Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 14, 2019 | Jun. 30, 2018 | |
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, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MSA | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 38,226,471 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3.3 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Revenues | $ 1,358,104,000 | $ 1,196,809,000 | $ 1,149,530,000 |
Cost of Goods and Services Sold | 746,241,000 | 657,918,000 | 627,283,000 |
Gross profit | 611,863,000 | 538,891,000 | 522,247,000 |
Selling, general and administrative | |||
Selling, general and administrative | 324,784,000 | 300,062,000 | 308,238,000 |
Research and development | 52,696,000 | 50,061,000 | 46,847,000 |
Restructuring charges (Note 2) | 13,247,000 | 17,632,000 | 5,694,000 |
Currency exchange losses, net | 2,330,000 | 5,127,000 | 766,000 |
Other operating expense (Note 19) | 45,327,000 | 126,432,000 | 0 |
Operating income | 173,479,000 | 39,577,000 | 160,702,000 |
Interest expense | 18,881,000 | 15,360,000 | 16,411,000 |
Loss on extinguishment of debt | 1,494,000 | 0 | 0 |
Other income, net (Note 15) | (9,231,000) | (5,558,000) | (7,620,000) |
Total other expense, net | 11,144,000 | 9,802,000 | 8,791,000 |
Income from continuing operations before income taxes | 162,335,000 | 29,775,000 | 151,911,000 |
Provision for income taxes (Note 9) | 37,220,000 | 2,819,000 | 57,804,000 |
Net income (loss), including portion attributable to noncontrolling interest | |||
Income from continuing operations | 125,115,000 | 26,956,000 | 94,107,000 |
Loss from discontinued operations (Note 20) | 0 | 0 | (245,000) |
Net income | 125,115,000 | 26,956,000 | 93,862,000 |
Net income attributable to noncontrolling interests | (965,000) | (929,000) | (1,926,000) |
Net income attributable to MSA Safety Incorporated | 124,150,000 | 26,027,000 | 91,936,000 |
Amounts attributable to MSA Safety Incorporated common shareholders: | |||
Net income attributable to MSA Safety Incorporated | 124,150,000 | 26,027,000 | 92,691,000 |
Loss from discontinued operations (Note 20) | $ 0 | $ 0 | $ (755,000) |
Basic | |||
Income from continuing operations | $ 3.23 | $ 0.68 | $ 2.47 |
(Loss) income from discontinued operations (dollars per share) | 0 | 0 | (0.02) |
Net income (dollars per share) | 3.23 | 0.68 | 2.45 |
Diluted | |||
Income from continuing operations | 3.18 | 0.67 | 2.44 |
(Loss) income from discontinued operations (dollars per share) | 0 | 0 | (0.02) |
Net income (dollars per share) | $ 3.18 | $ 0.67 | $ 2.42 |
Dividends per common share (dollars per share) | $ 1.49 | $ 1.38 | $ 1.31 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 125,115 | $ 26,956 | $ 93,862 |
Foreign currency translation adjustments (Note 5) | (30,103) | 41,129 | (24,986) |
Pension and post-retirement plan actuarial (losses) gains, net of tax (Note 5) | (17,569) | 20,120 | 1,321 |
Unrealized losses on available-for-sale securities (Note 5) | (572) | 0 | 0 |
Reclassification from accumulated other comprehensive (loss) into net income (Note 5) | 774 | 0 | 3,270 |
Total other comprehensive (loss) income, net of tax | (47,470) | 61,249 | (20,395) |
Comprehensive income | 77,645 | 88,205 | 73,467 |
Comprehensive income attributable to noncontrolling interests | (660) | (3,694) | (3,578) |
Comprehensive income attributable to MSA Safety Incorporated | $ 76,985 | $ 84,511 | $ 69,889 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 140,095 | $ 134,244 |
Trade receivables, less allowance for doubtful accounts of $5,369 and $5,540 | 245,032 | 244,198 |
Inventories (Note 3) | 156,602 | 153,739 |
Investments, short-term (Note 18) | 55,106 | 0 |
Prepaid income taxes | 10,769 | 31,448 |
Notes receivable, insurance companies (Note 19) | 3,555 | 17,333 |
Prepaid expenses and other current assets | 45,464 | 41,335 |
Total current assets | 656,623 | 622,297 |
Property, plant, and equipment, net (Note 4) | 157,940 | 157,014 |
Prepaid pension cost (Note 14) | 57,568 | 83,060 |
Deferred tax assets (Note 9) | 32,522 | 25,825 |
Goodwill (Note 12) | 413,640 | 422,185 |
Intangible assets, net (Note 12) | 169,515 | 183,088 |
Notes receivable, insurance companies, noncurrent (Note 19) | 56,012 | 59,567 |
Insurance receivable (Note 19) and other noncurrent assets | 64,192 | 131,790 |
Total assets | 1,608,012 | 1,684,826 |
Current Liabilities | ||
Notes payable and current portion of long-term debt (Note 11) | 20,063 | 26,680 |
Accounts payable | 78,367 | 87,061 |
Employees’ compensation | 51,386 | 39,377 |
Insurance and product liability (Note 19) | 48,688 | 59,116 |
Warranty reserve (Note 19) and other current liabilities | 83,556 | 77,045 |
Total current liabilities | 282,060 | 289,279 |
Long-term debt, net (Note 11) | 341,311 | 447,832 |
Pensions and other employee benefits (Note 14) | 166,101 | 170,773 |
Deferred tax liabilities (Note 9) | 7,164 | 9,341 |
Product liability (Note 19) and other noncurrent liabilities | 171,857 | 165,023 |
Total liabilities | 968,493 | 1,082,248 |
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; 38,526,523 and 38,222,928 shares outstanding at December 31, 2018 and 2017, respectively) | 211,806 | 194,953 |
Treasury shares, at cost (Note 6) | (298,143) | (297,834) |
Accumulated other comprehensive loss | (218,927) | (171,762) |
Retained earnings | 935,577 | 868,675 |
Total MSA Safety Incorporated shareholders’ equity | 633,882 | 597,601 |
Noncontrolling interests | 5,637 | 4,977 |
Total shareholders’ equity | 639,519 | 602,578 |
Total liabilities and shareholders’ equity | $ 1,608,012 | $ 1,684,826 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $ 5,369 | $ 5,540 |
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) | 38,526,523 | 38,222,928 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | |||
Net income | $ 125,115 | $ 26,956 | $ 93,862 |
Depreciation and amortization | 37,852 | 37,877 | 35,273 |
Restructuring charges (Note 2) | 0 | 11,384 | 0 |
Stock-based compensation (Note 10) | 12,239 | 11,758 | 9,211 |
Pension expense (Note 14) | 5,901 | 7,142 | 6,332 |
Currency exchange losses, net | (4,065) | (31,320) | 14,393 |
Loss (gain) on asset dispositions, net | 484 | 557 | (1,453) |
Pension contributions (Note 14) | (4,718) | (4,094) | (3,878) |
Other operating expense (Note 19) | 2,330 | 5,127 | 785 |
Other operating expense (Note 19) | 45,327 | 126,432 | 0 |
Collections on insurance receivable and notes receivable, insurance companies | 101,552 | 111,969 | 42,046 |
Product liability payments | (61,500) | (49,381) | (69,546) |
Loss on extinguishment of debt | 1,494 | 0 | 0 |
Trade receivables | (10,075) | (6,384) | 13,239 |
Inventories (Note 3) | (11,122) | (30,363) | 14,394 |
Accounts payable and accrued liabilities | 17,985 | 17,870 | (7,603) |
Income taxes receivable, prepaid expenses and other current assets | 10,866 | (13,661) | (14,419) |
Other noncurrent assets and liabilities | (5,778) | 8,467 | 2,258 |
Cash Flow From Operating Activities | 263,887 | 230,336 | 134,894 |
Investing Activities | |||
Capital expenditures | (33,960) | (23,725) | (25,523) |
Purchase of short-term investments (Note 18) | (73,022) | 0 | 0 |
Proceeds from maturities of short-term investments (Note 18) | 18,000 | 0 | 0 |
Acquisition, net of cash acquired (Note 13) | 0 | (216,308) | (18,156) |
Property disposals and other investing | 4,587 | 832 | 18,214 |
Cash Flow (Used In) Investing Activities | (84,395) | (239,201) | (25,465) |
Financing Activities | |||
Proceeds from short-term debt, net (Note 11) | 51 | 13 | 0 |
Payments on long-term debt (Note 11) | (570,167) | (559,767) | (443,572) |
Proceeds from long-term debt (Note 11) | 462,500 | 637,000 | 382,664 |
Debt issuance costs | (1,216) | 0 | 0 |
Cash dividends paid | (57,248) | (52,537) | (49,074) |
Company stock purchases (Note 6) | (4,824) | (17,513) | (1,881) |
Exercise of stock options (Note 6) | 8,573 | 18,465 | 12,476 |
Employee stock purchase plan (Note 6) | 556 | 532 | 571 |
Other, net | (1,494) | (590) | (530) |
Cash Flow (Used In) From Financing Activities | (163,269) | 25,603 | (99,346) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (13,508) | 6,189 | (3,479) |
Increase in cash, cash equivalents and restricted cash | 2,715 | 22,927 | 6,604 |
Beginning cash, cash equivalents and restricted cash | 137,889 | 114,962 | 108,358 |
Ending cash, cash equivalents and restricted cash | 140,604 | 137,889 | 114,962 |
Supplemental cash flow information: | |||
Total cash, cash equivalents and restricted cash | 137,889 | 114,962 | 108,358 |
Interest paid in cash | 20,408 | 15,504 | 15,861 |
Income tax paid in cash | $ 40,587 | $ 40,376 | $ 57,551 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Retained Earnings and Accumulated Other Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of period | $ 602,578 | ||
Net income | 125,115 | $ 26,956 | $ 93,862 |
Pension and post-retirement plan adjustments, net of tax | (17,569) | 20,120 | 1,321 |
Reclassification from accumulated other comprehensive (loss) into net income | 774 | 3,270 | |
Unrecognized net losses on available-for-sale securities (Note 18) | (572) | ||
Income attributable to noncontrolling interests | (660) | (3,694) | (3,578) |
Balance at end of period | 639,519 | 602,578 | |
Retained Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of period | 868,675 | 901,415 | 858,553 |
Net income | 125,115 | 26,956 | 93,862 |
Income attributable to noncontrolling interests | (965) | (929) | (1,926) |
Common dividends | (57,206) | (52,495) | (49,032) |
Preferred dividends | (42) | (42) | (42) |
Balance at end of period | 935,577 | 868,675 | 901,415 |
Accumulated Other Comprehensive (Loss) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of period | (171,762) | (230,246) | (208,199) |
Foreign currency translation adjustments | (30,103) | 41,129 | (24,986) |
Pension and post-retirement plan adjustments, net of tax | (17,569) | 20,120 | 1,321 |
Income attributable to noncontrolling interests | 305 | (2,765) | (1,652) |
Balance at end of period | $ (218,927) | (171,762) | $ (230,246) |
Accounting Standards Update 2016-16 [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Cumulative effect of the adoption of ASU 2016-16 (Note 1) | $ (6,230) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Retained Earnings and Accumulated Other Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive (Loss) | |||
Pension and post-retirement plan adjustments, tax | $ (6,325) | $ 10,417 | $ (1,140) |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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. 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. Other highly liquid investments consist of $11.4 million in money market funds that are valued at net asset value (“NAV”). The money market funds are required to price and transact at a NAV per share that fluctuates based upon the pricing of the underlying portfolio of securities and this requirement may impact the value of those fund shares. 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 $0.5 million and $3.6 million at December 31, 2018 and 2017 , respectively. These balances were used to support letter of credit balances. Inventories— Inventories are stated at the lower of cost or net realizable value. The majority of U.S. inventories are valued on the last-in, first-out (LIFO) cost method which is used since this method provides better matching of costs and revenues. Other inventories are valued at actual costs, at standard costs which approximate actual costs or in very rare occasions, on the average cost method. It is the Company's general policy to write-down any inventory identified as obsolete. Additionally, it will write-down any inventory balance in excess of the last twenty-four months of consumption. Investment securities — The Company’s investment securities, primarily fixed income, are classified as available for sale. The securities are recorded at fair market value and reported in “Investments, short-term” in the accompanying Consolidated Balance Sheet with changes in fair market value recorded in other comprehensive income, net of tax. The purchases and sales of these investments are classified as investing activities in the Consolidated Statement of Cash Flows. 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, 2018 , 2017 and 2016 was $26.9 million , $28.0 million and $27.0 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. Software Development Costs— Software development costs consist primarily of costs incurred in software development and related personnel compensation to create, enhance and deploy the Company’s broad range of wireless technology and cloud-based computing safety services. Software development costs, other than software development costs qualifying for capitalization, are expensed as incurred. Costs of computer software developed or obtained for internal use that are incurred in the preliminary project and post implementation stages are expensed as incurred. Certain costs incurred during the application and development stage, which primarily include compensation and related expenses, are capitalized. Additionally, costs of upgrades and enhancements are capitalized when it is probable that the upgrades and enhancements will result in added functionality. The estimated useful life of costs capitalized is three years. Capitalized costs are amortized using the straight-line method over the estimated useful life, beginning in the period in which the software is ready for its intended use or when the upgrade or enhancement is deployed. During 2018, there was approximately $1.6 million of software development costs capitalized. During 2017, there was no software development costs capitalized. 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 on October 1st or whenever circumstances change such that the recorded value of the asset may not be recoverable. We performed a quantitative assessment of the indefinite lived trade name intangible asset as outlined in ASC 350 by comparing the estimated fair value of the trade name intangible asset to their carrying value. We estimate the fair value using the relief from royalty income approach. A number of significant assumptions and estimates are involved in the application of the relief from royalty model, including sales volumes and prices, royalty rates and tax rates. Forecasts are based on sales generated by the underlying trade name assets and are generally based on approved business unit operating plans for the early years and historical relationships in later years. Based on this assessment, there was no indication of impairment for 2018 . Goodwill is not amortized, but is subject to impairment assessments. On October 1st of each year, or more frequently if indicators of impairment exist or if a decision is made to sell a business, we evaluate goodwill and indefinite lived intangible assets 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 2018 , we elected to bypass the qualitative evaluation for all of our reporting units, and performed a two-step quantitative test at October 1, 2018 . 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 reporting 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 materially and adversely affect reported consolidated results of operations and shareholders’ equity. There has been no impairment of our goodwill as of December 31, 2018 , 2017 or 2016 . Revenue Recognition— We generate revenue primarily from manufacturing and selling a comprehensive line of safety products to protect the health and safety of workers and facility infrastructures around the world in the oil, gas and petrochemical, fire service, construction, utilities and mining industries. Our core safety products include fixed gas and flame detection instruments, breathing apparatus where SCBA is the principal product, portable gas detection instruments, industrial head protection products, firefighter helmets & protective apparel and fall protection devices. Our customers generally fall into two categories: distributors and industrial or military end-users. In our Americas segment, approximately 75% to 85% of our sales are made through distributors. In our International segment, approximately 55% to 65% of our sales are made through distributors. The underlying principles of revenue recognition are identical for both categories of customers and revenue is generally recognized at a point in time as described below. We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers , which we adopted on January 1, 2018, using the modified retrospective method. Revenue from the sale of products is recognized when there is persuasive evidence of an arrangement and control passes 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. Our payment terms vary by the type and location of our customer and the products offered. The term between invoicing and when payment is due is not significant. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Amounts billed and due from our customers are classified as receivables on the consolidated balance sheet. We make appropriate provisions for uncollectible accounts receivable which have historically been insignificant in relation to our net sales. Certain contracts with customers, primarily distributor customers, have an element of variable consideration that is estimated when revenue is recognized under the contract to the extent that it is material to the individual contract. Variable consideration includes volume incentive rebates, performance guarantees, price concessions and returns. Rebates are based on achieving a certain level of purchases and other performance criteria that are documented in established distributor programs. These rebates are estimated based on projected sales to the customer and accrued as a reduction of net sales as they are earned by the customer. The rebate accrual is reviewed monthly and adjustments are made as the estimate of projected sales changes. Product returns, including an adjustment for restocking fees if it is material, are estimated based on historical return experience and revenue is adjusted. Sales, value add and other taxes collected with revenue-producing activities and remitted to governmental authorities are excluded from revenue. Refer to Note 7—Segment Information for disaggregation of revenue by segment and product group, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Depending on the terms of the arrangement, we may defer revenue for which we have a future obligation, including training and extended warranty and technical services, until such time that the obligation has been satisfied. We use an observable price, or a cost plus margin approach when one is not available, to determine the stand-alone selling price for separate performance obligations. We have elected to recognize the cost for shipping and handling as an expense when control of the product has passed to the customer. These costs are included within the Cost of Products Sold line on the Consolidated Statement of Income. Amounts billed to customers for shipping and handling are included in net sales. We typically receive interim milestone payments under certain contracts, including our fixed gas and flame detection projects, as work progresses. For some of these contracts, we may be entitled to receive an advance payment. Revenue for these contracts is generally recognized as control passes to the customer, which is a point in time upon shipment of the product, and if applicable, acceptance by the customer. We recognize a liability for these advance payments in excess of revenue recognized and present it as contract liabilities on the Consolidated Balance Sheet. The advance payment is typically not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect us from the other party failing to adequately complete some or all of its obligations under the contract. In some cases, the customer retains a small portion of the contract price, typically 10%, until completion of the contract, which we present as contract assets on the Consolidated Balance Sheet. Accordingly, during the period of contract performance, billings and costs are accumulated on the Consolidated Balance Sheet as contract assets or contract liabilities, but no income is recognized until completion of the project and control has passed to the customer. As of December 31, 2018 , there were no material contract assets or contract liabilities recorded on the Consolidated Balance Sheet. Practical Expedients and Exemptions We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses in our Condensed Consolidated Statement of Income. 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 recognized 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. Deferred taxes are booked for available cash in excess of working capital for non-U.S. subsidiaries as these earnings are no longer considered to be permanently reinvested. Stock-Based Compensation— 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 statement of income as currency exchange losses, net in the current period. Commitments and Contingencies— For asserted claims and assessments, liabilities are recorded when a loss is deemed to be probable and the amount of the loss is reasonably estimable. Management assesses the probability of an unfavorable outcome with respect to asserted claims or assessments 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 assessed to be probable, management evaluates estimates of the potential loss, and the most reasonable loss estimate is recorded (or, if the estimate of the loss is a range, and no amount within the range is considered to be a better estimate than any other amount, the minimum amount in the range is recorded). If a loss is deemed to be reasonably possible but less than probable and/or such loss cannot be reasonably estimated, then the matter is disclosed and no liability is recorded. With respect to unasserted claims or assessments, management first determines whether it is probable that a claim or assessment may be asserted and then, if so, the degree of probability of an unfavorable outcome. If an unfavorable outcome is probable, management assesses whether the amount of potential loss can be reasonably estimated and, if so, accrues the most reasonable estimate of the loss (or, if the estimate of the loss is a range, and not amount within the range is considered to be a better estimate than any other amount, the minimum amount in the range is recorded). If an unfavorable outcome is reasonably possible but less than probable, or the amount of loss cannot be reasonably estimated, then the matter is disclosed and no liability is recorded. Legal matters are reviewed on a continuous basis to determine if there has been a change in management’s judgment regarding the likelihood and/or estimate of a potential loss. Please refer to Note 19 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, gas and petrochemical, fire service, construction, utilities, 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. These reclassifications relate to (1) additional captions disclosed within the operating section of the Consolidated Statement of Cash Flows but do not change the overall cash flow from operating activities for the prior years as previously reported, and (2) additional captions disclosed for product warranty activity within the table that reconciles the changes in the Company's accrued warranty reserve (Note 19). Recently Adopted and Recently Issued Accounting Standards— 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. We adopted ASU 2014-09 using the modified retrospective method as of January 1, 2018. The majority of our revenue transactions consist of a single performance obligation to transfer promised goods or services. The adoption of this new standard did not impact the Company's consolidated statement of income or balance sheet and there was no cumulative effect of initially applying the standard to the opening balance of retained earnings. See Revenue Recognition section above for further information on our updated revenue recognition policy. 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 January 1, 2019. The Company has developed a transition plan and continues to evaluate the impact that the adoption of ASU 2016-02 will have on the consolidated financial statements. During 2017, we conducted a survey to identify all leases across the organization and are currently working to obtain all lease contracts to accumulate the necessary information for adoption. We identified that a majority of our leases fall into one of three categories: office equipment, real estate and vehicles. We also identified that most office equipment and vehicle leases utilize standard master leasing contracts that have similar terms. During 2018, we selected a service provider to help us inventory and account for our leases and gathered the majority of the data necessary to prepare the transition accounting. We are finalizing the data upload to the system and accumulating information for leases entered into at the end of 2018. We estimate that total assets and total liabilities will increase within the range of $52 million and $58 million on January 1, 2019 when the ASU is adopted. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases . ASU 2018-10 includes certain clarifications to address potential narrow-scope implementation issues which the Company is incorporating into its assessment and adoption of ASU 2016-02. Additionally, in July 2018, the FASB issued ASU 2018-11, Targeted Improvements to Topic 842, Leases . ASU 2018-11 which provides an additional transition method to adopt ASU 2016-02 identified as comparative reporting at adoption. We expect to use this new transition approach and the comparative periods presented in our consolidated financial statements will continue to be reported in accordance with ASC 840, Leases . We anticipate that we will elect the package of practical expedients allowed in the standard, which among other things, allows us to carry forward our historical lease classification. All of our leases have historically been classified as operating leases. We also anticipate that we will make an accounting policy election to use the practical expedient allowed in the standard to not separate lease and non-lease components for new leases entered into after January 1, 2019 when calculating the lease liability under ASU 2016-02. 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 was adopted on January 1, 2017. The provisions of this ASU which impacted us included a requirement that all excess tax benefits and deficiencies that pertain to share-based payment arrangements be recognized as a component of income tax expense rather than as a component of shareholders’ equity. The Company expects this to create volatility in its effective tax rate on a go-forward basis as the impact is treated as a discrete item within our quarterly tax provision. The extent of excess tax benefits/deficiencies is subject to variation in our stock price and timing/extent of stock-based compensation share vestings and employee stock option exercises. This ASU also removes the impact of the excess tax benefits and deficiencies from the calculation of diluted earnings per share and no longer requires a presentation of excess tax benefits and deficiencies related to the vesting and exercise of share-based compensation as both an operating outflow and financing inflow on the statement of cash flows. We have applied all of these changes on a prospective basis and therefore, prior years were not adjusted. Additionally, this ASU allows for an accounting policy election to estimate the number of awards that are expected to vest or account for forfeitures when they occur. We elected to maintain our current forfeitures policy and will continue to include an estimate of those forfeitures when recognizing stock-based compensation expense. This ASU also requires cash payments to tax authorities when an employer uses a net-settlement feature to withhold shares to meet statutory tax withholding provisions to be presented as a financing activity (eliminating previous diversity in practice). Adoption of this ASU resulted in an additional discrete tax benefit of approximately $2.5 million and $8.3 million during years ended December 31, 2018 and 2017 , respectively. 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. Based on a review of its portfolio of financial instruments, the Company does not believe the adoption of this ASU will have a material impact on the consolidated financial statements, but does expect the adoption to result in additional disclosures. 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. The Company's adoption of this ASU on January 1, 2018 did not have a material impact on our presentation of the consolidated statement of cash flows. 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 was early adopted on January 1, 2017 using the modified retrospective approach which resulted in a $6.2 million cumulative-effective adjustment directly to retained earnings for any previously deferred income tax effects during the year ended December 31, 2017. 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. We adopted this ASU on January 1, 2018 using the retrospective method. The adoption of ASU 2016-18 had an impact on our financial stat |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring Charges During the years ended December 31, 2018 , 2017 and 2016 , we recorded restructuring charges, net of adjustments, of $13.2 million , $17.6 million and $5.7 million , respectively. These charges were primarily related to our ongoing initiatives to drive profitable growth and right size our operations. Americas segment restructuring charges of $2.3 million during the year ended December 31, 2018 , were related to severance costs for staff reductions in our Northern North America and Latin America Regions. International segment restructuring charges of $5.6 million during the year ended December 31, 2018 , were primarily related to severance costs for staff reductions associated with our ongoing initiatives to drive profitable growth in Europe. Corporate segment restructuring charges of $5.3 million during the year ended December 31, 2018 , related primarily to legal and operational realignment of our U.S. and Canadian operations. A total of 45 positions were eliminated in 2018 . There were 8 positions eliminated in the Americas segment, 34 in the International segment and 3 in the Corporate segment. Americas segment restructuring charges of $13.0 million during the year ended December 31, 2017 , related primarily to a non-cash special termination benefit expense of $11.4 million for a voluntary retirement incentive package ("VRIP") as well as severance from staff reductions in Brazil. All benefits were paid from our over funded North America pension plan. International segment restructuring charges of $4.9 million during the year ended December 31, 2017 , related to severance costs for staff reductions associated with our ongoing initiatives to drive profitable growth in Europe and right size our operations in Africa. Favorable adjustments for changes in estimates on employee restructuring reserves of $0.3 million were recorded during the year ended December 31, 2017 . Approximately 155 positions were eliminated in 2017 . There were 90 positions eliminated in the Americas segment and approximately 65 in the International segment. International segment restructuring 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 restructuring 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 . A total of 179 positions were eliminated in 2016 . There were 103 positions were eliminated in the Americas segment, 75 in the International segment and one in the Corporate segment. Activity and reserve balances for restructuring charges by segment were as follows: (in millions) Americas International Corporate Total Reserve balances at January 1, 2016 $ 1.6 $ 5.4 $ 1.1 $ 8.1 Restructuring charges 1.8 5.3 0.2 7.3 Currency translation and other adjustments (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 Restructuring charges 13.0 4.9 — 17.9 Currency translation and other adjustments (0.2 ) (0.1 ) — (0.3 ) Cash payments / utilization (13.2 ) (4.0 ) (0.3 ) (17.5 ) Reserve balances at December 31, 2017 $ 0.5 $ 3.6 $ — $ 4.1 Restructuring charges 2.3 5.6 5.3 13.2 Currency translation and other adjustments (0.3 ) (0.3 ) — (0.6 ) Cash payments (2.0 ) (4.9 ) (5.3 ) (12.2 ) Reserve balances at December 31, 2018 $ 0.5 $ 4.0 $ — $ 4.5 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The following table sets forth the components of inventory: December 31, (In thousands) 2018 2017 Finished products $ 65,965 $ 66,064 Work in process 6,169 10,141 Raw materials and supplies 124,554 117,388 Inventories at current cost 196,688 193,593 Less: LIFO valuation (40,086 ) (39,854 ) Total inventories $ 156,602 $ 153,739 Inventories stated on the LIFO basis represent 39% of total inventories at both December 31, 2018 and 2017 . Reductions in certain inventory quantities during the year ended December 31, 2016 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 . We did not have any LIFO liquidations during the years ended December 31, 2018 and 2017. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Land $ 3,188 $ 3,312 Buildings 117,910 119,970 Machinery and equipment 386,690 379,747 Construction in progress 24,044 12,036 Total 531,832 515,065 Less accumulated depreciation (373,892 ) (358,051 ) Property, plant, and equipment, net $ 157,940 $ 157,014 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | Reclassifications Out of Accumulated Other Comprehensive Loss MSA Safety Incorporated Noncontrolling Interests (In thousands) 2018 2017 2016 2018 2017 2016 Pension and other post-retirement benefits Balance at beginning of period $ (97,948 ) $ (118,068 ) $ (119,389 ) $ — $ — $ — Unrecognized net actuarial (losses) gains (37,977 ) 17,659 (12,473 ) — — — Unrecognized prior service credit — — 1,092 — — — Tax benefit (expense) 9,936 (6,124 ) 5,033 — — — Total other comprehensive (loss) income before reclassifications, net of tax (28,041 ) 11,535 (6,348 ) — — — Amounts reclassified from accumulated other comprehensive loss: Amortization of prior service credit (a) (424 ) (176 ) (427 ) — — — Recognized net actuarial losses (a) 14,507 13,054 11,989 — — — Tax benefit (3,611 ) (4,293 ) (3,893 ) — — — Total amount reclassified from accumulated other comprehensive loss, net of tax 10,472 8,585 7,669 — — — Total other comprehensive (loss) income (17,569 ) 20,120 1,321 Balance at end of period $ (115,517 ) $ (97,948 ) $ (118,068 ) $ — $ — $ — Available-for-sale securities Balance at beginning of period $ — $ — $ — $ — $ — $ — Unrealized losses on available-for-sale securities (Note 18) (572 ) — — — — — Balance at end of period $ (572 ) — — — — — Foreign currency translation Balance at beginning of period $ (73,814 ) $ (112,178 ) $ (88,810 ) $ 801 $ (1,964 ) $ (3,616 ) Reclassification into net income 774 (b) — 2,500 (c) — — 770 (d) Foreign currency translation adjustments (29,798 ) 38,364 (25,868 ) (305 ) 2,765 882 Balance at end of period $ (102,838 ) $ (73,814 ) $ (112,178 ) $ 496 $ 801 $ (1,964 ) (a) Included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 14). (b) Included in Currency exchange losses, net on the Consolidated Statement of Income. (c) Of the $2.5 million reclassified into net income, $3.4 million is included in (Loss) income from discontinued operations (refer to Note 20) on the Consolidated Statement of Income offset by a gain of $0.9 million included in Currency exchange losses, net. (d) Included in Loss from discontinued operations (refer to Note 20) and Net income attributable to noncontrolling interests on the Consolidated Statement of Income. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 . 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, 2018 , 2017 or 2016 . 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, 2018 or 2017 . Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 62,081,391 shares issued as of both December 31, 2018 and December 31, 2017 . There were 38,526,523 and 38,222,928 shares outstanding at December 31, 2018 and 2017 , respectively. Treasury Shares - The Company's stock repurchase program authorizes up to $100.0 million to repurchase MSA common stock in the open market and in private transactions. The share repurchase program has no expiration date. The maximum number of shares that may be purchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. There were 168,941 shares repurchased during 2017 . No shares were repurchased during 2018 or 2016 . We do not have any other share repurchase programs. There were 23,554,868 and 23,858,463 Treasury Shares at December 31, 2018 and 2017 , respectively. The Company issues Treasury Shares for all share based benefit plans. Shares are issued from Treasury at the average Treasury Share cost on the date of the transaction. There were 357,510 and 648,164 Treasury Shares issued for these purposes during the years ended December 31, 2018 and 2017 , respectively. Common stock activity is summarized as follows: Shares Dollars (Dollars in thousands) Issued Treasury Common Stock Treasury Cost Balances January 1, 2016 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 — 341,063 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 — (44,588 ) — (1,881 ) Balances December 31, 2016 62,081,391 (24,344,813 ) $ 172,681 $ (287,501 ) Restricted stock awards — 34,798 (422 ) 422 Restricted stock expense — — 4,746 — Restricted stock forfeitures — (690 ) (49 ) (6 ) Stock options exercised — 620,646 10,901 7,564 Stock option expense — 380 — Performance stock issued — 72,504 (866 ) 866 Performance stock expense — — 6,687 — Employee stock purchase plan — 7,127 445 87 Treasury shares purchased for stock compensation programs — (79,094 ) — (5,732 ) Stock Repurchase program — (168,941 ) — (11,781 ) Acquisition of noncontrolling interest — — 450 — Balances December 31, 2017 62,081,391 (23,858,463 ) $ 194,953 $ (296,081 ) Restricted stock awards — 92,401 (1,079 ) 1,079 Restricted stock expense — — 6,504 — Restricted stock forfeitures — — (283 ) — Stock options exercised — 215,724 5,738 2,835 Stock option expense — — 272 — Stock option forfeitures — — (55 ) — Performance stock issued — 41,660 (523 ) 523 Performance stock expense — — 6,186 — Performance stock forfeitures — — (385 ) — Employee stock purchase plan — 7,725 478 78 Treasury shares purchased for stock compensation programs — (53,915 ) — (4,824 ) Balances December 31, 2018 62,081,391 (23,554,868 ) $ 211,806 $ (296,390 ) |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
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 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 allocated to each segment in a manner consistent with where the benefits from the expenses are derived. 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, currency exchange gains (losses), other operating expense and strategic transaction costs. 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 U.S. 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 (loss) and adjusted operating margin may not be comparable to similarly titled measures of other companies. Adjusted operating income (loss) 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 2018 Sales to external customers $ 854,287 $ 503,817 $ — $ — $ 1,358,104 Intercompany sales 136,534 336,361 — (472,895 ) — Operating income 173,479 Restructuring and other charges (Note 2) 13,247 Currency exchange losses, net 2,330 Other operating expense (Note 19) 45,327 Strategic transaction costs (Note 13) 421 Adjusted operating income (loss) 206,839 59,866 (31,901 ) — 234,804 Adjusted operating margin % 24.2 % 11.9 % Noncash items: Depreciation and amortization 24,143 13,303 406 — 37,852 Pension (income) expense (1,201 ) 7,102 — — 5,901 Total Assets 1,077,938 522,042 10,842 (2,810 ) 1,608,012 Capital expenditures 25,001 8,959 — — 33,960 2017 Sales to external customers $ 736,847 $ 459,962 $ — $ — $ 1,196,809 Intercompany sales 124,886 304,376 — (429,262 ) — Operating income 39,577 Restructuring and other charges (Note 2) 17,632 Currency exchange losses, net 5,127 Other operating expense (Note 19) 126,432 Strategic transaction costs (Note 13) 4,225 Adjusted operating income (loss) 175,589 50,391 (32,987 ) — 192,993 Adjusted operating margin % 23.8 % 11.0 % Noncash items: Depreciation and amortization 23,207 14,265 405 — 37,877 Pension (income) expense 246 6,896 — — 7,142 Total Assets 1,110,698 563,480 12,099 (1,451 ) 1,684,826 Capital expenditures 16,910 6,815 — — 23,725 2016 Sales to external customers $ 678,433 $ 471,097 $ — $ — $ 1,149,530 Intercompany sales 113,273 275,640 — (388,913 ) — Operating income 160,702 Restructuring and other charges (Note 2) 5,694 Currency exchange losses, net 766 Other operating expense (Note 19) — Strategic transaction costs (Note 13) 2,531 Adjusted operating income (loss) 154,298 51,490 (36,095 ) — 169,693 Adjusted operating margin % 22.7 % 10.9 % Noncash items: Depreciation and amortization 21,046 13,821 406 — 35,273 Pension (income) expense (544 ) 6,876 — — 6,332 Total Assets 836,243 505,278 10,903 1,496 1,353,920 Capital expenditures 16,306 9,217 — — 25,523 (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) 2018 2017 2016 United States $ 734,033 $ 622,276 $ 580,724 Other 624,071 574,533 568,806 Total $ 1,358,104 $ 1,196,809 $ 1,149,530 Geographic information on long-lived assets, based on country of origin: (In thousands) 2018 2017 2016 United States $ 92,511 $ 91,730 $ 84,674 Other 65,429 65,284 64,004 Total $ 157,940 $ 157,014 $ 148,678 Total sales by product group was as follows: 2018 Consolidated Americas International (In thousands) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 324,672 24% $ 205,100 24% $ 119,572 24% Fixed Gas & Flame Detection 262,432 19% 135,922 16% 126,510 25% Firefighter Helmets & Protective Apparel 169,679 13% 136,794 16% 32,885 6% Portable Gas Detection 163,716 12% 109,401 13% 54,315 11% Industrial Head Protection 146,388 11% 114,465 13% 31,923 6% Fall Protection 109,472 8% 61,289 7% 48,183 10% Other 181,745 13% 91,316 11% 90,429 18% Total $ 1,358,104 100% $ 854,287 100% $ 503,817 100% 2017 Consolidated Americas International (In thousands) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 292,448 24% $ 191,457 26% $ 100,991 22% Fixed Gas & Flame Detection 248,047 21% 123,414 17% 124,633 27% Firefighter Helmets & Protective Apparel 103,441 9% 69,767 9% 33,674 7% Portable Gas Detection 149,063 12% 98,580 13% 50,483 11% Industrial Head Protection 133,180 11% 105,514 14% 27,666 6% Fall Protection 98,929 8% 54,468 7% 44,461 10% Other 171,701 15% 93,647 14% 78,054 17% Total $ 1,196,809 100% $ 736,847 100% $ 459,962 100% 2016 Consolidated Americas International (In thousands) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 303,364 26% $ 199,252 29% $ 104,112 22% Fixed Gas & Flame Detection 239,601 21% 125,697 19% 113,904 24% Firefighter Helmets & Protective Apparel 52,577 5% 21,880 3% 30,697 6% Portable Gas Detection 142,784 12% 91,200 13% 51,584 11% Industrial Head Protection 118,197 10% 94,750 14% 23,447 5% Fall Protection 97,021 8% 44,571 7% 52,450 11% Other 195,986 18% 101,083 15% 94,903 21% Total $ 1,149,530 100% $ 678,433 100% $ 471,097 100% |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 Net income attributable to continuing operations $ 124,150 $ 26,027 $ 92,691 Preferred stock dividends (42 ) (42 ) (42 ) Income from continuing operations available to common equity 124,108 25,985 92,649 Dividends and undistributed earnings allocated to participating securities (117 ) (62 ) (144 ) Income from continuing operations available to common shareholders 123,991 25,923 92,505 Net loss attributable to discontinued operations $ — $ — $ (755 ) Preferred stock dividends — — — Loss from discontinued operations available to common equity — — (755 ) Dividends and undistributed earnings allocated to participating securities — — 1 Loss from discontinued operations available to common shareholders — — (754 ) Basic weighted-average shares outstanding 38,362 37,997 37,456 Stock options and other stock compensation 599 700 530 Diluted weighted-average shares outstanding 38,961 38,697 37,986 Antidilutive stock options — — — Earnings per share attributable to continuing operations: Basic $ 3.23 $ 0.68 $ 2.47 Diluted $ 3.18 $ 0.67 $ 2.44 Loss per share attributable to discontinued operations: Basic $ — $ — $ (0.02 ) Diluted $ — $ — $ (0.02 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (In thousands) 2018 2017 2016 Components of income (loss) before income taxes* U.S. income (loss) $ 85,234 $ (20,555 ) $ 100,382 Non-U.S. income 77,101 50,330 51,529 Income before income taxes 162,335 29,775 151,911 Provision for income taxes* Current Federal $ 13,574 $ 22,272 $ 19,968 State 4,265 813 2,231 Non-U.S. 23,446 11,054 21,188 Total current provision 41,285 34,139 43,387 Deferred Federal $ 291 $ (26,931 ) $ 11,580 State (1,604 ) (3,630 ) 1,977 Non-U.S. (2,752 ) (759 ) 860 Total deferred (benefit) provision (4,065 ) (31,320 ) 14,417 Provision for income taxes $ 37,220 $ 2,819 $ 57,804 *The components of income before income taxes and the provision for income taxes relate to continuing operations. The Company elected to treat Global Intangible Low Taxed Income (“GILTI”), which was effective in 2018 for the Company, as a period cost. The Tax Cuts and Jobs Act of 2017 ("the Act"), which was signed into law on December 22, 2017, has resulted in significant changes to the U.S. corporate income tax system including reducing the U.S. corporate rate to 21% starting in 2018. The Act also creates a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of U.S. subsidiaries. On December 22, 2017, SAB 118 was issued to address the application of US GAAP in situations when a registrant does not have the necessary information available, prepared or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Act. In accordance with SAB 118, the Company calculated its best estimate of the impact of the Act and recorded income tax expense of $19.8 million during the fourth quarter of 2017, the period in which the legislation was enacted. Of this amount, $18.0 million related to the one-time transition tax and the remaining $1.8 million was related to the revaluation of U.S. deferred tax assets and liabilities. The company previously considered the earnings in non-U.S. subsidiaries to be indefinitely reinvested and, accordingly, recorded no deferred income taxes. As as result of the Act, among other things, the Company determined it will repatriate earnings for all non-U.S. subsidiaries with cash in excess of working capital needs. The Company has estimated the associated tax to be $1.9 million , offset partially by $0.7 million of foreign tax credits. At December 31, 2018 , the Company has now completed its accounting for all of the enactment-date income tax effects of the Act. Accordingly, we reduced our estimate for the one-time transition tax by $2.0 million and increased our estimate for the revaluation of U.S. deferred tax assets and liabilities by $2.5 million and a $2.0 million increase associated with prepaid taxes for updated regulations related to the Act. 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 2017, the Company recognized a benefit of $2.5 million associated with the reduction of exit taxes related to our European reorganization compared to incurring charges of $6.5 million in 2016 related to the European reorganization. During 2018, the Company recorded $1.8 million of foreign income tax reserves related to the legal and operational realignment of our U.S., Canadian and European operations. Included in discontinued operations is tax expense of $ 0.3 million in 2016. There were no discontinued operations in 2018 or 2017. Reconciliation of the U.S. federal income tax rates for continuing operations to our effective tax rate: 2018 2017 2016 U.S. federal income tax rate 21.0 % 35.0 % 35.0 % U.S. tax reform 1.6 % 66.6 % — % State income taxes—U.S. 1.3 % (6.2 )% 1.8 % Taxes on non-U.S. income - U.S., Canadian & European reorganization 1.1 % (8.4 )% 4.3 % Valuation allowances 0.5 % (3.3 )% 1.5 % Taxes on non-U.S. income 0.4 % (24.6 )% (2.5 )% Employee share-based payments (1.6 )% (28.0 )% — % Manufacturing deduction credit (1.0 )% (15.3 )% (1.3 )% Research and development credit (0.9 )% (4.7 )% (0.6 )% Other 0.5 % (1.6 )% (0.1 )% Effective income tax rate 22.9 % 9.5 % 38.1 % Components of deferred tax assets and liabilities: December 31, (In thousands) 2018 2017 Deferred tax assets Product liability $ 31,169 $ 28,481 Capitalized research and development 10,938 2,442 Employee benefits 9,641 6,401 Net operating losses and tax credit carryforwards 7,845 10,013 Share-based compensation 5,561 6,444 Accrued expenses and other reserves 4,385 4,237 Other 4,056 2,691 Total deferred tax assets 73,595 60,709 Valuation allowances (5,039 ) (4,559 ) Net deferred tax assets 68,556 56,150 Deferred tax liabilities Goodwill and intangibles (31,290 ) (30,368 ) Property, plant and equipment (9,555 ) (8,056 ) Other (2,353 ) (1,242 ) Total deferred tax liabilities (43,198 ) (39,666 ) Net deferred taxes $ 25,358 $ 16,484 At December 31, 2018 , we had net operating loss carryforwards of approximately $29.5 million , all of which are in non-U.S. tax jurisdictions. All net operating loss carryforwards without a valuation allowance may be carried forward for a period of at least six years . The change in valuation allowance for the year of $0.5 million is primarily due to our inability to recognize deferred tax assets on certain foreign entities that continue to generate losses partially offset by the release of a valuation allowance on certain losses. A reconciliation of the change in the tax liability for unrecognized tax benefits for the years ended December 31, 2018 and 2017 is as follows: (In thousands) 2018 2017 Beginning balance $ 15,055 $ 14,393 Adjustments for tax positions related to the current year 1,869 1,921 Adjustments for tax positions related to prior years (32 ) (766 ) Statute expiration (737 ) (493 ) Ending balance $ 16,155 $ 15,055 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 $5.2 million and $5.5 million at December 31, 2018 and 2017 , 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 $3.3 million and $2.2 million at December 31, 2018 and 2017 , respectively. 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 2014 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, 2018 | |
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 2017 Non-Employee Directors’ Equity Incentive Plan provides for grants of stock options and restricted stock to non-employee directors through May 2027. 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, 2018 , there were 1,054,730 and 114,878 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) 2018 2017 2016 Restricted stock $ 6,221 $ 4,691 $ 3,456 Stock options 217 380 2,459 Performance stock 5,801 6,687 3,296 Total compensation expense before income taxes 12,239 11,758 9,211 Income tax benefit 2,974 4,440 3,375 Total compensation expense, net of income tax benefit $ 9,265 $ 7,318 $ 5,836 We did not capitalize any stock-based compensation expense, and all expense is recorded in selling, general and administrative expense in 2018 , 2017 , and 2016 . 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 . There were no stock options granted in 2018 and 2017 . 2016 Fair value per option $ 11.69 Risk-free interest rate 1.6 % Expected dividend yield 2.8 % Expected volatility 34 % Expected life (years) 7.0 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, 2016 1,694,675 $ 36.69 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 Exercised (620,646 ) 29.75 Outstanding December 31, 2017 955,446 42.75 614,414 Exercised (215,724 ) 39.25 Forfeited (4,721 ) 44.50 Outstanding December 31, 2018 735,001 $ 43.79 638,673 For various exercise price ranges, characteristics of outstanding and exercisable stock options at December 31, 2018 were as follows: Stock Options Outstanding Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $17.83 – $33.00 39,485 $ 25.01 0.90 $33.01 – $45.00 359,713 40.39 4.32 $45.01 – $51.69 335,803 49.64 4.65 $17.83 – $51.69 735,001 $ 43.79 4.28 Stock Options Exercisable Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $17.83 – $33.00 39,485 $ 25.01 0.90 $33.01 – $45.00 263,385 38.89 3.27 $45.01 – $51.69 335,803 49.64 4.65 $17.83 – $51.69 638,673 $ 43.68 3.85 Cash received from the exercise of stock options was $8.6 million , $18.5 million and $12.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The tax benefit we realized from these exercises was $2.5 million , $7.4 million and $0.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Stock options become exercisable when they are vested. The aggregate intrinsic value of stock options exercisable at December 31, 2018 was $60.2 million . The aggregate intrinsic value of all stock options outstanding at December 31, 2018 was $69.3 million . A summary of restricted stock and unit activity follows: Shares Weighted Average Grant Date Fair Value Unvested January 1, 2016 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 Granted 72,878 75.27 Vested (76,834 ) 52.74 Forfeited (3,475 ) 50.46 Unvested at December 31, 2017 227,161 57.50 Granted 75,430 87.36 Vested (92,401 ) 58.10 Forfeited (4,741 ) 59.61 Unvested at December 31, 2018 205,449 $ 68.97 A summary of performance stock unit activity follows: Shares Weighted Average Grant Date Fair Value Unvested at January 1, 2016 171,644 $ 50.24 Granted 65,355 44.28 Vested (31,093 ) 58.54 Performance adjustments (15,682 ) 58.54 Forfeited (3,603 ) 44.47 Unvested at December 31, 2016 186,621 46.18 Granted 98,886 72.73 Vested (72,504 ) 57.19 Performance adjustments 29,183 57.27 Forfeited — — Unvested at December 31, 2017 242,186 55.06 Granted 62,775 84.79 Vested (41,660 ) 40.23 Performance adjustments (35,756 ) 45.21 Forfeited (8,659 ) 44.53 Unvested at December 31, 2018 218,886 $ 68.43 The 2018 performance adjustments above relate to adjustments made relative to awards that did not meet the performance targets when vested during 2018 including the final number of shares issued for the 2015 Management Performance Units, which were 93.6% of the target award based on Total Shareholder Return during the three year performance period, and vested in the first quarter of 2018 . During the years ended December 31, 2018 , 2017 and 2016 , 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 $12.2 million , $29.3 million and $6.4 million , respectively. The fair values of restricted stock vested during the years ended December 31, 2018 , 2017 and 2016 were $5.4 million , $4.1 million and $3.7 million , respectively. The fair value of performance stock units vested during the years ended December 31, 2018 , 2017 and 2016 was $1.7 million , $4.1 million and $1.8 million , respectively. On December 31, 2018 , there was $8.1 million of unrecognized stock-based compensation expense. The weighted average period over which this expense is expected to be recognized was approximately 1.7 years . |
Short and Long-Term Debt
Short and Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 , respectively. The average month-end balance of total short-term borrowings during 2018 was $0.1 million . The maximum month-end balance of $0.3 million occurred in May 2018 . Long-Term Debt December 31, (In thousands) 2018 2017 2006 Senior Notes payable through 2021, 5.41%, net of debt issuance costs $ — $ 26,667 2010 Senior Notes payable through 2021, 4.00%, net of debt issuance costs 60,000 80,000 2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs 69,604 74,139 Senior revolving credit facility maturing in 2023, net of debt issuance costs 231,707 293,693 Total 361,311 474,499 Amounts due within one year 20,000 26,667 Long-term debt $ 341,311 $ 447,832 On September 7, 2018, the Company entered into a Third Amended and Restated Credit Agreement associated with our senior revolving credit facility which extended the term of the revolving credit facility through September 2023 and increased the capacity to $600.0 million . Under this 2018 Amended and Restated Credit Agreement, 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) 0.00%, (ii) the Prime Rate, (ii) the Federal Funds Open Rate plus one half of one percent ( 0.5% ), (iii) the Overnight Bank Funding Rate, plus one half of one percent ( 0.5% ), or (iv) 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 the elected rate (BASE or LIBOR). The Company has a weighted average revolver interest rate of 3.47% as of December 31, 2018 . At December 31, 2018 , $363.5 million of the existing $600.0 million senior revolving credit facility was unused, including letters of credit. On January 22, 2016, the Company entered into a Second Amended and Restated Multi-Currency Note Purchase and Private Shelf Agreement (the "Notes"), pursuant to which MSA issued notes in an aggregate original principal amount of £54.9 million (approximately $69.7 million at December 31, 2018 ). The Notes are repayable in annual installments of £6.1 million (approximately $7.7 million at December 31, 2018 ), 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% . On September 7, 2018, the Company entered into an amended and restated agreement associated with these Notes. Under the Second Amended and Restated Multi-Currency Note Purchase and Private Shelf Agreement, as amended ("Amended Note Purchase Agreement"), the Company may request from time to time during a three-year period ending September 7, 2021, the issuance of up to $150 million of additional senior notes. On January 4, 2019, the Company entered into an amended and restated agreement associated with the New York Life master note facility dated June 2, 2014. Under this Amended and Restated Master Note Facility ("Amended Note Facility"), the Company may request from time to time during a three-year period ending January 4, 2022, the issuance of up to $150 million of additional senior promissory notes. As of the Form 10-K filing date, there are no promissory notes outstanding. Both the Amended Note Purchase Agreement and Amended Note Facility require 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 net leverage ratio not to exceed 3.50 to 1.00 , except during an acquisition period in which case the consolidated net leverage ratio shall not exceed 4.00 to 1.00 ; in each case calculated on the basis of the trailing four fiscal quarters. In addition, the Amended Note Purchase Agreement and Amended Note Facility both contain 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. However, the covenants contained in the Amended Note Facility do not apply until promissory notes are issued. On August 24, 2018, we repaid our 5.41% 2006 Senior Notes. In connection with the payoff of these notes, MSA recognized a loss on extinguishment of debt of $1.5 million which was recorded in loss on extinguishment of debt on our consolidated statement of income. Approximate maturities on our long-term debt over the next five years are $20.0 million in 2019 , $20.0 million in 2020 , $20.0 million in 2021 , none in 2022 , $241.2 million in 2023 , and $62.0 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, 2018 . The Company had outstanding bank guarantees and standby letters of credit with banks as of December 31, 2018 , totaling $11.4 million , of which $3.1 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 remains unused and available at December 31, 2018 . The Company is also required to provide cash collateral in connection with certain arrangements. At December 31, 2018 , the Company has $0.5 million of restricted cash in support of these arrangements. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes in goodwill during the years ended December 31, 2018 and 2017 were as follows: (In thousands) 2018 2017 Net balance at January 1 $ 422,185 $ 333,276 Additions (Note 13) — 74,453 Disposals (525 ) — Currency translation (8,020 ) 14,456 Net balance at December 31 $ 413,640 $ 422,185 At December 31, 2018 , goodwill of $273.2 million and $140.4 million related to the Americas and International reporting segments, respectively. Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2018 and 2017 were as follows: (In thousands) 2018 2017 Net balance at January 1 $ 183,088 $ 77,015 Additions (Note 13) — 110,680 Amortization expense (10,509 ) (9,434 ) Currency translation (3,064 ) 4,827 Net balance at December 31 $ 169,515 $ 183,088 (In millions) December 31, 2018 December 31, 2017 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 $ 46.7 $ (10.6 ) $ 36.1 $ 49.6 $ (7.6 ) $ 42.0 Distribution agreements 20 66.1 (14.1 ) 52.0 66.3 (10.9 ) 55.4 Technology related assets 8 28.3 (15.5 ) 12.8 28.7 (13.0 ) 15.7 Patents, trademarks and copyrights 12 18.7 (10.4 ) 8.3 19.2 (9.7 ) 9.5 License agreements 5 5.3 (5.3 ) — 5.3 (5.3 ) — Other 2 2.9 (2.6 ) 0.3 2.9 (2.5 ) 0.4 Total 15 $ 168.0 $ (58.5 ) $ 109.5 $ 172.0 $ (49.0 ) $ 123.0 During 2017, we acquired a trade name with an indefinite life totaling $60.0 million . This intangible asset is tested for impairment on October 1st of each year, or more frequently if indicators of impairment exist. Intangible asset amortization expense over the next five years is expected to be approximately $10 million in 2019 through 2021, $9 million in 2022, and $8 million in 2023. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of Globe Holding Company, LLC On July 31, 2017, we acquired 100% of the common stock in Globe Holding Company, LLC ("Globe") in an all-cash transaction valued at $215 million plus a working capital adjustment of $1.4 million . There is no contingent consideration. Based in Pittsfield, NH, Globe is a leading innovator and provider of firefighter protective clothing and boots. This acquisition aligns with our corporate strategy in that it strengthens our leading position in the North American fire service market. The transaction was funded through borrowings on our unsecured senior revolving credit facility. Globe operating results are included in our consolidated financial statements from the acquisition date as part of the Americas reportable segment. The acquisition qualifies as a business combination and was accounted for using the acquisition method of accounting. We finalized the purchase price allocation as of June 30, 2018. The following table summarizes the fair values of the Globe assets acquired and liabilities assumed at the date of acquisition: (In millions) July 31, 2017 Current assets (including cash of $58 thousand) $ 28.6 Property, plant and equipment 8.3 Trade name 60.0 Distributor relationships 40.2 Acquired technology and other intangible assets 10.5 Goodwill 74.5 Total assets acquired 222.1 Total liabilities assumed 5.7 Net assets acquired $ 216.4 Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their fair values. Fair values were determined by management, based, in part on an independent valuation performed by a third party valuation specialist. The valuation methods used to determine the fair value of intangible assets included the relief from royalty method for trade name and technology related intangible assets; the excess earnings approach for distributor relationships using distributor inputs and contributory charges; and the cost method for assembled workforce which is included in goodwill. A number of significant assumptions and estimates were involved in the application of these valuation methods, including sales volumes and prices, royalty rates, costs to produce, tax rates, capital spending, discount rates, and working capital changes. Cash flow forecasts were generally based on Globe 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 distributor relationships acquired in the Globe transaction will be amortized over a period of 20 years and the remaining identifiable assets will be amortized over 5 years . The trade name was determined to have an indefinite useful life. We will perform an impairment assessment annually on October 1st on the trade name, or sooner if there is a triggering event. Additionally, as part of each impairment assessment, we will reassess whether the asset continues to have an indefinite life or whether it should be reassessed with a finite life. Estimated future amortization expense related to the identifiable intangible assets is approximately $4.1 million in each of the next three years, $3.2 million in year four, and $2.0 million in year five. Estimated future depreciation expense related to Globe property, plant and equipment is approximately $1.0 million in each of the next five years. 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. We finalized the purchase price allocation as of September 30, 2017. The following table summarizes the 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 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 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 for Senscient include technology and customer-related intangibles which will be amortized over ten and five years , respectively. Estimated future amortization expense related to Senscient identifiable intangible assets is approximately $0.7 million in years one and two, $0.5 million in year three and $0.2 million in years four and five. 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 Globe, Latchways and Senscient with our operations. Goodwill of $74.5 million related to the Globe acquisition has been recorded in the Americas reportable segment and is expected to be tax deductible. Goodwill of $10.5 million related to the Senscient acquisition was recorded in the International reportable segment and is expected to be tax deductible. Our results for the year ended December 31, 2018 include strategic transaction costs of $0.4 million , including an immaterial amount of integration costs of related to the Globe acquisition. Our results for the year ended December 31, 2017 include strategic transaction costs of $4.2 million , including transaction and integration costs of $1.8 million related to the Globe acquisition as well as integration costs of $0.4 million related to the Senscient acquisition. Our results for the year ended December 31, 2016 , include strategic transaction costs of $2.5 million including transaction and integration costs of $0.8 million related to the Senscient acquisition. These costs are all reported in selling, general and administrative expenses. The operating results of both acquisitions have been included in our consolidated financial statements from the acquisition date. Our results for the year ended December 31, 2018 include Globe sales of $113.9 million and net income of $13.3 million . These results include depreciation expense of $1.0 million and amortization expense of $4.1 million . Excluding transaction and integration costs, Globe provided $13.6 million of net income for the year ended December 31, 2018 . Our results for the year ended December 31, 2017 include Globe sales of $46.1 million and net income of $3.7 million . These results include depreciation expense of $0.5 million and amortization expense of $1.7 million . Excluding transaction and integration costs, Globe provided $4.9 million of net income for the year ended December 31, 2017 . Our results for the year ended December 31, 2016 include Senscient sales of $2.7 million and a net loss of $1.1 million which includes amortization, primarily related to intangible assets, of $0.2 million . The following unaudited pro forma information presents our combined results as if both acquisitions had occurred at the beginning of 2016 . 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 Senscient or Globe during the periods presented that are required to be eliminated. Intercompany transactions between Senscient companies and Globe companies during the periods presented have been eliminated in the unaudited pro forma 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) 2017 2016 Net sales $ 1,261 $ 1,263 Income from continuing operations 35 105 Basic earnings per share from continuing operations 0.93 2.81 Diluted earnings per share from continuing operations 0.92 2.78 The unaudited pro forma 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 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, 2018 | |
Retirement Benefits [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) 2018 2017 2018 2017 Change in Benefit Obligations Benefit obligations at January 1 $ 560,385 $ 503,997 $ 22,027 $ 23,680 Service cost 11,125 11,023 369 403 Interest cost 17,214 18,450 793 882 Participant contributions 97 100 302 264 Plan amendments — — — (1,694 ) Actuarial (gains) losses (29,181 ) 27,967 7,841 1,465 Benefits paid (23,724 ) (28,953 ) (2,855 ) (2,973 ) Curtailments (2,151 ) — — — Settlements (726 ) (573 ) — — Special termination benefits — 11,384 — — Currency translation (7,519 ) 16,990 — — Benefit obligations at December 31 525,520 560,385 28,477 22,027 Change in Plan Assets Fair value of plan assets at January 1 492,677 433,262 — — Actual return on plan assets (26,804 ) 81,192 — — Employer contributions 4,718 4,094 2,553 2,709 Participant contributions 97 100 302 264 Settlements (726 ) (573 ) — — Benefits paid (23,724 ) (28,953 ) (2,855 ) (2,973 ) Administrative Expenses Paid (704 ) (222 ) — — Currency translation (2,422 ) 3,777 — — Fair value of plan assets at December 31 443,112 492,677 — — Funded Status Funded status at December 31 (82,408 ) (67,708 ) (28,477 ) (22,027 ) Unrecognized transition losses 5 6 — — Unrecognized prior service credit (687 ) (764 ) (1,924 ) (2,328 ) Unrecognized net actuarial losses 178,640 162,032 12,096 5,007 Net amount recognized 95,550 93,566 (18,305 ) (19,348 ) Amounts Recognized in the Balance Sheet Noncurrent assets 57,568 83,060 — — Current liabilities (5,741 ) (5,126 ) (2,736 ) (1,584 ) Noncurrent liabilities (134,231 ) (145,642 ) (25,741 ) (20,443 ) Net amount recognized (82,404 ) (67,708 ) (28,477 ) (22,027 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial losses 178,640 162,032 12,096 5,007 Prior service credit (687 ) (764 ) (1,924 ) (2,328 ) Unrecognized net initial obligation 5 6 — — Total (before tax effects) 177,958 161,274 10,172 2,679 Accumulated Benefit Obligations for all Defined Benefit Plans 489,159 525,385 — — Pension Benefits Other Benefits (In thousands) 2018 2017 2016 2018 2017 2016 Components of Net Periodic Benefit Cost Service cost $ 11,125 $ 11,023 $ 10,417 $ 369 $ 403 $ 426 Interest cost 17,214 18,450 18,752 793 882 946 Expected return on plan assets (36,352 ) (35,417 ) (34,751 ) — — — Amortization of transition amounts 1 2 2 — — — Amortization of prior service credit (21 ) (19 ) (14 ) (405 ) (307 ) (419 ) Recognized net actuarial losses 13,755 12,955 11,921 752 100 68 Settlement/curtailment loss (credit) 179 148 5 — (562 ) — Special termination charge — 11,384 (b) — — — — Net periodic benefit cost (a) $ 5,901 $ 18,526 $ 6,332 $ 1,509 $ 516 $ 1,021 (a) Components of net periodic benefit cost other than service cost are included in the line item "Other income, net" in the income statement. (b) Represents the charge for special termination benefits related to the VRIP which were paid from our over funded North America pension plan and recorded as restructuring charges on the Consolidated Statement of Income. See further details in Note 2—Restructuring Charges. Effective December 31, 2017, the Company changed the method it uses to estimate the service and interest cost components of net periodic benefit cost for pension and other post-retirement benefits for a majority of its U.S. and foreign plans. Historically, the service and interest cost components for these plans were estimated using a single weighted-average discount rate derived from the yield curve used to measure the projected benefit obligation at the beginning of the period. The Company has elected to utilize a spot rate approach, which discounts the individual plan specific expected cash flows underlying the service and interest cost using the applicable spot rates derived from a yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The Company made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs. This change does not affect the measurement of total benefit obligations. Service and interest cost for the pension and OPEB plans were reduced by an estimated $1.8 million in 2018 as a result of this change. The Company has accounted for this change to the spot rate approach as a change in accounting estimate that is inseparable from a change in accounting principle, pursuant to Accounting Standards Codification (ASC) 250, Accounting Changes and Error Corrections , and accordingly, has accounted for it prospectively. For plans where the discount rate is not derived from plan specific expected cash flows, the Company will continue to employ the current approaches for measuring both the projected benefit obligations and the service and interest cost components of net periodic benefit cost for pension and other post-retirement benefits. We recognize, as of a measurement date, any unrecognized actuarial net gains or losses that exceed 10% of the larger of the projected benefit obligations or the plan assets, defined as the "corridor." Amounts inside the corridor are amortized over the plan participants' life expectancy. Amounts included in accumulated other comprehensive income expected to be recognized in 2019 net periodic benefit costs: (In thousands) Pension Benefits Other Benefits Loss recognition $ 12,521 $ 981 Prior service credit recognition (19 ) (405 ) Transition obligation recognition 2 — Information for pension plans with an accumulated benefit obligation in excess of plan assets: (In thousands) 2018 2017 Aggregate accumulated benefit obligations (ABO) $ 159,545 $ 169,065 Aggregate projected benefit obligations (PBO) 168,819 182,159 Aggregate fair value of plan assets 28,876 31,471 Pension Benefits Other Benefits 2018 2017 2018 2017 Assumptions used to determine benefit obligations Average discount rate 3.79 % 3.34 % 4.21 % 3.57 % Rate of compensation increase 3.00 % 3.00 % — — Assumptions used to determine net periodic benefit cost Average discount rate 3.34 % 3.67 % 3.57 % 4.05 % Expected return on plan assets 7.99 % 8.04 % — — Rate of compensation increase 3.00 % 2.99 % — — Discount rates for a majority of our U.S. and foreign plans were determined using the aforementioned spot rate methodology for 2018 and 2017. All remaining plans' 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 2018 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, 2018 2017 Equity securities 58 % 57 % Fixed income securities 25 26 Pooled investment funds 11 12 Insurance contracts 4 3 Cash and cash equivalents 2 2 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 fair values of the Company's pension plan assets are determined using net asset value (NAV) as a practical expedient, or by information categorized in the fair value hierarchy level based on the inputs used to determine fair value, as further discussed in Note 18—Fair Value Measurements. The fair values at December 31, 2018 , were as follows: Fair Value (In thousands) Total NAV Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Equity securities $ 259,014 $ 62,027 $ 196,987 $ — $ — Fixed income securities 109,876 — 28,312 81,564 — Pooled investment funds 49,823 49,823 — — — Insurance contracts 17,033 — — — 17,033 Cash and cash equivalents 7,366 6,259 1,107 — — Total $ 443,112 $ 118,109 $ 226,406 $ 81,564 $ 17,033 The fair values of the Company's pension plan assets at December 31, 2017 , were as follows: Fair Value (In thousands) Total NAV Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Equity securities $ 278,606 $ 64,840 $ 213,766 $ — $ — Fixed income securities 127,128 — 40,778 86,350 — Pooled investment funds 60,014 60,014 — — — Insurance contracts 17,834 — — — 17,834 Cash and cash equivalents 9,095 7,974 1,121 — — Total $ 492,677 $ 132,828 $ 255,665 $ 86,350 $ 17,834 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. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Pooled investment funds consist of mutual and collective investment funds that invest primarily in publicly traded equity and fixed income securities. Pooled investment funds are valued using the net asset value (NAV) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, divided by the number of shares outstanding. 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. These investments are not classified in the fair value hierarchy in accordance with guidance in ASU 2015-07. 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 Balance January 1, 2017 $ 14,948 Net realized and unrealized gains 2,741 Net purchases, issuances and settlements 145 Balance December 31, 2017 17,834 Net realized and unrealized losses (957 ) Net purchases, issuances and settlements 156 Balance December 31, 2018 $ 17,033 We expect to make net contributions of $7.1 million to our pension plans in 2019, which are primarily associated with our International segment. For the 2018 beginning of the year measurement purposes (net periodic benefit expense), a 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 2022 and thereafter. For the 2018 end of the year measurement purposes (benefit obligation), a 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 2023 and thereafter. A one -percentage-point change in assumed health care cost trend rates would have increased or decreased the other post-retirement benefit obligations and current year plan expense by approximately $1.0 million and $0.1 million , respectively. Expense for defined contribution pension plans was $9.0 million in 2018 , $8.1 million in 2017 and $5.1 million in 2016 . Estimated pension benefits to be paid under our defined benefit pension plans during the next five years are $29.8 million in 2019, $24.8 million in 2020, $25.7 million in 2021, $26.4 million in 2022 and $27.3 million in 2023, and an aggregated $145.1 million for the five years thereafter. Estimated other post-retirement benefits to be paid during the next five years are $2.8 million in 2019, $2.7 million in 2020, $2.8 million in 2021, $2.6 million in 2022, $2.3 million in 2023, and an aggregated $10.3 million for the five years thereafter. |
Other Income (Loss), Net
Other Income (Loss), Net | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other Income (Loss), Net | Other Income, Net (In thousands) 2018 2017 2016 Interest income $ 4,588 $ 3,596 $ 2,827 Components of net periodic benefit cost other than service cost (Note 14) 4,641 3,768 3,490 Gain (Loss) on asset dispositions, net 646 (557 ) 593 Other, net (644 ) (1,249 ) 710 Total other income, net $ 9,231 $ 5,558 $ 7,620 During the years ended December 31, 2018 , 2017 and 2016 , we recognized $4.6 million , $3.6 million and $2.8 million of income, respectively, related to interest earned on cash balances, short-term investments and notes receivable from insurance companies. Please refer to Note 19—Contingencies for further discussion on the Company's notes receivable from insurance companies. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | Leases We lease office space, manufacturing and warehouse facilities, automobiles and other equipment under operating lease arrangements. Rent expense was $12.5 million in 2018 , $13.7 million in 2017 and $12.6 million in 2016 . Minimum rent commitments under noncancellable leases are $11.2 million in 2019 , $7.9 million in 2020 , $6.1 million in 2021 , $3.8 million in 2022 , $2.6 million in 2023 and $2.0 million thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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 have the impact of partially offsetting certain foreign currency exposures. We account for these forward contracts at fair value and report the related gains or losses in currency exchange losses, net, in the Consolidated Statement of Income. At December 31, 2018 , the notional amount of open forward contracts was $72.4 million and the unrealized gain on these contracts was $0.5 million . All open forward contracts will mature during the first quarter of 2019 . The following table presents the Consolidated Balance Sheet location and fair value of assets and liabilities associated with derivative financial instruments: December 31, (In thousands) 2018 2017 Derivatives not designated as hedging instruments: Foreign exchange contracts: other current liabilities $ 12 $ 314 Foreign exchange contracts: other current assets 488 840 The following table presents the Consolidated Statement of Income location and impact of derivative financial instruments: (In thousands) Income Statement Location Loss (Gain) Recognized in Income Year ended December 31, 2018 2017 Derivatives not designated as hedging instruments: Foreign exchange contracts Currency exchange losses, net $ 2,428 $ (5,124 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
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 our investments in marketable securities and fixed rate long-term debt both as disclosed below, we believe that the reported carrying amounts of our remaining financial assets and liabilities approximate their fair values. We value our investments in marketable securities, primarily fixed income, at fair value using quoted market prices for similar securities or pricing models. Accordingly, the fair values of the investments are classified within Level 2 of the fair value hierarchy. The amortized cost basis of our investments was $55.4 million as of December 31, 2018 and the fair value was $55.1 million which was reported in "Investments, short-term" in the accompanying Consolidated Balance Sheet. The change in fair value is recorded in other comprehensive income, net of tax. The Company does not intend to sell, nor is it more likely than not that we will be required to sell, these securities prior to recovery of their cost, as such, management believes that any unrealized gains or losses are temporary; therefore, no impairment gains or losses relating to these securities have been recognized. The Company did not hold any investment securities as of December 31, 2017 . All investments in marketable securities have maturities of one year or less and are currently in an unrealized loss position as of December 31, 2018. The reported carrying amount of fixed rate long-term debt (including the current portion) was $130 million and $181 million at December 31, 2018 and 2017 , respectively. The fair value of this debt was $139 million and $200 million at December 31, 2018 and 2017 , 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, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Product liability We face an inherent business risk of exposure to product liability claims arising from the alleged failure of our products to prevent the types of personal injury or death against which they are designed to protect. Product liability claims are categorized as either single incident or cumulative trauma. Single incident product liability claims. Single incident product liability claims involve incidents of short duration that are typically known when they occur and involve observable injuries, which provide an objective basis for quantifying damages. The Company estimates its liability for single incident product liability claims based on expected settlement costs for asserted single incident product liability claims, and an estimate of costs for single incident product liability claims incurred but not reported ("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 asserted single incident product liability claims and IBNR single incident product liability claims, was $3.6 million at December 31, 2018 and $5.4 million at December 31, 2017 . Single incident product liability expense was $2.0 million , $2.4 million and $0.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. 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 product liability claims. Cumulative trauma product liability claims involve exposures to harmful substances (e.g., silica, asbestos and coal dust) that occurred years ago and may have developed over long periods of time into diseases such as silicosis, asbestosis, mesothelioma, or coal worker’s pneumoconiosis. One of the Company's affiliates Mine Safety Appliances Company, LLC ("MSA LLC") was named as a defendant in 1,481 lawsuits comprised of 2,355 claims as of December 31, 2018 . 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. A summary of cumulative trauma product liability lawsuits and asserted cumulative trauma product liability claims activity is as follows: 2018 2017 2016 Open lawsuits, beginning of period 1,420 1,794 1,988 New lawsuits 369 398 379 Settled and dismissed lawsuits (308 ) (772 ) (573 ) Open lawsuits, end of period 1,481 1,420 1,794 2018 2017 2016 Asserted claims, beginning of period 2,242 3,023 3,779 New claims 479 455 843 Settled and dismissed claims (366 ) (1,236 ) (1,599 ) Asserted claims, end of period 2,355 2,242 3,023 More than half of the open lawsuits at December 31, 2018 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. Cumulative trauma product liability litigation is inherently unpredictable and MSA LLC's expense with respect to cumulative trauma product liability claims could vary significantly in future periods. Factors that limit MSA LLC's ability to estimate potential liability for cumulative trauma product liability claims include low volumes in the number of claims asserted and resolved (both in general and with respect to particular plaintiffs' counsel, as claims experience can vary significantly among different counsel), inconsistency of claims composition, uncertainty as to if and over what time periods claims might be asserted in the future, and other factors. With respect to the risk associated with any particular case that is filed against MSA LLC, it has typically not been until very late in the legal process that it can be reasonably determined whether it is probable that such a 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. The complaints initially filed generally have not provided 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 counsel for the plaintiff 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 with respect to particular claims and uncertainties surrounding the litigation process in different jurisdictions and from case to case within a particular jurisdiction. Management works with outside legal counsel quarterly to review and assess MSA LLC's exposure to asserted cumulative trauma product liability claims not yet resolved. In addition, in connection with finalizing and reporting its results of operations, management works annually (unless significant changes in trends or new developments warrant an earlier review) with an outside valuation consultant and outside legal counsel to review MSA LLC's exposure to all cumulative trauma product liability claims. The review process for asserted cumulative trauma product liability claims not yet resolved takes into account available facts for those claims, including their number and composition, outcomes of matters resolved during current and prior periods, and variances associated with different groups of claims, plaintiffs' counsel, claims filing trends, and venues, as well as any other relevant information. In August 2017, MSA LLC obtained additional detailed information about a significant number of claims that were then pending against it, including the nature and extent of the alleged injuries, product identification and other factors. MSA LLC subsequently agreed to resolve a substantial number of these claims, for $75.2 million , a portion of which was insured. Amounts in excess of estimated insurance recoveries were reflected within Other operating expense in the Consolidated Statement of Income. MSA LLC paid a total of $28.6 million and $25.2 million during 2018 and 2017, respectively. related to these settlements. MSA LLC expects to pay $7.1 million ratably over each of the next three quarters ending in the third quarter of 2019. In the fourth quarter of 2017, MSA LLC, in consultation with an outside valuation consultant and outside legal counsel, performed a review for IBNR cumulative trauma product liability claims. Based on that review process, which concluded in early 2018, it was determined that a reasonable estimate for the liability of MSA LLC's IBNR claims was $111.1 million . Accordingly, the cumulative trauma product liability reserve was increased by $111.1 million for estimated IBNR cumulative trauma product liability claims. The ability to make a reasonable estimate of the potential liability for IBNR cumulative trauma product liability claims in 2017 resulted from recent developments affecting asbestos claims, recent developments affecting silica claims, and recent developments affecting coal dust claims. Significant changes in MSA LLC’s claims experience over the last few years have resulted in stabilization of a number of factors important to the estimation process and enabled greater predictability of IBNR claims. These developments occurred as a result of changes in defense strategy implemented in recent years, increased experience in defending, negotiating, and resolving key groups of claims, and resolutions of a substantial number of cumulative trauma product liability claims in the last few years. These changes collectively resulted in MSA LLC having a more stable recent claims history that could be extrapolated into the future and greater certainty as to the number of claims that might be asserted against MSA LLC in the future, the percentage of those claims that might be resolved without payment, and the potential settlement value of those claims that are not resolved without payment. All of these factors were considered by MSA LLC’s valuation consultant in estimating the IBNR cumulative trauma product liability claims. MSA LLC, taking into account the analysis and estimates developed by its consultant, concluded that reasonable estimates for its IBNR asbestos, silica and coal dust claims could be made and that the liability described above was accrued. There remains considerable uncertainty in numerous aspects of MSA LLC's potential future claims experience, such as with respect to the number of claims that might be asserted, the alleged severity of those claims and the average settlement values of those claims, and that uncertainty may cause actual claims experience in the future to vary from the current estimate. Numerous uncertainties also exist with respect to factors not specific to MSA LLC’s claims experience, including potential legislative or judicial changes at the federal level or in key states concerning claims adjudication, future bankruptcy proceedings involving key co-defendants, payments from trusts established to compensate claimants, and/or changes in medical science relating to the diagnosis and treatment of cumulative trauma product liability claims. If future estimates of asserted cumulative trauma product liability claims not yet resolved and/or IBNR cumulative trauma product liability claims are materially higher (lower) than the accrued liability, we will record an appropriate charge (credit) to the Consolidated Statement of Income to increase (decrease) the accrued liability. Certain significant assumptions underlying the material components of the accrual for IBNR cumulative trauma product liability claims include MSA LLC's experience related to the following: • The types of illnesses alleged by claimants to give rise to their claims; • The number of claims asserted against MSA LLC; • The propensity of claimants and their counsel asserting cumulative trauma product liability claims to name MSA LLC as a defendant; • The percentage of cumulative trauma product liability claims asserted against MSA LLC that are dismissed without payment; • The average value of settlements paid to claimants; and • The jurisdiction in which claims are asserted. Additional assumptions include the following: • MSA LLC will continue to evaluate and handle cumulative trauma product liability claims in accordance with its existing defense strategy; • The number and effect of co-defendant bankruptcies will not materially change in the future; • No material changes in medical science occur with respect to cumulative trauma product liability claims; and • No material changes in law occur with respect to cumulative trauma product liability claims including, in particular, no material state or federal tort reform actions affecting such claims. Total cumulative trauma product liability reserve was $187.3 million , including $24.5 million for claims settled but not yet paid and related defense costs, as of December 31, 2018 and $181.1 million , including $54.5 million for claims settled but not yet paid and related defense costs, as of December 31, 2017 . This reserve includes estimated amounts for asserted claims not yet resolved and IBNR claims. Those estimated amounts reflect asbestos, silica, and coal dust claims expected to be asserted through the year 2069 and are not discounted to present value. The Company revised its estimates of MSA LLC's potential liability for cumulative trauma product liability claims for the current year as a result of its annual review process described above. The revisions to the Company’s estimates of potential liability for cumulative trauma product liability claims are based on an assessment of trends in the tort system generally and changes in MSA LLC’s claims experience over the past year, including the number of claims asserted, average value of settlements paid to claimants, the number and percentage of claims resolved with payment, the jurisdiction in which claims are asserted, and the counsel asserting such claims. The reserve does not include amounts which will be spent to defend the claims covered by the reserve. Defense costs are recognized in the Consolidated Statement of Income as incurred. At December 31, 2018 , $38.8 million of the total reserve for cumulative trauma product liability claims is recorded in the Insurance and product liability line within other current liabilities in the Consolidated Balance Sheet and the remainder, $148.5 million , is recorded in the Product liability and other noncurrent liabilities line. At December 31, 2017 , $48.6 million of the total reserve for cumulative trauma product liability claims is recorded in the Insurance and product liability line within other current liabilities in the Consolidated Balance Sheet and the remainder, $132.5 million , is recorded in the Product liability and other noncurrent liabilities line. Because litigation is subject to inherent uncertainties, and unfavorable rulings or developments could occur, there can be no certainty that MSA LLC may not ultimately incur charges in excess of presently recorded liabilities. The reserve for liabilities relating to cumulative trauma product liability claims may be adjusted from time to time based on whether the actual number, types, and settlement value of claims differs from current projections and estimates, and other developing facts and circumstances. These adjustments may reflect changes in estimates for asserted cumulative trauma product liability claims not yet resolved and/or IBNR cumulative trauma product liability claims. These adjustments may be material and could materially impact our consolidated financial statements in future periods. Insurance Receivable and Notes Receivable, Insurance Companies In the normal course of business, MSA LLC makes payments to settle various claims and for related defense costs and records receivables for the estimated amounts that are covered by insurance. With respect to cumulative trauma product liability claims, 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, provided coverage for cumulative trauma product liability losses and, in many instances, related defense costs (the "Occurrence-Based Policies"). The Occurrence-Based Policies have significant per claim retentions and applicable exclusions for cumulative trauma product liability claims after April 1986. While we continue to pursue reimbursement under certain policies, the vast majority of these insurance policies have been exhausted, settled or converted into negotiated coverage-in-place agreements with the applicable insurers (the "Coverage-In-Place Agreements"). As a result, MSA LLC is now largely self-insured for cumulative trauma product liability claims. Since MSA LLC is now largely self-insured for cumulative trauma product liability claims, additional amounts recorded as insurance receivables will be limited and based on calculating the amounts to be reimbursed pursuant to negotiated Coverage-In-Place Agreements. Various factors could affect the timing and amount of recovery of the insurance receivables, including assumptions regarding claims composition (which are relevant to calculating reimbursement under the terms of certain Coverage-In-Place Agreements) and the extent to which the issuing insurers may become insolvent in the future. Insurance receivables at December 31, 2018 totaled $71.7 million , of which $14.8 million is reported in Prepaid expenses and other current assets in the Consolidated Balance Sheet and $56.9 million is reported in Insurance receivable and other noncurrent assets. Insurance receivables at December 31, 2017 totaled $134.7 million , of which $11.6 million was reported in Prepaid expenses and other current assets in the Consolidated Balance Sheet and $123.1 million was reported in Insurance receivable and other noncurrent assets. The vast majority of the $71.7 million insurance receivable balance at December 31, 2018 is attributable to reimbursement believed to be due under the terms of signed Coverage-In-Place Agreements. A summary of Insurance receivable balances and activity related to cumulative trauma product liability losses is as follows: (In millions) 2018 2017 Balance beginning of period $ 134.7 $ 159.9 Additions 19.6 94.6 Collections, settlements converted to notes receivable and other adjustments (82.6 ) (119.8 ) Balance end of period $ 71.7 $ 134.7 Additions to insurance receivables in the above table represent insured cumulative trauma product liability losses and related defense costs which we believe are covered by the Occurrence-Based Policies or applicable Coverage-In-Place Agreements. Collections of the receivables primarily occur pursuant to the terms of negotiated agreements with the insurance companies, either in a lump sum, in installments over time, or to reimburse a portion of future expense once incurred (i.e. pursuant to a Coverage-In-Place Agreement). In some cases, payment streams due pursuant to negotiated settlement agreements were converted to formal notes receivable from insurance companies. The notes receivable were recorded as a transfer from the Insurance receivable balance to the Notes receivable, insurance companies (current and noncurrent) in the Consolidated Balance Sheet. In cases where the payment stream covers multiple years and there were no contingencies, the present value of the payments was recorded as a transfer from the insurance receivable balance to the Notes receivable, insurance companies (current and long-term) in the Consolidated Balance Sheet. Provided the remaining insurance receivable was recoverable through the insurance carriers, no gain or loss was recognized at the time of transfer from Insurance receivable to Notes receivable, insurance companies. Notes receivable from insurance companies at December 31, 2018 totaled $59.6 million , of which $3.6 million is reported in Notes receivable, insurance companies, current on the Consolidated Balance Sheet and $56.0 million is reported in Notes receivable, insurance companies, noncurrent. Notes receivable from insurance companies at December 31, 2017 totaled $76.9 million , of which $17.3 million was reported in Notes receivable, insurance companies, current on the Consolidated Balance Sheet and $59.6 million was reported in Notes receivable, insurance companies, noncurrent. A summary of Notes receivable, insurance companies balances is as follows: December 31, (In millions) 2018 2017 Balance beginning of period $ 76.9 $ 67.3 Additions 1.7 35.1 Collections (19.0 ) (25.5 ) Balance end of period $ 59.6 $ 76.9 The collectibility of MSA LLC's insurance receivables and notes receivable is regularly evaluated and we believe that the amounts recorded are probable of collection. The determination that the recorded insurance receivables are probable of collection is based on the terms of the settlement agreements reached with the insurers, assumptions regarding various aspects of the composition of future claims (which are relevant to calculating reimbursement under the terms of certain Coverage-In-Place Agreements), the financial ability of the insurance carriers to pay the claims, and the advice of MSA LLC's outside legal counsel. Total cumulative trauma liability losses were $63.8 million , $219.0 million , and $30.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Uninsured cumulative trauma product liability losses which were included in Other operating expense on the Consolidated Statement of Income during the years ended December 31, 2018 , 2017 and 2016 were $43.8 million , $124.5 million and $0.3 million , respectively. Insurance Litigation For more than a decade, MSA LLC was engaged in coverage litigation with many of its insurance carriers that issued Occurrence-Based Policies. 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 concerning the future rights and obligations of MSA LLC and its excess insurance carriers under various insurance policies. During the same time period, MSA LLC was also engaged in coverage disputes with The North River Insurance Company (“North River”) in various courts. Since 2010, MSA LLC reached negotiated resolutions with the vast majority of the insurance carriers once in litigation, including the July 2018 settlement with North River disclosed below. In February 2017, MSA LLC resolved through a negotiated settlement its coverage litigation with The Hartford ("Hartford"). Additionally, in April 2017, MSA LLC resolved through negotiated settlements its coverage litigation with Travelers Insurance Company ("Travelers") and Wausau Indemnity Company ("Wausau"). Each of the settling carriers agreed to cash payments which were made in 2017 or January 2018. In addition, Travelers has agreed to pay a percentage of future cumulative trauma product liability settlements paid as incurred on a claim-by-claim basis. As part of these settlements, MSA LLC dismissed all claims against Hartford, Travelers and Wausau in the coverage litigation in the Superior Court of the State of Delaware. In July 2018, MSA LLC resolved through a negotiated settlement its remaining coverage litigation with North River. As part of this settlement, in October 2018, MSA LLC dismissed all claims and appeals against North River in each of the pending coverage actions. This represents a settlement with MSA LLC’s last major Occurrence-Based insurance carrier. Payment under this negotiated settlement was received in the third quarter of 2018 and was accounted for as a reduction of the insurance receivable balance. Product Warranty The Company provides warranties on certain product sales. Product warranty reserves are established in the same period that revenue from the sale of the related products is recognized, or in the period that a specific issue arises as to the functionality of a Company's product. The determination of such reserves requires the Company to make estimates of product return rates and expected costs to repair or to replace the products under warranty. The amounts of the reserves are based on established terms and the Company's best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. If actual return rates and/or repair and replacement costs differ significantly from estimates, adjustments to recognize additional cost of sales may be required in future periods. The following table reconciles the changes in the Company's accrued warranty reserve: December 31, (In thousands) 2018 2017 2016 Beginning warranty reserve $ 14,753 $ 11,821 $ 10,296 Warranty payments (9,955 ) (10,905 ) (12,524 ) Warranty claims 10,585 12,471 11,574 Provision for product warranties and other adjustments (1,169 ) 1,366 2,475 Ending warranty reserve $ 14,214 $ 14,753 $ 11,821 Warranty expense for the years ended December 31, 2018 , 2017 and 2016 was $9.4 million , $13.8 million and $14.0 million , respectively. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
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: (In thousands) Year ended December 31, 2016 Discontinued Operations Net sales $ 5,261 Cost and expenses: Cost of products sold 4,819 Selling, general and administrative 937 Restructuring and other charges — Currency exchange losses, net 18 Other income, net 596 Income from discontinued operations before income taxes 83 Provision for income taxes 328 Loss from discontinued operations, net of tax $ (245 ) There was no discontinued operations activity for the years ended December 31, 2018 and 2017 . The following summary provides financial information for discontinued operations related to net income related to noncontrolling interests: Year ended December 31, (In thousands) 2018 2017 2016 Net income attributable to noncontrolling interests Income from continuing operations $ (965 ) $ (929 ) $ (1,416 ) Income from discontinued operations — — (510 ) Net income $ (965 ) $ (929 ) $ (1,926 ) |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) 2018 Quarters (In thousands, except earnings per share) 1st 2nd 3rd 4th Year Continuing Operations: Net sales $ 325,894 $ 339,331 $ 331,096 $ 361,783 $ 1,358,104 Gross profit 147,339 153,836 148,302 162,386 611,863 Net income attributable to MSA Safety Incorporated 32,371 33,179 33,717 24,883 124,150 Earnings per share (1) Basic 0.85 0.86 0.88 0.65 3.23 Diluted 0.83 0.85 0.86 0.64 3.18 2017 Quarters (In thousands, except earnings per share) 1st 2nd 3rd 4th Year Continuing Operations: Net sales $ 265,765 $ 288,775 $ 296,129 $ 346,140 $ 1,196,809 Gross profit 119,722 132,963 132,203 154,002 538,891 Net income attributable to MSA Safety Incorporated 14,413 12,532 32,066 (32,984 ) 26,027 Earnings per share (1) Basic 0.38 0.33 0.84 (0.87 ) 0.68 Diluted 0.37 0.32 0.83 (0.87 ) 0.67 (1) 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, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | 2018 2017 2016 (In thousands) Allowance for doubtful accounts: Balance at beginning of year $ 5,540 $ 5,610 $ 8,189 Additions— Charged to costs and expenses (2) 375 1,649 1,471 Deductions— Deductions from reserves, net (1)(2) 546 1,719 4,050 Balance at end of year 5,369 5,540 5,610 Income tax valuation allowance: Balance at beginning of year $ 4,559 $ 5,303 $ 5,153 Additions— Charged to costs and expenses (3) 859 906 3,095 Deductions— Deductions from reserves (3) 379 1,650 2,945 Balance at end of year $ 5,039 $ 4,559 $ 5,303 (1) Bad debts written off, net of recoveries. (2) Activity for 2018 , 2017 and 2016 includes currency translation (losses) gains of $(291) , $285 and $(203) , respectively. (3) Activity for 2018 , 2017 and 2016 includes currency translation (losses) gains of $(367) , $248 and $113 , respectively. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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. |
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. Other highly liquid investments consist of $11.4 million in money market funds that are valued at net asset value (“NAV”). The money market funds are required to price and transact at a NAV per share that fluctuates based upon the pricing of the underlying portfolio of securities and this requirement may impact the value of those fund shares. |
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 $0.5 million and $3.6 million at December 31, 2018 and 2017 , respectively. These balances were used to support letter of credit balances. |
Inventories | Inventories— Inventories are stated at the lower of cost or net realizable value. The majority of U.S. inventories are valued on the last-in, first-out (LIFO) cost method which is used since this method provides better matching of costs and revenues. Other inventories are valued at actual costs, at standard costs which approximate actual costs or in very rare occasions, on the average cost method. It is the Company's general policy to write-down any inventory identified as obsolete. Additionally, it will write-down any inventory balance in excess of the last twenty-four months of consumption. |
Investment | Investment securities — The Company’s investment securities, primarily fixed income, are classified as available for sale. The securities are recorded at fair market value and reported in “Investments, short-term” in the accompanying Consolidated Balance Sheet with changes in fair market value recorded in other comprehensive income, net of tax. The purchases and sales of these investments are classified as investing activities in the Consolidated Statement of Cash Flows. |
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, 2018 , 2017 and 2016 was $26.9 million , $28.0 million and $27.0 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. |
Internal Use Software | Software Development Costs— Software development costs consist primarily of costs incurred in software development and related personnel compensation to create, enhance and deploy the Company’s broad range of wireless technology and cloud-based computing safety services. Software development costs, other than software development costs qualifying for capitalization, are expensed as incurred. Costs of computer software developed or obtained for internal use that are incurred in the preliminary project and post implementation stages are expensed as incurred. Certain costs incurred during the application and development stage, which primarily include compensation and related expenses, are capitalized. Additionally, costs of upgrades and enhancements are capitalized when it is probable that the upgrades and enhancements will result in added functionality. The estimated useful life of costs capitalized is three years. Capitalized costs are amortized using the straight-line method over the estimated useful life, beginning in the period in which the software is ready for its intended use or when the upgrade or enhancement is deployed. During 2018, there was approximately $1.6 million of software development costs capitalized. During 2017, there was no software development costs capitalized. |
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 on October 1st or whenever circumstances change such that the recorded value of the asset may not be recoverable. We performed a quantitative assessment of the indefinite lived trade name intangible asset as outlined in ASC 350 by comparing the estimated fair value of the trade name intangible asset to their carrying value. We estimate the fair value using the relief from royalty income approach. A number of significant assumptions and estimates are involved in the application of the relief from royalty model, including sales volumes and prices, royalty rates and tax rates. Forecasts are based on sales generated by the underlying trade name assets and are generally based on approved business unit operating plans for the early years and historical relationships in later years. Based on this assessment, there was no indication of impairment for 2018 . Goodwill is not amortized, but is subject to impairment assessments. On October 1st of each year, or more frequently if indicators of impairment exist or if a decision is made to sell a business, we evaluate goodwill and indefinite lived intangible assets 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 2018 , we elected to bypass the qualitative evaluation for all of our reporting units, and performed a two-step quantitative test at October 1, 2018 . 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 reporting 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 materially and adversely affect reported consolidated results of operations and shareholders’ equity. There has been no impairment of our goodwill as of December 31, 2018 , 2017 or 2016 . |
Revenue Recognition | Revenue Recognition— We generate revenue primarily from manufacturing and selling a comprehensive line of safety products to protect the health and safety of workers and facility infrastructures around the world in the oil, gas and petrochemical, fire service, construction, utilities and mining industries. Our core safety products include fixed gas and flame detection instruments, breathing apparatus where SCBA is the principal product, portable gas detection instruments, industrial head protection products, firefighter helmets & protective apparel and fall protection devices. Our customers generally fall into two categories: distributors and industrial or military end-users. In our Americas segment, approximately 75% to 85% of our sales are made through distributors. In our International segment, approximately 55% to 65% of our sales are made through distributors. The underlying principles of revenue recognition are identical for both categories of customers and revenue is generally recognized at a point in time as described below. We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers , which we adopted on January 1, 2018, using the modified retrospective method. Revenue from the sale of products is recognized when there is persuasive evidence of an arrangement and control passes 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. Our payment terms vary by the type and location of our customer and the products offered. The term between invoicing and when payment is due is not significant. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Amounts billed and due from our customers are classified as receivables on the consolidated balance sheet. We make appropriate provisions for uncollectible accounts receivable which have historically been insignificant in relation to our net sales. Certain contracts with customers, primarily distributor customers, have an element of variable consideration that is estimated when revenue is recognized under the contract to the extent that it is material to the individual contract. Variable consideration includes volume incentive rebates, performance guarantees, price concessions and returns. Rebates are based on achieving a certain level of purchases and other performance criteria that are documented in established distributor programs. These rebates are estimated based on projected sales to the customer and accrued as a reduction of net sales as they are earned by the customer. The rebate accrual is reviewed monthly and adjustments are made as the estimate of projected sales changes. Product returns, including an adjustment for restocking fees if it is material, are estimated based on historical return experience and revenue is adjusted. Sales, value add and other taxes collected with revenue-producing activities and remitted to governmental authorities are excluded from revenue. Refer to Note 7—Segment Information for disaggregation of revenue by segment and product group, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Depending on the terms of the arrangement, we may defer revenue for which we have a future obligation, including training and extended warranty and technical services, until such time that the obligation has been satisfied. We use an observable price, or a cost plus margin approach when one is not available, to determine the stand-alone selling price for separate performance obligations. We have elected to recognize the cost for shipping and handling as an expense when control of the product has passed to the customer. These costs are included within the Cost of Products Sold line on the Consolidated Statement of Income. Amounts billed to customers for shipping and handling are included in net sales. We typically receive interim milestone payments under certain contracts, including our fixed gas and flame detection projects, as work progresses. For some of these contracts, we may be entitled to receive an advance payment. Revenue for these contracts is generally recognized as control passes to the customer, which is a point in time upon shipment of the product, and if applicable, acceptance by the customer. We recognize a liability for these advance payments in excess of revenue recognized and present it as contract liabilities on the Consolidated Balance Sheet. The advance payment is typically not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect us from the other party failing to adequately complete some or all of its obligations under the contract. In some cases, the customer retains a small portion of the contract price, typically 10%, until completion of the contract, which we present as contract assets on the Consolidated Balance Sheet. Accordingly, during the period of contract performance, billings and costs are accumulated on the Consolidated Balance Sheet as contract assets or contract liabilities, but no income is recognized until completion of the project and control has passed to the customer. |
Shipping and Handling | |
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 | . |
Income Taxes | Income Taxes— Deferred income taxes are recognized 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. |
Stock-Based Compensation | Stock-Based Compensation— 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 statement of income as currency exchange losses, net in the current period. |
Commitments and Contingencies | Commitments and Contingencies— For asserted claims and assessments, liabilities are recorded when a loss is deemed to be probable and the amount of the loss is reasonably estimable. Management assesses the probability of an unfavorable outcome with respect to asserted claims or assessments 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 assessed to be probable, management evaluates estimates of the potential loss, and the most reasonable loss estimate is recorded (or, if the estimate of the loss is a range, and no amount within the range is considered to be a better estimate than any other amount, the minimum amount in the range is recorded). If a loss is deemed to be reasonably possible but less than probable and/or such loss cannot be reasonably estimated, then the matter is disclosed and no liability is recorded. With respect to unasserted claims or assessments, management first determines whether it is probable that a claim or assessment may be asserted and then, if so, the degree of probability of an unfavorable outcome. If an unfavorable outcome is probable, management assesses whether the amount of potential loss can be reasonably estimated and, if so, accrues the most reasonable estimate of the loss (or, if the estimate of the loss is a range, and not amount within the range is considered to be a better estimate than any other amount, the minimum amount in the range is recorded). If an unfavorable outcome is reasonably possible but less than probable, or the amount of loss cannot be reasonably estimated, then the matter is disclosed and no liability is recorded. Legal matters are reviewed on a continuous basis to determine if there has been a change in management’s judgment regarding the likelihood and/or estimate of a potential loss. Please refer to Note 19 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. |
Concentration of Credit and Business Risks | Concentration of credit and business risks - We are exposed to credit risk in the event of nonpayment by customers, principally in the oil, gas and petrochemical, fire service, construction, utilities, 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 | Reclassifications - Certain reclassifications of prior years' data have been made to conform to the current year presentation. These reclassifications relate to |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted and Recently Issued Accounting Standards— 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. We adopted ASU 2014-09 using the modified retrospective method as of January 1, 2018. The majority of our revenue transactions consist of a single performance obligation to transfer promised goods or services. The adoption of this new standard did not impact the Company's consolidated statement of income or balance sheet and there was no cumulative effect of initially applying the standard to the opening balance of retained earnings. See Revenue Recognition section above for further information on our updated revenue recognition policy. 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 January 1, 2019. The Company has developed a transition plan and continues to evaluate the impact that the adoption of ASU 2016-02 will have on the consolidated financial statements. During 2017, we conducted a survey to identify all leases across the organization and are currently working to obtain all lease contracts to accumulate the necessary information for adoption. We identified that a majority of our leases fall into one of three categories: office equipment, real estate and vehicles. We also identified that most office equipment and vehicle leases utilize standard master leasing contracts that have similar terms. During 2018, we selected a service provider to help us inventory and account for our leases and gathered the majority of the data necessary to prepare the transition accounting. We are finalizing the data upload to the system and accumulating information for leases entered into at the end of 2018. We estimate that total assets and total liabilities will increase within the range of $52 million and $58 million on January 1, 2019 when the ASU is adopted. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases . ASU 2018-10 includes certain clarifications to address potential narrow-scope implementation issues which the Company is incorporating into its assessment and adoption of ASU 2016-02. Additionally, in July 2018, the FASB issued ASU 2018-11, Targeted Improvements to Topic 842, Leases . ASU 2018-11 which provides an additional transition method to adopt ASU 2016-02 identified as comparative reporting at adoption. We expect to use this new transition approach and the comparative periods presented in our consolidated financial statements will continue to be reported in accordance with ASC 840, Leases . We anticipate that we will elect the package of practical expedients allowed in the standard, which among other things, allows us to carry forward our historical lease classification. All of our leases have historically been classified as operating leases. We also anticipate that we will make an accounting policy election to use the practical expedient allowed in the standard to not separate lease and non-lease components for new leases entered into after January 1, 2019 when calculating the lease liability under ASU 2016-02. 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 was adopted on January 1, 2017. The provisions of this ASU which impacted us included a requirement that all excess tax benefits and deficiencies that pertain to share-based payment arrangements be recognized as a component of income tax expense rather than as a component of shareholders’ equity. The Company expects this to create volatility in its effective tax rate on a go-forward basis as the impact is treated as a discrete item within our quarterly tax provision. The extent of excess tax benefits/deficiencies is subject to variation in our stock price and timing/extent of stock-based compensation share vestings and employee stock option exercises. This ASU also removes the impact of the excess tax benefits and deficiencies from the calculation of diluted earnings per share and no longer requires a presentation of excess tax benefits and deficiencies related to the vesting and exercise of share-based compensation as both an operating outflow and financing inflow on the statement of cash flows. We have applied all of these changes on a prospective basis and therefore, prior years were not adjusted. Additionally, this ASU allows for an accounting policy election to estimate the number of awards that are expected to vest or account for forfeitures when they occur. We elected to maintain our current forfeitures policy and will continue to include an estimate of those forfeitures when recognizing stock-based compensation expense. This ASU also requires cash payments to tax authorities when an employer uses a net-settlement feature to withhold shares to meet statutory tax withholding provisions to be presented as a financing activity (eliminating previous diversity in practice). Adoption of this ASU resulted in an additional discrete tax benefit of approximately $2.5 million and $8.3 million during years ended December 31, 2018 and 2017 , respectively. 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. Based on a review of its portfolio of financial instruments, the Company does not believe the adoption of this ASU will have a material impact on the consolidated financial statements, but does expect the adoption to result in additional disclosures. 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. The Company's adoption of this ASU on January 1, 2018 did not have a material impact on our presentation of the consolidated statement of cash flows. 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 was early adopted on January 1, 2017 using the modified retrospective approach which resulted in a $6.2 million cumulative-effective adjustment directly to retained earnings for any previously deferred income tax effects during the year ended December 31, 2017. 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. We adopted this ASU on January 1, 2018 using the retrospective method. The adoption of ASU 2016-18 had an impact on our financial statement presentation within the Consolidated Statement of Cash Flows, as amounts generally described as restricted cash and restricted cash equivalents are now 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 and transfers of these amounts between balance sheet line items are no longer presented as an operating, investing or financing cash flow. For the years ended December 31, 2017 and 2016 , cash flow from financing activities increased by $2.5 million and cash flow used in financing activities increased by $1.5 million , respectively as a result of the adoption of this ASU. Furthermore, adoption of ASU 2016-18 resulted in additional disclosures. 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 was adopted beginning in 2018 and was 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 and early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017. The Company will adopt ASU 2017-04 effective January 1, 2019 and 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. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost , to improve the presentation of net periodic pension and net periodic post-retirement benefit cost. This ASU requires companies to present the service cost component of net periodic benefit cost in the same income statement line item as other compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. Additionally, this ASU requires that companies present the other components of the net periodic benefit cost separately from the line item that includes the service cost and outside of any subtotal of income from operations, if one is presented. This ASU is effective for annual periods beginning after December 15, 2017, and early adoption is permitted. The amendments in this ASU are to be applied retrospectively for presentation in the Consolidated Statement of Income and prospectively for the capitalization of the service cost component of net periodic pension cost and net periodic post-retirement benefit in assets. A practical expedient allows the Company to use the amount disclosed in its pension and other post-retirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. The Company adopted ASU 2017-07 on January 1, 2018, using the retrospective method and elected to use the practical expedient. The adoption of this ASU resulted in a $4.1 million , $3.8 million and $3.5 million decrease in operating income for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Company does not capitalize costs in assets so there is no impact from that provision of ASU 2017-07. In May 2017, the FASB issued ASU 2017-09, Stock Compensation - Scope of Modification Accounting , which amends the scope of modification accounting for share-based payment arrangements. This ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. This ASU is effective for periods beginning after December 31, 2017. The Company's adoption of ASU 2017-09 on January 1, 2018, did not have a material effect on our consolidated financial statements. In January 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which gives entities the option to reclassify to retained earnings the tax effects resulting from the new tax reform legislation commonly known as the Tax Cuts and Jobs Act ("the Act") related to items in AOCI that the FASB refers to as having been stranded in AOCI. The new guidance may be applied retrospectively to each period in which the effect of the Act is recognized in the period of adoption. The Company must adopt this guidance for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted for periods for which financial statements have not yet been issued or made available for issuance, including the period the Act was enacted. The guidance, when adopted, will require new disclosures regarding a company’s accounting policy for releasing the tax effects in AOCI and permit a company the option to reclassify to retained earnings the tax effects resulting from the Act that are stranded in AOCI. The Company will adopt ASU 2018-02 effective January 1, 2019 and this adoption will result in a reclassification between retained earnings and AOCI. The Company estimates that the impact from ASU 2018-02 will increase retained earnings by approximately $4.0 million , with an offsetting increase to accumulated other comprehensive loss for the same amount. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which improves fair value disclosure requirements by removing disclosures that are not cost beneficial, clarifying disclosures’ specific requirements and adding relevant disclosure requirements. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted and an entity can choose to early adopt any removed or modified disclosures upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. The Company is still evaluating the impact that the adoption of ASU 2018-13 will have on the consolidated financial statements and has not yet decided whether to early adopt the amendments. In August 2018, the FASB issued ASU 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which improves defined benefit disclosure requirements by removing disclosures that are not cost beneficial, clarifying disclosures’ specific requirements and adding relevant disclosure requirements. This ASU is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. The amendments in this ASU are required to be applied on a retrospective basis to all periods presented. The Company is still evaluating the impact that the adoption of ASU 2018-14 will have on the consolidated financial statements and has not yet decided whether to early adopt the amendments. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract , which will now allow all cloud computing arrangements classified as service contracts to capitalize certain implementation costs in accordance with ASC 350-40, Intangibles - Goodwill and Other - Internal-Use Software , depending on the project stage within which the costs were incurred. This ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal periods. Early adoption of the amendments in this ASU is permitted, including adoption in any interim period and the amendments can be applied either retrospectively or prospectively. The Company has adopted this ASU prospectively for all implementation costs incurred related to cloud computing arrangements and the implementation did not have a material impact on our consolidated financial statements. |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2016 $ 1.6 $ 5.4 $ 1.1 $ 8.1 Restructuring charges 1.8 5.3 0.2 7.3 Currency translation and other adjustments (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 Restructuring charges 13.0 4.9 — 17.9 Currency translation and other adjustments (0.2 ) (0.1 ) — (0.3 ) Cash payments / utilization (13.2 ) (4.0 ) (0.3 ) (17.5 ) Reserve balances at December 31, 2017 $ 0.5 $ 3.6 $ — $ 4.1 Restructuring charges 2.3 5.6 5.3 13.2 Currency translation and other adjustments (0.3 ) (0.3 ) — (0.6 ) Cash payments (2.0 ) (4.9 ) (5.3 ) (12.2 ) Reserve balances at December 31, 2018 $ 0.5 $ 4.0 $ — $ 4.5 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The following table sets forth the components of inventory: December 31, (In thousands) 2018 2017 Finished products $ 65,965 $ 66,064 Work in process 6,169 10,141 Raw materials and supplies 124,554 117,388 Inventories at current cost 196,688 193,593 Less: LIFO valuation (40,086 ) (39,854 ) Total inventories $ 156,602 $ 153,739 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Land $ 3,188 $ 3,312 Buildings 117,910 119,970 Machinery and equipment 386,690 379,747 Construction in progress 24,044 12,036 Total 531,832 515,065 Less accumulated depreciation (373,892 ) (358,051 ) Property, plant, and equipment, net $ 157,940 $ 157,014 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | MSA Safety Incorporated Noncontrolling Interests (In thousands) 2018 2017 2016 2018 2017 2016 Pension and other post-retirement benefits Balance at beginning of period $ (97,948 ) $ (118,068 ) $ (119,389 ) $ — $ — $ — Unrecognized net actuarial (losses) gains (37,977 ) 17,659 (12,473 ) — — — Unrecognized prior service credit — — 1,092 — — — Tax benefit (expense) 9,936 (6,124 ) 5,033 — — — Total other comprehensive (loss) income before reclassifications, net of tax (28,041 ) 11,535 (6,348 ) — — — Amounts reclassified from accumulated other comprehensive loss: Amortization of prior service credit (a) (424 ) (176 ) (427 ) — — — Recognized net actuarial losses (a) 14,507 13,054 11,989 — — — Tax benefit (3,611 ) (4,293 ) (3,893 ) — — — Total amount reclassified from accumulated other comprehensive loss, net of tax 10,472 8,585 7,669 — — — Total other comprehensive (loss) income (17,569 ) 20,120 1,321 Balance at end of period $ (115,517 ) $ (97,948 ) $ (118,068 ) $ — $ — $ — Available-for-sale securities Balance at beginning of period $ — $ — $ — $ — $ — $ — Unrealized losses on available-for-sale securities (Note 18) (572 ) — — — — — Balance at end of period $ (572 ) — — — — — Foreign currency translation Balance at beginning of period $ (73,814 ) $ (112,178 ) $ (88,810 ) $ 801 $ (1,964 ) $ (3,616 ) Reclassification into net income 774 (b) — 2,500 (c) — — 770 (d) Foreign currency translation adjustments (29,798 ) 38,364 (25,868 ) (305 ) 2,765 882 Balance at end of period $ (102,838 ) $ (73,814 ) $ (112,178 ) $ 496 $ 801 $ (1,964 ) |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Capital Stock Additional Information [Abstract] | |
Schedule Of Common Stock Activity | Common stock activity is summarized as follows: Shares Dollars (Dollars in thousands) Issued Treasury Common Stock Treasury Cost Balances January 1, 2016 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 — 341,063 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 — (44,588 ) — (1,881 ) Balances December 31, 2016 62,081,391 (24,344,813 ) $ 172,681 $ (287,501 ) Restricted stock awards — 34,798 (422 ) 422 Restricted stock expense — — 4,746 — Restricted stock forfeitures — (690 ) (49 ) (6 ) Stock options exercised — 620,646 10,901 7,564 Stock option expense — 380 — Performance stock issued — 72,504 (866 ) 866 Performance stock expense — — 6,687 — Employee stock purchase plan — 7,127 445 87 Treasury shares purchased for stock compensation programs — (79,094 ) — (5,732 ) Stock Repurchase program — (168,941 ) — (11,781 ) Acquisition of noncontrolling interest — — 450 — Balances December 31, 2017 62,081,391 (23,858,463 ) $ 194,953 $ (296,081 ) Restricted stock awards — 92,401 (1,079 ) 1,079 Restricted stock expense — — 6,504 — Restricted stock forfeitures — — (283 ) — Stock options exercised — 215,724 5,738 2,835 Stock option expense — — 272 — Stock option forfeitures — — (55 ) — Performance stock issued — 41,660 (523 ) 523 Performance stock expense — — 6,186 — Performance stock forfeitures — — (385 ) — Employee stock purchase plan — 7,725 478 78 Treasury shares purchased for stock compensation programs — (53,915 ) — (4,824 ) Balances December 31, 2018 62,081,391 (23,554,868 ) $ 211,806 $ (296,390 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 Sales to external customers $ 854,287 $ 503,817 $ — $ — $ 1,358,104 Intercompany sales 136,534 336,361 — (472,895 ) — Operating income 173,479 Restructuring and other charges (Note 2) 13,247 Currency exchange losses, net 2,330 Other operating expense (Note 19) 45,327 Strategic transaction costs (Note 13) 421 Adjusted operating income (loss) 206,839 59,866 (31,901 ) — 234,804 Adjusted operating margin % 24.2 % 11.9 % Noncash items: Depreciation and amortization 24,143 13,303 406 — 37,852 Pension (income) expense (1,201 ) 7,102 — — 5,901 Total Assets 1,077,938 522,042 10,842 (2,810 ) 1,608,012 Capital expenditures 25,001 8,959 — — 33,960 2017 Sales to external customers $ 736,847 $ 459,962 $ — $ — $ 1,196,809 Intercompany sales 124,886 304,376 — (429,262 ) — Operating income 39,577 Restructuring and other charges (Note 2) 17,632 Currency exchange losses, net 5,127 Other operating expense (Note 19) 126,432 Strategic transaction costs (Note 13) 4,225 Adjusted operating income (loss) 175,589 50,391 (32,987 ) — 192,993 Adjusted operating margin % 23.8 % 11.0 % Noncash items: Depreciation and amortization 23,207 14,265 405 — 37,877 Pension (income) expense 246 6,896 — — 7,142 Total Assets 1,110,698 563,480 12,099 (1,451 ) 1,684,826 Capital expenditures 16,910 6,815 — — 23,725 2016 Sales to external customers $ 678,433 $ 471,097 $ — $ — $ 1,149,530 Intercompany sales 113,273 275,640 — (388,913 ) — Operating income 160,702 Restructuring and other charges (Note 2) 5,694 Currency exchange losses, net 766 Other operating expense (Note 19) — Strategic transaction costs (Note 13) 2,531 Adjusted operating income (loss) 154,298 51,490 (36,095 ) — 169,693 Adjusted operating margin % 22.7 % 10.9 % Noncash items: Depreciation and amortization 21,046 13,821 406 — 35,273 Pension (income) expense (544 ) 6,876 — — 6,332 Total Assets 836,243 505,278 10,903 1,496 1,353,920 Capital expenditures 16,306 9,217 — — 25,523 |
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) 2018 2017 2016 United States $ 734,033 $ 622,276 $ 580,724 Other 624,071 574,533 568,806 Total $ 1,358,104 $ 1,196,809 $ 1,149,530 |
Schedule Of Geographic Information On Net Property, Based On Country Of Origin | Geographic information on long-lived assets, based on country of origin: (In thousands) 2018 2017 2016 United States $ 92,511 $ 91,730 $ 84,674 Other 65,429 65,284 64,004 Total $ 157,940 $ 157,014 $ 148,678 |
Revenue from External Customers by Products and Services | otal sales by product group was as follows: 2018 Consolidated Americas International (In thousands) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 324,672 24% $ 205,100 24% $ 119,572 24% Fixed Gas & Flame Detection 262,432 19% 135,922 16% 126,510 25% Firefighter Helmets & Protective Apparel 169,679 13% 136,794 16% 32,885 6% Portable Gas Detection 163,716 12% 109,401 13% 54,315 11% Industrial Head Protection 146,388 11% 114,465 13% 31,923 6% Fall Protection 109,472 8% 61,289 7% 48,183 10% Other 181,745 13% 91,316 11% 90,429 18% Total $ 1,358,104 100% $ 854,287 100% $ 503,817 100% 2017 Consolidated Americas International (In thousands) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 292,448 24% $ 191,457 26% $ 100,991 22% Fixed Gas & Flame Detection 248,047 21% 123,414 17% 124,633 27% Firefighter Helmets & Protective Apparel 103,441 9% 69,767 9% 33,674 7% Portable Gas Detection 149,063 12% 98,580 13% 50,483 11% Industrial Head Protection 133,180 11% 105,514 14% 27,666 6% Fall Protection 98,929 8% 54,468 7% 44,461 10% Other 171,701 15% 93,647 14% 78,054 17% Total $ 1,196,809 100% $ 736,847 100% $ 459,962 100% 2016 Consolidated Americas International (In thousands) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 303,364 26% $ 199,252 29% $ 104,112 22% Fixed Gas & Flame Detection 239,601 21% 125,697 19% 113,904 24% Firefighter Helmets & Protective Apparel 52,577 5% 21,880 3% 30,697 6% Portable Gas Detection 142,784 12% 91,200 13% 51,584 11% Industrial Head Protection 118,197 10% 94,750 14% 23,447 5% Fall Protection 97,021 8% 44,571 7% 52,450 11% Other 195,986 18% 101,083 15% 94,903 21% Total $ 1,149,530 100% $ 678,433 100% $ 471,097 100% |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share | (In thousands, except per share amounts) 2018 2017 2016 Net income attributable to continuing operations $ 124,150 $ 26,027 $ 92,691 Preferred stock dividends (42 ) (42 ) (42 ) Income from continuing operations available to common equity 124,108 25,985 92,649 Dividends and undistributed earnings allocated to participating securities (117 ) (62 ) (144 ) Income from continuing operations available to common shareholders 123,991 25,923 92,505 Net loss attributable to discontinued operations $ — $ — $ (755 ) Preferred stock dividends — — — Loss from discontinued operations available to common equity — — (755 ) Dividends and undistributed earnings allocated to participating securities — — 1 Loss from discontinued operations available to common shareholders — — (754 ) Basic weighted-average shares outstanding 38,362 37,997 37,456 Stock options and other stock compensation 599 700 530 Diluted weighted-average shares outstanding 38,961 38,697 37,986 Antidilutive stock options — — — Earnings per share attributable to continuing operations: Basic $ 3.23 $ 0.68 $ 2.47 Diluted $ 3.18 $ 0.67 $ 2.44 Loss per share attributable to discontinued operations: Basic $ — $ — $ (0.02 ) Diluted $ — $ — $ (0.02 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components Of Income Before Income Taxes | (In thousands) 2018 2017 2016 Components of income (loss) before income taxes* U.S. income (loss) $ 85,234 $ (20,555 ) $ 100,382 Non-U.S. income 77,101 50,330 51,529 Income before income taxes 162,335 29,775 151,911 Provision for income taxes* Current Federal $ 13,574 $ 22,272 $ 19,968 State 4,265 813 2,231 Non-U.S. 23,446 11,054 21,188 Total current provision 41,285 34,139 43,387 Deferred Federal $ 291 $ (26,931 ) $ 11,580 State (1,604 ) (3,630 ) 1,977 Non-U.S. (2,752 ) (759 ) 860 Total deferred (benefit) provision (4,065 ) (31,320 ) 14,417 Provision for income taxes $ 37,220 $ 2,819 $ 57,804 *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: 2018 2017 2016 U.S. federal income tax rate 21.0 % 35.0 % 35.0 % U.S. tax reform 1.6 % 66.6 % — % State income taxes—U.S. 1.3 % (6.2 )% 1.8 % Taxes on non-U.S. income - U.S., Canadian & European reorganization 1.1 % (8.4 )% 4.3 % Valuation allowances 0.5 % (3.3 )% 1.5 % Taxes on non-U.S. income 0.4 % (24.6 )% (2.5 )% Employee share-based payments (1.6 )% (28.0 )% — % Manufacturing deduction credit (1.0 )% (15.3 )% (1.3 )% Research and development credit (0.9 )% (4.7 )% (0.6 )% Other 0.5 % (1.6 )% (0.1 )% Effective income tax rate 22.9 % 9.5 % 38.1 % |
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities: December 31, (In thousands) 2018 2017 Deferred tax assets Product liability $ 31,169 $ 28,481 Capitalized research and development 10,938 2,442 Employee benefits 9,641 6,401 Net operating losses and tax credit carryforwards 7,845 10,013 Share-based compensation 5,561 6,444 Accrued expenses and other reserves 4,385 4,237 Other 4,056 2,691 Total deferred tax assets 73,595 60,709 Valuation allowances (5,039 ) (4,559 ) Net deferred tax assets 68,556 56,150 Deferred tax liabilities Goodwill and intangibles (31,290 ) (30,368 ) Property, plant and equipment (9,555 ) (8,056 ) Other (2,353 ) (1,242 ) Total deferred tax liabilities (43,198 ) (39,666 ) Net deferred taxes $ 25,358 $ 16,484 |
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, 2018 and 2017 is as follows: (In thousands) 2018 2017 Beginning balance $ 15,055 $ 14,393 Adjustments for tax positions related to the current year 1,869 1,921 Adjustments for tax positions related to prior years (32 ) (766 ) Statute expiration (737 ) (493 ) Ending balance $ 16,155 $ 15,055 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule Of Stock-Based Compensation Expense | Stock-based compensation expense was as follows: (In thousands) 2018 2017 2016 Restricted stock $ 6,221 $ 4,691 $ 3,456 Stock options 217 380 2,459 Performance stock 5,801 6,687 3,296 Total compensation expense before income taxes 12,239 11,758 9,211 Income tax benefit 2,974 4,440 3,375 Total compensation expense, net of income tax benefit $ 9,265 $ 7,318 $ 5,836 |
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 . There were no stock options granted in 2018 and 2017 . 2016 Fair value per option $ 11.69 Risk-free interest rate 1.6 % Expected dividend yield 2.8 % Expected volatility 34 % Expected life (years) 7.0 |
Summary Of Option Activity | A summary of option activity follows: Shares Weighted Average Exercise Price Exercisable at Year-end Outstanding January 1, 2016 1,694,675 $ 36.69 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 Exercised (620,646 ) 29.75 Outstanding December 31, 2017 955,446 42.75 614,414 Exercised (215,724 ) 39.25 Forfeited (4,721 ) 44.50 Outstanding December 31, 2018 735,001 $ 43.79 638,673 |
Characteristics of Outstanding and Exercisable Stock Options | For various exercise price ranges, characteristics of outstanding and exercisable stock options at December 31, 2018 were as follows: Stock Options Outstanding Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $17.83 – $33.00 39,485 $ 25.01 0.90 $33.01 – $45.00 359,713 40.39 4.32 $45.01 – $51.69 335,803 49.64 4.65 $17.83 – $51.69 735,001 $ 43.79 4.28 Stock Options Exercisable Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $17.83 – $33.00 39,485 $ 25.01 0.90 $33.01 – $45.00 263,385 38.89 3.27 $45.01 – $51.69 335,803 49.64 4.65 $17.83 – $51.69 638,673 $ 43.68 3.85 |
Summary of Restricted Stock and Unit Activity | A summary of restricted stock and unit activity follows: Shares Weighted Average Grant Date Fair Value Unvested January 1, 2016 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 Granted 72,878 75.27 Vested (76,834 ) 52.74 Forfeited (3,475 ) 50.46 Unvested at December 31, 2017 227,161 57.50 Granted 75,430 87.36 Vested (92,401 ) 58.10 Forfeited (4,741 ) 59.61 Unvested at December 31, 2018 205,449 $ 68.97 |
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, 2016 171,644 $ 50.24 Granted 65,355 44.28 Vested (31,093 ) 58.54 Performance adjustments (15,682 ) 58.54 Forfeited (3,603 ) 44.47 Unvested at December 31, 2016 186,621 46.18 Granted 98,886 72.73 Vested (72,504 ) 57.19 Performance adjustments 29,183 57.27 Forfeited — — Unvested at December 31, 2017 242,186 55.06 Granted 62,775 84.79 Vested (41,660 ) 40.23 Performance adjustments (35,756 ) 45.21 Forfeited (8,659 ) 44.53 Unvested at December 31, 2018 218,886 $ 68.43 |
Short and Long-Term Debt (Table
Short and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Outstanding Debt | December 31, (In thousands) 2018 2017 2006 Senior Notes payable through 2021, 5.41%, net of debt issuance costs $ — $ 26,667 2010 Senior Notes payable through 2021, 4.00%, net of debt issuance costs 60,000 80,000 2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs 69,604 74,139 Senior revolving credit facility maturing in 2023, net of debt issuance costs 231,707 293,693 Total 361,311 474,499 Amounts due within one year 20,000 26,667 Long-term debt $ 341,311 $ 447,832 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In Goodwill | Changes in goodwill during the years ended December 31, 2018 and 2017 were as follows: (In thousands) 2018 2017 Net balance at January 1 $ 422,185 $ 333,276 Additions (Note 13) — 74,453 Disposals (525 ) — Currency translation (8,020 ) 14,456 Net balance at December 31 $ 413,640 $ 422,185 |
Changes In Intangible Assets, Net Of Accumulated Amortization | Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2018 and 2017 were as follows: (In thousands) 2018 2017 Net balance at January 1 $ 183,088 $ 77,015 Additions (Note 13) — 110,680 Amortization expense (10,509 ) (9,434 ) Currency translation (3,064 ) 4,827 Net balance at December 31 $ 169,515 $ 183,088 (In millions) December 31, 2018 December 31, 2017 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 $ 46.7 $ (10.6 ) $ 36.1 $ 49.6 $ (7.6 ) $ 42.0 Distribution agreements 20 66.1 (14.1 ) 52.0 66.3 (10.9 ) 55.4 Technology related assets 8 28.3 (15.5 ) 12.8 28.7 (13.0 ) 15.7 Patents, trademarks and copyrights 12 18.7 (10.4 ) 8.3 19.2 (9.7 ) 9.5 License agreements 5 5.3 (5.3 ) — 5.3 (5.3 ) — Other 2 2.9 (2.6 ) 0.3 2.9 (2.5 ) 0.4 Total 15 $ 168.0 $ (58.5 ) $ 109.5 $ 172.0 $ (49.0 ) $ 123.0 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisition [Line Items] | |
Pro Forma Financial Information (Unaudited) | (In millions, except per share amounts) 2017 2016 Net sales $ 1,261 $ 1,263 Income from continuing operations 35 105 Basic earnings per share from continuing operations 0.93 2.81 Diluted earnings per share from continuing operations 0.92 2.78 |
Globe Holding Company LLC | |
Business Acquisition [Line Items] | |
Schedule of Preliminary Fair Values of the Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the Globe assets acquired and liabilities assumed at the date of acquisition: (In millions) July 31, 2017 Current assets (including cash of $58 thousand) $ 28.6 Property, plant and equipment 8.3 Trade name 60.0 Distributor relationships 40.2 Acquired technology and other intangible assets 10.5 Goodwill 74.5 Total assets acquired 222.1 Total liabilities assumed 5.7 Net assets acquired $ 216.4 |
Senscient, Incorporated | |
Business Acquisition [Line Items] | |
Schedule of Preliminary Fair Values of the Assets Acquired and Liabilities Assumed | The following table summarizes the 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 |
Pensions and Other Post-retir_2
Pensions and Other Post-retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [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) 2018 2017 2018 2017 Change in Benefit Obligations Benefit obligations at January 1 $ 560,385 $ 503,997 $ 22,027 $ 23,680 Service cost 11,125 11,023 369 403 Interest cost 17,214 18,450 793 882 Participant contributions 97 100 302 264 Plan amendments — — — (1,694 ) Actuarial (gains) losses (29,181 ) 27,967 7,841 1,465 Benefits paid (23,724 ) (28,953 ) (2,855 ) (2,973 ) Curtailments (2,151 ) — — — Settlements (726 ) (573 ) — — Special termination benefits — 11,384 — — Currency translation (7,519 ) 16,990 — — Benefit obligations at December 31 525,520 560,385 28,477 22,027 Change in Plan Assets Fair value of plan assets at January 1 492,677 433,262 — — Actual return on plan assets (26,804 ) 81,192 — — Employer contributions 4,718 4,094 2,553 2,709 Participant contributions 97 100 302 264 Settlements (726 ) (573 ) — — Benefits paid (23,724 ) (28,953 ) (2,855 ) (2,973 ) Administrative Expenses Paid (704 ) (222 ) — — Currency translation (2,422 ) 3,777 — — Fair value of plan assets at December 31 443,112 492,677 — — Funded Status Funded status at December 31 (82,408 ) (67,708 ) (28,477 ) (22,027 ) Unrecognized transition losses 5 6 — — Unrecognized prior service credit (687 ) (764 ) (1,924 ) (2,328 ) Unrecognized net actuarial losses 178,640 162,032 12,096 5,007 Net amount recognized 95,550 93,566 (18,305 ) (19,348 ) Amounts Recognized in the Balance Sheet Noncurrent assets 57,568 83,060 — — Current liabilities (5,741 ) (5,126 ) (2,736 ) (1,584 ) Noncurrent liabilities (134,231 ) (145,642 ) (25,741 ) (20,443 ) Net amount recognized (82,404 ) (67,708 ) (28,477 ) (22,027 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial losses 178,640 162,032 12,096 5,007 Prior service credit (687 ) (764 ) (1,924 ) (2,328 ) Unrecognized net initial obligation 5 6 — — Total (before tax effects) 177,958 161,274 10,172 2,679 Accumulated Benefit Obligations for all Defined Benefit Plans 489,159 525,385 — — |
Components Of Net Periodic Benefit (Credit) Cost | Pension Benefits Other Benefits (In thousands) 2018 2017 2016 2018 2017 2016 Components of Net Periodic Benefit Cost Service cost $ 11,125 $ 11,023 $ 10,417 $ 369 $ 403 $ 426 Interest cost 17,214 18,450 18,752 793 882 946 Expected return on plan assets (36,352 ) (35,417 ) (34,751 ) — — — Amortization of transition amounts 1 2 2 — — — Amortization of prior service credit (21 ) (19 ) (14 ) (405 ) (307 ) (419 ) Recognized net actuarial losses 13,755 12,955 11,921 752 100 68 Settlement/curtailment loss (credit) 179 148 5 — (562 ) — Special termination charge — 11,384 (b) — — — — Net periodic benefit cost (a) $ 5,901 $ 18,526 $ 6,332 $ 1,509 $ 516 $ 1,021 |
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 2019 net periodic benefit costs: (In thousands) Pension Benefits Other Benefits Loss recognition $ 12,521 $ 981 Prior service credit recognition (19 ) (405 ) Transition obligation recognition 2 — |
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) 2018 2017 Aggregate accumulated benefit obligations (ABO) $ 159,545 $ 169,065 Aggregate projected benefit obligations (PBO) 168,819 182,159 Aggregate fair value of plan assets 28,876 31,471 |
Schedule Of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost | Pension Benefits Other Benefits 2018 2017 2018 2017 Assumptions used to determine benefit obligations Average discount rate 3.79 % 3.34 % 4.21 % 3.57 % Rate of compensation increase 3.00 % 3.00 % — — Assumptions used to determine net periodic benefit cost Average discount rate 3.34 % 3.67 % 3.57 % 4.05 % Expected return on plan assets 7.99 % 8.04 % — — Rate of compensation increase 3.00 % 2.99 % — — |
Schedule Of Expected Return On Assets For Net Periodic Pension Cost | Pension Plan Assets at December 31, 2018 2017 Equity securities 58 % 57 % Fixed income securities 25 26 Pooled investment funds 11 12 Insurance contracts 4 3 Cash and cash equivalents 2 2 Total 100 % 100 % |
Summary Of Pension Plan Assets Measured At Fair Value On A Recurring Basis By Fair Value Hierarchy | Fair Value (In thousands) Total NAV Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Equity securities $ 259,014 $ 62,027 $ 196,987 $ — $ — Fixed income securities 109,876 — 28,312 81,564 — Pooled investment funds 49,823 49,823 — — — Insurance contracts 17,033 — — — 17,033 Cash and cash equivalents 7,366 6,259 1,107 — — Total $ 443,112 $ 118,109 $ 226,406 $ 81,564 $ 17,033 The fair values of the Company's pension plan assets at December 31, 2017 , were as follows: Fair Value (In thousands) Total NAV Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Equity securities $ 278,606 $ 64,840 $ 213,766 $ — $ — Fixed income securities 127,128 — 40,778 86,350 — Pooled investment funds 60,014 60,014 — — — Insurance contracts 17,834 — — — 17,834 Cash and cash equivalents 9,095 7,974 1,121 — — Total $ 492,677 $ 132,828 $ 255,665 $ 86,350 $ 17,834 |
Schedule Of Reconciliation Of Level 3 Assets | The following table presents a reconciliation of Level 3 assets: (In thousands) Insurance Contracts Balance January 1, 2017 $ 14,948 Net realized and unrealized gains 2,741 Net purchases, issuances and settlements 145 Balance December 31, 2017 17,834 Net realized and unrealized losses (957 ) Net purchases, issuances and settlements 156 Balance December 31, 2018 $ 17,033 |
Other Income (Loss), Net (Table
Other Income (Loss), Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Loss), Net | (In thousands) 2018 2017 2016 Interest income $ 4,588 $ 3,596 $ 2,827 Components of net periodic benefit cost other than service cost (Note 14) 4,641 3,768 3,490 Gain (Loss) on asset dispositions, net 646 (557 ) 593 Other, net (644 ) (1,249 ) 710 Total other income, net $ 9,231 $ 5,558 $ 7,620 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 Consolidated Balance Sheet location and fair value of assets and liabilities associated with derivative financial instruments: December 31, (In thousands) 2018 2017 Derivatives not designated as hedging instruments: Foreign exchange contracts: other current liabilities $ 12 $ 314 Foreign exchange contracts: other current assets 488 840 |
Income Statement Location and Impact of Derivative Financial Instruments | The following table presents the Consolidated Statement of Income location and impact of derivative financial instruments: (In thousands) Income Statement Location Loss (Gain) Recognized in Income Year ended December 31, 2018 2017 Derivatives not designated as hedging instruments: Foreign exchange contracts Currency exchange losses, net $ 2,428 $ (5,124 ) |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Cumulative Trauma Product Liability Claims Activity | A summary of cumulative trauma product liability lawsuits and asserted cumulative trauma product liability claims activity is as follows: 2018 2017 2016 Open lawsuits, beginning of period 1,420 1,794 1,988 New lawsuits 369 398 379 Settled and dismissed lawsuits (308 ) (772 ) (573 ) Open lawsuits, end of period 1,481 1,420 1,794 2018 2017 2016 Asserted claims, beginning of period 2,242 3,023 3,779 New claims 479 455 843 Settled and dismissed claims (366 ) (1,236 ) (1,599 ) Asserted claims, end of period 2,355 2,242 3,023 |
Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses | A summary of Insurance receivable balances and activity related to cumulative trauma product liability losses is as follows: (In millions) 2018 2017 Balance beginning of period $ 134.7 $ 159.9 Additions 19.6 94.6 Collections, settlements converted to notes receivable and other adjustments (82.6 ) (119.8 ) Balance end of period $ 71.7 $ 134.7 |
Summary of Notes Receivable from Insurance Companies Activity During the Year [Table Text Block] | A summary of Notes receivable, insurance companies balances is as follows: December 31, (In millions) 2018 2017 Balance beginning of period $ 76.9 $ 67.3 Additions 1.7 35.1 Collections (19.0 ) (25.5 ) Balance end of period $ 59.6 $ 76.9 |
Schedule of Product Warranty Liability | The following table reconciles the changes in the Company's accrued warranty reserve: December 31, (In thousands) 2018 2017 2016 Beginning warranty reserve $ 14,753 $ 11,821 $ 10,296 Warranty payments (9,955 ) (10,905 ) (12,524 ) Warranty claims 10,585 12,471 11,574 Provision for product warranties and other adjustments (1,169 ) 1,366 2,475 Ending warranty reserve $ 14,214 $ 14,753 $ 11,821 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | Summarized financial information for discontinued operations is as follows: (In thousands) Year ended December 31, 2016 Discontinued Operations Net sales $ 5,261 Cost and expenses: Cost of products sold 4,819 Selling, general and administrative 937 Restructuring and other charges — Currency exchange losses, net 18 Other income, net 596 Income from discontinued operations before income taxes 83 Provision for income taxes 328 Loss from discontinued operations, net of tax $ (245 ) There was no discontinued operations activity for the years ended December 31, 2018 and 2017 . The following summary provides financial information for discontinued operations related to net income related to noncontrolling interests: Year ended December 31, (In thousands) 2018 2017 2016 Net income attributable to noncontrolling interests Income from continuing operations $ (965 ) $ (929 ) $ (1,416 ) Income from discontinued operations — — (510 ) Net income $ (965 ) $ (929 ) $ (1,926 ) |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | 2018 Quarters (In thousands, except earnings per share) 1st 2nd 3rd 4th Year Continuing Operations: Net sales $ 325,894 $ 339,331 $ 331,096 $ 361,783 $ 1,358,104 Gross profit 147,339 153,836 148,302 162,386 611,863 Net income attributable to MSA Safety Incorporated 32,371 33,179 33,717 24,883 124,150 Earnings per share (1) Basic 0.85 0.86 0.88 0.65 3.23 Diluted 0.83 0.85 0.86 0.64 3.18 2017 Quarters (In thousands, except earnings per share) 1st 2nd 3rd 4th Year Continuing Operations: Net sales $ 265,765 $ 288,775 $ 296,129 $ 346,140 $ 1,196,809 Gross profit 119,722 132,963 132,203 154,002 538,891 Net income attributable to MSA Safety Incorporated 14,413 12,532 32,066 (32,984 ) 26,027 Earnings per share (1) Basic 0.38 0.33 0.84 (0.87 ) 0.68 Diluted 0.37 0.32 0.83 (0.87 ) 0.67 (1) 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 Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2019 | |
Significant Accounting Policies [Line Items] | ||||
Money Market Funds, at Carrying Value | $ 11,400,000 | |||
Capitalized Computer Software, Gross | 1,600,000 | $ 0 | ||
Restricted Cash and Cash Equivalents | $ 500,000 | 3,600,000 | ||
Period for inventory write-down | 24 months | |||
Depreciation | $ 26,900,000 | 28,000,000 | $ 27,000,000 | |
Goodwill, Impairment Loss | 0 | 0 | 0 | |
Income tax benefit | $ 2,974,000 | 4,440,000 | 3,375,000 | |
Buildings | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Useful lives | 20 years | |||
Buildings | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Useful lives | 40 years | |||
Machinery and equipment | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Useful lives | 3 years | |||
Machinery and equipment | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Useful lives | 10 years | |||
Accounting Standards Update 2016-09 | ||||
Significant Accounting Policies [Line Items] | ||||
Income tax benefit | $ 2,500,000 | 8,300,000 | ||
Accounting Standards Update 2016-16 | ||||
Significant Accounting Policies [Line Items] | ||||
Cumulative effect of the adoption of ASU 2016-16 (Note 1) | 6,230,000 | |||
Accounting Standards Update 2016-18 | ||||
Significant Accounting Policies [Line Items] | ||||
Decrease in financing cash flows | 2,500,000 | 1,500,000 | ||
Accounting Standards Update 2017-07 | ||||
Significant Accounting Policies [Line Items] | ||||
Decrease in operating income | (4,100,000) | $ (3,800,000) | ||
Increase operating income | $ (3,500,000) | |||
Pro Forma | Accounting Standards Update 2016-02 | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Operating Lease, Liability | 52,000,000 | |||
Operating Lease, Right-of-Use Asset | 10,000,000 | |||
Pro Forma | Accounting Standards Update 2016-02 | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Operating Lease, Liability | 58,000,000 | |||
Operating Lease, Right-of-Use Asset | $ 20,000,000 | |||
Subsequent Event | Accounting Standards Update 2018-02 | ||||
Significant Accounting Policies [Line Items] | ||||
Increase in Retained Earnings | $ 4,000,000 | |||
Americas | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Sales Through Distributors | 75.00% | |||
Americas | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Sales Through Distributors | 85.00% | |||
International | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Sales Through Distributors | 55.00% | |||
International | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Sales Through Distributors | 65.00% |
Restructuring and Other Charg_3
Restructuring and Other Charges - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges (Note 2) | $ 13,247 | $ 17,632 | $ 5,694 |
Restructuring Reserve, Accrual Adjustment | (600) | (300) | (1,600) |
International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | (300) | (100) | (600) |
Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | (300) | (200) | (500) |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | $ 0 | $ 0 | $ (500) |
Staff Reductions | |||
Restructuring Cost and Reserve [Line Items] | |||
Reduction in headcount | 45 | 155 | 179 |
Staff Reductions | International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges (Note 2) | $ 5,600 | $ 4,900 | $ 5,300 |
Reduction in headcount | 34 | 65 | 75 |
Staff Reductions | Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges (Note 2) | $ 2,300 | $ 13,000 | $ 1,800 |
Reduction in headcount | 8 | 90 | 103 |
Staff Reductions | Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges (Note 2) | $ 5,300 | $ 200 | |
Reduction in headcount | 3 | ||
Voluntary Retirement Incentive Package [Member] | Special Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | $ 11,400 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 4.1 | $ 4 | $ 8.1 |
Restructuring charges | 13.2 | 17.9 | 7.3 |
Cash payments | (12.2) | (17.5) | (9.8) |
Currency translation and other adjustments | (0.6) | (0.3) | (1.6) |
Restructuring reserve, ending balance | 4.5 | 4.1 | 4 |
Americas | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0.5 | 0.9 | 1.6 |
Restructuring charges | 2.3 | 13 | 1.8 |
Cash payments | (2) | (13.2) | (2) |
Currency translation and other adjustments | (0.3) | (0.2) | (0.5) |
Restructuring reserve, ending balance | 0.5 | 0.5 | 0.9 |
International | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 3.6 | 2.8 | 5.4 |
Restructuring charges | 5.6 | 4.9 | 5.3 |
Cash payments | (4.9) | (4) | (7.3) |
Currency translation and other adjustments | (0.3) | (0.1) | (0.6) |
Restructuring reserve, ending balance | 4 | 3.6 | 2.8 |
Corporate | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 0.3 | 1.1 |
Restructuring charges | 5.3 | 0 | 0.2 |
Cash payments | (0.3) | (0.5) | |
Currency translation and other adjustments | 0 | 0 | (0.5) |
Payments for Restructuring and Restructuring Reserve, Settled without Cash | 5.3 | ||
Restructuring reserve, ending balance | $ 0 | $ 0 | $ 0.3 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 65,965 | $ 66,064 |
Work in process | 6,169 | 10,141 |
Raw materials and supplies | 124,554 | 117,388 |
Inventories at current cost | 196,688 | 193,593 |
Less: LIFO valuation | (40,086) | (39,854) |
Total inventories | $ 156,602 | $ 153,739 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2018 | |
Inventory [Line Items] | ||
Percentage of LIFO inventories on total inventories | 39.00% | |
Increase in income due to effect of liquidations | $ 0.2 | |
Cost of Sales | ||
Inventory [Line Items] | ||
Increase in income due to effect of liquidations | $ 0.3 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | |||
Total | $ 531,832 | $ 515,065 | |
Less accumulated depreciation | (373,892) | (358,051) | |
Property, plant, and equipment, net | 157,940 | 157,014 | $ 148,678 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total | 3,188 | 3,312 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Total | 117,910 | 119,970 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total | 386,690 | 379,747 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 24,044 | $ 12,036 |
Reclassifications Out of Accu_3
Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 602,578 | ||
Total amount reclassified from accumulated other comprehensive loss, net of tax | 774 | $ 0 | $ 3,270 |
Total other comprehensive (loss) income | (47,470) | 61,249 | (20,395) |
Balance at end of period | 639,519 | 602,578 | |
(Loss) income from discontinued operations | 0 | 0 | 245 |
Gain included in Currency exchange losses, net | (2,330) | (5,127) | (766) |
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 | (97,948) | (118,068) | (119,389) |
Tax benefit (expense) | 9,936 | (6,124) | 5,033 |
Total other comprehensive (loss) income before reclassifications, net of tax | (28,041) | 11,535 | (6,348) |
Tax benefit | (3,611) | (4,293) | (3,893) |
Total amount reclassified from accumulated other comprehensive loss, net of tax | 10,472 | 8,585 | 7,669 |
Total other comprehensive (loss) income | (17,569) | 20,120 | 1,321 |
Balance at end of period | (115,517) | (97,948) | (118,068) |
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) | (37,977) | 17,659 | (12,473) |
Amounts reclassified from accumulated other comprehensive loss | 14,507 | 13,054 | 11,989 |
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) | 0 | 0 | 1,092 |
Amounts reclassified from accumulated other comprehensive loss | (424) | (176) | (427) |
MSA Safety Incorporated - Net investment gain (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | 0 |
Total other comprehensive (loss) income | (572) | 0 | 0 |
Balance at end of period | (572) | 0 | 0 |
MSA Safety Incorporated - Foreign currency translation | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (73,814) | (112,178) | (88,810) |
Total amount reclassified from accumulated other comprehensive loss, net of tax | (774) | 0 | (2,500) |
Total other comprehensive (loss) income | (29,798) | 38,364 | (25,868) |
Balance at end of period | (102,838) | (73,814) | (112,178) |
(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 (expense) | 0 | 0 | 0 |
Total other comprehensive (loss) income before reclassifications, net of tax | 0 | 0 | 0 |
Tax benefit | 0 | 0 | 0 |
Total amount reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 |
Noncontrolling Interests - Net actuarial (losses) gains | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
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 - Net investment gain (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | 0 |
Total other comprehensive (loss) income | 0 | 0 | 0 |
Balance at end of period | 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 | 801 | (1,964) | (3,616) |
Total amount reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 | (770) |
Total other comprehensive (loss) income | (305) | 2,765 | 882 |
Balance at end of period | $ 496 | $ 801 | $ (1,964) |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Capital Unit [Line Items] | ||||
Preferred stock, par value (dollars per share) | $ 50 | $ 50 | ||
Cumulative preferred nonvoting stock (as a percent) | 4.50% | 4.50% | ||
Shares held in treasury (in shares) | 23,554,868 | 23,858,463 | ||
Preferred stock included in Treasury shares at cost line of the Consolidated Balance Sheet | $ 298,143 | $ 297,834 | ||
Common stock, shares authorized | 180,000,000 | 180,000,000 | ||
Common stock, par value (dollars per share) | $ 0 | $ 0 | ||
Common stock, shares issued (in shares) | 62,081,391 | 62,081,391 | ||
Common stock, shares outstanding | 38,526,523 | 38,222,928 | ||
Stock Issued During Period, Shares, Treasury Stock Reissued | 357,510 | 648,164 | ||
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 included in Treasury shares at cost line of the Consolidated Balance Sheet | $ 1,800 | |||
Treasury purchases (in shares) | 0 | 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] | ||||
Common stock, shares outstanding | 62,081,391 | 62,081,391 | 62,081,391 | 62,081,391 |
Treasury | ||||
Capital Unit [Line Items] | ||||
Common stock, shares outstanding | 23,554,868 | 23,858,463 | 24,344,813 | 24,708,917 |
Share Repurchase Program, May 2015 | Common Stock | ||||
Capital Unit [Line Items] | ||||
Treasury purchases (in shares) | 168,941 | |||
Stock repurchased program, authorized amount (up to) | $ 100,000 | |||
Share Repurchase Program, May 2015 | Treasury | ||||
Capital Unit [Line Items] | ||||
Treasury purchases (in shares) | 0 | 0 |
Capital Stock - Summary of Comm
Capital Stock - Summary of Common Stock Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | (38,222,928) | ||
Stock options exercised (in shares) | 215,724 | 620,646 | 341,063 |
Stock options forfeitures, Shares | (12,753) | ||
Ending Balances (in shares) | (38,526,523) | (38,222,928) | |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | (62,081,391) | (62,081,391) | (62,081,391) |
Ending Balances (in shares) | (62,081,391) | (62,081,391) | (62,081,391) |
Beginning Balances | $ (194,953) | $ (172,681) | $ (157,643) |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | 478 | ||
Ending Balances | $ (211,806) | $ (194,953) | $ (172,681) |
Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balances (in shares) | (23,858,463) | (24,344,813) | (24,708,917) |
Ending Balances (in shares) | (23,554,868) | (23,858,463) | (24,344,813) |
Beginning Balances | $ (296,081) | $ (287,501) | $ (293,318) |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | 0 | ||
Ending Balances | $ (296,390) | (296,081) | $ (287,501) |
Noncontrolling Interest | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock Issued During Period, Value, Acquisitions | 450 | ||
Noncontrolling Interest | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock Issued During Period, Value, Acquisitions | $ 0 | ||
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 | |
Restricted stock awards | $ (1,079) | $ (422) | $ (355) |
Share-based compensation expense | 6,504 | 4,746 | 3,604 |
Stock compensation awards forfeited, Value | $ (283) | $ (49) | $ (148) |
Restricted Stock | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock awards (in shares) | 92,401 | 34,798 | 29,836 |
Restricted stock forfeitures (in shares) | (690) | (2,800) | |
Restricted stock awards | $ (1,079) | $ (422) | $ (355) |
Share-based compensation expense | 0 | 0 | 0 |
Stock compensation awards forfeited, Value | $ 0 | $ (6) | $ 0 |
Stock Options | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock options exercised (in shares) | 0 | 0 | 0 |
Stock options forfeitures, Shares | 0 | ||
Share-based compensation expense | $ 272 | $ 380 | $ 2,484 |
Stock compensation awards forfeited, Value | (55) | (25) | |
Stock options exercised | $ 5,738 | $ 10,901 | $ 5,617 |
Stock Options | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock options exercised (in shares) | 215,724 | 620,646 | 341,063 |
Stock options forfeitures, Shares | 0 | ||
Share-based compensation expense | $ 0 | $ 0 | $ 0 |
Stock compensation awards forfeited, Value | 0 | 0 | |
Stock options exercised | $ 2,835 | $ 7,564 | $ 6,859 |
Performance Stock | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock forfeitures (in shares) | 0 | 0 | |
Performance stock issued (in shares) | 0 | 0 | 0 |
Share-based compensation expense | $ 6,186 | $ 6,687 | $ 3,324 |
Stock compensation awards forfeited, Value | (385) | (28) | |
Performance stock issued | $ (523) | $ (866) | $ (371) |
Performance Stock | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock forfeitures (in shares) | 0 | 0 | |
Performance stock issued (in shares) | 41,660 | 72,504 | 31,093 |
Share-based compensation expense | $ 0 | $ 0 | $ 0 |
Stock compensation awards forfeited, Value | 0 | 0 | |
Performance stock issued | $ (523) | $ (866) | $ (371) |
Employee Stock Purchase Plan | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Employee Stock Purchase Plan, Shares | 0 | 0 | 0 |
Employee Stock Purchase Plan, Value | $ 478 | $ 445 | $ 458 |
Employee Stock Purchase Plan | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Employee Stock Purchase Plan, Shares | 7,725 | 7,127 | 9,500 |
Employee Stock Purchase Plan, Value | $ 78 | $ 87 | $ 113 |
Stock Compensation Plan | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury shares purchased (in shares) | 0 | 0 | 0 |
Treasury shares purchased for stock compensation programs | $ 0 | $ 0 | $ 0 |
Stock Compensation Plan | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury shares purchased (in shares) | (53,915) | (79,094) | (44,588) |
Treasury shares purchased for stock compensation programs | $ (4,824) | $ (5,732) | $ (1,881) |
Share Repurchase Program, May 2015 | Common Stock | |||
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) | (168,941) | ||
Treasury shares purchased for stock compensation programs | $ (11,781) | ||
Share Repurchase Program, May 2015 | Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury shares purchased (in shares) | (168,941) | ||
Share Repurchase Program, May 2015 | Treasury | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury shares purchased (in shares) | 0 | 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 361,783 | $ 331,096 | $ 339,331 | $ 325,894 | $ 346,140 | $ 296,129 | $ 288,775 | $ 265,765 | $ 1,358,104 | $ 1,196,809 | $ 1,149,530 |
Intercompany sales | 0 | 0 | 0 | ||||||||
Operating income | 173,479 | 39,577 | 160,702 | ||||||||
Restructuring and other charges (Note 2) | 13,247 | 17,632 | 5,694 | ||||||||
Currency exchange losses, net | 2,330 | 5,127 | 766 | ||||||||
Other operating expense (Note 19) | 45,327 | 126,432 | 0 | ||||||||
Strategic transaction costs (Note 13) | 400 | 4,200 | 2,500 | ||||||||
Adjusted operating income (loss) | 234,804 | 192,993 | 169,693 | ||||||||
Depreciation and amortization | 37,852 | 37,877 | 35,273 | ||||||||
Pension (income) expense | (5,901) | (7,142) | (6,332) | ||||||||
Total Assets | 1,608,012 | 1,684,826 | 1,608,012 | 1,684,826 | 1,353,920 | ||||||
Capital expenditures | 33,960 | 23,725 | 25,523 | ||||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 854,287 | 736,847 | 678,433 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Intercompany sales | 0 | 0 | 0 | ||||||||
Adjusted operating income (loss) | (31,901) | (32,987) | (36,095) | ||||||||
Depreciation and amortization | 406 | 405 | 406 | ||||||||
Pension (income) expense | 0 | 0 | 0 | ||||||||
Total Assets | 10,842 | 12,099 | 10,842 | 12,099 | 10,903 | ||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Operating Segments | Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 854,287 | 736,847 | 678,433 | ||||||||
Intercompany sales | 136,534 | 124,886 | 113,273 | ||||||||
Adjusted operating income (loss) | $ 206,839 | $ 175,589 | $ 154,298 | ||||||||
Adjusted operating margin % | 0.00% | 0.00% | 0.00% | ||||||||
Depreciation and amortization | $ 24,143 | $ 23,207 | $ 21,046 | ||||||||
Pension (income) expense | (1,201) | (246) | (544) | ||||||||
Total Assets | 1,077,938 | 1,110,698 | 1,077,938 | 1,110,698 | 836,243 | ||||||
Capital expenditures | 25,001 | 16,910 | 16,306 | ||||||||
Operating Segments | International | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 503,817 | 459,962 | 471,097 | ||||||||
Intercompany sales | 336,361 | 304,376 | 275,640 | ||||||||
Adjusted operating income (loss) | $ 59,866 | $ 50,391 | $ 51,490 | ||||||||
Adjusted operating margin % | 0.00% | 0.00% | 0.00% | ||||||||
Depreciation and amortization | $ 13,303 | $ 14,265 | $ 13,821 | ||||||||
Pension (income) expense | (7,102) | (6,896) | (6,876) | ||||||||
Total Assets | 522,042 | 563,480 | 522,042 | 563,480 | 505,278 | ||||||
Capital expenditures | 8,959 | 6,815 | 9,217 | ||||||||
Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Intercompany sales | (472,895) | (429,262) | (388,913) | ||||||||
Adjusted operating income (loss) | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Pension (income) expense | 0 | 0 | 0 | ||||||||
Total Assets | $ (2,810) | $ (1,451) | (2,810) | (1,451) | 1,496 | ||||||
Capital expenditures | $ 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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 361,783 | $ 331,096 | $ 339,331 | $ 325,894 | $ 346,140 | $ 296,129 | $ 288,775 | $ 265,765 | $ 1,358,104 | $ 1,196,809 | $ 1,149,530 |
United States | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 734,033 | 622,276 | 580,724 | ||||||||
Other | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 624,071 | $ 574,533 | $ 568,806 |
Segment Information - Geograp_2
Segment Information - Geographic Information on Property (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | $ 157,940 | $ 157,014 | $ 148,678 |
United States | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | 92,511 | 91,730 | 84,674 |
Other | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | $ 65,429 | $ 65,284 | $ 64,004 |
Segment Information - Revenue f
Segment Information - Revenue from External Customers by Products and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 361,783 | $ 331,096 | $ 339,331 | $ 325,894 | $ 346,140 | $ 296,129 | $ 288,775 | $ 265,765 | $ 1,358,104 | $ 1,196,809 | $ 1,149,530 |
Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 100.00% | 100.00% | 100.00% | ||||||||
Breathing Apparatus | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 324,672 | $ 292,448 | $ 303,364 | ||||||||
Breathing Apparatus | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 24.00% | 24.00% | 26.00% | ||||||||
Fixed Gas and Flame Detection | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 262,432 | $ 248,047 | $ 239,601 | ||||||||
Fixed Gas and Flame Detection | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 19.00% | 21.00% | 21.00% | ||||||||
Portable Gas Detection | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 163,716 | $ 149,063 | $ 142,784 | ||||||||
Portable Gas Detection | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 12.00% | 12.00% | 12.00% | ||||||||
Head Protection [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 146,388 | $ 133,180 | $ 118,197 | ||||||||
Head Protection [Member] | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 11.00% | 11.00% | 10.00% | ||||||||
Fire Helmets & Protective Apparel | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 169,679 | $ 52,577 | |||||||||
Fire Helmets & Protective Apparel | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 13.00% | 5.00% | |||||||||
Fall Protection | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 109,472 | $ 98,929 | $ 97,021 | ||||||||
Fall Protection | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 8.00% | 8.00% | 8.00% | ||||||||
Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 181,745 | $ 171,701 | $ 195,986 | ||||||||
Other | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 13.00% | 15.00% | 18.00% | ||||||||
Americas | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 854,287 | $ 736,847 | $ 678,433 | ||||||||
Americas | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 100.00% | 100.00% | 100.00% | ||||||||
Americas | Breathing Apparatus | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 205,100 | $ 191,457 | $ 199,252 | ||||||||
Americas | Breathing Apparatus | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 24.00% | 26.00% | 29.00% | ||||||||
Americas | Fixed Gas and Flame Detection | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 135,922 | $ 123,414 | $ 125,697 | ||||||||
Americas | Fixed Gas and Flame Detection | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 16.00% | 17.00% | 19.00% | ||||||||
Americas | Portable Gas Detection | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 109,401 | $ 98,580 | $ 91,200 | ||||||||
Americas | Portable Gas Detection | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 13.00% | 13.00% | 13.00% | ||||||||
Americas | Head Protection [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 114,465 | $ 105,514 | $ 94,750 | ||||||||
Americas | Head Protection [Member] | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 13.00% | 14.00% | 14.00% | ||||||||
Americas | Fire Helmets & Protective Apparel | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 136,794 | $ 69,767 | $ 21,880 | ||||||||
Americas | Fire Helmets & Protective Apparel | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 16.00% | 9.00% | 3.00% | ||||||||
Americas | Fall Protection | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 61,289 | $ 54,468 | $ 44,571 | ||||||||
Americas | Fall Protection | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 7.00% | 7.00% | 7.00% | ||||||||
Americas | Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 91,316 | $ 93,647 | $ 101,083 | ||||||||
Americas | Other | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 11.00% | 14.00% | 15.00% | ||||||||
International | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 503,817 | $ 459,962 | $ 471,097 | ||||||||
International | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 100.00% | 100.00% | 100.00% | ||||||||
International | Breathing Apparatus | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 119,572 | $ 100,991 | $ 104,112 | ||||||||
International | Breathing Apparatus | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 24.00% | 22.00% | 22.00% | ||||||||
International | Fixed Gas and Flame Detection | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 126,510 | $ 124,633 | $ 113,904 | ||||||||
International | Fixed Gas and Flame Detection | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 25.00% | 27.00% | 24.00% | ||||||||
International | Portable Gas Detection | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 54,315 | $ 50,483 | $ 51,584 | ||||||||
International | Portable Gas Detection | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 11.00% | 11.00% | 11.00% | ||||||||
International | Head Protection [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 31,923 | $ 27,666 | $ 23,447 | ||||||||
International | Head Protection [Member] | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 6.00% | 6.00% | 5.00% | ||||||||
International | Fire Helmets & Protective Apparel | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 32,885 | $ 33,674 | $ 30,697 | ||||||||
International | Fire Helmets & Protective Apparel | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 6.00% | 7.00% | 6.00% | ||||||||
International | Fall Protection | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 48,183 | $ 44,461 | $ 52,450 | ||||||||
International | Fall Protection | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 10.00% | 10.00% | 11.00% | ||||||||
International | Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 90,429 | $ 78,054 | $ 94,903 | ||||||||
International | Other | Sales | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 18.00% | 17.00% | 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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to continuing operations | $ 24,883 | $ 33,717 | $ 33,179 | $ 32,371 | $ (32,984) | $ 32,066 | $ 12,532 | $ 14,413 | $ 124,150 | $ 26,027 | $ 92,691 |
Preferred stock dividends | 42 | 42 | 42 | ||||||||
Income from continuing operations available to common equity | 124,108 | 25,985 | 92,649 | ||||||||
Dividends and undistributed earnings allocated to participating securities | (117) | (62) | (144) | ||||||||
Income from continuing operations available to common shareholders | 123,991 | 25,923 | 92,505 | ||||||||
Net loss attributable to discontinued operations | 0 | 0 | (755) | ||||||||
Preferred stock dividends | 0 | 0 | 0 | ||||||||
Loss from discontinued operations available to common equity | 0 | 0 | (755) | ||||||||
Dividends and undistributed earnings allocated to participating securities | 0 | 0 | 1 | ||||||||
Loss from discontinued operations available to common shareholders | $ 0 | $ 0 | $ (754) | ||||||||
Basic weighted-average shares outstanding | 38,362 | 37,997 | 37,456 | ||||||||
Stock options and other stock compensation | 599 | 700 | 530 | ||||||||
Diluted weighted-average shares outstanding | 38,961 | 38,697 | 37,986 | ||||||||
Antidilutive stock options | 0 | 0 | 0 | ||||||||
Earnings per share attributable to continuing operations: | |||||||||||
Earnings per share attributable to continuing operations, basic (dollars per share) | $ 0.65 | $ 0.88 | $ 0.86 | $ 0.85 | $ (0.87) | $ 0.84 | $ 0.33 | $ 0.38 | $ 3.23 | $ 0.68 | $ 2.47 |
Earnings per share attributable to continuing operations, diluted (dollars per share) | $ 0.64 | $ 0.86 | $ 0.85 | $ 0.83 | $ (0.87) | $ 0.83 | $ 0.32 | $ 0.37 | 3.18 | 0.67 | 2.44 |
Loss per share attributable to discontinued operations: | |||||||||||
Earnings per share attributable to discontinued operations, basic (dollars per share) | 0 | 0 | (0.02) | ||||||||
Earnings per share attributable to discontinued operations, diluted (dollars per share) | $ 0 | $ 0 | $ (0.02) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||
U.S. federal income tax rate | 21.00% | 35.00% | 35.00% | |
Tax Cuts and Jobs Act of 2017, provisional income tax expense | $ 19.8 | |||
Tax Cuts and Jobs Act of 2017, provisional transition tax | 18 | |||
Tax Cuts and Jobs Act of 2017, income tax expense related to remeasurement of deferred tax assets and liabilities | 1.8 | |||
Tax Cuts and Jobs Act of 2017, differences of Non-U.S. subsidiaries offset by foreign tax credits | $ 1.9 | |||
Tax Cuts And Jobs Act Of 2017, Change In Tax Rate, Foreign Tax Credits Related to Differences of Non-U.S. Subsidiaries | 0.7 | |||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) Adjustment During the Period | 2 | |||
Tax Cuts And Jobs Act Of 2017 Incomplete Accounting Revaluation of Deferred Taxes Adjustment During the Period | 2.5 | |||
Tax Cuts And Jobs Act Of 2017, Revaluation of Prepaid Taxes, Adjustment During the Period | 2 | |||
Discontinued operation, tax effect of discontinued operation | $ 0.3 | |||
Net operating loss carryforwards | $ 29.5 | |||
Net operating loss carryforwards, expiration term (at least) | 6 years | |||
Change in valuation allowance | $ 0.5 | |||
Recognized tax benefits | 5.5 | 5.2 | $ 5.5 | |
Liability for interest expense and penalties accrued | $ 2.2 | 3.3 | 2.2 | |
International | ||||
Segment Reporting Information [Line Items] | ||||
Charges associated with exit taxes | $ 2.5 | $ 6.5 | ||
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Charges associated with exit taxes | $ 1.8 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. income (loss) | $ 85,234 | $ (20,555) | $ 100,382 |
Non-U.S. income | 77,101 | 50,330 | 51,529 |
Income from continuing operations before income taxes | 162,335 | 29,775 | 151,911 |
Current | |||
Federal | 13,574 | 22,272 | 19,968 |
State | 4,265 | 813 | 2,231 |
Non-U.S. | 23,446 | 11,054 | 21,188 |
Total current provision | 41,285 | 34,139 | 43,387 |
Deferred | |||
Federal | 291 | (26,931) | 11,580 |
State | (1,604) | (3,630) | 1,977 |
Non-U.S. | (2,752) | (759) | 860 |
Total deferred (benefit) provision | (4,065) | (31,320) | 14,417 |
Provision for income taxes | $ 37,220 | $ 2,819 | $ 57,804 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between U.S. Federal Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal income tax rate | 21.00% | 35.00% | 35.00% |
State income taxes—U.S. | 1.30% | (6.20%) | 1.80% |
Taxes on non-U.S. income - U.S., Canadian & European reorganization | 1.10% | (8.40%) | 4.30% |
U.S. tax reform | 1.60% | 66.60% | 0.00% |
Valuation allowances | 0.50% | (3.30%) | 1.50% |
Taxes on non-U.S. income | 0.40% | (24.60%) | (2.50%) |
Employee share-based payments | 1.60% | 28.00% | 0.00% |
Manufacturing deduction credit | (1.00%) | (15.30%) | (1.30%) |
Research and development credit | (0.90%) | (4.70%) | (0.60%) |
Other | 0.50% | (1.60%) | (0.10%) |
Effective income tax rate | 22.90% | 9.50% | 38.10% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Product liability | $ 31,169 | $ 28,481 |
Capitalized research and development | 10,938 | 2,442 |
Employee benefits | 9,641 | 6,401 |
Net operating losses and tax credit carryforwards | 7,845 | 10,013 |
Share-based compensation | 5,561 | 6,444 |
Accrued expenses and other reserves | 4,385 | 4,237 |
Other | 4,056 | 2,691 |
Total deferred tax assets | 73,595 | 60,709 |
Valuation allowances | (5,039) | (4,559) |
Net deferred tax assets | 68,556 | 56,150 |
Goodwill and intangibles | (31,290) | (30,368) |
Property, plant and equipment | (9,555) | (8,056) |
Other | (2,353) | (1,242) |
Total deferred tax liabilities | 43,198 | 39,666 |
Net deferred tax assets | $ 25,358 | $ 16,484 |
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, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 15,055 | $ 14,393 |
Adjustments for tax positions related to the current year | 1,869 | 1,921 |
Adjustments for tax positions related to prior years | (32) | (766) |
Statute expiration | (737) | (493) |
Ending balance | $ 16,155 | $ 15,055 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | 0 | ||
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 | $ 8,573 | $ 18,465 | $ 12,476 | |
Aggregate intrinsic value of stock options exercisable | 60,200 | |||
Aggregate intrinsic value of stock options outstanding | 69,300 | |||
Total intrinsic value of stock options exercised | 12,200 | 29,300 | 6,400 | |
Unrecognized stock-based compensation expense | $ 8,100 | |||
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized, in years | 1 year 7 months 28 days | |||
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 | 93.60% | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefit (provision) related to stock plans | $ 2,500 | 7,400 | 600 | |
Restricted Stock and Unit Activity | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of stock units vested | 5,400 | 4,100 | 3,700 | |
Performance Stock Unit Activity | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 3 years | |||
Fair value of stock units vested | $ 1,700 | $ 4,100 | $ 1,800 | |
Management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future grants | 1,054,730 | |||
Non Employee Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future grants | 114,878 | |||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Restricted stock | $ 6,221 | $ 4,691 | $ 3,456 |
Stock options | 217 | 380 | 2,459 |
Performance stock | 5,801 | 6,687 | 3,296 |
Total compensation expense before income taxes | 12,239 | 11,758 | 9,211 |
Income tax benefit | 2,974 | 4,440 | 3,375 |
Total compensation expense, net of income tax benefit | $ 9,265 | $ 7,318 | $ 5,836 |
Stock Plans - Weighted Average
Stock Plans - Weighted Average Assumptions and Fair Value of Stock Option Grants (Detail) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Fair value per option (dollars per share) | $ 11.69 |
Risk-free interest rate | 1.60% |
Expected dividend yield | 2.80% |
Expected volatility | 34.00% |
Expected life (years) | 84 months 2 days |
Stock Plans - Summary of Stock
Stock Plans - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding Beginning balance, Shares | 955,446 | 1,576,092 | 1,694,675 |
Granted, Shares | 235,233 | ||
Exercised, Shares | (215,724) | (620,646) | (341,063) |
Stock options forfeitures, Shares | (12,753) | ||
Outstanding Ending balance, Shares | 735,001 | 955,446 | 1,576,092 |
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) | $ 42.75 | $ 37.63 | $ 36.69 |
Granted, Weighted Average Exercise Price (dollars per share) | 44.50 | ||
Exercised, Weighted Average Exercise Price (dollars per share) | 39.25 | 29.75 | 37.34 |
Forfeited, Weighted Average Exercise Price (dollars per share) | 46.11 | ||
Outstanding Ending balance, Weighted Average Exercise Price (dollars per share) | $ 43.79 | $ 42.75 | $ 37.63 |
Exercisable at end of period | 638,673 | 614,414 | 1,098,615 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 4,721 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 44.50 |
Stock Plans - Schedule of Exerc
Stock Plans - Schedule of Exercise Price Ranges, Characteristics of Outstanding Stock Options (Detail) | 12 Months Ended |
Dec. 31, 2018$ / 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 | 39,485 |
Stock Options Outstanding, Weighted-Average Exercise Price (dollars per share) | $ 25.01 |
Stock Options Outstanding, Weighted-Average Remaining Life | 10 months 24 days |
Stock Options Exercisable, Shares | shares | 39,485 |
Stock Options Exercisable, Weighted-Average Exercise Price (dollars per share) | $ 25.01 |
Stock Options Exercisable, Weighted-Average Remaining Life | 10 months 24 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 | 359,713 |
Stock Options Outstanding, Weighted-Average Exercise Price (dollars per share) | $ 40.39 |
Stock Options Outstanding, Weighted-Average Remaining Life | 4 years 3 months 26 days |
Stock Options Exercisable, Shares | shares | 263,385 |
Stock Options Exercisable, Weighted-Average Exercise Price (dollars per share) | $ 38.89 |
Stock Options Exercisable, Weighted-Average Remaining Life | 3 years 3 months 7 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 | 335,803 |
Stock Options Outstanding, Weighted-Average Exercise Price (dollars per share) | $ 49.64 |
Stock Options Outstanding, Weighted-Average Remaining Life | 4 years 7 months 24 days |
Stock Options Exercisable, Shares | shares | 335,803 |
Stock Options Exercisable, Weighted-Average Exercise Price (dollars per share) | $ 49.64 |
Stock Options Exercisable, Weighted-Average Remaining Life | 4 years 7 months 24 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 | 735,001 |
Stock Options Outstanding, Weighted-Average Exercise Price (dollars per share) | $ 43.79 |
Stock Options Outstanding, Weighted-Average Remaining Life | 4 years 3 months 11 days |
Stock Options Exercisable, Shares | shares | 638,673 |
Stock Options Exercisable, Weighted-Average Exercise Price (dollars per share) | $ 43.68 |
Stock Options Exercisable, Weighted-Average Remaining Life | 3 years 10 months 6 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested Shares, Beginning Balance | 227,161 | 234,592 | 217,709 |
Granted, Shares | 75,430 | 72,878 | 107,465 |
Vested, Shares | (92,401) | (76,834) | (76,568) |
Forfeited, Shares | (4,741) | (3,475) | (14,014) |
Unvested Shares, Ending Balance | 205,449 | 227,161 | 234,592 |
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) | $ 57.50 | $ 49.76 | $ 49.70 |
Granted, Weighted Average Grant Date Fair Value (dollars per share) | 87.36 | 75.27 | 50.65 |
Vested, Weighted Average Grant Date Fair Value (dollars per share) | 58.10 | 52.74 | 49.12 |
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | 59.61 | 50.46 | 48.23 |
Unvested Weighted Average Grant Date Fair Value, Ending Balance (dollars per share) | $ 68.97 | $ 57.50 | $ 49.76 |
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, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Unvested Shares, Beginning Balance | 186,621 | 242,186 | 186,621 | 171,644 |
Granted, Shares | 62,775 | 98,886 | 65,355 | |
Vested, Shares | (41,660) | (72,504) | (31,093) | |
Performance adjustments, Shares | (35,756) | 29,183 | (15,682) | |
Forfeited, Shares | 0 | (8,659) | (3,603) | |
Unvested Shares, Ending Balance | 218,886 | 242,186 | 186,621 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Unvested Weighted Average Grant Date Fair Value, Beginning Balance (dollars per share) | $ 46.18 | $ 55.06 | $ 46.18 | $ 50.24 |
Granted, Weighted Average Grant Date Fair Value (dollars per share) | 84.79 | 72.73 | 44.28 | |
Vested, Weighted Average Grant Date Fair Value (dollars per share) | 40.23 | 57.19 | 58.54 | |
Performance adjustments, Weighted Average Grant Date Fair value (dollars per share) | 45.21 | 57.27 | 58.54 | |
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | $ 0 | 44.53 | 44.47 | |
Unvested Weighted Average Grant Date Fair Value, Ending Balance (dollars per share) | $ 68.43 | $ 55.06 | $ 46.18 |
Short and Long-Term Debt - Shor
Short and Long-Term Debt - Short-Term Debt Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2015USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | ||||
Restricted Cash and Cash Equivalents | $ 500 | $ 3,600 | ||
Gain (Loss) on Extinguishment of Debt | (1,494) | $ 0 | $ 0 | |
Average month-end balance | 100 | |||
Maximum month-end balance | $ 300 | |||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000 | |||
Debt, Weighted Average Interest Rate | 3.47% | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 363,500 | |||
Federal Funds Effective Swap Rate | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Daily Libor Rate | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Minimum | BASE or LIBOR | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||
Maximum | BASE or LIBOR | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 17500.00% | |||
Senior Revolving Credit Facility Maturing in 2023 | Overnight Bank Funding Rate | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Multi-currency Notes Due in 2031 | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Covenant, Fixed Charges Coverage Ratio, Minimum | 1.50 | |||
Debt Instrument, Covenant, Consolidated Leverage Ratio, Maximum | 3.50 | |||
Debt Instrument, Covenant, Consolidated Leverage Ratio In Period Of Acquisition, Maximum | 4 | |||
Master Note Facility Due in 2022 | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Covenant, Fixed Charges Coverage Ratio, Minimum | 1.50 | |||
Debt Instrument, Covenant, Consolidated Leverage Ratio, Maximum | 3.50 | |||
Debt Instrument, Covenant, Consolidated Leverage Ratio In Period Of Acquisition, Maximum | 4 | |||
Senior Notes Payable Through Two Thousand Twenty One Five Point Fourty One Percentage [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Gain (Loss) on Extinguishment of Debt | $ 1,500 | |||
Notes Payable, Other Payables [Member] | Multi-currency Notes Due in 2031 | ||||
Line of Credit Facility [Line Items] | ||||
Additional Senior Notes Available for Request | 150,000 | |||
Notes Payable, Other Payables [Member] | Master Note Facility Due in 2022 | ||||
Line of Credit Facility [Line Items] | ||||
Additional Senior Notes Available for Request | $ 150,000 |
Short and Long-Term Debt - Sche
Short and Long-Term Debt - Schedule of Outstanding Debt (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||
Total | $ 361,311 | $ 474,499 |
Amounts due within one year | 20,000 | 26,667 |
Long-term debt | 341,311 | 447,832 |
Senior Notes Payable Through 2021, 5.41% | ||
Debt Instrument [Line Items] | ||
Senior notes payable | $ 0 | 26,667 |
Senior notes, interest rate | 5.41% | |
Senior Notes Payable Through 2021, 4.00% | ||
Debt Instrument [Line Items] | ||
Senior notes payable | $ 60,000 | 80,000 |
Senior notes, interest rate | 4.00% | |
Senior Notes Payable Through 2031, 3.40% | ||
Debt Instrument [Line Items] | ||
Senior notes payable | $ 69,604 | 74,139 |
Senior notes, interest rate | 3.40% | |
Master Note Facility Due in 2022 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Covenant, Fixed Charges Coverage Ratio, Minimum | 1.50 | |
Debt Instrument, Covenant, Consolidated Leverage Ratio, Maximum | 3.50 | |
Debt Instrument, Covenant, Consolidated Leverage Ratio In Period Of Acquisition, Maximum | 4 | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Senior revolving credit facility maturing in 2023, net of debt issuance costs | $ 231,707 | $ 293,693 |
Short and Long-Term Debt - Long
Short and Long-Term Debt - Long-Term Debt Additional Information (Detail) | Jan. 22, 2016GBP (ÂŁ) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |||
Maturity obligation, year one | $ 20,000,000 | ||
Maturity obligation, year two | 20,000,000 | ||
Maturity obligation, year three | 20,000,000 | ||
Maturity obligation, year four | 0 | ||
Maturity obligation, year 5 | 241,200,000 | ||
Maturity obligation, thereafter | 62,000,000 | ||
Bank guarantees and letters of credit, outstanding | 11,400,000 | ||
Restricted Cash and Cash Equivalents | $ 500,000 | $ 3,600,000 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Weighted average revolver interest rate | 3.47% | ||
Unused senior revolving credit facility | $ 363,500,000 | ||
Line of credit, maximum borrowing capacity | 600,000,000 | ||
Bank guarantees and letters of credit, outstanding | 3,100,000 | ||
Multi-currency Notes Due in 2031 | |||
Debt Instrument [Line Items] | |||
Notes payable, principal amount | ÂŁ 54,900,000 | 69,700,000 | |
Notes payable, annual repayment installments | ÂŁ 6,100,000 | $ 7,700,000 | |
Notes payable, interest rate | 3.40% | ||
Minimum fixed charges coverage ratio (not less than) | 1.50 | ||
Consolidated leverage ratio (not to exceed) | 3.50 | ||
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 Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2016 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 413,640 | $ 422,185 | $ 333,276 | |
Intangible Assets | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Future amortization expense, year one | 10,000 | |||
Future amortization expense, year two | 10,000 | |||
Future amortization expense, year three | 10,000 | |||
Future amortization expense, year four | 9,000 | |||
Future amortization expense, year five | 8,000 | |||
Americas | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 273,200 | |||
International | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 140,400 | |||
Globe Holding Company LLC | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 74,500 | |||
Future amortization expense, year one | 4,100 | |||
Future amortization expense, year two | 4,100 | |||
Future amortization expense, year three | 4,100 | |||
Future amortization expense, year four | 3,200 | |||
Future amortization expense, year five | $ 2,000 | |||
Globe Holding Company LLC | Trade Names | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets | 60,000 | |||
Globe Holding Company LLC | Americas | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 74,500 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | |||
Net balance at January 1 | $ 422,185,000 | $ 333,276,000 | |
Additions (Note 13) | 0 | 74,453,000 | |
Goodwill, Impairment Loss | 0 | 0 | $ 0 |
Disposal Group, Including Discontinued Operation, Goodwill | 0 | ||
Currency translation | (8,020,000) | 14,456,000 | |
Net balance at December 31 | 413,640,000 | $ 422,185,000 | $ 333,276,000 |
Sordin | |||
Goodwill [Roll Forward] | |||
Goodwill, Impairment Loss | $ 525,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Changes in Intangible Assets, Net of Accumulated Amortization (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Net balance at January 1 | $ 123,000 | ||
Additions | 0 | $ 110,680 | |
Amortization expense | (10,509) | (9,434) | |
Currency translation | (3,064) | 4,827 | |
Net balance at December 31 | 109,500 | 123,000 | |
Intangible assets, net (Note 12) | $ 169,515 | $ 183,088 | $ 77,015 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Net Carrying Amount (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life (years) | 15 years | |
Gross Carrying Amount | $ 168 | $ 172 |
Accumulated Amortization and Reserves | (58.5) | (49) |
Net Carrying Amount | $ 109.5 | 123 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life (years) | 14 years | |
Gross Carrying Amount | $ 46.7 | 49.6 |
Accumulated Amortization and Reserves | (10.6) | (7.6) |
Net Carrying Amount | $ 36.1 | 42 |
Distribution agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life (years) | 20 years | |
Gross Carrying Amount | $ 66.1 | 66.3 |
Accumulated Amortization and Reserves | (14.1) | (10.9) |
Net Carrying Amount | $ 52 | 55.4 |
Technology related assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life (years) | 8 years | |
Gross Carrying Amount | $ 28.3 | 28.7 |
Accumulated Amortization and Reserves | (15.5) | (13) |
Net Carrying Amount | $ 12.8 | 15.7 |
Patents, trademarks and copyrights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life (years) | 12 years | |
Gross Carrying Amount | $ 18.7 | 19.2 |
Accumulated Amortization and Reserves | (10.4) | (9.7) |
Net Carrying Amount | $ 8.3 | 9.5 |
License agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life (years) | 5 years | |
Gross Carrying Amount | $ 5.3 | 5.3 |
Accumulated Amortization and Reserves | (5.3) | (5.3) |
Net Carrying Amount | $ 0 | 0 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life (years) | 2 years | |
Gross Carrying Amount | $ 2.9 | 2.9 |
Accumulated Amortization and Reserves | (2.6) | (2.5) |
Net Carrying Amount | $ 0.3 | $ 0.4 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Jul. 31, 2017 | Sep. 19, 2016 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||||||||||
Estimated amortization period | 15 years | ||||||||||||
Goodwill | $ 413,640,000 | $ 422,185,000 | $ 413,640,000 | $ 422,185,000 | $ 333,276,000 | ||||||||
Strategic transaction costs (Note 13) | 400,000 | 4,200,000 | 2,500,000 | ||||||||||
Revenues | 361,783,000 | $ 331,096,000 | $ 339,331,000 | $ 325,894,000 | $ 346,140,000 | $ 296,129,000 | $ 288,775,000 | $ 265,765,000 | 1,358,104,000 | 1,196,809,000 | 1,149,530,000 | ||
Net income (loss) | 124,150,000 | 26,027,000 | 91,936,000 | ||||||||||
Depreciation | 26,900,000 | 28,000,000 | 27,000,000 | ||||||||||
Amortization primarily related to intangible assets | 10,509,000 | 9,434,000 | |||||||||||
Americas | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | 273,200,000 | 273,200,000 | |||||||||||
Revenues | 854,287,000 | 736,847,000 | 678,433,000 | ||||||||||
Globe Holding Company LLC | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Common stock acquired (as a percent) | 100.00% | ||||||||||||
Business Combination, Consideration Transferred | $ 215,000,000 | ||||||||||||
Business Combination, Consideration Transferred, Working Capital Adjustments | 1,400,000 | ||||||||||||
Contingent consideration | $ 0 | ||||||||||||
Estimated amortization period | 5 years | ||||||||||||
Future amortization expense, year one | 4,100,000 | 4,100,000 | |||||||||||
Future amortization expense, year two | 4,100,000 | 4,100,000 | |||||||||||
Future amortization expense, year three | 4,100,000 | 4,100,000 | |||||||||||
Future amortization expense, year four | 3,200,000 | 3,200,000 | |||||||||||
Future amortization expense, year five | 2,000,000 | 2,000,000 | |||||||||||
Estimated future depreciation expense, year one | 1,000,000 | 1,000,000 | |||||||||||
Estimated future depreciation expense, year two | 1,000,000 | 1,000,000 | |||||||||||
Estimated future depreciation expense, year three | 1,000,000 | 1,000,000 | |||||||||||
Estimated future depreciation expense, year four | 1,000,000 | 1,000,000 | |||||||||||
Estimated future depreciation expense, year five | 1,000,000 | 1,000,000 | |||||||||||
Goodwill | $ 74,500,000 | ||||||||||||
Strategic transaction costs (Note 13) | 1,800,000 | ||||||||||||
Revenues | 113,900,000 | 46,100,000 | |||||||||||
Net income (loss) | 13,300,000 | 3,700,000 | |||||||||||
Depreciation | 1,000,000 | 500,000 | |||||||||||
Amortization primarily related to intangible assets | 4,100,000 | 1,700,000 | |||||||||||
Net income related to acquiree adjusted to remove transaction costs | 13,600,000 | 4,900,000 | |||||||||||
Globe Holding Company LLC | Americas | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | $ 74,500,000 | ||||||||||||
Senscient, Incorporated | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Common stock acquired (as a percent) | 0.00% | ||||||||||||
Contingent consideration | $ 0 | ||||||||||||
Purchase price for acquisition | 19,100,000 | ||||||||||||
Future amortization expense, year one | 700,000 | 700,000 | |||||||||||
Future amortization expense, year two | 700,000 | 700,000 | |||||||||||
Future amortization expense, year three | 500,000 | 500,000 | |||||||||||
Future amortization expense, year four | 200,000 | 200,000 | |||||||||||
Future amortization expense, year five | $ 200,000 | $ 200,000 | |||||||||||
Goodwill | 10,500,000 | ||||||||||||
Strategic transaction costs (Note 13) | $ 400,000 | 800,000 | |||||||||||
Revenues | 2,700,000 | ||||||||||||
Net income (loss) | 1,100,000 | ||||||||||||
Amortization primarily related to intangible assets | $ 200,000 | ||||||||||||
Senscient, Incorporated | International | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | $ 10,500,000 | ||||||||||||
Technology related assets | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Estimated amortization period | 8 years | ||||||||||||
Technology related assets | Senscient, Incorporated | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Estimated amortization period | 10 years | ||||||||||||
Customer-related intangibles | Globe Holding Company LLC | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Estimated amortization period | 20 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, 2018 | Dec. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2016 | Sep. 19, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 413,640 | $ 422,185 | $ 333,276 | ||
Senscient, Incorporated | |||||
Business Acquisition [Line Items] | |||||
Current assets | $ 5,900 | ||||
Cash included in current assets | 700 | ||||
Property, plant and equipment | 300 | ||||
Goodwill | 10,500 | ||||
Total assets acquired | 21,100 | ||||
Total liabilities assumed | 2,000 | ||||
Net assets acquired | 19,100 | ||||
Globe Holding Company LLC | |||||
Business Acquisition [Line Items] | |||||
Current assets | $ 28,600 | ||||
Cash included in current assets | 58 | ||||
Property, plant and equipment | 8,300 | ||||
Goodwill | 74,500 | ||||
Total assets acquired | 222,100 | ||||
Total liabilities assumed | 5,700 | ||||
Net assets acquired | 216,400 | ||||
Customer-related intangibles | Globe Holding Company LLC | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | 40,200 | ||||
Acquired technology | Senscient, Incorporated | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | 1,600 | ||||
Acquired technology | Globe Holding Company LLC | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | 10,500 | ||||
Customer relationships | Senscient, Incorporated | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | $ 2,800 | ||||
Trade Names | Globe Holding Company LLC | |||||
Business Acquisition [Line Items] | |||||
Indefinite-lived intangible assets | $ 60,000 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Net sales | $ 1,261 | $ 1,263 |
Income from continuing operations | $ 35 | $ 105 |
Basic earnings per share from continuing operations (in dollars per share) | $ 0.93 | $ 2.81 |
Diluted earnings per share from continuing operations (in dollars per share) | $ 0.92 | $ 2.78 |
Pensions and Other Post-retir_3
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Funded Status | |||
Noncurrent assets | $ 57,568 | $ 83,060 | |
Noncurrent liabilities | (166,101) | (170,773) | |
Pension Benefits | |||
Change in Benefit Obligations | |||
Benefit obligations at January 1 | 560,385 | 503,997 | |
Service cost | 11,125 | 11,023 | $ 10,417 |
Interest cost | 17,214 | 18,450 | 18,752 |
Participant contributions | 97 | 100 | |
Plan amendments | 0 | 0 | |
Actuarial (gains) losses | (29,181) | 27,967 | |
Benefits paid | (23,724) | (28,953) | |
Settlements | (726) | (573) | |
Special termination charge | 0 | 11,384 | |
Currency translation | (7,519) | 16,990 | |
Benefit obligations at December 31 | 525,520 | 560,385 | 503,997 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 492,677 | 433,262 | |
Actual return on plan assets | (26,804) | 81,192 | |
Employer contributions | 4,718 | 4,094 | |
Participant contributions | 97 | 100 | |
Settlements | (726) | (573) | |
Benefits paid | 23,724 | 28,953 | |
Administrative Expenses Paid | (704) | (222) | |
Currency translation | (2,422) | 3,777 | |
Fair value of plan assets at December 31 | 443,112 | 492,677 | 433,262 |
Funded Status | |||
Funded status at December 31 | (82,408) | (67,708) | |
Unrecognized transition losses | 5 | 6 | |
Unrecognized net actuarial losses | 178,640 | 162,032 | |
Net amount recognized | 95,550 | 93,566 | |
Noncurrent assets | 57,568 | 83,060 | |
Current liabilities | (5,741) | (5,126) | |
Noncurrent liabilities | (134,231) | (145,642) | |
Net amount recognized | (82,404) | (67,708) | |
Amounts Recognized in Accumulated Other Comprehensive Loss | |||
Net actuarial losses | 178,640 | 162,032 | |
Prior service credit | (687) | (764) | |
Unrecognized net initial obligation | 5 | 6 | |
Total (before tax effects) | 177,958 | 161,274 | |
Accumulated Benefit Obligations for all Defined Benefit Plans | 489,159 | 525,385 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 2,151 | 0 | |
Other Benefits | |||
Change in Benefit Obligations | |||
Benefit obligations at January 1 | 22,027 | 23,680 | |
Service cost | 369 | 403 | 426 |
Interest cost | 793 | 882 | 946 |
Participant contributions | 302 | 264 | |
Plan amendments | 0 | (1,694) | |
Actuarial (gains) losses | 7,841 | 1,465 | |
Benefits paid | (2,855) | (2,973) | |
Settlements | 0 | 0 | |
Special termination charge | 0 | 0 | |
Currency translation | 0 | 0 | |
Benefit obligations at December 31 | 28,477 | 22,027 | 23,680 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 2,553 | 2,709 | |
Participant contributions | 302 | 264 | |
Settlements | 0 | 0 | |
Benefits paid | 2,855 | 2,973 | |
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 | (28,477) | (22,027) | |
Unrecognized transition losses | 0 | 0 | |
Unrecognized net actuarial losses | 12,096 | 5,007 | |
Net amount recognized | (18,305) | (19,348) | |
Noncurrent assets | 0 | 0 | |
Current liabilities | (2,736) | (1,584) | |
Noncurrent liabilities | (25,741) | (20,443) | |
Net amount recognized | (28,477) | (22,027) | |
Amounts Recognized in Accumulated Other Comprehensive Loss | |||
Net actuarial losses | 12,096 | 5,007 | |
Prior service credit | (1,924) | (2,328) | |
Unrecognized net initial obligation | 0 | 0 | |
Total (before tax effects) | 10,172 | 2,679 | |
Accumulated Benefit Obligations for all Defined Benefit Plans | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | $ 0 | $ 0 |
Pensions and Other Post-retir_4
Pensions and Other Post-retirement Benefits - Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 11,125 | $ 11,023 | $ 10,417 |
Interest cost | 17,214 | 18,450 | 18,752 |
Expected return on plan assets | (36,352) | (35,417) | (34,751) |
Amortization of transition amounts | 1 | 2 | 2 |
Amortization of prior service credit | (21) | (19) | (14) |
Recognized net actuarial losses | 13,755 | 12,955 | 11,921 |
Settlement/curtailment loss (credit) | 179 | 148 | 5 |
Special termination charge | 0 | 11,384 | 0 |
Net periodic benefit cost(a) | 5,901 | 18,526 | 6,332 |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 369 | 403 | 426 |
Interest cost | 793 | 882 | 946 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of transition amounts | 0 | 0 | 0 |
Amortization of prior service credit | (405) | (307) | (419) |
Recognized net actuarial losses | 752 | 100 | 68 |
Settlement/curtailment loss (credit) | 0 | (562) | 0 |
Special termination charge | 0 | 0 | 0 |
Net periodic benefit cost(a) | $ 1,509 | $ 516 | $ 1,021 |
Pensions and Other Post-retir_5
Pensions and Other Post-retirement Benefits - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Retirement Benefits [Abstract] | ||
Aggregate accumulated benefit obligations (ABO) | $ 159,545 | $ 169,065 |
Aggregate projected benefit obligations (PBO) | 168,819 | 182,159 |
Aggregate fair value of plan assets | $ 28,876 | $ 31,471 |
Pensions and Other Post-retir_6
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 | Dec. 31, 2018USD ($) |
Pension Benefits | |
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Loss recognition | $ 12,521 |
Prior service credit recognition | (19) |
Transition obligation recognition | 2 |
Other Benefits | |
Schedule of Pension and Other Postretirement Benefits Recognized in Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Loss recognition | 981 |
Prior service credit recognition | (405) |
Transition obligation recognition | $ 0 |
Pensions and Other Post-retir_7
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, 2018 | Dec. 31, 2017 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumptions used to determine benefit obligations, average discount rate | 3.79% | 3.34% |
Assumptions used to determine benefit obligations, rate of compensation increase | 3.00% | 3.00% |
Assumptions used to determine net periodic benefit cost, average discount rate | 3.34% | 3.67% |
Assumptions used to determine net periodic benefit cost, expected return on plan assets | 7.99% | 8.04% |
Assumptions used to determine net periodic benefit cost, rate of compensation increases | 3.00% | 2.99% |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumptions used to determine benefit obligations, average discount rate | 4.21% | 3.57% |
Assumptions used to determine net periodic benefit cost, average discount rate | 3.57% | 4.05% |
Pensions and Other Post-retir_8
Pensions and Other Post-retirement Benefits - Schedule of Expected Return on Assets for Net Periodic Pension Cost (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan Assets at December 31, | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan Assets at December 31, | 58.00% | 57.00% |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan Assets at December 31, | 25.00% | 26.00% |
Pooled investment funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan Assets at December 31, | 11.00% | 12.00% |
Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan Assets at December 31, | 4.00% | 3.00% |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan Assets at December 31, | 2.00% | 2.00% |
Pensions and Other Post-retir_9
Pensions and Other Post-retirement Benefits - Summary of Pension Plan Assets Measured at Fair Value on Recurring Basis by Fair Value Hierarchy (Detail) - Pension Plan - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | $ 443,112 | $ 492,677 | $ 433,262 |
Fair Value, Measurements, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 443,112 | 492,677 | |
Plan assets at NAV | 118,109 | 132,828 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 226,406 | 255,665 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 81,564 | 86,350 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 17,033 | 17,834 | |
Fair Value, Measurements, Recurring | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 259,014 | 278,606 | |
Plan assets at NAV | 62,027 | 64,840 | |
Fair Value, Measurements, Recurring | Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 196,987 | 213,766 | |
Fair Value, Measurements, Recurring | Equity securities | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring | Equity securities | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 109,876 | 127,128 | |
Fair Value, Measurements, Recurring | Fixed income securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 28,312 | 40,778 | |
Fair Value, Measurements, Recurring | Fixed income securities | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 81,564 | 86,350 | |
Fair Value, Measurements, Recurring | Fixed income securities | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring | Pooled investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 49,823 | 60,014 | |
Plan assets at NAV | 49,823 | 60,014 | |
Fair Value, Measurements, Recurring | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 17,033 | 17,834 | |
Fair Value, Measurements, Recurring | Insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring | Insurance contracts | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring | Insurance contracts | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 17,033 | 17,834 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 7,366 | 9,095 | |
Plan assets at NAV | 6,259 | 7,974 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 1,107 | 1,121 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring | Cash and cash equivalents | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension plan assets measured at fair value | $ 0 | $ 0 |
Pensions and Other Post-reti_10
Pensions and Other Post-retirement Benefits - Schedule of Reconciliation of Level Three Assets (Detail) - Significant Unobservable Inputs (Level 3) - Insurance contracts - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at January 1 | $ 17,834 | $ 14,948 |
Net realized and unrealized gains | (957) | 2,741 |
Net purchases, issuances and settlements | 156 | 145 |
Fair value of plan assets at December 31 | $ 17,033 | $ 17,834 |
Pensions and Other Post-reti_11
Pensions and Other Post-retirement Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contributions by employer to pension plans | $ 7,100 | ||
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% | 4.50% | |
Increase in costs of covered health care benefits | 6.50% | ||
Percentage of change in assumed health care cost trend rate | 1.00% | ||
Increase or decrease in other postretirement obligations | $ 1,000 | ||
Increase or decrease in current year plan expense | 130 | ||
Defined contribution pension plan expense | $ 9,000 | $ 8,100 | $ 5,100 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss), Immediate Recognition Percent Greater Than Actuarial Losses | 10.00% | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 5,901 | 18,526 | 6,332 |
Service cost | 11,125 | 11,023 | 10,417 |
Estimated benefit payments, year one | 29,800 | ||
Estimated benefit payments, year two | 24,800 | ||
Estimated benefit payments, year three | 25,700 | ||
Estimated benefit payments, year four | 26,400 | ||
Estimated benefit payments, year five | 27,300 | ||
Estimated benefit payments, five years thereafter | 145,100 | ||
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1,509 | 516 | 1,021 |
Service cost | 369 | $ 403 | $ 426 |
Estimated benefit payments, year one | 2,800 | ||
Estimated benefit payments, year two | 2,700 | ||
Estimated benefit payments, year three | 2,800 | ||
Estimated benefit payments, year four | 2,600 | ||
Estimated benefit payments, year five | 2,300 | ||
Estimated benefit payments, five years thereafter | 10,300 | ||
Change in Assumptions for Defined Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 1,800 |
Other Income (Loss), Net - Sche
Other Income (Loss), Net - Schedule of Other Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Interest income | $ 4,588 | $ 3,596 | $ 2,827 |
Nonoperating pension income (expense) | 4,641 | 3,768 | 3,490 |
Gain (Loss) on asset dispositions, net | 646 | (557) | 593 |
Other, net | (644) | (1,249) | 710 |
Total other income, net | $ 9,231 | $ 5,558 | $ 7,620 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Rent expense | $ 12.5 | $ 13.7 | $ 12.6 |
Minimum rent commitments in year 1 | 11.2 | ||
Minimum rent commitments in year 2 | 7.9 | ||
Minimum rent commitments in year 3 | 6.1 | ||
Minimum rent commitments in year 4 | 3.8 | ||
Minimum rent commitments in year 5 | 2.6 | ||
Minimum rent commitments, thereafter | $ 2 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - Foreign Exchange Forward | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Derivative [Line Items] | |
Notional amount of open forward contracts | $ 72,400,000 |
Unrealized gain on contract | $ 500,000 |
Derivative Financial Instrume_4
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, 2018 | Dec. 31, 2017 |
Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging instruments | $ 12 | $ 314 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging instruments | $ 488 | $ 840 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Income Statement Location And Impact Of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Foreign Exchange Contract | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Currency exchange losses, net | $ 2,428 | $ (5,124) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Carrying amount of short-term investments | $ 55.4 | |
Fair Value of Short Term investments | 55.1 | |
Carrying amount of long-term debt | 130 | $ 181 |
Fair value of long-term debt | $ 139 | $ 200 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Dec. 31, 2017USD ($)LegalMatter | Dec. 31, 2018USD ($)LegalMatterVendor | Dec. 31, 2017USD ($)LegalMatter | Dec. 31, 2016USD ($)LegalMatter | Dec. 31, 2015LegalMatter | |
Loss Contingencies [Line Items] | ||||||
Reserves for product liability claims | $ 181,100,000 | $ 187,300,000 | $ 181,100,000 | |||
Years of activity | 5 years | |||||
Loss Contingency, Damages Paid, Value | 25,200,000 | $ 28,600,000 | ||||
Loss Contingency Accrual, Period Increase (Decrease) | 111,100,000 | |||||
Loss contingency, settlement, payment period | 1 year 9 months | |||||
Number of insurance carriers | Vendor | 20 | |||||
Insurance receivables | 134,700,000 | $ 71,700,000 | 134,700,000 | $ 159,900,000 | ||
Notes receivable from insurance companies | 76,900,000 | 59,600,000 | 76,900,000 | 67,300,000 | ||
Reported in Notes receivable | 17,333,000 | 3,555,000 | 17,333,000 | |||
Notes receivable, insurance companies, noncurrent (Note 19) | 59,567,000 | 56,012,000 | 59,567,000 | |||
Product Warranty Expense | 9,400,000 | 13,800,000 | 14,000,000 | |||
Single Incident | ||||||
Loss Contingencies [Line Items] | ||||||
Reserves for product liability claims | $ 5,400,000 | 3,600,000 | 5,400,000 | |||
Product liability losses | $ 2,000,000 | $ 2,400,000 | $ 800,000 | |||
Lawsuits | ||||||
Loss Contingencies [Line Items] | ||||||
Number of lawsuits | LegalMatter | 1,420 | 1,481 | 1,420 | 1,794 | 1,988 | |
Insurance Claims | ||||||
Loss Contingencies [Line Items] | ||||||
Number of lawsuits | LegalMatter | 2,242 | 2,355 | 2,242 | 3,023 | 3,779 | |
Cumulative Trauma, Reported Claims | ||||||
Loss Contingencies [Line Items] | ||||||
Product liability losses | $ 63,800,000 | $ 219,000,000 | $ 30,500,000 | |||
Litigation Settlement, Amount Awarded to Other Party | 75,200,000 | |||||
Claims Settled, But Not Yet Paid | ||||||
Loss Contingencies [Line Items] | ||||||
Reserves for product liability claims | $ 54,500,000 | 24,500,000 | 54,500,000 | |||
Uninsured Cumulative Trauma | ||||||
Loss Contingencies [Line Items] | ||||||
Product liability losses | 43,800,000 | 124,500,000 | $ 300,000 | |||
Other Current Liabilities | Cumulative Trauma, Reported Claims | ||||||
Loss Contingencies [Line Items] | ||||||
Reserves for product liability claims | 48,600,000 | 38,800,000 | 48,600,000 | |||
Other Noncurrent Liabilities | Cumulative Trauma, Reported Claims | ||||||
Loss Contingencies [Line Items] | ||||||
Reserves for product liability claims | 132,500,000 | 148,500,000 | 132,500,000 | |||
Prepaid Expenses and Other Current Assets | ||||||
Loss Contingencies [Line Items] | ||||||
Insurance Receivables, current | 11,600,000 | 14,800,000 | 11,600,000 | |||
Other Noncurrent Assets | ||||||
Loss Contingencies [Line Items] | ||||||
Insurance receivable, noncurrent | $ 123,100,000 | $ 56,900,000 | $ 123,100,000 | |||
Subsequent Event | Scenario, Forecast [Member] | Settled Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency Accrual, Payments | $ 7,100,000 | |||||
Loss Contingency Accrual, Number of Periodic Payments | 3 |
Contingencies - Summary of Cumu
Contingencies - Summary of Cumulative Trauma Product Liability Claims Activity (Detail) - LegalMatter | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Lawsuits | |||
Loss Contingency, Quantities [Roll Forward] | |||
Open lawsuits/Pending claims, January 1 | 1,420 | 1,794 | 1,988 |
New lawsuits/claims | 369 | 398 | 379 |
Settled and dismissed lawsuits/claims | (308) | (772) | (573) |
Open lawsuits/Pending claims, December 31 | 1,481 | 1,420 | 1,794 |
Pending claims | |||
Loss Contingency, Quantities [Roll Forward] | |||
Open lawsuits/Pending claims, January 1 | 2,242 | 3,023 | 3,779 |
New lawsuits/claims | 479 | 455 | 843 |
Settled and dismissed lawsuits/claims | (366) | (1,236) | (1,599) |
Open lawsuits/Pending claims, December 31 | 2,355 | 2,242 | 3,023 |
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, 2018 | Dec. 31, 2017 | |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | ||
Balance beginning of period | $ 134.7 | $ 159.9 |
Additions | 19.6 | 94.6 |
Collections, settlements converted to notes receivable and other adjustments | (82.6) | (119.8) |
Balance end of period | $ 71.7 | $ 134.7 |
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, 2018 | Dec. 31, 2017 | |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | ||
Balance beginning of period | $ 76.9 | $ 67.3 |
Additions | 1.7 | 35.1 |
Collections | (19) | (25.5) |
Balance end of period | $ 59.6 | $ 76.9 |
Contingencies Warranty Reserve
Contingencies Warranty Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Warranty Expense [Rollforward] | |||
Beginning warranty reserve | $ 14,753 | $ 11,821 | $ 10,296 |
Warranty payments | (9,955) | (10,905) | (12,524) |
Warranty claims | 10,585 | (12,471) | 11,574 |
Provision for product warranties and other adjustments | (1,169) | 1,366 | 2,475 |
Ending warranty reserve | $ 14,214 | $ 14,753 | $ 11,821 |
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% | ||
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from discontinued operations, net of tax | $ 0 | $ 0 | $ (245) |
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 | ||
Cost of products sold | 4,819 | ||
Selling, general and administrative | 937 | ||
Restructuring and other charges | 0 | ||
Currency exchange losses, net | 18 | ||
Other income, net | 596 | ||
Income from discontinued operations before income taxes | 83 | ||
Provision for income taxes | 328 | ||
Loss from discontinued operations, net of tax | $ (245) |
Discontinued Operations - Net L
Discontinued Operations - Net Loss (Income) Related to Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net income | $ (965) | $ (929) | $ (1,926) |
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 from continuing operations | (965) | (929) | (1,416) |
Income from discontinued operations | 0 | 0 | (510) |
Net income | $ (965) | $ (929) | $ (1,926) |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 361,783 | $ 331,096 | $ 339,331 | $ 325,894 | $ 346,140 | $ 296,129 | $ 288,775 | $ 265,765 | $ 1,358,104 | $ 1,196,809 | $ 1,149,530 |
Gross profit | 162,386 | 148,302 | 153,836 | 147,339 | 154,002 | 132,203 | 132,963 | 119,722 | 611,863 | 538,891 | 522,247 |
Net income attributable to continuing operations | $ 24,883 | $ 33,717 | $ 33,179 | $ 32,371 | $ (32,984) | $ 32,066 | $ 12,532 | $ 14,413 | $ 124,150 | $ 26,027 | $ 92,691 |
Earnings per share attributable to continuing operations, basic (dollars per share) | $ 0.65 | $ 0.88 | $ 0.86 | $ 0.85 | $ (0.87) | $ 0.84 | $ 0.33 | $ 0.38 | $ 3.23 | $ 0.68 | $ 2.47 |
Earnings per share attributable to continuing operations, diluted (dollars per share) | $ 0.64 | $ 0.86 | $ 0.85 | $ 0.83 | $ (0.87) | $ 0.83 | $ 0.32 | $ 0.37 | $ 3.18 | $ 0.67 | $ 2.44 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 5,540 | $ 5,610 | $ 8,189 |
Charged to costs and expenses (2) | 375 | 1,649 | 1,471 |
Deductions from reserves, net | 546 | 1,719 | 4,050 |
Balance at end of year | 5,369 | 5,540 | 5,610 |
Income Tax Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 4,559 | 5,303 | 5,153 |
Charged to costs and expenses (2) | 859 | 906 | 3,095 |
Deductions from reserves, net | 379 | 1,650 | 2,945 |
Balance at end of year | $ 5,039 | $ 4,559 | $ 5,303 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Currency translation gains (losses) | $ (291) | $ 285 | $ (203) |
Income Tax Valuation Allowance | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Currency translation gains (losses) | $ (367) | $ 248 | $ 113 |
Uncategorized Items - msa-20181
Label | Element | Value |
Restricted Cash, Current Assets, Included in Prepaid Expenses and Other Current Assets | msa_RestrictedCashCurrentAssetsIncludedinPrepaidExpensesandOtherCurrentAssets | $ 1,203,000 |
Restricted Cash, Current Assets, Included in Prepaid Expenses and Other Current Assets | msa_RestrictedCashCurrentAssetsIncludedinPrepaidExpensesandOtherCurrentAssets | 3,645,000 |
Restricted Cash, Current Assets, Included in Prepaid Expenses and Other Current Assets | msa_RestrictedCashCurrentAssetsIncludedinPrepaidExpensesandOtherCurrentAssets | $ 509,000 |