Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MSA | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 37,759,187 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1.7 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 1,149,530,000 | $ 1,130,783,000 | $ 1,133,885,000 |
Cost of products sold | 625,887,000 | 629,680,000 | 618,536,000 |
Gross profit | 523,643,000 | 501,103,000 | 515,349,000 |
Selling, general and administrative | |||
Selling, general and administrative | 306,144,000 | 315,270,000 | 322,797,000 |
Research and development | 46,847,000 | 48,630,000 | 48,247,000 |
Restructuring charges (Note 2) | 5,694,000 | 12,258,000 | 8,515,000 |
Currency exchange losses, net | 766,000 | 2,204,000 | 1,509,000 |
Operating income | 164,192,000 | 122,741,000 | 134,281,000 |
Interest expense | 16,411,000 | 10,854,000 | 9,851,000 |
Other (income) loss, net (Note 15) | (4,130,000) | 861,000 | (2,765,000) |
Total other expense, net | 12,281,000 | 11,715,000 | 7,086,000 |
Income from continuing operations before income taxes | 151,911,000 | 111,026,000 | 127,195,000 |
Provision for income taxes (Note 9) | 57,804,000 | 44,407,000 | 41,044,000 |
Net income (loss), including portion attributable to noncontrolling interest | |||
Income from continuing operations | 94,107,000 | 66,619,000 | 86,151,000 |
(Loss) income from discontinued operations (Note 20) | (245,000) | 1,325,000 | 1,776,000 |
Net income | 93,862,000 | 67,944,000 | 87,927,000 |
Net (income) loss attributable to noncontrolling interests | (1,926,000) | 2,863,000 | 579,000 |
Net income attributable to MSA Safety Incorporated | 91,936,000 | 70,807,000 | 88,506,000 |
Amounts attributable to MSA Safety Incorporated common shareholders: | |||
Net income attributable to MSA Safety Incorporated | 92,691,000 | 69,590,000 | 87,447,000 |
(Loss) income from discontinued operations (Note 20) | $ (755,000) | $ 1,217,000 | $ 1,059,000 |
Basic | |||
Income from continuing operations | $ 2.47 | $ 1.86 | $ 2.34 |
(Loss) income from discontinued operations (dollars per share) | (0.02) | 0.03 | 0.03 |
Net income (dollars per share) | 2.45 | 1.89 | 2.37 |
Diluted | |||
Income from continuing operations | 2.44 | 1.84 | 2.30 |
(Loss) income from discontinued operations (dollars per share) | (0.02) | 0.03 | 0.03 |
Net income (dollars per share) | $ 2.42 | $ 1.87 | $ 2.33 |
Dividends per common share (dollars per share) | $ 1.31 | $ 1.27 | $ 1.23 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 93,862 | $ 67,944 | $ 87,927 |
Foreign currency translation adjustments (Note 5) | (24,986) | (49,067) | (40,568) |
Pension and post-retirement plan actuarial gains (losses), net of tax (Note 5) | 1,321 | 6,181 | (48,490) |
Reclassification from accumulated other comprehensive (loss) into net income (Note 5) | 3,270 | 0 | 0 |
Total other comprehensive loss, net of tax | (20,395) | (42,886) | (89,058) |
Comprehensive income (loss) | 73,467 | 25,058 | (1,131) |
Comprehensive (income) loss attributable to noncontrolling interests | (3,578) | 4,280 | 1,176 |
Comprehensive income attributable to MSA Safety Incorporated | $ 69,889 | $ 29,338 | $ 45 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 113,759 | $ 105,925 |
Trade receivables, less allowance for doubtful accounts of $5,610 and $8,189 | 209,514 | 232,862 |
Inventories (Note 3) | 103,066 | 125,849 |
Prepaid income taxes | 16,378 | 8,745 |
Notes receivable, insurance companies (Note 19) | 4,180 | 6,746 |
Prepaid expenses and other current assets | 25,909 | 24,485 |
Total current assets | 472,806 | 504,612 |
Property, plant, and equipment, net (Note 4) | 148,678 | 155,839 |
Prepaid pension cost (Note 14) | 62,916 | 62,072 |
Deferred tax assets (Note 9) | 23,240 | 26,455 |
Goodwill (Note 12) | 333,276 | 340,338 |
Intangible assets, net (Note 12) | 77,015 | 90,068 |
Notes receivable, insurance companies, noncurrent (Note 19) | 63,147 | 1,944 |
Insurance receivable (Note 19) and other noncurrent assets | 172,842 | 241,535 |
Total assets | 1,353,920 | 1,422,863 |
Current Liabilities | ||
Notes payable and current portion of long-term debt (Note 11) | 26,666 | 6,650 |
Accounts payable | 62,734 | 68,206 |
Employees’ compensation | 39,880 | 37,642 |
Insurance and product liability (Note 19) | 19,438 | 57,718 |
Taxes on income (Note 9) | 3,889 | 11,658 |
Other current liabilities | 68,803 | 70,013 |
Total current liabilities | 221,410 | 251,887 |
Long-term debt, net (Note 11) | 363,836 | 458,022 |
Pensions and other employee benefits (Note 14) | 157,927 | 156,160 |
Deferred tax liabilities (Note 9) | 34,044 | 24,872 |
Other noncurrent liabilities (Note 19) | 15,491 | 14,794 |
Total liabilities | 792,708 | 905,735 |
Commitments and contingencies (Note 19) | ||
Mine Safety Appliances Company shareholders' equity: | ||
Preferred stock, 4 1/2% cumulative, $50 par value (Note 6) | 3,569 | 3,569 |
Common stock, no par value (180,000,000 shares authorized; 62,081,391 shares issued; 37,736,578 and 37,372,474 shares outstanding at December 31, 2016 and 2015, respectively) | 172,681 | 157,643 |
Treasury shares, at cost (Note 6) | (289,254) | (295,070) |
Accumulated other comprehensive loss | (230,246) | (208,199) |
Retained earnings | 901,415 | 858,553 |
Total MSA Safety Incorporated shareholders’ equity | 558,165 | 516,496 |
Noncontrolling interests | 3,047 | 632 |
Total shareholders’ equity | 561,212 | 517,128 |
Total liabilities and shareholders’ equity | $ 1,353,920 | $ 1,422,863 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $ 5,610 | $ 8,189 |
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) | 37,736,578 | 37,372,474 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | |||
Net income | $ 93,862 | $ 67,944 | $ 87,927 |
Depreciation and amortization | 35,273 | 31,684 | 29,921 |
Pension expense (Note 14) | 6,332 | 11,955 | 4,836 |
Gain on asset dispositions, net | (1,453) | (1,745) | (2,094) |
Stock-based compensation (Note 10) | 9,211 | 7,599 | 9,053 |
Asset Impairment Charges (Note 15) | 0 | 4,946 | 0 |
Deferred income tax provision (Note 9) | 14,393 | (1,699) | (5,388) |
Other noncurrent assets and liabilities | 12,546 | (41,801) | (49,405) |
Currency exchange losses, net | 785 | 2,471 | 1,393 |
Excess tax benefit related to stock plans (Note 6) | (478) | (596) | (2,573) |
Pension contributions (Note 14) | (3,878) | (4,058) | (4,077) |
Other, net | 0 | (2,786) | (5,168) |
Operating cash flow before changes in certain working capital items | 166,593 | 73,914 | 64,425 |
Change in trade receivables | 13,239 | (21,959) | (23,480) |
Change in inventories | 14,394 | (9,403) | (600) |
Change in accounts payable and accrued liabilities | (46,479) | 20,286 | 56,988 |
Change in income taxes receivable, prepaid expenses and other current assets | (12,853) | (7,584) | 9,698 |
Changes in certain working capital items | (31,699) | (18,660) | 42,606 |
Cash Flow From Operating Activities | 134,894 | 55,254 | 107,031 |
Investing Activities | |||
Capital expenditures | (25,523) | (36,241) | (33,583) |
Property disposals | 18,214 | 8,022 | 3,385 |
Acquisition, net of cash acquired (Note 13) | (18,449) | (180,271) | 0 |
Other investing | 0 | 0 | (500) |
Cash Flow (Used In) Investing Activities | (25,758) | (208,490) | (30,698) |
Financing Activities | |||
Proceeds from (payments on) short-term debt, net (Note 11) | 0 | 5 | (796) |
Payments on long-term debt (Note 11) | (443,572) | (291,525) | (421,667) |
Proceeds from long-term debt (Note 11) | 382,664 | 510,456 | 406,000 |
Restricted cash | 1,505 | 264 | 86 |
Cash dividends paid | (49,074) | (47,380) | (45,586) |
Distributions to noncontrolling interests | (1,008) | 0 | 0 |
Company stock purchases (Note 6) | (1,881) | (9,885) | (5,654) |
Exercise of stock options (Note 6) | 12,476 | 1,930 | 6,926 |
Employee stock purchase plan (Note 6) | 571 | 488 | 0 |
Excess tax benefit related to stock plans (Note 6) | 478 | 596 | 2,573 |
Cash Flow (Used In) From Financing Activities | (97,841) | 164,949 | (58,118) |
Effect of exchange rate changes on cash and cash equivalents | (3,461) | (11,786) | (8,482) |
Increase (decrease) in cash and cash equivalents | 7,834 | (73) | 9,733 |
Beginning cash and cash equivalents | 105,925 | 105,998 | 96,265 |
Ending cash and cash equivalents | 113,759 | 105,925 | 105,998 |
Supplemental cash flow information: | |||
Interest payments | 15,861 | 10,818 | 9,663 |
Income tax payments | $ 57,551 | $ 50,001 | $ 31,679 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Retained Earnings and Accumulated Other Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of period | $ 517,128 | ||
Net income | 93,862 | $ 67,944 | $ 87,927 |
Pension and post-retirement plan adjustments, net of tax | 1,321 | 6,181 | (48,490) |
Loss (gain) attributable to noncontrolling interests | (3,578) | 4,280 | 1,176 |
Balance at end of period | 561,212 | 517,128 | |
Retained Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of period | 858,553 | 835,126 | 792,206 |
Net income | 93,862 | 67,944 | 87,927 |
Foreign currency translation adjustments | 0 | 0 | 0 |
Pension and post-retirement plan adjustments, net of tax | 0 | 0 | 0 |
Reclassification from accumulated other comprehensive (loss) into net income | 0 | ||
Loss (gain) attributable to noncontrolling interests | (1,926) | 2,863 | 579 |
Common dividends | (49,032) | (47,338) | (45,544) |
Preferred dividends | (42) | (42) | (42) |
Balance at end of period | 901,415 | 858,553 | 835,126 |
Accumulated Other Comprehensive (Loss) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of period | (208,199) | (166,730) | (78,269) |
Net income | 0 | 0 | 0 |
Foreign currency translation adjustments | (24,986) | (49,067) | (40,568) |
Pension and post-retirement plan adjustments, net of tax | 1,321 | 6,181 | (48,490) |
Reclassification from accumulated other comprehensive (loss) into net income | 3,270 | ||
Loss (gain) attributable to noncontrolling interests | (1,652) | 1,417 | 597 |
Common dividends | 0 | 0 | 0 |
Preferred dividends | 0 | 0 | 0 |
Balance at end of period | $ (230,246) | $ (208,199) | $ (166,730) |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive (Loss) | |||
Pension and post-retirement plan adjustments, tax | $ 1,146 | $ 1,160 | $ 26,840 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 (loss) 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 $1.2 million and $2.4 million at December 31, 2016 and December 31, 2015 , respectively. These balances were used to support letter of credit balances. Inventories— Inventories are stated at the lower of cost or market. The majority of 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, 2016 , 2015 and 2014 was $27.0 million , $26.9 million and $26.2 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— Intangible assets with a finite useful life are amortized on a straight-line basis over their useful lives. Indefinite lived intangible assets are assessed for possible impairment annually or 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. In the fourth quarter of each year, or more frequently if indicators of impairment exist or if a decision is made to sell a business, we evaluate goodwill for impairment. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include a decline in expected cash flows, a significant adverse change in the business climate, unanticipated competition, slower growth rates, or negative developments in equity and credit markets, among others. All goodwill is assigned to and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment. For goodwill impairment testing purposes, we consider our operating segments to be our reporting units. The evaluation of impairment involves using either a qualitative or quantitative approach as outlined in Accounting Standards Codification (ASC) Topic 350. The qualitative evaluation is an assessment of 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. In 2016, we elected to bypass the qualitative evaluation for all of our reporting units and performed a two-step quantitative test at October 1, 2016. Step 1 of the quantitative testing involves comparing the estimated fair value of each reporting unit to its carrying value. We estimate reporting unit fair value using a weighted average of fair values determined by 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, Step 2 of the 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 specialist. 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 consolidated results of operations and shareholders’ equity. There has been no impairment of our goodwill as of December 31, 2016 , 2015 or 2014 . 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 distributor'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 consolidated statements of income 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. Concentration of credit and business risks - We are exposed to credit risk in the event of nonpayment by customers, principally in the oil and gas, fire service, construction, utilities, chemicals and mining industries. Changes in these industries may significantly affect our financial performance and management's estimates. We mitigate our exposure to credit risk by performing ongoing credit evaluations and, when deemed necessary, requiring letters of credit, credit insurance, prepayments, guarantees or other collateral. No individual customer represented more than 10% of our sales. Reclassifications - Certain reclassifications of prior years' data have been made to conform to the current year presentation. 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 establishes a single revenue recognition model for all contracts with customers based on recognizing 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, eliminates industry specific requirements, and expands disclosure requirements. This ASU is required to be adopted beginning January 1, 2018. Our revenue streams include agreements with distributors, agreements with end users and agreements with governmental entities. The Company continues to evaluate the impact that the adoption of this ASU will have on the consolidated financial statements, including the timing of revenue recognition associated with certain customized products. We have conducted a risk assessment and have worked with outside consultants to develop a transition plan that will enable us to meet the implementation requirement. We are currently in the process of reviewing and analyzing contracts. We anticipate using the modified retrospective method of adoption and having enhanced disclosures surrounding revenue recognition. 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 was adopted on January 1, 2016. The adoption of this ASU did not 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 is effective for the annual period ending December 31, 2016. The adoption of this ASU did not 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 was adopted on January 1, 2016. The adoption of this ASU did not 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 was adopted on January 1, 2016. The adoption of this ASU did not 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, Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs . This ASU simplifies the presentation of debt issuance costs for line of credit arrangements. These ASUs were adopted on January 1, 2016. The Consolidated Balance Sheet as of December 31, 2015 has been adjusted to apply the change in accounting principle retrospectively, which resulted in a decrease in Prepaid expenses and other current assets of $0.4 million , a decrease in Other noncurrent assets of $1.5 million , a decrease in the current portion of long-term debt, net of $17 thousand , and a decrease in long-term debt of $1.9 million as of December 31, 2015. There was no impact to the Statements of Consolidated Income as a result of the change in accounting principle. Prior year balances in Note 11 were also adjusted to conform with current year presentation. 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 was adopted on January 1, 2016. The adoption of this ASU did not 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 was adopted on January 1, 2016 and was implemented on a prospective basis. The adoption of this ASU did not 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 was adopted on January 1, 2016. The adoption of this ASU did not 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. 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 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. The Company continues to evaluate the impact that the adoption of this ASU will have on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . This ASU simplifies the accounting for many aspects associated with share-based payment accounting including income taxes and the use of forfeiture rates. This ASU will be effective beginning in 2017. The Company is currently evaluating the impact that the adoption of these ASU will have on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Allowance for Loan and Lease Losses. This ASU introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments including loans, held-to-maturity debt securities, loan commitments, financial guarantees and net investments in leases as well as reinsurance and trade receivables. This ASU will be effective beginning in 2020. The Company is currently evaluating the impact that the adoption of these ASU will have on the consolidated financial statements and expects that adoption will result in increased disclosure. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Payments and Cash Receipts. This ASU clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This ASU will be effective beginning in 2018. The Company is currently evaluating the impact that the adoption of these ASU will have on the consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-entity Transfers of Assets Other than Inventory . This ASU states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This ASU is effective beginning in 2018 to be adopted on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings and early adoption is permitted. The Company is currently evaluating the impact that the adoption of these ASU will have on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Restricted Cash . This ASU requires that amounts generally described as restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU is effective beginning in 2018 to be adopted on a retrospective basis and early adoption is permitted. The Company is currently evaluating the impact that the adoption of these ASU will have on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations - Clarifying the Definition of a Business . This ASU provides further guidance for identifying whether a set of assets and activities is a business by providing a screen outlining that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This ASU is effective beginning in 2018 and will be applied prospectively. The adoption of this ASU may have a material effect on our consolidated financial statements in the event that we have an acquisition or disposal that falls within this screen. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment . This ASU simplifies the accounting for goodwill impairments under Step 2 by eliminating the requirement to perform procedures to determine the fair value of the assets and liabilities of the reporting unit, including previously unrecognized assets and liabilities, in order to determine the fair value of the goodwill and any impairment charge to be recognized. Under this ASU, the impairment charge to be recognized should be the amount by which the reporting unit's carrying value exceeds the reporting unit's fair value as calculated under Step 1 provided that the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. This ASU is effective beginning in 2019 for public entities and early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017. The adoption of this ASU may have a material effect on our consolidated financial statements in the event that we determine that goodwill for any of our reporting units is impaired. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring Charges During the years ended December 31, 2016 , 2015 and 2014 , we recorded restructuring charges, net of adjustments, of $5.7 million , $12.3 million , and $8.5 million , respectively. These charges were primarily related to reorganization activities. In September 2016, certain employees in the Americas segment were offered a voluntary retirement incentive package (“VRIP”). The election window for participation closed on October 17, 2016. The employees were required to render service through January 31, 2017 to receive the VRIP and had until February 6, 2017 to revoke their election. None of the 83 employees who accepted the VRIP revoked their election to retire under the terms of the plan. Non-cash special termination benefit expense of approximately $11.5 million is expected to be incurred in the first quarter of 2017 related to these elections. All benefits will be paid from our over funded North America pension plan. During the year ended December 31, 2016 , we recorded restructuring charges, net of adjustments, of $5.7 million . International segment charges of $5.3 million during the year ended December 31, 2016 were related to severance costs for staff reductions associated with ongoing initiatives to right size our operations in Europe and Japan. Americas segment restructuring charges of $1.8 million during the year ended December 31, 2016 related primarily to severance from staff reductions in Brazil and North America. Corporate segment charges were $0.2 million during the year ended December 31, 2016 . Favorable adjustments for changes in estimates on employee restructuring reserves of $1.6 million were recorded during the year ended December 31, 2016 . Headcount was reduced by 179 in 2016. Headcount was reduced by 103 in the Americas segment, 75 in the International segment, and 1 in the Corporate segment. For the year ended December 31, 2015 , International segment charges of $7.4 million were primarily related to staff reductions in Europe, Australia, Japan, and China and a one-time benefit for employees impacted by our European Principal Operating Company. Americas charges of $3.3 million and Corporate segment charges of $1.6 million were primarily related to staff reductions in North America. Headcount was reduced by 216 in 2015. Headcount was reduced by 70 in the Americas segment, 134 in the International segment, and 12 in the Corporate segment. For the year ended December 31, 2014 , International segment charges of $8.0 million were primarily related to severance from staff reductions in Europe, South Africa, and Australia as the Company continued to focus manufacturing efforts in line with our core products and to respond to changing economic conditions. Activity and reserve balances for restructuring charges by segment were as follows: (in millions) Americas International Corporate Total Reserve balances at January 1, 2014 $ — $ 1.7 $ — $ 1.7 Restructuring charges 0.5 8.0 — 8.5 Asset disposals — (2.1 ) — (2.1 ) Cash payments (0.3 ) (5.0 ) — (5.3 ) Reserve balances at December 31, 2014 $ 0.2 $ 2.6 $ — $ 2.8 Restructuring charges 3.3 7.4 1.6 12.3 Cash payments (1.9 ) (4.6 ) (0.5 ) (7.0 ) Reserve balances at December 31, 2015 $ 1.6 $ 5.4 $ 1.1 $ 8.1 Restructuring charges 1.8 5.3 0.2 7.3 Adjustments to estimates on restructuring reserves (0.5 ) (0.6 ) (0.5 ) (1.6 ) Cash payments (2.0 ) (7.3 ) (0.5 ) (9.8 ) Reserve balances at December 31, 2016 $ 0.9 $ 2.8 $ 0.3 $ 4.0 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The following table sets forth the components of inventory: December 31, (In thousands) 2016 2015 Finished products $ 54,348 $ 74,929 Work in process 6,542 8,979 Raw materials and supplies 84,069 85,643 Inventories at current cost 144,959 169,551 Less: LIFO valuation (41,893 ) (43,702 ) Total inventories $ 103,066 $ 125,849 Inventories stated on the LIFO basis represent 25% and 23% of total inventories at December 31, 2016 and 2015 , respectively. Reductions in certain inventory quantities during the years ended December 31, 2016 and 2015 resulted in liquidations of LIFO inventories carried at lower costs prevailing in prior years. The effect of LIFO liquidations during 2016 reduced cost of sales by $0.3 million and increased net income by $0.2 million . The effect of LIFO liquidations during 2015 reduced cost of sales by $1.4 million and increased net income by $0.9 million . |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 Land $ 2,684 $ 2,929 Buildings 111,762 114,324 Machinery and equipment 361,010 345,064 Construction in progress 10,714 12,451 Total 486,170 474,768 Less accumulated depreciation (337,492 ) (318,929 ) Property, plant, and equipment, net $ 148,678 $ 155,839 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | Reclassifications Out of Accumulated Other Comprehensive Loss MSA Safety Incorporated Noncontrolling Interests (In thousands) 2016 2015 2014 2016 2015 2014 Pension and other post-retirement benefits Balance at beginning of period $ (119,389 ) $ (125,570 ) $ (77,080 ) $ — $ — $ — Unrecognized net actuarial losses (12,473 ) (8,002 ) (84,495 ) — — — Unrecognized prior service credit (cost) 1,092 (604 ) 302 — — — Tax benefit 5,033 4,173 29,832 — — — Total other comprehensive loss before reclassifications, net of tax (6,348 ) (4,433 ) (54,361 ) — — — Amounts reclassified from accumulated other comprehensive loss: Amortization of prior service cost (a) (427 ) (268 ) (251 ) — — — Recognized net actuarial losses (a) 11,989 16,215 9,114 — — — Tax benefit (3,893 ) (5,333 ) (2,992 ) — — — Total amount reclassified from accumulated other comprehensive loss, net of tax 7,669 10,614 5,871 — — — Total other comprehensive income (loss) 1,321 6,181 (48,490 ) Balance at end of period $ (118,068 ) $ (119,389 ) $ (125,570 ) $ — $ — $ — Foreign currency translation Balance at beginning of period $ (88,810 ) $ (41,160 ) $ (1,189 ) $ (3,616 ) $ (2,199 ) $ (1,602 ) Reclassification into net income 2,500 (b) — — 770 (c) — — Foreign currency translation adjustments (25,868 ) (47,650 ) (39,971 ) 882 (1,417 ) (597 ) Balance at end of period $ (112,178 ) $ (88,810 ) $ (41,160 ) $ (1,964 ) $ (3,616 ) $ (2,199 ) (a) Included in the computation of net periodic pension and other post-retirement benefit costs (see Note 14 - Pensions and Other Post-Retirement Benefits). (b) Of the $2.5 million reclassified into net income, $3.4 million is included in (Loss) income from discontinued operations (see Note 20 - Discontinued Operations) on the Consolidated Statement of Income offset by a gain of $0.9 million included in Currency exchange losses, net. (c) Included in (Loss) income from discontinued operations (See Note 20 - Discontinued Operations) and Net (income) loss attributable to noncontrolling interests on the Consolidated Statement of Income. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 . 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, 2016 or 2014. 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, 2016 or 2015. Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 37,736,578 and 37,372,474 shares outstanding at December 31, 2016 and December 31, 2015 , 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, 2014 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 — — — 597 — — 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 ) $ 157,643 $ — $ (293,318 ) Restricted stock awards — — 29,836 (355 ) — 355 Restricted stock expense — — — 3,604 — — Restricted stock forfeitures — — (2,800 ) (148 ) — — Stock options exercised — — 336,904 5,617 — 6,859 Stock option expense — — — 2,484 — — Stock option forfeitures — — — (25 ) — — Performance stock issued — — 31,093 (371 ) — 371 Performance stock expense — — — 3,324 — — Performance stock forfeitures — — — (28 ) — — Employee stock purchase plan — — 9,500 458 — 113 Tax benefit related to stock plans — — — 478 — — Treasury shares purchased for stock compensation programs — — (40,429 ) — — (1,881 ) Balances December 31, 2016 62,081,391 — (24,344,813 ) $ 172,681 $ — $ (287,501 ) 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 during 2015. There were no shares repurchased during 2016. We do not have any other share purchase programs. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We are organized into six 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 three reportable segments: Americas, International, and Corporate. The Americas and International segments were established on January 1, 2016. The Americas segment is comprised of our operations in North America and Latin America geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are now allocated to each segment in a manner consistent with where the benefits from the expenses are derived. The 2015 and 2014 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. Adjusted operating income (loss) and adjusted operating margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. Adjusted operating income (loss) is defined as operating income from continuing operations excluding restructuring charges and currency exchange gains (losses). Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers. Adjusted operating income (loss) and adjusted operating margin are not recognized terms under GAAP and therefore do not purport to be alternatives to operating income or operating margin from continuing operations as a measure of operating performance. Further, the Company's measure of adjusted operating income and adjusted operating margin may not be comparable to similarly titled measures of other companies. Adjusted operating income on a consolidated basis is presented in the following table to reconcile the segment operating performance measure to operating income as presented on the Consolidated Statement of Income. The accounting principles applied at the operating segment level in determining operating income (loss) are generally the same as those applied at the consolidated financial statement level. Sales and transfers between operating segments are accounted for at market-based transaction prices and are eliminated in consolidation. Reportable segment information is presented in the following table: (In thousands) Americas International Corporate Reconciling Items (1) Consolidated Totals 2016 Sales to external customers $ 678,433 $ 471,097 $ — $ — $ 1,149,530 Intercompany sales 113,273 275,640 — (388,913 ) — Operating income 164,192 Restructuring and other charges 5,694 Currency exchange losses, net 766 Adjusted operating income (loss) 162,788 46,491 (38,627 ) — 170,652 Adjusted operating margin % 24.0 % 9.9 % Interest income 1,914 903 10 — 2,827 Interest expense — — 16,411 — 16,411 Noncash items: Depreciation and amortization 21,046 13,767 — — 34,813 Pension (income) expense (544 ) 6,876 — — 6,332 Income tax provision 37,838 12,830 8,778 (1,642 ) 57,804 Total Assets 836,243 505,278 10,903 1,496 1,353,920 Capital expenditures 16,306 9,217 — — 25,523 Net property 95,904 52,773 1 — 148,678 2015 Sales to external customers $ 704,754 $ 426,029 $ — $ — $ 1,130,783 Intercompany sales 134,185 225,358 — (359,543 ) — Operating income 122,741 Restructuring and other charges 12,258 Currency exchange losses, net 2,204 Adjusted operating income (loss) 141,971 33,501 (38,269 ) — 137,203 Adjusted operating margin % 20.1 % 7.9 % Interest income 1,183 336 6 — 1,525 Interest expense — — 10,854 — 10,854 Noncash items: Depreciation and amortization 21,180 11,500 — — 32,680 Pension expense 3,759 8,196 — — 11,955 Income tax provision 50,751 13,706 (20,108 ) 58 44,407 Total Assets 873,045 532,960 16,362 496 1,422,863 Capital expenditures 22,568 13,673 — — 36,241 Net property 97,021 58,817 1 — 155,839 2014 Sales to external customers $ 663,655 $ 470,230 $ — $ — $ 1,133,885 Intercompany sales 117,681 131,477 — (249,158 ) — Operating income 134,281 Restructuring and other charges 8,515 Currency exchange losses, net 1,509 Adjusted operating income (loss) 134,819 46,847 (37,361 ) — 144,305 Adjusted operating margin % 20.3 % 10.0 % Interest income 1,450 367 5 — 1,822 Interest expense — — 9,851 — 9,851 Noncash items: Depreciation and amortization 20,145 9,617 — — 29,762 Pension (income) expense (1,977 ) 6,813 — — 4,836 Income tax provision 49,014 8,633 (15,972 ) (631 ) 41,044 Total Assets 883,131 359,557 20,867 (143 ) 1,263,412 Capital expenditures 20,268 13,315 — — 33,583 Net property 95,933 55,418 1 — 151,352 (1) 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) 2016 2015 2014 United States $ 580,724 $ 593,539 $ 530,845 Other 568,806 537,244 603,040 Total $ 1,149,530 $ 1,130,783 $ 1,133,885 Geographic information on net property, based on country of origin: (In thousands) 2016 2015 2014 United States $ 84,675 $ 88,368 $ 85,247 China 11,732 13,504 15,128 Germany 7,919 7,596 17,654 Other 44,352 46,371 33,323 Total $ 148,678 $ 155,839 $ 151,352 The percentage of total sales by product group were as follows: 2016 2015 2014 Breathing Apparatus 26 % 27 % 19 % Fixed Gas and Flame Detection 21 % 21 % 23 % Portable Gas Detection 12 % 13 % 15 % Head Protection 10 % 11 % 13 % Fall Protection 8 % 5 % 4 % Fire & Rescue Helmets 5 % 5 % 5 % Other 18 % 18 % 21 % |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2014 Net income attributable to continuing operations $ 92,691 $ 69,590 $ 87,447 Preferred stock dividends (42 ) (41 ) (41 ) Income from continuing operations available to common equity 92,649 69,549 87,406 Dividends and undistributed earnings allocated to participating securities (144 ) (192 ) (546 ) Income from continuing operations available to common shareholders 92,505 69,357 86,860 Net (loss) income attributable to discontinued operations $ (755 ) $ 1,217 $ 1,059 Preferred stock dividends — (1 ) (1 ) (Loss) income from discontinued operations available to common equity (755 ) 1,216 1,058 Dividends and undistributed earnings allocated to participating securities 1 (3 ) (7 ) (Loss) income from discontinued operations available to common shareholders (754 ) 1,213 1,051 Basic weighted-average shares outstanding 37,456 37,293 37,138 Stock options and other stock compensation 530 417 590 Diluted weighted-average shares outstanding 37,986 37,710 37,728 Antidilutive stock options — 658 — Earnings per share attributable to continuing operations: Basic $2.47 $1.86 $2.34 Diluted $2.44 $1.84 $2.30 (Loss) earnings per share attributable to discontinued operations: Basic $(0.02) $0.03 $0.03 Diluted $(0.02) $0.03 $0.03 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (In thousands) 2016 2015 2014 Components of income before income taxes* U.S. income $ 100,382 $ 71,547 $ 58,209 Non-U.S. income 51,529 39,479 68,986 Income before income taxes 151,911 111,026 127,195 Provision for income taxes* Current Federal $ 19,968 $ 21,253 $ 23,659 State 2,231 2,389 1,349 Non-U.S. 21,188 22,979 21,101 Total current provision 43,387 46,621 46,109 Deferred Federal $ 11,580 $ 3,813 $ (3,650 ) State 1,977 (213 ) 317 Non-U.S. 860 (5,814 ) (1,732 ) Total deferred provision 14,417 (2,214 ) (5,065 ) Provision for income taxes $ 57,804 $ 44,407 $ 41,044 *The components of income before income taxes and the provision for income taxes relate to continuing operations. MSA finalized its European reorganization during 2016. 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 2016, the Company incurred $6.5 million of charges associated with exit taxes related to our European reorganization compared to $7.7 million in 2015. Included in discontinued operations is tax expense of $ 0.3 million in 2016, $ 0.6 million in 2015 and $ 0.6 million in 2014. Cash flows from operations in the Consolidated Statement of Cash Flows includes an insignificant deferred income tax provision (benefit) from discontinued operations for 2016, compared to $ 0.5 million and $ (0.3) million in 2015 and 2014, respectively. Reconciliation of the U.S. federal income tax rates for continuing operations to our effective tax rate: 2016 2015 2014 U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Taxes on non-U.S. income - European reorganization 4.3 6.9 — State income taxes—U.S. 1.8 1.3 0.8 Valuation allowances 1.5 1.7 (0.6 ) Taxes on non-U.S. income (2.5 ) (2.1 ) (2.2 ) Manufacturing deduction credit (1.3 ) (1.6 ) (1.0 ) Research and development credit (0.6 ) (1.1 ) (0.7 ) Other (0.1 ) (0.1 ) 1.0 Effective income tax rate 38.1 % 40.0 % 32.3 % Components of deferred tax assets and liabilities: December 31, (In thousands) 2016 2015 Deferred tax assets Accrued expenses and other reserves $ 5,381 $ 4,412 Product liability 1,303 6,116 Employee benefits 9,538 9,387 Share-based compensation 10,462 10,323 Reserve for doubtful accounts 1,178 2,279 Inventory 1,218 2,496 Capitalized research and development 4,654 5,339 Net operating losses and tax credit carryforwards 16,218 15,310 Other 1,316 2,892 Total deferred tax assets 51,268 58,554 Valuation allowances (5,303 ) (5,153 ) Net deferred tax assets 45,965 53,401 Deferred tax liabilities Goodwill and intangibles (42,007 ) (42,867 ) Property, plant and equipment (11,394 ) (8,920 ) Other (3,368 ) (31 ) Total deferred tax liabilities (56,769 ) (51,818 ) Net deferred taxes $ (10,804 ) $ 1,583 At December 31, 2016 , we had net operating loss carryforwards of approximately $37.2 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 2017 . 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 $0.2 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 $422.3 million as of December 31, 2016 . 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, 2016 and 2015 is as follows: (In thousands) 2016 2015 Beginning balance $ 13,070 $ 9,857 Adjustments for tax positions related to the current year 2,359 8,203 Adjustments for tax positions related to prior years (856 ) (4,887 ) Statute expiration (180 ) (103 ) Ending balance $ 14,393 $ 13,070 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 $4.3 million and $2.1 million at December 31, 2016 and 2015 , 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 $0.9 million at December 31, 2015 . During 2016 , we increased interest related to uncertain tax positions by $0.6 million . Our liability for accrued interest and penalties related to uncertain tax positions was $1.5 million at December 31, 2016 . 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 2013, with the 2012 tax year closed by statute. Various state and foreign income tax returns may be subject to tax audits for periods after 2010. |
Stock Plans
Stock Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans | Stock Plans The 2016 Management Equity Incentive Plan provides for various forms of stock-based compensation for eligible key employees through May 2026. 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, 2016 , there were 1,368,638 and 139,657 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) 2016 2015 2014 Restricted stock $ 3,456 $ 3,035 $ 4,026 Stock options 2,459 2,454 2,355 Performance stock 3,296 2,110 2,672 Total compensation expense before income taxes 9,211 7,599 9,053 Income tax benefit 3,375 2,896 3,293 Total compensation expense, net of income tax benefit $ 5,836 $ 4,703 $ 5,760 We did not capitalize any stock-based compensation expense, and all expense is recorded in SG&A expense in 2016 , 2015 , or 2014 . 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 2016 , 2015 and 2014 . 2016 2015 2014 Fair value per option $ 11.69 $ 15.63 $ 17.26 Risk-free interest rate 1.6 % 1.8 % 2.1 % Expected dividend yield 2.8 % 2.3 % 2.4 % Expected volatility 34 % 39 % 41 % Expected life (years) 7.0 6.7 6.6 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 one 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, 2014 1,695,380 $ 34.55 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 Granted 235,233 44.50 Exercised (341,063 ) 37.34 Forfeited (12,753 ) 46.11 Outstanding December 31, 2016 1,576,092 $ 37.63 1,098,615 For various exercise price ranges, characteristics of outstanding and exercisable stock options at December 31, 2016 were as follows: Stock Options Outstanding Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $17.83 – $33.00 456,938 $ 21.66 2.64 $33.01 – $45.00 566,173 39.60 6.06 $45.01 – $51.69 552,981 48.82 5.69 $17.83 – $51.69 1,576,092 $ 37.63 4.94 Stock Options Exercisable Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $17.83 – $33.00 456,938 $ 21.66 2.64 $33.01 – $45.00 346,157 36.49 4.09 $45.01 – $51.69 295,520 47.84 3.91 $17.83 – $51.69 1,098,615 $ 33.37 3.44 Cash received from the exercise of stock options was $12.5 million , $1.9 million and $6.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The tax benefit (provision) we realized from these exercises was $0.6 million , $(0.1) million and $1.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Stock options become exercisable when they are vested. The aggregate intrinsic value of stock options exercisable at December 31, 2016 was $39.5 million . The aggregate intrinsic value of all stock options outstanding at December 31, 2016 was $50.0 million . A summary of restricted stock and unit activity follows: Shares Weighted Average Grant Date Fair Value Unvested at January 1, 2014 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 Granted 107,465 50.65 Vested (76,568 ) 49.12 Forfeited (14,014 ) 48.23 Unvested at December 31, 2016 234,592 $ 49.76 A summary of performance stock unit activity follows: Shares Weighted Average Grant Date Fair Value Unvested at January 1, 2014 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 Granted 65,355 44.28 Vested (31,181 ) 58.54 Performance adjustments (15,594 ) 58.54 Forfeited (3,603 ) 44.47 Unvested at December 31, 2016 186,621 $ 46.18 The 2016 performance adjustments above relate to the final number of shares issued for the 2013 Management Performance Units, which were 66.6% of the target award based on Total Shareholder Return during the three year performance period, and vested in the first quarter of 2016. During the years ended December 31, 2016 , 2015 and 2014 , 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 $6.4 million , $0.5 million and $3.7 million , respectively. The fair values of restricted stock vested during the years ended December 31, 2016 , 2015 and 2014 were $3.7 million , $5.3 million and $5.8 million , respectively. The fair value of performance stock units vested during the year ended December 31, 2016 was $1.8 million . On December 31, 2016 , there was $6.7 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, 2016 | |
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 at December 31, 2016 and 2015 , respectively. The average month-end balance of total short-term borrowings during 2016 was $0.1 million . The maximum month-end balance of $0.2 million occurred in May, 2016. Long-Term Debt On January 1, 2016, the Company adopted ASU 2015-03 Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs and ASU 2015-15 Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs . As a result of the adoption of these ASUs, our debt balances are now reported net of debt issuance costs. December 31, 2015 debt balances have been adjusted to conform with current year presentation. December 31, (In thousands) 2016 2015 2006 Senior Notes payable through 2021, 5.41%, net of debt issuance costs $ 33,333 $ 39,999 2010 Senior Notes payable through 2021, 4.00%, net of debt issuance costs 100,000 100,000 2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs 67,713 — Senior revolving credit facility maturing in 2020, net of debt issuance costs 189,456 324,673 Total 390,502 464,672 Amounts due within one year 26,666 6,650 Long-term debt $ 363,836 $ 458,022 Under the 2015 Amended and Restated Credit Agreement associated with our senior revolving credit facility, the Company may elect either a Base rate of interest (“BASE”) or an interest rate based on the London Interbank Offered Rate (“LIBOR”). The BASE is a daily fluctuating per annum rate equal to the highest of (i) the Prime Rate, (ii) the Federal Funds Open Rate plus one half of one percent ( 0.5% ) or (iii) the Daily Libor Rate plus one percent ( 1.00% ). The Company pays a credit spread of 0 to 175 basis points based on the Company’s net EBITDA leverage ratio and elected rate (BASE or LIBOR). The Company has a weighted average revolver interest rate of 2.27% as of December 31, 2016 . At December 31, 2016 , $377.2 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 $67.8 million at December 31, 2016 ). The Notes are repayable in annual installments of £6.1 million (approximately $7.5 million at December 31, 2016 ), 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 $26.7 million in 2017, $26.7 million in 2018, $26.7 million in 2019, $217.7 million in 2020, $26.7 million in 2021, and $67.8 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, 2016 . The Company had outstanding bank guarantees and standby letters of credit with banks as of December 31, 2016 , totaling $13.1 million , of which $6.9 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. The full amount of the letters of credit were unused and available at December 31, 2016 . The Company is also required to provide cash collateral in connection with certain arrangements. At December 31, 2016 , the Company has $1.2 million of restricted cash in support of these arrangements. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes in goodwill during the years ended December 31, 2016 and 2015 were as follows: (In thousands) 2016 2015 Net balance at January 1 $ 340,338 $ 252,520 Additions (Note 13) 10,485 97,959 Disposal (338 ) — Currency translation (17,209 ) (10,141 ) Net balance at December 31 $ 333,276 $ 340,338 At December 31, 2016 , goodwill of $198.8 million and $134.5 million related to the Americas and International reporting segments, respectively. During the 2016 first quarter, we sold 100% of the stock of associated with our South African personal protective equipment distribution business and our Zambian operations, as disclosed in Note 20. This transaction resulted in a $0.2 million disposal of goodwill. Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2016 and 2015 were as follows: (In thousands) 2016 2015 Net balance at January 1 $ 90,068 $ 31,323 Additions (Note 13) 4,420 67,645 Amortization expense (7,885 ) (4,811 ) Impairment losses (Note 15) — (723 ) Currency translation (9,588 ) (3,366 ) Net balance at December 31 $ 77,015 $ 90,068 (In millions) December 31, 2016 December 31, 2015 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 14 $ 45.5 $ (3.6 ) $ 41.9 $ 50.5 $ (0.7 ) $ 49.8 Distribution agreements 20 25.2 (8.0 ) 17.2 24.6 (6.2 ) 18.4 Technology related assets 10 18.0 (10.3 ) 7.7 17.5 (8.3 ) 9.2 Patents, trademarks and copyrights 14 17.0 (7.1 ) 9.9 16.5 (4.6 ) 11.9 License agreements 5 5.3 (5.3 ) — 5.4 (5.3 ) 0.1 Other 2 2.6 (2.3 ) 0.3 3.9 (3.2 ) 0.7 Total 14 $ 113.6 $ (36.6 ) $ 77.0 $ 118.4 $ (28.3 ) $ 90.1 Intangible asset amortization expense over the next five years is expected to be approximately $7.5 million in 2017, $6.1 million in 2018, $6.1 million in 2019, $6.1 million in 2020, and $5.9 million in 2021. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of Senscient, Inc. On September 19, 2016, we acquired 100% of the common stock of Senscient, Inc. ("Senscient") for $19.1 million in cash. There is no contingent consideration. Senscient, which is headquartered in the UK, is a leader in laser-based gas detection technology. The acquisition of Senscient expands and enhances MSA’s technology offerings in the global market for fixed gas and flame detection systems, as the Company continues to execute its core product growth strategy. The acquisition was funded through borrowings on our unsecured senior revolving credit facility. The following table summarizes the preliminary fair values of the Senscient assets acquired and liabilities assumed at the date of acquisition: (In millions) September 19, 2016 Current assets (including cash of $0.7 million) $ 5.9 Property, plant and equipment and other noncurrent assets 0.3 Acquired technology 1.6 Customer-related intangibles 2.8 Goodwill 10.5 Total assets acquired 21.1 Total liabilities assumed 2.0 Net assets acquired $ 19.1 The amounts in the table above are subject to change as we complete our valuation of the assets acquired and liabilities assumed. This valuation is expected to be completed by mid-2017. Acquisition of Latchways 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. 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 International reportable 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 purchase price allocation was finalized in the 2016 third quarter and did not result in any adjustments to the preliminary fair values. Assets acquired and liabilities assumed in connection with both acquisitions 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 all customer relationships and Latchways technology related intangible assets; the relief from royalty method for the Latchways trade name and Senscient technology related intangible assets; and the cost method for assembled workforce which is included in goodwill for both acquisitions. 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 and Senscient 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 . The identifiable intangible assets for Senscient include technology and customer-related intangibles which will be amortized over ten and five years , respectively. Estimated future amortization expense related to Latchways and Senscient identifiable intangible assets is approximately $4.5 million and $0.7 million , respectively, in each of the next five years. A step up to fair value of acquired inventory of $1.6 million was recorded as part of the Latchways purchase price allocation. Amortization expense for inventory step up was $1.4 million in 2016 and the remaining $0.2 million is expected to be amortized in 2017. 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 and Senscient with our operations. Goodwill related to the Latchways acquisition has been recorded in our reportable segments as follows: $96.6 million in the International segment and $1.4 million in the Americas segment. Goodwill for Latchways is not expected to be tax deductible. Goodwill of $10.5 million related to the Senscient acquisition is included in the International operating segment and is deductible for tax purposes. Our results for the year ended December 31, 2016, include transaction and integration costs of $0.8 million related to the Senscient acquisition as well as integration costs of $0.5 million ( $0.4 million after tax) related to the Latchways acquisition. Our results for the year ended December 31, 2015, include transaction costs related to the Latchways acquisition of $5.0 million , of which $2.8 million 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 all reported in selling, general and administrative expenses. The operating results of Latchways and Senscient have been included in our consolidated financial statements from the acquisition date through December 31, 2016. Our results for the year ended December 31, 2016 include Senscient sales of $2.7 million and a net loss of $(1.1) million . These results include amortization, primarily related to intangible assets, of $0.2 million . Our results for the year ended December 31, 2015 include Latchways sales and net loss of $10.1 million and ($0.7) million , respectively. The following unaudited pro forma information presents our combined results as if both acquisitions had occurred at the beginning of 2015. The unaudited pro forma financial information was prepared to give effect to events that are (1) directly attributable to the acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the combined company’s results. There were no material transactions between MSA and either Latchways or Senscient during the periods presented that are required to be eliminated. Intercompany transactions between Latchways companies as well as Senscient companies during the periods presented have been eliminated in the unaudited pro forma condensed combined financial information. The unaudited pro forma financial information does not reflect any cost savings, operating synergies or revenue enhancements that the combined companies 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) 2016 2015 Net sales $ 1,153 $ 1,175 Income from continuing operations 93 75 Basic earnings per share from continuing operations 2.48 2.00 Diluted earnings per share from continuing operations 2.44 1.98 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 for both acquisitions under existing U.S. GAAP. MSA has been treated as the acquirer. |
Pensions and Other Post-retirem
Pensions and Other Post-retirement Benefits | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2016 2015 Change in Benefit Obligations Benefit obligations at January 1 $ 491,180 $ 519,194 $ 22,974 $ 26,851 Service cost 10,417 11,517 426 444 Interest cost 18,752 18,314 946 863 Participant contributions 100 105 222 255 Plan amendments (1,092 ) 604 (400 ) — Actuarial (gains) losses 9,123 (21,073 ) 1,285 (3,998 ) Benefits paid (19,550 ) (19,261 ) (1,773 ) (1,441 ) Curtailments (163 ) — — — Settlements (381 ) (2,094 ) — — Currency translation (4,389 ) (16,126 ) — — Benefit obligations at December 31 503,997 491,180 23,680 22,974 Change in Plan Assets Fair value of plan assets at January 1 419,088 445,299 — — Actual return on plan assets 31,418 (4,754 ) — — Employer contributions 3,878 4,058 1,551 1,186 Participant contributions 100 105 222 255 Settlements (381 ) (2,094 ) — — Benefits paid (19,550 ) (16,979 ) (1,773 ) (1,441 ) Reimbursement of German benefits — (2,282 ) — — Administrative Expenses Paid — 6 — — Currency translation (1,291 ) (4,271 ) — — Fair value of plan assets at December 31 433,262 419,088 — — Funded Status Funded status at December 31 (70,735 ) (72,092 ) (23,680 ) (22,974 ) Unrecognized transition losses 8 12 — — Unrecognized prior service (credit) cost (646 ) 525 (1,505 ) (1,524 ) Unrecognized net actuarial losses 187,738 188,531 3,643 2,117 Net amount recognized 116,365 116,976 (21,542 ) (22,381 ) Amounts Recognized in the Balance Sheet Noncurrent assets 62,916 62,072 — — Current liabilities (4,620 ) (5,033 ) (1,638 ) (1,382 ) Noncurrent liabilities (129,031 ) (129,131 ) (22,042 ) (21,592 ) Net amount recognized (70,735 ) (72,092 ) (23,680 ) (22,974 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial losses 187,738 188,531 3,643 2,425 Prior service (credit) cost (646 ) 525 (1,505 ) (1,523 ) Unrecognized net initial obligation 8 12 — — Total (before tax effects) 187,100 189,068 2,138 902 Accumulated Benefit Obligations for all Defined Benefit Plans 465,448 453,382 — — Pension Benefits Other Benefits (In thousands) 2016 2015 2014 2016 2015 2014 Components of Net Periodic Benefit Cost Service cost $ 10,417 $ 11,517 $ 9,425 $ 426 $ 444 $ 538 Interest cost 18,752 18,314 19,340 946 863 1,107 Expected return on plan assets (34,751 ) (34,130 ) (32,944 ) — — — Amortization of transition amounts 2 2 2 — — — Amortization of prior service (credit) cost (14 ) 66 84 (419 ) (335 ) (335 ) Recognized net actuarial losses 11,921 15,545 8,639 68 27 182 Settlement loss 5 641 290 — — — Termination benefits — — — — — — Net periodic benefit cost $ 6,332 $ 11,955 $ 4,836 $ 1,021 $ 999 $ 1,492 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 11 years . Amounts included in accumulated other comprehensive income expected to be recognized in 2017 net periodic benefit costs. (In thousands) Pension Benefits Other Benefits Loss recognition $ 12,255 $ 103 Prior service credit recognition (15 ) (288 ) Transition obligation recognition 1 — Information for pension plans with an accumulated benefit obligation in excess of plan assets. (In thousands) 2016 2015 Aggregate accumulated benefit obligations (ABO) $ 147,531 $ 147,864 Aggregate projected benefit obligations (PBO) 160,543 161,009 Aggregate fair value of plan assets 26,986 26,844 Pension Benefits Other Benefits 2016 2015 2016 2015 Assumptions used to determine benefit obligations Average discount rate 3.67 % 3.92 % 4.05 % 4.20 % Rate of compensation increase 2.99 % 3.06 % — — Assumptions used to determine net periodic benefit cost Average discount rate 3.92 % 3.63 % 4.20 % 3.85 % Expected return on plan assets 8.18 % 8.17 % — — Rate of compensation increase 3.06 % 3.03 % — — 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 2016 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, 2016 2015 Equity securities 70 % 67 % Fixed income securities 20 24 Pooled investment funds 5 5 Insurance contracts 4 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 18): December 31, 2016 (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 $ 242,161 $ 62,299 $ — $ 304,460 Fixed income securities 25,109 62,667 — 87,776 Pooled investment funds — 20,156 — 20,156 Insurance contracts — — 14,948 14,948 Cash and cash equivalents 5,922 — — 5,922 Total $ 273,192 $ 145,122 $ 14,948 $ 433,262 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 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, 2015 $ 15,069 $ 753 Net realized and unrealized losses 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 — Net realized and unrealized gains included in earnings 975 — Net purchases, issuances and settlements 292 — Transfers out of Level 3 — — Balance December 31, 2016 $ 14,948 $ — We expect to make net contributions of $5.9 million to our pension plans in 2017 which are primarily associated with our International segment. For the 2016 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 2020 and thereafter. For the 2016 end of the year measurement purposes (benefit obligation), 6.0% increase in the costs of covered health care benefits was assumed decreasing by 0.5% for each successive year to 4.5% in 2021 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 $810 thousand and $55 thousand , respectively. Expense for defined contribution pension plans was $5.1 million in 2016 , $6.8 million in 2015 and $6.5 million in 2014 . Estimated pension benefits to be paid under our defined benefit pension plans during the next five years are $20.9 million in 2017, $21.6 million in 2018, $22.2 million in 2019, $23.7 million in 2020, $24.6 million in 2021, and are expected to aggregate $138.5 million for the five years thereafter. Estimated other post-retirement benefits to be paid during the next five years are $1.7 million in 2017, $1.7 million in 2018, $1.9 million in 2019, $1.8 million in 2020, $1.9 million in 2021, and are expected to aggregate $8.1 million for the five years thereafter. |
Other Income (Loss), Net
Other Income (Loss), Net | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income (Loss), Net | Other Income (Loss), Net (In thousands) 2016 2015 2014 Interest income $ 2,827 $ 1,525 $ 1,822 Gain on asset dispositions, net 593 1,724 2,094 Other, net 710 836 (1,101 ) Disposal of non-core product lines — (4,223 ) — Impairment of intangible assets — (723 ) — Land impairment loss — — (50 ) Total other income (loss), net $ 4,130 $ (861 ) $ 2,765 During the year ended December 31, 2016 , we recognized $2.8 million of income related to interest earned on cash balances and notes receivable from insurance companies. Please refer to Note 19 Contingencies to the Consolidated Financial Statements in Part II Item 8 of this Form 10-K for further discussion on the Company's notes receivable from insurance companies. 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 Americas 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 Americas segment. Additionally, we recognized a $2.0 million gain on the sale of property in Australia, which is part of our International segment, 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 in our International segment. 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | Leases We lease office space, manufacturing and warehouse facilities, automobiles and other equipment under operating lease arrangements. Rent expense was $12.6 million in 2016 , $10.8 million in 2015 and $11.7 million in 2014 . Minimum rent commitments under noncancellable leases are $12.2 million in 2017 , $11.0 million in 2018 , $10.6 million in 2019 , $5.2 million in 2020 , $4.2 million in 2021 and $7.0 million thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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 U.S. 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, 2016 , the notional amount of open forward contracts was $75.3 million and the unrealized gain on these contracts was $0.3 million . All open forward contracts will mature during the first quarter of 2017. The following table presents the balance sheet location and fair value of assets and liabilities associated with derivative financial instruments. December 31, (In thousands) 2016 2015 Derivatives not designated as hedging instruments: Foreign exchange contracts: other current liabilities $ 258 $ 581 Foreign exchange contracts: other current assets 566 401 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, 2016 2015 Derivatives not designated as hedging instruments: Foreign exchange contracts Currency exchange loss $ 6,675 $ 2,187 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
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 $175 million and $140 million at December 31, 2016 and 2015, respectively. The fair value of this debt was $194 million and $145 million at December 31, 2016 and 2015, respectively. The fair value of this debt was determined using Level 2 inputs by evaluating like rated companies with publicly traded bonds where available or current borrowing rates available for financings with similar terms and maturities. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
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 claims. Single incident product liability claims involve incidents of short duration 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, was $3.4 million at December 31, 2016 and $3.5 million at December 31, 2015 . Single incident product liability expense during the year ended December 31, 2016 was $0.8 million and was $0.9 million for the year ended December 31, 2015 . Single incident product liability exposures are evaluated on an annual basis, or more frequently if changing circumstances warrant. Adjustments are made to the reserve as appropriate. Cumulative trauma claims. 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, mesothelioma, or coal worker’s pneumoconiosis. MSA LLC is presently named as a defendant in 1,794 lawsuits comprised of 3,023 claims. These lawsuits mainly involve respiratory protection products allegedly manufactured and sold by MSA LLC or its predecessors. The products at issue were manufactured many years ago and are not currently offered by MSA LLC. Although there is year over year variability in the number and quality of claims defended and resolved, MSA LLC’s aggregate spend for cumulative trauma product liability claims (inclusive of settlements and defense costs) for the three years ended December 31, 2016, totaled approximately $150.9 million , substantially all of which was recorded as insurance receivables because the amounts are believed to be recoverable under insurance. A summary of cumulative trauma product liability lawsuit and pending claims activity follows: 2016 2015 2014 Open lawsuits, January 1 1,988 2,326 2,840 New lawsuits 379 340 542 Settled and dismissed lawsuits (573 ) (678 ) (1,056 ) Open lawsuits, December 31 1,794 1,988 2,326 2016 2015 2014 Pending claims, January 1 3,779 5,539 8,941 New claims 843 465 542 Settled and dismissed claims (1,599 ) (2,225 ) (3,944 ) Pending claims, December 31 3,023 3,779 5,539 More than half of the open lawsuits at December 31, 2016 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 time due to changes in circumstances. Management works with its outside valuation consultant and outside legal counsel to review its cumulative trauma product liability exposure on an annual basis, or more frequently if changing circumstances or developments in existing cases make an interim review appropriate. The review process takes into account the number and composition of pending claims, outcomes of matters resolved during current and prior periods, and variances associated with different plaintiffs’ counsel and venues as well as other information known about the current docket. Cumulative trauma product liability litigation is inherently unpredictable. Factors that can limit our ability to estimate potential liability include the lack of claims experience with applicable plaintiffs’ counsel, as claims experience can vary significantly among different counsel, low volume of resolution, lack of confidence with the consistency of claims composition, or other factors. With respect to the risk associated with any particular case, it has typically not been until very late in the legal process that it can be reasonably determined whether it is probable that any such case will ultimately result in a liability. This uncertainty is caused by many factors, including consideration of the applicable statute of limitations, the sufficiency of product identification and other defenses. 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, including the nature of the injury, the jurisdiction in which the claim is filed, the plaintiffs' counsel and the number of parties 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 case to case. Consequently, MSA LLC is unable to comprehensively estimate its cumulative trauma product liability exposure. Currently management, in consultation with its outside valuation consultant and outside legal counsel, has been unable to estimate, and therefore has not recorded any liability, for MSA LLC’s IBNR claims as well as for certain of its existing coal dust claims, including those coal dust claims that arose subsequent to the Couch verdict described below. At December 31, 2015, MSA LLC established a $7.1 million cumulative trauma product liability reserve for reported claims. During 2016, we increased this reserve by $0.4 million to $7.5 million as of December 31, 2016. The total cumulative trauma product liability reserve, including the estimated reserve for reported claims and settlements that have not yet been paid, totaled $11.1 million at December 31, 2016. This reserve is recorded in the insurance and product liability line within other current liabilities section of the Consolidated Balance Sheet. To arrive at the estimated reserve, it was necessary to employ significant assumptions. In addition, the reserve does not include amounts which will be spent to defend the claims covered by the reserve. These costs are recognized as incurred. As noted above, the liability recorded does not take into account any IBNR claims and certain of the currently pending coal dust claims against MSA LLC. These claims have not been included in the reserve due to a lack of claims experience with the applicable plaintiffs’ counsel, low volume of resolution, or lack of confidence in the consistency of claims composition, or other factors, which have rendered us unable to reasonably assess the probability and estimate the magnitude of potential losses. 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 with respect to claims included within the existing reserve or related to claims not included in the reserve. We will adjust the reserve for our liability relating to cumulative trauma claims from time to time based on the maturation of claims, developing facts and circumstances, and if actual experience is worse than previously projected. These adjustments may reflect changes in estimates for claims currently covered by the reserve, as well as estimated liabilities for claims not presently covered by the reserve and IBNR claims, in the event we become able to reasonably assess the probability and estimate the magnitude of potential losses. These adjustments may be material and could increase the year over year variability of our financial results. On February 26, 2016, a Kentucky state court jury in the James Couch claim rendered a verdict against MSA LLC of $7.2 million dollars (comprised of $3.2 million of an apportioned share of compensatory damages and $4.0 million in punitive damages). The Couch claim is a cumulative trauma product liability lawsuit involving exposure to coal dust. Management believes that the verdict against MSA LLC is inconsistent with Kentucky law and many issues have been raised on appeal, including the statute of limitations, failure to meet the standard of causation and the appropriate application of punitive damages. The Company and its outside legal counsel have concluded that, based on their assessment of the appellate issues, a reversal of the adverse judgment is reasonably possible and, consequently, a loss contingency is not probable at this time and is not included in the $7.5 million product liability reserve as of December 31, 2016. In the future, if the Company determines that losses with respect to this matter are probable, MSA LLC, consistent with its existing practices, will record an accrual and provide appropriate disclosures as required by ASC 450-20-50, Contingencies. In the event that MSA LLC’s appeal of the adverse verdict is unsuccessful or not fully successful, the loss could total the full amount of the verdict, plus additional amounts for post-judgment interest. If so, the $3.2 million compensatory portion of the verdict (and associated interest) would be added to the product liability reserve and the insurance receivable, to the extent insurance is available. The $4.0 million punitive portion of the verdict (and associated interest) would be expensed because we do not have insurance to cover punitive damages in this case. Insurance Receivable MSA LLC purchased insurance policies for the policy years from 1952-1986 from over 20 different insurance carriers that, subject to some common contract exclusions, provide coverage for cumulative trauma product liability losses and, in many instances, related defense costs (the "Occurrence-Based Policies"). After 1986, MSA LLC’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, MSA LLC makes payments to settle product liability claims and for related defense costs and records receivables for the amounts that are covered by insurance. The available limits of the applicable Occurrence-Based Policies exceed the recorded insurance receivable balance. Various factors could affect the timing and amount of recovery of the insurance receivable, including the outcome of negotiations with insurers and the outcome of the coverage litigation with respect to the Occurrence-Based Policies, and the extent to which the issuing insurers may become insolvent in the future. Insurance receivables at December 31, 2016 totaled $159.9 million , of which $2.0 million is reported in prepaid expenses and other current assets and $157.9 million is reported in insurance receivable and other non-current assets. Insurance receivables at December 31, 2015 totaled $229.5 million , of which $2.0 million is reported in prepaid expenses and other current assets and $227.5 million in insurance receivable and other non-current assets. A summary of insurance receivable balances and activity related to cumulative trauma product liability losses follows: (In millions) 2016 2015 2014 Balance beginning of period $ 229.5 $ 220.5 $ 124.8 Additions 29.2 17.3 98.2 Collections and settlements converted to notes receivable (98.8 ) (8.3 ) (2.5 ) Balance end of period $ 159.9 $ 229.5 $ 220.5 Additions to insurance receivables in the above table represent insured cumulative trauma product liability losses and related defense costs. Collections and settlements 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 undiscounted receivable in the period when the contingency is met. In some cases, settlements are converted to formal notes receivable from insurance companies. The notes receivable are recorded as a transfer from the insurance receivable balance to the note receivable, insurance companies (current and noncurrent) in the Consolidated Balance Sheet. In cases where the payment stream covers multiple years and there are no contingencies, the present value of the payments is recorded as a transfer from the insurance receivable balance to the note receivable, insurance companies (current and long-term) in the Consolidated Balance Sheet. Provided the remaining insurance receivable is recoverable through the insurance carriers, no gain or loss is recognized at the time of transfer from insurance receivable to notes receivable from insurance companies. Notes receivable from insurance companies at December 31, 2016 totaled $67.3 million , of which $4.2 million is reported in Notes receivable, insurance companies, current and $63.1 million is reported in Notes receivable, insurance companies, noncurrent. Notes receivable from insurance companies at December 31, 2015 totaled $8.7 million , of which $6.7 million is reported in Notes receivable, insurance companies, current and $2 million is reported in Notes receivable, insurance companies, noncurrent. A summary of notes receivable balances from insurance companies is as follows: (In millions) Year Ended December 31, 2016 Year Ended December 31, 2015 Balance beginning of period $ 8.7 $ 16.2 Additions 95.6 0.5 Collections (37.0 ) (8.0 ) Balance end of period $ 67.3 $ 8.7 The collectibility of MSA LLC's insurance receivables is regularly evaluated and we believe that the amounts recorded are probable of collection. These determinations 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. We believe that successful resolution of insurance litigation with various insurance carriers over the years, as well as the recent trial verdict against North River, which resulted in a favorable outcome, demonstrate that we have strong legal positions concerning MSA LLC's rights to coverage. The trial verdict is described below. Uninsured cumulative trauma product liability losses during the year ended December 31, 2016 , 2015 , and 2014 were $0.3 million , $1.0 million and $3.9 million , respectively. Insurance Litigation MSA LLC is currently involved in insurance coverage litigation with a number of its 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 alleged that North River engaged in bad-faith claims handling. On October 6, 2016, a Pennsylvania state court jury found that North River breached the three contracts at issue in the case, and that North River also violated common law standards of bad faith in handling MSA LLC's clams. As a result of the jury's findings, the court entered a verdict in favor of MSA LLC and against North River for $10.9 million , the full amount of the contractual damages at issue in the case. The $10.9 million , which is comprised of previously recorded payments to settle product liability claims and related defense costs, is part of MSA LLC's insurance receivable. In addition to the claims decided by the jury, MSA LLC also presented a claim under Pennsylvania's bad faith statue, which is decided by the court. Following the jury verdict, the court also issued a verdict finding that North River had acted in bad faith. In December 2016 and January 2017, the Pennsylvania state court heard evidence regarding the extent of damages awardable as a result of the statutory bad faith claim. In an order dated February 9, 2017, the Court of Common Pleas of Allegheny County awarded MSA LLC an additional $46.9 million in damages related to this statutory bad faith claim. The $46.9 million award was comprised of $30.0 million in punitive damages, $11.8 million in attorneys' fees, and $5.1 million in pre-judgment interest, each of which is authorized by a Pennsylvania statute covering bad faith claims handling matters. The court will hear post-trial motions through mid-second quarter. 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 scheduled for April 2017. Through negotiated settlements, MSA LLC has resolved claims against certain of its insurance carriers on certain policies. When a settlement is reached, MSA LLC dismisses the settling carrier from the relevant above noted lawsuit(s). Assuming satisfactory resolution, once disputes are resolved with each of the remaining carriers, MSA LLC anticipates having commitments to provide future payment streams which should be sufficient to satisfy its presently recorded insurance receivables due from insurance carriers. We have determined that at some point in the next 18 months, even if insurance coverage litigation is generally successful, MSA LLC will become largely self-insured for costs associated with cumulative trauma product liability claims. The exact point when this transition will happen is difficult to predict and subject to a number of variables, including the pace at which future cumulative trauma product liability costs are incurred and the results of litigation and negotiations with insurance carriers. After it becomes largely self-insured, MSA LLC may still obtain some insurance reimbursement from negotiated coverage-in-place agreements (although that coverage may not be immediately triggered or accessible) or from other sources of coverage. The precise amount of insurance reimbursement available at that time cannot be determined with specificity at this time. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On February 29, 2016, the Company sold 100% of the stock associated with its South African personal protective equipment distribution business and its Zambian operations, which were reported in the International segment. The Company received $15.9 million from the closing of this transaction and recorded a loss of approximately $0.3 million during the first quarter of 2016. During the second quarter of 2016, the Company corrected its gain calculation on the disposition of the South African personal protective equipment distribution business and its Zambian operations. This resulted in a gain of approximately $2.5 million being recorded during the second quarter in discontinued operations that should have been recorded in the first quarter of 2016. The Company evaluated materiality in accordance with SEC Staff Accounting Bulletins Topics 1.M and 1.N and considered relevant qualitative and quantitative factors. The Company concluded that this modification was not material to the first quarter of 2016 or the trend in earnings over the affected periods. The modification had no effect on cash flows or debt covenant compliance. 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) 2016 2015 2014 Discontinued Operations Net sales $ 5,261 $ 43,043 $ 47,516 Other income, net 596 580 660 Cost and expenses: Cost of products sold 4,819 34,764 38,259 Selling, general and administrative 937 6,680 7,650 Restructuring and other charges — 14 — Currency exchange losses (gains), net 18 266 (116 ) Income from discontinued operations before income taxes 83 1,899 2,383 Provision for income taxes 328 574 607 (Loss) income from discontinued operations, net of tax $ (245 ) $ 1,325 $ 1,776 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) 2016 2015 Discontinued Operations assets and liabilities Trade receivables, less allowance for doubtful accounts $ — $ 4,832 Inventories — 8,499 Net property — 449 Other assets — 791 Total assets — 14,571 Accounts payable — 2,745 Accrued and other liabilities 686 748 Total liabilities 686 3,493 Net (liabilities) assets $ (686 ) $ 11,078 The following summary provides financial information for discontinued operations related to net (income) loss related to noncontrolling interests: Year ended December 31, (In thousands) 2016 2015 2014 Net (income) loss attributable to noncontrolling interests (Income) loss from continuing operations $ (1,416 ) $ 2,971 $ 1,296 Income from discontinued operations (510 ) (108 ) (717 ) Net (income) loss $ (1,926 ) $ 2,863 $ 579 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) 2016 Quarters Year (In thousands, except earnings per share) 1st (1) 2nd (1) 3rd 4th Continuing Operations: Net sales $ 279,268 $ 295,998 $ 278,233 $ 296,031 $ 1,149,530 Gross profit 120,705 135,855 128,762 138,321 523,643 Net income attributable to MSA Safety Incorporated 12,683 29,306 25,486 25,216 92,691 Earnings per share (2) Basic 0.34 0.78 0.68 0.67 2.47 Diluted 0.34 0.77 0.67 0.66 2.44 Discontinued Operations: Net sales 5,261 — — — 5,261 Gross profit 442 — — — 442 Net (loss) income attributable to MSA Safety Incorporated (932 ) 1,777 (1,300 ) (300 ) (755 ) (Loss) earnings per share (2) Basic (0.03 ) 0.05 (0.04 ) (0.01 ) (0.02 ) Diluted (0.03 ) 0.05 (0.04 ) (0.01 ) (0.02 ) 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 (2) 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 (2) Basic 0.01 0.02 0.01 — 0.03 Diluted 0.01 0.01 0.01 — 0.03 (1) During the second quarter of 2016, the Company corrected its gain calculation on the disposition of the South African personal protective equipment distribution business and its Zambian operations. This resulted in a gain of approximately $2.5 million being recorded during the second quarter in discontinued operations that should have been recorded in the first quarter of 2016. The Company evaluated materiality in accordance with SEC Staff Accounting Bulletins Topics 1.M and 1.N and considered relevant qualitative and quantitative factors. The Company concluded that this modification was not material to the first quarter of 2016 or the trend in earnings over the affected periods. The modification had no effect on cash flows or debt covenant compliance. (2) 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, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | 2016 2015 2014 (In thousands) Allowance for doubtful accounts: Balance at beginning of year $ 8,189 $ 7,821 $ 7,306 Additions— Charged to costs and expenses 1,471 1,676 1,249 Deductions— Deductions from reserves, net (1)(2) 4,050 1,308 734 Balance at end of year 5,610 8,189 7,821 Income tax valuation allowance: Balance at beginning of year $ 5,153 $ 3,763 $ 4,938 Additions— Charged to costs and expenses (3) 150 1,390 — Deductions— Deductions from reserves (3) — — 1,175 Balance at end of year $ 5,303 $ 5,153 $ 3,763 (1) Bad debts written off, net of recoveries. (2) Activity for 2016 , 2015 and 2014 includes currency translation (losses) of $(203) , $(535) and $(332) , respectively. (3) Activity for 2016 , 2015 and 2014 includes currency translation gains (losses) of $113 , $392 and $(643) , respectively. |
Significant Accounting Polici31
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 (loss) 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 $1.2 million and $2.4 million at December 31, 2016 and December 31, 2015 , respectively. These balances were used to support letter of credit balances. |
Inventories | Inventories— Inventories are stated at the lower of cost or market. The majority of 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, 2016 , 2015 and 2014 was $27.0 million , $26.9 million and $26.2 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— Intangible assets with a finite useful life are amortized on a straight-line basis over their useful lives. Indefinite lived intangible assets are assessed for possible impairment annually or 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. In the fourth quarter of each year, or more frequently if indicators of impairment exist or if a decision is made to sell a business, we evaluate goodwill for impairment. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include a decline in expected cash flows, a significant adverse change in the business climate, unanticipated competition, slower growth rates, or negative developments in equity and credit markets, among others. All goodwill is assigned to and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment. For goodwill impairment testing purposes, we consider our operating segments to be our reporting units. The evaluation of impairment involves using either a qualitative or quantitative approach as outlined in Accounting Standards Codification (ASC) Topic 350. The qualitative evaluation is an assessment of 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. In 2016, we elected to bypass the qualitative evaluation for all of our reporting units and performed a two-step quantitative test at October 1, 2016. Step 1 of the quantitative testing involves comparing the estimated fair value of each reporting unit to its carrying value. We estimate reporting unit fair value using a weighted average of fair values determined by 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, Step 2 of the 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 specialist. 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 consolidated results of operations and shareholders’ equity. There has been no impairment of our goodwill as of December 31, 2016 , 2015 or 2014 . |
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 distributor'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 consolidated statements of income 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 establishes a single revenue recognition model for all contracts with customers based on recognizing 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, eliminates industry specific requirements, and expands disclosure requirements. This ASU is required to be adopted beginning January 1, 2018. Our revenue streams include agreements with distributors, agreements with end users and agreements with governmental entities. The Company continues to evaluate the impact that the adoption of this ASU will have on the consolidated financial statements, including the timing of revenue recognition associated with certain customized products. We have conducted a risk assessment and have worked with outside consultants to develop a transition plan that will enable us to meet the implementation requirement. We are currently in the process of reviewing and analyzing contracts. We anticipate using the modified retrospective method of adoption and having enhanced disclosures surrounding revenue recognition. 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 was adopted on January 1, 2016. The adoption of this ASU did not 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 is effective for the annual period ending December 31, 2016. The adoption of this ASU did not 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 was adopted on January 1, 2016. The adoption of this ASU did not 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 was adopted on January 1, 2016. The adoption of this ASU did not 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, Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs . This ASU simplifies the presentation of debt issuance costs for line of credit arrangements. These ASUs were adopted on January 1, 2016. The Consolidated Balance Sheet as of December 31, 2015 has been adjusted to apply the change in accounting principle retrospectively, which resulted in a decrease in Prepaid expenses and other current assets of $0.4 million , a decrease in Other noncurrent assets of $1.5 million , a decrease in the current portion of long-term debt, net of $17 thousand , and a decrease in long-term debt of $1.9 million as of December 31, 2015. There was no impact to the Statements of Consolidated Income as a result of the change in accounting principle. Prior year balances in Note 11 were also adjusted to conform with current year presentation. 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 was adopted on January 1, 2016. The adoption of this ASU did not 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 was adopted on January 1, 2016 and was implemented on a prospective basis. The adoption of this ASU did not 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 was adopted on January 1, 2016. The adoption of this ASU did not 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. 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 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. The Company continues to evaluate the impact that the adoption of this ASU will have on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . This ASU simplifies the accounting for many aspects associated with share-based payment accounting including income taxes and the use of forfeiture rates. This ASU will be effective beginning in 2017. The Company is currently evaluating the impact that the adoption of these ASU will have on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Allowance for Loan and Lease Losses. This ASU introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments including loans, held-to-maturity debt securities, loan commitments, financial guarantees and net investments in leases as well as reinsurance and trade receivables. This ASU will be effective beginning in 2020. The Company is currently evaluating the impact that the adoption of these ASU will have on the consolidated financial statements and expects that adoption will result in increased disclosure. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Payments and Cash Receipts. This ASU clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This ASU will be effective beginning in 2018. The Company is currently evaluating the impact that the adoption of these ASU will have on the consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-entity Transfers of Assets Other than Inventory . This ASU states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This ASU is effective beginning in 2018 to be adopted on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings and early adoption is permitted. The Company is currently evaluating the impact that the adoption of these ASU will have on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Restricted Cash . This ASU requires that amounts generally described as restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU is effective beginning in 2018 to be adopted on a retrospective basis and early adoption is permitted. The Company is currently evaluating the impact that the adoption of these ASU will have on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations - Clarifying the Definition of a Business . This ASU provides further guidance for identifying whether a set of assets and activities is a business by providing a screen outlining that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This ASU is effective beginning in 2018 and will be applied prospectively. The adoption of this ASU may have a material effect on our consolidated financial statements in the event that we have an acquisition or disposal that falls within this screen. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment . This ASU simplifies the accounting for goodwill impairments under Step 2 by eliminating the requirement to perform procedures to determine the fair value of the assets and liabilities of the reporting unit, including previously unrecognized assets and liabilities, in order to determine the fair value of the goodwill and any impairment charge to be recognized. Under this ASU, the impairment charge to be recognized should be the amount by which the reporting unit's carrying value exceeds the reporting unit's fair value as calculated under Step 1 provided that the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. This ASU is effective beginning in 2019 for public entities and early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017. The adoption of this ASU may have a material effect on our consolidated financial statements in the event that we determine that goodwill for any of our reporting units is impaired. |
Restructuring and Other Charg32
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Activity and reserve balances for restructuring charges by segment were as follows: (in millions) Americas International Corporate Total Reserve balances at January 1, 2014 $ — $ 1.7 $ — $ 1.7 Restructuring charges 0.5 8.0 — 8.5 Asset disposals — (2.1 ) — (2.1 ) Cash payments (0.3 ) (5.0 ) — (5.3 ) Reserve balances at December 31, 2014 $ 0.2 $ 2.6 $ — $ 2.8 Restructuring charges 3.3 7.4 1.6 12.3 Cash payments (1.9 ) (4.6 ) (0.5 ) (7.0 ) Reserve balances at December 31, 2015 $ 1.6 $ 5.4 $ 1.1 $ 8.1 Restructuring charges 1.8 5.3 0.2 7.3 Adjustments to estimates on restructuring reserves (0.5 ) (0.6 ) (0.5 ) (1.6 ) Cash payments (2.0 ) (7.3 ) (0.5 ) (9.8 ) Reserve balances at December 31, 2016 $ 0.9 $ 2.8 $ 0.3 $ 4.0 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The following table sets forth the components of inventory: December 31, (In thousands) 2016 2015 Finished products $ 54,348 $ 74,929 Work in process 6,542 8,979 Raw materials and supplies 84,069 85,643 Inventories at current cost 144,959 169,551 Less: LIFO valuation (41,893 ) (43,702 ) Total inventories $ 103,066 $ 125,849 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 Land $ 2,684 $ 2,929 Buildings 111,762 114,324 Machinery and equipment 361,010 345,064 Construction in progress 10,714 12,451 Total 486,170 474,768 Less accumulated depreciation (337,492 ) (318,929 ) Property, plant, and equipment, net $ 148,678 $ 155,839 |
Reclassifications Out of Accu35
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | MSA Safety Incorporated Noncontrolling Interests (In thousands) 2016 2015 2014 2016 2015 2014 Pension and other post-retirement benefits Balance at beginning of period $ (119,389 ) $ (125,570 ) $ (77,080 ) $ — $ — $ — Unrecognized net actuarial losses (12,473 ) (8,002 ) (84,495 ) — — — Unrecognized prior service credit (cost) 1,092 (604 ) 302 — — — Tax benefit 5,033 4,173 29,832 — — — Total other comprehensive loss before reclassifications, net of tax (6,348 ) (4,433 ) (54,361 ) — — — Amounts reclassified from accumulated other comprehensive loss: Amortization of prior service cost (a) (427 ) (268 ) (251 ) — — — Recognized net actuarial losses (a) 11,989 16,215 9,114 — — — Tax benefit (3,893 ) (5,333 ) (2,992 ) — — — Total amount reclassified from accumulated other comprehensive loss, net of tax 7,669 10,614 5,871 — — — Total other comprehensive income (loss) 1,321 6,181 (48,490 ) Balance at end of period $ (118,068 ) $ (119,389 ) $ (125,570 ) $ — $ — $ — Foreign currency translation Balance at beginning of period $ (88,810 ) $ (41,160 ) $ (1,189 ) $ (3,616 ) $ (2,199 ) $ (1,602 ) Reclassification into net income 2,500 (b) — — 770 (c) — — Foreign currency translation adjustments (25,868 ) (47,650 ) (39,971 ) 882 (1,417 ) (597 ) Balance at end of period $ (112,178 ) $ (88,810 ) $ (41,160 ) $ (1,964 ) $ (3,616 ) $ (2,199 ) |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2014 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 — — — 597 — — 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 ) $ 157,643 $ — $ (293,318 ) Restricted stock awards — — 29,836 (355 ) — 355 Restricted stock expense — — — 3,604 — — Restricted stock forfeitures — — (2,800 ) (148 ) — — Stock options exercised — — 336,904 5,617 — 6,859 Stock option expense — — — 2,484 — — Stock option forfeitures — — — (25 ) — — Performance stock issued — — 31,093 (371 ) — 371 Performance stock expense — — — 3,324 — — Performance stock forfeitures — — — (28 ) — — Employee stock purchase plan — — 9,500 458 — 113 Tax benefit related to stock plans — — — 478 — — Treasury shares purchased for stock compensation programs — — (40,429 ) — — (1,881 ) Balances December 31, 2016 62,081,391 — (24,344,813 ) $ 172,681 $ — $ (287,501 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Reportable Segment Information | Reportable segment information is presented in the following table: (In thousands) Americas International Corporate Reconciling Items (1) Consolidated Totals 2016 Sales to external customers $ 678,433 $ 471,097 $ — $ — $ 1,149,530 Intercompany sales 113,273 275,640 — (388,913 ) — Operating income 164,192 Restructuring and other charges 5,694 Currency exchange losses, net 766 Adjusted operating income (loss) 162,788 46,491 (38,627 ) — 170,652 Adjusted operating margin % 24.0 % 9.9 % Interest income 1,914 903 10 — 2,827 Interest expense — — 16,411 — 16,411 Noncash items: Depreciation and amortization 21,046 13,767 — — 34,813 Pension (income) expense (544 ) 6,876 — — 6,332 Income tax provision 37,838 12,830 8,778 (1,642 ) 57,804 Total Assets 836,243 505,278 10,903 1,496 1,353,920 Capital expenditures 16,306 9,217 — — 25,523 Net property 95,904 52,773 1 — 148,678 2015 Sales to external customers $ 704,754 $ 426,029 $ — $ — $ 1,130,783 Intercompany sales 134,185 225,358 — (359,543 ) — Operating income 122,741 Restructuring and other charges 12,258 Currency exchange losses, net 2,204 Adjusted operating income (loss) 141,971 33,501 (38,269 ) — 137,203 Adjusted operating margin % 20.1 % 7.9 % Interest income 1,183 336 6 — 1,525 Interest expense — — 10,854 — 10,854 Noncash items: Depreciation and amortization 21,180 11,500 — — 32,680 Pension expense 3,759 8,196 — — 11,955 Income tax provision 50,751 13,706 (20,108 ) 58 44,407 Total Assets 873,045 532,960 16,362 496 1,422,863 Capital expenditures 22,568 13,673 — — 36,241 Net property 97,021 58,817 1 — 155,839 2014 Sales to external customers $ 663,655 $ 470,230 $ — $ — $ 1,133,885 Intercompany sales 117,681 131,477 — (249,158 ) — Operating income 134,281 Restructuring and other charges 8,515 Currency exchange losses, net 1,509 Adjusted operating income (loss) 134,819 46,847 (37,361 ) — 144,305 Adjusted operating margin % 20.3 % 10.0 % Interest income 1,450 367 5 — 1,822 Interest expense — — 9,851 — 9,851 Noncash items: Depreciation and amortization 20,145 9,617 — — 29,762 Pension (income) expense (1,977 ) 6,813 — — 4,836 Income tax provision 49,014 8,633 (15,972 ) (631 ) 41,044 Total Assets 883,131 359,557 20,867 (143 ) 1,263,412 Capital expenditures 20,268 13,315 — — 33,583 Net property 95,933 55,418 1 — 151,352 |
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) 2016 2015 2014 United States $ 580,724 $ 593,539 $ 530,845 Other 568,806 537,244 603,040 Total $ 1,149,530 $ 1,130,783 $ 1,133,885 |
Schedule Of Geographic Information On Net Property, Based On Country Of Origin | Geographic information on net property, based on country of origin: (In thousands) 2016 2015 2014 United States $ 84,675 $ 88,368 $ 85,247 China 11,732 13,504 15,128 Germany 7,919 7,596 17,654 Other 44,352 46,371 33,323 Total $ 148,678 $ 155,839 $ 151,352 |
Revenue from External Customers by Products and Services | The percentage of total sales by product group were as follows: 2016 2015 2014 Breathing Apparatus 26 % 27 % 19 % Fixed Gas and Flame Detection 21 % 21 % 23 % Portable Gas Detection 12 % 13 % 15 % Head Protection 10 % 11 % 13 % Fall Protection 8 % 5 % 4 % Fire & Rescue Helmets 5 % 5 % 5 % Other 18 % 18 % 21 % |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share | (In thousands, except per share amounts) 2016 2015 2014 Net income attributable to continuing operations $ 92,691 $ 69,590 $ 87,447 Preferred stock dividends (42 ) (41 ) (41 ) Income from continuing operations available to common equity 92,649 69,549 87,406 Dividends and undistributed earnings allocated to participating securities (144 ) (192 ) (546 ) Income from continuing operations available to common shareholders 92,505 69,357 86,860 Net (loss) income attributable to discontinued operations $ (755 ) $ 1,217 $ 1,059 Preferred stock dividends — (1 ) (1 ) (Loss) income from discontinued operations available to common equity (755 ) 1,216 1,058 Dividends and undistributed earnings allocated to participating securities 1 (3 ) (7 ) (Loss) income from discontinued operations available to common shareholders (754 ) 1,213 1,051 Basic weighted-average shares outstanding 37,456 37,293 37,138 Stock options and other stock compensation 530 417 590 Diluted weighted-average shares outstanding 37,986 37,710 37,728 Antidilutive stock options — 658 — Earnings per share attributable to continuing operations: Basic $2.47 $1.86 $2.34 Diluted $2.44 $1.84 $2.30 (Loss) earnings per share attributable to discontinued operations: Basic $(0.02) $0.03 $0.03 Diluted $(0.02) $0.03 $0.03 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components Of Income Before Income Taxes | (In thousands) 2016 2015 2014 Components of income before income taxes* U.S. income $ 100,382 $ 71,547 $ 58,209 Non-U.S. income 51,529 39,479 68,986 Income before income taxes 151,911 111,026 127,195 Provision for income taxes* Current Federal $ 19,968 $ 21,253 $ 23,659 State 2,231 2,389 1,349 Non-U.S. 21,188 22,979 21,101 Total current provision 43,387 46,621 46,109 Deferred Federal $ 11,580 $ 3,813 $ (3,650 ) State 1,977 (213 ) 317 Non-U.S. 860 (5,814 ) (1,732 ) Total deferred provision 14,417 (2,214 ) (5,065 ) Provision for income taxes $ 57,804 $ 44,407 $ 41,044 *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: 2016 2015 2014 U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Taxes on non-U.S. income - European reorganization 4.3 6.9 — State income taxes—U.S. 1.8 1.3 0.8 Valuation allowances 1.5 1.7 (0.6 ) Taxes on non-U.S. income (2.5 ) (2.1 ) (2.2 ) Manufacturing deduction credit (1.3 ) (1.6 ) (1.0 ) Research and development credit (0.6 ) (1.1 ) (0.7 ) Other (0.1 ) (0.1 ) 1.0 Effective income tax rate 38.1 % 40.0 % 32.3 % |
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities: December 31, (In thousands) 2016 2015 Deferred tax assets Accrued expenses and other reserves $ 5,381 $ 4,412 Product liability 1,303 6,116 Employee benefits 9,538 9,387 Share-based compensation 10,462 10,323 Reserve for doubtful accounts 1,178 2,279 Inventory 1,218 2,496 Capitalized research and development 4,654 5,339 Net operating losses and tax credit carryforwards 16,218 15,310 Other 1,316 2,892 Total deferred tax assets 51,268 58,554 Valuation allowances (5,303 ) (5,153 ) Net deferred tax assets 45,965 53,401 Deferred tax liabilities Goodwill and intangibles (42,007 ) (42,867 ) Property, plant and equipment (11,394 ) (8,920 ) Other (3,368 ) (31 ) Total deferred tax liabilities (56,769 ) (51,818 ) Net deferred taxes $ (10,804 ) $ 1,583 |
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, 2016 and 2015 is as follows: (In thousands) 2016 2015 Beginning balance $ 13,070 $ 9,857 Adjustments for tax positions related to the current year 2,359 8,203 Adjustments for tax positions related to prior years (856 ) (4,887 ) Statute expiration (180 ) (103 ) Ending balance $ 14,393 $ 13,070 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule Of Stock-Based Compensation Expense | Stock-based compensation expense was as follows: (In thousands) 2016 2015 2014 Restricted stock $ 3,456 $ 3,035 $ 4,026 Stock options 2,459 2,454 2,355 Performance stock 3,296 2,110 2,672 Total compensation expense before income taxes 9,211 7,599 9,053 Income tax benefit 3,375 2,896 3,293 Total compensation expense, net of income tax benefit $ 5,836 $ 4,703 $ 5,760 |
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 2016 , 2015 and 2014 . 2016 2015 2014 Fair value per option $ 11.69 $ 15.63 $ 17.26 Risk-free interest rate 1.6 % 1.8 % 2.1 % Expected dividend yield 2.8 % 2.3 % 2.4 % Expected volatility 34 % 39 % 41 % Expected life (years) 7.0 6.7 6.6 |
Summary Of Option Activity | A summary of option activity follows: Shares Weighted Average Exercise Price Exercisable at Year-end Outstanding January 1, 2014 1,695,380 $ 34.55 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 Granted 235,233 44.50 Exercised (341,063 ) 37.34 Forfeited (12,753 ) 46.11 Outstanding December 31, 2016 1,576,092 $ 37.63 1,098,615 |
Characteristics of Outstanding and Exercisable Stock Options | For various exercise price ranges, characteristics of outstanding and exercisable stock options at December 31, 2016 were as follows: Stock Options Outstanding Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $17.83 – $33.00 456,938 $ 21.66 2.64 $33.01 – $45.00 566,173 39.60 6.06 $45.01 – $51.69 552,981 48.82 5.69 $17.83 – $51.69 1,576,092 $ 37.63 4.94 Stock Options Exercisable Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $17.83 – $33.00 456,938 $ 21.66 2.64 $33.01 – $45.00 346,157 36.49 4.09 $45.01 – $51.69 295,520 47.84 3.91 $17.83 – $51.69 1,098,615 $ 33.37 3.44 |
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, 2014 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 Granted 107,465 50.65 Vested (76,568 ) 49.12 Forfeited (14,014 ) 48.23 Unvested at December 31, 2016 234,592 $ 49.76 |
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, 2014 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 Granted 65,355 44.28 Vested (31,181 ) 58.54 Performance adjustments (15,594 ) 58.54 Forfeited (3,603 ) 44.47 Unvested at December 31, 2016 186,621 $ 46.18 |
Short and Long-Term Debt (Table
Short and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Outstanding Debt | December 31, (In thousands) 2016 2015 2006 Senior Notes payable through 2021, 5.41%, net of debt issuance costs $ 33,333 $ 39,999 2010 Senior Notes payable through 2021, 4.00%, net of debt issuance costs 100,000 100,000 2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs 67,713 — Senior revolving credit facility maturing in 2020, net of debt issuance costs 189,456 324,673 Total 390,502 464,672 Amounts due within one year 26,666 6,650 Long-term debt $ 363,836 $ 458,022 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In Goodwill | Changes in goodwill during the years ended December 31, 2016 and 2015 were as follows: (In thousands) 2016 2015 Net balance at January 1 $ 340,338 $ 252,520 Additions (Note 13) 10,485 97,959 Disposal (338 ) — Currency translation (17,209 ) (10,141 ) Net balance at December 31 $ 333,276 $ 340,338 |
Changes In Intangible Assets, Net Of Accumulated Amortization | Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2016 and 2015 were as follows: (In thousands) 2016 2015 Net balance at January 1 $ 90,068 $ 31,323 Additions (Note 13) 4,420 67,645 Amortization expense (7,885 ) (4,811 ) Impairment losses (Note 15) — (723 ) Currency translation (9,588 ) (3,366 ) Net balance at December 31 $ 77,015 $ 90,068 (In millions) December 31, 2016 December 31, 2015 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 14 $ 45.5 $ (3.6 ) $ 41.9 $ 50.5 $ (0.7 ) $ 49.8 Distribution agreements 20 25.2 (8.0 ) 17.2 24.6 (6.2 ) 18.4 Technology related assets 10 18.0 (10.3 ) 7.7 17.5 (8.3 ) 9.2 Patents, trademarks and copyrights 14 17.0 (7.1 ) 9.9 16.5 (4.6 ) 11.9 License agreements 5 5.3 (5.3 ) — 5.4 (5.3 ) 0.1 Other 2 2.6 (2.3 ) 0.3 3.9 (3.2 ) 0.7 Total 14 $ 113.6 $ (36.6 ) $ 77.0 $ 118.4 $ (28.3 ) $ 90.1 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Senscient assets acquired and liabilities assumed at the date of acquisition: (In millions) September 19, 2016 Current assets (including cash of $0.7 million) $ 5.9 Property, plant and equipment and other noncurrent assets 0.3 Acquired technology 1.6 Customer-related intangibles 2.8 Goodwill 10.5 Total assets acquired 21.1 Total liabilities assumed 2.0 Net assets acquired $ 19.1 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) 2016 2015 Net sales $ 1,153 $ 1,175 Income from continuing operations 93 75 Basic earnings per share from continuing operations 2.48 2.00 Diluted earnings per share from continuing operations 2.44 1.98 |
Pensions and Other Post-retir44
Pensions and Other Post-retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2016 2015 Change in Benefit Obligations Benefit obligations at January 1 $ 491,180 $ 519,194 $ 22,974 $ 26,851 Service cost 10,417 11,517 426 444 Interest cost 18,752 18,314 946 863 Participant contributions 100 105 222 255 Plan amendments (1,092 ) 604 (400 ) — Actuarial (gains) losses 9,123 (21,073 ) 1,285 (3,998 ) Benefits paid (19,550 ) (19,261 ) (1,773 ) (1,441 ) Curtailments (163 ) — — — Settlements (381 ) (2,094 ) — — Currency translation (4,389 ) (16,126 ) — — Benefit obligations at December 31 503,997 491,180 23,680 22,974 Change in Plan Assets Fair value of plan assets at January 1 419,088 445,299 — — Actual return on plan assets 31,418 (4,754 ) — — Employer contributions 3,878 4,058 1,551 1,186 Participant contributions 100 105 222 255 Settlements (381 ) (2,094 ) — — Benefits paid (19,550 ) (16,979 ) (1,773 ) (1,441 ) Reimbursement of German benefits — (2,282 ) — — Administrative Expenses Paid — 6 — — Currency translation (1,291 ) (4,271 ) — — Fair value of plan assets at December 31 433,262 419,088 — — Funded Status Funded status at December 31 (70,735 ) (72,092 ) (23,680 ) (22,974 ) Unrecognized transition losses 8 12 — — Unrecognized prior service (credit) cost (646 ) 525 (1,505 ) (1,524 ) Unrecognized net actuarial losses 187,738 188,531 3,643 2,117 Net amount recognized 116,365 116,976 (21,542 ) (22,381 ) Amounts Recognized in the Balance Sheet Noncurrent assets 62,916 62,072 — — Current liabilities (4,620 ) (5,033 ) (1,638 ) (1,382 ) Noncurrent liabilities (129,031 ) (129,131 ) (22,042 ) (21,592 ) Net amount recognized (70,735 ) (72,092 ) (23,680 ) (22,974 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial losses 187,738 188,531 3,643 2,425 Prior service (credit) cost (646 ) 525 (1,505 ) (1,523 ) Unrecognized net initial obligation 8 12 — — Total (before tax effects) 187,100 189,068 2,138 902 Accumulated Benefit Obligations for all Defined Benefit Plans 465,448 453,382 — — |
Components Of Net Periodic Benefit (Credit) Cost | Pension Benefits Other Benefits (In thousands) 2016 2015 2014 2016 2015 2014 Components of Net Periodic Benefit Cost Service cost $ 10,417 $ 11,517 $ 9,425 $ 426 $ 444 $ 538 Interest cost 18,752 18,314 19,340 946 863 1,107 Expected return on plan assets (34,751 ) (34,130 ) (32,944 ) — — — Amortization of transition amounts 2 2 2 — — — Amortization of prior service (credit) cost (14 ) 66 84 (419 ) (335 ) (335 ) Recognized net actuarial losses 11,921 15,545 8,639 68 27 182 Settlement loss 5 641 290 — — — Termination benefits — — — — — — Net periodic benefit cost $ 6,332 $ 11,955 $ 4,836 $ 1,021 $ 999 $ 1,492 |
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 2017 net periodic benefit costs. (In thousands) Pension Benefits Other Benefits Loss recognition $ 12,255 $ 103 Prior service credit recognition (15 ) (288 ) Transition obligation recognition 1 — |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Information for pension plans with an accumulated benefit obligation in excess of plan assets. (In thousands) 2016 2015 Aggregate accumulated benefit obligations (ABO) $ 147,531 $ 147,864 Aggregate projected benefit obligations (PBO) 160,543 161,009 Aggregate fair value of plan assets 26,986 26,844 |
Schedule Of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost | Pension Benefits Other Benefits 2016 2015 2016 2015 Assumptions used to determine benefit obligations Average discount rate 3.67 % 3.92 % 4.05 % 4.20 % Rate of compensation increase 2.99 % 3.06 % — — Assumptions used to determine net periodic benefit cost Average discount rate 3.92 % 3.63 % 4.20 % 3.85 % Expected return on plan assets 8.18 % 8.17 % — — Rate of compensation increase 3.06 % 3.03 % — — |
Schedule Of Expected Return On Assets For Net Periodic Pension Cost | Pension Plan Assets at December 31, 2016 2015 Equity securities 70 % 67 % Fixed income securities 20 24 Pooled investment funds 5 5 Insurance contracts 4 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 18): December 31, 2016 (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 $ 242,161 $ 62,299 $ — $ 304,460 Fixed income securities 25,109 62,667 — 87,776 Pooled investment funds — 20,156 — 20,156 Insurance contracts — — 14,948 14,948 Cash and cash equivalents 5,922 — — 5,922 Total $ 273,192 $ 145,122 $ 14,948 $ 433,262 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 |
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, 2015 $ 15,069 $ 753 Net realized and unrealized losses 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 — Net realized and unrealized gains included in earnings 975 — Net purchases, issuances and settlements 292 — Transfers out of Level 3 — — Balance December 31, 2016 $ 14,948 $ — |
Other Income (Loss), Net (Table
Other Income (Loss), Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Loss), Net | (In thousands) 2016 2015 2014 Interest income $ 2,827 $ 1,525 $ 1,822 Gain on asset dispositions, net 593 1,724 2,094 Other, net 710 836 (1,101 ) Disposal of non-core product lines — (4,223 ) — Impairment of intangible assets — (723 ) — Land impairment loss — — (50 ) Total other income (loss), net $ 4,130 $ (861 ) $ 2,765 |
Derivative Financial Instrume46
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 Derivatives not designated as hedging instruments: Foreign exchange contracts: other current liabilities $ 258 $ 581 Foreign exchange contracts: other current assets 566 401 |
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, 2016 2015 Derivatives not designated as hedging instruments: Foreign exchange contracts Currency exchange loss $ 6,675 $ 2,187 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Cumulative Trauma Product Liability Claims Activity | A summary of cumulative trauma product liability lawsuit and pending claims activity follows: 2016 2015 2014 Open lawsuits, January 1 1,988 2,326 2,840 New lawsuits 379 340 542 Settled and dismissed lawsuits (573 ) (678 ) (1,056 ) Open lawsuits, December 31 1,794 1,988 2,326 2016 2015 2014 Pending claims, January 1 3,779 5,539 8,941 New claims 843 465 542 Settled and dismissed claims (1,599 ) (2,225 ) (3,944 ) Pending claims, December 31 3,023 3,779 5,539 |
Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses | (In millions) 2016 2015 2014 Balance beginning of period $ 229.5 $ 220.5 $ 124.8 Additions 29.2 17.3 98.2 Collections and settlements converted to notes receivable (98.8 ) (8.3 ) (2.5 ) Balance end of period $ 159.9 $ 229.5 $ 220.5 |
Summary of Notes Receivable from Insurance Companies Activity During the Year [Table Text Block] | A summary of notes receivable balances from insurance companies is as follows: (In millions) Year Ended December 31, 2016 Year Ended December 31, 2015 Balance beginning of period $ 8.7 $ 16.2 Additions 95.6 0.5 Collections (37.0 ) (8.0 ) Balance end of period $ 67.3 $ 8.7 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2014 Discontinued Operations Net sales $ 5,261 $ 43,043 $ 47,516 Other income, net 596 580 660 Cost and expenses: Cost of products sold 4,819 34,764 38,259 Selling, general and administrative 937 6,680 7,650 Restructuring and other charges — 14 — Currency exchange losses (gains), net 18 266 (116 ) Income from discontinued operations before income taxes 83 1,899 2,383 Provision for income taxes 328 574 607 (Loss) income from discontinued operations, net of tax $ (245 ) $ 1,325 $ 1,776 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) 2016 2015 Discontinued Operations assets and liabilities Trade receivables, less allowance for doubtful accounts $ — $ 4,832 Inventories — 8,499 Net property — 449 Other assets — 791 Total assets — 14,571 Accounts payable — 2,745 Accrued and other liabilities 686 748 Total liabilities 686 3,493 Net (liabilities) assets $ (686 ) $ 11,078 The following summary provides financial information for discontinued operations related to net (income) loss related to noncontrolling interests: Year ended December 31, (In thousands) 2016 2015 2014 Net (income) loss attributable to noncontrolling interests (Income) loss from continuing operations $ (1,416 ) $ 2,971 $ 1,296 Income from discontinued operations (510 ) (108 ) (717 ) Net (income) loss $ (1,926 ) $ 2,863 $ 579 |
Quarterly Financial Informati49
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | 2016 Quarters Year (In thousands, except earnings per share) 1st (1) 2nd (1) 3rd 4th Continuing Operations: Net sales $ 279,268 $ 295,998 $ 278,233 $ 296,031 $ 1,149,530 Gross profit 120,705 135,855 128,762 138,321 523,643 Net income attributable to MSA Safety Incorporated 12,683 29,306 25,486 25,216 92,691 Earnings per share (2) Basic 0.34 0.78 0.68 0.67 2.47 Diluted 0.34 0.77 0.67 0.66 2.44 Discontinued Operations: Net sales 5,261 — — — 5,261 Gross profit 442 — — — 442 Net (loss) income attributable to MSA Safety Incorporated (932 ) 1,777 (1,300 ) (300 ) (755 ) (Loss) earnings per share (2) Basic (0.03 ) 0.05 (0.04 ) (0.01 ) (0.02 ) Diluted (0.03 ) 0.05 (0.04 ) (0.01 ) (0.02 ) 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 (2) 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 (2) Basic 0.01 0.02 0.01 — 0.03 Diluted 0.01 0.01 0.01 — 0.03 (1) During the second quarter of 2016, the Company corrected its gain calculation on the disposition of the South African personal protective equipment distribution business and its Zambian operations. This resulted in a gain of approximately $2.5 million being recorded during the second quarter in discontinued operations that should have been recorded in the first quarter of 2016. The Company evaluated materiality in accordance with SEC Staff Accounting Bulletins Topics 1.M and 1.N and considered relevant qualitative and quantitative factors. The Company concluded that this modification was not material to the first quarter of 2016 or the trend in earnings over the affected periods. The modification had no effect on cash flows or debt covenant compliance. (2) Per share amounts are calculated independently for each period presented; therefore, the sum of the quarterly per share amounts may not equal the per share amounts for the year. |
Significant Accounting Polici50
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Restricted cash and cash equivalents | $ 1,200,000 | 2,400,000 | |
Period for inventory write-down | 24 months | ||
Depreciation expense | $ 27,000,000 | 26,900,000 | $ 26,200,000 |
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 | ||
Prepaid Expenses and Other Current Assets | |||
Property, Plant and Equipment [Line Items] | |||
Debt Issuance Costs, Net | 400,000 | ||
Other Noncurrent Assets | |||
Property, Plant and Equipment [Line Items] | |||
Debt Issuance Costs, Net | 1,500,000 | ||
Long-term Debt, Current Maturities | |||
Property, Plant and Equipment [Line Items] | |||
Debt Issuance Costs, Net | 17,000 | ||
Long-term Debt | |||
Property, Plant and Equipment [Line Items] | |||
Debt Issuance Costs, Net | $ 1,900,000 |
Restructuring and Other Charg51
Restructuring and Other Charges - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 5,694 | $ 12,258 | $ 8,515 |
Number of employees who accepted the VRIP | 83 | ||
Restructuring Charges before Adjustments | $ 7,300 | ||
International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 5,300 | 7,400 | 8,000 |
Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,800 | 3,300 | 500 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 200 | $ 1,600 | 0 |
Special termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash special termination benefit expense | 11,500 | ||
Staff Reductions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 5,700 | ||
Reduction in headcount | 179 | 216 | |
Staff Reductions | International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 5,300 | $ 7,400 | $ 8,000 |
Reduction in headcount | 75 | 134 | |
Staff Reductions | Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,800 | $ 3,300 | |
Reduction in headcount | 103 | 70 | |
Staff Reductions | Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,600 | ||
Reduction in headcount | 1 | 12 |
Restructuring and Other Charg52
Restructuring and Other Charges - Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 8,100 | $ 2,800 | $ 1,700 |
Restructuring charges | 5,694 | 12,258 | 8,515 |
Asset disposals | (2,100) | ||
Adjustments to estimates on restructuring reserves | (1,600) | ||
Cash payments | (9,800) | (7,000) | (5,300) |
Restructuring reserve, ending balance | 4,000 | 8,100 | 2,800 |
Americas | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1,600 | 200 | 0 |
Restructuring charges | 1,800 | 3,300 | 500 |
Asset disposals | 0 | ||
Adjustments to estimates on restructuring reserves | (500) | ||
Cash payments | (2,000) | (1,900) | (300) |
Restructuring reserve, ending balance | 900 | 1,600 | 200 |
International | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 5,400 | 2,600 | 1,700 |
Restructuring charges | 5,300 | 7,400 | 8,000 |
Asset disposals | (2,100) | ||
Adjustments to estimates on restructuring reserves | (600) | ||
Cash payments | (7,300) | (4,600) | (5,000) |
Restructuring reserve, ending balance | 2,800 | 5,400 | 2,600 |
Corporate | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1,100 | 0 | 0 |
Restructuring charges | 200 | 1,600 | 0 |
Asset disposals | 0 | ||
Adjustments to estimates on restructuring reserves | (500) | ||
Cash payments | (500) | (500) | 0 |
Restructuring reserve, ending balance | $ 300 | $ 1,100 | $ 0 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 54,348 | $ 74,929 |
Work in process | 6,542 | 8,979 |
Raw materials and supplies | 84,069 | 85,643 |
Inventories at current cost | 144,959 | 169,551 |
Less: LIFO valuation | (41,893) | (43,702) |
Total inventories | $ 103,066 | $ 125,849 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Inventory [Line Items] | ||
Percentage of LIFO inventories on total inventories | 25.00% | 23.00% |
Increase in income due to effect of liquidations | $ 0.2 | $ 0.9 |
Cost of Sales | ||
Inventory [Line Items] | ||
Increase in income due to effect of liquidations | $ 0.3 | $ 1.4 |
Property, Plant, and Equipmen55
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Total | $ 486,170 | $ 474,768 | |
Less accumulated depreciation | (337,492) | (318,929) | |
Property, plant, and equipment, net | 148,678 | 155,839 | $ 151,352 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total | 2,684 | 2,929 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Total | 111,762 | 114,324 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total | 361,010 | 345,064 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 10,714 | $ 12,451 |
Reclassifications Out of Accu56
Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 517,128 | ||
Total amount reclassified from accumulated other comprehensive loss, net of tax | 3,270 | $ 0 | $ 0 |
Total other comprehensive income (loss) | (20,395) | (42,886) | (89,058) |
Balance at end of period | 561,212 | 517,128 | |
(Loss) income from discontinued operations | 245 | (1,325) | (1,776) |
Gain included in Currency exchange losses, net | (766) | (2,204) | (1,509) |
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 | (119,389) | (125,570) | (77,080) |
Tax benefit | 5,033 | 4,173 | 29,832 |
Total other comprehensive loss before reclassifications, net of tax | (6,348) | (4,433) | (54,361) |
Tax benefit | (3,893) | (5,333) | (2,992) |
Total amount reclassified from accumulated other comprehensive loss, net of tax | 7,669 | 10,614 | 5,871 |
Total other comprehensive income (loss) | 1,321 | 6,181 | (48,490) |
Balance at end of period | (118,068) | (119,389) | (125,570) |
MSA Safety Incorporated - Net actuarial (losses) gains | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Unrecognized net actuarial losses/prior service credit (cost) | (12,473) | (8,002) | (84,495) |
Amounts reclassified from accumulated other comprehensive loss | 11,989 | 16,215 | 9,114 |
MSA Safety Incorporated - Prior service (cost) credit | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Unrecognized net actuarial losses/prior service credit (cost) | 1,092 | (604) | 302 |
Amounts reclassified from accumulated other comprehensive loss | (427) | (268) | (251) |
MSA Safety Incorporated - Foreign currency translation | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (88,810) | (41,160) | (1,189) |
Total amount reclassified from accumulated other comprehensive loss, net of tax | (2,500) | 0 | 0 |
Total other comprehensive income (loss) | (25,868) | (47,650) | (39,971) |
Balance at end of period | (112,178) | (88,810) | (41,160) |
(Loss) income from discontinued operations | 3,400 | ||
Gain included in Currency exchange losses, net | 900 | ||
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 | 0 | 0 | 0 |
Total other comprehensive loss 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] | |||
Unrecognized net actuarial losses/prior service credit (cost) | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Noncontrolling Interests - Prior service credit (cost) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Unrecognized net actuarial losses/prior service credit (cost) | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 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 | (3,616) | (2,199) | (1,602) |
Total amount reclassified from accumulated other comprehensive loss, net of tax | (770) | 0 | 0 |
Total other comprehensive income (loss) | 882 | (1,417) | (597) |
Balance at end of period | $ (1,964) | $ (3,616) | $ (2,199) |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Capital Unit [Line Items] | ||||
Preferred stock, par value (dollars per share) | $ 50 | $ 50 | ||
Cumulative preferred nonvoting stock (as a percent) | 4.50% | 4.50% | ||
Preferred stock included in Treasury shares at cost line of the Consolidated Balance Sheet | $ 289,254,000 | $ 295,070,000 | ||
Common stock, shares authorized | 180,000,000 | 180,000,000 | ||
Common stock, par value (dollars per share) | $ 0 | $ 0 | ||
Common stock, shares outstanding | 37,736,578 | 37,372,474 | ||
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 | |||
Cumulative preferred nonvoting stock (as a percent) | 4.50% | |||
Preferred stock, callable price per share (dollars per share) | $ 52.50 | |||
Preferred stock, shares issued | 71,340 | |||
Shares held in treasury (in shares) | 52,878 | |||
Preferred stock repurchased and subsequently canceled (in shares) | 33 | |||
Preferred stock included in Treasury shares at cost line of the Consolidated Balance Sheet | $ 1,800,000 | |||
Treasury purchases (in shares) | 0 | 0 | ||
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] | ||||
Treasury purchases (in shares) | 0 | 0 | 0 | |
Common stock, shares outstanding | 62,081,391 | 62,081,391 | 62,081,391 | 62,081,391 |
Treasury Stock | ||||
Capital Unit [Line Items] | ||||
Treasury purchases (in shares) | 40,429 | 59,056 | 107,096 | |
Common stock, shares outstanding | 24,344,813 | 24,708,917 | 24,633,081 | 24,575,624 |
Share Repurchase Program, May 2015 | Common Stock | ||||
Capital Unit [Line Items] | ||||
Treasury purchases (in shares) | 0 | 0 | ||
Stock repurchased program, authorized amount (up to) | $ 100,000,000 | |||
Share Repurchase Program, May 2015 | Treasury Stock | ||||
Capital Unit [Line Items] | ||||
Treasury purchases (in shares) | 150,000 |
Capital Stock - Summary of Comm
Capital Stock - Summary of Common Stock Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | (37,372,474) | ||
Stock options exercised (in shares) | 341,063 | 64,752 | 190,743 |
Ending Balances (in shares) | (37,736,578) | (37,372,474) | |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | (62,081,391) | (62,081,391) | (62,081,391) |
Treasury shares purchased (in shares) | 0 | 0 | 0 |
Ending Balances (in shares) | (62,081,391) | (62,081,391) | (62,081,391) |
Beginning Balances | $ (157,643) | $ (148,401) | $ (132,055) |
Tax benefit related to stock plans | 478 | 597 | 2,573 |
Treasury shares purchased for stock compensation programs | 0 | 0 | 0 |
Ending Balances | $ (172,681) | $ (157,643) | $ (148,401) |
Stock Compensation Trust | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | 0 | 0 | (303,668) |
Treasury shares purchased (in shares) | 0 | 0 | 0 |
Ending Balances (in shares) | 0 | 0 | 0 |
Beginning Balances | $ 0 | $ 0 | $ (1,585) |
Tax benefit related to stock plans | 0 | 0 | 0 |
Treasury shares purchased for stock compensation programs | 0 | 0 | 0 |
Ending Balances | $ 0 | $ 0 | $ 0 |
Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | (24,708,917) | (24,633,081) | (24,575,624) |
Treasury shares purchased (in shares) | (40,429) | (59,056) | (107,096) |
Ending Balances (in shares) | (24,344,813) | (24,708,917) | (24,633,081) |
Beginning Balances | $ (293,318) | $ (284,805) | $ (279,772) |
Tax benefit related to stock plans | 0 | 0 | 0 |
Treasury shares purchased for stock compensation programs | (1,881) | (2,781) | (5,654) |
Ending Balances | $ (287,501) | $ (293,318) | (284,805) |
Restricted Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock awards | $ (161) | ||
Restricted Stock | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock awards (in shares) | 0 | 0 | 0 |
Restricted stock forfeitures (in shares) | 0 | 0 | 0 |
Restricted stock awards | $ (355) | $ (404) | $ (538) |
Share-based compensation expense | 3,604 | 3,461 | 4,372 |
Restricted stock forfeitures | $ (148) | $ (426) | $ (346) |
Restricted Stock | Stock Compensation Trust | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock awards (in shares) | 0 | 0 | 72,291 |
Restricted stock forfeitures (in shares) | 0 | 0 | 0 |
Restricted stock awards | $ 0 | $ 0 | $ (377) |
Share-based compensation expense | 0 | 0 | 0 |
Restricted stock forfeitures | $ 0 | $ 0 | $ 0 |
Restricted Stock | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock awards (in shares) | 29,836 | 34,624 | 13,936 |
Restricted stock forfeitures (in shares) | (2,800) | (18,468) | (4,078) |
Restricted stock awards | $ (355) | $ (404) | |
Share-based compensation expense | 0 | 0 | $ 0 |
Restricted stock forfeitures | $ 0 | $ 0 | $ 0 |
Stock Options | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock forfeitures (in shares) | 0 | 0 | |
Stock options exercised (in shares) | 0 | 0 | 0 |
Share-based compensation expense | $ 2,484 | $ 2,572 | $ 2,355 |
Restricted stock forfeitures | (25) | (118) | |
Stock options exercised | $ 5,617 | $ 1,714 | $ 5,678 |
Stock Options | Stock Compensation Trust | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock forfeitures (in shares) | 0 | 0 | |
Stock options exercised (in shares) | 0 | 0 | 150,962 |
Share-based compensation expense | $ 0 | $ 0 | $ 0 |
Restricted stock forfeitures | 0 | 0 | |
Stock options exercised | $ 0 | $ 0 | $ 788 |
Stock Options | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock forfeitures (in shares) | 0 | 0 | |
Stock options exercised (in shares) | 336,904 | 52,708 | 39,781 |
Share-based compensation expense | $ 0 | $ 0 | $ 0 |
Restricted stock forfeitures | 0 | 0 | |
Stock options exercised | $ 6,859 | $ 216 | $ 460 |
Performance Stock | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock forfeitures (in shares) | 0 | 0 | 0 |
Performance stock issued (in shares) | 0 | 0 | 0 |
Share-based compensation expense | $ 3,324 | $ 2,265 | $ 2,705 |
Restricted stock forfeitures | (28) | (155) | (33) |
Performance stock issued | $ (371) | $ (616) | $ (420) |
Performance Stock | Stock Compensation Trust | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock forfeitures (in shares) | 0 | 0 | 0 |
Performance stock issued (in shares) | 0 | 0 | 80,415 |
Share-based compensation expense | $ 0 | $ 0 | $ 0 |
Restricted stock forfeitures | 0 | 0 | 0 |
Performance stock issued | $ 0 | $ 0 | $ (420) |
Performance Stock | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock forfeitures (in shares) | 0 | 0 | 0 |
Performance stock issued (in shares) | 31,093 | 52,839 | 0 |
Share-based compensation expense | $ 0 | $ 0 | $ 0 |
Restricted stock forfeitures | 0 | 0 | 0 |
Performance stock issued | $ (371) | $ (616) | $ 0 |
Employee Stock Purchase Plan | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Performance stock issued (in shares) | 0 | 0 | |
Performance stock issued | $ (458) | $ (352) | |
Employee Stock Purchase Plan | Stock Compensation Trust | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Performance stock issued (in shares) | 0 | 0 | |
Performance stock issued | $ 0 | $ 0 | |
Employee Stock Purchase Plan | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Performance stock issued (in shares) | 9,500 | 11,517 | |
Performance stock issued | $ (113) | $ (136) | |
Share Repurchase Program, May 2015 | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury shares purchased (in shares) | 0 | 0 | |
Treasury shares purchased for stock compensation programs | $ 0 | ||
Share Repurchase Program, May 2015 | Stock Compensation Trust | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury shares purchased (in shares) | 0 | ||
Treasury shares purchased for stock compensation programs | $ 0 | ||
Share Repurchase Program, May 2015 | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury shares purchased (in shares) | (150,000) | ||
Treasury shares purchased for stock compensation programs | $ (7,104) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Number of geographic operating segments | 6 |
Number of reportable segments | 3 |
Segment Information - Schedule
Segment Information - Schedule Of Reportable Segment Information (Detail) - USD ($) number in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | $ 296,031 | $ 278,233 | $ 295,998 | $ 279,268 | $ 313,318 | $ 273,746 | $ 287,011 | $ 256,708 | $ 1,149,530 | $ 1,130,783 | $ 1,133,885 |
Intercompany sales | 0 | 0 | 0 | ||||||||
Operating income | 164,192 | 122,741 | 134,281 | ||||||||
Restructuring charges | 5,694 | 12,258 | 8,515 | ||||||||
Currency exchange losses, net | 766 | 2,204 | 1,509 | ||||||||
Adjusted operating income (loss) | 170,652 | 137,203 | 144,305 | ||||||||
Interest income | 2,827 | 1,525 | 1,822 | ||||||||
Interest expense | 16,411 | 10,854 | 9,851 | ||||||||
Depreciation and amortization | 34,813 | 32,680 | 29,762 | ||||||||
Pension (income) expense | (6,332) | (11,955) | (4,836) | ||||||||
Income tax provision | 57,804 | 44,407 | 41,044 | ||||||||
Total Assets | 1,353,920 | 1,422,863 | 1,353,920 | 1,422,863 | 1,263,412 | ||||||
Capital expenditures | 25,523 | 36,241 | 33,583 | ||||||||
Net property | 148,678 | 155,839 | 148,678 | 155,839 | 151,352 | ||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | 1,800 | 3,300 | 500 | ||||||||
International | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | 5,300 | 7,400 | 8,000 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 0 | 0 | 0 | ||||||||
Intercompany sales | 0 | 0 | 0 | ||||||||
Restructuring charges | 200 | 1,600 | 0 | ||||||||
Adjusted operating income (loss) | (38,627) | (38,269) | (37,361) | ||||||||
Interest income | 10 | 6 | 5 | ||||||||
Interest expense | 16,411 | 10,854 | 9,851 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Pension (income) expense | 0 | 0 | 0 | ||||||||
Income tax provision | 8,778 | (20,108) | (15,972) | ||||||||
Total Assets | 10,903 | 16,362 | 10,903 | 16,362 | 20,867 | ||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Net property | 1 | 1 | 1 | 1 | 1 | ||||||
Operating Segments | Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 678,433 | 704,754 | 663,655 | ||||||||
Intercompany sales | 113,273 | 134,185 | 117,681 | ||||||||
Adjusted operating income (loss) | $ 162,788 | $ 141,971 | $ 134,819 | ||||||||
Adjusted operating margin % | 0.00% | 0.00% | 0.00% | ||||||||
Interest income | $ 1,914 | $ 1,183 | $ 1,450 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 21,046 | 21,180 | 20,145 | ||||||||
Pension (income) expense | (544) | (3,759) | (1,977) | ||||||||
Income tax provision | 37,838 | 50,751 | 49,014 | ||||||||
Total Assets | 836,243 | 873,045 | 836,243 | 873,045 | 883,131 | ||||||
Capital expenditures | 16,306 | 22,568 | 20,268 | ||||||||
Net property | 95,904 | 97,021 | 95,904 | 97,021 | 95,933 | ||||||
Operating Segments | International | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 471,097 | 426,029 | 470,230 | ||||||||
Intercompany sales | 275,640 | 225,358 | 131,477 | ||||||||
Adjusted operating income (loss) | $ 46,491 | $ 33,501 | $ 46,847 | ||||||||
Adjusted operating margin % | 0.00% | 0.00% | 0.00% | ||||||||
Interest income | $ 903 | $ 336 | $ 367 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 13,767 | 11,500 | 9,617 | ||||||||
Pension (income) expense | (6,876) | (8,196) | (6,813) | ||||||||
Income tax provision | 12,830 | 13,706 | 8,633 | ||||||||
Total Assets | 505,278 | 532,960 | 505,278 | 532,960 | 359,557 | ||||||
Capital expenditures | 9,217 | 13,673 | 13,315 | ||||||||
Net property | 52,773 | 58,817 | 52,773 | 58,817 | 55,418 | ||||||
Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 0 | 0 | 0 | ||||||||
Intercompany sales | (388,913) | (359,543) | (249,158) | ||||||||
Adjusted operating income (loss) | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Pension (income) expense | 0 | 0 | 0 | ||||||||
Income tax provision | (1,642) | 58 | (631) | ||||||||
Total Assets | 1,496 | 496 | 1,496 | 496 | (143) | ||||||
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Sales to external customers | $ 296,031 | $ 278,233 | $ 295,998 | $ 279,268 | $ 313,318 | $ 273,746 | $ 287,011 | $ 256,708 | $ 1,149,530 | $ 1,130,783 | $ 1,133,885 |
United States | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Sales to external customers | 580,724 | 593,539 | 530,845 | ||||||||
Other | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Sales to external customers | $ 568,806 | $ 537,244 | $ 603,040 |
Segment Information - Geograp62
Segment Information - Geographic Information on Property (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | $ 148,678 | $ 155,839 | $ 151,352 |
United States | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | 84,675 | 88,368 | 85,247 |
China | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | 11,732 | 13,504 | 15,128 |
Germany | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | 7,919 | 7,596 | 17,654 |
Other | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | $ 44,352 | $ 46,371 | $ 33,323 |
Segment Information - Revenue f
Segment Information - Revenue from External Customers by Products and Services (Details) - Sales | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Breathing Apparatus | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 26.00% | 27.00% | 19.00% |
Fixed Gas and Flame Detection | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 21.00% | 21.00% | 23.00% |
Portable Gas Detection | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 12.00% | 13.00% | 15.00% |
Head Protection | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 10.00% | 11.00% | 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) | 8.00% | 5.00% | 4.00% |
Other | |||
Revenue from External Customer [Line Items] | |||
Concentration risk (percentage) | 18.00% | 18.00% | 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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to continuing operations | $ 25,216 | $ 25,486 | $ 29,306 | $ 12,683 | $ 20,840 | $ 15,712 | $ 23,722 | $ 9,316 | $ 92,691 | $ 69,590 | $ 87,447 |
Preferred stock dividends | 42 | 41 | 41 | ||||||||
Income from continuing operations available to common equity | 92,649 | 69,549 | 87,406 | ||||||||
Dividends and undistributed earnings allocated to participating securities | (144) | (192) | (546) | ||||||||
Income from continuing operations available to common shareholders | 92,505 | 69,357 | 86,860 | ||||||||
Net income attributable to discontinued operations | $ (300) | $ (1,300) | $ 1,777 | $ (932) | $ 11 | $ 264 | $ 576 | $ 366 | (755) | 1,217 | 1,059 |
Preferred stock dividends | 0 | (1) | (1) | ||||||||
Income from discontinued operations available to common equity | (755) | 1,216 | 1,058 | ||||||||
Dividends and undistributed earnings allocated to participating securities | 1 | (3) | (7) | ||||||||
Income from discontinued operations available to common shareholders | $ (754) | $ 1,213 | $ 1,051 | ||||||||
Basic weighted-average shares outstanding (in shares) | 37,456 | 37,293 | 37,138 | ||||||||
Stock options and other stock compensation (in shares) | 530 | 417 | 590 | ||||||||
Diluted weighted-average shares outstanding (in shares) | 37,986 | 37,710 | 37,728 | ||||||||
Antidilutive stock options (in shares) | 0 | 658 | 0 | ||||||||
Earnings per share attributable to continuing operations: | |||||||||||
Earnings per share attributable to continuing operations, basic (dollars per share) | $ 0.67 | $ 0.68 | $ 0.78 | $ 0.34 | $ 0.56 | $ 0.42 | $ 0.63 | $ 0.25 | $ 2.47 | $ 1.86 | $ 2.34 |
Earnings per share attributable to continuing operations, diluted (dollars per share) | 0.66 | 0.67 | 0.77 | 0.34 | 0.55 | 0.41 | 0.62 | 0.25 | 2.44 | 1.84 | 2.30 |
Earnings per share attributable to discontinued operations: | |||||||||||
Earnings per share attributable to discontinued operations, basic (dollars per share) | (0.01) | (0.04) | 0.05 | (0.03) | 0 | 0.01 | 0.02 | 0.01 | (0.02) | 0.03 | 0.03 |
Earnings per share attributable to discontinued operations, diluted (dollars per share) | $ (0.01) | $ (0.04) | $ 0.05 | $ (0.03) | $ 0 | $ 0.01 | $ 0.01 | $ 0.01 | $ (0.02) | $ 0.03 | $ 0.03 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Discontinued operation, tax effect of discontinued operation | $ 0.3 | $ 0.6 | $ 0.6 |
Deferred income tax expense (benefit), discontinued operation | 0.5 | $ (0.3) | |
Net operating loss carryforwards | 37.2 | ||
Net operating loss carryforward expiring in 2020 | $ 0.1 | ||
Net operating loss carryforwards expiration year | 2,017 | ||
Net operating loss carryforwards, expiration term (at least) | 6 years | ||
Change in valuation allowance | $ 0.2 | ||
Undistributed earnings of non-U.S. subsidiaries | 422.3 | ||
Recognized tax benefits | 4.3 | 2.1 | |
Liability for interest expense and penalties accrued | 1.5 | 0.9 | |
Increase in interest related to uncertain tax positions | 0.6 | ||
International | |||
Segment Reporting Information [Line Items] | |||
Charges associated with exit taxes | $ 6.5 | $ 7.7 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. income | $ 100,382 | $ 71,547 | $ 58,209 |
Non-U.S. income | 51,529 | 39,479 | 68,986 |
Income from continuing operations before income taxes | 151,911 | 111,026 | 127,195 |
Current | |||
Federal | 19,968 | 21,253 | 23,659 |
State | 2,231 | 2,389 | 1,349 |
Non-U.S. | 21,188 | 22,979 | 21,101 |
Total current provision | 43,387 | 46,621 | 46,109 |
Deferred | |||
Federal | 11,580 | 3,813 | (3,650) |
State | 1,977 | (213) | 317 |
Non-U.S. | 860 | (5,814) | (1,732) |
Total deferred provision | 14,417 | (2,214) | (5,065) |
Provision for income taxes | $ 57,804 | $ 44,407 | $ 41,044 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between U.S. Federal Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Taxes on non-U.S. income - European reorganization | 4.30% | 6.90% | 0.00% |
State income taxes—U.S. | 1.80% | 1.30% | 0.80% |
Valuation allowances | 1.50% | 1.70% | (0.60%) |
Taxes on non-U.S. income | (2.50%) | (2.10%) | (2.20%) |
Manufacturing deduction credit | (1.30%) | (1.60%) | (1.00%) |
Research and development credit | (0.60%) | (1.10%) | (0.70%) |
Other | (0.10%) | (0.10%) | 1.00% |
Effective income tax rate | 38.10% | 40.00% | 32.30% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Accrued expenses and other reserves | $ 5,381 | $ 4,412 |
Product liability | 1,303 | 6,116 |
Employee benefits | 9,538 | 9,387 |
Share-based compensation | 10,462 | 10,323 |
Reserve for doubtful accounts | 1,178 | 2,279 |
Inventory | 1,218 | 2,496 |
Capitalized research and development | 4,654 | 5,339 |
Net operating losses and tax credit carryforwards | 16,218 | 15,310 |
Other | 1,316 | 2,892 |
Total deferred tax assets | 51,268 | 58,554 |
Valuation allowances | (5,303) | (5,153) |
Net deferred tax assets | 45,965 | 53,401 |
Goodwill and intangibles | (42,007) | (42,867) |
Property, plant and equipment | (11,394) | (8,920) |
Other | (3,368) | (31) |
Total deferred tax liabilities | 56,769 | 51,818 |
Net deferred tax liabilities | $ (10,804) | |
Net deferred taxes assets | $ 1,583 |
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, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 13,070 | $ 9,857 |
Adjustments for tax positions related to the current year | 2,359 | 8,203 |
Adjustments for tax positions related to prior years | (856) | (4,887) |
Statute expiration | (180) | (103) |
Ending balance | $ 14,393 | $ 13,070 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options expiration period | 10 years | |||
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 | |||
Cash proceeds from exercise of options | $ 12,476 | $ 1,930 | $ 6,926 | |
Excess tax benefit (provision) related to stock plans | 478 | 596 | 2,573 | |
Aggregate intrinsic value of stock options exercisable | 39,500 | |||
Aggregate intrinsic value of stock options outstanding | 50,000 | |||
Total intrinsic value of stock options exercised | 6,400 | 500 | 3,700 | |
Unrecognized stock-based compensation expense | $ 6,700 | |||
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 | 66.60% | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefit (provision) related to stock plans | $ 600 | (100) | 1,000 | |
Restricted Stock and Unit Activity | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of stock units vested | 3,700 | $ 5,300 | $ 5,800 | |
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 | $ 1,800 | |||
Management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future grants | 1,368,638 | |||
Non Employee Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future grants | 139,657 | |||
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Restricted stock | $ 3,456 | $ 3,035 | $ 4,026 |
Stock options | 2,459 | 2,454 | 2,355 |
Performance stock | 3,296 | 2,110 | 2,672 |
Total compensation expense before income taxes | 9,211 | 7,599 | 9,053 |
Income tax benefit | 3,375 | 2,896 | 3,293 |
Total compensation expense, net of income tax benefit | $ 5,836 | $ 4,703 | $ 5,760 |
Stock Plans - Weighted Average
Stock Plans - Weighted Average Assumptions and Fair Value of Stock Option Grants (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Fair value per option (dollars per share) | $ 11.69 | $ 15.63 | $ 17.26 |
Risk-free interest rate | 1.60% | 1.80% | 2.10% |
Expected dividend yield | 2.80% | 2.30% | 2.40% |
Expected volatility | 34.00% | 39.00% | 41.00% |
Expected life (years) | 84 months 2 days | 6 years 8 months 16 days | 6 years 7 months 6 days |
Stock Plans - Summary of Stock
Stock Plans - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding Beginning balance, Shares | 1,694,675 | 1,618,561 | 1,695,380 |
Granted, Shares | 235,233 | 170,683 | 138,519 |
Exercised, Shares | (341,063) | (64,752) | (190,743) |
Expired, Shares | (12,753) | (1,109) | (1,071) |
Forfeited, Shares | (28,708) | (23,524) | |
Outstanding Ending balance, Shares | 1,576,092 | 1,694,675 | 1,618,561 |
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) | $ 36.69 | $ 35.74 | $ 34.55 |
Granted, Weighted Average Exercise Price (dollars per share) | 44.50 | 48.64 | 51.69 |
Exercised, Weighted Average Exercise Price (dollars per share) | 37.34 | 38.59 | 36.31 |
Expired, Weighted Average Exercise Price (dollars per share) | 46.11 | 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) | $ 37.63 | $ 36.69 | $ 35.74 |
Exercisable at end of period | 1,098,615 | 1,280,665 | 1,147,712 |
Stock Plans - Schedule of Exerc
Stock Plans - Schedule of Exercise Price Ranges, Characteristics of Outstanding Stock Options (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
$17.83 – $33.00 | |
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) | $ 33 |
Stock Options Outstanding, Shares | shares | 456,938 |
Stock Options Outstanding, Weighted-Average Exercise Price (dollars per share) | $ 21.66 |
Stock Options Outstanding, Weighted-Average Remaining Life | 2 years 7 months 21 days |
Stock Options Exercisable, Shares | shares | 456,938 |
Stock Options Exercisable, Weighted-Average Exercise Price (dollars per share) | $ 21.66 |
Stock Options Exercisable, Weighted-Average Remaining Life | 2 years 7 months 21 days |
$33.01 – $45.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (dollars per share) | $ 33.01 |
Range of Exercise Prices, maximum (dollars per share) | $ 45 |
Stock Options Outstanding, Shares | shares | 566,173 |
Stock Options Outstanding, Weighted-Average Exercise Price (dollars per share) | $ 39.60 |
Stock Options Outstanding, Weighted-Average Remaining Life | 6 years 22 days |
Stock Options Exercisable, Shares | shares | 346,157 |
Stock Options Exercisable, Weighted-Average Exercise Price (dollars per share) | $ 36.49 |
Stock Options Exercisable, Weighted-Average Remaining Life | 4 years 1 month 2 days |
$45.01 – $51.69 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (dollars per share) | $ 45.01 |
Range of Exercise Prices, maximum (dollars per share) | $ 51.69 |
Stock Options Outstanding, Shares | shares | 552,981 |
Stock Options Outstanding, Weighted-Average Exercise Price (dollars per share) | $ 48.82 |
Stock Options Outstanding, Weighted-Average Remaining Life | 5 years 8 months 9 days |
Stock Options Exercisable, Shares | shares | 295,520 |
Stock Options Exercisable, Weighted-Average Exercise Price (dollars per share) | $ 47.84 |
Stock Options Exercisable, Weighted-Average Remaining Life | 3 years 10 months 28 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 | 1,576,092 |
Stock Options Outstanding, Weighted-Average Exercise Price (dollars per share) | $ 37.63 |
Stock Options Outstanding, Weighted-Average Remaining Life | 4 years 11 months 9 days |
Stock Options Exercisable, Shares | shares | 1,098,615 |
Stock Options Exercisable, Weighted-Average Exercise Price (dollars per share) | $ 33.37 |
Stock Options Exercisable, Weighted-Average Remaining Life | 3 years 5 months 9 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested Shares, Beginning Balance | 217,709 | 268,743 | 303,419 |
Granted, Shares | 107,465 | 83,725 | 83,543 |
Vested, Shares | (76,568) | (111,834) | (108,245) |
Forfeited, Shares | (14,014) | (22,925) | (9,974) |
Unvested Shares, Ending Balance | 234,592 | 217,709 | 268,743 |
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) | $ 49.70 | $ 45.34 | $ 39.79 |
Granted, Weighted Average Grant Date Fair Value (dollars per share) | 50.65 | 48.06 | 51.91 |
Vested, Weighted Average Grant Date Fair Value (dollars per share) | 49.12 | 39.01 | 34.94 |
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | 48.23 | 45.84 | 44.42 |
Unvested Weighted Average Grant Date Fair Value, Ending Balance (dollars per share) | $ 49.76 | $ 49.70 | $ 45.34 |
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, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Unvested Shares, Beginning Balance | 143,961 | 171,644 | 143,961 | 149,389 |
Granted, Shares | 65,355 | 87,256 | 46,242 | |
Vested, Shares | (31,181) | (66,200) | (91,696) | |
Performance adjustments, Shares | (15,594) | 16,447 | 41,428 | |
Forfeited, Shares | (9,820) | (3,603) | (1,402) | |
Unvested Shares, Ending Balance | 186,621 | 171,644 | 143,961 | |
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) | $ 52.42 | $ 50.24 | $ 52.42 | $ 46.32 |
Granted, Weighted Average Grant Date Fair Value (dollars per share) | 44.28 | 41.99 | 57.42 | |
Vested, Weighted Average Grant Date Fair Value (dollars per share) | 58.54 | 41.75 | 39.19 | |
Performance adjustments, Weighted Average Grant Date Fair value (dollars per share) | 58.54 | 41.45 | 39.42 | |
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | $ 51.51 | 44.47 | 48.85 | |
Unvested Weighted Average Grant Date Fair Value, Ending Balance (dollars per share) | $ 46.18 | $ 50.24 | $ 52.42 |
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, 2016 | |
Debt Disclosure [Abstract] | ||
Average month-end balance | $ 0.1 | |
Maximum month-end balance | $ 0.2 |
Short and Long-Term Debt - Sche
Short and Long-Term Debt - Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total | $ 390,502 | $ 464,672 |
Amounts due within one year | 26,666 | 6,650 |
Long-term debt | 363,836 | 458,022 |
Senior Notes Payable Through 2021, 5.41% | ||
Debt Instrument [Line Items] | ||
Senior notes payable | $ 33,333 | 39,999 |
Senior notes, interest rate | 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% | |
Senior Notes Payable Through 2031, 3.40% | ||
Debt Instrument [Line Items] | ||
Senior notes payable | $ 67,713 | 0 |
Senior notes, interest rate | 3.40% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Senior revolving credit facility maturing in 2020, net of debt issuance costs | $ 189,456 | $ 324,673 |
Short and Long-Term Debt - Long
Short and Long-Term Debt - Long-Term Debt Additional Information (Detail) | Jan. 22, 2016GBP (ÂŁ) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 11, 2015USD ($) |
Debt Instrument [Line Items] | ||||
Maturity obligation, 2017 | $ 26,700,000 | |||
Maturity obligation, 2018 | 26,700,000 | |||
Maturity obligation, 2019 | 26,700,000 | |||
Maturity obligation, 2020 | 217,700,000 | |||
Maturity obligation, 2021 | 26,700,000 | |||
Maturity obligation, thereafter | 67,800,000 | |||
Bank guarantees and letters of credit, outstanding | 13,100,000 | |||
Restricted cash and cash equivalents | 1,200,000 | $ 2,400,000 | ||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average revolver interest rate | 2.27% | |||
Unused senior revolving credit facility | 377,200,000 | |||
Line of credit, maximum borrowing capacity | $ 575,000,000 | |||
Bank guarantees and letters of credit, outstanding | 6,900,000 | |||
Multi-currency Notes Due in 2031 | ||||
Debt Instrument [Line Items] | ||||
Notes payable, principal amount | ÂŁ 54,900,000 | 67,800,000 | ||
Notes payable, annual repayment installments | ÂŁ 6,100,000 | $ 7,500,000 | ||
Notes payable, interest rate | 3.40% | |||
Minimum fixed charges coverage ratio (not less than) | 1.50 | |||
Consolidated leverage ratio (not to exceed) | 3.25 | |||
Federal Funds Open Rate | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
Daily Libor Rate | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.00% | |||
Minimum | BASE or LIBOR | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.00% | |||
Maximum | BASE or LIBOR | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 17500.00% |
Goodwill and Intangible Asset80
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 333,276 | $ 340,338 | $ 252,520 | ||
Disposal of goodwill | 338 | $ 0 | |||
Intangible Assets | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Future amortization expense, 2017 | 7,500 | ||||
Future amortization expense, 2018 | 6,100 | ||||
Future amortization expense, 2019 | 6,100 | ||||
Future amortization expense, 2020 | 6,100 | ||||
Future amortization expense, 2021 | 5,900 | ||||
Americas | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 198,800 | ||||
International | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 134,500 | ||||
Disposal of goodwill | $ 200 | ||||
South African Distribution Business and Zambian Operations | Discontinued Operations, Disposed of by Sale | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Stock sold (as a percent) | 100.00% | 100.00% |
Goodwill and Intangible Asset81
Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Net balance at January 1 | $ 340,338 | $ 252,520 |
Additions (Note 13) | 10,485 | 97,959 |
Disposal | (338) | 0 |
Currency translation | (17,209) | (10,141) |
Net balance at December 31 | $ 333,276 | $ 340,338 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Net balance at January 1 | $ 90,068 | $ 31,323 | |
Additions | 4,420 | 67,645 | |
Amortization expense | (7,885) | (4,811) | |
Impairment losses | 0 | (723) | $ 0 |
Currency translation | (9,588) | (3,366) | |
Net balance at December 31 | $ 77,015 | $ 90,068 | $ 31,323 |
Goodwill and Intangible Asset83
Goodwill and Intangible Assets - Net Carrying Amount (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 14 years | ||
Gross Carrying Amount | $ 113,600 | $ 118,400 | |
Accumulated Amortization and Reserves | (36,600) | (28,300) | |
Net Carrying Amount | $ 77,015 | 90,068 | $ 31,323 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 14 years | ||
Gross Carrying Amount | $ 45,500 | 50,500 | |
Accumulated Amortization and Reserves | (3,600) | (700) | |
Net Carrying Amount | $ 41,900 | 49,800 | |
Distribution agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 20 years | ||
Gross Carrying Amount | $ 25,200 | 24,600 | |
Accumulated Amortization and Reserves | (8,000) | (6,200) | |
Net Carrying Amount | $ 17,200 | 18,400 | |
Technology related assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 10 years | ||
Gross Carrying Amount | $ 18,000 | 17,500 | |
Accumulated Amortization and Reserves | (10,300) | (8,300) | |
Net Carrying Amount | $ 7,700 | 9,200 | |
Patents, trademarks and copyrights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 14 years | ||
Gross Carrying Amount | $ 17,000 | 16,500 | |
Accumulated Amortization and Reserves | (7,100) | (4,600) | |
Net Carrying Amount | $ 9,900 | 11,900 | |
License agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 5 years | ||
Gross Carrying Amount | $ 5,300 | 5,400 | |
Accumulated Amortization and Reserves | (5,300) | (5,300) | |
Net Carrying Amount | $ 0 | 100 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 2 years | ||
Gross Carrying Amount | $ 2,600 | 3,900 | |
Accumulated Amortization and Reserves | (2,300) | (3,200) | |
Net Carrying Amount | $ 300 | $ 700 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Sep. 19, 2016 | Oct. 21, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 11, 2015 | Aug. 31, 2015 |
Business Acquisition [Line Items] | |||||||
Estimated amortization period | 14 years | ||||||
Amortization expense for inventory step up | $ 1,400,000 | ||||||
Remaining inventory step up expected to be amortized in 2017 | 200,000 | ||||||
Goodwill | 333,276,000 | $ 340,338,000 | $ 252,520,000 | ||||
Net loss | (91,936,000) | (70,807,000) | $ (88,506,000) | ||||
Amortization primarily related to intangible assets | 7,885,000 | 4,811,000 | |||||
Americas | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 198,800,000 | ||||||
Senscient, Incorporated | |||||||
Business Acquisition [Line Items] | |||||||
Common stock acquired (as a percent) | 0.00% | ||||||
Purchase price for acquisition | $ 19,100,000 | ||||||
Contingent consideration | 0 | ||||||
Future amortization expense, 2017 | 732,000 | ||||||
Future amortization expense, 2018 | 700,000 | ||||||
Future amortization expense, 2019 | 700,000 | ||||||
Future amortization expense, 2020 | 700,000 | ||||||
Future amortization expense, 2021 | 700,000 | ||||||
Goodwill | 0 | ||||||
Transaction and integration costs related to acquisition | 800,000 | ||||||
Net sales | 2,700,000 | ||||||
Net loss | 1,100,000 | ||||||
Amortization primarily related to intangible assets | $ 200,000 | ||||||
Senscient, Incorporated | International | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 10,500,000 | ||||||
Latchways | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price for acquisition | $ 190,900,000 | ||||||
Contingent consideration | 0 | ||||||
Estimated amortization period | 15 years | ||||||
Future amortization expense, 2017 | $ 4,500,000 | ||||||
Future amortization expense, 2018 | 4,500,000 | ||||||
Future amortization expense, 2019 | 4,500,000 | ||||||
Future amortization expense, 2020 | 4,500,000 | ||||||
Future amortization expense, 2021 | 4,500,000 | ||||||
Step up to fair value of acquired inventory | 1,600,000 | ||||||
Estimated future depreciation expense, 2017 | 900,000 | ||||||
Estimated future depreciation expense, 2018 | 900,000 | ||||||
Estimated future depreciation expense, 2019 | 900,000 | ||||||
Estimated future depreciation expense, 2020 | 900,000 | ||||||
Estimated future depreciation expense, 2021 | 900,000 | ||||||
Goodwill | 98,000,000 | ||||||
Transaction and integration costs related to acquisition | 500,000 | 2,500,000 | |||||
Transaction and integration costs related to acquisition, net of tax | $ 400,000 | 1,600,000 | |||||
Transaction costs | 5,000,000 | ||||||
Transaction costs, non-deductible for tax purposes | 2,800,000 | ||||||
Net sales | 10,100,000 | ||||||
Net loss | $ 700,000 | ||||||
Latchways | International | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 96,600,000 | ||||||
Latchways | Americas | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 1,400,000 | ||||||
Revolving Credit Facility | |||||||
Business Acquisition [Line Items] | |||||||
Unsecured senior revolving credit facility | $ 575,000,000 | ||||||
Revolving Credit Facility | Senior Notes | |||||||
Business Acquisition [Line Items] | |||||||
Unsecured senior revolving credit facility | $ 125,000,000 | ||||||
Technology related assets | |||||||
Business Acquisition [Line Items] | |||||||
Estimated amortization period | 10 years | ||||||
Technology related assets | Senscient, Incorporated | |||||||
Business Acquisition [Line Items] | |||||||
Estimated amortization period | 10 years | ||||||
Customer-related intangibles | Senscient, Incorporated | |||||||
Business Acquisition [Line Items] | |||||||
Estimated amortization period | 5 years |
Acquisitions - Preliminary Fair
Acquisitions - Preliminary Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 19, 2016 | Dec. 31, 2015 | Oct. 21, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 333,276 | $ 340,338 | $ 252,520 | ||
Senscient, Incorporated | |||||
Business Acquisition [Line Items] | |||||
Current assets | $ 0 | ||||
Cash included in current assets | 700 | ||||
Property, plant and equipment | 0 | ||||
Goodwill | 0 | ||||
Total assets acquired | 0 | ||||
Total liabilities assumed | 0 | ||||
Net assets acquired | 0 | ||||
Latchways | |||||
Business Acquisition [Line Items] | |||||
Current assets | $ 35,700 | ||||
Cash included in current assets | 10,600 | ||||
Property, plant and equipment | 9,500 | ||||
Goodwill | 98,000 | ||||
Total assets acquired | 210,800 | ||||
Total liabilities assumed | 19,900 | ||||
Net assets acquired | 190,900 | ||||
Trade name and acquired technology | Latchways | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | 14,600 | ||||
Acquired technology | Senscient, Incorporated | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | 0 | ||||
Customer-related intangibles | Senscient, Incorporated | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 0 | ||||
Customer-related intangibles | Latchways | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 53,000 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Net sales | $ 1,153 | $ 1,175 |
Income from continuing operations | $ 93 | $ 75 |
Basic earnings per share from continuing operations (in dollars per share) | $ 2.48 | $ 2 |
Diluted earnings per share from continuing operations (in dollars per share) | $ 2.44 | $ 1.98 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | $ 419,088 | ||
Fair value of plan assets at December 31 | 433,262 | $ 419,088 | |
Funded Status | |||
Noncurrent assets | 62,916 | 62,072 | |
Noncurrent liabilities | (157,927) | (156,160) | |
Pension Benefits | |||
Change in Benefit Obligations | |||
Benefit obligations at January 1 | 491,180 | 519,194 | |
Service cost | 10,417 | 11,517 | $ 9,425 |
Interest cost | 18,752 | 18,314 | 19,340 |
Participant contributions | 100 | 105 | |
Plan amendments | (1,092) | 604 | |
Actuarial (gains) losses | 9,123 | (21,073) | |
Benefits paid | (19,550) | (19,261) | |
Settlements | (381) | (2,094) | |
Currency translation | (4,389) | (16,126) | |
Benefit obligations at December 31 | 503,997 | 491,180 | 519,194 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 419,088 | 445,299 | |
Actual return on plan assets | 31,418 | (4,754) | |
Employer contributions | 3,878 | 4,058 | |
Settlements | (381) | (2,094) | |
Benefits paid | (19,550) | (16,979) | |
Reimbursement of German benefits | 0 | (2,282) | |
Administrative Expenses Paid | 0 | 6 | |
Currency translation | (1,291) | (4,271) | |
Fair value of plan assets at December 31 | 433,262 | 419,088 | 445,299 |
Funded Status | |||
Funded status at December 31 | (70,735) | (72,092) | |
Defined Benefit Plan, before Adoption of FAS 158 Recognition Provisions, Net Transition Obligations (Assets), Not yet Recognized | 8 | 12 | |
Unrecognized prior service (credit) cost | (646) | 525 | |
Unrecognized net actuarial losses | 187,738 | 188,531 | |
Net amount recognized | 116,365 | 116,976 | |
Noncurrent assets | 62,916 | 62,072 | |
Current liabilities | (4,620) | (5,033) | |
Noncurrent liabilities | (129,031) | (129,131) | |
Net amount recognized | (70,735) | (72,092) | |
Amounts Recognized in Accumulated Other Comprehensive Loss | |||
Net actuarial losses | 187,738 | 188,531 | |
Prior service (credit) cost | (646) | 525 | |
Unrecognized net initial obligation | 8 | 12 | |
Total (before tax effects) | 187,100 | 189,068 | |
Accumulated Benefit Obligations for all Defined Benefit Plans | 465,448 | 453,382 | |
Curtailments | 163 | 0 | |
Other Benefits | |||
Change in Benefit Obligations | |||
Benefit obligations at January 1 | 22,974 | 26,851 | |
Service cost | 426 | 444 | 538 |
Interest cost | 946 | 863 | 1,107 |
Participant contributions | 222 | 255 | |
Plan amendments | (400) | 0 | |
Actuarial (gains) losses | 1,285 | (3,998) | |
Benefits paid | (1,773) | (1,441) | |
Settlements | 0 | 0 | |
Currency translation | 0 | 0 | |
Benefit obligations at December 31 | 23,680 | 22,974 | 26,851 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 1,551 | 1,186 | |
Settlements | 0 | 0 | |
Benefits paid | (1,773) | (1,441) | |
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 | (23,680) | (22,974) | |
Defined Benefit Plan, before Adoption of FAS 158 Recognition Provisions, Net Transition Obligations (Assets), Not yet Recognized | 0 | 0 | |
Unrecognized prior service (credit) cost | (1,505) | (1,524) | |
Unrecognized net actuarial losses | 3,643 | 2,117 | |
Net amount recognized | (21,542) | (22,381) | |
Noncurrent assets | 0 | 0 | |
Current liabilities | (1,638) | (1,382) | |
Noncurrent liabilities | (22,042) | (21,592) | |
Net amount recognized | (23,680) | (22,974) | |
Amounts Recognized in Accumulated Other Comprehensive Loss | |||
Net actuarial losses | 3,643 | 2,425 | |
Prior service (credit) cost | (1,505) | (1,523) | |
Unrecognized net initial obligation | 0 | 0 | |
Total (before tax effects) | 2,138 | 902 | |
Accumulated Benefit Obligations for all Defined Benefit Plans | 0 | 0 | |
Curtailments | $ 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 10,417 | $ 11,517 | $ 9,425 |
Interest cost | 18,752 | 18,314 | 19,340 |
Expected return on plan assets | (34,751) | (34,130) | (32,944) |
Amortization of transition amounts | 2 | 2 | 2 |
Amortization of prior service (credit) cost | (14) | 66 | 84 |
Recognized net actuarial losses | 11,921 | 15,545 | 8,639 |
Settlement loss | 5 | 641 | 290 |
Termination benefits | 0 | 0 | 0 |
Net periodic benefit cost | 6,332 | 11,955 | 4,836 |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 426 | 444 | 538 |
Interest cost | 946 | 863 | 1,107 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of transition amounts | 0 | 0 | 0 |
Amortization of prior service (credit) cost | (419) | (335) | (335) |
Recognized net actuarial losses | 68 | 27 | 182 |
Settlement loss | 0 | 0 | 0 |
Termination benefits | 0 | 0 | 0 |
Net periodic benefit cost | $ 1,021 | $ 999 | $ 1,492 |
Pensions and Other Post-retir89
Pensions and Other Post-retirement Benefits - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Aggregate accumulated benefit obligations (ABO) | $ 147,531 | $ 147,864 |
Aggregate projected benefit obligations (PBO) | 160,543 | 161,009 |
Aggregate fair value of plan assets | $ 26,986 | $ 26,844 |
Pensions and Other Post-retir90
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, 2016USD ($) | |
Pension Benefits | |
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Loss recognition | $ 12,255 |
Prior service credit recognition | (15) |
Transition obligation recognition | 1 |
Other Benefits | |
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Loss recognition | 103 |
Prior service credit recognition | (288) |
Transition obligation recognition | $ 0 |
Pensions and Other Post-retir91
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, 2016 | Dec. 31, 2015 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumptions used to determine benefit obligations, average discount rate | 3.67% | 3.92% |
Assumptions used to determine benefit obligations, rate of compensation increase | 2.99% | 3.06% |
Assumptions used to determine net periodic benefit cost, average discount rate | 3.92% | 3.63% |
Assumptions used to determine net periodic benefit cost, expected return on plan assets | 8.18% | 8.17% |
Assumptions used to determine net periodic benefit cost, rate of compensation increases | 3.06% | 3.03% |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumptions used to determine benefit obligations, average discount rate | 4.05% | 4.20% |
Assumptions used to determine net periodic benefit cost, average discount rate | 4.20% | 3.85% |
Pensions and Other Post-retir92
Pensions and Other Post-retirement Benefits - Schedule of Expected Return on Assets for Net Periodic Pension Cost (Detail) | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 70.00% | 67.00% |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 20.00% | 24.00% |
Pooled investment funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 5.00% | 5.00% |
Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 4.00% | 3.00% |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 1.00% | 1.00% |
Pensions and Other Post-retir93
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | $ 433,262 | $ 419,088 | |
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 304,460 | 280,619 | |
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 87,776 | 100,067 | |
Pooled investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 20,156 | 19,345 | |
Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 14,948 | 13,681 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 5,922 | 5,376 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 273,192 | 260,470 | |
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 | 242,161 | 225,191 | |
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 | 25,109 | 29,903 | |
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 | 5,922 | 5,376 | |
Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 145,122 | 144,937 | |
Significant Observable Inputs (Level 2) | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 62,299 | 55,428 | |
Significant Observable Inputs (Level 2) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 62,667 | 70,164 | |
Significant Observable Inputs (Level 2) | Pooled investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 20,156 | 19,345 | |
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 | 14,948 | 13,681 | |
Significant Unobservable Inputs (Level 3) | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
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 | 14,948 | 13,681 | $ 15,069 |
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-retir94
Pensions and Other Post-retirement Benefits - Schedule of Reconciliation of Level Three Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at January 1 | $ 419,088 | |
Fair value of plan assets at December 31 | 433,262 | $ 419,088 |
Insurance contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at January 1 | 13,681 | |
Fair value of plan assets at December 31 | 14,948 | 13,681 |
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 | 13,681 | |
Fair value of plan assets at December 31 | 14,948 | 13,681 |
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 | 13,681 | 15,069 |
Net realized and unrealized losses included in earnings | 975 | (1,526) |
Net purchases, issuances and settlements | 292 | 138 |
Transfers out of Level 3 | 0 | 0 |
Fair value of plan assets at December 31 | 14,948 | 13,681 |
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 | 0 | 753 |
Net realized and unrealized losses included in earnings | 0 | (64) |
Net purchases, issuances and settlements | 0 | (184) |
Transfers out of Level 3 | 0 | (505) |
Fair value of plan assets at December 31 | $ 0 | $ 0 |
Pensions and Other Post-retir95
Pensions and Other Post-retirement Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Period of amortization for actuarial gains and losses | 11 years | ||
Estimated contributions by employer to pension plans | $ 5,900 | ||
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% | ||
Increase in costs of covered health care benefits | 6.00% | ||
Percentage of change in assumed health care cost trend rate | 1.00% | ||
Increase or decrease in other postretirement obligations | $ 810 | ||
Increase or decrease in current year plan expense | 55 | ||
Defined contribution pension plan expense | 5,100 | $ 6,800 | $ 6,500 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated benefit payments, 2017 | 20,900 | ||
Estimated benefit payments, 2018 | 21,600 | ||
Estimated benefit payments, 2019 | 22,200 | ||
Estimated benefit payments, 2020 | 23,700 | ||
Estimated benefit payments, 2021 | 24,600 | ||
Estimated benefit payments, five years thereafter | 138,500 | ||
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated benefit payments, 2017 | 1,700 | ||
Estimated benefit payments, 2018 | 1,700 | ||
Estimated benefit payments, 2019 | 1,900 | ||
Estimated benefit payments, 2020 | 1,800 | ||
Estimated benefit payments, 2021 | 1,900 | ||
Estimated benefit payments, five years thereafter | $ 8,100 |
Other Income (Loss), Net - Sche
Other Income (Loss), Net - Schedule of Other Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Long Lived Assets Held-for-sale [Line Items] | |||
Interest income | $ 2,827 | $ 1,525 | $ 1,822 |
Gain on asset dispositions, net | 593 | 1,724 | 2,094 |
Other, net | 710 | 836 | (1,101) |
Disposal of non-core product lines | 0 | (4,223) | 0 |
Impairment of intangible assets | 0 | (723) | 0 |
Land impairment loss | 0 | 0 | (50) |
Total other income (loss), net | 4,130 | (861) | $ 2,765 |
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 | ||
Americas | 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
Rent expense | $ 12.6 | $ 10.8 | $ 11.7 |
Minimum rent commitments in 2017 | 12.2 | ||
Minimum rent commitments in 2018 | 11 | ||
Minimum rent commitments in 2019 | 10.6 | ||
Minimum rent commitments in 2020 | 5.2 | ||
Minimum rent commitments in 2021 | 4.2 | ||
Minimum rent commitments, thereafter | $ 7 |
Derivative Financial Instrume98
Derivative Financial Instruments - Additional Information (Detail) - Foreign Exchange Forward | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |
Notional amount of open forward contracts | $ 75,300,000 |
Unrealized loss on contract | $ 300,000 |
Derivative Financial Instrume99
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, 2016 | Dec. 31, 2015 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging instruments | $ 566 | $ 401 |
Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging instruments | $ 258 | $ 581 |
Derivative Financial Instrum100
Derivative Financial Instruments - Income Statement Location And Impact Of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign Exchange Contract | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Currency exchange loss | $ 6,675 | $ 2,187 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Carrying amount of long-term debt | $ 175 | $ 140 |
Fair value of long-term debt | $ 194 | $ 145 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Thousands | Feb. 09, 2017USD ($) | Oct. 06, 2016USD ($) | Feb. 26, 2016USD ($) | Dec. 31, 2016USD ($)LegalMattercategorytrauma_claimVendor | Dec. 31, 2015USD ($)LegalMatter | Dec. 31, 2016USD ($)LegalMattertrauma_claim | Dec. 31, 2015USD ($)LegalMatter | Dec. 31, 2014USD ($)LegalMatter | Dec. 31, 2013USD ($)LegalMatter |
Loss Contingencies [Line Items] | |||||||||
Number of categories of product liability losses | category | 2 | ||||||||
Increase (decrease) in insurance settlements receivable | $ 150,900 | ||||||||
Number of lawsuits | LegalMatter | 1,794 | 1,794 | |||||||
Number of cumulative trauma claims covered by lawsuits | trauma_claim | 3,023 | 3,023 | |||||||
Years of activity | 5 years | ||||||||
Number of insurance carriers | Vendor | 20 | ||||||||
Insurance receivables | $ 159,900 | $ 229,500 | $ 159,900 | $ 229,500 | $ 220,500 | $ 124,800 | |||
Notes receivable, insurance companies (Note 19) | 2,000 | 2,000 | 2,000 | 2,000 | |||||
Insurance receivable, noncurrent | 157,900 | 227,500 | 157,900 | 227,500 | |||||
Notes receivable from insurance companies | 67,300 | 8,700 | 67,300 | 8,700 | $ 16,200 | ||||
Reported in Notes receivable | 4,180 | 6,746 | 4,180 | 6,746 | |||||
Insurance receivable, noncurrent | 63,147 | 1,944 | 63,147 | 1,944 | |||||
Single Incident | |||||||||
Loss Contingencies [Line Items] | |||||||||
Reserves for product liability claims | 3,400 | 3,500 | 3,400 | 3,500 | |||||
Cumulative Trauma, Reported Claims | |||||||||
Loss Contingencies [Line Items] | |||||||||
Reserves for product liability claims | 11,100 | 11,100 | |||||||
Loss contingency accrual, product liability, net | 7,500 | 7,100 | $ 7,500 | 7,100 | |||||
Total damages in verdict against MSA LLC | $ (400) | ||||||||
Uninsured Cumulative Trauma | |||||||||
Loss Contingencies [Line Items] | |||||||||
Product liability losses | $ 900 | $ 800 | |||||||
Insurance Claims | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of lawsuits | LegalMatter | 3,023 | 3,779 | 3,023 | 3,779 | 5,539 | 8,941 | |||
Total damages in verdict against MSA LLC | $ (7,200) | ||||||||
Compensatory Damages, Insured | |||||||||
Loss Contingencies [Line Items] | |||||||||
Total damages in verdict against MSA LLC | (3,200) | ||||||||
Punitive Damages, Uninsured | |||||||||
Loss Contingencies [Line Items] | |||||||||
Total damages in verdict against MSA LLC | $ (4,000) | ||||||||
Other Noncurrent Liabilities | Cumulative Trauma | |||||||||
Loss Contingencies [Line Items] | |||||||||
Reserves for product liability claims | $ 300 | $ 1,000 | $ 300 | $ 1,000 | $ 3,900 | ||||
North River Insurance Company | |||||||||
Loss Contingencies [Line Items] | |||||||||
Total damages in verdict against MSA LLC | $ (10,900) | ||||||||
Subsequent Event | North River Insurance Company | |||||||||
Loss Contingencies [Line Items] | |||||||||
Total damages in verdict against MSA LLC | $ (46,900) | ||||||||
Punitive damages | 30,000 | ||||||||
Attorneys' fees | 11,800 | ||||||||
Pre-judgement interest | $ 5,100 |
Contingencies - Summary of Cumu
Contingencies - Summary of Cumulative Trauma Product Liability Claims Activity (Detail) - LegalMatter | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingency, Quantities [Roll Forward] | |||
Open lawsuits/Pending claims, December 31 | 1,794 | ||
Lawsuits | |||
Loss Contingency, Quantities [Roll Forward] | |||
Open lawsuits/Pending claims, January 1 | 1,988 | 2,326 | 2,840 |
New lawsuits/claims | 379 | 340 | 542 |
Settled and dismissed lawsuits/claims | (573) | (678) | (1,056) |
Open lawsuits/Pending claims, December 31 | 1,794 | 1,988 | 2,326 |
Pending claims | |||
Loss Contingency, Quantities [Roll Forward] | |||
Open lawsuits/Pending claims, January 1 | 3,779 | 5,539 | 8,941 |
New lawsuits/claims | 843 | 465 | 542 |
Settled and dismissed lawsuits/claims | (1,599) | (2,225) | (3,944) |
Open lawsuits/Pending claims, December 31 | 3,023 | 3,779 | 5,539 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | |||
Balance beginning of period | $ 229.5 | $ 220.5 | $ 124.8 |
Additions | 29.2 | 17.3 | 98.2 |
Collections and settlements converted to notes receivable | (98.8) | (8.3) | (2.5) |
Balance end of period | $ 159.9 | $ 229.5 | $ 220.5 |
Contingencies - Summary of Note
Contingencies - Summary of Notes Receivable from Insurance Companies and Activity During the Year (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | ||
Balance beginning of period | $ 8.7 | $ 16.2 |
Additions | 95.6 | 0.5 |
Collections | (37) | (8) |
Balance end of period | $ 67.3 | $ 8.7 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - South African Distribution Business and Zambian Operations - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | |
Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Stock sold (as a percent) | 100.00% | 100.00% | |
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] | |||
Amount in escrow from potential acquirer | $ 15.9 | ||
Gain (loss) on sale | $ 2.5 | $ 0.3 |
Discontinued Operations - Disco
Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | $ 0 | $ 0 | $ 0 | $ 5,261 | $ 8,854 | $ 11,648 | $ 11,384 | $ 11,157 | $ 5,261 | $ 43,043 | |
(Loss) income from discontinued operations, net of tax | (245) | 1,325 | $ 1,776 | ||||||||
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 | 5,261 | 43,043 | 47,516 | ||||||||
Other income, net | 596 | 580 | 660 | ||||||||
Cost of products sold | 4,819 | 34,764 | 38,259 | ||||||||
Selling, general and administrative | 937 | 6,680 | 7,650 | ||||||||
Restructuring and other charges | 0 | 14 | 0 | ||||||||
Currency exchange losses (gains), net | 18 | 266 | (116) | ||||||||
Income from discontinued operations before income taxes | 83 | 1,899 | 2,383 | ||||||||
Provision for income taxes | 328 | 574 | 607 | ||||||||
(Loss) income from discontinued operations, net of tax | $ (245) | $ 1,325 | $ 1,776 |
Discontinued Operations - Di108
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, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Trade receivables, less allowance for doubtful accounts | $ 0 | $ 4,832 |
Inventories | 0 | 8,499 |
Net property | 0 | 449 |
Other assets | 0 | 791 |
Total assets | 0 | 14,571 |
Accounts payable | 0 | 2,745 |
Accrued and other liabilities | 686 | 748 |
Total liabilities | 686 | 3,493 |
Net (liabilities) assets | $ (686) | $ 11,078 |
Discontinued Operations - Net L
Discontinued Operations - Net Loss (Income) Related to Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net (income) loss | $ (1,926) | $ 2,863 | $ 579 |
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] | |||
(Income) loss from continuing operations | (1,416) | 2,971 | 1,296 |
(Income) loss from discontinued operations | (510) | (108) | (717) |
Net (income) loss | $ (1,926) | $ 2,863 | $ 579 |
Quarterly Financial Informat110
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 296,031 | $ 278,233 | $ 295,998 | $ 279,268 | $ 313,318 | $ 273,746 | $ 287,011 | $ 256,708 | $ 1,149,530 | $ 1,130,783 | $ 1,133,885 |
Gross profit | 138,321 | 128,762 | 135,855 | 120,705 | 134,010 | 119,781 | 130,489 | 116,823 | 523,643 | 501,103 | 515,349 |
Net income attributable to continuing operations | $ 25,216 | $ 25,486 | $ 29,306 | $ 12,683 | $ 20,840 | $ 15,712 | $ 23,722 | $ 9,316 | $ 92,691 | $ 69,590 | $ 87,447 |
Earnings per share attributable to continuing operations, basic (dollars per share) | $ 0.67 | $ 0.68 | $ 0.78 | $ 0.34 | $ 0.56 | $ 0.42 | $ 0.63 | $ 0.25 | $ 2.47 | $ 1.86 | $ 2.34 |
Earnings per share attributable to continuing operations, diluted (dollars per share) | $ 0.66 | $ 0.67 | $ 0.77 | $ 0.34 | $ 0.55 | $ 0.41 | $ 0.62 | $ 0.25 | $ 2.44 | $ 1.84 | $ 2.30 |
Net sales | $ 0 | $ 0 | $ 0 | $ 5,261 | $ 8,854 | $ 11,648 | $ 11,384 | $ 11,157 | $ 5,261 | $ 43,043 | |
Gross profit | 0 | 0 | 0 | 442 | 1,616 | 2,170 | 2,326 | 2,167 | 442 | 8,279 | |
Net income attributable to discontinued operations | $ (300) | $ (1,300) | $ 1,777 | $ (932) | $ 11 | $ 264 | $ 576 | $ 366 | $ (755) | $ 1,217 | $ 1,059 |
Earnings per share attributable to discontinued operations, basic (dollars per share) | $ (0.01) | $ (0.04) | $ 0.05 | $ (0.03) | $ 0 | $ 0.01 | $ 0.02 | $ 0.01 | $ (0.02) | $ 0.03 | $ 0.03 |
Earnings per share attributable to discontinued operations, diluted (dollars per share) | $ (0.01) | $ (0.04) | $ 0.05 | $ (0.03) | $ 0 | $ 0.01 | $ 0.01 | $ 0.01 | $ (0.02) | $ 0.03 | $ 0.03 |
Discontinued Operations, Held-for-sale or Disposed of by Sale | South African Distribution Business and Zambian Operations | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 5,261 | $ 43,043 | $ 47,516 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain recorded in second quarter in discontinued operations | $ 2,500 | $ 300 |
Schedule II - Valuation and 111
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 8,189 | $ 7,821 | $ 7,306 |
Charged to costs and expenses | 1,471 | 1,676 | 1,249 |
Deductions from reserves, net | 4,050 | 1,308 | 734 |
Balance at end of year | 5,610 | 8,189 | 7,821 |
Income Tax Valuation Allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 5,153 | 3,763 | 4,938 |
Charged to costs and expenses | 150 | 1,390 | 0 |
Deductions from reserves, net | 0 | 0 | 1,175 |
Balance at end of year | $ 5,303 | $ 5,153 | $ 3,763 |
Schedule II - Valuation and 112
Schedule II - Valuation and Qualifying Accounts - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Currency translation gains (losses) | $ (203) | $ (535) | $ (332) |
Income Tax Valuation Allowance | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Currency translation gains (losses) | $ 113 | $ 392 | $ (643) |