Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 23, 2019 | |
Entity Information [Line Items] | ||
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common stock | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Local Phone Number | 631-5450 | |
City Area Code | 248 | |
Entity Address, Postal Zip Code | 48304 | |
Entity Address, State or Province | MI | |
Entity Address, City or Town | Bloomfield Hills | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, Address Line One | 38505 Woodward Avenue | |
Entity File Number | 001-10716 | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Registrant Name | TRIMAS CORPORATION | |
Entity Central Index Key | 0000842633 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 45,243,642 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Trading Symbol | TRS | |
Security Exchange Name | NASDAQ | |
Entity Tax Identification Number | 38-2687639 |
Consolidated Balance Sheet Stat
Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 40,280 | $ 108,150 |
Receivables, net of reserves of approximately $3.7 million and $3.4 million as of June 30, 2019 and December 31, 2018, respectively | 150,410 | 123,110 |
Inventories | 180,500 | 173,120 |
Prepaid expenses and other current assets | 7,020 | 7,430 |
Total current assets | 378,210 | 411,810 |
Property and equipment, net | 225,630 | 187,800 |
Operating lease right-of-use assets | 39,260 | 0 |
Goodwill | 334,780 | 316,650 |
Other intangibles, net | 176,910 | 174,530 |
Deferred income taxes | 610 | 1,080 |
Other assets | 16,380 | 8,650 |
Total assets | 1,171,780 | 1,100,520 |
Current liabilities: | ||
Current maturities, long-term debt | 60 | 0 |
Accounts payable | 85,570 | 93,430 |
Accrued liabilities | 41,690 | 48,300 |
Operating lease liabilities, current portion | 8,610 | 0 |
Total current liabilities | 135,930 | 141,730 |
Long-term debt, net | 294,120 | 293,560 |
Operating lease liabilities | 31,040 | 0 |
Deferred income taxes | 18,780 | 5,560 |
Other long-term liabilities | 44,550 | 39,220 |
Total liabilities | 524,420 | 480,070 |
Preferred stock $0.01 par: Authorized 100,000,000 shares; Issued and outstanding: None | 0 | 0 |
Common stock, $0.01 par: Authorized 400,000,000 shares; Issued and outstanding: 45,243,419 shares at June 30, 2019 and 45,527,993 shares at December 31, 2018 | 450 | 460 |
Paid-in capital | 800,900 | 816,500 |
Accumulated deficit | (137,360) | (179,660) |
Accumulated other comprehensive loss | (16,630) | (16,850) |
Total shareholders' equity | 647,360 | 620,450 |
Total liabilities and shareholders' equity | $ 1,171,780 | $ 1,100,520 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Receivables, reserves (in dollars) | $ 3.7 | $ 3.4 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, Authorized shares | 100,000,000 | 100,000,000 |
Preferred stock, Issued Shares | 0 | 0 |
Preferred stock, outstanding Shares | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Authorized shares | 400,000,000 | 400,000,000 |
Common Stock, Issued Shares | 45,243,419 | 45,527,993 |
Common Stock, outstanding Shares | 45,243,419 | 45,527,993 |
Consolidated Statement of Incom
Consolidated Statement of Income Statement - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 239,370 | $ 224,910 | $ 460,660 | $ 442,010 |
Cost of sales | (174,020) | (160,130) | (335,490) | (316,850) |
Gross profit | 65,350 | 64,780 | 125,170 | 125,160 |
Selling, general and administrative expenses | (34,240) | (33,260) | (68,210) | (58,430) |
Operating profit | 31,110 | 31,520 | 56,960 | 66,730 |
Other expense, net: | ||||
Interest expense | (3,490) | (3,480) | (6,930) | (7,180) |
Other income (expense), net | 1,350 | (2,180) | 670 | (2,740) |
Other expense, net | (2,140) | (5,660) | (6,260) | (9,920) |
Income before income tax expense | 28,970 | 25,860 | 50,700 | 56,810 |
Income tax expense | (6,950) | (6,260) | (9,590) | (12,890) |
Net income | $ 22,020 | $ 19,600 | $ 41,110 | $ 43,920 |
Basic earnings per share | ||||
Net income per share | $ 0.48 | $ 0.43 | $ 0.90 | $ 0.96 |
Weighted average common shares—basic | 45,592,075 | 45,920,307 | 45,585,445 | 45,850,137 |
Diluted earnings per share | ||||
Net income per share | $ 0.48 | $ 0.42 | $ 0.90 | $ 0.95 |
Weighted average common shares—diluted | 45,828,315 | 46,200,757 | 45,910,249 | 46,215,047 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 22,020 | $ 19,600 | $ 41,110 | $ 43,920 |
Other comprehensive income | ||||
Defined benefit plans | 100 | 2,650 | 200 | 2,850 |
Foreign currency translation | (900) | (6,450) | (200) | (4,090) |
Derivative instruments | (730) | 5,710 | 1,490 | 1,670 |
Total other comprehensive income (loss) | (1,530) | 1,910 | 1,490 | 430 |
Total comprehensive income | $ 20,490 | $ 21,510 | $ 42,600 | $ 44,350 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 41,110 | $ 43,920 |
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: | ||
Loss on dispositions of assets | 40 | 70 |
Depreciation | 13,070 | 12,870 |
Amortization of intangible assets | 9,970 | 9,740 |
Amortization of debt issue costs | 560 | 740 |
Deferred income taxes | 4,230 | 6,340 |
Non-cash compensation expense | 3,040 | 2,620 |
Increase in receivables | (12,370) | (20,380) |
Increase in inventories | (1,130) | (5,880) |
Decrease in prepaid expenses and other assets | 1,140 | 8,970 |
Decrease in accounts payable and accrued liabilities | (29,070) | (7,530) |
Other operating activities | (1,310) | 140 |
Net cash provided by operating activities, net of acquisition impact | 29,280 | 51,620 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (12,310) | (11,320) |
Acquisition of businesses, net of cash acquired | (67,030) | 0 |
Net proceeds from disposition of property and equipment | 30 | 250 |
Net cash used for investing activities | (79,310) | (11,070) |
Cash Flows from Financing Activities: | ||
Proceeds from borrowings on revolving credit facilities | 93,220 | 59,060 |
Repayments of borrowings on revolving credit facilities | (92,410) | (68,490) |
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (3,230) | (2,380) |
Payments to purchase common stock | (15,420) | (2,920) |
Net cash used for financing activities | (17,840) | (14,730) |
Increase (decrease) for the period | (67,870) | 25,820 |
At beginning of period | 108,150 | 27,580 |
At end of period | 40,280 | 53,400 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 6,190 | 7,630 |
Cash paid for taxes | $ 11,970 | $ 3,210 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Balances at Dec. 31, 2017 | $ 544,020 | $ 460 | $ 823,850 | $ (262,960) | $ (17,330) |
Net income | 24,320 | 24,320 | |||
Other comprehensive income (loss) | (1,480) | (1,480) | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (2,300) | (2,300) | |||
Non-cash compensation expense | 1,220 | 1,220 | |||
Balances at Mar. 31, 2018 | 565,780 | 460 | 822,770 | (238,640) | (18,810) |
Balances at Dec. 31, 2017 | 544,020 | 460 | 823,850 | (262,960) | (17,330) |
Net income | 43,920 | ||||
Other comprehensive income (loss) | 430 | 430 | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (2,380) | ||||
Balances at Jun. 30, 2018 | 585,690 | 460 | 821,170 | (219,040) | (16,900) |
Balances at Mar. 31, 2018 | 565,780 | 460 | 822,770 | (238,640) | (18,810) |
Net income | 19,600 | 19,600 | |||
Other comprehensive income (loss) | 1,910 | 1,910 | |||
Purchase of common stock | (2,920) | (2,920) | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (80) | (80) | |||
Non-cash compensation expense | 1,400 | 1,400 | |||
Balances at Jun. 30, 2018 | 585,690 | 460 | 821,170 | (219,040) | (16,900) |
Balances at Dec. 31, 2018 | 620,450 | 460 | 816,500 | (179,660) | (16,850) |
Net income | 19,090 | 19,090 | |||
Other comprehensive income (loss) | 3,020 | 3,020 | |||
Purchase of common stock | (670) | (670) | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (2,620) | (2,620) | |||
Non-cash compensation expense | 1,320 | 1,320 | |||
Impact of accounting standards adoption | (80) | 1,190 | (1,270) | ||
Balances at Mar. 31, 2019 | 640,510 | 460 | 814,530 | (159,380) | (15,100) |
Balances at Dec. 31, 2018 | 620,450 | 460 | 816,500 | (179,660) | (16,850) |
Net income | 41,110 | ||||
Other comprehensive income (loss) | 1,490 | 1,490 | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (3,230) | ||||
Balances at Jun. 30, 2019 | 647,360 | 450 | 800,900 | (137,360) | (16,630) |
Balances at Mar. 31, 2019 | 640,510 | 460 | 814,530 | (159,380) | (15,100) |
Net income | 22,020 | 22,020 | |||
Other comprehensive income (loss) | (1,530) | (1,530) | |||
Purchase of common stock | (14,750) | (10) | (14,740) | ||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (610) | (610) | |||
Non-cash compensation expense | 1,720 | 1,720 | |||
Balances at Jun. 30, 2019 | $ 647,360 | $ 450 | $ 800,900 | $ (137,360) | $ (16,630) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil and gas end markets. In the first quarter of 2019, TriMas began reporting its machined components operations, located in Stanton, California and Tolleson, Arizona, in its Specialty Products reportable segment. This change was made in connection with the transition of leadership responsibilities out of Aerospace to Specialty Products, allowing the Company to better leverage the machining competencies and resources of these operations with the other businesses within the Specialty Products reportable segment, as well as provide the Company with the opportunity to expand sales of these products to customers outside of the aerospace market. In addition, this change enables the Company's Aerospace reportable segment to better focus on driving growth and innovation in its aerospace fastener and related product lines. See Note 13 , " Segment Information ," for further information on each of the Company's reportable segments. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and, in the opinion of management, contain all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of financial position and results of operations. Results of operations for interim periods are not necessarily indicative of results for the full year. Certain prior year amounts have been reclassified to conform with current year presentation. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2018 Annual Report on Form 10-K. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently Issued Accounting Pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)" ("ASU 2018-14"), which modifies the disclosure requirements for employers who sponsor defined benefit pension or other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. ASU 2018-14 is to be applied retrospectively to all periods presented. The Company is in the process of assessing the impact of adoption on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"), which simplifies the test for goodwill impairment by eliminating the requirement to perform a hypothetical purchase price allocation to measure the amount of goodwill impairment. ASU 2017-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements. Recently Adopted Accounting Pronouncements In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"), which provides for the option to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act ("Tax Reform Act") classified within accumulated other comprehensive income (loss) ("AOCI") to retained earnings. The Company adopted ASU 2018-02 on January 1, 2019, and elected to reclassify approximately $1.3 million in stranded tax effects from accumulated other comprehensive loss to accumulated deficit on the accompanying consolidated balance sheet. The Company's accounting policy is to release the income tax effects from AOCI when a defined benefit plan or a derivative instrument is liquidated and/or settled. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" (“ASU 2016-02”) (the “New Lease Standard"), which requires lessees to recognize a lease liability and right-of-use (ROU) asset on its balance sheet for operating leases. Accounting for finance leases is substantially unchanged. The Company adopted the New Lease Standard on January 1, 2019 using a modified retrospective transition, with the cumulative-effect adjustment to the opening balance of accumulated deficit as of the effective date (the effective date method). As a result of the adoption, the Company recognized approximately $40 million of right-of-use assets and lease liabilities on its consolidated balance sheet. Additionally, the Company recognized an approximate $0.1 million cumulative effective adjustment debit, net of tax, to accumulated deficit related to unamortized deferred losses for certain sale-leaseback transactions. The standard did not have an impact on the Company's consolidated statement of income. |
Revenue Revenue (Notes)
Revenue Revenue (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue The following table presents the Company’s disaggregated net sales by primary end market served (dollars in thousands): Three months ended June 30, Six months ended June 30, Customer End Markets 2019 2018 2019 2018 Consumer $ 81,300 $ 71,990 $ 148,790 $ 136,720 Aerospace 49,510 45,620 95,090 91,430 Industrial 54,880 55,970 109,110 110,320 Oil and gas 53,680 51,330 107,670 103,540 Total net sales $ 239,370 $ 224,910 $ 460,660 $ 442,010 |
Facility Closures Restructuring
Facility Closures Restructuring and Related Activities Disclosure (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Facility Closures Bangalore, India facility In May 2018, the Company exited its Bangalore, India facility within the Specialty Products reportable segment. In connection with this action, the Company recorded pre-tax charges of approximately $0.7 million within selling, general and administrative expenses and approximately $0.6 million within cost of sales related to severance benefits for employees involuntarily terminated, facility closure costs and costs related to the disposal of certain assets. Reynosa, Mexico facility In 2017, the Company ceased production at its Reynosa, Mexico facility within the Specialty Products reportable segment, and recorded a charge within cost of sales for estimated future unrecoverable lease obligations. During the second quarter of 2018, following entry into a sublease agreement for the facility, the Company re-evaluated its estimate of unrecoverable future obligations, and reduced its estimate by approximately $1.1 million . |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions In April 2019, the Company acquired Taplast S.p.A. ("Taplast"), a designer and manufacturer of dispensers, closures and containers for the beauty and personal care, household, and food and beverage packaging end markets, for an aggregate amount of approximately $44.6 million , net of cash acquired. Located in both Italy and Slovakia, Taplast serves end markets in Europe and North America and generates approximately $32 million in annual revenue. Taplast is included in the Company's Packaging reportable segment. In January 2019, the Company acquired Plastic Srl, a manufacturer of single-bodied and assembled polymeric caps and closures for use in home care product applications, for an aggregate amount of approximately $22.4 million , net of cash acquired. Located in Forli, Italy, Plastic Srl serves the home care market in Italy and other European countries and generates approximately $12 million in annual revenue. Plastic Srl is included in the Company's Packaging reportable segment. In connection with these acquisitions, the Company recorded approximately $0.2 million and $1.2 million of non-cash purchase accounting-related expenses during the three and six months ended June 30, 2019, respectively. Of these amounts, approximately $0.9 million was recognized during the six months ended June 30, 2019, within selling, general and administrative expenses, primarily related to the write-off of the Plastic Srl trade name acquired that will not be used. In addition, approximately $0.2 million and $0.3 million was recognized during the three and six months ended June 30, 2019, respectively, within cost of sales related to the step-up in value and subsequent sale of inventory. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets During the three months ended March 31, 2019, in an effort to better align the Company's machining competencies and resources, the Company began reporting its machined products operations within the Specialty Products reportable segment. These operations were previously reported in the Company's Aerospace reportable segment. As a result of the reporting structure change, the Company's previous Aerospace reporting unit was split into two new reporting units, Machined Products and Aerospace. The Company reallocated the goodwill attributed to the previous Aerospace reporting unit on a relative fair value basis between the Machined Products and the new Aerospace reporting units, resulting in an allocation of goodwill of $12.7 million and $133.7 million , respectively. After the reallocation of goodwill, the Company performed a Step I quantitative assessment for both the Machined Products and the new Aerospace reporting units. As part of this assessment, the Company determined that the fair value of the Aerospace reporting unit exceeded its carrying value by more than 34% and the fair value of the Machined Products reporting unit exceeded its carrying value by more than 13% . Changes in the carrying amount of goodwill for the six months ended June 30, 2019 are summarized as follows (dollars in thousands): Packaging Aerospace Specialty Products Total Balance, December 31, 2018 $ 163,660 $ 146,430 $ 6,560 $ 316,650 Goodwill from acquisitions 18,340 — — 18,340 Goodwill reassigned in segment realignment — (12,740 ) 12,740 — Foreign currency translation and other (210 ) — — (210 ) Balance, June 30, 2019 $ 181,790 $ 133,690 $ 19,300 $ 334,780 The Company amortizes its other intangible assets over periods ranging from one to 30 years . The gross carrying amounts and accumulated amortization of the Company's other intangibles are summarized below (dollars in thousands): As of June 30, 2019 As of December 31, 2018 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 81,200 $ (52,550 ) $ 73,450 $ (48,410 ) Customer relationships, 15 – 25 years 132,230 (62,250 ) 132,230 (58,790 ) Total customer relationships 213,430 (114,800 ) 205,680 (107,200 ) Technology and other, 1 – 15 years 57,040 (33,000 ) 57,020 (31,600 ) Technology and other, 17 – 30 years 43,300 (36,610 ) 43,300 (35,600 ) Total technology and other 100,340 (69,610 ) 100,320 (67,200 ) Indefinite-lived intangible assets: Trademark/Trade names 47,550 — 42,930 — Total other intangible assets $ 361,320 $ (184,410 ) $ 348,930 $ (174,400 ) Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Technology and other, included in cost of sales $ 1,210 $ 1,210 $ 2,410 $ 2,450 Customer relationships, included in selling, general and administrative expenses 3,830 3,620 7,560 7,290 Total amortization expense $ 5,040 $ 4,830 $ 9,970 $ 9,740 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following components (dollars in thousands): June 30, December 31, Finished goods $ 90,960 $ 91,780 Work in process 30,210 29,080 Raw materials 59,330 52,260 Total inventories $ 180,500 $ 173,120 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following components (dollars in thousands): June 30, December 31, Land and land improvements $ 19,210 $ 15,580 Buildings 88,350 74,110 Machinery and equipment 344,950 318,860 452,510 408,550 Less: Accumulated depreciation 226,880 220,750 Property and equipment, net $ 225,630 $ 187,800 Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Depreciation expense, included in cost of sales $ 6,470 $ 6,030 $ 12,360 $ 11,840 Depreciation expense, included in selling, general and administrative expenses 370 510 710 1,030 Total depreciation expense $ 6,840 $ 6,540 $ 13,070 $ 12,870 |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term Debt The Company's long-term debt consists of the following (dollars in thousands): June 30, December 31, 4.875% Senior Notes due October 2025 $ 300,000 $ 300,000 Other debt 60 — Debt issuance costs (5,880 ) (6,440 ) 294,180 293,560 Less: Current maturities, long-term debt 60 — Long-term debt, net $ 294,120 $ 293,560 Senior Notes In September 2017, the Company issued $300.0 million aggregate principal amount of 4.875% senior notes due October 15, 2025 ("Senior Notes") at par value in a private placement under Rule 144A of the Securities Act of 1933, as amended. The Senior Notes accrue interest at a rate of 4.875% per annum, payable semi-annually in arrears on April 15 and October 15, commencing on April 15, 2018 . The payment of principal and interest is jointly and severally guaranteed, on a senior unsecured basis, by certain subsidiaries of the Company (each a "Guarantor" and collectively the "Guarantors"). The Senior Notes are pari passu in right of payment with all existing and future senior indebtedness and subordinated to all existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. Prior to October 15, 2020, the Company may redeem up to 35% of the principal amount of the Senior Notes at a redemption price of 104.875% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more equity offerings provided that each such redemption occurs within 90 days of the date of closing of each such equity offering. In addition, the Company may redeem all or part of the Senior Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, plus a "make whole" premium. On or after October 15, 2020, the Company may redeem all or part of the Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the twelve-month period beginning on October 15 of the years indicated below: Year Percentage 2020 102.438 % 2021 101.219 % 2022 and thereafter 100.000 % Credit Agreement The Company is a party to a credit agreement ("Credit Agreement") consisting of a $300.0 million senior secured revolving credit facility, which permits borrowings denominated in specific foreign currencies, subject to a $125.0 million sub limit, matures on September 20, 2022 and is subject to interest at London Interbank Offered Rate ("LIBOR") plus 1.50% . The interest rate spread is based upon the leverage ratio, as defined, as of the most recent determination date. The Credit Agreement also provides incremental revolving credit facility commitments in an amount not to exceed the greater of $200.0 million and an amount such that, after giving effect to such incremental commitments and the incurrence of any other indebtedness substantially simultaneously with the making of such commitments, the senior secured net leverage ratio, as defined, is no greater than 3.00 to 1.00. The terms and conditions of any incremental revolving credit facility commitments must be no more favorable than the existing credit facility. The Company's revolving credit facility allows for the issuance of letters of credit, not to exceed $40.0 million in aggregate. At June 30, 2019 , the Company had no amounts outstanding under its revolving credit facility and had approximately $285.2 million potentially available after giving effect to approximately $14.8 million of letters of credit issued and outstanding. At December 31, 2018 , the Company had no amounts outstanding under its revolving credit facility and had approximately $284.9 million potentially available after giving effect to approximately $15.1 million of letters of credit issued and outstanding. After consideration of leverage restrictions contained in the Credit Agreement, the Company had approximately $285.2 million and $284.9 million of borrowing capacity available for general corporate purposes at June 30, 2019 and December 31, 2018 , respectively. The debt under the Credit Agreement is an obligation of the Company and certain of its domestic subsidiaries and is secured by substantially all of the assets of such parties. Borrowings under the $125.0 million (equivalent) foreign currency sub limit of the $300.0 million senior secured revolving credit facility are secured by a cross-guarantee amongst, and a pledge of the assets of, the foreign subsidiary borrowers that are a party to the agreement. The Credit Agreement also contains various negative and affirmative covenants and other requirements affecting the Company and its subsidiaries, including the ability, subject to certain exceptions and limitations, to incur debt, liens, mergers, investments, loans, advances, guarantee obligations, acquisitions, assets dispositions, sale-leaseback transactions, hedging agreements, dividends and other restricted payments, transactions with affiliates, restrictive agreements and amendments to charters, bylaws, and other material documents. The terms of the Credit Agreement also require the Company and its restricted subsidiaries to meet certain restrictive financial covenants and ratios computed quarterly, including a maximum total net leverage ratio (total consolidated indebtedness plus outstanding amounts under the accounts receivable securitization facility, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined), a maximum senior secured net leverage ratio (total consolidated senior secured indebtedness, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined) and a minimum interest expense coverage ratio (consolidated EBITDA, as defined, over the sum of consolidated cash interest expense, as defined, and preferred dividends, as defined). At June 30, 2019 , the Company was in compliance with its financial covenants contained in the Credit Agreement. Fair Value of Debt The valuations of the Senior Notes and other debt were determined based on Level 2 inputs under the fair value hierarchy, as defined. The carrying amounts and fair values were as follows (dollars in thousands): June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 300,000 $ 303,000 $ 300,000 $ 282,750 Other debt 60 60 — — |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Derivatives Designated as Hedging Instruments In October 2018, the Company entered into cross-currency swap agreements to hedge its net investment in Euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the Euro. By doing so, the Company synthetically converted a portion of its U.S. dollar-based long-term debt into Euro-denominated long-term debt. The agreements have a five year tenor at notional amounts declining from $125.0 million to $75.0 million over the contract period. Under the terms of the swap agreements, the Company is to receive net interest payments at a fixed rate of approximately 2.9% of the notional amount. At inception, the cross-currency swaps were designated as net investment hedges. In October 2018, immediately prior to entering into these cross-currency swap agreements, the Company terminated its existing cross-currency swap agreements, de-designating the swaps as net investment hedges and receiving approximately $1.1 million of cash. The cross-currency swap agreements were entered into in October 2017 and hedged the Company's net investment in Euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the Euro. The agreements had a five year tenor at notional amounts declining from $150.0 million to $75.0 million over the contract period. Under the terms of the swap agreements, the Company was to receive net interest payments at a fixed rate of approximately 2.1% of the notional amount. As of June 30, 2019 and December 31, 2018 , the fair value carrying amount of the Company's derivative instruments are recorded as follows (dollars in thousands): Asset / (Liability) Derivatives Derivatives designated as hedging instruments Balance Sheet Caption June 30, December 31, Net Investment Hedges Cross-currency swaps Other assets $ 2,100 $ 130 The following table summarizes the income recognized in AOCI on derivative contracts designated as hedging instruments as of June 30, 2019 and December 31, 2018 , and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2019 and 2018 (dollars in thousands): Amount of Income Recognized Amount of Income (Loss) Reclassified Three months ended Six months ended As of June 30, 2019 As of December 31, 2018 Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion) 2019 2018 2019 2018 Net Investment Hedges Cross-currency swaps $ 2,420 $ 940 Other income (expense), net $ — $ — $ — $ — Over the next 12 months, the Company does not expect to reclassify any pre-tax deferred amounts from AOCI into earnings. Derivatives Not Designated as Hedging Instruments As of June 30, 2019 , the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of approximately $96.2 million . The Company uses foreign exchange contracts to mitigate the risk associated with fluctuations in currency rates impacting cash flows related to certain of its receivables, payables and intercompany transactions denominated in foreign currencies. The foreign exchange contracts primarily mitigate currency exposures between the U.S. dollar and the Euro, British pound and the Chinese yuan, and have various settlement dates through March 2020. These contracts are not designated as hedge instruments; therefore, gains and losses on these contracts are recognized each period directly into the consolidated statement of income. The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands): Amount of Income Recognized in Three months ended Six months ended Location of Income 2019 2018 2019 2018 Derivatives not designated as hedging instruments Foreign exchange contracts Other income (expense), net $ 220 $ — $ 220 $ — Fair Value of Derivatives The fair value of the Company's derivatives are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's cross-currency swaps and foreign exchange contracts use observable inputs such as interest rate yield curves and forward currency exchange rates. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 are shown below (dollars in thousands): Description Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2019 Cross-currency swaps Recurring $ 2,100 $ — $ 2,100 $ — Foreign exchange contracts Recurring $ 220 $ — $ 220 $ — December 31, 2018 Cross-currency swaps Recurring $ 130 $ — $ 130 $ — |
Leases Leases (Notes)
Leases Leases (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain equipment and facilities under non-cancelable operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet; expense related to these leases is recognized on a straight-line basis over the lease term. The components of lease expense are as follows (dollars in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 2,650 $ 5,120 Short-term, variable and other lease costs 590 1,190 Total lease cost $ 3,240 $ 6,310 Maturities of lease liabilities are as follows (dollars in thousands): Year ended December 31, Operating Leases (a) 2019 (excluding the six months ended June 30, 2019) $ 5,270 2020 9,900 2021 8,280 2022 5,630 2023 4,470 Thereafter 12,530 Total lease payments 46,080 Less: Imputed interest (6,430 ) Present value of lease liabilities $ 39,650 __________________________ (a) The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet. The weighted-average remaining lease term of the Company's operating leases as of June 30, 2019 is approximately 6.1 years. The weighted-average discount rate as of June 30, 2019 is approximately 5.0% . Cash paid for amounts included in the measurement of operating lease liabilities during the six months ended June 30, 2019 was approximately $5.1 million , and is included in cash flows provided by operating activities in the consolidated statement of cash flows. Right-of-use assets obtained in exchange for lease liabilities during the six months ended June 30, 2019 was approximately $1.9 million . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Asbestos As of June 30, 2019 , the Company was a party to 366 pending cases involving an aggregate of 4,806 claims primarily alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by certain of its subsidiaries for use primarily in the petrochemical, refining and exploration industries. The following chart summarizes the number of claims, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, excluding amounts reimbursed under the Company's primary insurance, at the applicable date and for the applicable periods: Claims pending at beginning of period Claims filed during period Claims dismissed during period Claims settled during period Claims Average settlement amount per claim during period Total defense costs during period Six Months Ended June 30, 2019 4,820 70 75 9 4,806 $ 34,856 $ 1,184,000 Fiscal Year Ended December 31, 2018 5,256 171 564 43 4,820 $ 7,191 $ 2,260,000 In addition, the Company acquired various companies to distribute its products that had distributed gaskets of other manufacturers prior to acquisition. The Company believes that many of its pending cases relate to locations at which none of its gaskets were distributed or used. The Company may be subjected to significant additional asbestos-related claims in the future, the cost of settling cases in which product identification can be made may increase, and the Company may be subjected to further claims in respect of the former activities of its acquired gasket distributors. The Company is unable to make a meaningful statement concerning the monetary claims made in the asbestos cases given that, among other things, claims may be initially made in some jurisdictions without specifying the amount sought or by simply stating the requisite or maximum permissible monetary relief, and may be amended to alter the amount sought. The large majority of claims do not specify the amount sought. Of the 4,806 claims pending at June 30, 2019 , 61 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At June 30, 2019 , of the 61 claims that set forth specific amounts, there were no claims seeking specific amounts for punitive damages. Below is a breakdown of the amount sought for those claims seeking specific amounts: Compensatory Range of damages sought (dollars in millions) $0.0 to $0.6 $0.6 to $5.0 $5.0+ Number of claims — 11 50 In addition, relatively few of the claims have reached the discovery stage and even fewer claims have gone past the discovery stage. Total settlement costs (exclusive of defense costs) for all such cases, some of which were filed over 25 years ago, have been approximately $9.2 million . All relief sought in the asbestos cases is monetary in nature. To date, approximately 40% of the Company's costs related to settlement and defense of asbestos litigation have been covered by its primary insurance. Effective February 14, 2006, the Company entered into a coverage-in-place agreement with its first level excess carriers regarding the coverage to be provided to the Company for asbestos-related claims when the primary insurance is exhausted. The coverage-in-place agreement makes asbestos defense costs and indemnity insurance coverage available to the Company that might otherwise be disputed by the carriers and provides a methodology for the administration of such expenses. The Company's primary insurance exhausted in November 2018, and the Company will be solely responsible for defense costs and indemnity payments prior to the commencement of coverage under this agreement, the duration of which would be subject to the scope of damage awards and settlements paid. Based on the settlements made to date and the number of claims dismissed or withdrawn for lack of product identification, the Company believes that the relief sought (when specified) does not bear a reasonable relationship to its potential liability. Based upon the Company's experience to date, including the trend in annual defense and settlement costs incurred to date, and other available information (including the availability of excess insurance), the Company does not believe these cases will have a material adverse effect on its financial position and results of operations or cash flows. Metaldyne Corporation Prior to 2002, the Company was wholly-owned by Metaldyne Corporation ("Metaldyne"). In connection with the reorganization between TriMas and Metaldyne in 2002, TriMas assumed certain liabilities and obligations of Metaldyne, mainly comprised of contractual obligations to former TriMas employees, tax related matters, benefit plan liabilities and reimbursements to Metaldyne of normal course payments to be made on TriMas' behalf. In 2007, Metaldyne merged into a subsidiary of Asahi Tec Corporation (“Asahi”) whereby Metaldyne became a wholly-owned subsidiary of Asahi, and in 2009, Metaldyne and its U.S. subsidiaries filed voluntary petitions in the United States Bankruptcy Court under Chapter 11 of the U.S. Bankruptcy Code. In January 2018, the U.S. Bankruptcy Court entered a final decree to close all remaining cases and finalize the Metaldyne bankruptcy distribution trust, effectively terminating any potential obligation by TriMas to Metaldyne. In consideration of the final decree, the Company removed the obligation from its balance sheet during the first quarter of 2018, resulting in an approximate $8.2 million non-cash reduction in selling, general and administrative expenses in the accompanying consolidated statement of income. Claims and Litigation The Company is subject to other claims and litigation in the ordinary course of business, but does not believe that any such claim or litigation will have a material adverse effect on its financial position and results of operations or cash flows. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information TriMas reports three segments: Packaging, Aerospace, and Specialty Products. Each of these segments has discrete financial information that is regularly evaluated by TriMas' president and chief executive officer (chief operating decision maker) in determining resource, personnel and capital allocation, as well as assessing strategy and performance. The Company utilizes its proprietary TriMas Business Model as a standardized set of processes to manage and drive results and strategy across its multi-industry businesses. Within the Company's reportable segments, there are no individual products or product families for which reported net sales accounted for more than 10% of the Company's consolidated net sales. See below for more information regarding the types of products and services provided within each reportable segment: Packaging – The Packaging segment, which consists primarily of the Rieke ® brand, develops and manufactures specialty dispensing and closure products for the health, beauty and home care, food and beverage, and industrial markets. Aerospace – The Aerospace segment, which includes the Monogram Aerospace Fasteners ™ , Allfast Fastening Systems ® and Mac Fasteners ™ brands, develops, qualifies and manufactures highly-engineered, precision fasteners to serve the aerospace market. Specialty Products – The Specialty Products segment, which includes the Norris Cylinder ™ , Lamons ® , Arrow ® Engine and Martinic Engineering ™ brands, designs, manufactures and distributes highly-engineered steel cylinders, sealing and fastener products, wellhead engines and compression systems and machined products for use within the industrial, petrochemical, oil and gas exploration and refining and aerospace markets. Segment activity is as follows (dollars in thousands): Three months ended Six months ended 2019 2018 2019 2018 Net Sales Packaging $ 103,990 $ 95,090 $ 192,830 $ 183,290 Aerospace 42,240 39,100 80,570 76,890 Specialty Products 93,140 90,720 187,260 181,830 Total $ 239,370 $ 224,910 $ 460,660 $ 442,010 Operating Profit (Loss) Packaging $ 22,640 $ 22,810 $ 40,280 $ 42,390 Aerospace 7,010 6,450 12,750 11,040 Specialty Products 10,170 10,100 21,030 20,240 Corporate (a) (8,710 ) (7,840 ) (17,100 ) (6,940 ) Total $ 31,110 $ 31,520 $ 56,960 $ 66,730 __________________________ (a) During the first quarter of 2018, the Company removed an obligation from its balance sheet, resulting in an approximate $8.2 million non-cash reduction in selling, general and administrative expenses. See Note 12 , " Commitments and Contingencies ," for further details. |
Equity Awards
Equity Awards | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Awards | Equity Awards Stock Options The Company did not grant any stock option awards during the six months ended June 30, 2019 . Information related to stock options at June 30, 2019 is as follows: Number of Weighted Average Option Price Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2019 206,854 $ 13.19 Granted — — Exercised (56,854 ) 0.86 Cancelled — — Expired — — Outstanding at June 30, 2019 150,000 $ 17.87 7.1 $ 1,965,000 As of June 30, 2019 , 100,000 stock options outstanding were exercisable under the Company's long-term equity incentive plans. As of June 30, 2019 , there was approximately $0.1 million of unrecognized compensation cost related to stock options that is expected to be recorded during the third quarter of 2019. The Company recognized approximately $0.1 million of stock-based compensation expense related to stock options during each of the three month periods ended June 30, 2019 and 2018 , respectively, and approximately $0.1 million and $0.2 million of stock-based compensation expense during the six months ended June 30, 2019 and 2018 , respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income. Restricted Stock Units The Company awarded the following restricted stock units ("RSUs") during the six months ended June 30, 2019 : • granted 129,929 RSUs to certain employees, which are subject only to a service condition and vest ratably over three years so long as the employee remains with the Company; and • granted 25,872 RSUs to its non-employee independent directors, which vest one year from date of grant so long as the director and/or Company does not terminate the director's service prior to the vesting date. In addition, the Company issued 2,711 RSUs related to director fee deferrals during the six months ended June 30, 2019 . The Company allows for its non-employee independent directors to make an annual election to defer all or a portion of their directors fees and to receive the deferred amount in cash or equity. Certain of the Company's directors have elected to defer all or a portion of their directors fees and to receive the amount in Company common stock at a future date. During 2019, the Company awarded 95,882 performance-based RSUs to certain Company key employees which vest three years from the grant date as long as the employee remains with the Company. These awards are earned 50% based upon the Company's achievement of earnings per share compound annual growth rate ("EPS CAGR") metrics over a period beginning January 1, 2019 and ending December 31, 2021. The remaining 50% of the grants are earned based on the Company's total shareholder return ("TSR") relative to the TSR of the common stock of a pre-defined industry peer-group and measured over the performance period. TSR is calculated as the Company's average closing stock price for the 20-trading days at the end of the performance period plus Company dividends, divided by the Company's average closing stock price for the 20-trading days prior to the start of the performance period. The Company estimates the grant-date fair value subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk-free rate of 2.29% and annualized volatility of 26.7% . Depending on the performance achieved for these two metrics, the amount of shares earned, if any, can vary for each metric from 0% of the target award to a maximum of 200% of the target award. During 2016, the Company awarded performance-based RSUs to certain Company key employees which were earned based upon the Company's TSR relative to the TSR of the common stock of a pre-defined industry peer-group and measured over a period beginning January 1, 2016 and ending on December 31, 2018. Depending on the performance achieved, the amount of shares earned could vary from 0% of the target award to a maximum of 200% of the target award. The Company attained 139.0% of the target on a weighted average basis, resulting in an increase of 38,315 shares during the six months ended June 30, 2019 . Information related to RSUs at June 30, 2019 is as follows: Number of Unvested RSUs Weighted Average Grant Date Fair Value Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2019 663,128 $ 26.67 Granted 292,709 31.17 Vested (290,164 ) 22.30 Cancelled (3,420 ) 26.32 Outstanding at June 30, 2019 662,253 $ 30.57 1.4 $ 20,509,975 As of June 30, 2019 , there was approximately $12.3 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 2.3 years . The Company recognized stock-based compensation expense related to RSUs of approximately $1.7 million and $1.3 million during the three months ended June 30, 2019 and 2018 , respectively and approximately $3.0 million and $2.5 million during the six months ended June 30, 2019 and 2018 |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Net income is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share is calculated to give effect to stock options and RSUs. The following table summarizes the dilutive effect of RSUs and options to purchase common stock for the six months ended June 30, 2019 and 2018 : Three months ended Six months ended 2019 2018 2019 2018 Weighted average common shares—basic 45,592,075 45,920,307 45,585,445 45,850,137 Dilutive effect of restricted stock units 174,571 176,658 253,796 267,620 Dilutive effect of stock options 61,669 103,792 71,008 97,290 Weighted average common shares—diluted 45,828,315 46,200,757 45,910,249 46,215,047 In February 2019, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $75 million in the aggregate. The previous authorization, approved in November 2015, authorized up to $50 million in share repurchases. In the three and six months ended June 30, 2019 , the Company purchased 502,500 and 527,400 shares of its outstanding common stock for approximately $14.7 million and $15.4 million , respectively. During the the three and six months ended June 30, 2018 , the Company purchased 100,947 shares of its outstanding common stock for approximately $2.9 million . |
Defined Benefit Plans
Defined Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Defined Benefit Plan [Abstract] | |
Defined Benefit Plans | Defined Benefit Plans Net periodic pension benefit costs for the Company's defined benefit pension plans cover certain foreign employees, union hourly employees and salaried employees. The components of net periodic pension cost are as follows (dollars in thousands): Pension Plans Three months ended Six months ended 2019 2018 2019 2018 Service costs $ 260 $ 280 $ 520 $ 580 Interest costs 270 290 540 590 Expected return on plan assets (350 ) (420 ) (700 ) (850 ) Settlement/curtailment loss — 2,500 — 2,500 Amortization of net loss 150 240 290 490 Net periodic benefit cost $ 330 $ 2,890 $ 650 $ 3,310 The service cost component of net periodic benefit cost is recorded in cost of goods sold and selling, general and administrative expenses, while non-service cost components are recorded in other income (expense), net in the accompanying consolidated statement of income. During the second quarter of 2018, the Company purchased an annuity contract to transfer certain retiree defined benefit obligations to an insurance company. The annuity contract was funded by plan assets. The Company recognized a one-time settlement charge of approximately $2.5 million , which is included in other income (expense), net in the accompanying consolidated statement of income. The Company contributed approximately $0.5 million and $1.0 million to its defined benefit pension plans during the three and six months ended June 30, 2019 , respectively. The Company expects to contribute approximately $1.9 million to its defined benefit pension plans for the full year 2019 . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (Loss) Changes in AOCI by component for the six months ended June 30, 2019 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2018 $ (7,200 ) $ 940 $ (10,590 ) $ (16,850 ) Net unrealized gains (losses) arising during the period (a) — 1,490 (200 ) 1,290 Less: Net realized losses reclassified to net income (b) (200 ) — — (200 ) Net current-period other comprehensive income (loss) 200 1,490 (200 ) 1,490 Reclassification of stranded tax effects (1,260 ) (10 ) — (1,270 ) Balance, June 30, 2019 $ (8,260 ) $ 2,420 $ (10,790 ) $ (16,630 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.5 million . See Note 10 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million . See Note 16 , " Defined Benefit Plans ," for further details. Changes in AOCI by component for the six months ended June 30, 2018 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2017 $ (10,450 ) $ (3,170 ) $ (3,710 ) $ (17,330 ) Net unrealized gains (losses) arising during the period (a) — 1,670 (4,090 ) (2,420 ) Less: Net realized losses reclassified to net income (b) (2,850 ) — — (2,850 ) Net current-period other comprehensive income (loss) 2,850 1,670 (4,090 ) 430 Balance, June 30, 2018 $ (7,600 ) $ (1,500 ) $ (7,800 ) $ (16,900 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.5 million . See Note 10 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.8 million . See Note 16 , " Defined Benefit Plans |
Revenue Revenue (Tables)
Revenue Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the Company’s disaggregated net sales by primary end market served (dollars in thousands): Three months ended June 30, Six months ended June 30, Customer End Markets 2019 2018 2019 2018 Consumer $ 81,300 $ 71,990 $ 148,790 $ 136,720 Aerospace 49,510 45,620 95,090 91,430 Industrial 54,880 55,970 109,110 110,320 Oil and gas 53,680 51,330 107,670 103,540 Total net sales $ 239,370 $ 224,910 $ 460,660 $ 442,010 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the six months ended June 30, 2019 are summarized as follows (dollars in thousands): Packaging Aerospace Specialty Products Total Balance, December 31, 2018 $ 163,660 $ 146,430 $ 6,560 $ 316,650 Goodwill from acquisitions 18,340 — — 18,340 Goodwill reassigned in segment realignment — (12,740 ) 12,740 — Foreign currency translation and other (210 ) — — (210 ) Balance, June 30, 2019 $ 181,790 $ 133,690 $ 19,300 $ 334,780 |
Schedule of Intangible Assets (excluding Goodwill) by Major Class | The Company amortizes its other intangible assets over periods ranging from one to 30 years . The gross carrying amounts and accumulated amortization of the Company's other intangibles are summarized below (dollars in thousands): As of June 30, 2019 As of December 31, 2018 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 81,200 $ (52,550 ) $ 73,450 $ (48,410 ) Customer relationships, 15 – 25 years 132,230 (62,250 ) 132,230 (58,790 ) Total customer relationships 213,430 (114,800 ) 205,680 (107,200 ) Technology and other, 1 – 15 years 57,040 (33,000 ) 57,020 (31,600 ) Technology and other, 17 – 30 years 43,300 (36,610 ) 43,300 (35,600 ) Total technology and other 100,340 (69,610 ) 100,320 (67,200 ) Indefinite-lived intangible assets: Trademark/Trade names 47,550 — 42,930 — Total other intangible assets $ 361,320 $ (184,410 ) $ 348,930 $ (174,400 ) |
Schedule of Finite-Lived Intangible Assets, Amortization Expense | Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Technology and other, included in cost of sales $ 1,210 $ 1,210 $ 2,410 $ 2,450 Customer relationships, included in selling, general and administrative expenses 3,830 3,620 7,560 7,290 Total amortization expense $ 5,040 $ 4,830 $ 9,970 $ 9,740 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following components (dollars in thousands): June 30, December 31, Finished goods $ 90,960 $ 91,780 Work in process 30,210 29,080 Raw materials 59,330 52,260 Total inventories $ 180,500 $ 173,120 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following components (dollars in thousands): June 30, December 31, Land and land improvements $ 19,210 $ 15,580 Buildings 88,350 74,110 Machinery and equipment 344,950 318,860 452,510 408,550 Less: Accumulated depreciation 226,880 220,750 Property and equipment, net $ 225,630 $ 187,800 |
Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Depreciation expense, included in cost of sales $ 6,470 $ 6,030 $ 12,360 $ 11,840 Depreciation expense, included in selling, general and administrative expenses 370 510 710 1,030 Total depreciation expense $ 6,840 $ 6,540 $ 13,070 $ 12,870 |
Long-term Debt Long-term Debt (
Long-term Debt Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's long-term debt consists of the following (dollars in thousands): June 30, December 31, 4.875% Senior Notes due October 2025 $ 300,000 $ 300,000 Other debt 60 — Debt issuance costs (5,880 ) (6,440 ) 294,180 293,560 Less: Current maturities, long-term debt 60 — Long-term debt, net $ 294,120 $ 293,560 June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 300,000 $ 303,000 $ 300,000 $ 282,750 Other debt 60 60 — — |
Debt Instrument Redemption [Table Text Block] | On or after October 15, 2020, the Company may redeem all or part of the Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the twelve-month period beginning on October 15 of the years indicated below: Year Percentage 2020 102.438 % 2021 101.219 % 2022 and thereafter 100.000 % |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of June 30, 2019 and December 31, 2018 , the fair value carrying amount of the Company's derivative instruments are recorded as follows (dollars in thousands): Asset / (Liability) Derivatives Derivatives designated as hedging instruments Balance Sheet Caption June 30, December 31, Net Investment Hedges Cross-currency swaps Other assets $ 2,100 $ 130 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table summarizes the income recognized in AOCI on derivative contracts designated as hedging instruments as of June 30, 2019 and December 31, 2018 , and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2019 and 2018 (dollars in thousands): Amount of Income Recognized Amount of Income (Loss) Reclassified Three months ended Six months ended As of June 30, 2019 As of December 31, 2018 Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion) 2019 2018 2019 2018 Net Investment Hedges Cross-currency swaps $ 2,420 $ 940 Other income (expense), net $ — $ — $ — $ — Over the next 12 months, the Company does not expect to reclassify any pre-tax deferred amounts from AOCI into earnings. Derivatives Not Designated as Hedging Instruments As of June 30, 2019 , the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of approximately $96.2 million . The Company uses foreign exchange contracts to mitigate the risk associated with fluctuations in currency rates impacting cash flows related to certain of its receivables, payables and intercompany transactions denominated in foreign currencies. The foreign exchange contracts primarily mitigate currency exposures between the U.S. dollar and the Euro, British pound and the Chinese yuan, and have various settlement dates through March 2020. These contracts are not designated as hedge instruments; therefore, gains and losses on these contracts are recognized each period directly into the consolidated statement of income. The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands): Amount of Income Recognized in Three months ended Six months ended Location of Income 2019 2018 2019 2018 Derivatives not designated as hedging instruments Foreign exchange contracts Other income (expense), net $ 220 $ — $ 220 $ — Fair Value of Derivatives |
Fair Value Measurements, Recurring and Nonrecurring | air value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 are shown below (dollars in thousands): Description Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2019 Cross-currency swaps Recurring $ 2,100 $ — $ 2,100 $ — Foreign exchange contracts Recurring $ 220 $ — $ 220 $ — December 31, 2018 Cross-currency swaps Recurring $ 130 $ — $ 130 $ — |
Leases Leases (Tables)
Leases Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense are as follows (dollars in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 2,650 $ 5,120 Short-term, variable and other lease costs 590 1,190 Total lease cost $ 3,240 $ 6,310 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities are as follows (dollars in thousands): Year ended December 31, Operating Leases (a) 2019 (excluding the six months ended June 30, 2019) $ 5,270 2020 9,900 2021 8,280 2022 5,630 2023 4,470 Thereafter 12,530 Total lease payments 46,080 Less: Imputed interest (6,430 ) Present value of lease liabilities $ 39,650 __________________________ (a) The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency | The following chart summarizes the number of claims, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, excluding amounts reimbursed under the Company's primary insurance, at the applicable date and for the applicable periods: Claims pending at beginning of period Claims filed during period Claims dismissed during period Claims settled during period Claims Average settlement amount per claim during period Total defense costs during period Six Months Ended June 30, 2019 4,820 70 75 9 4,806 $ 34,856 $ 1,184,000 Fiscal Year Ended December 31, 2018 5,256 171 564 43 4,820 $ 7,191 $ 2,260,000 |
Schedule of Damages Sought for Specific Claims [Table Text Block] | Below is a breakdown of the amount sought for those claims seeking specific amounts: Compensatory Range of damages sought (dollars in millions) $0.0 to $0.6 $0.6 to $5.0 $5.0+ Number of claims — 11 50 |
Segment Information Segment Inf
Segment Information Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows (dollars in thousands): Three months ended Six months ended 2019 2018 2019 2018 Net Sales Packaging $ 103,990 $ 95,090 $ 192,830 $ 183,290 Aerospace 42,240 39,100 80,570 76,890 Specialty Products 93,140 90,720 187,260 181,830 Total $ 239,370 $ 224,910 $ 460,660 $ 442,010 Operating Profit (Loss) Packaging $ 22,640 $ 22,810 $ 40,280 $ 42,390 Aerospace 7,010 6,450 12,750 11,040 Specialty Products 10,170 10,100 21,030 20,240 Corporate (a) (8,710 ) (7,840 ) (17,100 ) (6,940 ) Total $ 31,110 $ 31,520 $ 56,960 $ 66,730 |
Equity Awards (Tables)
Equity Awards (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Information related to stock options at June 30, 2019 is as follows: Number of Weighted Average Option Price Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2019 206,854 $ 13.19 Granted — — Exercised (56,854 ) 0.86 Cancelled — — Expired — — Outstanding at June 30, 2019 150,000 $ 17.87 7.1 $ 1,965,000 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to RSUs at June 30, 2019 is as follows: Number of Unvested RSUs Weighted Average Grant Date Fair Value Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2019 663,128 $ 26.67 Granted 292,709 31.17 Vested (290,164 ) 22.30 Cancelled (3,420 ) 26.32 Outstanding at June 30, 2019 662,253 $ 30.57 1.4 $ 20,509,975 |
Earnings per Share Earnings per
Earnings per Share Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table summarizes the dilutive effect of RSUs and options to purchase common stock for the six months ended June 30, 2019 and 2018 : Three months ended Six months ended 2019 2018 2019 2018 Weighted average common shares—basic 45,592,075 45,920,307 45,585,445 45,850,137 Dilutive effect of restricted stock units 174,571 176,658 253,796 267,620 Dilutive effect of stock options 61,669 103,792 71,008 97,290 Weighted average common shares—diluted 45,828,315 46,200,757 45,910,249 46,215,047 In February 2019, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $75 million in the aggregate. The previous authorization, approved in November 2015, authorized up to $50 million in share repurchases. In the three and six months ended June 30, 2019 , the Company purchased 502,500 and 527,400 shares of its outstanding common stock for approximately $14.7 million and $15.4 million , respectively. During the the three and six months ended June 30, 2018 , the Company purchased 100,947 shares of its outstanding common stock for approximately $2.9 million . |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Defined Benefit Plan [Abstract] | |
Schedule of Costs of Retirement Plans | The components of net periodic pension cost are as follows (dollars in thousands): Pension Plans Three months ended Six months ended 2019 2018 2019 2018 Service costs $ 260 $ 280 $ 520 $ 580 Interest costs 270 290 540 590 Expected return on plan assets (350 ) (420 ) (700 ) (850 ) Settlement/curtailment loss — 2,500 — 2,500 Amortization of net loss 150 240 290 490 Net periodic benefit cost $ 330 $ 2,890 $ 650 $ 3,310 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Other Comprehensive Income [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI by component for the six months ended June 30, 2019 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2018 $ (7,200 ) $ 940 $ (10,590 ) $ (16,850 ) Net unrealized gains (losses) arising during the period (a) — 1,490 (200 ) 1,290 Less: Net realized losses reclassified to net income (b) (200 ) — — (200 ) Net current-period other comprehensive income (loss) 200 1,490 (200 ) 1,490 Reclassification of stranded tax effects (1,260 ) (10 ) — (1,270 ) Balance, June 30, 2019 $ (8,260 ) $ 2,420 $ (10,790 ) $ (16,630 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.5 million . See Note 10 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million . See Note 16 , " Defined Benefit Plans ," for further details. | Changes in AOCI by component for the six months ended June 30, 2018 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2017 $ (10,450 ) $ (3,170 ) $ (3,710 ) $ (17,330 ) Net unrealized gains (losses) arising during the period (a) — 1,670 (4,090 ) (2,420 ) Less: Net realized losses reclassified to net income (b) (2,850 ) — — (2,850 ) Net current-period other comprehensive income (loss) 2,850 1,670 (4,090 ) 430 Balance, June 30, 2018 $ (7,600 ) $ (1,500 ) $ (7,800 ) $ (16,900 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.5 million . See Note 10 , " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.8 million . See Note 16 , " Defined Benefit Plans ," for further details. |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating lease right-of-use assets | $ 39,260 | $ 0 | |||
Operating Lease, Liability | [1] | $ 39,650 | |||
Accounting Standards Update 2018-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification of stranded tax effects | $ 1,300 | ||||
Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating lease right-of-use assets | $ 40,000 | ||||
Operating Lease, Liability | $ 40,000 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 100 | ||||
[1] | (a) The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet. |
Revenue Revenue (Details)
Revenue Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 239,370 | $ 224,910 | $ 460,660 | $ 442,010 |
Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 81,300 | 71,990 | 148,790 | 136,720 |
Aerospace [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 49,510 | 45,620 | 95,090 | 91,430 |
Industrial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 54,880 | 55,970 | 109,110 | 110,320 |
Oil and Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 53,680 | $ 51,330 | $ 107,670 | $ 103,540 |
Facility Closures - Narrative (
Facility Closures - Narrative (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2018USD ($) | |
Cost of Sales [Member] | Facility Closing Bangalore, India [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Facility closure costs | $ 0.6 |
Cost of Sales [Member] | Facility Closing Reynosa, Mexico [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Future Lease Obligation, Net of Sublease Income | (1.1) |
Selling, General and Administrative Expenses [Member] | Facility Closing Bangalore, India [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Facility closure costs | $ 0.7 |
Acquisitions - Other Acquisitio
Acquisitions - Other Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 67,030 | $ 0 | ||||
Net sales | $ 239,370 | $ 224,910 | 460,660 | $ 442,010 | ||
Non-cash purchase accounting related expenses | 200 | 1,200 | ||||
Taplast S.p.A. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 44,600 | |||||
Net sales | $ 32,000 | |||||
Plastic Srl [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 22,400 | |||||
Net sales | $ 12,000 | |||||
Selling, General and Administrative Expenses [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Non-cash purchase accounting related expenses | 900 | |||||
Cost of Sales [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Non-cash purchase accounting related expenses | $ 200 | $ 300 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Goodwill Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | |||
Goodwill | $ 334,780 | $ 316,650 | |
Aerospace Reporting Unit [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 133,700 | ||
Machined Products Reporting Unit [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 12,700 | ||
Goodwill [Member] | Aerospace Reporting Unit [Member] | |||
Goodwill [Line Items] | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 34.00% | ||
Goodwill [Member] | Machined Products Reporting Unit [Member] | |||
Goodwill [Line Items] | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 13.00% |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Goodwill [Roll Forward] | |
Balance, beginning | $ 316,650 |
Goodwill, Acquired During Period | 18,340 |
Goodwill reassigned between segments | 0 |
Translation and purchase accounting adjustments | (210) |
Balance, ending | 334,780 |
Packaging [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 163,660 |
Goodwill, Acquired During Period | 18,340 |
Goodwill reassigned between segments | 0 |
Translation and purchase accounting adjustments | (210) |
Balance, ending | 181,790 |
Aerospace [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 146,430 |
Goodwill, Acquired During Period | 0 |
Goodwill reassigned between segments | (12,740) |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 133,690 |
Specialty Products [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 6,560 |
Goodwill, Acquired During Period | 0 |
Goodwill reassigned between segments | 12,740 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | $ 19,300 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, accumulated amortization | $ (184,410) | $ (174,400) |
Intangible Assets, Gross (Excluding Goodwill) | 361,320 | 348,930 |
Trademarks and Trade Names [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 47,550 | 42,930 |
Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 213,430 | 205,680 |
Finite-lived intangible assets, accumulated amortization | (114,800) | (107,200) |
Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 100,340 | 100,320 |
Finite-lived intangible assets, accumulated amortization | (69,610) | (67,200) |
Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 81,200 | 73,450 |
Finite-lived intangible assets, accumulated amortization | (52,550) | (48,410) |
Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 132,230 | 132,230 |
Finite-lived intangible assets, accumulated amortization | (62,250) | (58,790) |
Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 57,040 | 57,020 |
Finite-lived intangible assets, accumulated amortization | (33,000) | (31,600) |
Useful Life Seventeen to Thirty Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 43,300 | 43,300 |
Finite-lived intangible assets, accumulated amortization | $ (36,610) | $ (35,600) |
Minimum [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 1 year | |
Minimum [Member] | Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 5 years | |
Minimum [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 15 years | |
Minimum [Member] | Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 1 year | |
Minimum [Member] | Useful Life Seventeen to Thirty Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 17 years | |
Maximum [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 30 years | |
Maximum [Member] | Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 12 years | |
Maximum [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 25 years | |
Maximum [Member] | Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 15 years | |
Maximum [Member] | Useful Life Seventeen to Thirty Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 30 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 5,040 | $ 4,830 | $ 9,970 | $ 9,740 |
Cost of Sales [Member] | Technology and Other [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 1,210 | 1,210 | 2,410 | 2,450 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 3,830 | $ 3,620 | $ 7,560 | $ 7,290 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 90,960 | $ 91,780 |
Work in process | 30,210 | 29,080 |
Raw materials | 59,330 | 52,260 |
Total inventories | $ 180,500 | $ 173,120 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 452,510 | $ 408,550 |
Less: Accumulated depreciation | 226,880 | 220,750 |
Property and equipment, net | 225,630 | 187,800 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 19,210 | 15,580 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 88,350 | 74,110 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 344,950 | $ 318,860 |
Property and Equipment, Net - D
Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 13,070 | $ 12,870 | ||
Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 6,840 | $ 6,540 | 13,070 | 12,870 |
Cost of Sales [Member] | Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | 6,470 | 6,030 | 12,360 | 11,840 |
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 370 | $ 510 | $ 710 | $ 1,030 |
Long-term Debt - Debt Table (De
Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt | $ 294,180 | $ 293,560 |
Deferred Finance Costs, Net | (5,880) | (6,440) |
Current maturities, debt | 60 | 0 |
Long-term debt, net | 294,120 | 293,560 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 300,000 | $ 300,000 |
Long-term Debt - Senior Notes (
Long-term Debt - Senior Notes (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Debt Instrument [Line Items] | ||
Cash paid for interest | $ 6,190 | $ 7,630 |
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 300,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |
Debt Instrument, Maturity Date | Oct. 15, 2025 | |
Debt Instrument, Date of First Required Payment | Apr. 15, 2018 | |
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | Prior to October 15, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of principal that can be redeemed with cash from proceeds of an equity offering | 35.00% | |
Debt instrument redemption price with net proceeds from equity offering | 104.875% | |
Debt Instrument, Redemption Price, Percentage | 100.00% | |
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | October 15, 2020 to October 14, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Redemption Price, Percentage | 102.438% | |
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | October 15, 2021 to October 14, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Redemption Price, Percentage | 101.219% | |
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | October 15, 2022 and thereafter [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Redemption Price, Percentage | 100.00% |
Long-term Debt - Credit Agreeme
Long-term Debt - Credit Agreement (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Net leverage ratio | 3 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | |
Debt Instrument, Maturity Date | Sep. 20, 2022 | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Credit Facility, Capacity Available for Foreign Revolver Loans | $ 125 | |
Line of Credit Facility, Maximum Borrowing Capacity | 300 | |
Revolving Credit Facility, Amount Outstanding | 0 | $ 0 |
Revolving Credit Facility, Remaining Borrowing Capacity | 285.2 | 284.9 |
Letters of credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of Credit, Maximum Borrowing Capacity | 40 | |
Letters of Credit Outstanding, Amount | 14.8 | 15.1 |
Revolving credit and term loan facilities [Member] | ||
Debt Instrument [Line Items] | ||
Incremental debt commitments capacity | 200 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 285.2 | $ 284.9 |
Long-term Debt - Fair Value (De
Long-term Debt - Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt | $ 294,180 | $ 293,560 |
Current maturities, debt | 60 | 0 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 300,000 | 300,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Short-term Debt, Fair Value | 60 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | $ 303,000 | $ 282,750 |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Narrative (Details) - Designated as Hedging Instrument [Member] - Cross Currency Interest Rate Contract [Member] - Net Investment Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative [Line Items] | |||
Maximum Remaining Maturity of Foreign Currency Derivatives | 5 years | 5 years | |
Derivative, Fixed Interest Rate | 2.90% | 2.10% | |
Derivative, Cash Received on Hedge | $ 1.1 | ||
Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 125 | $ 150 | |
Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 75 | $ 75 |
Derivative Instruments - Design
Derivative Instruments - Designated as hedging, Financial Position (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 2,100 | $ 130 |
Derivative Instruments - Desi_2
Derivative Instruments - Designated as hedging, Financial Performance (Details) - Net Investment Hedging [Member] - Designated as Hedging Instrument [Member] - Cross Currency Interest Rate Contract [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ 2,420 | $ 2,420 | $ 940 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Desi_3
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) - Designated as Hedging Instrument [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) Reclassification from AOCI into Earnings, Estimate of Time to Transfer | 12 months |
Amount of gain (loss) expected to be reclassified from AOCI into Earnings | $ 0 |
Derivative Instruments - Deri_2
Derivative Instruments - Derivatives not designated as hedging instruments (Details) - Not Designated as Hedging Instrument [Member] - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 96,200 | $ 96,200 | ||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ 220 | $ 0 | $ 220 | $ 0 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, at Fair Value, Net | $ 130 | |
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, at Fair Value, Net | $ 0 | 0 |
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, at Fair Value, Net | 2,100 | 130 |
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, at Fair Value, Net | 0 | $ 0 |
Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 220 | |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 220 | |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | |
Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, at Fair Value, Net | $ 2,100 |
Leases Lease Cost Table (Detail
Leases Lease Cost Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 2,650 | $ 5,120 |
Short-term, variable and other lease costs | 590 | 1,190 |
Lease, Cost | $ 3,240 | $ 6,310 |
Leases Operating Lease Liabilit
Leases Operating Lease Liability Maturity Table (Details) $ in Thousands | Jun. 30, 2019USD ($) | [1] |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 5,270 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 9,900 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 8,280 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 5,630 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 4,470 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 12,530 | |
Lessee, Operating Lease, Liability, Payments, Due | 46,080 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (6,430) | |
Operating Lease, Liability | $ 39,650 | |
[1] | (a) The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet. |
Leases Supplemental Balance She
Leases Supplemental Balance Sheet Information Related to Leases (Details) | Jun. 30, 2019Rate |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 5.00% |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information Related to Leases (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Payments | $ 5.1 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 1.9 |
Commitments and Contingencies A
Commitments and Contingencies Asbestos Narrative (Details) - Asbestos [Member] $ in Millions | 342 Months Ended | ||
Jun. 30, 2019USD ($)claimantscases | Dec. 31, 2018claimants | Dec. 31, 2017claimants | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Pending Cases, Number | cases | 366 | ||
Loss Contingency, Pending Claims, Number | 4,806 | 4,820 | 5,256 |
Total settlement costs | $ | $ 9.2 | ||
Percentage of settlement and defense costs covered by insurance | 40.00% | ||
Punitive Only Damages [Member] | Pending Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Number of pending claims seeking specific amounts of damages | 0 | ||
Compensatory Only Damages [Member] | Pending Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Number of pending claims seeking specific amounts of damages | 61 |
Commitments and Contingencies_2
Commitments and Contingencies Asbestos Claimant and Settlement (Details) - Asbestos [Member] | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019USD ($)claimants | Dec. 31, 2018USD ($)claimants | Dec. 31, 2017claimants | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Pending Claims, Number | 4,806 | 4,820 | 5,256 |
Loss Contingency, New Claims Filed, Number | 70 | 171 | |
Loss Contingency, Claims Dismissed, Number | 75 | 564 | |
Loss Contingency, Claims Settled, Number | 9 | 43 | |
Average settlement amount per claim during period | $ | $ 34,856 | $ 7,191 | |
Total defense costs during period | $ | $ 1,184,000 | $ 2,260,000 |
Commitments and Contingencies_3
Commitments and Contingencies Asbestos Damages Sought (Details) - Asbestos [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)claimants | |
Compensatory and Punitive Damages [Member] | Range 1 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 0 |
Compensatory and Punitive Damages [Member] | Range 1 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 0.6 |
Compensatory and Punitive Damages [Member] | Range 2 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 0.6 |
Compensatory and Punitive Damages [Member] | Range 2 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 5 |
Compensatory and Punitive Damages [Member] | Range 3 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 5 |
Compensatory Only Damages [Member] | Range 1 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 0 |
Compensatory Only Damages [Member] | Range 1 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 0.6 |
Compensatory Only Damages [Member] | Range 2 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 0.6 |
Compensatory Only Damages [Member] | Range 2 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 5 |
Compensatory Only Damages [Member] | Range 3 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 5 |
Punitive Only Damages [Member] | Range 1 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 0 |
Punitive Only Damages [Member] | Range 1 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 2.5 |
Punitive Only Damages [Member] | Range 2 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 2.5 |
Punitive Only Damages [Member] | Range 2 [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 5 |
Punitive Only Damages [Member] | Range 3 [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 5 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 61 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 1 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 0 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 2 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 11 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 50 |
Pending Litigation [Member] | Punitive Only Damages [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 0 |
Commitments and Contingencies M
Commitments and Contingencies Metaldyne (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Selling, General and Administrative Expenses [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual, Period Increase (Decrease) | $ (8.2) | $ (8.2) |
Segment Information Segment I_2
Segment Information Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 239,370 | $ 224,910 | $ 460,660 | $ 442,010 | ||
Operating profit (loss) | 31,110 | 31,520 | 56,960 | 66,730 | ||
Operating Segments [Member] | Packaging [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 103,990 | 95,090 | 192,830 | 183,290 | ||
Operating profit (loss) | 22,640 | 22,810 | 40,280 | 42,390 | ||
Operating Segments [Member] | Aerospace [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 42,240 | 39,100 | 80,570 | 76,890 | ||
Operating profit (loss) | 7,010 | 6,450 | 12,750 | 11,040 | ||
Operating Segments [Member] | Specialty Products [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 93,140 | 90,720 | 187,260 | 181,830 | ||
Operating profit (loss) | 10,170 | 10,100 | 21,030 | 20,240 | ||
Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating profit (loss) | $ (8,710) | (7,840) | $ (17,100) | $ (6,940) | [1] | |
Selling, General and Administrative Expenses [Member] | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Loss Contingency Accrual, Period Increase (Decrease) | $ (8,200) | $ (8,200) | ||||
[1] | During the first quarter of 2018, the Company removed an obligation from its balance sheet, resulting in an approximate $8.2 million non-cash reduction in selling, general and administrative expenses. See Note 12 , " Commitments and Contingencies ," for further details. |
Equity Awards - Stock Option Ac
Equity Awards - Stock Option Activity Table (Details) | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options Outstanding, beginning balance | shares | 206,854 |
Number of Options Granted | shares | 0 |
Number of Options Exercised | shares | (56,854) |
Number of Options Cancelled | shares | 0 |
Number of Options Expired | shares | 0 |
Number of Options Outstanding, ending balance | shares | 150,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Options Outstanding, Weighted Average Price, beginning | $ / shares | $ 13.19 |
Options Granted, Weighted Average Price | $ / shares | 0 |
Options Exercised, Weighted Average Price | $ / shares | 0.86 |
Options Cancelled, Weighted Average Price | $ / shares | 0 |
Options Expired, Weighted Average Price | $ / shares | 0 |
Options Outstanding, Weighted Average Price, ending | $ / shares | $ 17.87 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | |
Options Average Remaining Contractual Life (Years) | 7 years 1 month 6 days |
Options Aggregate Intrinsic Value | $ | $ 1,965,000 |
Equity Awards - Stock Options N
Equity Awards - Stock Options Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 0.1 | $ 0.1 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable stock options | 100,000 | 100,000 | ||
Selling, General and Administrative Expenses [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.2 |
Equity Awards - Restricted Stoc
Equity Awards - Restricted Stock Units Activity Table (Details) - Restricted Stock Units [Member] | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of Unvested Restricted Stock Units Outstanding, beginning balance | shares | 663,128 |
Number of Unvested Restricted Stock Units Granted | shares | 292,709 |
Number of Unvested Restricted Stock Units Vested | shares | (290,164) |
Number of Unvested Restricted Stock Units Cancelled | shares | (3,420) |
Number of Unvested Restricted Stock Units Outstanding, ending balance | shares | 662,253 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, beginning | $ 26.67 |
Unvested Restricted Stock Units Granted, Weighted Average Grant Date Fair Value | 31.17 |
Unvested Restricted Stock Units Vested, Weighted Average Grant Date Fair Value | 22.30 |
Unvested Restricted Stock Units Cancelled, Weighted Average Grant Date Fair Value | 26.32 |
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, ending | $ 30.57 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures | |
Restricted Stock Units Average Remaining Contractual Life (Years) | 1 year 4 months 24 days |
Restricted Stock Units Aggregate Intrinsic Value | $ 20,509,975 |
Equity Awards - Restricted St_2
Equity Awards - Restricted Stock Units Narrative (Details) - Restricted Stock Units [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares issued related to director fee deferrals | 2,711 | ||||
Number of Unvested Restricted Stock Units Granted | 292,709 | ||||
Unrecognized unvested restricted shares-based compensation expense | $ 12.3 | $ 12.3 | |||
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | 2 years 3 months 18 days | ||||
Plan 1 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Stock Units Granted | 129,929 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||
Plan 5 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||||
Plan 5 [Member] | Non-employee independent director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Stock Units Granted | 25,872 | ||||
Plan 8 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Stock Units Granted | 95,882 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.29% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 26.70% | ||||
3 year EPS CAGR metric [Member] | Maximum [Member] | Plan 8 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award percentage earned based on metric over the performance period | 50.00% | ||||
Total shareholder return metric [Member] | Plan 3 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Stock Units Granted | 38,315 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained | 139.00% | ||||
Total shareholder return metric [Member] | Minimum [Member] | Plan 3 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 0.00% | ||||
Total shareholder return metric [Member] | Minimum [Member] | Plan 8 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 0.00% | ||||
Total shareholder return metric [Member] | Maximum [Member] | Plan 3 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 200.00% | ||||
Total shareholder return metric [Member] | Maximum [Member] | Plan 8 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award percentage earned based on metric over the performance period | 50.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 200.00% | ||||
Selling, General and Administrative Expenses [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares-based compensation expense | $ 1.7 | $ 1.3 | $ 3 | $ 2.5 |
Earnings per Share Earnings p_2
Earnings per Share Earnings per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average common shares—basic | 45,592,075 | 45,920,307 | 45,585,445 | 45,850,137 |
Weighted average common shares—diluted | 45,828,315 | 46,200,757 | 45,910,249 | 46,215,047 |
Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Incremental common shares attributable to share-based payment arrangements | 174,571 | 176,658 | 253,796 | 267,620 |
Stock Options [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Incremental common shares attributable to share-based payment arrangements | 61,669 | 103,792 | 71,008 | 97,290 |
Earnings per Share Repurchase o
Earnings per Share Repurchase of Common Stock (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Stock Repurchased and Retired During Period, Value | $ 14,750 | $ 670 | $ 2,920 | |||
10b5-1 share repurchase program [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 75,000 | $ 75,000 | $ 50,000 | |||
Stock Repurchased and Retired During Period, Shares | 502,500 | 100,947 | 527,400 | 100,947 | ||
Stock Repurchased and Retired During Period, Value | $ 14,700 | $ 2,900 | $ 15,400 | $ 2,900 |
Defined Benefit Plans - Net Per
Defined Benefit Plans - Net Periodic Pension Costs (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service costs | $ 260 | $ 280 | $ 520 | $ 580 |
Interest costs | 270 | 290 | 540 | 590 |
Expected return on plan assets | (350) | (420) | (700) | (850) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 2,500 | 0 | 2,500 |
Amortization of net (gain)/loss | 150 | 240 | 290 | 490 |
Net periodic benefit cost | $ 330 | $ 2,890 | $ 650 | $ 3,310 |
Defined Benefit Plans - Defined
Defined Benefit Plans - Defined Benefit Plans Narrative (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | $ 0 | $ 2,500 | $ 0 | $ 2,500 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 500 | 1,000 | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 1,900 | $ 1,900 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balances | $ 640,510 | $ 620,450 | $ 565,780 | $ 544,020 | $ 620,450 | $ 544,020 | ||
Total other comprehensive income (loss) | (1,530) | 3,020 | 1,910 | (1,480) | 1,490 | 430 | ||
Balances | 647,360 | 640,510 | 585,690 | 565,780 | 647,360 | 585,690 | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (500) | 500 | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 100 | 800 | ||||||
Defined Benefit Plans [Member] | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balances | (7,200) | (10,450) | (7,200) | (10,450) | ||||
Net unrealized gains (losses) arising during the period | 0 | 0 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (200) | [1] | (2,850) | [2] | ||||
Total other comprehensive income (loss) | 200 | 2,850 | ||||||
Reclassification of stranded tax effects | (1,260) | |||||||
Balances | (8,260) | (7,600) | (8,260) | (7,600) | ||||
Accumulated Net Gain (Loss) from Hedges Attributable to Parent [Member] | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balances | 940 | (3,170) | 940 | (3,170) | ||||
Net unrealized gains (losses) arising during the period | 1,490 | [3] | 1,670 | [4] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||||
Total other comprehensive income (loss) | 1,490 | 1,670 | ||||||
Reclassification of stranded tax effects | (10) | |||||||
Balances | 2,420 | (1,500) | 2,420 | (1,500) | ||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balances | (10,590) | (3,710) | (10,590) | (3,710) | ||||
Net unrealized gains (losses) arising during the period | (200) | (4,090) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||||
Total other comprehensive income (loss) | (200) | (4,090) | ||||||
Reclassification of stranded tax effects | 0 | |||||||
Balances | (10,790) | (7,800) | (10,790) | (7,800) | ||||
Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balances | (15,100) | (16,850) | (18,810) | (17,330) | (16,850) | (17,330) | ||
Net unrealized gains (losses) arising during the period | 1,290 | (2,420) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (200) | (2,850) | ||||||
Total other comprehensive income (loss) | (1,530) | 3,020 | 1,910 | (1,480) | 1,490 | 430 | ||
Reclassification of stranded tax effects | (1,270) | |||||||
Balances | $ (16,630) | $ (15,100) | $ (16,900) | $ (18,810) | $ (16,630) | $ (16,900) | ||
[1] | Defined benefit plans, net of income tax of approximately $0.1 million . See Note 16 , " Defined Benefit Plans ," for further details. | |||||||
[2] | Defined benefit plans, net of income tax of approximately $0.8 million . See Note 16 , " Defined Benefit Plans | |||||||
[3] | Derivative instruments, net of income tax of approximately $0.5 million . See Note 10 , " Derivative Instruments ," for further details. | |||||||
[4] | Derivative instruments, net of income tax of approximately $0.5 million . See Note 10 , " Derivative Instruments ," for further details. |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Subsequent Event [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 67,030 | $ 0 | |
Taplast S.p.A. [Member] | |||
Subsequent Event [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 44,600 |