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1.5 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 1,130,783 | $ 1,133,885 | $ 1,112,058 |
Other (loss) income, net | (861) | 2,765 | (175) |
Sales, total | 1,129,922 | 1,136,650 | 1,111,883 |
Costs and expenses | |||
Cost of products sold | 629,680 | 618,536 | 615,213 |
Selling, general and administrative | 315,270 | 322,797 | 309,206 |
Research and development | 48,630 | 48,247 | 45,858 |
Restructuring and other charges | 12,258 | 8,515 | 5,344 |
Interest expense | 10,854 | 9,851 | 10,677 |
Currency exchange losses, net | 2,204 | 1,509 | 5,452 |
Costs and expenses, total | 1,018,896 | 1,009,455 | 991,750 |
Income from continuing operations before income taxes | 111,026 | 127,195 | 120,133 |
Provision for income taxes | 44,407 | 41,044 | 35,145 |
Net income (loss), including portion attributable to noncontrolling interest | |||
Income from continuing operations | 66,619 | 86,151 | 84,988 |
Income from discontinued operations | 1,325 | 1,776 | 3,061 |
Net income | 67,944 | 87,927 | 88,049 |
Net loss attributable to noncontrolling interests | 2,863 | 579 | 198 |
Amounts attributable to MSA Safety Incorporated common shareholders: | |||
Income from continuing operations | 69,590 | 87,447 | 85,858 |
Income from discontinued operations | 1,217 | 1,059 | 2,389 |
Net income attributable to MSA Safety Incorporated | $ 70,807 | $ 88,506 | $ 88,247 |
Earnings Per Share, Basic | |||
Income from continuing operations, basic (dollars per share) | $ 1.86 | $ 2.34 | $ 2.31 |
Income from discontinued operations, basic (dollars per share) | 0.03 | 0.03 | 0.06 |
Net income, basic (dollars per share) | 1.89 | 2.37 | 2.37 |
Earnings Per Share, Diluted | |||
Income from continuing operations, diluted (dollars per share) | 1.84 | 2.30 | 2.28 |
Income from discontinued operations, diluted (dollars per share) | 0.03 | 0.03 | 0.06 |
Net income, diluted (dollars per share) | $ 1.87 | $ 2.33 | $ 2.34 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 67,944 | $ 87,927 | $ 88,049 |
Foreign currency translation adjustments | (49,067) | (40,568) | (7,281) |
Pension and post-retirement plan actuarial gains (losses), net of tax | 6,181 | (48,490) | 54,951 |
Comprehensive net income (loss) | 25,058 | (1,131) | 135,719 |
Comprehensive net loss attributable to noncontrolling interests | 4,280 | 1,176 | 1,331 |
Comprehensive net income attributable to MSA Safety Incorporated | $ 29,338 | $ 45 | $ 137,050 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 105,925 | $ 105,998 |
Trade receivables, less allowance for doubtful accounts of $8,189 and $7,821 | 232,862 | 211,440 |
Inventories | 125,849 | 122,954 |
Income taxes receivable | 8,745 | 2,876 |
Prepaid expenses and other current assets | 31,646 | 30,771 |
Total current assets | 505,027 | 474,039 |
Property, plant, and equipment, net | 155,839 | 151,352 |
Prepaid pension cost | 62,072 | 75,017 |
Deferred tax assets | 26,455 | 44,057 |
Goodwill | 340,338 | 252,520 |
Intangible assets, net | 90,068 | 31,323 |
Other noncurrent assets | 245,019 | 236,484 |
Total assets | 1,424,818 | 1,264,792 |
Current Liabilities | ||
Notes payable and current portion of long-term debt | 6,668 | 6,700 |
Accounts payable | 68,206 | 70,210 |
Employees’ compensation | 37,642 | 40,249 |
Insurance and product liability | 57,718 | 47,456 |
Taxes on income | 11,658 | 5,545 |
Other current liabilities | 70,013 | 63,890 |
Total current liabilities | 251,905 | 234,050 |
Long-term debt | 459,959 | 245,000 |
Other Liabilities | ||
Pensions and other employee benefits | 156,160 | 174,598 |
Deferred tax liabilities | 24,872 | 26,313 |
Other noncurrent liabilities | 14,794 | 46,198 |
Total liabilities | $ 907,690 | $ 726,159 |
Commitments and contingencies | ||
Mine Safety Appliances Company shareholders' equity: | ||
Preferred stock, 4 1/2% cumulative, $50 par value | $ 3,569 | $ 3,569 |
Common stock, no par value (180,000,000 shares authorized; 62,081,391 shares issued; 2015 shares outstanding 37,372,474 and 37,448,310 shares outstanding 2014) | 157,643 | 148,401 |
Treasury shares, at cost | (295,070) | (286,557) |
Accumulated other comprehensive loss | (208,199) | (166,730) |
Retained earnings | 858,553 | 835,126 |
Total shareholders’ equity | 516,496 | 533,809 |
Noncontrolling interests | 632 | 4,824 |
Total shareholders’ equity | 517,128 | 538,633 |
Total liabilities and shareholders’ equity | $ 1,424,818 | $ 1,264,792 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $ 8,189 | $ 7,821 |
Percentage of cumulative preferred stock | 4.50% | 4.50% |
Preferred stock, par value (dollars per share) | $ 50 | $ 50 |
Common stock, par value (dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common stock, shares issued (in shares) | 62,081,391 | 62,081,391 |
Common stock, shares outstanding (in shares) | 37,372,474 | 37,448,310 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income | $ 67,944 | $ 87,927 | $ 88,049 |
Depreciation and amortization | 31,684 | 29,921 | 30,764 |
Pension expense | 11,955 | 4,836 | 12,268 |
Net gain from investing activities—asset disposals | (1,745) | (2,094) | (436) |
Stock-based compensation | 7,599 | 9,053 | 10,337 |
Asset Impairment Charges | 4,946 | 0 | 0 |
Deferred income tax provision | (1,699) | (5,388) | (3,234) |
Other noncurrent assets and liabilities | (45,859) | (53,482) | (18,162) |
Currency exchange losses, net | 2,471 | 1,393 | 5,127 |
Excess tax benefit related to stock plans | (596) | (2,573) | (2,246) |
Other, net | (2,786) | (5,168) | 4,386 |
Operating cash flow before changes in certain working capital items | 73,914 | 64,425 | 126,853 |
(Increase) in trade receivables | (21,959) | (23,480) | (13,171) |
(Increase) in inventories | (9,403) | (600) | (6,296) |
Increase in accounts payable and accrued liabilities | 20,286 | 56,988 | 10,732 |
(Increase) decrease in income taxes receivable, prepaid expenses and other current assets | (7,584) | 9,698 | (7,337) |
Changes in certain working capital items | (18,660) | 42,606 | (16,072) |
Cash Flow From Operating Activities | 55,254 | 107,031 | 110,781 |
Investing Activities | |||
Capital expenditures | (36,241) | (33,583) | (36,517) |
Property disposals | 8,022 | 3,385 | 1,360 |
Acquisition of business, net of cash acquired | (180,271) | 0 | 0 |
Other investing | 0 | (500) | 0 |
Cash Flow From Investing Activities | (208,490) | (30,698) | (35,157) |
Financing Activities | |||
Proceeds from (payments on) short-term debt, net | 5 | (796) | 662 |
Payments on long-term debt | (291,525) | (421,667) | (306,766) |
Proceeds from long-term debt | 510,456 | 406,000 | 295,100 |
Restricted cash | 264 | 86 | (2,790) |
Cash dividends paid | (47,380) | (45,586) | (43,994) |
Distributions to noncontrolling interests | 0 | 0 | (556) |
Company stock purchases | (9,885) | (5,654) | (11,785) |
Exercise of stock options | 1,930 | 6,926 | 9,643 |
Employee stock purchase plan | 488 | 0 | 0 |
Excess tax benefit related to stock plans | 596 | 2,573 | 2,246 |
Cash Flow From Financing Activities | 164,949 | (58,118) | (58,240) |
Effect of exchange rate changes on cash and equivalents | (11,786) | (8,482) | (3,837) |
(Decrease) increase in cash and cash equivalents | (73) | 9,733 | 13,547 |
Beginning cash and cash equivalents | 105,998 | 96,265 | 82,718 |
Ending cash and cash equivalents | 105,925 | 105,998 | 96,265 |
Supplemental cash flow information: | |||
Interest payments | 10,818 | 9,663 | 10,884 |
Income tax payments | $ 50,001 | $ 31,679 | $ 36,242 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Retained Earnings and Accumulated Other Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of period | $ 538,633 | ||
Net income | 67,944 | $ 87,927 | $ 88,049 |
Pension and post-retirement plan adjustments, net of tax ($1,160, $26,840 and $30,849) | 6,181 | (48,490) | 54,951 |
Loss attributable to noncontrolling interests | 4,280 | 1,176 | 1,331 |
Balance at end of period | 517,128 | 538,633 | |
Retained Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of period | 835,126 | 792,206 | 747,953 |
Net income | 67,944 | 87,927 | 88,049 |
Loss attributable to noncontrolling interests | 2,863 | 579 | 198 |
Common dividends | (47,338) | (45,544) | (43,952) |
Preferred dividends | (42) | (42) | (42) |
Balance at end of period | 858,553 | 835,126 | 792,206 |
Accumulated Other Comprehensive (Loss) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of period | (166,730) | (78,269) | (127,072) |
Foreign currency translation adjustments | (49,067) | (40,568) | (7,281) |
Pension and post-retirement plan adjustments, net of tax ($1,160, $26,840 and $30,849) | 6,181 | (48,490) | 54,951 |
Loss attributable to noncontrolling interests | 1,417 | 597 | 1,133 |
Balance at end of period | $ (208,199) | $ (166,730) | $ (78,269) |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Retained Earnings and Accumulated Other Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive (Loss) | |||
Pension and post-retirement plan adjustments, tax | $ 1,160 | $ 26,840 | $ 30,849 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation— The Consolidated Financial Statements of MSA Safety Incorporated ("MSA" or "the Company") are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and require management to make certain judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. They also may affect the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates upon subsequent resolution of identified matters. Certain segment results in previously issued consolidated financial statements were recast to conform to the current period presentation. Refer to Note 7 for further information regarding MSA's segment allocation methodology. Principles of Consolidation— The consolidated financial statements include the accounts of the Company and all subsidiaries. Intercompany accounts and transactions are eliminated. Noncontrolling Interests— Noncontrolling interests reflect noncontrolling shareholders’ investments in certain consolidated subsidiaries and their proportionate share of the income and accumulated other comprehensive income of those subsidiaries. Currency Translation— The functional currency of all significant non-U.S. subsidiaries is the local currency. Assets and liabilities of these operations are translated at year-end exchange rates. Income statement accounts are translated using the average exchange rates for the reporting period. Translation adjustments for these companies are reported as a component of shareholders’ equity and are not included in income. Foreign currency transaction gains and losses are included in net income for the reporting period. Cash Equivalents— Cash equivalents include temporary deposits with financial institutions and highly liquid investments with original maturities of 90 days or less. Restricted Cash— Restricted cash, which is designated for use other than current operations, is included in prepaid expenses and other current assets in the Consolidated Balance Sheet. Restricted cash balances were $2.4 million and $2.7 million at December 31, 2015 and December 31, 2014, respectively. These balances were used to support letter of credit balances. Inventories— Inventories are stated at the lower of cost or market. Most U.S. inventories are valued on the last-in, first-out (LIFO) cost method. Other inventories are valued on the average cost method or at standard costs which approximate actual costs. It is the Company’s general policy to write-down any inventory that is identified as obsolete and any inventory that has aged or has not moved in more than twenty-four months . Property and Depreciation— Property is recorded at cost. Depreciation is computed using straight-line and accelerated methods over the estimated useful lives of the assets, generally as follows: buildings 20 to 40 years and machinery and equipment 3 to 10 years. Expenditures for significant renewals and improvements are capitalized. Ordinary repairs and maintenance are expensed as incurred. Gains or losses on property dispositions are included in other income and the cost and related depreciation are removed from the accounts. Depreciation expense for the years ended December 31, 2015 , 2014 and 2013 was $26.9 million , $26.2 million and $27.1 million , respectively. Properties, plants, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets is determined by comparing the estimated undiscounted net cash flows of the operations related to the assets to their carrying amount. An impairment loss would be recognized when the carrying amount of the assets exceeds the estimated undiscounted net cash flows. The amount of the impairment loss to be recorded is calculated as the excess of the carrying value of the assets over their fair value, with fair value determined using the best information available, which generally is a discounted cash flow model. Goodwill and Other Intangible Assets— Goodwill and Other Intangible assets are amortized on a straight-line basis over their useful lives. Intangible assets are reviewed for possible impairment whenever circumstances change such that the recorded value of the asset may not be recoverable. Goodwill is not amortized, but is subject to impairment assessments. We test the goodwill of each of our reporting units for impairment at least annually. The annual goodwill impairment assessment has historically been performed as of September 30 each year. The Company changed its annual impairment assessment date to October 1 as discussed below. All goodwill is assigned to reporting units. For this purpose, we consider our operating segments to be our reporting units. We test goodwill for impairment by either performing a qualitative evaluation or a two-step quantitative test. The qualitative evaluation is an assessment of various factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. Factors considered as part of the qualitative assessment include entity-specific industry, market and general economic conditions. We may elect to bypass the qualitative assessment for some or all of our reporting units and perform a two-step quantitative test. Quantitative testing involves estimating a reporting unit’s fair value. We estimate reporting unit fair value using discounted cash flow (DCF) and market approach methodologies as we believe both are equally important indicators of fair value. A number of significant assumptions and estimates are involved in the application of the DCF model, including sales volumes and prices, costs to produce, tax rates, capital spending, discount rates, and working capital changes. Cash flow forecasts are generally based on approved business unit operating plans for the early years and historical relationships in later years. The betas used in calculating the individual reporting units’ weighted average cost of capital (WACC) rate are estimated for each reporting unit based on peer data. The market approach methodology measures value through an analysis of peer companies. The analysis entails measuring the multiples of EBITDA at which peer companies are trading. In the event the estimated fair value of a reporting unit per the weighted average of the DCF and market approach models is less than the carrying value, additional analysis would be required. The additional analysis would compare the carrying amount of the reporting unit’s goodwill with the implied fair value of that goodwill, which may involve the use of valuation experts. The implied fair value of goodwill is the excess of the fair value of the reporting unit over the fair value amounts assigned to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit represented the purchase price. If the carrying value of goodwill exceeds its implied fair value, an impairment loss equal to such excess would be recognized, which could significantly and adversely impact reported results of operations and shareholders’ equity. There has been no impairment of our goodwill as of December 31, 2015. During the quarter ended December 31, 2015, the Company voluntarily changed the date of its annual goodwill impairment testing from the last day of the third fiscal quarter to the first day of the fourth fiscal quarter. This voluntary change is preferable under the circumstances as it provides the Company with additional time to complete its annual goodwill impairment testing in advance of its year-end reporting and results in better alignment with the timing of the Company’s long range planning and forecasting process. The voluntary change in accounting principle related to the annual testing date will not delay, accelerate or avoid an impairment charge. The change will be applied prospectively. Revenue Recognition— Revenue from the sale of products is recognized when title, ownership and the risk of loss have transferred to the customer, which generally occurs either when product is shipped to the customer or, in the case of most U.S. distributor customers, when product is delivered to the customer’s delivery site. We establish our shipping terms according to local practice and market characteristics. We do not ship product unless we have an order or other documentation authorizing shipment to our customers. We make appropriate provisions for uncollectible accounts receivable and product returns, both of which have historically been insignificant in relation to our net sales. Certain distributor customers receive price rebates based on their level of purchases and other performance criteria that are documented in established distributor programs. These rebates are accrued as a reduction of net sales as they are earned by the customer. Shipping and Handling— Shipping and handling expenses for products sold to customers are charged to cost of products sold as incurred. Amounts billed to customers for shipping and handling are included in net sales. Product Warranties— Estimated expenses related to product warranties and additional service actions are charged to cost of products sold in the period in which the related revenue is recognized or when significant product quality issues are identified. Research and Development— Research and development costs are expensed as incurred. Income Taxes— Deferred income taxes are provided for temporary differences between financial and tax reporting. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. We record tax benefits related to uncertain tax positions taken or expected to be taken on a tax return when such benefits meet a more likely than not threshold. We recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. No provision is made for possible U.S. taxes on the undistributed earnings of foreign subsidiaries that are considered to be reinvested indefinitely. Stock-Based Compensation— We account for stock-based compensation in accordance with the FASB guidance on share-based payment, which requires that we recognize compensation expense for employee and non-employee director stock-based compensation based on the grant date fair value. Except for retirement-eligible participants, for whom there is no requisite service period, this expense is recognized ratably over the requisite service periods following the date of grant. For retirement-eligible participants, this expense is recognized at the grant date. Derivative Instruments— We may use derivative instruments to minimize the effects of changes in currency exchange rates. We do not enter into derivative transactions for speculative purposes and do not hold derivative instruments for trading purposes. Changes in the fair value of derivative instruments designated as fair value hedges are recorded in the balance sheet as adjustments to the underlying hedged asset or liability. Changes in the fair value of derivative instruments that do not qualify for hedge accounting treatment are recognized in the income statement as currency exchange (income) loss in the current period. Commitments and Contingencies— For asserted claims and assessments, liabilities are recorded when an unfavorable outcome of a matter is deemed to be probable and the loss is reasonably estimable. Management determines the likelihood of an unfavorable outcome based on many factors such as the nature of the matter, available defenses and case strategy, progress of the matter, views and opinions of legal counsel and other advisors, applicability and success of appeals processes, and the outcome of similar historical matters, among others. Once an unfavorable outcome is deemed probable, management weighs the probability of estimated losses, and the most reasonable loss estimate is recorded. If an unfavorable outcome of a matter is deemed to be reasonably possible, then the matter is disclosed and no liability is recorded. With respect to unasserted claims or assessments, management must first determine that the probability that an assertion will be made is likely, then, a determination as to the likelihood of an unfavorable outcome and the ability to reasonably estimate the potential loss is made. Legal matters are reviewed on a continuous basis to determine if there has been a change in management’s judgment regarding the likelihood of an unfavorable outcome or the estimate of a potential loss. Please refer to Note 19 Contingencies for further details on product liability related matters. Discontinued Operations and Assets Held For Sale— For those businesses where management has committed to a plan to divest, each business is valued at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, an impairment loss is recognized. Fair value is estimated using accepted valuation techniques such as a discounted cash flow model, valuations performed by third parties, earnings multiples, or indicative bids, when available. A number of significant estimates and assumptions are involved in the application of these techniques, including the forecasting of markets and market share, sales volumes and prices, costs and expenses, and multiple other factors. Management considers historical experience and all available information at the time the estimates are made; however, the fair value that is ultimately realized upon the divestiture of a business may differ from the estimated fair value reflected in the Consolidated Financial Statements. Depreciation and amortization expense is not recorded on assets of a business to be divested once they are classified as held for sale. For businesses classified as discontinued operations, the results of operations are reclassified from their historical presentation to discontinued operations on the Consolidated Statement of Income, for all periods presented. The gains or losses associated with these divested businesses are recorded in discontinued operations on the Consolidated Statement of Income. Additionally, segment information does not include the operating results of businesses classified as discontinued operations for all periods presented. Management does not expect any continuing involvement with these businesses following their divestiture, and these businesses are expected to be disposed of within one year. Recently Adopted and Recently Issued Accounting Standards— In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of an Entity . This ASU amends the definition of a discontinued operation to include a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. This ASU was adopted on January 1, 2015. The adoption of this ASU may have a material effect on our consolidated financial statements in the event that we were to divest of a component that meets the definition of discontinued operations. In May 2014, the FASB issued ASU 2014-09, Revenue with Contracts from Customers . This ASU clarifies the principles for recognizing revenue such that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-15, Revenue with Contracts from Customers . This ASU defers the effective date of the standard until January 1, 2018. The Company is currently evaluating the impact that the adoption of these ASUs will have on the consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period . This ASU clarifies the accounting treatment for share based payment awards that contain performance targets. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern . This ASU clarifies management's responsibility to evaluate whether there is a substantial doubt about the entity's ability to continue as a going concern and provides guidance for related footnote disclosures. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items . This ASU eliminates the requirement to separately present and disclose extraordinary and unusual items in the financial statements. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis . This ASU changes the analysis that an entity must perform to determine whether it should consolidate certain types of legal entities. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs . This ASU simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued ASU 2015-15, I mputation of Interest - Simplifying the Presentation of Debt Issuance Costs . This ASU simplifies the presentation of debt issuance costs for line of credit arrangements. Both ASUs will be effective beginning in 2016. The adoption of these ASU is not expected to have a material effect on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-04, Retirement Benefits - Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets. This ASU allows entities with a fiscal year end that does not coincide with a month end to use the closest month end for measurement purposes. This ASU also allows entities that have a significant event in an interim period that calls for a remeasurement of defined benefit plan assets and obligations to use the month end date that is closest to the date of the significant event. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, Goodwill and Other Internal Use Software - Customer's Accounting for Fees Paid in a Cloud Computing Arrangement . This ASU clarifies when entities should account for fees paid in a cloud computing arrangement as a software license or service contract. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. This ASU requires inventory to be measured at the lower of cost and net realizable value. This ASU applies to inventory measured using the first-in, first-out (FIFO) or average cost methods only. This ASU will be effective beginning in 2017. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965) . This ASU simplifies complexities within employee benefit plan accounting including Fully Benefit-Responsive Investment Contracts, Plan Investment Disclosures, and the Measurement Date Practical Expedient. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . This ASU simplifies the accounting for adjustments made to provisional amounts recognized in a business combination. The amendments in this Update eliminate the requirement to retrospectively account for those adjustments. This ASU will be effective beginning in 2016. MSA elected to early adopt this standard for the period ended December 31, 2015. The adoption of this ASU could have a material effect on our consolidated financial statements to the extent that measurement-period adjustments for business combinations are identified. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes . This ASU simplifies the presentation of deferred income taxes. The amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. MSA elected to early adopt this standard for the period ended December 31, 2015. We elected to apply the amendments in this update retrospectively. As such, we have reclassified $23.8 million and $ 7.0 thousand dollars previously reported in the 2014 Form 10-K as current deferred tax assets and other current liabilities on the Consolidated Balance Sheet, respectively, to non-current deferred tax assets and non-current deferred tax liabilities on the Consolidated Balance Sheet as of December 31, 2014. In February 2016, the FASB issued ASU 2016-02, Leases . This ASU requires lessees to record a right of use asset and a liability for virtually all leases. This ASU will be effective beginning in 2019. While the adoption of this ASU is expected to have a material effect on our consolidated balance sheet, the Company continues to evaluate the impact that the adoption of this ASU will have on the consolidated financial statements. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges During the years ended December 31, 2015 , 2014 and 2013 , we recorded restructuring charges of $12.3 million , $8.5 million , and $5.3 million , respectively. These charges were primarily related to reorganization activities. In accordance with ongoing initiatives to right size our operations, headcount was reduced by 216 in 2015. Headcount was reduced by 151 in the International segment, 34 in the European segment, 19 in the North American segment, and 12 in the Corporate segment. For the year ended December 31, 2015 , International segment charges of $5.4 million were primarily related to staff reductions in Australia, Japan, and China. European segment restructuring charges of $2.0 million related to a one-time benefit for employees impacted by our European Principal Operating Company. The remaining $1.3 million of restructuring charges in the European segment were primarily related to staff reductions in Central and Southern Europe. North American charges of $2.0 million and Corporate segment charges of $1.6 million were primarily related to staff reductions. While the Company made significant progress in optimizing the cost structure at the end of 2015, the Company is actively evaluating additional cost reduction opportunities in 2016. For the year ended December 31, 2014 , European segment charges of $4.8 million were primarily related to severance from staff reductions in Central and Southern Europe as well as reorganization costs in Central Europe. International segment charges of $3.7 million for the year ended December 31, 2014 were primarily related to staff reductions in South Africa, Australia, and Brazil and asset disposals in Australia and South Africa, as the Company continued to focus manufacturing efforts in line with our core products and to respond to changing economic conditions. For the year ended December 31, 2013, European segment charges of $3.0 million were primarily related to staff reductions in Germany and Netherlands. International segment charges of $2.3 million for the year ended December 31, 2013 were primarily related to staff reductions in Australia and South Africa. Activity and reserve balances for restructuring charges by segment were as follows: (in millions) North America Europe International Corporate Total Reserve balances at January 1, 2013 $ 0.3 $ 2.5 $ 0.2 $ — $ 3.0 Restructuring charges — 3.0 2.3 — 5.3 Cash payments (0.3 ) (3.8 ) (2.5 ) — (6.6 ) Reserve balances at December 31, 2013 $ — $ 1.7 $ — $ — $ 1.7 Restructuring charges — 4.8 3.7 — 8.5 Asset disposals — (0.4 ) (1.7 ) — (2.1 ) Cash payments — (3.5 ) (1.8 ) — (5.3 ) Reserve balances at December 31, 2014 $ — $ 2.6 $ 0.2 $ — $ 2.8 Restructuring charges 2.0 3.3 5.4 1.6 12.3 Cash payments (0.9 ) (1.7 ) (3.9 ) (0.5 ) (7.0 ) Reserve balances at December 31, 2015 $ 1.1 $ 4.2 $ 1.7 $ 1.1 $ 8.1 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The following table sets forth the components of inventory: December 31, (In thousands) 2015 2014 Finished products $ 74,929 $ 89,595 Work in process 8,979 $ 8,942 Raw materials and supplies 85,643 68,885 Inventories at current cost 169,551 167,422 Less: LIFO valuation (43,702 ) (44,468 ) Total inventories 125,849 122,954 Inventories stated on the LIFO basis represent 23% and 21% of total inventories at December 31, 2015 and 2014 , respectively. Reductions in certain inventory quantities during the years ended December 31, 2015 and 2014 resulted in liquidations of LIFO inventories carried at lower costs prevailing in prior years. The effect of LIFO liquidations during 2015 reduced cost of sales by $1.4 million and increased net income by $0.9 million . The effect of LIFO liquidations during 2014 were inconsequential to changes in cost of sales and net income. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment The following table sets forth the components of property, plant and equipment: December 31, (In thousands) 2015 2014 Land $ 2,929 $ 3,573 Buildings 114,324 110,144 Machinery and equipment 345,064 335,318 Construction in progress 12,451 17,327 Total 474,768 466,362 Less accumulated depreciation (318,929 ) (315,010 ) Net property 155,839 151,352 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | Reclassifications Out of Accumulated Other Comprehensive Loss MSA Safety Incorporated Noncontrolling Interests (In thousands) 2015 2014 2013 2015 2014 2013 Pension and other post-retirement benefits Balance at beginning of period $ (125,570 ) $ (77,080 ) $ (132,031 ) $ — $ — $ — Unrecognized net actuarial (losses) gains (8,002 ) (84,495 ) 72,008 — — — Unrecognized prior service (cost) credit (604 ) 302 239 — — — Tax benefit (expense) 4,173 29,832 (25,783 ) — — — Total other comprehensive (loss) income before reclassifications, net of tax (4,433 ) (54,361 ) 46,464 — — — Amounts reclassified from accumulated other comprehensive loss: Amortization of prior service cost (268 ) (251 ) (322 ) — — — Recognized net actuarial losses 16,215 9,114 13,875 — — — Tax benefit (5,333 ) (2,992 ) (5,066 ) — — — Total amount reclassified from accumulated other comprehensive loss, net of tax 10,614 5,871 8,487 — — — Total other comprehensive income (loss) 6,181 (48,490 ) 54,951 Balance at end of period $ (119,389 ) $ (125,570 ) $ (77,080 ) $ — $ — $ — Foreign currency translation Balance at beginning of period $ (41,160 ) $ (1,189 ) $ 4,959 $ (2,199 ) $ (1,602 ) $ (469 ) Foreign currency translation adjustments (47,650 ) (39,971 ) (6,148 ) (1,417 ) (597 ) (1,133 ) Balance at end of period $ (88,810 ) $ (41,160 ) $ (1,189 ) $ (3,616 ) $ (2,199 ) $ (1,602 ) The reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic pension and other post-retirement benefit costs (see Note 14—Pensions and Other Post-Retirement Benefits). |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Capital Stock Additional Information [Abstract] | |
Capital Stock | Capital Stock Preferred Stock - The Company has authorized 100,000 shares of $50 par value 4.5% cumulative preferred nonvoting stock which is callable at $52.50 . There are 71,340 shares issued and 52,878 shares held in treasury at December 31, 2015. There were 33 shares of preferred stock repurchased and subsequently canceled during 2015. The Treasury shares at cost line of the Consolidated Balance Sheet includes $1.8 million related to preferred stock. There were no treasury purchases of preferred stock during the years ended December 31, 2014 or 2013. The Company has also authorized 1,000,000 shares of $10 par value second cumulative preferred voting stock. No shares have been issued as of December 31, 2015 or 2014. Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 37,372,474 and 37,448,310 shares outstanding at December 31, 2015 and December 31, 2014, respectively. Common stock activity is summarized as follows: Shares Dollars (Dollars in thousands) Issued Stock Compensation Trust Treasury Common Stock Stock Compensation Trust Treasury Cost Balances January 1, 2013 62,081,391 (745,430 ) (24,328,162 ) $ 112,135 $ (3,891 ) $ (267,987 ) Restricted stock awards — 96,686 — (505 ) 505 — Restricted stock expense — — — 4,244 — — Restricted stock forfeitures — — (7,365 ) (115 ) — — Stock options exercised — 277,687 — 8,194 1,449 — Stock option expense — — — 2,825 — — Performance stock issued — 67,389 — (352 ) 352 — Performance stock expense — — — 3,383 — — Tax benefit related to stock plans — — — 2,246 — — Treasury shares purchased for stock compensation programs — — (240,097 ) — — (11,785 ) Balances December 31, 2013 62,081,391 (303,668 ) (24,575,624 ) 132,055 (1,585 ) (279,772 ) Restricted stock awards — 72,291 13,936 (538 ) 377 161 Restricted stock expense — — — 4,372 — — Restricted stock forfeitures — — (4,078 ) (346 ) — — Stock options exercised — 150,962 39,781 5,678 788 460 Stock option expense — — — 2,355 — — Performance stock issued — 80,415 — (420 ) 420 — Performance stock expense — — — 2,705 — — Performance stock forfeitures — — — (33 ) — — Tax benefit related to stock plans — — — 2,573 — — Treasury shares purchased for stock compensation programs — — (107,096 ) — — (5,654 ) Balances December 31, 2014 62,081,391 — (24,633,081 ) 148,401 — (284,805 ) Restricted stock awards — — 34,624 (404 ) — 404 Restricted stock expense — — — 3,461 — — Restricted stock forfeitures — — (18,468 ) (426 ) — — Stock options exercised — — 52,708 1,714 — 216 Stock option expense — — 2,572 — — Stock option forfeitures — — — (118 ) — — Performance stock issued — — 52,839 (616 ) — 616 Performance stock expense — — — 2,265 — — Performance stock forfeitures — — — (155 ) — — Employee stock purchase plan — — 11,517 352 — 136 Tax benefit related to stock plans — — — 596 — — Treasury shares purchased for stock compensation programs — — (59,056 ) — — (2,781 ) Share repurchase program — — (150,000 ) — — (7,104 ) Balances December 31, 2015 62,081,391 — (24,708,917 ) $ 157,642 $ — $ (293,318 ) The Mine Safety Appliances Company Stock Compensation Trust was established to provide shares for certain benefit plans, including the management and non-employee directors’ equity incentive plans. Shares held by the Stock Compensation Trust, and the corresponding cost of those shares, are reported as a reduction of common shares issued. Differences between the cost of the shares held by the Stock Compensation Trust and the market value of shares released for stock-related benefits are reflected in common stock issued. The Company began issuing Treasury Shares for all Board of Director share based benefit plans in April 2014. The Company subsequently began issuing Treasury Shares for all share based benefit plans when the stock compensation trust was depleted in September 2014. Shares are issued from Treasury at the average Treasury Share cost on the date of the transaction. On May 12, 2015, the Board of Directors adopted a new stock repurchase program replacing the existing program. The new program authorizes up to $100 million to repurchase MSA common stock in the open market and in private transactions. The share purchase program has no expiration date. The maximum shares that may be purchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. We repurchased 150,000 shares since the program was approved in May. We do not have any other share purchase programs. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We are organized into seven geographic operating segments based on management responsibilities. The operating segments have been aggregated (based on economic similarities, the nature of their products, end-user markets and methods of distribution) into four reportable segments: North America, Europe, International, and Corporate. The Corporate segment was established on January 1, 2015 to reflect the activities of centralized functions in our corporate headquarters and to capture results in a manner that the chief operating decision maker reviews. The corporate segment primarily consists of general and administrative expenses incurred in our corporate headquarters, costs associated with corporate development initiatives, legal expense, interest expense, foreign exchange gains or losses, and other centrally-managed costs. Additionally, effective January 1, 2015, we changed the allocation methodology applied to research and development expense. The 2014 and 2013 segment results have been recast to conform with current period presentation. The Company's sales are allocated to each country based primarily on the destination of the end-customer. Reportable segment information is presented in the following table: (In thousands) North America Europe International Corporate Reconciling Items Consolidated Totals 2015 Sales to external customers $ 608,983 $ 293,156 $ 228,644 $ — $ — $ 1,130,783 Intercompany sales 133,355 207,357 18,831 — (359,543 ) — Net income: Continuing operations 87,092 6,843 10,137 (33,218 ) (1,264 ) 69,590 Discontinued operations — — 1,217 — — 1,217 Total assets 820,960 412,144 175,449 16,362 (97 ) 1,424,818 Interest income 619 60 840 6 — 1,525 Interest expense — — — 10,854 — 10,854 Noncash items: Depreciation and amortization 20,048 7,737 3,899 — — 31,684 Pension expense (3,759 ) (7,527 ) (669 ) — — (11,955 ) Income tax provision 45,849 14,213 4,046 (19,804 ) 103 44,407 Capital expenditures 20,071 10,727 5,443 — — 36,241 Net property 89,418 41,922 24,498 1 — 155,839 2014 Sales to external customers 547,739 321,618 264,528 — — 1,133,885 Intercompany sales 116,795 113,914 18,449 — (249,158 ) — Net income: Continuing operations 77,687 22,808 16,977 (30,324 ) 299 87,447 Discontinued operations — — 1,059 — — 1,059 Total assets 819,095 236,801 188,360 20,865 (329 ) 1,264,792 Interest income 995 111 711 5 — 1,822 Interest expense — — — 9,851 — 9,851 Noncash items: Depreciation and amortization 18,635 6,357 4,929 — — 29,921 Pension income (expense) 1,977 (6,234 ) (579 ) — — (4,836 ) Income tax provision 40,919 9,452 7,276 (15,972 ) (631 ) 41,044 Capital expenditures 18,377 10,859 4,347 — — 33,583 Net property 86,718 32,892 31,741 1 — 151,352 2013 Sales to external customers 533,161 293,092 285,805 — — 1,112,058 Intercompany sales 120,952 98,491 22,136 — (241,579 ) — Net income: Continuing operations 68,181 22,002 27,900 (31,962 ) (263 ) 85,858 Discontinued operations — — 2,389 — — 2,389 Total assets 764,411 258,057 192,754 18,419 629 1,234,270 Interest income 243 90 809 — — 1,142 Interest expense — — — 10,677 — 10,677 Noncash items: Depreciation and amortization 19,639 5,357 5,768 — — 30,764 Pension expense (4,765 ) (6,328 ) (1,175 ) — — (12,268 ) Income tax provision 34,347 7,334 9,300 (16,101 ) 265 35,145 Capital expenditures 17,887 11,833 6,797 — — 36,517 Net property 84,104 33,162 35,488 1 — 152,755 Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments Geographic information on sales to external customers, based on country of origin: (In thousands) 2015 2014 2013 United States $ 593,539 $ 530,845 $ 528,178 Other 537,244 603,040 583,880 Total $ 1,130,783 $ 1,133,885 $ 1,112,058 Geographic information on net property, based on country of origin: (In thousands) 2015 2014 2013 United States $ 88,368 $ 85,247 $ 82,274 China 13,504 15,128 16,010 Germany 7,596 17,654 16,882 Other 46,371 33,323 37,589 Total $ 155,839 $ 151,352 $ 152,755 The percentage of total sales by product group were as follows: 2015 2014 2013 Breathing Apparatus 27 % 19 % 21 % Fixed Gas and Flame Detection 21 % 23 % 22 % Portable Gas Detection 13 % 15 % 14 % Head Protection 11 % 13 % 13 % Fire & Rescue Helmets 5 % 5 % 5 % Fall Protection 5 % 4 % 4 % Other 18 % 21 % 21 % |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share is computed by dividing net income, after the deduction of preferred stock dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based payment awards that contain nonforfeitable rights to dividends. (In thousands, except per share amounts) 2015 2014 2013 Net income attributable to continuing operations $ 69,590 $ 87,447 $ 85,858 Preferred stock dividends (41 ) (41 ) (41 ) Income from continuing operations available to common equity 69,549 87,406 85,817 Dividends and undistributed earnings allocated to participating securities (192 ) (546 ) (643 ) Income from continuing operations available to common shareholders 69,357 86,860 85,174 Net income attributable to discontinued operations $ 1,217 $ 1,059 $ 2,389 Preferred stock dividends (1 ) (1 ) (1 ) Income from discontinued operations available to common equity 1,216 1,058 2,388 Dividends and undistributed earnings allocated to participating securities (3 ) (7 ) (18 ) Income from discontinued operations available to common shareholders 1,213 1,051 2,370 Basic weighted-average shares outstanding 37,293 37,138 36,868 Stock options and other stock compensation 417 590 582 Diluted weighted-average shares outstanding 37,710 37,728 37,450 Antidilutive stock options 658 — 15 Earnings per share attributable to continuing operations: Basic $1.86 $2.34 $2.31 Diluted $1.84 $2.30 $2.28 Earnings per share attributable to discontinued operations: Basic $0.03 $0.03 $0.06 Diluted $0.03 $0.03 $0.06 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (In thousands) 2015 2014 2013 Components of income before income taxes* U.S. income $ 60,753 $ 58,209 $ 48,621 Non-U.S. income 50,273 68,986 71,512 Income before income taxes $ 111,026 $ 127,195 $ 120,133 Provision for income taxes* Current Federal $ 21,253 $ 23,659 $ 18,656 State 2,389 1,349 1,492 Non-U.S. 22,979 21,101 18,453 Total current provision 46,621 46,109 38,601 Deferred Federal 3,813 (3,650 ) (3,582 ) State (213 ) 317 (483 ) Non-U.S. (5,814 ) (1,732 ) 609 Total deferred provision (2,214 ) (5,065 ) (3,456 ) Provision for income taxes $ 44,407 $ 41,044 $ 35,145 *The components of income before income taxes and the provision for income taxes relate to continuing operations. MSA’s European reorganization continued during 2015. The reorganization is designed to drive optimal performance by aligning certain strategic planning and decision making into a single location enabled by a common IT platform. During 2015, the Company incurred $7.7 million of charges associated with exit taxes related to our European reorganization. Included in discontinued operations is tax expense of $ 0.6 million in 2015, $ 0.6 million in 2014 and $ 1.4 million in 2013. Cash flows from operations in the Consolidated Statement of Cash Flows include a deferred income tax provision (benefit) from discontinued operations of $ 0.5 million, $ (0.3) million and $ 0.2 million in 2015, 2014 and 2013, respectively. Reconciliation of the U.S. federal income tax rates for continuing operations to our effective tax rate: 2015 2014 2013 U.S. federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes—U.S. 1.3 0.8 0.6 Taxes on non-U.S. income (2.1 ) (2.2 ) (4.5 ) Taxes on non-U.S. income - European reorganization 6.9 — — Research and development credit (1.1 ) (0.7 ) (1.5 ) Manufacturing deduction credit (1.6 ) (1.0 ) (1.1 ) Valuation allowances 1.7 (0.6 ) 0.5 Other (0.1 ) 1.0 0.3 Effective income tax rate 40.0 % 32.3 % 29.3 % Components of deferred tax assets and liabilities: December 31, (In thousands) 2015 2014 Deferred tax assets Book expenses capitalized for tax $ 5,476 $ 6,336 Post-retirement benefits 17,838 23,335 Inventory reserves 2,487 3,147 Vacation allowances 816 932 Net operating losses and tax credit carryforwards 7,394 7,479 Post employment benefits 3,488 2,382 Foreign tax credit carryforwards 8,266 11,231 Stock options 10,587 10,157 Product Liability 6,253 3,918 Basis of capital assets 912 1,009 Warranties 3,666 3,210 Reserve for doubtful accounts 2,320 1,948 Accrued payroll 4,172 4,319 Other 7,782 5,801 Total deferred tax assets 81,457 85,204 Valuation allowances (5,153 ) (3,763 ) Net deferred tax assets 76,304 81,441 Deferred tax liabilities Property, plant and equipment (10,938 ) (9,269 ) Pension (18,947 ) (22,195 ) Intangibles (43,789 ) (30,180 ) Other (1,047 ) (2,053 ) Total deferred tax liabilities (74,721 ) (63,697 ) Net deferred taxes $ 1,583 $ 17,744 At December 31, 2015, we had net operating loss carryforwards of approximately $45.0 million , all of which are in non-U.S. tax jurisdictions. Net operating loss carryforwards without a valuation allowance of $0.1 million will expire in 2020 . The remainder either have a valuation allowance or may be carried forward for a period of at least six years . The change in valuation allowance for the year of $1.4 million is primarily due to our inability to recognize deferred tax assets on certain foreign entities that continue to generate losses. No deferred U.S. income taxes have been provided on undistributed earnings of non-U.S. subsidiaries, which amounted to $408.5 million as of December 31, 2015 . These earnings are considered to be reinvested for an indefinite period of time. Because we currently do not have any plans to repatriate these funds, we cannot determine the impact of local taxes, withholding taxes and foreign tax credits associated with the future repatriation of such earnings and, therefore, cannot reasonably estimate the associated tax liability. In cases where we intend to repatriate a portion of the undistributed earnings of our foreign subsidiaries, we provide U.S. income taxes on such earnings. A reconciliation of the change in the tax liability for unrecognized tax benefits for the years ended December 31, 2015 and 2014 is as follows: (In thousands) 2015 2014 Beginning balance $ 9,857 $ 5,888 Adjustments for tax positions related to the current year 8,203 4,072 Adjustments for tax positions related to prior years (4,887 ) 3 Statute expiration (103 ) (106 ) Ending balance $ 13,070 $ 9,857 The total amount of unrecognized tax benefits, if recognized, would reduce our future effective tax rate. We have recognized tax benefits associated with these liabilities in the amount of $2.1 million and $5.2 million at December 31, 2015 and 2014 , respectively. We recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. Our liability for accrued interest and penalties related to uncertain tax positions was $0.8 million at December 31, 2014 . During 2015 , we increased interest related to uncertain tax positions by $0.1 million . Our liability for accrued interest and penalties related to uncertain tax positions was $0.9 million at December 31, 2015. We file a U.S. federal income tax return along with various state and foreign income tax returns. Examinations of our U.S. federal returns have been completed through 2010, with the 2011 tax year closed by statute. Various state and foreign income tax returns may be subject to tax audits for periods after 2009. |
Stock Plans
Stock Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans | Stock Plans The 2008 Management Equity Incentive Plan provides for various forms of stock-based compensation for eligible key employees through May 2018. Management stock-based compensation includes stock options, restricted stock, restricted stock units and performance stock units. The 2008 Non-Employee Directors’ Equity Incentive Plan provides for grants of stock options and restricted stock to non-employee directors through May 2018. Stock options are granted at market prices and expire after ten years. Stock options are exercisable beginning three years after the grant date. Restricted stock and restricted stock units are granted without payment to the company and generally vest three years after the grant date. Restricted stock and restricted stock units are valued at the market value of the stock on the grant date. Performance stock units with a market condition are valued at an estimated fair value using the Monte Carlo model. The final number of shares to be issued for performance stock units may range from zero to 200% of the target award based on achieving the specified performance targets over the performance period. In general, unvested stock options, restricted stock and performance stock units are forfeited if the participant’s employment with the company terminates for any reason other than retirement, death or disability. We issue Treasury shares for stock option exercises and grants of restricted stock and performance stock. Please refer to Note 6 for further information regarding stock compensation share issuance. As of December 31, 2015 , there were 1,178,625 and 154,315 shares, respectively, reserved for future grants under the management and non-employee directors’ equity incentive plans. Stock-based compensation expense was as follows: (In thousands) 2015 2014 2013 Restricted stock $ 3,035 $ 4,026 $ 4,129 Stock options 2,454 2,355 2,825 Performance stock 2,110 2,672 3,383 Total compensation expense before income taxes 7,599 9,053 10,337 Income tax benefit 2,896 3,293 3,810 Total compensation expense, net of income tax benefit $ 4,703 $ 5,760 $ 6,527 We did not capitalize any stock-based compensation expense, and all expense is recorded in SG&A expense in 2015 , 2014 , or 2013 . Stock option expense is based on the fair value of stock option grants estimated on the grant dates using the Black-Scholes option pricing model and the following weighted average assumptions for options granted in 2015 , 2014 and 2013 . 2015 2014 2013 Fair value per option $ 15.63 $ 17.26 $ 14.17 Risk-free interest rate 1.8 % 2.1 % 1.2 % Expected dividend yield 2.3 % 2.4 % 2.8 % Expected volatility 39 % 41 % 39 % Expected life (years) 6.7 6.6 6.1 The risk-free interest rate is based on the U.S. Treasury Constant Maturity rates as of the grant date converted into an implied spot rate yield curve. Expected dividend yield is based on the most recent annualized dividend divided by the 1 year average closing share price. Expected volatility is based on the ten year historical volatility using daily stock prices. Expected life is based on historical stock option exercise data. A summary of option activity follows: Shares Weighted Average Exercise Price Exercisable at Year-end Outstanding January 1, 2013 1,784,660 $ 33.05 Granted 188,407 49.03 Exercised (277,687 ) 34.72 Outstanding December 31, 2013 1,695,380 34.55 1,178,657 Granted 138,519 51.69 Exercised (190,743 ) 36.31 Expired (1,071 ) 45.68 Forfeited (23,524 ) 38.82 Outstanding December 31, 2014 1,618,561 35.74 1,147,712 Granted 170,683 48.64 Exercised (64,752 ) 38.59 Expired (1,109 ) 44.36 Forfeited (28,708 ) 49.71 Outstanding December 31, 2015 1,694,675 $ 36.69 1,280,665 For various exercise price ranges, characteristics of outstanding and exercisable stock options at December 31, 2015 were as follows: Stock Options Outstanding Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $17.83 – $29.33 533,382 $ 21.67 3.52 $33.55 – $40.88 461,108 36.88 3.92 $41.26 – $51.69 700,185 47.99 5.94 $17.83 – $51.69 1,694,675 36.69 4.62 Stock Options Exercisable Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $17.83 – $29.33 533,382 $ 21.67 3.52 $33.55 – $40.88 461,108 36.88 3.92 $41.26 – $48.95 286,175 45.63 2.62 $17.83 – $48.95 1,280,665 $ 32.50 3.46 Cash received from the exercise of stock options was $1.9 million , $6.9 million and $9.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The tax (provision) benefit we realized from these exercises was $(0.1) million , $1.0 million and $0.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Stock options become exercisable when they are vested. The aggregate intrinsic value of stock options exercisable at December 31, 2015 was $14.0 million . The aggregate intrinsic value of all stock options outstanding at December 31, 2015 was $11.5 million . A summary of restricted stock and unit activity follows: Shares Weighted Average Grant Date Fair Value Unvested at January 1, 2013 417,843 $ 31.92 Granted 92,448 48.98 Vested (197,465 ) 27.42 Forfeited (9,407 ) 40.23 Unvested at December 31, 2013 303,419 39.79 Granted 83,543 51.91 Vested (108,245 ) 34.94 Forfeited (9,974 ) 44.42 Unvested at December 31, 2014 268,743 45.34 Granted 83,725 48.06 Vested (111,834 ) 39.01 Forfeited (22,925 ) 45.84 Unvested at December 31, 2015 217,709 $ 49.70 A summary of performance stock unit activity follows: Shares Weighted Average Grant Date Fair Value Unvested at January 1, 2013 137,672 $ 35.85 Granted 53,357 57.58 Vested (45,809 ) 26.08 Performance adjustments 4,169 25.84 Unvested at December 31, 2013 149,389 46.32 Granted 46,242 57.42 Vested (91,696 ) 39.19 Performance adjustments 41,428 39.42 Forfeited (1,402 ) 48.85 Unvested at December 31, 2014 143,961 52.42 Granted 87,256 41.99 Vested (66,200 ) 41.75 Performance adjustments 16,447 41.45 Forfeited (9,820 ) 51.51 Unvested at December 31, 2015 171,644 $ 50.24 The 2015 performance adjustments above relate to the final number of shares issued for the 2012 Management Performance Units, which were 133.6% of the target award based on Total Shareholder Return during the three year performance period, and vested in the first quarter of 2015. During the years ended December 31, 2015 , 2014 and 2013 , the total intrinsic value of stock options exercised (the difference between the market price on the date of exercise and the option price paid to exercise the option) was $0.5 million , $3.7 million and $4.0 million , respectively. The fair values of restricted stock vested during the years ended December 31, 2015 , 2014 and 2013 were $5.3 million , $5.8 million and $9.7 million , respectively. The fair value of performance stock units vested during the year ended December 31, 2015 was $2.0 million . On December 31, 2015 , there was $4.4 million of unrecognized stock-based compensation expense. The weighted average period over which this expense is expected to be recognized was approximately two years . |
Short and Long-Term Debt
Short and Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Short and Long-Term Debt | Short and Long-Term Debt Short-Term Debt Short-term borrowings with banks, which excludes the current portion of long-term debt, was insignificant and $0.1 million at December 31, 2015 and 2014 , respectively. The average month-end balance of total short-term borrowings during 2015 was $0.2 million . The maximum month-end balance of $0.6 million occurred in February 2015. The weighted average interest rate on short-term borrowings was 14% at December 31, 2014 . Long-Term Debt December 31, (In thousands) 2015 2014 2006 Senior notes payable through 2021, 5.41% $ 40,000 $ 46,667 2010 Senior notes payable through 2021, 4.00% 100,000 100,000 Senior revolving credit facility maturing in 2020 326,626 105,000 Total 466,626 251,667 Amounts due within one year 6,667 6,667 Long-term debt $ 459,959 $ 245,000 In connection with the Company's acquisition of Latchways (Note 13), the Company entered into an a credit agreement, effective August 31, 2015. The credit agreement established a senior unsecured credit facility consisting of a $125.0 million senior revolving credit facility. On December 11, 2015, the Company repaid the outstanding indebtedness under, and terminated, the credit agreement dated August 31, 2015. The credit agreement was repaid with the proceeds of a borrowing under a new credit agreement dated December 11, 2015. The new credit agreement amended and restated the Company’s existing credit agreement dated March 7, 2014. Under the new credit agreement dated December 11, 2015, funds may be borrowed on an unsecured, revolving credit basis in a maximum outstanding amount not to exceed $575.0 million . The new credit agreement has a term expiring on December 11, 2020. At December 31, 2015, $244.9 million of the existing $575.0 million senior revolving credit facility was unused including letters of credit. On January 22, 2016, the Company entered into multi-currency note purchase and private shelf agreement, pursuant to which MSA issued notes in an aggregate original principal amount of £54.9 million (approximately $80.0 million ). The Notes are repayable in annual installments of £6.1 million (approximately $8.9 million ), commencing January 22, 2023, with a final payment of any remaining amount outstanding on January 22, 2031. The interest rate on these notes is fixed at 3.4% . The note purchase agreement requires MSA to comply with specified financial covenants including a requirement to maintain a minimum fixed charges coverage ratio of not less than 1.50 to 1.00 and a consolidated leverage ration not to exceed 3.25 to 1.00; in each case calculated on the basis of the trailing four fiscal quarters. In addition, the note purchase agreement contains negative covenants limiting the ability of MSA and its subsidiaries to incur additional indebtedness or issue guarantees, create or incur liens, make loans and investments, make acquisitions, transfer or sell assets, enter into transactions with affiliated parties, make changes in its organizational documents that are materially adverse to lenders or modify the nature of MSA's or its subsidiaries' business. Approximate maturities on our long-term debt over the next five years are $6.7 million in 2016, $26.7 million in 2017, $26.7 million in 2018, $26.7 million in 2019, $353.1 million in 2020, and $26.7 million thereafter. The revolving credit facilities require the Company to comply with specified financial covenants. In addition, the credit facilities contain negative covenants limiting the ability of the Company and its subsidiaries to enter into specified transactions. The Company was in compliance with all covenants at December 31, 2015. The Company had outstanding bank guarantees and standby letters of credit with banks as of December 31, 2015, totaling $7.9 million , of which $3.5 million relate to the senior revolving credit facility. The letters of credit serve to cover customer requirements in connection with certain sales orders and insurance companies. No amounts were drawn on these arrangements at December 31, 2015. The Company is also required to provide cash collateral in connection with certain arrangements. At December 31, 2015, the Company has $2.4 million of restricted cash in support of these arrangements. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes in goodwill during the years ended December 31, 2015 and 2014 were as follows: (In thousands) 2015 2014 Net balance at January 1 $ 252,520 $ 260,134 Additions (Note 13) 97,959 — Currency translation (10,141 ) (7,614 ) Net balance at December 31 $ 340,338 $ 252,520 At December 31, 2015 , goodwill of $197.9 million , $140.7 million and $1.7 million related to the North American, European and International reporting segments, respectively. Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2015 and 2014 were as follows: (In thousands) 2015 2014 Net balance at January 1 $ 31,323 $ 35,029 Additions (Note 13) 67,645 500 Amortization expense (4,811 ) (2,979 ) Impairment losses (Note 15) (723 ) — Currency translation (3,366 ) (1,227 ) Net balance at December 31 $ 90,068 $ 31,323 (In millions) December 31, 2015 December 31, 2014 Intangible Assets: Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Amortization and Reserves Net Carrying Amount Gross Carrying Amount Accumulated Amortization and Reserves Net Carrying Amount Customer relationships 15 $ 50.5 $ (0.7 ) $ 49.8 — $ — $ — Distribution agreements 20 24.6 (6.2 ) 18.4 27.5 $ (6.5 ) $ 21.0 Technology related assets 10 17.5 (8.3 ) 9.2 11.5 (6.6 ) 4.9 Patents, trademarks and copyrights 15 16.5 (4.6 ) 11.9 13.5 (8.6 ) 4.9 License agreements 5 5.4 (5.3 ) 0.1 6.8 (6.7 ) 0.1 Other 15 3.9 (3.2 ) 0.7 7.0 (6.6 ) 0.4 Total 15 $ 118.4 $ (28.3 ) $ 90.1 66.3 (35.0 ) 31.3 Intangible asset amortization expense over the next five years is expected to be approximately $8.0 million in 2016, $7.5 million in 2017, $6.1 million in 2018, $6.0 million in 2019, and $6.0 million in 2020. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On October 21, 2015, MSA Safety Incorporated acquired Latchways plc and its affiliated companies, Latchways Australia Pty Limited ("LA"), Latchways Inc. ("LI"), HCL Group Plc ("HCL"), Height Solutions Limited ("HSL"), and Sigma 6 d.o.o. ('Sigma 6"), collectively referred to as ("Latchways"), for $190.9 million . There is no contingent consideration. The acquisition was funded through cash on hand and borrowings on our $125.0 million unsecured senior revolving credit facility. Please refer to Note 11, Short-Term and Long-Term Debt for further details. Latchways is a global provider of innovative fall protection systems based in the United Kingdom. Latchways solutions are found throughout the aerospace, power transmission, utility and telecommunication sectors, and Latchways products are integrated with major roofing and tower systems. In addition to providing us with greater access to the fall protection market, we believe that the acquisition significantly enhances our long-term corporate strategy in fall protection by providing us with world-class research and development talent and an industry-leading product line. While Latchways products will be sold globally, its operations will most significantly impact our European segment. The following table summarizes the preliminary fair values of the Latchways assets acquired and liabilities assumed at the date of acquisition: (In millions) October 21, 2015 Current assets (including cash of $10.6 million) $ 35.7 Property, plant and equipment 9.5 Trade name and acquired technology 14.6 Customer-related intangibles 53.0 Goodwill 98.0 Total assets acquired 210.8 Total liabilities assumed 19.9 Net assets acquired $ 190.9 The amounts in the table above are subject to change upon completion of the valuation of the assets acquired and liabilities assumed. This valuation is expected to be completed by mid-2016. Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their fair values. Fair values were determined by management, based, in part on an independent valuation performed by a third party valuation specialist. The valuation methods used to determine the fair value of intangible assets included the excess earnings approach for customer relationships and technology related intangible assets; the relief from royalty method for trade name; and the cost method for assembled workforce which is included in goodwill. A number of significant assumptions and estimates were involved in the application of these valuation methods, including sales volumes and prices, costs to produce, tax rates, capital spending, discount rates, and working capital changes. Cash flow forecasts were generally based on Latchways pre-acquisition forecasts coupled with estimated MSA sales synergies. Identifiable intangible assets with finite lives are subject to amortization over their estimated useful lives. The identifiable intangible assets acquired in the Latchways transaction will be amortized over an estimated amortization period of 15 years . Estimated future amortization expense related to these identifiable intangible assets is approximately $4.5 million in each of the next five years. The step up to fair value of acquired inventory as part of the purchase price allocation totaled $1.6 million . Estimated depreciation of this step up in inventory value is expected to be approximately $0.7 million in 2016. Estimated future depreciation expense related to Latchways property, plant and equipment is approximately $0.9 million in each of the next five years. Goodwill is calculated as the excess of the purchase price over the fair value of net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Among the factors that contributed to a purchase price in excess of the fair value of the net tangible and intangible assets acquired were the acquisition of an assembled workforce, the expected synergies and other benefits that we believe will result from combining the operations of Latchways with our operations. Goodwill related to the Latchways acquisition has been recorded in our reportable segments as follows: $96.6 million in the European segment and $1.4 million in North American segment. Goodwill is not expected to be tax deductible. Our results for the year ended December 31, 2015, include transaction costs of $5.0M , of which $2.8M is expected to be non-deductible for tax purposes. Integration costs related to the Latchways acquisition totaled $2.5 million ( $1.6 million after tax). These costs are reported in selling, general and administrative expenses. The operating results of Latchways have been included in our consolidated financial statements from the acquisition date through December 31, 2015. Our results for the year ended December 31, 2015 include Latchways sales and net loss of $10.1 million and ($0.7) million , respectively. Excluding transaction and integration costs, Latchways had no impact on our 2015 fourth quarter net income. The following unaudited pro forma information presents our combined results as if the acquisition had occurred at the beginning of 2014. The unaudited pro forma financial information was prepared to give effect to events that are (1) directly attributable to the merger; (2) factually supportable; and (3) expected to have a continuing impact on the combined company’s results. There were no material transactions between us and Latchways during the periods presented that are required to be eliminated. Transactions between Latchways companies during the periods presented have been eliminated in the unaudited pro forma condensed combined financial information. Pro forma adjustments were also made to the 2015 information to remove the effects of one-time transaction and integration costs. The unaudited pro forma financial information does not reflect any cost savings, operating synergies or revenue enhancements that the combined company may achieve as a result of the acquisitions or the costs to integrate the operations or the costs necessary to achieve cost savings, operating synergies or revenue enhancements. Pro forma financial information (Unaudited) (In millions, except per share amounts) 2015 2014 Net sales $ 1,172 $ 1,192 Income from continuing operations 77.8 94.8 Basic earnings per share from continuing operations 2.09 2.55 Diluted earnings per share from continuing operations 2.06 2.51 The unaudited pro forma condensed combined financial information is presented for information purposes only and is not intended to represent or be indicative of the combined results of operations or financial position that we would have reported had the acquisitions been completed as of the date and for the periods presented, and should not be taken as representative of our consolidated results of operations or financial condition following the acquisitions. In addition, the unaudited pro forma condensed combined financial information is not intended to project the future financial position or results of operations of the combined company. The unaudited pro forma financial information was prepared using the acquisition method of accounting under existing GAAP. MSA has been treated as the acquirer. |
Pensions and Other Post-retirem
Pensions and Other Post-retirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pensions and Other Post-retirement Benefits | Pensions and Other Post-retirement Benefits We maintain various defined benefit and defined contribution plans covering the majority of our employees. Our principal U.S. plan is funded in compliance with the Employee Retirement Income Security Act (ERISA). It is our general policy to fund current costs for the international plans, except in Germany and Mexico, where it is common practice and permissible under tax laws to accrue book reserves. We provide health care benefits and limited life insurance for certain retired employees who are covered by our principal U.S. defined benefit pension plan until they become Medicare-eligible. Information pertaining to defined benefit pension plans and other post-retirement benefits plans is provided in the following table: Pension Benefits Other Benefits (In thousands) 2015 2014 2015 2014 Change in Benefit Obligations Benefit obligations at January 1 $ 519,194 $ 440,359 $ 26,851 $ 26,732 Service cost 11,517 9,425 444 538 Interest cost 18,314 19,340 863 1,107 Participant contributions 105 130 255 259 Plan amendments 604 (302 ) — — Actuarial (gains) losses (21,073 ) 88,069 (3,998 ) (200 ) Benefits paid (19,261 ) (19,193 ) (1,441 ) (1,585 ) Settlements (2,094 ) (717 ) — — Currency translation (16,126 ) (17,917 ) — — Benefit obligations at December 31 491,180 519,194 22,974 26,851 Change in Plan Assets Fair value of plan assets at January 1 445,299 434,569 — — Actual return on plan assets (4,754 ) 30,209 — — Employer contributions 4,058 4,077 1,186 1,326 Participant contributions 105 130 255 259 Settlements (2,094 ) (717 ) — — Benefits paid (16,979 ) (16,507 ) (1,441 ) (1,585 ) Reimbursement of German benefits (2,282 ) (2,686 ) — — Administrative Expenses Paid 6 — — — Currency translation (4,271 ) (3,776 ) — — Fair value of plan assets at December 31 419,088 445,299 — — Funded Status Funded status at December 31 (72,092 ) (73,895 ) (22,974 ) (26,851 ) Unrecognized transition losses 12 16 — — Unrecognized prior service cost (credit) 525 10 (1,524 ) (1,858 ) Unrecognized net actuarial losses 188,531 192,692 2,117 6,450 Net amount recognized 116,976 118,823 (22,381 ) (22,259 ) Amounts Recognized in the Balance Sheet Noncurrent assets 62,072 75,017 — — Current liabilities (5,033 ) (5,380 ) (1,382 ) (1,457 ) Noncurrent liabilities (129,131 ) (143,532 ) (21,592 ) (25,394 ) Net amount recognized (72,092 ) (73,895 ) (22,974 ) (26,851 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial losses 188,531 192,692 2,425 6,450 Prior service cost (credit) 525 10 (1,523 ) (1,858 ) Unrecognized net initial obligation 12 16 — — Total (before tax effects) 189,068 192,718 902 4,592 Accumulated Benefit Obligations for all Defined Benefit Plans 453,382 479,764 — — Pension Benefits Other Benefits (In thousands) 2015 2014 2013 2015 2014 2013 Components of Net Periodic Benefit Cost Service cost $ 11,517 $ 9,425 $ 11,132 $ 444 $ 538 $ 687 Interest cost 18,314 19,340 17,934 863 1,107 1,050 Expected return on plan assets (34,130 ) (32,944 ) (30,884 ) — — — Amortization of transition amounts 2 2 3 — — — Amortization of prior service cost (credit) 66 84 102 (335 ) (335 ) (424 ) Recognized net actuarial losses 15,545 8,639 13,323 27 182 552 Settlement loss 641 290 658 — — — Termination benefits — — — — — — Net periodic benefit cost 11,955 4,836 12,268 999 1,492 1,865 Actuarial gains and losses are amortized over the average future working lifetime of the active population in the plan using the projected unit credit method. This approximates 10 years . Amounts included in accumulated other comprehensive income expected to be recognized in 2016 net periodic benefit costs. (In thousands) Pension Benefits Other Benefits Loss recognition $ 12,254 $ 11 Prior service cost (credit) recognition 61 (335 ) Transition obligation recognition 2 — Pension Benefits Other Benefits 2015 2014 2015 2014 Assumptions used to determine benefit obligations Average discount rate 3.92 % 3.63 % 4.20 % 3.85 % Rate of compensation increase 3.06 % 3.03 % — — Assumptions used to determine net periodic benefit cost Average discount rate 3.63 % 4.54 % 3.85 % 4.62 % Expected return on plan assets 8.17 % 8.20 % — — Rate of compensation increase 3.03 % 3.06 % — — Discount rates were determined using various corporate bond indexes as indicators of interest rate levels and movements and by matching our projected benefit obligation payment stream to current yields on high quality bonds. The expected return on assets for the 2015 net periodic pension cost was determined by multiplying the expected returns of each asset class (based on historical returns) by the expected percentage of the total portfolio invested in that asset class. A total return was determined by summing the expected returns over all asset classes. Pension Plan Assets at December 31, 2015 2014 Equity securities 67 % 65 % Fixed income securities 24 26 Pooled investment funds 5 5 Insurance contracts 3 3 Cash and cash equivalents 1 1 Total 100 % 100 % The overall objective of our pension investment strategy is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and meet other cash requirements of our pension funds. Investment policies for our primary U.S. pension plan are determined by the plan’s Investment Committee and set forth in the plan’s investment policy. Asset managers are granted discretion for determining sector mix, selecting securities and timing transactions, subject to the guidelines of the investment policy. An aggressive, flexible management of the portfolio is permitted and encouraged, with shifts of emphasis among equities, fixed income securities and cash equivalents at the discretion of each manager. No target asset allocations are set forth in the investment policy. For our non-U.S. pension plans, our investment objective is generally met through the use of pooled investment funds and insurance contracts. The following table summarizes our pension plan assets measured at fair value on a recurring basis by fair value hierarchy level (See Note 17): December 31, 2015 (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Equity securities $ 225,191 $ 55,428 $ — $ 280,619 Fixed income securities 29,903 70,164 — 100,067 Pooled investment funds — 19,345 — 19,345 Insurance contracts — — 13,681 13,681 Cash and cash equivalents 5,376 — — 5,376 Total 260,470 144,937 13,681 419,088 December 31, 2014 (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Equity securities $ 233,156 $ 54,614 $ 248 $ 288,018 Fixed income securities 41,447 72,412 505 114,364 Pooled investment funds — 22,623 — 22,623 Insurance contracts — — 15,069 15,069 Cash and cash equivalents 5,225 — — 5,225 Total 279,828 149,649 15,822 445,299 Equity securities consist primarily of publicly traded U.S. and non-U.S. common stocks. Equities are valued at closing prices reported on the listing stock exchange. Fixed income securities consist primarily of U.S. government and agency bonds and U.S. corporate bonds. Fixed income securities are valued at closing prices reported in active markets or based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, and may include adjustments, for certain risks that may not be observable, such as credit and liquidity risks. Pooled investment funds consist of mutual and collective investment funds that invest primarily in publicly traded non-U.S. equity and fixed income securities. Pooled investment funds are valued at net asset values calculated by the fund manager based on fair value of the underlying securities. The underlying securities are generally valued at closing prices reported in active markets, quoted prices of similar securities, or discounted cash flows approach that maximizes observable inputs such as current value measurement at the reporting date. Insurance contracts are valued in accordance with the terms of the applicable collective pension contract. The fair value of the plan assets equals the discounted value of the expected cash flows of the accrued pensions which are guaranteed by the counterparty insurer. Cash equivalents consist primarily of money market and similar temporary investment funds. Cash equivalents are valued at closing prices reported in active markets. The preceding methods may produce fair value measurements that are not indicative of net realizable value or reflective of future fair values. Although we believe the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table presents a reconciliation of Level 3 assets: (In thousands) Insurance Contracts Other Balance January 1, 2014 $ 13,512 $ 780 Net realized and unrealized gains included in earnings 1,345 (180 ) Net purchases, issuances and settlements 212 505 Transfers into Level 3 — (352 ) Balance December 31, 2014 15,069 753 Net realized and unrealized gains included in earnings (1,526 ) (64 ) Net purchases, issuances and settlements 138 (184 ) Transfers out of Level 3 — (505 ) Balance December 31, 2015 13,681 — We expect to make net contributions of $6.2 million to our pension plans in 2016 which are primarily associated with our European and International segments. For the 2015 beginning of the year measurement purposes (net periodic benefit expense), 6.5% increase in the costs of covered health care benefits was assumed decreasing by 0.5% for each successive year to 4.5% in 2019 and thereafter. For the 2015 end of the year measurement purposes (benefit obligation), 6.5% increase in the costs of covered health care benefits was assumed decreasing by 0.5% for each successive year to 4.5% in 2020 and thereafter. A one -percentage-point change in assumed health care cost trend rates would have increased or decreased the other post-retirement benefit obligations and current year plan expense by approximately $1.1 million and $1.0 million , respectively. Expense for defined contribution pension plans was $6.8 million in 2015 , $6.5 million in 2014 and $5.8 million in 2013. Estimated pension benefits to be paid under our defined benefit pension plans during the next five years are $20.2 million in 2016, $21.0 million in 2017, $22.0 million in 2018, $22.7 million in 2019, $24.3 million in 2020, and are expected to aggregate $139.2 million for the five years thereafter. Estimated other post-retirement benefits to be paid during the next 5 years are $1.4 million in 2016, $1.5 million in 2017, $1.7 million in 2018, $1.8 million in 2019, $1.8 million in 2020, and are expected to aggregate $8.5 million for the five years thereafter. |
Other Income (Loss), Net
Other Income (Loss), Net | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income (Loss), Net | Other Income (Loss), Net (In thousands) 2015 2014 2013 Interest income $ 1,525 $ 1,822 $ 1,142 Gain on asset dispositions, net 1,724 2,094 436 Land impairment loss — (50 ) (1,557 ) Disposal of non-core product lines (4,223 ) — — Impairment of intangible assets (723 ) — — Other, net 836 (1,101 ) (196 ) Total $ (861 ) $ 2,765 $ (175 ) During the year ended December 31, 2015, we recorded $4.2 million of losses associated with the disposal of net assets related to the Safety Works business in our North American Segment. A discounted cash flow valuation was also performed and showed that the book value of intangible assets used to support certain non-core product sales exceeded their fair value by $0.7 million in our North American Segment. Additionally, we recognized a $2.0 million gain on the sale of property in Australia as the Company continues to right-size operations and optimize its global footprint. During the year ended December 31, 2014, we recognized a $2.2 million gain on the sale of detector tube assets. All proceeds associated with this transaction were collected in 2014. Under the terms of the transitional agreements, we continued to manufacture and sell detector tubes on behalf of the buyer until mid-2014. During the year ended December 31, 2013, impairment charges were taken on land not used in operations. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Leases We lease office space, manufacturing and warehouse facilities, automobiles and other equipment under operating lease arrangements. Rent expense was $10.8 million in 2015 , $11.7 million in 2014 and $12.9 million in 2013 . Minimum rent commitments under noncancellable leases are $11.2 million in 2016 , $9.5 million in 2017 , $7.4 million in 2018 , $6.1 million in 2019 , $4.6 million in 2020 and $12.6 million thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments As part of our currency exchange rate risk management strategy, we enter into certain derivative foreign currency forward contracts that do not meet the GAAP criteria for hedge accounting, but which have the impact of partially offsetting certain foreign currency exposures. We account for these forward contracts on a full mark-to-market basis and report the related gains or losses in currency exchange losses (gains) in the consolidated statement of income. At December 31, 2015 , the notional amount of open forward contracts was $58.6 million and the unrealized loss on these contracts was $0.2 million . All open forward contracts will mature during the first quarter of 2016. The following table presents the balance sheet location and fair value of assets and liabilities associated with derivative financial instruments. December 31, (In thousands) 2015 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts: other current liabilities $ 581 $ 429 Foreign exchange contracts: other current assets 401 34 The following table presents the income statement location and impact of derivative financial instruments: (In thousands) Income Statement Location Loss Recognized in Income Year ended December 31, 2015 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts Currency exchange loss $ 2,187 $ 2,002 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are: Level 1—Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3—Unobservable inputs for the asset or liability. The valuation methodologies we used to measure financial assets and liabilities were limited to the pension plan assets described in Note 14 and the derivative financial instruments described in Note 17. See Note 14 for the fair value hierarchy classification of pension plan assets. We estimate the fair value of the derivative financial instruments, consisting of foreign currency forward contracts, based upon valuation models with inputs that generally can be verified by observable market conditions and do not involve significant management judgment. Accordingly, the fair values of the derivative financial instruments are classified within Level 2 of the fair value hierarchy. With the exception of fixed rate long-term debt, we believe that the reported carrying amounts of our financial assets and liabilities approximate their fair values. The reported carrying amount of long-term debt (including the current portion) was $140.0 million and $146.7 million at December 31, 2015 and 2014, respectively. The fair value of this debt was $145.2 million and $153.4 million at December 31, 2015 and 2014, respectively. The fair value of this debt was determined by evaluating like rated companies with publicly traded bonds and recent market transactions. The fair value of this debt was determined using Level 2 inputs as described above. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Product Liability The Company categorizes the product liability losses of its subsidiary MSA LLC into two main categories: single incident and cumulative trauma. Single incident product liability claims involve discrete incidents that are typically known to us when they occur and involve observable injuries which provide an objective basis for quantifying damages. MSA LLC estimates its liability for single incident product liability claims based on expected settlement costs for reported claims and an estimate of costs for unreported claims (claims incurred but not reported or IBNR). The estimate for IBNR claims is based on experience, sales volumes, and other relevant information. The reserve for single incident product liability claims, which includes reported and IBNR claims, at December 31, 2015 and 2014 was $3.5 million in each year. Single incident product liability expense during the year ended December 31, 2015 was $0.9 million and was not significant for the year ended December 31, 2014. Single incident product liability exposures are evaluated on an ongoing basis and adjustments are made to the reserve as appropriate. Cumulative trauma product liability claims involve exposures to harmful substances ( e.g. , silica, asbestos and coal dust) that occurred many years ago and may have developed over long periods of time into diseases such as silicosis, asbestosis, or coal worker’s pneumoconiosis. MSA LLC is presently named as a defendant in 1,988 lawsuits, some of which involve multiple plaintiffs, in which plaintiffs allege to have contracted certain cumulative trauma diseases. These lawsuits mainly involve respiratory protection products allegedly manufactured and sold by MSA LLC or its predecessors. A summary of cumulative trauma product liability lawsuit activity follows: 2015 2014 2013 Open lawsuits, January 1 2,326 2,840 2,609 New lawsuits 340 542 489 Settled and dismissed lawsuits (678 ) (1,056 ) (258 ) Open lawsuits, December 31 1,988 2,326 2,840 As reflected in the roll-forward above, during the 2014 fourth quarter and extending into January 2015, MSA LLC resolved a number of cumulative trauma cases, the vast majority of which were insured. The settlements were recorded in both the insurance and product liability line under current liabilities, and in the insurance receivable in the other non-current asset section of the consolidated balance sheet. More than half of the open lawsuits at December 31, 2015 have had a de minimis level of activity over the last 5 years. It is possible that these cases could become active again at any point due to changes in circumstances. Cumulative trauma product liability litigation has been difficult to predict. In our past experience, it has typically not been until very late in the legal process that we can reasonably determine whether it is probable that any particular case will ultimately result in a liability. This uncertainty is caused by many factors; Cumulative trauma litigation is inherently unpredictable. Complaints generally do not provide information sufficient to determine if a lawsuit will develop into an actively litigated case. Even when a case is actively litigated, it is often difficult to determine if the lawsuit will be dismissed or otherwise resolved until late in the lawsuit. Moreover, even if it is probable that such a lawsuit will result in a loss; it is often difficult to estimate the amount of actual loss that will be incurred. These actual loss amounts are highly variable and turn on a case-by-case analysis of the relevant facts, which are often not learned until late in the lawsuit. In addition, there are uncertainties concerning the impact of bankruptcies of other companies that are co-defendants in claims, uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, and uncertainties regarding the impact of potential changes in legislative or judicial standards. Consequently, MSA LLC historically has been unable to estimate its cumulative trauma product liability exposure. In 2014, MSA LLC engaged an outside valuation consultant to assist in assessing its ability to estimate MSA LLC's cumulative trauma product liability exposure. This assessment was based on MSA LLC’s cumulative claims experience, including recent claims trends, and the development of enhanced claims data analytics. The analysis focused on claims made or resolved over the last several years as these claims are likely to best represent future claim characteristics. After review by the valuation consultant, outside legal counsel, and Management, it was determined that MSA LLC could not estimate its liability for reported or IBNR cumulative trauma product liability claims. The cumulative product liability reserve totaled $74.9 million at December 31, 2014, comprising of $35.1 million in other non-current liabilities and the remainder recorded in the insurance and product liability line in the other current liabilities section of the consolidated balance sheet. These amounts relate to settlements that were reached in 2014 and 2015 that will be paid out in 2015 and 2016. In 2015, Management continued to work with the outside valuation consultant and outside legal counsel to develop a method to provide a reasonable estimate for certain reported claims by using appropriate assumptions based on our unique circumstances. As a result, we've established a reserve for these reported claims that we believe represents our best estimate of potential loss at December 31, 2015. The change in ability to estimate was driven by the maturation of MSA LLC’s defense efforts and an additional year of claims experience. Management’s claims experience has now advanced to a level that enables us to develop a reserve of potential loss. As a result, for certain reported claims, we estimated a liability of $7.1 million as of December 31, 2015. This amount has been added to the product liability reserve and the insurance receivable (see below). The product liability reserve for cumulative trauma totals $50.1 million , and is recorded in the insurance and product liability line within current liabilities in the consolidated balance sheet. To arrive at the estimate for certain reported claims, it was necessary to employ significant assumptions. In light of these significant assumptions, and all of the uncertainties inherent in cumulative trauma product liability litigation noted above, there can be no assurance that future experience with reported claims will follow MSA LLC’s past experience. Thus, the reserve of $7.1 million as of December 31, 2015 should be viewed as simply an estimate of a possible outcome for those reported claims where our experience allows us to reasonably make an estimate. Actual liabilities could vary greatly and we will need to adjust the estimate from time to time based on relevant facts and circumstances. If actual experience is worse than projected, it is likely that the estimate would increase, and these increases could potentially be material over time. The uncertainties noted above relating to our cumulative trauma product liability litigation are particularly acute in the case of IBNR claims, which by definition are potential claims that have not yet been filed. Management continues to be unable to reasonably estimate, and therefore has not recorded any liability for, MSA LLC’s cumulative trauma IBNR claims. This determination was made by Management after review with its valuation consultant and outside legal counsel. Our aggregate cumulative trauma product liability losses and administrative and defense costs for the three years ended December 31, 2015, totaled approximately $156.1 million , substantially all of which was insured. Because litigation is subject to inherent uncertainties, and unfavorable rulings or developments could occur, there can be no certainty that MSA LLC may not ultimately incur charges in excess of presently recorded liabilities. The estimate does not purport to reflect MSA LLC’s overall claims exposure for either reported claims or future claims as noted above. Although it is impossible to predict the ultimate outcome of current open claims, based on current information, our experience in handling these matters, and our substantial insurance program, we do not believe that the resolution of these claims will have a material adverse effect on our future financial condition or liquidity. On February 26, 2016, a Kentucky state court jury in the James Couch claim rendered a verdict against subsidiary MSA LLC of $7.2 million dollars. Judgment has not yet been entered on the verdict. The Company is currently evaluating all available legal options. Outside legal counsel advises that the Company has strong grounds to appeal this decision. Insurance Receivable With some common contract exclusions, we maintain insurance for cumulative trauma product liability claims. We have purchased insurance policies for the policy years from 1952-1986 from over 20 different insurance carriers that provide coverage for cumulative trauma product liability losses and, in many instances, related defense costs (the "Occurrence-Based Policies"). The available limits of these policies exceed the recorded insurance receivable balance. After 1986, the Company’s insurance policies have significant per claim deductibles. Based on this, the Company does not expect to be materially reimbursed for any claims alleging exposures that occurred entirely after this date. In the normal course of business, we make payments to settle product liability claims and for related defense costs. We record receivables for the amounts that are covered by insurance. Since December 31, 2014, the insurance receivable has increased by $9.0 million as a result of the above noted settlements and related defense costs. Various factors could affect the timing and amount of recovery of the insurance receivable, including the outcome of negotiations with insurers, legal proceedings with respect to product liability insurance coverage and the extent to which insurers may become insolvent in the future. Insurance receivables at December 31, 2015 totaled $229.5 million , of which $2.0 million is reported in other current assets and $227.5 million in other non-current assets. Insurance receivables at December 31, 2014 totaled $220.5 million , of which $2.0 million is reported in other current assets and $218.5 million in other non-current assets. A summary of insurance receivable balances and activity related to cumulative trauma product liability losses follows: (In millions) 2015 2014 2013 Balance January 1 $ 220.5 $ 124.8 $ 130.0 Additions 17.3 98.2 34.0 Collections and settlements (8.3 ) (2.5 ) (39.2 ) Balance December 31 $ 229.5 $ 220.5 $ 124.8 Additions to insurance receivables in the above table represent insured cumulative trauma product liability losses and related defense costs. Uninsured cumulative trauma product liability losses during the year ended December 31, 2015 , 2014 , and 2013 were $1.0 million , $3.9 million and $1.7 million , respectively. Collections primarily represent agreements with insurance companies to pay amounts due that are applicable to cumulative trauma claims. When there are contingencies embedded in these agreements, we apply payments to the insurance receivable in the period when the contingency is met. In cases where the payment stream covers multiple years and there are no contingencies, the present value of the payments is recorded as a note receivable (current and long-term) in the balance sheet within prepaid expenses and other current assets and other noncurrent assets. MSA LLC believes that the increase in its insurance receivable balance that it has experienced since 2005 is primarily due to disagreements among its insurance carriers, and consequently with MSA LLC, as to when the individual obligations of insurance carriers to pay are triggered and the amount of each insurer’s obligation, as compared to other insurers. MSA LLC believes that its insurers do not contest that they have issued policies to our subsidiaries or that these policies cover cumulative trauma product liability claims. We believe that successful resolution of insurance litigation with various insurance carriers in recent years demonstrates that we have strong legal positions concerning MSA LLC's rights to coverage. The collectability of MSA LLC's insurance receivables is regularly evaluated and we believe that the amounts recorded are probable of collection. These conclusions are based on analysis of the terms of the underlying insurance policies, experience in successfully recovering cumulative trauma product liability claims from our insurers under other policies, the financial ability of the insurance carriers to pay the claims, understanding and interpretation of the relevant facts and applicable law and the advice of MSA LLC's outside legal counsel. Insurance Litigation MSA LLC is currently involved in insurance coverage litigation with a number of our insurance carriers regarding its Occurrence-Based Policies. In 2009, MSA LLC (as Mine Safety Appliances Company) sued The North River Insurance Company (North River) in the United States District Court for the Western District of Pennsylvania, alleging that North River breached one of its insurance policies by failing to pay amounts owed to MSA LLC and that it engaged in bad-faith claims handling. MSA LLC believes that North River’s refusal to indemnify it under the policy for product liability losses and legal fees paid by MSA LLC is wholly contrary to Pennsylvania law and MSA LLC is vigorously pursuing the legal actions necessary to collect all due amounts. A trial date has not yet been scheduled. In 2010, North River sued MSA LLC (as Mine Safety Appliances Company) in the Court of Common Pleas of Allegheny County, Pennsylvania seeking a declaratory judgment concerning their responsibilities under three additional policies. MSA LLC asserted claims against North River for breaches of contract for failures to pay amounts owed to MSA LLC. MSA LLC also alleges that North River engaged in bad-faith claims handling. MSA LLC believes that North River’s refusal to indemnify us under these policies for product liability losses and legal fees paid by MSA LLC is wholly contrary to Pennsylvania law and MSA LLC is vigorously pursuing the legal actions necessary to collect all due amounts. Trial is currently scheduled for September 2016. In July 2010, MSA LLC (as Mine Safety Appliances Company) filed a lawsuit in the Superior Court of the State of Delaware seeking declaratory and other relief from the majority of its excess insurance carriers concerning the future rights and obligations of MSA LLC and its excess insurance carriers under various insurance policies. The reason for this insurance coverage action is to secure a comprehensive resolution of its rights under the insurance policies issued by the insurers. Trial is currently scheduled for May 2016. MSA LLC has resolved claims against certain of its insurance carriers on some of their policies, including the Occurrence-Based Policies through negotiated settlements. When a settlement is reached, MSA LLC dismisses the settling carrier from relevant above noted lawsuit(s). Assuming satisfactory resolution, once disputes are resolved with each of the remaining carriers responsible for the Occurrence-Based Policies, MSA LLC anticipates having commitments to provide future payment streams which should be sufficient to satisfy its recorded receivables due from insurance carriers. In addition, MSA LLC likely will retain some coverage through coverage-in-place agreements, although that coverage may not be immediately accessible. When these insurance coverage matters are fully resolved, MSA LLC (and its coverage-in-place carriers, where applicable) will be responsible for expenses related to cumulative trauma product liability claims. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Discontinued Operations - As of December 31, 2015, the Company was actively negotiating the sale of substantially all of the assets and liabilities of its South African personal protective equipment distribution business and its Zambian operations with a potential acquirer. The transaction closed on February 29, 2016. The Company received $15.9 million from the closing of this transaction. The impact of the sale is not significant to net income or earnings per share. The operations of this business qualify as a component of an entity under FASB ASC 205-20 "Presentation of Financial Statements - Discontinued Operations", and thus the operations have been reclassified as discontinued operations and prior periods have been reclassified to conform to this presentation. Summarized financial information for discontinued operations is as follows: Year ended December 31, (In thousands) 2015 2014 2013 Discontinued Operations Net sales $ 43,043 $ 47,516 $ 52,692 Other income, net 580 660 40 Cost and expenses: Cost of products sold 34,764 38,259 41,181 Selling, general and administrative 6,680 7,650 7,389 Restructuring and other charges 14 — — Currency exchange losses (gains), net 266 (116 ) (325 ) Income from discontinued operations before income taxes 1,899 2,383 4,487 Provision for income taxes 574 607 1,426 Income from discontinued operations, net of tax 1,325 1,776 3,061 The following assets and liabilities are included in the balance sheet line items noted below and are included in the International Segment detail in Note 7. December 31, (In thousands) 2015 2014 Discontinued Operations assets and liabilities Trade receivables, less allowance for doubtful accounts $ 4,832 $ 6,638 Inventories 8,499 11,829 Net property 449 342 Other assets 791 2,022 Total assets 14,571 20,831 Accounts payable 2,745 5,263 Accrued and other liabilities 748 991 Total liabilities 3,493 6,254 Net assets 11,078 14,577 The following summary provides financial information for discontinued operations related to net loss (income) related to noncontrolling interests: Year ended December 31, (In thousands) 2015 2014 2013 Net loss (income) attributable to noncontrolling interests Loss from continuing operations $ 2,971 $ 1,296 $ 870 Loss (income) from discontinued operations (108 ) (717 ) (672 ) Net loss 2,863 579 198 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) 2015 Quarters Year (In thousands, except earnings per share) 1st 2nd 3rd 4th Continuing Operations: Net sales $ 256,708 $ 287,011 $ 273,746 $ 313,318 $ 1,130,783 Gross profit 116,823 130,489 119,781 134,010 501,103 Net income attributable to MSA Safety Incorporated 9,316 23,722 15,712 20,840 69,590 Earnings per share* Basic 0.25 0.63 0.42 0.56 1.86 Diluted 0.25 0.62 0.41 0.55 1.84 Discontinued Operations: Net sales 11,157 11,384 11,648 8,854 43,043 Gross profit 2,167 2,326 2,170 1,616 8,279 Net income attributable to MSA Safety Incorporated 366 576 264 11 1,217 Earnings per share* Basic 0.01 0.02 0.01 — 0.03 Diluted 0.01 0.01 0.01 — 0.03 2014 Quarters Year (In thousands, except earnings per share) 1st 2nd 3rd 4th Continuing Operations: Net sales $ 265,045 $ 282,493 $ 275,159 $ 311,188 $ 1,133,885 Gross profit 121,815 129,670 123,723 140,141 515,349 Net income attributable to MSA Safety Incorporated 13,522 22,132 18,674 33,119 87,447 Earnings per share* Basic 0.37 0.59 0.50 0.88 2.34 Diluted 0.36 0.58 0.49 0.87 2.30 Discontinued Operations: Net sales 10,060 10,589 14,645 12,222 47,516 Gross profit 2,363 2,134 2,638 2,122 9,257 Net income attributable to MSA Safety Incorporated 504 356 631 (432 ) 1,059 Earnings (loss) per share* Basic 0.01 0.01 0.02 (0.01 ) 0.03 Diluted 0.01 0.01 0.02 (0.01 ) 0.03 * Per share amounts are calculated independently for each period presented; therefore, the sum of the quarterly per share amounts may not equal the per share amounts for the year. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | 2015 2014 2013 (In thousands) Allowance for doubtful accounts: Balance at beginning of year $ 7,821 $ 7,306 $ 7,402 Additions— Charged to costs and expenses 1,676 1,249 763 Deductions— Deductions from reserves, net (1)(2) 1,308 734 859 Balance at end of year 8,189 7,821 7,306 Income tax valuation allowance: Balance at beginning of year $ 3,763 $ 4,938 $ 3,961 Additions— Charged to costs and expenses (3) 1,390 — 977 Deductions— Deductions from reserves (3) — 1,175 — Balance at end of year 5,153 3,763 4,938 (1) Bad debts written off, net of recoveries. (2) Activity for 2015, 2014 and 2013 includes currency translation (losses) of $(535) , $(332) and $(121) , respectively. (3) Activity for 2015, 2014 and 2013 includes currency translation gains (losses) of $392 , $(643) and $242 , respectively. |
Significant Accounting Polici31
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation— The Consolidated Financial Statements of MSA Safety Incorporated ("MSA" or "the Company") are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and require management to make certain judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. They also may affect the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates upon subsequent resolution of identified matters. Certain segment results in previously issued consolidated financial statements were recast to conform to the current period presentation. Refer to Note 7 for further information regarding MSA's segment allocation methodology. |
Principles of Consolidation | Principles of Consolidation— The consolidated financial statements include the accounts of the Company and all subsidiaries. Intercompany accounts and transactions are eliminated. |
Noncontrolling Interests | Noncontrolling Interests— Noncontrolling interests reflect noncontrolling shareholders’ investments in certain consolidated subsidiaries and their proportionate share of the income and accumulated other comprehensive income of those subsidiaries. |
Currency Translation | Currency Translation— The functional currency of all significant non-U.S. subsidiaries is the local currency. Assets and liabilities of these operations are translated at year-end exchange rates. Income statement accounts are translated using the average exchange rates for the reporting period. Translation adjustments for these companies are reported as a component of shareholders’ equity and are not included in income. Foreign currency transaction gains and losses are included in net income for the reporting period. |
Cash Equivalents | Cash Equivalents— Cash equivalents include temporary deposits with financial institutions and highly liquid investments with original maturities of 90 days or less. |
Restricted Cash | Restricted Cash— Restricted cash, which is designated for use other than current operations, is included in prepaid expenses and other current assets in the Consolidated Balance Sheet. Restricted cash balances were $2.4 million and $2.7 million at December 31, 2015 and December 31, 2014, respectively. These balances were used to support letter of credit balances. |
Inventories | Inventories— Inventories are stated at the lower of cost or market. Most U.S. inventories are valued on the last-in, first-out (LIFO) cost method. Other inventories are valued on the average cost method or at standard costs which approximate actual costs. It is the Company’s general policy to write-down any inventory that is identified as obsolete and any inventory that has aged or has not moved in more than twenty-four months . |
Property and Depreciation | Property and Depreciation— Property is recorded at cost. Depreciation is computed using straight-line and accelerated methods over the estimated useful lives of the assets, generally as follows: buildings 20 to 40 years and machinery and equipment 3 to 10 years. Expenditures for significant renewals and improvements are capitalized. Ordinary repairs and maintenance are expensed as incurred. Gains or losses on property dispositions are included in other income and the cost and related depreciation are removed from the accounts. Depreciation expense for the years ended December 31, 2015 , 2014 and 2013 was $26.9 million , $26.2 million and $27.1 million , respectively. Properties, plants, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets is determined by comparing the estimated undiscounted net cash flows of the operations related to the assets to their carrying amount. An impairment loss would be recognized when the carrying amount of the assets exceeds the estimated undiscounted net cash flows. The amount of the impairment loss to be recorded is calculated as the excess of the carrying value of the assets over their fair value, with fair value determined using the best information available, which generally is a discounted cash flow model. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets— Goodwill and Other Intangible assets are amortized on a straight-line basis over their useful lives. Intangible assets are reviewed for possible impairment whenever circumstances change such that the recorded value of the asset may not be recoverable. Goodwill is not amortized, but is subject to impairment assessments. We test the goodwill of each of our reporting units for impairment at least annually. The annual goodwill impairment assessment has historically been performed as of September 30 each year. The Company changed its annual impairment assessment date to October 1 as discussed below. All goodwill is assigned to reporting units. For this purpose, we consider our operating segments to be our reporting units. We test goodwill for impairment by either performing a qualitative evaluation or a two-step quantitative test. The qualitative evaluation is an assessment of various factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. Factors considered as part of the qualitative assessment include entity-specific industry, market and general economic conditions. We may elect to bypass the qualitative assessment for some or all of our reporting units and perform a two-step quantitative test. Quantitative testing involves estimating a reporting unit’s fair value. We estimate reporting unit fair value using discounted cash flow (DCF) and market approach methodologies as we believe both are equally important indicators of fair value. A number of significant assumptions and estimates are involved in the application of the DCF model, including sales volumes and prices, costs to produce, tax rates, capital spending, discount rates, and working capital changes. Cash flow forecasts are generally based on approved business unit operating plans for the early years and historical relationships in later years. The betas used in calculating the individual reporting units’ weighted average cost of capital (WACC) rate are estimated for each reporting unit based on peer data. The market approach methodology measures value through an analysis of peer companies. The analysis entails measuring the multiples of EBITDA at which peer companies are trading. In the event the estimated fair value of a reporting unit per the weighted average of the DCF and market approach models is less than the carrying value, additional analysis would be required. The additional analysis would compare the carrying amount of the reporting unit’s goodwill with the implied fair value of that goodwill, which may involve the use of valuation experts. The implied fair value of goodwill is the excess of the fair value of the reporting unit over the fair value amounts assigned to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit represented the purchase price. If the carrying value of goodwill exceeds its implied fair value, an impairment loss equal to such excess would be recognized, which could significantly and adversely impact reported results of operations and shareholders’ equity. There has been no impairment of our goodwill as of December 31, 2015. During the quarter ended December 31, 2015, the Company voluntarily changed the date of its annual goodwill impairment testing from the last day of the third fiscal quarter to the first day of the fourth fiscal quarter. This voluntary change is preferable under the circumstances as it provides the Company with additional time to complete its annual goodwill impairment testing in advance of its year-end reporting and results in better alignment with the timing of the Company’s long range planning and forecasting process. The voluntary change in accounting principle related to the annual testing date will not delay, accelerate or avoid an impairment charge. The change will be applied prospectively. |
Revenue Recognition | Revenue Recognition— Revenue from the sale of products is recognized when title, ownership and the risk of loss have transferred to the customer, which generally occurs either when product is shipped to the customer or, in the case of most U.S. distributor customers, when product is delivered to the customer’s delivery site. We establish our shipping terms according to local practice and market characteristics. We do not ship product unless we have an order or other documentation authorizing shipment to our customers. We make appropriate provisions for uncollectible accounts receivable and product returns, both of which have historically been insignificant in relation to our net sales. Certain distributor customers receive price rebates based on their level of purchases and other performance criteria that are documented in established distributor programs. These rebates are accrued as a reduction of net sales as they are earned by the customer. |
Shipping and Handling | Shipping and Handling— Shipping and handling expenses for products sold to customers are charged to cost of products sold as incurred. Amounts billed to customers for shipping and handling are included in net sales. |
Product Warranties | Product Warranties— Estimated expenses related to product warranties and additional service actions are charged to cost of products sold in the period in which the related revenue is recognized or when significant product quality issues are identified. |
Research and Development | Research and Development— Research and development costs are expensed as incurred. |
Income Taxes | Income Taxes— Deferred income taxes are provided for temporary differences between financial and tax reporting. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. We record tax benefits related to uncertain tax positions taken or expected to be taken on a tax return when such benefits meet a more likely than not threshold. We recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. No provision is made for possible U.S. taxes on the undistributed earnings of foreign subsidiaries that are considered to be reinvested indefinitely. |
Stock-Based Compensation | Stock-Based Compensation— We account for stock-based compensation in accordance with the FASB guidance on share-based payment, which requires that we recognize compensation expense for employee and non-employee director stock-based compensation based on the grant date fair value. Except for retirement-eligible participants, for whom there is no requisite service period, this expense is recognized ratably over the requisite service periods following the date of grant. For retirement-eligible participants, this expense is recognized at the grant date. |
Derivative Instruments | Derivative Instruments— We may use derivative instruments to minimize the effects of changes in currency exchange rates. We do not enter into derivative transactions for speculative purposes and do not hold derivative instruments for trading purposes. Changes in the fair value of derivative instruments designated as fair value hedges are recorded in the balance sheet as adjustments to the underlying hedged asset or liability. Changes in the fair value of derivative instruments that do not qualify for hedge accounting treatment are recognized in the income statement as currency exchange (income) loss in the current period. |
Commitments and Contingencies | Commitments and Contingencies— For asserted claims and assessments, liabilities are recorded when an unfavorable outcome of a matter is deemed to be probable and the loss is reasonably estimable. Management determines the likelihood of an unfavorable outcome based on many factors such as the nature of the matter, available defenses and case strategy, progress of the matter, views and opinions of legal counsel and other advisors, applicability and success of appeals processes, and the outcome of similar historical matters, among others. Once an unfavorable outcome is deemed probable, management weighs the probability of estimated losses, and the most reasonable loss estimate is recorded. If an unfavorable outcome of a matter is deemed to be reasonably possible, then the matter is disclosed and no liability is recorded. With respect to unasserted claims or assessments, management must first determine that the probability that an assertion will be made is likely, then, a determination as to the likelihood of an unfavorable outcome and the ability to reasonably estimate the potential loss is made. Legal matters are reviewed on a continuous basis to determine if there has been a change in management’s judgment regarding the likelihood of an unfavorable outcome or the estimate of a potential loss. Please refer to Note 19 Contingencies for further details on product liability related matters. |
Discontinued Operations and Assets Held For Sale | Discontinued Operations and Assets Held For Sale— For those businesses where management has committed to a plan to divest, each business is valued at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, an impairment loss is recognized. Fair value is estimated using accepted valuation techniques such as a discounted cash flow model, valuations performed by third parties, earnings multiples, or indicative bids, when available. A number of significant estimates and assumptions are involved in the application of these techniques, including the forecasting of markets and market share, sales volumes and prices, costs and expenses, and multiple other factors. Management considers historical experience and all available information at the time the estimates are made; however, the fair value that is ultimately realized upon the divestiture of a business may differ from the estimated fair value reflected in the Consolidated Financial Statements. Depreciation and amortization expense is not recorded on assets of a business to be divested once they are classified as held for sale. For businesses classified as discontinued operations, the results of operations are reclassified from their historical presentation to discontinued operations on the Consolidated Statement of Income, for all periods presented. The gains or losses associated with these divested businesses are recorded in discontinued operations on the Consolidated Statement of Income. Additionally, segment information does not include the operating results of businesses classified as discontinued operations for all periods presented. Management does not expect any continuing involvement with these businesses following their divestiture, and these businesses are expected to be disposed of within one year. |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted and Recently Issued Accounting Standards— In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of an Entity . This ASU amends the definition of a discontinued operation to include a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. This ASU was adopted on January 1, 2015. The adoption of this ASU may have a material effect on our consolidated financial statements in the event that we were to divest of a component that meets the definition of discontinued operations. In May 2014, the FASB issued ASU 2014-09, Revenue with Contracts from Customers . This ASU clarifies the principles for recognizing revenue such that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-15, Revenue with Contracts from Customers . This ASU defers the effective date of the standard until January 1, 2018. The Company is currently evaluating the impact that the adoption of these ASUs will have on the consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period . This ASU clarifies the accounting treatment for share based payment awards that contain performance targets. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern . This ASU clarifies management's responsibility to evaluate whether there is a substantial doubt about the entity's ability to continue as a going concern and provides guidance for related footnote disclosures. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items . This ASU eliminates the requirement to separately present and disclose extraordinary and unusual items in the financial statements. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis . This ASU changes the analysis that an entity must perform to determine whether it should consolidate certain types of legal entities. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs . This ASU simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued ASU 2015-15, I mputation of Interest - Simplifying the Presentation of Debt Issuance Costs . This ASU simplifies the presentation of debt issuance costs for line of credit arrangements. Both ASUs will be effective beginning in 2016. The adoption of these ASU is not expected to have a material effect on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-04, Retirement Benefits - Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets. This ASU allows entities with a fiscal year end that does not coincide with a month end to use the closest month end for measurement purposes. This ASU also allows entities that have a significant event in an interim period that calls for a remeasurement of defined benefit plan assets and obligations to use the month end date that is closest to the date of the significant event. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, Goodwill and Other Internal Use Software - Customer's Accounting for Fees Paid in a Cloud Computing Arrangement . This ASU clarifies when entities should account for fees paid in a cloud computing arrangement as a software license or service contract. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. This ASU requires inventory to be measured at the lower of cost and net realizable value. This ASU applies to inventory measured using the first-in, first-out (FIFO) or average cost methods only. This ASU will be effective beginning in 2017. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965) . This ASU simplifies complexities within employee benefit plan accounting including Fully Benefit-Responsive Investment Contracts, Plan Investment Disclosures, and the Measurement Date Practical Expedient. This ASU will be effective beginning in 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . This ASU simplifies the accounting for adjustments made to provisional amounts recognized in a business combination. The amendments in this Update eliminate the requirement to retrospectively account for those adjustments. This ASU will be effective beginning in 2016. MSA elected to early adopt this standard for the period ended December 31, 2015. The adoption of this ASU could have a material effect on our consolidated financial statements to the extent that measurement-period adjustments for business combinations are identified. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes . This ASU simplifies the presentation of deferred income taxes. The amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. MSA elected to early adopt this standard for the period ended December 31, 2015. We elected to apply the amendments in this update retrospectively. As such, we have reclassified $23.8 million and $ 7.0 thousand dollars previously reported in the 2014 Form 10-K as current deferred tax assets and other current liabilities on the Consolidated Balance Sheet, respectively, to non-current deferred tax assets and non-current deferred tax liabilities on the Consolidated Balance Sheet as of December 31, 2014. In February 2016, the FASB issued ASU 2016-02, Leases . This ASU requires lessees to record a right of use asset and a liability for virtually all leases. This ASU will be effective beginning in 2019. While the adoption of this ASU is expected to have a material effect on our consolidated balance sheet, the Company continues to evaluate the impact that the adoption of this ASU will have on the consolidated financial statements. |
Restructuring and Other Charg32
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Activity and reserve balances for restructuring charges by segment were as follows: (in millions) North America Europe International Corporate Total Reserve balances at January 1, 2013 $ 0.3 $ 2.5 $ 0.2 $ — $ 3.0 Restructuring charges — 3.0 2.3 — 5.3 Cash payments (0.3 ) (3.8 ) (2.5 ) — (6.6 ) Reserve balances at December 31, 2013 $ — $ 1.7 $ — $ — $ 1.7 Restructuring charges — 4.8 3.7 — 8.5 Asset disposals — (0.4 ) (1.7 ) — (2.1 ) Cash payments — (3.5 ) (1.8 ) — (5.3 ) Reserve balances at December 31, 2014 $ — $ 2.6 $ 0.2 $ — $ 2.8 Restructuring charges 2.0 3.3 5.4 1.6 12.3 Cash payments (0.9 ) (1.7 ) (3.9 ) (0.5 ) (7.0 ) Reserve balances at December 31, 2015 $ 1.1 $ 4.2 $ 1.7 $ 1.1 $ 8.1 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The following table sets forth the components of inventory: December 31, (In thousands) 2015 2014 Finished products $ 74,929 $ 89,595 Work in process 8,979 $ 8,942 Raw materials and supplies 85,643 68,885 Inventories at current cost 169,551 167,422 Less: LIFO valuation (43,702 ) (44,468 ) Total inventories 125,849 122,954 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following table sets forth the components of property, plant and equipment: December 31, (In thousands) 2015 2014 Land $ 2,929 $ 3,573 Buildings 114,324 110,144 Machinery and equipment 345,064 335,318 Construction in progress 12,451 17,327 Total 474,768 466,362 Less accumulated depreciation (318,929 ) (315,010 ) Net property 155,839 151,352 |
Reclassifications Out of Accu35
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | MSA Safety Incorporated Noncontrolling Interests (In thousands) 2015 2014 2013 2015 2014 2013 Pension and other post-retirement benefits Balance at beginning of period $ (125,570 ) $ (77,080 ) $ (132,031 ) $ — $ — $ — Unrecognized net actuarial (losses) gains (8,002 ) (84,495 ) 72,008 — — — Unrecognized prior service (cost) credit (604 ) 302 239 — — — Tax benefit (expense) 4,173 29,832 (25,783 ) — — — Total other comprehensive (loss) income before reclassifications, net of tax (4,433 ) (54,361 ) 46,464 — — — Amounts reclassified from accumulated other comprehensive loss: Amortization of prior service cost (268 ) (251 ) (322 ) — — — Recognized net actuarial losses 16,215 9,114 13,875 — — — Tax benefit (5,333 ) (2,992 ) (5,066 ) — — — Total amount reclassified from accumulated other comprehensive loss, net of tax 10,614 5,871 8,487 — — — Total other comprehensive income (loss) 6,181 (48,490 ) 54,951 Balance at end of period $ (119,389 ) $ (125,570 ) $ (77,080 ) $ — $ — $ — Foreign currency translation Balance at beginning of period $ (41,160 ) $ (1,189 ) $ 4,959 $ (2,199 ) $ (1,602 ) $ (469 ) Foreign currency translation adjustments (47,650 ) (39,971 ) (6,148 ) (1,417 ) (597 ) (1,133 ) Balance at end of period $ (88,810 ) $ (41,160 ) $ (1,189 ) $ (3,616 ) $ (2,199 ) $ (1,602 ) |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Capital Stock Additional Information [Abstract] | |
Schedule Of Common Stock Activity | Common stock activity is summarized as follows: Shares Dollars (Dollars in thousands) Issued Stock Compensation Trust Treasury Common Stock Stock Compensation Trust Treasury Cost Balances January 1, 2013 62,081,391 (745,430 ) (24,328,162 ) $ 112,135 $ (3,891 ) $ (267,987 ) Restricted stock awards — 96,686 — (505 ) 505 — Restricted stock expense — — — 4,244 — — Restricted stock forfeitures — — (7,365 ) (115 ) — — Stock options exercised — 277,687 — 8,194 1,449 — Stock option expense — — — 2,825 — — Performance stock issued — 67,389 — (352 ) 352 — Performance stock expense — — — 3,383 — — Tax benefit related to stock plans — — — 2,246 — — Treasury shares purchased for stock compensation programs — — (240,097 ) — — (11,785 ) Balances December 31, 2013 62,081,391 (303,668 ) (24,575,624 ) 132,055 (1,585 ) (279,772 ) Restricted stock awards — 72,291 13,936 (538 ) 377 161 Restricted stock expense — — — 4,372 — — Restricted stock forfeitures — — (4,078 ) (346 ) — — Stock options exercised — 150,962 39,781 5,678 788 460 Stock option expense — — — 2,355 — — Performance stock issued — 80,415 — (420 ) 420 — Performance stock expense — — — 2,705 — — Performance stock forfeitures — — — (33 ) — — Tax benefit related to stock plans — — — 2,573 — — Treasury shares purchased for stock compensation programs — — (107,096 ) — — (5,654 ) Balances December 31, 2014 62,081,391 — (24,633,081 ) 148,401 — (284,805 ) Restricted stock awards — — 34,624 (404 ) — 404 Restricted stock expense — — — 3,461 — — Restricted stock forfeitures — — (18,468 ) (426 ) — — Stock options exercised — — 52,708 1,714 — 216 Stock option expense — — 2,572 — — Stock option forfeitures — — — (118 ) — — Performance stock issued — — 52,839 (616 ) — 616 Performance stock expense — — — 2,265 — — Performance stock forfeitures — — — (155 ) — — Employee stock purchase plan — — 11,517 352 — 136 Tax benefit related to stock plans — — — 596 — — Treasury shares purchased for stock compensation programs — — (59,056 ) — — (2,781 ) Share repurchase program — — (150,000 ) — — (7,104 ) Balances December 31, 2015 62,081,391 — (24,708,917 ) $ 157,642 $ — $ (293,318 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Reportable Segment Information | Reportable segment information is presented in the following table: (In thousands) North America Europe International Corporate Reconciling Items Consolidated Totals 2015 Sales to external customers $ 608,983 $ 293,156 $ 228,644 $ — $ — $ 1,130,783 Intercompany sales 133,355 207,357 18,831 — (359,543 ) — Net income: Continuing operations 87,092 6,843 10,137 (33,218 ) (1,264 ) 69,590 Discontinued operations — — 1,217 — — 1,217 Total assets 820,960 412,144 175,449 16,362 (97 ) 1,424,818 Interest income 619 60 840 6 — 1,525 Interest expense — — — 10,854 — 10,854 Noncash items: Depreciation and amortization 20,048 7,737 3,899 — — 31,684 Pension expense (3,759 ) (7,527 ) (669 ) — — (11,955 ) Income tax provision 45,849 14,213 4,046 (19,804 ) 103 44,407 Capital expenditures 20,071 10,727 5,443 — — 36,241 Net property 89,418 41,922 24,498 1 — 155,839 2014 Sales to external customers 547,739 321,618 264,528 — — 1,133,885 Intercompany sales 116,795 113,914 18,449 — (249,158 ) — Net income: Continuing operations 77,687 22,808 16,977 (30,324 ) 299 87,447 Discontinued operations — — 1,059 — — 1,059 Total assets 819,095 236,801 188,360 20,865 (329 ) 1,264,792 Interest income 995 111 711 5 — 1,822 Interest expense — — — 9,851 — 9,851 Noncash items: Depreciation and amortization 18,635 6,357 4,929 — — 29,921 Pension income (expense) 1,977 (6,234 ) (579 ) — — (4,836 ) Income tax provision 40,919 9,452 7,276 (15,972 ) (631 ) 41,044 Capital expenditures 18,377 10,859 4,347 — — 33,583 Net property 86,718 32,892 31,741 1 — 151,352 2013 Sales to external customers 533,161 293,092 285,805 — — 1,112,058 Intercompany sales 120,952 98,491 22,136 — (241,579 ) — Net income: Continuing operations 68,181 22,002 27,900 (31,962 ) (263 ) 85,858 Discontinued operations — — 2,389 — — 2,389 Total assets 764,411 258,057 192,754 18,419 629 1,234,270 Interest income 243 90 809 — — 1,142 Interest expense — — — 10,677 — 10,677 Noncash items: Depreciation and amortization 19,639 5,357 5,768 — — 30,764 Pension expense (4,765 ) (6,328 ) (1,175 ) — — (12,268 ) Income tax provision 34,347 7,334 9,300 (16,101 ) 265 35,145 Capital expenditures 17,887 11,833 6,797 — — 36,517 Net property 84,104 33,162 35,488 1 — 152,755 |
Schedule Of Geographic Information On Sales To External Customers, Based On Country Of Origin | Geographic information on sales to external customers, based on country of origin: (In thousands) 2015 2014 2013 United States $ 593,539 $ 530,845 $ 528,178 Other 537,244 603,040 583,880 Total $ 1,130,783 $ 1,133,885 $ 1,112,058 |
Schedule Of Geographic Information On Net Property, Based On Country Of Origin | Geographic information on net property, based on country of origin: (In thousands) 2015 2014 2013 United States $ 88,368 $ 85,247 $ 82,274 China 13,504 15,128 16,010 Germany 7,596 17,654 16,882 Other 46,371 33,323 37,589 Total $ 155,839 $ 151,352 $ 152,755 |
Revenue from External Customers by Products and Services | The percentage of total sales by product group were as follows: 2015 2014 2013 Breathing Apparatus 27 % 19 % 21 % Fixed Gas and Flame Detection 21 % 23 % 22 % Portable Gas Detection 13 % 15 % 14 % Head Protection 11 % 13 % 13 % Fire & Rescue Helmets 5 % 5 % 5 % Fall Protection 5 % 4 % 4 % Other 18 % 21 % 21 % |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share | (In thousands, except per share amounts) 2015 2014 2013 Net income attributable to continuing operations $ 69,590 $ 87,447 $ 85,858 Preferred stock dividends (41 ) (41 ) (41 ) Income from continuing operations available to common equity 69,549 87,406 85,817 Dividends and undistributed earnings allocated to participating securities (192 ) (546 ) (643 ) Income from continuing operations available to common shareholders 69,357 86,860 85,174 Net income attributable to discontinued operations $ 1,217 $ 1,059 $ 2,389 Preferred stock dividends (1 ) (1 ) (1 ) Income from discontinued operations available to common equity 1,216 1,058 2,388 Dividends and undistributed earnings allocated to participating securities (3 ) (7 ) (18 ) Income from discontinued operations available to common shareholders 1,213 1,051 2,370 Basic weighted-average shares outstanding 37,293 37,138 36,868 Stock options and other stock compensation 417 590 582 Diluted weighted-average shares outstanding 37,710 37,728 37,450 Antidilutive stock options 658 — 15 Earnings per share attributable to continuing operations: Basic $1.86 $2.34 $2.31 Diluted $1.84 $2.30 $2.28 Earnings per share attributable to discontinued operations: Basic $0.03 $0.03 $0.06 Diluted $0.03 $0.03 $0.06 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components Of Income Before Income Taxes | (In thousands) 2015 2014 2013 Components of income before income taxes* U.S. income $ 60,753 $ 58,209 $ 48,621 Non-U.S. income 50,273 68,986 71,512 Income before income taxes $ 111,026 $ 127,195 $ 120,133 Provision for income taxes* Current Federal $ 21,253 $ 23,659 $ 18,656 State 2,389 1,349 1,492 Non-U.S. 22,979 21,101 18,453 Total current provision 46,621 46,109 38,601 Deferred Federal 3,813 (3,650 ) (3,582 ) State (213 ) 317 (483 ) Non-U.S. (5,814 ) (1,732 ) 609 Total deferred provision (2,214 ) (5,065 ) (3,456 ) Provision for income taxes $ 44,407 $ 41,044 $ 35,145 *The components of income before income taxes and the provision for income taxes relate to continuing operations. |
Reconciliation Of U.S. Federal Income Tax Rates To Effective Tax Rate | Reconciliation of the U.S. federal income tax rates for continuing operations to our effective tax rate: 2015 2014 2013 U.S. federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes—U.S. 1.3 0.8 0.6 Taxes on non-U.S. income (2.1 ) (2.2 ) (4.5 ) Taxes on non-U.S. income - European reorganization 6.9 — — Research and development credit (1.1 ) (0.7 ) (1.5 ) Manufacturing deduction credit (1.6 ) (1.0 ) (1.1 ) Valuation allowances 1.7 (0.6 ) 0.5 Other (0.1 ) 1.0 0.3 Effective income tax rate 40.0 % 32.3 % 29.3 % |
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities: December 31, (In thousands) 2015 2014 Deferred tax assets Book expenses capitalized for tax $ 5,476 $ 6,336 Post-retirement benefits 17,838 23,335 Inventory reserves 2,487 3,147 Vacation allowances 816 932 Net operating losses and tax credit carryforwards 7,394 7,479 Post employment benefits 3,488 2,382 Foreign tax credit carryforwards 8,266 11,231 Stock options 10,587 10,157 Product Liability 6,253 3,918 Basis of capital assets 912 1,009 Warranties 3,666 3,210 Reserve for doubtful accounts 2,320 1,948 Accrued payroll 4,172 4,319 Other 7,782 5,801 Total deferred tax assets 81,457 85,204 Valuation allowances (5,153 ) (3,763 ) Net deferred tax assets 76,304 81,441 Deferred tax liabilities Property, plant and equipment (10,938 ) (9,269 ) Pension (18,947 ) (22,195 ) Intangibles (43,789 ) (30,180 ) Other (1,047 ) (2,053 ) Total deferred tax liabilities (74,721 ) (63,697 ) Net deferred taxes $ 1,583 $ 17,744 |
Schedule Of Reconciliation Of Change In Tax Liability For Unrecognized Tax Benefits | A reconciliation of the change in the tax liability for unrecognized tax benefits for the years ended December 31, 2015 and 2014 is as follows: (In thousands) 2015 2014 Beginning balance $ 9,857 $ 5,888 Adjustments for tax positions related to the current year 8,203 4,072 Adjustments for tax positions related to prior years (4,887 ) 3 Statute expiration (103 ) (106 ) Ending balance $ 13,070 $ 9,857 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule Of Stock-Based Compensation Expense | Stock-based compensation expense was as follows: (In thousands) 2015 2014 2013 Restricted stock $ 3,035 $ 4,026 $ 4,129 Stock options 2,454 2,355 2,825 Performance stock 2,110 2,672 3,383 Total compensation expense before income taxes 7,599 9,053 10,337 Income tax benefit 2,896 3,293 3,810 Total compensation expense, net of income tax benefit $ 4,703 $ 5,760 $ 6,527 |
Schedule Of Fair Value Weighted Average Assumptions For Options Granted | Stock option expense is based on the fair value of stock option grants estimated on the grant dates using the Black-Scholes option pricing model and the following weighted average assumptions for options granted in 2015 , 2014 and 2013 . 2015 2014 2013 Fair value per option $ 15.63 $ 17.26 $ 14.17 Risk-free interest rate 1.8 % 2.1 % 1.2 % Expected dividend yield 2.3 % 2.4 % 2.8 % Expected volatility 39 % 41 % 39 % Expected life (years) 6.7 6.6 6.1 |
Summary Of Option Activity | A summary of option activity follows: Shares Weighted Average Exercise Price Exercisable at Year-end Outstanding January 1, 2013 1,784,660 $ 33.05 Granted 188,407 49.03 Exercised (277,687 ) 34.72 Outstanding December 31, 2013 1,695,380 34.55 1,178,657 Granted 138,519 51.69 Exercised (190,743 ) 36.31 Expired (1,071 ) 45.68 Forfeited (23,524 ) 38.82 Outstanding December 31, 2014 1,618,561 35.74 1,147,712 Granted 170,683 48.64 Exercised (64,752 ) 38.59 Expired (1,109 ) 44.36 Forfeited (28,708 ) 49.71 Outstanding December 31, 2015 1,694,675 $ 36.69 1,280,665 |
Characteristics of Outstanding and Exercisable Stock Options | For various exercise price ranges, characteristics of outstanding and exercisable stock options at December 31, 2015 were as follows: Stock Options Outstanding Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $17.83 – $29.33 533,382 $ 21.67 3.52 $33.55 – $40.88 461,108 36.88 3.92 $41.26 – $51.69 700,185 47.99 5.94 $17.83 – $51.69 1,694,675 36.69 4.62 Stock Options Exercisable Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $17.83 – $29.33 533,382 $ 21.67 3.52 $33.55 – $40.88 461,108 36.88 3.92 $41.26 – $48.95 286,175 45.63 2.62 $17.83 – $48.95 1,280,665 $ 32.50 3.46 |
Summary of Restricted Stock and Unit Activity | A summary of restricted stock and unit activity follows: Shares Weighted Average Grant Date Fair Value Unvested at January 1, 2013 417,843 $ 31.92 Granted 92,448 48.98 Vested (197,465 ) 27.42 Forfeited (9,407 ) 40.23 Unvested at December 31, 2013 303,419 39.79 Granted 83,543 51.91 Vested (108,245 ) 34.94 Forfeited (9,974 ) 44.42 Unvested at December 31, 2014 268,743 45.34 Granted 83,725 48.06 Vested (111,834 ) 39.01 Forfeited (22,925 ) 45.84 Unvested at December 31, 2015 217,709 $ 49.70 |
Summary of Performance Stock Unit Activity | A summary of performance stock unit activity follows: Shares Weighted Average Grant Date Fair Value Unvested at January 1, 2013 137,672 $ 35.85 Granted 53,357 57.58 Vested (45,809 ) 26.08 Performance adjustments 4,169 25.84 Unvested at December 31, 2013 149,389 46.32 Granted 46,242 57.42 Vested (91,696 ) 39.19 Performance adjustments 41,428 39.42 Forfeited (1,402 ) 48.85 Unvested at December 31, 2014 143,961 52.42 Granted 87,256 41.99 Vested (66,200 ) 41.75 Performance adjustments 16,447 41.45 Forfeited (9,820 ) 51.51 Unvested at December 31, 2015 171,644 $ 50.24 |
Short and Long-Term Debt (Table
Short and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Outstanding Debt | December 31, (In thousands) 2015 2014 2006 Senior notes payable through 2021, 5.41% $ 40,000 $ 46,667 2010 Senior notes payable through 2021, 4.00% 100,000 100,000 Senior revolving credit facility maturing in 2020 326,626 105,000 Total 466,626 251,667 Amounts due within one year 6,667 6,667 Long-term debt $ 459,959 $ 245,000 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In Goodwill | Changes in goodwill during the years ended December 31, 2015 and 2014 were as follows: (In thousands) 2015 2014 Net balance at January 1 $ 252,520 $ 260,134 Additions (Note 13) 97,959 — Currency translation (10,141 ) (7,614 ) Net balance at December 31 $ 340,338 $ 252,520 |
Changes In Intangible Assets, Net Of Accumulated Amortization | Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2015 and 2014 were as follows: (In thousands) 2015 2014 Net balance at January 1 $ 31,323 $ 35,029 Additions (Note 13) 67,645 500 Amortization expense (4,811 ) (2,979 ) Impairment losses (Note 15) (723 ) — Currency translation (3,366 ) (1,227 ) Net balance at December 31 $ 90,068 $ 31,323 (In millions) December 31, 2015 December 31, 2014 Intangible Assets: Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Amortization and Reserves Net Carrying Amount Gross Carrying Amount Accumulated Amortization and Reserves Net Carrying Amount Customer relationships 15 $ 50.5 $ (0.7 ) $ 49.8 — $ — $ — Distribution agreements 20 24.6 (6.2 ) 18.4 27.5 $ (6.5 ) $ 21.0 Technology related assets 10 17.5 (8.3 ) 9.2 11.5 (6.6 ) 4.9 Patents, trademarks and copyrights 15 16.5 (4.6 ) 11.9 13.5 (8.6 ) 4.9 License agreements 5 5.4 (5.3 ) 0.1 6.8 (6.7 ) 0.1 Other 15 3.9 (3.2 ) 0.7 7.0 (6.6 ) 0.4 Total 15 $ 118.4 $ (28.3 ) $ 90.1 66.3 (35.0 ) 31.3 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Preliminary Fair Values of the Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the Latchways assets acquired and liabilities assumed at the date of acquisition: (In millions) October 21, 2015 Current assets (including cash of $10.6 million) $ 35.7 Property, plant and equipment 9.5 Trade name and acquired technology 14.6 Customer-related intangibles 53.0 Goodwill 98.0 Total assets acquired 210.8 Total liabilities assumed 19.9 Net assets acquired $ 190.9 |
Pro Forma Financial Information (Unaudited) | (In millions, except per share amounts) 2015 2014 Net sales $ 1,172 $ 1,192 Income from continuing operations 77.8 94.8 Basic earnings per share from continuing operations 2.09 2.55 Diluted earnings per share from continuing operations 2.06 2.51 |
Pensions and Other Post-retir44
Pensions and Other Post-retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule Of Defined Benefit Pension Plans And Other Postretirement Benefits Plan | Information pertaining to defined benefit pension plans and other post-retirement benefits plans is provided in the following table: Pension Benefits Other Benefits (In thousands) 2015 2014 2015 2014 Change in Benefit Obligations Benefit obligations at January 1 $ 519,194 $ 440,359 $ 26,851 $ 26,732 Service cost 11,517 9,425 444 538 Interest cost 18,314 19,340 863 1,107 Participant contributions 105 130 255 259 Plan amendments 604 (302 ) — — Actuarial (gains) losses (21,073 ) 88,069 (3,998 ) (200 ) Benefits paid (19,261 ) (19,193 ) (1,441 ) (1,585 ) Settlements (2,094 ) (717 ) — — Currency translation (16,126 ) (17,917 ) — — Benefit obligations at December 31 491,180 519,194 22,974 26,851 Change in Plan Assets Fair value of plan assets at January 1 445,299 434,569 — — Actual return on plan assets (4,754 ) 30,209 — — Employer contributions 4,058 4,077 1,186 1,326 Participant contributions 105 130 255 259 Settlements (2,094 ) (717 ) — — Benefits paid (16,979 ) (16,507 ) (1,441 ) (1,585 ) Reimbursement of German benefits (2,282 ) (2,686 ) — — Administrative Expenses Paid 6 — — — Currency translation (4,271 ) (3,776 ) — — Fair value of plan assets at December 31 419,088 445,299 — — Funded Status Funded status at December 31 (72,092 ) (73,895 ) (22,974 ) (26,851 ) Unrecognized transition losses 12 16 — — Unrecognized prior service cost (credit) 525 10 (1,524 ) (1,858 ) Unrecognized net actuarial losses 188,531 192,692 2,117 6,450 Net amount recognized 116,976 118,823 (22,381 ) (22,259 ) Amounts Recognized in the Balance Sheet Noncurrent assets 62,072 75,017 — — Current liabilities (5,033 ) (5,380 ) (1,382 ) (1,457 ) Noncurrent liabilities (129,131 ) (143,532 ) (21,592 ) (25,394 ) Net amount recognized (72,092 ) (73,895 ) (22,974 ) (26,851 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial losses 188,531 192,692 2,425 6,450 Prior service cost (credit) 525 10 (1,523 ) (1,858 ) Unrecognized net initial obligation 12 16 — — Total (before tax effects) 189,068 192,718 902 4,592 Accumulated Benefit Obligations for all Defined Benefit Plans 453,382 479,764 — — |
Components Of Net Periodic Benefit (Credit) Cost | Pension Benefits Other Benefits (In thousands) 2015 2014 2013 2015 2014 2013 Components of Net Periodic Benefit Cost Service cost $ 11,517 $ 9,425 $ 11,132 $ 444 $ 538 $ 687 Interest cost 18,314 19,340 17,934 863 1,107 1,050 Expected return on plan assets (34,130 ) (32,944 ) (30,884 ) — — — Amortization of transition amounts 2 2 3 — — — Amortization of prior service cost (credit) 66 84 102 (335 ) (335 ) (424 ) Recognized net actuarial losses 15,545 8,639 13,323 27 182 552 Settlement loss 641 290 658 — — — Termination benefits — — — — — — Net periodic benefit cost 11,955 4,836 12,268 999 1,492 1,865 |
Schedule Of Amounts Included In Accumulated Other Comprehensive Income Expected To Be Recognized In Net Periodic Benefit Costs | Amounts included in accumulated other comprehensive income expected to be recognized in 2016 net periodic benefit costs. (In thousands) Pension Benefits Other Benefits Loss recognition $ 12,254 $ 11 Prior service cost (credit) recognition 61 (335 ) Transition obligation recognition 2 — |
Schedule Of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost | Pension Benefits Other Benefits 2015 2014 2015 2014 Assumptions used to determine benefit obligations Average discount rate 3.92 % 3.63 % 4.20 % 3.85 % Rate of compensation increase 3.06 % 3.03 % — — Assumptions used to determine net periodic benefit cost Average discount rate 3.63 % 4.54 % 3.85 % 4.62 % Expected return on plan assets 8.17 % 8.20 % — — Rate of compensation increase 3.03 % 3.06 % — — |
Schedule Of Expected Return On Assets For Net Periodic Pension Cost | Pension Plan Assets at December 31, 2015 2014 Equity securities 67 % 65 % Fixed income securities 24 26 Pooled investment funds 5 5 Insurance contracts 3 3 Cash and cash equivalents 1 1 Total 100 % 100 % |
Summary Of Pension Plan Assets Measured At Fair Value On A Recurring Basis By Fair Value Hierarchy | The following table summarizes our pension plan assets measured at fair value on a recurring basis by fair value hierarchy level (See Note 17): December 31, 2015 (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Equity securities $ 225,191 $ 55,428 $ — $ 280,619 Fixed income securities 29,903 70,164 — 100,067 Pooled investment funds — 19,345 — 19,345 Insurance contracts — — 13,681 13,681 Cash and cash equivalents 5,376 — — 5,376 Total 260,470 144,937 13,681 419,088 December 31, 2014 (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Equity securities $ 233,156 $ 54,614 $ 248 $ 288,018 Fixed income securities 41,447 72,412 505 114,364 Pooled investment funds — 22,623 — 22,623 Insurance contracts — — 15,069 15,069 Cash and cash equivalents 5,225 — — 5,225 Total 279,828 149,649 15,822 445,299 |
Schedule Of Reconciliation Of Level 3 Assets | The following table presents a reconciliation of Level 3 assets: (In thousands) Insurance Contracts Other Balance January 1, 2014 $ 13,512 $ 780 Net realized and unrealized gains included in earnings 1,345 (180 ) Net purchases, issuances and settlements 212 505 Transfers into Level 3 — (352 ) Balance December 31, 2014 15,069 753 Net realized and unrealized gains included in earnings (1,526 ) (64 ) Net purchases, issuances and settlements 138 (184 ) Transfers out of Level 3 — (505 ) Balance December 31, 2015 13,681 — |
Other Income (Loss), Net (Table
Other Income (Loss), Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Loss), Net | (In thousands) 2015 2014 2013 Interest income $ 1,525 $ 1,822 $ 1,142 Gain on asset dispositions, net 1,724 2,094 436 Land impairment loss — (50 ) (1,557 ) Disposal of non-core product lines (4,223 ) — — Impairment of intangible assets (723 ) — — Other, net 836 (1,101 ) (196 ) Total $ (861 ) $ 2,765 $ (175 ) |
Derivative Financial Instrume46
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Balance Sheet Location And Fair Value Of Assets And Liabilities Associated With Derivative Financial Instruments | The following table presents the balance sheet location and fair value of assets and liabilities associated with derivative financial instruments. December 31, (In thousands) 2015 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts: other current liabilities $ 581 $ 429 Foreign exchange contracts: other current assets 401 34 |
Income Statement Location and Impact of Derivative Financial Instruments | The following table presents the income statement location and impact of derivative financial instruments: (In thousands) Income Statement Location Loss Recognized in Income Year ended December 31, 2015 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts Currency exchange loss $ 2,187 $ 2,002 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Cumulative Trauma Product Liability Claims Activity | A summary of cumulative trauma product liability lawsuit activity follows: 2015 2014 2013 Open lawsuits, January 1 2,326 2,840 2,609 New lawsuits 340 542 489 Settled and dismissed lawsuits (678 ) (1,056 ) (258 ) Open lawsuits, December 31 1,988 2,326 2,840 |
Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses | A summary of insurance receivable balances and activity related to cumulative trauma product liability losses follows: (In millions) 2015 2014 2013 Balance January 1 $ 220.5 $ 124.8 $ 130.0 Additions 17.3 98.2 34.0 Collections and settlements (8.3 ) (2.5 ) (39.2 ) Balance December 31 $ 229.5 $ 220.5 $ 124.8 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | Summarized financial information for discontinued operations is as follows: Year ended December 31, (In thousands) 2015 2014 2013 Discontinued Operations Net sales $ 43,043 $ 47,516 $ 52,692 Other income, net 580 660 40 Cost and expenses: Cost of products sold 34,764 38,259 41,181 Selling, general and administrative 6,680 7,650 7,389 Restructuring and other charges 14 — — Currency exchange losses (gains), net 266 (116 ) (325 ) Income from discontinued operations before income taxes 1,899 2,383 4,487 Provision for income taxes 574 607 1,426 Income from discontinued operations, net of tax 1,325 1,776 3,061 The following assets and liabilities are included in the balance sheet line items noted below and are included in the International Segment detail in Note 7. December 31, (In thousands) 2015 2014 Discontinued Operations assets and liabilities Trade receivables, less allowance for doubtful accounts $ 4,832 $ 6,638 Inventories 8,499 11,829 Net property 449 342 Other assets 791 2,022 Total assets 14,571 20,831 Accounts payable 2,745 5,263 Accrued and other liabilities 748 991 Total liabilities 3,493 6,254 Net assets 11,078 14,577 The following summary provides financial information for discontinued operations related to net loss (income) related to noncontrolling interests: Year ended December 31, (In thousands) 2015 2014 2013 Net loss (income) attributable to noncontrolling interests Loss from continuing operations $ 2,971 $ 1,296 $ 870 Loss (income) from discontinued operations (108 ) (717 ) (672 ) Net loss 2,863 579 198 |
Quarterly Financial Informati49
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | 2015 Quarters Year (In thousands, except earnings per share) 1st 2nd 3rd 4th Continuing Operations: Net sales $ 256,708 $ 287,011 $ 273,746 $ 313,318 $ 1,130,783 Gross profit 116,823 130,489 119,781 134,010 501,103 Net income attributable to MSA Safety Incorporated 9,316 23,722 15,712 20,840 69,590 Earnings per share* Basic 0.25 0.63 0.42 0.56 1.86 Diluted 0.25 0.62 0.41 0.55 1.84 Discontinued Operations: Net sales 11,157 11,384 11,648 8,854 43,043 Gross profit 2,167 2,326 2,170 1,616 8,279 Net income attributable to MSA Safety Incorporated 366 576 264 11 1,217 Earnings per share* Basic 0.01 0.02 0.01 — 0.03 Diluted 0.01 0.01 0.01 — 0.03 2014 Quarters Year (In thousands, except earnings per share) 1st 2nd 3rd 4th Continuing Operations: Net sales $ 265,045 $ 282,493 $ 275,159 $ 311,188 $ 1,133,885 Gross profit 121,815 129,670 123,723 140,141 515,349 Net income attributable to MSA Safety Incorporated 13,522 22,132 18,674 33,119 87,447 Earnings per share* Basic 0.37 0.59 0.50 0.88 2.34 Diluted 0.36 0.58 0.49 0.87 2.30 Discontinued Operations: Net sales 10,060 10,589 14,645 12,222 47,516 Gross profit 2,363 2,134 2,638 2,122 9,257 Net income attributable to MSA Safety Incorporated 504 356 631 (432 ) 1,059 Earnings (loss) per share* Basic 0.01 0.01 0.02 (0.01 ) 0.03 Diluted 0.01 0.01 0.02 (0.01 ) 0.03 * Per share amounts are calculated independently for each period presented; therefore, the sum of the quarterly per share amounts may not equal the per share amounts for the year. |
Significant Accounting Polici50
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Restricted cash and cash equivalents | $ 2,400,000 | $ 2,700,000 | |
Period for inventory write-down | 24 months | ||
Depreciation expense | $ 26,900,000 | 26,200,000 | $ 27,100,000 |
Impairment of goodwill | $ 0 | ||
New Accounting Pronouncement, Early Adoption, Effect | |||
Property, Plant and Equipment [Line Items] | |||
Decrease in current deferred tax assets | 23,800,000 | ||
Decrease in current deferred tax liabilities | $ 7,000 | ||
Buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 20 years | ||
Buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 40 years | ||
Machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 3 years | ||
Machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 10 years |
Restructuring and Other Charg51
Restructuring and Other Charges - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)employee | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 12,258 | $ 8,515 | $ 5,344 |
Reduction in headcount | employee | 216 | ||
International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 5,400 | 3,700 | 2,300 |
Reduction in headcount | employee | 151 | ||
Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 3,300 | 4,800 | 3,000 |
Reduction in headcount | employee | 34 | ||
North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 2,000 | 0 | 0 |
Reduction in headcount | employee | 19 | ||
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,600 | 0 | 0 |
Reduction in headcount | employee | 12 | ||
Other Restructuring | Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 2,000 | ||
Staff Reductions | International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 5,400 | 3,700 | 2,300 |
Staff Reductions | Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,300 | $ 4,800 | $ 3,000 |
Staff Reductions | North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2,000 | ||
Staff Reductions | Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,600 |
Restructuring and Other Charg52
Restructuring and Other Charges - Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 2,800 | $ 1,700 | $ 3,000 |
Restructuring charges | 12,258 | 8,515 | 5,344 |
Asset disposals | (2,100) | ||
Cash payments | (7,000) | (5,300) | (6,600) |
Restructuring reserve, ending balance | 8,100 | 2,800 | 1,700 |
North America | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 0 | 300 |
Restructuring charges | 2,000 | 0 | 0 |
Asset disposals | 0 | ||
Cash payments | (900) | 0 | (300) |
Restructuring reserve, ending balance | 1,100 | 0 | 0 |
Europe | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 2,600 | 1,700 | 2,500 |
Restructuring charges | 3,300 | 4,800 | 3,000 |
Asset disposals | (400) | ||
Cash payments | (1,700) | (3,500) | (3,800) |
Restructuring reserve, ending balance | 4,200 | 2,600 | 1,700 |
International | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 200 | 0 | 200 |
Restructuring charges | 5,400 | 3,700 | 2,300 |
Asset disposals | (1,700) | ||
Cash payments | (3,900) | (1,800) | (2,500) |
Restructuring reserve, ending balance | 1,700 | 200 | 0 |
Corporate | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 0 | 0 |
Restructuring charges | 1,600 | 0 | 0 |
Asset disposals | 0 | ||
Cash payments | (500) | 0 | 0 |
Restructuring reserve, ending balance | $ 1,100 | $ 0 | $ 0 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 74,929 | $ 89,595 |
Work in process | 8,979 | 8,942 |
Raw materials and supplies | 85,643 | 68,885 |
Inventories at current cost | 169,551 | 167,422 |
Less: LIFO valuation | (43,702) | (44,468) |
Total inventories | $ 125,849 | $ 122,954 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory [Line Items] | ||
Percentage of LIFO inventories on total inventories | 23.00% | 21.00% |
Increase in income due to effect of liquidations | $ 0.9 | |
Cost of Sales | ||
Inventory [Line Items] | ||
Increase in income due to effect of liquidations | $ 1.4 |
Property, Plant, and Equipmen55
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | |||
Total | $ 474,768 | $ 466,362 | |
Less accumulated depreciation | (318,929) | (315,010) | |
Net property | 155,839 | 151,352 | $ 152,755 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total | 2,929 | 3,573 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Total | 114,324 | 110,144 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total | 345,064 | 335,318 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 12,451 | $ 17,327 |
Reclassifications Out of Accu56
Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 538,633 | ||
Balance at end of period | 517,128 | $ 538,633 | |
MSA Safety Incorporated - Pension and other post-retirement benefits | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (125,570) | (77,080) | $ (132,031) |
Tax benefit (expense) | 4,173 | 29,832 | (25,783) |
Total other comprehensive (loss) income before reclassifications, net of tax | (4,433) | (54,361) | 46,464 |
Tax benefit | (5,333) | (2,992) | (5,066) |
Total amount reclassified from accumulated other comprehensive loss, net of tax | 10,614 | 5,871 | 8,487 |
Total other comprehensive income (loss) | 6,181 | (48,490) | 54,951 |
Balance at end of period | (119,389) | (125,570) | (77,080) |
MSA Safety Incorporated - Net actuarial (losses) gains | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (8,002) | (84,495) | 72,008 |
Amounts reclassified from accumulated other comprehensive loss, before tax | 16,215 | 9,114 | 13,875 |
MSA Safety Incorporated - Prior service (cost) credit | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (604) | 302 | 239 |
Amounts reclassified from accumulated other comprehensive loss, before tax | (268) | (251) | (322) |
MSA Safety Incorporated - Foreign currency translation | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (41,160) | (1,189) | 4,959 |
Total other comprehensive income (loss) | (47,650) | (39,971) | (6,148) |
Balance at end of period | (88,810) | (41,160) | (1,189) |
Noncontrolling Interests - Pension and other post-retirement benefits | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | 0 |
Tax benefit (expense) | 0 | 0 | 0 |
Total other comprehensive (loss) income before reclassifications, net of tax | 0 | 0 | 0 |
Tax benefit | 0 | 0 | 0 |
Total amount reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 |
Noncontrolling Interests - Net actuarial (losses) gains | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | 0 | 0 |
Noncontrolling Interests - Prior service credit (cost) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | 0 | 0 |
Noncontrolling Interests - Foreign currency translation | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (2,199) | (1,602) | (469) |
Total other comprehensive income (loss) | (1,417) | (597) | (1,133) |
Balance at end of period | $ (3,616) | $ (2,199) | $ (1,602) |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Capital Unit [Line Items] | ||||
Preferred stock, par value (dollars per share) | $ 50 | $ 50 | ||
Percentage of cumulative preferred stock | 4.50% | 4.50% | ||
Treasury shares, at cost | $ 295,070,000 | $ 286,557,000 | ||
Common stock, shares authorized | 180,000,000 | 180,000,000 | ||
Common stock, par value (dollars per share) | $ 0 | $ 0 | ||
Common stock, shares outstanding | 37,372,474 | 37,448,310 | ||
4 1/2% Cumulative Preferred Nonvoting Stock | ||||
Capital Unit [Line Items] | ||||
Preferred stock, shares authorized | 100,000 | |||
Preferred stock, par value (dollars per share) | $ 50 | |||
Percentage of cumulative preferred stock | 4.50% | |||
Preferred stock, callable price per share (dollars per share) | $ 52.50 | |||
Preferred stock, shares issued | 71,340 | |||
Treasury share, number of shares held | 52,878 | |||
Treasury Stock, Shares, Retired | 33 | |||
Purchase of treasury shares | 0 | 0 | ||
Treasury shares, at cost | $ 1,800,000 | |||
Second Cumulative Preferred Voting Stock | ||||
Capital Unit [Line Items] | ||||
Preferred stock, shares authorized | 1,000,000 | |||
Preferred stock, par value (dollars per share) | $ 10 | |||
Preferred stock, shares issued | 0 | 0 | ||
Common Stock | ||||
Capital Unit [Line Items] | ||||
Common stock, shares outstanding | 62,081,391 | 62,081,391 | 62,081,391 | 62,081,391 |
Share Repurchase Program, May 2015 | Common Stock | ||||
Capital Unit [Line Items] | ||||
Purchase of treasury shares | 150,000 | |||
Stock repurchased program, authorized amount (up to) | $ 100,000,000 |
Capital Stock - Summary of Comm
Capital Stock - Summary of Common Stock Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 37,448,310 | ||
Stock options exercised (in shares) | 64,752 | 190,743 | 277,687 |
Ending Balances (in shares) | 37,372,474 | 37,448,310 | |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 62,081,391 | 62,081,391 | 62,081,391 |
Ending Balances (in shares) | 62,081,391 | 62,081,391 | 62,081,391 |
Beginning Balances | $ 148,401 | $ 132,055 | $ 112,135 |
Tax benefit related to stock plans | 596 | 2,573 | 2,246 |
Ending Balances | $ 157,642 | $ 148,401 | $ 132,055 |
Stock Compensation Trust | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 0 | (303,668) | (745,430) |
Ending Balances (in shares) | 0 | 0 | (303,668) |
Beginning Balances | $ 0 | $ (1,585) | $ (3,891) |
Ending Balances | $ 0 | $ 0 | $ (1,585) |
Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | (24,633,081) | (24,575,624) | (24,328,162) |
Share repurchase program (in shares) | (150,000) | ||
Ending Balances (in shares) | (24,708,917) | (24,633,081) | (24,575,624) |
Beginning Balances | $ (284,805) | $ (279,772) | $ (267,987) |
Share repurchase program | (7,104) | ||
Ending Balances | (293,318) | (284,805) | (279,772) |
Restricted Stock | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock awards | (404) | (538) | (505) |
Share-based compensation expense | 3,461 | 4,372 | 4,244 |
Restricted stock forfeitures | $ (426) | $ (346) | $ (115) |
Restricted Stock | Stock Compensation Trust | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock awards (in shares) | 72,291 | 96,686 | |
Restricted stock awards | $ 377 | $ 505 | |
Restricted Stock | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock awards (in shares) | 34,624 | 13,936 | |
Restricted stock forfeitures (in shares) | (18,468) | (4,078) | (7,365) |
Restricted stock awards | $ 404 | $ 161 | |
Stock Options | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Share-based compensation expense | 2,572 | 2,355 | $ 2,825 |
Stock options exercised | 1,714 | $ 5,678 | $ 8,194 |
Stock option forfeitures | $ (118) | ||
Stock Options | Stock Compensation Trust | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock options exercised (in shares) | 150,962 | 277,687 | |
Stock options exercised | $ 788 | $ 1,449 | |
Stock Options | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock options exercised (in shares) | 52,708 | 39,781 | |
Stock options exercised | $ 216 | $ 460 | |
Performance Stock | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Share-based compensation expense | 2,265 | 2,705 | 3,383 |
Performance stock issued | (616) | $ (420) | $ (352) |
Performance stock forfeitures | $ (155) | ||
Performance Stock | Stock Compensation Trust | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Performance stock issued (in shares) | 80,415 | 67,389 | |
Performance stock issued | $ 420 | $ 352 | |
Performance Stock | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Performance stock issued (in shares) | 52,839 | ||
Performance stock issued | $ 616 | ||
Treasury | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury shares purchased (in shares) | (59,056) | (107,096) | (240,097) |
Treasury shares purchased for stock compensation programs | $ (2,781) | $ (5,654) | $ (11,785) |
Employee Stock Purchase Plan | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Performance stock issued | $ 352 | ||
Employee Stock Purchase Plan | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Employee stock purchase plan (in shares) | 11,517 | ||
Performance stock issued | $ 136 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting [Abstract] | |
Number of geographic operating segments | 7 |
Number of reportable segments | 4 |
Segment Information - Schedule
Segment Information - Schedule Of Reportable Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | $ 313,318 | $ 273,746 | $ 287,011 | $ 256,708 | $ 311,188 | $ 275,159 | $ 282,493 | $ 265,045 | $ 1,130,783 | $ 1,133,885 | $ 1,112,058 |
Intercompany sales | 0 | 0 | 0 | ||||||||
Net income: | |||||||||||
Continuing operations | 20,840 | 15,712 | 23,722 | 9,316 | 33,119 | 18,674 | 22,132 | 13,522 | 69,590 | 87,447 | 85,858 |
Discontinued operations | 11 | $ 264 | $ 576 | $ 366 | (432) | $ 631 | $ 356 | $ 504 | 1,217 | 1,059 | 2,389 |
Total assets | 1,424,818 | 1,264,792 | 1,424,818 | 1,264,792 | 1,234,270 | ||||||
Interest income | 1,525 | 1,822 | 1,142 | ||||||||
Interest expense | 10,854 | 9,851 | 10,677 | ||||||||
Noncash items: | |||||||||||
Depreciation and amortization | 31,684 | 29,921 | 30,764 | ||||||||
Pension expense | (11,955) | (4,836) | (12,268) | ||||||||
Income tax provision | 44,407 | 41,044 | 35,145 | ||||||||
Capital expenditures | 36,241 | 33,583 | 36,517 | ||||||||
Net property | 155,839 | 151,352 | 155,839 | 151,352 | 152,755 | ||||||
North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 608,983 | 547,739 | 533,161 | ||||||||
Intercompany sales | 133,355 | 116,795 | 120,952 | ||||||||
Net income: | |||||||||||
Continuing operations | 87,092 | 77,687 | 68,181 | ||||||||
Discontinued operations | 0 | 0 | 0 | ||||||||
Total assets | 820,960 | 819,095 | 820,960 | 819,095 | 764,411 | ||||||
Interest income | 619 | 995 | 243 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Noncash items: | |||||||||||
Depreciation and amortization | 20,048 | 18,635 | 19,639 | ||||||||
Pension expense | (3,759) | 1,977 | (4,765) | ||||||||
Income tax provision | 45,849 | 40,919 | 34,347 | ||||||||
Capital expenditures | 20,071 | 18,377 | 17,887 | ||||||||
Net property | 89,418 | 86,718 | 89,418 | 86,718 | 84,104 | ||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 293,156 | 321,618 | 293,092 | ||||||||
Intercompany sales | 207,357 | 113,914 | 98,491 | ||||||||
Net income: | |||||||||||
Continuing operations | 6,843 | 22,808 | 22,002 | ||||||||
Discontinued operations | 0 | 0 | 0 | ||||||||
Total assets | 412,144 | 236,801 | 412,144 | 236,801 | 258,057 | ||||||
Interest income | 60 | 111 | 90 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Noncash items: | |||||||||||
Depreciation and amortization | 7,737 | 6,357 | 5,357 | ||||||||
Pension expense | (7,527) | (6,234) | (6,328) | ||||||||
Income tax provision | 14,213 | 9,452 | 7,334 | ||||||||
Capital expenditures | 10,727 | 10,859 | 11,833 | ||||||||
Net property | 41,922 | 32,892 | 41,922 | 32,892 | 33,162 | ||||||
International | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 228,644 | 264,528 | 285,805 | ||||||||
Intercompany sales | 18,831 | 18,449 | 22,136 | ||||||||
Net income: | |||||||||||
Continuing operations | 10,137 | 16,977 | 27,900 | ||||||||
Discontinued operations | 1,217 | 1,059 | 2,389 | ||||||||
Total assets | 175,449 | 188,360 | 175,449 | 188,360 | 192,754 | ||||||
Interest income | 840 | 711 | 809 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Noncash items: | |||||||||||
Depreciation and amortization | 3,899 | 4,929 | 5,768 | ||||||||
Pension expense | (669) | (579) | (1,175) | ||||||||
Income tax provision | 4,046 | 7,276 | 9,300 | ||||||||
Capital expenditures | 5,443 | 4,347 | 6,797 | ||||||||
Net property | 24,498 | 31,741 | 24,498 | 31,741 | 35,488 | ||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 0 | 0 | 0 | ||||||||
Intercompany sales | 0 | 0 | 0 | ||||||||
Net income: | |||||||||||
Continuing operations | (33,218) | (30,324) | (31,962) | ||||||||
Discontinued operations | 0 | 0 | 0 | ||||||||
Total assets | 16,362 | 20,865 | 16,362 | 20,865 | 18,419 | ||||||
Interest income | 6 | 5 | 0 | ||||||||
Interest expense | 10,854 | 9,851 | 10,677 | ||||||||
Noncash items: | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Pension expense | 0 | 0 | 0 | ||||||||
Income tax provision | (19,804) | (15,972) | (16,101) | ||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Net property | 1 | 1 | 1 | 1 | 1 | ||||||
Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 0 | 0 | 0 | ||||||||
Intercompany sales | (359,543) | (249,158) | (241,579) | ||||||||
Net income: | |||||||||||
Continuing operations | (1,264) | 299 | (263) | ||||||||
Discontinued operations | 0 | 0 | 0 | ||||||||
Total assets | (97) | (329) | (97) | (329) | 629 | ||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Noncash items: | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Pension expense | 0 | 0 | 0 | ||||||||
Income tax provision | 103 | (631) | 265 | ||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Net property | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Information - Geographi
Segment Information - Geographic Information on Sales to External Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Sales to external customers | $ 313,318 | $ 273,746 | $ 287,011 | $ 256,708 | $ 311,188 | $ 275,159 | $ 282,493 | $ 265,045 | $ 1,130,783 | $ 1,133,885 | $ 1,112,058 |
United States | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Sales to external customers | 593,539 | 530,845 | 528,178 | ||||||||
Other | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Sales to external customers | $ 537,244 | $ 603,040 | $ 583,880 |
Segment Information - Geograp62
Segment Information - Geographic Information on Property (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | $ 155,839 | $ 151,352 | $ 152,755 |
United States | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | 88,368 | 85,247 | 82,274 |
China | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | 13,504 | 15,128 | 16,010 |
Germany | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | 7,596 | 17,654 | 16,882 |
Other | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | $ 46,371 | $ 33,323 | $ 37,589 |
Segment Information - Revenue f
Segment Information - Revenue from External Customers by Products and Services (Details) - Sales | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Breathing Apparatus | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 27.00% | 19.00% | 21.00% |
Fixed Gas and Flame Detection | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 21.00% | 23.00% | 22.00% |
Portable Gas Detection | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 13.00% | 15.00% | 14.00% |
Head Protection | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 11.00% | 13.00% | 13.00% |
Fire & Rescue Helmets | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 5.00% | 5.00% | 5.00% |
Fall Protection | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 5.00% | 4.00% | 4.00% |
Other | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 18.00% | 21.00% | 21.00% |
Earnings per Share - Schedule O
Earnings per Share - Schedule Of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to continuing operations | $ 20,840 | $ 15,712 | $ 23,722 | $ 9,316 | $ 33,119 | $ 18,674 | $ 22,132 | $ 13,522 | $ 69,590 | $ 87,447 | $ 85,858 |
Preferred Stock Dividends and Other Adjustments | 41 | 41 | 41 | ||||||||
Income from continuing operations available to common equity | 69,549 | 87,406 | 85,817 | ||||||||
Dividends and undistributed earnings allocated to participating securities | (192) | (546) | (643) | ||||||||
Income from continuing operations available to common shareholders | 69,357 | 86,860 | 85,174 | ||||||||
Net income attributable to discontinued operations | $ 11 | $ 264 | $ 576 | $ 366 | $ (432) | $ 631 | $ 356 | $ 504 | 1,217 | 1,059 | 2,389 |
Preferred stock dividends | (1) | (1) | (1) | ||||||||
Income from discontinued operations available to common equity | 1,216 | 1,058 | 2,388 | ||||||||
Dividends and undistributed earnings allocated to participating securities | (3) | (7) | (18) | ||||||||
Income from discontinued operations available to common shareholders | $ 1,213 | $ 1,051 | $ 2,370 | ||||||||
Basic weighted-average shares outstanding (in shares) | 37,293 | 37,138 | 36,868 | ||||||||
Stock options and other stock compensation (in shares) | 417 | 590 | 582 | ||||||||
Diluted weighted-average shares outstanding (in shares) | 37,710 | 37,728 | 37,450 | ||||||||
Antidilutive stock options (in shares) | 658 | 0 | 15 | ||||||||
Earnings per share attributable to continuing operations: | |||||||||||
Earnings per share attributable to continuing operations, basic (dollars per share) | $ 0.56 | $ 0.42 | $ 0.63 | $ 0.25 | $ 0.88 | $ 0.50 | $ 0.59 | $ 0.37 | $ 1.86 | $ 2.34 | $ 2.31 |
Earnings per share attributable to continuing operations, diluted (dollars per share) | 0.55 | 0.41 | 0.62 | 0.25 | 0.87 | 0.49 | 0.58 | 0.36 | 1.84 | 2.30 | 2.28 |
Earnings per share attributable to discontinued operations: | |||||||||||
Earnings per share attributable to discontinued operations, basic (dollars per share) | 0 | 0.01 | 0.02 | 0.01 | (0.01) | 0.02 | 0.01 | 0.01 | 0.03 | 0.03 | 0.06 |
Earnings per share attributable to discontinued operations, diluted (dollars per share) | $ 0 | $ 0.01 | $ 0.01 | $ 0.01 | $ (0.01) | $ 0.02 | $ 0.01 | $ 0.01 | $ 0.03 | $ 0.03 | $ 0.06 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Discontinued operation, tax effect of discontinued operation | $ 600,000 | $ 600,000 | $ 1,400,000 |
Deferred income tax expense (benefit), discontinued operation | 500,000 | (300,000) | $ 200,000 |
Net operating loss carryforwards | 45,000,000 | ||
Net operating loss carryforward expiring in 2020 | $ 100,000 | ||
Net operating loss carryforwards expiration year | 2,020 | ||
Net operating loss carryforwards, expiration term (at least) | 6 years | ||
Change in valuation allowance | $ 1,400,000 | ||
Deferred income taxes on undistributed earnings | 0 | ||
Undistributed earnings of non-U.S. subsidiaries | 408,500,000 | ||
Recognized tax benefits | 2,100,000 | 5,200,000 | |
Liability for interest expense and penalties accrued | 900,000 | $ 800,000 | |
Increase to interest related to uncertain tax positions | 100,000 | ||
Europe | |||
Segment Reporting Information [Line Items] | |||
Charges associated with exit taxes | $ 7,700,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. income | $ 60,753 | $ 58,209 | $ 48,621 |
Non-U.S. income | 50,273 | 68,986 | 71,512 |
Income from continuing operations before income taxes | 111,026 | 127,195 | 120,133 |
Current | |||
Federal | 21,253 | 23,659 | 18,656 |
State | 2,389 | 1,349 | 1,492 |
Non-U.S. | 22,979 | 21,101 | 18,453 |
Total current provision | 46,621 | 46,109 | 38,601 |
Deferred | |||
Federal | 3,813 | (3,650) | (3,582) |
State | (213) | 317 | (483) |
Non-U.S. | (5,814) | (1,732) | 609 |
Total deferred provision | (2,214) | (5,065) | (3,456) |
Provision for income taxes | $ 44,407 | $ 41,044 | $ 35,145 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between U.S. Federal Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes—U.S. | 1.30% | 0.80% | 0.60% |
Taxes on non-U.S. income | (2.10%) | (2.20%) | (4.50%) |
Taxes on non-U.S. income - European reorganization | 6.90% | 0.00% | 0.00% |
Research and development credit | (1.10%) | (0.70%) | (1.50%) |
Manufacturing deduction credit | (1.60%) | (1.00%) | (1.10%) |
Valuation allowances | 1.70% | (0.60%) | 0.50% |
Other | (0.10%) | 1.00% | 0.30% |
Effective income tax rate | 40.00% | 32.30% | 29.30% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Book expenses capitalized for tax | $ 5,476 | $ 6,336 |
Post-retirement benefits | 17,838 | 23,335 |
Inventory reserves | 2,487 | 3,147 |
Vacation allowances | 816 | 932 |
Net operating losses and tax credit carryforwards | 7,394 | 7,479 |
Post employment benefits | 3,488 | 2,382 |
Foreign tax credit carryforwards | 8,266 | 11,231 |
Stock options | 10,587 | 10,157 |
Product Liability | 6,253 | 3,918 |
Basis of capital assets | 912 | 1,009 |
Warranties | 3,666 | 3,210 |
Reserve for doubtful accounts | 2,320 | 1,948 |
Accrued payroll | 4,172 | 4,319 |
Other | 7,782 | 5,801 |
Total deferred tax assets | 81,457 | 85,204 |
Valuation allowances | (5,153) | (3,763) |
Net deferred tax assets | 76,304 | 81,441 |
Property, plant and equipment | (10,938) | (9,269) |
Pension | (18,947) | (22,195) |
Intangibles | (43,789) | (30,180) |
Other | (1,047) | (2,053) |
Total deferred tax liabilities | (74,721) | (63,697) |
Net deferred taxes | $ 1,583 | $ 17,744 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Change in Tax Liability for Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 9,857 | $ 5,888 |
Adjustments for tax positions related to the current year | 8,203 | 4,072 |
Adjustments for tax positions related to prior years | (4,887) | 3 |
Statute expiration | (103) | (106) |
Ending balance | $ 13,070 | $ 9,857 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options exercisable period after grant date | 3 years | |||
Restricted stock and restricted stock unit vest period after grant date | 3 years | |||
Average closing share price, period | 1 year | |||
Stock options expiration period | 10 years | |||
Cash proceeds from exercise of options | $ 1,930 | $ 6,926 | $ 9,643 | |
Excess tax benefit (provision) related to stock plans | 596 | 2,573 | 2,246 | |
Aggregate intrinsic value of stock options exercisable | 14,000 | |||
Aggregate intrinsic value of stock options outstanding | 11,500 | |||
Total intrinsic value of stock options exercised | 500 | 3,700 | 4,000 | |
Unrecognized stock-based compensation expense | $ 4,400 | |||
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized, in years | 2 years | |||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target award based on achieving targeted performance conditions | 0.00% | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target award based on achieving targeted performance conditions | 200.00% | |||
Percentage of target award based on achieving targeted return on net assets based on which final number of shares to be issued for performance stock units | 133.60% | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefit (provision) related to stock plans | $ (100) | 1,000 | 500 | |
Restricted Stock and Unit Activity | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of stock units vested | 5,300 | $ 5,800 | $ 9,700 | |
Performance Stock Unit Activity | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 3 years | |||
Fair value of stock units vested | $ 2,000 | |||
Management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future grants | 1,178,625 | |||
Non Employee Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future grants | 154,315 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options expiration period | 10 years |
Stock Plans - Schedule of Stock
Stock Plans - Schedule of Stock Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Restricted stock | $ 3,035 | $ 4,026 | $ 4,129 |
Stock options | 2,454 | 2,355 | 2,825 |
Performance stock | 2,110 | 2,672 | 3,383 |
Total compensation expense before income taxes | 7,599 | 9,053 | 10,337 |
Income tax benefit | 2,896 | 3,293 | 3,810 |
Total compensation expense, net of income tax benefit | $ 4,703 | $ 5,760 | $ 6,527 |
Stock Plans - Weighted Average
Stock Plans - Weighted Average Assumptions and Fair Value of Stock Option Grants (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Fair value per option (dollars per share) | $ 15.63 | $ 17.26 | $ 14.17 |
Risk-free interest rate | 1.80% | 2.10% | 1.20% |
Expected dividend yield | 2.30% | 2.40% | 2.80% |
Expected volatility | 39.00% | 41.00% | 39.00% |
Expected life (years) | 6 years 8 months 16 days | 6 years 7 months 6 days | 6 years 1 month 6 days |
Stock Plans - Summary of Stock
Stock Plans - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding Beginning balance, Shares | 1,618,561 | 1,695,380 | 1,784,660 |
Granted, Shares | 170,683 | 138,519 | 188,407 |
Exercised, Shares | (64,752) | (190,743) | (277,687) |
Expired, Shares | (1,109) | (1,071) | |
Forfeited, Shares | (28,708) | (23,524) | |
Outstanding Ending balance, Shares | 1,694,675 | 1,618,561 | 1,695,380 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding Beginning balance, Weighted Average Exercise Price (dollars per share) | $ 35.74 | $ 34.55 | $ 33.05 |
Granted, Weighted Average Exercise Price (dollars per share) | 48.64 | 51.69 | 49.03 |
Exercised, Weighted Average Exercise Price (dollars per share) | 38.59 | 36.31 | 34.72 |
Expired, Weighted Average Exercise Price (dollars per share) | 44.36 | 45.68 | |
Forfeited, Weighted Average Exercise Price (dollars per share) | 49.71 | 38.82 | |
Outstanding Ending balance, Weighted Average Exercise Price (dollars per share) | $ 36.69 | $ 35.74 | $ 34.55 |
Exercisable at end of period | 1,280,665 | 1,147,712 | 1,178,657 |
Stock Plans - Schedule of Exerc
Stock Plans - Schedule of Exercise Price Ranges, Characteristics of Outstanding Stock Options (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
$17.83 – $29.33 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (dollars per share) | $ 17.83 |
Range of Exercise Prices, maximum (dollars per share) | $ 29.33 |
Stock Options Outstanding, Shares | shares | 533,382 |
Stock Options Outstanding, Weighted-Average Exercise Price (dollars per share) | $ 21.67 |
Stock Options Outstanding, Weighted-Average Remaining Life, in years | 3 years 6 months 8 days |
Stock Options Exercisable, Shares | shares | 533,382 |
Exercisable, Weighted-Average Exercise Price (dollars per share) | $ 21.67 |
Stock Options Exercisable, Weighted-Average Remaining Life, in years | 3 years 6 months 8 days |
$33.55 – $40.88 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (dollars per share) | $ 33.55 |
Range of Exercise Prices, maximum (dollars per share) | $ 40.88 |
Stock Options Outstanding, Shares | shares | 461,108 |
Stock Options Outstanding, Weighted-Average Exercise Price (dollars per share) | $ 36.88 |
Stock Options Outstanding, Weighted-Average Remaining Life, in years | 3 years 11 months 2 days |
Stock Options Exercisable, Shares | shares | 461,108 |
Exercisable, Weighted-Average Exercise Price (dollars per share) | $ 36.88 |
Stock Options Exercisable, Weighted-Average Remaining Life, in years | 3 years 11 months 2 days |
$41.26 – $51.69 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (dollars per share) | $ 41.26 |
Range of Exercise Prices, maximum (dollars per share) | $ 51.69 |
Stock Options Outstanding, Shares | shares | 700,185 |
Stock Options Outstanding, Weighted-Average Exercise Price (dollars per share) | $ 47.99 |
Stock Options Outstanding, Weighted-Average Remaining Life, in years | 5 years 11 months 8 days |
$41.26 – $48.95 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (dollars per share) | $ 41.26 |
Range of Exercise Prices, maximum (dollars per share) | $ 48.95 |
Stock Options Exercisable, Shares | shares | 286,175 |
Exercisable, Weighted-Average Exercise Price (dollars per share) | $ 45.63 |
Stock Options Exercisable, Weighted-Average Remaining Life, in years | 2 years 7 months 13 days |
$17.83 – $51.69 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (dollars per share) | $ 17.83 |
Range of Exercise Prices, maximum (dollars per share) | $ 51.69 |
Stock Options Outstanding, Shares | shares | 1,694,675 |
Stock Options Outstanding, Weighted-Average Exercise Price (dollars per share) | $ 36.69 |
Stock Options Outstanding, Weighted-Average Remaining Life, in years | 4 years 7 months 13 days |
$17.83 – $48.95 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (dollars per share) | $ 17.83 |
Range of Exercise Prices, maximum (dollars per share) | $ 48.95 |
Stock Options Exercisable, Shares | shares | 1,280,665 |
Exercisable, Weighted-Average Exercise Price (dollars per share) | $ 32.50 |
Stock Options Exercisable, Weighted-Average Remaining Life, in years | 3 years 5 months 16 days |
Stock Plans - Summary of Restri
Stock Plans - Summary of Restricted Stock Activity (Detail) - Restricted Stock and Unit Activity - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested Shares, Beginning Balance | 268,743 | 303,419 | 417,843 |
Granted, Shares | 83,725 | 83,543 | 92,448 |
Vested, Shares | (111,834) | (108,245) | (197,465) |
Forfeited, Shares | (22,925) | (9,974) | (9,407) |
Unvested Shares, Ending Balance | 217,709 | 268,743 | 303,419 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Unvested Weighted Average Grant Date Fair Value, Beginning Balance (dollars per share) | $ 45.34 | $ 39.79 | $ 31.92 |
Granted, Weighted Average Grant Date Fair Value (dollars per share) | 48.06 | 51.91 | 48.98 |
Vested, Weighted Average Grant Date Fair Value (dollars per share) | 39.01 | 34.94 | 27.42 |
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | 45.84 | 44.42 | 40.23 |
Unvested Weighted Average Grant Date Fair Value, Ending Balance (dollars per share) | $ 49.70 | $ 45.34 | $ 39.79 |
Stock Plans - Summary of Perfor
Stock Plans - Summary of Performance Stock Unit Activity (Detail) - Performance Stock Unit Activity - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Unvested Shares, Beginning Balance | 149,389 | 143,961 | 149,389 | 137,672 |
Granted, Shares | 87,256 | 46,242 | 53,357 | |
Vested, Shares | (66,200) | (91,696) | (45,809) | |
Performance adjustments, Shares | 16,447 | 41,428 | 4,169 | |
Forfeited, Shares | (1,402) | (9,820) | ||
Unvested Shares, Ending Balance | 171,644 | 143,961 | 149,389 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Unvested Weighted Average Grant Date Fair Value, Beginning Balance (dollars per share) | $ 46.32 | $ 52.42 | $ 46.32 | $ 35.85 |
Granted, Weighted Average Grant Date Fair Value (dollars per share) | 41.99 | 57.42 | 57.58 | |
Vested, Weighted Average Grant Date Fair Value (dollars per share) | 41.75 | 39.19 | 26.08 | |
Performance adjustments, Weighted Average Grant Date Fair value (dollars per share) | 41.45 | 39.42 | 25.84 | |
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | $ 48.85 | 51.51 | ||
Unvested Weighted Average Grant Date Fair Value, Ending Balance (dollars per share) | $ 50.24 | $ 52.42 | $ 46.32 |
Short and Long-Term Debt - Shor
Short and Long-Term Debt - Short-Term Debt Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |||
Short-term borrowings with banks, which excludes the current portion of long-term debt | $ 0.1 | ||
Average month-end balance | $ 0.2 | ||
Maximum month-end balance | $ 0.6 | ||
Weighted average interest rate | 14.00% |
Short and Long-Term Debt - Sche
Short and Long-Term Debt - Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Senior revolving credit facility maturing in 2020 | $ 326,626 | $ 105,000 |
Total | 466,626 | 251,667 |
Amounts due within one year | 6,667 | 6,667 |
Long-term debt | 459,959 | 245,000 |
Senior Notes Payable Through 2021, 5.41% | ||
Debt Instrument [Line Items] | ||
Senior notes payable | $ 40,000 | $ 46,667 |
Senior notes, interest rate | 5.41% | 5.41% |
Senior Notes Payable Through 2021, 4.00% | ||
Debt Instrument [Line Items] | ||
Senior notes payable | $ 100,000 | $ 100,000 |
Senior notes, interest rate | 4.00% | 4.00% |
Short and Long-Term Debt - Long
Short and Long-Term Debt - Long-Term Debt Additional Information (Detail) | Jan. 22, 2016USD ($) | Jan. 22, 2016GBP (£) | Jan. 22, 2016GBP (£) | Dec. 31, 2015USD ($) | Dec. 11, 2015USD ($) | Aug. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||||
Maturity obligation, 2016 | $ 6,700,000 | |||||
Maturity obligation, 2017 | 26,700,000 | |||||
Maturity obligation, 2018 | 26,700,000 | |||||
Maturity obligation, 2019 | 26,700,000 | |||||
Maturity obligation, 2020 | 353,100,000 | |||||
Maturity obligation, thereafter | 26,700,000 | |||||
Amounts drawn on bank guarantees and letters of credit | 0 | |||||
Cash collateral | 2,400,000 | |||||
Standby Letters of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, maximum borrowing capacity | 7,900,000 | |||||
Senior Notes | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, maximum borrowing capacity | $ 125,000,000 | |||||
Senior Revolving Credit Facility Maturing in 2020 | Standby Letters of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, maximum borrowing capacity | 3,500,000 | |||||
Senior Revolving Credit Facility Maturing in 2020 | Senior Notes | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, maximum borrowing capacity | $ 575,000,000 | |||||
Unused senior revolving credit facility | $ 244,900,000 | |||||
Subsequent Event | Multi-currency Notes Due in 2031 | Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable, principal amount | $ 80,000,000 | £ 54,900,000 | ||||
Notes payable, annual repayment installments | $ 8,900,000 | £ 6,100,000 | ||||
Notes payable, interest rate | 3.40% | 3.40% | ||||
Minimum fixed charges coverage ratio (not less than) | 1.50 | 1.50 | ||||
Consolidated leverage ratio (not to exceed) | 3.25 | 3.25 |
Goodwill and Intangible Asset80
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 340,338 | $ 252,520 | $ 260,134 |
Intangible Assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Future amortization expense, 2016 | 8,000 | ||
Future amortization expense, 2017 | 7,500 | ||
Future amortization expense, 2018 | 6,100 | ||
Future amortization expense, 2019 | 6,000 | ||
Future amortization expense, 2020 | 6,000 | ||
North American | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 197,900 | ||
European | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 140,700 | ||
International | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 1,700 |
Goodwill and Intangible Asset81
Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Net balance at January 1 | $ 252,520 | $ 260,134 |
Additions | 97,959 | 0 |
Currency translation | (10,141) | (7,614) |
Net balance at December 31 | $ 340,338 | $ 252,520 |
Goodwill and Intangible Asset82
Goodwill and Intangible Assets - Schedule of Changes in Intangible Assets, Net of Accumulated Amortization (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Net balance at January 1 | $ 31,323 | $ 35,029 | |
Additions | 67,645 | 500 | |
Amortization expense | (4,811) | (2,979) | |
Impairment losses | (723) | 0 | $ 0 |
Currency translation | (3,366) | (1,227) | |
Net balance at December 31 | $ 90,068 | $ 31,323 | $ 35,029 |
Goodwill and Intangible Asset83
Goodwill and Intangible Assets - Net Carrying Amount (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 15 years | ||
Gross Carrying Amount | $ 118,400 | $ 66,300 | |
Accumulated Amortization and Reserves | (28,300) | (35,000) | |
Net Carrying Amount | $ 90,068 | 31,323 | $ 35,029 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 15 years | ||
Gross Carrying Amount | $ 50,500 | 0 | |
Accumulated Amortization and Reserves | (700) | 0 | |
Net Carrying Amount | $ 49,800 | 0 | |
Distribution agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 20 years | ||
Gross Carrying Amount | $ 24,600 | 27,500 | |
Accumulated Amortization and Reserves | (6,200) | (6,500) | |
Net Carrying Amount | $ 18,400 | 21,000 | |
Technology related assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 10 years | ||
Gross Carrying Amount | $ 17,500 | 11,500 | |
Accumulated Amortization and Reserves | (8,300) | (6,600) | |
Net Carrying Amount | $ 9,200 | 4,900 | |
Patents, trademarks and copyrights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 15 years | ||
Gross Carrying Amount | $ 16,500 | 13,500 | |
Accumulated Amortization and Reserves | (4,600) | (8,600) | |
Net Carrying Amount | $ 11,900 | 4,900 | |
License agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 5 years | ||
Gross Carrying Amount | $ 5,400 | 6,800 | |
Accumulated Amortization and Reserves | (5,300) | (6,700) | |
Net Carrying Amount | $ 100 | 100 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 15 years | ||
Gross Carrying Amount | $ 3,900 | 7,000 | |
Accumulated Amortization and Reserves | (3,200) | (6,600) | |
Net Carrying Amount | $ 700 | $ 400 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Oct. 21, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2015 |
Business Acquisition [Line Items] | |||||
Finite-lived intangible asset, useful life (years) | 15 years | ||||
Goodwill | $ 340,338,000 | $ 252,520,000 | $ 260,134,000 | ||
Net sales | 1,129,922,000 | 1,136,650,000 | 1,111,883,000 | ||
Net loss | $ (70,807,000) | $ (88,506,000) | $ (88,247,000) | ||
Senior Notes | Revolving Credit Facility | |||||
Business Acquisition [Line Items] | |||||
Unsecured senior revolving credit facility | $ 125,000,000 | ||||
Latchways | |||||
Business Acquisition [Line Items] | |||||
Purchase price for acquisition | $ 190,900,000 | ||||
Finite-lived intangible asset, useful life (years) | 15 years | ||||
Future amortization expense, 2016 | $ 4,500,000 | ||||
Future amortization expense, 2017 | 4,300,000 | ||||
Future amortization expense, 2018 | 4,300,000 | ||||
Future amortization expense, 2019 | 4,300,000 | ||||
Future amortization expense, 2020 | 4,300,000 | ||||
Goodwill | 98,000,000 | ||||
Step up to fair value of acquired inventory | 1,600,000 | ||||
Inventory, depreciation expense, next twelve months | 700,000 | ||||
Estimated Future Depreciation Expense related to Acquisition | 900,000 | ||||
Transaction costs | 5,000,000 | ||||
Transaction costs, not tax-deductible | 2,800,000 | ||||
Integration costs | 2,500,000 | ||||
Integration costs, net of tax | 1,600,000 | ||||
Net sales | 10,100,000 | ||||
Net loss | $ 700,000 | ||||
Latchways | Europe | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 96,600,000 | ||||
Latchways | North America | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,400,000 |
Acquisitions - Preliminary Fair
Acquisitions - Preliminary Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Oct. 21, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 340,338 | $ 252,520 | $ 260,134 | |
Latchways | ||||
Business Acquisition [Line Items] | ||||
Current assets (including cash of $10.6 million) | $ 35,700 | |||
Property, plant and equipment | 9,500 | |||
Goodwill | 98,000 | |||
Total assets acquired | 210,800 | |||
Total liabilities assumed | 19,900 | |||
Net assets acquired | 190,900 | |||
Cash acquired | 10,600 | |||
Trade name and acquired technology | Latchways | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets | 14,600 | |||
Customer-related intangibles | Latchways | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets | $ 53,000 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Details) - Latchways - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Net sales | $ 1,172 | $ 1,192 |
Income from continuing operations | $ 77.8 | $ 94.8 |
Basic earnings per share from continuing operations (in dollars per share) | $ 2.09 | $ 2.55 |
Diluted earnings per share from continuing operations (in dollars per share) | $ 2.06 | $ 2.51 |
Pensions and Other Post-retir87
Pensions and Other Post-retirement Benefits - Schedule of Defined Benefit Pension Plans and Other Postretirement Benefits Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | $ 445,299 | ||
Fair value of plan assets at December 31 | 419,088 | $ 445,299 | |
Funded Status | |||
Noncurrent assets | 62,072 | 75,017 | |
Noncurrent liabilities | (156,160) | (174,598) | |
Pension Benefits | |||
Change in Benefit Obligations | |||
Benefit obligations at January 1 | 519,194 | 440,359 | |
Service cost | 11,517 | 9,425 | $ 11,132 |
Interest cost | 18,314 | 19,340 | 17,934 |
Participant contributions | 105 | 130 | |
Plan amendments | 604 | (302) | |
Actuarial (gains) losses | (21,073) | 88,069 | |
Benefits paid | (19,261) | (19,193) | |
Settlements | (2,094) | (717) | |
Currency translation | (16,126) | (17,917) | |
Benefit obligations at December 31 | 491,180 | 519,194 | 440,359 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 445,299 | 434,569 | |
Actual return on plan assets | (4,754) | 30,209 | |
Employer contributions | 4,058 | 4,077 | |
Settlements | (2,094) | (717) | |
Benefits paid | (16,979) | (16,507) | |
Reimbursement of German benefits | (2,282) | (2,686) | |
Administrative Expenses Paid | 6 | 0 | |
Currency translation | (4,271) | (3,776) | |
Fair value of plan assets at December 31 | 419,088 | 445,299 | 434,569 |
Funded Status | |||
Funded status at December 31 | (72,092) | (73,895) | |
Defined Benefit Plan, before Adoption of FAS 158 Recognition Provisions, Net Transition Obligations (Assets), Not yet Recognized | 12 | 16 | |
Unrecognized prior service cost (credit) | 525 | 10 | |
Unrecognized net actuarial losses | 188,531 | 192,692 | |
Net amount recognized | 116,976 | 118,823 | |
Noncurrent assets | 62,072 | 75,017 | |
Current liabilities | (5,033) | (5,380) | |
Noncurrent liabilities | (129,131) | (143,532) | |
Net amount recognized | (72,092) | (73,895) | |
Amounts Recognized in Accumulated Other Comprehensive Loss | |||
Net actuarial losses | 188,531 | 192,692 | |
Prior service cost (credit) | 525 | 10 | |
Unrecognized net initial obligation | 12 | 16 | |
Total (before tax effects) | 189,068 | 192,718 | |
Accumulated Benefit Obligations for all Defined Benefit Plans | 453,382 | 479,764 | |
Other Benefits | |||
Change in Benefit Obligations | |||
Benefit obligations at January 1 | 26,851 | 26,732 | |
Service cost | 444 | 538 | 687 |
Interest cost | 863 | 1,107 | 1,050 |
Participant contributions | 255 | 259 | |
Plan amendments | 0 | 0 | |
Actuarial (gains) losses | (3,998) | (200) | |
Benefits paid | (1,441) | (1,585) | |
Settlements | 0 | 0 | |
Currency translation | 0 | 0 | |
Benefit obligations at December 31 | 22,974 | 26,851 | 26,732 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 1,186 | 1,326 | |
Settlements | 0 | 0 | |
Benefits paid | (1,441) | (1,585) | |
Reimbursement of German benefits | 0 | 0 | |
Administrative Expenses Paid | 0 | 0 | |
Currency translation | 0 | 0 | |
Fair value of plan assets at December 31 | 0 | 0 | $ 0 |
Funded Status | |||
Funded status at December 31 | (22,974) | (26,851) | |
Defined Benefit Plan, before Adoption of FAS 158 Recognition Provisions, Net Transition Obligations (Assets), Not yet Recognized | 0 | 0 | |
Unrecognized prior service cost (credit) | (1,524) | (1,858) | |
Unrecognized net actuarial losses | 2,117 | 6,450 | |
Net amount recognized | (22,381) | (22,259) | |
Noncurrent assets | 0 | 0 | |
Current liabilities | (1,382) | (1,457) | |
Noncurrent liabilities | (21,592) | (25,394) | |
Net amount recognized | (22,974) | (26,851) | |
Amounts Recognized in Accumulated Other Comprehensive Loss | |||
Net actuarial losses | 2,425 | 6,450 | |
Prior service cost (credit) | (1,523) | (1,858) | |
Unrecognized net initial obligation | 0 | 0 | |
Total (before tax effects) | 902 | 4,592 | |
Accumulated Benefit Obligations for all Defined Benefit Plans | $ 0 | $ 0 |
Pensions and Other Post-retir88
Pensions and Other Post-retirement Benefits - Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 11,517 | $ 9,425 | $ 11,132 |
Interest cost | 18,314 | 19,340 | 17,934 |
Expected return on plan assets | (34,130) | (32,944) | (30,884) |
Amortization of transition amounts | 2 | 2 | 3 |
Amortization of prior service cost (credit) | 66 | 84 | 102 |
Recognized net actuarial losses | 15,545 | 8,639 | 13,323 |
Settlement loss | 641 | 290 | 658 |
Termination benefits | 0 | 0 | 0 |
Net periodic benefit cost | 11,955 | 4,836 | 12,268 |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 444 | 538 | 687 |
Interest cost | 863 | 1,107 | 1,050 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of transition amounts | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (335) | (335) | (424) |
Recognized net actuarial losses | 27 | 182 | 552 |
Settlement loss | 0 | 0 | 0 |
Termination benefits | 0 | 0 | 0 |
Net periodic benefit cost | $ 999 | $ 1,492 | $ 1,865 |
Pensions and Other Post-retir89
Pensions and Other Post-retirement Benefits - Schedule of Amounts Included in Accumulated Other Comprehensive Income Expected To Be Recognized In Net Periodic Benefit Costs (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Benefits | |
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Loss recognition | $ 12,254 |
Prior service cost (credit) recognition | 61 |
Transition obligation recognition | 2 |
Other Benefits | |
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Loss recognition | 11 |
Prior service cost (credit) recognition | (335) |
Transition obligation recognition | $ 0 |
Pensions and Other Post-retir90
Pensions and Other Post-retirement Benefits - Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumptions used to determine benefit obligations, average discount rate | 3.92% | 3.63% |
Assumptions used to determine benefit obligations, rate of compensation increase | 3.06% | 3.03% |
Assumptions used to determine net periodic benefit cost, average discount rate | 3.63% | 4.54% |
Assumptions used to determine net periodic benefit cost, expected return on plan assets | 8.17% | 8.20% |
Assumptions used to determine net periodic benefit cost, rate of compensation increases | 3.03% | 3.06% |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumptions used to determine benefit obligations, average discount rate | 4.20% | 3.85% |
Assumptions used to determine net periodic benefit cost, average discount rate | 3.85% | 4.62% |
Pensions and Other Post-retir91
Pensions and Other Post-retirement Benefits - Schedule of Expected Return on Assets for Net Periodic Pension Cost (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 67.00% | 65.00% |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 24.00% | 26.00% |
Pooled investment funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 5.00% | 5.00% |
Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 3.00% | 3.00% |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 1.00% | 1.00% |
Pensions and Other Post-retir92
Pensions and Other Post-retirement Benefits - Summary of Pension Plan Assets Measured at Fair Value on Recurring Basis by Fair Value Hierarchy (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | $ 419,088 | $ 445,299 | |
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 280,619 | 288,018 | |
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 100,067 | 114,364 | |
Pooled investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 19,345 | 22,623 | |
Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 13,681 | 15,069 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 5,376 | 5,225 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 260,470 | 279,828 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 225,191 | 233,156 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 29,903 | 41,447 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pooled investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 5,376 | 5,225 | |
Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 144,937 | 149,649 | |
Significant Observable Inputs (Level 2) | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 55,428 | 54,614 | |
Significant Observable Inputs (Level 2) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 70,164 | 72,412 | |
Significant Observable Inputs (Level 2) | Pooled investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 19,345 | 22,623 | |
Significant Observable Inputs (Level 2) | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Significant Observable Inputs (Level 2) | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 13,681 | 15,822 | |
Significant Unobservable Inputs (Level 3) | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 248 | |
Significant Unobservable Inputs (Level 3) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 505 | |
Significant Unobservable Inputs (Level 3) | Pooled investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 13,681 | 15,069 | $ 13,512 |
Significant Unobservable Inputs (Level 3) | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | $ 0 | $ 0 |
Pensions and Other Post-retir93
Pensions and Other Post-retirement Benefits - Schedule of Reconciliation of Level Three Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at January 1 | $ 445,299 | |
Fair value of plan assets at December 31 | 419,088 | $ 445,299 |
Insurance contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at January 1 | 15,069 | |
Fair value of plan assets at December 31 | 13,681 | 15,069 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at January 1 | 15,822 | |
Fair value of plan assets at December 31 | 13,681 | 15,822 |
Significant Unobservable Inputs (Level 3) | Insurance contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at January 1 | 15,069 | 13,512 |
Net realized and unrealized gains included in earnings | (1,526) | 1,345 |
Net purchases, issuances and settlements | 138 | 212 |
Transfers out of Level 3 | 0 | 0 |
Fair value of plan assets at December 31 | 13,681 | 15,069 |
Significant Unobservable Inputs (Level 3) | Other | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at January 1 | 753 | 780 |
Net realized and unrealized gains included in earnings | (64) | (180) |
Net purchases, issuances and settlements | (184) | 505 |
Transfers out of Level 3 | (505) | (352) |
Fair value of plan assets at December 31 | $ 0 | $ 753 |
Pensions and Other Post-retir94
Pensions and Other Post-retirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Period of amortization for actuarial gains and losses | 10 years | ||
Estimated contributions by employer to pension plans | $ 6.2 | ||
Percentage increase in health care benefit cost | 6.50% | ||
Percentage decrease in health care benefits for successive year | 0.50% | 0.50% | |
Estimated future percentage of health care benefits | 4.50% | ||
Percentage of change in assumed health care cost trend rate | 1.00% | ||
Increase or decrease in other postretirement obligations | $ 1.1 | ||
Increase or decrease in current year plan expense | 1 | ||
Defined contribution pension plan expense | 6.8 | $ 6.5 | $ 5.8 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated benefit payments, 2016 | 20.2 | ||
Estimated benefit payments, 2017 | 21 | ||
Estimated benefit payments, 2018 | 22 | ||
Estimated benefit payments, 2019 | 22.7 | ||
Estimated benefit payments, 2020 | 24.3 | ||
Estimated benefit payments, five years thereafter | 139.2 | ||
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated benefit payments, 2016 | 1.4 | ||
Estimated benefit payments, 2017 | 1.5 | ||
Estimated benefit payments, 2018 | 1.7 | ||
Estimated benefit payments, 2019 | 1.8 | ||
Estimated benefit payments, 2020 | 1.8 | ||
Estimated benefit payments, five years thereafter | $ 8.5 |
Other Income (Loss), Net - Sche
Other Income (Loss), Net - Schedule of Other Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long Lived Assets Held-for-sale [Line Items] | |||
Interest income | $ 1,525 | $ 1,822 | $ 1,142 |
Gain on asset dispositions, net | 1,724 | 2,094 | 436 |
Land impairment loss | 0 | (50) | (1,557) |
Disposal of non-core product lines | (4,223) | 0 | 0 |
Impairment of intangible assets | (723) | 0 | 0 |
Other, net | 836 | (1,101) | (196) |
Total | (861) | 2,765 | $ (175) |
Safety Works | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Impairment of intangible assets | (700) | ||
Property in Australia | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Gain on asset dispositions, net | 2,000 | ||
Detector Tube Assets | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Gain on asset dispositions, net | $ 2,200 | ||
North American Segment | Safety Works | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Disposal of non-core product lines | $ (4,200) |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Rent expense | $ 10.8 | $ 11.7 | $ 12.9 |
Minimum rent commitments in 2016 | 11.2 | ||
Minimum rent commitments in 2017 | 9.5 | ||
Minimum rent commitments in 2018 | 7.4 | ||
Minimum rent commitments in 2019 | 6.1 | ||
Minimum rent commitments in 2020 | 4.6 | ||
Minimum rent commitments, thereafter | $ 12.6 |
Derivative Financial Instrume97
Derivative Financial Instruments - Additional Information (Detail) - Foreign Exchange Forward | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |
Notional amount of open forward contracts | $ 58,600,000 |
Unrealized loss on contract | $ 200,000 |
Derivative Financial Instrume98
Derivative Financial Instruments - Balance Sheet Location And Fair Value Of Assets And Liabilities Associated With Derivative Financial Instruments (Detail) - Foreign exchange contracts - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | $ 581 | $ 429 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | $ 401 | $ 34 |
Derivative Financial Instrume99
Derivative Financial Instruments - Income Statement Location And Impact Of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Currency exchange loss | $ 2,187 | $ 2,002 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Carrying amount of long-term debt | $ 140 | $ 146.7 |
Fair value of long-term debt | $ 145.2 | $ 153.4 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | Feb. 26, 2016USD ($) | Dec. 31, 2015USD ($)LegalMattercategoryVendor | Dec. 31, 2014USD ($)LegalMatter | Dec. 31, 2013USD ($)LegalMatter | Dec. 31, 2015USD ($)LegalMatter | Dec. 31, 2012USD ($)LegalMatter |
Loss Contingencies [Line Items] | ||||||
Number of categories of product liability losses | category | 2 | |||||
Number of lawsuits | LegalMatter | 1,988 | 2,326 | 2,840 | 1,988 | 2,609 | |
Years of activity | 5 years | |||||
Loss contingency accrual, payment term | 182 days | |||||
Product liability losses | $ 156.1 | |||||
Number of insurance carriers | Vendor | 20 | |||||
Increase (decrease) in insurance settlements receivable | $ 9 | |||||
Insurance receivables | 229.5 | $ 220.5 | $ 124.8 | 229.5 | $ 130 | |
Insurance receivable, current | 2 | 2 | 2 | |||
Insurance receivable, noncurrent | 227.5 | 218.5 | 227.5 | |||
Single Incident | ||||||
Loss Contingencies [Line Items] | ||||||
Reserves for product liability claims | 3.5 | 3.5 | 3.5 | |||
Product liability losses | 0.9 | |||||
Cumulative Trauma | ||||||
Loss Contingencies [Line Items] | ||||||
Reserves for product liability claims | 74.9 | |||||
Loss contingency accrual, product liability, net | 50.1 | 50.1 | ||||
Cumulative Trauma, Reported Claims | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency accrual, product liability, net | 7.1 | $ 7.1 | ||||
Uninsured Cumulative Trauma | ||||||
Loss Contingencies [Line Items] | ||||||
Product liability losses | $ 1 | 3.9 | $ 1.7 | |||
Other Noncurrent Liabilities | Cumulative Trauma | ||||||
Loss Contingencies [Line Items] | ||||||
Reserves for product liability claims | $ 35.1 | |||||
Subsequent Event | Insurance Claims | ||||||
Loss Contingencies [Line Items] | ||||||
Total damages in verdict against MSA LLC | $ 7.2 |
Contingencies - Summary of Cumu
Contingencies - Summary of Cumulative Trauma Product Liability Claims Activity (Detail) - LegalMatter | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingency, Quantities [Roll Forward] | |||
Open lawsuits, January 1 | 2,326 | 2,840 | 2,609 |
New lawsuits | 340 | 542 | 489 |
Settled and dismissed lawsuits | (678) | (1,056) | (258) |
Open lawsuits, December 31 | 1,988 | 2,326 | 2,840 |
Contingencies - Summary of Insu
Contingencies - Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | |||
Balance January 1 | $ 220.5 | $ 124.8 | $ 130 |
Additions | 17.3 | 98.2 | 34 |
Collections and settlements | (8.3) | (2.5) | (39.2) |
Balance December 31 | $ 229.5 | $ 220.5 | $ 124.8 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) $ in Millions | Feb. 29, 2016USD ($) |
Subsequent Event | Discontinued Operations, Held-for-sale or Disposed of by Sale | South African Distribution Business and Zambian Operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Amount in escrow from potential acquirer | $ 15.9 |
Discontinued Operations - Disco
Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | $ 8,854 | $ 11,648 | $ 11,384 | $ 11,157 | $ 12,222 | $ 14,645 | $ 10,589 | $ 10,060 | $ 43,043 | $ 47,516 | |
Income from discontinued operations, net of tax | 1,325 | 1,776 | $ 3,061 | ||||||||
South African Distribution Business and Zambian Operations | Discontinued Operations, Held-for-sale or Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 43,043 | 47,516 | 52,692 | ||||||||
Other income, net | 580 | 660 | 40 | ||||||||
Cost of products sold | 34,764 | 38,259 | 41,181 | ||||||||
Selling, general and administrative | 6,680 | 7,650 | 7,389 | ||||||||
Restructuring and other charges | 14 | 0 | |||||||||
Currency exchange losses (gains), net | 266 | (116) | (325) | ||||||||
Income from discontinued operations before income taxes | 1,899 | 2,383 | 4,487 | ||||||||
Provision for income taxes | 574 | 607 | 1,426 | ||||||||
Income from discontinued operations, net of tax | $ 1,325 | $ 1,776 | $ 3,061 |
Discontinued Operations - Di106
Discontinued Operations - Discontinued Operations Assets and Liabilities (Details) - South African Distribution Business and Zambian Operations - Discontinued Operations, Held-for-sale or Disposed of by Sale - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Trade receivables, less allowance for doubtful accounts | $ 4,832 | $ 6,638 |
Inventories | 8,499 | 11,829 |
Net property | 449 | 342 |
Other assets | 791 | 2,022 |
Total assets | 14,571 | 20,831 |
Accounts payable | 2,745 | 5,263 |
Accrued and other liabilities | 748 | 991 |
Total liabilities | 3,493 | 6,254 |
Net assets | $ 11,078 | $ 14,577 |
Discontinued Operations - Net L
Discontinued Operations - Net Loss (Income) Related to Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net loss | $ 2,863 | $ 579 | $ 198 |
South African Distribution Business and Zambian Operations | Discontinued Operations, Held-for-sale or Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from continuing operations | 2,971 | 1,296 | 870 |
Loss (income) from discontinued operations | (108) | (717) | (672) |
Net loss | $ 2,863 | $ 579 | $ 198 |
Quarterly Financial Informat108
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 313,318 | $ 273,746 | $ 287,011 | $ 256,708 | $ 311,188 | $ 275,159 | $ 282,493 | $ 265,045 | $ 1,130,783 | $ 1,133,885 | $ 1,112,058 |
Gross profit | 134,010 | 119,781 | 130,489 | 116,823 | 140,141 | 123,723 | 129,670 | 121,815 | 501,103 | 515,349 | |
Net income attributable to continuing operations | $ 20,840 | $ 15,712 | $ 23,722 | $ 9,316 | $ 33,119 | $ 18,674 | $ 22,132 | $ 13,522 | $ 69,590 | $ 87,447 | $ 85,858 |
Earnings per share attributable to continuing operations, basic (dollars per share) | $ 0.56 | $ 0.42 | $ 0.63 | $ 0.25 | $ 0.88 | $ 0.50 | $ 0.59 | $ 0.37 | $ 1.86 | $ 2.34 | $ 2.31 |
Earnings per share attributable to continuing operations, diluted (dollars per share) | $ 0.55 | $ 0.41 | $ 0.62 | $ 0.25 | $ 0.87 | $ 0.49 | $ 0.58 | $ 0.36 | $ 1.84 | $ 2.30 | $ 2.28 |
Net sales | $ 8,854 | $ 11,648 | $ 11,384 | $ 11,157 | $ 12,222 | $ 14,645 | $ 10,589 | $ 10,060 | $ 43,043 | $ 47,516 | |
Gross profit | 1,616 | 2,170 | 2,326 | 2,167 | 2,122 | 2,638 | 2,134 | 2,363 | 8,279 | 9,257 | |
Net income attributable to discontinued operations | $ 11 | $ 264 | $ 576 | $ 366 | $ (432) | $ 631 | $ 356 | $ 504 | $ 1,217 | $ 1,059 | $ 2,389 |
Earnings per share attributable to discontinued operations, basic (dollars per share) | $ 0 | $ 0.01 | $ 0.02 | $ 0.01 | $ (0.01) | $ 0.02 | $ 0.01 | $ 0.01 | $ 0.03 | $ 0.03 | $ 0.06 |
Earnings per share attributable to discontinued operations, diluted (dollars per share) | $ 0 | $ 0.01 | $ 0.01 | $ 0.01 | $ (0.01) | $ 0.02 | $ 0.01 | $ 0.01 | $ 0.03 | $ 0.03 | $ 0.06 |
Schedule II - Valuation and 109
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 7,821 | $ 7,306 | $ 7,402 |
Charged to costs and expenses | 1,676 | 1,249 | 763 |
Deductions from reserves, net | 1,308 | 734 | 859 |
Balance at end of year | 8,189 | 7,821 | 7,306 |
Income Tax Valuation Allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 3,763 | 4,938 | 3,961 |
Charged to costs and expenses | 1,390 | 0 | 977 |
Deductions from reserves, net | 0 | 1,175 | 0 |
Balance at end of year | $ 5,153 | $ 3,763 | $ 4,938 |
Schedule II - Valuation and 110
Schedule II - Valuation and Qualifying Accounts - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Currency translation gains (losses) | $ (535) | $ (332) | $ (121) |
Income Tax Valuation Allowance | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Currency translation gains (losses) | $ 392 | $ (643) | $ 242 |