Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 21, 2021 | |
Entity Information [Line Items] | ||
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Local Phone Number | 631-5450 | |
City Area Code | 248 | |
Entity Address, Postal Zip Code | 48304 | |
Entity Address, State or Province | MI | |
Entity Address, City or Town | Bloomfield Hills | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, Address Line One | 38505 Woodward Avenue | |
Entity File Number | 001-10716 | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Registrant Name | TRIMAS CORPORATION | |
Entity Central Index Key | 0000842633 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 42,856,947 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Trading Symbol | TRS | |
Security Exchange Name | NASDAQ | |
Entity Tax Identification Number | 38-2687639 |
Consolidated Balance Sheet Stat
Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 136,960 | $ 73,950 |
Receivables, net of reserves of approximately $1.4 million and $2.1 million as of September 30, 2021 and December 31, 2020, respectively | 135,010 | 113,410 |
Inventories | 154,330 | 149,380 |
Prepaid expenses and other current assets | 17,070 | 15,090 |
Total current assets | 443,370 | 351,830 |
Property and equipment, net | 254,330 | 253,060 |
Operating lease right-of-use assets | 37,360 | 37,820 |
Goodwill | 299,040 | 303,970 |
Other intangibles, net | 187,770 | 206,200 |
Deferred income taxes | 9,190 | 19,580 |
Other assets | 27,200 | 21,420 |
Total assets | 1,258,260 | 1,193,880 |
Current liabilities: | ||
Accounts payable | 71,990 | 69,910 |
Accrued liabilities | 59,820 | 60,540 |
Operating lease liabilities, current portion | 6,600 | 6,740 |
Total current liabilities | 138,410 | 137,190 |
Long-term debt, net | 393,600 | 346,290 |
Operating lease liabilities | 31,860 | 31,610 |
Deferred income taxes | 19,250 | 24,850 |
Other long-term liabilities | 60,820 | 69,690 |
Total liabilities | 643,940 | 609,630 |
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: 42,841,573 shares at September 30, 2021 and 43,178,165 shares at December 31, 2020 | 430 | 430 |
Paid-in capital | 733,520 | 749,050 |
Accumulated deficit | (115,120) | (159,610) |
Accumulated other comprehensive loss | (4,510) | (5,620) |
Total shareholders' equity | 614,320 | 584,250 |
Total liabilities and shareholders' equity | $ 1,258,260 | $ 1,193,880 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Receivables, reserves (in dollars) | $ 1.4 | $ 1.2 |
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 | 42,841,573 | 43,178,165 |
Common Stock, outstanding Shares | 42,841,573 | 43,178,165 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net sales | $ 222,420 | $ 199,460 | $ 648,140 | $ 581,800 |
Cost of sales | (163,980) | (147,530) | (480,340) | (446,270) |
Gross profit | 58,440 | 51,930 | 167,800 | 135,530 |
Selling, general and administrative expenses | (27,620) | (25,650) | (90,300) | (107,570) |
Impairment of goodwill and indefinite-lived intangible assets | 0 | (134,600) | 0 | (134,600) |
Operating profit (loss) | 30,820 | (108,320) | 77,500 | (106,640) |
Other expense, net: | ||||
Interest expense | (3,440) | (3,450) | (11,110) | (11,260) |
Debt financing and related expenses | 0 | 0 | (10,520) | 0 |
Other income (expense), net | (540) | (1,200) | (800) | (150) |
Other expense, net | (3,980) | (4,650) | (22,430) | (11,410) |
Income (loss) before income tax expense | 26,840 | (112,970) | 55,070 | (118,050) |
Income tax benefit (expense) | (7,250) | 12,100 | (10,580) | 14,600 |
Net income (loss) | $ 19,590 | $ (100,870) | $ 44,490 | $ (103,450) |
Basic earnings per share | ||||
Net income (loss) per share | $ 0.46 | $ (2.32) | $ 1.03 | $ (2.37) |
Weighted average common shares—basic | 42,889,922 | 43,457,704 | 43,061,707 | 43,707,331 |
Diluted earnings per share | ||||
Net income (loss) per share | $ 0.45 | $ (2.32) | $ 1.03 | $ (2.37) |
Weighted average common shares—diluted | 43,094,099 | 43,457,704 | 43,345,777 | 43,707,331 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 19,590 | $ (100,870) | $ 44,490 | $ (103,450) |
Other comprehensive income (loss) | ||||
Defined benefit plans | 160 | 160 | 470 | 470 |
Foreign currency translation | (4,550) | 5,740 | (6,570) | (1,210) |
Derivative instruments | 3,880 | (4,580) | 7,210 | (2,280) |
Total other comprehensive income (loss) | (510) | 1,320 | 1,110 | (3,020) |
Total comprehensive income (loss) | $ 19,080 | $ (99,550) | $ 45,600 | $ (106,470) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 44,490 | $ (103,450) |
Adjustments to reconcile income to net cash provided by operating activities, net of acquisition impact: | ||
Impairment of goodwill and indefinite-lived intangible assets | 0 | 134,600 |
Loss on dispositions of assets | 130 | 1,080 |
Depreciation | 23,740 | 21,700 |
Amortization of intangible assets | 16,150 | 15,460 |
Amortization of debt issue costs | 740 | 860 |
Deferred income taxes | 3,480 | (17,790) |
Non-cash compensation expense | 7,320 | 5,610 |
Non-cash change in legacy liability estimate | 0 | 23,400 |
Debt financing and related expenses | 10,520 | 0 |
Increase in receivables | (23,260) | (6,210) |
(Increase) decrease in inventories | (5,850) | 4,510 |
(Increase) decrease in prepaid expenses and other assets | (3,830) | 5,500 |
Increase (decrease) in accounts payable and accrued liabilities | 450 | (7,410) |
Other operating activities | 3,660 | 1,250 |
Net cash provided by operating activities, net of acquisition impact | 77,740 | 79,110 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (29,850) | (17,670) |
Acquisition of businesses, net of cash acquired | 0 | (95,160) |
Net proceeds from disposition of business, property and equipment | 160 | 1,930 |
Net cash used for investing activities | (29,690) | (110,900) |
Cash Flows from Financing Activities: | ||
Retirement of senior notes | (300,000) | 0 |
Proceeds from issuance of senior notes | 400,000 | 0 |
Proceeds from borrowings on revolving credit facilities | 0 | 300,950 |
Repayments of borrowings on revolving credit facilities | (48,620) | (303,240) |
Debt financing fees and senior notes redemption premium | (13,570) | 0 |
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (4,690) | (2,600) |
Payments to purchase common stock | (18,160) | (36,050) |
Net cash provided by (used for) financing activities | 14,960 | (40,940) |
Increase (decrease) for the period | 63,010 | (72,730) |
At beginning of period | 73,950 | 172,470 |
At end of period | 136,960 | 99,740 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 6,490 | 7,490 |
Cash paid for taxes | $ 8,250 | $ 6,660 |
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, 2019 | $ 697,480 | $ 450 | $ 782,880 | $ (79,850) | $ (6,000) |
Net income (loss) | 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) |
Balances at Dec. 31, 2019 | 697,480 | 450 | 782,880 | (79,850) | (6,000) |
Net income (loss) | (103,450) | ||||
Other comprehensive income (loss) | (3,020) | (3,020) | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (2,600) | ||||
Balances at Sep. 30, 2020 | 557,970 | 430 | 749,860 | (183,300) | (9,020) |
Balances at Mar. 31, 2020 | 675,460 | 430 | 751,440 | (66,730) | (9,680) |
Net income (loss) | (15,700) | (15,700) | |||
Other comprehensive income (loss) | (660) | (660) | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (740) | (740) | |||
Non-cash compensation expense | 2,740 | 10 | 2,730 | ||
Balances at Jun. 30, 2020 | 661,100 | 440 | 753,430 | (82,430) | (10,340) |
Net income (loss) | (100,870) | (100,870) | |||
Other comprehensive income (loss) | 1,320 | 1,320 | |||
Purchase of common stock | (4,480) | (10) | (4,470) | ||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (30) | (30) | |||
Non-cash compensation expense | 930 | 930 | |||
Balances at Sep. 30, 2020 | 557,970 | 430 | 749,860 | (183,300) | (9,020) |
Balances at Dec. 31, 2020 | 584,250 | 430 | 749,050 | (159,610) | (5,620) |
Net income (loss) | 13,060 | 13,060 | |||
Other comprehensive income (loss) | 630 | 630 | |||
Purchase of common stock | (2,640) | 0 | (2,640) | ||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (1,770) | (1,770) | |||
Non-cash compensation expense | 2,440 | 2,440 | |||
Balances at Mar. 31, 2021 | 595,970 | 430 | 747,080 | (146,550) | (4,990) |
Balances at Dec. 31, 2020 | 584,250 | 430 | 749,050 | (159,610) | (5,620) |
Net income (loss) | 44,490 | ||||
Other comprehensive income (loss) | 1,110 | 1,110 | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (4,690) | ||||
Balances at Sep. 30, 2021 | 614,320 | 430 | 733,520 | (115,120) | (4,510) |
Balances at Mar. 31, 2021 | 595,970 | 430 | 747,080 | (146,550) | (4,990) |
Net income (loss) | 11,840 | 11,840 | |||
Other comprehensive income (loss) | 990 | 990 | |||
Purchase of common stock | (11,570) | (11,570) | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (2,850) | (2,850) | |||
Non-cash compensation expense | 3,220 | 0 | 3,220 | ||
Balances at Jun. 30, 2021 | 597,600 | 430 | 735,880 | (134,710) | (4,000) |
Net income (loss) | 19,590 | 19,590 | |||
Other comprehensive income (loss) | (510) | (510) | |||
Purchase of common stock | (3,950) | (3,950) | |||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | (70) | (70) | |||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 1,660 | 1,660 | |||
Balances at Sep. 30, 2021 | $ 614,320 | $ 430 | $ 733,520 | $ (115,120) | $ (4,510) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
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. 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 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 the coronavirus and related variants (“COVID-19”). While the full impact of the COVID-19 pandemic 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. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2020 Annual Report on Form 10-K. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently Adopted Accounting Pronouncements. |
Revenue Revenue (Notes)
Revenue Revenue (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, Nine months ended September 30, Customer Markets 2021 2020 2021 2020 Consumer Products $ 110,200 $ 114,220 $ 328,220 $ 298,060 Aerospace & Defense 46,510 39,130 135,680 130,670 Industrial 65,710 46,110 184,240 153,070 Total net sales $ 222,420 $ 199,460 $ 648,140 $ 581,800 |
Realignment Actions Realignment
Realignment Actions Realignment Actions (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Realignment Actions [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Realignment Actions 2021 Realignment Actions During the nine months ended September 30, 2021, the Company executed certain realignment actions in response to reductions in current and expected future end market demand. First, the Company closed its Packaging segment's Union City, California manufacturing facility, consolidating the operation into its Indianapolis, Indiana and Woodridge, Illinois facilities. The Company also realigned its Aerospace segment footprint, consolidating certain activities previously in its Stanton, California facilities into its Tolleson, Arizona facility. In addition, the Company also reorganized its corporate office legal and finance groups. The Company recorded pre-tax realignment charges of approximately $0.6 million and $8.8 million during the three and nine months ended September 30, 2021, respectively. Of these costs, approximately $0.5 million and $2.7 million during the three and nine months ended September 30, 2021, respectively, related to facility consolidations, and approximately $0.1 million and $6.1 million, respectively, were for employee separation costs. As of September 30, 2021, approximately $1.5 million of the employee separation costs had been paid. For the three months ended September 30, 2021, $0.6 million of these charges were included in costs of sales. For the nine months ended September 30, 2021, approximately $3.3 million and $5.5 million of these charges were included in cost of sales and selling, general and administrative expenses, respectively, in the accompanying consolidated statement of operations. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions 2020 Acquisitions On December 15, 2020, the Company acquired Affaba & Ferrari Srl ("Affaba & Ferrari"), which specializes in the design, development and manufacture of precision caps and closures for food & beverage and industrial product applications, for an aggregate amount of approximately $98.4 million, net of cash acquired. The fair value of assets acquired and liabilities assumed included approximately $49.1 million of goodwill, $35.1 million of intangible assets, $9.4 million of net working capital, $17.4 million of property and equipment, and $12.6 million of net deferred tax liabilities. Affaba & Ferrari, which is reported in the Company's Packaging segment, operates out of a highly automated manufacturing facility and support office located in Borgo San Giovanni, Italy and historically generated approximately $34 million in annual revenue. On April 17, 2020, the Company acquired the Rapak ® brand, including certain bag-in-box product lines and assets ("Rapak"), for an aggregate amount of approximately $11.4 million. Rapak, which is reported in the Company's Packaging segment, has manufacturing locations in Indiana and Illinois and historically generated approximately $30 million in annual revenue. On February 27, 2020, the Company acquired RSA Engineered Products ("RSA"), 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 $83.7 million, net of cash acquired. The fair value of assets acquired and liabilities assumed included approximately $43.3 million of goodwill, $36.9 million of 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. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure | Cash and Cash Equivalents Cash and cash equivalents consists of the following components (dollars in thousands): September 30, December 31, Cash and cash equivalents - unrestricted $ 125,800 $ 62,790 Cash - restricted (a) 11,160 11,160 Total cash and cash equivalents $ 136,960 $ 73,950 __________________________ (a) Includes cash placed on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill for the nine months ended September 30, 2021 are summarized as follows (dollars in thousands): Packaging Aerospace Specialty Products Total Balance, December 31, 2020 $ 234,560 $ 62,850 $ 6,560 $ 303,970 Foreign currency translation and other (4,930) — — (4,930) Balance, September 30, 2021 $ 229,630 $ 62,850 $ 6,560 $ 299,040 The Company assesses goodwill and other indefinite-lived 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. During the third quarter of 2020, as a result of a decline in its aerospace-related business' financial results, a significant reduction in its financial projections for the remainder of 2020 compared with prior projections, and uncertainty around the duration and magnitude of the impact of the COVID-19 pandemic on future financial results given their dependence on future levels of air travel and new aircraft builds, the Company determined there was a triggering event requiring an interim quantitative goodwill impairment assessment of each of its two aerospace-related reporting units: Aerospace Fasteners and Aerospace Engineered Products. Upon completion of the quantitative goodwill impairment tests, the Company determined that the carrying values of the Aerospace Fasteners and Aerospace Engineered Products reporting units exceeded their fair values, resulting in goodwill impairment charges of approximately $70.8 million in its Aerospace Fasteners reporting unit and approximately $56.0 million in its Aerospace Engineered Products reporting unit during the three and nine month periods ended September 30, 2020. Other Intangible Assets 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 September 30, 2021 As of December 31, 2020 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 121,340 $ (68,280) $ 122,970 $ (59,470) Customer relationships, 15 – 25 years 122,280 (66,720) 122,280 (62,450) Total customer relationships 243,620 (135,000) 245,250 (121,920) Technology and other, 1 – 15 years 57,110 (35,290) 57,180 (32,800) Technology and other, 17 – 30 years 43,300 (39,800) 43,300 (39,450) Total technology and other 100,410 (75,090) 100,480 (72,250) Indefinite-lived intangible assets: Trademark/Trade names 53,830 — 54,640 — Total other intangible assets $ 397,860 $ (210,090) $ 400,370 $ (194,170) Amortization expense related to intangible assets as included in the accompanying consolidated statement of operations is summarized as follows (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Technology and other, included in cost of sales $ 950 $ 1,240 $ 2,850 $ 3,710 Customer relationships, included in selling, general and administrative expenses 4,420 4,070 13,300 11,750 Total amortization expense $ 5,370 $ 5,310 $ 16,150 $ 15,460 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following components (dollars in thousands): September 30, December 31, Finished goods $ 76,930 $ 78,010 Work in process 30,880 29,680 Raw materials 46,520 41,690 Total inventories $ 154,330 $ 149,380 |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following components (dollars in thousands): September 30, December 31, Land and land improvements $ 19,730 $ 20,040 Buildings 92,520 91,970 Machinery and equipment 404,450 384,010 516,700 496,020 Less: Accumulated depreciation 262,370 242,960 Property and equipment, net $ 254,330 $ 253,060 Depreciation expense as included in the accompanying consolidated statement of operations is as follows (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Depreciation expense, included in cost of sales $ 7,660 $ 6,680 $ 22,890 $ 20,870 Depreciation expense, included in selling, general and administrative expenses 250 250 850 830 Total depreciation expense $ 7,910 $ 6,930 $ 23,740 $ 21,700 |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term Debt The Company's long-term debt consists of the following (dollars in thousands): September 30, December 31, 4.125% Senior Notes due April 2029 $ 400,000 $ — 4.875% Senior Notes due October 2025 — 300,000 Credit Agreement — 50,450 Debt issuance costs (6,400) (4,160) Long-term debt, net $ 393,600 $ 346,290 Senior Notes due 2029 In March 2021, the Company issued $400.0 million aggregate principal amount of 4.125% senior notes due April 15, 2029 ("2029 Senior Notes") at par value in a private placement under Rule 144A of the Securities Act of 1933, as amended ("Securities Act"). The Company used the proceeds from the 2029 Senior Notes offering to pay fees and expenses of approximately $5.1 million related to the offering and pay fees and expenses of $1.1 million related to amending its existing credit agreement. In connection with the issuance, during the second quarter of 2021, the Company completed the redemption of its outstanding 4.875% senior notes due October 15, 2025 ("2025 Senior Notes"), paying $300.0 million to retire the outstanding principal amount plus $7.3 million as a redemption premium. The remaining cash proceeds from the 2029 Senior Notes were used for general corporate purposes, including repaying all outstanding revolving credit facility borrowings. The $5.1 million of fees and expenses related to the 2029 Senior Notes were capitalized as debt issuance costs, while the $7.3 million redemption premium, as well as approximately $3.0 million of unamortized debt issuance costs associated with the 2025 Senior Notes, were included in debt financing and related expenses in the accompanying statement of operations in the nine months ended September 30, 2021. The 2029 Senior Notes accrue interest at a rate of 4.125% per annum, payable semi-annually in arrears on April 15 and October 15, commencing on October 15, 2021. 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 2029 Senior Notes are pari passu in right of payment with all existing and future senior indebtedness and effectively subordinated to all existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. Prior to April 15, 2024, the Company may redeem up to 40% of the principal amount of the 2029 Senior Notes at a redemption price of 104.125% 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, prior to April 15, 2024, the Company may redeem all or part of the 2029 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 April 15, 2024, the Company may redeem all or part of the 2029 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 April 15 of the years indicated below: Year Percentage 2024 102.063 % 2025 101.031 % 2026 and thereafter 100.000 % Senior Notes due 2025 In September 2017, the Company issued $300.0 million aggregate principal amount of its 2025 Senior Notes at par value in a private placement under Rule 144A of the Securities Act. During the second quarter of 2021, and in connection with the issuance of the 2029 Senior Notes, the Company redeemed all of the outstanding 2025 Senior Notes, as permitted under the indenture, at a price of 102.438% of the principal amount. Credit Agreement During the first quarter of 2021, the Company amended its credit agreement ("Credit Agreement") in connection with the issuance of the 2029 Senior Notes to extend the maturity date. The Company incurred fees and expenses of approximately $1.1 million related to the amendment, all of which was capitalized as debt issuance costs. The Company also recorded approximately $0.2 million of non-cash expense related to the write-off of previously capitalized deferred financing fees. The Credit Agreement consists 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, maturing on March 29, 2026 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. The Company places cash on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit; therefore, as of September 30, 2021 and December 31, 2020, the Company had no letters of credit issued against its revolving credit facility. See Note 5, "Cash and Cash Equivalents," for further information on its cash deposit. At September 30, 2021, the Company had no amounts outstanding under its revolving credit facility and had $300.0 million available. At December 31, 2020, the Company had $50.5 million outstanding under its revolving credit facility and had approximately $249.5 million available. The Company's borrowing capacity was not reduced by leverage restrictions contained in the Credit Agreement as of September 30, 2021 and December 31, 2020. 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 September 30, 2021, the Company was in compliance with its financial covenants contained in the Credit Agreement. Other Revolving Loan Facility In May 2021, the Company, through one of its non-U.S. subsidiaries, entered into a revolving loan facility with a borrowing capacity of $4 million. The facility is guaranteed by TriMas Corporation. There are no borrowings outstanding on this loan facility as of September 30, 2021. Fair Value of Debt The valuations of the Senior Notes and revolving credit facility 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): September 30, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value 4.125% Senior Notes due April 2029 $ 400,000 $ 408,500 $ — $ — 4.875% Senior Notes due October 2025 — — 300,000 305,630 Revolving credit facility — — 50,450 50,450 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Derivatives Designated as Hedging Instruments The Company uses cross-currency swap contracts 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 converts a portion of its U.S. dollar-based long-term debt into Euro-denominated long-term debt. At inception, the Company designates its cross-currency swaps as net investment hedges. As of September 30, 2021, the Company had cross-currency swap agreements at notional amounts totaling $250.0 million, which declines to $25.0 million over various contract periods ending between April 15, 2022 and April 15, 2027. Under the terms of the agreements, the Company is to receive net interest payments at fixed rates ranging from approximately 0.8% to 2.9% of the notional amounts. As of September 30, 2021 and December 31, 2020, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands): Asset / (Liability) Derivatives Derivatives designated as hedging instruments Balance Sheet Caption September 30, December 31, Net Investment Hedges Cross-currency swaps Other assets $ 4,570 $ — Cross-currency swaps Other long-term liabilities — (5,000) The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of September 30, 2021 and December 31, 2020, and the amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands): Amount of Loss Recognized Amount of Income (Loss) Reclassified Three months ended Nine months ended As of As of December 31, 2020 Location of Income Reclassified from AOCI into Earnings (Effective Portion) 2021 2020 2021 2020 Net Investment Hedges Cross-currency swaps $ 3,630 $ (3,580) 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 September 30, 2021, the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of approximately $126.9 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, Mexican peso and the Chinese yuan, and have various settlement dates through December 2021. 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 operations. The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of operations (dollars in thousands): Amount of Income Recognized in Three months ended Nine months ended Location of Income 2021 2020 2021 2020 Derivatives not designated as hedging instruments Foreign exchange contracts Other income (expense), net $ 2,220 $ 800 $ 5,080 $ 1,280 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 September 30, 2021 and December 31, 2020 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 September 30, 2021 Cross-currency swaps Recurring $ 4,570 $ — $ 4,570 $ — Foreign exchange contracts Recurring $ 1,260 $ — $ 1,260 $ — December 31, 2020 Cross-currency swaps Recurring $ (5,000) $ — $ (5,000) $ — Foreign exchange contracts Recurring $ 140 $ — $ 140 $ — |
Leases Leases (Notes)
Leases Leases (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases | LeasesThe 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Operating lease cost $ 2,090 $ 2,110 $ 6,370 $ 5,780 Short-term, variable and other lease costs 1,140 410 2,000 990 Total lease cost $ 3,230 $ 2,520 $ 8,370 $ 6,770 Maturities of lease liabilities are as follows (dollars in thousands): Year ended December 31, Operating Leases (a) 2021 (excluding the nine months ended September, 2021) $ 2,060 2022 7,990 2023 7,160 2024 6,160 2025 4,840 Thereafter 15,740 Total lease payments 43,950 Less: Imputed interest (5,490) Present value of lease liabilities $ 38,460 __________________________ (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 September 30, 2021 is approximately 6.5 years. The weighted-average discount rate as of September 30, 2021 is approximately 4.1%. Cash paid for amounts included in the measurement of operating lease liabilities was approximately $6.2 million and $5.4 million during the nine months ended September 30, 2021 and 2020, 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 $6.2 million and $10.5 million during the nine months ended September 30, 2021 and 2020, respectively. |
Other Long-term Liabilities Oth
Other Long-term Liabilities Other Long-term Liabilities (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | Other long-term liabilities Other long-term liabilities consist of the following components (dollars in thousands): September 30, December 31, Non-current asbestos-related liabilities $ 24,250 $ 26,170 Other long-term liabilities 36,570 43,520 Total other long-term liabilities $ 60,820 $ 69,690 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Asbestos As of September 30, 2021, the Company was a party to 370 pending cases involving an aggregate of 4,709 claimants primarily alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by its former Lamons division 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, at the applicable date and for the applicable periods: Claims Claims filed Claims Claims Claims Average Total defense Nine Months Ended September 30, 2021 4,655 171 89 28 4,709 $ 11,632 $ 1,560,000 Fiscal Year Ended December 31, 2020 4,759 219 287 36 4,655 $ 18,314 $ 2,130,000 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, and will aggressively defend or reasonably resolve, as appropriate. 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 cost of claims varies as 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 4,709 claims pending at September 30, 2021, 24 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At September 30, 2021, of the 24 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 — 4 20 Relatively few 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 $10.3 million. All relief sought in the asbestos cases is monetary in nature. 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. There has been significant volatility in the historical number of claim filings and costs to defend, with previous claim counts and spend levels much higher than current levels. Management believes this volatility was associated more with tort reform, plaintiff practices and state-specific legal dockets than the Company’s underlying asbestos-related exposures. From 2017 to 2019, however, the number of new claim filings, and costs to defend, had become much more consistent, ranging between 143 to 173 new claims per year and total defense costs ranging between $2.2 million and $2.3 million. The higher degree of consistency in census data and spend levels, as well as lower claim activity levels and an evolving defense strategy, has allowed the Company to more effectively and efficiently manage claims, making process or local counsel arrangement improvements where possible. Given the consistency of activity over a multi-year period, the Company believed a trend may have formed where it could be possible to reasonably estimate its future cash exposure for all asbestos-related activity with an adequate level of precision. As such, the Company commissioned an actuary to help evaluate the nature and predictability of its asbestos-related costs, and provide an actuarial range of estimates of future exposures. Based upon its review of the actuarial study, which was completed in June 2020 using data as of December 31, 2019 and which projected spend levels through a terminal year of 2064, the Company affirmed its belief that it now has the ability to reasonably estimate its future asbestos-related exposures for pending as well as unknown future claims. During the second quarter 2020, the Company elected to change its method of accounting for asbestos-related defense costs from accruing for probable and reasonably estimable defense costs associated with known claims expected to settle to accrue for all future defense costs for both known and unknown claims, which the Company now believes are reasonably estimable. The Company believes this change is preferable, as asbestos-related defense costs represent expenditures related to legacy activities that do not contribute to current or future revenue generating activities, and recording an estimate of the full liability for asbestos-related costs, where estimable with reasonable precision, provides a more complete assessment of the liability associated with resolving asbestos-related claims. This accounting change was reflected as a change in accounting estimate effected by a change in accounting principle. Following the change in accounting estimate, the Company’s liability for asbestos-related claims will be based on a study from the Company’s third-party actuary, the Company's review of the study, as well as the Company’s own review of asbestos claims and claim resolution activity. The study from the Company’s actuary, based on data as of December 31, 2019, provided for a range of possible future liability from $31.5 million to $43.3 million. The Company did not believe any amount within the range of potential outcomes represented a better estimate than another given the many factors and assumptions inherent in the projections, and therefore recorded a non-cash, pre-tax charge of $23.4 million in second quarter 2020 to increase the liability estimate to $31.5 million, at the low-end of the range. This charge is included in selling, general and administrative expenses in the accompanying consolidated statement of operations. As of September 30, 2021, the Company’s total asbestos-related liability is $26.8 million, and is included in accrued liabilities and other long-term liabilities, respectively, in the accompanying consolidated balance sheet. The Company’s primary insurance, which covered approximately 40% of historical costs related to settlement and defense of asbestos litigation, expired in November 2018, upon which the Company became solely responsible for defense costs and indemnity payments. The Company is party to a coverage-in-place agreement (entered into in 2006) with its first level excess carriers regarding the coverage to be provided to the Company for asbestos-related claims. 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 will continue to 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 upon the Company’s review of the actuarial study, the Company does not believe it is probable that it will reach the threshold of qualified future settlements required to commence excess carrier insurance coverage under the coverage-in-place agreement. 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, 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 | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information TriMas reports its operations in three segments: Packaging, Aerospace, and Specialty Products. Each of these segments has discrete financial information that is regularly evaluated by TriMas' president and chief executive officer (chief operating decision maker) in determining resource, personnel and capital allocation, as well as assessing strategy and performance. The Company utilizes its proprietary TriMas Business Model as its platform which is based upon 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 ™ , Affaba & Ferrari ™ , Stolz and Rapak ® brands, develops and manufactures a broad array of dispensing products (such as foaming pumps, lotion and hand soap pumps, sanitizer 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, beverage closures, drum and pail closures, flexible spouts, and agricultural closures), polymeric jar products, and fully integrated dispensers for fill-ready bag-in-box applications, all for a variety of consumer products submarkets including, but not limited to, beauty and personal care, food and beverage, home care, and 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, tubular products and assemblies for fluid conveyance, 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 Nine months ended 2021 2020 2021 2020 Net Sales Packaging $ 138,010 $ 135,120 $ 409,730 $ 364,000 Aerospace 46,510 39,130 135,680 130,660 Specialty Products 37,900 25,210 102,730 87,140 Total $ 222,420 $ 199,460 $ 648,140 $ 581,800 Operating Profit (Loss) Packaging $ 27,340 $ 28,020 $ 76,490 $ 70,340 Aerospace 3,980 (133,500) 10,600 (132,630) Specialty Products 6,660 3,380 17,190 870 Corporate (7,160) (6,220) (26,780) (45,220) Total $ 30,820 $ (108,320) $ 77,500 $ (106,640) |
Equity Awards
Equity Awards | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Awards | Equity Awards Stock Options The Company recognized no stock-based compensation expense related to stock options during the three and nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, there was no unrecognized compensation costs related to stock options remaining. Information related to stock options at September 30, 2021 is as follows: Number of Weighted Average Option Price Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2021 150,000 $ 17.87 Granted — — Exercised (150,000) 17.87 Cancelled — — Expired — — Outstanding at September 30, 2021 — $ — — $ — Restricted Stock Units The Company awarded the following restricted stock units ("RSUs") during the nine months ended September 30, 2021: • granted 131,198 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; • granted 21,112 RSUs to its non-employee independent directors, which fully 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; and • issued 1,407 RSUs related to director fee deferrals 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 2021, the Company awarded 72,962 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, 2021 and ending December 31, 2023. 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 0.28% and annualized volatility of 35.5%. 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. For similar performance-based RSUs awarded in 2018, the Company attained 126.2% of the target on a weighted average basis, resulting in an increase of 25,993 shares during the three months ended March 31, 2021. Information related to RSUs at September 30, 2021 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, 2021 784,968 $ 26.46 Granted 252,672 34.31 Vested (308,576) 30.65 Cancelled (18,152) 25.30 Outstanding at September 30, 2021 710,912 $ 27.46 1.1 $ 23,005,000 As of September 30, 2021, there was approximately $8.0 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 2.0 years. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2021 | |
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. For the three and nine months ended September 30, 2020, no restricted shares or options to purchase shares were included in the computation of net income (loss) per share because to do so would be anti-dilutive. The following table summarizes the dilutive effect of RSUs and options to purchase common stock for the three and nine months ended September 30, 2021 and 2020: Three months ended Nine months ended 2021 2020 2021 2020 Weighted average common shares—basic 42,889,922 43,457,704 43,061,707 43,707,331 Dilutive effect of restricted stock units 204,177 — 267,675 — Dilutive effect of stock options — — 16,395 — Weighted average common shares—diluted 43,094,099 43,457,704 43,345,777 43,707,331 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 of purchases in the aggregate of its common stock. In the three and nine months ended September 30, 2021, the Company purchased 129,866 and 570,084 shares of its outstanding common stock for approximately $4.0 million and $18.2 million, respectively. During three and nine months ended September 30, 2020, the Company purchased 188,028 and 1,441,678 shares of its outstanding common stock for approximately $4.5 million and $36.0 million, respectively. As of September 30, 2021 |
Defined Benefit Plans
Defined Benefit Plans | 9 Months Ended |
Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [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 Nine months ended 2021 2020 2021 2020 Service costs $ 330 $ 320 $ 980 $ 950 Interest costs 200 240 600 710 Expected return on plan assets (380) (380) (1,160) (1,110) Amortization of net loss 220 220 680 670 Net periodic benefit cost $ 370 $ 400 $ 1,100 $ 1,220 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 operations. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (Loss) Changes in AOCI by component for the nine months ended September 30, 2021 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2020 $ (8,620) $ (3,580) $ 6,580 $ (5,620) Net unrealized gains (losses) arising during the period (a) — 7,210 (6,570) 640 Less: Net realized losses reclassified to net income (b) (470) — — (470) Net current-period other comprehensive income (loss) 470 7,210 (6,570) 1,110 Balance, September 30, 2021 $ (8,150) $ 3,630 $ 10 $ (4,510) __________________________ (a) Derivative instruments, net of income tax of approximately $2.4 million. See Note 10, " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million. See Note 17, " Defined Benefit Plans ," for further details. Changes in AOCI by component for the nine months ended September 30, 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 losses arising during the period (a) — (2,280) (1,210) (3,490) Less: Net realized losses reclassified to net income (b) (470) — — (470) Net current-period other comprehensive income (loss) 470 (2,280) (1,210) (3,020) Balance, September 30, 2020 $ (9,460) $ 1,950 $ (1,510) $ (9,020) __________________________ (a) Derivative instruments, net of income tax of approximately $0.7 million. See Note 10, " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million. See Note 17, " Defined Benefit Plans ," for further details. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income TaxesThe effective income tax rate for the three months ended September 30, 2021 and 2020 was 27.0% and 10.7%, respectively. The rate for the three months ended September 30, 2021 is higher than in the prior year primarily due to goodwill and intangible asset impairment charges, a portion of which was not tax deductible. The tax benefit associated with the goodwill and intangible asset impairment charges was treated as a discrete item in determining tax expense for the three months ended September 30, 2020. The effective income tax rate for the nine months ended September 30, 2021 and 2020 was 19.2% and 12.4%, respectively. The rate for the nine months ended September 30, 2021 is higher than in the prior year as the effective tax rate for the nine months ended September 30, 2020 was impacted by a decrease in profitability resulting from various realignment charges, expense for a change in the Company’s accounting policy for asbestos-related defense costs and impairment of goodwill and indefinite-lived intangible assets. The effective tax rate for the nine months ended September 30, 2021 was impacted by the recognition of approximately $3.0 million of deferred tax benefits in Italy, the majority of which related to a reduction in deferred tax liabilities in connection with certain tax incentives. |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent EventOn October 21, 2021, the Company announced that its Board of Directors had declared a cash dividend of $0.04 per share of TriMas Corporation common stock, which will be payable on November 10, 2021 to shareholders of record as of the close of business on November 3, 2021. This is TriMas’ first dividend since its initial public offering in 2007. |
Revenue Revenue (Tables)
Revenue Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, Nine months ended September 30, Customer Markets 2021 2020 2021 2020 Consumer Products $ 110,200 $ 114,220 $ 328,220 $ 298,060 Aerospace & Defense 46,510 39,130 135,680 130,670 Industrial 65,710 46,110 184,240 153,070 Total net sales $ 222,420 $ 199,460 $ 648,140 $ 581,800 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents consists of the following components (dollars in thousands): September 30, December 31, Cash and cash equivalents - unrestricted $ 125,800 $ 62,790 Cash - restricted (a) 11,160 11,160 Total cash and cash equivalents $ 136,960 $ 73,950 __________________________ (a) Includes cash placed on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the nine months ended September 30, 2021 are summarized as follows (dollars in thousands): Packaging Aerospace Specialty Products Total Balance, December 31, 2020 $ 234,560 $ 62,850 $ 6,560 $ 303,970 Foreign currency translation and other (4,930) — — (4,930) Balance, September 30, 2021 $ 229,630 $ 62,850 $ 6,560 $ 299,040 |
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 September 30, 2021 As of December 31, 2020 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 121,340 $ (68,280) $ 122,970 $ (59,470) Customer relationships, 15 – 25 years 122,280 (66,720) 122,280 (62,450) Total customer relationships 243,620 (135,000) 245,250 (121,920) Technology and other, 1 – 15 years 57,110 (35,290) 57,180 (32,800) Technology and other, 17 – 30 years 43,300 (39,800) 43,300 (39,450) Total technology and other 100,410 (75,090) 100,480 (72,250) Indefinite-lived intangible assets: Trademark/Trade names 53,830 — 54,640 — Total other intangible assets $ 397,860 $ (210,090) $ 400,370 $ (194,170) |
Schedule of Finite-Lived Intangible Assets, Amortization Expense | Amortization expense related to intangible assets as included in the accompanying consolidated statement of operations is summarized as follows (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Technology and other, included in cost of sales $ 950 $ 1,240 $ 2,850 $ 3,710 Customer relationships, included in selling, general and administrative expenses 4,420 4,070 13,300 11,750 Total amortization expense $ 5,370 $ 5,310 $ 16,150 $ 15,460 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following components (dollars in thousands): September 30, December 31, Finished goods $ 76,930 $ 78,010 Work in process 30,880 29,680 Raw materials 46,520 41,690 Total inventories $ 154,330 $ 149,380 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following components (dollars in thousands): September 30, December 31, Land and land improvements $ 19,730 $ 20,040 Buildings 92,520 91,970 Machinery and equipment 404,450 384,010 516,700 496,020 Less: Accumulated depreciation 262,370 242,960 Property and equipment, net $ 254,330 $ 253,060 |
Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of operations is as follows (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Depreciation expense, included in cost of sales $ 7,660 $ 6,680 $ 22,890 $ 20,870 Depreciation expense, included in selling, general and administrative expenses 250 250 850 830 Total depreciation expense $ 7,910 $ 6,930 $ 23,740 $ 21,700 |
Long-term Debt Long-term Debt (
Long-term Debt Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's long-term debt consists of the following (dollars in thousands): September 30, December 31, 4.125% Senior Notes due April 2029 $ 400,000 $ — 4.875% Senior Notes due October 2025 — 300,000 Credit Agreement — 50,450 Debt issuance costs (6,400) (4,160) Long-term debt, net $ 393,600 $ 346,290 September 30, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value 4.125% Senior Notes due April 2029 $ 400,000 $ 408,500 $ — $ — 4.875% Senior Notes due October 2025 — — 300,000 305,630 Revolving credit facility — — 50,450 50,450 |
Debt Instrument Redemption [Table Text Block] | On or after April 15, 2024, the Company may redeem all or part of the 2029 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 April 15 of the years indicated below: Year Percentage 2024 102.063 % 2025 101.031 % 2026 and thereafter 100.000 % |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of September 30, 2021 and December 31, 2020, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands): Asset / (Liability) Derivatives Derivatives designated as hedging instruments Balance Sheet Caption September 30, December 31, Net Investment Hedges Cross-currency swaps Other assets $ 4,570 $ — Cross-currency swaps Other long-term liabilities — (5,000) |
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 September 30, 2021 and December 31, 2020, and the amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands): Amount of Loss Recognized Amount of Income (Loss) Reclassified Three months ended Nine months ended As of As of December 31, 2020 Location of Income Reclassified from AOCI into Earnings (Effective Portion) 2021 2020 2021 2020 Net Investment Hedges Cross-currency swaps $ 3,630 $ (3,580) 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 operations (dollars in thousands): Amount of Income Recognized in Three months ended Nine months ended Location of Income 2021 2020 2021 2020 Derivatives not designated as hedging instruments Foreign exchange contracts Other income (expense), net $ 2,220 $ 800 $ 5,080 $ 1,280 |
Fair Value Measurements, Recurring and Nonrecurring | 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 September 30, 2021 and December 31, 2020 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 September 30, 2021 Cross-currency swaps Recurring $ 4,570 $ — $ 4,570 $ — Foreign exchange contracts Recurring $ 1,260 $ — $ 1,260 $ — December 31, 2020 Cross-currency swaps Recurring $ (5,000) $ — $ (5,000) $ — Foreign exchange contracts Recurring $ 140 $ — $ 140 $ — |
Leases Leases (Tables)
Leases Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense are as follows (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Operating lease cost $ 2,090 $ 2,110 $ 6,370 $ 5,780 Short-term, variable and other lease costs 1,140 410 2,000 990 Total lease cost $ 3,230 $ 2,520 $ 8,370 $ 6,770 |
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) 2021 (excluding the nine months ended September, 2021) $ 2,060 2022 7,990 2023 7,160 2024 6,160 2025 4,840 Thereafter 15,740 Total lease payments 43,950 Less: Imputed interest (5,490) Present value of lease liabilities $ 38,460 __________________________ (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. |
Other Long-term Liabilities O_2
Other Long-term Liabilities Other Long-term Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities [Table Text Block] | Other long-term liabilities consist of the following components (dollars in thousands): September 30, December 31, Non-current asbestos-related liabilities $ 24,250 $ 26,170 Other long-term liabilities 36,570 43,520 Total other long-term liabilities $ 60,820 $ 69,690 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency | Claims Claims filed Claims Claims Claims Average Total defense Nine Months Ended September 30, 2021 4,655 171 89 28 4,709 $ 11,632 $ 1,560,000 Fiscal Year Ended December 31, 2020 4,759 219 287 36 4,655 $ 18,314 $ 2,130,000 |
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 — 4 20 |
Segment Information Segment Inf
Segment Information Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows (dollars in thousands): Three months ended Nine months ended 2021 2020 2021 2020 Net Sales Packaging $ 138,010 $ 135,120 $ 409,730 $ 364,000 Aerospace 46,510 39,130 135,680 130,660 Specialty Products 37,900 25,210 102,730 87,140 Total $ 222,420 $ 199,460 $ 648,140 $ 581,800 Operating Profit (Loss) Packaging $ 27,340 $ 28,020 $ 76,490 $ 70,340 Aerospace 3,980 (133,500) 10,600 (132,630) Specialty Products 6,660 3,380 17,190 870 Corporate (7,160) (6,220) (26,780) (45,220) Total $ 30,820 $ (108,320) $ 77,500 $ (106,640) |
Equity Awards (Tables)
Equity Awards (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Information related to stock options at September 30, 2021 is as follows: Number of Weighted Average Option Price Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2021 150,000 $ 17.87 Granted — — Exercised (150,000) 17.87 Cancelled — — Expired — — Outstanding at September 30, 2021 — $ — — $ — |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to RSUs at September 30, 2021 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, 2021 784,968 $ 26.46 Granted 252,672 34.31 Vested (308,576) 30.65 Cancelled (18,152) 25.30 Outstanding at September 30, 2021 710,912 $ 27.46 1.1 $ 23,005,000 |
Earnings per Share Earnings per
Earnings per Share Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
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 and nine months ended September 30, 2021 and 2020: Three months ended Nine months ended 2021 2020 2021 2020 Weighted average common shares—basic 42,889,922 43,457,704 43,061,707 43,707,331 Dilutive effect of restricted stock units 204,177 — 267,675 — Dilutive effect of stock options — — 16,395 — Weighted average common shares—diluted 43,094,099 43,457,704 43,345,777 43,707,331 |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [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 Nine months ended 2021 2020 2021 2020 Service costs $ 330 $ 320 $ 980 $ 950 Interest costs 200 240 600 710 Expected return on plan assets (380) (380) (1,160) (1,110) Amortization of net loss 220 220 680 670 Net periodic benefit cost $ 370 $ 400 $ 1,100 $ 1,220 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Other Comprehensive Income [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI by component for the nine months ended September 30, 2021 are summarized as follows, net of tax (dollars in thousands): Defined Benefit Plans Derivative Instruments Foreign Currency Translation Total Balance, December 31, 2020 $ (8,620) $ (3,580) $ 6,580 $ (5,620) Net unrealized gains (losses) arising during the period (a) — 7,210 (6,570) 640 Less: Net realized losses reclassified to net income (b) (470) — — (470) Net current-period other comprehensive income (loss) 470 7,210 (6,570) 1,110 Balance, September 30, 2021 $ (8,150) $ 3,630 $ 10 $ (4,510) __________________________ (a) Derivative instruments, net of income tax of approximately $2.4 million. See Note 10, " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million. See Note 17, " Defined Benefit Plans ," for further details. | Changes in AOCI by component for the nine months ended September 30, 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 losses arising during the period (a) — (2,280) (1,210) (3,490) Less: Net realized losses reclassified to net income (b) (470) — — (470) Net current-period other comprehensive income (loss) 470 (2,280) (1,210) (3,020) Balance, September 30, 2020 $ (9,460) $ 1,950 $ (1,510) $ (9,020) __________________________ (a) Derivative instruments, net of income tax of approximately $0.7 million. See Note 10, " Derivative Instruments ," for further details. (b) Defined benefit plans, net of income tax of approximately $0.1 million. See Note 17, " Defined Benefit Plans ," for further details. |
Revenue Revenue (Details)
Revenue Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 222,420 | $ 199,460 | $ 648,140 | $ 581,800 |
Consumer Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 110,200 | 114,220 | 328,220 | 298,060 |
Aerospace & Defense [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 46,510 | 39,130 | 135,680 | 130,670 |
Industrial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 65,710 | $ 46,110 | $ 184,240 | $ 153,070 |
Realignment Actions Realignme_2
Realignment Actions Realignment Actions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Realignment Costs [Line Items] | ||||
Loss on dispositions of assets | $ 130 | $ 1,080 | ||
Realignment actions [Member] | ||||
Realignment Costs [Line Items] | ||||
Inventory Write-down | 13,200 | |||
Loss on dispositions of assets | $ 100 | 2,300 | ||
Severance Costs | $ 100 | 500 | 6,100 | 3,600 |
Cash paid for severance | 1,500 | 2,900 | ||
Realignment costs | 600 | 8,800 | ||
Facility consolidation realignment costs | 500 | 2,700 | ||
Cost of Sales [Member] | Realignment actions [Member] | ||||
Realignment Costs [Line Items] | ||||
Realignment costs | 600 | 400 | 16,400 | |
Selling, General and Administrative Expenses [Member] | Realignment actions [Member] | ||||
Realignment Costs [Line Items] | ||||
Realignment costs | $ 3,300 | $ 200 | $ 5,500 | $ 2,700 |
Acquisitions - Other Acquisitio
Acquisitions - Other Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 15, 2020 | Feb. 27, 2020 | |
Business Acquisition [Line Items] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 95,160 | |||||||||
Goodwill | $ 299,040 | $ 303,970 | 299,040 | $ 303,970 | |||||||
Net sales | $ 222,420 | $ 199,460 | $ 648,140 | $ 581,800 | |||||||
Affaba & Ferrari Srl [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 98,400 | ||||||||||
Goodwill | $ 49,100 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 35,100 | ||||||||||
Business Combination, Recognized Identifiable Assets and Liabilities Assumed, Net Working Capital | 9,400 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17,400 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 12,600 | ||||||||||
Net sales | $ 34,000 | ||||||||||
Rapak [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 11,400 | ||||||||||
Net sales | $ 30,000 | ||||||||||
RSA Engineered Products [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 83,700 | ||||||||||
Goodwill | $ 43,300 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 36,900 | ||||||||||
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 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |||
Cash and cash equivalents unrestricted | $ 125,800 | $ 62,790 | |
Restricted Cash | [1] | 11,160 | 11,160 |
Cash and cash equivalents | $ 136,960 | $ 73,950 | |
[1] | Includes cash placed on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit. |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Goodwill Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Goodwill | $ 299,040 | $ 303,970 | |
Aerospace Fasteners Reporting Unit [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 70,800 | ||
Aerospace Engineered Products Reporting Unit [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 56,000 | ||
Aerospace [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 62,850 | $ 62,850 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance, beginning | $ 303,970 |
Translation and purchase accounting adjustments | (4,930) |
Balance, ending | 299,040 |
Packaging [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 234,560 |
Translation and purchase accounting adjustments | (4,930) |
Balance, ending | 229,630 |
Aerospace [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 62,850 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | 62,850 |
Specialty Products [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 6,560 |
Translation and purchase accounting adjustments | 0 |
Balance, ending | $ 6,560 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets Other Intangibles Narrative (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2020USD ($) | |
Trade Names [Member] | Aerospace [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 7.8 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, accumulated amortization | $ (210,090) | $ (194,170) |
Intangible Assets, Gross (Excluding Goodwill) | 397,860 | 400,370 |
Trademarks and Trade Names [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 53,830 | 54,640 |
Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 243,620 | 245,250 |
Finite-lived intangible assets, accumulated amortization | (135,000) | (121,920) |
Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 100,410 | 100,480 |
Finite-lived intangible assets, accumulated amortization | (75,090) | (72,250) |
Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 121,340 | 122,970 |
Finite-lived intangible assets, accumulated amortization | (68,280) | (59,470) |
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 | (66,720) | (62,450) |
Useful Life One to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 57,110 | 57,180 |
Finite-lived intangible assets, accumulated amortization | (35,290) | (32,800) |
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 | $ (39,800) | $ (39,450) |
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_7
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 5,370 | $ 5,310 | $ 16,150 | $ 15,460 |
Cost of Sales [Member] | Technology and Other [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 950 | 1,240 | 2,850 | 3,710 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 4,420 | $ 4,070 | $ 13,300 | $ 11,750 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 76,930 | $ 78,010 |
Work in process | 30,880 | 29,680 |
Raw materials | 46,520 | 41,690 |
Total inventories | $ 154,330 | $ 149,380 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 516,700 | $ 496,020 |
Less: Accumulated depreciation | 262,370 | 242,960 |
Property and equipment, net | 254,330 | 253,060 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 19,730 | 20,040 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 92,520 | 91,970 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 404,450 | $ 384,010 |
Property and Equipment, Net - D
Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 23,740 | $ 21,700 | ||
Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 7,910 | $ 6,930 | 23,740 | 21,700 |
Cost of Sales [Member] | Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | 7,660 | 6,680 | 22,890 | 20,870 |
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 250 | $ 250 | $ 850 | $ 830 |
Long-term Debt - Debt Table (De
Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ (6,400) | $ (4,160) |
Long-term debt, net | 393,600 | 346,290 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 50,450 |
4.875% Senior Unsecured Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 300,000 |
4.125% Senior Unsecured Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Debt | $ 400,000 | $ 0 |
Long-term Debt - Senior Notes (
Long-term Debt - Senior Notes (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Apr. 15, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||||||
Cash paid for interest | $ 6,490 | $ 7,490 | ||||
Debt financing and related expenses | 10,520 | 0 | ||||
Retirement of senior notes | 300,000 | 0 | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 13,570 | $ 0 | ||||
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 300,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |||||
Debt Instrument, Maturity Date | Oct. 15, 2025 | |||||
Debt Instrument, Redemption Price, Percentage | 102.438% | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 7,300 | $ 7,300 | ||||
Write off of Deferred Debt Issuance Cost | $ 3,000 | |||||
Senior Notes [Member] | 4.125% Senior Unsecured Notes Due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 400,000 | $ 400,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | 4.125% | ||||
Debt Instrument, Maturity Date | Apr. 15, 2029 | |||||
Payments of Financing Costs | $ 5,100 | |||||
Debt Issuance Costs, Noncurrent, Net | 5,100 | |||||
Percentage of principal that can be redeemed with cash from proceeds of an equity offering | 40.00% | |||||
Debt instrument redemption price with net proceeds from equity offering | 104.125% | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||
Senior Notes [Member] | 4.125% Senior Unsecured Notes Due 2029 | Redemption, Period Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 102.063% | |||||
Senior Notes [Member] | 4.125% Senior Unsecured Notes Due 2029 | Redemption, Period Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 101.031% | |||||
Senior Notes [Member] | 4.125% Senior Unsecured Notes Due 2029 | Redemption, Period Four [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Maturity Date | Mar. 29, 2026 | |||||
Payments of Financing Costs | 1,100 | |||||
Write off of Deferred Debt Issuance Cost | $ 200 |
Long-term Debt - Credit Agreeme
Long-term Debt - Credit Agreement (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||||
Debt financing and related expenses | $ 10,520 | $ 0 | |||
Net leverage ratio | 3 | 3 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Payments of Financing Costs | $ 1,100 | ||||
Write off of Deferred Debt Issuance Cost | $ 200 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 | $ 300,000 | |||
Debt Instrument, Maturity Date | Mar. 29, 2026 | ||||
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 | $ 125,000 | 125,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000 | 300,000 | |||
Revolving Credit Facility, Amount Outstanding | 0 | 0 | $ 50,500 | ||
Revolving Credit Facility, Remaining Borrowing Capacity | 300,000 | 300,000 | $ 249,500 | ||
Letters of credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of Credit, Maximum Borrowing Capacity | 40,000 | 40,000 | |||
Letters of Credit Outstanding, Amount | 0 | 0 | |||
Revolving credit and term loan facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Incremental debt commitments capacity | $ 200,000 | $ 200,000 |
Other Revolving Loan Facility (
Other Revolving Loan Facility (Details) - Revolving Credit Facility [Member] $ in Millions | Sep. 30, 2021USD ($) |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 |
Non-US [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 4 |
Revolving Credit Facility, Amount Outstanding | $ 0 |
Long-term Debt - Fair Value (De
Long-term Debt - Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 0 | $ 50,450 |
4.875% Senior Unsecured Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 300,000 |
4.125% Senior Unsecured Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Debt | 400,000 | 0 |
Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 50,450 |
Fair Value, Inputs, Level 2 [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | 0 | 305,630 |
Fair Value, Inputs, Level 2 [Member] | 4.125% Senior Unsecured Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | 408,500 | 0 |
Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | $ 0 | $ 50,450 |
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 | Sep. 30, 2021USD ($) |
Maximum [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 2.90% |
Derivative, Notional Amount | $ 250 |
Minimum [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 0.80% |
Derivative, Notional Amount | $ 25 |
Derivative Instruments - Design
Derivative Instruments - Designated as hedging, Financial Position (Details) - Net Investment Hedging [Member] - Cross Currency Interest Rate Contract [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 4,570 | $ 0 |
Other long-term liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ 5,000 |
Derivative Instruments - Desi_2
Derivative Instruments - Designated as hedging, Financial Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | $ (4,510) | $ (4,510) | $ (5,620) | ||
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | 3,630 | 3,630 | $ (3,580) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Desi_3
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 126,900 | $ 126,900 | ||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ 2,220 | $ 800 | $ 5,080 | $ 1,280 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
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 | $ 4,570 | $ (5,000) |
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 | 4,570 | (5,000) |
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 | 1,260 | 140 |
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 | 1,260 | 140 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating Lease, Cost | $ 2,090 | $ 2,110 | $ 6,370 | $ 5,780 |
Short-term, variable and other lease costs | 1,140 | 410 | 2,000 | 990 |
Lease, Cost | $ 3,230 | $ 2,520 | $ 8,370 | $ 6,770 |
Leases Operating Lease Liabilit
Leases Operating Lease Liability Maturity Table (Details) $ in Thousands | Sep. 30, 2021USD ($) | [1] |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 2,060 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 7,990 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 7,160 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 6,160 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 4,840 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Four | 15,740 | |
Lessee, Operating Lease, Liability, to be Paid | 43,950 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (5,490) | |
Operating Lease, Liability | $ 38,460 | |
[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) | Sep. 30, 2021Rate |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 6.2 | $ 5.4 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 6.2 | $ 10.5 |
Other Long-term Liabilities O_3
Other Long-term Liabilities Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Asbestos-related liability noncurrent | $ 24,250 | $ 26,170 |
Other long-term liabilities other than asbestos liability | 36,570 | 43,520 |
Other Liabilities, Noncurrent | $ 60,820 | $ 69,690 |
Commitments and Contingencies A
Commitments and Contingencies Asbestos Narrative (Details) - Asbestos [Member] | 3 Months Ended | 9 Months Ended | 12 Months Ended | 36 Months Ended | 369 Months Ended | |
Sep. 30, 2021USD ($)claimantscases | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)claimantscases | Dec. 31, 2020USD ($)claimants | Dec. 31, 2019USD ($)claimants | Sep. 30, 2021USD ($)claimantscases | |
Loss Contingencies [Line Items] | ||||||
Liabilities Subject to Compromise, Asbestos Obligations | $ 26,800,000 | $ 26,800,000 | $ 26,800,000 | |||
Loss Contingency, Pending Cases, Number | cases | 370 | 370 | 370 | |||
Loss Contingency, Pending Claims, Number | claimants | 4,709 | 4,709 | 4,655 | 4,759 | 4,709 | |
Total settlement costs | $ 10,300,000 | |||||
Loss Contingency, New Claims Filed, Number | claimants | 171 | 219 | ||||
Percentage of settlement and defense costs covered by insurance | 40.00% | |||||
Legal Fees | $ 1,560,000 | $ 2,130,000 | ||||
Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Liabilities Subject to Compromise, Asbestos Obligations | $ 31,500,000 | |||||
Loss Contingency, New Claims Filed, Number | claimants | 143 | |||||
Legal Fees | $ 2,200,000 | |||||
Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Liabilities Subject to Compromise, Asbestos Obligations | $ 43,300,000 | |||||
Loss Contingency, New Claims Filed, Number | claimants | 173 | |||||
Legal Fees | $ 2,300,000 | |||||
Punitive Only Damages [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of pending claims seeking specific amounts of damages | claimants | 1 | 1 | 1 | |||
Punitive Only Damages [Member] | Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | $ 5,000,000 | |||||
Compensatory Only Damages [Member] | Pending Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of pending claims seeking specific amounts of damages | claimants | 24 | 24 | 24 | |||
Selling, General and Administrative Expenses [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Impact of change in accounting principle | $ 23,400,000 |
Commitments and Contingencies_2
Commitments and Contingencies Asbestos Claimant and Settlement (Details) - Asbestos [Member] | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021USD ($)claimants | Dec. 31, 2020USD ($)claimants | Dec. 31, 2019claimants | |
Loss Contingencies [Line Items] | |||
Loss Contingency, Pending Claims, Number | 4,709 | 4,655 | 4,759 |
Loss Contingency, New Claims Filed, Number | 171 | 219 | |
Loss Contingency, Claims Dismissed, Number | 89 | 287 | |
Loss Contingency, Claims Settled, Number | 28 | 36 | |
Average settlement amount per claim during period | $ | $ 11,632 | $ 18,314 | |
Legal Fees | $ | $ 1,560,000 | $ 2,130,000 |
Commitments and Contingencies_3
Commitments and Contingencies Asbestos Damages Sought (Details) - Asbestos [Member] $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021USD ($)claimants | Sep. 30, 2021USD ($)claimants | |
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] | ||
Loss Contingencies [Line Items] | ||
Number of pending claims seeking specific amounts of damages | claimants | 1 | 1 |
Punitive Only Damages [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 | 24 | 24 |
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 | 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 | 4 | 4 |
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member] | ||
Loss Contingencies [Line Items] | ||
Number of pending claims seeking specific amounts of damages | claimants | 20 | 20 |
Segment Information Segment I_2
Segment Information Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 222,420 | $ 199,460 | $ 648,140 | $ 581,800 |
Operating profit (loss) | 30,820 | (108,320) | 77,500 | (106,640) |
Operating Segments [Member] | Packaging [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 138,010 | 135,120 | 409,730 | 364,000 |
Operating profit (loss) | 27,340 | 28,020 | 76,490 | 70,340 |
Operating Segments [Member] | Aerospace [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 46,510 | 39,130 | 135,680 | 130,660 |
Operating profit (loss) | 3,980 | (133,500) | 10,600 | (132,630) |
Operating Segments [Member] | Specialty Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 37,900 | 25,210 | 102,730 | 87,140 |
Operating profit (loss) | 6,660 | 3,380 | 17,190 | 870 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating profit (loss) | $ (7,160) | $ (6,220) | $ (26,780) | $ (45,220) |
Equity Awards - Stock Option Ac
Equity Awards - Stock Option Activity Table (Details) | 9 Months Ended |
Sep. 30, 2021USD ($)$ / 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 | (150,000) |
Number of Options Cancelled | shares | 0 |
Number of Options Expired | shares | 0 |
Number of Options Outstanding, ending balance | shares | 0 |
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 | 17.87 |
Options Cancelled, Weighted Average Price | $ / shares | 0 |
Options Expired, Weighted Average Price | $ / shares | 0 |
Options Outstanding, Weighted Average Price, ending | $ / shares | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | |
Options Average Remaining Contractual Life (Years) | 0 years |
Options Aggregate Intrinsic Value | $ | $ 0 |
Equity Awards - Stock Options N
Equity Awards - Stock Options Narrative (Details) - Stock Options [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | $ 0 | ||
Selling, General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 0 | $ 0 | $ 0 | $ 0 |
Equity Awards - Restricted Stoc
Equity Awards - Restricted Stock Units Activity Table (Details) - Restricted Stock Units [Member] | 9 Months Ended |
Sep. 30, 2021$ / 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 | 784,968 |
Number of Unvested Restricted Stock Units Granted | shares | 252,672 |
Number of Unvested Restricted Stock Units Vested | shares | (308,576) |
Number of Unvested Restricted Stock Units Cancelled | shares | (18,152) |
Number of Unvested Restricted Stock Units Outstanding, ending balance | shares | 710,912 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, beginning | $ 26.46 |
Unvested Restricted Stock Units Granted, Weighted Average Grant Date Fair Value | 34.31 |
Unvested Restricted Stock Units Vested, Weighted Average Grant Date Fair Value | 30.65 |
Unvested Restricted Stock Units Cancelled, Weighted Average Grant Date Fair Value | 25.30 |
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, ending | $ 27.46 |
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 1 month 6 days |
Restricted Stock Units Aggregate Intrinsic Value | $ 23,005,000 |
Equity Awards - Restricted St_2
Equity Awards - Restricted Stock Units Narrative (Details) - Restricted Stock Units [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares issued related to director fee deferrals | 1,407 | ||||
Number of Unvested Restricted Stock Units Granted | 252,672 | ||||
Unrecognized unvested restricted shares-based compensation expense | $ 8 | $ 8 | |||
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | 2 years | ||||
Plan 1 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Stock Units Granted | 131,198 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||
Plan 7 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Stock Units Granted | 21,112 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||||
Plan 8 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Unvested Restricted Stock Units Granted | 72,962 | ||||
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 | 0.28% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 35.50% | ||||
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 | 25,993 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained | 126.20% | ||||
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 8 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award percentage earned based on metric over the performance period | 50.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award | 200.00% | ||||
Selling, General and Administrative Expenses [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares-based compensation expense | $ 1.7 | $ 0.9 | $ 7.3 | $ 5.6 |
Earnings per Share Earnings p_2
Earnings per Share Earnings per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average common shares—basic | 42,889,922 | 43,457,704 | 43,061,707 | 43,707,331 |
Weighted average common shares—diluted | 43,094,099 | 43,457,704 | 43,345,777 | 43,707,331 |
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 | 204,177 | 0 | 267,675 | 0 |
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 | 0 | 0 | 16,395 | 0 |
Earnings per Share Repurchase o
Earnings per Share Repurchase of Common Stock (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2015 | |
Stock Repurchased and Retired During Period, Value | $ 3,950,000 | $ 11,570,000 | $ 2,640,000 | $ 4,480,000 | $ 31,570,000 | |||
10b5-1 share repurchase program [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 250,000,000 | $ 250,000,000 | $ 50,000,000 | |||||
Stock Repurchased and Retired During Period, Shares | 129,866 | 188,028 | 570,084 | 1,441,678 | ||||
Stock Repurchased and Retired During Period, Value | $ 4,000,000 | $ 4,500,000 | $ 18,200,000 | $ 36,000,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 143,500,000 | $ 143,500,000 |
Defined Benefit Plans - Net Per
Defined Benefit Plans - Net Periodic Pension Costs (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service costs | $ 330 | $ 320 | $ 980 | $ 950 |
Interest costs | 200 | 240 | 600 | 710 |
Expected return on plan assets | (380) | (380) | (1,160) | (1,110) |
Amortization of net (gain)/loss | 220 | 220 | 680 | 670 |
Net periodic benefit cost | $ 370 | $ 400 | $ 1,100 | $ 1,220 |
Defined Benefit Plans - Defined
Defined Benefit Plans - Defined Benefit Plans Narrative (Details) - Pension Plans, Defined Benefit [Member] $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0.3 | $ 2.5 |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 3.6 | $ 3.6 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
Balances | $ 597,600 | $ 595,970 | $ 584,250 | $ 661,100 | $ 675,460 | $ 697,480 | $ 584,250 | $ 697,480 | ||
Total other comprehensive income (loss) | (510) | 990 | 630 | 1,320 | (660) | (3,680) | 1,110 | (3,020) | ||
Balances | 614,320 | 597,600 | 595,970 | 557,970 | 661,100 | 675,460 | 614,320 | 557,970 | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 100 | 100 | ||||||||
Cross Currency Interest Rate Contract [Member] | ||||||||||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||||||
Other Comprehensive Income (Loss), Tax | (2,400) | 700 | ||||||||
Defined Benefit Plans [Member] | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
Balances | (8,620) | (9,930) | (8,620) | (9,930) | ||||||
Net unrealized gains (losses) arising during the period | 0 | 0 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (470) | [1] | (470) | [2] | ||||||
Total other comprehensive income (loss) | 470 | 470 | ||||||||
Balances | (8,150) | (9,460) | (8,150) | (9,460) | ||||||
Accumulated Net Gain (Loss) from Hedges Attributable to Parent [Member] | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
Balances | (3,580) | 4,230 | (3,580) | 4,230 | ||||||
Net unrealized gains (losses) arising during the period | 7,210 | [3] | (2,280) | [4] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||||||
Total other comprehensive income (loss) | 7,210 | (2,280) | ||||||||
Balances | 3,630 | 1,950 | 3,630 | 1,950 | ||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
Balances | 6,580 | (300) | 6,580 | (300) | ||||||
Net unrealized gains (losses) arising during the period | (6,570) | (1,210) | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||||||
Total other comprehensive income (loss) | (6,570) | (1,210) | ||||||||
Balances | 10 | (1,510) | 10 | (1,510) | ||||||
Accumulated Other Comprehensive Income [Member] | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
Balances | (4,000) | (4,990) | (5,620) | (10,340) | (9,680) | (6,000) | (5,620) | (6,000) | ||
Net unrealized gains (losses) arising during the period | 640 | (3,490) | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (470) | (470) | ||||||||
Total other comprehensive income (loss) | (510) | 990 | 630 | 1,320 | (660) | (3,680) | 1,110 | (3,020) | ||
Balances | $ (4,510) | $ (4,000) | $ (4,990) | $ (9,020) | $ (10,340) | $ (9,680) | $ (4,510) | $ (9,020) | ||
[1] | Defined benefit plans, net of income tax of approximately $0.1 million. See Note 17, " Defined Benefit Plans ," for further details. | |||||||||
[2] | Defined benefit plans, net of income tax of approximately $0.1 million. See Note 17, " Defined Benefit Plans ," for further details. | |||||||||
[3] | Derivative instruments, net of income tax of approximately $2.4 million. See Note 10, " Derivative Instruments | |||||||||
[4] | Derivative instruments, net of income tax of approximately $0.7 million. See Note 10, " Derivative Instruments ," for further details. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 27.00% | 10.70% | 19.20% | 12.40% |
Other Tax Expense (Benefit) | $ (3,000) |
Subsequent Event Dividend (Deta
Subsequent Event Dividend (Details) - Subsequent Event [Member] | Oct. 21, 2021$ / shares |
Subsequent Event [Line Items] | |
Dividends Payable, Amount Per Share | $ 0.04 |
Dividends Payable, Date Declared | Oct. 21, 2021 |
Dividends Payable, Date to be Paid | Nov. 10, 2021 |
Dividends Payable, Date of Record | Nov. 3, 2021 |