Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 22, 2020 | |
Entity Information [Line Items] | ||
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Local Phone Number | 631-5450 | |
City Area Code | 248 | |
Entity Address, Postal Zip Code | 48304 | |
Entity Address, State or Province | MI | |
Entity Address, City or Town | Bloomfield Hills | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, Address Line One | 38505 Woodward Avenue | |
Entity File Number | 001-10716 | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Registrant Name | TRIMAS CORPORATION | |
Entity Central Index Key | 0000842633 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 43,409,552 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Trading Symbol | TRS | |
Security Exchange Name | NASDAQ | |
Entity Tax Identification Number | 38-2687639 |
Consolidated Balance Sheet Stat
Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 206,110 | $ 172,470 |
Receivables, net of reserves of approximately $2.4 million and $2.1 million as of March 30, 2020 and December 31, 2019, respectively | 122,580 | 108,860 |
Inventories | 140,420 | 132,660 |
Prepaid expenses and other current assets | 16,230 | 20,050 |
Total current assets | 485,340 | 434,040 |
Property and equipment, net | 208,440 | 214,330 |
Operating lease right-of-use assets | 29,490 | 27,850 |
Goodwill | 375,670 | 334,640 |
Other intangibles, net | 193,260 | 161,390 |
Deferred income taxes | 3,630 | 500 |
Other assets | 24,590 | 19,950 |
Total assets | 1,320,420 | 1,192,700 |
Current liabilities: | ||
Accounts payable | 59,460 | 72,670 |
Accrued liabilities | 39,660 | 42,020 |
Operating lease liabilities, current portion | 5,380 | 5,100 |
Total current liabilities | 104,500 | 119,790 |
Long-term debt, net | 444,980 | 294,690 |
Operating lease liabilities | 24,440 | 23,100 |
Deferred income taxes | 32,820 | 16,830 |
Other long-term liabilities | 38,220 | 40,810 |
Total liabilities | 644,960 | 495,220 |
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: 43,409,552 shares at March 30, 2020 and 44,562,679 shares at December 31, 2019 | 430 | 450 |
Paid-in capital | 751,440 | 782,880 |
Accumulated deficit | (66,730) | (79,850) |
Accumulated other comprehensive loss | (9,680) | (6,000) |
Total shareholders' equity | 675,460 | 697,480 |
Total liabilities and shareholders' equity | $ 1,320,420 | $ 1,192,700 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Receivables, reserves (in dollars) | $ 2.4 | $ 2.1 |
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 | 43,409,552 | 44,562,679 |
Common Stock, outstanding Shares | 43,409,552 | 44,562,679 |
Consolidated Statement of Incom
Consolidated Statement of Income Statement - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net sales | $ 182,790 | $ 173,370 |
Cost of sales | (136,420) | (126,580) |
Gross profit | 46,370 | 46,790 |
Selling, general and administrative expenses | (26,540) | (26,990) |
Operating profit | 19,830 | 19,800 |
Other expense, net: | ||
Interest expense | (3,580) | (3,440) |
Other expense, net | (80) | (570) |
Other expense, net | (3,660) | (4,010) |
Income before income tax expense | 16,170 | 15,790 |
Income tax expense | (3,050) | (1,240) |
Income from continuing operations | 13,120 | 14,550 |
Income from discontinued operations, net of tax | 0 | 4,540 |
Net income | $ 13,120 | $ 19,090 |
Basic earnings per share | ||
Continuing operations | $ 0.30 | $ 0.32 |
Discontinued operations | 0 | 0.10 |
Net income per share | $ 0.30 | $ 0.42 |
Weighted average common shares—basic | 44,201,053 | 45,578,815 |
Diluted earnings per share | ||
Continuing operations | $ 0.30 | $ 0.32 |
Discontinued operations | 0 | 0.10 |
Net income per share | $ 0.30 | $ 0.42 |
Weighted average common shares—diluted | 44,470,472 | 45,992,182 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 13,120 | $ 19,090 |
Other comprehensive income | ||
Defined benefit plans | 150 | 100 |
Foreign currency translation | (8,260) | 700 |
Derivative instruments | 4,430 | 2,220 |
Total other comprehensive income (loss) | (3,680) | 3,020 |
Total comprehensive income | $ 9,440 | $ 22,110 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 13,120 | $ 19,090 |
Income from discontinued operations | 0 | 4,540 |
Income from continuing operations | 13,120 | 14,550 |
Adjustments to reconcile income to net cash provided by operating activities, net of acquisition impact: | ||
Loss on dispositions of assets | 50 | 10 |
Depreciation | 6,660 | 5,690 |
Amortization of intangible assets | 4,850 | 4,630 |
Amortization of debt issue costs | 290 | 280 |
Deferred income taxes | 2,570 | 2,210 |
Non-cash compensation expense | 1,940 | 1,320 |
Increase in receivables | (10,610) | (4,530) |
Increase in inventories | (110) | (420) |
Increase in prepaid expenses and other assets | (110) | (860) |
Decrease in accounts payable and accrued liabilities | (14,780) | (7,980) |
Other operating activities | (470) | 150 |
Net cash provided by operating activities of continuing operations | 3,400 | 15,050 |
Net cash used for operating activities of discontinued operations | 0 | (6,970) |
Net cash provided by operating activities, net of acquisition impact | 3,400 | 8,080 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (3,930) | (6,230) |
Acquisition of businesses, net of cash acquired | (84,270) | (22,270) |
Net proceeds from disposition of business, property and equipment | 1,880 | 0 |
Net cash used for investing activities of continuing operations | (86,320) | (28,500) |
Net cash used for investing activities of discontinued operations | 0 | (410) |
Net cash used for investing activities | (86,320) | (28,910) |
Cash Flows from Financing Activities: | ||
Proceeds from borrowings on revolving credit facilities | 198,290 | 26,250 |
Repayments of borrowings on revolving credit facilities | (48,330) | (25,870) |
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (1,830) | (2,620) |
Payments to purchase common stock | (31,570) | (670) |
Net cash provided by (used for) financing activities of continuing operations | 116,560 | (2,910) |
Net cash provided by financing activities of discontinued operations | 0 | 0 |
Net cash provided by (used for) financing activities | 116,560 | (2,910) |
Increase (decrease) for the period | 33,640 | (23,740) |
At beginning of period | 172,470 | 108,150 |
At end of period | 206,110 | 84,410 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 370 | 300 |
Cash paid for taxes | $ 1,850 | $ 1,870 |
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, 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, 2019 | 697,480 | 450 | 782,880 | (79,850) | (6,000) |
Net income | 13,120 | 13,120 | |||
Other comprehensive income (loss) | (3,680) | (3,680) | |||
Purchase of common stock | (31,570) | (20) | (31,550) | ||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (1,830) | (1,830) | |||
Non-cash compensation expense | 1,940 | 1,940 | |||
Balances at Mar. 31, 2020 | $ 675,460 | $ 430 | $ 751,440 | $ (66,730) | $ (9,680) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, designs, engineers and manufactures innovative products under leading brand names for customers primarily in the consumer products, aerospace & defense, and industrial markets. In the first quarter of 2020, TriMas began reporting its machined components operations, located in Stanton, California and Tolleson, Arizona, as part of its Aerospace segment. The operations were previously reported in the Specialty Products segment. The move of these operations into TriMas Aerospace facilitates a more rapid approach to achieving anticipated synergies from the recent RSA Engineered Products ("RSA") acquisition, allowing the Company to better leverage the machining competencies and resources across its aerospace businesses. See Note 13 , " Segment Information ," for further information on each of the Company's reportable segments. In addition, on December 20, 2019, the Company completed the sale of its Lamons division (“Lamons”), a transaction entered into with an investment fund sponsored by First Reserve on November 1, 2019. Lamons was sold for approximately $135 million in cash. The financial results of Lamons were previously reported within the Company's Specialty Products segment, and are presented as discontinued operations for all periods presented in the financial statements attached hereto. 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. The preparation of financial statements also requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results may differ from such estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment due to the ongoing outbreak of a new strain of the coronavirus (“COVID-19”). While the full impact of COVID-19 is unknown and cannot be reasonably estimated at this time, the Company has made appropriate accounting estimates based on the facts and circumstances available as of the reporting date. To the extent there are differences between these estimates and actual results, the Company's consolidated financial statements may be materially affected. Results of operations for interim periods are not necessarily indicative of results for the full year, and certain prior year amounts have been reclassified to conform to current year presentation. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2019 Annual Report on Form 10-K. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" ("ASU 2019-12"), which removes specific exceptions to the general principles in Topic 740, simplifies the accounting for income taxes and provides clarification of certain aspects of current guidance. ASU 2019-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements. In August 2018, the FASB issued 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. Recently Adopted Accounting Pronouncements 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. The Company adopted ASU 2017-04 on January 1, 2020. The adoption of ASU 2017-04 did not have a material impact on the Company's consolidated financial statements. |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations On December 20, 2019, the Company completed the sale of Lamons to two wholly-owned subsidiaries of an investment fund sponsored by First Reserve, pursuant to an Asset and Stock Purchase Agreement dated as of November 1, 2019 (the “Purchase Agreement”), for a purchase price of $135 million , subject to certain adjustments as set forth in the Purchase Agreement. The transaction was finalized in the first quarter of 2020 and resulted in a $1.8 million payment to the Company. The Company's historical results for Lamons are shown in the accompanying consolidated statement of income as a discontinued operation. Results of discontinued operations are summarized as follows (dollars in thousands): Three months ended 2019 Net sales $ 47,920 Cost of sales (34,890 ) Gross profit 13,030 Selling, general and administrative expenses (6,980 ) Operating profit 6,050 Other expense, net (110 ) Income from discontinued operations, before income taxes 5,940 Income tax expense (1,400 ) Income from discontinued operations, net of tax $ 4,540 |
Revenue Revenue (Notes)
Revenue Revenue (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
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 market served (dollars in thousands): Three months ended March 31, Customer Markets 2020 2019 Consumer Products $ 76,270 $ 67,490 Aerospace & Defense 48,920 45,580 Industrial 57,600 60,300 Total net sales $ 182,790 $ 173,370 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions 2020 Acquisitions On February 27, 2020, the Company acquired RSA Engineered Products, a manufacturer of complex, highly-engineered and proprietary ducting, connectors and related products for air management systems used in aerospace and defense applications, for an aggregate amount of approximately $84.3 million , net of cash acquired, subject to normal course adjustments. The fair value of assets acquired and liabilities assumed included approximately $80.2 million of goodwill and intangible assets, $10.1 million of net working capital, $2.1 million of property and equipment, and $8.7 million of net deferred tax liabilities. RSA, which is reported in the Company's Aerospace segment, is located in Simi Valley, California and historically generated approximately $30 million in annual revenue. In connection with the acquisition of RSA, the Company recorded approximately $0.5 million of non-cash purchase accounting-related expenses during the three months ended March 31, 2020 within cost of sales related to the step-up in value and subsequent sale of inventory. 2019 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, home care, and food and beverage packaging markets, for an aggregate amount of approximately $44.7 million , net of cash acquired. With manufacturing locations in both Italy and Slovakia, Taplast serves markets in Europe and North America and historically generated approximately $32 million in annual revenue. Taplast is reported in the Company's Packaging 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 products, for an aggregate amount of approximately $22.4 million , net of cash acquired. Located in Italy, Plastic Srl serves the home care market throughout Italy and other European countries and historically generated approximately $12 million in annual revenue. Plastic Srl is reported in the Company's Packaging segment. In connection with the acquisition of Plastic Srl, the Company recorded approximately $1.0 million of non-cash purchase accounting-related expenses during the three months ended March 31, 2019, of which approximately $0.9 million was recognized 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 $0.1 million was recognized during the three months ended March 31, 2019, 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 | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company assesses goodwill and other intangible assets for impairment on an annual basis as of October 1, and more frequently if there are changes in the business climate or as a result of a triggering event taking place. The Company considered the current and potential future market and economic impacts that may result from the COVID-19 crisis, including its impact on the Company's reporting units, and also assessed the change in its market capitalization during the first quarter of 2020. Based on this review, and after consideration of the historical excess in fair value over carrying value within the Company's reporting units, the Company determined that there was not a triggering event which would require an interim impairment test to be performed. In the first quarter of 2020, the Company began reporting its machined products operations within the Aerospace segment. These operations were previously reported in the Company's Specialty Products segment. As a result of the reporting structure change, goodwill of approximately $12.7 million was reassigned from the Specialty Products segment to the Aerospace segment. Changes in the carrying amount of goodwill for the three months ended March 31, 2020 are summarized as follows (dollars in thousands): Packaging Aerospace Specialty Products Total Balance, December 31, 2019 $ 181,650 $ 133,690 $ 19,300 $ 334,640 Goodwill from acquisitions — 43,260 — 43,260 Goodwill reassigned in segment realignment — 12,740 (12,740 ) — Foreign currency translation and other (2,230 ) — — (2,230 ) Balance, March 31, 2020 $ 179,420 $ 189,690 $ 6,560 $ 375,670 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 March 31, 2020 As of December 31, 2019 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 100,000 $ (51,740 ) $ 73,860 $ (49,910 ) Customer relationships, 15 – 25 years 122,280 (57,620 ) 122,280 (56,010 ) Total customer relationships 222,280 (109,360 ) 196,140 (105,920 ) Technology and other, 1 – 15 years 54,060 (30,480 ) 52,430 (29,790 ) Technology and other, 17 – 30 years 43,300 (38,120 ) 43,300 (37,620 ) Total technology and other 97,360 (68,600 ) 95,730 (67,410 ) Indefinite-lived intangible assets: Trademark/Trade names 51,580 — 42,850 — Total other intangible assets $ 371,220 $ (177,960 ) $ 334,720 $ (173,330 ) 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 March 31, 2020 2019 Technology and other, included in cost of sales $ 1,210 $ 1,200 Customer relationships, included in selling, general and administrative expenses 3,640 3,430 Total amortization expense $ 4,850 $ 4,630 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following components (dollars in thousands): March 31, December 31, Finished goods $ 72,880 $ 68,350 Work in process 33,930 30,560 Raw materials 33,610 33,750 Total inventories $ 140,420 $ 132,660 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following components (dollars in thousands): March 31, December 31, Land and land improvements $ 19,000 $ 19,110 Buildings 84,930 84,880 Machinery and equipment 323,120 326,990 427,050 430,980 Less: Accumulated depreciation 218,610 216,650 Property and equipment, net $ 208,440 $ 214,330 Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands): Three months ended March 31, 2020 2019 Depreciation expense, included in cost of sales $ 6,360 $ 5,430 Depreciation expense, included in selling, general and administrative expenses 300 260 Total depreciation expense $ 6,660 $ 5,690 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term Debt The Company's long-term debt consists of the following (dollars in thousands): March 31, December 31, 4.875% Senior Notes due October 2025 $ 300,000 $ 300,000 Credit Agreement 150,000 — Debt issuance costs (5,020 ) (5,310 ) Long-term debt, net $ 444,980 $ 294,690 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 March 31, 2020 , the Company had $150.0 million outstanding under its revolving credit facility and had approximately $131.2 million potentially available after giving effect to approximately $18.8 million of letters of credit issued and outstanding. At December 31, 2019 , the Company had no amounts outstanding under its revolving credit facility and had approximately $283.9 million potentially available after giving effect to approximately $16.1 million of letters of credit issued and outstanding. The Company's borrowing capacity was not reduced by leverage restrictions contained in the Credit Agreement as of March 31, 2020 and December 31, 2019 . In March 2020, the Company drew $150 million on its revolving credit facility to defend against potential uncertainty or liquidity issues in the financial markets as a result of the COVID-19 crisis. 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 March 31, 2020 , 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): March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 300,000 $ 284,470 $ 300,000 $ 309,000 Revolving credit facility 150,000 150,000 — — |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2020 | |
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. As of March 31, 2020 and December 31, 2019 , 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 March 31, December 31, Net Investment Hedges Cross-currency swaps Other assets $ 10,400 $ 4,460 The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of March 31, 2020 and December 31, 2019 , and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2020 and 2019 (dollars in thousands): Amount of Income Recognized Amount of Income (Loss) Reclassified Three months ended As of March 31, 2020 As of December 31, 2019 Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion) 2020 2019 Net Investment Hedges Cross-currency swaps $ 8,660 $ 4,230 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 March 31, 2020 , the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of approximately $77.3 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 September 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 Loss Recognized in Three months ended Location of Loss 2020 2019 Derivatives not designated as hedging instruments Foreign exchange contracts Other expense, net $ (70 ) $ — 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 March 31, 2020 and December 31, 2019 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 March 31, 2020 Cross-currency swaps Recurring $ 10,400 $ — $ 10,400 $ — Foreign exchange contracts Recurring $ (790 ) $ — $ (790 ) $ — December 31, 2019 Cross-currency swaps Recurring $ 4,460 $ — $ 4,460 $ — Foreign exchange contracts Recurring $ (770 ) $ — $ (770 ) $ — |
Leases Leases (Notes)
Leases Leases (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 Three Months Ended March 31, 2019 Operating lease cost $ 1,650 $ 1,520 Short-term, variable and other lease costs 310 240 Total lease cost $ 1,960 $ 1,760 Maturities of lease liabilities are as follows (dollars in thousands): Year ended December 31, Operating Leases (a) 2020 (excluding the three months ended March 31, 2020) $ 5,110 2021 6,100 2022 5,340 2023 4,530 2024 3,780 Thereafter 10,790 Total lease payments 35,650 Less: Imputed interest (5,830 ) Present value of lease liabilities $ 29,820 __________________________ (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 March 31, 2020 is approximately 6.6 years. The weighted-average discount rate as of March 31, 2020 is approximately 4.9% . Cash paid for amounts included in the measurement of operating lease liabilities was approximately $1.7 million and $1.6 million during the three months ended March 31, 2020 and 2019, respectively, 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 were approximately $2.9 million , primarily due to the acquisition of RSA, and $0.1 million during the three months ended March 31, 2020 and 2019, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Asbestos As of March 31, 2020 , the Company was a party to 348 pending cases involving an aggregate of 4,719 claims primarily alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by Lamons and certain other related 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 Three Months Ended March 31, 2020 4,759 54 89 5 4,719 $ 56,000 $ 650,000 Fiscal Year Ended December 31, 2019 4,820 143 172 32 4,759 $ 16,616 $ 2,250,000 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 4,719 claims pending at March 31, 2020 , 55 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At March 31, 2020 , of the 55 claims that set forth specific amounts, there was one claim seeking more than $5 million for punitive damages. Below is a breakdown of the compensatory damages 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 — 10 45 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 $9.7 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. 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 | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information TriMas reports its operations in three reportable 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 each of 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 ® , Taplast and Stolz brands, develops and manufactures a broad array of dispensing products (such as foaming pumps, lotion and soap pumps, beverage dispensers, perfume sprayers, nasal sprayers and trigger sprayers), polymeric and steel caps and closures (such as food lids, flip-top closures, child resistance caps, drum closures and flexible spouts), and polymeric jar products for a variety of consumer products submarkets including, but not limited to, beauty and personal care, home care, food and beverage, and health (including pharmaceutical and nutraceutical), as well as the industrial market. Aerospace – The Aerospace segment, which includes the Monogram Aerospace Fasteners ™ , Allfast Fastening Systems ® , Mac Fasteners ™ , RSA Engineered Products and Martinic Engineering ™ brands, develops, qualifies and manufactures highly-engineered, precision fasteners and machined products and assemblies to serve the aerospace and defense market. Specialty Products – The Specialty Products segment, which includes the Norris Cylinder ™ and Arrow ® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders, wellhead engines and compression systems for use within industrial markets. Segment activity is as follows (dollars in thousands): Three months ended 2020 2019 Net Sales Packaging $ 100,050 $ 88,840 Aerospace 48,920 45,580 Specialty Products 33,820 38,950 Total $ 182,790 $ 173,370 Operating Profit (Loss) Packaging $ 18,280 $ 17,640 Aerospace 5,080 5,810 Specialty Products 3,430 4,700 Corporate (6,960 ) (8,350 ) Total $ 19,830 $ 19,800 |
Equity Awards
Equity Awards | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Awards | Equity Awards Stock Options The Company did not grant any stock option awards during the three months ended March 31, 2020 . Information related to stock options at March 31, 2020 is as follows: Number of Weighted Average Option Price Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2020 150,000 $ 17.87 Granted — — Exercised — — Cancelled — — Expired — — Outstanding at March 31, 2020 150,000 $ 17.87 6.3 $ 784,500 As of March 31, 2020 , 150,000 stock options outstanding were exercisable under the Company's long-term equity incentive plans. As of March 31, 2020 , there was no unrecognized compensation cost related to stock options remaining. The Company recognized no stock-based compensation expense related to stock options during the three months ended March 31, 2020 and approximately $0.1 million in the three months ended March 31, 2019 . 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 three months ended March 31, 2020 : • Granted 178,666 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 30,590 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. • Issued 986 RSUs related to director fee deferrals during the three months ended March 31, 2020 as certain of the Company's directors 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 the three months ended March 31, 2020 , the Company awarded 113,146 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 an earnings per share compound annual growth rate ("EPS CAGR") metric over a period beginning January 1, 2020 and ending December 31, 2022. The remaining 50% of the awards 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, 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 0.56% and annualized volatility of 26.2% . 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. In addition, the Company awarded 87,034 performance-based RSUs to certain Company key divisional employees which vest three years from the grant date as long as the employee remains with the Company. These awards are earned based upon the Company's stock price performance over the period from January 1, 2020 and ending December 31, 2022. The stock price achievement is calculated based on the Company's average closing stock price for each quarter end for the 20 trading days up to and including March 31, June 30, September 30, and December 31, 2022, respectively. 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 0.85% and annualized volatility of 25.2% . Depending on the performance achieved for this metric, the amount of shares earned if any, can vary from 0% of the target award to a maximum of 160% of the target award, although it automatically is earned at the target award level if the Company's stock price is equal to or greater than a specified stock price for either five consecutive trading days or 20 total trading days during the performance period. During 2017, 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, 2017 and ending on December 31, 2019. 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 127.4% of the target, resulting in an increase of 27,567 shares during the three months ended March 31, 2020 . Information related to RSUs at March 31, 2020 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, 2020 622,528 $ 30.77 Granted 437,989 21.30 Vested (172,496 ) 27.86 Cancelled (4,382 ) 31.57 Outstanding at March 31, 2020 883,639 $ 26.91 1.6 $ 20,412,061 As of March 31, 2020 , there was approximately $14.3 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 2.4 years. The Company recognized stock-based compensation expense related to RSUs of approximately $1.9 million and $1.3 million during the three months ended March 31, 2020 and 2019 |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2020 | |
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 three months ended March 31, 2020 and 2019 : Three months ended 2020 2019 Weighted average common shares—basic 44,201,053 45,578,815 Dilutive effect of restricted stock units 217,074 333,020 Dilutive effect of stock options 52,345 80,347 Weighted average common shares—diluted 44,470,472 45,992,182 In March 2020, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $250 million in the aggregate. The initial authorization, approved in November 2015, authorized up to $50 million in the aggregate of its common stock. In the three months ended March 31, 2020 , the Company purchased 1,253,650 shares of its outstanding common stock for approximately $31.6 million . During the three months ended March 31, 2019 , the Company purchased 24,900 shares of its outstanding common stock for approximately $0.7 million . |
Defined Benefit Plans
Defined Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
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 2020 2019 Service costs $ 320 $ 260 Interest costs 240 270 Expected return on plan assets (370 ) (350 ) Amortization of net loss 220 140 Net periodic benefit cost $ 410 $ 320 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. The Company contributed approximately $0.5 million to its defined benefit pension plans during the three months ended March 31, 2020 . The Company expects to contribute approximately $1.1 million to its defined benefit pension plans for the full year 2020 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (Loss) Changes in AOCI by component for the three months ended March 31, 2020 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2019 $ (9,930 ) $ 4,230 $ (300 ) $ (6,000 ) Net unrealized gains (losses) arising during the period (a) — 4,430 (8,260 ) (3,830 ) Less: Net realized losses reclassified to net income (150 ) — — (150 ) Net current-period other comprehensive income (loss) 150 4,430 (8,260 ) (3,680 ) Balance, March 31, 2020 $ (9,780 ) $ 8,660 $ (8,560 ) $ (9,680 ) __________________________ (a) Derivative instruments, net of income tax of approximately $1.5 million . See Note 10 , " Derivative Instruments ," for further details. Changes in AOCI by component for the three months ended March 31, 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 arising during the period (a) — 2,220 700 2,920 Less: Net realized losses reclassified to net income (100 ) — — (100 ) Net current-period other comprehensive income 100 2,220 700 3,020 Reclassification of stranded tax effects (1,260 ) (10 ) — (1,270 ) Balance, March 31, 2019 $ (8,360 ) $ 3,150 $ (9,890 ) $ (15,100 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.7 million . See Note 10 , " Derivative Instruments ," for further details. |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On April 17, 2020, the Company paid approximately $11.4 million to complete the previously announced acquisition of certain bag-in-box product lines, related assets and the tradename Rapak® (collectively "Rapak") from Liqui-Box. Rapak generated approximately $30 million in net sales in 2019 and will be reported in TriMas' Packaging segment. |
Discontinued Operations Disco_2
Discontinued Operations Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Results of discontinued operations are summarized as follows (dollars in thousands): Three months ended 2019 Net sales $ 47,920 Cost of sales (34,890 ) Gross profit 13,030 Selling, general and administrative expenses (6,980 ) Operating profit 6,050 Other expense, net (110 ) Income from discontinued operations, before income taxes 5,940 Income tax expense (1,400 ) Income from discontinued operations, net of tax $ 4,540 |
Revenue Revenue (Tables)
Revenue Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the Company’s disaggregated net sales by primary market served (dollars in thousands): Three months ended March 31, Customer Markets 2020 2019 Consumer Products $ 76,270 $ 67,490 Aerospace & Defense 48,920 45,580 Industrial 57,600 60,300 Total net sales $ 182,790 $ 173,370 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the three months ended March 31, 2020 are summarized as follows (dollars in thousands): Packaging Aerospace Specialty Products Total Balance, December 31, 2019 $ 181,650 $ 133,690 $ 19,300 $ 334,640 Goodwill from acquisitions — 43,260 — 43,260 Goodwill reassigned in segment realignment — 12,740 (12,740 ) — Foreign currency translation and other (2,230 ) — — (2,230 ) Balance, March 31, 2020 $ 179,420 $ 189,690 $ 6,560 $ 375,670 |
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 March 31, 2020 As of December 31, 2019 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 100,000 $ (51,740 ) $ 73,860 $ (49,910 ) Customer relationships, 15 – 25 years 122,280 (57,620 ) 122,280 (56,010 ) Total customer relationships 222,280 (109,360 ) 196,140 (105,920 ) Technology and other, 1 – 15 years 54,060 (30,480 ) 52,430 (29,790 ) Technology and other, 17 – 30 years 43,300 (38,120 ) 43,300 (37,620 ) Total technology and other 97,360 (68,600 ) 95,730 (67,410 ) Indefinite-lived intangible assets: Trademark/Trade names 51,580 — 42,850 — Total other intangible assets $ 371,220 $ (177,960 ) $ 334,720 $ (173,330 ) |
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 March 31, 2020 2019 Technology and other, included in cost of sales $ 1,210 $ 1,200 Customer relationships, included in selling, general and administrative expenses 3,640 3,430 Total amortization expense $ 4,850 $ 4,630 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following components (dollars in thousands): March 31, December 31, Finished goods $ 72,880 $ 68,350 Work in process 33,930 30,560 Raw materials 33,610 33,750 Total inventories $ 140,420 $ 132,660 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following components (dollars in thousands): March 31, December 31, Land and land improvements $ 19,000 $ 19,110 Buildings 84,930 84,880 Machinery and equipment 323,120 326,990 427,050 430,980 Less: Accumulated depreciation 218,610 216,650 Property and equipment, net $ 208,440 $ 214,330 |
Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands): Three months ended March 31, 2020 2019 Depreciation expense, included in cost of sales $ 6,360 $ 5,430 Depreciation expense, included in selling, general and administrative expenses 300 260 Total depreciation expense $ 6,660 $ 5,690 |
Long-term Debt Long-term Debt (
Long-term Debt Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The carrying amounts and fair values were as follows (dollars in thousands): March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 300,000 $ 284,470 $ 300,000 $ 309,000 Revolving credit facility 150,000 150,000 — — The Company's long-term debt consists of the following (dollars in thousands): March 31, December 31, 4.875% Senior Notes due October 2025 $ 300,000 $ 300,000 Credit Agreement 150,000 — Debt issuance costs (5,020 ) (5,310 ) Long-term debt, net $ 444,980 $ 294,690 |
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) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of March 31, 2020 and December 31, 2019 , 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 March 31, December 31, Net Investment Hedges Cross-currency swaps Other assets $ 10,400 $ 4,460 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of March 31, 2020 and December 31, 2019 , and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2020 and 2019 (dollars in thousands): Amount of Income Recognized Amount of Income (Loss) Reclassified Three months ended As of March 31, 2020 As of December 31, 2019 Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion) 2020 2019 Net Investment Hedges Cross-currency swaps $ 8,660 $ 4,230 Other income (expense), net $ — $ — |
Derivatives Not Designated as Hedging Instruments | 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 Loss Recognized in Three months ended Location of Loss 2020 2019 Derivatives not designated as hedging instruments Foreign exchange contracts Other expense, net $ (70 ) $ — |
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 March 31, 2020 and December 31, 2019 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 March 31, 2020 Cross-currency swaps Recurring $ 10,400 $ — $ 10,400 $ — Foreign exchange contracts Recurring $ (790 ) $ — $ (790 ) $ — December 31, 2019 Cross-currency swaps Recurring $ 4,460 $ — $ 4,460 $ — Foreign exchange contracts Recurring $ (770 ) $ — $ (770 ) $ — |
Leases Leases (Tables)
Leases Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense are as follows (dollars in thousands): Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Operating lease cost $ 1,650 $ 1,520 Short-term, variable and other lease costs 310 240 Total lease cost $ 1,960 $ 1,760 |
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) 2020 (excluding the three months ended March 31, 2020) $ 5,110 2021 6,100 2022 5,340 2023 4,530 2024 3,780 Thereafter 10,790 Total lease payments 35,650 Less: Imputed interest (5,830 ) Present value of lease liabilities $ 29,820 __________________________ (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) | 3 Months Ended |
Mar. 31, 2020 | |
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 Three Months Ended March 31, 2020 4,759 54 89 5 4,719 $ 56,000 $ 650,000 Fiscal Year Ended December 31, 2019 4,820 143 172 32 4,759 $ 16,616 $ 2,250,000 |
Schedule of Damages Sought for Specific Claims [Table Text Block] | Below is a breakdown of the compensatory damages 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 — 10 45 |
Segment Information Segment Inf
Segment Information Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows (dollars in thousands): Three months ended 2020 2019 Net Sales Packaging $ 100,050 $ 88,840 Aerospace 48,920 45,580 Specialty Products 33,820 38,950 Total $ 182,790 $ 173,370 Operating Profit (Loss) Packaging $ 18,280 $ 17,640 Aerospace 5,080 5,810 Specialty Products 3,430 4,700 Corporate (6,960 ) (8,350 ) Total $ 19,830 $ 19,800 |
Equity Awards (Tables)
Equity Awards (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Information related to stock options at March 31, 2020 is as follows: Number of Weighted Average Option Price Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2020 150,000 $ 17.87 Granted — — Exercised — — Cancelled — — Expired — — Outstanding at March 31, 2020 150,000 $ 17.87 6.3 $ 784,500 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to RSUs at March 31, 2020 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, 2020 622,528 $ 30.77 Granted 437,989 21.30 Vested (172,496 ) 27.86 Cancelled (4,382 ) 31.57 Outstanding at March 31, 2020 883,639 $ 26.91 1.6 $ 20,412,061 |
Earnings per Share Earnings per
Earnings per Share Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 three months ended March 31, 2020 and 2019 : Three months ended 2020 2019 Weighted average common shares—basic 44,201,053 45,578,815 Dilutive effect of restricted stock units 217,074 333,020 Dilutive effect of stock options 52,345 80,347 Weighted average common shares—diluted 44,470,472 45,992,182 In March 2020, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $250 million in the aggregate. The initial authorization, approved in November 2015, authorized up to $50 million in the aggregate of its common stock. In the three months ended March 31, 2020 , the Company purchased 1,253,650 shares of its outstanding common stock for approximately $31.6 million . During the three months ended March 31, 2019 , the Company purchased 24,900 shares of its outstanding common stock for approximately $0.7 million . |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 2020 2019 Service costs $ 320 $ 260 Interest costs 240 270 Expected return on plan assets (370 ) (350 ) Amortization of net loss 220 140 Net periodic benefit cost $ 410 $ 320 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Comprehensive Income [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI by component for the three months ended March 31, 2020 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2019 $ (9,930 ) $ 4,230 $ (300 ) $ (6,000 ) Net unrealized gains (losses) arising during the period (a) — 4,430 (8,260 ) (3,830 ) Less: Net realized losses reclassified to net income (150 ) — — (150 ) Net current-period other comprehensive income (loss) 150 4,430 (8,260 ) (3,680 ) Balance, March 31, 2020 $ (9,780 ) $ 8,660 $ (8,560 ) $ (9,680 ) __________________________ (a) Derivative instruments, net of income tax of approximately $1.5 million . See Note 10 , " Derivative Instruments ," for further details. | Changes in AOCI by component for the three months ended March 31, 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 arising during the period (a) — 2,220 700 2,920 Less: Net realized losses reclassified to net income (100 ) — — (100 ) Net current-period other comprehensive income 100 2,220 700 3,020 Reclassification of stranded tax effects (1,260 ) (10 ) — (1,270 ) Balance, March 31, 2019 $ (8,360 ) $ 3,150 $ (9,890 ) $ (15,100 ) __________________________ (a) Derivative instruments, net of income tax of approximately $0.7 million . See Note 10 , " Derivative Instruments ," for further details. |
Basis of Presentation Sale of L
Basis of Presentation Sale of Lamons Division (Details) $ in Millions | Dec. 20, 2019USD ($) |
Lamons Division [Member] | Discontinued Operations, Disposed of by Sale [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Purchase price based on definitive sales agreement | $ 135 |
Discontinued Operations Sale of
Discontinued Operations Sale of Lamons Narrative (Details) - Lamons Division [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 20, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds on finalization of sale of business | $ 1.8 | |
Discontinued Operations, Disposed of by Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Purchase price based on definitive sales agreement | $ 135 |
Discontinued Operations Results
Discontinued Operations Results of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income from discontinued operations | $ 0 | $ 4,540 |
Discontinued Operations, Disposed of by Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Revenue | 47,920 | |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | (34,890) | |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 13,030 | |
Disposal Group, Including Discontinued Operations, SG&A | (6,980) | |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 6,050 | |
Disposal Group, Including Discontinued Operation, Other Expense | (110) | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 5,940 | |
Discontinued Operation, Tax Effect of Discontinued Operation | 1,400 | |
Income from discontinued operations | $ 4,540 |
Revenue Revenue (Details)
Revenue Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 182,790 | $ 173,370 |
Consumer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 76,270 | 67,490 |
Aerospace [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 48,920 | 45,580 |
Industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 57,600 | $ 60,300 |
Acquisitions - Other Acquisitio
Acquisitions - Other Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 27, 2020 | |
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 84,270 | $ 22,270 | ||||
Net sales | 182,790 | 173,370 | ||||
Non-cash purchase accounting related expenses | 1,000 | |||||
RSA Engineered Products [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 84,300 | |||||
Business Combinations, Assets Acquired and Liabilities Assumed, Goodwill and Intangible Assets | $ 80,200 | |||||
Business Combination, Recognized Identifiable Assets and Liabilities Assumed, Net Working Capital | 10,100 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,100 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 8,700 | |||||
Net sales | $ 30,000 | |||||
Taplast S.p.A. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 44,700 | |||||
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 | $ 100 | |||||
Cost of Sales [Member] | RSA Engineered Products [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Non-cash purchase accounting related expenses | $ 500 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Goodwill Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | ||
Goodwill | $ 375,670 | $ 334,640 |
Machined Products Reporting Unit [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 12,700 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Balance, beginning | $ 334,640 |
Goodwill, Acquired During Period | 43,260 |
Goodwill reassigned between segments | 0 |
Translation and purchase accounting adjustments | (2,230) |
Balance, ending | 375,670 |
Packaging [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 181,650 |
Goodwill, Acquired During Period | 0 |
Goodwill reassigned between segments | 0 |
Translation and purchase accounting adjustments | (2,230) |
Balance, ending | 179,420 |
Aerospace [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 133,690 |
Goodwill, Acquired During Period | 43,260 |
Goodwill reassigned between segments | 12,740 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 189,690 |
Specialty Products [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 19,300 |
Goodwill, Acquired During Period | 0 |
Goodwill reassigned between segments | (12,740) |
Translation and purchase accounting adjustments | 0 |
Balance, ending | $ 6,560 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, accumulated amortization | $ (177,960) | $ (173,330) |
Intangible Assets, Gross (Excluding Goodwill) | 371,220 | 334,720 |
Trademarks and Trade Names [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 51,580 | 42,850 |
Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 222,280 | 196,140 |
Finite-lived intangible assets, accumulated amortization | (109,360) | (105,920) |
Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 97,360 | 95,730 |
Finite-lived intangible assets, accumulated amortization | (68,600) | (67,410) |
Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 100,000 | 73,860 |
Finite-lived intangible assets, accumulated amortization | (51,740) | (49,910) |
Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 122,280 | 122,280 |
Finite-lived intangible assets, accumulated amortization | (57,620) | (56,010) |
Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 54,060 | 52,430 |
Finite-lived intangible assets, accumulated amortization | (30,480) | (29,790) |
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 | $ (38,120) | $ (37,620) |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amortization of Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 4,850 | $ 4,630 |
Cost of Sales [Member] | Technology and Other [Member] | ||
Amortization of Intangible Assets [Line Items] | ||
Amortization of intangible assets | 1,210 | 1,200 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ||
Amortization of Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 3,640 | $ 3,430 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 72,880 | $ 68,350 |
Work in process | 33,930 | 30,560 |
Raw materials | 33,610 | 33,750 |
Total inventories | $ 140,420 | $ 132,660 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 427,050 | $ 430,980 |
Less: Accumulated depreciation | 218,610 | 216,650 |
Property and equipment, net | 208,440 | 214,330 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 19,000 | 19,110 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 84,930 | 84,880 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 323,120 | $ 326,990 |
Property and Equipment, Net - D
Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation Expense [Line Items] | ||
Depreciation expense | $ 6,660 | $ 5,690 |
Continuing Operations [Member] | ||
Depreciation Expense [Line Items] | ||
Depreciation expense | 6,660 | 5,690 |
Cost of Sales [Member] | Continuing Operations [Member] | ||
Depreciation Expense [Line Items] | ||
Depreciation expense | 6,360 | 5,430 |
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member] | ||
Depreciation Expense [Line Items] | ||
Depreciation expense | $ 300 | $ 260 |
Long-term Debt - Debt Table (De
Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ (5,020) | $ (5,310) |
Long-term debt, net | 444,980 | 294,690 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 300,000 | 300,000 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 150,000 | $ 0 |
Long-term Debt - Senior Notes (
Long-term Debt - Senior Notes (Details) - Senior Notes [Member] - 4.875% Senior Unsecured Notes Due 2025 [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 300 |
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 |
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% |
October 15, 2020 to October 14, 2021 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 102.438% |
October 15, 2021 to October 14, 2022 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.219% |
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 | 3 Months Ended | |
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
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 | 150 | $ 0 |
Revolving Credit Facility, Remaining Borrowing Capacity | 131.2 | 283.9 |
Letters of credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of Credit, Maximum Borrowing Capacity | 40 | |
Letters of Credit Outstanding, Amount | 18.8 | $ 16.1 |
Revolving credit and term loan facilities [Member] | ||
Debt Instrument [Line Items] | ||
Incremental debt commitments capacity | $ 200 |
Long-term Debt - Fair Value (De
Long-term Debt - Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 150,000 | $ 0 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 300,000 | 300,000 |
Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 150,000 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | 284,470 | 309,000 |
Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | $ 150,000 | $ 0 |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Narrative (Details) - Designated as Hedging Instrument [Member] - Cross Currency Interest Rate Contract [Member] - Net Investment Hedging [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Derivative [Line Items] | |
Maximum Remaining Maturity of Foreign Currency Derivatives | 5 years |
Derivative, Fixed Interest Rate | 2.90% |
Maximum [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 125 |
Minimum [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 75 |
Derivative Instruments - Design
Derivative Instruments - Designated as hedging, Financial Position (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
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 | $ 10,400 | $ 4,460 |
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 | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
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 | $ 8,660 | $ 4,230 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 |
Derivative Instruments - Desi_3
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) - Designated as Hedging Instrument [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 77,300 | |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ (70) | $ 0 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
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 | $ 10,400 | $ 4,460 |
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 | 10,400 | 4,460 |
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 | (790) | (770) |
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 | 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 | (790) | (770) |
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 | $ 0 |
Leases Lease Cost Table (Detail
Leases Lease Cost Table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 1,650 | $ 1,520 |
Short-term, variable and other lease costs | 310 | 240 |
Lease, Cost | $ 1,960 | $ 1,760 |
Leases Operating Lease Liabilit
Leases Operating Lease Liability Maturity Table (Details) $ in Thousands | Mar. 31, 2020USD ($) | [1] |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 5,110 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 6,100 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 5,340 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 4,530 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 3,780 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 10,790 | |
Lessee, Operating Lease, Liability, Payments, Due | 35,650 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (5,830) | |
Operating Lease, Liability | $ 29,820 | |
[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) | Mar. 31, 2020Rate |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 7 months 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.90% |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 1.7 | $ 1.6 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 2.9 | $ 0.1 |
Commitments and Contingencies A
Commitments and Contingencies Asbestos Narrative (Details) - Asbestos [Member] $ in Millions | 3 Months Ended | 351 Months Ended | ||
Mar. 31, 2020USD ($)claimantscases | Mar. 31, 2020USD ($)claimantscases | Dec. 31, 2019claimants | Dec. 31, 2018claimants | |
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Cases, Number | cases | 348 | 348 | ||
Loss Contingency, Pending Claims, Number | 4,719 | 4,719 | 4,759 | 4,820 |
Total settlement costs | $ | $ 9.7 | |||
Percentage of settlement and defense costs covered by insurance | 40.00% | |||
Punitive Only Damages [Member] | Pending Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | $ | $ 5 | |||
Number of pending claims seeking specific amounts of damages | 1 | 1 | ||
Compensatory Only Damages [Member] | Pending Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of pending claims seeking specific amounts of damages | 55 | 55 |
Commitments and Contingencies_2
Commitments and Contingencies Asbestos Claimant and Settlement (Details) - Asbestos [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)claimants | Dec. 31, 2018USD ($)claimants | Dec. 31, 2019claimants | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Pending Claims, Number | 4,719 | 4,820 | 4,759 |
Loss Contingency, New Claims Filed, Number | 54 | 143 | |
Loss Contingency, Claims Dismissed, Number | 89 | 172 | |
Loss Contingency, Claims Settled, Number | 5 | 32 | |
Average settlement amount per claim during period | $ | $ 56,000 | $ 16,616 | |
Total defense costs during period | $ | $ 650,000 | $ 2,250,000 |
Commitments and Contingencies_3
Commitments and Contingencies Asbestos Damages Sought (Details) - Asbestos [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($)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 | 55 |
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 | 10 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member] | |
Loss Contingencies [Line Items] | |
Number of pending claims seeking specific amounts of damages | claimants | 45 |
Pending Litigation [Member] | Punitive Only Damages [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 5 |
Number of pending claims seeking specific amounts of damages | claimants | 1 |
Segment Information Segment I_2
Segment Information Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 182,790 | $ 173,370 |
Operating profit (loss) | 19,830 | 19,800 |
Operating Segments [Member] | Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 100,050 | 88,840 |
Operating profit (loss) | 18,280 | 17,640 |
Operating Segments [Member] | Aerospace [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 48,920 | 45,580 |
Operating profit (loss) | 5,080 | 5,810 |
Operating Segments [Member] | Specialty Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 33,820 | 38,950 |
Operating profit (loss) | 3,430 | 4,700 |
Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating profit (loss) | $ (6,960) | $ (8,350) |
Equity Awards - Stock Option Ac
Equity Awards - Stock Option Activity Table (Details) | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options Outstanding, beginning balance | shares | 150,000 |
Number of Options Granted | shares | 0 |
Number of Options Exercised | shares | 0 |
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 | $ 17.87 |
Options Granted, Weighted Average Price | $ / shares | 0 |
Options Exercised, Weighted Average Price | $ / shares | 0 |
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) | 6 years 3 months 18 days |
Options Aggregate Intrinsic Value | $ | $ 784,500 |
Equity Awards - Stock Options N
Equity Awards - Stock Options Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercisable stock options | 150,000 | |
Selling, General and Administrative Expenses [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 0 | $ 100,000 |
Equity Awards - Restricted Stoc
Equity Awards - Restricted Stock Units Activity Table (Details) - Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2020$ / 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 | 622,528 |
Number of Unvested Restricted Stock Units Granted | shares | 437,989 |
Number of Unvested Restricted Stock Units Vested | shares | (172,496) |
Number of Unvested Restricted Stock Units Cancelled | shares | (4,382) |
Number of Unvested Restricted Stock Units Outstanding, ending balance | shares | 883,639 |
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 | $ 30.77 |
Unvested Restricted Stock Units Granted, Weighted Average Grant Date Fair Value | 21.30 |
Unvested Restricted Stock Units Vested, Weighted Average Grant Date Fair Value | 27.86 |
Unvested Restricted Stock Units Cancelled, Weighted Average Grant Date Fair Value | 31.57 |
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, ending | $ 26.91 |
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 7 months 6 days |
Restricted Stock Units Aggregate Intrinsic Value | $ 20,412,061 |
Equity Awards - Restricted St_2
Equity Awards - Restricted Stock Units Narrative (Details) - Restricted Stock Units [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares issued related to director fee deferrals | 986 | ||
Number of Unvested Restricted Stock Units Granted | 437,989 | ||
Unrecognized unvested restricted shares-based compensation expense | $ 14.3 | ||
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | 2 years 4 months 24 days | ||
Plan 1 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Stock Units Granted | 178,666 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||
Plan 2 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Stock Units Granted | 87,034 | ||
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 | 0.85% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 25.20% | ||
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 | 30,590 | ||
Plan 8 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Unvested Restricted Stock Units Granted | 113,146 | ||
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 | 0.56% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 26.20% | ||
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 | 27,567 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained | 127.40% | ||
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% | ||
Average stock price [Member] | Minimum [Member] | Plan 2 [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% | ||
Average stock price [Member] | Maximum [Member] | Plan 2 [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 | 160.00% | ||
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares-based compensation expense | $ 1.9 | $ 1.3 |
Earnings per Share Earnings p_2
Earnings per Share Earnings per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted average common shares—basic | 44,201,053 | 45,578,815 |
Weighted average common shares—diluted | 44,470,472 | 45,992,182 |
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 | 217,074 | 333,020 |
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 | 52,345 | 80,347 |
Earnings per Share Repurchase o
Earnings per Share Repurchase of Common Stock (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2015 | |
Stock Repurchased and Retired During Period, Value | $ 31,570 | $ 670 | |
10b5-1 share repurchase program [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 250,000 | $ 50,000 | |
Stock Repurchased and Retired During Period, Shares | 1,253,650 | 24,900 | |
Stock Repurchased and Retired During Period, Value | $ 31,600 | $ 700 |
Defined Benefit Plans - Net Per
Defined Benefit Plans - Net Periodic Pension Costs (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service costs | $ 320 | $ 260 |
Interest costs | 240 | 270 |
Expected return on plan assets | (370) | (350) |
Amortization of net (gain)/loss | 220 | 140 |
Net periodic benefit cost | $ 410 | $ 320 |
Defined Benefit Plans - Defined
Defined Benefit Plans - Defined Benefit Plans Narrative (Details) - Pension Plans, Defined Benefit [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0.5 |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 1.1 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances | $ 697,480 | $ 620,450 | ||
Total other comprehensive income (loss) | (3,680) | 3,020 | ||
Balances | 675,460 | 640,510 | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (1,500) | 700 | ||
Defined Benefit Plans [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances | (9,930) | (7,200) | ||
Net unrealized gains (losses) arising during the period | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (150) | (100) | ||
Total other comprehensive income (loss) | 150 | 100 | ||
Reclassification of stranded tax effects | (1,260) | |||
Balances | (9,780) | (8,360) | ||
Accumulated Net Gain (Loss) from Hedges Attributable to Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances | 4,230 | 940 | ||
Net unrealized gains (losses) arising during the period | 4,430 | [1] | 2,220 | [2] |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Total other comprehensive income (loss) | 4,430 | 2,220 | ||
Reclassification of stranded tax effects | (10) | |||
Balances | 8,660 | 3,150 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances | (300) | (10,590) | ||
Net unrealized gains (losses) arising during the period | (8,260) | 700 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Total other comprehensive income (loss) | (8,260) | 700 | ||
Reclassification of stranded tax effects | 0 | |||
Balances | (8,560) | (9,890) | ||
Accumulated Other Comprehensive Income [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances | (6,000) | (16,850) | ||
Net unrealized gains (losses) arising during the period | (3,830) | 2,920 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (150) | (100) | ||
Total other comprehensive income (loss) | (3,680) | 3,020 | ||
Reclassification of stranded tax effects | (1,270) | |||
Balances | $ (9,680) | $ (15,100) | ||
[1] | Derivative instruments, net of income tax of approximately $1.5 million . See Note 10 , " Derivative Instruments ," for further details. | |||
[2] | Derivative instruments, net of income tax of approximately $0.7 million . See Note 10 , " Derivative Instruments ," for further details. |
Subsequent Event Purchase of Ra
Subsequent Event Purchase of Rapak (Details) - Rapak [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Apr. 17, 2020 | |
Subsequent Event [Line Items] | ||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 30 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Purchase price based on definitive sales agreement | $ 11.4 |